Salt Lake Telegram | 1907-03-06 | Page 3 | Logan and Provo Ask for Money

LOGAN AND PROVO ASK TOR HONEY "" ssaessBaasi Doth Want the State Land Board to Lend Them ' Funds for Municipal Uses; Action Deferred. Logan and Provo . want to .borrow funds. Provo plans to build sidewalks, and Logan to refund bonds. Logan, through J. S. Hammond, applied ap-plied to the State Land board yesterday to aid that city in refunding $40,000 in city bonds. These Logan City bonds fell due on the 81st of last January, and tbe city proposes to refund them at AV per cent; they are now bearing 5 per cent. And the proposition made to the board is for it to take them up for six months at 5 per cent, with the privilege of keeping them as long as they wanted at 4Vs per cent. Provo offered to pay 7 per cent for a ten-year loan, in the event that the law, section 2357 of tbe Revised Statutes, was amended so as to enable the board to make such loan, and it was thought by some of. the members of the board that the Legislature at the present session, ses-sion, if the matter were called to its attention, at-tention, would enlarge the powers of the board so as to enable it to effect such loans. Mr. Hammond said that Logan City had $40,000 in outstanding bonds part due. He wanted tbe board to take care of them for six months. "We think we can refund them at per rent by that time," he said, "and would pay the board 5 per cent on the issue for six months. If you want the bonds at the expiration of the six months you can have tbem for ten years, interest bearing bear-ing at 4 per cent." The two requests went over to the next board meeting.