Show AUDITOR HALTS W WARRANTS ARRANTS FOR COUNTY BONDS Handling Costs on Sanpete Securities Held f ant Slate State Auditor Ju Julius C.- C. Andersen Friday refused to issue isue in warrants requested by tate bythe-tate the tate land board oard to buy of Sanpete coun coun- y 6 per cent general obligation bonds to o yield per cent from Lauren W. W Gibbs Salt Lake City broker Citing a state law Mr Ander Andersen en informed the board he saw aw no reason for lor or paying for interest premiums premiums pre pre- and brokers broker's commission on worth of f bonds holding the extra amount to be exorbitant and representing a cost of 9 per er cent He pointed out the law sas sa's says a taxing tax tax- ing ng unit of the state before belore it shall sell ell its iu bonds shall submit a written offer offer- of the obligations to to the state industrial commission before adver adver- thing Ising them and that this procedure had lad not not been been followed in this case this case Offered Through h D Broker oker Instead Mr Andersen said in a al aletter l letter to tIle the board ioard ard the obligations were were offered through a a- a broker Had Hac Hadan an off offer r been made the commission the he latter body could have referred the he offer to the board of loan com corn missioners or t to the land board directly di die if the industrial commission did not buy the bonds Itself If It this procedure h had d been lol fol followed fol- fol lowed owed Mr Andersen informed the board Sanpete county could save ave and the state He pointed out the state land boarS boar or the board of loan commissioners could then have bought the bonds a at par The he S 27 represents cO cot cost cotto t to the c county uny orl 01 per c cent of the L issue uc 1 MIj Mr Andersen expressed an opinion the te legislature legislature adopted the law to avoid added expenses in purchase o of bonds by the thc state from front its taxing units He pointed out he did not nt crit- crit the land board or the securities b out but t only an unwarranted expense to the state Deal Off Fisher r Says George A Aa Fisher executive score score- tary of the board said in the light o of Mr Andersen's letter the deal was wa off ol but t that at if the bonds could b be bought legally and at no added ex cx- pease pense they will be purchased directly direct dired ly from the county Mr Andersen informed the board he saw saw nothing to prevent p o. o of the bonds from the county a apar pa par 0 |