OCR Text |
Show DEBTS OF CITY UP IN COUNCIL Mr. Ferry Explains Urgen-- Urgen-- cy of Prompt Action With Regard to Creating SinK- ln Fund. j A special meeting of the City Council wss held last evening for the purpose of discussing the resolution presented in the City Council Monday night by Councilman W. U. Ferry for a memorial to be sent the Legislature to aUow Salt Lake City to levy an assessment of ,3 mills for the paying pay-ing of the Interest of the present bonded indebtedness and providing for a sinking fund. Mr. Ferry addresi-ed the meeting at considerable length on tlp resolution and declared that unless the entire Council Coun-cil voted for the resolution he would ak permission to have the resolution withdrawn. with-drawn. Mr. Ferry declared that one of three things confronts Salt Lake City at the present time, and unless something Is done, one of these three things will inevitably in-evitably happen. It Is that Salt Lake City will either be compelled to get an increased in-creased valuation of the property, stop the great improvements that are going on or the city will be compelled to default on its bonds. i For years every city administration has Violated the law In not providing a sinking sink-ing fund, and haa at the same time been incresslng the debt of the city, until the - city Is threatened. The bonds Issued under un-der the past administration provide that .the city shall have a sinking fund. This was never attempted by past administrations, administra-tions, but the present one has been working work-ing upon it for & long ttme. It is not necessarily ne-cessarily an Increase of tax. but sets aside a rertaln amount for the Interest and fund. At the present time the Interest on the bonds Is being paid out of the contingent fund. This has been done for many years and by many administrations. There is no doubt but what the City Touncll will bj unanimous in voting for the memorial to be sent to the Legislature. |