The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-07
PROVO AND LOGAN
WANT TO BORROW
Funds Needed to Make Sidewalk
improvements in the
Garden City.
CACHE COUNTY METROPOLIS
DESIRES TO REFUND BONDS
Both Cities Through Represta-
tives Appear Before Land
Board Regarding Loan.

Al the opening of the regular month.
ly meeting of the State land board
Tuesday morning an application was
made by Mayor Frsbec and City At
torney Thomas on, the part of Provo
City 10 negotiate n loan of about $63,-
600 to be used in the improvement and
paving of the streets of Provo,
Lagoon City, through Mr.. Raymond
and j. $. Hammond. attorney, also ap-
piled 10 the board TO aid Logan City in
refunding 100000 in city bonds. These
Logan City bonds fell due on the 3lst
to refund them at Az per cent; they are
now bearing per cent And the propo-
sition made to the board is for IL to
take them up for six months at per
cent, with the privilege of keeping
them as long as they wanted at Az
per cent
This proposition did not strike the
board as one to jump al in view of the
proposition Just made by Provo to pay
per cent for a ten-ycar loan, in the
event that the law, section 1857 of the
Revised Statutes was amended so as TO
enable IL To make such loan. and II was
thought by some OF the members of the
board that the Legislature at the pres
ent session, If the matter were called TO
its attention, would enlarge the powers
of the board so as to enable it to effect
such loans.
Proposition From Provo,
Mr. Thomas, in presenting the propo
sition 10 the board, stated that Provo
City wants to do considerable paving
this year, fifteen miles or so of side
walks. 1T has been estimated that it
will cost between $4,000 and $4,000.
The city at first intended TO issue bonds,
but Mr.. Hammond, who had been con-
sidcred In the matter, thought.it 1T better
n Wn rppnmulZp1 how
ever. that under the provisions of see
ton 1857 of the Revised Statutes the
board could not make the loan on this
kind of security, but thought, perhaps,
if the board favored ii the law might
be amended at this session of the Leg
islarurc. II would be Il hardship for
the people to have TO pay for these I'M
provemcnts in ono year,
1t is estimated that the paving
contemplated TO be done will cost 500
000. and what the people want is TO
make il payable IN installmeuts, say
in ten wears. as suggested by Mr..
Lvnch. The scrip when issued becomes
a lien upon abuttlng property This is
our first step in real city improvement
in Provo.
Mr.. Hammond 5 Plea,
"Ml. Hammond thought the Legis-
lature would grant the power to the
DbJEb To Itdn Ine money necessary 10
build the sidewalks and take scrip as
security bearing per cent -
Mr., Hammond said: 81 suggested
that there was an opportunity for the
city TO make good investment, and
IT was also q good investment for tho
board. The law will have to be
changed to enable the board to make
such loan The plan Of issuing war
rants would simplify the business and
make the security better.
Mayor Frlsbee believed the warrant
plan the best, and thought if the
board would bring the matter to the
attention of the Legislature it could
he arranged all right. "We want the
board to help u.s., he said.
AT the suggestion Of Chairman
Lynch the matter went over for fur
ther consideration.
What Logan Wants.
MIR. Raymond said that Logan City
had 100000 in outstanding bonds part
due, lie wanted the board 10 take care
of them for six months. Owe think
we can refund them at AZ per cent
by that time he said, "and would
pay the board > per cent on the issuc
for six months. 1t is the original bond
of Logan City and takes precedence
over everything. If You want the
bonds at the expiration of the six
months you can have them for ten
years. interest bearing at ~. per
cent -
The. board did not take kindly to
the 4 Y per cent loan in view of the
fact that Provo had just offered to paw
per cent for S65,000.
Mr.. Dixon moved that the board take
the bonds of Logan City at ) per cent
for six months, but afterwards with
drawn, the motion and the matter went
over 10 come up for further consldera-
lion IN the near future.
j: G. Dufin, general manager of the
Juab Development company. appeared
before the board. and stated that the
company had made application for
some 1906 acres of agricultural land,
that much of the tract was wholly |
unfit for the purpose sought TO be !
made of it, and he wanted a readust
ment of the applications so as to cover !
the land they thought they were apply !
ing for.
Mr., Dufin' application for readjust
ment Will not be considered until after
the report of Commissioner Candland |
who will make a personal examination