Show SOLON DEfENDS REfUND BOND I I ISSUE MEASURE I i Senator Finlinson Says I Enactment of S. S B. B 84 I Will Benefit Drainage District Road Owners I I Owners of or more than acres I of land In Millard county drainage districts with an estimated value of i approximately and all other drainage district land owners I in the state will be bo benefited bythe by the enactment of S. S B. B 84 in the Millard Mil hill opinion of Senator Finlinson i lard county author of the measure which would permit supervisors s or of su such h districts to issue refunding bonds without the calling of a district district district dis dis- I tion election to authorize such action ac- ac Under der the terms of at the measure such refunding bonds may be ex exchanged exchanged exchanged ex- ex changed dollar for dollar par value for the bonds to be refunded or may maybe maybe maybe be sold for not less than 90 per er cent of ot their par value all money de derived derived derived de- de rived from the sale to be applied to the outstanding bonds of such district Where the original Issue was sold at par to bear Interest of not to exceed 7 per cent per annum the board may authorize a similar rate on the refunding Issue but where the T rate te of interest exceeds 6 per cent pet pe annum the refunding Issue ma may not be sold below par FIVE nE TO 10 FORTY YEARS TEARS These refunding bonds shall run for tor not less than five fl nor more than forty years and where the bonds to tobe tobe tobe be refunded are serial bonds not subject to call the refunding is isSUe issue issue is- is sue shall be authorized in series only as aJ necessary to take Up the outstanding bonds Terms of the measure according to Senator Finlinson were the outcome outcome outcome out out- come of conferences among the fhe drainage district land owners and andre re- re representatives of at bond dealers As Asboth Asboth I both the debtor and creditor are satisfied with the arrangement Senator Senator Senator Sen Sen- I ator Finlinson does not anticipate anticipate I I I I I I I I 1 any material opposition to to the mea mea- me a.- a. I i sure I SINKING FUND UND I INADEQUATE ADEqUATE In n explanation of the proposed legislation Senator Finlinson sets eels I forth that when drainage districts were first organized In in Millard county and an l elsewhere in the state a a plan for retiring bonds of the tha districts contemplated annual dIstrict distract district dis dIs- tract tax levies that would meet op opI operating op- op crating costs costa and provide r a bond i aw Interest ft and sl sinking k n fund d Working Work Work- Working ing to this end the district supervisors supervisors super super- visors made their levies but tax de delinquencies delinquencies delinquencies de- de proved to exceed antici anticipations as a result of which the sinking funds in most instances are inadequate to the requirements Many of these bond Issues especially especial especial- ly serial issues issue's begin to comO come due during 1925 and 1926 The drainage districts are In healthy financial condition but the sinking lInking funds for lor bond retirement cann cannot t meet the tho d demand i In ant this ls situation some plan plan of ot t i refinancing the districts became necessary and the refunding bond baud Issue was decided upon as th the most I to all concerned Senator Senator Senator Sena Sena- tor Finlinson sa says |