The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-01-24

Inc redemption tund OF the Dond issue
OF 1892. BY an act passed two years
ago, the legislature authorized the re-
funding OF this bond issue by the issu-
ance OF negotiable coupon bonds and the
transference OF the redemption fund to
the state capitol fund
Two years ago there was still 100000
available under the 5000. 600 bonded in
debtedness permitted under the constitu-
the last legislature the loan commission
crs were authorized to issue bonds 10
this amount. The enabling act set aside
100 sections of land for the purpose of
providing funds for the erection of state
buildings. This land has been sold and
the fund derived from this sale now
two. when all of the payments on the
land are made, II will amount to a little
more than 100000
Almost 50, 900 900 Available,
With the bond issue provided for In
the bill introduced Monday. the total
amount which win be available All for s+a,e use
in the construction of the new state
house will be 81 $4,000.
The amount in the bill introduced Mon
day was based on the amount ol me
bond Issue permitted under the constitu-
lion. At the last election the consti-
tuition was amended so as to permit the
issuance Of bonds to the amount OF one
and one-half per cent of the assessed
valuation of the property. within the
state, In 1910 the assessed valuation OF
the taxable property within the state ate
W
is already $500 900 in bonds, either out
standing or authorized. a bill now be-
fore the state legislature authorizes the
issue of S30o 900 in bonds for the erec-
tion OF q new main building at the state
university. The remainder. 81 1895, 900, is
asked for the erection of the new state
capitol.
Bonds in Four Series.
The bill authorized the state board Of
loan commissioners to Issue the bonds
in four series. The first series shall run
not longer than twenty years. the sec
ond not longer than thirty years; the
third. not longer than forty years, and
the fourth. not longer than fifty years.
The bonds are TO draw interest not eX-
ceeding four per cent, payable semi
annually
An additional bond OF 25 per cent of
the amount of the series OF bonds being
issued a the time is required Of the
state treasurer. Ten years before the
maturing of each series OF bonds a sum
Of each series is 70 be set aside each
year to be paid at the maturity Of the
bond issue for the redemption Of the
bonds.
The bill provides that the money Sc
cured from this bond issue is to be used
for the exclusive purpose of the erec-
ton OF the state capitol building under
the direction Of the capitol commission.
BY a law passed two years ago the
state capitol commission is provided for.
It is TO consist OF seven members. OF
W
and the attorney general shall be three
The other four arc to be appointed by the
governor and not more than two of these
four shall be members OF one political
party. From the appointive members shall
oe selected superintendent OF buildings
and grounds and secretary. The super
intcndcnt is, 20 receive a salary Of $2400
per yea~ and the secretary a salary OF
$500 per year.
The capitol commission is authorized TO
erect a state capitol at cost not 10 eX-
ceed 1000 and 10 have entire charge
Of the construction.
To Begin Work at Once.
II the bill now before the ieglsla ture
passes both houses the governor will AT
once name the appointiYe members of the
commission and the preliminary work
looking toward the construction Of the
building begun. If the present plans OF
those interested in the erection OF a new
capitol are realized the commission will
have approved OF plans and authorized
the commencement OF work on the build
ing by the early spring. With the prog
construction VIII have been completed in
two years II possible the senate and
house chambers and some OF the state
offices will havo been completed In time
for the converting of the tenth legislative
assembly in the new state capitol
In order TO facilitate the progress OF
the bill in both houses It has been sug-
Gestcd that the house committee on cap
itol and capitol grounds meet with the
like committee of the senate to consider
the capitol measure. II this is done the
bill as approved by both committees NAV
pass both houses without the necessity OF
rET l.lYrs - irN, l.,g 4,