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48 of 1954 - Issuance and sale of $1,000,000.00 Tax Anticipation Bonds, Series of August 1, 1954. ROLL CALL _ - - _ - - - J VOTING AYE ?4AY July 21, 1954 L— Salt Lake City, Utah, MC Burbidge Christensen I move that the ordinance be passed. � ' „. *Wham • • . Romney IMI,/IN % '2 NicholesI ( •/ ,A Mr.Chairman . . Result ___ / 9 ( �g 1 July 21, 1954 Mr. E. R. Chrietenisn, City Attorney Dear Sir: At a nesting of the Board of Conninei©nere held July 21, 1954, ails No. 44, for an ordinance providing for the issuance and sale of 41,000,000.00) Tax Anticipation Bonds of Salt Lake City, Utah, Series of August 1, 1954, was passed. Copy to Yours truly, Finance Auditor Treas. City Recorder 171? ORDINANCE AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF ONE MILLION IYOLLARS ($¢1,000,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES OF AUGUST 1, 1954. WHEREAS, there is an immediate and pressing need for the raising of funds in the amount of One Million Dollars 01,000,000) for the purpose of meeting the current expenses of Salt Lake City for the year 1954 until the payment of the taxes for the year 1954, and WHEREAS, the estimated tax revenues of Salt Lake City for the year 1954 will aggregate FOUR MILLION TWO HUNDRED EIGHTY ONE THOUSAND SEVEN HUNDRED NINETEEN DOLLARS 04,281,719.00) , and the total estimated revenue from all sources will aggregate TEN MILLI:OA EIGHT HUNDRED SEVENTY ONE THOUSAND EIGHT HUNDRED FIFTY THREE DOLLARS (010,871,853.00) , and WHEREAS, the sum oS 0ne Million Dollars 01,000,000) required now to be raised is not in excess of said revenue as estimated for the year 1954, NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COM iSSIONERS 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 1954 until the payment of taxes for the year 1954, shall borrow the sum of One Million Dollars 01,000,000) and for that purpose as evidence of such indebtedness shall issue twenty (20) bonds, numbers one (1) to twenty (20), both inclusive, in the denomination of Fifty ghousand Dollars (E50,000) each. Said bonds shall bear date of August 1, 1954, and shall be due and payable January 1, 1955, bearing interest at the rate of me and ten-hundredths percent (1.10%) per annum, payable at maturity, both principal and interest being payable at the First Security Bank of Utah, N. A., Ixchange Place Branch, Salt Lake City, Utah. Said bonds shall be designated 'Salt Lake City Tax Anticipation Bonds, Series of August 1, 1954". Said bonds shall be signed by the Mayor 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 certif- '3_cate required by law. Said bonds shall be in substantially the following form, ;o-wit: -2- /S ? UNITED STATES OF AMERICA STATE OF UTAH SALT LAKE CITY TAX ANTICIPATION BOND SERIES OF AUGUST 1, 1954 No. u 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 FIFTY THOUSAND DOLLARS ( 50,000.00) lawful money of the United States on the 1st day of January, A. D., 1955, at the First Security Bank of Utah, N. A., Exchange Place Branch, Salt Lake City, Utah, with interest thereon at the rate of one and ten-hundredths per cent (1.10!) per annum from date until paid, payable at maturity. This bond is one of a series of twenty bonds of like tenor and date, numbered from one (1) to twenty (20) inclusive and known as "Salt Lake City Tax Anticipation Bonds, Series of Aufust 1, 1954", for the aggregate sum of One Million Dollars (71,000,000), issued pursuant to Section 10-8-6, Utah Code Annotated 1953. The Board of Commissioners shall levy in the year 1954 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 the payment of such taxes for the year 1954. It is hereby certified, recited and declared that the entire indebtedness of said City hereby incurred is not in excess or the taxes of said City levied or to be levied for the current year 1954, and that said indebted- ness was and is contracted for the purpose for which said taxes are levied. It is further certified, recited and declared that all conditio 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 hereof 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, its corporate seal to be hereunto affixed, and attested by its City Recorder, as of the 1st day of August, 1954. MaAr A�PTT CITY Recorder / -3- 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 Audir, al to St Lake"Ci y, Utah Section 2. All the covenants, statements, representations and agree- ments contained in said bonds are hereby adopted as covenants, statements)rep- resentations, agreements and promises of Salt Lake City, Utah. Section 3. The Mayor is 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 Recorder and said City Auditor in so doing are, and shall be the act and. deed of Salt Lake City. Section 11.. That the Board of City Commissioners shall levy in the year 1954 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 Lace City is hereby irrevocably pledged and the Board of City Commissioners hereby covenants with the holders of said bonds to levy in the year 1954 sufficient taxes to provide for the payment of the princi- pal and interest of seed bonds. Section 5. The First Security Bank of Utah, N. A., Exchange Place Branch, and Associates of Salt Lake City, Utah, having offered to purchase said bonds a't a price satisfactory to this Board of City Commissioners, which offer was the best and 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 and the same is hereby ratified and confirmed, and the City Treasurer is hereby authorized and instructed to deliver said One Million Dollars (l,000,000) 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 copy of this ordinance to be published immediately in one issue of The Deseret News — Salt Lake Telegram 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 and safety of the inhabitants of Salt Lake City that this ordinance shall take effect at once. Section A. This ordinance shall take effect upoxn the first publicat'• PASSED BY T1- , BOARD OF CITY COi,Yf SSICVERS of Salt Lake City, Utah, this 21st day of July , A. D., 1954. Mayor, Salt Lkke City, Utah. ATTEST: 1 / City Recorder, Salt Lake City"Utah (SEAL) Bill No. 48 Published July 22d , 1954. -5- Affidavit of Publication STATE OF UTAH, as. County of Salt Lake ...soFFIT111121%,..—*.— Qeicey Being first duly sworn, deposes and says that he is ad- Telep,razn ad- vertising clerk of the DESERET NEW enad riseaigpialbla published in Salt Lake City,Salt Lake County,in the State of Utah. That the advertisement Bill No. 48- An Ordinance Providing for _Issuance of Tax Anticipation Bonds .41.,t lake City, Utah was published in said newspaper on July 22, 1954 Advertising Clerk Subscribed and sworn to before me this 26th day of -July A.D.19.54... Notary Public ORDINANCE ATTEST: IRMA E.BITNER AN ORDINANCE PROVIDING FOR City Recorder THE ISSUANCE AND.SALE,OF ONE (S E A L)MILLION DOLLARS(91,000.0110)TAX There shall he endorsed on each of NTICIPATION BONDS OF SALT said bonds the following City Auditor's LAKE CITY UTAH, SERIES OF Certificate: EAUGUST I,1954. City Auditor's Certificate WHEREAS,there is an immediate and. I hereby certify that this bond Pressing need for the raising of funds, Is within the lawful debt limit in the amount.of One bullion Dollars of Salt Lake City, Utah, and is .he current for the purpose ofmeeting d according to law. Louis E. Holley, the rror the yea expenses it Salt Lakeyme Ct Loy City Auditor,Salt Lake City.Utah." the taxes for thethe s954 veea�r`1954he,and payment Bi the covenants, state- WHEREAS,the estimated tux revenues 2. All venves 4n representations ts,r+• n.atlins and agreements • w Cl Sall Lake City for the Fear 1954 11 contained in said bonds arc hereby i ncgreaate FOUR MILLION TWO-Ift+N. adopted a ants, statements, D1tED EIGHTY ONE THOUSAND es b taoos. agreements and promises SEVEN HUNDRED NINETEEN DOL. of Salt Lake City, Utah. I,A'1RS(S4,20t,715,00),and the total esti- Section 0. The ela:+yor is herohv all- m Lod prom aR s w If thmhs¢d and directed to i n end 9iiregateyTEN MILLION'EIGHT FII'-N- elate said bolds and the City Recbrde. DRED SEVENTY ONE THOUSAND is Hereby authorised a d directed to EIGHT HUNDRED FIFTY'THREE DOL- Hest and ffix the seat of Salt Lakc LARS S10,dl1,s504001,Ind.' City to each of said bonds.and the City • WHEREAS,..4�pp s of One Million Auditor is authorized and directed to Dollars ($1,000,0601'reltuired now to Place ,loon said bonds the certificate he raised Is not In e. of said r in P1 n the and farm l forth rue a estintqtell.for,thee year 1954, shove,andatlea is of said Manor,said NOW. THEREFORE,'-SE IT OR, City Recorder and said Cily Auditor in DA1NE11 BY,THE BOARD OF COTIM1IIS doing are,and shall be the act and SIONESS OF.,.ALT LAfkE CITY,UTAH: deed of Salt Lake City. Section L..L..1'hat.said Salt'Lake City, Section 4. That the Board ofCily Utah,for the eurnn of;meeting cu Commissioners hall levy in year rent expenses of said City for the year 19.54 a suItieient Lax to Pal the prIis- 1954 until.the Payment 41 taxes for ,pal and ,crest said bonds le he, year 12y54, hull barrow the mina' the s hall Ball coos, and for the ' of OneaMilRon Dollara...(S.000,000)ad' Ante°,said bonds,the full faith, for .,coda rpose.a evidence of such credit and taxing p 'of Salt Lake indebtedness shall.as twenty (20) City in hereby irrevocably Pled Bed and bonds,numbers o (D to-twenty(20), the Raard of City Commissioners hereby both inclusive,in the.denomination o£ ants with the holders of said bonds Fifty Thousand Dopers fS50,0001 each.' to Velevy in-the ear 1054 sufficient Said bonds-shell bear date f August taxes to provide for the payment f • 1,1954,and.shall.be duo^ u and agble the.principal and interest f saidmbonds. alnnvai'.v 1.1955,hearing•i.crest at the. a .Section 5 The First Security Bank Fate i one and teo.hundredths per- of Utah,N.A.,Exchange Plae Branch, • cent 0.140 p Payable a and Associates of Salt Lake Oily,Utah, aaturlty, both pee ad interest, haying offered to Purchase said bonds b able at the y'j�at Security Bank at price satisfactory to this Board yin Exchange Place f City rGtmmissioners,.bleb offer s [ Utah, N. A., Branch,Salt Lake City,Utah.Said hands Tax the best and most advantageous recoiled Anticipation 1p designatedo da Salt].aka City Tax which the purchase f a'o bonds and am 1554."pa Hid bonds,Series of August 1, which offer has heretofore been (h54.'• bald bonds shall be signed e. orapl be this said tee be and the the Mayor and attested1,aaeby the City ite- e f said odic' be and the order nth' the registered the City. acceptance he hereby ratified andconfirmed,ebm Said bonds shall be uditore for in a boot. same City Ttructedr is hereby a Pont by the Auditor for that n One Million and instructed to delver ad Polo antl the City Auditor shall a One pinnsrs (the purchasers Tax rack of I n.holds the ceshfi, thereof as Bonds a the purchasers beinrequired na law. Said bonds oils,, shale h a and when th said bonds be it hatanlially the following form, shall be and are legally o issued and pde- urchase LonvU price v eceint of ttic purchase UNITED S OF AMEAlECA price therefor.r. STATE OF I TAH Sectionebis. The die Recorder i SALTLAKE CITY TAX hereby instructed and directed ll fished ANTICIPATIONOF BOND Y of this ire elle issue to he published SERIES • OF AUGUST 1,1954 OT immediately i t s of THE DES- Nn-- - a dET NEWS-SALT LAKE TELEGRAM, KNOW ALL MEN By THESE daily newspaper of general circulation PRESENTS: In and printed and published in Salt That Salt Lake Cite Id'the'hpaehr'i Lake City,Utah. of Salt Lake and Stateof Utah,hereby Section 7. That emergency acknowledges aseisnelf to e indebted and hereby declared and eli the opinion 'n for value r s reed hereby to f the Board of ity in the sioers pay to the bearer hereof the because of the necessity for funds to FIFTY THOUSAND DOLLARS meet the current of said (b50,000.00) City,it is necessary to then peace,health lawful m of the United States on' and safety of the inhabitants of Salt the Isr.day of January,A.D.,1055,at; lake City that this ordinance shall take the First Security Pink of Utah.N.A.,, effect a Utah, 1111,ge Place Branch, ,hereon tat ake the Cite effect upon 6n the.firstdiublicnpon.l take end tea-Igundreths P cent PASSEDn BY'rHE BOARD Al'CITY Pall°io) ii n -from date until COMMISSIONERS 21st of Salt A.D. C1514,, PeLIpayable o eat eof ale, Utah,this 21st day tidy,A.D.,3964. This bond is one of a series or twenty E. S. GLADE Donis ofl,lice tenor and dote,nun sine, Mayor,Salt Lake City,[]tab. Dom one. III to twenty it ]nclvsive, ATTEST: and known a"Salt Lake City An 1951,'- ICna F.BiLoci Lion Bonds,Series of August I,19 Mil- ('.sty Recorder,Salt Lake City,Utah. for the aggregate man of One Milt (SF,An. lion ctllnrs 0-I E,Utah,issued pursuant Bill No. IB to.Section]0-0-6,Utah Code Annotated ,Published July 22nd,1964, (B-23) 1951 The Board00' f Commissioners'l icenlsxat levy • to the n v 1954 a:oi cot nt tax to n the principal shalt in fallp.on thisbond as bend la arnu shall ntl due, and this hayd i issued i anticipation of the a payment [ such texas for the year load. II is hereby invented, recited and declared that the entire indebtedness said of hereby i 'gd f not In of ier taxes of the c rye levied ino to be It at for the current year 9sa and that .aid indebtedness was mif.taxesd re the. noae for wlI 1 said taxes a levied.u It is further certified. recited andI things i all conditions,validity acts •rid( things t,essential to the validity f this bend inl,r,, have bnrycoc and have been,lone,and that c ens he law duly comp, the issue d that. tnthis been❑0 o l complied rvitdebt tdat this bond is within debt and other limitprescribedsaid St the and Constitution ie and Yatesat and said State,and that the ty faithc and credit of said Salt gad tCity a hereby irrevocably l pledged the punctual payment of the n pal ands interest of this bold aectord inI to its Nrms. IN WETNESS WIIERF,OF, Salt signed City has ocalmed,i this bona to 1he0 s nbe by its Mayor,its corporate seal io its hereuntoReaffixed and he 1st ay its, Aug R,1054 r, as of the 1st day Of August, 1EA EARL S.GLADE, nlaror