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20 of 1933 - Providing for the issuance of $1,500,00.00 Tax Anticipation Bonds, Series of January 16, 1934 • ROLL CALL VOTING AYE NAY SALT LAKE CITY, UTAH, Dec. 12 193 3 I Finch I move that the ordinance be passed. Keyser — Knight . LEE 1� _ Mr.Chairman . . AN ORDINANCE Result . . AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000.00) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES OF JANUARY 16, 1934. WHEREAS, there is immediate and pressing need for the raising of funds to the amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) for the purpose of meeting the current ex- penses of the City for the year 1904 until the payment of taxes for the year 1934; and WHEREAS, the tax revenues of Salt Lake City, Utah, for the year 1934 will aggregate Two Million Fifteen Thousand Dollars ($2,015,000.00) and the total revenue from all assessed sources will aggregate Two Million, Seven Hundred Eight Thousand, Five Hundred and 00/100 ($2,708,500.00) Dollars; and WHEREAS, the sum of One Million Five Hundred Thousand ($;1,500,000.00) Dollars required now to be raised is not in excess C\.? of said revenue as estimated for the year 1934. NOW, THEREFORE, BE IT ORDAINED by the Board of Commissioners of Salt Lake City, Utah: SECTION I. That Salt Lake City, Utah, for the purpose of meeting current expenses of said city for the year 1934 until the payment of taxes for the year 1934, shall borrow the sum of One Million Five Hundred Thousand Dollars ($1,500,000.00) and for that purpose as evidence of such indebtedness shall issue, sell and deliver two hundred (200) bonds; bonds numbered one (1) to One hundred (100), both inclusive, being in the denomination of Five Thousand Dollars ($5,000.00) each, and bonds numbered one hundred one (101) to two hundred' (200), both inclusive, being in the denomination of Ten Thousand ($10o0000) Dollars each;0said issue to be sold at such -2- time or times and for such price or prices and under such terms and conditions as the Board of Commissioners may determine to be for th best interests of the City, and thereupon and upon payment of the purchase price therefor to deliver the same to the purchaser there- of. Said bonds shall bear date of January 16, 1934, with interest at the rate of four and 00/100 (4.00%) per cent per annum payable semi-annually on the 16th day of July, 1934, and the 16th day of January, 1935, both principal and interest payable at the National City Bank of New York, 55 Wall Street, New York City, New York. Said bonds are designated "Salt Lake City Tax Anticipation Bonds, Series of January 16, 1934." Said bonds shall be due and payaflle on the 16th day of January, A. D. 1935, in lawful money of the United States and shall bear interest from the 16th day of January, A. D. 1934. Said bonds shall be signed by the Mayor and attested by the City Recorder under the seal of the City and said coupons shall bear the fac-simile signature of the City Treasurer. Said bonds and coupons 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 and each of them are (except as to numbers and amount) in substantially the following form, to-wit: STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY TAX ANTICIPATION BOND Series of January 16, 1934. No. 1 $5.000.00 KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City, in the ounty of Salt Lake, in the State of Utah, hereby acknowledges itself o be indebted and, for value received, hereby promises to pay to earer hereof, the sum of Five Thousand 45,000.00) Dollars in lawfu!1 oney of the United States on the 16th day of January, A. D. 1935, at the National City Bank of New York, 55 Wall Street, New York Cityl, ew York, U.S.A., with interest thereon at the rate of four and Qto/lp0 4.00%) per cent per annum from date until paid, in like money payable emi-annually on the 16th day of July, 1934, and the 16th day of anuary, 1935, said interest to maturity being represented by inter-1 st coupons hereto attached. This bond is one of a series,ofTwo Hundred. (200) bonds of 1 C.ike tenor and effect, numbered one (1) to Two Hundred (200), both 1 Lnclusive, bonds numbered one (1) to one hundred (100), both incl.u— ive, being in the denomination of Five Thousand Dollars ( 5,000.00) -3- each; bonds numbered one hundred one (101) to two hundred (200), both inclusive, being in the denomination of Ten Thousand Dollars (01.0,000.00) each; and known as "Salt Lake City Tax Anticipation Bonds, Series of January 16, 1934," for the aggregate sum of One Million Five Hundred Thousand Dollars (01,500,000.00), issued pur- suant to Title 15, Chapter 8, Section 6, Revised Statutes of Utah 1933. The City of Salt Lake City shall levy in the year 1934 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 1934. It is hereby certified, recited and declared that the en- tire indebtedness: of said. City hereby incurred is not in excess of the taxes of said city levied or to be levied for the current year 1934, and that said indebtedness was and is contracted for the par pose for which said taxes are levied. It is hereby certified, recited and declared that all con- ditions, acts and things essential to the validity of this bond I 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 I the Constitution and Laws of said State and that the full, faith and credit of said Salt Lake City are hereby irrevocably pledged to th punctual payment of the principal and interest of this bond accord ing 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 af- fixed, and attested by the City Recorder as of this 16th day of January, A. D. 1934. / / Mayor. Attest: City Recorder. To each of said bonds shall be attached a coupon for each installment of interest contemplated by said bond, which said cou- pons shall be consecutively numbered, beginning with No. 1, with Pie several dates of payment and number of bond and shall bear the fac-simile signature of said City Treasurer, and said coupons and each of them shall be (except as to numbers and amount) substantial- ly in the following form, to-wit: (FORM OF COUPON) No. 1 0100.00 On the 16th day of July, 1934, and the 16th day of January, 1935, Salt Lake City will pay to the bearer hereof, at the National City Bank of New York City, 55 Wall Street, New York City, New York, the sum of One Hundred and 00/100 (0100.00) Dollars' in lawful money of the United States of America, being six months' interest then due on its Tax Anticipation Bonds, Series of January 16th, 1934. Bond No. .__ (Fac-simile signature) -4- There shall also be endorsed on each of said bonds the following City Auditors certificate: 1 1j "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." SECTION 2. All the covenants, statements, representations and agreements contained in said bondsa are hereby adopted as coven- ants, statements, representations, agreements and promises of Salt Lake City. SECTION 3. The Mayor of Salt Lake City is hereby author- ized and directed to sign and execute said bonds and the City Recor - er 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 th fac-simile signature of the City Treasurer, and the acts of said Mayorlf City Recorder, Treasurer and 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 1934 a sufficient tax to pay 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 heret by covenants and agrees with the holders of said bonds to levy in the year 1934 sufficient taxes to provide for the payment of the principal and interest of said bonds. SECTION 5. That an emergency is hereby declared and in th opinion of the Board of Commissioners because of the necessity for funds with which 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 take effect immediately. SECTION 6. This ordinance shall take effect upon its first publication. // 4 -5- Passed by the Board of Commissioners of Salt Lake City, Utah, this 12th day of December , A. D. 1933. Mayor. 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