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Show CITY TAX LEVY IS RAISED TWO MILLS NEW FUND CREATED The city tax levy will be eleven mills for 1931, a two mill increase over last year's tax rate it was announced an-nounced this week by city attorney, Sai.'. Cline, who has just completed drawing up the levy as instructed by the town board at its last meeting. The taxes will be apportioned as follows: Four mills, general fund. Six mills, principal and interest on watei bonds. One mill, special improvement guarantee fund. The changes in this years allotment are: an increase of one mill for the principal and interest on water bonds, and the levying of one mill for the newly cleafied special improvement guarantee fund. The last item, the special improvement improve-ment guarantee fund has been created to provide for the payment of war rants on delinquent sidewalks assessments assess-ments in district number three. The new fund is a temporary ar- rangement, Attorney Cline stated, and when the property owners have eventually paid their improvement assessments as-sessments in District 3, the money so derived will be applied on the interest and principal on the water bonds reducing re-ducing the tax-allotment for them and "-', eliminating the mill allotment for the special improvement guarantee fund which will no longer be necessary. Inspite of the two mill increase over last year's levy, this year's tax rate is lowi r than had been expected by the town officials. Twenty year water bonds were issued in 1921 with the provision that they could be redeemed in 1931. This year a three or four mill increase in taxes would have been necessary to handle the interest and payment on the bonds had not the city redeemed the bonds several months ago and refinanced them on a long term sliding scale, thus reducing the payment on interest and principal by letting them over a eighteen year period. per-iod. Under the present arrangement the five mills will take care of the interest on the bonds and the additional one mill will be applied on the principal. The eleven mill tax levy though higher than last year is still considerable consider-able lower than that of most cities in Utah this year. |