Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1896-12-16
THE STATE INTEREST
II Must Be Set Aside from the GEN
eTal Fund
SO THERE CAN BE NO FAILURE.
Attorney ssnpral bishop Advises State
Treasurer thipulan on
His Dudes.

Attorney General Bishop today
transmitted an important opinion 't
State Treasurer Chapman on the pay
ment OF interest and s ate bonds. Tht
question which called iortn the opin'
ion and the gist OF the opinion itseii
are herewith given. The question
reads:
opinion on the following subject: Ihe
law provides that the State treasurer
shall pay the interest on the various
issues OF Territorial and State bonus
on the first day OF January ana July
in each year, aud that the forty.three
thousand dollars (Sa3. O0O.OO), or 20
much thereof as may be- necessary, 10
appropriated and set aside annually
from the general fund OF the State
from year to year to pay the Interest
on said bonds.
should be set aside In separate fund
at the first VI each year out OF any
funds then in the general iund Rc'
count OF the State, or out OF the brst
money received by the treasurer be-
longing to that fund.
"During the latter half OF the year,
the receipts on account OF the general
fund are ample TO take care OF thai
mart Of the interest which 70 lie
due on the last day OF the year,
but this Office has no nssur-
amos OF the receipt of any amount
which will be paid into the treasury
for the account Of the general fund
after the first day OF January in each
year, which may be applied to the
payment OF the half OF the annual
interest which islls due on July Let,
and should the treasurer depend on
the receipt of q sufficient amount on
account OF general fund to pay
such amount of interest ISL ,5O0)
on the fret day OF July, after The first
day Of January, February, March,
April, May or June in any year, auu
the same not be received by him
and there be no funds In the general
fund account, or not sufficient
amount, then the interest ON the bJnde
outstanding would default snd doubt.
Iess criticism would fall upon this
Office.
"wben, in your opinion, should the
treasurer set the amount necessary TO
pay the interebt on the bords aside, and
TO what amounl2
"The taxes assessed for the year
1896 " ouid be received by this office
between now and the 3lst day OF
December, 1896, and we have no
authority TO presume that any viii be-
unpaid; should this be the case,
should not n sufficient amount be
set aside TO pay the interest on the
various issuss OF bond Tor which these
warrants will be drawn by the State
auditor on the fret days Of June and
December, 1897
"Shouid not sufficient amount be
set aside for the Junt, 1897, warrant
Of S2l 500 at all events2"
After discussing the law at some
,sngth the attorney general gives his
con clusion az follows:
"You are Therefore advised that
under the express provisions OF the
laws OF 1883, 1880, 1892 ana 1896, under
which the outstanding bonds OF
the Territory and State were
Issued, 1t Ia your duty rs
State treasurer to annually set
aside, out OF the general fund OF the
Slate sufficient amount OF money to
pay the interest thereon, promptly at
the time OF Its maturity.
"Tnere is nothing in the law
to indicate JUST when this
amount OF money should be cot
aside, inasmuoh as the taxes
sssessed for each year are received at