| Show r POSED oso LA LAW fORGES FORCES LEVY O PAY I tor Irvine Introduces i 1 Eill ill Which May Forestall j Dependent Court Action I Forcing Sinking Funds 4 that one of or t tle e greatest or high indebtedness of taxing Is Y s 0 of the state slate Is Js the tendency of ft ic to issue bonds and taU fall means t tg pay the principal j I Ii made by SentA senA Sen- Sen ir i ot the bonds were t A A B. B Irvine of Salt alt Lake in ex- ex which he Inu In- In atlon of ot two bills u id d in the state senate today bUls make mak it the duty of or the aty at- at y general to see that every tax- tax unit levies sufficient taxes to take takesi si sinking l king fund requirements as pro- pro the bond issues officials dei det de- de sets of or public if i t build some great monument to Senator Irvine They The Issue bonds and then att atto at- at Wito t to l lave ave the obligation to fu- fu ons Each incoming public if Is Inclined to fan fall fanale by law and fake ale th tho levies provided contract continuing to pass to future generations S RIOUS TO CREDIT 10 ho res result it Is that debts are piled burden taxi ay ay- ay I Increasing n. n the on nd injuring the credit of or the Is- Is corporation The law that provision shall be made pay ay at maturity every debt coned cont con- con t ted ed t by b means mE-ans of bond issues and c continual failure to make these Vj ll j which would clean up the sit sin little at a l. l time Is primarily Ie for the debt burdens df if theor the or f Utah um m informed that an association ding the Investors In l lal bonds in the United States b ben en formed for the purpose or ot in- in municipal finances mak- mak ratings and forcing the levy x er sinking fund taxes If It this dation dalton should begin legal action I the various cities count counties es I I ol ol- ol districts and other political in the state of or Utah I h have neglected for many marty y years ars I p. p vy sinking fund taxes the result t be the enforcing of or cumulative M ci s ln a single year which would r k a heavy burden on the i Should this bill be te passed It 11 Id show that the state state itself is Js una un- un a aking the enforcement of or the law least east ast so far tar as present and future I eare S are concerned This will show faith will probably prevent any r tIC SUp Independent action will gradT grad- grad T r work out the situation will liil dlly reduce the bonded debt and greatly improve the creditt credit I t A ng of al all Utah poll political I tand t and nd should improve the prices h ca can n be obtained for future is- is f. f f t 2 bonds n SENT CENT LAW BROADENED le ile- act relating relating- to the investment Inking linking funds broadens the provis provi- provi s or the present law to apply to subdivisions of the state Include J clude United States government governments s fl In the list of or investments which I he made n estment of ot the sinking funds is isi i compulsory except for the tints necessary to meet the pay- pay bonds bond maturing during the I ent nt year This prevents Juggling misapplication of or the sinking s. s il political corporation may hase its own bonds and keep e live in the same class as their r I. In for the sinking This permits a school district EX mple- mple to purchase Its own II or of late maturities if It they can be ft t i- i ian an advantageous price and andI lip 11 I them in m the fund runci in the same jJ- jJ lUI s S H their the theother other investments It If Iter iter advisable er becomes necessary or I JP ell ll these bonds to provide the theA earlier maturity A meet an If y to 1 can be done In other words cords the VF ct t can treat its own bonds as an in m the same class as other tAp hought for tor the sinking fund ULD ILD lD REDUCE DEBT p h riese se two measures are designed A arlly to provide for tor the enforce enforce- i or of present laws with some tying of or the provisions putting on a sounder basis and andt J i reducing the debt burdens Lily aily fare are in line with that portion of or i t 1 message bearing on the 4 maior ct Irvines Irvine's bills in part pro- pro I i enever it shall shaH come to the that general the attorney I ledge of or I political subdivision in the state sinking fundas fund runa failed failed to levy proper as provided by Jaw law or contract Co Continued on p page 6 1 lAW AN I Continued from page pae 1 1 or that tat any of the sinking funds of any oy such euch political subdivision shall shaH have been used applied or Invested contrary to law he shall begin promptly and diligently In the tho name of the state appropriate and legal action acton to compel said tax tar ta levies for I I current curent and future years year and full ful compliance com corn with wih the law v regarding use Whenever there Is in any sinking fund now existing or hereafter created creat creat- ed by authority of the laws of the state an amount In excess of the re requirements requirements requirements re- re to pay bonds maturing within the current crent year peal ye the te same shaH shall be invested In interest bearing bearing general general general gen gen- eral obligation bonds lawfully issued by the United States government the vision state stae of in Utah Utah the state or any ay political subdivision subdivision I |
