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Show A SOUTHERN UTAH NEWS Thursday, July 31, 1S33 Pass Five UTA Questions Propriety Continued tram page on when the local entities themselves nay be rated much lower. This, they say, would result in much lower bond rates. What local officials may not understand is that each project must be insured individually. Some localities may not qualify for the insurance while others may find its cost too high. If a town with a AA rating wants AAA bonds, it is going to have to pay the One expert told us that price. participants have been given the false hope that bad credit can be made better through a blind pool. They are in for a rude awakening, he predicted. Even those entities who now enjoy the AAA rating have little to gain by participating in the pool but some are because of the pressure from their associations telling them to be team players. Some may even end up borrowing through the program but could be surprised to d discover that the pools bonds are more expensive than their own AAA bonds, Stephenson said. There is so much that no one understands, according to one financial advisor. The promoters have promised what they cant deliver. There have been ridiculous rates quoted. If this was truly a pool, it would make sense. But one local government cant lend its credit to another. Each application AAA-insure- Rodeo Queen Contest Set Aug. 7 Once again, all Kane County young ladies 19 years of age and under are invited to compete in the Rodeo Queen contest to be held August 7 at 8 p.m. at the Carroll Arena in Orderville. Each contestant will be judged on her performance in several areas: horsemanship (Western Pleasure), poise, personality and appearance. The young lady chosen as Queen and her attendants will receive awards and prizes donated by local businesses. The Queen must also represent Kane County at the Dixie Round-u- p later this summer. Remember, this is a Kane County event and it is hoped that there will be contestants to represent each of our towns and communities. Encourage your young ladies to Blackburn, Chamberlain. call Patsy or 648-231- 2 e, SUMMARY Connie Town Fredonia of DEPARTMENTPROGRAM Fiscal Year 1986-8- A.R.S. $42-30- arguments. According to one public treasurer, the pools are abusive transactions which use tax exemption and arbitrage to make a nice chunk of change for a few people. They may get away with it, but if they don't, it could give Utah a real black eye that would reflect on all of us, Stephenson reported. KCR Homeowner Meeting August 8 A special meeting of the KCR Homeowners Association has been called for Friday, August 8, at 7:30 p.m. in the KCR firehouse. Special subject of the meeting will be the KCR Deed restrictions and possible alterations andor additions to these. All residents are urged to attend and add your opinions to the discussions. OF SOURCE TAX COLLECTIONS 1986-8- A.R.S. 7 $42-30- 2. C BY EACH OF EXPENDITURES SUMMARY BY NONPROPERTY Fiscal Year City Also, at organizational meetings, many local government financial experts were excluded from attendance. Only elected officials, who often lack technical expertise in municipal bonding, were invited, Stephenson claimed. Most experts who talked to UTA expressed concern about the program but few were willing to publicly criticize the arrangements for fear of making enemies. Besides, competing brokerage firms would appear to be using sour grapes' Fredonia Cl tyTown Of compete. For information, is a separate loan; each must qualify on its own merits. UTA says its legal sources say the whole proposal may be illegal for two reasons. First, it is not clear that the Interlocal Cooperation Act allows this type of transaction. Even if the law is construed to include finance pools, enactment of recent amendments to the act may be flawed because the title to the bill did not recite the changes made by the bill. Second, it may be proven that the size of the pools are not justified by the legitimate capital improvement plans of the participants. This would mean that the pool has overissued the bonds and is, therefore, in violation of federal arbitrage rules. This could result in a decision that the bonds are not tax-frehurting those who investpurchased them as tax-fre- e ments. Experts tell us that this is the very kind of abuse that has prompted the U.S. Treasury to try to restrict tax exempt bonding, Stephenson said. The municipal pool has signed up 133 cities and special taxing districts. About 26 of the states 29 counties are participating in the county pool and about 23 of the 40 school districts are expected to join the school pool. Why would so many local governments climb on the bandwagon? Perhaps because they have nothing to lose; there is no obligation to borrow on the pool. AND FUND 7 2. B.l and B.2 Include actual revenues received prior to the date of the tentative adopted budget and the expected revenues for the remainder of the fiscal year. Monies received and estimated revenues from Federal, State or county Intergovernmental sources should be recorded in the proper category. Adjustments resulting from contingencies approved during the year. ADOPTED BUDGET PREVIOUS FUND CONTINGENCY YEAR General Fund Title Title 20, Title 3, 30.783 5 17,082 BUR senior center EXPENDITURES CURRENT YEAR PREVIOUS YEAR 118,174. tea-,19- 33T143- -- L6ZJ- 1221. Federal Revenue Sharing Highway User and Lottery --Medical ADJUSTMENT Mil. Special Revenue Funds EH5 ADOPTED BUDGET ESTIMATED 8000- JZaSfiL T707T 146.737 14,006 63,214 $3.214 5' 11202. 22222. 10349 J25Q JL 12. QQ Canto Trust Fund Enterprise Funds. Water Savings 135.000 A21ML. is.qoo JL 15000 Power Capital Projects Funds Grader, Fire Dept. Bldg. Fire Brush Truck St. Eq. 707000 -- 15 ,005 f270, 00C 107,046 Total funds Excluding Debt Service and Special Assessment Funds 716,570 4815 24,750 Debt Service Funds. 708,767 1 24,500 ,229,569 24,250 ALL TOTALS -- Special Assessment Funds.. TOTAL FUNDS Adjustments resulting from 24,750 4815 756,320 4815 24,250 733,267 contingencies approved during the year. 1 .253,819 E522niabudget is hereby given that the FISCALYEAR198 Council of the adopted - gZ of Fredonia will meat for the purpose of hearing taxpayers relating to the budget for the Fiscal Year 1986-8- 7, at the Fredonia Town Hall on August 11, 1986, at the hour of 7:00 PM, and that the estlmatea of expenditures end revenue for the Fiscal year ending June 30, 1986, are shown on the below exhibits. Dated this 23rd day of July, 1986. Notice Total Debt Service and Special Assessment Funds.. 2.775,380 669,017 Include actual revenues received prior to the date of the tentative budget and the expected revenues for the remainder of the fiscal year. Common Town Barbara Kimball Clerk Town |