Salt Lake Herald-Republican | 1911-12-17 | Page 43 | Will Not Increase City Indebtedness

NILL NOT INCREASE I CITY INDEBTEDNESS School Bond Election Dec 30 Merely Will Retire Outstanding Issue ing Bond Issue T io action of oC tho the board of education in calling a special bond bon election for tor Saturday December 30 for far the thc purpose c cor ot or voting bonds of oC 3 to retire the unredeemed portion of at tho the Issue of ot twenty years jeara ears ago alo hao haa brought down dowel a flood nood of at inquiries AS to tho the purpose atthe of at the bond Issue from taxpayers Clerk L L. P P. Judd df t the tho board of education education edu edu- cation has been swamped with queries and to explain the exact reasons for the thc present issue he 1 issued a a. statement yo yesterday It should be understood by the people people peo peo- people said Mr Ir Judd that this Issue of or bonds does not nol Increase the bonded indebtedness of ot the Salt Lake school district one dollar This issue only taken up the unredeemed portion of theold the theold theold old 18 Issue and gives tho the taxpayers tw twenty the ears yearb rs more mortime time timo In which to topa pa pay o off ott tho Indebtedness represented l b by the unredeemed portion or of the thc old Is Isaul issue Is- Is sue aul This Thin IH is not a now indebtedness it Is mer merely ly a n means by which the then necessity n for paying an old debt Immediately Immediately Im Im- mediately Is postponed for twenty ye years c rs On Juno 1 12 1801 1891 the thc people of oC Salt Lake school dl district voted th the tho Issuance of bonds s In the thc sum of at at Choper five o per cent Interest to run twenty years ars the funds to be used for tor th the tho purchase o oat of at school sites buildings and the construction construction con con- of the thc same Rame This old ld issue has been paid aid with the exception of ot thus this amo amount amont nt falling due February 1 I 1912 Those bonds must bo he paid on February L 1 l Either th there re must bo be a tux tax loviel at once sufficient to raise ralso to pay JUlY the bonds or a now new set of ot bonds In tho the same amount an as this must bo bl and sold to provide the thA money to pay off ort tho the old Wo We ore are calling for foran foran foran Issue of or bonds to redeem the an old an and postpone the payment of ot the principal l lof of ot tho the lonn loan for twenty years The Tho Herr now bonds will b bear nr only 41 H per cent cont Interest Interest Interest Inter Inter- est as RS against 5 per cent on n the the old The Tho assessed valuation of ot f the city property perty this year Is ar and the school chool school bond limit if o of the tho district Is Ie e 3 I per her ar cent 1 of or tho total tot assessed ou nt nUon n or Tho Tile total In ing bonds of of the tho dl district now Is 1435 1485 and this flits Includes tho the Issue which is to be bo retired an and replaced by the now new Issue