Show STATES DEBT AS YEAR OPENS IS 18 4 S tho the state of utah starts the current fiscal year with a total of bonds issued and outstanding and ath sinking funds of lowid lowing ing alio net sia over and lb vc the cash and securities lit in tile the state mato treasury iet aside for the sol purpose ot of mooting meeting the outstanding bonds bonda whon when they are due ot of this Is shown in tho report lor for juno ot A B U chris Christ state treasurer which also shows the boudi afon of oe tho the at tho the end ot tile fiscal year with an valuation for this year estimated at tho the limit of 0 bonded indebtedness not for tilo sto to la 13 tile tho alon providing that it shall ahall not bo be more than thain 1 per cent of 0 the UP as hessed abased valuation of taxi ablo property in III tho the state on oil such lucli basis it would bo be possible tor for tho the state to issue another anoche r in bonds and still bo be under its indebtedness debt edness limit premiums to be met mr Chris christensons report attention to the fact that some of tile tho securities hold held by the sinking funds were purchased at ro ri premium which sooner or later will have hava to bo be met by uio agato ige noral fund tile tho amount of such lucli premiums now aggregates when bonds aro a ro purchased below balow par iyar or a profit la Is made on a trade in bonds tile proceeds of such profit under tho state law lav are turned into tho the general fund wilen when they are purchased at e premium on tile tho other hand tho the sinking fund temporarily pays day the premium while all tile the interest which makes a premium payment desirable from fi oin on an investment point of view goes into the general fund this situation will necessitate an by tile acho legislature from the general fund of the amount of 0 such premium when tho the states bonds finaly fall due in order to re the king funds olven though the general und fund may have received in interest and and profits d luring jr tho the course of years many times tho total of the premiums paid sinking fu funds ads fall due there was a total of cash in tile he pinking funds as 08 or of juno 30 of sinco since that time sinking lunds bunds on two state tora rol bond issues issue s totaling become duo this money comes from state motor velli clo fund which on june 30 had a balance of so that tho the needa of the sinking fund were easily met whilo while receipts from motor vehicle license ll censo fees for tile the last quarter aro due in the front ma milton II 11 welling secretary jf if state this week including a 2 advance frodi mr welling of f sales tax receipts the sta ma pol I 1 in 1 I i 1 1 39 3 04 rot tao taa 14 1 4 it liila ino month the state general cunil funil which had just received a total or 0 had which it had bad dobli nations of total state beat badan inces cei lit in all funds june 30 were 3 receipts during tho the month totaled of which GT was arito rove reve nuo muo receipts tile tho remainder being lonna ians ments and tale like 1110 juno june disburse monts were lp the general fund paying out the toad road commission and the der being interest and fund payments or largely in the nature of transfers trans ifera between various funds tribune |