50 of 1938 - Providing for issuance and sale of $350,000.00 Tax Anticipation Bonds Series of September 15, 1938. Rec. 103
ROLL CALL
VOTING AYE NAY Salt Lake City, Utah, Sept. 6th, 193 8
Goggin 6/
I move that the ordinance be passed.
Keyser i
Murdoch . 4 L1
Matheson
--- which motion carried all members presenting
Mr.Chairman • - - _ voting aye except Mayor Wallace, who was excused,
Mayor John M. Wallace having taken no part in the
Resuh 1 siseussion or deliberations, nor did he sit with
the Board of Commissioners during the discussion
or deliberation and did not vote xxxSx thereon.
-2-
AN ORDINANCE
An ordinance providing for the issuance and sale of Three Hundred
Fifty Thousand Dollars ($350,000.00) tax anticipation notes of Salt Lake City, Salt
Lake County, State of Utah, series of September 15, 1938.
Whereas, There is an immediate and pressing need for the raising of
funds in the amount of Three Hundred Fifty Thousand Dollars ($350,000.00) for the
purpose of meeting the current expenses of Salt Lake City for the year 1938, and
Whereas, Said sum can be borrowed without incurring any indebtedness
in excess of the taxes of said City for the current year and
Whereas, The sum of Three Hundred Fifty Thousand Dollars ($350,000.00)
now to be raised is not in excess of the revenue to he raised for the year 1938;
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 1938, until the payment of taxes for the
year 1938, shall borrow the sun of Three Hundred Fifty Thousand Dollars ($350,000.00),
and for that purpose, as evidence of such indebtedness, shall issue twenty-eight (28)
notes, numbered from one (1) to nine (9) inclusive, of the denomination of Twenty
Thousand Dollars ($20,000.00)each, and notes numbered ten (10) to twenty-four (24),
inclusive, of the denomination of Ten Thousand Dollars ($10,000.00) each, and notes
numbered twenty-five (25) to twenty-eight (28) inclusive, of the denomination of Five
Thousand Dollars ($5,000.00) each. Said notes shall bear date of September 15, 1938,
and shall be due and payable January 15, 1939, bearing interest at the rate of one
and one-fourth (1+ per cent) per cent per annum, payable at maturity, both principal
and interest payable either at Walker Bank & Trust Company of Salt Lake City, Utah,
or First National Bank of Salt Lake City, Utah. Said notes shall be designated "Salt
Lake City Tax Anticipation Notes, Series of September 15, 1938." Said notes shall be
signed by the Mayor and attested by the City Recorder under the seal of the City, end
shall be registered in a book kept by the City Auditor for that purpose and the City
Auditor shall endorse on each of said notes the certificate required by law. Said
notes shall be substantially in the following form, to-wit:
a
United States of America
State of Utah
Salt Lake City
Tax Anticipation Note
Series of September 15, 1938
No. a
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
lawful money of the United States, on the 15th day of January, 1939, at either
Talker Bank & Trust Company or First National Bank, both of Salt Lake City, Utah,
with interest thereon at the rate of one and one-fourth per cent (li per cent)
per annum from date until paid, payable at maturity.
This note is one of a series of twenty-eight (28) notes of like
date, numbered from one (1) to nine (0) inclusive, of the denomination of Twenty
Thousand Dollars ($20,000.00) each, and notes numbered ten (10) to twenty-four (24)
inclusive, of the denomination of Ten Thousand Dollars ($'-10,000.00) each, and
notes numbered twenty-five (25) to twenty-eight (28) inclusive, of the denomination
of Five Thousand. Dollars ($5,000.00) each, and known as "Salt Lake City Tax Anti-
cipation Notes, Series of September 15, 1938," for the aggregrate sum of Three
Hundred Fifty Thousand Dollars W50,000.00), issued pursuant to Section 15-8-6,
Revised Statutes of Utah, 1933.
The Board of Commissioners shall levy in the year 1938 a sufficient
tax to pay the principal and interest on this Note as the same shall fall due, and
this note is issued in anticipation of the payment of such taxes for the year 1938.
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 levied
or to be levied for the current year 1938, and that said indebtedness was and is
contracted for the purpose for which said taxes are levied.
It is further certified, recited and declared that all conditions,
acts and things essential to the validity of this note 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 note 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 pay-
ment of the principal. and interest of this note according to its terms.
In Witness Whereof, Salt Lake City has caused this note to be
signed by its Mayor, its corporate seal to be hereunto affixed, snd attested by its
City Recorder, as of the , day of , 1938.
Mayor
Attest:
City Recorder.
Seal
There shall be endorsed on each of said notes the following City Auditor's certi-
ficate:
City Auditor's Certificate
"I hereby certify that, this note is within the lawful debt limit of Salt Lake City,
Utah, and is issued according to law.
"City Auditor." �a
-4-
Section 2. All the covenants, statements, representations and agree-
ments contained in said notes are hereby adopted as covenants, statements, represen-
tations, agreements and promises of Salt Lake City, Utah.
Section 5. The Mayor of Salt Lake City is hereby authorized and di-
rected to sign and execute said notes and the City Recorder is hereby authorized and
directed to attest and affix the seal of Salt Lake City to each of said notes, and the
City Auditor is authorized and directed to place upon said notes the certificate in
the manner and form set forth above and the acts of said Mayor, 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 Commissioners shall levy in the year
1958 a sufficient tax to pay principal and interest on said notes as the same shall
fall due and for the payment of said notes and the interest thereon, the full faith,
credit and taxing power of Salt Lake City are hereby irrevocably pledged and the
Board of Commissioners hereby covenants with the holders of said notes that it will
levy in the year 1958 sufficient taxes to provide for the payment of the principal
and interest of said notes.
Section 5. That Walker Bank & Trust Company, First National Bank,
Utah State National Bank, and Continental National Bank end Trust Company, all of
Salt Lake City, Utah, have offered to purchase said notesat a'price satisfactory
to this Board of Commissioners, which offer is the highegtr, best and most advan-
tageous received for the purchase of said notes; that said offer is and the same
is hereby accepted, and the City Treasurer is hereby authorized and instructed to
deliver said Three Hundred Fifty Thousand Dollars ($350,OQD.00)notes to the pur-
chasers thereof as and when said notes shall be and are legally issued and deliv-
ered upon receipt of the purchase price therefor.
Section 6. That an emergency is hereby declared and, in the opinion
of the Board of Commissioners, because of the necessity for funds to meet the cur-
rent expenses of said City, it is necessary for the immediate preservation of peace,
health and safety of Salt Lake City and its inhabitants that this ordinance shall
take effect at once.
Section 7. This ordinance shall take feet immediate y upon its
first publication.
Q__ Pas=e. • the Board of Commissioners of Salt Lake City, U ah, this
i/h,, day of �_ i+i , 1958.
yor
Attest: %
City Recorder.
Seal
•
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2, d I-`� �.. •
r:a.
I \
Proof of 11nb1traIton
AN ORDINANCE
An ordinance is uance and sale providingf Thre Hundred
Fifty Thousand Dollars(9350,000.00)
Enifeb#tatte of Antrrira tax anticipation notes of Salt Lake
City, Salt Lake County, State of
STATE OF UTAH ss. Utah,
Whereas.of the September
pia b rnhe[m 1938.
a Bte
COUNTY OF SALT LAKE fundss In the neeam unirof Theeei
Hun-
dred Fifty Thousand Dollars(8350,-
000.00) for the purpose of meeting
the City for the current expenses of Salt Lake
year 1938, d
can
Whereas, said sum be rowed without Incurring any lndebt-
$. P. TH02dPS03T
ednesa in excess of the taxes of said
city for th current year.and.
Whereas, the sum of three hull,
• 0 deed
fifty thousand
husa dollars
($35n
being first duly sworn,depose and say tin ioxrCecne riha venue o be re sea
Now,therefore,be it ordained by
the Board of Commieeloners of Salt
THE SALT LAKE TELEGRAM,a newspa e��4: ,.vtuanw.
City,State of Utah.
That the Notice AN--ORitT1ala.� 3331f✓ }io. 50
SALT LAYE--OITY CORPORATION
of which a copy is hereto attached,was first published in said news-
paper in its issue dated the 7Lh
day of +ieptember , 193-
8-�
and was published in each daily issue of said newspaper, on
September 7th for
thereafter,the full period of One--#neert-4on
the last publication thereof
being in the issue dated the 7th day of
September ,A.D.1938....
Suscribed and sworn to before me this eth day of
l eptember , A. D. 193.S...
�—_ Notary Public.
My commission expires, v --7S/G/'/
Advertising fee$
Section 1.That said Salt Lake City,
Utah, for the purpose of meeting
Current expenses of said city or the
Year 1038,until the payment of takes
for the year 1938,shell borrow the
sum of Three Hundred Fifty Thou-
sand Dollars ( 0:00),'and for
that b purpose, as s evidence of pitch
Indebtedness. shall issue twenty-
Mayor.
eight
(25)(28)notes,numbered from one Attest:
(I)to nine(9)Inclusive,of the de-
nomination of Twenty Thousand City Recorder.
Dollars ($20.000.00) each,and notes Seal
numbered ten (10) to twenty-four There shall be endorsed o each
(24),inclusive,of the denomin tl•, of said notes the followingn of Ten Thquoses sso sber1$l ))1.1I) City
each, and noses mm�ht(29)10'nty= Auditor's certificate:
five(25)to twenty-eight(25)lnclu- City Auditor's Certificate
sive, of the denomination of Five "I hereby certify that this note Is
Thousand Dollars ( each. within the lawful debt limit of Salt
Said notes shell bear date of e em- Lake City.Utah, and is issued ac-
tote .00)
ber 15, 1938,and shall be due
and cording to law.
payable January 15, 1939, bearing
Interest at the rate of one and one- "City Auditor."
fourth(11/4 per cent)per cent per Section 2,All the covenants,atate-
annum, payable.at maturity, both manta, representations nd agreye
principal and interest payable either menu contained in said notes are
at Walker Bank&Trust Company Of meats,hereby
adoptedepre as covenants.ace state-
. Salt Lake City, Utah, or First Na- meats, representations. nenta
ttemal Bank of Salt Lake City,Utah. and promises of Salt Leke City,Utah.
\Said notes shall be designated"Salt Section 3.The Mayor of Salt Lake
Lake City Tax AnttclpaNOn Notes, City is hereby authorized and dlrect-
Serleb oI September 15,1938." Said ed to sign and execute saidnotes
notes shall be signed by the Mayor d the City Recorder is hereby and
and attested by the City Recorder offIc ed and directed to attest and
undegiste seal of the City,and shall affix the seal of Salt Lake City to
be registered in a book kept by the each of said notes, and the City
City Auditor for that purpose and Audi is authorized and directed
the City Auditor shall endorse on to ploys upon said notes the certtfl-
each Of,said notes the certificate re- rate 1n the manner and form set
sluiced by law.Said notes shall be forth above and the acts of said
. substantially In the following form, Mayor.City Recorder,and City Au-
to-wit: ditor In so doing are and shall be
United States of America • the act and deed of Salt Lake City.
State of Utah Section 9.That the Board of Com-
Salt Lake City , nera shall levy In the year 1938
a sufficient
Tax Anticipation Note a sufficient tax to pay principal and
Series of September 15,1938 Interest on said notes as the same
No: $— shall fall due and for the payment
Know All Men by These Presents: of said notes and the Interest there-
That Salt Lake City,In the County, on. the full faith,,credit and tax-
of Salt Lake and State of Utah.) ink power of Salt Lake City are upon receipt Of the purchase price
hereby acknowledges itself to be re-, hereby irrevocably pledged and'the therefor.
n
deleted and 10r Value received here-) Board of Commissioners hereby cove- Section 6.That an emergency Is
by promises to pay to the bearer' n nts with the holders of said notes hereby declared and,in the opinion
hereof the sum of($ ) lawful that it will levy 1n the year 1938 of the Board of Commissioners,be-
money of the United State,on the- sufficient taxes to provide for the cause of the necessity for funds to
15th day of January,1939,at either payment of the principal and inter- meet the current expenses of said
Walker Hank&Trust Company or) est of said notes. City,1t Is necessary for the Mime-
First National Bank,t both f Salt Section 5. That Walker Bank.& dints preservation of peace, health
Lake City,Utah.with Interest there- Trust Company.First National Bank, and safety of Salt Lake City and its
on at the rate o1 one and one-fourth' - "Utah-State Nat.-al 8.-'r.-ad Con---inhabitants that.this ordinance shall
per cent(lie Per cent)per a¢um [mental National ank and Trust take effect at once.
Srom date until paid, payable at Company.all of 6aiELake Cfty,Utnh, Section 7.TMs ardlhance shall take
ryaturltn have offered to p irchase said notes effect immediately upon Its first
This note •
1s one o1 a series of at a price satisfactory t0 this Board publication.
of Commis-
twenty-eight(28)noise of like date, highest,best commissioners,which
advantageous 1 tiers ofbSe thLake City,fUt h,this
numbered from one(I)to nine(9) received for the purchase of said 6th day of September, 1938.
lnciuelVe, o[ the denomination of notes: that said offer is and the JOHN M.WALLACE,
Twenty Thousand Dollars($20.000.00) me Is hereby accepted,and the City
each,and notes numbered ten(10)to Treasurer is hereby authorized and Attest: Mayor.
twenty-lour (24) Inclusive, of the instructed to deliver said Three Hun-
denomination of Ten Thousand Dol. fired Fifty Thousand Dollars ($350.- Clty Recorder,
each,($10,000,00)each,and notes num- 000.00)notes to the purchasers there- Bill No.50.
leered twenty-five (25) t twenty- of as and when said notes shalt be Published September 7,1938,
eight(28)Inclusive,of the denoml- and are legally i
nation Of Five Thousand Dollars ega issued and delivered (Seal)
($5.000.00)each,and known as"Salt
Lake City Tax Anticipation.Notes,
•
Series o1_September 15.1930,"for the
aggregate with of'Three Hundred
Fifty Thousand Dollare 000.00), -
issued pursuant to Section 15-8-6,
Revised Statutes of Utah,1933.
The Board of Commissioners shall
levy in the year 1938 a sufficient tax
to pay the p al andInterest on
the tshall note as the same shall fall due,
and this note 1s Issued in anticlpa-
• Von of the payment of such taxes
for the year 1038.
It le hereby certified,recited and
declared that the entire Indebted-
ness of said city hereby Incurred is
not in excess of the taxes of said
levied
city levied or t0 be levied for the cur-
rent year 1938,and that said Indebt-
edness was and le contracted for the
purpose for which said taxes are
levied.
It is further certified,recited and
declared that all conditions,acts and
things essential to the validity of
this note exist,have happened and
have been done,and that every re-
qulrement of law affecting the Issue I
hereof has been duly complied with,
-and that this note Is within every
debt and other limit prescribed by
the Constitution and Laws of said
state, and that the full faith and
edit of said.Salt Lake City are
hereby Irrevocably pledged to the
punctual payment of the principal
and Interest of this note according
to Its terms.
In witness whereof,Salt Lake City
has caused this note to be signed
by its Mayor, corporate seal to be
hereunto affixed. and.attested by
its City Recorder,as of the—day
of—,1938.
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