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Show WILL TAKE THE BONDS Mutual Life Has Not Rc- ' jeeted the Bond Issue of This City. It has been rumored about the city hall for several days that the Mutual Life Insurance In-surance company of New York City has rejected the water bonds of Salt Lake City. The rumor was emphatically denied this morning by all the city officials connected con-nected with the bond Issue. The reason given for not issuing JioO.OOO worth of bonds on April 1, as was at first proposed. Is that the Insurance company has not had time to fully investigate the validity of the bonds. " According to the rumor, which is given considerable credit in some quarters, the insurance company rejected tb bonds on March 21. This It was said was due to a Ugal technicality in the issuance of the bonds. It was contended that the present fl.UUU.lluO water bond Issue was in excess of the amount on which the city is allowed al-lowed to Ixsue bonds. It is said that the city is allowed to isaue bonds on the water funds and general funds to the extent ex-tent of 8 per cunt. The present proposed Issue, It is said, is in excess of the 8 per cent allowed. -This Is news to me," said Mayor K. P. Morris this morning. "The certified check for $10,(M) that was deposited with the City Treasurer is still there and 1 have no reason to believe that the company will not carry out Its agreement." R. S. Wells, representing the Insurance company said this morning. - "I have Just received a letter from the company in which they state that they are well satisfied with the bonds and after arranging ar-ranging a few minor details, will take the Issue as they bid for it. The company has been looking into the validity of the bonds and for that reason they were not issued on April 1, as the City Council had planned. It is expected that the bonds will be issued next week." |