17 of 1922 - Section 1746, relating to special improvements warrants and bonds —
ROLL CALL
VOTING AYE NAY
Barnes Salt Lake City,Utah, Neb. 21 192 2.
Burton
I move that the ordinance be passed.
Green
Stewart
Mr. Chairman
Result AN ORDINANCE
AN ORDINANCE 4.TEBDING SECTION 1746, Revised Ordinances of
Salt Lake City, Utah, 1920, as amended by en ordinance gassed by the
Board of Commissioners, June 9, 1921, with reference to special im-
provement warrants and special improvement bonds.
Be it enacted by the Board of Commissioners of Salt Lake
City, Utah:
SECTION I. That Section 1746, Revised Ordinances of Salt
Lake City, Utah, 1920, as amended by an ordinance passed by the Board
of Commissioners June 9, 1921, with reference to special improvement
warrants and special improvement bonds be and the same is hereby
amended so as to read as follows:
SECTION 1746. In any instance where a special tax or
assessment is levied for the purpose of making or paying for any
of the improvements authorized by law, the City Auditor shall,
fifteen days after the ordinance levying such tax becomes ef-
fective, issue special improvement warrants or special improve-
ment bonds as directed by the ;3oard of Commissioners in payment
of the cost and expense of such improvements and against the
funds created by said special tax levy. Said warrants or bonds
shall be consecutively numbered and in form, wording and color
different and to distinguish them from other bonds of .the city
shall be drawn payable to bearer and issued in denominations of
One Thousand Dollars (,,'1,000.00), five Hundred Dollars (i,:500.00),
One Hundred Dollars ( 100.00) or fifty Dollars ( 50.00), except
the last issued which may be for a lesser amount. Said warrants
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or bonds shall be so divided that substantially an equal pro-
portion of the total issue will be due and payable in series
or installments annually during the period in which such
special tax is to be paid, as provided in the ordinance levy-
in; the tax. All such warrants or bonds shall be dated as of
the date when the ordinance levying such tax becomes effectiv
and shall bear interest at the rate of not to exceed seven ,per
cent per annum from date until due and at the rate of eight
per cent per annum thereafter until Paid; provided, however,
that warrants or bonds issued for light service or park main-
tenance shall bear interest only from and after the due date.
All interest shall be paid annually and shall be evidenced by
interest coupons attached to such warrants or bonds and at-
tested by the facsimile signature of the City Auditor.
Unless otherwise ordered by the 3oard of Commission
ers said warrants or bonds shall be issued by the City Audito ,
payable in annual series or installments as follows, to-wit:
If issued on account of paving improvement, or lighting ser-
vice, in ten equal yearly series or installments. If issued
on account of sidewalk, sewer, drain, or curbing and gutter-
ing improvement in five equal yearly series or installments;
if issued on account of opening, widening or extending of
streets or alleys, installation of lighting equipment, sett'
out or planting of shade trees or lawn grass in three equal
yearly series of installments. Said warrants or bonds shall
indicate the time when each installment is due and provide
that interest at the rate of not to exceed seven per cent per
annum on the whole sum unpaid shall be due and payable at the
time each series or installment is due, except that warrants
or bonds issued for lighting service or park maintenance shall
provide no interest until after such series or installment
becomes due and in case of failure to pay any series or in-
stallment at the time the same is payable the unpaid princi-
pal due at said time shall draw interest at the rate of eigh
-2-
4
per cent per annum.
Special improvement bonds shall be issued in such
form as may be approved by the Board of Commissioners and
shall be signed by the Mayor and City Auditor and attested
by the City Recorder, who shall affix his official seal
thereto.
SECTION 2. In the opinion of the Board of Commission-
ers,' it is necessary to the peace, health and safety of the in-
habitants of Salt Lake City that this ordinance shall become
, effectively immediately.
SECTION 3. This ordinance shall take effect upon its
publication.
Passed by the Board of Commissioners of Salt Lake City,
Utah, this 21st day of February , 1922.
if a y o r.
City Recorder.
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