46 of 1931 - Authorizing issuance of $750,000.00 Tax Anticipation Bonds The Board of City Commissioners of Salt Lake City, Utah,
met in regular session on the :40th day of December, 1931, at the
hour of ten o'clock at the regular meeting place of said Board in
the City & County Building, Salt Lake City, Utah, Mayor Bowman in
the char.
On roll call the following members were 7yresent:
Commissioner of Public Gafety.
, Commissioner of Public Affairs and Finance.
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_, Commissioner of Gtreets and Public Im-)rove-1
merits.
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, Commissioner of Parks & Public Property.
_, Commissioner of Water Supply & Waterworks, 1
Chairman.
Also present ETHEL MACDONALD, City Recorder. I
Commissioner Fehr introduced the following ordinance and
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Imoved its adoption. I '
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AN ORDINANCE.
AN ORDINANCE PROVIDING for the issuance and sale of
17even Hundred Fifty Thousand Dollars (111750,000.00) Tax Anticiationi
'ponds of Salt Lake City, Utah, Series of January
46 WHEREAS, there is immediate and pressing need for raising !
unds to the amount of Seven Hundred Fifty Thousand Dollars
V750,000.00) for the :flursose of meeting the current expenses of thel
tlity for the year 1922 until the aayment of taxes for the year 1922,, ,
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thnd
WHEREAS, the tax revenues of Salt Lake City, Utah, for the'
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Eir 1922 will aggregate Two Million Twenty-five Thousand, Three Huni-
Ored One and. 047100 ( 2,W5,201.04) Dollars and the total revenue
from all assessed source ag,T,reeete Three Million, One Hundred
p.nety-one Thousand, Fight Hundred One and 01/100 07,/91,aol.ol
toilers; and . I
1 THEREAS, the sum of Seven Hundred Fifty Thousand ( 750„00000)
t;)ollars required now' to be raised is not in excess of said revenge
4s estimated for the year 1W32.
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NOW, THEREFORE, BE IT ORRAINED by the Poard of Comm.ssionr
er s of Palt Lake City, Utah:
SECTION I. That Salt Lake City, Utah, for the purpose of
(meeting current el^enses of said City for the year l9P2 until the
payasent of taxes for the year 1_9.C, shall borrow the sum of Seven
flundred Fifty Thousand Dollars 0750,000.00) and for that purpose
Os evidence of such indebtedness shall issue twenty-nine bonds
thereof, bonds numbered one (l) to twenty-nine (29), both inclusive
jbonds numbered one (I) to three (3), both inclusive, being in the
denomination of Five Thousand Dollars 05,000.00) each, bonds num
ered four (A_) to nine (9), both inclusive, being in the denomina
tion of Ten Thousand Dollars (: l0,000.00) each, bonds numbered ten
hl01 to twenty-two (2,0, both inclusive, being in the denomination
it
bf Twenty-five Thousand Dollars 025,000.00) each, and bonds number-1
Ikd twenty-three (2 3) to twenty-nine (29), both inclusive, being in
he denomination of Fifty Thousand Dollars 050,000.O0) each. Said
bonds shall bear date of January .2, I3 f', Shall hear interest at the
rate of five (5%) per cent per annum from date until pa.i.d and the
ti {
flame shall be payable at the office of the City Treasurer of Malt
is
sitake City, City & County Building, in Salt Lake City, Utah. Paid
bonds shall be designated ""a.l:t Lake City 'lay: Anticipation Bonds,
'eries of January 2, lOP.'." Said bonds shall be due and payable on
the 5th day of December, A. n. 19n, in lawful money of the United
li,tetes and shall bear interest from the .2nd day of January, .n.. I).
I,
19CC, said interest being :a able on the let day of April, the P0th
lay of June, the :28th day of September and the 5th day of December,
1OP Paid bonds shall be signed by the Mayor and attested by the
dkty Recorder under the seal of the ctky and shall he registered in
4 book by the City Auditor for that purpose, and the City Auditor
stall endorse on each of said bonds, the certificate required by l.aw.i
4irci bonds and each of them shall be (except as to numbers and amount
i$ substantially the following form, to-wit:
UNITED STATES OF AMERICA
STATE OF UTAH f
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COUNTY OF DALT LAKE
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SALT LAKE CITY TAX ANTICIPATION BONDS
SERIES OF JANUARY 2, 1952.
jJo. I %5,000.n2_J
KNOW ALL MEN BY THESE PRESENTS, that Salt Lake City in thq�
'County of Salt Lade , in the State of Utah, hereby acknowledges it 1
belf to be indebted and, for value received, hereby promises to pay
o the bearer hereof, the sum of Five Thousand (iw5,000.00) Dollars
n lawful money of the United States on the 5th day of December,
C1.. D. 1952 at the office of the City Treasurer of Salt Lake City,
City & County Building, in Salt Lake City, Utah, U. S. A., with in-
erest thereon at the rate of five per cent (5%) per annum from date
ritil paid, in like money payable on the 1st day of April, 1932,
he 30th day of June, l93 , the .28th day of September, 1.952, and. the
.th day of December, 19<'2.
This bond is one of a series of twenty-nine (29) bonds of
17o
ike tenor and effect, numbered one (i) to twenty-nine (29), both
'iinclusi.ve; bonds numbered one (I) to three (3), both inclusive, in
Mahe denomination of Five Thousand 05,000.00) Dollars each, bonds
numbered four (4) to nine (9) both inclusive, being in the denomina-
tion of Ten Thousand Dollars (t10,000.00) each, bonds numbered ten
(IO) to twenty-two (22), both inclusive, being in the denomination
f Twenty-five Thousand Dollars (425,000.00) each, and. bonds numbere
wenty-three (:23) to twenty-nine (.29), both inclusive, being in the
enomination of Fifty Thousand Dollars (°50,000.00) each, and known
s "Salt Lake City Tax Anticipation Bonds, Series of January d, 1932 0! •
'or the aggregate sum of Seven Hundred Fifty Thousand Dollars
P750,000.00) ffissued pursuant to Section 570X6, Compiled. Laws of Uth,l
119l7, and all acts amendatory thereof and supplemental thereto. 1
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11 The City of Salt Lake shall levy in the year 19€2 a suffi-1
ient tax to gay the principal and. interest on this bond .as the same
tha.11 fall due, and this bond is issued in anticipation of such taxes
i•or the year 1932.
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j It is hereby certified, recited and. declared that the en-
ire indebtedness of said city hereby incurred is not in excess of
en-
.ire taxes of said city levied or to be levied for the current year
11932, and that said indebtedness was and is contracted for the pur
;rose for 'which said taxes are levied.
It is hereby certified, recited and. declared. that all con-
ditions, acts and things essential to the validity of this bond exist,
have happened' and.' have been done, and that every requirement of law
arfecting the issue thereof has been duly complied with, and that this
blond. :is within every debt and other limit prescribed by ;the Constitu-
tion and Laws of said. State, and. that the full faith and credit of
slid salt Lake City are hereby irrevocably pledged to the punctual
7*hyment of the principal and interest of this bond according to its
thrms.
IN WITNESS WHEREOF Salt Lake City has caused this bond to
b signed by its Mayor, its corporate seal to be hereunto affixed,
r,i d attested by the City Recorder as of this ------,cday of _
,
a�
P. 19_-__.
Mayor.
.1test:
City ffecorJ.er,
,ems
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l`."here shall be endorsed on each of said bonds the following City
jjbuditor.is certificate:
i'I hereby certify that this bond' is within the
lawful. debt limit of Colt Lake City, Utah,
and is issued. according to law.
City nuditor.e
jSECTION 2. That all the covenants, statements, represen— j
y
ta.tions and agreements contained in said bonds be and the same are
i,
hereby adopted. as covenants, statements, representations, agreement[
and promises of Pelt Lake City, Utah.
SECTION 3. That the Mayor of ^alt Lake City in hereby
authorized and. directed to sign and. execute said bonds and. the
i.'
City Recorder is hereby authorized and directed to attest and af-
fix the seal. of dolt Lake City to each of said bonds, and the City
:!:.editor 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, City Recorder and. Auditor in so doing are and shall
be the act and deed of "ait Lake City.
SECTION 4. That the City Treasurer is hereby authorized
to deliver said bonds to the purchasers thereof, as and when said
Blonds may be and are legally issued. and delivered ,snrsu;ant to aut;hod-
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ization of the Board of Commissioners at a regular meeting bald
hoc ember "Oth, I32.
I.
:SECTION 5. That the Board of City Commissioners shall levy
jin the year I952 a sufficient tax to pay 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 rower of ,,alt Lake City are!
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Hereby irrevocably pledged and. the Coard of City Commissioners heret
jby covenants and agrees with the holders of said bonus to levy in
the year 7.92 sufficient taxes to ,provide for the payment of the
iinrincinal'and. interest of said bonds.
SECTION (3. That an emergency is hereby declared. and: in
Ithe opinion of the Board of Commissioners because of the necessity
for funds with which to meet the current expenses of said city it
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_s necessary to the peace, health and safety of the inhabitants of
ralt Lake City that this ordinance take effect January 1:=4
SDCTION 7. Now, therefore, bc it ordained that this
orcllnance shall take effect end be in force after its -rlublicatiomand
on the Cnd day of January,
Pased by the Board of Comnisioner:,: of n1t 1" 2.1m City,
re-0 the- 'Oth 6.7 of De)combor, .
11,4yor.
-City "ccort,cr.
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ifroof of Ittbrttratttott
Ettiteh btoteo of Amertra
STATE OF UTAH ss.
COUNTY OF SALT LAKE
AN ORD,ANCE three(2,3)to'twenty-nine'(229)�,�..�both
• An Ordlnanee provid ng for the Wu. Inclsalve,.being in.the deno 03tation
h4tine and Dale M Bevan Hundred Fifty 'ot Fiity'Thowand Dollar,($50,000.00)
'bowand Dollaya ($750000 00)Tox each,.and kndwn ge"SryIt Lake City
Antlol atlon'Bonds•of Salt Labe City, 'Tax Anticipation Bonds,6eries of.Jan-
i Utah,oak.of January 2,1$932,.. cry 3,1032,"for.the-aggregate gum of
Whereas,'there'le immedlate. and ;Seven Hundred Fifty'Thoueend DOl WQT FF
preeeng need for raining'funds to the :Sere 'N50.00,W).Issued pursuant'to i+i i
-'eond,pt of Sayan Hundred Fifty Thou- Beatton 57080,Compiled Laws of Utah; •
Bend;ocher,($750000:00)for the pur- 1917,and all act°amendatory thereof
ppseof meeting the.aurrent expenses add a polementait Loteto. •
' .of lia City.Tor the year.ite nt11 the The City of.ealt Lake anal(levy.in,
payment of:taxes foe the year 1932, the year.1932 a eufnment tax to ysy. poses and says, that he is the Principal Clerk
elld -' the principal and Interest on this bona 1)
Whores,,the tax revenues.-of Salt.as the ease M.11 fall due,and this
,,.{,eke(My,Utah,for the year 1932.will bond Is leaned In anticipation of such. .
_.aggregate,Two Million.Twenty-five taxes for the year 1932,
s Thmi°and Three Hundred one and It Is hereby certified,recited and de+'.FlLY TRIBUNE, a newspaper published in
04-100 5,301.04)Dollars and the elated that the entire lndebtedaees of
total revenue from all Bl°en,Od.eourcea said city hereby incurred As not In ex-
Veldaggregate Three Million,One Hun. aims of the taxes of Bald city levied or
Ninety-one Thou,and,'E1gght Hun- to be levied for the current year 1932,County,State of[tall,
dre
droll One and'04-100 ($3,191.901,04) and that said indebtedness wee and Is
Dollars;and contracted for the purpose for which
Whereas,the sum of Seven Hundred said taxes are levied, ?�I*1 As.T C�e
Fifty Thousand•($750,000.00) Dollars It is hereby certified,recited end
required now to be raised Is not In ex- declared that all conditions,note and
tee,of said revenue as estimated for-things essential ter the velldity of this
the year 1932. • ' bond exist,have happened and have -
' Now,therefore, be It.ordained by been done,and that every requirement-i NG s 46 e
tile Board of Commissioners of Salt of law affecting the Issue thereof has
Lake City,Utah:' been duly compiled with,and that this
Section 1. That Salt'Lake City, bond is within every debt-and other
Utah,for the purpose-of meeting-cur- limit prescribed•by the'Constitution
1932'un it the y Said
•fO°taxe the-year`and Laws of land
of said that
Lake Lam' CITY CURYORATION
the year 1932,shall bbrrow the Bum city are hereby irrevocably pledged to! ..
of Seven Hundred.Fifty Thousand the punctual payment of the principal ..... '
Dollars($750,000.00)and ferthat put- and.mtereat of this bond According to ,C1;. OF THE C ITY RECORDER
pose ae oe of such tndebtedne, its terms,
Midi giguene twenty-nine bonds thereoff, In witness whereof,-Salt Lake City,
.bonds numbered one (1)to twenty- has.caused this bond to be signed by
nine(29),both facluplve(.bond.hum- Its Mayor,its-corporate Beal to behere-
bored one(1)to three•(3),both enelu- unto affixed.and attested by the'City attached, was first published in said news-
' f.Sive, being in the denomination of Recorder as of this-day of
Five Thousand Dollars($5,000,00)each, A.D.19-.
bonds numbered four(4)to nine(9), Mayor. [
both lnelwfve,being In the denomina- - if, rSle.t.
iron Of Ten.Thousand Deote($10,-
000:00)ueq'h,bonds numbered ten(10) -.:City Recorder.
' to twenty-two(22),both lnglusive,be- There°hell be endorsed on each,of
frig In the.denomination M Tweet- Paid boucle the following.City Audi. ember
five'Thousand Donate• (2 000.0 tor..oertlnaere,. , 193_.i1.__,
i each, and betide numbered.twenty- "I'hereby certify that this bond-Is'
three(23)to•twenty-nine(20),both within the lawful debt Unlit'of Salt.
Fife%Thousandn Dollare°(j50,000 00) Lake City,'Utah,and Is tensed accord- each daily issue of said newspaper, on
'each.Said bonds shall bear date of ins to law.
January 2,1939,shall bear'latereet at City Auditor."
the rate of five(5)per-cent per an-
men.from'date until paid and the Section 2..That MI the covenants, t'• for
same,hall be payable at-.the Office Statements,representations and agree-
of the City Treasurer of Salt Lake meats-contained in said bonds be and
City,City d ,
in County Building,in Salt 'the same ere hereby.adopted ae cove-
.Lake City,Utah.Said,bonds,shell be Agate, ,gatemen,,. representation.. of One ine erti on% designated'"Salt Lake MYTax'An- agreements and promisee-of Salt Lake
•ticlppantlon Bonds;Series M.-January 2 City,Utah.
1932•"Said bonds shalt be due"end Section 3. That the Mayor of Salt
payable an.'the gill day of December,A- take.City fe-hereby authalaed antl
D.1932,in lawful money et'the'Umted directed tCity and'd IIe°ud-bonde•;• the last publication thereof
State, and ehf.•Janar.interest.from and the City Recorderrte II hereby♦f- p
the'and-day of..Jgnuaayy A.'D,1032, thoriaed and directed to attest and of-
-said interest being y yabie on the let Six the peal of Salt Lake City'to each q
day 2of 0th d 1,the a th'day of June, of Bald bonds,and the City Auditor ZleN 4
the 2ath day of September and the is ausheelaod and directed to place Y day of
sIb'day of December,1932.Said bonds 'upon said bonds the certificate In the
-shall be signed by the Mayor and at- manner and form set forth above,and
-tented by the,City Recorder under the the sots of said Mayor,.City Recorder'
gal beck cityy'and Au it registered and Auditor in ee doing areand City.
,A.D. 193 Z
.e a f book Oity aCitys all be r be the actor need of Salt Lake ae shall
`-//1.
'purpose,and the City Auditor shall Section 4, That the City Treasueer
endorse on.each of said bonds.the cer- to hereby authorized to deliver mid.
titillate required by law..Bald bonds bonds to the purchasers thereof,as sod ,,�(�
and.each M them shall( (exeept,asn- when gale band,may be and are le- t /
to'ly thenumbers and amount)in n- golly issued and delivered pursuantfo to r �t
elall ollowlag form,to-wit: ' authorisation of the.Board of Com- i
UNITED STATES OF,AMERICA mte°loner°at a reenter meeting held
STATE OF UTAH - December 30th,1931,
COUNTY OF SALT.LARD Section 5, That the Board ofCity e31st de, Of
SALT LAKEwarm
CITY TAX ANTICIFA- Commissioner's.lull levy in thea year, y
TION BONDS 1932 a sufficient.tax to pay principal'
- RrEB OF JANUARY 2,1932 0 . and interest on said bondage thee tame
HO.1f
ltn presents,
that ,hall'Salt sus and tor ith,credit
d
8god',all men by thee,ptene$5, that shill bonds the Mil r the,treaty and
Salt Lake City in the County a Salt taxing power of Salt Lake City-are
Lake,In the State of Utah,hereby ao. hereby irrevocably pledged And the
knowledge.itself to.be Indebted and, Board of City Commis,Onere hereby
.,for Wal(u received,herebFyromisee to oovenaote and agrees with the held,
ai to the!bearer hereof,'the sum of *Ewald boutha:to-lt.Cr:ln,tteAti y 1es.
FiveThousand ($0,000.00)-D ore Fitt. :sufficient taxes to provide for terest o
lawful money of the United State.on sent of the principal and interest of Notary Public.
the 5th day of December A.D.1132,at meld bond., y
the office of the City Treasurer of Salt Section e. That an hemergenCY f9
.SI,age Clty,City,
t County Building,in hereby declared and in the oymfon og
Salt Lake City,Utah,U.'S,A.,with in- the Board of,Commissioners because.
Serest thereon at the rate of five per of the necessity for funds With Which
cant(53b).per annum from date until ,t1 meet the current expenses:Maid
"day of Aprilke m�933,payable On
day he let
of and 0 tety,,It le necessary
the Inn bi the t nts of-Salt
June,1932,the 29th•day of September; Lake-City that this ordinance take
1932,•and the Nei day OfDecember, -effect January 2,1932.
1932. Section T..Now,thprefdre,.be it or-
This bond le one Of a'Series of twin- dalned that this ordinance shall take;
ty-nine (29)bends of like tenor and effect and be in force after its plinth.
effect.numbered one'(1)to twenty- -cotton and on the 2nd day.of January,,
r nine(29),both 1ncluslve;.bonds mum- 2032.
Weed one•(1)to three(9),both!Hein- Passed by the Board of CtmmIselon '
sive, in'the'.denomination of Five ere of Salt Lake Otty,Utab ....or apt j
Thousand'($5,000.00) Dollars each, proved this,30tb day:.f December A`
bond,numbered four(4)to nine(91,,$9...1901.•'both Melody.,being In the denomina- ' ' JOHN F.BOWMAN,
• tlon of Ten Thousand Dollar. add- Mayor. '
. 001).00)each,bonds numbered ten(10) "Attest:
to twenty-two(22);both-Inclusive,be- ETYIEL.MACDONALD,,
lag in the denomination M Twenty- City Recorder:
. „five Thousand Dollars ($25,000.00) •Hill No.9e.
each;and ,bond, numhered twenty. er 0ubllehed Decemb 31,101L,, .
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