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Show Cif y Airport Financing Outlined By Mayor Mayor Kumen S. Gardner urges every eligible voter to cast his or her ballot in favor of the pro-1 posed airport bond, because of; the vital importance of the project pro-ject to the future of air travel' in this area, and because the; bonds for the city's share of the I development project can be met without an increase in taxes, i In discussing the bonding issue, is-sue, Mayor Gardner gave a de- j tailed explanation of the financ- ( ing, and reasons why the cost can be defrayed without an in- j crease in taxes. , I The Mayor's statement about the airport project and its financing fi-nancing is as follows: The engineer's estimate for the entire re-alignment is $198,300.00. of this amount the Federal Aviation Avia-tion Agency has approved and will furnish $309,184.00 which is about 62',c. This G2r.'c has been approved and is set aside for the Cedar City Airport for re-alignment purposes but can not be used for other purposes. If, however, Cedar City does not meet the requirement, re-quirement, the money will bvi given to some other airport which will qualify for it. It will not be held back for future use because of the many requests from others desiring a similar project. Of the remaining 38, the State of Utah has approved and will pay one-half or 19. This State share does not come from State Tax no Legislative appropriation, appro-priation, it comes from the State's share of airport revenue, gas tax refunds, rentals, student training, train-ing, and other souics of that nature. The remaining 19 will have to be furnished by Cedar City Corporation and figures about $95,000 to $100,000.00. By keeping the present agreement between Iron County and Cedar City and the use of the present income from the airport, we would have about $11,700.00 per year to be used to pay off the bonds. The city now has about $9,000.00 In an airport fund. This Income to j the airport is acquired thru rentals rent-als of administration building space, plane landings by Bonanza Bonan-za Airlines and others, hanger space, Jet fuel tax refunds, regular re-gular gas tax refund, and when the new alignment is complete, all ot these sources of income will expand greatly. The present air field is not large enough to accommodate the larger jet planes so we must enlarge our field or discontinue the malority of the present plane service. |