21 of 1933 - Providing for the issuance of $1,500,000.00 Tax Anticipation Bonds of Salt Lake City, Series January ROLL CALL
VOTING AYE NAY SALT LAKE CITY, UTAH, 193
Finch . . —
I move that the ordinance be passed.
Keyser . . .
Knight . . . - t';:� r „ .,"� ._
_ LEE '"
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
( 51,500,000.00) for the purpose of meeting the current expenses of the
City for the year 1934 until the payment of taxes or 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 00j100 ($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
of said revenue as estimated for the year 1934.
WHEREAS, the bid of the First National Bank, Salt Lake City;
First National Bank, Ogden, Utah; Utah State National Bank, Salt bake
0N2
City; Continental National Bank & Trust Company, Salt Lake City;
J. A. Hogle & Company, Salt Lake City; and Walker Bank & Trust Company,
Salt Lake City; is hereby declared by the Board of Commissioners as
being the highest, best and most advantageous bid received for the pur-
chase of part of said bonds and to the best interests of said City,
which bid has been duly accepted by said Board of Commissioners.
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 meet-
ing 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
21.
-2-
of. such indebtedness shall issue, sell and deliver three hundred
aeventy (370) bonds; bonds numbered one (1) to two hundred (200),
1
'both inclusive, being in the denomination of One Thousand ($1,000.00)
!Dollars each; bonds numbered two hundred one (201) to two hundred
!'eighty (280), both inclusive, being in the denomination of Five
(;Thousand 45,000.00) Dollars each; and bonds numbered two hundred
,eighty-one (281) to three hundred seventy (370), both inclusive, I
(being in the denomination of Ten Thousand ($10,000.00) Dollars each;
r,
and shall sell bonds in the sum of One Million Dollars ($1,000,000.00)
numbered one (1) to one hundred (100), both inclusive, in the de-
[nomination of One Thousand ($1,000.00) Dollars each; bonds numbered';
jtwo hundred one (201) to two hundred sixty (260), both inclusive,
11
Ilin the denomination of Five Thousand ($5,000.00) Dollars each; and
bonds numbered two hundred Eighty-one (281) to three hundred forty i
(340), both inclusive, in the denomination of Ten Thousand ($10,00000)
,Dollars each; of said issue of said One Million Five Hundred Thousanld
Dollars Tax Anticipation Bonds, dated January 16, 1934, to the First
National Bank, Salt Lake City; First National Bank, Ogden, Utah; I
;((Utah State National Bank, Salt Lake City; Continental National Bank
,& Trust Company, Salt Lake City; J. A. Bogle & Company, Salt Lake
II
O ty; and Walker Bank & Trust Company, Salt Lake City; in accordance
Frith their bid duly accepted by the Board of Commissioners and upon '
(receiving payment therefor the City Treaurer shall and hereby is
authorized and directed to deliver said bonds to said purchasers. j
, The remainder of said issue shall be sold at such time or
Dimes and for such price or prices and under such tergs and conditiorns
.
^-
is the Board of Commissioners may determine to be for the best inter
ests of the City, and thereupon and upon payment of the purchase
rice therefor the City Treasurer shall and hereby is authorized and
I
irected to deliver the same to the purchasers thereof.
' Said bonds shall bear date of January 16, 1934, with inter-
st at the rate of four and 00/100 4( %) per cent per annum payable
Semi-annually on the 16th day of July, 1934, and the 16th day of
anuary, 1935, both principal and interest payable at the National
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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 payable
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 fag-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
land each of them are (except as to numbers and amount) in substan- !!1
jtially the following form, to-wit:
STATE OF UTAH
COUNTY OF SALT LAKE;
1 SALT LAKE CITY TAX ANTICIPATION BOND
Series ,of January 16, 1934.
No.
KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City, in
the County of Salt Lake, in the State of Utah, hereby acknowledges
itself to be indebted and, for value received, hereby promises to
spay to bearer hereof, the sum of Thousand ($ )Dollar1s
lin lawful money of the United States on the 16th day of January, A. ,
1D. 1935, at the National City Bank of New York, 55 Wall Street,
"New York City, New York, U.S.A., with interest thereon at the rate
Hof four and 00/100 (4%) per cent per annum from date until paid, in
like money payable semi-annually on the 16th day of July, 1934, and
:the 16th day of January, 1935, said interest to maturity being re-
presented .I
by interest coupons hereto attached.
This bond is one of a series of Three Hundred Seventy (37c)
bonds of like tenor and effect, numbered one (1) to Three Hundred I
Seventy (370), both inclusive; bonds numbered one (1) to two Hundred
(200), both inclusive, being in the denomination of One Thousand 1
Dollars ($1,000.00) each; bonds numbered Two Hundred One (201) to
Two Hundred Eighty (280), both inclusive, being in the denomination!
of Five Thousand ($5,000.00) Dollars each; and bonds numbered Two
Hundred Eighty-one (281) to Three Hundred Seventy (370), both inclu4
sive, being in the denomination of Ten Thousand ($10,000.00) Dollars
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 ($1,500,000.00), issued pursuant to Title 15, Chaps
ter 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 Cn-j
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
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1934, and that said indebtedness was and is contracted for the pur-
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
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 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 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)
coupons shall be consecutively numbered, beginning with No. 1, with
the several dates of payment and number of bond and shall bear the
fac-simile signature of said City Treasurer, and said coupons and
date
each of them shall be (except as to numbers,,,and amount) substantial
ly in the following form, to-wit:
(FORM OF COUPON)
No. 1 $100.00
On the 16th day of July, 19c4, 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 ($100.00) Dollars in lawful money of the United States of
America, being six months' interest then due on its Tax Anticipation
onds, Series of January 16th, 1934.
(Fac-simile signature)
City Treasurer.
and No.
There shall also be endorsed on each of said bonds the
following City Auditor's certificates.
"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 bonds are hereby adopted as coven-
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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 Re-
corder 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 fac-simile signature of the City Treasurer, and. the acts of sail.
Mayor, 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 lev
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 here-
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 firs,
publication. 7 r-)
4---
Passed y the Board of Commssiioners of Salt Lake City,
Utah, this %'`� 'd day of X� �i ,!k�B 1977 '
ir—/7 k
/ p0 mayor,
City Recor er. /
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AN ORDINANCE
AN ORDINANCE PROVIDING FOR
THE ISSUANCE AND SALE OF ONE
MILLION FIVE HUNDRED THOU-
SAND DOLLARS($1,500,000.00)TAX
ANTICIPATION BONDS OF SALT
• LAKE CITY, UTAH, SERIES OF
JANUARY 16,1934.
WHEREAS,there lsdeumediate and
pressing need for the raising of funds
to the unt of One Million Five
Hundred Thousand Ushers($1,500,-
000.0D) for the purpose of meeting
the current expenses of the City for
• the year 1934 until the payment of
taxes for the year 1934;and
WHEREAS,the tax Q1 of
Salt Lake City,Utah,for the year
1934 will aggregate Two Million Fif-
teen Thousand Dollars($2,015,000.00)
and the total revenue from all as-
sessed sources will aggregate Two
Million Seven Hundred Eight Thou-
sand 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 of said r
enue eu estimated for the year 1934.
WHEREAS,the bid of the First
National Bank,-Salt Lake City;First
National Bank,Ogden,Utah; Utah
State National Bank, Salt Lake
City; Continental National Bank&
Trust Company,Salt Lake City:J.
A.Bogle-&s empanY. BOlt Labe
City, and Walker Bank & Trust
Company,Salt Lake City,is hereby
declared by the Board of Commis-
sioners as being the highest, best
and most advantageous bid received
for the purchase of part of said
bonds and to the best interests of
said City,which bid has been duly
accepted by said Board of Com-
missioners.
NOW, THEREFORE, BE IT OR-
DAINED by the Board of Commis-
sioners of Salt Lake City,Utah:
SECTION 1. 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 bor-
w the sum of One Million Five
Hundred Thousand Dollars($1,500,-
donor)and for that purpose as evt-
dense of such indebtedness shall fe-
ll and deliver three hundred
is-
sue, (370) bonds; bonds num-
bered one(1)to two hundred(200),
both inclusive,being in the denom-
ination of One Thousand 1,0 0.00)
Dollars each; bonds numbered two
hundred One (201) t0 two hundred
eighty (280), both Inclusive, being
1 in the denomination of Five Thou-
sand ( .00) Dollars each. and
- bonds numbered two hundred eighty-
- one(281)to three hundred seventy
(370), both inclusive, being 1n the
1 denomination of Ten Thousand
h00.00) Dollars each; and shall
sell bonds 1n the sum of One Mul-
1 on Dollars ($1,000,000.00) num-
bered one 91)to one hundred(1001.
t _ both inclusive, 1n the denomina-
on of One Thousand ($1,000.00)
Dollars each; bonds n mbered two
hundred one(201)to two hundred
sixty (260), both inclusive, in the
denomination of Five Thousand
($5,00.0) Dollars each; and bonds
v numbered two hundred eighty-one
a (281)to three Hundred Forty(340),
,t both inclusive, in the denomina-
tion of Ten Thousand ($10,000.00)
Dollars each; of said issue of said
S One Million Five Hundred Thousand
y Dollars Tax Anticipation Bonds,
dated January 16,1939,to the First
National Bank,Salt Lake City;First
National Bank,Ogden,Utah; Utah
State National Bank,Salt Lake City;
Continental National Bank&Trust
Company,Salt Lake City;J.A.Ho-
gle&Company,Salt Lake City;and
Walker Bank&Trust Company,Salt
Lake City;In accordance with their
' bid duly accepted by the Board of
Commissioners and upon'receiving
Treasur-
er payment anreihe hereby islt hall and authorized
and directed to deliver sad bonds
to said purchasers.
The remainder of said.,15010 shall
be sold at such time'or'tlmea and
for such price or ptl4ea*Wunder
such teems and cdoditi0ns as the
Board Of Commisslofiee may de-
termine to be for the'Best Interests
of the City.and tberelipon and upon
payment of the purchase price there-
tp a over thh R directs
are;Shereaef,,gg,, •$ a City has used
old 06, 1 1°`-r' algid by It M o).at+ " ,:,
J...nary 18 1 •,••' ��,' Seal to beto ell to:
t a - 1 6;; -'tested by the Clty> fe—urn) V8{
per d$•f r :6k'i)a i •- _„tb)s 16thr dpy Of JanuasY'A U.1334.
• amiss: ' o a i'4. aS of July , -�
1934,and thk. of January, ' Meyer• •
1935, beth p ' tional d Interest Attest:
Of e at the•National City Bank `
of New York,55 Wall street, New City Recorder.
Yolk City,N.Y. Said bonds are To each of said bonds shall be at-t,
designated "Salt Lake City Tax tooted a coupon for each installment
Anticipation Bonds, Series of Jan- of interest contemplated!by said 1
j uery Id,1934." Said bonds shall bond,which said coupons Shall be
I be due and payable on the 16th day consecutively numbered, beginning
Of January, A. D, 1935, In lawful with No.1,with the several dates of
money of the United States and shall payment and number of bond and
bear interest from the 16th day of shall bear the facsimile signature of I
January,A.D.1934. Said bonds shall said Treasurer!and said con- Pu bl�eat�on
be signed by the Mayor and attested Pons and each of them shall be(ex-
by thh0 City Recorder under the seal Cept as to numbers, date and
• of the City d Said cOupona hall amount) substantially In the fol-
z bear the facsimile signature of the lowing Iorm,to-wit:
City Treasurer. Said bonds and too- (FORM OF COUPON)
Done shall be registered in a book No,1. $100.0
1:".,kept by the City Auditor for that On the 16th day of July,1934,Salt
purpose,and the City Auditor shall Lake City will pay to the bearer (11111"'1""'
endorse on each of said bonds,the hereof,at the National City,Bank of
Street,
certificate required by law. Said New York City,55 Wall Street,New
bonds and each of them are(except York City, N,Y.,the sum of One
as to numbers and amount)1n sub- Hundred and 00-100 ($100.00) Dol-
atantlally the following form,to-wit: lets in lawful money of the United
STATE OF UTAH States of America,being six months'
COUNTY OF SALT LAKE interest then due on its Tax Anticl-
SALT LAKE CITY TAX potion Bonds, Series of January
ANTICIPATION BOND 16,1934.
--"'gene's oI January 16,1934. (FaCelmtle Signature)
No. City Treasurer.
KNOW ALL MEN BY THESn Bond No
thePR County That
Saltk.la Lake Ce ty, There shall also be endorsed on
the Utah,
of Sala Lake,a the State each of said bonds the following
Of bed Indebted hereby anti s Reel- Clt Auditor's rtificate:
er be here and for value e- Y
calved, hereby promises to Pot`to tI hereby certifyw that this bond is
bearer hereof,the Sum of Lake the]awful and limit a Salt ��j r�.�x���V -r��,t
lawful
e ) Dollars es Lake City,Utah,and 1s issued no- d23tJt1t1 ���C•••'i` being first duly
lawful money eSarthe United States cording to law.
on 1935,hat!the National City January,of k o1
New York,55 Wall Street,New York SECTION 2. All the Auditor...
.and say that I am the Chief Clerk of THE SALT LAKE
City,N.Y.,U.S.A.,with Interest statements, representations
eprese t thereon at the rate of four and 00-100 agreements do in sell bonds
(4%) per cent per annum from are hereby adopted as covenants,
date until paid,In like money pay- statements, representations, agree-I newspaper of general circulation, published every day
able semiannually on the 16th day CltYta and promises of Salt' Lake'
of July,1934,and the 16th day of
January,1935,said Interest to ma- SECTION 3. The Mayor of Salt`it State of Utah.
turity being represented by Interest Lake City is hereby authorized and .1,
coupons hereto attached. directed to sign and execute said
This bond is one of series f bonds and the City Recorder is
Three Hundred Seventy(370)bonds hereby authorized and directed to
of like tenor and effect,numbered attest and affix the seal of Salt .r'ui.CE.
one(1)to Three Hundred Seventy' Lake City to each of said bonds,and notice 4IDT ORDIl
(370), both Inclusive; bonds num- the City Auditor 1s authorized and
bared one(1)to Two Hundred(200), directed to place upon said bonds
both Inclusive,being 1n the denom- the certificate in the mannerand CITY CORD ORATION
!nation of One Thousand Don. form set forth above.and edu- SALT LAdcil+
•
($1,000.00)each;bonds numbered two Dons shall bear the facsimile Myna-
hundred one (201) to two hundred tore of the City Treasurer,and the
eighty (280), both Inclusive, being acts of said Mayor, City Recorder,
In the denomination of Five Thou- Treasurer and Auditor in so doing
sand($5,000.00) Dollars each; and are and shall be the act and deed
bonds numbered two hundred of Salt Lake City.
eighty-one (281) to three hundred SECTION 4. That the Board of
seventy(370),both Inclusive,being City Commissioners shall levy 1n the
to the denomination of Ten Thou- year 1934 a sufficient tax to pay
sand 010,000.00) Dollars each; and Principal and interest on said bonds
known as"Salt Lake City Tax An- as the same snail fall due and for
ti,lpation Bonds,Series of January the payment of said bonds the lull
16 934,"for the aggregate sum of faith, credit and taxing power of
One Million Five Hundred Thousand Salt Lake City are hereby Irrevocably
Dollars ($1,500,000.00), leaned put- Pledged and
the Boardereby a City
tt scam-1py is hereto attached, was first published in said news-
tion t to Title 6, Revised!st Statutes ofe Utah, here.with the holders of said bonds
19nt
The City Of Salt Lake City shall toes tyo
providen the year 1e yment of 15TH DECRM'P iR 33,
levy In the year 1934 a sufficient tax the sprincipaland`Interes of said iue dated the day of 19•
to pay the principal and interest on bends.
this bond es the same shall fall due, SECTION'5. That an emergency I
and this bond is issued in antlelpa- is hereby declared d in the opin-
tlon of such taxes for the year 1934. Ion of the necessity
Boartl of Commissioners fished in each call issue of said newspaper, on
It ie hereby certified,recited and because f the a essity for fundsy
declared that the entire indebted- with which to meet the current ex-
' ness of said City hereby incurred Is Peaces of said city.it is necessary
of in excess of the taxes f 1d to the peace,health o d safety f�CElBER 15TH
city levied eo to be levied for said
the Inhabitants of Salt Lake City for
current year 1934,and that said in- that this ordinance take effect lm-
tress was and is contracted for m diately.
the purpose purpose for which said taxes SECTION 6. This ordinance shall,
are levied. take effect upon its first publica-
n Is hereby certified,recited and non. ( full period of •.ONE.•INSERTION
declared that all conditions,acts and' Passed by the Board of Commis-
things essential to the validity of stoners of Salt Lake City,Utah,this
this bond exist,have happened and 15th day of December,A.D.1933.
have been done,and that every re- JOHN M.KNIGHT,
quirement of law affecting the issue ' Temporary Chairman, -ation thereof being in the issue dated the •.15TH
has been duly complied with, (Seal) ETHEL MACDONALD,
and that this bond is within every Bill No 2l City Recorder.
debt and utio limit Lawsprescribed id Published December15,1933. DEC. TiBER A. D. 1934...
•
the.Constitution d Laws f said v
heree and that the ldl t She' lldy vi
credit of said Salt Lake City are
hereby lrrevoca nt ofthepledged to the
and
payment f the principal
ind interest 1 this bond according
o its terms.
IN WITNESS WHEREOF,Salt Lake c
Subscribed and sworn to before me this 15TH day of
DECE'Tu ER A . 19. 3..
1 Notary Public.
My commission expires •
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Advertising fee, $ •
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