Show LIABILITY OF BONDSMEN NEVER ENDS bondsmen Bon demen for city officials always liable for their shortages PRIVATE BONDSMEN NOT ALWAYS BEST individuals apt to become insolvent before 25 or 50 years elapse the sub subject jet of official bonds bonda is now nov receiving ilo serious consideration of newly elected officers for tho the var ious boua ant and towns throughout the state by reason of u recent legislation there to bo be some uncertainly uncertainty as to the intention of abo legislature with respect to several matters iret first the kind of bonds intended to be given second eer onil whether the payment of premin mi on euch bolds is under the lav lai I 1 11 L proper charge against the city funds and third I 1 w whether such puch charge is a reasonable one oad and warranted in the interests teresta in of to city and town governments and a proper expenditure of city funds utah is j one ona of the latest states in the union to adopt the plan ut of per permitting mittin i g her officials to pay tor for their bonds instead of ee them from friends I 1 believe that the legislature cleary clearly intended all bonds bends running to cilles td fo be signed by surety companies and aim atta attaching Alag hereto a copy of anop an opinion lillon un on tha subject rendered by aby one of of salt lakes leading attorneys attorn eye the attorney general of the state will probably render an opinion on the subject also on OD the request of any city attorney any officer of a town or city has once t 1800 1899 been permitted to furnish a bond signed by a surety company see section laws ot of utah 1007 1907 that ahat law permits administrators executors guardians Goard ians ii etc tc to pay for their bonda from the estates they administer abter is ia in accord with wilh the tendency toward better bonds ard toward saving 33 nent and annoyance to or their subordinates in 10 securing personal bonds bonda since the liMit liability ity on an official official bond payer never ends enda and since any city or town should bo be able to recover r a 0 shortage caused by any officer erven even though it be not discovered for twenty five or fitt 0 yeum after the officials term ot hai bag ha i expired by an action on his bis 0 moil bond it is ia the duty of your mayor to see to it that ample ampfer security lecun ty is taken on every official bond bo pd how can it be known whether any individual in houi comma community ni ty will pe sol solvent vent in fifty yeara years what if jour treasurer should shoula colled collect interest on the town or city funds finds and not pa pay this interest into tile tho treasury or what it your recorder or auditori should collect those these fees and not cot account for them and what it if these thing should not be dir discovered covered for four or forty years can antono say that an individual on the bond of such an ah officer would bo be abbet to pay t uch fuch a loss when discovered the officers of a town or city who approve booda are voa rf responsible it worthless bonds are accepted al many any state statues such of ficiala to examine into the sufficiency of till of bonds on tite every six six monteo such elates state shave have realized i zid the necessity of 01 great earn on an such matters tito tho state of 0 illinois has been busy i for the past five years trying to it colled collect several hundreds oi of thousands thousand ept n dollars from jhc thc the who signed na as long ago as 03 1870 forty yeam is a long time to dizo onos estates just for A tion of a friend or relative I 1 person lally know of dozens of estates bemy being entirely wiped out by heakon ot of suits on bonds signed a quarter ot of a century before for friends relatives and neighbors who vere were elected to office the fact that there has fins been email percentage of oc losses on public official bonds in utah is no warrant for belicov beli tv ing that it will ill continue L LO EO O since short ages on public official bonds tartly aro are discovered until after it a considerable consid arable ceriol ut of ears it ais is not to suppose that some shortages which abay t uny hara occurred some home quarter of a century BRO ago may yet be discovered I 1 make this staten tent without reflection on any of the good citizens of utah many an in jacent has been hold field for shortages that were v ere not caused by his I 1 own wrongful rong ful acts acta many a county city aud and school treasurer liar lia been held table liable iu iu I 1 other states elates for short ages agea caused by other oilier oni olli cora cers treasur ors eis are insurers of I 1 tho publio publia fund they and their bondsmen aro are leepon lible ible for iha safo safe heaping of such bubli public funds whether or not tha 06 money with which they are charged und and for winch which they dra aru faa a been act i handled candle d by th them chemor emor or not A treasurer has been hold nod and bis bondsmen foicey to account for inona which never came anti inti his possession it at all A city clerk collected several thou thousand dollars deposited it I 1 in the bank the bank fillod ilia his bondsmen bond silien were worthless so the treasurer and his hn hii bondsmen wore were held field liable for the money another instance of where a treasurer deposited money in a bank and collected interest therecia thor the con recin without accounting for that interest to the state thirty years afterward his ha bc bondsmen were forced to pay that interest to alo I 1 stile with this liability on nn an officio oll iciel cin bond is ia it good judgement jud gement for tile tho city and town officers who have the approval of bonds to accept bonds signed by nn an individual who may or may not bo be able to pay in thirty yea years rs A responsible surety company may be expected to pay a loss no matter how many years yeara has elapsed sinea since it signed a bor bond ol for the reason that the surety compani comp ini s provides for the alio payment of lobbes and fifty scars after bonds aro signed they must carry a reserve fund on every dollar of liability they assume and they must mairi maintain tain that fund as longas long as they havo have any bonds in force the laws under which some of these companies operate are very strict and the tha companies are subject to constant and careful supervision by state officials tho of state sauta and insurance commissioner 0 utah make it careful examination annually into tho financial condition of oc nil fill companies doing business in the iho state before licenses a anro ra forthe for the benr most alost companies invite this tin s careful inspection with these matters squarely equa rely in front of your people and your acty c ty or your town officers I 1 think there is if small email doubt ns as to what action they will take on oil thi th bonds which must hereafter ho be given your wen men of liko like rory much to sigu boude evan for relatives or friends fri frion onda ds t the law as I 1 now understand it I 1 io n tends to relieve them of that necessity and by relieving them your cities and towns may s secure better securitY for their officers st at a very small email cost so small in fact that should ceoil 4 your of floars attempt ti to ave tile the Pre premiums muns on their bends and accept rora onal suretyship they will ill indeed bo be perny wise and po pound und fc olish tins this expenditure is ia reason tWo and arst it i ta s for the best interests of the tha city or town towa and entirely warranted un der the law for both catle and towns towne sincerely wesley E king and vicinity there are it ft number of claims in this district that have arrendy began building a reputation and faliero 19 is no doubt dolbt but what this district will more than hold its own onn when the bal noce ance shots fur for 1012 1912 me ale made up A away way to tho the west the south utah ij breaking fown down 2030 ton ion of ore every day the Rote revenue nue the blackbird indian queen n and others tire doing their charo th 0 horii and bev a raa other properties leB around frisco are sn in such condition that I 1 a favorable report fun them cnn with certainty be ba expected as 9 has baa been stated in tho the newspapers the star district hits the abo distinct distin oton on of having tho the only billy dividend payer in the county tho the moscow M 0 scow which hns fins declared two to dividends in the last six months but this is no reflection on a dozen other properties in the same vicinity red warrior majestic Ka jestic hub lady brynn bryan till nil have been beed m and adding to tho the wealth of the county then to 0 o cap the list the progressive property la Is calling billing out for recognition recently there was nat a car of ore sent to market from there that netted the owners and there Is id another shipment befog got ready for the yeni year which I 1 is just about to tio bo ut liete is moth ing but huts th tho 9 I 1 aft ja A f brightest brig chest hest prospects so faida alie nautili nau tili development goes tile hie great handicap on aalthe nil the eastern portion of tile the county is the lack of proper transportation but knowing ones once declare that tile condition will bo be removed when the proper time tomes comes so hores a boost jor for the now new year ard beaver coun countes count tys ya prosperity 1 |