37 of 1941 - Providing for the issuance of $400,000 Tax Anticipation Bonds, dated September 1, 1941 ROLL CALL
't. �'I
VOTING AYE NAY 4{ .f Salt Lake City, LAG 19 1,)5'1 193
Goggin — I move that the ordinance he passed.
Keyser —1--- ._ .
McConkie
xxx • . - v'
Matheson
LW ,1 1
Mr. Chairman - - 1.
Result
37
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF FOUR HUNDRED
THOUSAND DOLLARS ($400,000) TAX ANTICIPATION BONDS OF SALT
LAKE CITY, UTAH, SERIES OF SEPTEMBER 1, 1941.
WHEREAS, there is an immediate and pressing need for the raising
of funds in the amount of Four Hundred Thousand Dollars ($400,000) for the
purpose of meeting the current expenses of Salt Lake City for the year
1941 until the payment of the taxes for the year 1941, and
WHEREAS, the estimated tax revenues of Salt Lake City for the
year 1941 will aggregate One Million, Nine Hundred Eighty-one Thousand, Six
Hundred Sixty-nine and 72/100 ($1,981,669.72)Dollars and the
total estimated revenue from all sources will aggregate Three Million, Eight
Hundred and Three Thousand, Eight Hundred Sixty-three and 04/100
($3,803,863.04)Dollars ,and
WHEREAS, the sum of Four Hundred Thousand Dollars ($400,000)
required now to be raised together with other indebtedness heretofore
incurred in anticipation of the collection of revenues for the year
1941 is not in excess of the estimated uncollected revenue for the year
1941,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMMISSIONERS
OF SALT LAKE CITY, UTAH:
Section 1. That said Salt Lake City, Utah, for the purpose of
meeting current expense of said City for the year 1941 until the payment
of taxes for the year 1941, shall borrow the sum of Four Hundred Thousand
Dollars ($400,000) and for that purpose as evidence of such indebtedness
shall issue twenty-five (25) bonds, numbers one (1) to twenty-five (25),
both inclusive, bonds numbers one (1) to fifteen (15), both inclusive,
each
being in the denomination of Twenty Thousand Dollars ($20,000)/and
bonds numbers(16) sixteen to twenty-five (25), both inclusive, being in
the denomination of Ten Thousand Dollars ($10,000) each. Said bonds
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shall bear date of September 1, 1941, and shall be due and payable January
15, 1942, bearing interest at the rate of five tenths of one per cent
(5/10 of 1%) per annum, payable at maturity, both principal and interest being
payable at the Walker Bank & Trust Company, Salt Lake City, Utah. Said
bonds shall be designated "Salt Lake City Tax Anticipation Bonds,
Series of September 1, 1941." Said bonds shall be signed by the Mayor
and the City Treasurer and attested by the City Recorder under the seal
of the City. Said bonds shall be registered in a book kept by the City
Auditor for that purpose and the City Auditor shall endorse on each of
said bonds the certificate required by law. Said bonds shall be substan—
tially in the following form, to—wit:
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UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF SEPTEMBER 1, 1941.
No.
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake and State of Utah,
hereby acknowledges itself to be indebted and for value received hereby
promises to pay to the bearer hereof the sum of
DOLLARS ($
in such funds as are, on the date of payment of the principal of and the in-
terest on this bond, legal tender for debts due the United States of America,
on the fifteenth day of January, 1942, at the Walker Bank & Trust Company,
in Salt Lake City, Utah, with interest thereon at the rate of five tenths
of one per cent (5/10 of 1%) per annum, payable at maturity.
This bond is one of a series of twenty-five (25) bonds of like
tenor and effect, numbered from one (1) to twenty-five (25), both inclusive,
and known as "Salt Lake City Tax Anticipation Bonds, Series of September 1,
1941," for the aggregate sum of Four Hundred Thousand Dollars ( 400,000),
issued pursuant to Section 15-8-6, Revised Statutes of Utah, 1933.
The City of Salt Lake City shall levy in the year 1941 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 1941.
It is hereby certified, recited and declared that the entire
indebtedness of said City hereby incurred is not in excess of the taxes of
said city to be levied for the current year 1941, 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 WITNESS WHEREOF, 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, as of the 1st day of September, A. D. 1941.
Mayor, Salt Lake City, Utah.
ATTEST: -------
City Treasurer, Salt Lake City, Utah
City Recorder, Salt Lake City, Utah.
(SEAL)
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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
agreements contained in said bonds are hereby adopted as covenants, state-
ments, representations, 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 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 b. That the Board of City Commissioners shall levy in the
year 1941 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 1941 sufficient taxes to provide for the payment
of the principal and interest of said bonds.
Section 5. The First Security Trust Company, First National Bank
of Salt Lake City, Walker Bank & Trust Company, Continental National Bank &
Trust Company, and Utah State National Bank, all 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
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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 One Hundred Thousand
Dollars ($100,000)of said Tax Anticipation Bonds, being bonds numbers
one (1) to five (5), both inclusive, to the purchasers thereof on or
,q- 40e4 September 1, 1941 and to deliver the balance of said bonds to
`'' teiurchasers when funds are needed' upon receipt of the+prchase price
fi Gf 4 R*
jiAr®for. ..c .r,
Section 6. The t Rbeorde4'is here }nAtr_ucte4 nd
di egted to cause copy of 4e ordinpzfce to be ublEsbed iu diately
L/ gne issue of the `1L-1,1 �r L t: 'S� 05r: ,Da d91 ne*V3paler
( a-'
> • of spheral circulation in nd printed And publl hedpin Salt' kFke City,
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
for 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 tAlse effect upon the first
publication. 45
Passed by the Board of City Commissioners of Salt Lake City,
Utah this /90day of August, A. D. 1941.
Mayor,„alt Lake City, Utah.
ATTEST: ��
�. . , , (7
Cifei City Recorder, Salt Lake City, Utah.
(SEAL)
Bill No..3 7
Published August _ , 1941.
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(JANE)
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declar
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AN ORDINANCE thingsees that
htiali to theitlalldlijp+-�
IDING. FOR
THE ISSUANCE AND SOVE OF FOUR bond exist,have happened /if:3
AN ORDINANCE.HUNDRED T, O U S A DOLLARS been done,and that every rest��aa
K of law effecting the issue theA
($400,000)TAANTICI 1 10N BONDS been duly complied with,and that this
OF SALT LAKERCITY,UTAH,SERIES d Is within every debt and other
OF WHEREASB'• e, 1s4 all immediate It prescribed by the Constitution
and pre0sl ,• for the..r i le of and Laws of said State, and that the
rFg+•_. s g full faith and credit of said Salt Lake
funds in thee , nt of Four Hundred City aye hereby irrevocably pledged to
pohoaeuSand Db1 t_a$400 00 i'eb $he pur- the punctual payment Of the accord-
- of of CL`qap pal and Interest f this bond cord-
Df Salt LaeK@�.-•1 for rU the yel f 1941 log to Its terms
'until the peaf1Y• the taxes f0_the 7N WITNESS WHEREOF, Salt Lake
year•1941, 0,41 City has caused this bond to be signed
WI1EREAS, t 1•�'ted tax rave- by its Mayor and its City Treasurer,
UeM1 P Salta ^�32,,x"-for the year Its corporate seal to be hereunto f-
1941 will aggr -j, ."'hvliltlon, Nine fixed, and attested by the City Thy.
HUnd ed'•Erg a.i,e h2usand Six corder, of the 1st day of September,_
Ryndre Dn(l.' +.d 72/100(51,981,- A,D.1941,
ee 7g) DOlI, ','•• total estimat-
ed revenue.s"y,,t:( '4ources will ag- Mayor, Salt Lake City, Utah.
gregate Thy;.--,'1'= Sight Hundred City Treasurer,Salt Lake City,Utah.
and Thr¢ )-Ight Hundred
and Sixty ', i/ -'4/100 ($3,803,- ATTEST:
9004) Dol.
WHEREA y'-,' CCC�, our Hundred City Recorder,Salt Lake City,Utah.
Thousand •7 t{yy' '.,.GOO requited (SEAL) •
now tobe r- -`K with other There hall be endorsed on each of
lhdebt dneee'- r0'tr arincurr d said bonds the following City Audi.
anticipation... iv''.eetlon of¢r n tors Certificate:
pn4e fee the, ..it " not in excessCity Auditor's Certificate
-.Of the estlhie a',uneollected revenue "I hereby certify that this band is
for the year-19.1, within the lawful debt limit of Salt
NOW. THEREFORE, BE IT OR- Lake City,Utah,and Is issued accord.
GAINED BY THE BOARD OF COMMIS- leg to law,
SIGNERS OF SALT LAKE CITY,UTAH:
Begtion,sj, That bald Salt Lake City, City Auditor,Salt Lake City,Utah..
Utah,.fortlits purpose of meeting c Section 2. All the covenants.state-
rent expense of said City for the year meats,representations and agreements
1941 until the payment of taxes for contained in said bonds are hereby
the year 1941, shall borrow the adopted as covenant.,statements,rep-
of ,yea sum Hundred Thousand Dollars a tatlons, agreements and promises
S
($400,000) and for that purpose evl- of Salt Lake City, Utah.
dance of such Indebtedness shall Issue Section 3. The Mayor and the City
twenty-five (25) bonds, numbers one Treasurer of Salt Lnke City are hereby
(0)tO twenty-five(25).both Inclusive, authorized and directed to sign and
bafids_numbers one(1)to fifteen(15), acute said bonds and the City Re-
b m 0th inclusive, being 1n the tenon corder Is hereby authorized and die
nation of Twenty Thousand Dollars rected to attest and affix the seal of
0) numbers Salt
sixteen (16)a to twenty-flues k(25), both and the City Auditor Is authorized and
Snoluelve, being in the denomination directed to place upon said bonds the
'at Ten Thousand Dollars ($10,000) certificate in the manner and form set
each,Said bonds shall bear the date forth above, and the acts of said
;of September 1,1941,and shall be due Mayor, said City Treasurer, said City
and'Payable January 15, 1942,bearing Recorder and said City Auditor to so
Interest at the rate of five-tenths of doing are and shall be the act and
One per cent(5/10 of 131)per annum, deed of Salt Lake City.
payable at maturity, both principal Section 4. That the Board of City
and Interest being payable at the Commissioners.shall levy In the year
Walker Bank &'Trust Company, Salt 1941 a sufficient tax to pay the prin.
Lake City, Utah, Said bonds shall be Opal and interest on said bonds as
designated "Salt Lake City Tax An- the same shall fall Site, and foe the
tiolpatlon Bonds, Series of September payment of said bonds the full faith,
1, 1941." Said bonds shall be signed credit and taxing power of Salt Lake
by the Mayor and the City Treasurer City are hereby irrevocably pledged
and attested by the City Recorder un- and the Board of City Commissioners
der the seal of the City. Said bonds hereby ee¢ants with the holders Of
shall be registered 1n a book kept by said bonds to levy In the year 1941
the City Auditor for that purpose and sufficient taxes to provide for the pay-
the City Auditor shall endorse on merit of the principal and interest of
each of said bonds the certificate re- said bonds.
qulred by law. Said bonds shall he Section 5. The First Security Trust
eubetantially in the following form, Company,First National Bank of Salt
LO-w10i Lake City,Walker Bank&Trust Come
UNITED STATES OF AMERICA Trust Company, and
end National Utah State kNe-
• STATE OF UTAH Donal Bank, all of Salt Lake City,
COUNTY OF SALT LAKE Utah,having offered to purchase said
SALT LAKE CITY TAX bonds at a price Satisfactory to this
1 ANTICIPATION BOND Board of City Commissioners which
---BBRIES OF 9EPPTEMBER 3, 1941offer was the best and most dvan-
�NO
$ , a ,
tageous received for the purchase of
MOW ALL MEN BY THESE PRES- said bonds,and which offer has here-.
tofore been accepted by this City Com..
That Salt Lake City,in the County mission, the acceptance of said offer
o Salt Lake and State of Utah,hereby be and the sameis hereby ratified
*ledges Itself to be indebted and and o fllrmed, and the City Treas.
avalue received hereby promises to slyer is hereby authorized and Instruct-
•�0.P$ke bearer hereof the sum of d to deliver One Hundred Thousand
DOLLARS ($ ) Dollars ($100,000) of said Tax Anticf-t
,Z1I uoh funds as are, on the date of ppation Bonds, being bonds numbers
t of the pbend,
legal tender for the purchaser's thereof On
on inclusive,bout
debt,due nthhl United States of Amer- September 1, 1941,and to deliver the
to, on the fifteenth day f January, balance I s Id bonds to the pur-
1 at the Walker Bank & Trust chasers when said
ere n ded,upon
,C at)', a Salt Lake City,Utah,with receipt ee the purchase price therefor,
-
thereon at the to of five. Section 6. The City Recorder is here-_
•.,7 01 one per cent (5/10 of l") by Instructed and directed to cause
um, payable at maturity. Copy of this ordinance to be published
+�-6 bond 1s one of a series of twee- immediately In one Issue of the Salt
i 5',k (25) bonds of like tenor and Lake Telegram, a daily newspaper of
i£,S}•'.'numbered from one (1) to general circulation ins d printed and
y-five (25), both inclusive, and published In Salt Lake City, Utah,
yjI: ea"Salt Lake City Tab Anticl- Section 7, That an emergency Is
de, Series of September 1, hereby declared and 1n the opinion of
the aggregate sum of Poor the Beard of City Commissioners be-
ad Thousand Dollars ($400000), cause of the necessity for funds to
elfe p u nt to Section 15-8-6, meet the current expenses of said City,
d"Statutes of Utah, 1933. It.Is necessary for the peace, health
01ty of Salt Lake City shall levy and safety of the Inhabitants of Salt
{# Oar 1941 a sufficient tax to pay Lake City that this ordinance shall
I•.; ,)In 10aa1 and interest on this bond take effect at once.
same
*. le shall fall due, and this Section 8. This ordinance shall take
•a5:' 1s Issued in-anticipation of such effect upon the(lest publication.
. for the year 1941. Passed by the Board of City Com.
.I, _ad
1s hereby certified, recited and lssloners of Salt Lake City, Utah,
0s;_TddCl Citythat
herebyentire
incurred Is snot earn this 19th day of August,
JENKINS,
iTt�TT of the taxes pf said City to be Mayor,Salt Lake City,Utah.
' alder the current indebtedness was and ear 41,is non-._ •
At eat_. , L Co1#A0( 'I
d for the purpose•tor. l _ - talj,
a e}e as - "`y 'x • cU ,'
Proof of Puhltratiort
linttrb*intro of Antertru
STATE OF UTAH ss.
COUNTY OF SALT LAKE
11.CONDOR
being first duly sworn,depose and say that I am the Chief Clerk of
THE SALT LAKE TELEGRAM,a newspaper,published at Salt Lake
City,State of Utah.
AN ORDIN NCE PROVIDING FUR TFTE
That the Notice
ISSUANCE \ND SALE OF FOUR IIINDRED THOUSAND COLlARS, TrX
ANTI GIP\TI ON PONDS OF SALT LEE CITY, 17T SDIESF
S'ETTTillM 7:-Z 1, 194 1
of which a copy is hereto attached,was first published in said news-
paper in its issue dated the 20th
day of AUGUST , 193 41,
and was published in each daily issue of said newspaper, on
LUC= 20 for
thereafter,the full period of 1.
the last publication thereof
being in the issue dated the 20th day of
AUGUST ,A.D.193..41.
)99
Suscribed and sworn to before me this 22nd day of
AUGUST 41
, A. D. 193
Notary Public.
Nov.25, 1941
My commission expires
Advertising fee$
37
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