The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-10-05
SALT LAKE CITY
GETS BIG BOOST
Foremost New York Financial
Paper Dwells on Its Won
derful Improvements.
SAYS WARRANTS SAFE
Dwells at Length on Manifold
Advantages of Modern
Zion.

ors and eventually 10 secure lower
bids for public improvements, WHICH,
Of course, would mean lower prices to
property owners for their paving, curb
ing, sewers, cutters and sidewalks, Ben
S, Rivcs, city recorder, has written a
full and complete description Of the
nature of these warrants with an Ac-
count of tho manner Of their issue,
The article. which has been published
in 'tThe Financierf n leading New
York financial publication, also points
out the marvellous growth of the city,
it's manifold advantages aud tells the
steps by which it is rapidly becoming
IL thoroughly modern city.
The article, which is one of the hest
| advertisements Salt Lake mas yet had,
is given fun space and prominence in
the New York paper with headlines
which are in themselves n boost. 1t
| is being published in a neat and at
tractivc small pamphlet and will be
given a wide circulation. The full text
follows;
The legislature Of the state Of Utah in
| tho year 1907 granted power 10 city coun-
| ellis Of cities of the first and second class
| 10 authorize tho auditor to float what
arc known as special tax warrants, with
coupons attached. The law ordained that
| these he issued for the purpose Of paying
| the expense and cost Of making local i'm
provcments. The warrants arc drawn
| on the city treasury against the special
| funds created by collection OF special
| taxes. and are issued I'm amounts OF 800,
| $500 and $i00o except that the last war
| rant drawn I'm settlement I'm fun of any
| claim against any special fund may be
drawn for any amount under 500
Where warrants are issued to pay for
| paving (Which tax Is payable in ton
| equal yearly installments with interest
al per cent per annhm until due and
| draw interest at per cent after delin-
| pucncy), they are 'loated with ten inter
est coupons attached. Whcr" warrants
are issued Ia pay for sidewalks. sewers
and curb and gutter. tho installmcnts are
covered In fiyc years With interest as
| above stated and have tNc interest cou-
pons attached.
The law also provides that ono or more
| Installmeuts. in tho order in which they
arc payable, or the whole amount of the
| tax covered by these warrants. may he
paid on tho day any installmcut becomes
due by paying the amount thereof and
interest 10 date Of redemption.
How Tax Is Levied.
This form of warrant relieves cities of
| the FIRST and second class I'm Utah and
| aids In securing better bids from contrar-
tors on special improvements ordered,
and also provides negotiable paper
whereby the contractor could, from timc
10 Tins. obtain payment as portions Of
his contract are completed, For this
purpose the city council makes tax
levy on tho abut,inG property affected by
the Improvement and under this levy
issues TO the CONTRACTOR these special tax
warrants. The ordinance under which
this tax levy is made covers property
fronting upon said Improvement and af-
tects n depth OF twenty-five feet back.
and shall nc held for the pa ymcut OF said
tax, which tax constitutes a Hen ON said
property, and clear title 10 same cannot
be secured until this tax is paid.
The payment or the warrants with in
6. IL. oh 0S..ta, fol, for. IL
the city is not responsible for payment.
1t becomes a legal duty 10 sec that the
tax is collected and properly diverted 10
the credit OF the special funds and the
warrants redeemed. Yet tho property Is
held as security for payment OF this spc
Ci5l tax, and upon careful inVesiigai Ion
IL has been found that 81 per cent Of tho
special taxes levied for improvements
have been paid promptly bv the property
owners and that in 10 instance has the
city had to resort 10 the sale OF the
property affected TO meet payment.
Safe and Sound Investment.
During the past six years salt Lake
City has made public improvements in
cluding paving. scwcrinG. curbing and
guttcring and constructing sidewalks To
the amount OF S5.923,5l21l. and war
rants for this large amount were issued
from time Ia time IL can he readily seen
that our local financial institutions were
unable To take care of so large an
amount Therefore. the contractors have
y
and where they have succeeded, In plac-
Ing them those purchasing have been
eager to secure moro.
Transcripts Of the proceedings Of the
city council In all matters pertaining 10
tax levy on any special improvements for
which the special tax warrants are rs
sued can be obtained from the council
records. Opinions Of able attorneys can
be had az TO the validity Of the law
under which the city council has acquired
jurisdiction.
Tl.g.t h
AZ an investment Is unquestiopsb BILE, az
they are as safe AS government bonds
and bear much larger rate OF interest
Another reason that these warrants arc
good investment is that property own
ers are clsmorins for improvements. and
II all the requests were granted II would
take, at least 100000 TO pay for the citys
portion alone. In many Instances whor,.
the city cannot afford to pay its portion
the property owners have agreed TO pay
Tor same In order 10 enable the work In
be done under contract with the city.
Great Improvement Work.
Salt Lake City Is fast becoming thor
oughly modern city. and It's wide streets
when paved, curbed. parked and side
walks laid, will make most beautiful
thorouShfare: and the value of the abut-
creased 20 per cent thereby.
Most OF The streets I'm Salt Lake CITY |
are l82 feet wide between curbs. with a |
side walk space OF twenty feet. OF course. |
hut six feet wide. with a parking of four !
teen rect: This fact alone will give some !
ld"a OF the great amount OF Improvement |
work yet To bc done.
The growth OF Salt Lake CITY in the !
past six years has been almost magical. |
The business section has broadoned out
10 three times it's former size. large xiAol
have been erected. and one
~ the finest hotels in our country has
been completed. This hotel was opened |
N une this year and its business has been
30 great that another 1.5 rooms. In add
ION 70 tho $40 will be added shortly |
salt Lake as financial center can well
oc established by the reports or our bank
ng institutions OF the amount on de-
,oslt The last report showing S33.s3O, ,3f6
as the city IL by great mining |
and smelling industries, its future stands
'ut brilliantly and clear. The amount
u orc mined daily from mines located
within ten TO thirty miles of Sail Lake
$500 tons OF copper, silver.
esd and gold ore. It's value being I'm
ound numbers. $4,000 each day
Manufacturing Is vet I'm IFS Infancy