58 of 1941 - Providing for issuance and sale of $1,250,000 Tax Anticipation Bonds, Series of January 1, 1942 AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF ONE MILLION TWO
IIUNDRED AND FIFTY THOUSAND DOLLARS ($1,250,000) TAX ANTICIPATION
HONPS OF SALT LAKE CITY, UTAH, CANTER OF JANUARY 1, 1942.
WHEREAS, there is an immediate end 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 1942 until the payment of the taxes for the year
1942, and
WHEREAS, the estimated tax revenues of Salt Lake City for the
yea 194.2 will aggregate Two Million rive Thousand Seven Hundred Eight and
Forty-three One Hundredths Dollars (42 005.7O8.43 )and the total estimated
revenue from all sources will aggregate Three pillions Eight Hundred a Eight
Thousand, Two Hundred Eight and {'orty-three One Hundredths
Dollars J$3.80 .208.43) , and
WHEREAS, the sum of One Million Two Hundred and Fifty Thousand
Dollars ($k1,250,000) required now to be raised is not in excess of said
revenue as estimated for the year 1942,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF
SALT IAKE CITY, UTAH:
Section 1. That said Salt Lake City, Utah, for the purpose of
meeting current expenses of said City for the year 1942 until the payment
of taxes for the year 1942, shall borrow the sum of One Million Two Hundred
and Fifty Thousand Dollars ($1,250,000) 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 ($50,000) each. Said bonds shall bear date of January 1, 1942, and
shall be due and payable January 1, 1943, bearing interest at the rate of
five-tenths of one per cent (5/10 of 1%) per annum, payable semi-annually
on July 1, 1942, and January 1, 1943, both principal and interest being
- 2
payable at The National City Bank of New York, 55 Wall Street, Nee York City,
New York. Said bonds shall he designated "Salt Lake City Tax Anticipation
Bonds, Series of January 1, 1942." 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 las.
Said bonds shall be substantially in the following form, to-wit:
- 3 -
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT IAKE CITY TAX ANTICIPATION BOND
SERIES OF JANUAN.Y 1, 1942.
No. $50,000.00
KNOW ALL UrN 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 }Nearer hereof the sum of
FIFTY THOUSAND DOLLARS (7-50,000.00)
in such funds as are, on the date of payment of the principal of an:_ the in-
terest on this bond, legal tender for debts due the United States of America,
on the first day of January, 1943, at 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, 1942, and on January 1, 1943, 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 January 1,
1942," 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 1942 a sufficient
tair 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 1942.
It is hereby certified, recited and declared that the entire indebt-
edness of said City hereby incurred is not in ewcess of the taxes of said
City to be levied for the current year 1942, 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 and thinAs 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 Lams 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 end 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 1st day of
January, A. D. 1942.
Mayor, Salt Lake City, Utah.
ATTEST: City Treasurer, Salt Lake City, Utah.
City tecor•der, Salt Lake City, Utah.
(SEAL)
- 4 -
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, 1942, to
b nnmheran nna (1). fl the sE3u sn 044a Jssna4=y 1, 140, t.
(2) with the eevtrcl dates of guyment and nwiifler of bond, end 01al1 beer
the facsimile si neturo of the City Treasurer. Said coupons shall be in
substantially the followinj; form, to-wit:
(Coupon)
No.
0.25.00
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 (0.25.00) in such funds as ere, 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, 1942.
(Facsimile Signature)
City T.reesurer, Salt Laike City, Utah.
Bond No.
There shell be endorsed on each of seid ',.ends the following City
Auditor's Certificate:
City Auditor's Certificate
"I hereby certify that his 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 end promises of Salt Lake City, Utah.
Section 3. The Mayor end 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, sac 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 ;ad shall be the act and deed of Salt Lake City.
Section 4. That the Board of City Commissionery ehull levy in bhe
year 1942 ai, 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 pores of Salt Lake City are hereby irrevocably pledged and
the Board of City Commissioners hereby covenants a•:ith the holders of said
bonds to levy in the year 1942 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 fake 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 (41,250,000) Tax Anticipation Bonus 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 Salt Lake Telegram, 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
_ 6 _
of the Board of City Commissioners because of the necessity for funds to
imnt t.11s mnr€nt: tliormtno uc gg4q, Siaby it ..-.;-.,---/ " Eh "-''141,
nd onfety of the inhabitan+s of bait Lake City that this ordinance shall
take effect at once.
Section 8. This ordinance shall take effect upon the first
oublication.
Passed by the Board of City Commissioners of Salt Lake City, Utah
this day of December, A. D. 1941.
6
May , alt Lake City, Utah
ATTEST:11r) l
0 / 1 /
(of.-0/
City Recorder, Salt Lake City, U,iah.
(SEAL)
Bill No.
Published December , 1941.
- 7 -
i
Mr. McConkie moved, seconded by Commissioner Matheson ,that
the ordinance he adopted, which motion carried, on the following unanimous
rc)ll call votes
P. H. Coggin Commissioner "Aye"
Geo. D. Keyser Commmissioner "Aye"
John B. Matheson 1i Commissioner
Oscar W. McConki® Commissioner !Aye"
Ab Jenkins, Mayo ; `' Com iissioner "Aye"
m
Mayor, Salt Luke City, Ut :
ATTEST:
City Recorder, Salt Lake City, Utah.
(SEAL)
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front of tialtliration
Mates of Atnertra
STATE OF UTAH as.
COUNTY OF SALT LAKE
M.CONNOR
being first duly sworn,depose and say that I am the Chief Clerk of
THE SALT LAKE TELEGRAM,a newspaper,published at Salt Lake
City,State of Utah.
That the Notice AN ORDINANCE PROVIDING FOR TI-LE ISSUANCE
AND SALE OF ONE MILLI ON TWO HUNDRED FIFTY THOUSAND DOLL,RS
TAX ANTI CI PATI ON BONDS OF S ALT LAKE CITY, UTAH
SERIES OF JAN. 1, 1942
of which a copy is hereto attached, was first published in said news-
paper in its issue dated the 9th
day of DEC.
and was published in each daily issue of said newspaper, on
DEC. 9th for
thereafter,the full period of 1 TUE
the last publication thereof
9th
being in the issue dated the day of
DEC. ,A.D.193 41
74.
Suscribed and sworn to before me this 10th day of
D.e0. , A. D. 193 41
--// (L'
, L
Nota
Nov.25, 1945
My commission expires
Advertising fee$
58
AN ORDINANCE York,in New York City,New York,be-
AN ORDINANCE PROVIDING FOR.log six months'interest then due on
THE ISSUANCE AND SALE OF,ONE Ha Tax Anticipation Bond, Series Of
MILLION TWO H[IHD$ED AND January 1,1942.
FIFTY THOUSAND .I,1lDL' 21 ($1 {Facafmlle Signature)
250,000)TAX ANTIC/P ION-BON S
OF SALT,LAKE UTt ,' „ City Treasurer,Salt Lake
RIES OF JANIIA� -1:I892. , Utah.
Utah,
WHEREAS, .there ae:.an Irpthad�ye�Bond No
and prineing.nod,for the trai, Of • There shall be endorsed on each of
fund. in the.amount ig,OMi= lion aid bonds the following City Auditor's
Two Hundred and Fifty"}`housed 'Doi- Certificate:
lays ($1,250p00),.for ees ofq of City Auditor's Certificate
meeting the current,' ees Salt' "I hereby certify that this bond le
Lake City for the 2'uhtt the within the lawful debt limit of Sett
payment of the WE,'''f .the year 1942, Lake City,Utah,and is Issued accords
antl' " . Ink to law.
WHEREAS thy-eettra d tax reve-
nues
of Salt sgye55Ee,City.for,the year City Auditor,Salt Lake
1942 will gBevger to'Tian Million, Five City,Utah t
Thousand•Saved,}Has ed Eight and Section 2. All the covenants.state-
Forty-three Qyed;,et$se 00dtlle,Dollars manta,representation.and agreements
revenue
,708.43),1{nd,.the:total estimated contained 1n said bonds are hereby
revenue from iU.I1igkKta at0-ueedrggregate ee500tadopted as covenants,statements,rep-
Three Mllllou:.$Ight ,n muffed and resentatfone, agreements and promisee
Eight ThOuearieForty-three
One
avndre ed Eight of salt Lake City,Utah.
and Forty-three OAe}IgndredtAe Dol- Section3. The Mayor and the City
lays ($3,808,209.93),,.and Treasurer
of Salt Lake City are hereby
WHEREAS, the sum of One Million authorized ud directed to elin nod
Two Hundred and Fifty Thousand Dol-
lars corder
e a ld bond.and the City -
($1,250,000) required now to be corder Is hereby authorized and dlrectct-
ratsed is,not in excel Of said revenue ed to attest and affix the seal of Salt
ae sstimated for the year 1942. Lake City to each of said bonds,and
NOW, THEREFORE, BE IT OR- the coupons attached to said bonds
DAINED BY.THE BOARD OF COM- shall be signed by the fure r de atgnae
MISSIONERS OF SALT LAKE CITY, Lure f the Clty Treasurer•, d the
UTAH: . City Auditor is authorized and direct-
Secti1onri the purpose said Salt Lake City. ed to place upon said bonds the..miff-
Utah, rpose meeting cur- rate in the manner and form set forth 1
rent expenses of said City for the year above,and the sots of the said Mayor,
IB42 untB the paymenb of tuxes for the said City Treasurer,said City Recorder
year 1942, shall bort'oW the sum of and said City Auditor In 0 doing flre
One Million Two Hundred and Fifty and shall be the act and deed of Salt
Thousand Dollars (31,250,000) and for.Lake city. V
that purpose as evidence Of in- Section 4. That the Board of City !
debtednees shall issue twenty-five cipalfive Commissioners shall levy in the year •
bonds,.numbers one(1)to twenty-five 1942 a sufficient tax to pay the Beties
(25),both lhclueive,In Lhe inre m($ntl- Carve and interest on said bons s the
%ion o[ F'Ifty Thousand Dollars ldate same shall fall due,and for the pay.
000) each. Said bonds shall bear date meet of said bonds the full faith.
of January 1, 1942, and hall be due
credit and taxing power of Salt Lake I.
and payable January 1, bearing of My
are hereby irrevocably pledged
Interest at the rate of five-tenths f an the vend of City holders
One per cent(5/10 of 1%)per annUm, hereby covenants with the holders of ,
and ble January1,194 semi-annually th prtn on clpell942,
and s id bonds to levy In the year 1949
interest Ba being payable at The National'sufficient taxes to provide for the pay-
City Bank of New York,55 Wall Street, a ant of the principal and interest of
New York City New York. Said bonds aS bonds.
holl be designated 'Salt Lake Clt) Section 5.Edward
First Security Corn-
Tax Anticipation Bonds•Series of Jan- Company, E anon L. Burton &Come
ary L 1942." Bald bonds shall be parry,First National Bank of Salt Lake
City, Walker Bank&Trust Company,
real by the Mayor cod by the City Continental National Bank Be Trust I
corder far and attested by the City Re- Company, and Utah State National
Cortler under tire seal O7 the a signed
antl Bank• all of Salt Lake City, Utah;
the
thth coupons lithogrhed aphed or ail bevedgfa d oaring offered to purchase self bonds
City City t a Commisice sion.., which�offferrd of
was
Willie signature of the eg) Treasurer.
Said Bonds shall be registered in a the best and most advantageous -
book kept by the City Auditor for that celvetl for the purchase of said bonds,
'purpose and the City Auditor shall - and which offer has heretofore been
tlorae eq each of said bonds the certllf- accepted by_thte Cityo Commission,the
ate etsntl by law. Sold bontls shall acceptance of said offer be and the
be substantlfllly in the following form, same is hereby ratified and confirmed
to-wit: and the City Treasurer ie• hereby
UNITED STATES OF AMERICA authorised and instruoted to deliver
STATE OF UTAH said One Million Two Hundred and •
COUNTY OF SALT LAKE Fifty'Thousand Dollars"MI.280.000)Tax
SALT LAKE CITY BOND ANTICIPA- Anticipation Bonds to the purchaacrs T
SERIES OF JANUARY 1. 1942 thereof a ❑r when the said bonds
50,00.00 hall he and are receipt
issued and de-
purchase
No $ pricer upon Yecel t of the purchase
KNOW ALL MEN BY THESE PRES- ihereto[.
ENTS: Section 8. The City Recorder is
That Salt Lake City.In-the County hereby instructed and directed to•cause
of Salt Lake and State of CUM,hereby copy of this ordinance to be published
rvalue
acknowledge.itself b7.e be indebted end mmediately in one issue of the Salt
for value received hereof the
to Lake Telegram, a daily
newspaper f
pay to the bearer hereof the um of general circulation 1n and printed and
FIFTY THOUSAND DOLLARS published in Salt Lake City, Utah,
($50,000.00) Section 7. That an emergency is
In such funds as are, onthe date of hereby declared and in the opinion of
payment of the pincipal of and the the Board of City Commissioners be-
at no thle bend legal tender for cause of the necessityfor funds to
debts due the United States of Amer- meet the current expenses of said Cityh
lea,on the first tlay of January, it 18 safety
ofy to the peace, health
at The National City Bank Of New and a fety the inhabitants of Salt
York• in New York City, New York. Lake City that this ordinance shall
with Interest thereon at the rate of eke ffect at onre.
• five-tenths of one per cent (5/10 of Section 8. Tine ordinance shall take
1%)per annm,from date until paid effect upon
the first publication,
payable semi-annually 1n like money Passed by the Hoard f City Com-
n Jyly 1. 1942, and on January 1, rrti.foners of Salt Lake City.Utah,this
1943, said interest to maturity being 9th day of December,A.D.1991.
represented by interest coupons hereto AB JENKINS,
attached. Mayor.Salt Lake City,Utah.
This twenty-five d(25) bonds of is one ofa like series ATTEST:
tenor
ETHEL Mac ,
and effect,numbered from one(1) to City Recorder,
twenty-five (25), both inclusive, and Salt Lake City, Utah.
known as "Salt Lake City Tax An- (SEAL)
ticlpatlon Bonds, series of January 1, Bill No.58.
Milli" tot the aggregate d a m o1 One Fubllehad December 9th,1991.
and Dollars (t1,2 0,000.00),Fissue1 put'-•
euent to Section 15-8-8,Revised Stat-
utes of Utah.1933.
The City of Salt Lake City.hall levy:
in the year 1942 a aufficient tax to
a 13le issued
piy}aoear.uon t
sh
i
n
thisu bond is Issued in nticlpatiorr of
such taxes for the year 1042. •
d shred that ythe rentire inq edness
of said City hereby!muffed is not in
excess of the taxes of said City to be
levied for the current year 1942, and
that said indebtedness was and is con-
tracted for the purpose for which said
exec are levied.
It'le hereby certified,recited and de-
clared 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
fullat the
d Laws of faith and creditaid and
of eald Salt Lake
City are hereby irrevocably pledged tot
the punctual payment of the principal
d Interest of this bond according to
its terms.
- IN WHEREOF, Lake
NE
City hoe Tcaused this bond to bet signed I
• by its Mayor and its City Treasurer,its
corporate seal to be hereunto affixed,
and attested by the City Recorder,and
the annexed coupons to bear the fac-
simile signature of the City Treasurer.
as of the let day of January,A.D.1992.
Mayor,Salt Lake City.Utah.
City Treasurer, Salt Lake
City, Utah,
ATTEST:
City Recorder,Salt Lake City.Utah.
(SEAL)
To each of said bonds shall be at-
tached a coupon for each installment
of interest contemplated by said bond,
the Coupon due July 1, 1942, to be
numbered one
e (1), and the coupon
due January1,-1943, to be numbered'
two(2),with the several dates of pay-
ant 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...,. $125.0i
' July,
On the first day of January, 199..
.Salt Lake City, in Salt Lake Count)
State of Utah, will pay:to the Were
I hereof the sum of One Hundred Twen
ty-five and No/100 Dollars($125.00) I
such funds as are, On the date 1
oYment hereof,legal tender for deb
due the N United States of Amerlr
at The National City Bank of N.