138 of 1960 - Authorizing the issuance and sale of $5,000,000.00 Tax Anticipation Bonds of Salt Lake City, Series ee.ioe soo e•ao MAe.Pre.
ROLL CALL Salt Lake City,Utah, December 27 ,196 0
VOTING Aye Nay
I move that the Ordinance be passed.
Christensen . �/
/
)
Harrison . . . " r 7'
Piercey . . .
Romney . . .
Mr. Chairman . f' AN ORDINANCE
Result . . . .
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF FIVE MILLION DOLLARS
OF
($5,000,000)/TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH , SERIES OF
JANUARY 2, 1961 .
WHEREAS, there is an immediate and pressing need for the raising of
funds in the amount of Five Million Dollars ($5,000,000.00) for the purpose
of meeting the current expenses of Salt Lake City for the year 1961 until
the payment of taxes for the year 1961, and
WHEREAS, the estimated tax revenue of Salt Lake City for the year
1961 will aggregate Five Million Eight Hundred Thirty One Thousand Eight
Hundred Ninety One Dollars ($5,831,891.00), and the total estimated revenue
from all sources will aggregate Fourteen Million Five Hundred Eighteen
Thousand Nine Hundred Forty Four Dollars ($14,518,944.00), and
WHEREAS, the sum of Five Million Dollars ($5,000,000.00) required now
to be raised is not in excess of said revenue as estimated for the year 1961:
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 1961 until payment of taxes for
the year 1961, shall borrow the sum of Five Million Dollars ($5,000,000.00)
and for that purpose as evidence of such indebtedness shall issue five (5)
bonds, numbered one (1) to five (5), both inclusive in the denomination of
One Million Dollars ($1,000,000.00) each. Said bonds shall bear date of
January 2, 1961 and shall be due and payable January 2, 1962, bearing
interest at the rate of two and ten one hundredths par cent (2.I0%) per annum,
payable semi-annually on July 2, 1961 and January 2, 1962, both principal
and interest being payable at Chase Manhattan Bank, New York City, New York
or at the office of the Salt Lake City Treasurer in Salt Lake City, Utah.
Said bonds shall be designated "Salt Lake City Tax Anticipation Bonds, Series
of January 2, 1961 ."
Said bonds shall be signed by the Mayor and countersigned by the City
1 8
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Recorder under the seal of the City, and the coupons attached shall be
signed with the signature of the City Treasurer. Said bonds shall be
registered in a book kept by the City Auditor for that purpose and the
City Auditor shall endorse on each of said bonds the certificate required
by law. Said bonds shall be in substantially the foilowing form, to-wit:
UNITED STATES OF AMERiCA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BONDS
SERIES OF JANUARY 2, 1961
NO.
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake and State of Utah,
hereby acknowledges itself to be indebted and for value received hereby
promises to pay to the bearer the sum of
($ )
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, 1962, at the Chase Manhattan Bank
in New York City, New York or at the office of the City Treasurer ofSalt
Lake City in Salt Lake City, Utah, with interest thereon at the rate of
two and ten one hundredths per cent (2.10%) per annum, from date until
paid, payable semi-annually in like money on July 2, 1961 and on January
2, 1962, said interest to maturity being represented by interest coupons
hereto attached.
This bond is one of a series of five (5) bonds of like tenor and
effect, numbered from one (1) to five (5), both inclusive, and known as
"Salt Lake City Tax Anticipation Bonds, Series of January 2, 1961," for
the aggregate sum of Five Million Dollars ($5,000,000.00), and is issued
pursuant to Section 10-8-6, Utah Code Annotated, 1953.
The City of Salt Lake City shall levy in the year 1961 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
1961 .
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 1961 , 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 than:
the full faith and credit of said Salt Lake City is hereby irrevocably
pledged to the punctual payment of the principal and the interest on this
bond according to its terms.
IN WITNESS WHEREOF, Salt Lake City has caused this bond to be signed
IL' 8
-3-
by its Mayor, Its corporate seal to be hereunto affixed, and countersigned
by the City Recorder, and the annexed coupons to bear the signature of the
City Treasurer, as of the 2nd day of January, A.D. 1961.
Mayor, Salt Lake City, Utah
Countersigned
GTtyJRecorder, Salt Lake City, Utah
(Seal)
To each of said bonds shall be attached a coupon for each installment
of interest contemplated by said bond, the coupon due July 2, 1961 to be
numbered one (1) and the coupon due January 2, 1962 to be numbered two (2),
with the several dates of payment and number of bond, and shall bear the
signature of the City Treasurer, Said coupons shall be in substantially
the following form, to-wit:
(COUPON)
No. $
July
On the second 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 Chase Manhattan Bank in New York
City, New York or at the office of the City Treasurer ofSalt Lake City,
Utah, in Salt Lake City, Utah, being six months' interest then due on its
Tax Anticipation Bonds, Series of January 2, 1961 .
City Treasurer, Salt Lake City, Ut.
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 LakeCity, Utah, and is issued according to law.
City Auditor, Salt Lake City, Utah
Section 2. That the Board of City Commissioners shall levy in the
year 1961 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 the said
bonds to levy in the year 1961 sufficient taxes to provide for the payment
of the principal and interest of said bonds.
Section 3. John Nuveen and Company of Chicago, Illinois and Associates,
138
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having offered to purchase said bonds at a price satisfactory to this Board
of City Commissioners, which offer was the best and most advantageous re-
ceived 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 bonds to the purchasers thereof,
as and when the said bonds shall be and are legally issued and delivered,
upon receipt of the purchase price thereof.
Section 4. 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 cir-
culation in and printed and published in Salt Lake City, Utah.
Section 5. 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 6. This ordinance shall take effect upon the first publication.
Passed by the Board of Commissioners of Salt Lake City, Utah, this
27th day of December , 19 60 .
")
ATTEST: Mayor
1 trA000
(s E A L)
BILL NO. 138 of 1960
Published December 30th, 1960
or
138
Affidavit of Publication
STATE OF UTAH,
li ss.
County of Salt Lake
D. M. Ockey
Being first duty 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
Salt Lake City Bill No. 138 of 1960,
An Ordinance Providing for the Issuance
of Five Million Dollars of Tax Anticipa-
tion Bonds of Salt Lake City, Utah, Series
of January 2, 1961.
was published in said newspaper on -December 30, 1960.
e
- Legal Advertising' er
Subscribed and sworn to before me this 30th day of
December AD. /9-._-60.
/� Notary Public
My Commission-Expires
No-v.. 5)..-19&1-.__-----
138
Leal Notices Legal Notices
One Donors 185.831.801.00h and aneul�enese op sNd Ciev bon're
the total csttmetea revel front awes eof 3said LCity eto be levied
• II M III F11 }lung id E h fl at t1 1 current bld I981 and
Th us d Y Hand tl F t. contrasted f th nas for
'HtREAS 1511 518.9 Td ) N(.1 It h hf tva 1
11 Doll 55 000.000 001 Intl d Iar�<I that all' ndltl
qub'ed noW fo s I d s not v uts antl Ih1n ss ss llnl to the
pis a� easir td 'aa f n� b d nao
f tie Ye 1961 •
bat CC d 1 b e
NOW.THFREFORE,BE IT OR - d ii f rrapt e f t W
PAINED HY THE HOARD OI e t K h is • I+ f has,'
(.OINB'i1SS 40NCRS OF SALT been I 11 d the d tht)
LAKE Cl'fY.Ut H: his bond-s ilhl c eY debt tl
Sect'.n .Thal=nid Solt e'A then limit scrlbetl bs• he Can
Cl[, Ulab, for the urpose f�lttnti n=+01 l,nwc of ni I State,l
Ling eurrenl e f Bald t the full Sohn antl ere ht
City for ne Y r 19Ela until ''� of rlsaida al[Lal�c CI[v �hereby
t [o.- t the 19C1 r bl' Ibd„d t lI- I t
h li
1 i (h 60 Cy ' d f
the interest on this bond accord-
th tD no. 0 ,Idience I h l IN CityIF53 WHEREOF, Salt
debtedne - 51 Laknee Ccolony s by -1.d Mayor.
its
bondb + tl t f
io151a both U Ir1 F Dinciusiye in ol e�t(51 iled signed cal ll h._h tr
000.000.001 a h Satd bo d. h Il tiwytl a d c u,. d U.n wloe.
bca'dalr. o• and pay 2l 1061 and(no 11ec rrl s s
a d
11a 11 92 doe payable Jat the `to bear then _+aturc f
R. 1of l' o bearing Interest t the the
Salt Lake
Utah
rate u 4w 0 ten one nnum,par- Mayor,r5alt Lako City,Utah
• i2"6`+?p
pule ganuot all . ]h p i ]Hale
and.l�n valvt2U IOd3.both nrt tool Collntersle»etl
Ma d IetW bnan0 navnble at Chace City ReCorde VlSh IL L-ake
anh'nt tan Bvnl,NeW York City.
(Ne. Yk r a the office of the iSealt
Salt C"j City Treasurer II Sal[ are c h of laid hoods.,hail ll-
br rl,ienn Utall Satrt bondt shin attached a ni enpl n lall-
D I.- oo d 5 e l-, C' 1 i - 1+contemplated I by
IA 'tn B d S f J
-2 1900 e It o h d d flf rn2d
said bonds shall 1 tt a oy
h January 1902 to
Ph Cat R dd deo ib A I U b 9 LQ 2 i h the
lot'theCItd thet- b. eondf d h II bc1r
t shall be d h thyHe of the 'C Treas-
o/ tl Cit,v T as rcr. ul+ S t��11 signature
Dons shall be farm.In
�Su'dalpo ids sl tl be Isle ed in ubscentiollY the followln¢
book kcnt by Lhc City Audtoe,[owl[:
Ifos' that r and the Cio fCOUPONI
1 Aditor shall endorse on each t No-- - $--said hoods a certificate sh epui[In On th seeo d NAY f Tartuat'Y/
l tanl llr h foe win be In Y. k niry, Lake City. +
bsta nlially the following form,will pay
eto the tbeasurl hereof lane
UNtI
UNI'fGD STATES OF AMERICA-+u nt-- - -
STATE OF UTAH m _— f5 the
COUNTY OF SALT LAKE in such lends as e,on the date
SALT LAKE CITY TAX cot olU15+tlushe iher'Llnfted Slates
AYTICIPAANU HONDS
SGR(ES OF JANUARY�.1961 f Ainerira at the Chase Mannxt.
NO �(an Boot in Neiv York Cliv.NeW
KNOW ALL MEN BY THESE ork or at the Thee I the City
PRF,SENTS: Treasurer i C I Lake Cily.Utah,
flat Salt Lake �I+o Suit
lhsLxttciesty A n Utahhq
seine of
lmh1 thercbvltnclrkr otaccsa Itself 200 Antihioatinn Bonds,Settles of
o be indebted and for valuer re-„ianuary 2.1061.
tv d hereby pro s to pa o,
he bcm rr the sumn+�ot-- I Citr Treoauro[.
_ Salt Lakf City,V[ah
11 such in o xre Doane date D nd No.—''11 C hp il�res �hr[lilsltbnitd,fl eao'll The di[ta ot's aadsDehcn[hllowlnx CIO
nr dm'tt fort debts due the Dni[ed Au CerU(icalc:
S'atrs 1 America. n the s ntl IT CY AUDI OR'S CERTIFICATE
day E.Ianual'r,1562,of the Cltase I]+e+'ebv p
-Ilfv that this bend
nh halt Bankr NeW Yorke Salolltnl;e itty.[J a lf!„1nd is+mvt etl
1 hIrYC I n Tted�s l;tera toff+9altflLal<e ace rdini t o
City i t Sall bake City,Utah,with C,IC A Llltor.Salt Lake
me t hnroott :t the Tie of
1'Bu 1 Mount nt Col L two and ten one hundredths Cltth Ut 0
S ti 2_ Thai_ibe Hoard of
Leval Notices 111 cent 2llt keed• bl 1 1 2 he h L9 I fricientl tax to
AN ORDINANCE 106 I J 2 19 2 d tl b d th _ h Il[all
ETVAN Of10I041 C PtO10 AL9 to b- g
IV ISSUANCC AND OARS tt G h t ih nd. n1 f t I[S It L k1 dCt I+d
3 OP IIVF, MFLI ION DOI.I,ARS t 1 _
I fld0 0001 OI'TAX A T LA A h b n 1 i t i t b I d d old
CITY.
BONDS le SALT ANti•J .5n D O f 1'k t - d h H d f cat. C
,CITY UTAH $L1IIi5()' ANU f t ' d f f 1 t h 1 th Ih h deic
AE 1961 F r b tl 1 d ti
WHEREAS. thereI It 1 1 Gt T A t1 I t h lto_
d.lt d 1 Sur 1 A 1 S l 2 d f9 ill 40 antl of theoml
f f I.'I lh t L P661 RI d 1➢• tl 5000000.h0 l tl t of sttd bontls
i Civ M L' P II IF4000000.00 Al I t S f S t ca Nuvicen and
i-Cat th 1 P t t t e 6 Ut 1 C A L 1 'i C f Chicago.Illinois and
2 C S^t L Il C T C41, f 1.i Cae h Il t2 t I I e offered to n
f[11 1961 ill etllle I Y th 1.61 Ifl 'h 'tl b d a Ice Lim
c [l f tl a 1901 - 1 I tt B d f C t Coln
an I b�¢t d hlcl d I[1 - the
WIILRC1 the t t lit of t d
rr (5 1 I 1..Clt f lh .d t• 1 f Don on'h ff h f h rd yen 9 II
g F- M I 2 f hereby
rtifie of U the t o ceptanceC of
n L It H tl d Te t O d Isa b certified. It
Tho nd Licht Hundred Ninety and declared that the entire In id offer St and the sameis he e-
�by o tied antl i 'reecho au hol'-
bonds°tor the ucued hastre t thereof
beand when the said bonds shin
and a e I2010 i u a nd de.
livered. ono receini of the nor-I
rhCer4a^s4.1The0City Recorder's
hereby 0p trusted ordlinarect to to
nublishedimmcrliaN in eve issue
Tf the Decet'et News-S la Lake
elegram, A daily t
ELhpubli.lhetl Ginn Salt aLake r Cite
So101to of
o oep Finsllilovnt of 5- Thal e ro
tM1d aerNtlon vCom
frs fubec c mee tth
cot of said City,'Lis r e>prl2On,1 +e heaolh nd n fo5Ya f the i I+A tttants [ 0211
Lril:e Ctectl all this talon cr shall
ally effect
6. Th Lott rtlinancc (tall
Itr ppie effect upon the first p bChca-
L'asstd by h Saps oalI of CIUn,•
Ulan,this 2Tth day of December,
1960,
J,BRACyptEN LEE
MaK
etE
ATTEST:
HERMCAity.geN?tret EN
'SEAL,
RILL NO. :fli of 1060
ublished December 50,I080 C-51
138