HomeMy WebLinkAbout35 of 1948 - Providing for the issuance and sale of $600,000.00 Tax Anticipation Bonds - Series of July 1, 1948 _ , 1948 PAGE.
The Board of Commissioners of Salt Lake City met in regular session
on Tue_day , the 22nd day of June , 1948, at 10:00 o'clock A. P.
in the regular meeting place. The meeting ;vas called to orner by Mayor Glade.
On roll call the following members were present:
D. A. Affleck Commissioner of Waterworks & Water
Supply
John B. Matheson Commissioner of Streets & Public
Improvements
L. C. Romney Commissioner of Public Safety
Fred Tedesco Commissioner of Parks & Public
Property
Earl J. Glade, Mayor Commissioner of Public Affairs and
Finance, Chairman
Also present: Irma F. Either, City Recorder
REPORTS OF CITY OFFICERS
PAGE
ORDINANCES AND RESOLUTIONS
BILL NO.35 for an ordinance providing for the issuance and sale of Six
hundred Thousand Dollars ($600,000) Tax Anticipation Bonds of Salt Lake City,
Utah, Series of July 1, 1948, introduced by Commissioner Glade
was taken up and read:
— 1 —
f;�s
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF SIX HUNDRED THOUSAND
DOLLARS ($600,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES OF
JULY 1, 1948.
WHEREAS, there is an immediate and pressing need for the raising of
funds in the amount of Six Hundred Thousand Dollars ($600,000) for the purpose
of meeting the current expenses of Salt Lake City for the year 1948 until the
payment of the taxes for the year 1948, and
AHEREAS, the estimated tax revenues of Salt Lake City for the year
1948 will aggregate Three Million One Hundred Three Thousand Five Hundred
Forty_-Seven Dollars $3.101,547.00 and the total
estimated revenue from all sources will aggregate Six Mt1 Eight Hundred
Thirty Thousand Three Hundred and Three Dollars $6,830,303.00
and
FDEFERS, the sum of Six Hundred Thousand Dollars ((,$600,000) required
now.to be raised is not in excess of said revenue as estimated for the year
1948.
NON, THEREFORE, BE IT ORDAINED BY THE BOARD OF COIAMISSIONERS OF SALT
LAKE CITY, UTAH:
Section 1. That said Salt Lake City, Utah, for the purpose of meet-
ing current expenses of said City for the year 1948 until the payment of taxes
for the year 1948, shall borrow the sum of Six Hundred Thousand Dollars ($600,000)
and for that purpose as evidence of such indebtedness shall issue sixteen (16)
bonds, numbers one (1) to sixteen (16), both inclusive, bonds numbered one (1)
to eleven (11), both inclusive, being in the denomination of Fifty Thousand
Dollars ($50,000) each, and bonds numbered twelve (12) to sixteen (16), both
inclusive, being in the denomination of Ten Thousand Dollars N10,000) each.
Said bonds shall bear date of July 1, 1948, and shall be due and payable
January 15, 1949, bearing interest at the rate of one and 10/100 per cent (1.10%)
per annum, payable at maturity, both principal and interest being payable at
The National City Bank of Nevi York, 55 Wall Street, New York City, New York.
Said bonds shall be designated "Salt Lake City Tax Anticipation Bonds, Series
of July 1, 1948." Said bonds shall be signed by the Mayor and by the City
- 2
Treasurer end attested by the City Recorder under the seal of the City. bail
bonds shall be registered in a book kept by the City Auditor for that purpose
and the City Auditor shall endorse on each of said bonds the certificate
required by law. Said bonds shall be in substantially the following form,
to—wit:
— 3 —
UNITED STATES OY AIAKRICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LIKU CITY TAX ANTICIPATION BOND
SERIES OF JULY 1, 1948
No. 450,000.00 and
810,000.00
KNOW ALL MEN BY THESE PRESINTS:
That Salt Lake City, in the County of Salt Lake and State of Utah,
hereby acknowledges itself to be indebted and for value received hereby pro-
mises to pay to the bearer hereof the stun of
($
in such funds as are, on the date of payment of the principal of and the
interest on this bond, legal tender for debts due the United. States of America,
on the fifteenth day of January, 1949, at The National City Bank of New York,
in New York City, New York, with interest thereon at the rate of one and 10/100 per cent
(1.10%) per annum, from date until paid, payable at maturity.
This bond is one of a series of sixteen (16) ponds of like tender
and effect, numbered from one (1) to sixteen (16), both inclusive, and known
as "Salt Lace City Tax Anticipation Bonds, Series of July 1, 1948," for the
aggregate sum of Six Hundred Thousand Dollars ($600,000), issued pursuant to
Section 15-8-6, Utah Code Annotated 1943.
The City of Salt Lake City shall levy in the year 1948 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 1948.
It is hereby certified, recited and declared that the entire indebt-
edness of said City hereby incurred is not in excess of the taxes of said City
to be levied for the current year 1948, 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 exist, have happened and
have been done, and that every requirement of law affecting the issue thereof
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 WITNSS T EhEdJF, Salt Lake City has caused this bond to be signed
by its dicyor and its City Treasurer, its corporate seal to be hereunto affixed,
and attested by the City Recorder, as of the 1st day of July, A. D., 1948.
Mayor, Salt Lake City, Utah
City Treasurer, Salt Lake City, Utah
ATTEST:
City Recorder, Salt Lake City, Utah.
(SEAL) - 4 -
There shall be endorsed on each of said bonds the following 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.
Louis E. Holley
City Auditor, Salt Lake City-, Utah."
Section 2. All the covenants, statements, representations and agree-
ments contained in said bonds are hereby adopted as covenants, statements,
representa.ti ns, agreements and promises of Salt Lake City, Utah,
Section 3. The Mayor and the City Treasurer of Salt Lake City are
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 Treasurer, 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 1948 a sufficient tax to pay the principal and interest on said bonds as
the same shall fall due, and. for the payment of said bonds the full faith,
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 to levy in the year 1948 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 heretofore 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 Six Hundred
Thousand Dollars W00,000) 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.
5 -
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
Salt Lake Telegram , a daily ne.spa:per of general circulation in and
printed and published in Salt Lane City, Utah.
Section 7. That an emergency is hereby declared and in the opinion
of 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 inhabitants of Salt Lake City that this ordinance shall take
effect at once.
Section 8. This ordinance shall take effect upon the first publica-
tion.
PASSED by the Board of City Commissioners of Salt Lake City, Utah,
this 22nd day of June, A. D., 1948.
'�4
Mayor, City, Utah
ATT ST: )
City Recorder, Salt Lase City, Utah
(sE L)
Bill No. 35
Published June 24th, , 1948
Mr. _ moved, seconded by Commissioner
, that the ordinance be adopted, which motion carried, on the
following unanimous roll call vote:
D. A. Affleck Commissioner "Aye"
John B. Matheson Commissioner "Aye"
L. C. Romney Commir.sioner "Aye"
Fred Tedesco Commissioner "Aye"
Earl J. Glade, Mayor Commissioner "Aye%
Mayor, Salt aJCity, Utah
ATT": L�G v' ✓
lT�
City Recorder, Salt Lake City, Utah _ 6
(SEAL)
STATE OF UTAH
) SS.
COUNTY OF SALT LAKE)
I, Irma F. Bitner, the duly appointed, qualified and acting Recorder
of Salt Lake City, Utah, do hereby certify that the attached and foregoing
pages are a full, true and correct copy of the minutes of the regular meeting
of the Board of Commissioners of Salt Lake City, Utah, duly and lawfully called
Find held on the day of , A. D., 1948, at the hour of
o'clock M. insofgr as the sap,refer to or concern the issuance of 600,000
Salt Lake City, Utah Tax Anticipation Bonds, Serie4 of Jivl7 1, 1948, as the
same appear on record iii my'Officae}; that I per OnAly attended at said meeting
.,, a ad that the foregoittg'?proeeedin4 were in fao0ehztu al; in Said minutes
specified. �` r° }
IN WITNESS +,8ER.NOF 1-;, e,hereunto s my'hgno'etfjd iffixed the
m
corporate seal of said City this; day o$ $. D., 1948
ity Recorder, Salt Lake City, Utah
(SEAL)
— 7 —
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4lxiuif ofPublication
lotted Mates of Anierita
STATE OF UTAH as.
COUNTY OF SALT LAKE
AN ORDINANCE
AN ORDINANCE. PROVIDING FOR
THE ISSUANCE AND SALE OF SIX M,CONNOR
HUNDRED THOUSAND.DOLLARS' --''
0600,000) TAX.—ANTICIPATION
BONDS OF SALT LAKE CITY.
UTAH, SERIES OF JULY 1, 1948,
WHEREAS, there Is an immediate being first duly sworn, deposes and says,that he is the Principal Clerk
and pressing n-e. 'o((`91.exra-Iing gred of
'4,011 00) for the
PT me current ex- of THE SALT LAKE TELEGRAM,a newspaper published in Salt Lake
�, r th¢year
•
19 the taxes
fo 19.
th d tax rev-
en La - r the year City,Salt Lake County,State of Utah.
19 rega 'Ilion One
en, Hun-
en �ggregate . .AN ne so t area rev- That the Notice.- ONAZNANCE
;
',Six Ight _ Thirty
Th e H 4o Three
Doll 303.
W. hes snared
Tn ( :e4ulred
ed Ls s
d ,ps e. -1';or''thee
NO -FORE, BE IT OR-
DAIN 1 - .- E BOARD OF COM-
MISS e ,RS OF SALT LAKE CITY,
UTAH:
Section 1.That said Salt Lake City,
Utah,for the purpose of meeting cur-
rent expenses of said City Ipr the
Mrrthe4 yeartii948 chauenor owathe of which a copy is hereto attached,was first published in said newspaper
sum of Six Hundred Thousand Dol-
lars ($600,000) and for that purpose
as evldsixteen a(16)in
issueshall
debtedness bonds, numbers in its issue dated the 2kth
one (1) to sixteen (16), both inclu-
sive, bonds numbered one (1) to /�
Leen (Si),both Inclusive,being in day Of , 19._4$-_,
the denomination of Fifty Thousand JUNE
Dollars ($50,000) each, and bonds
numbered twelve(12)to sixteen(16),
both inclusive, being in the denom-
ination of Ten Thousand-Dollars and was published in each daily issue of said newspaper,on
($10,000)each.Said bonds shall bear
dand Paya of ble January 15 shall1949,bear
g interest at the rate of one and JUNE 24th for
ionoo per cent (1.10%) per annum,
payable at maturity, both principal
and being ayable at
National interest CityBank of New York,rhe 55
Wall Street, New York City,, New thereafter, the full period of 1 time
"SaltYork.Said ed
Lake bonds x shTa Anticipate ion
Bonds, Series of July 1, 1948."Said the last publication thereof
bonds shall be signed by the Mayor
and by the City Treasurer and at-
tested by the City Recorder under the
seal of registered¢in la book kept by the shallty.Said bonds be
Auditor for Auditor shallhenlpors non and the
of said being in the issue dated the 24th day of
bonds the certificate required by law.
Said bolds sghall be in substantially
theUNITEDDSTATES OF AMERICA fllrlE ,A.D.19.4g
STATE OF UTAH
COUNTY OF SALT LAKESALT.LAKE CITY TAX
ANTICIPATION BOND
SERIES OF JUL$1, 19 9 and
No. $10,000.00
KNOW ALL MEN BY THESE PRES-
ENTS: )efore me this
That Salt Lake City,in the County _
of Salt Lake and State of Utah,here-
by acknowledges itself to be in-
debted and for value received hereby
tmises to pay to the bearer hereof ,A.D.
he_ of
Notary Public
My commission expires Nov.25, 1949
Advertising fee$
PROOF OF PUBLICATION
FROM
Pr Omit Eakr irrIPgram
County
Entry No
City Auditor,Salt Lake City Utah."
. Section 2.All the covenants,state-
ments, representations and agree-
1 ments contained in said bonds are
in such funds as are,'on'the date of hereby adopted as covenants, state-
payment of the principal of and the merits. •representations, agreements
Interest on this bond,legal tender for and promises of Salt Lake City,Utah.
debts due the United States of Amer- Section 3.The Mayor and the City
Ica,on the fifteenth day of January, Treasurer of Salt Lake City are here- `
1949, at The National City Bank of by authorized and directed to sign.
New York, in New York City, New and execute said bonds and the City
York, with interest thereon at the - Recorder is hereby authorized and di-
rate of one and 10/100 per cent rected to attest and affix the seal of
(1.10%) per annum,from date until Salt Lake City to each of said bonds,
paid,payable at maturity: and the City Auditor is authorized
This bond is one of a series of six- and directed to place upon said bonds
teen (16) bonds'of like tender and the certificate in the manner and •
effect,numbered from,one(1)to six- form set forth above,and the acts of
teen(16),both Inclusive,and known the said Mayor,said City Treasurer,
as"Salt Lake City Tax Anticipation said City Recorder and said City Audi-
Bonds.Series of July 1,1946."for the for in so doing are and shall be the
aggregate sum of Six Hundred Thou- act and deed of Salt Lake City.
sand Dollars ($600,000), Issued pur- Section 4.That the Board of City
suant to Section 15-8-6, Utah Code Commissioners shall levy in the year-
Annotated 1943. 1948 a sufficient tax to pay the prin-
The City of Salt Lake City shall ipal-and interest on said bonds as
levy in the year 1948 a sufficient tax the same shall fall due,and for the
to pay the principal and interest on payment of said bonds the full faith,
this bond as the same shall fall due, credit and taxing power of Salt Lake
and this bond is issued in anticipation City are hereby irrevocably pledged
of such taxes for the year 1948. and the Board of City Commissioners
-It is hereby certified, recited and hereby covenants with the holders of
declared that the entire indebtedness said bonds to levy in the year 1948
of said City hereby incurred is not In sufficient taxes to provide for the
excess of the taxes of said City to be payment of the principal and Interest
levied for the current year 1948,and of said bonds.
that s.Id indebtedness was and is Section 5.The First Security Bank
o tra<ted for the purpose for which of Utah, N. A., Exchange Place '
said taxes are levied, ' Branch,and associates,of Salt Lake
it is hereby certified, recited and City, Utah, having offered to pur-
declared that all conditions,acts and chase said bonds at a price satisfac-
things essential to the validity of tory to this Board of City Commis-
this bond exist, have happened and sieners,which offer was the best and
have been done, and that every re- most advantageous received for the
said of law affecting the issue purchase I bonds, and which
thereof has been duly complied with, offer has heretofore been accepted by
and that this bond is within every this City Commission,the acceptance
debt and other limit prescribed by the of said offer be and the same is here-
Constitution and Laws of sold State, by ratified and confirmed, and the
and that the full faith and credit of .City Treasurer Is hereby authorized
said Salt Lake City are hereby lrrev- and instructed to deliver Six Hundred
' ocably pledged to the punctual pay- Thousand Dollars($600,000)Tax An-
ment of the principal and interest of ticipation-Bonds to the purchasers
this bond according to its terms. thereof as and when the said bonds
IN WITNESS WIHEREOF,Salt Lake shall be and are legally issued and
City has caused this bond to be signed delivered, upon receipt of the par-
by Its Mayor and its City Treasurer, chase price therefor.
its corporate seal to be hereunto af- Section 6.The City Recorder is and nd attested by the City Re- hereby instructed and directed to
corder, as of the 1st day of July, cause copy of this ordinance to be
A.D.,1948. published immediately In one issue of
the Salt Lake Telegram,a daily news-
Mayor,Salt Lake City,Utah. paper of general circulation in and
City Treasurer,Salt Lake City,Utah. printed and published In Salt Lake
prin,Utah.
ATTEST: Section 7.That an emergency is
of
City Recorder,Salt Lake City,Utah. hereby declared and in the ioiers e-
Boardde of City Commissioners iesopinis be-
(SEAL) muse of the necessity for funds to
I There shall be endorsed on each of • et the current expenses of said
said bonds the following City Audi- meet
it is necessary to the peace,
tor's Certificate: want)and safety of the inhabitants
. 'City Auditor's Certificate 1 Salt Lake City that this ordinance
I hereby Certify that this bond is .hall take effect at once.
within the lawful debt limit of Section 8.This ordinance shall take
Salt Lake City,Utah. and is 1s- sited upon the first publication. .
sued according to law. PASSED by the Board of City Cars-
-- lxslcoers of Salt Lake City, Utah,
his 22nd day of June.A.D.,1948.
EARL J.GLADE,
4TTESMayor,Salt Lake City,Utah.
IRMA F.BITNER,
City Recorder,Salt Lake City,Utah.
'SEAL:
Sill-No.35
Published June 24th,1948,