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132 of 1950 - Providing for the issuance and sale of;; *2,250,000.00 Tax Anticipation Bonds,;; Series of January 1 VOTING AYE NAY December 19, 1950 Salt Lake City, Utah, ,X19 fleck s� ' £ r1Steri5en I move that the ordinance be, assed. tF< i'gg yy LinFeeaa 'eYter' • d�; �,- % ems' Mr.Chairman . . Result 13,2 ORDINANCE AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF TWO MILLION TWO HUNDRED AND FIFTY THOUSAND DOLLARS ($2,250,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES OF JANUARY 1, 1951. E I WHEREAS, there is an immediate and pressing need for the raising of funds in the amount of Two Million Two Hundred and Fifty Thousand Dollars, ($2,250,000) for the purpose of meeting the current expenses of Salt Lake City for the year 1951 until the payment of the taxes for the year 1951, and 1 WHEREAS, the estimated tax revenues of Salt Lake City for the year I 1951 will aggregate Three Million, Four Hundred Thirty-three Thousand Four Hundred Thirty-one & no/100 ($3,433,431.00) Dollars and the total estimated revenue from all sources will aggregate Seven Million, Eight Hundred Sixty-seven Thousand, Eight Hundred Thirty-four & 1+0/100 ($7,$67,$34.40) Dollars , and WHEREAS, the sum of Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) required now to be raised is not in excess of said revenue as estimated for the year 1951, 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 seating current expenses of said City for the year 1951 until the payment of taxes for the year 1951, shall borrow the sum of Two Million Two Hundred and Fifty Thousand Dollars ($2,250,000) and for that purpose as evidence of such indebtedness shall issue thirty-three (33) bonds, numbers one (1) to nineteen (19), both inclusive, in the denomination of One Hundred Thousand Dollars ($100,000) each, numbers twenty (20) to twenty-two (22), both inclusive, in the denomination of Fifty Thousand Dollars ($50,000) each, numbers twenty-three (23) to twenty-eight (28), both inclusive, in the denomination of Twenty-Five Thousand Dollars ($25,000) (29) each, and numbers twenty-nin/to thirty-three (33), both inclusive, in the denomina- tion of Ten Thousand Dollars ($10,000) each. Said bonds shall bear date of January 1, 1951, and shall be due and payable January 1, 1952, bearing interest at the rate of one and 20/100 per cent (1.20%) per annum, payable semi-annually on July 1, 1951, and January 1, 1952, both principal and interest being payable at the First Security Bank of Utah, N. A., Exchange Place Branch, Salt Lake City, Utah. Said bonds shall be designated "Salt Lake City Tax Anticipation Bonds, Series of January 1, 1951". i.r r -2- I w Said bonds shall be signed by the Mayor and attested by the City Recorder under the seal of the City, and the coupons attached shall be signed with the lithographed or engraved facsimile signature of the City Treasurer. Said bonds shallbe registered in a book kept by the City Auditor for that purpose and the City Auditor shall endorse ' on each of said bonds the certificate required by law. Said bonds shall be in sub- stantially the following form, to-wit: =3- UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY TAX ANTICIPATION BOND SERIES OF JANUARY 1, 1951 a No. KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City, in the County of Salt Lake and State of Utah, hereby acknowledges itself to be indebted and for value received hereby promises to pay to the bearer hereof the sum of ($ ) 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 first day of January, 1952, at the First Security Bank of Utah, N. A., Exchange Place Branch, Salt Lake City, Utah, with interest thereon at the rate of one and 20/100 per cent (1.20%) per annum, from date until paid, payable semi-annually in like money on July 1, 1951, and on January 1, 1952, said interest to maturity being represented by interest cou- pons hereto attached. This bond is one of a series of thirty-three (33) bonds of like tenor and effect, numbered from one (1) to thirty-three (33), both inclusive, and known as "Salt Lake City Tax Anticipation Bonds, Series of January 1, 1951", for the aggregate sum of Two Million Two Hundred Fifty Thousand Dollars (42,250,000), and is issued pur- suant to Section 15-8-6, Utah Code Annotated 1943. The City of Salt Lake City shall levy in the year 1951 a sufficient tax 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 for the year 1951. It is hereby certified, recited and declared that the entire indebted- ness of said City hereby incurred is not in excess of the taxes of said City to be levied for the current year 1951, and that said indebtedness was and is contracted for the purpose for which said taxes are levied. 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 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 the facsimile iignatyre of the City Treasurer, as of the 1st day of January, A. D., 1951.. Mayor, Salt L City, Utah ���� ATr T: City Recorder, Salt Lake City, Utah. (SEAL) -4^ To each of said bonds shall be attached a coupon for each installment of interest contemplated by said bond, the coupon due July 1, 1951, to be numbered one (1), and the coupon due January 1, 1952, to be numbered two (2), with the several dates of payment and number of bond, and shall bear the facsimile signature V of the City Treasurer. Said coupons shall be in substantially the following form, to- wit: (Coupon) No. July On the first day of January, 19 , 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., Exchange Place Branch, Salt Lake City, Utah, being six months' interest then due on its Tax Anticipation Bond, Series of January 1, 1951. (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. City Auditor, Salt Lake City, Utah." Section 2. All the covenants, statements, representations and agreements contained in said bonds are hereby adopted as covenants, statements, representations, agreements and promises of Salt Lake City, Utah. Section 3. The Mayor is hereby authorized and directed to sign and execute said bonds and the City Recorder is hereby authorized and directed to attest and affix the seal of Salt Lake City to each of said bonds, and the coupons attached to said bonds shall be signed by the facsimile signature of the City Treasurer, and the City Auditor is authorized and directed to place upon said bonds the certificate in the manner and form set forth above, and the acts of the said Mayor, said City Recorder and said City Auditor in so doing are, and shall be, the act and deed of Salt Lake City. Section 4. That the Board of City Commissioners shall levy in the year 1951 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 pledged and the Board of City Commissioners hereby covenants with the holders of said bonds to levy in the year 1951 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., Exchange Place Branch, and Associates of Salt Lake City, Utah, having offered to purchase said bonds at a price satisfactory to this Board of City 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 acceptance of said offer be and the same is hereby ratified and confirmed, and the City Treasurer is hereby authorized and instructed to deliver said Two Million Two Hundred and Fifty Thousand Dollars ($2,250,000) Tax Anticipation Bonds to the purchasers thereof as and when the said bonds shall be and are legally issued and delivered, 1 `; upon 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 , 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 once. Section 8. This ordinance shall take effect upon the first publica- tion. PASSED BY THE BOARD OF CITY COMMISSIONERS of Salt Lake City, Utah, this 19th day of December , A. D., 1950.;— , 2 Mayor, Salmi City> Utah 5pST: 1. 1y �4 �j g O ,Ar, ', 1.`mil/ f/4-1 City Recorder, Salt Laker y, Utah. (SEAL) Bill No. 132 Published December 20th , 1950. —6- Mr. Glade moved, seconded by Commissioner p. A. :Affleek , that the ordinance be adopted, which motion carried, on the following unanimous roll call vote: Earl J. Glade, Mayor Commissioner "Aye" '''� ,,1te; Affleck Commissioner "Aye" -) 1T Joe'L. Christel'sen i.--.i,, Commiss�,one�' y "Aye" 4Ber ].E. Lingenf er Commissic ie "Aye" ti /L C. Romney ,:, C'' -'� Commis53gner, "Aye" 7" -- � ' i ! • -R r 0 l if �}x {/� !�../ fJ i Sal Lakq i , ta � S� r a, --• - *Qe' Cl. 6-mil 6 -. f1 4 5: ATTEST: 1 (p City Recorder, Salt Lake City, Utah. (SEAL) —7— Affidavit of Publication STATE OF UTAH, 1 Legal Notices 1 AN OF DINANCE PROVIDING FOR THE ISSUANCE AND SAI71,171e TWO MILLION TWO HUNDRED AND FIFTY THOUSAND DOL- LARS ($2.220,000. TAX AN'I'ICI- • - - PATION 50,NiAlkif SALT LAKE CITY, UTAH, ScRIES OF JAN- UARY WHEREAS;-they.'is•an Um'',WI.' Being first duly sworn,deposes and says that he is the ad- ...mg.aced,Jor.,the rais- ing of,f owls in the amount of Two Million Tw'd.Il'uh.ar'e'd'Crni FlftY vertising clerk of THE DESERET NEWS,a newspaper 'rho usaria'-1.1Olda ri,,,t S2,200,000) for the PUVP0S.e..01.hasetthg.the.eurren t 7.,'Clr.e.gWr4141)1CinjrCkljei-Porf.I.% published in Salt Lake City,Salt Lake County,in the State taxes tor thb.War.1'93k,'and, I WHEREAS.,...ilk..estffnated LAY• of Utah. revenues of Salt Lake City for the year 1951;wall'Anke.ife Three Mil- lion, Feu','HonvIkeft.'Thirty • three Thousand Foicr..idunglred Thitty-one gV, no/100 M.433,431.001 Dollars That the advertisement and the' Iblal CEtlinated-fevenne from-all sources'7./11'aggregate Sev- en,Milliou.r.. 1.ght irced Sikty- se,en Tlicuacind, ht Hund ced ...,2,.. 1.1-..1.1i1 .-..,....a.'i'-i' ' -' ..:,2...,.4.,a...- .•' ' ',: FC:dr,......,.L.4,-1.1 WIWInkVe tu'ik-of Two Mil- llon.Two..diundand 2If ty Thousand ..'D,H,; ,.' ,. . , , .-,...'I Bill NO. 132 Dollars 132,250,004 reguit'od COW to be r a isect nnt I grens of said ic venue s lestlin d' or the year 1 1951.'- L. '• • I NOW, TREREFOTE BE IT OS- PA DAIN' ki THE OARD„OFfipm- Section I_ Thaf said Vic Lake was published in said newspaper, in its issue dated, the City,Utalpf‘gythe of meet- ing curl,. expcnsek of skid City 'or thk,'31,10lt1P,,.1...,until',the pay- ment of taxc,s,lor year 1951, day of A.D.19 shall borrow.•the(4-1.4 of Two lion Two HAill'arl'aN if ty Thous. V,'adt PDU'rrs:Viare&rucc'h L,': Ciabted tie. shall Issue ,thIrty.three an,cl was published..,,,,,i,...,,,...,,,:u, g.' ',,°.1;01t1ct°'er..`,.12. to • '1 hon..,paillivil...($100,000) each, the last publication thereof being in the issue dated the numbers twenty(2D) to twenty-two (2'2:, both Inclusive; in the denom- ination of Fifty Thousand Dollars (DO) each 'nOmbers twentv- day of /• A.D.19 thl to (23) to twenty-eh;hi (2F), SOS Inclusive, In the denomination i A et Twenty-Five Thousand Dollars ty (825.000) cavil', and numlnrs t wen- i.'--',- , '''''.' ' - , v-—/...: f.nine (29, to thIrtv-thike 03), both Inclusive, in the denomination Advertising Cleyf CO Ten Thousand Dollars.($10,000) each.Said bonds shall bear gate of January 1, 1951, Old shall be due aud payable January 1, 1952,bear- ing interest at the ra tc of one and 20/100 par ecn; (1.20,', per an- num,payable,eml-annuallv on.7gly t, 1951 and Sanaa, L 19, ., PrIneloCI and Int to before me this rest belly, Pa, ,..i.::[-• day of able at the First Security Bank of Utah, N. n., Exchange Ptac.... 'Branch, Salt Lake City, Utah,Said bonds shall be designated ''Salt )L} Lake City Tax Anticip,kon Bond, Series of January 1, 1951." Said bonds shall bc Elaned by the NON'or rind attested by the City Recorder under the seal of the City,and the 1 ki coupons attached shall be signed with the lithographed or engraved /A Sacsimile smn Faure of the City ,,......?L,.A.... V Treasurer.Said bonds shall be reg- istered In a book kept by the CIty Notary Public• -Auditor for that c purpose and the Clty Auditor shall endorse on earh j of sald bonds the certificate re- ca Ired by law.Said honds shall be in cubstantially the I ollowing form,to- Wit: UNITED STATES OF AMERICA ' STATE OP UTAH COUNTY OF SALT LAKE SALT LAKE CITY TAX ANTICIPATION BOND SERIES OF JANUARY 1, 1961 No. 132 8 KNOW ALL MEN HY THESE PRESENTS: That Salt Lake City,1n the Coun- ty of Sait Lake and State of Utah, hereby acknowledges Itself to be In, debted all for value received here- by promises to pay to the bearer M o ---- —_ _ hereof e sum f f Halt Lake City, Iltsh, and is ($_-._) I Issued ectnrtiing to law. 1n such funds as are —the date . - ___ :III:° ment ofhe priniy,Uhterest 0 this boldten- Sr debts due the U aerica, o the Lr ry,1952,at the Fcf Uth, N. AtBranchSntp . o:Interest thereon at the rate of City. Utah. one and 20/100 per cent (1.40;'0) Section 3. The Mayor Is hereby per annum, from date until paid, authorized and directed to sign and payable semi-annually In like mon- execute aald bonds and ti,e Cl'' Re- ey on Jury 1,1951,and on January corder Is hereby Hutho'laed and di- e 1952, said Interest to maturity rected to attest and affix the real being represented by interest eon- of Salt Lake City to ca,Il of sal, pone hereto attached, bonds,and the coupons attached to This bond 1s one of aeries aof t altl bands shell bo elgned by the thirty-three(33)bonds of like tenor �faasimlle slgnxt,rro of the Oity and e(:ect, number( from one (1) ,Tlma.eurer. 8 tl the Olt: Aud ltor Is I to thirty-three (33),both inclusive, nu thotixed and -Irected to place And known as"Salt Lake City ray then said Londe the certificate In Anticipation Bonds, Series of Jan- manner ne and form set forth nary 1, 195 for 1," f the aggregate a above, and the lots of the sold of Two Millldn 'live Hundred 1 Cfl,yor, id City Recorder and said I Fifty Thousand Dollars ($,250,- y Auditor 1n so demo, a and 000),and!s Issued p,trsuant to2 Sec- ,hull be, the act and deed of Saft lion 15-8-5, Utah Code Annotated Lake City, 194, Section 4-That the Board of City The City of Salt Lake City shall lnl;nCommissioners shall levy In the year levy In the year 1951 a sufficient 1915 a sufficient tax to pay the tax to pay the principal and in- principal and Interest on said bonds toast on this bond as the same as the same shall fall due,and for hall fat: due, and toil bond is the payment of said bonds, the Issued In anticipation of such taxes1 full faith, credit and taxing Isoc for the year 1951, of Salt Lake City Is hereby 11 It Is hereby certified, recited and' C"bly pledged and the Hoard of declared that the Lire indebted- Y Commissioners hereby cov- o said City hereby incurred, nal-is with the holders of saki bonds Is snot in excess of the taxes of only to 'ray in the y 1951 sufficient loy to be olevied for the current taxes to lleti1 provide forthe payment near 1951, d that said Indebted- of the principal and Interest of and Is contracted nos the said bonds. purpose sfor which said taxes are ' Section 5.The First Security Bank levied, o1 Utah, N. A., Exchange Place It is hereby certified,recited and Rtanch, and Association of Salt declared that all conditions, Lake City, Utah, having offered r and things essential to the validity purchase sal,bonds Al a noire sat, ss of this bond exist, have happened 101ralMactory to this Board of City Com- and have been done,and that every missloners,which offer was the best Rent of !ow of feeling the end most advantageous received for Issueose thereof has been duly corn- the purchase of said bonds, and plied with, and that this bond 1e 1 which offer has hy'ete l ore been a (thin every debt and other limit p m led by this City Comisslon,the a Larscrioed, by the e,sol to Herr the same coot y ratified offer be a d the L f s a ld State, and that t firmed, and the Cloy and Trea,tirm it Lakefull City and credit of said Salt herby authorized antyl treltuctedo to Lake City he hereby Irrevocably Hun- pledged to the punctual payment of deader.sold Two Millen Two Hun- the principal and Interest of this deed and Fitly Thousand Deltas bond according to Its terms. (52.250,000a Tax Antlelpallon Ronda IN WITNESS WHEREOF, Salt to the purchasers thereof n and Lake City has collard this bond I when the said banns 3kall he and be signed by Its hereu 00 Its noon- ,arel really ltil and delivered, ate seal to be hereunto affixed,and >e, receipt of the nurrhase nrlco 13 th es ten 0e the City Rtoordar, and thSectio- the annexed coupons a heat the Section 6. The. led Rtrocte t 10 tacshTre00 Der he of the of the City heralteby Instructed an, lolee d e nary.a.ba lees. 1^.day of Jan- cable. copy of this ly In nee toihe. nary, of th lied immDeseret lately In one ews- Mayor, Salt Lake City,Utah n[the Dr_senet News, dolly news- Dope'01 general circulation atlan 1 and ATTEST: City,Printed rind pub:ishcd In Bait Lake City Recorder,Salt Lake City,Utah City,Utah le (SEAL)) Section 7, ed a n p rH opinion on To ch of said bonds shall be hereby declared d In the n 1 attached a coupon for each Install- of the Booth of oer1City eC roe fonds to ant of interest contemplated by because et then a xxp,e for funds set the current ry expenses Of said said bond, the be eon Oar la,an. heal It Is necessary xnry to a peace, 1-51,to be due Jan one I, 1052 health and r City [the inhabitants oral- to coupon due January 1, !ranee ell t Clty that this Ordl- se be numbered two (al, with the shell take effect at once. cal dates 0f payment and aum- nekrSectioneffect B. This efirsu cehatl t sere I b lid,end shall bear the far- i pe effect upon the first Dublica- urer.SaiSigd cup of the City Tn Roh- r alip one shall be In xl b- PASSED sr BOARD OF atnntlally the'following form, to- I'e COMMISSIONERS th, of Snit wit. (Coupon) ,altsere 501,it, UA. .., III. loth day of .tuber, D., 19.50. N0.— 9 , Lake J. ity July Mayer, .9 a,t Lake. City,, Utah On the Met dayI J Lake 19--, lMI5'T. Salt Lake of U In Salt Lake Co one RMA F. der, al be er h eUtah,will 1 to the 'It:Reminder,Salt Lake City,titan. bears[hereof the of- -— .SCAr,I (y —.1 1n such f nde as 111 No.1:t2 n the date of payment here- I Published De cemhcr 20th, 19,0. of, legal tender for debts due the United States ofe America, at the First Exchange Security Bank of . Salah,N.Lake City.age Place Branch.rh, Salt Lake City,Utah,bonne six months'Intcr'- Se d,Series on being 'Pax Anticipation Send,Se:'iex of Jantlr ry 1. l!le,- (Facslmlle Signature) City Treasurer,Salt Lake City,Utah Hoed No. -. Thee shall be endorsed en each of .said bonds the following City Auditor's Certificate, "City Auditor's Certificate I hereby certify that this bond fe egthW eihe lawful daht limn. /3-2.