361 of 1900 - Ordinance 361 of 1900 – Providing for issuing & disposing of certain bonds for purpose of increasi BILL NO for F --
AN ORDINANCE PROVIDING FOR THE ISSUING AND DISPOSING OF CERTAIN
BONDS BY SALT LAKE CITY, FOR THE PURPOSE OP INCREASING THE WATER SUPPLY
AND IMPROVING THE WATERWORKS SYSTEM OF SAID SALT LAKE CITY, AS AUTHORIZED
BY A VOTE OP THE TAX PAYERS OF SAID CITY ON JULY 16th, 1900.
Be it ordained by the City Council of Salt Lake City, Utah, that,
Sec. 1. For the purpose of increasing the water supply and improving
the waterworks system of Salt Lake City, in pursuance of a vote of the tax
payers of said City on July 16th, 1900, authorizing the same, there shall
be issued the bonds of Salt Lake City Corporation to the amount of $250000
bearing four per cent interest per annum, payable semi-annually, consistig
of Two hundred fifty bonds of the denomination of One Thousand Dollars
each.
Sec. 2. Said bonds shall be known as Series A. of Salt Lake City
Water Bonds, and shall be issued =nd sold for the express purpose of in-
creasing the water supply and imp ving the waterworks system of Salt Lake
City; They shall bear date ,1st, 1900, and be payable twenty
years after date, with the option of paying the same at any time after ten
years after date, and shall be numbered from 1 to 250 inclusive. The
principal of said bonds shall be payable at the office of the City Treas-
vrer of Salt Lake City, and the interest shall be made payable at either
Salt Lake City or New york City at the option of the holders thereof.
Both principal and interest shall be payable in lawful money of the United
States. Interest coupons shall be attached thereto, payable sani-,an-
nually as hereinbefore provided, and so arranged that they may be detached
without mutilation of said bonds. Such interest coupons shall bear the
signature of the Mayor and City Recorder, either by their own hands or by
lithographic copy of each. The obligation of the City for the principal
of each of said bonds shall, however, be signed by the mayor and City
Recorder in their own handwriting.
Sec. 3. The Finance Committee of the City Council with the mayor
associated, is herebyauthorized to receive bids for such bonds with or
without advertisement in their discretion, and is further authorized to
contract for the sale of such bonds, subject, however, to the approval of
the City Council.
e361
1
Sec, 4. When such bonds shall have been sold and the contract for
the sale of the same shall have been approved by the Cit Council, the
Mayor and City Recorder shall thereupon, and they are hereby authorised
and directed to sign and deliver said bonds to the purchasers thereof, on
behalf of said City, and shall attest the same by the corporate seal of
Salt take City Corporation.
Sec. 5. The revenue from the waterworks department shall hereafter
be kept in a special fund by the City Treasurer, and said fund'•shall1be
expended as follows: First, a sufficient part thereof shall, each year,
be set apart to pay the interest for such year upon the issue of bonds
provided for by this ordinance; Second, so much thereof as may be neces-
sary shall be used' for the general maintainanee of the waterworks system
and such extensions and ivrovements as may from time to time be ordered
by the City Council; Third, after paying interest on said sends and
expenditures for maintainance and impro vemente as above provided, the
revenue remaining shall be set aside and placed in a special fund for the
purpose of redeeming such bonds as may be issued for waterworks purposes,
including the bonds herein provided for. Provided, however, that said
special fund may be invested from time to time by the ?inane(' Committee of
the City Council, subject to the approval of the Mayor and City Council,
in bonds of the United States, the State of Utah, City or County of Salt
Lake, or Salt Lake City School bonds, and provided further, that when the
fund so created shall equal the principal of the bonds issued for water-
works purposes, then and thereafter the net revenues after paying inter-
est, expenses and improvements, shall be placed in the general fund.
Sec. 6. Salt Take City hereby pledges its credit for the payment of
said bonds and interest as the same fall due.
Sec. 7. The bonds issued under the provisions of this ordinance
shall be exempt from taxation by Salt Take City.
Sec. 8. In the event of a failure to derive any resources from said
waterworks system, or in the event that the resources dhotlted therefrom,
shall, at any time, not be usfficient to pay and iacharge either the
principal or interest of said bonds as t'le same become due, the said Salt
Lake City shall, in due form and manner, levy am; collect upon, of and Ix*
from the taxable properf sad City, a tax sufficient to pay and di;-
N"d(, qc,..�.,..L -:,..e r�G - ab �i-i-P� n '.'.
(2)
Sec. c . Whereas, R. C. Naylor, the duly elected and qualified City
Recorder is absent from the Ft.ate of Utah and wil I be absent when said
bonds are to be signed, and Whereas, J. 0. Nystrom is the duly and regu-
larly appointed and qualified deputy city recorder, the said J. 0. Nystrom
deputy city recorder is hereby directed and authorized to sign said bonds
when issued in the name of the City Recorder.
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'' _,.`� `ec 10.i A1i'gordinanoss n : resoiu ens and parts of ordinances and
resolutiitns in c, list heretit i are i ,�{b, repealed.
( Set; ll.'This ardinancesh '11 *w' orce from and after its approval
j 9 PTel-i y th City Coo o ,S lt' ake City September 18, 1900
and ref rred to tie Ma or for h a 'prove)
5 f z ' City Recorder,
iBy �� \ /
A,.., D pur1 a�-1"1\
Approved this /)74/4-day of Se ptember, 1900.
J JJJ\
gp.,._ ‘,0-0-1 •
Mayor.
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