5 of 1901 - Ordinance 5 of 1901 – Providing for refunding of $500,000 in bonds issued pursuant to resolution p . ...
AN ORDINANCE PROVIDING OR THE refunding of Vivo Fun-
dred Thousand Dollars in bonds, issued pursuant to resolution
passed October 7th, 1800, found in the Revised Ordinances of
Salt Loke City of 189::.
Whereas, Pursuant to a resolution passed 11,, the Cj.t:v
Coloqoa of ;-!':lt Ike City October /th, 1100, Salt La:K, CJ
issoed ant sold, and on now oltstand.ir , filre hnildre6 bends
of the denomination of One usand Dollar;; each, dated Janlu-
ar let, 1041, payable twenty :,ears after data, with the op-
tion of pa:One 8ens upon the e-xplration of ten years after
date;
Whereas, it is possible now to refund said bohdo at a
lower rate of interent and thereby effect a for ,: yTipe to
Salt T,ako City corporntion, and tie fir of Earson,Le,ich and
and
Coripany of .,Tew YorkCity, has made a proposition to net no
the ..o.nr.in to be isued pursuant to this ordinance hreinafter
more partionlar12;, described, Alieh proposition has been or-
canted by the city Council; now, therefore be it
Ordained by the City. Council of rhnit. Lake City;
Sectien 1. That for the purpw3e of refu'eitnel In-
nun of bonO of january lot, 1&91, Salt corporation
Issue a series of five hundred. coupon bonds of thf: denomina-
tion of One Thousand Dollars each, the principal pable at
the office of the Cit;;, Treasurer of Salt Lake City twent;/
years after date thereof, said bonds to beor da-te of j; ),; :y
1st, 1901, with interest thereon from said date at the rate
of four per cent. per annum, paid interest payable sei-an-
nually thereafter on the first da:;,-3 of July and janiu,.r:, of
each year.,-in the City of New York, at tho b,,uking house of
ImmmOL: imam C: Company , or at the office of tee Aty
Treasurer in. Salt Lake City, on presentation and surrender of
the paid coupons as they become due, both principal and inter
114
est being payable in la4ful money of the United States. said
bonds shall be exempt from taxation by said. city.
Section 2. Said. bonds shall be signed by til 7y r and
City Recorder, and befora issuanCe of the same, the eorrmrate
seal of Salt Lake City shall be attached to each. Said
bond ;3ball he St,own no "Salt Lake City- Refunding Bonds", and
shall be tinabered from 501 to 1000, botb inclusive, *tad ball
be registered in numerical order in a book kept for taat pur-
pose by the Auditor of 8aid city, and shall have fort:: inte!-*
nst couons attached thereto to he numbered from 1 to 40, both
inclusive, with the 1)ropor dates of payment named thereon, ant
which shall bear the lithographic signatures of Ue Tf,b.yor and .
City Recorder. Said bonds shall be substantially in the fol-
lowing form1
umiT7.2' FTAT74:9 OP A,7RICA
STAr,R 0 ' UTAIT.
SAT ' 11.42 (17."7 RX:TUT)I - ROND.
No $1,000.00
KNOW ALL h RY TIT. ESP 2-
T S, that 1:) , City of Salt Lake City., in the Scron.l. of
Suit Lake and State of Utah, acknowledmes, iteelf to be in-
debted and for value received hereby promises to pay to the
bearer hereof, the sum of Oak T7OUSIC7) bOLLARS in lawful pvnley
of the United States on the First dry of January, 191, at
the office of its City Treasurer, with intereat thereon. at
the rate of four (4) per cent, per annum from dote until paid,
payable semi-annually, in like money on the firt tape of Jnn-
14-..ry and July in each year at the same place, or, 4 the op-
tion of the holder, at thftb banking house of teMseiessibt Co.,
in the Cit • of yen York, on presentation and surrender
of the annexed. coupons as they severally become due.
Thin bond in one of a series of five hunted (500)
bonds of tenor, date and. amount, numbered from five bun-
-2- 4!.o.
f
dred and one to one thousand inclusive, and known as "Salt
Lake City Refunding Bonds," for the aggregate sun of five
hundred thousand dollars ($500,000.00), issued for the pur-
pose of refunding a like amount of the outstanding bonus of
said City heretofore issued pursuant to law, under and pursu-
ant to Section 206 of the Revised Statutes of Utah, and pur-
suant to an ordinance •f the City Council adopted. and approved
by the Moyer and published, providing for the issuance and
disposal of such bonds.
And it Is hereby recited that, all acts, condi-
tions and things required to exist find to be Ferrol-nerd prece-
dent to and in the issuing of said bonds, have duly
existed and been performed in due manner and form as re-
quired by the constitution and laws of said State; and that
the total indebtedness of said Cit y, both bonded and floating,
including this issue of bonds, is not in excess of a.n;
special or general statutory or constitutional limit of in-
e
debtedueos.
I'T '7ITWFSS 'xflr;R�'i0F the said Cit.- of Salt T.cke
h,:;a, by the ordinance above recited, caused this bond to
t;e signod. and delivered and the corporate seal of said City
to be thereto attached by the and City Recorder, on
tltt s fire;l ,toy of January, 1901.
-Mayor.
Cite Recorder.
C 0 IT P 0 N.
No
On 1.), ot, (11,4::/ of 1Pine
,JiLy ofS,CIA, '4)1, A.:1,1:1 pay o bearoff to, the, 1111-::,,
ice, or, zo., ;,h,
the IIR,nkinLf, house of 0 Corprtny
1,1',e Cit of Ow Yorlc. n LR,'; , of the
s I,: I Crr; „
nza,Ther
74.t „y 2.2";_
or.
-4- or,
•
(Certifioate to be endorsed on b%.ck of bond.)
It 1, hi‘weby cd ,;.fied viirsuant to Section 146
or the ".aevid '!:iltitutef, of that 1,11e within bon is
within Ulu 14,if,41 Aebt or tho f)f City,
and is issued accor,lid6 to lee.
Dat4., OWn1Ary 1f3t, 1901.
CAA.] Altitor.
-5-
• S
:'ection 3. Upon the execution of said bonds they shall
be delivered to said firm of Parson, Leach and Company, upon
the payment of the purchase price thereof, as heretofore •
agreed, provided, however, that none of the 'Aid bonds shall
be issued unless and until a like amount of the .outstanding
bonds issued pursuant to said resolution.of October 7th, LOO,
has been surrendered and cancelled.
~eetion 4. There shall be eest aside out; of the revenue
of said r.ity :enitwannually a ewe sufficient to pad the intor-
". , est, u on sate bonds, and for the payment of the principal rand
!I r,+,rest of the said issue of harms, the faith and credit of
`era:!;;'=lake City is hereby pledged.
fesction. 5. That this ordinance shall take effoot impale
diately upon.it e approval and publication in 11,10
a newspaper published in the City of Salt
Lfk:e,anatl any resolutions inconsistent herewith e,re hereby re-
pealed.
Passed by the City Council of Salt Lake;
City, Utah, the niw,r day of 0'R4n... 190V
and referred to the Mayor for his approval.
LA
t� csrdei�.
Approvod this dey of DO/
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