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50 of 1936 - Providing for the issuance and sale of $1,250,000.00 Tax Anticipation Bonds of Salt Lake City, Utah lice. 103 ROLL CALL VOTING AYE I NAY Salt Lake City, Utah, fiLC 24 W6 193 Goggin I move that the ordinance be passed. Keyser Murdoch V I irwishae Lee Mr. Chairman - -b Result AN ORDINANCE AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF ONE MILLION, TWO HUNDRED AND FIFTY THOUSAND DOLLARS ($1,250,000.00) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES OF JA UABX 1, 1937. WHEREAS, there is an immediate and pressing need for the raising of funds in the amount of One Million, Two Hundred and Fifty Thousand Dollars ($1,250,000.00) for the purpose of meeting the current expenses of Salt Lake City for the year 1937 until the payment of the taxes for the year 1937, and WHEREAS, the tax revenues of Salt Lake City for the year 1937 will aggregate One Million, Six Hundred Ninety Eight Thousand, Two Hundred Fifty-nine and 18/100 Dollars ($1,698,259.18), and the total revenue from all sources will aggregate Three Million, Sixty-nine Thousand, Seven Hundred Fifty-nine and 18/100 Dollars (a;. 3,069,759.18 ), and WHEREAS, the sum of One Million, Two Hundred and Fifty Thousand Dollars ($1,250,000.00) required now to be raised is not in excess of said revenue as estimated for the year 1937, 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 50 meeting current expenses of said City for the year 1937 until the payment of taxes for the year 1937, shall borrow the sum of One Million, Two Hundred and Fifty Thousand Dollars ($1,250,000.00) and for that purpose as evidence of such indebtedness shall issue twenty-eight (28) bonds, numbers one (1) to four (4), both inclusive, in the denomination of One Hundred Thousand Dollars ($100,000.00) each, numbers five (5) to fourteen (14), both inclusive, in the denomination of Fifty Thousand Dollars ($50,000.00) each, and numbers fifteen (15) to twenty-eight (28), both inclusive, in the denomination of Twenty-five Thousand Dollars ($25,000.00) each. Said bonds shall bear date of January 1, 1937, and shall be due and payable January 1, 1938, bearing interest at the rate of seven-tenths - 3 - of one per cent (7/10 of 1%) per annum, payable semi-annually on July 1, 1937, and January 1, 1938, both principal and interest being payable at the National City Bank of New York, 55 Wall Street, New York City, New York. Said bonds shall be designated "Salt Lake City Tax Anticipation Bonds, Series of January 1, 1937." Said bonds shall be signed by the Mayor and by the City Treasurer and attested by the City Recorder under the seal of the City, and the coupons attached shall be signed with the lithographed or engraved facsimile signature of the City Treasurer. Said bonds shall be registered in a book kept by the City Auditor for that purpose and the City Auditor shall endorse on each of said bonds the certificate required by law. Said bonds shall be substantially in the following form, to-wit; _ ¢ - iErr) UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY TAX ANTICIPATION BOND SERIES OF JANUARY 1, 1937 NO., KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City, in the County of Salt Lake and State of Utah, hereby acknowledges itself to be indebted and for value received hereby promises to pay to the bearer hereof the sum of DOLLARS ($ in such funds as are, on the date of payment of the principal of and the interest on this bond, legal tender for debts due the United States of America, on the first day of January, 1938, at the National City Bank of New York, in New York City, New York, with interest thereon at the rate of seven-tenths of one per cent (7/10 of 1%) per annum, from date until paid, payable semi-annually in like money on July 1, 1937 and on January 1, 1938, said interest to maturity being represented by interest coupons hereto attached. This bond is one of a series of twenty-eight (28) bonds of like tenor and effect, numbered from one (1) to twenty-eight (28), both inclusive, bonds numbers one (1) to four (4), both inclusive, in the denomination of One Hundred Thousand Dollars ($100,000.00) each, bonds numbers five (5) to fourteen (14), both inclusive, in the denomination of Fifty Thousand Dollars ($50,000.00) each, and bonds numbers fifteen (15) to twenty-eight (28), both inclusive, in the denomination of Twenty-five Thousand Dollars ($25,000.00) each, and known as "Salt Lake City Tax Anticipation Bonds, Series of January 1, 1937," for the aggregate sum of One Million, Two Hundred and Fifty Thousand Dollars ($1,250,000.00), issued pursuant to Section 15-8-6, Revised Statutes of Utah, 1933. The City of Salt Lake City shall levy in the year 1937 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 1937. It is hereby certified, recited and declared that the entire indebted- ness of said City hereby incurred is not in excess of the taxes of said City to be levied for the current year 1937, 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 IVITNESS WHEREOF, Salt Lake City has caused this bond to be signed by its Mayor and its City Treasurer, its corporate seal to be hereunto affixed and attested by the City Recorder, and the annexed coupons to bear the fac- simile signature of the City Treasurer, as of the 1st day of January, A. D., 1937. Mayor City Treasurer Attest: City Recorder (SEAL) - 5 - 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, 1937, to be numbered one (1), and the coupon due Je.nusry 1, 193S, to be numbered (2), with the several dates of payment and number of bond, and shall bear the facsimile signature of the City Treasurer. Coupons attached to bonds of the denomination of One Hundred Thousand Dollars (fi100,000.00) shall each provide for the payment of Three Hundred. Fifty Dollars (ti350.O0); coupons attached to bonds of the denomination of Fifty Thousand Dollars ("50,000.00) shall each provide for the payment of One Hundred Seventy-five Dollars (ti",175.00); and coupons attached to bonds of the denomination of Twenty-five Thousand Dollars ($"25,000.00) shall each provide for the payment of Eighty- seven and 50/100 Dollars ($87.50). Said coupons shall be in substantially the following form, to-wit: (Coupon) No. July, On the first day of January, 19 , Salt Lake City, in Salt Lake County, State of Utah, will pay to the bearer hereof the sum of Dollars ($ ) 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, 1937. (Facsimile signature)_____ City Treasurer 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" 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. - 6 - �j: 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 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, City Treasurer, City Recorder and 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 1937 a sufficient tax to pay the principal and interest an 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 1937 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 Comrany, 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 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, Two Hundred and Fifty Thousand Dollars M,250,000.00) Tax Anticipation Ponds 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. - 7 - 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 Salt Lake Telegram, a daily newspaper of general circulation in and printed and nublished in Salt Lake City, Utah. .r F a `' L , y Section 7. That an emergency is hereby declared and in the opinion ; ^ 'oft the Board of City Commissioners beca e of the Cessity for funds to 1 q 41 4,z. met the current expenses of said City 2t s neceS�,a- y to the peace, health _ '`' ? a' safety of the inhabitants of Salt L �Cit7 th this ordinance shall rt ` f{ t*e effect at once. .41 :' 1 n 1 7,, Section 8. This ordinance shalt ke�iffec Jitluon the first i ,14,. publication. V 1 '� y' Passed by the Board of City Comssioners oLLLfPPPSalt Lake City, Utah, . t" 24th day of December, A. D., 1936. • Mayor Attest: n �" ity Recor er (SEAL) Bill No., Ill �j Published December f.// , 1936. e r — 8 _ Proof of ruhliration Ended eludo of Amain STATE OF UTAH ss. COUNTY OF SALT LAKE being first duly sworn,depose and say that I am the Chief Clerk of THE SALT LAKE TELEGRAM,a newspaper,published at Salt Lake City,State of Utah. That the Notic0.7. iltZWAVCT.: WIT?, 50 ATT JY Tr! Lrrr of which a copy is hereto attached,was first published in said news- paper in its issue dated the $4th day of .acember , 1036 , and was published in each daily issue of said newspaper, on December P4th. for thereafter,the full period of:.:313q orti on the last publication thereof being in the issue dated the P4ttl day of December ,A.D.193 6 . • Suscribed and sworn to before me this ittltt(t) day of reseember , A. D. 193 4 Notary Public. My commission expires -3 7 Advertising fee$ AN ORDINANCE Dollars ($—) 11 This bond is one of a series of such funds as are,on the date of twenty-eight (28) bonds of like AN ORDINANCE PROVIDING FOR payment hereof, legal tender for tenor d w nt, numbered(28) from THE_ISSUANCE AND SALE OF debts due the United States of inclone (i) to twenty-eight )to ONE MILLION, TWO HUNDRED - America at The National City Bank four()'bontls❑ ee one(e)to FIFTY THOUSAND DOL- of New York,in New York City,New four(ati bothOneH,,inclusive,to the ou- LARS(51,250,000.00)TAX ANTICI- ork, being six months' Interest nomination Dollars 0,0 0.00) Thou. PATION BONDS OF SALT LAKE then due on its Tax Anticipation b n Dollars ive0(5) o each. CITY. UTAH, SERIES OF JAN- Bond,Series of January 1,1937. bonds oh inclusive,five(n the fourteen VARY 1,1937. f(14).ruition both FityT1n denom- WHEREAS,There Is an immediate (Facsimile signetur!) tnstion of Fifty Thousand Dollars end pressing need for the raising of City Treasurer ($50,000(10) each. and bonds num- funds in the amount of One Million, Bond No. • (25)ber fifteen lust ,in tthe denom- Two Two Hundred d Fifty Thousand There hall be endorsed on each inat both Inclusive, the 000nad Dollars ($1,250,000.00) for the pur- of said bonds the following City Dorton of Twenty-live Thousand pose of meeting the current Co. Dollars(Lake Cityt)each,and known Aeneas of Salt Lake City for the year Auditor's Auditor's certificate: I Bonds,"Salt Lake fJanuary Tar Anticipation, 9 ," r 1937 until the payment of the taxesCitye certifyyury Certificate aggregate of n Mill n. for the year 1937;and "I hereby lw that thisibond the aHundree sum Fiftyof One Minion, WHEREAS, The tax revenues of Ss within the lawful debt limited Dec Hundred and . i Thousand Salt Lake City for the year 1937 will acco dingake City,Utah,and!{issued Dollars ($1Secti 00.00). issued Our- Salt aggregate One Million,Six Hundred according to law. silent to Section 15-8-8, Revised Ninety-eight Thousand, Two Hun- City Auditor." Statutes of Utah,1933. died Fifty-nine and 18-100 Dollars Section 2. All the covenants, The City of Salt 19377ke sufCityficient shall ($1,698,259.18),and the total revenue statements, representations and levyaxin the year principal a d nd ntelest from all sources will aggregate tax this pay the as n e shape fall Three Million,Sixty-nine Thousand, agreements contained as covenants,�° on this the same Shan fall Seven Hundred Fifty-nlne and 18- hereby adopted due,and this bond a Issued the am 100 Dollars($3,069.759.18);and e andnts, omises ofons, epee- 1lcivatlon of such taxes for year WHEREAS,The sum f One Mil- C meats and promisee of Salt Lake 1937. lion,Two Hundred and Fifty Thou- City,Utah. It 1s hereby certified,recited and sand Dollars ($1,250,000.00) required Section 3. The Mayor and the declared that the entire indebted- City Treasurer of Salt Lake ness of said City hereby incurred now to b0 raised is not 1n excess of City are hereby authorized and di- enot in exce.of the taxes of said said revenue as estimated for the rected to sign and execute said year 1937; bonds and the City Recorder Is here- City 19 1937, andthat levied for Inde bted- ness the current NOW, THEREFORE, BE IT OR- 'by authorized and directed to attest yeareefor the w DAINED by the Board of Commie- puns was and is contracted the and affix the seal of finds Lake City hefor which said Loxes a sinners of Salt Lake City,Utah: t0 each of said bonds and the- levied. purpose re Section 1. That said Salt Lake coupons attached to said bonds City,Utah,for the purpose of meet- shall be signed by the facsimileIt declared-hereby certified,recited and fog current expenses of said City signature of the City Treasurer,and • d i thate alltondthe validity acts for the year 1837 until the payment the City Auditor Is authorized and, of things essential to the happened of taxes Sor the year 1937,shall bor- Ohio bond exist, have directed to place uponesaid bonds and havem been done,and that entry w the sum of One Million, Two the certificate in the manner and Hundred and Fifty Thousand Doi- form set forth sbove,and the acts requirement hasf-law affecting the mplied late ($1,250,000.0D) and for that of the said Mayor, City Treasurer. wiue thereof beenduly is within purpose as evidence of such lndebt- City Recorder and City Auditor 1n so evert, d that this bond limit wlthtn ednees shall issue twenty-eight(28) every and by and other uio pre- tleedg are shell be the act and 'Laws o by the Constitution and ;bonds,numbers one denomination to four io), tl e Salt Take City. Lnwa of sold edte,and that the full ake 'ofboth le Rued 1n thesandDMars Sectionm 4. s ht the Board of City faith andecredit of sold Saltp Lake $ One Hundred numbers Dollars 1937 a Commissioners shalllevy on the year City are riereby.�irrevocably pledged ($100,0rteen n,numbers five( pelo a sufficiente tax to pay the to the punctual payment O! the the denomination (14),both inclusive,in principal and interest on said bonds according and lntetest of thl6 bond the denomination of Fifty Thousand as the same•shall fall due and for according t0 its terms. Dollars 00.001 each,and num- the payment of said bonds the full IN WITNESS WHEREOF, Salt bets fifteen (15) to"twenty-eight Saith, credit and taxing power of Lake City has caused this bond to (28),'both inclusive,1n the denom- Salt Lake City are hereby irrevocably be signed by its Mayor and its City inatlon.of Twenty-five Thousand pledged and the Board of City Com- . I, Treasurer, its corporate seal to be Dollars bear 00.00) each. Said mlasioners hereby covenants with hereunto efOxed and attested by bonds shall be date of January 1, the holders of said bonds to levy I 4 the City Recorder,and the annexed 1937,and shall be due and payable in the year 1937 sufficient taxes to January 1, 1938„ bearing inter- provide for the payment of the in., coupons to bear the facsimile signs- January at the rate of even-tenths prin., j e Lure oL the City Treasurer, of the clpal and Interest of said bonds. tat day oL January,A.D.1937. of per cent (7-10 of 1 'Section 5. The First Security, ' per -cent) per annum, payable Trust Company.Edward L.Burton& , Mayor seml-annually on July 1,1937, and Company, First National Bank of January 1;1938,both principal and Salt Lake City, Walker Bank & City Treasurer Interest being,payable at the Na- Trust Company, Continental Na- i Attest- Conal City Bank of New York, 55 Lion] Bank & Trust Company, Wall Street, New York City, New all of Salt Lake City, -Utah, City Recorder York.Said bonds shall be designated and R. W. Pressrloh & Com- (SEAL) ' "Salt Lake City Tax Anticipation pent' of New York City, New To each of said bonds shall hall be Bonds. Series of January 1, 1937." York, having offered to purchase attached coupon for'each install- Sold bonds shall-be signed by the said bonds at a price satisfactory ' ment of interest contemplated by I Mayor and by the.City Treasurer to this Board of City Commission- said bond-the coupon due July L and attested by the City Recorder ers, which offer was.the best and 1937,to be numbered one (1),and tinder the seal of the City,and the most advantageous received for the ,,the coupon dole January 1,1938,to coupons attached shall be signed purchase of said bonds,and which ' be numbered two(2),with the sec- '• With the lithographed or engraved offer has heretofore been accepted rat dates of payment and number of facsimile signature of the City by this City Commission,the accept- bond, and shall bear the facsimile Treasurer. Said bonds shall be rag- once of eaid offer he and the same' ,.- signature of the City Treasurer. latered a book kept by the City is hereby ratified and confirmed, Coupons attached to bonds cif the Auditor for that purpose and the and'the City Treasurer Is hereby )S' denomination of One Hundred City Auditor shall endorse on each authorized and Instructed to deliver f. Thousand Dollars ($100,000.00e shall of said.•bends'the certificate re- said One Million,Two Hundred and ', each provide for the payment of 'quired by laW. Said efollo i shall'be' Fifty Thousand Dollars ($1,250,- Three Hundred •Fifty Dollars substantially in the following form, 000.00) Tax Anticipation Bonds to f ($350.00);coupons attached to bonds to Nt: the purchasers thereof as and when of the denomination of Fifty Thou- UNITED NITED STATES OF AMERICA the said bonds shall be and are le- sand Dollars ($50,000.00) shall each STATE OF UTAH gaily Issued and delivered, upon provide for the payment of One COUNTY OF.SALT LAKE receipt of the purchase price there- H u n d r e d Seventy-five Dollars MALT LAKE CITY TAX ANTICIPA- for. 0175.00); and coupons attached to TION BOND Section 6. The City Recorder is bonds of the denomination of SERIES OF JANUARY'1, 1937 hereby Instructed and directed to Twenty-five Thousand Dollars($25: N cause copy of this ordinance to be 000.00) shall each provide for the KNOW ALL MEN BY THESEpa PRESENTS:,That Salt Lake City, of The Salt Lake Telegram,na daily Dollars($87.50)htSaid coupons6shall . in the County of Salt Lake and State newspaper of general circulation to be in substantially the following of Utah,hereby acknowledges Itself and printed and published In Salt form,to-wit: to be indebted and for value re- Lake City,Utah. . (Coupon) Delved hereby promises to pay to Section 7. Thatt-a mergency to No. $ . the bearer hereof the sum of hereby declared and in the opinion July, Dollars ($ ) of the Board Of City Commissioners On the first day of January, In such funds as are,on the date O1 because of the necessity for funds 19—, Salt Lake City, in Salt Lake payment.of the principal of and 'to meet the current expenses of said County,State of Utah,will pay to the interest on this bond,legal ten- ' 'City it 1.s necessary to the peace, ths• bearer hereof the sum 0f der for debts due the United.States health and safety of the inhabitants of America,on the first day of Jan- of Salt Lake City that this ordinance nary, 1938. at the National City shall take effect at once. Bank of New York, in New York , Section 8. This ordinance shall City,Nest York,with Interest there- take'effect upon the first publics- ` on at the'rate of seven-tenths of • Lion. one per cent(7-10 of 1 per cent)per Passed by the Board of City Come i annum,from date until paid,payn- missloners of Salt Lake City,Utah. hle semi-annually In like money on this 29th day of December, A. D. ',July'],1837,and on January 1,'1938,( 71936. 'E.B.ERWIN, said interest to maturity being rep- - •Mayor. resented by interest coupons hereto' Attest: attached. ` ETHEL MACDONALD, '.(Seal) City Recorder Bill NO.50.' Published December 24,1936.