HomeMy WebLinkAbout47 of 1960 - Creating a Special Trust fund to be known as the 'Salt Lake Capital Improvements Fund'. -M ys.
1_3;'
ROLL CALL Salt Lake City, Utah, l 196
VOTING Aye Nay
I move that the Ordinance be paced.
Christensen . . -?
Geurts
Piercey . . �_
er' ,
Romney . . .
Mr.Chairman . / AN ORDINANCE
Result . . .
AN ORDINANCE CREATING A SPECIAL TRUST FUND in the treasury of Salt
Lake City to be known as the "SALT LAKE CITY CAPITAL IMPROVEMENTS TRUST
FUND" and providing that two-thirds of all proceeds from the Salt Lake
City sales tax and ail proceeds from the sale of improved or unimproved
real property shall be deposited in said fund and further providing that
said fund may only be withdrawn and expended by the Board of Commissioners
of Salt Lake City for capital improvements and to service bonded indebted-
ness incurred in connection therewith.
WHEREAS, the City of Salt Lake City in the County of Salt Lake, State
of Utah, is a municipal corporation duly organized and existing under the
laws of the State of Utah as a city of the First Class; and
WHEREAS, the Legislature of the State of Utah, by Chapter 114, Laws
of Utah, 1959, authorized a Uniform Local Sales and Use Tax; and
WHEREAS, the County and City of Salt Lake have exercised their option
to levy said tax, as authorized by aforesaid chapter; and
WHEREAS, the declared purpose and intent of the Legislature in
adopting said Chapter, as stated in Section 2 thereof, is that the funds
derived from the tax imposed by said Chapter be used to the greatest
possible extent by the local political subdivisions to finance their
capital outlay requirements and to service their bonded indebtedness incurred
thereby; and
WHEREAS, the Board of Commissioners of Salt Lake City, Utah, desires
that the revenue derived from the said tax be used for capital improvements
in accordance with the declared legislative intent and purpose; and
WHEREAS, the Board of Commissioners of Salt Lake City, Utah, desires
that the proceeds from the sale of real property of Salt Lake City be used
for needed capital improvements; and
WHEREAS, the Board of Commissioners believes that a formal declaration
of policy regarding the use of funds derived from the said tax and the
sale of real property will aid the City in fulfillment of the stated intent
and purpose.
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NOW, THEREFORE, be it ordained by the Board of Commissioners of
Salt Lake City, Utah:
SECTION 1 . That there be, and hereby Is, created a general trust
fund in the treasury of Salt Lake City, Utah, under the control of the
City Treasurer, to be known and designated as the "SALT LAKE CITY CAPITAL
IMPROVEMENTS TRUST FUND," hbreinafter referred to as Sales Tax Fund.
SECTION 2. That two-thirds (2/3) of all proceeds received by the
City after January 1 , 1961, from the Uniform Local Sales and Use Tax
authorized by Chapter 114, Laws of Utah, 1959, and all proceeds from the
sale of improved or unimproved real property by Salt Lake City after that
date shall be deposited in the Sales Tax Fund and shall be disposed of
only as hereinafter provided.
SECTION 3. That the amounts so paid and deposited shall be held by
the City Treasurer separate and apart from other funds in his possession
and shall be secured by his official bond or bonds. The money so held
in the Sales Tax Fund shall be withdrawn and expended at the direction
of the Board of Commissioners of Salt Lake City solely to finance capital
outlay requirements and to service bonded indebtedness incurred in
connection therewith.
SECTION 4. All unexpended surplus funds contained in said Sales
Tax Fund at the end of each calendar year which thereby revert by operation
of law to the general funds of Salt Lake City shall be allocated and
budgeted, Insofar as that may be legally possible, to said Sales Tax Fund
for the subsequent year.
SECTION 5. in the opinion of the Board of Commissioners of Salt
Lake City, Utah, it is necessary to the peace, health and safety of the
inhabitants of Salt Lake City that this ordinance become effective
immediately.
SECTION 6. This ordinance shall take effect upon its first
publication.
Passed by the Board of Commissioners of Salt Lake City, Utah, this
16th day of March i960.
Mayor
t e
( S E A L )
SILL NO. 47 of 1 60 17
Published March 23d, 1960
AOM-30A
Affidavit of Publication
STATE OF UTAH,
ss.
County of Salt Lake
D. M. Ockey
Being first duly sworn, deposes and says that he is legal advertising
clerk of the DESERET NEWS AND SALT LAKE TELE-
GRAM. a daily (except Sunday) newspaper printed in the Eng-
lish language with general circulation in Utah, and published in
Salt Lake City, Salt Lake County, in the State of Utah.
That the legal notice of which a copy is attached hereto
Salt Lake City Bill No. 47 of 1960.
An Ordinance Creating a Special
Trust Fund.
was published in said newspaper on March 23, 1960.
Legal Advertising -gr
Subscribed and sworn to before me this 24th day of
March A.D. 19 60.
)(_.
Notary Public
My Commission Expires
Nov....25-,-.-196.1_.
Legal Notices
' N AN ORDINANCE
AN ORDINANCE CREATING A
SPECIAL TRUST FUND In the
treasury of ealt Luke Alto to be
known T the"SALT LAKE CITY
TRUSTFUND"and tetsdnna the
loan-thirds of aft m'octets from the.
Suit Lake City sales tan and all!'
or unimproved
from theeal le of property shed li
hetmftted real nl rn shall
further providing Ing 1a hand and I
further pro a Wlt that said fund!!
p
Illy be -htirarnn nd e earAerl ne the Boars L Commix_
pf Salt Leke d t for ca
co .
'bondedpt Intl btcrineisrdi tuosodv c
lion tf.terewlth, t In colyxEREAS, the City of Satt
Lake CityY the('Onto ofi Salt
Lake,Simstof Utah.to s e etnai -
ra{tmt auso oraanhea a
Ste f a der the laws oaf (.he
F Ir56 Cf ppUtoh'es a city f the-'
theVS'tate SfSlltah,bLegislature llof
Uniform Local Sales'and Use Taxi
of Salta Lukehave ea r[elsetla their,
option to not Raid tax asauthor-
iztd-by aforesaid chapter and
WHEREAS, the do dared u
Date d intent of the Lecitlatuie
rn eons-S aitl chapter.
ffeted tr Sds to 2.thereof,
ads the funds dsaived tt'ofe ibel'
sell toure atI effect n tadihle a•be
tistensy to finance.theitr ca ball
_thtc�}ire.bondetlr indebttednees ii cwred
l',Wot{EREAS,the B9 M f Conn-
aesUes ethatf Saelt Bake Cit.deofvaccl l
ifrom the said tax'ito used foie ofel
ivithlntheo deflated ttoaislativeatin
tent and and i
WHEREAS,the Lake
of Com-
dsaioners of Sail LakeeeClan,fits1r,
theki rid ice that etilanrnotnertyda£-'nett
ca 1(I Impfoveitnd(used.for d needed
1l'e4'Boarrs eel evetBthat off rm.
ate of funds derived Snow the said I
tar and the self of_root n erty
wfil aid ath'e Cite fe fuifllitnent at
thv0W. THEREFORE.IrbeKe't or-
dained by the Hoard of-Conmfa-
Sloners of Salt Lake City.Utah:
hareh T I N latedat t¢a erbl'/hind
fund in the treasury of SaltLake
thevC Utah.
Treasurer.-'the
control
en known
(LAt deaienatetl the "SALT
KE CITY CAPITAL IMPROVE-
MENTS TRUST FUND." ei.
Fufee.referred to as Salesher Tanx
SECTION 2. That ban-thirds
15b1 f all r eds re ived by
loom the aft iorcr iaLocsl Salesl and it
Vsp Tax authnriend Chapter
III,Law"o£Utah. 19 9.and a I
p creed+from the o.,te of snmr"•en
shallLa'inn City ra fie thotfy'by I.
hall be aeposlicd in the Sales Tax,
Fund and shail be dudcdFed
at p,
ns itny
o d dnea tell shellahe bald
p fulr Cite Treasurers a to and
apart from other fundsln ibis not-I
hissto[fiolal bony ann ho:,deea Thal
'ended 01 flo whitef�clio,t ayf r.ft Lake City solely10 finance foetal
utfay r 1adtremen^,a an!1 0o sc�vlice
Itonded tdrbeedn,th m urr d m
MO Lhaiewl th coSFC11'ION 4. Ail m ended
Salesu'Cax Ftna atfh red ref onnk
calendar which taterebv
vert by operation of law to the
gne)rabe futtocated bald tiur(eeted.l
fnsofav as that n n br leaner '
asible.to said Sales Tao Fund
Ear hn bseaue0 ar
SE o d In the ,ionlmt no
tSae BooedkeE Ctah,sinners f
Salt Lake City, lnoh,It i- C
Lo the c c is
of 1eoitt l7
LakeY t the In Habllands f tt�
Lake City that this rdlna.:crSbe-
c He t ve' medintel.v.
SE efflnf`6.This ordinanoc haltl-
takr.effect o its Rrst n Mica-
lion.
Passed by the Board I Cnm-
f1 isss�l6thr day o[f MainS.lions Utah.
BRACKEN Mayor lit
FIFA MAN J.1iOGENSEN
Cit,v Recorder
AL)
Pokfi hd av ds of la
Published March 23rtl.
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