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53 of 1938 - Providing for the issuance and sale of $1,250.000 Tax Anticipation Bonds Series of January 1, 1939. ROLL CALL VOTING AYE NAY 7' Salt Lake City,Utah, ' '_,; 14 I'i r 193 Gogg'n vJ l I/ - I move that the ordinance be passed. Keyser 1./ Murdoch .Z,< Matheson tax 1 is Mr. Chairman - - L 1 I Result 1 _ —1 AN ORDINANCE AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF ONE MILLION TWO HUNDRED AND FIFTY THOUSAND DOLLARS 01,250,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAHH, SERIES OF JANuARY 1, 1939. WHEREAS, there is an immediate and nr^sling need for the raising of funds in the amount of One Million Two Hundred and Fifty Thousand Rollers (9$1,250,000) for the purpose of meeting the current expenses of Salt Lake City for the year 1939 until. the payment of the taxes for the , ar 1939, and estimated WHEREAS, the'tax revenues of Salt Lake City for the year 1939 wi?' One Million Nine Hundred Forty Thousand, Seventy-one and agregate estimated 4-0,071.35), and the total/revenue from all 35/100 _rollara__( 1,,9 sources will e-nrerateThree Million, Three Hundreu Ninety-seven Thousand —... — 357rOo Dollars Five Hundred Seventy-one A ;(N3,.397,571.39, and WHEREAS, the sum of One Million. Two Hundred and Fifty Thousand Dollars ( 1,250,000) required now to be raised is not in excess of said revenue as estimated for the voar 1939, NOW, THEREFORE, BE IT ORDAINED by the Board of Commissioners of Salt Lake City, nitah$ Section 1. That said Salt Lake City, Utah, for the purpose of meeting current expenses of said City for the year 1939 until the payment of taxes for the year 1939, shall borrow the sum of One Million Two Hundred and Fifty Thousand Dollars ( 1,250,000) and for that purpose as evidonee of such. indebtedness shall issue twenty-five (25) bonus, numbers one (1) to twenty-five (25), in the denomination of Fifty Thousand Dollars 050,000) each. Said. bonds shall bear date of January 1, 1939, and shall be due and payable January 1, 1940, bearing interest a+ the -ate of five-tenths of one per cent (5/10 of 1%) per annum, payable semi-annually on July 1, 1939, and January 1, 1940, 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 Tex Anticipation Bonds, Series of - 2 - r7.9 January 1, 1939." 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 rounons etteohea shall be signed with the lithogrerhed or engraved a'aosiedl.e 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 lays. Said bonds shall be substantially in the following form, to-wit: - 3 - UNITED STATES OF AMERiCA STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY TAX ANTICIPtTION BOND SERIES OF JANUARY 1, 1939 NO. I__N,404..OQ KNOW ALT MIEN BY THESE PRESENTS: That Salt Lake City, in the County of Salt Lake end State of Utah, hereby acknowledees itself to be indebted and for value reneivod hereby promises to pay to the bearer hereof the ,sum of Fifty Thousand Dollars (w50,000.00) 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 Stetes of Amoric^, on thn !'irst day of January, 1940, at The National City Rank 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 l.n) per e "m, from date until- paid, payable semi- annually in. like money on July 1, 1939, and on January 1, 1940, said interest to maturity being represented hp interest coupons hereto at+ached.. 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, 1939," for the aggregate sum of One Million Two Hundred and Ptfty Thousand Dollars - (S1,250,000.00), issued pursuant to Section 15-8-6, Revised Statutes of Utah, 1933. The City of Salt Lake City shall levy in the peer 1939 a sufficient tax to pay the principal end interest on this bond as the same shall fall due, and this bond is issued. in anticipation of such taxes for the year 1939. It is hereby certified, recited and declared that the entire in- debtedness of said City hereby incurred is not in evoess of the taxes of said City to be levied for the current year 1939, 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 renuiremeat of law affectirp the issue thereof Yes 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 plefeed to the punctual payment of the principal and interest of this bond acorn-dine to its terms. IN 9ITNI]-,J d "EOK, Salt Lake City has caused this bond to be signed by its Mayor and its City Treasurer, its corporate seal to he 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. 1939. ---Mayor City Treasurer Attest: City Recorder (SAL) - 4 - To each of said bonds shall be attached a coupon for each install- ment of interest contemplated by said bonds, the coupon due July 1, ie39, to be numbered one (1), and the coupon due January 1, 1940, 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, Or the first dry or January, if , Salt Lake City, in Salt Iake County, State of Utah, will pay to the Dearer hereof the sum of One hundred Twontr-five and 00/100 Dollars (U125.00) 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 Now York City, Near York, being six months' interest then due on its fax Anticipation Bond, Series of January 1, 1939. (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 bons are hereby adopted as covenants, state- ments, representations, agreements and uromises of Salt Lake City, Utah. Section 3. The Nayor 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 Solt Lake City to each of said bonds and the coupons attached to said bonds shall be signed by the facsimile si.gnature of the City Treasurer, and. the - 5 - City Auditor is authorised and directed to place upon said bonds the certifi- cate in the manner and form set forth above, and the rots of the said Mayor, City Treasurer, City Recorder and City Auditor in so doing are and shall be the act and deed of Se1t Lake City. Section 4. That the Board of City Commissioners shell levy in the year 1939 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 1939 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 Nations]. Many of Salt Lake City, Walker Bark & Trust Company, Continental National hank & Trust Company, all of Salt Take City, Utah, end R. W. Preseprich B Company of New York City, New York, having offered to purchase said bonds at a price satisfactory to this Board. of City Commis- sioners, 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 in- structed to deliver said One Million Two Hundred and Fifty Thousand Dollars (01,250,000.00) Tax Anticipation Bonds to the purchasers thereof as and when the said, bonds shall be and are le^ally 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 prbl.ishea ismedia+-el.y in one issue of theSALT IAKP; TELEGRlZ4 , 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 - 6 - 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 he first publication. Passed by the Board of City Commissioners of Salt Lake City, Utah, this /yji day of December, A. D. 1938. ,two Zayor Attest: ity Recor ed rVY�� (SEAL) Bill No... : Published Deoember 7 53 • ilseerged to the Board of Commissioners AND PASSED DEC 1 4 1938 O$TY,hiteZnidet tilicomoss First Publication in fi iklelift,41.,_ uliterpvadela CITY HECOR DER Vroof of Iluhltra#tou 'Tnitei Ratan of America STATE OF UTAH ss. C -AN-ORDINANCE the City Recorder, d the annexed AN ORDINANCE PROVIDING coupons to bear the'facsimile signa- O ONE MILR THE LION TWO HUNDRED theUANCE AND SALE of 1st days of lJanuary,A.D as of ,1939. - AND.FIFTY THOUSAND DOLLARS ' ($1,250;000) TAX ANTICIPATION • Mayor. 1t= BONDS "RF SALT LANE CITY, ....TTIOrFfeQN UTAH,SERIESA, OP J n 1, 93a. City Treasurer, �d WHEREAS,there Is an immediate Attest: - and pressing need for the raising of funds,in the'amount of One Million City Recorder, Two a ($19d'end Fifty Thousand (SEAL) ;,depose and say that I am the Chief Clerk of Dollars.($1250.000) for the purpose To each of said bonds shall be meeting the•current expenses of attached a upon Ibr each install- Salt Lake Cl'ty 1 Or the year 1939 ment of interest contemplated byMall the P.M. of the taxes for said bonds, the pen due July 'LEGRAM,a newspaper,published at Salt Lake the year'1939,and 1, 1939, to be.numbered one (1),WHEREAS,the estimated tax rev- d the coupon fte January 1, flues of Salt Lake City for the year 1940,to be numbered two(a),With 1939 will aggregate One Million Nine the several dates of payment and Hundred Forty Thousand, Seventy- number of bond, and shall bear one and 35-100 Dollars($1,940 the facsimile signature of the Clty and the total estimatedrevenue Treasurer. Said coupons shall be from all sources will aggregate Three in substantially the folloYving form, Million,•Three Hundred Ninety-sea- tot.. ty- • en nenand 35-100 Dollard Five ed($3,397. No (Coupon) alit--O.ItilllT>1ill l'iE. 1 511.35), and ' $125.00 WHEREAS,the sum of One Mil- July, lion Two Hundred and Fifty Thou- On the first day of January,18,., eand Dollars ($1,250,000) required $yltsiet0ofltUtah,Sµm.DjLBkacoun-•.'�TLL.--NO._ 53____ ____ __ now to be raised Is not in excess Pay t the 0f said revenue as estimated for the bearer hereof the sum oP One Dol- . 1939. • fired Twenty-five and 00-300 Dol. DAINED by BoRErd of C mm IT s- onathe tlate oI payment h teoP,slegel - I+2--I'• -C.I.'L'Y..u(l.�i-O33ATZL)N Ir ' °loners of Salt Lake City,Utah: tender Ion debts due he United y Seotien 1. That said Salt Lake Sites oY America, at The National 'f City,Utah,for the purpose of meet- City Hank I NeW York, In New ing current expenses of sand City York Clty, New York, being le _ for the year 1939 until the payment moathe' n tereat then due ❑ 1t 'taxes for the year 1939, hall Tax Antl0lpatlon Bontl, Series. of ' of January 1, lads. Hundred. bum of One usand Two Hundred and;Fifty ruthot pDol-oe.• - - " ' (vacshnllS'"s'"IgiiaCplTT--ereto attached,was first published'm said news- pse (E1,250,W0) and for that red. pose s evidence of such Indebted- City Treasurer. . new shall. issue twenty-five (25) Bond No. ,bonds,numbers one (1) to twenty There shall be endorsed on each .ted the .5th flu (25) in the denomination of of sold bonds the billowing.' Fifty Thousand Dollars ($50,000) Auditor's certificate: 't each. ,Said bonds shall bear date City Auditor'stor'e CQrtlfl V i f J n dry I, 1939, and shall -oe herebycertifyth due and bond payable January 1, 1940, O n the Ea' Deoember> , 1938 d . bearing Interest at the rate of five- limit of Salt Lake City, 1 tenths Of one petrent(5-30 0f 1%) and is issued according to la,l..-. ,. num, payable semi-annually -` in each daily issue of said newspaper, on on July 1, 1939, d January 1, Clty Auditor. 1940, both principal and Interest Section- 2. All the coYena being payable•at the National City statements, representations and and Bank of New.York,55 Wall Street, agreements contained in said bon. 15the bonNeds shall be York City, New designated "Salt statements are , represent as Veagree- for Lake City Tax Anticipation Bonds, ments,and promises of Salt Lake. Series of January 1, 1939." Said City,Utah. bonds shell be signed by the Mayor Section 3.The Mayor and the City id of One insertion and by the City Treasurer and t- Treasurer of Salt Lake City are here- ,ero . tested by the City Recorder under by authorized and directed to sign the seal of s the City,and the coupons and eitecute is hereb y rysauthorized attached hall be signed with the City Recorder ' lithographed or engraved facsimile and directed to attest and affix the the last publication thereof 1 lgnature of the city Treasurer. seal of Salt Lake City to each of Said bonds shall be registered in sold bonds and the coupons at. - book kept by the City Auditor for tached to said bonds s h a l I be that purpose and th City Auditor signed by e raoshanle algnature 15th '. shall endorse,on each of satd"bonds of the cicy. Treasurer eta h° ated the day of the certlYlcate required by law.Said City Auditor 1s authorized and dl- bonde shall-be substantially In the rected to place upon said bonds following form,to-wit: the certificate In the manner and 8 1 UNITED STATES OF AMERICA form set Iorth above, and the acts ,A.D.193 STATE OF UTAH of the sand Mayor, City Treasurer, COUNTY OF SALT LAKE City Regorder and City Auditor in SALT LAKE'CITY TAX ANTICIPA- so doing d hall be the act , ' TION'BOND,SERIES OF JANUARY end deed of Salt Lake Clty, 1,1939 Section 4. That the Board of City -" NO - $50,00000 CommtasIdners shall levy in the / BNO W• ALL MEN BY THESE Y 1939 a sufficient tax to pay i• .'.i PRESENTS,-That Salt Lake City,in theprincipal and interest said the COunfY oP Salt Lake and State bonds .the same-shall fall due of Utah, hereby acknowledges it- ono for the payment o selo cons. 18th , self to be Indebted and for value the full talth, credit ya taxing F day of Boated hereby promises to pay to Irrevocably f Salt.L City are hereby ,the-bE r hereof thesumf Fifty ably pledged and the Board /II1 -Thousand' Dollars- '0450000.00) in .-at of is wino holders 051 y o nit. ayme tnof the principal•such funds as are, on he ant he tot with theholders s of said.bonds,t 1 plevy in the year 1939 sufficient ...interest on this bond, legal tender taxes to provide for the payment 'for debts due the United States of the principal and Interest of -bf-Ameri.,on the first day Of Jan- said bonus. nary; 1910, at..The National City Section 5. The First Security Bank of New York, In New York Trust Company, Edward L. Burton. ,City,New York,with interest there- & Company, First National Bank Notary Public. on at the rate of flue-tenths of one of Salt Lake City, Walker Bank as per cent 15,10 of 1%) per annum, Trust Company,Continental Natlon- f Gate until paid,payable semi- -at Bank &'Trust Company, all of anhually in like money on July 1, Salt Lake City,,Utah, and R. W. 1939,and on January 1,1940, said rich&,Company of New York " c mis st to-maturity being epre- Cloy,City, NeW York, having offered to aehtsd by interest coupons hereto ape purchase said bonds at a price attached. - satisfactory to this Board of City This bond fs one of series of Commissioners,Which otter was the tndnty-f lye ffeot, (25) )beredRondo from one like tenor(1) best and mast advantageous e- ves for the purchase oI 'to twenty-five (25), both inclusive, bonds,and which otter has beret y and'known 'Salt Lake City Tax, fore been accepted by this City y@ Anticipation Bonds,Series of Jam, Commission,the ecceiitence of said ee Y . dry'1..1939,"for the aggregate sum offer be and(the sante 1s hereby of One Million Two Hundred and ratified and 'confirmed, and the Fifty Thousand Dollars (1.250, City Treasurer is hereby authorised 000.00), Issued pursuant to Section and instruct;to deliver s id One of Utah, Million Two Hundred', e 15-8-fi, ReYfeeG Statutes and Fifty 1933.' Thousand Do are(to sh000.00) Tax The City of Salt Lake Cistiff shalln Anors thereof ponds to bit the auei - - ------- - -- levy.ln.he Year 1939 sufficient leer' ors thereof ebb and Wh¢n the weld ,'tax LO pay then principal and inter- bonds shall a and are legally,is- eat•On this'bond as the same shall sued and detunt upo., receipt . faix due, and his bond is issued of he purchase,p Ice therefor.. In' a❑tleipatlon of such taxes for the Section 6. The!City'Recorder.1s year 1939. - hereby lust tad and directed to 3t is hereby certified,recited and ecopy of tit ordinance t0-be • declared that the tire Indebted- published Iuunedl rely in one issue nese of send City hereby Incurred of THE SALT LA E TELEGRAM,a is not in excess of the taxes of said daily n wepaper Of general Ircula- peer y9 0-,an ieviatl for the went tit on ins. d prisol tl year 1939,and Wet said indebtetlneas published was and le 0001escted for the pun- 1n Sait Lake Tini{ Uaah, • pose for which said taxes are Section declared T , -emergency Oli .-' • Ir010d is hereby 000r ;antl m the opin- It Is hereby certified, gttetl and ion of the Board of City Commis- declared e that all conditions, tr toners because Of the necessity for and Wage,_essential to the validity funds to meet Lis inecessa expenses Of thle bond exist, have happened of ce,tl City it and`afety of to the end.,have been done,and that every habit,health safety City the ss requitement of late affecting the is- habitants t Salt:Lake f that sues thereof•has been duly complied this ordinance ehsN take effect at e. With,add that this bond 1s within $action 0,This• ordinance shall every debt d other limit re- take effect upon the first Dubllea- seethed by .the Constitution and t1on. 'L4Wa of said State, and that the Passed by the Board of City full,faith and credit of said Salt mntoners of Salt.Lake City.Utah. Lake City are hereby trrevooably this 14th day of December, A. D. .PPledged t0 .the punctual payment 1938, tl!the D a rinclpal end Interest f this JOHN M.WALLACE,.' bond Recording to Its terms. Mayer. IN WITNESS Vv,1 thEOF, Salt., ETHEL'MACDONALD, Lake City ha;c-^FOrf this hone to City Recorder, be signed by Its DI-yr,and its O,teI (SEAL) Treasurer, its ce 'ate Peal to'hc BILL NO.'53. Hereunto affixed nand "attested by I Published December lb.UM. • i 0 V g = ''''r•1,..A....-' c Pi m u r , I. 0 .11 :11 nt , I '''. 2 t* o '14 •,...i 04 g Z 1 0 TV' a...1 1 P-1 •:•:+11- , ..