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Show Court Approves Kennecott Use of Bonds The State Supreme Court July 11 approved Kennecott Copper Corporation's plan to use the 1967 Industrial Facilities Fac-ilities Development Act to fund proposed improvements . to meet air and wafer pollution pol-lution standards. Salt Lake County Attorney Carl J. Nemclka had sued Salt Lake County to try to prevent issuance of the bonds. J. P. O'Kecfe, general manager of Kcnnecott's Utah Copper division, said there is no basis at this time to change the company's prcv. ious estimate of $36 million for the needed improvement. . No County Liability Sal t Lake County wcu'd be under no financial obligation obliga-tion and Kennecott would assume as-sume full liability for repaying repay-ing the bonds, he said. This will allow the county to issue industrial development develop-ment bonds on which ihe in-, terest would not bo subject to federal income tax, ai-lcw.ng ai-lcw.ng an interest saving of as much as two per cent over ov-er conventional long - term corporate bonds. This would provide a savings sav-ings cn every million dollars ol bond issue of approximately approximate-ly $20,000 annually, company officials said. - |