44 of 1905 - Ordinance 44 of 1905 – Providing for the issue of $850,000 in Water Bonds & $150,000 in Sewer Bond 1
AN ORDINANCE .
An ordinance providing for the issue and negotiation of eight
kumtred and fifty thousand ($850,000.00) dollars in Water Bonds and
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one hundred and fifty thousand ($150;000.00) dollars in Sewer Bonds
of Salt Lake City, Utah.
WHEREAS by a special election heretofore duly called, and held
on Jmivary 3, 1905, Salt Labe City was authorized and empowered to
issue and sell the bonds hereinafter set forth and described to the
amount herein mentioned;
AITD WHEREAS an advertisement for bids on said bonds was hereto-
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fere made, and bids therefor were received and considered by the
Council;
AND WHEREAS, The Mutual Life Insuranoe Company of New York,
being the highest and best bidder, and its bid having been accepted,.
became the purchaser of all of said bonds; NOW THEREFORE,
BE IT ORDAINED by the City Council of Salt Lake City, Utah:
SECTION 1. That for the purpose of extending and improving the
water system of Salt Lake City now owned and to be owned and con-
, trolled by said City, Salt Lake City does issue eight hundred and
fifty (850) Water Bonds of the denomination of One Thousand Dollars
O1,000.00) each, consecutively numbered from 1 to 850, both numbers
included.
Said bonds and each of them shall be (wexcept as to consecutive
numbers) in the following form, words and Figures, and shall contain
the covenants, representations, dates and statements in the follow-
ing form o ontained to-wit:, t
99 Number UNITED STATES OF AKERICA Number
STATE OF UTAH.1000 (STATE COAT OP ARMS)
CITY' OF
*1000
SALT LAKE CITY
WATER BOND.
SERIES D.
SNOW ALL MEN BY THESE PRESENTS, That the City of Salt Lake City!
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in the State of Utah, for value received, hereby acknowledges itself.
to be indebted and promises to pay to the bearer, or, if this bond
be registered, to the registered owner hereof on the first day of
April 1925, the sum of ONE THOUSAND DOLLARS in geld coin of the
United States of America of the present standard of weight and fine-
ness, with interest thereon at the rate of 4 per centum per annum, 1
payable, in like gold coin, semi-annually on the 1st day of April
and the let day of October in each year until the principal thereof
falls due upon the presentation and surrender of the interest cou-
pons hereto annexed as they severally become due, unless this bond
shall be registered, in which case the interest shall be payable to
the registered owner. Both principal and interest of this bond are
payable at the United States Mortgage and Trust Company in New York
City.
This bond is one of a series of 850 bonds, numbered from 1 to
850, both inclusive, of like date, tenor and amount, and is issued
pursuant to section 308, 309 and 310 of the Revised Statutes of Utah'
of 1898, and an ordinance passed November 21, 1904 by the City
Council of Salt Lake City, approved by the Mayor of said City Novem
ber 22, 1904, and has been authorized by the electors of said City,
at a special election held in said City January 3, 1905, for the
purpose of extending and improving the water system of said City,
to be owned and controlled by said City.
This bond is subject to redemption at any time after ten years
after its date of issue upon payment of the principal of the bond
and the interest then accrued.
The City Council shall annually levy a sufficient tax to pay
the interest on this bond as it falls due and also to constitute a
sinking fund for the payment of the principal thereof within twenty
years.
It is hereby certified 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 is-
sue 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 faith and oredit of the City of 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, the City of Salt Lake City has caused this
bond to be signed by its Mayor and its corporate seal to be attached
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hereto, attested byits City Recorder and the annexed coupons to
bear the fac-simile signatures of said Mayor and City Recorder, as
of the first day of April, 1905.
Attest: _.
Mayor.
City�ecorder. -�
And to each of said bonds shall be attached a coupon for each
installment of interest contemplated by said bond, which said cou-
pons shall be numbered from 1 to 40 consecutively, with the several
dates of payment and number of bond to which attached stated there-
in, and shall bear the fac-simile signatures of the Mayor and City
Recorder. Said coupons, and each of them shall be (except as to
dates of payment and numbers) in the following form, words and
figures, to-wit:
(FORM OF COUPON) $20
The City of Salt Lake City in the State of Utah will pay to the,
bearer on the first day of , 19 , the
sum of Twenty Dollars in go d co.nYat the tin3ted- tatea 1ortgage and;
Trust Company in New York City, being six months' interest then due
on its Water Bond No. , dated April 1, 1905.
J. S. Critchlow, Richard P. Morris,
City Recorder. Mayor.
Series D. (Coupon Number)
SECTION 2. That for the purpose of extending and improving the;
sewer system of Salt Lake City now owned and to be owned and con-
trolled by said City, Salt Lake City does issue One Hundred and
Fifty (150) Sewer Bonds of the denomination of One Thousand Dollars
($1000) each, consecutively numbered from 1 to 150, both numbers in
eluded. Said bonds and each of them shall be (except as to consecu--
tive numbers) in the following form, words and figures, and shall
contain the covenants, representations, dates and statements in the
following form contained, to-wit:
Number UNITED STATES OF AMERICA Number
STATE OF UTAH.
$1000 (STATE COAT OF ARMS) $1000
CITY OF
SALT LAKE CITY
SEWER BOND.
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EI10W ALL NEN BY THERM PRESENTS, That the City of Salt Lake City
in the State of Utah, for value received, hereby acknowledges itself
to be indebted and promises to pay to the bearer, or, if this bond
be registered, to the registered owner hereof, on the first day of
April, 1925, the sum of ONE THOUSAND DOLLARS in gold coin of the
United States of America of the present standard of weight and fine
ness, with interest thereon at the rate of 4 per centum per annum,
payable, in like gold coin, semi-annually on the lst day of April
and the let day of October in each year until the principal thereof
falls due, upon the presentation and surrender of the interest cou-
pons hereto annexed as they severally become due, unless this bond
shall be registered, in which case the interest shall be payable to
the registered owner. Both principal and interest of this bond are
payable at the United States Mortgage and Trust Company in New York
City.
This bond is one of a series of 150 bonds, numbered from 1 to
160, both inclusive, of like date, tenor and amount, and is issued
pursuant to sections 308, 309 and 310 of the Revised Statutes of
Utah of 1898, and an ordinance passed November 21, 1904, by the City;
Council of Salt Lake City, approved by the Mayor of said City Novem
ber 22, 1904, and has been authorized by the electors of said City
at a special election held in said City January 3, 1905, for the
purpose of extending and improving the sewer system of slid City,to
be owned and controlled by said City.
This bond is subject to redemption at any time after ten years
after its date of issue upon payment of the principal mut trtaaast
of the bond and the interest then accrued.
The City Council shall annually levy a sufficient tax to pay
the interest on this bond as it falls due and also to constitute a
sinking fund for the payment of the principal thereof within twenty
years.
It is hereby certified 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 is-
sue 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 faith and credit of the City of 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, the City of Salt Lake City has caused this
bond to be signed by its Mayor and its corporate seal to be attached
hereto, attested by its City Recorder and the annexed coupons to
' bear the facsimile signature of said Mayor and City Recorder, as
of the first day of April, 1905.
Attest:
Mayor.
City Recorder. - -�
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And to each of said bonds shall be attached a coupon for each
installment of interest contemplated by said bond, which said cou-
pons shall be numbered from 1 to 40 consecutively, with the several i
dates of payment and number of bond to which attached stated there-
in, and shall bear the fac-simile signatures of the Mayor and City
Recorder. Said coupons, and each of them shall be (except as to
dates of payment and numbers) in the following form, words and
figures, to-wit:
(FORM of COUPON) $20.
The City of Salt Lake City in the State of Utah will pay to the'
bearer on the first day of , 19 , the sum
of Twenty Dollars in gold coin at the United States Mogage and
Trust Company in New York City, being six months' interest then due
en its Sewer Bond No. , dated April 1, 1905.
Richard P. Morris,
J. S. Critchlow, Mayor.
City Recorder.
(COUPON NUMBER)
SECTION 3. Said bonds and each of them shall be signed by the
Mayor, signed and attested by the City Recorder and sealed with the
seal of the City, and the said coupons shall bear the fac-simile
signatures of the Mayor and Recorder. Said Mayor is hereby em-
powered and directed to sign, and said Recorder to sign and attest
and fix the seal of the City to each of said bonds, and the acts of
said Mayor and Recorder in so doing are and shall be the act and
deed of said Salt Lake City.
All the covenants, statements, representations and agreements
contained in said bonds and coupons, and all recitals and represen-
tations in this ordinance are hereby considered and understood, and
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it is hereby ordained and declared that said covenants and promises
therein are the covenants and promises of Salt Lake City, and that
the representations and statements therein are the representations
and statements of said City. And it is further averred and repre-
sented that said Salt Lake City is a municipal corporation, and a
city of the first class under the Constitution and Laws of the State/
of Utah.
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SECTION 4. The sale of said bonds to The Mutual Life Insurance
Company, and the action of the Council in accepting the bid of said
Company, and all acts and proceedings pertaining thereto, are hereby
considered and ratified and confirmed. "ThetCouncil may by resolu-
tion or resolutions provide for the details involved in the execu-
tion and delivery of said bonds, the collection of the proceeds
therefrom and the negotiation of the business Connected therewith.
SECTION 5. This ordinance shall take effect upon approval.
h Cit. Oailrojj cf teJL.E.AF !Utah, Jp. :
orcl rsfy./ c3 tO tP wEvor for his. 4opprovA.
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