HomeMy WebLinkAbout106 of 1959 - Ordinance 106 of 1959, Authorizing issuance of $5,000,000.00 Tax Anticipation Bonds of Salt Lake Cit ROLL CALL 1'` /a/
Salt Lake City,Utah, Dee_... cr 22 , 195 9
VOTING Ayel 1 ay
7-[ I move that the Ordinance be passed.
Burbidge . . i� -- /
Christensen _tr_
Geurts.
Romney . .
Mr. Chairman . V AN ORDINANCE
Result . . . .
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF FIVE MILLION
DOLLARS ($5,000,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES
OF JANURAY 2, 1960.
WHEREAS, there is an immediate and pressing need for the raising
of funds in the amount of Five Million Dollars, ($5,000,000) for the
purpose of meeting the current expenses of Salt Lake City for the year
1960 until the payment of the taxes for the year 1960, and
WHEREAS, the estimated tax revenues of Salt Lake City for the
year 1960 will aggregate Five Million Three Hundred Ninety Four Thousand
Six and 00/100 Dollars ($5,391+,006.00) and the total estimated revenue
from all sources will aggregate Twelve Million Eight Hundred Thirty Two
Thousand Seven Hundred Forty Three and 00/100 Dollars, ($12,832,743.00),
and
WHEREAS, the sum of Five Million Dollars ($5,000,000) required
now to be raised is not in excess of said revenue as estimated for the
year 1960.
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF SALT
LAKE CITY, UTAH:
Section 1 . That said Salt Lake City, Utah, for the purpose of
meeting current expenses of said City for the year 1960 until the payment
of taxes for the year 1960 shall borrow the sum of Five Million Dollars
($5,000,000) and for that purpose as evidence of such indebtedness shall
issue fifty (50) bonds, numbered one (i) to (50), both inclusive, in the
demomination of One Hundred Thousand Dollars ($100,000) each. Said bonds
shall bear date of January 2, 1960 and shall be due and payable January 2,
1961, bearing interest at the rate of two per cent (2.00%) per annum, pay-
able semi-annually on July 2, 1960, and January 2, 1961 , both principal
and interest being payable at the First Security Bank of Utah, N.A., Salt
Lake City, Utah. Said bonds shall be designated Salt Lake City Tax
1 fR
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Anticipation Bonds, Series of January 2, 1960."
Said bonds shall be signed by the Mayor and attested by the City
Recorder under the seal of the City, and the coupons attached shall be
signed with lithographed, or engraved facsimile signature of the City
Treasurer. Said bonds shall be registered in a book kept by the City
Auditor for that purpose and the City Auditor shall endorse on each of
said bonds the certificate required by law. Said bonds shall be in sub-
stantially the following form, to-wit:
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX
ANTICIPATION BONDS
SERIES OF JANUARY 2, 1960
No.
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake and State of Utah,
hereby acknowledges itself to be indebted and for value received
hereby promises to pay to the bearer hereof the sum of
($ ) in such
funds as are, on the date of payment of the principal of and the
interest on this bond, legal tender for debts due the United States
of America, on the second day of January, 1961 , at the First Security
Bank of Utah, N.A., Salt Lake City, Utah, with interest thereon at the
rate of two per cent (2.00%) per annum, from date until paid, payable i,
semi-annually in like money on July 2, 1960, and on January 2, 1961,
said interest to maturity being represented by interest coupons hereto
attached.
This bond is one of a series of fifty (50) bonds of like tenor and
effect, numbered from one (i) to fifty (50), both Inclusive, and known
as "Salt Lake City Tax Anticipation Bonds, Series of January 2, 1960"
for the aggregate sum of Five Million Dollars ($5,000,000), and is
issued pursuant to Section 10-8-6, Utah Code Annotated, 1953.
The City of Salt Lake City shall levy in the year 1960 a sufficient
tax to pay the principal and interest on this bond as the same shall fal�
due, and this bond is issued in anticipation of such taxes for the year
1960.
It is hereby certified, recited and declared that the entire indebt
edness of said city hereby incurred is not in excess of the taxes of
said city to be levied for the current year 1960, and that said indebt-
edness was and is contracted for the purpose for which said taxes are
levied.
It is hereby certified, recited and declared that all conditions, 1
acts and things essential to the validity of this bond exist, have
happened and have been done, and that every requirement of law affect-
ing the issue thereof has been duly complied with, and that this
bond is within every debt and other limit prescribed by the Consti-
tution and Laws of said State, and that the full faith and credit
of said Salt Lake City is hereby irrevocably pledged to the punctual
payment of the principal and the interest of this bond according
to its terms.
IN WITNESS WHEREOF, Salt Lake City has caused this bond to be
signed by Its Mayor, its corporate seal to be hereunto affixed,
and attested by the City Recorder, and the annexed coupons to bear
106
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the facsimile signature of the City Treasurer, as of the 2nd day
of January, A.D., 1960.
ATTEST:
(signed) HERMAN J. HOGENSEN (signed) ADIEL F. STEWART
City Recorder, Salt Mayor, Salt Lake City,
Lake City, Utah Utah
(S E A L)
To each of said bonds shall be attached a coupon for each instal-
lment of interest contemplated by said bond, the coupon due July 2, 1960,
to be numbered one (1), and the coupon due January 2, 1961, to be numbered
two (2), with the several dates of payment and number of bond, and shall
bear the facsimile signature of the City Treasurer. Said coupons shall
be in substantially the following form, to-wit:
(C 0 U P 0 N)
No.
July
On the second day of January, 196 , Salt Lake City, in Salt
Lake County, State of Utah, will pay to_the bearer hereof the sum
of ($ ) in such
funds as are, on the date of payment.hereof, legal tender for debts
due, the United States of America at the First Security Bank of
Utah, N.A., Salt Lake City, Utah, being six months' interest then
due on its Tax Anticipation Bonds, Series of January 2, 1960.
(Facsimile Signature)
City Treasurer, Salt Lake City,
Utah
Bond No.
There shall be endorsed on each of said bonds the following City
Auditor's Certificate;
"CITY AUDITOR'S CERTIFICATE
I hereby certify that this bond is within the lawful debt
limit of Salt Lake City, Utah, and is issued according to law.
LOUIS E. HOLLEY, City Auditor
Salt Lake City, Utah."
SECTION 4. That the Board of City Commissioners shall levy in
the year 1960 a sufficient tax to pay the principal and interest on said
bonds as the same shall fall due, and for the payment of said bonds, the
full faith, credit and taxing power of Salt Lake City is hereby irrevocably
ti l
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pledged and the Board of City Commissioners herebycovenants with the
holders of the said bonds to levy in the year 1960 sufficient taxes to
provide for the payment of the principal and interest of said bonds.
SECTION 5. The First Security Bank of Utah, N. A., and Associates
of Salt Lake City, Utz, having offered to purchase said bonds at a
price satisfactory to this Board of Commissioners, which offer was the
best and most advantageous received for the purchase of said bonds, and
which offer has heretofore been accepted by this City Commission, the
the acceptance of said offer be and the same is hereby ratified and con-
firmed, and the City Treasurer is hereby authorized and instructed to deliver
said bonds to the purchasers thereof, as and when the said bonds shall
be and are legally issued and delivered, upon the receipt of the purchase
price therefor.
SECTION 6. The City Recorder is hereby instructed and directed
to cause copy of this ordinance to be published immediately in one issue
of the Deseret News-Salt Lake Telegram, a daily newspaper of general
circulation in and printed and published in Salt Lake City, Utah.
SECTION 7. That an emergency is hereby declared and in the
opinion of the Board of City Commissioners, because of the necessity for
funds to meet the current expenses of said City, it is necessary to the
peace, health and safety of the inhabitants of Salt Lake City that this
ordinance shall take effect at ortm.
SECTION 8. This ordinance shall take effect upon the first
publication.
Passed by the Board of Commissioners of Salt Lake City, Utah,
thiS 024-,4 day of � � , 1959.
ATTEST:
•-tod='r
Bill No. 106 of 1959
Published December 30, 1959
Affidavit of Publication
STATE OF UTAH,
ss.
County of Salt Lake
D. M. Ookey
Being first duly sworn, deposes and says that he-is legal advertising
clerk of the DESERET NEWS AND SALT LAKE TELE-
GRAM, a daily (except Sunday) newspaper printed in the Eng-
lish language with general circulation in Utah, and published in
Salt Lake City, Salt Lake County, in the State of Utah.
That the legal notice of which a copy is attached hereto
Self,---Lake._OJ t1 of Mg,
AnArdinano.Q.'rovisnag fo'-t.kle 'ammo*
of._Five---Million__.De l lare.__T.ax..-4nt is igati oz—
S.Oxttia__.at__sat._eke city, Utah.,
was published in said newspaper on._D)@S}_eotker_.50.....19.59.c_
• C%
Legal Advertising Clerk,__._
Subscribed and sworn to before me this 4th day of
danuaxY A.D. 19 60
Notary Public r
My Commission Expires res
.nlralmIN'4,tiglIV eencl
and things essential to the validity
AN ORDINANCE ut this bona let•have hn Dened
AN ORDINANCE PROVIDtNfi and hrequirement
ve peen doone, a that
FOB THE ISSUANCE A D S P v y y trement t law affect-
FOB FIVE MILLION DOLLARS every
ivsu9 thereat tlaa been
155,000,000)TAX ANTICIPATION bony plied with,a d that tha
BONDS OF SALT LAKE CITY, other htrnlf 11ee tetbed h edtTe Can
UTAH,SEINES OF A VARY 2, attdtlon a 8 L9awa !!heed'Stete,
1800. and Bhat the Sull Sa1th d edit
WHEREAS,there VIi Is a for the
a odd l It Leg in the
hereby
rt¢¢ d Creasing tl for - b Y yled¢¢d to the pane-.
,iVit ( fund° In the Trp i tuelvpayment f ttl Drinclpei
Wt Five o the purpose Dollars me.f100,- the Interest of this band according
O) er the KlfltOsf tine L It°tecrtta.
the currentt a ::rn of Salt Lelr IINN }yITNES9 WHEREOF, Sall
Cayt Lai 27t ee 1B0o ntal oe LA II,vety bag its Mad thts bond o-
Y900lYment of the taxes tor 1 Year ra sireel by veeur,Ito eon.-
WHEREAS, ed,
and p be hernun't.MI ea,
the estimated tpx. ass Attested by the qtY Recorder,
aaenuea of salt Lake Cltyy for the and the annexed u to hoar
r Itgso will aggre¢ete Flve M11- f to acslml gneture an the Lair
don sa ee it and
/104 Ebur T facer, t the land'day t
Thousand Six d 0he a 55ta JpnLLSig,A.D..IE
meted14,revenue 11) fromfrom caltotal sources
Signed)pNano F.STEWART
tl1 Y¢teaele Twetve Miltood Mayor Selt Leke
Biala Hundred Thirty Two Tni . ATTEST( C(ItY,Utah
nn d SbT Hunted Forty T 1signed)HERMAN J.HOCENSEN
d 00/300 Dollars. (B3$537, Ea Recorder,Salt
74kWpp) d Lake City,Utah
WHL050cc the sum of rent ill (SEAL)
lion t Dollars raised
is not n excess
Toe h of said ae ea ahvLL be
d
w to b�egof mid sp Sued Ise not In ¢ears atlaeheo ii coecL Sor each iq nail:
thNOlYr THEREFORE,iSEeFr OR- 1ted for 902t,pbennhumbe ed one(1).and
COINED Hf THE ROARD OF ee ut port due January 2.thee.to
COMMISSIONERS OF 9 A L T be numbered two me with d am,-
LAKE CITY. TRH: rai dates t and shalt and s.
S t1 I, Tat Id Salt Lake bar of bold, d shalt beer Shy
Cite gout fnt the Durpose [ Treasurer.
sure baldt eon s.P the t City
meeting
far current
t 1980e unto'seta
itee substanialyt then'tllowing
y t t taxes for the Year 'form.substantially
a
I500 sheil of
the sum of Five No (COUPON)f
Mali Dollars (S0,000,0eo) and
far tt?nl pp e hence t y July 1 bonds.n es numbered
1)to fifty 19dn,ball Lake'City in Salt
ir+5 bands. Dared fl)t=T50),
Loth f cluslve.rnhr the�le1a in- Luke County.Stale re f the will
t ion 'f I Hs)each.Said
oa dl buy to the Dearer hereof the corn
Dollars a Sete )each.Send hands
shall bear date of January le Jan- cC ava funds ease are.eu the dale
dad sh ll be due and" bee Jant ;s e t hereof. legal tender
the Yr to of!three clad}teSourih• 'tor debts pduc.the United States
VVP America at the Flisl Sec Lake
pal cent(11.2.5`k De July 2. - A k L Utah, N.A.. Salt Lake
able evoery 2.lOo onoth et ri o City.Utah,heine sit months.'In.
pp d January 7.1903,both Inci i 'revealatl then chic n Its Tax Antics.
First Interest
Seer eltyybeingIn payable
(Utlh at Ile 7,t19d0Ronds, Scrlex of Cardiff(
Salt 1,00 Cltg,Utah,Sald,I •to (Facsimile SI¢s ture)
call be d"eaia ted•'Salt Lake Cite•I�'u t,Salt Lake
yak Antleieea1ttt Bond,,Sep..i of Ft.
Utah
sa9aid ooittle shall be signed by There shall be endorsed on each
the Mayorten attested by th City [ Id bondsthe[allowing City
1g0¢ der der the seal of the, n Idltar's�� lfi te,
Clt hid the yy leached. - [,ITY ApIlICJ OFh.'S CERTIIFFICATE
shell¢phaSi d with tithasestohad I hereb Canino that tug
'iheneee a nod
a¢n tt1t t )e lthln the lawful debt limit of
�elpd�bonds Saes Lake Cil,Utah,and is laded
by lthesCt,ea AudtonfaYebthat ow. according to erw E.,HOLJ.EY.
Won endorse on esack otysaid bond° City Laket Cite Utah.••
the c rtlflcatee oohed bd law. SECTION 4.That the(scald of
1;nilY the Iolle vvain¢leers to•witals- he year Commissioners
oa neroth shall
i levy ill
VN[TE�TATE OF UTAH ERICA paid handarias`tal andan intereste shall loll
C fit
ALT LAKE CITY TEE boilila,n thee falllfaithT credit a3eld
ANTICIPATION BONDS taxing power of Salt Lako Cloy
SEILIES OF JANVARY 2.19g0 In hereby IrrevoeablYY pledged and
No. Ile Board f City l Issioners
KNOW ALL MEN BY TILESE hereby covenants with the holders
PRESENTS: of the Ide bonds in levy In the
C Div a[a Salt L n:e Ctnd�Siatetlrt aidea tar the payment of tt(he veilll-
Winh, hereby cknowteddes ftse(If ival d Interest a aid hands.
to De Indebted and for alo SECTION 5.The a Fleet Security
reined hereby Dramises to pay rto Bank of Utah. NA., and Assn-
the bearer hereof the earn of later oe Salt Lake Cty. Utah.
—t(S 1 haul¢ ftered to purchase saki
Ins ch fulyda n the dale handy t price atlefact.1y to
tf Davteres of then is n'on of and tills Deter at Cammynlaneral
en interest this bhnd, legal hlan offer was the d efo a d saes:
tender P debts duet the United advantageous said
received for the L
5Intee vac Oleo s the se hid chase f oe bonds,b and which
00 011 n .1Wit at the First flat has heretofore been°then tea
L akcrltCiHy. Utah. with interest by
ce of sai City d offer he and line
theeeo at the rate f three end. stole Is 1Lerehe utltied and ton-
ne-fourt per cent of three
per
firmed,and the day Treasurer
ablen.from date a tB aid Dar. hereby authorised d instructerd
s en I-annually ld like s• to deliver sold bends to t(ho -
1BJalo 2 1900,a don Januarr t2, CT thereof a d nl isle
0I. end lntereat to interest C li hr. sal booth hail be end are legally
too!represented by Coupons issuedo and purchase
delivered,upon the re-
(feint LLCCtaG tpiteehetl. 'Nei t t Dveoaxe arise there-
Th1a D d ld boo f.series : fur.
IVY,0 ab000 of like veoI end SECTION,i The City Recorder
f!feet• share from o (1)to is hereby Instructed and directed
ifty t60/, both Inctux ve, ale o cnab ¢Ds• f this tale rode nn
Afeitclyystloe BandLake
Seerlel of ota. bcueu of hit a Deanaetta NewsSait
ueoy 7. lens" Sor the area!! bake Teleg rant.a daily newspaper
!Ftva Million Dyliar,itS. of general tolrculation in d rblt-
i100t00), d 1s issued ursuan) ed and blislted in Salt Lake
to e¢¢tllon 10�-d,titre C�e Annu- Cttyy Utafi.
utgd,City Shetehy 7.That an emergency
31 l CItt of left Lake Ctty ohall Is hereby declared d te¢the
1svY a roe r9ne a LLtndl to. miiNan es the because
of the ec i yg to ear the prinefa t d 1n. stir
for Sands to meet the current
Mt fell d¢ d tat e b na L race to
of Id CITY it la neces-
00 th In e r lidaiioa of such tares re to theptaCy.healt arid Sato-
lapp the seer by00. f tat Inhabh(nt0 re ggh�aI La la
it L hereby certified,n recited CILv that this aranance sh ll tans
dhid deal°pd Mt ihs Lire h- t fit a i
entednIs:ofsaid ear as of Del iron e eCt to This ye fiance 1,5 h
d is t In e t the Islh e{7rc1 sKvn inz facet DuOuh
the a of sal°clef tp excess for I
orwan
the ndebeegdnie 18s 0g d than o-o 'v 1An�I d 9t C_otaml.-
tosateddSvxtethee Dvss reoee for W la hich Ohio 77nd day tsof Decermber,1950. '
acid taxes are layied.- ADIEL F.STEWART
tarot•
HERMAN J.HOGENSEN '
rr SEAL) City Recorder g
PabdnohidaDa'fem➢or..f
/DSO