HomeMy WebLinkAbout54 of 1923 - Providing for the issuance of $500,000.00 Refunding Bonds II
ROLL CALL \; "
110C C 2Cth 1923.
The Board of Commissioners of 'aft Take City, met in renular session,
ayor heslen in the Chair.
On roll call the followingu members were present:
Commissioner C. Clarence Yeslen, Commissioner of
Water Supply and 'Yaterwarks, Chairman,
::onoaissioner Arthur F. Barnes, Commissioner of Public
Ind 'afety,
Commissioner T. T. Burton, Commissioner of Public
Streets and Public Improvements,
Commissioner H. H. Green, Commissioner of Public
Affairs and Finance,
Commissioner Dr. R. Stewart, Commissioner of
'arks and Public Property.
The following ordinance was then introduced by Commissioner iI. L. (IEEE,
ORDITANO E.
AN ORDIltiNC". FOR TIP; RNFUW!DISIG OF FIVT HUNDRED THOUTAND
DOLLARS (4500,000.00) BOPT02 I UED BY SALT LATE CITY, UlTS-I, 'TT' :TL1 T CO AN
ORPIPiTTCY O 'AID CITY, PAB- D Oh CNN 4.th OAY OF IBOIL A. J. 190t, TO 7"1 LT
SAID CI`iY TO iEFU3.D `'UCH OUTSTINDIIIG IT DEBTEDIWIOC.
WHEREAS, pursuant to an ordinance duly passed, made and entered by the@@..
City Council of Salt Take City, Utah, on the 13th day of Tay, ?_. D. 1692, said l
City Council, duly provided for the issuance of 'ix hundred (600) bonds number
ed from 1 to 600 inclusive, of the denomination. of :,,1,000 each, aggregating the!
sum of Cix Hundred 'Thousand Dollars (.,;600,000.00) to be dated July 1st, 1892,
payable twenty years after the date thereof, redeemable however at the option
of said City Cou.ncil:, at any tine after ten years after the date of their issu-
ance, with interest thereon at the rate of five per cent per annum, payable
semi-annually on the first days of January and July each year, the principal of
said bonds being payable in New York City, New York at the Banking House of
Wells, Fargo & Company, which said bonds were issued for the purpose of obtaining
money for permanent isirovements and for other corporate purposes, pursuant to
the nrovisions of an Act of the Governor and Legislative Assembly of the
Territory of Utah, apmroved liarch eth, 1888, and,
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WHEREAS, afterward to-wit, Oh the I-a t day of SU_i.y A. D.
1892, Five hundred and fort;-eight (548) of said bonds were duly sold and de-
livered
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to the purchaser thereof, being bonds numbered from 1 to 523 inclusive+
and bonds numbered from 576 to 600 inclusive, and,
WHEREA', pursuant to resolution, duly passed and alooted by the City
Council, of said 3alt Lake City on March 30th, A. D. 1894, the remaining fifty-
two bonds of said issue, being bonds numbered from 524 to 575 inclusive, were
duly cancelled, resc'.nded and destroyed, by order of said City Council, and,
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ClTECEA"S, pursuant to an ordinance duly passed, made and entered by the
City Council of ;'alt Lake City, Utah, on .April 4th, 1904, and aonroved by the
Mayor on April 7th, 1904, said Salt Lake City provided for and ordered the
refunding of said bo-.tds, to-wit: bonds numbered from 1 to 523 inclusive, and
bonds numbered from 576 to 600 inclusive, dated July 1st, 1892, aggregating the
sum of y;548,000.00, bearing interest at the rate of five Percent per annum,
the same being redeemed and refunded at a lower rate of interest to-wit, at 4
per cent per airmen, and
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WHEREAS, uurs'uant to said ordinance duly passed, made and entered by said
City on April 4th, A. D. 1904, said City Council, issued and sold five hundred
and forty eight (54e) of said bonds of the denomination of 4,000.00 each,
aggregating the sum of Five Hundred and forty-eight Thousand dollars (:p548,000)
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dated January 1st, 1.904, payable twenty years after date thereof, numbered from
1 to 548 inclusive, with interest thereon at the rate of four and one-half per
cent (W) per annnt, payable semi-annually on the first days of January and
July each year, the principal of said bonds being payable at ')talker Brothers
Bankers in Salt Lake City, Utah, or at the Importers and Traders National Bank
in Mew York City, Now York, at the option of the holder, which said bonds were
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issued for the purpose of redeeming refunding and paying off said bonds dated
July 1st, A. D. 1892, numbered from 1 to 523 inclusive, and numbered from 576
to 600 inclusive, issued for the purpose of obtaining money for permanent im-
nrovements and for other corporate purposes, and,
WHEREAS, on the 5th day of April . D. 1920, said Salt Lake City duly
purchased in the open market, bonds numbered from 11 to 40 inclusive, and bonds
numbered from 306 to 313 inclusive of said issue and duly redeemed, canoe 3ed
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and retired the same, and on the leth day of Lay, A. D. 1920, said City (alsok/
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Iduly -purchased in the omen market bonds numbered from 514 to 323 inclusive, of
said issue and redeemed, cancelled and retired the same, aggregating. the total
1 sure of Forty-eight Thousand Dollars (048,000.00), and,
\,TTt?RE1S, the remainder of said bonds in the sum of :'500,000, dated Jai�-
uary 1st, 1904, will become due and payable January 1, 1924, being the remain-
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i der of the entire issue of said bonds, and numbered from 1 to 10 inclusive, and
from 41 to 305 inclusive, and from 324 to 548 inclusive, and,
CIITr;RTIdS, said lalt Lake City, is without funds sufficient to redeem
and pay off said remaining out-standing bonds of said issue, and it will become)
necessary to issue its refunding bonds in the sum of Four Hundred and Ninety
Thousand Dollars (0480,000) for the purpose of obtaining' money with which to pay
and retire said o00,000.00 bond issue dated January 1, 1904, and becoming due
and payable January 1, 1924, and,
„BEREAS, it is the purpose of the Board of Conenissioners of Salt Lake
City, to issue and sell bonds to pay off, redeem and refund said bonds amount-
ing to Five Hundred Thousand Dollars (0500,000) being bonds numbered from 1 to
10 inclusive and from 41 to 305 inclusive, and from 324 to 548 inclusive,
NOW TH:R sFORT,!BE IC ' r t THCD BY THE B0d'D OF COLN I 1Ia-TT OF S:1LT
L_1b'h CITY, UTAH:
SECTION 1. That for the purpose of refunding and discharging said
bonded indebtedness, represented by said bonds, dated January 1st, 1904, number-
ed from 1 to 10 inclusillfe, and from. 41 to 305 inclusive, and from 324 to 548 in-
elusive, amounting to the said sum of : 500,000 sayable on the first day of Jan-
uary, A. D. 1924, thorelbo issued by said Salt Lake City, Utah, :tour Hundred and
Ninety Thousand Dollars'(,;r490,000) Refunding Bonds, for the purpose of refunding
the said five Hundred Thousand Dollars (0500,000) bonds issued by said City and
due and payable January 1st, 1924; that said bonds shall be of the denomination
of One Thousand Dollars each, numbered from 1 to 490 both inclusive, bearing
interest at the rate of five per cent (5 ) per amum, payable semi-annually on'
the first days of January and July in each year and payable serially as follows
25,000 on the first day of January A. D. 1925 and ,25,000 on the first day of
January each succedding year thereafter, up to and including the first day of
January 1. D. 1943, and 015,000 on the first day of January A. 0. 1944. Said
bonds and each of them shall be except as to consecutive numbers, and dates of
-3- maturity, in substantially the following form;
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P UNITED STATpS OF ILMICA
.:'_TR OFF UTJlt
SALT LIKE CITY REFUNDING BOY.D
it SET I?S OF JANU RY 1, 1. D.
- 1 9 2 4 -
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No. .1,000.Od.
IDIOM OIL DEl BY 'TH LIE ?REC.EF
That Salt Lake City, in Salt Lake County, :;state of Utah, hereby acknow-
ledges itself to be indebted and for value received, promises to pay to the
bearer hereof the sum of ONE THOUIMI'ID DOLLARS (,1i,000) in lawful money of the
United States of America, on the first day of January, A. D. 19 , at the
Stational Park Bank in New York City, Y. Y., with interest thereon, at the rate
of five per cent (5'4) per annum from date until paid, payable semi-annually '
in like money on the first days of January and July in each year at the same
place, on presentation and surrender of the annexed coupons as they become due.
This bond is issued for the purpose of refunding valid. outstanding bond-
ed indebtedness of said City, and is one of a series of four hundred and ninety
(490) bonds of like date and amount, numbered from 1 to 490 both inclusive, and
known as "Salt Lake .TTity ',refunding Bonds, Series of January let, 1924", for thel
aggregate sum of Pour Hundred and Ninety 'Thousand Dollars (090,000), issued '
under and pursuant to the provisions of the Constitution and Laws of the `.tate
of Utah. The Board of Commissioners of said :9alt Lake City shall annually levy
a sufficient tax to _any the interest on said bond as it falls due and also to
constitute a sinking fund for the cayment of the principal thereof as it falls
due.
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 thr.t every requirement of law affecting the issue thereof
has been duly complie , with and this bond is within every debt and other limit i
prescribed by the Constitution and Laws of said State and that the faith and
credit of said Salt Lake City is hereby irrevocably pledged to the punctual
payment of the prin.ci1al and interest of this bond according to its terms.
III WITNESS 1I IREOF, Salt Lake City has caused this bond to be signed by
its Mayor and dity Treasurer and its corporate seal to be affixed hereto, attest-
ed by its City 'Record r and the annexed coupons to bear the fac-simile signature
! of the •lity Treasurer as of the first day of January, A. 5. 1924.
..Attest: Mayor
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.m .. _ . , .. City Treasurer.
City Recorder.
(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, which said coupons shall be conse-
cutively numbered, beginning with Number 1, with the several dates of payment
and number of bond and shall bear the fac-simile sioneture of said City Treas-
urer and said coupons and each of them shall be in substantially the following
form to-wit:
(Form of Coupon)
25.00.
On the first day of JTulyry 1. D. 19 , ::alt Lake City, Utah, will pay
to bearer hereof at the National Park Bank in. hew York City, N. Y. 'P NNY PINT
DOLL1�'.S (:,;25,00) in lawful money of the United States of -merica, beipg six
months interest then due on its 3efunding Bond, series of January 1st, 1. D.
1924.
Bond ITo. _ _ .
City Treasurer.
There shall also be endorsed on each of said bonds the following:
I hereby certify that the within bond is within
the lawful debt limit of Salt Lake City, Utah, and is
issuE',d according,. to law.
City ;Auditor..
Said bonds and each of there shall be signed by the Mayor and City
Treasurer and sealed {%ith the seal of said. City and the said coupons shall bear
the fac-simile signa4re of the City Treasurer. The Mayor and City Treasurer
of said City are oachlhereby empowered and directed to sign and the City Recor-
der to sign and attes and affix the corporate seal of said City to each of
said bonds and the acts of said Mayor, Treasurer and 3ecorder in so doing are
and shall be the act laid deed of said Salt Lake City.
All the covenants, statements, representations and agreements con-
tained in said bonds and coupons and all recitals and representations of this
ordinance, are hereby considered and understood and it is hereby ordained and
declared that said covenants and promises therein are the covenants and promises
of said Jalt Lake City and that the representations and statements therein are
the representations and statements of said City. And it is further stated and
represented that Salt Lake City is a municipal corporation and a City of the
^first Class, under the Constitution and Laws of the State of Utah.
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:;TCTIOIT 2. The interest fallir due o: said bonds on the first day of
July L. D. 1924, sha11 be paid out of the general fund of said City and for the
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purpose of reimbursing said general fund for the payment of said interest and
for the ournose proviling for the payment of the interest falling due on said
bonds on the first day of January, A. D. 1525, and on the first day of July,l921,
as well as for the payment of the nrincip;:1 falling due on January let, .=. D.
1925, there shall be levied, by the Board of Commissioners of said pity, on alb
taxable property in said ';ity, in addition, to al] other taxes, a direct tax in. ';
the year 1924, sufficient to produce the sun: of 61,125.00, being interest
:„36,125.00 and principal 425,000. And to meet the interest accruing on said
bonds thereafter prcnptly snd as the same becomes due, and to nay the principal
of said bonds as the,; severally become due, there shall he levied on all taxable
property in said City in addition to all other taxes, a direct annual tax as
follows.
In the year 1925, sufficient to produce the sun of :A47,625.00, being
interest d22,625.00 and principal .25,000,00.
In the year 1926, sufficient to produce the sum of <;,'46,375.00, being
interest �;;21,375.00 :md principal . 25,000.00.
In the year 1927, sufficient to produce the sum of 05,125.00, being
interest yp20,125.00 and nrincipal
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In the year 1958, sufficient to produce the sum of a;43,875,00, being
interest .18,875.00 and principal y25,000.00.
In the year 1929, sufficient to produce the sure, of :,Y42,625.00, being
interest v17,625.00, and nrincipal
In the year 19i0, sufficient to produce the sum of f41,375.00, being
interest 06,375.00 and principal :,25,000,00.
In the year 19i1, sufficient to produce the sum of r;40,125.00, being
interest 0,5,125.00 ;and principal :;25,000.00.
In tbn year 1932, sufficient to produce the sun, of 08,875.00, being
interest .;,l3,875.00 and principal ,;55,000.00.
In the year 1933, sufficient to produce the sum of :,;,37,625.00, being
interest 0.2,625.00, and principal '25,000.00.
In the year 1534, sufficient to produce the sum of r;,36,375.00, being
interest 411,375.00 and principal a,25,000.00.
In the year 1935, sufficient to produce the sum of s35,125.00, being
interest 00,125.00, and principal
In the year 1936, sufficient to produce the sum of 433,875.00, being
interest .j8,875.00 and principal ;25,000,00.
In tho year 1937, sufficient to produce the sum of y,:52,625.00, being ;,
-6- interest 7605.00 sod _orincipal :,2 5,000.00.
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In the year 1`38, sufficient to nrodnce the sum oi' •,,c1,375.00, being
I interest .f',:6,375.00 an principal .;.25,000.00.
In the year 1939, sufficient to produce the sum of <.30,125.00, being
interest ';,r5,125.00 ape orincioal ;_25,000.00.
In the year 15,40, sufficient to produce the n' of i,.28,875.00, being
interest :;;3,875.00 anc_ nrinci)al ;;25,000.00.
In the year 1941, sufficient to produce the sum of ,,:27,'625.00, being !
ai interest yr2,625.00 and princii l .25,000.00.
In the year 1942, sufficient to produce the sum of :26,375.00, being
li interest :,,1,375.00 and orincioal ,25,000.00.
In the year 1943, sufficient to produce the suit of ,a15,375.00, being
h interest ,;.375.00 and principal •15,000.00.
Said taxes when collected, shall be applied solely for the purpose of pay-I
II ing the interest and orincinal of said bonds respectively and for no other nur-I
peso whatever, until 'che indebtedness so contracted under this ordinance, nrin-1
cionl and interest shall have been fully paid, satisfied and discharged, but i
Inothing herein contained shall be so construed as to prevent said City from 9
applying any other funds that may be in the City Treasury and available for the;
I purpose, to the balance of said interest or princinal, as the same respectively
mature, and the levy `in levies herein provided for may thereupon to that extent
! be diminished and the sums hereinbefore provided for to meet the interest on
said bonds and to discharge the principal t',hea due, are hereby appropriated fora
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that purpose, and sail amount for each year shall also be included in the annual.
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appropriation bills piassed by the Board of Com^issioncrs of said Salt Lake City
gin each year respectively.
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3T?CTI01l 3. Mat'. all ordinances and resolutions or parts of ordinances and
( resolutions in conflict with the provisions hereof, bs and the same are hereby
repealed and after said bonds are issued, this ordinance shall be and remain 1
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irrecealable until said bonds and the interest thereon shall Save been fully f
tpaid, satisfied and discharged as herein provided.
SOC''ION 4. In the ooinicn of the Board of Commissioners of said City it
Isis necessary to the peace, health, and safety of said ;i.ty that this ordinance 4
become operative immediately.
SECTIOTT 5. NOW TIIE ^r0?E, be it ordained that an emergency is hereby 1
-7- declared and this ordinance shall take effect and be in force upon the day of
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its passave, anorocal and yablication.
PA1D by tao Board of Commissioners of alt Lake City, Utah, and
anuroved this 2Qt11 4au of
h Attest•
City L:corder.
It was then moved by Commissioner __ and second*"
by Commissioner __ that said ordinance be read three success-
ive times and alaced ',eon its final oassage. Said question uaon boing nut to a
vote was unanimously carried by the affirmative vote of all Coullissioners
Lpresent, the vote heir ' as follows:
Commissioner Peslen, mayor "Aye"
Comdssioner Barnes, "Aye"
Comissioner Burton, "Aye"
Commissioner Green, "Lye"
Commissioner 'Stewart, "Aye"
Thereupon said ordinance was read three successive times.
Commissioner L. L. then :oved the adoption and passage
of said ordinance as iread, and that the same be published once in THE
Ti: _, which motion was seconded by Commissioner T. T.
_ and noon being put to a vote, was carried by the affirmative vote
of all Commissioners ,11..esert, the vote being as follows:
Commissioner Neslen, Mayor ''Aye.
donnissioner Barnes,
Commissioner Burton, "Aye"
Comissioner Green, "Aye"
Commissioner Stewart, "Aye"
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:IDOPT7D in) ..,,,:?NOVND this da./ of _, A. D. 1923.
Attest: C.
Mayor
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City Recorder.
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1 AL'P L'-T I' IBIt TY 1
I, C/. A. LT:ABill:, the duly chosen, qualified and acting; City Recorder i
of 'salt Lake City, Utah, do hereby certify tint the above and forekoin€; con- j
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stitutes a full, true and correct cony of the minutes of a regular meeting.• of I
- w•the Board of Commissioners of :salt Lake City of which all a,erabors had due,
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Legal and timely notice as required by law and the rules and ordinances of said:
• �$ity, held at tho reg"lqr nii;etiut• place of said hoard on the Qthday,
CU 1i -1. D. lgwc, in so far as the same r fer';te cr concern the
issuance of ,,,:490,000.00 BeOnding Bomtls of said City, as't.lesk;e..apoears of
*cord in rj office in Book" 0P Get')? C,'•,y , ',; at cAes- `,,� a , ,•
--15: 4.4aat I aersonally attended at said meeting and that the foxec^ott.poroceedlncs
v re in fact held as i1 sail minuthes slecified.
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III ':'T rmrc 111-7r.010., I have hereunto set ray hand and aS ired the Oor-
' orate seal of said Iity this CO`i day of hill l E:f. D. 19CC.
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City "ecorder, ��
(S7.1L)
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