163 of 1920 - Authorizing Sale of $500,000 Refunding Bonds dated January 1, 1921 ROLL CALL •
VOTING AYE NAY Salt Lake City, Utah, December 7,
Barnes ✓ _
Burton --i------
Crabbe I move that the ordinance be passed.
Green
Mr. Chairman
Result AN ORDINANCE
AN ORDINANCE PROVIDING for the issuance and sale of Five
Hundred Thousand Dollars ($500,000.00) in bonds for the purpose
of paying, retiring and refunding an issue of Five Hundred Thousand
Dollars ($500,000.00) bonds of date, January 1, 1901.
WHEREAS, there was issued by Salt Lake City of date,
January 1, 1891, Five Hundred Thousand Dollars ($500,000.00) of
bonds for general city purposes, with interest at the rate of
five per cent (5%) per annum payable twenty years from date there-
of with option in the city to pay said bonds ten years from date
of issue, and
WHEREAS, Salt Lake City exercised its option and refund-
ed said issue of said January 1, 1891, by calling in and cancelling
said entire issue and issued and sold for the purpose of said re-
funding an issue of Five Hundred Thousand Dollars ($500,000.00)
with interest payable semi-annually at the rate of four per Dent
(4%) per annum, said bonds being issued in numbers five hundred"one
(1000)
(501) to. :ot a theumer)�`inclusive of the denomination of One Thousand dollars J
($1,000.00) each, dated January 1, 1901, and payable January 1,
1921, at the office of tote City Treasurer of Salt Lake City, and
WHEREAS, it is the purpose of the Board of Commissioners
of Salt Lake City, Utalsr, 'b issue and sell Five Hundred Thousand
Dollars ($500,000.00) of bonds in order to pay off and refund the
said Five Hundred Thousand Dollars ($500,000.00) of bonds of date,
January 1, 1901, and due and payable January 1, 1921, and
WHEREAS, the Board. of Commissioners of Salt Lake City did.
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on the llth day of November, 1920, duly adopt a resolution au-
Itho'rizing and directing the Acting Mayor and the City Recorder o#'
Salt Lake City to advertise for bids for the purchase of five
ihundred (500) bonds in the sum of One Thousand dollars ($1,000.00)
each, or a total of Five Hundred Thousand Dollars (4500,000.00) to
each,
ekknewS as Salt Lake City Refunding Bonds, Series No. 22, and
MIMEO, the Acting Mayor and the City Recorder have
duly advertised for bids for said bonds as authorized and direct+
fed by said resolution last above named, and
WBERELS, in accordance with said last mentioned resolu+
tion and said advertisement for bids for said bonds, all bids in'
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tithe hands of the City Recorder of Salt Lake City at ten o'clock
fA. M. on the 8th day of December, 1920, were duly opened and eon,
j'sidered by the Board of Commissioners at a regular meeting there*f
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*ld on said 8th day of December, 1920, commencing at ten o'clock
IA. I.,, and by motion duly adopted all such bids were rejected.
11 WHEREAS, the Board of Commissioners having determined
Iby resolution that it was to the best interests of said city than
Flsaid bonds be issued as 20-year term bonds with interest thereon
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!at the rate of five per cent (5%) per annum, payable semi-annually.
WHEREAS, Merrill Oldham & Company of Boston, Massachu
Isetta, thereupon submitted to the Board of Commissioners a bid
ior offer to purchase said Five Hundred Thousand Dollars
§500,00Q.00) refunding bonds at five per cent (5%) interest
;payable semi-annually and to pay therefor par or Five Hundred
Thousand Dollars (4500,000.00) and accrued interest from the
date of said bonds to the date of delivery, which offer or bid
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after due consideration was determined to be the best and most
!advantageous to Salt Lake City and was by resolution duly so-
'cepted by the Board of Commissioners.
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NOW THEREFORE, BE IT ORnATNED by the Board of Commissign-
;era of Salt Lake City, Utah:
F SECTION 1. That for the purpose ofi,paying, refunding and
"discharging the bonded indebtedness of Salt Lake City represented
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five hundred one (5O1) to one thousand (1000)
by bonds numbered ono--(-l:}too- ve-4ut red.-f.5OO), both incluai9ee,1
land of the denomination of One Thousand Dollars ($1,000.00) eaehp
and a total of Five Hundred Thousand Dollars ($500,000.00), dated
January 1, 1901, and due and payable on the first day of January,
1941i that there be issued by Salt Lake City, a Municipal corporj-
ation of the State of Utah, Five Biludred Thousand Dollars
(4500,000.00) Refunding Bonds, which said bonds shall be knows ah
Salt Lake City Refunding Bonds, Series No. 22, and shall bear
!date January 1, 1921, and shall be numbered from one (1) to five
hundred (500), both inclusive, of the denomination of• $1,000.00
teach and shall bear interest at the rate of five pare cent (5%)
semi,
per annum payablefannually on July 1st aid January 1st of each
hhyear, and said bonds shall become absolutely due and payable
January 1, 1941; said bonds shall be exempt from taxation by said
laity; and said bonds and each of them shall be, except as to conse-
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cutive numbers, in substantially the following form:
UNITED STATES OF AMERICA,
STATE OF UTAH,
Salt Lake City Refunding Bonds - Series No. 22 of January 1,1921.
No. $1,000.00
(KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake, and the
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 on the first day of January, 1941, at the National
Park Bank of New York City, State of New York, with interest
! thereon at the rate of five per cent per annum payable semi-
! annually in like money on the first days of July and January in ;
each year at the same place, on presentation and surrender of the
! annexed coupons as they become due.
This bond is issued for the purpose of refunding valid out-,
! standing bonded indebtedness of said city, and is one of a series
) of Five Hundred (500) bonds of like tenor, date and amount, num-
;bared From one (1) to five hundred (500), both numbers inclusive,
ijand, known as Salt Lake City Refunding Bonds, Series No. 22, for
Ijthe aggregate sum of Five Hundred Thousand Dollars ($500,000.00),
payable absolutely on the first day of January, 1941, issued under
viand pursuant to Section 57017, Compiled Laws of Utah, 1917. .
The Board of Commissioners of Salt Lake City shall annually;
(levy a sufficient tax to pay the interest on this bond as it fal�s
due, and also to constitute a sinking fund for the payment of t
prinepal thereof, when it falls due.
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It is hereby certified, recited and declared that all condi-
t.iona, acts and things essential to the validity of this bond, sae.
have happened, and have been done, and that every requirement
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lof law affecting the issue hereof have 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 faith
!land credit of said Salt Lake City is hereby irrevocably pled o
�Ithe panatual payment of the principal and interest of this bbond
„according to its terms.
IN WITNESS WHEREOF, Salt Lake City has caused this bond to he
(signed by ita Mayor and City Treasurer, and its corporate seal t0
4be 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 January, 1921.
gttest: Mayor.
V City Treasurer
j City Recorder.
And to each of said bonds shall be attached a coupon for
each installment of interest contemplated by said bond, whioh said
(coupons shall be consecutively numbered beginning with number one
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(1) with the several dates of payment and number of bond and shall
;bear the facsimile signature of the City Treasurer of said Salt
Wake City, said coupons and, each of them shall be in substantially
the following form, to-wit:
$25„.00
No.
On the first day of •
July 19
(January )
1Salt Lake City will pay to bearer at the National Park Bank in the
City of New York, State of New York, twenty-five Dollars 4'25.00)
lawful money of the United States, being six months' interest;
on Salt Lake City Refunding Bonds, Series No. 22, of January 1,
1921, Bond No.
City Treasurer.
There shall be indorsed on each of said bonds the followings
E hereby certify the above said bond is within the lawful i
lidebt limit 'of Salt Lake City, Salt Lake County, State of Utah, axed
yis issued according to law.
it
City Auditor.
Said bonds and each of them shall be signed by the Mayor
hand City Treasurer and attested by the City Recorder and sealed
with the seal of said city and the said coupons shall bear the
facsimile signature of the City Treasurer. The Mayor and City
'I Treasurer of said city are each empowered and directed to sign, I
!4and the City Recorder of said city to sign and attest and affix
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!the seal of said city to each of said bonds, and the acts of said
P2gror, Treasurer, and Recorder in so '.doing are and shall be the act
land deed of Salt Lake City. All the covenants, statements, re- ;
'llpresentations and agreements contained in said bonds and coupons
and all recitals and representations of this Ordinance are hereby
'considered end understood to be and it is hereby ordained and de4
Iclared that said covenants and promises therein are the covenant*
'and promises of Salt Lake City and that the representations and $tate-
nents .therein are the representations and statements of said city.
is
And it/further stated and represented that Salt Lake City
e a municipal corporation and a city of the first class under the
1constitution and laws of the State of Utah.
SECTION 2. That for the purpose of providing for the p .y-
Oent of interest promptly as same accrues and also for the purpose
'of constituting a sinking fund for the redemption of said bonds when
i;due, there shall be levied in the years 1921 to 1940, both incluoive,
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en all taxable property in said city, in addition to all other tax-
es, a direct annual tax sufficient to produce the sum of $50,000.!00
per year and said taxes when collected shall be applied solely fqr
the purpose of the payment of said interest and said principal of
said bonds respectively and for no other purpose whatever, until {the
dndebte.dmess so contracted under this ordinance, principal and in-
jterest, shall have been fully paid, satisfied and discharged, but
'nothing herein contained shall be construed as to prevent said city
ifrom applying any other funds which may be in the City Treasury acid
!available for that purpose, to the balance of said interest or
Prinoipal as the same respectively mature, and the levies herein '
provided for may thereupon to that extent be diminished.
AxItd the sums hereinbefore provided for to meet the in
!Merest on said bonds and to discharge the principal thereof when
Flue are hereby appropriated for that purpose and said amount for ;
each year shall also be included in the annual appropriation bills
passed by the Board of Commissioners of said Salt Lake City in each
Year respectively.
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iJJt It Shall be the duty of the Board of Commissioners of laid
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city annually at the time and in the manner provided by law for
'levying; other city taxes, if such action shall be necessary to
,. effectuate the provisions of this ordinance to ratify and carry
out the provisions thereof with reference to the levying and col'
lection of said taxes, and said Board shall require the officersof
land for said city to levy, extend and collect such taxes in the
Imanner provided by law for the purpose of creating- a sinking fun.
for the payment of principal and interest of said bonds, and suc�t
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taxes when collected shall be kept for and applied only,to the pry-
ment of the interest and principal of said bonds as herein speci*led.
SECTION 3. And be it further ordained that all ordinances
Land reeolutione or parts of ordinances and resolutiona'in conflict
th the provisions hereof be and the same are hereby repealed and
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,after said bonds are issued this ordinance shall be and remain ii-
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'repealable until said bonds and the interest thereon shall have i
Itbeeri fully paid, satisfied and discharged as herein provided.
Y SECTION 4. The sale of said Five Hundred Thousand Dol4
.arc ( 500,000.00) Refunding Bonds to Merrill, Oldham & Company cif
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Boston, Mass., and the action of the Board of Commissioners in acq-
'ceptinng their bid and all acts and proceedings pertaining theretq
lure hereby oonsidered as and are hereby ratified and confirmed.
SECTION 5. It is necessary for the immediate preservation
�f the peace, health'and safety of the inhabitants of Salt Lake
ity, and to preserve the credit of said city, that the proceeds 'of
these bonds be available January 1, 1921, for the purpose of re-
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ding an issue of bonds in the aim of Five Hundred Thousand Dol.
ars: ( 000,000.00) which will become due and payable January 1,1921,
NOW THEREFORE, it is ordained that an emergency is hereby
declared and that this ordinance shall b in force and take effe t
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an and after ita publication. - -
Passed by the Board of Commissioners of Salt Lake City, Utah,
ewe 1 1920. V---/---CG��
ayor.
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