OCR Text |
Show Foundation Report Stresses Lack 01 Long-Term Debts Utah was one of nine states that had no long-term general debt outstanding on June 3", 1957, according to a study released re-leased this week by Utah Foundation, Foun-dation, the private, governmental governmen-tal research organization. The study points out that while Utah has been paying off lt indebtedness there has been a large increase in state bonded debt in the other states of the nlon during the past 10 years. Between 1917 and 1957, the outstanding out-standing long-tem, full-faith and credit debt of all states increased in-creased from $2.5 billion to $6.5 billion. The general Indebtedness of these states was equal to $39 tor every man, woman and child In the nation at the end of 1957. Although Utah paid off the last t its general bonded debt In 1355, the report notes that state institutions In Utah had Incurred Incur-red $1,467,000 In non -guaranteed debt by the end of the 1957 lis-an lis-an year. For the most part these obligations were Incurred for dormitories, dor-mitories, student union buildings And other self-liquidating enterprises enter-prises at the state institutions of Wgher learning. Foundation analysts an-alysts observe that such indebtedness indebt-edness represents a claim against the revenue earnings of these special enterprises but is not a jreneral obligation of the state. The rise In rion -guaranteed state debt throughout the nation na-tion has been startling, according accord-ing to the Utah Foundation Report Re-port At the end of 1947, the non-guaranteed debt of all the states totaled $312 million. By the dose of the 1957 fiscal year, total to-tal non-guaranteed state debt exceeded ex-ceeded $7 billion, an Increase more than twenty-fold during the ten-year period. |