36 of 1949 - Providing for the issuance and sale of $600,000.00 Tax Anticipation Bonds, Series of July 1st, 1949. ROLL CALL
VOTING AYE NAY
Salt Lake City, Utah, , 194
Affleck " I move that the ordinance be passed.
Matheson . . . . iz,-*/
Romney
Tedesco
/
C....,....* /
,.....-" ,,.."
Mr.Chairman . .
Result
3
June 21, , 1949 PAGE 383
The Board of Commissioners of Salt Lake City met in regular session
Tuesday , the 21st day of June —, 1949, at 10:00
on o'clock
.Al. in the regular meeting place. The meeting was called to order by Mayor
Glade On roll call the following members wefe present:
A. A. Affleck Commissioner of Waterworks & Water
Supply
John B. Matheson Commissioner of Streets & Public
Improvements
L. C. Romney Commissioner of Public Safety
Fred Tedesco Commissioner of Parks & Public
Property
Earl J. Glade, Mayor Commissioner of Public Affairs and
Finance, Chairman
Also present: Irma F. Bitner, City Recorder
REPORTS OF CITY OFFICERS
c:HHHHH8H8:-]8H4HHHK-188:4H88c:68Cg i;X a
PAGE 389
ORDINANCES AND RESOLUTIONS
BILL NO. 36 for an ordinance providing for the issuance and sale of Six
Hundred Thousand Dollars (4600,000) Tax Anticipation Bonds of Salt Lake City,
Glade
Utah, Series of July 1, 1949, introduced by Commissioner ,
was taken up and read:
-1-
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF SIX HUNDRED THOUSAND
DOLLARS ($p600,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES OF
JULY 1, 1949.
d} REAS, there is an immediate and pressing need for the raising of
funds in the amount of Six Hundred Thousand Dollars 4600,000) for the purpose
of meeting the current expenses of Salt Lake City for the year 1949 until the
payment of the taxes for the year 1949, and
WHEREAS, the estimated tax revenues of Salt Lake City for the year
1949 will aggregate Three Million, Two Hundred Twenty-Five Thousand,
Eight Hundred Fifty Dollars ($3,225,H50..0Qd d the total estimated re-
venue from all sources will aggregate Seven Nilll on, Three Hundred Twenty-
seven Thousand, Two Hundred Ninety-Seven & 62/100 (0,327,297i6 ), and
WHEREAS, the sum of Six Hundred Thousand Dollars (45600,000) required
now to be raised is not in excess of said revenue as estimated for the year
1949.
NO0, TI-HRtFORE, BE IT ORDAINED BY THE BOARD OF COMuiiISSIONERS 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 1949 until the payment of taxes for
the year 1949, shall borrow the sum of Six Hundred Thousand Dollars (N600,000)
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 W0,000) each, and bonds numbered twelve (12) to sixteen (16), both
inclusive, being in the denomination of Ten Thousand Dollars (010,000) each.
Said bonds shall bear date of July 1, 1949, and shall be due and payable
January 15, 1950, bearing interest at the rate of one and 20/100 per cent (1.20%)
per annum, payable at maturity, 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 July 1, 1949." 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. Said
bonds shall be registered in a book kept oy the City Auditor for that purpose
-2-
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:
• f
-3-
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JULY 1, 1949
No. $50,000.00 and
10,000.00
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake and State of Utah,
hereby acknowledges itself to be indebted and for value received hereby promises
to pay to the bearer hereof the sum of
($
lawful money of the United States on the fifteenth day of January, A.D., 1950,
at The National City Bank of New York, in New York City, New York, with interest
thereon at the rate of one and 20/100 per cent (1.20j) per annum from date until
paid, payable at maturity.
This bond is one of a series of sixteen (16) bonds of like tenor and
date, numbered from one (1) to sixteen (16) inclusive, and known as "Salt Lake
City Bonds, Series of July 1, 1949", for the aggregate sue, of Six Hundred Thousand
Dollars ($600,000), issued pursuant to Section 15-8-6, Utah Code Annotated, 1943.
The City 0'.f Salt Lake City shall levy in the year 1949 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
1949.
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 1949, 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 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 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, 1949.
Mayor
ATTEST:
City Recorder
(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 ac-
cording to law.
City Auditor, Salt Ci tah"
(
Section 2. All the covenants, statements, represent' ons and agree-
ments contained in said bonds are hereby adopted as covenants, statements,
representations, agreements and promises of Salt Lake City, Utah.
Section 3. The Mayor aiatOEOpkiNAandfmlerrxof Salt Lake City MEE 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, acilleiedoWileseexcrwm, 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 1949 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 1949 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 bondn, 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($600,000) Tax Anticipation Bonds to the purchasers thereof as and when --r
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
Deseret News
-Bwit,-.1.vkt-Y,74. rex 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 ef-
fect 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 21st day of Jude , A.D., 1949. r�
ATTEST: Mayor It Lake City, Utah
City Recorder, Salt Lake City, Utah
(SEAL)
Bill No. 36
Published Dane 23d, , 1949
Mr. Glade moved, seconded by Commissioner Affleck
that the ordinance be adopted, which motion carried, on the following unanimous
roll c all vote:
D. A. Affleck Commissioner "Aye"
John B. Matheson Commissioner "Aye"
L. C. Romney Commissioner "Aye"
Fred Tedesco Commissioner "Aye"
is
Earl J. Glade,Ivayor Commissioner ,Aye"
ATTEST: t Lake i y, ah
City Recorder, Salt Lake City, Utah--
(SEAL)
-6-
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 law-
21st June k, D. 191i.9 at the
fully called and held on the day of ,
flour of 10:00 o'clock A, Ni. insofar as the same refer to or concern the
tr
1;! issuance of $60O,O00 Salt Lake C Utah, Tax Anticipation ands, Series of
<» July 1, 1949, as the saffie,ppear ont cord in my office; that I personally
:attended at said meeting: IIkd t1s t t fpregoing proceedings were in fact held
as in said minutes speed
Ri
Id WITNESS 'IERE0t aihereunto set my hand and. affixed the
corporate seal of said (WV this 2 isy of June ` , K.U., 1949.
6ity Recorder, Salt Lake City,
Utah
(SEAL)
-7-
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Affidavit of Publication
STATE OF UTAH, 1
}ss
County of Salt Lake J
AN,OR AHCE.
HU DRED TAX A DOLLARS
(aado.oda) TAX ANTICIPATION D. M. Ockey
•
It 'SALT' LAKE CITY,
VTAH BER.eih r.a to 1, meth
WHEREAS;;°�1ti .le in Immediate
a tl preaeingneed,for the "1°ing
F t! T ,n tnd amener°f Slx Hnn- Being first duly sworn,deposes and says that he is the ad-
fodt Th°peand Dallas (t600,000)
12ie lgelgt.pE°l.meeting the c r-
€he year until Lae°City for vertising clerk of THE DESERET NEWS,a newspaper
taxes for the yedr 1949,pend°r the
WHEREAS,the estimated tai rev°- published in Salt Lake City,Salt Lake County,in the State
noes of Salt Lake Cityy for the year
Two will
Twenty Five MUM,
of Utah.
ad, Eight Hundred Fifty Dollars
taBnaced0.00) and the total cell-
m8led revenue.from all sources ill
aggregate Seven illen, Three
Taa°drew seven ThOLsavd That the advertisement
Dollar,t87,121,Re9.62)M4""a
ar EThoutandh Dollars pa0000D re- Ordinance Bill No. 36
guinea now to be raised is of;
of Bald revenue as estimated
Pox°the year 1848.
NOW, THEREFORE, RE 1T'OR- Salt Lake City Corporation
DAINED BY THE BOARD OF COM-
MISSIONERS OP SALT LAKE CITY,
UTAH:
City n h,1 f arT h peupo s 0btmLa9elk
• tc yentr 1ppn e he nttyt-
grage° for the year.1849, hall
barrow,the g , Hnndred was published in said newspaper, in its issue dated, the
Tn°aeana Dollars casoo,oao)-nna lo:
that purpose Nero° at n
-7aaeetgGne4e hail fa4ve sixteen((is). A. D. 19
bona, number° ne (1) teen day of
�,l16),,both Inclusive,bona,b000t tr-
d'doo 41) a eleven Eden binr ion
Via:waive. belne In the denomination on June 23, 1949
'h l`:na eoaGe n°n.rb ta°o,00°) and was published a,both l-0,tt, p
p17pEo 18tri (;S), atio Inclusive!
+ Thllouea���Dalia a°�BiOAoo)°fe ch.
Said bonaha°aplalrbel$10.000 arosyy the last publication thereof being in the issue dated the
able
at the rate off one an bearing/100
per cent u.20%)per Minim,pay- day of g A. D. 19
able at maturity,both DI1Intenc1p41
We"!et reeing a yhble.t The
Urinal CityH fl ,
York.Stret, NEW ppggg�°s°��Clty�k New
York.Said bonds�Ill'OF'aeelgnated �:-
Sonde,Series"Salt Lake Cif �1x/%u,Anticipation Advertising /-'ale,/,
te shall lie sign-SW.1n-then Mayor
erbNI:'Clt r'kb ZePudnder 1114 l�
thsy'seal°f,the)CIty.Said bonds.°hell
cityeguditor,Jor°tehat purpose`nd
the CIE Rudltor hall n'olg ea°n
required by`law..°Saaid bonds shall b 25th day of
In igatantlally the following form, before me this
t°-wlE:
June A.D.19 49
Notary Publ.
"' 00 a COUSTAT7 $F A MARK"
SA.tLTTIL��AppKE SCITY WC
BERIESCO'jIULY r18 9 meets, c�yy eslntaitvae greemeVN
850,000.00 end and protnlsea of BalE Lake Clty.
No.... B10,OD0.Op Utah.
' KNOW ALL MEN BY T'HESE PREB- Section].The Mayor of Salt Lake
City is hereby abtharlaed and di-
rectedhat snit Lake city,1n the coon• to sign and execute said
ty of Salt Lake and Store of Utah. bands andhor the City Recorder!a here,
hereby anknotvletlgre Reel to be by authorized and directed to ate Cityst
Indebted and for value received and each
the seal of B Lake
hereby promisee to pay to the bearer to hof 1d authorized
and the City
hereof the sum of AUEttdr a authorleed find directed
to place p said bonds the c
lawful money f the United States tlflcate In the meaner and form net
the fifteenth day of Januaryy forth above, d the to o1 the
A.D„ 1950, at The 14gt1onal Clty said Mayor, 1d City Recorder and
Hank 1 New York, In New York said al City theAuditort and doled are and
City,New York,with Interest there, all the t and deed f Salt
aton theto oned 20/100 Lake City.
per cent (1.20%7 per annum from Coin e.Commissioners-tale Board 1p of
date until 'paid, payable at toe-
CityYear
Commisalonera shall levy 1p Ebe
turlty. year 1949 sufficient tax to pay
This bond is one of a series of the principal and interest on said,
sixteen(16)bonds.of like tenure ad. bonds as the same shal tall ue,
date,numbered from"one(1)to nix- d for thef payment of said axig•
teen (16) inclusive, and known as
the
fulla faith d1 andataxing
Salt Lake City Bonds, Series of e f Galt dged Canty beech
Ju7suly 1, 1949," for the ggteg is o ably pledged d reb Bove.
of Six Hundred Thousand Dal- Santaf with theComm skiers of said rove.
lava $600,000), issued pursuant to a is the holders4said anent
Section 15-8-6, Utah Code An- to levy in the yfar 1e49 sufficient
Rotated, 194J - taxes to provide d the payment c of
The city q(Salt Lab!City shall the principal and Interest of said
levy In the rear 1999 a sufficient bands.
tax to pay the principal an nterest Section 5.The, Exchange ng Plat
• n Ohio bond as the came shall Iall ' f Utah,and A., Place
due;and title bond is levied,m City, U avi g of,re Sao Luke
ticipation of the payment of cuanh Clay, end,having offered n Pure
taxes for the year 1949. chase Bald bonds at price autlsfae•
It Is hereby certified,fettled and n ry to this Hoard of City Commie•
declared that the entire Indebted- anddemo arch offer the bye or
nese of said City hereby incurred Is most ee advantageous bonds, and
not i excess of the taxesof said wo pu erne I said re bee and
Cloy levied or to be levied or the which offer has heretofore been e
Indtent year 1949, and that said accept by this City offer hes the
ebtedness was and le contracted name is saidtale be and con-
fer the forests for which said faxes fir a la hereby rtified and con-
s e levied.' s firmed, and the City Treasurer Is
are
le further'certified.'!edited and hereby authorised d inutrueted to -
declared that al conditions_axle and deliver e 0 Hundred0) T ThousandAnticipationDole
things essential to the v ildlty 01 Bondstars (to0 the purchasers
Tax ereofa
this bond'exiet,have happened and dwhew
Lthe said bonds
a
' have been done,and that ry re d on.'the u a da liv delivered,ha
dulrement of law affecting the Issue- and arereceipt
said
c spce
hereof has been duly complied with, eon re 1➢E f the purchase price
ded that this bond is within very therefor. to
bt and'ether Omit ppreeortbed by section instructed 6. Thd Cnd Retorter to
the COM1atltutfon d L ws I cold causey ftht and directedn to
State and that the full faithend cause copy immediately that or has e a of
edit of said Salt Lake City phellaDes 0etee, in one leave n-
Irrevocably pledged to the The Deseret ew., a daily news-
hereby nd
punctual payment of the principal printed f general circulation
IleloSalt Lake
and interest of this bond cording City..Utah. •
to1N term,.S WHEREOF.Raft Lake Section 7.That n e emergency Is
City has.caused this bond to be hereby declared and 1n the opinion
seared by its Mayor,,'ate co/Borate -[the Hoard of necessity
y fornfundseto
1 to be hereunto foxed dat- of
of the current
expe for funds id
tested by its City Recorder,'as of he meet the cnecess expenses of e,
let day of July. 1949. City
tend anfe6 eery to the fetes,
bitants
of Salt Lake City that tide or the adinanee
ATTEST: Mayor' shall take effect at once.
Section 8. This flosnee shall
(SEAL) City Recorder. take.effect upon the.f/ref publics.
There shell be endorsed on each floe.
of said bands the following City PABBED bye the ale L of tit,
Auditor's Certificate: Utah,
thisnli of Salt Lake Cloy,
City Auditor's Certificate 1949. this lilt ay of June,A.D"
I hereby Certify that this bond is 1949. -
within the lawful debt limit of Salt EARL J.OLADE,
Lake City, Utah, and 1e issued ea- Mayor, BaIE Lake Clty,IItah.
ATTEST:cording to law.
(SEAL) IRMA F.ETTNER, '
City Audltez,BNt Lake Clty.Utah." City Recorder, Salt Lake City,
9 Elon 7.A8 the Cin G,elate- Utah.
meats, reyreeentatione a d gree- (REAL)
meats ontained in eatd bonds Bill sh.Og
hereby adapted as covenant.,state Published Jnns 90, I949
36