43 of 1937 - Providing for the issuance and sale of $1,250,000.00 Tax Anticipation Bonds of Salt Lake City, Serie ROLL CALL
VOTING AYE NAY Salt Lake City,Utah, December 22d, 1q3 7
Coggin �. V I move that the ordinance Bill No.43, be
Keyser V i
Matheso- 11 passed.
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE, ISSUANCE AND SALE OF ONE MILLION TWO HUNDRED
AND FIFTY THOUSAND DOLLARS ($1,250,000) TAX ANTICIPATION BONDS OF SALT LAKE
CITY, UTAH, SERIES OF JANUARY 1, 1938.
WHEREAS, there is an immediate and pressing need for the raising
of funds in the amount of One Million Two Hundred end Fifty Thousand Dollars
($1,250,000) for the purpose of meeting the current expenses of Salt Lake
City for the year 1938 until the payment of the taxes for the year 1938,
and
. WHEREAS, the tax revenues of Salt Lake City for the year 1938 will
aggregate Two millions eventeen Thousand, Two Hundred. Ei(dity-three
and no/100aollars ($2,017,283.�0 and the total revenue from
all sources will aggregate Three ihil. ion, Two Hundred Forty-one and Two
no/100 Dollars
i3uru3r-e. u1.-_ tyrthree and __($3,241,283.X)sn<
WHEREAS, the sum of One Million Two Hundred and Fifty Thousand
Dollars ($1,250,000) required now to be raised is not in excess of said
revenue as estimated. for the year 1938,
NOW, THEREFORE, BE IT ORDAIiNED 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 1938 until the payment
of taxes for the year 1938, shall borrow the sum of One Million Two Hundred
and Fifty Thousand Dollars ($1,250,000) and for that purpose as evidence
of such indebtedness shall issue fifty (50) bonds, numbers one (1) to
fifty (50), in the denomination of Twenty-five Thousand Dollars ($25,000)
each. Said bonds shall bear date of January 1, 1938, and shall be due and
payable January 1, 1939, bearing interest at the rate of six-tenths of one
per cent (6/10 of 1%) per annum, payable semi-annually on July 1, 1938, and
January' 1, 1939, 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
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` P•
January 1, 1938." Said bonds shall be signed. by the Mayor and by the
City Treasurer end attested by the City Recorder under the seal of the
City, and the coupons attached shall be signed with the lithographed or
engraved facsimile 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:
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UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JANUARY 1, 1938
NO. $25,000.00
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
TWENTY-FIVE THOUSAND DOLLARS ($25,000.00)
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 first day of January, 1939, at The National City Bank of New York, in
New York City, New York, with interest thereon at the rate of six-tenths of
one per cent (6/10 of 1%) per annum, from date until paid, payable semi-
annually in like money on July 1, 1938, and on January 1, 1939, said interest
to maturity being represented by interest coupons hereto attached..
This bond is one of a series of fifty (50) bonds of like tenor and
effect, numbered from one (1) to fifty (50), both inclusive, and known as
"Salt Lake City Tax Anticipation Bonds, Series of January 1, 1938," for the
aggregate sum of One Million Two Hundred and Fifty Thousand. Dollars
($1,250,000.00), issued pursuant to Section 15-8-6, Revised Statutes of Utah,
1933.
The City of Salt Lake City shall levy in the year 1938 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 1938.
It is hereby certified, recited and declared that the entire in-
debtedness of said City hereby incurred is not in excess of the taxes of said
City to be levied for the current year 1938, 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 ell 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 here-
unto affixed and attested by the City Recorder, and the annexed coupons to
bear the facsimile signature of the City Treasurer, as of the 1st day of
January, A. D. 1938.
Mayor
City Treasurer
Attest:
City Recorder
(SEAL)
— 4 —
To each of said bonds shall he attached a coupon for each install-
ment of interest contemplated by said bonds, the coupon due July 1, 1938, to
be numbered one (1), and the coupon due January 1, 1939, to be numbered. two
(2), with the several dates of payment and number of bond, and shall bear
the facsimile signature of the City Treasurer. Said Coupons shall be in
substantially the following form, to-wit:
(Coupon)
No. $75.00
July,
On the first day of January, 193 , Salt Lake City, in Salt Lake
County, State of Utah, will pay to the bearer hereof the sum of Seventy-
Five and 00/100 Dollars ($75.00) in such funds as are, on the date of pay-
ment 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, 1938.
Facsimile signature)
City Treasurer
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"
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 coupons attached to said bonds
shall be signed by the facsimile signature of the City Treasurer, and the
— 5 —
City Auditor is authorized and directed to place upon said. bonds the certifi-
cate in the manner and form set forth above, and the acts of the said Mayor,
City Treasurer, City Recorder and 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 1930 a sufficient tax to pay the principal and interest on said bonds
as the same shall fall due end. for the payment of said bonds the full faith,
credit and taxing power of Salt Lake City are hereby irrevocably pledged
end the Board of City Commissioners hereby covenants with the holders of said
bonds to levy in the year 1930 sufficient taxes to provide for the payment
of the principal and interest of said bonds.
Section 5. The First Security Trust Company, Edward L. Burton &
Company, First National Bank of Salt Lake City, Welker Bank & Trust Company,
Continental National Bank & Trust Company, all of Salt Lake City, Utah, and
R. T. Pressprich & Company of New York City, New York, having offered to
purchase said bonds at a. price satisfactory to this Board of City Commis-
sioners, which offer was the best end 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 end the same is hereby
ratified and confirmed, and the City Treasurer is hereby authorized and in-
structed to deliver said One Million Two Hundred and Fifty Thousand Dollars
($1,250,000.00) 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 6. The City Recorder is hereby instructed and directed
to cause cony of this ordinance to be published immediately in one issue of
the Deseret Neyvs , 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
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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 22d, day of December, A. D. 1937.
7 •
r' .r
(11ttest:
,77
City Recorder
�" ' :>
(SEAL)
Bill No. 43
Published December ,2d1937.
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Dj4a it".
)A
Affidavit of Publication
STATE OF UTAH,"
County of Salt Lake
"Lego. Notices
. - AN ORDINANCE
•AN ORDINANCE PROVIDING FOR THE Leo H.Young
ISSUANCE AND SALE OF ONE MIL •
-
LION TWO HUNDRED AND FIFTY,
THOUSAND DOLLARS ($1,250,000) TAX,
ANTICIPATION BONDS OF SALT LAKE
CITY, UTAH, SERIES OF JANUARY 1,-1938. Being first duly sworn,deposes and says that he is the a vertts-
WHEREAS,.'Lhere is an immediate and
pressing need for the raising of funds i
the. , f One Million Two Hendren ingclerk of THE DE,SE,RET NEWS, a newspaper of general
d Fifty Thousand Dollars ($1,250,000)
for the purpose el meeting the current
ear
18 8QoIME ith e lt payment ofy they taxes the yforr
the Year 1935,aid circulation,published in Salt Lake City,Salt Lake County, in
WHEREAS, the tax r of Salt
revenues
Lake City for the year een9r Thousand
aggre-
gate Ti
undred Eitilrty--three Seventeen
Dollars (s2,on,- the State Of Utah,
283.00),,and the total revenue from all
sources will aggregate Three Million Two
Hundred Forty-ono Thousand Two Hun-• 0 dinancs Bi11..No..-43
Bred Eighty-three Dollars ($3,241,383.00),; That the advertisement r
and
WHEREAS, the sum, of One Million
Two Hundred and;Fifty Thousand Dol-
Tare ($1,250,0001 reludied'now to be rasa-I pertaining to sale of tax anticipation-bonds.
-ed 1s not in excess of said revenue
estimated for the ye',
Solt Lake THEREFORE,City,Utah:
BE B IT ORDAIN-
ED byNOW the Hoard ofcornmiesioners of Series of January 1, 1938 (Salt Lake.City..Corporation)
Section.1,That said Salt Lake City,
Utah,for the purpose of meeting current
expenses
01 said City'tor the year 1038
until pent o1 taxes for the yea
1938, shall bo -ow the as .of One Mil-
'Bon Two Hutndred and.aura
-Thousand'
Dollars$1,250,000) and for that purpose
as
)bonds, numbers one(1)to
evidence f suet,indebtedness shall
is-
sue was published in said newspaper, in its issue dated, the
fifty(60
fifty (50),in the'denernination of Twen-
ty-five Thousand'Dollars (825,000) each. 22nd December
Said bonds'shall bear date f January 1, dtt o A.D. 19.-_37
nta, and shall be due and payable Jan- yr f
u ry 1, 1939, bearing interest at the rate
of six-tenths of one per cent (5-10 of
I%)per annum,payable semi-annually on 1 time
Jta, 1, 1938, and January 1, 1939, both and was published
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 the last publication thereof being in the issue dated the
Tax Anticipation Bonds,Series of January
I, 1935." Said bonds shall be signed by
the Mayor and by the City Treasurer and A.D.I9....—..
,attested by the City Recorder under the day of
sal f the City, and the coupons at-
tached shall be signed with the litho-
graphed or engraved facsimile signature
i the City Treasurer. .Said bonds shall
he registered u a book kept by the City
Auditor .or that purpose and the City ertising li lark.
Auditor shall endorse on h t said
bands the e rtificata required by law,Said!
bonds shall be substantially in the fol-
low form, to-wit:
,UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE 22nd day of
SALT LAKE CITY TAX ANTICIPATION to before me this
BOND SERIES OF JANUARY 1 1938
NO - 8t5.000.00
KNOW ALL MEN BY THESE PRES—
ENTS,.That Salt Lake City, the Coon-
ty of Salt Lake and State o1 Utah,hereby
acknowledges itself to be indebted and for
value received hereby promisee to DRY te.
the bearer hereof the slim of /
TWENTY-FIVE THOUSAND DOLLARS /'
\pn] F/ d 7_
025,000.00)
in
such funds as are on the date of n
ant f the principal of and the teres
1 t Notary Public-
this bond, legal tender for debts due
the United States of America,on the first
day of January. 1939, at the National
City Bank of New York, in New York
City,.New Yorl4 with interest thereon at
the rate of nrx-tenths of one per cent
(8-10 of 19l) per annum,from date until
paid,payable semi-annually in like moneY
on July 1, 1938, and January 1, 1939,
said interest to maturion
being represent-
ed by interest coupons hereto attached.
This bond is re of • of fifty
(50)bonds at like tenor and effect,morn-
'tiered
e---from-on (l)--to fifty (50,),boh
elusive, and known a “Salt Lake City
Tax Anticipation Bonds Series of January
1, 1938," for the aggregate sum of One'
Million Two Hundred and Fiftyorrrhouusand
Dollars ($1,250,000.001,issued t to
Section 15.8,8, Revised Statutes n of r Utah,
1933.
The City of Salt Lake City shall levy
In PaY
thehe year principal1Band 38 a Interest non t ax °this bond
e the same
shall fall due,and this bond
is issued in.anticipation of such taxes for
the year ME.
It is hereby certified, recited and de-I
glared that the entire indebtedness of said
City hereby incurred iss
not in of
the taxes of aotid City to be levied for
the current year 1938, and that said in
debtedneas wan and is contracted for the
purpose for which said taxes are levied.
It is hereby certified, recited and de-
clared that all conditions, acts and things
essential to the validity of this bond
racist,have happened and have been done,
Iand that e s t e uire e t of law t.
t fecting the issue thereof has been duly
complied wilb and that this bond is with-
in every debt and other limit prescribed
by the Constitution and Laws ofs said
State, and that the full faith and credit
of said Salt Lake City are hereby
revcably- pledged to the punctual pay.
meet of then ncipal and interest of this
bond coding to its terms,
IN WITNESS WHEREOF. Salt Lake
City has caused this bond to be signed
by its Mayor and its City Treasurer.its
and corporate
tested seal
byto be
hereunto the Cite' Recorder. and
the annexed coupons to bear the facsimile
signature of the City Treasurer,as of the]
1st day of January,A.D, 1938.
Mayer.
City Treasurer.
Attest:
(SEAL) City Recorder,
To each of said bonds shall be attached
entice], ea
ch ach Installment of interest
a contemplated by said bonds, the a upon
due Jbly 1, 1938, to be numbered one
(1),and the coupon due January 1,1939
to be numbered two (3),,with the several
dates of payment and number at bead.
and shall bear the facsimile signature of
the City Treasurer.Said Coupons shall be
in substantially the following form, to-
wit: •
No. (Couroa) 176.00
July,
One the first day of January, 193—,
Salt Lake City,in Salt Lake County,State
of Utah, will Dee to the bearer hr reof
the sum of Seventy-Five and 00-100 Dollars
($75.001 in such funds a.e e, ,n the
date of payment hereof, legal are,
for
debts'doe the united States of America.at
The National City Bank of New York,i
New York City, New York, being six
mouths'interest then due on its'Tax An.
ticileation Bond,Series of January 1,1938.
(Facsimile signature)
City Treasurer.
•Hbna-xn. -_
There shall be endorsed on each of esid
bonds the following City Auditor's eer.
tificate)City Auditor's Certificate
"T hereby Certify that' this bond is
within the lawful debt limit of Salt
Lake City.Utah,and is Issued accord-
ing to law.
City Auditor."
Section 2.All the covenants,statements,
representations and agreements contained in
said bonds are hereby adopted as cove-
nants, statements. representations. agree-
ente and promises of Salt Lake City,
enroll
Section S.The Meyer and the e Treas.
al
urer od Salt Lein Citeaare hd ere a
l.
laid bed and directed City
to ree and execute
said honed and the City Recorder to hereby
authorized and dLak ell it attest e4 and affix
the a l of et rollc City to eache of said
bonds and the geed b eafacsd to said
bands shall be City
Treasurer,by the tad the sig-
Audito of the hori dir and tore City
Auditorupon sr is bonds
she and'directed heto plae-
saidmode the forth
ai eve. in the r.
nee and said
act Eerie above,and the arts
of -
ea ther said Mayor,Cti it'Ty ins so doingy tee
Re-
corder led City et and
in o Soil e
and neat]be the flat and deed so
Salt Lakr
City.
Seel-Inn 4.That the Board of Year
18m
sufficient
shall levy to the oe l end
in-
terest sot tax to d p the a same
eld oil
du est o for honey payment eht o s idoll fall
due and air the andt taxing
said ernoef
the full faith,hcredit end laying power of
Safi dLakeen ey hereby cooly
Ple her and the Hoard i Cityholdero
Commission-
ers hereby r enter with year
holders of
said bonds to to provide
the ye r 1pay snit
octant taxes at Previte for the d car.
of the poi 5.Th and interest of aelnet mom
Sectiony, a The. Burton
n Security TCommit,.
eicn-
fatl si ward L.HSaltn&Company.Firer
National Hank o1 Salta Lake City, at Na-
tional A Treat Company. et;.oil Cal Na-
tional Hank 8:Trust Company.all of Salt
•t i a.
..>,a. beysaid
'bonds
at
p.'u ell,'this
Board
d f CitrJ
ando let�.-et,0 tVoua(;peat trhor nti,'a
purchase of said bonds, and which otter
has heretofore been accepted by this Cily
Commission, the acceptance of id offer
be and the same is hereby ratified and
confirmed,and City authorizeda del instructed Treasurer
deliverbs
re-
by said
One Millie,, Two Hundred and Fit le
Thousand Dollars ($1,250.000.00) Tax An-1
ticipetion Bonds to the purchasers thereof
andas when the said bonds shall be and
,e legally issued and delivered, u
ere' t of the purchase price therefor. rc-
Stection 8, The City Recorder is hereby
instructed and directed to rause
copy of
this ordinance to be published immediately
in one issue
of the DESERET NEWS, y
daily newspaper of generalcirculation i e lation In
d printed and published In Salt Lake
I City, Utah,
Section 7,That an
emergency 1s hereby
declared and in the opinionof the Board
of City Commissioners because of the re.
salty for fonds to meat the current ex.
penes of 'd City It is necessary-y to the
peace,health and colt'of the inhabitants
of Salt Lake City that this ordinance,ball
take effect at o
Section 8.This Ordinance.shall take ef-
fect noon the first publication.
Passed by the Board of City Commis-
sioners f Salt fake City, Utah, this 22d
day of December,A.D.1937,
E.B.ERWIN.
Attest) Nava,
(SEAL) ETHEL MACDONAT.D,
Bill No.13. City Recorder.
Paab(iahed December lid,1837,
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