HomeMy WebLinkAbout25 of 1937 - Providing for the issuance and sale of $350,000.00 Tax Anticipation Notes of Salt Lake City, Series ,
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Rec. 103 // ,
ROLL CALL ,. •
VOTING AYE NAY Salt Lake City,Utah, SEP j.6 133; 193
Goggin ...___. I move that the ordinance be passed.
Keyser V i
xAkstltheex Math e son
- 11/fur do ch -L V)
Mr..Chairman - - -1 V
Result
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE ANL SALE OF THREE HUNDRED
FIFTY THOUSAND DOLLARS (050,000.00) TAX ANTICIPATION NOTES OF SALT
LAKE CITY, SALT LAKE COUNTY, STATE OF UTAH, SERMES OF SEPTEMBER 15,
1937.
WHEREAS, there is an immediate and pressing need for the
raising of funds in the amount of Three Hundred Fifty Thousand
Dollars ($350,000.00) for the purpose of meeting the current expenses
of Salt Lake City for the year 1937, and
WHEREAS, said sum can be borrowed without incurring any
indebtedness in excess of the taxes of said City for the current
year, and
WHEREAS, the sum of Three Hundred Fifty Thousand Dollars
($350,000.00) now to be raised is not in excess of the revenue to
be raised for the year 1937;
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 year 1937, until the
payment of taxes for the year 1937, shall borrow the sum of Three Hun-
dred Fifty Thousand Dollars (050,000.00) and for that purpose, as
evidence of such indebtedness, shall issue eight (a) notes, numbered
from one (1) to eight (8), both inclusive, notes numbered from one (1)
to six (6), both inclusive, of the denomination of Fifty Thousand Dol-
lars ($50,000.00) each, and notes numbered seven (7) and eight (8) of
the denomination of Twenty-five Thousand Dollars ($25,000.00) each.
Said notes shall bear date of September 15, 1937, and shall be due and
payable January 15, 1938, bearing interest at the rate of one and one-
fourth (l-%) per cent per annum, payable at maturity, both principal
and interest payable either at Walker Bank & Trust Company of Salt
Lake City, Utah, or First National Bank of Salt Lake City, Utah. Said
notes shall be designated "Salt Lake City Tax Anticipation Notes, Series
61 .�t
of September 15, 1937". Said notes shall be signed by the Mayor and
attested by the City Recorder under the seal of the City and shall be
registered in a book kept by the City Auditor for that purpose and the
City Auditor shall endorse on each of said notes the certificate required
by law. Said notes shall be substantially in the following form, to-wit:
UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE CITY
TAX ANTICIPATION NOTE
SERIES OF SEPTEMBER 15, 1937.
N o.
KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City, in the
County of Salt Lake and State of Utah, hereby acknowledges itself
to be indebted and for value received hereby promises to pay to
the bearer hereof the sum of
(+ )
lawful money of the United States on the fifteenth day of January,
1958, at either Walker Bank &Trust Company or First National Bank,
both of Salt Lake City, Utah, with interest thereon at the rate of
one and one-fourth per cent (1$) per annum from date until paid,
payable at maturity.
This note is one of a series of eight (8) notes of like date,
numbered from one (1) to eight (8), both inclusive, notes numbered one
(1) to six (6), both inclusive, of the denomination of Fifty Thousand
Dollars ($50,000.00) each, and notes numbered seven (7) and eight
(8), of the denomination of Twenty-five Thousand Dollars (;25,000.00)
each, and known as "Salt Lake City Tax Anticipation Notes, Series of
September 15, 1937", for the aggregate amount of Three Hundred Fifty
Thousand Dollars($350,000.00), issued pursuant to Section 15-8-6,
Revised Statutes of Utah, 1933.
The Board of Commissioners shall levy in the year 1937 a suffi-
cient tax to pay the principal and interest on this (tote as the same
shall fell due, and this note is issued in anticipation of the payment of
such taxes for the year 1937.
It is hereby certified, recited and declared that the entire in-
debtedness of said City hereby incurred ie not in excess of the taxes
of said City levied or to he levied for the current year 1937, and
that said indebtedness was and is contracted for the purpose for which
said taxes are levied.
It is further certified, recited and declared that all conditions,
acts and things essential to the validity of this note exist, have
happened and have been done, and that every requirement of law affect-
ing the issue hereof had been duly complied with, and that this note 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 note according to its terms.
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IN WITNESS WHEREOF, Salt Lake City has caused this note
to be signed by its Mayor, its corporate seal to be hereunto
affixed, and attested by its City Recorder, as of the
day of September, 1937.
Maybr '
ATTEST:
City Recorder T`
(SEAL)
There shall be endorsed on each of said notes the following
City Auditor's certificate:
City Auditor's Certificate
"I HEREBY CERTIFY that this note is within the lawful
debt limit of Salt Lake City, Utah, and is issued ac-
cording to law.
City Auditor "
Section 2. All covenants, statements, representations and
agreements contained in said notes are hereby adopted as covenants, state-
ments, 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 notes and the City Recorder is here-
by authorized and directed to attest and affix the seal of Salt Lake City
to each of said notes and the City Auditor is authorized and directed to
place upon said notes the certificate in the manner and form set forth
above and the acts of 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 Commissioners shall levy in the year
1937 a sufficient tax to pay principal and interest on said notes as the
same shall fall due and for the payment of said notes and the interest there-
on, the full faith, credit and taxing power of Salt Lake City are hereby
irrevocably pledged and the Board of Commissioners hereby covenants with the
holders of said notes that it will levy in the year 1937 sufficient taxes to
provide for the payment of the principal and interest of said notes.
3
Section 5. That Walker Bank &Trust Company and First
National Bank, both of Salt Lake City, Utah, have offered to purchase
said notes at a price satisfactory to this Board of Commissioners, which
offer is the highest, best an most advantageous received for the purchase
of said notes; that said offer is and the same is hereby accepted, and
the City Treasurer is hereby authorized and instructed to deliver said
Three Hundred Fifty Thousand Dollars ($350,000.00) notes to the,-purchasers
.aM
thereof as and when said notes shell be and are le?�{�Yly issued a{3d delivered
upon receipt of the purchase price therefor.
Section 6. That an emergency is hereby d Clard and,{,nthe
opinion of the Board of Commissioners, because Of tale necessity-.,£n funds
to meet the current expcnses of said City, it is nedessary for tt e-imme-
diate preservation of peace, health and safety of Salt Lake City'-and its
inhabitants that this ordinance shall take effect at once.
Section 7. This ordinance shall take effect immediately upon
its first publication.
P sed by the Board of Commissioners of Salt Lake City, Utah
this l��Y/Lday of September, 1937. �( �� !%�
Mayor
ATTEST: r
City Recorder
(SEAL)
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Affidavit of Publication
STATE OF UTAH,'
County of Salt Lake J?
AN ORDINANCLE
AP ORDINANCE PROVIDING FOR
:THE ISSUANCE AND SALE OF THREE
RS
($110000.0)FTAX AN'ICIIPATIONON DOTES Leo H.Young
OF SALT LAKE CITY, SAI:C LAKE
COUNTY,STATE OF UTAH,SERIES UF,
SEPTEMBER II,1937.
WHEREAS, there is an ism dial• and
Pressing neat 1 retain, i Innsa in. Being first duly sworn,deposes and says that he is the a vertis-
the amount f Three' undred Fifty
Thousand Dollars 4330,000.001 for the ��/r
.purpoee f'meeting the current enemas pap general
of Salt Lake clod for thenyear 1037, and itlg clerk of THE DESERET NEWS, a news er of
WHEREAS said sum
without,incurring any indebtedness,n e-
s OF the taxes of said City for the
circulation,published in Salt Lake City,Salt Lake County, in
`uWHEREAS,the m of Tiiree.Hundred
Fifty Thousand Dollars ($350,00.00) now
to bei rated is"not in ercesa of the revenue
to be raised for the year 1937;
NOW,THEREFORE,RE IT ORDAINED'' the State of Utah.
THE BOARD OP COMMISSIONERS
00
OF SALP LAKE CITY, UTAH:
Section 1. That said Salt Lake City.
Utah,for the purpose or meeting current That the advertisement ordinanc.e.._Bill.No._.2..
expenses ot said City fur the•year 1937,
until the payment of taxes for the year
1937,shall borrow the eom,01 Three Hue
deed Fifty Thousand Dollars•(3350,000.001 pertaining to issuance...of $350,QQ9..Tax
and for that purpoee,a.evidence of much
indebtedness, shall'issue eight O. notes,
membered front eight`
fvnot,numbered f (ID,
both( Anticipation Notes_(Salt. Lake_City_Corporation)
tosix (6);—both i leive, f he dentine• '
inationt Lhmr
000.00) each, and notes membered (SW;
.(f) eight (8) of the denominalro v
Tweentyive Thousand Dollars ($23,-
003.00) each. Seld-notes ahall bear dote
of Septembdr 13, 1937, and hall be due
d payable Janvarvo it, 193$, bearing r
iseeeq y the rate-f nag cud ayablern was published in said newspaper, in its issue dated, the
at rit Der h nt-per'nand l payable at
able either
bothe Walker
and leered'pay
bid'ether at Walker Bank k Trust First
Nei unei Salt of eso ityS,ni�A.acltyr First 17th day of September A.D.107
Said notes hall he!Deplane"Salt Lake
City ax Anticipation Note„ Seriesof
Septer7,ber 15, 1937." Said notes skeet n 1 time
and was published
fined by the Mayor and attested by the
City Recorder trader thou seal of the City
sad shall be registered to a book kept
by the City Auditor for that purpose and
the City Auditory shall.endorse on eath the last publication thereof being in the issue dated the
1 said notes the certificate required by
law. Said notes shall be nisstantially in
the following corm, to.wli: A.D. 19
UNITED STATES OF AMERICA day of
STATE OF UTAH
' SALT LAKE CITY
TAX ANTICIPATION NOTE
SERIES OF SEPTEMBER 15, 1937, ....-. ....1...-
Na. 3`
KNOW ALL MEN BY THESE PRESS dvet tLSLng Clerk.T TOTS:That Salt Lake City, the Conn•
tv. f Salt'Lake and State of Utah,hereby
cknowledes itself try be indebted and
for lug received hereby promises to Pa!
to the bearer hereof the.sum of
lawful money ol3the.United states on the day of
fl ekethl3day o:tanne1yTrust ,i 13,3B, at either'fore me this 20tla l
National Bank, both I Solt Lake City, !t
Utah,weft Intenut'thereon at the rote A D.I>--a�.7-.
of o and one-fourth per ee t Ihh'A)
per annum from data unto]paid,payable
al maturit8.
This note Se one of a se es of eight In9^
tee f like date, membered
eel from —
o1) to Mont lel, both t),ive, Well t� y� ,��
bared (1, to 0 (61, both �tly--X_S�'�„�/-
lueive, I the�denomivatlon cot Fllry ems' �"�
;elusive,
Dollars 050.000.00) each, d Nota 'Public.
iotes numbered seven (71 and eight (Si.
of the denomination of Twenty-five five known
Thous-
and Dollars 025,000.001 each, and
"Salt Lake CH"Tax Anti Moat,on No leer
Saeries p1 September 15,1937."for the. k-
red Fifty
ThousandmDollaref•11$350,300.00). •isued
pursuant
to•Section 15-6•6, Revised Stat.
ate
l
-The Board di Commissioner.shall levy
in the year 1937 a.aefflelent lax to pay
the principal and Interest on thin n
the sameshall fall duo, and this note is
.e ' 'anticipation of-tic parmbnt of
issued'
taxes for they r 1931.
g It is hereby certified, recited•and de.
Glared that the entire indebtedness at said
City hereby incurred is not in excess of
Lire taxes of said City levied or to be lee.
fed for the current year 1937, and that
said Indebtedness a contracted
acted
for the purpose foe wltaeba said taxes are
levied.
It Is'farther certified`recited and i de-
clared that 11 conditions, is and thins•
essential to the validity e1 this no g
I have happened and have been done,
thathe lasueryhereof rbmadevbbeef dolly.y complied
n enerl
debti, d
and that this note mania within.Cory
debt and other liLawst
p:sttd-bit by,and
that
tie null fai Laws-rf said- .and that
Ilia Earl faithe and credit-of said edit the
City are hereby nt of the pledgedit to the
Vueresal payment of the ngp I and
interest of this note 'rd{nF b It. •
terms.
1N dB s ante IOF, Salt Ld Icy
iae has caused Lae.note to be share by
affixed
te r-borate seal city
hereunto
by C ity r,103d•
CrreM �,•,�'df` +bar,193T.:
'he he..3.T Mayor f Salt
isLafg
hereby authorized and d directed le'
and'execute s d notes and the.yet! •
corder hereby dthoriaed and diceciek,
to midst and.;aitix the Be*of Salt-Lake
City to each of said Motes and'the City
•k ditne fs extho,'i..ed a df directed to place
er1a said'notes I he certificate'tar the m
road form set forth hove and the City
ont said Mayor, City'Recorder, a City
Auditor o doing e k and hall be ins
de
ate-and mad of Salt Lake City.
..Choi 4.That the Board-of Commission.
ha}'levy in the year 1933 a cuf Silent
lax to.pay principal and ale a said
notes the
,t same
of saidall notes
due
and the for
the Payment n.
tereae thereon, the full ialth, credit aria
taxlni Dower of Salt Lake.City are here.
by irrevocably of
Contmisal000va,phereeby -ed covenantsd the Board
the holders of said not.that it will levy
a the year 1937 sufficient tax to ro-
a, es de for then payment of the principal and
Merest o1•saM notes.
Section 5. That Walker Bank 6 Trust
Company and First Natimial Bank,both ii
Salt'Lake City, Utah, have offered to
purchase said notes•
Commissioners,price satisfactory
to,his Board fssewhich
Offerthe dla`h t, best an et .
ye/maker,. d inr the purchase of
said u lee;-that saidotter andto the lame
'g hereby accepted,and theCity Treasurer
le'hereby authorized-and.instructed to,.
Der'said.'niece Hundred Fifty Thousand
Dollars($350,000.00)notes to the porcha..
sex thereof'as and When said notes shalt
be and are legally issued and delivered
forod receipt•of the purchase price there-
'Beeline e.That-anemergency Is.here',
declared and,in the opinion f the Board
of C is-Deer ben
b'ty,for funde tosM et the commao ;he en
es of said City,it isnecessary tor�its
immediate-,preeervati eace, aien
nd-aiaty.ot Balt Lake City and
habitant.'that this ordinance shall its
atate
Client at
6eetion 7.This ordinance shall take ef-
fe t Immediately upon Its first publication,
Passed•by,the a Board of Commtesiotieoe
1 Sail Lake.City; Utah this 15th nay
of September,1037.
E, B.ERWIN,
ATTEST: - Mayor,
ETHEL d4ACDONALD, '
City Recorder.
(SEAL)
BILL NO.95.
Published Beytahther 17th,1937.
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