49 of 1939 - Sale of $1,250,00.00 Tax Anticipation bonds ROLL CALL
VOTING AYE NAY Salt Lake City,Utah, Deo. 7, 193 9
Y CogginI
rl: I move that the ordinance be passed.
Keyser k,, -
Rfurdoch liattelmif �—y J i
:Mx ✓ /Matheson r/
Mr. Chairman - - -I l
Result
I 1 _I
I
I p
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, 1940.
WHEREAS, there is an immediate and pressing need for the raising
of funds in the amount of One Million Two Hundred and Fifty Thousand Dol-
lars ($1,250,000) for the purpose of meeting the current expenses of Salt
Lake City for the year 1940 until the payment of the taxes for the year
1940, and
WHEREAS, the estimated tax revenues of Salt Lake City for the
year 1940 will aggregate One Million Nine Hundred Forty-six Thousand Ninety
and 80/100 Dollars ($ 1,946,090.80 ), and the total estimated revenue
from all sources will aggregate Three Million Three Hundred Forty Thousand Six
Hundred Fifty-two and 50/100 Dollars ($ 3,340,652.50 ), and
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 1940,
NOW, THEREFORE, BE IT ORDAINED 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 1940 until the payment
of taxes for the year 1940, 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 twenty-five (25) bonds, numbers one (1) to
twenty-five (25), both inclusive, in the denomination of Fifty Thousand
Dollars ($50,000) each. Said bonds shall bear date of January 1, 1940, and
shall be due and payable January 1, 1941, bearing interest at the rate of
five-tenths of one per cent (5/10 of 1%) per annum, payable semi-annually
on July 1, 1940, and January 1, 1941, both principal and interest being
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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 January 1, 1940." Said bonds shall be signed by the Mayor
and by the City Treasurer and 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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ij;7
UNITED STATES OF AMERICA
STATE OF UTAR
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JANUARY 1, 1940
No. *50,000.00
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
FIFTY THOUSAND DOLLARS ($50,000.00)
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, 1941, at The National City Bank of New York, in
New York City, New York, with interest thereon at the rate of five tenths of
one per cent (5/10 of 1%) per annum, from date until paid, payable semi-
annually in like money on July 1, 1940, and on January 1, 1941, said interest
to maturity being represented by interest coupons hereto attached.
This bond is one of a series of twenty-five (25) bonds of like
tenor and effect, numbered from one (1) to twenty-five (25), both inclusive,
and known as "Salt Lake City Tax Anticipation Bonds, Series of January 1,
1940," for the aggregate sum of One Million Two Hundred and Fifty Thousand
Dollars (41,250,000), issued pursuant to Section 15-8-6, Revised Statutes of
Utah, 1933.
The City of Salt Lake City shall levy in the year 1940 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 1940.
It is hereby certified, recited and declared that the entire indebt-
edness of said City hereby incurred is not in excess of the taxes of said
City to be levied for the current year 1940, 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 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 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. 1940.
Mayor, Salt Lake City, Utah.
ATTEST:
City Treasurer, Salt Lake City, Utah.
City Recorder, Salt Lake City, Utah.
(SEAL)
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To each of said bonds shall be attached a coupon for each install-
ment of interest contemplated by said bond, the coupon due July 1, 1940, to
be numbered one (1), and the coupon due January 1, 1941, 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. $125.00
July,
On the first day of January, 194 , Salt Lake City, in Salt Lake
County, State of Utah, will pay to the hearer hereof the sum of One Hundred
Twenty-five and No/100 Dollars ($125.00) in such funds as are, on the date
of payment 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, 1940.
(Facsimile Signature)
City Treasurer, Salt Lake City, Utah.
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, Salt Lake City, Utah."
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
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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,
said City Treasurer, said City Recorder and said 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 1940 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 Lake City are hereby irrevocably pledged and
the Board of City Commissioners hereby covenants with the holders of said
bonds to levy in the year 1940 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, Walker Bank & Trust Company,
Continental National Bank & Trust Company, and Utah State National Bank, all
of Salt Lake City, Utah, and R. W. Pressprich & Company of New York City,
New York, having offered to purchase said bonds at a price satisfactory to
this Board of City Commissioners, which offer was the best and most advan-
tageous received for the purchase of said bonds, and which offer has hereto-
fore 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 Two Hundred and
Fifty Thousand Dollars ($1,250,000) Tax Anticipation Bonds to the purchasers
thereof as and when the said bonds shall be and are legally issued and de-
livered, 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 , a. daily newspaper of general circulation in
and printed and published in Salt Lake City, Utah.
Section 7. Tna.t a�. ewer e. i� i�ez- r an=i�.- a ta tl,o minion
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V a)
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I (G.
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. 8. This ordinance shall take effect upon the first
publication.
sassed by the Board of City Commissioners of Salt Lake City, Utah,
this 72day of December, A. D. 1939.
Mcy r, Salt Lake City, Utah.
ATTEST: i)
City Recorder, Salt Lake City, tah.
(SEAL)
Bill No.
Published December , 1939.
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a,
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'to-,
TA E OF UTAH
SS.
( CUM OF SALT LAKE)
fY ?°
T I, Ethel Macdonald, the duly chosen, qualified and acting City
�)C}r tedtrder of Salt Lake City, Salt Lake County, State of,.U^tah, cio hereby
r. certify that the foregoing and attached pages area full, true and tor-
z.",Kilrect copy of the minutes of a regular meetingdfthe Board ofCity Commi
loners of Salt Lake City, Utah, duly and,iawfully called and held on
fi 4 , the day of. Decemb r, A. D. 1939, at the hour of
o'clock A. M., insofar as the same refer to or concern the issu-
P
ance of $1,250,000 Salt Lake City, Utah, Tax Anticipation Bonds, Series of
January 1, 1940, as the same/appear on record in my office; that I person-
ally attended at said meeting and that the foregoing proceedings were in
fact held as in said$inutes specified.
IN WIT1WSS WHEREOF, I have hereunto set my hand and affixed the
4
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corporate of said City this day of December, A. D. 1939.
1se
City Recorder, Salt Lake City, Utah.
(SEAL)
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(JA,I2)
Affidavit of Publication
STATE OF UTAH,iCounty of Salt Lake
•
Le a�`Notices� Leo H.Young
..AN ORDINANCE
AN ORDINANCE PROVIDINO'yOA THE I
ISSUANCE'AND SALE OF ONE MID.
LION TWO HUNDRED AND FIFTY
:THOUSAND DOLLARS (01,7 0,000).TAB) Being t'firstduly
sworn,deposes and says that he is the ad-
ANTICIPATION BONDS OF SALT'LARK!
.0��Tpy, UTAH, SERIES OF JANUARY lA vertising clerk of THE DESERET NEWS,a newspaper
`�WiIEREAS, there is an immediate an/
blessing need.for inn rattling of fund.'
in the amount.of one Minion Two Huns published in Salt Lake City,Salt Lake County,in the State
'dreg and Fllty•Thousand Dollars (01,260,11
000) for the mammas of meeting the our.)
+end eXpenees,of Salt Lake City for thdl of Utah. ,
' year 1990 Until the payment of,the take,;
tor the pear 1040 d -- P.
WHEREAS theand
talc a 'hdon Ordinance Bill No. 49
of Salt Lake City for;tke sear 1940. •tl: That the advertisement
Ke gate'O.•
x}Nllen Nine H dt d Popr
fy'"Thous d N+e1".''idA poliarei
(03,996.090.601, athe t0 a1 ttmate{e,
'reyenue from alt eourcaee ur Faregste' providing for Tax Antinipation Bond Issuance Sa
Three FI11Den deed'plu1e1eoo Foiir'These,
d.S1k Hundred`0) and 1 60.1
WHEREAS,-the enm of One d'D0n4
Two
(41250000)a and
nowThousand
Ur be oe.t,j, Lake City Corporation
)
ed le-not in eEceee o1 bald revenue as'
•estimated.for this•Year 1990,
NOW, THEREFORE,•BE•IT'ORDAIN-
ED BY THE BOARD.OF COMMISSION•' '
DRS OF SALT.LAKE CITY,UTAH,:''
tiltah,t'for'the purpoe6d'Salts'Meeting-, curt.
t p 4eeISid C ty f ahe.year•
was published in said newspaper, in its issue dated, the
:
3890 u ti1 tiro Day ant 1 take .for'the
1990"Shell ro a um.of one gth day of 39
itien 74.24a .h uoe December A.D. 19
•as ev deem of such indebtedness Shall
taaue twenty-five(16),bondo,numbeib one!
(I) to'tieentp-Ifve (16), both inclusive,. 1 time
/n thedenomination of Fifty Thousand' and was published
11 (0poopo) eaea, Said b nds shall
be d to pt J nv ie oe ner and..9haR
bI due-and Doa able"rate,Ot fe..tei9}1,)
hearing'interest•at She rate oiyfixe-lentha, the last publication thereof being in the issue dated the
i of•Site.per cent (6)10 of.14Iv):Per,tnmim,!
'payable a1,11-anuually on July 3;'nod t.
January,1; 1891, both,Drinefnal-and In. A.D. 19
t 9t.b being'payaqble.att'wh National City day of
'Bank f New York,66'Wall Street;N wl
Y k city,,,New York. 'Said bode shalt J'/'�
b i designated Salt Lake edti T Antic)..- f,,, yoi, 4patio e d ll"bt o1 ed-'byrs 1, 1990 , --a d b des.b 11 b ipred .t trie'Mea,ev.tits city shcaerer Sits tttof ing Clerk.
and..
the.Quo R of 000 nnaer tp ��a4p-s l I
the citr,'and the t e)lt000-hhscl o hell:
'Shovd 14 artth tae±Hthbaraf,gd er
ed . Said ode'ehe'of, tae Crud
Treasurer_o kept bypthe Ot q Auditor'for
that feLynthe'�00'eom .on...eho saidboa! 0'
t fioete raeut ed bylaw.',0atg ppnde:shall
be ubetantlolll�n,the,t4Wg0'lor'form, 9th day Of
to ,« '- I to before me this -- -
';`1NITEETEOVTHpRItlA
STATE'
COUNTY OF SALT LAMS- A.D 19 39 •
SALT LAKE CITYBONAX ANTICIPATION
SERIES.OF JANUARY 1, 1990-
.NO. ALL MEN BY 566TTHESE '
PRESENTS:. -. -.
pat Salt'Lake'City. 1n the County
Of.Salt'Lake and Maps of,'Utah,•heteby N ary Public.
acknowledges itself'to be indebted and
for, aloe received hereby Dronlees PI
Dag Tto the bearer hereof the eum of
FIFTY THOUSAND'DOLLARS(060,000.001
in pay
ment
a Sunda as-are, on the-date-of
Payment of the principal f,an Mali.
doeterse on this bond,tarsi tenderfor debts
due the United-States of Ameriea OO tan.
flrMt a♦o Ntr BrsF,,1pel: In N a1Yor
Cit�yy 8 Iy f.New'Sort In�NCr Bork;
tbSCit esS'ut li kl nthainwith nteees Pei cent
e t'(6.
lb of tdlq) y e 0001(m,'from➢date'until
•g1J.qq8a.")Bola lase,•nneneagea.. `4Eau1 i$itb
'O yfB1j9M( altttt levy 3 -L➢e year'1940
Paid,DaYabta semi-annually to lit m neyy ctpi tax.to Day the pdddlral.snd
on July 1, 1040, don January 1, 1041,IntrOeL on said"bonds p,tkbpp'nghe�0p 11
ni
meld interest to maturity bath, epresent•fall dug, and for the-eodk nt otodale
ed by 3 t et coupon.hereto attached. bu@de Otto;full.Yaltb,-mmU.Leand tea:ng
.This bond i one of a emits of tW nit-yogi 3 /It tat City. ➢ by
re um b dm-of like tegor his 1 ye rl pledged d'the Board E ty
Sot, numbered Store one (1) ' twenty-9 b tLOxby n t▪ the the
^lived�(05) both inclusive,and.known as hDldo d_b de-to t y i
!Mut Lake City Tax Anticipation.Ronde, Ia a4 Lre ' p ovtde fur thi
•
Cot. 1'January 1--1940 1onthe*here-D {pe.D InGFal sad it▪t',. bt
gate m T One Million Two%&undyed.8.4._„Q fi "Pet Seca ity et.
and-Fifty Thousand D]laze (91,749,0001 �}�r,➢e.*hh�t''imw$rd 7, R rton.t.Comp y,
twined D t'to Section'34.Bd Revlseb F1 `ht ttonyf Bank of halt.Inks ty.
Statutes oy' S '1933 ) W r ggAn� Ttne4 Company C it( r
The City of"•Salt Lake shall teVY in np�Tfat ghal attd Si Trot Coo y.
'the.y 194E ;; USficmnt Lax to pal gd llt4h qt te'Nadtoaal�Da4W all Of Mt
the principal and interest on the,bond Lake Clty',r Ptah;ind dt.-Alf.greiseigi A
ie the oaroe shall fall due,and this bond Cevipan$fe Toth tk Ctty,.'Naw rk.
s trailed anticipation of eu h tam/4 ➢av(4g rykhad.to par haae.eaid'ben at
for the year 1p4p. 'a pr< s T clots t thin, p d the
hCP
ot
It- hereby certified, cited and de- ere, von*ktfer,was,th het
dared that•the,.`entire- nd bled f of a Wv nteam ppq.scalded 1 ri the
said City hereby'incurred t'not x•pax see f 42id Ronde and whieh ler
case.-o1 thetaxes o1 d City to be levied h. -been a ceptad'bq ti`:, tv -
for the d ant.year 1840 and that td Domra a acceptance.al ear far
1 debt d I was and contracted Sot be l and Lk 4 e he hereby atlas nd
the pulp for hick 'd taxes MI cos/ A and th G 1!a fel e
levied nor.¢py u WARM.
i oictle(ed ta'yded
it is hereby certified, sea and de.1R M�lh T 100 09)t, d
essent that all validity
acts bed•things F ;idi, 6 {fhe•purl as
have happened t th id/ha 1 been bond, Sae :" all aBo S old End .0ers
011
have0001 and➢4 ➢ n dent, 4nd 1 and wbea the a13 bonds a all
'that every eualreme tl of law *flatting and leAslly-ieeq d and ed,
the issue thereof has been duly coot up -iticalDt'o1 the purchase Mica'there-
Plied with, and that this bond to within for. -
every debt d other.limit-Drfuribed•„Section.g:"-The City Recorder is berm•
y the Constiththe d Lawe of a d..of 0. rueted-and directed to suss
State, and that the full Saith and ere. of-t•.`.ordinance.to be•published frame
of sai Salt•Lake City.are hereby 1 a_'sane f.tha Deseret;News,
revocably ledge to the punctual.pay x'•'t seeps of general circulation
qt of the principal and'intermit O and published in Salt Lake
this bond according to its•Eerms. I ! �y - • -
Ile w'ITIIESS WHEREOF.Salt Lake CI That ems geaay'is
has caused th band to be shined by It F}�.� a ask and the opinion f-the
Mayo d lieCity Treasurer. k >' tto mho there because et
:orate seal to be hereunto af9 a 2,I es i y-Ar funds t meet the roe.
attested by 00 City Recorthe and the ep�Y d'City ' i -
annex d coupon.-to bear the 1acetmf Ct't�p peace.➢ Ith and safety01ef(denature of of the.,City Treasurer a ShtAats o1 Salt Lake City tba0
the 1st day.:af-January.A. D., 12.4Q 'ah hall take attest t-onew
•l Ark, 'ordinance" hall take
layer,Salt Lake City Utah a i- 0 the Diet publication.ouhte•ATTEST • Ay lh'Lake' i 1 CYLY t
• t'S It r.' City Ut0. thfa ath
CtV T assurer. Salt Lake City Utah d Y A d�ber A D 19A.
JdOH13 WCLLACH City A¢cOrder.Salt Lake City,-Ut h '" �'' M . LakeSa1L'. 'City,Utah.
(SEAL) - - ATTEST. .
To a oh of!said bonds shall be att h• $al4ACDONALD,
ed a pap for each installment. T i4-city CAN Salt Lake City, Mall. -
1 tenet c nteMplated by id bond, the AT)
Rey 1 1940,to be beret 11,D. 49.mbar etA'3i30.
coupil), and-the coupon due January 1, 4> -" toe
'1941, to be numbered 4mo (1),,with t
several nd•atom f payment and'number of'
bond,.' alien bear the facsimiledieoa-
ture of the City"Treasurer. Said sou.
:one shall be in substantially the fol•
lowing form, to-wit;
' (Coupon) 4136,02_
N On the first;day di Jul.l 'January.194-,.
,
Salt.Take City, in Sdt Lake County,
Stater of 0tak„will Day to the bearer
hereof the.sum f One`Hundred,T,wette-
five and No.100 Dollars (4122:00) in much
funds a ao, a the date f payment
hereof,.1ega1.tender for debt due'the
CitytedB nkteof New Yl rka'T Newwa11 ne
aoryfc[
City, Ithe sue,o being.
Tate'.,Anticlphhlf
' Pond,'Sedge.'or.January'1,-,1e40;
(PYct/mile'ltedaturel"
B City T eau er,IJalt Labe,Otte'Utah.''
Thar hell'be'ehdoread o h c,and
.bends tithe-dpllowing,City_Auditor's'Cer-.
tiiica• City Auditor'.CertiiteIts
I' - "I'.hereby certify";that this bold
is withfn'the.lawfal,debt'limit-of
Salt.Lake'City.Utah"and"le-te-
Sued aoeo(S3ng.to,ten -•_
City Auditor,-Salt,Lake,Cjty, Utah-'
' Section 2. All the codenantb, state.
meat, representattone and agreements
t.
adulate otenant.,statement represennta-
honee.agreement and premises of Salt
Lake'City,Utah,
Section 3, The Mayor d the City
Treasurer of Salt-Lake City,are hereby
authorised-and directed to-elan and x•
Conte id onds and the.Milts Recorder
ie hereby thoreed and directqed to t,
test and affix the seal of Salt a Latin-Offs
to each f-said bonds, d tke.a'ouDons
attached to a td bond. *ball be'signed
by the facsimile signature f the City
asur Treer, and the City Auditor 4 ad.na thorid and directed to place upon said
bonds the certificate in the manner d
form t forth above,end the sate et the
asld M4yor aid Cify Trea*uteqi.;"edld Oka
Rt agraar'a�P4 sptbl Cbe Otto ace`,itoeS dgd-a
Of Salttare Lake c tr
Section 4. That the Board'et City
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