55 of 1935 - Providing for the issuance and sale of $1,250,000.00 Tax Anticipation Bonds of Salt Lake City, Utah, Rec.103
ROLL CALL
VOTING AYE NAY Salt Lake City,Utah, Dec. 19th 1935
Goggin I move that the ordinance be passe
Keyser
Knight j
Lee !
Mr. Chairman - -
Result
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF ONE MILLION, TWO IUNDRED
AND FIFTY THOUSAND DOLLARS ($1,250,000.00) TAX ANTICIPATION BONDS OF SALT
LAKE CITY, UTAH, SERIES OF JANUARY 3, 1936.
WHEREAS, there is an immediate and pressing need for the raising of
funds in the amount of One Million, Two Hundred and Fifty Thousand Dollars
(!1,250,000.00) for the purpose of meeting the current expenses of Salt Lake
City for the year 1936 until the payment of the taxes for the year 1936,
and
WHEREAS, the tax revenues of Salt Lake City for the year 1936 will
aggregate One Million Nine Hundred NiGhty_one Thousand Sixty one
and 98/100 D011ars 1$__1s9alo.§1.80,
and the total revenue from all sources rill aggregate Two Mullon Nine
Hundred Sixty-five Thousand Sixty-one and 88/100 Dollars
( _2.L965,061.88__), 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 estianted for the year 1936,
N0W, THEREFORE, BE. IT ORDAINED by the Board of Commissioners of
halt Lake City, Utah:
Section 1. That said Salt Lake City, Utah, for the purpose of
meeting current expenses of said City for the year 1936 until the payment of
taxes for the year 1936, 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-seven (27) bonds, numbers one (1) to
five (5), both inclusive, in the denomination of One Hundred Thousand Dollars
($100,000.00) each, numbers six (6) to thirteen (13), both inclusive, in the
denomination of Fifty Thousand Dollars ($50,000.00) each, and numbers
fourteen (14) to twenty-seven (27), both inclusive, in the denomination of
Twenty-five Thousand. Dollars ($25,000.00) each. Said bonds shall bear date
of January 3, 1936, and shall be due and. payable December 31, 1936,
bearing interest at the rate of three-tenths of one per cent (3/10 of 1%)
per annum, payable at maturity, both princinal 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 3, 1936.n Said bonds shall be signed by the Mayor
and attested by the City Recorder under the seal of the City. Said bonds
shell he 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:
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JANUARY 3, 1936
No. $
KNOT 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 (
on the thirty-first day of December, A. D., 1936, with interest thereon at the
rate of Three-tenths per centum (3/10%) per annum from date until paid, payable
at maturity, both principal and interest being payable 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, at The National City Bank
of New York, 55 Wall Street, in New York City, New York.
This bond is one of a series of twenty-seven (27) bonds of like tenor
and effect, numbered from one (1) to twenty-seven (27), both inclusive, bonds
numbers one (1) to five (5), both inclusive, in the denomination of One Hundred
Thousand Dollars ($100,000.00) each, bonds numbers six (6) to thirteen (13),
both inclusive, in the denomination of Fifty Thousand Dollars (450,000.00) each,
and bonds numbers fourteen (14) to twenty-seven (27), 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 3, 1936," 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 1936 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 1936.
It is hereby certified, recited and declared that the entire indebt-
edness of said City hereby incurred is not in excess of the taxes of said
City to be levied for the current year 1936, 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 FITNESS WHEREOF, Salt Lake City has caused this bond to be signed
by its Mayor, its corporate seal to be hereunto 'xed and attested by the
City Recorder as of this 3rd day of January, A! 1936.
Attest: Mayor
City Recorder
(SEAL)
/
There shall also 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.
Section 3. The Mayor of Salt Lake City is 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 City Auditor is authorized and directed to place
upon said bonds the certificate in the manner and form set forth above, and
the acts of the 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 City Commissioners shall levy in the
year 1936 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 1936 sufficient taxes to provide for the payment
of the principal and interest of said bonds.
Section 5. The First Security Trust Company and Edward L. Burton &
Company having offered to purchase said bonds at a price satisfactory to this
Board of City Commissioners, which offer was the highest, 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 ( 1,250,000.00) Tax Anticipation Bonds 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.
Section b. That an emergency is hereby declared and in the opinion
of the Board of Commissioners because of the necessity for funds to meet
the current expenses of said City it is necessary to the peace, health and
safety of the inhabitants of Salt Lake City that this ordinance shall take
effect at once.
Section 7. This ordinance shall take effect upon the first
publication.
Passed by the Board of Commissioners of Salt Lake City, Utah, this
19th day of December, A. D., 1935. r)
maMajor
ATTEST fk,
_ � --
City Recorder
(SEAL)
Bill No. 55
Published December 20th , 1935.
The adoption of the foregoing ordinance was seconded by Commissioner
Lee and the same on being put to a vote was unanimously
carried by the affirmative vote of all Commissioners present, the vote being
, e follows:
� l
r°¢ Louis Marcus MA$nr-Commisa Xier
P. H. Coggin COlOissioner a+$ 11.114
f-17George b. Keyser Col*I sii er ": "cr14,ve `'.
John M. Knight Co>t64siO er m r "^--
y 1 �7
Harold B. Lee Co iftsi c_ r .1r ye.k
i
:,4
Mayor
ATTEPT,I, /
ity Recor
(SEAL)
A _
• .
19,not::vabloo0 vc bbnorpwa %Jaw 90d.,MLF,70 217/0:491C1 911/ 10 nc qdT
*-11 y„iturominAnn aaW a‘tov „a 0,1 dug 3n1.90" no or
7.id19d 3/0V ad/ ,1nolatrui a7anclealmmo0 ila 'k 91ov evilitmlialll ALLt V balI7Bo
sawollo1!,
N
tt,y4.411 Ilrj-MW)^7 .M arwreM ribio,1
•::,'''4.-
*„..„. . as
il e.•z., 41g.noiaa 0 nigao0 .F::SC t .q
9T105:)
0
d'Itigra .V Mot r
sad .a hlo-f,J4
...11; . X1
1 !,,:z, „ I IM• k, --- Fiy "--%
.............
-•-•-•.-', -'-
1CYX
.. ''
th\ ' ;,,ri'VNIY,_`,K. , '• ..j'j.N r-jS,
e&roog VI
(alur)
,•
•
•
'Irani of ulx tration
3i»{1rd *tatro of Amerlra
STATE OF UTAH ' as.
COUNTY OF SALT LAKE
AN ORDINANCE
AN ORDINANCE PROVIDING He P. THOMPSOI\FOR THE ISSUANCE AND SALE T
OF ONE MILLION,TWO HUNDRED
• AND FIFTY THOUSAND DOLLARS
(51,250,000.00) TAX ANTICIPATION
BONDS OF LAKE •
'UTAH, SERIESLT OF JANUARYT 3, being first duly sworn,deposes and says,that he is the Principal Clerk
1936.
WHEREAS,there is art immediate
and pressing need for the raising of
funds
in oeduat,Tw the
Fif Thou- of the SALT LAKE DAILY TRIBUNE, a newspaper published in
sand Dollars ($1,250,000) for the
purpose of meeting the Current ex-
penses of Salt Lake City for the
year
1936 until,the payment
ayma Hof the Salt Lake City, Salt Lake County, State of Utah.
"
' WHEREAS, the tax revenues of ,
- Salt Lake City for the year 1936 will
aggregate One Mallon Nine Hun- That the Notice A..N..ORDINAN.CE..,...H.II,L_NO... .55,
dred Eighty-one Thousand Sixty-
one and 88-10(f Dollars 41,981,-
oil sources
and the total revenue from
liolnsNinee will
Sixty-five Thou- SALT LAKE CITY CORPORATION.
sand Sixty-one and 88-100 Dollars
(5WH5and
EREAS,the sum of One Mil-
lion,Two Hundred and Fifty Thou-
^'qpiinfi'D;415rS',(51,250,000.00)required
,'�i VA't6 U3 raldetl•i4 net in Snares of
-Acid revtmue se_estimated for the'
Year.1986
NOW;'l'Hthhe oRE,-BE IT OR-
on9.by the Board of Commis-
sioners
Sectign.,1. That ka said 1 Salt Lake
City.Utah,for the purpose ef meet, of which a copy is hereto attached,was first published in said news-
tog current expeeeee of said City
for the year 1936 until tile.payulsnt 218t
Of.taxga ,3120 Yesc 1835,shall bor-
ro'(v the auiu of One Million,Two paper in its issue dated the
Hundred end Fifty Thousand Dol-
lars(51,250,000.00)and for that Pur-
pose a evidence of such indebted- December , 193
noes'shall Issue twenty-seven.(27) day of ,
bonds,numbers one(1)to five(5),
both inclusive, In the denomina-
Thousand
tion 0One100.000.00)dearth, numbers and was published in each daily issue of said newspaper, on
six (6) to thirteen (13),-both in-
clusive, In the denomination of
Fifty Thousand Dollars ($50,000.00) December 21st. for
each,and numbers fourteen 114)to
twenty-seven (27), both inclusive,
in the denomination of Twenty-
five Thousand Dollars ($25,00500) One insertion
each, said bonds shall bear date thereafter,the full period of
o1 January 3, 1936, and shall be
due and payable December 31.1936.
bearing the oft at the rate f
three-tenths one per cent (eon- the last publication thereof
of 1%)per annum,sayable at ma-
turity,both principal and interest
being payable at The National City
Bank of New York,55 Wall Street,
- New York City, New York, Bald being in the issue dated the._ 21st day of
December ,A.D.193...5.
Subscribed and sworn to before me this 21st day of
December 5
A.D.193
----- -- -- Notary Public.
Advertising fee $
55
,ends shall be designated '.Batt
Lake City Tax Anticipation Bonds.
Series of January 3, 1936.' Said
bonds shall be signed by the Mayor
and attested by the City Recorder
under the seal o1 the City. Said
bonds shall be registered in a book
kept by the City Auditor for that
eurpose tor shall
ndorse end each of the tsaid blonds the City Recorder
certificate required by law. Said (SEAL)
bonds shall Ibe substantially in the There shell also be endorsed on
following form,to-wit: each o[ aid bonds the following
City Auditor'scertificate:
UNITED STATES OF AMERICA, City Auditor's Certificate
' STATE OF UTAH, "I hereby certify that this bond
COUNTY OF SALT LAKE - 1s within the lawful debt limit of
SALT LAKE CITY TAX ANTICI- Salt Lake City,Utah,and Is Issued
PATION BOND according to law.
SERIES OF JANUARY 3,'1936.
'No. $ City Auditor."
- KNOW ALL MEN BY THESES Section 2. All the covenants,
PRESENTS: That Salt Lake City, statements, representations and
In the County of.Salt Lake end agreements contained in said bonds
State oI Utah, hereby ckaowl- are hereby adopted as covenants,
edges Itsetf to be indebted and for statements, representatlous, agree-
'value received hereby promisee to meats and promises of Salt Lake
Pay to the bearer hereof the sum of City.Utah.
DOLLARS ($ ) Section 3. The Mayor of Salt
on the thirty-first day of Deem. Lake City 1s hereby authorized and
bar,A.D.1936,with interest there- directed to sign and execute said
on at the rate of Three-tenths per bonds and the City Recorder la here-
entum (3-10%) per annum from by authorized and directed to at-
date until paid,payable at mature- test and affix the 1 of Salt Lake
1ty,both principal and Interest be- City to h of said bonds and the
s
Mg payable In such funds as are, City Auditor 1s ltltorized d M-
on the date of payment of the prim- . reefed to place upon said bonds the
1pal of and the Interest on this certificate 1n the manner and form
bond,legal tender for debts due the eel forth above,and the rats of Cityy
United States f America, et The Id Mayor,sCo
dy Recorder and hall
National City Bank of New York, Auditor o dame are and shall
55 Wall Street,in New York City, be the sot and deed of Salt Lake
y.
New.York. CiSe
This bond Is one of a eerles ofSection 4.Commissioners eht the Hoard Oe pear
twenty-seven (27) bonds of like 19300e shall levy inthe the
tenor d effect, numbered from pr p sufficient Interest
tax to pay- bonds s
one (1) to twenty-seven(37),both - principalsthe and a to on said d f
Inclusive, bonds numbers one (1) th the paymentsam of shall"all due and for
to five (5), both inclusive, in the theaic and said bonds the full
denomination of One Hundred faith, credit taxingere power o1
Salt LakeeedCity are hereby lofety
bonds
Dollars a($ to 00)reh. ablym Commissioners
and the Board City
bonds numbers six (6) to thirteen- with the
hold hofs o covenants
gnat both Inclusive, ll the denote- with the holdersy of sold bonds to
(nation of) sFiftyorb, end bonds
d penal- levy i the yea[ the payment
of
berg
each, ono bonds sum-even taxes to principal
provide fo the Ds ofnt of
said
bars fourteen (14) to twenty-seven the ➢rinciDat and Interest of said
iaot both ihTwentyive.iTwenty-five
the ousandencan- bonds.
lolirn of Twen0y)five Thousand Section 5. The Firstw Becuri[-
bnoDollars ' (Salt 0.00) each. and Trust Company and n L.Bur-
known as"Salt Lake City Tax-An- ton As Company havingoffered t-
3,-0920.' Bonds,Series of January purchase said bonds at a price sat-
. 3..e 'for the aggregate Hund sum of isfacaliesl ory to this Board of City Corn-
'One Million, Two ll600 ($ and h ghost, e, which t a was the
Fitly' Thousand DoltaTB ($ecchL10 receive bear the mosthase advantageous
00-0-0), eued pursuant to Section. received for the purchase a of eto-
1938-6, Revised Statutes of Mali, bonds and which Otter has serCtty
3933. fore been accepted acceptance
by this Citeafd
The City of Salt 36ke CRY chant Commission,the a same s of eafd
levy the year r a sufficient in- offer be and oa same is dathe
ter to pay the principal and in- retitled Tr and confirmed,by, and zed
fall d e,this bond as the same shall City instructed
1t herebyivauthorized
coldOne
fall due,and this bond 1s Issued-in and ln, Two to deliver amid O and ne•
year anticipation o1 such fazes for the Million,
Dollars Hundred
0000)Tex
year
It Is hereby certified,recited and Anticipation Bonds to the purches-
declared that the entire indebted- ers thereof as sad when the said
Hess of said City hereby Incurred 1s bonds shell be and are legally Is-
not in excess of the taxes of said sued and delivered upon receipt of
City to be levied for the current the purchase place therefor.
year 1936. and that said indebted Section 6 That an emergency Is
ness was and is contracted for the hereby declared and In the opinion
purpose for which sale taxes are of the Board of Commissionary be-
levied. cause of the necessity for funds':to
It le hereby certified,recited and meet the current expenses of said'
'declared that all conditions, acts City it is necessary to the peace.'
end things essential to the validity health and safety of the lnhabl-
ef this-bond exist,have happened tants of Salt Lake City that this or-
and have been done,and that every dinanoe shall take effect at once.
requirement of law affecting the Section '7. This ordinance shall
Meue thereof has been duly cony- take effect upon the first publics-
plied with, and that this bond is lion.
within every debt and other limit Passed by the hoard of Commis.
prescribed by the Constitution and stoners of Salt Lake City.Utah,this
Laws of said State, and that the 19th day<f December.A.D.1935.
full faith and credit of said Sale LOl1IS MARCUS.Mayor.
Lake City are hereby irrevocably Attest:
pledged to the punctual payment of EETHEL MP.CDONALD,
the principal and interest of this City Recorder.
bond according to its terms. (SEAL)
IN WITNESS WHEREOF. Sell Bill No.55.
Lake City has caused this bond to Published December 21st,193S.
be signed by its Mayor its corpo-
rate seal to be hereunto affixed and
attested by the City Recorder as of
this 3rd day of January,A.D.1936.
Mayor.
Attest:
A
A
z + y
O ) a
H 1
U i
t s
ba o ```
A. K IQ
w z
0
1
tat
4, w
1
1
1
)r