2 of 1935 - Providing for the issuance and sale of $1,250,000.00 Tax Anticipation Bonds, Salt Lake City, Series ROLL CALL
January 8 5
VOTING AYE NAY Salt Lake City,Utah, 193
1/
Goggin H' I move that the ordinance be passed.
Keyser VI
Knight V.
Lee v
Mr. Chairman -
Result
AN ORDINANCE.
AM ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF OJIE ;a'ILLION, TWO
HUNDRED AND FIFTY THOUSAND ($1,250,000) DOLLARS TAX ANTICIPATION. BONDS
OF SALT LAKS CITY, UTAH, SERIES OF JANUARY 16, 1935.
WHEREAS, there is an immediate and pressing need for the raising
of funds in the amount of One Million, Two Hundred and Fifty Thousand
(j1,250,000) Dollars for the purpose of meeting the current expenses of
Salt Lake City For the year 1935 until the payment of the taxes for the
year 1935, and
WHEREAS, The tax revenues of Salt Lake City for the year 1935 will
aggregate One Million Nine Hundred Thirty-two Thousand One Hundred. Sixty-
eight and 64/100 Dollars ($1,932,168.64) Dollars, and the total revenue
from all sources will aggregate Two Million Mine Hundred Two Thousand
One Hundred Sixty-eight and 64/100 Dollars, ( $2,902,168.64) Dollars, and
WHEREAS, the sum of 01,2509000 required now to be raised is not
in excess of said revenue as estimated for the year 1935,
NOW, TH REFORE, BE IT ORDAINED by the Board of Commissioners of
i`•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 1935 until the payment of
taxes for the year 1935, shall borrow the sum of One Million Two Hundred and
Fifty Thousand ($1,250,000) Dollars and for that purpose as evidence of such
indebtedness shall issue one hundred three (103) bonds, numbers one (1)
to forty (40), both inclusive, in the denomination of $5,000.00 each,
numbers forty-one (41) to seventy-five (75), both inclusive, in the denom-
ination of $10,000.00 each, and numbers seventy-six (76) to one hundred
three (103), both inclusive, in the denomination of $25,000.00 each. Said
bonds shall bear date of January 16, 1935, and shall be due and payable
January 16, 1936, bearing interest at the rate of three-quarters of one
per cent (3/4%) per annum, payable semi-annually on the 16th day of July,
1935, and on the 16th day of January, 1936, both principal and interest
Wz.
being payable at the National City Bank of :oiew York, 55 Wall St.,
New York City, New York. Said bonds shall be designated "Salt Lake
City Tax hnticiration Bands, Series of January 16, 1935". Said bonds
shall be signed by the Mayor and attested. by the City Recorder under
the seal of the City, and the interest coupons attached to said bonds
shall bear the facsimile signature of the City Treasurer. Said bonds
shall be registered in a book kept by the City Auditor for that pur-
pose and the City Auditor shall endorse on each of said bonds the
certificate required, by law. Said bonds shall be substantially in
the following form, to-wit:
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LA'S
SALT LAKE CITY TAX A?TISIFATION BOND
SERIES OF JANUARY 16, 1935.
No. --_ —_
KNOW ALL HEY 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
----------- — DOLLARS (1_
on the sixteenth day of January, A.D. 1936, with interest thereon at the
rate of Three-quarters per centum (3/4o) per annum from date until paid,
payable semi-annually on the 16th day of July, 1935 and the 16th day of
January 1936, said interest to maturity being represented by interest
coupons hereto attached, both principal and interest being payable in
such funds as are on the respective dates of payment of the principal
of and the interest on this bond legal tender for debts due the United
States of America, at the National City Bank of New York, 55 Wall Street,
in New York City, New York.
This bond is one of a series of one hundred three (103) bonds of
like tenor and effect, numbered from one (1) to one hundred three (103),
both inclusive, bonds numbers one (1 to forty (40), both inclusive, in
the denomination of Five Thousand ( '5,000.00) Dollars each, bonds
numbers forty-one (41) to seventy-five (75), both inclusive, in the
denomination of Ten Thousand ($10,000.00) Dollars each, and bonds numbers
seventy-six (76) to one hundred three (103), both inclusive, in the
denomination of Twenty-five Thousand (: 25,000.00) Dollars each, and
known as "Salt Lake City Tax Anticipation Bonds, Series of January' 16,
1935", for the aggregate sum of One Million Tvt Hundred and Jifty Thousand
(v$1,250,000) Dollars, issued pursuant to Section 15-8-6, Revised Statutes
cf Utah, 1933.
The City of Salt Lake City shall levy in the year 1935, 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 1935.
It is hereby certified, recited and declared that the entire
indebtedness of said City hereby incurred is not in excess of the taxes
of said City to be levied for the current year 1935, and that said
indebtedness was and ie 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 happen-
ed 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 TTITYESS THEREOF, 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 as of this 16th day of January, A, D. 1935.
ATTEST: Mayor —_--
-----City Recorder ( SEAL)
-3- it
To each of said bonds shall be attached a coupon for each
installment of interest contemplated by said bond, which said coupons
shall be consecutively numbered, beginning with No. 1, with the
several dates of payment end number of bond and shall bear the
facsimile signature of said City Treasurer, and said coupons and each
of them. shall be, except as to numbers and amount, substantially
in the following form, to-wit:
(Form of Coupon)
No. iP
�— July, 1935 ^J
On the 16th day of January, 1936, Salt Lake City, Salt Lake
County, State of Utah, will pay to the bearer hereof at the National
City Bank of New York, in Slew York City, New York, the sum of
Dollars ( )9
in such funds as are on the date of payment hereof legal tender for
debts due the United States of America, being six months' interest
then due on its Tax Anticipation Bond, Series of January 16, 1935.
(_Facsimile Si,aature)___
�1ty Treasurer.
Bond No.
The interest coupons attached to bonds numbers one (1) to
forty (40) , both inclusive, in the denomination of $5,000.00 each,
shall provide for payment of Eighteen and 75/100ths Dollars ( 0.8 75)
on July 16, 1935, and for the payment of a like amount on January.
16, 1936.
The interest coupons attached to bonds numbers forty-one
(41) to seventy-five (75), both inclusive, in the denomination of
$10,000.00 each, shall provide for payment of Thirty-seven and
50/100ths Dollars 437.50) on July 16, 1935, and for the payment of
a like amount on January 16, 1936.
The interest coupons attached to bonds numbers seventy-six
(76) to one hundred three (103), both inclusive, in the denomination
of $25,000.00 each, shall provide for payment of Ninety-three and
75/l00ths Dollars ( $93.75) on July 16, 1935, and for the payment of
a like amount on January 16, 1936.
There shall also be endorsed on each of said bonds the
following City Auditor's Certificate:
-4-
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.
_—Uity Auditor's
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 of Salt Lake City 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 City Auditor is authorized and
directed to place upon said bonds the certificate in the manner and
form set forth above, and said coupons shall bear the facsimile signa-
ture of the City Treasurer, and the acts of the said -ayor, City
Recorder, City Auditor and City Treasurer 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 1935 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 are hereby
irrevocably pledged and the Board of City Commissioners hereby covenants
with the holders of said bonds to levy' in the year 1935 sufficient taxes
to provide for the payment of the principal and interest cf said bonds.
Section 5. The First Security Trust Company, "alley, Stuart and
Company, and R.W. Pressprich and Company having offered to purchase
said bonds at a price satisfactory to this Board of City Commissioners,
which. offer was the highest, best and most advantageous received for the
purchase of said bonds, and which offer has heretofore beenaccepted
by this City Commission, the acceptance of said offer be and the same
is hereby ratified and confirmed, and the City Trraauror is hereby
authorized and instructed to deliver said One Million Two Hundred and
(fifty 'Thousand ( 1,250,000) Dollars Tax Anticipation 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 therefor.
-5-
Section 6. That an emergency is hereby declared and in
the opinion of the Board of 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 e ffect at once.
Section 7. This ordinance shall take effect upon its
first publication.
Passed by the Board of Commissioners of Salt Lake City,
Utah, this 8th day of January, A•D. 1935.
71.tayor
ity , ecorder �-
( S e a l )
Bill. No. 2.
Published January 10th, 1935.
-6-
The adoption of the foregoing ordinance was seconded by
Commissioner Lee and the same on being put to a vote was unanimously
carried by the affirmative vote of all Commissioners present, the
vote being as follows:
Louis Marcus Mayor-Commissioner "Aye"
P.H.Goggin Commissioner "Aye"
George D. Keyser Commissioner "Aye"
John M. Knight Commissioner "Aye"
{ Harold B. Lee Commissioner "Aye"
Mayor
ATTEST:
Ity"Hecor.er
(SEAL)
STJJE OF UTA.II
SS.
COUNTY OF SALT TA:. )
I, Ethel ?:'acdonald, the duly chosen, qualified and
acting City Recorder of Salt Lake City, Salt Lake Count:, State of
Utah, do hereby certify that the foregoing and attached pages are a
full, true and correct*copy of minutes of a regular c ting of
4he Board of Commis on 'rs of ' Take City, U .i, (3..-uly7allid lawfully
F
Balled and held on TuesAa.2, t± e h da.y of Jana y, ;a 35, at the
r rry
hour of 10 o'clock -±-L, Iva,„i if e4 s the sa.as �r to- or 4oncern the
issuance of 51,250,000 . a ft pkit;'$rty, Utah, Ta 3x, V. ,on Bonds,
,, Series of JrLnuc,-.ry 16, l 3' , asri tlOae appear .record 7 py office.
'.That I personally atten d at s'Taeeting and t a.t','the cf ecgoing
n
,:proceedings were in fact held as in said minutes 'apecified.
I3� ':IITAdSS CI REOF, I have hereunt set my hand and
affixed the corporate seal of said City this _ day of January,
A.D. 1935.
A /
NyHi/r. i!
i�t _.ecorder o
Salt Lake City, Utah
( s E A L )
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STATE OF UTAH ss.
COUNTY OF SALT LAKE
AN ORDINANCE lir
AN ORDINANCE PROVIDING
FOR THE ISSUANCE AND SALE..
OF ONE MILLION,TWO HUNDRED I I. Y. TH01.5•5011
AND FIFTY THOUSAND($1,250,000)i
DOLLARS ;TAR ANTICIPATION,
- BONDS OF SALT..-ISAAKE CITY,
1935. SERIES OF JANUARY 16,
1935. being first duly sworn,deposes and says,that he is the Principal Clerk
WHEREAS,there is an immediate'
and pressing need for the raising of funds in the amount of One Million, of the SALT LAKE DAILY TRIBUNE, a newspaper published in
Two Hundred and Fifty Thousand
($1,250,000) Dollars for the purpose
of meeting the current expenses of Salt Lake City, Salt Lake County, State of Utah.
Salt Lake City for the year 1935 until
the payment of the taxes for the year
1935, and
WHEREAS, The tax revenues of That the Notice AN. ORDIN.aNCE.
Salt Lake City for the year 1935 will
aggregate One Million Nine Hundred
Thirty-two Thousand One Hundred SALT �... .-riITY-- BAT-Gt'3lJTI Cki#
Sixty-eight and 64.100 Dollars 41,932, S
168.64)Dollars,and the total revenue
from all sources will aggregate Two
Million Nine Hundred Two Thousand
One Hundred Sixty-eight and 64-100
($2,902,168.64) Dollars, and
' WHEREAS, the sum of $1,350,000
required now to be raised is not in
excess of said revenue as estimated
for the year 1935,
NOW, THEREFORE, BE IT OR- of which a copy is hereto attached,was first published in said news-
DAINED by the,Board of Commis-
stoners of Salt Lake City,Utah:
Section 1. That said salt Lake! paper in its issue dated the 10 th
City,Utah,for the putpo,se of meeting
current expenses of said City for the
;year,;1985 until the payment of taxes January , 193 5
for tIre year,1935,shall borrow the day of ,
sum'of One Million Two Hundred
and Fifty Thousand($1,25.0,000)Dol-
lars and for that purpose as evidence and was published in each daily issue of said newspaper, on
of such indebtedness shall issue one
.hundred three (103),bonds,numbers
one-(1)to forty(40),both inclusive, Januar.y._1.Qth• for
in the denomination of$5,000 each,
numbers forty-one (41) to seventy-
five (75),both inclusive,in the de- One1n8E:rt10n
nomination of $10,000.00 each, and thereafter,the full period of
numbers seventy-six(76)to one hiim
dred three(103),both inclusive,in the
denomination of$25,000.00 each.Said
bonds shall bear date of January 16, the last publication thereof
1935, and shall be due and payable
January 16,1936,bearing interest at
the rate of three-quarters of one per being in the issue dated the loth - day of
cent OA%)per annum,payable semi-
annually on the 16th day of July,
1935,and on the 16th day of January,
1936,both principal and interest being January _ ,A.D.19 5
payable at the National City Bank of New York,55 Wall Street,New York
City,New York.Said bonds shall be
designated"Salt Lake City Tax An-
ticipation Bonds, Series of•January
16,1935."Said bonds shall be signed
by the Mayor and attested by the loth
City Recorder under the seal of the rn to before me this day of
City, and the interest coupons at
taehgd to said bonds shall bear the
facsfmile signature of-the$➢ty-Tee sa_-
urer.Said bonds shall be registered$Ty ,A.D.193 5 \\
in a book kept by the City Auditor
for that purpose and the City Auditor
shall endorse o each of said bonds A — —'the certificate required
quired by law.Said
bonds shall be substantially in the iL
following form,to•wit: Notary Public.
Advertising fee $
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UNITED STATES OF AMERICA
STATE OF UTAH
__._
COUNTY OF SALT LAKE
SALT LAKE CITY TAX �1 the followingform, )t:
ANTICIPATION BOND (FFoormm of Coupon)
onn)
SERIES OF JANUARY 16,1935• ',N0 $July,1935.
No $ On the 16th day of January, 1936,
KNOW ALL MEN BY THESE Salt Lake City, Salt Lake County,
PRESENTS:That Salt Lake City,in State of Utah,will pay to the bearer
the.County of Salt Lake and State of (hereof at the National City Bank of 1
Utah,hereby acknowledges itself to New York, 55 Wall Street, in New a
'be indebted and for value received York City,New York, the sum of
hereby promises to pay to the bearer I Dollars($ ) in such
,hereof the sum of (ands as are on the date of payment- faction 5. The First Security
Dollars ($ ) Trust Company,Halsey, Stuart and
hereof legal tender for debts due the
'with interest thereon at the rate of United States of America,being six Company,and R.W.Pressprich and
Three-quarters per centum(%%)per months'interest then due on its Tax Company having offered to purchase
'annum from date until paid,payable' Anticipation Bond,Series of January c said bonds at a price satisfactory to
semi-annually on the 16th day of July, 16,1835. this Board of City Commissioners,
1935, and the 16th day of January, (Facsimile Signature) mhsth offer was the highest,best and
•1936,said interest to maturity being most advantageous received for the
represented by Interest coupons here- City Treasurer. purchaseoferh ao said bonds,been and acwcepted
by
principal thisier has heretofore n, ropa ce
to attached,both nesucl and inter- (Bond No City Commission,the aece lance 1
est being payable in such funds as The interest coupons attached to i of said offer be and the same is here
are on the respective dates of pay- !bonds numbers one(1)to forty(40), by ratified and confirmed, and the
ment of the principal of and the in. 'both inclusive, in the denomination City Treasurer is hereby authorized
terest on this bond legal tender for of $5,000.00 each, shall provide for and instructed to deliver said One
debts due the United States of payment of Eighteen and 75.100ths Million Two Hundred and Fifty Thou-
America,at the National City Bank Dollars($18.75)on July 16,1935,and sand($1,250,000)Dollars Tax Antic'.
'of New York,55 Wall Street,in New for the payment of a like amount on potion Bonds to the purchasers there
(York City;New York. January 16,1936. of as and when the said bonds shall
This bond-is one of a series of one The interest coupons attached to be and are legally issued and deliv-
hundred three '(103) bonds of like, bonds numbers forty-one (41) to lered upon receipt of the purchase
itgpor and effect,numbered from one seventy-five (75), both inclusive, in price therefor.
ill to one hundred three(103),both ,the denomination of$10,000.00 each, Section 6. That an emergency is.
inclusive,bonds numbers one (1)to :shall provide for payment of Thirty-1 hereby declared and in'the bptnfoit
forty(40),both inclusive,in the de-
.seven and 50-100ths Dollars ($37.50) of the Board of Commissioners be-
nomination of Five T h o us a n ell on July 16,1935,and for the payment cause of the necessity for funds to
($5,000.00)Dollars each,'bonds'num- of a like amount on January 16,1936. meet the current expenses of said
bers forty-one (41) toseventy-five The interest coupons attached to City it is necessary to the peace,
(75);both inclusive, in the denOmi- bonds numbers seventy-six (76) to I health and safety of the inhabitants
nation of Ten Thousand ($10,000.00) one hundred three'(103),both islets- of Salt Lake City that this ordinance
Dollars each, and bonds numbers save,in the denomination.of$25,000.00. shall take effect at once.
seventy-six(76)to one hundred three each, shall provide for payment of Section 7. This ordinance shall
(103)both inclusive,in the denomina• Ninety-three and 75.100ths Dollars hake effect upon its first publication:
($93.75)on July 16,1935,and for the
Hon.of Twenty-live Thousand ($25,- payment of a like amount on January
1 Passed by the Board of Commis.
Dollars each, and known as y stoners of Salt Lake City,Utah,this
"Salt Lake City Tax Anticipation 16,1936. 8th day of January,A.D.1935,
Bonds, Series of January 16, 1935," There shall also be endorsed on LOUIS MARCUS,
each of said bonds the following City
for the aggregate sum of One Million Mayor.
Auditor's certificate:
Two Hundred and Fifty Thousand - l Attest:
($1,250,000) Dollars, issued pursuant City Auditor's Certificate ETHEL MACDONALD,
"I hereby certify that this bond is
to Section 15-8-6,Revised Statutes of within the lawful debt limit of Salt City Recorder.
Utah,1933. ,(Seal)
Lake City, Utah, and is issued sc. •
The City of Salt Lake City shall Bail No 2.
cording to law.
levy in the year 1935 a sufficient tax ,.
Published January 10,1935.
,to pay the principal and interest on "City Auditor."
this bond as the same shall fall due, Section 2. All the covenants,state-
,and this bond is issued in anticipation I men ts, representations and agree.•
of such taxes for the year 1935. meets contained in said bonds are
Pt is hereby Certified,recited and hereby adopted as covenants,state-
declared that the entire indebtedness men', representations, agreements.
of said City hereby incurred is not in and promises of Salt Lake City,Utah.
excess of the taxes of said City to be Section 3. The Mayor of Salt Lake
levied for the current year 1935,and City is hereby authorized and direct.
that said indebtedness was and is ed to sign and execute said bonds and
contracted for the purpose for which the City Recorder is hereby author-
said taxes are levied. iced and directed to attest and affix
It is hereby certified, recited and the seal of Salt Lake City to each of
declared that all conditions,acts and said bonds and the City Auditor is
things essential to the validity of this authorized and directed to place upon
bond exist,have happened and have said bonds-the certificate inthe man
'been done, and that every require- nor and dorm set forth above, and
ment of law affecting the issue there- said coupons shall bear the facsimile
of has been duly complied with,and signature of the City Treasurer,and I
that this bond is within every debt the acts of the said Mayor,City Re-
and other limit prescribed by the Con- corder,City Auditor and City Tres'
stitution and Laws of said State,and• surer in so doing are and shall be the
that the full faith and credit of said act and deed of Salt Lake City.
Salt Lake City are hereby irrevocably Section 4. That the Board of City
pledged to the punctual payment of Commissioners shall levy in the year
the principal-and interest of this 1935 a sufficient tax to pay the prin.5
bond according to its terms. cipal and interest on said bonds a.
IN WITNESS WHEREOF, Salt the same shall fall due and for the
Lake City has caused this bond to be payment of said bonds the full faith,
signed by its Mayor,its corporate seal credit and taxing power of Salt Lake
to be hereunto affixed and attested City are hereby irrevocably pledged
by the City Recorder as of this 16th and the-Board of City Commissioners
day of January,A,D.1935. hereby covenants with the holders of
said bonds to levy in the year 1935.
• Mayor, sufficient taxes to provide for the
ATTEST: payment of the principal and interest
' of said bonds.
• City Recorder. -
(SEAL)
To each of said bonds shall be at-
tached a coupon.dor each installment
f•Interest 'contemplated by said
tivtttd, W'hleh said coupons shall'be
'consecutively numbered, beginning
ivith'No,1,with the several dotes of
payment.and number of bond and
shall bear the facsimile signature of
said City Treasurer,and said coupons
and each of them shall be.except asl
,to numbers and amount,substantially