Show I OEN BONDS AT 50 SOLD TO UT UTAH AM FIRM Money to Be Bc Used to Fi Fl- Finance nance Waterworks Improvements SEvERAL BIDDERS Palmer Company Pays Over Oyer Face Value o of Paper Ogden city waterworks bond bonds sold at a premium this morning and brought the highest t prices paid for many years Contract for tor the tho salo sale of oC bonds was awarded by the city commis commis- commissioners commissioners commissioners to the K ii 1 B. B Palmer com corn company pany ran of oC Salt Lake which company submitted what was calculated to have haie been the best bid of oC more than a a. dozen buyers The Palmer company bought the worth of or bonds at a 4 per cent interest rate Payments on the tho serial bonds will begin b gln in 1934 1 and will continue at the rate of ot a year ear until the tho bonds are paid A cash premium of oC was of offered or- or offered I for tor the bonds which will 1 bring the total the Palmer com corn company company pany will pay to I rOB 1011 MAIN L' The bonds will be Issued in de- de of oC 1000 and the mon mon- money money ey cy Is to be bo used for the installation of oC a a. inch 20 water main from the city reservoirs to Twenty-seventh Twenty street and Fillmore avenue along I the east bench A portion of oC the tho th funds lunds will III ilI also be bo used for tor the tho purchase of oC water meters and sup sup- supplies supplies plies pIles for tor the waterworks depart depart- ment E. E B. B Palmer head of oC the Pal Pal- Palmer Palmer Palmer mer company said Bald following the closing of oC the contract that the city secured a better price for tor the th bonds than for many years Og Og- Ogden Ogden den bonds he added are now easily 3 ily marketable because of ot tho the pro pro- program program program gram inaugurated In 1919 for tor pay- pay payIng paying Ing Ins oft off replacing the tho former Cormer eys system tem tern of ot refunding Utah is becom becoming b com com- comIng coming ing a fine CIne market for or municipal m bonds of or Utah Mr Palmer said sald and he estimated d that 80 per cent centor of or all municipal bond Issues are arenow arenow arenow now absorbed in the state stale Some years yeara ago aico he said they were ere practically practically all alt sold In the east OPPORTUNE TIME A. A P. P Bigelow president of oC the Ogden State bank who was asked ask cd by the commissioners commissioners- to consult with them in reviewing the tho bids also said that tho the city selected an opportune time to sell bonds and secured a good price The Tho bids bid show Mr Jr BIgelow said that Og Og- Ogden Ogden den bonds arc are very ery desirable as a a. result of or the fi fl r tho th city has enjoyed Various types of or bids were sub aub- submitted by the tho bond buyers buers which made Jt it necessary that the tho bids be studied for hours The commis commissioners consulted with Ith Mr r. r BIge- BIge BIgelow Bigelow low Thursday moon and invited ed cd him to the meeting this morn- morn mornIng mornIng morning Ing to give his opinion He lie said that after aCter careful study he had reached the conclusion that the Palmer ralmer bid was the most favorable from Crom all angles Tho The commission commissioners ers era immediately awarded the con con- contract contract tract following his report Representatives of or other bond bu hu buera ers thanked Mr tr BIgelow for tOr his fair and unbiased study of oC the tho bid bids and his report although their bids were is not accepted Mr fr Palmer Palmer- said he le would pre- pre preparo prepare prepare pare paro all papers necessary In the th sale of the nil bonds as soon as pos possible sible so the waterworks project would not be delayed |