116 of 1961 - Providing for the issuance and sale of $2,4000,000.00 of Tax Anticipation Bonds of Salt Lake City, U ROLL CALL , Salt Lake City,Utah, December 27
VOTING Aye Nay
✓ I move that the Ordinance he passed.
Christensen . .
Harrison
Ammig SMART . ✓
Romney . . . V
Mr. Chairman /� AN ORDINANCE
•
Result . . v`
The Board of Commissioners of Salt Lake City met in regular
session on Wednesday , December 27th , 1961, at 10:00 o'clock
A. M. at its regular meeting place, Room 302 City and County Building.
On roll call the following members were present:
J. Bracken Lee Commissioner of Public Affairs
and Finance, Chairman
Joe L. Christensen Commissioner of Streets and
Public Improvements
Conrad B. Harrison Commissioner of Water Supply
and Waterworks
L. C. Romney Commissioner of Parks and
Public Property
Herbert F. Smart Commissioner of Public Safety
ORDINANCES AND RESOLUTIONS
Bill No. 116 an ordinance providing for the issuance and
sale of Two Million Four Hundred Thousand Dollars ($2,400,000) of tax
anticiplation bonds of Salt Lake City, Utah, series of January 1, 1962,
introduced by Commissioner Joe L. Christensen , was
taken up and read.
ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF TWO MILLION FOUR
HUNDRED THOUSAND DOLLARS ($2,400,001 OF TAX ANTICIPATION BONDS OF
SALT LAKE CITY, UTAH, SERIES OF JANUARY 1, 1962.
WHEREAS, there is an immediate and pressing need for the
raising of funds in the amount of Two Million Four Hundred Thousand
Dollars ($2,400,000) for the purposes of meeting the current expenses
of Salt Lake City for the fiscal year January 1, 1962 through June 30,
1962 until the payment of taxes and receipt of other revenues for the
fiscal year January 1, 1962 through June 30, 1962; and
WHEREAS, the total estimated revenues of Salt Lake City
116
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for the fiscal year January 1, 1962 through June 30, 1962 from all
Three Million Nine Hundred Twenty Nine Thousand
sources will aggregate One Hundred Sixty Three Dollars
($3,929,163. ); and
WHEREAS, the sum of Two Million Four Hundred Thousand
Dollars ($2,400,000) now to be raised by the issuance of tax
anticipation bonds in said amount is not in excess of said revenues
as estimated for the fiscal year January 1, 1962 through June 30,
1962;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSION:RS
OF SALT LAKE CITY, UTAH:
Section 1. Salt Lake City, Utah, for the purpose of
meeting current expenses of said City for the fiscal year January
1, 1962 through June 30, 1962 until payment of taxes and receipt
of other revenues for the fiscal year January 1, 1962 through June
30, 1962, shall borrow the sum of Two Million Four Hundred Thousand
Dollars ($2,400,000) and for that purpose as evidence of such
indebtedness shall issue three (3) bonds numbered one (1) to three
(3), both inclusive, bonds numbered 1 and 2 in the denomination
of One Million Dollars ($1,000,000) each and bond number 3 in the
denomination of Four Hundred Thousand Dollars ($400,000). Said
bonds shall bear date of January 1, 1962, shall be due and payable
June 30, 1962 and shall bear interest at the rate of one and ninety
four one hundredths per cent (1.94) per annum, interest payable
on June 30, 1962, both principal and interest being payable at the
Continental-Illinois National Bank and Trust Company of Chicago,
Illinois. Said bonds shall be designated "Salt Lake City Tax
Anticipation Bonds, Series of January 1, 1962". Said bonds shall
116
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be signed by the Mayor and countersigned by the City Recorder under
the seal of the City. 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 substantially the following form, to-wit:
UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JANUARY 1, 1962
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
Dollars ),
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 30th day of June, 1962, at the
Continental-Illinois National Bank and Trust Company of Chicago,
Illinois, with interest thereon at the rate of one and ninety-four
one hundredths per cent (1.94%) per annum from date until paid,
interest payable in like manner on June 30, 1962.
This bond is one of a series of three (3) bonds of like
tenor and effect, numbered from one (1) to three (3), both in-
clusive, bonds numbered one (1) and two (2) in the denomination of
One Million Dollars ($1,000,000) each and bond numbered three (3)
in the denomination of Four Hundred Thousand Dollars ($400,000),
designated "Salt Lake City Tax Anticipation Bonds, Series of January
1, 1962", for the aggregate sum of Two Million Four Hundred Thousand
Dollars ($2,400,000), and is issued pursuant to Section 10-8-6,
Utah Code Annotated 1953.
The City of Salt Lake shall levy in the fiscal year
January 1, 1962 through June 30, 1962, a sufficient tax or shall
provide for the collection of sufficient revenues to pay the principal
and interest on this bond as the same shall fall due, and this bond
is issued in anticipation of such taxes and the receipt of such
revenues for the fiscal year January 1, 1962 through June 30, 1962.
It is hereby certified, recited and declared that the
entire indebtedness of said City hereby incurred is not in excess
of the taxes and other revenues of said City to be levied and
collected for the fiscal year January 1, 1962 through June 30,
1962, and that said indebtedness was and is contracted for the
116
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purpose for which said taxes and revenues are levied and to be
collected.
It is hereby certified, recited and declared that all
conditions, acts and things essential to the validity of this bond
exist, have happened and have been done, and that every requirement
of law affecting the issue thereof has been duly complied with,
and that this bond is within every debt and other limit prescribed
by the Constitution 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 countersigned by the City Recorder as of the 1st day
of January, A. D., 1962.
(Do not Sign
Mayor, Salt Lake Ci y, Utah
Countersigned:
(Do not Sign)
City Recorder, Salt Lake City, Utah
(SEAL)
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.
Do not Sign)
City Au itor, Salt Lake City, Utah."
Section 2. That the Board of City Commissioners shall levy
in the fiscal year January 1, 1962 through June 30, 1962, a
sufficient tax and shall provide for the collection of sufficient
revenues other than taxes 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 pledged and the Board of City Commissioners
116
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hereby covenants with the holders of the said bonds to levy in the
fiscal year January 1, 1962 through June 30, 1962, sufficient taxes
or to provide for the collection of sufficient revenues other
than taxes to provide for the payment of principal and interest of
said bonds.
Section 3. R. W. Pressprich & Co. of New York City,
New York having offered to purchase said bonds at the price of par
plus accrued interest, which offer is satisfactory to this Board
of Commissioners, was the best and most advantageous bid received
for the purchase of said bonds and has heretofore been accepted by
this Board of Commissioners, the acceptance of said offer be and
the same hereby is ratified and confirmed, and the City Treasurer
is hereby authorized and instructed to deliver said bonds to the
purchaser thereof, as and when the bonds may be legally issued and
delivered, upon the receipt of the purchase price therefor.
Section 4. That an emergency is hereby declared, the
preservation of the peace, health and safety of Salt Lake City
and the inhabitants thereof so requiring, and immediately after its
adoption this ordinance shall be signed by the Mayor and counter-
signed by the City Recorder and shall be recorded in the ordinance
book kept for that purpose and the City Recorder is hereby
instructed and directed to cause a 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, and this ordinance shall
take effect immediately upon its passage and approval and upon
publication as required by law.
116
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Adopted and Approved by the Board of Commissioners of
27th
Salt Lake City, Utah, this day of ecepber, 1961.
ayor
ATTEST: MMMMMM
PPAIPT%4 0t
(SEAL)
Commissioner Joe L. Christensen , moved, which
motion was seconded by Commissioner L. C. Romney
that the foregoing ordinance be adopted, which motion carried, on
the following unanimous roll call vote:
J. Bracken Lee Commissioner of Public Affairs
and Finance, Chairman "Aye"
Joe L. Christensen Commissioner of Streets and
Public Improvements "Aye"
Conrad B. Harrison Commissioner of Water Supply
and Waterworks "Aye"
L. C. Romney Commissioner of Parks and
Public Property "Aye"
Herbert F. Smart Commissioner of Public
Safety 2 2 "Aye"
Mayor
ATTEST:
(SEAL)
BILL NO. 116 of 1961
Published December 30, 1961
116
-7-
STATE OF UTAH )
ss.
COUNTY OF SALT LAKE)
I, HERMAN J. HOGENSEN, the duly appointed, qualified
and acting Recorder of Salt Lake City, Utah, do hereby certify
that the attached foregoing pages are a full, true and correct
copy of the minutes of the regular meeting of the Board of
Commissioners of Salt Lake City, Utah, duly and lawfully called
and held on the 27th day of December, A.D., 1961, at the hour
of 10:00 o'clock A.M., insofar as the same refer to or concern
the issuance of $2,400,000 Salt Lake City, Utah, Tax Anticipation
Bonds, Series of January 1, 1961, as the same appear on record
in my office; that I personally attended at said meeting and that
the foregoing proceedings were in fact held as in said minutes
specified.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the corporate seal of said City, this 27th day of
December, A.D., 1961.
co , PP&"c'ity, Utah
(SEAL)
116
Arita•ssA
Affidavit of Publication
• STATE OF UTAH,
County of Salt Lake ss.
l AN
ORDINANCE
-,Sil-eLa❑e irvine t e aerrs 7;as
t
D M OVkey,9u°t'13;1n'e,pc Ae.Mb:ar ',
Cl99 lar '.'ring lace, Roam Sit
iv antl County B llow,_
On roll call the tollp:ving rnemhers
1I�li D'-acl�P.,Leo, commissia,nr Being first duly sworn, deposes and says that he is legal advertising
v�li A„airb in Flnan e, eai, clerk of the DESERET NEWS AND SALT LAKE TELE-
rear I l A N'�' a, I r GRAM, a daily except Sunday) newspaper printed in the Eng-
I f Wafer a ' a ,,1 k r lisp language with general circulation in Utah, and published in
IIP k tl P h- pr 1 na \
Public°51°Iv } °net atl Salt Lake City, Salt Lake County, in the State of Utah.
'ORDINANCES AND RESOLUTIONS
,Oill r 116,an ur 'asn'c e n ov,tl.
9 for the tl -ale t
Lan ^^'!"°"F��;y;'pJ�cq Tnp°,anal That the legal notice of which a copy is attached hereto
D ',1: 'i lV.O.000) fax anllcl'XiM
nda of Sall Laka Clry,IIIah, ties-
[ danpary ', ,062, '°Ir°Jpccp hy' Salt Lake Uity Bill No 116 of 1961.
as fak.en up J°C a Ch rlstense'
'Vlas)aken up and read
A ORDOINgNC�nI ,"E
PROVIDIN,'
FDR THE IssuANC: ANo sAl.r-.l An Ordinance Providing for the Issuance and
OF TWA MI[LlrlN EOUR FIUN-I
DRED THDUEANn POII Aftt 11E]. . ....................�-__....__...�.__...I A00,0007 OF s ANNTTICI1'Arlory -- --
BONDS OF SALT[J I(� CIl'V, c� .i� u DTAH, SERIF$ OF ]ANUA'2V L Sale of Tax +Knticipatiion tondao
1I962
anJ pREA,n ede/�"IV lame''''''jl
(lu ck in s�ryn amp inf of Twa Mil.ion i'�
Four Hundred 77,,%V nJ Dnhars(E2.-ld
A00,00ro forcu„enf the turn°".' f,npetln°
IVI',1%,1 e fiTO.' o(,Sall ntli'
19d1, rhrppOh JuncY%jp,' 1962.aru III�
tee avIn `'.NS Fr eco''
J a,,.,,,rl VC7962,r f;1, 7,'' ,'"
1952 a
b eREAs, iho total esllmni3O ll De9 Th fJr '3Oy y a610
�revnvcs-i Salr Lake Cily for the l J A
Ifiscar year ganvary',1962,terpntnl was published in said newspaper on_.... .__.
Iggegale19TI2ire�,Milliors Nines Hun.
tlreq Twenry Nine Th fIM Ono
�Hurdred Slxfy Three D°Ilnrs (St..
92WHER Ad
I WHEREAS, the of'Tµ`./,/,jl.{'
Ilion Fopi 0't0 rea°Thousa''C.ol-il
s lEl,<CO,000e l tp be .1
t lax r tisnlg
e J..J d t revenues asisCal t
h !'sc ° J .. i�
Itt J 30 962 na Y d.952 f � ``G ,( c"7 t,t l..
COW, TI E,yRE ORE, BE IT OR Clerk
O MISSIOVERS'{OF SA T DLAKE /Legal Advertising Clerk CIS tonTA. Salt Lake City, stab
/
Vet nTPS pu pp ry'Vel c fren
en °I sa 1,Ciry!or the 1lscati
I]eCeiot of o' j'y196R^Ih1 1010 JVnGI
en!°f loxes
reee�ii t C i11.1e Flua,,1,n1962,In ran llh
June 30,a1961,snail Landm'hn u
f Twa Million Four 'iwd -
lhousnnJ Dollars(E2.AOO;000j nq Yor
.>br;lnesse'h.sal 4,0,nce of inch
nay nemepred°ne'i;`la 4'I;',7o f„', End day of
'oath in lute°, 10/ni 011 of d , and sworn to before me this
fAlllion Dollars tl(51,Om00r,Op0)leach One
l bona numeered 3 in the aenomiratiion('anuary 1 62
• F H d tl Th a," D II s A.�. 19
of( January S d 2 tl al l e 1 je
96 d
I o n, J ih 30 il°6''shalt betll a ��:\
If. h dtd I htJfi ,I
30 1962u b th e I I I .,,,/•\
III. N hl i t l3 l r C I 11- / L� '1-o L—/�, --
C d T l� 1 N Lakes Cole l T br A n t ii c ipp a f'iSo nl l Notary Public
Bonds, Sera
,
.
of _
tha krdr nd'Co'''Ors Lana BV nv
'C' Sold er the eo'o!11'�e
'.'''a.,Sala a ;'s"fa nnn bf F mrea
hate 0 Ieos e
ItoY Nail entlare ray°tlh Oh,each�l FA°Ja
�l�°SEaitlobokdlieihall' re,°'`ela'y nission Expires
r1,,ly,.hp lollo)�ln,i'farm, V.V, lov 2.5, 3.965
1: f°
UN.1 OE AMERICA i
e STATE H` UTAH I
SALT LAKE CITY
'A%ATICIPATION BOND
I SERIFS'OF JANUARY I,1962 • DESERET NEWS AND TELEGF
KNOW ALL MEN BY THESE _
PRESENTS. --- - ---
Thal Sak Lake COY,in the County
nr Sob ewlleduet.its tlI of.aInd here.;
Irggl Notices._ ^ ..
Ia• ndn to e'd'IN r eeved her by I (SEALI
Iso or a to fl��Seurcr Icreol the There boll be e dorsed n each f
P ollars IS— —, salt,bonds the toile/lug Ci'raAurli-
In`n.ach funds a n file a,lo of CerB".cala,
,Pavm t l then f d the C T AJDII ORS CEO'ri(I^ATE
l0 I d , -0 certify h his bona
'Amorlb tI U l d SIo o(I 11 I' lawful b 1mituof ball
Amp 1' il. alb r J L DI
1969, ,t the Continental-Illinois Na- co-d'ty o law.
Iberia],Bank and Trust C e.Inv o1 -ale, rnd issued ae
Ch.cauo.Illinois,witnWives!there l City Auditor,Sall bake City,Utah.
bvoare Bins of Ole
ntd(19M1'X II IPer I Commis'ipoer That atcleBoard of
CIa or. II
nnp Iron date)until Laid,In=erest al r r JV2',"r I enl;tax
h'nF
able In like manner on Juno 30, June 30, 1962, a su�ticicn tax a d
19Tpv ,shall provide far the collection of
li1s bond Is o f a ^,cies. r urlicieni revenues other 1
three (1 tondo lot like t and fo , Ne P'copal and illteresl taxes
Itocl. numbered from a o111 to sa 0�ontdi as the same shot. alto n
Ili eel) b h III I d - d l i i is bends,
b . Ill I I 111 1 h 1' faith, 1 d -
1 One beI I ',1 51 Lk CI h s-
$I.P)IIMG 1 and I revocablypled d ite Board of
covenants
three (3) i the --1 eft CT Commissioners
Four Hundred I'd la Dol lar0 with Pie nolors of the said bonds to
000,0001,Ac�ignnicd'Sall L,i;re City levy in I}a fiscal y r Janoa ry
ITnx Anticipation Bonds, _er 196R` nrou oh June dad, 1962, sutli�
Janvary 1. Mk,"`cr the a ualr l os t flax,,, r 10 provide fur the co,
of Two Mid,. Hundred Nebo,. a sof Beier,v revenues other
Or
is ou alw rs Collars 6) Section and ;oar fa.as ro provide
issec0 pursuant c _0 :o 9d,� 01 principal and tor
nterestpaat'
Utah Cede Annotated 19511011 said Bolds.
TheCity f Salt Lake shall l Section 3,R.W.P h 6 C.
IM1thef_ J 1 1962, N York '1 t k having
rou h db. 30 1962, a sulliciont offered to pliachase 'd bonds
tax or shall prosode the -olloat'on pa
i f 1 Inc h II. PI I
c I d ' 1 thisb p C satisfactory 1 this
as 1 shall loll d this d d I d 1 hit,re
nod e r ,f, ar r soldb de/
ni t P t f :. 1' f been
1, f 11 To 6 -rY II tins .d : The
19is hereby
done 30 cite 1 d l p:, di
It I F tit I I and it 1. d d of C ' d n r ns
declared 11 I the 11 -.nines, Treasurer
i (lily hereby d.l herebyh z "ttodnie k d.in excess eto
r
i thet 1 or I,
said City :I d h boed-
tI 1 the Oical year Jan-c b and del. n,e
v l 1969,tindebt J _ tan c ee far ec I f f o ou M1axe
and that said indebtedness seersr; p Section A,or
is n loafed hn afar hyd l ed, a
hick -d t d _ ;re it 1 b declared,the ,rt of
•lesiNd ande 1 f II d the h aih d 1 iSait
It h tlI'. I I L Y n h titans_ht:re
ticnotl i1 all 1Lo a' f
.1'I t t II. -I vn , b I dl adoption l AA ordinanceII i,
mac done,
happened d d F re t sun cr
been and that l d v the CO', the
and'
f the Inv fecilnii Comp 1, ,e ; hall be recorded that In iho ordinance
thereof has is b duly Complied,%ikrk I book keel for that o po o and the
and;debt'hat.toiM1crlond lin. within
1UV I tlirnl_etl toer is cause a COI instructed
rdid
.Iho Constitution d L i 1 be published modlately
Mato, t 1 of thE Desorol
'al Y c Sall Lk Tele daily rew�•i
by aft' I h e. S f r f I I-I' n a J-
Inidl of Inc c:be sod t pub; Sail Lake
r_1 this bond d u id is v. IC 1 Utah, d(SiIndoorIca shall1
tern It i k effect inn p Ily pas
IN WI tNESS 0 II RI Sal"r l (rrrtl b low.
Upon Irk/Wirer
: C has thisbend to Inn'
signed by ifs Mayor, 11s co po.opt > AdoOf SO and A ppioved by the
IopSealt bd hViflf 1 1q'dUt.C,I,s1l :?'oi La':'
'Inc tsl day of Jane 3,,A.D., ;tier,196I.1
1962. 11 J.BRACKEN LFE.
Mount,SFI lake City,PTA.n ATTEST. Mayor.
C ounter;ioned: s11 HERMAN J. HOGFNSEN
is,,,,,_,
$FA_) C(0 Recorder.
RecoideO Sall Lakc Cil/,Ulah S.. Commissioner Joe L. ChNstenonn.
mmov d,which molicn was second.l
b. rC- Romney,
Ilia; Ibem;for c9�inoli 00 Tee he
the ptfollowingcn unanimous roil d call)
Iv Je 0racken Lee.oc mm'ssi o!
nuecc Awaits .d Finance,°Chair _
Ave."
linennJoe L. Christen.F.•of Streets a Public Improver
Ave."r m Gerald 0.pp1T•s an,CWa'onlsiurer
of r Sup➢Iv and We•erworFs• .'is
LQ..C. Romney, Commissioner of C
Parks and Public Property, "Ave" '
Herbert P.Smart,Commissioner of •
'Public safely,"Aye.ACKESr I ET,
ATTEST Mavar.
'SEAL) HERMAN JolIn eccorder`. 3.
ILL,N0.116'0f 1961
Pub:ished.December?P,1961.(B-160)
116