30 of 1914 - Providing for Refunding of $775,00 bonds _. - -- KULL vAV....
VOTING Yes No I ,.✓/,► Salt Lake City,Utah, 191......_..
Shearmen _I �) f .. r, �' �'t
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Wells i �� y'
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Lawrence �� I t'
Morrie ----r I...- "v }! y: . 1,. -
Mr.Chairman - .,,L 6 - �^ 1-' et,
,Jo t zry ,.0 C1, , Ct.ti(, el_
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KULL L.riLL
VOTING I Yea No -
j,.
Salt Lake City,Utah February 16, 19141__
Lawrence
Morris I move that the ordinance be passed.
P Shearman
Wells
Mr.Chairman ---
Result
AN ORDINANCE
An ordinance pro$iding for the refunding of seven hundred
seventy-five thousand ($775,000) dollars of an issue of eight hundred
thousand (0800,000) dollars in bonds issued by Salt Lake City pur-
suant to an ordinance of the City Council of said City, passed on the
30th day of Maroh, 1894, and approved by the Mayor on the 31st day of
March, 1894.
WHEREAS, pursuant to an ordinance passed by the City
Council of Salt Lake City on the 30th day of March, 1894, and approved
by the Mayor on the 31st day of March, 1894, Salt Lake City issued
and sold eight hundred (800) bonds of the denomination of one thousand
(01.000) dollars each, dated the 1st day of May, 1894, payable twaa ty
(20) years after date thereof with annual interest at the rate of five
per cent payable semi-annually; the principal of said bonds being pay-
able at the office of the City Treasurer of said City, and the inter-
est at the National Bank of the Republic, New York City, or its suooes-
ors, or at the bank of MCCornick&Co., Salt Lake City. or its successors,
at the option of the holder; and were issued for the purpose of obtain-
ing money for permanent improvements and for other corporate purposes
of said City; and were issued under and pursuant to the provisions of
an Act of the Governor and Legislative Assembly of the Territory of
Utah, approved March 8, 188&, and amended February 26, 1894; and
WHEREAS, said Salt Lake City has paid three of said bonds
and the interest thereon, and will also pay twenty-two (221 more of said
bonds from its sinking fund when due; and
it
el
1
WHEREAS, said 775 bonds amounting to seven hundred seventy-
five thousand (0775,000) dollars, will be due and payable on the 1st
day of May, 1914; and
WHEREAS, it is the purpose of the Board of Commissioners of
Salt Lake City to issue bonds to refund said bonds;
NOW, THERh'ORE, BE IT ORDAINED by the Board of Commissioners
of Salt Lake City, Utah:
SECTION 1. That for the purpose of refunding said bonds due
as aforesaid on the 1st day of May, 1914, Salt Lake City Corporation
issue a series of 775 coupon bonds of the denomination of one thousand
(01,000) dollars eaoh, the prinoip l tea1d-# payable at the First
tY tt44,2,.c f,d-4(X 4
National Bank of the City of New York^twenty:(20) years after date
thereof; said bonds to bear date of May 1, 1914, with interest thereon
from said date at the rate of four and one-half (4-1/2) per cent pp
at said First National Bank ®w i li tteeR,
annum, said interest payable semi-annually thereafter/on the first days ✓i
of November and May on presentation and surrender of the coupons attach-
ed to said bonds as they become due, both principal and interest being
payable in lawful money of the United States* Said bonds shall be ex-
empt from taxation by said City. Said bonds shall contain a certificate
that all conditions and things required to exist and to be performed
pursuant to and in the issuing of the same,have duly existed and have
been performed in due manner and form as required by the Constitution
and Laws of the State of Utah, and that the total indebtedness of said
City both bonded and floating including said issue of bonds is not in
excess of any general or special statutory or constitutional limit of
indebtedness, and that the faith and credit, of Salt Lake City are irre-
vocably pledged to the punctual payment of the principal and interest
of each of said bonds according to its terms.
SECTION 2. Said bonds shall be signed by the Mayor, City
Treasurer, and City Recorder, and before the issuance of the same the
corporate seal of Salt Lake City shall be attached to each; said bonds
to be known as "Salt Lake City Refunding Bonds, Series No. 5." and sh
-2-
be numbered from 1 to 775, both inclusive, and shall be registered in
numerical order in a book kept for that purpose by the Auditor of said
each of said bonds shall
City, and4ave 40 coupons attached thereto to be numbered 1 to 40,
both inclusive,with the proper dates of payment named therein, and
,each shall bear the lithographic signature of the City Treasurer.
SECTION 3. The Board of Commissioners shall annually levy
sufficient tax to pay t h'e" interest on said bonds as it"faLls due,
nd ailso to constitute a sinking fund for the payment of thi prinkipal
theredf within twenty (2Q) years 7 ytt
SECTION 4. All 0,oners der.ved from the sale of the .bOndiV*Sued
t
purse nt to this ordinexce ,` shall k)p'epplied solely to the purpos''of
`.paying and. refunding said sdven huiici*ed seventy-five thousehd (07 3 000)
1'dolla`)rs of bonds heretofore' issued as aforesaid.
SECTION 5. That upon notification of the acceptance of the
bid for said bonds, the full amount of the accepted bid shall on or
before April 30,' 1914, be deposited to the credit of Salt Lake City
in the First National Bank of New York City, or its successors.
SECTION6. That the Mayor and City Recorder of this city be,
and they are hereby authorized and directed to advertise for bids for
the purchase of said bonds. Said notice to bidders shall be published.
in the following papers: The Salt Lake Tribune, and the Salt Lake
Herald Republican, daily papers of general circulation and published
in Salt Lake City, Utah; also in five issues of the Daily Bond Buyer,
a paper of general circulation in financial quarters in the City of
New York, N.Y., and also in two issues of the Commercial and Financial
Chronicle of New York City. Said notice shall describe the bonds pro-
posed to be issued..
SECTION 7. All ordinances and resolutions and parts of
ordinances and resolutions in conflict with this ordinance are hereby
repealed to the extent of such conflict.
SECTION 8. This ordinance shall take effect upon its first
publication.
lw; ec'. y. the hoard of Comraiscionero of 0alt Lake dity,Utah,
h uury lE't'r l`�
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city Recorder Yox:
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