12 of 1936 - Providing for the borrow of money and the issuance and sale of bonds in the amount of $50,000.00 for Rec. 103
ROLL CALL •
VOTING AYE NAY Salt Lake City,Utah, l'•{ rt d '` i' 193
Goggin I move that the ordinance be passed.
Keyser
Murdoch
lizeksbaxxx • - - _
Lee
Mr.Chairman - -
Result
`\Y
Oefil
APRIL 2d , 1936. Page
The Board of City Commissioners of Salt Lake City, Utah, met in regular
session on Thursday , the 2d day of April, 1936, at 10
o'clock A. M. in the regular meeting place.
The meeting was called to order by Mayor Erwin.
On roll call the following members were present:
P. H. Goggin, Commissioner of Parks and Public
Property
Geo. D. Keyser, Commissioner of Water Supply and
Waterworks
W. Murdoch, Commissioner of Public Affairs
and Finance
E. B. Erwin, Mayor Commissioner of Public Safety
Harold B. Lee, Commissioner of Streets and
Public Improvements
Also present: Ethel Macdonald, City Recorder
* * * * * * :E* * *
Page
ORDINANCES AND RESOLUTIONS
BILL NO. 12 for an ordinance providing for the issuance and sale of
Fifty Thousand Dollars ( 50,000.00) Salt Lake City Bonds, Series of
April 1, 1936, introduced by Mayor Erwin, was taken up and read:
f b
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE BORROWING OF MONEY AND THE ISSUANCE AND SALE
OF BONDS IN THE AMOUNT OF FIFTY THOUSAND DOLLARS ( 50,000.00) FOR THE PURPOSE
OF RAISING FUNDS TO DEFRAY THE EXPENSE OF MAKING IMPROVEMENTS AND ADDITIONS
TO THE SALT LAKE CITY MUNICIPAL AIRPORT.
WHEREAS, there is an immediate and pressing need for making
improvements and additions to the Salt Lake City Municipal Airport, which
airport and the improvements and additions thereto are and shall be owned
and controlled by said City, and
WHEREAS, the United States Government has agreed to advance funds
to pay for a substantial portion of the cost of such improvements and.
additions, provided funds in the amount of Fifty Thousand Dollars ( 50,000.00)
are furnished by Salt Lake City, and such money must be made available by
Salt Lake City immediately or the offer of the United States Government
will be withdrawn, and
WHEREAS, under the provisions of Section 15-8-2, Revised Statutes
of Utah, 1933, the Board of City Commissioners is authorized and empowered,
among other things, to appropriate money for corporate purposes and to pur-
chase, receive, hold, sell, lease, convey and dispose of property, real and
personal, for the benefit of the City and to do all things in relation there-
to as natural persons, and it shall be deemed a corporate purpose to ap-
propriate money for any purpose which, in the judgment of the City Commissioners,
will provide for the safety, preserve the health, promote the prosperity,
improve the morals, peace, order, comfort and conveniences of the inhabitants
of said City, and
WHEREAS, under the provisions of Section 15-8-6, Revised Statutes
of Utah, 1933, the Board of City Commissioners is further authorized and
empowered to borrow money for corporate purposes in the manner and to the
extent allowed by the Constitution and Laws and to issue bonds therefor in
such amounts and forms and on such conditions as the Board of City
Commissioners shall determine, and
?
WHEREAS, the sum of Fifty Thousand Dollars ($50,000.00) required as
the City's share of the cost of such improvements and additions to said airport
has been set up and provided for in the budget of Salt Lake City for the year
1936, but said sum will not be available until the collection of taxes for the
year 1936, which taxes become due and payable November 30, 1936, and the sum
of Fifty Thousand Dollars ($50,000.00) for said improvements and additions to
the airport is required immediately in order to provide for the public safety,
preserve the public health, and improve the comfort and convenience of the
inhabitants of said City, and such sum can be raised at this time only through
the borrowing of money and the issuance of bonds, and
WHEREAS, the expenditure of such sum and the borrowing of such sum
will be within the estimated revenues of said City for the year 1936, after
deducting all other indebtedness contracted by said City for said year, and
the borrowing of said sum of Fifty Thousand Dollars ($50,000.00) with all
other indebtedness of said City added thereto will be within every debt and
other limit provided by the Constitution and Laws of the State of Utah, and
said sum of Fifty Thousand Dollars ($50,000.00) may be raised at this time
without incurring any indebtedness or liability in excess of the revenues
of said City for the current year 1936,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF CONNISSIONERS OF
SALT LAKE CITY, COUNTY OF SALT LAKE, STATE OF UTAH:
Section 1. That for the purpose of raising funds to defray the
City's share of the cost of improvements and additions to the Salt Lake City
Municipal Airport, said Salt Lake City shall borrow the sum of Fifty Thousand
Dollars ($50,000.00), and for that purpose as evidence of such indebtedness
shall issue bonds of said City in the amount of Fifty Thousand Dollars
($50,000.00), in the denomination of One Thousand Dollars ($1,000.00) each,
dated April 1, 1936, bearing interest at the rate of One and One-half per
centum (l'%) per annum, interest payable semi-annually on April 1 and
a:3 bazii,,97: (00.000,021) analloU bneauo!'_T curs Wit c ilaq HW
J•loTIis bi,-.3 rid anai1:to$ has eillemevozgm.i dory? 'to daoo 9rd to szasiz s' i0 9dd
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i()
October 1 in each year, commencing October 1, 1936, in accordance with
interest coupons thereto attached, and known as "Salt Lake City Bonds,
Series of April 1, 1936." Both principal and. interest shall be payable
at the office of the City Treasurer in Salt Lake City, Utah. Said bonds
shall he numbered and due and payable as follows:
Bonds Nos. 1 to 10, both inclusive, due April 1, 1937 - $10,000.00
11 to 20, both inclusive, due April 1, 1935 - 10,000.00
21 to 30, both inclusive, due April 1, 1939 - 10,000.00
31 to 40, both inclusive, due April 1, 1940 - 10,000.00
41 to 50, both inclusive, due April 1, 1941 - 10,000.00
Said bonds and each of them shall be, except as to consecutive numbers
and dates of maturity, in substantially the following form, to-wit:
v !
UNITED STATES OF AMERICA
STATE OF UTAI-
COUNTY OF SALT LAKE
SALT LAKE CITY BOND
SERIES OF APRIL 1, 1936
No. $1,000.00
KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City, in Salt Lake
County, State of Utah, hereby acknowledges itself to be indebted, and for
value received hereby promises to pay to the bearer hereof the sum of
ONE THOUSAND DOLLARS ($1,000.00)
in lawful money of the United States of America, on the first day of April,
A. D., 199, at the office of the City Treasurer, in Salt Lake City, Utah,
with interest thereon at the rate of One and One-half per centum (1 ') per
annum from date until paid, payable semi-annually in like money on the first
days of April and October in each year, said interest to maturity being
represented by interest coupons hereto attached.
This bond. is one of a series of fifty (50) bonds of like date and
amount, numbered from one (1) to fifty (50), both inclusive, for the aggre-
gate amount of Fifty Thousand Dollars ($50,000.00), the same to be used for
corporate purposes only, and is issued pursuant to the provisions of Section
15-8-6, Revised Statutes of Utah, 1933, and all acts amendatory thereof or
supplemental thereto.
It is hereby certified, recited and declared that the entire in-
debtedness of said City hereby incurred, together with all other indebtedness
incurred by said City for and during the year 1936, is not in excess of the
taxes levied or to be levied for the year 1936.
It is hereby further certified, recited and declared that all con-
ditions, 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 are hereby
irrevocably pledged to the punctual payment of the principal and interest
of this bond according to its terms.
IN WITNESS WHEREOF, said Salt Lake City has caused this bond to be
signed by its Mayor and by its City Treasurer, and its corporate seal to be
affixed hereto, attested by its City Recorder, and the annexed coupons to bear
the facsimile signature of the City Treasurer, as of the first day of April,
A. D., 1936.
Mayor
ATTEST: City Treasurer
City Recorder
(SEAL)
i l f
To each of said bonds shall be attached a coupon for each install—
ment of interest, which coupons shall be consecutively numbered, beginning
with No. 1, with the several dates of payment and number of bond. Said
coupons shall he in substantially the following form, to—wit:
(Coupon)
No. , $7.50
April,
On the first day of October, A. D., 19, Salt Lake,City, in
Salt Lake County, State of Utah, will pay to the bearer hereof the sum of
Seven and 50/100 Dollars ($7.50) in lawful money of the United States of
America, at the office of the City Treasurer, in Salt Lake City, Utah,
being six months' interest then due on its Salt Lake City Bond, Series
of April 1, 1936.
(Facsimile Signature)
City Treasurer
Bond No.
There shall be endorsed on each of said bonds the following:
"I hereby certify that this bond is within the lawful
debt limit of Salt Lake City, Utah, and is issued
according to law.
City Auditor"
Said bonds and each of them shall be signed by the Mayor and
City Treasurer, attested by the City Recorder, and sealed with the seal of
said City, and said coupons shall bear the facsimile signature of the City
Treasurer. The Mayor of said City shall be, and he is hereby authorized,
empowered and directed to sign, the City Treasurer to sign, and the City
Recorder to sign, attest and affix the seal of said City to each of said
bonds, and the acts of said Mayor, City Treasurer and City Recorder in so
doing are and shall be the act and deed of said Salt Lake City. The City
Auditor shall endorse on each of said bonds the certificate above set
forth.
Section 2. There shall be levied by the Board of City Commissioners
a sufficient tax to pay the principal and interest of said bonds as the same
falls due, and the full faith, credit and taxing power of said City are
hereby irrevocably pledged and the Board of City Commissioners hereby
covenants and agrees with the holders of said bonds to levy sufficient
taxes to provide for the payment of the principal and interest as the
same falls due.
Section 3. Bonds in the amount of Twenty-five Thousand
Dollars ( 25,000.00), being bonds numbers one (1) to twenty-five (25),
both inclusive, shall be delivered to the First Security Trust Company
and associates, the purchasers of said bonds, upon receipt of the purchase
price therefor, and the remaining bonds shall be delivered to the purchasers
from time to time in the future as may be determined by resolution of the
Board of City Commissioners.
Section 4. All ordinances and resolutions or parts of ordinances
and resolutions in conflict with the provisions hereof be and the same
are hereby repealed, and after said bonds are issued, this ordinance shall
be and remain irrepealable until said bonds and the interest thereon shall
have been fully paid, satisfied and discharged as herein provided.
Section 5. It being necessary for the immediate preservation of
the peace, health and safety of said Salt Lake City and the inhabitants
thereof, that the proceeds of these bonds be available immediately for the
purpose herein set forth, an emergency is hereby declared, and this ordinance
shall be published in one issue of the Salt Lake Telegram ,
a daily newspaper, printed and published in Salt Lake City, Salt Lake County,
State of Utah, and shall be in force and take effect immediately upon the
day of its passage, approval and publication.
PASSED by the Board of City Commissioners of Salt Lake City,
Salt Lake County, State of Utah, this 2d day of s A,D., 1936.
Mayor,.
AT�Ty+EST:�`/ "e4,, 6'),'
Ll �I/�� s/V�rAV��'
C ty _e"3 corder
(SEAL)
APPROVED this 2d day of April, A. D.,v936- ,.' /�
ATTEST ' Mayor
' a
City ecorder
rtrAL)
Mr. Erwin moved, seconded by Commissioner Lee that
the ordinance be adopted, which motion carried, on the following unanimous
roll call vote;
P. H. Goggin, Commissioner "Aye"
4 0 I
se. k 1
Geo. D. Keyser, Commissi (.24Oner ..'',,
-,.. "Aye"
m f * 't:
3 W. Murdoch, Commiss "Ay6triiher '''' P 1F4 4 I44
. . t
Harold B Lee, Commissioner ' ' "Ay 1iK
I
E. B. Erwin,
Mayor-CoAmissioner ,' "A,Y7
r . :.0 "41L*
1 .; g Mayok.,!, --
City Recorder 1
(SEAL)
Dann/ of Pithliratintt
'united'tnteo of Ameriru '
STATE OF UTAH .ss.
COUNTY OF SALT LAKE
AN ORDINANCE
AN ORDINANCE PROVIDING FOR
THE BORROWING OF MONEY AND
THE ISSUANCE AND SALE OP
FONDS IN THE AMOUNT OF FIFTY I H, ;, TT CT:TS OPT.
TI;OUSAND•DOLLARS($50,000)FOR
THE PURPOSE OF RAISING FUNDS
TO DEFRAY THE EXPENSE OF
D B'TO aIys°SALT K°crn- being first duly sworn,depose and say that I am the Chief Clerk of
AIWEESPAL AIRPORT, '
WHEREAS,there is an immediate
and pressing heed for making im-
provements end Municipal
one to the Salt THE SALT LAKE TELEGRAM,a newspaper,published at Salt Lake
Lake t and Mhe pl Improvements
which
airport the re51,5 and
additions thereto are and shall be
owned and controlled by sold City,and City,State of Utah.
WHEREAS,the United States Gov-
. ernment hoe agreed to advance funds
to pay for a eubetantial'portion of
adeftiollsof shell
eldedpfundeefa andthe That the Notice ..-iiS:_0f2flF ii�:1;.: ._IUTi,1�--iv0-.--.1 3
amount-of Fifty Thousand Dollars
($50,000)are furnished by Salt Lake
City,'and such money must be made
available by Salt Lake City lmmedi- ki-..d.T -i„k-av;T.--;;TT-s..-CORIT-RAT.s[ON
ately or the offer of the United -
Statee Government will be with-
.drawn,and •
WHEREAS, under the provisions
of Section 15-8-2,Revised.Statutes
of Utah, 1933, the Board Of City
Cotnmlosfoners Is authorized and
empowered,among other things,to
appropriate money for corporate pur-
eDpblll, leasd e,O ohveyaandro cdisposeolof
benefityof¢the Cty sand Eo fdo tall of which a copy is hereto attached, was first published in said news-
things in relation thereto as natural
persons, and it shell be ose to, 'deemed a
corporate
for any purpose which inritne3Td
Iudgment of'the City Commiealon, paper in its issue dated the
eel,will•provide for the safety,peep
serve the.ne$lth,promote the pro-`r Ertanes Apriloder,.omforrarid conveniences of day of , 19J� ,
I the inhabitance of sold City,and
WHEREAS,under the provisions of
Section 15-6-e,Revised Statutes of and was published in each daily issue of said newspaper, on
Utah,1933,the Board of City Com-
missioners is further authorized and
'eftlpdaiMed Lo borrow money for coy-
'potato purpose®ts thb manner and LPr l 1. 3rd.
t t tent Laws and ton s anti o ,:
the u0 such anions os the for
f, a pch eti inners ae'i the later- One t.Y;i 8 i j;].Oil
9pommisetone=a mall date=- thereafter,the full period of
.writi d sand
DolAE,the 0um) Fifty Thous
ththe -Dollars share of the restored h
imp ovetensand additions'of said the last publication thereof
airport has been set up and provided
,for in the budget of Salt Lake City
for the year 1936,but said sum will
not be available until the collection being in the issue dated the 3rd day of
Of terse for the year 1936, which
taxes-become due and payable No-
yYember 30, nd d the'sum of
Fifty' vend Dollars 00)for
said Improvements and additions to <i')P1.1 ,A.D.193.6..... ,
the airport is required Immediately ,fd9 '1
in order to provide for the public JL9
safety,,preserve the public health, 'i ,r,
and Improve the comfort and con- �c c. ;-i,�,3-y,,,,j +K-A-e-,-- .
City,and n.so the
tnm ease bye raisedts of aaI
this time Only',through the borrow-
ing of.money and the lesuanoe•of
bon and
the expenditure of .n to before me this ,.th day of
tuck sum and'the borrowing of such.
sum will be within the a timate4',,
•"-revenues of'Vskiti.City for the year'„
' ' 1930;after deducting all other in-
debtedness contracted by said Cit1 , A. D. 193 6 `\•
for mild year;and the borrowing of
said sum of Fifty Thousand Dollars /'
050,000)with.all other Indebtedness
of said City'added thereto will be'
within every;debt and other limit /�—
.provided.by the Constitution-and
• Laws of Ott!.
t ty letrite.of Utah,and Thousand Dollars $50 d ' Notary Public.
sum
000).may be raised at this time with- L-
tincurring any f the
.or s 719 -2S`� r 3 2
said in excess he the revenues /Li0f/'
of sold City for the current year
1938.
NOW, xTHE BOARD
DB IT OR-
DAINED
MISSIO BY THE BOARD OF COM-
NEOP'O 'BALT LAKE CITY,
COUNTY OP SALTLAKE. STATE .
OF UTAv•
r Advertising fee$--
12
Section 1. That for the purpose of
• raising funds to defray the City's '
share of the•cost of improvements
and eddltione to the Salt Lake City -
Municipal Airport,•said Salt Lake
City shall borrow'the sum of Fifty paid,payable eemt-annually in like
Thousand Dollars($50,000),and for money on the first days of April
that purpose es evidence•of such in- and October in each year,said inter- -
debtedness shall issue bonds of Bald t to'maturity being represented
City in the amount of Fifty Thou- by interest coupons,hereto attached.
sand Dollars($50,000),in the denom- This bond Is one of a eerie.of
'nation Of One Thousand Dollars fifty (50) bonds Of like date and City Auditor."
($1000) each,dated'April 1, 1936, amount,numbered from one(1)to Bald bonds and each of them shall
bearing Interest at the rate of One fifty (50), both inclusive, for the be signed by the M4'Or and City
and One-half per oentum(1t5%)Per aggregate amount of Fifty Thousand Treasurer,attested by the City Re-
annum,interest payable semtannu- Dollars($50,000).the same to be used corder,and sealed with the Beal of
ally on April 1 and'October 1 in each for corporate purposes only,and is raid City. and said co puns s11a11
Year. Commencing October 1, 1936, issued,pursuant to the provisions bear the facsimile'signature of the
in accordance with Interest coupons of Section 15-8-6,Revised Statutes of City Treasurer. 'The Mayor of said
thereto attached.end knbma es'Salt Utah,1933,and all acts amendatory City shall be,and he is hereby au-
Lake City Bonds,Series of April 1, thereof or supplemental thereto. thorieed,empowered and directed to
1936." Both principal and Interest It Is hereby certified,recited and alga,the City Treasurer to sign,and
shall he payable at.the office of the deciaredkhat the entire indebtedness the City.Recorder to.sign, attest
City Treasurer in Salt Lake City. of said City hereby incurred,together and affix:the seal of said City to
Utah. Said-bonds shall be n m- with all other indebtedness incurred each of said bonds,and the acts of
bared and due and payable as fo1- by said City for and during the year said Mayor,City Treasurer and City
lows:
Noe.1 to 10.tenth inclusive, levied
is not in excess of the taxes Recorder In so doing are and shall
w levied or to be levied for the.year be the act and deed of said Salt Lake
due April 1,1937--$10,000. • 1936. City. The City Auditor Shall en-
Bonds Nos.11 to 30.both inclusive, It is hereby further certified,re- dome on each of said bonds the cer-
due April 1,1938—m10,000. cited and declared that all condi- ' tificate above set forth.
Bonds Noe.21 to 30.both inclusive, • time,arts,and things,essential to Section 2. There shall be levied by
due April 1..1939--$10,000. the validity of this,bond exist,have the Board of City Commissioners a
' Eonde Noe.31 to 40.both inclusive, happened and have been done and sufficient tax to pay the principal
due April 1,1940—$19.000. that every requirement of law af- and interest of said bons as the
Bonds Nos.41 to 50, both Motu- (eating the iooue thereof hat been same falls due,and the full faith.
sive,due Anvil 1.1941--010.000. duly complied with,and that this credit and taxing power of said City
Said bonds arid each of them shall bond it within every debt and other are hereby irrevocably pledged and
be, except as to consecutive num- ' limit prescribed by the Constitution ' the Board of City Commissioners
•bens and dates of maturity.in sub- , and Laws of said State and that the hereby covenants and agrees with
atantially the following form,to-wit: full faith and credit of said Salt Lake the holders of eald bonds to levy sof-
AafERICA City are hereby Irrevocably pledged 1lcint tares to provide for the pay-
UNITED STATES OFSTATE OF AH to the punctual payment of the min- meet of the principal and Interest
COUNTY OF B a7.T LAKE Opal and interest of this bond at- as the same falls duc.
SALT LAKE CITY BOND cording to Its terms. Section 3. Bonds In the amount
SERIES OF APRIL 1,1936 IN WTTNEOB WHEREOF,said Salt of Twenty-five Th0ueand Dollars
LI.000 • Lake City has caused this bond to he ($25,000),being bonds numbers One
KO.----- signed by its Mayor and by its City (1)to twenty-five(25),both inolu-
KNOW •ALL MEN BY THESE Treasurer,and Its corporate seal to sive,shall be delivered to the First
PRESENTS,'That Salt Lake-City,in be affixed hereto,attested by Its City Security Trust Company and asso-
Salt Lake County. State of Utah, Recorder,and the annexed coupons crates,the purchasers of said bonds;,
-hereby• acknowledges.itself to be In- to bear the facelmNe signature of upon receipt of the purchase price,
debted,and for value received here-' the City Treasurer, as of the first therefor, and the remaining bonds
•by promises to'pay to the bearer, day of April,A.D.1938. shall be delivered to the purchasers
hereof.,the sum of s,
from time to time In the future a
ONE THOUSAND DOLLARS(61,000) - Meyer may be determined by esolutloa
in lewfto money Of .the',United ,3Y of the Board of City ComnsslOnerd:
State Of'America,on'the'(fiat dayoCity Treasurer' Section 4. All ordinances and:
of A ill A.,-D.Treasurer,
et the office of Attest: -e ' resolutions or parts of ordinances,
the City Treasurer,in Salt,Lake City. and resolutions in conflict with the,
Utah, with interest thereon at the City Recorder. provisions hereof be and the same•
rate of One and One-half per centum --- (Seal) are hereby repealed,and.after said'
(1,4%)per anaum from date until h of t,4 bpi• skink)pq, t- bonds are issuetl, this ordinance'
a oerr•.for- at. 'eosld8u- ghall be and remain iriapealable un-'
• ,.m interea6. which. eo ns tit said bhnhis and the t est'.there.
'sh 1 be ranee e. y numberae;-be- on shall have been.fully paid,sat.,
-ginning with No.1,1,with the several tolled and discharged,es herein pro•.
• dates of payment and number of vlded.
bond.Said coupons shall be in sub- Section 5. It being aeoeseary for
atantially the following form,to-wit: . the Immediate preservation of the
'(Coupon) - peace,health and safety of said Salt
No Y $ Lake City and the lnhablthese-here-
On the first'day of April,October, -of,that the proceeds of these-bonds
'A.D.19—,Balt Lake City,In Salt •be
available immediately
sate fortely an ottere
Lake County.State r off Utah.will pay
Sevto en 50 100eTDollarsof a sum of($7.50) in - ordinance sha is by�eGe[eshed I -this
lawful money of the United States issue of the Salt published In
a;
of America,at the office of the City daily aewopaper, printed and pub-,
Treasurer;1n belt Lake City,Utah, lished In Salt Lake City,Salt..Lake,
' being six months'Interest then due County,State of,Utah,and shall bef
on its Balt Lake City Bond,Series In force and take.effeot"imi ediately,e
of April 1,1936. upon the daY of Its Paseage pproveli
(Facsimile Signature) and publication, 4
PASSED by the Board o;OltyCom-
City Treasurer. nnsstOnsra of Salt'/Lake my,.Balt''
Bond No. '-Lake County,State of Utah,this 2nd
There shall be endorsed on each day of-April,
—of said bonds the following: E;B.REWZN,Mayor.
'"I'hereby certify that this bond AtEeat: -
is within the lawful debt limit of Ethel Macdonald,City Recorder.
•Salt Lake City,Utah,and to issued Bill No.12. (Beal,)
according to law. Published April 3,1930.
PROOF OF PUBLICATION
FROM
Tip tt1# "Cake irtr#rttm
County
Entry No
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