55 of 1940 - Authorizing issuance of $1,250,00.00 in Tax Anticipation Bonds .•DEC' k k 193
VOTING -A 1_, .,ni .,.... Lake City, .. on,..
Goggin I move that the ordinance be pa
Keyser
gobackadtte McConkie
Vim::« - • -
Matheson
tom
Mr.Chairman - • •!
Result
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF ONE MILLION mo HUNDRED
AND FIFTY THOUSAND DOLLARS ($1,250,000) TAX ANTICIPATION BONDS OF SALT LAKE
CITY, UTAH, SERIES OF JANUARY 1, 1941.
WHEREAS, there is an immediate and pressing need for the raising
of funds in the amount of One Million Two Hundred and Fifty Thousand Dol-
lars ($1,250,000) for the purpose of meeting the current expenses of Salt
Lake City for the year 1941 until the payment of the taxes for the year
1941, and
WHEREAS, the estimated tax revenues of Salt Lake City for the
year 1941 willlaggrega.te_One Million Nine Hundred Seventy-seven Thousand Eight
Hundred Sixty-one & 18-100($1,977,861.18 ), and the total estimated revenue
from all sources will aggregate_Vhraa Eii11 ins_3ix.J-1iindred.Si.x._.Thusand Three
Hundred Thirty-eight & 95-100 ($ 3,606,338.95 ), and
WHEREAS, the sum of One Million Two Hundred and Fifty Thousand
Dollars ($1,25d,000) required now to be raised is not in excess of said
revenue as estimated for the year 1941,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COIVUJISSIONERS 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 1941 until the payment
of taxes for the year 1941, shall borrow the sum of One Million Two Hundred
and Fifty Thousand Dollars (41,250,000) and for that purpose as evidence
of such indebtedness shall issue twenty-five (25) bonds, numbers one (1) to
twenty-five (25), both inclusive, in the denomination of Fifty Thousand
Dollars ($50,060) each. Said bonds shall bear date of January 1, 1941, and
shall be due and payable January 1, 1942, bearing interest at the rate of
five-tenths of one per cent (5/10 of 1%,) per annum, payable Semi—annuall31
on July 1, 1941, and January 1, 1942, both principal end 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, 1941." 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:
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i .
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JANUARY 1, 1941
No. $50,000.00
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
FIFTY THOUSAND DOLLARS ($50,000.00)
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 States of America,
on the first day of January, 1942, et The National City Bank 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 1%) per annum, from date until paid, payable semi--
annually in like money on July 1, 1941, and on January 1, 1942, said interest
to maturity being represented by interest coupons hereto attached.
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 Jenuary 1,
1941," for the aggregate sum of One Million Two Hundred and Fifty Thousand
Dollars ($1,250,000), issued pursuant to Section 15-8-6, Revised Statutes of
Utah, 1933.
The City of Salt Lake City shall levy in the year 1941 a sufficient
tax to pay the principal and interest on this bond as the same shell fall
due, and this bond is issued in anticipation of such taxes for the year 1941.
It is hereby certified, recited end declared that the entire indebt-
edness of said City hereby incurred is not in excess of the taxes of said
City to he levied for the current year 194.1, and. that said indebtedness ass
and is contracted for the purpose for which said taxes are levied.
It is hereby certified, recited and declared that all conditions,
acts end 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 WITNESS WHEREOF, Salt Lake City has caused this bond to be
signed by its Mayor and. its City Treasurer, its corporate seal to be 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 let day of
January, A. D. 1941.
Mayor, Salt Lake City, Utah.
ATTEST:
City Treasurer, Salt Lake City, Utah.
City Recorder, Salt Lake City, Utah.
(SEAL)
- 4 - J''",
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, 1941, to
be numbered one (1), and the coupon due January 1, 1942, 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,
On the first day of January, 194. , Salt Lake City, in Salt Lake
County, State of Utah, will pay to the bearer hereof the sum of One Hundred
Twenty-five and No/100 Dollars ($125.00) 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 New York City, New York, being
six months' interest then due on its Tax Anticipation Bond, Series of
January 1, 1941.
(Facsimile Signature)
City Treasurer, Salt Lake City, Utah.
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, Salt Lake City, Utah."
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 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
- 5 -
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,
said City Treasurer, said City Recorder and said 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 1941 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 a.re hereby irrevocably pledged and
the Board of City Commissioners hereby covenants with the holders of said
bonds to levy in the year 1941 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 Company, and Utah State National. Bank, all
of Salt Lake City, Utah, 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 ($1,250,000) Tax Anticipation Bonds to the purchasers
thereof as and when the said bonds shall be and are legally issued and de-
livered, 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 published immediately in one issue of
the DESERET NEWS , 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
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�7
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
C`.; ;H e�! ty of the inhabitants of Salt Lake City that this ordinance shall
k, affect at once.
7 ,. Section S. This ord, {ryn shall fake effect upon e first
r5 )" kk.:
h cation. °, tix:, , i
1` Ai Passed by the Board ofCty Commissioners of Salt ke City; Utah
7t1 day of December, A D 4.0. ;j%— , �'
L yy {p
a.s
,I
M r Salt Lake City, Utah.
EOT.: /
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"ii, a',� /' -°1we,f:.f F;;#'v,rii 2
City Recorder, Salt Lake City, gtah.
(STAL)
Bill No. S6
Published December 4 — , 1940.
— 7 —
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Affidavit of Publication
STATE OF UTAH,l
County of Salt Lake J
Legal Notice
,AN ORDINANCE Leo H. young
AN ORDINANCEE PROVIDING BOB
E 199UANC£ AND BALE OF ONE
THOUS x Two.LAROILED.AND FIFTY I Being first duly sworn,deposes and says that he is the ad-
� HOUeAND��DOLIiARs-lEii2 0001 TAC
IT, UE.SION BLINDS f SALT LAH1.I
T , DTAx 9ERI➢s o°F JANUARY 1. vertising clerk of THE DESERET NEWS,a newspaper
WHEREAS,there is an Immediate and
easing need forto )eons f'funds published in Salt Lake City,Salt Lake County,in the State
brie,era,.ed ...pow,:raising
..Hun-,
ahTh¢sanMee (El:'
qye .dot;tn p. pose f tlna the of Utah.
l'rpnF one P Salt Lak C1ty.Eof�
y 41 ail tier pared F t the)
g�.178.ilia Y 19'41, d - 1
't y}_ 1.902 the to 11,0 tax: revenues
t Il D City I they eigi BI
�� neat¢ M ng NEi $ d ed.a That the advertisement-_.Qr-dinsnne-.Bill-No.--55.Eelating
ty a an��.as a d Eighth Hundred'
1 t tone�, d ,hied (91.9Tue fro d'
sg d e91" na f m 11' to Tax Anticipation Bank Series January lat, 1941.
€aUuEE¢¢ee i'aEg gat The MBug� slX
u0dred 91m Thousand Three . dred
hirty-af6ht and 9D•100' (E0,E08,78.96),
Hundre 4$nd Ntbeifty
sum One Dollarslion Tam.,
iSalt Lake City Corporation - City Recorder,
ff aced and red¢.Thousand Dollars U,-
9u60,90 a required said sW u be rageestimated
t
the OCe rs 1 41 said ravonue'm'-eetim8ted for
NOW THEREFORE,BD IT ORDAINED
4DY THE BOARD OF COMMISSIONERS
OF SALT LACE CITY, UTAH:
9ecWoa.1. Teat H d:Pinta.
alt'Lake DICE.i
Utah,x e tse.uerpp e 1 eat the curl was published in said newspaper, in its issue dated, the
n
t penes 1 d My'f the Year'
1941until1, s l Payment of taxes Sor the
19lf:e all o,W 4 yaynpt o1,One
1 h n .'a ' yl BorA
9MlAh. day of December A.D. 1940---.
aa c;N none ca of such indebtedness shall ie-' --------- --...... --.
twenty-five (a61 bonds.' umPara o '
t de ominaton of aD).both u all) l l
thec de($50,1900)`on each. Said bonds. hall) and was published 1 ti7rtl3--
bear date.of Januate 1, 1041,1a48 l 0`l
be due and'payable Janne&I,
tingeinteeaD t the rate f'fweetenthe.f'
per cant, (5.10 nP 1,147 en),par; the last publication thereof being in the issue dated the
a u pt. ayabl 4 .74'r ua11Y' Jun.;
e.p114e11d n1 interest being payable.
l tat prin.;
Nato al City Bank of New York, 63, day o f A.D. 19
Wall Street, N York-City, No York.
Said bo d1 shall be designated"Salt Lake' ,
C ty T X.A t iQ t H de Se lac gi /)
Jan signed' 1, 1941 Said bo de Dell be,
re by n ttes r and b9 the Cite,
�
Treasurer'
derdthet seal by
tthee'City, Re.
Advertising Clerk,'
the' under
attached of
be 'signed
With the lithographed or engraved•fec-
ile signature f the Ciy Treasurer.
Said¢ands ehCit be reetoterea 1n 0 boor'.
,frost b9 the Ciit And too tor that pure,
pones d the,Cod bonds''hall'sndcate
n iced 1 said bolds on certificate,
obhtan by Ill Sold bonds shall b'
UbP{¢ntially 1n the following.form,.to-'
t UNITED STATffi"OF UTArol OF TAH AMERICA ,before me this -. . 10th day of
B
g KE CI OF SALT LACE'
F ;t,HE CITY
OWD -ANTICIPATION
8 OF"JANTARY 1,1941 A.D. 1940---
E60 0(1000,
-BALL Sip; BY THESE PR4S
It L'a1Ce City, h. the•County'
Vg)
9 'SZ t of Utah, herby: \Vp\\\
•s iteelS t-'@ f debtzd and ���f.-.
} r hereof tey'))ro°9es.tp,Day�
•'t OUSAND D0LLARS(i6Q,000.004 Notary 1Lc.
de as.am, on the date of,
f,the principal of and the In-
his bond,legs`tender for debts!
Ited States of,America,on.the;
B January,New 0' k has New
Na...,
'''lY,N York With interest they
esntat(6the off%)Pero nhuln. hornone per)
lil Gil 3'IC 1. 1941. 90,11 on.January
Money,11942, said interest to a maturity being
presented by'interest coupons hereto at. _
Cached.
Thte•bond Is one of,a series of twenty-
five 05) bonds of like;tenor and effect,
n�a}t/b, ed'froth ne'21.)d
1'_to' .twenty-five
I e Cote TeX Ant don Bons, "Salt
oaks Cite Tax.1041'p forrn hende.Sense
f January 1, ,I1Ioe, the rdand
shadeta ob"On 11tiiD n'Two $u0.000)and
.Thouand Dollars (�1a60,0 Re ed
sum le a t t Section540,D, Revised
Statutpe tpo Utah 1003. -
TIL Ise 1 9alt sufficient
City eat))pay
to Lhe Isar 1941 interest
t a bond pay t
the eame shall
ail Ottt and the idb as
IAtheIssued
shell.lrlpatien d'such,
bond.
forietheaye '1941.ot'pati0n Si' anch�-LaxeE'
It le hereby certifled, recited=and de-
al41ed than i tine entire ins btedhdss of
siLM at>"-' inebrred L not inex-
delYdd-robe "of raid.Cityt be levied
r nt'year'1941 nd-that°e'd.
deb dneee ewes.and la contracted.=
the..purpose:for which- said aalree are
•D;le
I@t IC, i
Dar by certified, welted and de-
el s met 11 moons, t a t Iond
pie t,'ba eo the 11dJly a 'hie d
: t have eryDened:and h been dos�¢,
an at n lea - oDirem t 1 law ai-
d tine the teens thereof.hag been duly
wimple .with, d.'that this, bond to
ttdtDbed erety'deYt:acid.ttogr`limit, arc•
oi.'ad bY. the.n that the
and -Loon
fd'rt )tags said Sal the it'll l'rc
hem y,itr do :said Salt-Lake'Ike place.
hereby Irrent ofly pledged o'.tne plane-.
'pay f able ty of the rdl g alto d rot •,
sI f-thle E d aaIcO�Ro Ring t It tame.,
IN WITc caused
WMEBEnd 3 It Led i
e..
City h e h❑ d ibis bo d to be.erg he
di itsto o It City Teo ❑ {�
bd' t al t 4s it oe affixed
and' tt xdd by to City Recorder. o
the tg'annexed coupons tonee the1 impf 1
he of the City Tr.'D.19r.1, of
the let'day of.January,A.'D.-1941:
-Mayor,Salt Lake City,Utah.
ATTEST; .
City Treasurer.Salt Lake City,Utah.
City Recorder,Salt Lake.City, Utah.
I SEAL).
To rack ofsaid bonds hall=be attached
aupon for ach Installment interest
terest
'nteinplated by said'bond, the'couDen
doe July'1,.1041,'to,be numbered rte
(1) and the-coupon due January 1;'I942,
to'be numbered two'(2) with'the several
dales f Deymeat and_number of bond,
of athe shall City bear
Treatsurer:�Said' signature
o vo 0s
shall be in'eobetanlially the-following'
ded,,.:,tn-witt ICovponl--
N •,' July. $122.00
(Na.the Sleet day of January,.'194..,
Salt;,Lake City, in Salt:.,Lake County,Sate of.Utah,
her 1 eof he num-of One aHundred they td bearer
fives and.No,100-Dollars (022.00) in such
funds. are,'o the date.of payment
hereofUnited,a States tender
America foe debt Thee N
11on01 City gook 1 Now York, in.New
'lord City. 'York, being six months'
.interest then..due on its Tax Anticipation
Bond,;Series of=January L 1941..
'(Faeimrle Signature)
City Treaevrar,Salt Lake City.Utah.
Bend No., .
h ee shall'be endoreed eh of
oldT lmnde the following City Auditor's'
Certificate: '
City 'Auditor's Certificate
.-'I-hereby-certify that this bend is
within tips lawful debt limit of Salt Lake
s
City, Utah,and is issued according to
City A❑ditor,,Salt Lake City,Utab."
'Section 2.All the covenants,Statemege,
repreeentatious and greements,contained
In"said--bends are hereby adopted as cove
'enaths,egnatetnents„representations, agree-
medtd- d:'DfWnises,ot,Salt Lake.City,
U Sec i City
Section,2.The,Ma ity and:the buteor-
tsr of d din Laltdirected
sy are hd execute
author-
ised
bends
one di theed to sign and ex o raid!
b de ed rake Cityec Recorder e herebyaf-
tl,,,the and directed Lake-City
attest and ch
off said cad, of to coupon..o each
t sad bo d the coupons attached
is.said`bondsignet tee l the
ad•byTyon the 1
00,
f odinihe city
i 1.the auto need and
the City Auditor isptndsf the,
_and
tdirected a place anon said bonds et
shoo, and t manner'fnthe,saixe t atlrth
or,
eobl`ti.,City and the
of the,
CityidReco der.
and said City Auditor'in so doing are
and shall be the act and deed of Salt,
Se• ct on 94.That the-Board of City Cone.'
ietaeioner4 shall levy,in.the year.IDOL,
yfficient tan to pay the principal and,
intareet'on mild bonds as the game shall'
tall due,.ad'for the payment of said
bbender,the'ffull faith, edit and lazing
of It.Lake City a hcrebyiS-
vocably pledged'and the Board-f City
Commissioner.,hereby no ante with.the
hgqldere•of Said bonds to levy In the.year
I941-sufficient taxes to provide for-the
payment
t of
the principal and interest of
mild'Section 5.The First Security Trust Com-
poor,Edward L.Burton&Company,-First
NatiunD]Bank of Salt Lake City,Walker
Beak & Trust o pany. Continental Na-
tional Bank'&Trust-Company,and-Utah
.State National Bank.all of Salt Lake City,
Utah, having offered to purchase said
bends• Ctyt Commhissioners, which to this wad
the,best and moat.advantageous received
fee the'purchase Id said bonds, d-which
'defer has.heetofore been occented by.4ethis
City• r be mid lthe tam ie herby a'ratified
and confirmed,and same the City Treasurer is
hereby iithorized and instructed.o de
liver said.Oust Million Two'Hundred and
Plfty Thousand Dollars (01,250,000). oo
O tas'ed wizeBonds
tithe Meld Beads
'shall�I
l andaare ga net < v re Upon
deedreipt of me pu>_ct'seenprlco-'Lkerebor. .
Section n,Tho City Recorder Is bombe
Iy of tots
:ordinanceo e t btructed and e published.immedcted te cause iately..in
an@'issue o1 the.Deseret Nears, daily
paper of general itoulatioa aa d
newspaper
minted and Published'In Salt'Lake City.
Section'eated rt.That a rgenny is'hereb_r
Ca Wad'in the opinion of the Board
at City Commissioners because.o1 the_ne-
esity,for.funds to moot,the-portent ex-
yenaBs•of saki'City It'is necessary,'to me
Peace,-health aud ealety:of Abe i babitante
f belt'Lake-Oily'thq thei ombnanee shall
t ire effect"AL'+ Ce Section'fir$c Leh 5 peblicae sin,l`ld1�s-,,
Y et npon m ai t and datlon'
Paeeed�by tabs.Board�pA City -pT
sloDere f 3 l-L''''''
ka Clly p.:" 4 f'Oita
day of Dace a ` j94h
L LakeCity ❑t. .
' 1,, r Batt Lak 0i ET EE L she lt _r-
i.
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