HomeMy WebLinkAbout30 of 1952 - Ordinance 30 of 1952 – Providing for issuance and sale of $1,250,000 Tax Anticipation Bonds, Serie ROLL CALL
VOTING AYE NAY July 15 1952
Salt Lake City, Utah, ,
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Christensen ® I move that the:TT: T:..
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Mr.Chairman . . . _ . r/'f
Result /
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30
ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF ONE MILLION TWO HUNDRED AND
FIFTY THOUSAND DDLLARS ($1,250,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY,
UTAH, SERIES OF JULY 15, 1952.
WHEREAS, there is an immediate and pressing need for the raising of
funds in the amount of One Million Two Hundred and Fifty Thousand Dollars,
($1,250,000) for the purpose of meeting the current expenses of Salt Lake City
91
for the year 1952 uhtil the payment of the taxes for the year 1952, and
WHEREAS, the estimated tax revenues of Salt Lake City for the year
1952 will aggregate Three Million Six Hundred Ninety Five 'Thousand dine Hundred
Fifty Two Dollars (0,695,952.00)
and the total estimated revenue from all sources will aggregate (0,5561893.38)
EIGHT MILLION FIVE HUNDRED FIFTY SIX THOUSAND EIGHT HUNDRED AII,ISTY THREE DOLLARS
and EIGHTY EIGHT CENTS. , and
WHEREAS, the sum of One Million Two Hundred Fifty Thousand Dollars
($1,250,000) required now to be raised is not in excess of said revenue as
estimated for the year 1952.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF SALT
LAKE CITY, UTAH:
Section 1. That said Salt take City, Utah, for the purpose of meeting
current expenses of said City for the year 1952 until the payment of taxes for the
year 1952, shall borrow the sum of One Million Two Hundred and Fifty Thousand
Dollars ($1,250,000) and for that purpose as evidence of such indebtedness shall
issue thirty-five (35) bonds, numbers one (1) to six (6), both inclusive,
in the denomination of One Hundred Thousand Dollars ($100,000) each, numbers
seven (7) to nine (9), both inclusive, in the denomination of Fifty Thousand
Dollars ($50,000) each, numbers ten (10) to twenty-five (25), both inclusive,
in the denomination of Twenty—Five Thousand Dollars ($25,000) each, and numbers
twenty—six (26) to thirty—five (35), both inclusive, in the denomination of
Ten Thousand Dollars ($10,000) each. Said bonds shall bear date of July 15,
1952, and shall be due and payable January 1, 1953, bearing interest at the rate
of one and 25/100 per cent (1.25%) per annum, payable at maturity, both principal
and interest being payable at the First Security Bank of Utah, N. A., Exchange
Place Branch, Salt Lake City, Utah. Said bonds shall be designated "SAlt Lake
City Tax Anticipation Bonds, Series of July 15, 1952". Said bonds shall be
30
-2.4
signed by the Mayor and attested by the City Recorder under the seal of the
City. Said bonds 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 in substantially the follow—
ing form, to wit:
d
Ili
I
1
—3—
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JULY 15, 1952
No. $
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 first day of January, A.D., 1953, at the
First Security Bank of Utah, N. A., Exchange Place Branch, Salt,Lake City, Utah,
with interest thereon at the rate of one and 25/100 per cent (1.25%) per annum,
from date until paid, payable at maturity.
This bond is one of a series of thirty-five (35) bonds of like tenor and
date, numbered from one (1) to thirty-five (35), inclusive, and known as "Salt Lake
City Tax Anticipation Bonds, Series of July 15, 1952", for the aggregate sum of
One Million Two Hundred Fifty Thousand Dollars ($1,250,000), issued pursuant to
Sectioh 15-8..6, Utah Code Annotated 1943.
The City of Salt Lake City shall levy in the year 1952 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 1952.
It is hereby certified, recited and declared that the entire indebted-
ness of said City hereby incurred is not in excess of the taxes of said City levied
or to be levied for the current year 1952, 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, ants
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 croporate seal to be hereunto affixed, and attested by,t) City
Recorder, as of the 15th day of July, A. D., 1952. {
Mayor, S La" City, Utah
ATTEST: -
City Recorder, Salt Lake City, Utah.
(SEAL)
30
There shall be endorsed on each of said bonds the following City Auditorfs
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, Salt Lake City, Utah";
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 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, and the acts of the said Mayor, said City Recorder and said
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
1952 a sufficient tax to pay the principal and interest on said bonds as the same
1
shall fall due, and for the payment of said bonds, the full faith, credit and taxing
power of Salt Lake City is hereby irrevocably pledged and the Board of City Commissioners
hereby covenants with the holders of said bonds to levy in the year 1952 sufficient
taxes to provide for the payment of the principal and interest of said bonds.
Section 5. The First Security Bank of Utah, N. A., Exchange Place Branch,
and Associates of Salt Lake City, Utah, having offered to purchase said bonds at a
price satisfactory to this Board of City Commissioners, which offer was the best and
most advantageous received for the purchase of said bonds, and which offer has hereto-
fore been accepted by this City Commission, the acceptance of said offer be and the
same is hereby ratified and confirmed, and the City Treasurer is hereby authorized
and instructed to deliver said One Million Two Hundred and Fifty Thousand Dollars
($1,250,000) Tax Anticipation Bonds to the purchasers thereof as and when the said
bonds shall be and are legally issued and delivered, upon receipt of the purchase
price therefor.
Section 6. The City Recorder is hereby instructed and directed to cause
copy of this ordinance to be published immediately in one issue of the 'r'-tt` Te4,—,Dana
a daily newspaper of general circulation in and printed and published in Salt Lake City,
Utah.
Section 7. That an emergency is hereby declared and in the opinion of
11
the Board of City 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 inhabi—
tants of Salt Lake City that this ordinance shall take effect at once.
Section 8. This ordinance shall take effect upon the first publication.
?I
PASSED BY THE BOARD OF CITY COMMISSIONERS of Salt Lake City, Utah, this
5'n day of July , A. D., 1952. -
Mayo l. Lake City, Utah
ifTT T: G /
City Recorder, Salt Lake City, Utah. / •
(SEAT) / / ,- ,,..
,Bill No„ 30
Publish®d July 16t,h , 1952e 1
fi
.� 1f J v.. - .'`
Mr. moved, seconded key Commissioner •
0 , that the ordinance be adopted, which motion carried,
on the following unanimous roll call vote:
Earl J. Glade, Mayor Commissioner "Aye"
Grant M. Burbidge Commissioner "Aye"
Joe L. Christensen Commissioner "Aye"
Ben E. Lingenfelter Commissioner "Aye"
L. C. Romney Commissioner J "Aye"
l
Mayor, Sail Lame City, Utah
% }
ATTEST:
, �'
City Recorder, Salt Lake City,-Utah.
(SEAL)
proof of trubtiration
3hnitrh'fttieb of America
STATE OF UTAH s<
COUNTY OF SALT LAKE
to
ORDINANCE
AN ORDINANCE PROVIDING
FOR THE ISSUCE AND SALE
OF ONE MILLI TWO HUNDRED
ND FIFTY T'fl SAND DOLLARS
BONDS OF SALT LAKE CITY.
UTAH. le an iLY.mmedia2.
te
and Pressing need for the raising
t fendr in the amount f One
Million Two Hundred d Fl,tv
Tbwaand Donaes, al.zso.000, tort being first dole sworn, deposes and says, that he is the Principal Clerk of
tho Purnoee r cli0K the 'Ur :e
near1es o[Salt La eayis a for rthe
r 1952 111 tn' ,ent of the
e.;.ea f°`ins ye i9a�fled THE SAL' AKE TELEGRAM, a newspaper published in Salt Lake City, Salt
WHEREAS. Use Ilma`fw the
f 9ait Lakv_City
even l952 11 gzrcKatc 1'HAEE
MILLION SIx fIUND fl NINETY
FIVE T'HTl:SANU NINE IIL NDAF,U
FIFT9' T'Wo UOLLARS (5.69a.
9sa.om na he total esgmatea Lake County,State of Utah.
a w,u ag-
rev<nue from mi souses
gregale /a0,9Ge.00d.e81 EIGHT N6
LION FIVE HUNDRED FIF CY SIX
THoosAND EE HT RS AND That the Notice
NINETY T'HRF.E D TS.Ap d AND (}[j...O'•(litl�Lt1^,e •'^ 1�2�_l:-.No....3U
EIGHTY EIGHT CENTS.
WHEREAS.Ihe sten of One Mil.
on Two Hundred d hno
urvnd
Dollars I.990,000,realised
1e9vnedaenmtmed« o thn yeadr
NOW, SALRD
COMMISS1ONER OF
S OE
OF SALT LAKE
CITY,UTAH:
SGCLlon 100E the 00 d Salt l.aKn
l,,lHy,l Utahn; urp th0 liesald`vc`t
for hsee a
�vea )9.'r't uncil
for the r 19.`�2a mball
dre Hun d he. 4 FlffyOT'Itn l,i d Da.
po,e'as•;3t r0aoe for `�a�hi�e of which a co is hereto attached, was first published in said newspaper in its
„ess ahau issuehnay-fine mb, copy P P 1
bonds,numbers (D t
both 1rtc Heed. lh denomination
of one Hondrea Th ors a n ut�l issue dated the._ .....__16bh
1a100.000) each' inclusive.in the —...._ .._.._. _.......
to nine Itio of Thousand
dollars etimt ,f a Fifty,. „ber,i ten
Dollars twentyoi o July
tim w�oe'ae;`o n`mai�i.'n»e`�,:eneri day of ._ 2
Ff`e''Th us and Dollars Isz,.000, 19 5
M1,vnd nnmbera twvntysl�<2a1 to
[hirty-five (361, both ineltis�vc, fn
the denomination of Ten'l hnusand
Dyne es)ohom and was published in each daily issue of said newspaper,on
ahau bear date or 9ocs.
fl d e»al1 be due ana'tl vaLle.tan^
a, 189:t, a'' Interevl nl chi
fortlet
w i e an,d m .10 a0 idhee tet
am,both °�ir,uai a interest
be,ng v bl< lbe Firs'tFSehvitr�e
Bank
Place Branch.Sall Lake cis..ulph. i time
ranbnuaa snag bt designated"smt thereafter, the full period of.
Lake C f Tex Annclnal imp,bonds,
Series 1.lulu 15,1 RIe Mayo bonds
ahau be Me'
`Ly ^
Il<stee by lit e'tc 'der ones'
the s 1 of`the City.So nkid nkent nds
the last publication thereat
hall Le*elete,ed+ y
by the nCCity Oe UGitvr 1Ad<I itar0 elf ell
vole a `each of said bonds the
endorse ou te0un'ea by law- Seed
erufmate being in the issue dated the. _ —16:i'.h day of
«nose ehau»e in su»st.nHaur Ste
i0 M01I0P form•m-wlb.
UNITED,STATF..S OF AMERIGA
STATE OF T
COUNTY Of SALT L LAKE July
SAANTICIPATIOh,TnOND x A. D. 79._....2
SERIFS OF dLLY l9,1B'' //`t`t// \
Toth
Subscribed and sworn to before me this day of
July ,A.D. 19 52..
- Notary PnblIC
My commission expires November 25 1953
Advertising fee$
Alavo e br.etby
n Ltlnilvml'ina ud to ,Id
No. p I 'd 1 I l e (^ilr
IdSIPV A J. MEN RV lltF.S 1: R 1 1 '.I d
PRESENTS, I
tl t to L 1 'I
That Salt l k (t thef n 1l-1 e l rls I I ll a
hereby n Stale f Utah. Mahn g
' If ( ae noon GAd�l I directed ie City ll
f Salt Lake a
0 1 h
hIndnd tor vaMe received
e ere bted n to P. t, he tl a d I- Ly I
h hereof the f5 f > `b �,A,C td IA
lawful o f the t-1 Slates. s tl l ell h fh I l cdl• S7i
ow tl first dav of January.A.D., Salt k -tic
IS a.at the First 't B I S lla the Board o City
VVt I n E I Place R nch,
.Salt bake Citv U<I, th t re t C asufficient
shall I rya he
thereon al tl rate' ( and stiff' e t ,e...pi.d.
'in p and interest a
from0 e cent 2a t b u I.1 LII.tie.
from date until paid, payable at d " t.s d b, _
maturity.
boon oh �it A, R
This hood ' n of a s of f L L „ Bear d
atnd
date. numbered f oone or irrevocably Colt),.ratted and the Beard
dale, ve numbered Icol„ e, fit of(s(with
t,;rsitners hereby aid
l thirty-five' It IkcluOM a Ban tea is y on CI n arcs f said to„da
known as Ault Lake s f Ban to i an t'1 r 1111 sufficient
15.1952. I Bonds. duly taxes In V�pnoo`-e,foe' the Payment
flne1951,Ilionl 'tlhvoaRIlukelredynl)til'ty saidf of the ondsrineGy and Interest of
'Thousand ltullnr.a It12;,0.000l issued [a Section 5.The ..Security Sank
t Sectlyyl 10-0.0, sUtalr f Utah, N. A.,x ,'hanes Place
pursuant
Code ne La led City,Branch,and A65oelfl of Salt Cake
The_City of Salt Lake City shall City,Utah,having feced to n s'-
1 0 l yet h d bond- I re ils.
tax L the 1 ...Acid.
1-ter- fact t Vial. Board f City Cons
ens a lit r ill xl^ best And which at advantageou offer s a re.
il¢.
I B d slot taxes or Itltln
as'I d I the P h n o[ said
arit- o.
lie,. fo< E d vhlch eP acceptedoffer
l.has
[hihe,t:ty
It is he.ebv certified,l l d and Col the a entance of said
deelalr that the entire¢indebed- oflclna�beroand the same hereby
said City hereby rocs ail ratified an nnrlereby is d the
Is CI,not d s of Lite taxes f s'd any Treasurer ct hereby authorised
Ci
Clay 01 s orb to he 1nd Ied too the d instructed is
deliver s id
i 1u52. and Mat said and
Million Two Dollars
0ed and PT.
for t tetln rpr was and i enllr taxes Thousand Dollars IS L2u0.0001 our-
are teen se for which rsa,< taxes chasers the Banda to the
I Irvfurthe said bonds
dseshal a and slp pally
aril is o) Mel
rall eni,melted and said d and shall re and are legally
tact ores D, all snot Mess. all, tied and dot price uponcelnl
and thinks bo essential to the s nned of theSection
purchase P e tlrde
f this bond Sectio 0.The City decocted i
and have been randy,have
that a cause
nstructed and directedto to
ens. of affecting with p of this ny in on. issue be
nI end l ha.s been only r dolled ➢f the S im ake n lely to o e It,
issue
sod that this bout i within of the Salt Lake Telegram,a daily
Bret he eMbardo,l I'nnil of general Nictitation ein
i
Laws
b0 INS State.
alias(inn pad Lake Citlad and published in .Salt
loll xald creel anti that oil Lake City.Utah.
Lull afaith and credo of et Salt Secyon cl That a red eater to
pakr. City r�l punct sent hereby declared any it the opinion
pledged to are
,inter s eat e the Board of City in
l ,
f the nnl n interest of
of the o ssity fed'funds
bendh' o1'SE:S to tied 000s. to because
the eeiat of
IN a1V1't'NL;SS 1VHEREOF'. Salt said he t fsa r4 csafe vBj1tea the
Lake City has caused this hood to n health n�necessary
e safety f the
be si 0551 by s�Iyoc,its nrn- inhabitants of Snit Lake City that
rate .cal to he hereunto aflis-crl, tills ordinance shall take effect at
and nested by Me City Recorder, oneccoon 0. This rtl'nnance shall
1952[the 15th lady of July,A. D., take effect upon thefirst public.
, lion.
Mayor.Salt Lake City,Utah PASSED RV THE BOARD OF
ATTEST: CITE'COMMISSIONERS of Solt Lake
CTt0.Utall, this 15th day of duly. i
City Recorder.Salt Lake City,Utah A.D..1550.
ISFAl. EARL J.GLADE,
Mayor.Sall Lake City.hinds
[1he 1said bonds thbe tdfollowing oreed en Citle AATTEST: IRMIA P.Rta'n'FIZ,
Auditor's Cyl'tiflcate: City Recorder.
Git Audit Certificate lSP Al l Salt Lake City,Utai
I li h L ee that ehi d
ll Ir 1 1 1 bt 5 A Il L k G ty Ill R d i Pill
hed3 July 10,1252.
according to law
City A I L -Salt Lake Cit l ia
Section l Alt l l t i. t 5
ments, reoreaaittaiimss and agree..
ineiOs contained in Lint l
h ;. .late
,cats, l lllr lions, .e
and ' ,I ansl,s S Il al 1ke (,5,
l'o30