22 of 1934 - Providing for the issuance and sale of Three Hundred Thousand Dollars Tax Anticipation Bonds of Salt isOL-L CALL
VOTING AYEINAY SALT LAKE CITY, UTAH, August 17 193 4
Goggin
�t I move that the ordinance be passed.
Keyser . --
Knight
LEE
Mr.Chairman —
AN ORDINANCE-- - --
Result .
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
SALE OF THREE HUNDRED THOUSAND ($300,000.00) DOLLARS TAX ANTICIPATION
BONDS OP SALT LANE CITY, UTAH, SERIES OF AUGUST 10, 1934.
WHEREAS, there is an immediate and pressing
need for the raising of funds in the amount of Three Hundred Thousand
($300,000.00) Dollars for the purpose of meeting the current expenses
of Salt Lake City for the remainder of the year 1934 until the payment
of the taxes for the year 1934, and
WHEREAS, the tax revenues of Salt Lake City
for the year 1934 will aggregate One Million Nine Hundred Thirty Thousand
Seven Hundred Seventy-one and 08/100 ($1,930,771.08) Dollars, and the
total revenue from all sources will aggregate Three Million One Hundred
Eighty-five Thousand Seven Hundred Seventy-one and 08/100 ($3,185,771.08)
Dollars, and
WHEREAS, the City has heretofore borrowed the
sum of One Million Two Hundred Fifty Thousand ($1,250,000.00) Dollars for
the purpose of meeting the current expenses of the City for the year 1934,
and the sum of Three Hundred Thousand ($300,000.00) Dollars required now
to be raised together with the sum heretofore borrowed is not in excess
of the revenue to be raised for the year 1934.
NOW, THEREFORE, BE IT ORDAINED By the Board
of Commissioners of Salt Lake City, Utah:
Section 1. That said Salt Lake City, Utah,
for the purpose of meeting current expenses of said City for the remainder
of the year 1934 until the payment of taxes for the year 1934, shall
borrow the sum of Three Hundred Thousand ( $300,000.00) Dollars and for
that purpose as evidence of such indebtedness shall issue twelve (12)
bonds in the denomination of Twenty-five Thousand ($25,000.00) Dollars
each, numbered from one (1) to twelve (12) both inclusive. Said bonds
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shall bear date of August 10, 1934, and shall be due and payable
February 10, 1935, bearing interest at the rate of three-quarters
percent (3/4%) per annum, payable at maturity, both principal and
interest being payable at the National City Bank, New York City,
New York. Said bonds shall be desigra ted "Salt Lake City Tax
Anticipation Bonds, Series of August 10, 1934". Said bonds shall
be signed by the Mayor and attested by the City Recorder under the
seal of the City and shall be registered in a boor 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 shall
be substantially in the following form, to-wit:
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF AUGUST 10, 1934.
No. $25,000.00
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 pay
to the bearer hereof the sum of Twenty-five Thousand Dollars
($25,000.00) in lawful money of the United States on the tenth day
of February, A.D. 1935, at the National City Bank in New York City,
New York, with interest thereon at the rate of three-quarters of
one percent (3/4%) per annum from date until paid, payable at maturity.
This bond is one of a series of twelve (12) bondsof like
tenor and effect numbered from one (1) to Twelve (12), both inclusive,
and knot'm as "Salt Lake City Tax Anticipation Bonds, Series of August
10, 1934," for the aggregate sum of Three Hundred Thousand Dollars
($300,000.00), issued pursuant to Section 15-8-6, Revised Statutes
of Utah, 1933.
The City of Salt Lake 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 entire
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
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 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 aalt Lake City are hereby
irrevocably pledged to the punctual payment of the principal
and interest of this bond according 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 affixed
and attested by the City Recorder as of this day of
A.D. 1934.
ATTEST: Mayor
Zity Recorder
( SEAL)
There shall be endorsed on each of said bonds the following
City Auditor's certificate:
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.
City Auditor"!
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
-ake 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 the acts of the said mayor, City Recorder,
and City 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 hereby
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. The First Security Trust Company, Edward L.Burton
& Company, Walker Bank & Trust Company, Continental National Bank &
Trust Company and the First National Bank, all of Salt Lake City, Utah,
have offered to purchase said bonds at a price satisfactory to this
Board of City Commissioners, which offer is the highest, best and most
advantageous received for the purchase of said bonds and which offer is
in words and figures as follows, to-wit:
"August 8, 1934.
Honorable Board of City Commissioners,
Salt Make City, Utah.
Gentlemen:
For e300,000.00 General Obligation Salt Lake City Tax
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Anticipation Bonds, dated August 10, 1934, due February 10, 1935,
denominations of 325,000.00 bearing interest at the rate of three-
quarters of one per cent (3/4%) per annum, we will pay you par and
accrued interest. Bonds to be delivered to us as soon as legally
possible accompanied by the approving legal opinion of Thomson.
Wood and Hoffman of New York City.
It is understood that you are to deliver $250,000.00 of
the bonds to us immediately and that the remaining $50,000.00 need
not be delivered if you find it will be unnecessary for you to issue
them but we agree to purchase them on the above terms if delivered to
us on or before September lst, 1934, acceptance of delivery thereafter
to be at our option.
Respectfully submitted,
WALKER BANK & TRUST COMPANY
CONTINENTAL NATIONAL BANK & TRUST COMPANY
FIRST NATIONAL BANK
FIRST SECURITY TRUST COMPANY
EDWARD L. BURTON & COMPANY
By _ J. A.Burrows
Section 6. That the above offer be and the same is hereby
accepted and the City Treasurer is hereby authorized and instructed
to deliver $300,000.00 of said bonds being bonds numbered one (1) to
twelve (12) both inclusive to the purchaser thereof as and when said
bonds shall be and are legally issued and delivered upon receipt of
the purchase price therefor.
Section 7. 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
thisordinance shall take effect at once.
Section 8. This ordinance shall take effect upon its first
publication. *
Z ::eLf:;
Passed by the Board of Commissioners of Salt Lake City, Utah
this 17th day of August, A.D. 1934.
Mayor
City Recor er
( S e a l )
ORD!NAN-a
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Prgwebd to the Baud 0 Cennissioners
•
A1W Go 1"Atagftti
A L7
al l Y N 4.:pnue#F
Piro Pubhca4an in
x, 1934
1!�
7,,
AN ORDINANCE • '
An ordinance.providing for the lesu-.
and sale of three hundred thou- ' i
sand ($900,000.00) dollars tax anticl-'
patlon Bonds of Salt Lake City, Utah,,
I aeries of August 19,1934.
WHEREAQ there ie an immediate ndetfidavit of Publication
pressing need for the then of fund-
I'in the amount f Three Hundred Thov-
pand ($mlIt0.00)Dolle.e for the u[,
ale t ityg the v ant a er ofe e
Seat Lake City the theremainder o[the
Year 1e34 until the payment of the taxeE
for the year 1934, and
WHEREAS, the
tax revenues of gal'
Lake 00 for the year Hun willd hire.
le
gatend Seven Nine ed Seventy-one
Tty-Ofl
nodThousand-10Seven Hundred Marrs, anal
d 8.100 revenue
l eouro, a ',
the total nee lio all eo u ell
Eighty-five
Three nd Million One v Hundred
aggregate
e Thousand 1 Seven Hundred
Dollar.-one and 8-109 (53,185,771.08k•
Dollars,and
WHEREAS, the City hag fiereto[ore +
uerruwed the Earn.of Ona Million Thug
Hundred Fifty Thousand 1.$1,3ae,e00.03h
voila.for tote purpose of e
, a tg the
Qum,. ...lees Cnytor -the
year 1034,and the sum or'Puree Hundred
rd....)3303,000.UO)Nohara redmred
e etto ce raised
to l nertwan the aunt Being first duly swarm deposes and says that he is the advertis-
revenue to be M..tort the yea!
r.now,THEREFORE,BE IT ORDAIN ing clerk of THE DESERET NEWS,a newspaper published in
..:D by the Hoard or Uummenonere of
..e.lt Lake City,-Utah.
Section 1. That said Salt Lake Q.V.
tar the-purpose of meeting cu Salt Lake City,Salt Lake Court in t e State of Utah.
telit
po..or name City tor
•
not of .x es year o y nt nle9,ear, �'�/V1/!..�5...^�'
at of taxes r inraq year 193,, u That the adverbs ant _
u the sum evidence
H.euaaD(Tao
sand w(au9,eue.uio,tare d for
aut..0 hall ae t or ucn inept.
a u issue line (iz)bon a
.he denomination of Twenty-Live Yaon,
,Sau(1 (Syb,UOu.U0) Collura eaali, nu p
oor d from one il)to twelve 118)both y
clueive. Said bonds shah bear date od,'
'August 10,1$34,'and shall ne d'de and T' 30 0 N.0.9.Q•^.O.P. 10-4 -
payable Tel per
le, ,Ueo, bearing ,n- v —�
at t the rate oI three-guard/.per q -I/
Heat,om par annumeat a inters a - _j/
`patty,hat l e d and interest Vledr'park it the National Citsai
York City, New - said City n.
dux
shall be iondesignatedx•Se It Lsae City dux
ttalpasai .,calla sore.be Angabt wa was published in sai ewspaper,L in its issue dated, ties
the
Said loads attested
U be m.o.city by,
.ha Mayor dud a seat uy the sty akte-
nd 2
corder under the m a book
C e and O.
4 iii, be Autatat'ea, mox giant a 1 ( A.D. 19
the City nod,tar for thatn purpose nd ` day al
the(,1ty,.ua,t nail add a .plRh,
-- e B and was published
Ub
.. _ .: the last ,cation thereof begin the issue:dated the
Serlea of xugebe lb. 1034.
Na xza000. - A.D. 191.
KNOW ALL MEN Lake
Ca.,THESE'the day of
County That It t Lake U the St 'the
Utah, Salt Lake, In tat State be •
Utah, hereby or valueosee iteelY to be
indebted oarr value rtrad halthe
promises to my to the bearer nareot the
• f Twenty-flue 'lhovnand Dnllfri.'225, dvertising Clerk.
United
00) s lawful to¢ec as den
darted Slates the tenth day o1 Eden
mark.A.D.tee at the National City
Yaek IntNow on City,New York, r es
Interest thereon per
the rate at r obi}
-quarters of one per t payabr ae;
• from data data paid, payable aR
in This b. /
III///114..
This L of•aeries of twelve
(IQ bondsnds ad Hie tenor and effect mina 5ef ore me this day of
bared from on6(1)to Twelve(Id),Duty
elusive,and known '-Salt Lake City
Pax Anticipation Benda, Series be Au- -
gnat 10, 1934," for the aggregate
t Three M)¢dred Thousand Della. A.D. 19.-1-
1$-8-6,00.00),Brois issued Stu pursuant to, 199a /
16The, Revised Statute's lakeof site levy y
the year 19l etereet tax to pay
the principal and lnteraet on th1e bond 7 /�,t ��
• s the same shall fall due, and this �V t4 '- " .
bond In ie.. In anticipation of such
taxes for the yeas'1934. S Notary Public.
It is hereby ee clared that the codas,molted lad de- C
eeid City hereby incurred le
ehnot in ex-
a-
of the taxes of said City levied or
ton be levied for the current year 1934.
contractedand that eald d la
indebtedness for the purpose for which
said taxes are levied,
It is hereby certltied,recited and de-
layed that all conditions, to and
things essential to the validity of this
Dona doter, have happened ell hex
loots l lone, a d that very eoreet be
t law Folding ede Issue and
thereof h
been duly melted with,bad that Ws
bond Is cwithinribed by everyh debt and other
lltnit prescribed at the do tutlhe full
Late and said -tote, and that the ire
ell
arethheraby credit irevocably pledgelt d to Lake Cite
ache
punctual Payment of the princlpel and
interest of thole bond according to I.
term,
IN WITNESS WHEREOF Salt Lake
City has caused this bend to be signedr
by its Mayor,'its corporate nal to.the
hereunto Milled and tteeted by
Cloy Recorder asday of
A D.1984.
Attest. --'
Mayor.
(SEAL) City Recorderp.Ty
saidere bonds the bell endorsed
altar each
certificate:
City Anditfr'e CerUtloate
"I hereby certify that tide bond le
i the l ieletofsdigaioaz.Utahadl eaniacnorn Section 2. AS the City nante,o eta
V.
rnenie, representations,and ...met':
contained agre
in said bonds are heihy
adopted as covenants,etatementa,
eee, .pre'
ntatieneements and bromic,.of
Salt Lake Agreements
Utah.
Section 3. The Mayor ef Satt.Lake
CItY la hereby authorised at}d directed
z
to sign and execute said bonds and the
City Recorder IS hereby aothorlied and
directed to attest and aftfx the seal of
.Salt Lake City to each of said bonds
clod the City Auditor le authorised and
directed to place upon said bends the
certificate to the manner and
form d set
forth above and tho t of the said
Mayor,City Recorder,and City Auditor
in so doing are and shall be the act
and deed of Salt Lake CRY.
Section 4. That the Board of City
Commissioners :than levy In the year
1839 a eutflcient tan to pay principal
and interest On said bends the same
shah
col du end fohe
said blonde the full faith,credit yand tax-
ing power of Salt Lake City are hereby
Irrevocably ely dged and the Board.of
City Cmnmllfalolter h coereby enact,
and agrees with the holders of aid
bonds to incy n the year 1039 sufficient
taxes to provide tor the payment of the
principal and Interest of eald bonds.
Section 6. The First Security Trust
eatC7F ee tEdrwaad L&gTrasp C&o&TCs•
Oopnente National Bank rut Company'and the Flret National�gank,
all of Salt Labe City, Utah. have of-
fered to purchse a id bonds t price
satisfactory to Ch.Board of City Com-
missioners, which offer Is the highest.
beet aid most advantageous received
for the purchase of Raid bonds and which
offer is 1n words and figures Is follows,.
to-wit:
"August 8,1034,
Konororable Board of City Conrmlg.
loners. Salt Lake City.Utah.
Oentiemen:
For 8300,000.00 General Obligation Salt
Lake City Tax Anticipation Bondi, det-
ed August 10, lone, due February,10.
1988, denominations of three
-a0 bearing
interest at the rate of three-euatters of
e per cent per a num,v.will
one
you parand acarned interest.Bonds
to be delivered to us as
soon as Egan:,
Dossible accompanied by the approving
legal opinion of Thomson. WOod Add-
Botfman at Mew York City.
It le understood that you o de.
.3'e u
liver $260,000 of the bands.Y a-tor:
diate and that therremaining t60,•
OOP needd pot be delivered It you find It
will be s nnecesealy for you to Me.a
them but we agree to ipurcha. them
on the above tonne If10ered to >u
on or before Septemberr 1,1, 1934,accept•
ance of delivery thgrealter to be at our
option.
Respectfully bmltted,
WALKER RANK&TRUST COMPANY,
CONTINENTAL NATIONAL BANK a.
TRUST COMPANY,
FIRST NATIONAL DANE.
PTRST SECURITY TRUST COMPANY.
EDWARD In BURTON&COMPANY,
By d. A.BURROWS."
Section 6. That the above offer be
d the same le hereby accepted and
the City tiotedmedTreaeurer le hereby authorised
and Inetrn to deliver 8300.000 of
said bonds being bonds numbered one
(1) to twelve (12) both Inclusive to
the purchaser thereof as and when
said bonds shall be and are legally is-
sued and delivered upon receipt of
the purchase price therefor.
Section 7. Is
hereby Striate e ant emergency dand in the opiion of
the Board of COmmleelcners beoadse
:or th.ent a➢enlly see 1or of funds
oily it3 Ist fifes.
emery tox the peace,,health and satery
of the Inhabitants of Salt Lake City
that this ordinance chaff take effect at
oboe.
Secion 8. This ordinance shell take
effect n 8t first publication.
Pissed the Board of Commission.
ere of Sate
Lake pity, Cole till ITth
day of August.A.D..1034.
LOUIS tRCU®,
Mayor.
ETMEL Mdr. LD, .. r•
ore City Recorder.
(Seel).
Sl
Fubllebep Augleet IT,1'
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