36 of 1943 - Providing for the issurance and sale of $1,250,000.00 Tax Anticipation Bonds, Salt Lake City, Utah, .
ROLL CALL
VOTING j AYE ;NAY Salt Lake City,Utah, Dec. 16 Iq�3
Coggin j__. ', I move that the ordinance be peed" -
Keyser
:Iq t McConkie , .-'„ter / ! ;./4"'r
Matheson --
tAsx
Mr. Chairman - - -
Result
Page 720
December 16 , 1943
The Board of Commissioners of Salt Lake City met in regular session on
Thursday , December 16 , at 10 o'clock A. M. in the regular
meeting place. The meeting was called to order by Mayor Jenkins.
On roll call the following members were present:
Fred Tedesco Commissioner of Parks & Public Property
Geo. D. Keyser Commissioner of Water Supply & Waterworks
John B. Matheson Commissioner of Streets & Public Improvements
Oscar W. McConkie Commissioner of Public Affairs & Finance
Ab Jenkins, Mayor Commissioner of Public Safety, Chairman
Also Present: Ethel Macdonald, City Recorder
REPORTS OF CITY OFFICE'RSS
Page 722
ORDINANCES AND RESOLUTIONS
BILL NO. 36 , for an ordinance providing for the issuance and sale of
One Million Two Hundred and Fifty Thousand Dollars ($1,250,000.00) Tax Anticipation
Bonds of Salt Lake City, Utah, Series of January 1, 1944, introduced by Com-
missioner McConkie, was taken up and read:
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF ONE MILLION : +F
TWO HUNDRED AND FIFTY THOUSAND DOLLARS ($1,250,000.00) TAX ANTICIPATION BONDS
OF SALT LAKE CITY, UTAH, SERIES OF JANUARY 1, 1944.
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
($1,250,000.00) for the purpose of meeting the current expenses of Salt Lake City
for the year 1944 until the payment of the taxes for the year 1944, and
' '}
WHEREAS, the estimated tax revenues of Salt Lake City for the year
1944 will aggregate Two Nlilliou, Three Hundred Thirty-eight Thousand,
Two Hundred Thirty-five Dollars (fir, 2,338.235.00)
and the total estimated revenue from all sources will aggregate Four Million,
Four Hundred Ninety-six Thousand, Two Hundred Thirty-five Dollars
($ 4,496,235.00),
and
WHEREAS, the sum of One Million Two Hundred and Fifty Thousand Dollars
($1,250,000.00) required now to be raised is not in excess of said revenue as
estimated for the year 1944.
NOW, THEREFORE, 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 year 1944 until the payment of taxes for the
year 1944, shall borrow the sum of One Million Two Hundred and Fifty Thousand
Dollars ($1,250,000.00) and for that purpose as evidence of such indebtedness shall
issue five (5) bonds, numbers one (1) to five (5), both inclusive, in the denomin-
ation of Two Hundred and Fifty Thousand Dollars (8250,000.00) each. Said bonds
shall bear date of January 1, 1944, and shall be due and payable January 1, 1945,
bearing interest at the rate of fifty-six and one-half hundredths of one per cent
(.565%) per annum, payable semi-annually on July 1, 1944, and January 1, 1945,
both principal and interest being payable at the National City Bank of New York,
55 Wall Street, New York City, New York. Said bonds shall be designated "Salt
Lake City Tax Anticipation Bonds, Series of January 1, 1944." Said bonds shall
be signed by the Mayor and by the City Treasurer and attested by the City Recorder
under the seal of the City, and the coupons attached shall be signed with the
lithographed or engraved fac-simile signature of the City Treasurer. 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 substantially in the following form, to-wit:
ry k
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITL TAX ANTICIPATION 60ND
SERIES OF JANUARY 1, 1944
No. $250,OOO.00
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
o the bearer hereof the sum of TWO HUNDRED AND FIFTY THOUSAND DOLLARS ($250,000.00))n 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
ntrst day of January, 1945, at the National City Bank of New York, in New York
of .1 New York, with interest thereon at the rate of fifty-six and one-half hundredths
like roper cent (.565%) per annum, from date until paid, payable semi-annually in
ney on July 1, 1944, and on January 1, 1945, said interest to maturity being
represeited by interest coupons hereto attached.
This bond is one of a series of five (5) bonds of like tenor and
effect, Mothered from one (1) to five (5), both inclusive, and known as "Salt Lake
City Tax Anticipation Bonds, Series of January 1, 1944," for the aggregate sum of
One Million Two Hundred and Fifty Thousand Dollars (t1,250,000.00), issued pur-
suant to Section 15-8-6, Utah Code Annotated, 1943.
The City of Salt Lake City shall levy in the year 1944 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 1944.
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 to be
levied for the current year 1944, 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 pre-
scribed 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 pay-
ment of the principal and interest of this bond according to its terms.
IN WITNESS ;^!HEREOF, Salt Lake City has caused this bond to be signed
by its Mayor and its City Treasurer, its corporate seal to be hereunto affixed, and
attested by the City Recorder, and the annexed coupons to bear the fad-simile
signature of the City Treasurer, as of the 1st day of January, A. D. 1944.
Mayor, Salt Lake City, Utah
ATTaxe.
City Treasurer, Salt Lake City, Utah
City Recorder, Salt Lake City, Utah
(SEAT)
eF
To each of said bonds shall be attached a coupon for each installment
of interest contemplated by said bond, the coupon due July 1, 1944, to be numbered
one (1), and the coupon due January 1, 1945, to be numbered two (2), with the
several dates of payment and number of ?.pond, and shall bear the fac-simile signature
of the City Treasurer. Said coupons shall be in substantially the following
form, to-wit:
(Coupon)
No. 9h706.25
On the first day of January-July, 194 , Salt Lake City, in Salt Lake
County, State of Utah, will pay to the bearer hereof the sum of Seven Hundred Six
and 25/100 Dollars ($706.25) in such funds as are, on the date of payment hereof,
legal tender for debts due the United States of America, at the National City Bank
of New York, in New York City, New York, being six months' interest then due on
its Tax Anticipation Bond, Series of January 1, 1944.
(Fac-simile Signature)
City Treasurer,
Salt Lake City, Utah.
Bond No.
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.
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 represent-
ations, 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
�wI
to each of said bonds, and the coupons attached to said bonds shall be signed
by the fac—simile signature of the City Treasurer, and the City Auditor is author—
ized 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 1944 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 taxiing 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 1944 sufficient taxes to provide for the payment of the principal and
interest of said bonds.
Section 5. Zion's Savings Bank and Trust Company 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 confi rm,sd, and the City Treasurer is hereby authorized and instructed
to deliver said One Million Two Hundred and Fifty Thousand Dollars ($L,250,000,00)
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 b. The City Recorder is hereby instructed and directed to
cause copy of this ordinance to be published immediately in one issue of The Deseret
News, 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 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 publication.
Passed by the Board of City Commissioners of Salt Lake City, Utah, this
dth day of December, A. D. 1943.
y Mays*
S Lake Ci. Utah
AT,'EST: ,o 5
4 y(A.f1dA 6�Pr Pw.I�Q...eiClJ� �q.
City Recorder
Salt Lake City, Utah
t,StEAL)
Bill No. 36
Published December 2Ot4, 1943.
Commissioner McConkie moved, seconded by Commissioner
Keyser, , that the ordinance be adopted, which motion
carried, on the following unanimous roll call vote:
Fred Tedesco Commissioner "Aye"
Geo. D. Keyser Commissioner "Aye"
John B. Matheson Commissioner "Aye"
Oscar W. McConkie Commissioner "Aye"
Ab Jenkins, Mayor Commissioner "Aye"
ATTEST: Mayor
Salt Lake City, Utah
City Recorder
Salt Lake City, Utah
(SEAL) t
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pa V.
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•
Affidavit of Publication
STATE OF UTAH,I
County of Salt Lake
AN ORDINANCE
AN ORDINANCE PROVIDING
FOR THE ISSUANCE AND SALE
OF ONE TWO HUNDRED
AND FIFTYLION THOUSAND DOLLARS ii rI VV
t 51.250,000,00) TAX ANTICIPATION Allw� H• },-,t.mz -
DONDS OF SALT LAKE CITY,
1'TAH, SERIES ON JAN1iARY `' Being first duly sworn,deposes and says that he is the ad-
19W there is „immediate
WHEREAS,
1 s ill pressing need
1 the' f vertising clerk o f THE DESERET NEWS,a newspaper
funds the amount t f One raising
Two Hundred1,250,00.0 Fifty Thousand
Dollars nectI 0,0the c forren the p
ir-
of salt Lake City for the ear 1944 published in Salt Lake City Salt Lake Co�,entyt,in the State
until the ui ce' of the taxes for
the year 1944,r and .e of Utah.
WHEREAS, the estimated tax
i Salt Lake City for the
revenues 1944 will aggregate Two Million,
• Three Hundred Thirtyeighl Thou-
and. Two Hundred Thirty-five Doh That the advertisement
Thou-
sand,($2.226,235.00, and the total es-
timated
,ated u' n'
Lp all
ill aggregate Four Million sources
Four
Hundred Ninety-six Thousand. Two I1G, tJ.g x A9,t,pipaij.ory_13,-)nitiS
Hundred Thirtyfive Dollars (64.496,-
• a3WHEREAS,the sum of One Million
Two Hundred 1 Filly Thousand - e l_l
' Dollar, 1$1.250,000.00) required n _-IL'J-.-._317
to b0 raised is not In a o£said
as estimated for sthe year
1944. ,o
WD TBH ETF RR OIT CR.
MISS ;R4 OF SALT LAKE
TYUz1Tcd ,at
saki Salt Lake City, was published in said'newspaper,in its issue dated, the
Mali,for then n
u� et cur-
rent
of
of said City for the
year 1944 until the payment of taxes '�JJ ♦_ ,J- Dec.. ii
for the year 1944, hall barrow the !�-`0th day o f D A.-D. 199.3----
of One Million Two Hundred and
Fifty Thousand Dollars($1,260,000.00/
and for that purpose as evidence [
tench indebtedness shall issue five(51 and was published
bonds,numbers one (1) to five (51.
both inclusive, in the denomination
of Two Hundred and Fitly Thousand
Dollars (5250,000.00) each. Said the last publication thereof being in the issue dated the
bonds shall bear date of January 1,
1944, and shall be due and payable
January 1. 1945, bearing interest 't
the rate of rfty-six and one-half t_i? day of A.D. 194_3__
hundredths of one per cent (.565a�s)
Payable rema nr ally
Per
s July 1.u 1944, d .tannery uI, 1945,
both principal d interest being t
Payable t he National City Rank
[New York, 55 Wall Street, New York City, New York. Said bonds Adv �',ising Clerk.lerk•
hall he designated Salt Lake City �
Tax Anticipation Bonds, Series of
January 1, 1944." Said bonds .shall
be signed by the Mayor and by the
•
D! City Treasurer a d attested by the
City Recorder under the seal of the
City,and the coupons attached shall
bet signed with Ile lithographed or
engraved lac-simile. signature of the
City Treasurer. Said bonds shall be 4iZct
gislered 1 a book kept by the 0befaie me this day of
City Auditor for that purpose and
the City Auditor shall endorse e
each of said bonds the�rtiflcaie re.
A. D. 19 `�
sufired by taw. Said bonds shall be
bstantially in the following form,
to-e u
Oil/
Notar Public.
6)d�D
Solt Lake COly,I:ia h.
Bond No.
There shall be endorsed on each
of said bonds the following City
UNITED STATES OF AMERICA Auditor's Certiflca le.:
STATE OF UTAII (City Auditor's Certificate)
COUNTY OF SALT LAKE "I hereby certify that this bond
SALT LAKE CITY TAN ANTIS'IPA• is within the lawful debt limit of
T1ON BOND SERIES OF Salt Lake City, Utah, and is Issued
JANUARY 1, 1844 according to law.
No, 8250.000.00
HNOW ALL MEN BY THESE PRES-
ENTS City Auditor
ThatinSalt Lake.City, Utah.
That Saltl Lake City,at the UtCoah- Section 2.All the covenants,state-
hereby of Salt owlsLake and itselfSs of Ulan. ends, represenfa lions an
fabled acknowledges volt to be re- meats contained in said bonds are
by
and IncEar value n received hare- nt re
by promises to Day Inc the hearer hereby adopted a covenants. elate.
AND I f TWO HUNDRED eats omises n if Salts.
i age City,
en Is
AND FIFTY.III in such
funds
DOLLARS and promises of 9aR Lake City,
n the slate n such fonds as are. • L`l Seel
u the date of Interest of the➢rind- Section 0, The Motor and Ifs
➢ t one the Interest oilethis oiled Cityeel' Terebyuta of edit Lake GUY
legal fender for debts due fir l United e. hereby authorised s all tlirea led
atStates u America, at the first dap to s and o said bonds and
sign
of January, 19N the in New tile City Recordere is xecute to a]test dulhm-
tor Bank of e New York,with
to New zed sand directed let,, kid and aft
Iran
York City, New er fifh interest the anal of sett Lathe kilo to each
the- a4 Inc rate of ode and of said ode, and the nt•
one-half hundredths of one per cent lachry tots Fonda.s sig s lure
paid, payable
per a , from dateauntil is the aeasu in tnlnrotiiy
➢aid, Pon Jle.na wand in like the by
Treasurer, and the City
moveyo July old interest4,and on Jan. to Mac t onthori'i.ed turd hetird
lo 1946, said to t 1i place roan and bands the n
Dtritp brier represented by interest forth above,
in e,an manner and Imo tad
e rttd in attached,of, forth abort, od City
a It the
said corona eta
This hand i one e a series of said Mat said CIIS Trcasm'rr,Bala
five nu bends of like a (11 and ee for Recorder dO and said City Audi-
Seri,numbered ins front one 111 to five tar ill a loin: and shall be
'Sal both inclusive. and known a the a and Thad afeSalt rake City.
"Sad. Lake City Tax Anticipation remiss 4.That it Hoard of the
Bonds. Series f Jam., 1.e Million
" • year 14elonera shall levy the
for the ndredal e sum of One Million r 1944 a sufficient lax to t v the
Two Hundred t0 Fifty red mite. principal and interest of said shoals
Dollars (81,250,000.001, tmtl nn as the same shall fall due. d for
sitant to Section 15-e-8,rUMh Code the Payment of said bonds the full
AIrkcredite Cily of Sall Lake City shall gilt Lake City n e hrreb.9 irrevocably
in the year 1994 sufficient Salt
and the Hoard of CON'
tax 10 nay then principal al and intereste Pledged
n this bond s the shall call Commissioners hereby rovep ants
sue and this bond i issued t anti, with the holders of aid bonds to
fpatimt of such taxes for the Saar levy in the year 1944 sufficient taxes
1944, to provide for the Payment of the
It Is hereby certified, recited and Phnom tel and interest of said bonds.
declared Ihat the entire indebtedness Section 5.Zion's Savings Hank a d
of said City hereby incurred is not Trust Company of Salt Lake (i/l,
in excess f the taxes of said City to Utah. having of feral to purchase
be levied for the eurrent year 1944, said bond's a Price satisfactory
and that said indebtedness was and to thin Board of City Commission.
Is contracted for the impose for ere.
v
which offer was the best end
which said taxes am levied. most advantageoue received for the
o
It is hereby certified, recited and chase of said bonds. and which
declared that all rionditions.nets and offer haa heretofore been epted
things entlal the validity of I by.4tia D'Dy eiommisetoas the ad.this boot t
exist, have happened and ceptance of said offer be and llte
have been done, and thnl eye re- some io hereby ratified and confirm-
art of]nw af[eeting that issueed, and the City Treasthcr is here
n nn'ent
thereof has been,duly complied with. by authorized.an`hteDmcted to de..
ark] that this hood is
a within
m liver said One Million Two Hu
debt and other limit prescribed by died an Fifty 'thousand Dollars
the Cmustituf.imt and T,awa f calif 481.250.000.001 Tax An ot ticinatt
Seals, d that ie fall Saiih ar5 Bonds to the purchasers thereof as
relit of said Salt Lake City a and when the said bonds shall be
hereby irrevorzbly pledged 10 t Ile
net and are legally issued and deliver.
punctual payment of the principal ed, droll gally ssuf the pdelhase
and interest of this bond accenting
t0 its terns. Pm, lherntor.
IN WITNESS WHEREOF. Salt Seetion 6. The Cily Rctoldor Is
Lake City has caused this bend to hereby ietrn,etI and dimeted to
he asurer,by 11 corporate
and its Cite pabl conyof this n l to he
Treasurer, s rporate a to be published imet News, it our e
hoe.Noeycaffixed. and Heated by of'Cl,,he Deseret News, a daily news-
the oily to hear
old the a xed pliuf of general circulation S I mid
coupons hear the surer. llettl hoed and Published in Salt Lana
Lure of the City 0,',' Are D.
a of theprinted
City, Utah.
ion
]st day of.Tan ,y. e , 1944. Section c. That n c
AR Salt Lake hereby declaredh anti fiethCr DDin-
MxyMI TO Lake TPM Melt. of the Board of City Commie.
MILTON E.ILak AN. s hem set of the ashy for
city Treasurer, Sell bake CITY. funds to City
i the current er
ATTEST:
of said aft it. ; f toenth-
(SEAL) peace., health and safety sa f the in-
(SEAL Fder, of AC Lake City.
habitants of Salt Lake City that
City Recorder, Salt Lake Lilly. this ordinance shall take effect at
TB ah. re.
To c ch of said hoods shall h. Section 8. This ordinance shall
artsehed a upon for
each
install]- take effect Upon the first public,f interest Le
said bond, the c on due July 1. bO11'
1944, to be numbered on. (I1, a a Passed by the Board o[City rah,
the c n duo January 1, 1945, to tt- of Sa 16 Lake bee, Utah,
be rill mbered two 121, with the 1943. lfitn day of December, A. D.
oral dates of payment and n 1Q4]'
her of bond, and shall bear the AB ,TEN Ri Ias,
feoiai mils nature of the City Mayor
Salt Lake City, Uth,
Treasurer. Said c 11 tans shall he.in
ATTEST,
substantially the following form. to. ISOL
ETHEL ecordee .D,
wit: City Recorder
(Coupon) 570625 Salt Lake City, Utah.
No.-- f SEALI
On the first day of ,Tannary-slued' Bill No.28.
194—, Salt Lake City, i(n salt Take Published December 20th, 121J,
County, Eta to of Utah, will pay to
the bearer hereof the smn of Seven
Hundred Six and 25.100 Dollars
s 10001
lender for debts
f81 ouch funds e
thee date I t ofpayment hereof.due the United
Stales of Ameri ra, at the National
City Bank of New York, ill New
York City, New York, being six
months'interest then due on its Tax
Anticipation Bond, Series of Jan-
uary 1, Mt
IFdratmile nrea )
buy, ,1n:!mrer.
1
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ow•
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