HomeMy WebLinkAbout27 of 1936 - Providing for the issuance and sale of $650,000 Tax Anticipation Bonds of Salt Lake City, Salt Lake Rec.103
ROLL CALL /
VOTING AYE NAY Salt Lake City,Utah, 193..6
Goggm V I move that the ordinance be passed.
Keyser VYI Murdoch
Ilsue --
Lee
Mr.Chairman - _ _L
Result
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The Board of Commissioners of Salt Lae, City, Utah,
met in regular session on Tuesday , the 30th day of
June, 1936, at the hour of 10 otclock A . M., due, regular
and timely notice of said meeting having been given to all mem-
bers as required by law and the rules of said City.
Upon roll call the following memberswere present:
E. B. ERWIN , -:rayon, presiding
P. H. GOGGIN , Commissioner
GEO. D. KEYSER , Commissioner
HAROLD B. LEE , Commissioner
W. MURDOCH , Commissioner
Also present Ethel MacDonald, City Recorder
Commissioner Murdoch moved the adoption
of the following ordinance:
.27
iw d
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF SIX HUNDRED
FIFTY THOUSAND DOLLARS (i650,000.00) TAX ANTICIPATION BONDS OF
SALT LAKTI CITY, SALT LAKE COUNTY, STATE OF UTAH, S' R.IFS OF JULY
1, 1936
WHEREAS, there is an immediate and pressing need for
the raising of funds in the amount of Six Hundred Fifty Thousand
Dollars U650,000.00) for the purpose of meeting the current ex-
nenses of Salt Lake City for the year 1936, and
THFREA5, said sue can be borrowed without incurring
any indebtedness in excess of the taxes of said City for the current
year, and
Oh`HFRCAS, the sum of Dix Hundred Fifty Thousand Do.l-
mars ($650,000.00) now to be raised is not in excess of the re-
venue to be raised for the year 1936;
NOW, T1 FREFOUT:, BE IT ORDAINED BY TOO BOARD OF CO4-
I,SIGNERS OF SILT LAKE CITY, UTAH:
Section 1. That said Salt Lake City, Utah, for the
purpose of meeting current exoenses of said City for the year
1936, until the payment of taxes for the year 1936, shall borrow e
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the sum of Six Hundred Fifty Thousand Dollars ( 650,000.00) and
}d' for that purpose, as evidence of such indebtedness, shall issue
sixteen (16) bonds, numbered from one (1) to sixteen (16), both
inclusive, bonds numbered from one (1) to ten (10), both inclusive,
of the denomination of Fifty Thousand Dollars (i.50,000.00) each,
and bonds numbered. eleven (11) to sixteen (16), both inclusive,
of the denomination of Twenty-five Thousand Dollars U25,0:)0.00)
each. Said bonds shall bear date of July 1, 1936, and shall be
due and payable January .'1, 1937, bearing interest at the rate of
one and one-fourth (1 ) per cent per annum, payable at maturity,
both principal and interest payable either at iialker Bank & Trust
Company of Salt Lake City, Utah, or First National Bank of Salt
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Lake City, Utah. Said bonds shall be designated "bait Lake City
Tax Anticipation bonds, Series of July 1, 193611. Said bonds shall
be signed by the D.ayor and attested by the City Recorder under •
' the seal of the City and shall be registred in a book kept by
the City Auditor for that purpose and the City Auditor shall en-
dorse on each of said bonds the certificate required by law.
Said bonds shall be substantially in the following form, to-wit:
UNITED STATES OF AYERICA
STATE OF UTAH
SALT. LAKE CITY
TAX ANTICIPATION BOND
SERIES OF JULY 1, 1936.
No.
KNOW ALL MEN BY THES-: PRESENTS: That Salt Lake City,
in the County of bait Lake and State of Utah, hereby ack-
nowledges itself to be indebted and for value received here-
by promises to pay to the bearer hereof the sum of
(S )
lawful money of the United States on the 31st day of January,
1937, 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*5) per annum from ,
date until paid, payable at maturity.
This bond is one of a series of sixteen (16) bonds
of like date, numbered from one (1) to sixteen (16), both
inclusive, bonds numbered one (1) to ten (10), both in-
clusive, of the denomination of Fifty Thousand Dollars
N50,000.00) each, and bonds numbered eleven (11) to six-
teen (16), both inclusive, of the denomination of Twenty-
five Thousand Dollars ( 25,000.00) each, and known as
"Salt Lake City Tax Anticipation Bonds, Series of July 1,
1936", for the aggregate sum of Six Hundred Fifty Thousand
Dollars (4650,000.00), issued pursuant to Section 15-8-6,
Revised Statutes of Utah, 1933.
The Board of Commissioners shall levy in the year
1936 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 the payment of such taxes for
the year 1936.
' E
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 1936, 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 bond exist, have happened and have been done, and that
every requirement of law affecting the issue hereof 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
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 its City Recorder, as of the 1st
day of July, 1936.
mayor
ATTEST:
•
City Recorder (SEAL)
There shall be endorsed on each of said bonds the fol-
lowing 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, representa-
tions and agreements contained in said bonds are hereby adopted
as covenants, statements, representations, agreements and pro-
mises of Salt Lake City, Utah.
1
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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 of
fix 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 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 1936 a sufficient tax to pay principal and interest
on said bonds as the same shall fall due and for the payment of
said bonds and the interest thereon,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 bonds that it will levy in the year 1936 sufficient taxeq
to provide for the payment of the principal and interest of
said bonds.
Section 5. That Talker Bank & Trust Company and First
National Bank, both of Salt Lake City, Utah, have offered to
purchase said bonds at a price satisfactory to this Board of Com-
missioners, which offer is the highest, best and most advantageous
received for the purchase of said bonds; that said offer is and
the same is hereby accepted, and the City Treasurer is hereby
authorized and instructed to deliver said Six Hundred Fifty
Thousand Dollars ($';650,000) bonds to the nurchasersthereof as
and when said bonds shall be and are legally issued and delivered
upon receipt of the purchase price therefor.
Section 6. That an emergency is hereby declared and,
in the opinion of the Board of Commissioners, because of the
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necessity for funds to meet the current expenses of said City, it
,is necessary for the immediate 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 cublication.
Passed by the Board of Commissioners of Salt Lake City,
Utah, this 307t day of June, 1936.
Mayor
F.TTEST:
Ci y Recorder
Bill No. 2-7
•. I
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The adoption of the foregoing ordinance was seconded by
Commissioner Lee and the same, on being
Inut to a vote, was unanimously carried by the affirmtive vote of
all Commissioners present, the vote being as follows:
E. B. ERWIN ,Commissioner
P. H. GOGGIN ,Commissioner "Aye" I
GEO. D . KEYSER ,Cowissioner "Aye"
HAROLD B. LEE , Commissioner "Aye's
W. MURDOCH ,Commissioner "Aye"
Mayor'
ATTEST:
.efeTi,"(16,6r.;/104
ity
(SEAL)
Bill No. 27.
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g
STATE OF UTAH
SS
COUNTY OF SALT LAKE
I, Ethel Macdonald , the duly chosen, qualified
and acting City Recorder of Salt Lake City, Salt Lake County, State
of Utah, do hereby certify that the foregoing and attached pages
are a full, true and correct copy of the minutes of a regular
meeting of the board of Commissioners of bait Lake City, Utah;
duly and lawfully called and held':an Tuesday the 30th
day of June, 1936, at the hour of 10 olclock A . M.,
insofar as the same refer to or concern the issuance of Six
Hundred Fifty Thousand Dollars (4650,000.00) Salt Lake City, Utah
Tax Anticipation bonds, Series of July 1, 1936, as the same ap-
pear of record in my office; that I personally attended at said
meeting and that the foregoing proceedings were in fact held as
in said minutes specified.
IN WITNESS WHEREOF, I have hereunto set my hand and af-
i
fixed the corporate seal of said City this 30th day of June,
1936.
City Recor or
(SEAL)
it
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Proof of 31nbltration
' nitro Metro of Amerirn
STATE OF UTAH .ss.
COUNTY OF SALT LAKE
•AN ORDINANCE .year 1936, and that said Indebted- j
An ordinance providing teethe Is- ness was and Is contracted for the
euance and.sale of Six Hundred purpose for which said taxes are
Fifty Thousand Dollars 0850,000.00) levied. ��rr,r��t� p��xr� r�r,�
tax anticipation bonds of Salt Lake It is further certified,recited and ...T ATSOI
CRY, Salt-Lake County, State.of .deolared'that all conditions,acts and
Utah,serfs of July 1,1936. things essential to the validity of
- ',,,Wberaae,'flame is an immediate this bond exist,have happened and
,and pressing need for the raising of have been done,and that every re- ,depose and say that I am the Chief Clerk of
funds in the amount Of Six Hundred hereof et of law affecting the Issue
Fifty Thousand Dollars(6650,000.00) hereof has been duly'cowit led with,
for the purpose of meeting the cur- and that this bond Is within every
the year1936,and Salt,Lake City for thetcoo tiintionliana prescribed aid LEGRAM,a newspaper,published at Salt Lake
Whereas, Said sum can be bor- State,and that the full faith and
rowed without incurring any indebt- credit of said Salt Lake City are
sines in cur eofn the taxes,an of said herebypunctuali paycablyment pofethed i pt l
City for the current y f Sand aninte payment of the 000rding
Whereas,The sum o1 S($Hundred and interest of this bond'according
Fifty beraised
Thousand Dollars exces.0o) t0 Its itne.
now toe en raised is not in eforss of Iy hass caused this bond to be ORDINANCT year.1838; or signed by Its May , Its Ste
Now,:therefore,be ordained by astei seal to be hereunto affixed,and at- '
the Board of Commissiti oners of Salt tested,by its City Recorder,as of the
Lake City,Utah: '1st day of July,1936. •
t•
Section 1. That said Salt Lake _ILle__NO._..27
City,Utah,for the purpose of meet- Mayor.'
ing yearcUrrent expenses of said City for Attest: •
year the 1936,until the payment of `
taxes for the year 1036,shall borrow City Recorder, C ALT LAK3 CITY CORPORATION
the sum of Six Hundred Fifty Thou- (Seal) f!
sand Dollars•( 00.00), and for There shall be endorsed on each of
as
that purpose, evidence of such said bonds the following City Audi- .
indebtedness,shall ssue sixteen(16) tor's certificate: •
bonds: numbered from one (1) to City Auditor's Certificate
- sixteen (16), both inclusive, bonds -"I hereby certify that this bond 1s
numbered from one(1)to ten(10), -within the lawful debt limit of Salt
both inclusive,of the denomination Lake City, Utah, Is Issued'm-
I Fifty Thousand Dollars 050,000.00) cording to law. credo attached, was first published in said news-
sell, and bonds numbered eleven "City AuditoL"
(11}to sixteen(16),both inclusive,
of the denomination of Twenty-five Section 2, .All the covenants,
Thousand Dollars 025,000.00) each. statements, representations and
Said bonds shall bear date oI July 1, agreements contained in said bonds ted the 30th
1936,and shall be due and payable are,hereby adopted ascovenante,
January.31,1937,heeling Interest at statements, representations, agree- '
the rent of one and one-fourth meats- and promises of-Salt Lake
aper ble nty per per annum,pay- City,Utah. • -
able at maturity.,both principal and Section 3. The Mayor of Salt Lake �� ' 193d--'
interest payable either at Walker City is hereby authorised-and M-
Bank as Trust Company of Salt Lake rested to sign and execute said bonds.
City,Utah,or First National Bank of and the City Recorder is heraby3 Via-• in each daily issue of Said newspaper, on
Salt Lake e'City, Utah. Said bonds thorized and directed to att-
' ' 'Tied1jb designated"Salt Lake City -affix the seal of Salt Lake ,p.
T ,Anticipation Bonds,'Series of each 0f said bonds, and the 40 s3Oth a
J 1,1936." Said bonds shall be .Auditor is authorized and di W for
iid by,the Mayor and attested by to place upon said bonds form set
• Cityy,`:.SndRecorder under the seal of tlilcate in the manner and form set
the Clit pt by tall.be registered,to forth above and the acts of mid
book kept by the City Auditor for Mayor,City Recorder,and City Audio One insertions
'that purpose and,the City Auditor tor in so doing are and shall be the sand of
shall endorse onMob of said bonds .act and deed of Salt Lake City. '
the certificate reunited by law. Said Section 4. That the Board of Com-
bonds shall be substantially in the missioners shall levy in the year -,
following form,,to-wit: • 1936 a sufficient tax to Day princi- the last publication thereof
.
United States of America, Dal and interest n sakibonds as
'.State of Utah. the same shall fall dueand for the
Salt Lake City payment of said bonds and the In- 30th
Tax patlon Bond tereat thereon,the full faith,credit
SeriesNo— of July 1,a838. are hereby rrevocably Salt
pledged and y tied the day of
Know All Men.By'These Presents: the Board of Commissioners hereby
That Salt Lake City,in the County ,covenants with the holders of said
of Salt Lake and State of Utah. bonds that it will levy in the year ,A.D.193 6
hereby acknowledges itself to be in- 1936 sufficient taxes to provide for
debted'and for value received hereby the payment of the principal and
promises to pay to the bearer hereof Interest of said bonds,
the sum of - Section 5. That Walker Bank do
ES ) Tractt National
lawful money of the United States, -Bank,bothpan of Salt Lay and ke City,Utah. \
On the 31st day of January,1937,at have offered to purchase said bonds
either Walker Bank-8c Treat Com- at a price satisfactory to this Board
pant or-First National Bank, both of Commissioners,which offer is the
of Salt Lake City,Utah,with inter- highest,beet and most advantageous End f /O day `�
eel thereon at the rate of one and received for the purchase of said N ay S
one-fourth per cent ( per cent) bonds; that said Offer is and the
� We;,per,annum from date'until paid,Pay- same is hereby-accepted,:and'the - \ \
'Able'at maturity,. • -, • City Treasurer is hereby authorized -.
This bond is one of a series of six- and instructed to deliver said Six
teen (16) bonds of like date,num- Hundred'Fifty Thousand Dollars j
-betedcfrom one(1) to sixteen (16). (g650,000.00)bonds to the purchasers -- '
both inclusive bonds numbered thereof as and when said bonds shall V — •
one(1)to ten(10),both inclusive. be and are legally issued and dlit- ,. :
of the denomination o1 Fifty Thou- eyed upon receipt of the purchase G L/:
sand Dollars (650,000.00) each'and price therefor- • ✓ „y// `v fC
bonds numbered eleven(11)to six- Section 6. That an emergency Is ' Notary Public,
teen(16),both inclusive,of the de- hereby declared and.In the opinion
nomination of Twenty-five c Thou- of the,Board of commissioners,be-
nd Dollars ($25,000.001 each, and use of the necessity for funds id ..
known as Salt Lake City Tax An- meet the current expenses of mid
uclpatlor Bonds. Series of July 1, City,1t is n sary for the Imme-
1936;'for the aggregate sum of Six diode preservation of peace,health
Hundred Fifty Thousand Dollars and safety of Salt Lake City and its
($650,000.001,issued pursuant t Sec- inhabitants that tide ordinance shall
non 15-6-6, Revised Statutes of tae'effeet at once.
Utah, 1933. Section 7. This ordinance shall
The Beard of Commlesionera shall take effect immediately upon'its
levy in the year 1936 a sufficient tax first publication.
to pay the principal and interest on Famed by the Board of Commis-
this bond es the same shall fall due, e0Oners of Salt Lake City,Utah,this ),$
end this bond is issued In enticans- 30th day of June,1936. '
Mon of the payment of such taxes E,B.ERWIN,Mayor.
few the year 1936. Attest:
It is hereby certified,recited and Ethel Macdonald, -
declared that the entire Indehte.dness , City Recorder- '
of raid •
Clty here,incurred's t (Seal) )
in excess of the takes f said City Bill No.27.
levied or to be levied for the current Published June 30,1936. S` +r
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PROOF OF PUBLICATION
FROM
c�l�r Ottlt 3ttkr Orlrjrttm
County
Entry No