HomeMy WebLinkAbout27 of 1934 - Providing for the issuance and sale of Two Hundred Twenty Five Thousand Dollars Tax Anticipation Bon Rec. 103
ROLL CALL
VOTING AYE NAY Salt Lake City, Utah, October 4th 193 4
Coggin V I move that the ordinance be passed. subject to the approval
of the„Gity., Attorney.
Keyser
Knight
Lee
Mr.Chairman - -
Result
AN ORDINANCE
AN ORDINANCE YROVIDINU FOR Tax iSSUAdUE AND SALE OF TaO HUNDHLD TIeNTY
FIVE 'THOUSAND (U225,000.00) DOLLARS TAX AnTIcIFA'T'I0N BONDS OF SALT LACE
CITI, U'TAH, SERIES OF OCTOONR b, 1934.
WHEREAS, there is an immediate and pressing need for the raising
of funds in the amount of Two Hundred Twenty-five Thousand ($225,000.00)
Dollars for the purpose of meeting the current expenses of Salt Lake City
for the remainder of the year 1954 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 8-100 ($1,930,711.08) Dollars, and the total revenue
from all sources will aggregate Three Million One Hundred Eighty-five
Thousand Seven Hundred Seventy-one and 8-100 ($5,185,771.08) Dollars,
and
WHEREAS, the City has heretofore borrowed the sum of One Million
Five Hundred Fifty Thousand (d$1,550,000.00) Dollars for the purpose of
meeting the current expenses of the City for the year 1954, and the sum
of Two Hundred Twenty-five Thousand ($225,000.00) Dollars required now
to be raised togotner with the sum heretofore borrowed is not in excess
of the revenue to be raised for the year 1954.
NOW, THPR FORE, 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
Two Hundred Twenty-five Thousand ($225,000.00) Dollars and for that
purpose as evidence of such indebtedness shall issue twenty-three (23)
bonds, numbered from one (1) to twenty-three (23), both inclusive,
• 27 - .; .
bond numbers one (1) to twenty-two (22), both inclusive, in the
denomination of Ten Thousand 410,000.00) Dollars each and bond number
twenty-three (23) in the denomination of Five Thousand ($5,000.00)
Dollars. Said bonds shall bear date of October 5, 1934, and shall be
due and payable December 5, 1934, bearing interest at the rate of
one per cent (lp) per annum, payable at maturity, both principal and
interest being payable at the First Security Trust Company in Salt
Lame City, Utah. Said bonds snail be designated "Salt Lake City Tax
Anticipation Bonds, Series of October 5, 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 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 shall be substantially
in the following form, to-wit:
UNITED STATES OF AMERICA
SPATS OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY 'TAt Ari'f1CIYATION .BOND
SERIES OF OCTOi3F;R 5, 1964
No.
ICNOs ALL MEN by 'i't EaSS kkEobb'1'S: 'Mat Salt Lake City, in the
County of Salt Lake, in the State of Utau, hereby acknowledges itself
to be indebted and for value received hereby promises to pay to the
bearer hereof the sum of of America Dollars
(i„s ) in lawful money of the United States on the fifth day of
December ,A. D. 1964, at the First Security 'Trust Company in Salt Lake
City, Utah, with interest thereon at the rate of one per cent (1JI) per
annum from date until paid, payable at maturity.
Tnis pond is one of a series of twenty-three (23) bonds of
like tenor and effect, numbered from one (1) to twenty-three (23), both
inclusive, bonds numbers one (1) to twenty-two (22), eotn inclusive, in
the denomination of Ten Thousand (±10,000.00) Dollars aeon and bond
number twenty-three (25) in the denomination of Five Thousand (45,000.0'J)
Dollars, and known as "Salt Lake City Tax Anticipation Bonds, Series of
October 5, 1954," for the aggregate sum of Two hunared Twenty-five Thousand
(4225,000.00) Dollars, issued pursuant to Section 15-8-6, Revised Statutes
of Utah, 1953.
City
Tne City of Salt Lam has levied in the year 1934 a sufficient
tax to pay the principal and interest on this bond as tno same snail fall
due, and this bond is issued in anticipation of such taxes for the year
1934.
It is nereby certified, recited and declared that the entire
indebtedness of said City hereby incurred is not in excess of the taxes
of said City levied for the current year 1954, 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 e:1st, have
nappened aria nave been done, and that every requirement of law affecting
the issue thereof nee 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 Lane City
are hereby irrevocably pledged to the punctual payment of the nrinci_oel
and interest of this bond according to its terms.
IN ,1.'I'i2,S6 wieiakuF, Salt Laxe 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 fifth day of October, A. D. 1934.
Mayor
A'TT TEST:
City Recorder--
(SEAL)
ra
There snail be endorsed on each of said bonds the following
City Auditor's certificate:
City Auditor's Certificate
"I. hereby certify th,t this bond is within the lawful
debt limit of Salt Lake City, Utan, 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 Leke 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 end 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 has levied in
the year 1954 a sufficient tax to pay principal and interest on said
bonds as the same snall fail due and for the payment of said bonds the
full faitn, 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 that it has levied in the year 1934
sufficient taxes to provide for the payment of the rrinci_pal and interest
of said bonds.
Section 5. The First Security' Trust Company and Walker Bank &
Trust Company of Salt Lake City, Utah, have offered to purchase said bonds
at a price satisfactory to this Board of City Commissioners, which offer
7
77
is the highest, best and most advantageous received for the purchase of
said bonds and which offer is in words and figures as follows:
"October 4, 1934
Honorable Board of City Commissioners,
Salt Lake City, Utah.
Gentlemen:
For4225,000.00 General Obligation Salt Lake City Tax
Anticipation Bonds, dated October 5, 1954, in convenient
denominations, bearing interest at the rate of one per
cent (li) 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 & Hoffman of New York City.
Respectfully suomitted,
FIRST SICURI'TY TRUST COMkAyY
aALKR Blavn & 'PRUS'1' GOM ANY
by L. P. VanVoornis "
erection 6. That the above offer be and the same is hereby
accepted and the City Treasurer is hereby authorized and instructed
to deliver said Two Hundred Twenty-five T'nousand ($225,000.00) Dollars
bonds being bonds numbered from one (1) two twenty-three (25), both
inclusive, bonds numbers one (1) to twenty-two (22), both inclusive,
in the denomination of Ten Thousand W0,000.00) Dollars each and bond
number twenty-three (23) in the denomination of Five Thousand ( b,000.00)
Dollars, to the purchaser thereof as and when said bonds shall be and
are legally issued and delivered upon receipt of the purchase price
therefor.
Section 7. That en emergency is nereby declared and in the
opinion of the Board of Commissioners because of the necessity for funds
to meet the current expenses of said City it is necessary to the peace,
health and safety of the inhabitants of halt Lake City that this ordinance
shall take effect at once.
tt)
Sec, S. This ordinance shall take effect upon its first publication.
Passed by the Board of Commissioners of Salt Lake City, Utah,
this 4th day of October, A. D. 1954.
Mayor
Attes
City Recorder
(SEAL)
' 9
-i
•
• ,
The adoption of the foregoing ordinance was seconded by
Commissioner Lee and the sane on being put to a vote
was unanimously carried by the affirmative. vote of all Commissioners
present, the vote being as follows:
/,-,,,,r
'A-1 kV '
Louis Iv1arcu8, Mayot— 001 isi4er "Aye"
P. H. Goggin, Commilpsioner A tiNge!,:;-„,21('`,2 IA
.:-...„
.. ,.,
; 0 l UeOrge D. Jieyser, ow$Lon j
John 10. Knight, Comllibmtoner "g; _n \
iiA,
.‹. ,,,,:
v f V. •IT 1.: ,e,i\„,,,.t , ".,.
If naroid B. Lee, CommI,s4ohgT ...,..,:-.
- 2t- '-?."i:i
?.;,, ,-
A
City Recorder
(SEAL)
Bill No. 27.
ti ,7;
„.
10 hobrioo ., a POP .,):)11..:'[.[1.[ Ito[ '3C..[07,010-1 Nij 'AD no ,: g,':,, ,fil
o,tov it °J. d[KT mind no fM ,,P, Olid nor S ea _ ..i.e.cioi,:,aii,r,uu
Tegoinjmo0 lir, to o,lc,I, v.i.iwliTM oliJ ,--., c,-..1,-M0 -0.:WOMirlWil no:
,,,, 0.1101 an -,ria,c1 9,tuv cot
U.,
'101 '[' -Liia,,o',) - ,L
ao I 10[4.ifril0 t[,r r:).0%,[J I::[['o,1
,D.t,,tui.., .0 .'i
> 6
"o-8,” tPitc,z;14.4,frro,!, .1.9:;,,,,,.,. .,. .-: •.,,c,...,. 0
....k. -7,-. 0isdruou ,Ji;-...in'.. .1, r;,,L.J.
,:t
PT 21
o im CO 14,,alrl' Z'',i
..Q...sz .'s• -:‘ 21
• ,-,4 ,1.E .,,;;.., , m ,,m-...,.......,.._45,.......—
I t 44.
•:'
li4t-11,1A a'N':L' ...:,.4.M.,
'.!--).1.M0:,n t' ,t i
•V a oliT 1118
Affidavit -of Publication
STATE OF UTAH,
County of Salt Lake j
Leo H. Young
AN ORDINANCE
AN ORDINANCE PROVIDING FOR
Ting ISSUANCE AND SALE OF TWO
HUNDRED TWENTY pHrE THOUSAND Being first duly sworn,deposes and says.that he is the advertis-
($225,000.00) DOLLARS TAX ANTICI-
'PATTON BONDS OF SALT LAKE CITY,
UTAH,SERIES OF OCTOBER.5, 1034.
e WHEREAS. there la an immediat ing clerk of THE DESERET NEWS,a newspaper published in
and pressing need for the Mistily of
funds in the amount of Two Hundred
Twenty-five Thoueand(3326,000,09)
laps for the purpose of meeting the our- Salt Lake City,Salt Lake County,in the State of Utah.
rent expenses of Salt Lake City for the,
remainder of the year 1934 until the;
payment of the taxes for the year IDE,'
and ' That the advertisement.,._8...1.,...C._..arlinane_e...1311.1
WHEREAS, the tax revenuee Salt
Lake City for the Year Mt will agars.
9mte Ono Million Nine,Hundred'Thirty
Thomiand Seven Hundred Seventy-ons Mo.-27. Sale_of_Tax_Anticipation-Bonds-
and 8400 (31,930,371.03) Dollars,and
the total revenue from ad eources will
as-art:gate Tkrce Million One Hundred
Eighty-five Thousand Seven Hundred Series of Ootober 5th. 1934
Seventy-ono and 8•100 (33,185,711.03)
•Dollars. and
WHEREAS, the Oily has heretofore
borrowed the sum of Ono Million Five
Hundred Fifty'Thousand.M.600,000.00/
Dollars for the,11110000 of ineetIng LDS
'current .penses of rhe, City for the
year 1934. and the sum.of Two Hun- was published in said newspaper, in its issue dated, the
dred Twenty-five Thousand(3334,000.09)
Dollars requited•now to be raised to-
..g9ther with the intiri-liewedefeee orrow-
ed is net,La eXPAls Of 111 b
A Itviinna ttc" 4 th day of act.o.ber A.D.19..z4_
raised for the year 193A
. NOW.Plampiront,Sit rrttDAIN.
nn)by the Beard'of'Otrinmiseloners of
Salt•Lake City,Utah;' and was published one time
ki,ction That'BEd.Salt'Lake'City,
Utah, for the purpose of Meeting Unr-
rent expenses of.ia City for t rc-
mainder ot the year 1334 untEthe,
the Par- the last publication thereof being in the issue dated the
mcn of team)for the year 1934, shall
bowow the sum of Two Hundred Twen-
ty-five Thousand (3295,0,00.00) Dollars
and.for that purpose as eVidenoe of suck day of A.D. 19......_.
lindebtednese shall ' twenty-three
,<23) bonds,numbered from 0110 (i) to
'twenty-three(23),'both inclusive, bond
:numbers one (1) to twenty-two (22).
;both inclusive, in the denomination of
iTen Thousand 00,000.00)Dollar.each
and bond number twentY-three (21) in ertising Cler
the denomination of lvive Thousand
($5,005.00) Dollen, Said bonds shall
bear date of October 5,1934,and shall
'he due and payable December 5 1934,
bearing interest.at the rate of one per
emit (1%)Per koeom, payable At tartly,both both principal and interest being
,payable at the First Security Trust Com-
pany in Salt Lake City,Utali.Said bonds
shall be designated "Bali Lake City • 5th day of
'Tax Anticipation Bonds,Series of Octo-
before me this
daer 3, 1834." said bonds shallb b•
lfned.byotrkte,Mtynearerand attestedy
le ty the said at the
Oity and shad be registered in a book A. D.
kept by the City Auditor for that pur-
pose and the City Auditor shall endorse
on each of eaid bonds the certificate
,required by law. Said bonds shall be
:substantially in the following form,to. /7 / 4
•Wit:
I UNITED'STATEld ARERIOA 1(:1
TATE OF UTAH
COUNTY OF SALT LAXE Notefry fru'hlie.
:SALT LAKE CITY'TAX ANTICIPATION
:BOND SERIES OF alms= 5. 1934
KNOW ALL MEN NW THESE POPS.
ENTA: That salt Lswe city, On the
County of Salt Lake, in the-Stale,of
Utah,hereby se:know:Ogee itself to be
Indebted and for value received Hereby
reoinleea to pay to the•bearer hereof
' the sum of Dollars
1$ )in lawful money of the tleilted
States of America, on the fifth day,of
December,A.X,.1934,at the First use"
curtly Trust Company in Salt Lake
City,Utah,with interest thereon at the
rate of One per Seat (1 per cent)',Per
annum from date until paid,paYabill.at
me turete
Thie7nond la one of a aeries of twenty-
three (23) bonds of like tenor and"'ef-
fect,numbered from ono(1)to twenty.
throe (23) both Incluelve. bonds -
ber'e 0118 (1) to twenty-two (da)',,both
Inaloelv0, in the denomination.of Ten
Thousand (810,000.00) Dollars each and
bond number twenty-three (23) in"the
denomination of Five .Thousand
(86,900.00)Doflate,and known be"Salt
er-
lee otCOct October 5,nti 1939.." for Bthe ag8gre-
gate sum of Two Hundred TwentY'flve
Thousand (8236,000.00) Dollars, Matted
pursuant to Section 16-S'S.Revised.Stat-
utes ot Utah,1938. - -
The City of Salt Lake City bee le,led
in the year 1934 eutflclent tan to'e)ay
the principal and interest on dh0 blind
s the same.shall fall due,•and thislidnd
l8 Issued In anticipation of ouch t43:ee
for the year 1934.
It Is hereby.certified,recited and de-
eared that the'entire Indebteeanee of•
laid
s of thed is not taxes of saidCity levied f x.
cen for•
the edrrent year 1934,and that said..in-
debtedneee was and le contracted.:for
the purpose for which Said taxes;are
levied.
It Is hereby certified,recited-and.de-
tlared that all conditions, acts and
hings c esntjal to the,validity of this
bond exist, have happened and have
of law done, and
every
requirement
t eteot a s
been duly oomplled'with,and that this
limit p 'within and other reecribed by the Conatttutlon and
Laws of gala State, and that the Mull
faith and credit of said..it Lake Otto'
aro hereby irrevocably Pledged to the
Punctual ayment of the principal and
1Mereat of this bond according to its
taring.
1N WITNESS WHEREOF, Salt Lake
City has caused this bond to be signed
by Its Mayor, its corpOrate*sal to be
hereunto affixed and attested by the
City Recorder as Of this fifth day,Of Oc-
tober.A.D.,1934.
ATTEST, May..
' City Recorder:
(SEAL)
There shall he endorsed on each of
said bonds the following City Auditor'■
certificate:
City Auditor's Certificate '
"I.hereby certify that this bond
Is within the lawful debt droll of
Salt Iake City.Utah,and Is issued
according to law.
City Auditor''
Section 2. All th0 covenants, state.
ante, representations da agr0emento
contained In raid bonds hereby
domed as covenants,statements,repre-
sentationa. agreernente and promisee of
ball
acr101un I.City,
o It,the Utah:
of Salt Lake
City la hereby authorized and directed
to sign and as cure said bonde and the
City Recorder Is hereby authpr-
leed and directed to attest and
atflx the seal of Salt Lake
City t0 Bach of said bonds and the City
AilditO1 13 authorized and directed to
place upon said bonds the certificate in
the mann
r and for see forth above and the acts of
the said Mayor, City Recorder, and
City Andlter in so doing aro and shall
be the act end deed of Salt Lake City.
S'eetion 4. That the Board of City
Commissioners has levied in the year
1934 a sufficient tax to pay ➢rincipal
and interest on paid bends as the-e
shell tall due and for the-payment of
said bonds the lull faith, credit and.
taxing Power of Salt Lake City are
hereby ra occbly pledged and the
Board of City commissioners, hereby
covenants with the holders of said bonds
that it hoe levied 1n the year 1334 suf-
ficient taxes to provide for The payment
of the principal and interest of said
bonds .
Seefion 6. The First Security Trust
Company and Wall000 Bank &Trust
Company of Salt Lake City,Utah,have
offered to purch sold bonds at
Crice
a n yy asto e this chard offer ConieslInert, which
is the highest, beat and Inlet advan-
tageous received for the purchase of
said bonds and which offer Is In words
and figures as foliows:
"October 4,1834.
-Honorable Hoard of City Commiselonera,
Salt Lake City,Utah,
Gentlemen:
igation
Sa,o lake City O Tax Ant clPatlonal Bonds.
dated October 5,1934,In...tent de•
r atIOne,bearing Interest at the rate
r
of ono per cent(1 pct.)per annual,
will Pay you- par and aerated interest;
bonds to be delivered to us
a es legally'possible accompanied by the
approving legal spin ion of Thomson,
Wood&Hoffman of New York City.
Respectfully submitted.
FIRST Sh.CURITY TRUST COMPANY,
W'AALKRR KOorhis.'
BANK
10 UST'COPANY,
Section 6. That the above offer be
and the ea Me 19 hereby-accepted and the
City Treasurer is hereby authorized and
instructed to deliver said Two Hundred
''rn'cnty.flvo Thousand(1005,l00.09)Dol-
lars bonds being bonds numbered from
ono'(I) to twenty-three (23). both in-
elusive,bonds number.=one Ill to twee.
ty-two (nil, both inclusive, In the de.
r ination of Ten-Thvneand(810,000.0en
Dollars each and bond number twenty-
throe (23) lit the denomination of Wive
Tboheand(86,000.00)Dollars,to the par-
chasm'thereof se and when sold bonds
shall be.and are legally luu y
a ad and de-
livered upon receipt f the purchase
Price therefor.
Sectiem t -That as emergency in here-
by declared and.1n the pinion. f,,,,j,,j,,((he
Board,of COmmleafonern:because-o( he
necessity f n
or funds t et the cur t
expenses e said City it.. cassar to
the peace,health and safety of Mallln-
habitants of Salt Lake City thatfklier-
dlnance shall take effect.at'ance."
Section S. This ordinance shall take
effect mom o
its first.publication
Passed by the Boar f Com00mis1e
elonere
f Salt Lake City Utah,thin 4th day of
October, A. D. 1934.
LOL•IS MARCUS,Mayor.
Attest,
Ethel Macdonald, City Record..
(Seal)
Sill No. IT. "'
RubROhed MaDoteber, a LBg •M, I afar
.
I
,
1
• i .
ro _ _
--7i
--=: 4
N
0
, —
c" -.s.--' -
•0fra
e'"I". , ,.
• 0 ,
''-‘ ,*Pe t.'s
I --=. _''."
,i- s'\ 1
. . T ,i7 t , .1... .
1,--1- '
. . Cr
l •'''''-- , I
,,.. A
z
-4
,,,-.:_.. ,)_\\_
oi• ,k,,;,-c,- ,__
‘..tb b.;‘, 0 -, - k---
: 0 . ,
- ('
,
:
•
,
•
1
.
i
•