HomeMy WebLinkAbout59 of 1958 - Providing for the issuance and sale of $800,000.00 Tax Anticipation Bonds of Salt Lake City, Utah, S October 9, 1958
Mr. C. R. Christensen,
City Attorney
Dear 'Aro
At a meeting of the board of Commieeioners held October
9, 1958, Rill No. 59 for an ordinance providing for the
issuance of S800,000.00 Tax Anticipation bonds of Salt
Lake City, Utah, 9eriee of October 2, 1958, was paeaod.
Copy to Yours truly,
Finance
Auditor
Treas. .�} ra���
t"i1®o,
City Recorder
.S9
/Rec.103 50 1.58 Q.P.
dll tfreoirtry f , 195 IV
ROLL CALL Salt Lake City,Utah,.,
VOTING Aye , Nay
I move that the Ordinance be passed.
Burbidge . • •
,,
Christensen . . 4------- ..-
V
Geurts (:,..
c—
. . • . _
Co oner of Public Affairs & Finance
Romney
_,.--
Mr.Chairman . ,----- ,
1
Result . . • - I I
59
0D)SP1Ai•7C5
Al. ORDINANCE PROV I D1 G FOR This ISSUJ ;CS AND SALE OF 'J:C n' TI[Ji'DEED THOUSAND
DOLLARS ( 300,000.00) TAX AhTTC11ATION
BONDS OF SA._,T' CITY, iPJ'/U1, SERIES
OF 001000R 2, 1958. ;
WHEREAS, there is a, immediate and pressing need. for the raic:i.no of
fund.,, :in 'she amount of Eight =du.nd_•ed Thousand Dollars (j900,000.00) for the:
purpose of meeting the current expenses of Salt Take City for the year 1958
until the payrne nt of the taxes for the year 1958, and.
1
WHEREAS, the estimated tad revenues of Salt lake City for the year
1950 will aggregate FIVE MILLION EIGHT HUNDRED TWENTY—THREE F0'1R zimnarn_FnlTy 1
FOUR TIIOUSAND DOLLARS($5,82A. y.)nd the total e-stUcdted_ revenue from all
sources will aggregate THIRTEEN UTT,T,TOH_TURNrY F1)l I THI-)1 ADJD£'(:NT NUNDRiD
I VFN`TY FOUR DOTJ,ARS , and no/100.
MTITEAS, the sum of Eight Hundred Thousand Dollars (S800,000.00)
required now to be raised is not in excess of said revenue as estimated for
1
the year 1058,
NOW, TREEZ.T OR , DE IT ORDAINED BY TEE -HOARD OF COMMISSIONERS OIL j
SALT LABS CITY, UTAH: :1
Section 1. That said Salt Like City, Utah, for the purpose of
meeting current expenses of saia City for the year 1958 until the -p_syment of
taxes for the year 1958, shall borrow the sum of Eight Hundred.Thousand Dollars
(:pW00,000.00) and for that :.repose a:' evidence of con" indebtedness ,shall issue
sixteen (16) bonds, numbered. one (1) to sixteen (16), both inclusive, in the
denomination of Fifty Thousand Dollars (y50,000.00) each. Said bonds shall
bear date of October 2, 1J53, and shall be due and payable January 2, 1959,
bearing interest at the rate of two and eighty-five give hundredths per cent (2.85<0
per annum, payable at maturity, both principal- and interest being payable at
C'^ the First Security Dank of Utah, F'. A., Salt Lake City, Utah. Said bonds shall
be designated "Salt Take City Tax Anticioati.on Bonds, Series of October 2, 1958.
459
Y
Said bonds shall be signed by the Mayor and attested by the City
Recorder under the seal of the City. 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 in substantially the following form, to-wit:
-3-
UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE CITY .
TAX ANTICIPATION BOND
SERIES OF OCTOBER 2, 1958
No. $50,000.00
INNOW 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 lawful money of the United States, on the second day of January, A. D.,
1959, at the First Security Bank of Utah, N. A., Salt Lake City, Utah, with
interest thereon at the rate of two and eighty-five hundredths per cent (2.85%)
per annum, from date until paid, payable at maturity.
This bond is one of a series of sixteen (16) bonds of like tenor and
date, numbered from one (1) to sixteen (16), both inclusive, and known as
"Salt Lake City Tax Anticipation Bonds, Series of October 2, 1958", for the
aggregate sum of Eight Hundred Thousand Dollars ($800,000.00), issued pursuant
to Section 10-8-6, Utah Code Annotated 195 .
The City of Salt Lake City shall levy in the year 1958 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 1958.
It is hereby certified, recited and declared that the entire indebted-
ness of said City hereby incurred is not in excess of the taxes of said City
levied or to be levied for the current year 1958, 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 the interest of this bond according
to its terms.
IN WITNESS WHEREOF, Salt Lake City has caused this bond to be signed
by its Mayor, its corporate seal to be hereunto affixed, and attested by the
City Recorder, as of the 2nd day of October, A. D., 1958.
Mayor
ATTEST:
Ci-y Rec
There shall be eaderseu o„ each (j said 'tuna the :Coliovin C.
Auditor's Cert icate:
"City Auditor's Certificate
I hereby certify that this bond is within the lawful debt
limit of Salt Take City, Utah, and is issued according to law.
City Auditor
Section 2. That the Board of City Commissioners shall levy in the
year 1958 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 is heresy :irrevocably pledged and
the Board of City Commissioners hereby covenants with the holders of the said
bonds to levy in the year 1958 sufficient taxes to provide for the payment of
the principal and interest of said bonds.
Section 3. The First Security Bank of Utah, N. A., and Associates
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 bonds to the purchasers thereof,
as and when the said bonds shall be and are legally issued and delivered, upon
the receipt of the purchase price therefor.
Section 4. 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 - Salt Lake Telegram, a daily newspaper of general circulation in
and printed and published in Salt Lake City, Utah.
Section 5. 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 and
safety of the inhabitants of Salt Lake City that this ordinance shall take
effect at once.
-5-
Section 6, Thin ordinance shall take affect upon the first publication.
PASSED BY TIE BOARD OF CITY COL'TIISSIONoRS of Salt jboko City, Utah
this 9th day of October, A. B. 1958.
i
U r' d y,
.71,ICEST: w
G Cv
' BILL NO. 59 of 1958
Published October 14, 1958
Commissioner Tndvod, seconded by
Commissioner , that the oY` ina,ncc be adopted, which
- I
notion carried, on the follouing unnbimoun roll call_ vote:
ladicl. F. Stewart, i+Tzyor Commissioner "Aye"
Theodore I. Octets Commissionor "Aye"
Grant M. Burb:i d e ye
Commissioner
Joe I. Christensen ���,,,,
Ooauni_ss:i.onor
L. C. Romney
,, Co�mn�ssionor 'Aye"
i
ATTEST:
1
_r
(SEAL) '
Affidavit of Publication
STATE OF UTAH,
ss.
County of Salt Lake
D. M. Ockey
Beirut first duly sworn, deposes and says that he is legal advertising
clerk of the DESERET NEWS ANI) SALT LAKE TELE-
GRAM, a doily (except Sandav) newspaper printed is the Eng-
lish language with general circulation. in Utah, and published in
Salt Lake. City, Salt Lake County, in the State of Utah.
That the legal notice of which a copy is attached hereto
Salt Lake City Bill No. 59 of 1958,
An Ordinance Providing For The Issuance
And Sale of $800,000.00 Tax Anticipation
Bonds of Salt Lake City, Utah, Series of
October 2, 1958.
was published in said newspaper on_October 14, 1958.
•
Legal Advertising Clerk
Subscribed and sworn to before me this 20th Joy of
October._.-- .A.D. 19.5$-..
Notary Public
My Commission Expires
Nov._25,_1961o__ __.
Legal Notices
—ORDINANCE
AN ORDINANCE ,;(LiD NG
FOR THE ISSUANCE AN (ATTEST:
SALE OF EIGHT RS M1 ED i •
HERn1AN J.HOGENSEN. I.
00.00,THOUSAND DOLLARS ituO- mot Bcealt be
09d.d01 TAX AN'0iLii'A'1'ION Tltc,re shad be endorsedon i
RO:v DS Ol'SALT LAKE EI'f i 1 rtl bonds the following City ,
UTAH, SEItlF:S OF' OCTpBER Alt,iitor's Cerllfleate:
2 19 8 C'1 r dit is C { 1
WHEREAS there1 n mndl Ih b t
t'fy th t ih b d
1_ i ➢ lI g d fur the i h th I 1 tl bt limit
1- f £ d the n i[ of i 1t dd k 02 Vttl 1 tl
f EI a Hu d d TI farmnote
1 f880000000)f 'the not nose is LOUIS E HOL EY
f tl th ' t ,4 2,2r 1
f felt it GI f flit r 1 ICi yect' 2 Tl a[Cthe doartdr it
"W until the e'payment of the 1 ear 19'58 n sufficient
]coy I
to ter they r 85.a r f the year rine a Baird i to eot tt
WHERE OS. the Ee CIt tam c ➢a he principal and shall o
E-'Salt lialce Clty,[nr v said bonds as the sM1.all fall
revenues 185Qt i it a.reeatc lue.ai for the payment f said
S,8ea,444.00 yyhd the li ter?• bonds,the full faith. tltt and
ub from Il ualiT taxing now a of Salt Lee City
w-11 gra to 513.U24,824.00, a,rt hereby irrevocably omiMssi yid
Wilt
the s of 8E081 the Boby coven City with
the holders
Hundred Thousand Dollars Magi. b loiereby covenants ivtlh the holders
000.001 nosquired now to be rat.'d ? £the id Imnndv to revs m rhea
1.v not in Uss f said, v to r'_ r'156 xut[icient faxes fo
as tlmatedfor the rest 0958 r d vide for the payinent of the pri
NOW. TFIEREFORE HE ]'f N rim
cI 1 and interest bonds.
ORDAINED BY THE`heron OF' 3ectlou .4 The of.
�S ecur"r.I
COMM[SSFONERS OF SALT', . Bank t al N.e ntl AUtah
LAKE CITY,UTAH: in of Salt Lakc city. Utah,
Section 1.That aid Seit Lake having offered nio our base said
Cite. Utuh foe the put ose f 'bonds ''a I c alisfacl➢ry to
Cling rlen:ax Cnsest t'V T: ;this,"022 ofnClty Commissiafers,
ity for atoc year 1958 ntil rite l k vrhich oor was the Uve and
1018�tant tel hoes Ito the yr f most rchase advantageous r of tl for
'had borrow the. of wthhich Oeiere has he of rletofore been
Eight 00MM'od Thousand ponalla:-s'd',
(SBf10000.R(11 1 that cent d b [h City C 7'-
as d C hindebtednessporno,
1 ane t
1 1. t lIt b0 iB, i d tl the b of t'f ed
b (I t iktc (trig„- Trcdsnceconfirmed Irerelrr dththnriled
both ofctualvn, in the de Dollar^ nd i true iten to deliver said
tlon Fit each.
Thousand Doll.99r,I binds to ue ushascrs thereof,
f5S0,00900:c' h.Said bonds shdlt'iT and Then the said bonds hall
bear dale of October 2,1958.and 6 3 and are legada•Issued
hall be due and payable Janva e d livered, v r the r rtat and the
,2. 19ted boa and interest et 00 h 'chase ru. rc
'to f two and eighty floe.bun- ➢ D1 t therefor
Idredths cent-(2.85,,1 ➢ n Section 4.lcThe Ci[n Reem'der
rr ay ble at m lm'It.v,both I n Is hereby Instructed and dlrec[ed
Principal and Inter,.beils8 gar• 1,{ to use nY f this rdinance
ablea the First Security-Dank to be published ned�etely
of Utah. N.A. Salt Lake.City, n issue The i De Deseret News-
Utah,
Said bonds Man h U.1. , Salt Lake Telegram.a daily
t In Lake C. Tax i t la .-- - I '. l t
I Bonds. 9 f OA b Of 1 d bl-h d S It L .e
i 19.58 al City.tot 1- TI t Said bondstill b signed by d the
the M d attested b the f4 h b d 1 d
City ne Mayor
d the1 f CI P £the H _
the Cty. Said bonds shall be J�4 s n s because of fS the ne
istc„ed in a Honk lccut he the'sr sits,- funds to eat the current
(L C A d t 1 th-t h e I e of d Cit t
d th 11 And., 111 d1 I'1 t t
h sit d E
d each f Y n d p i G t Stet the be .f e s t I ke
t( f d h lrt .SAId L f t at ordinanceshall tak
I'i dr N-.1 h bit t h.' S eio hall
TIR1'I1 STATES Ole AM ERICA l tale fleet anent the a oat R Dlioa
'TATR Or I;Tst II ifon.
S AET.LANE CITY i V !CITYSSCD HY TAE AOARD OP'
TAX ANTICIPATION RO'n Lake C�MUtahlOtrytE 9thodar olE
eSERIES OF OCTOBER 2. a.4
MIMIC/pa flnuun 0 October,AD.1958.
KNOW ALL MEN BY THESEd ADIEL F.STEWART,
PRI:RENTS: Mayor,
That Salt Lake City, In the ATTEST:
Cnunl of Salt Lahr, and State 1 HERMAN J.HOGENSEN,
r Utah, hereby linowiednes 1 Cty Recorder,
of
to he indebted and fo; SEALI
d hereby �Published October to.1858.tosa
'nrtoQ1the bearer hereof�tsha
ear fcmd'
o';..' Y THOUSAND DOLLARS •
s1b0,000.o0i
in lawful t the llnllett
States, nthoy and day of
Janai rie Ban 1 o58�at. Ff ,
rtr Bank Utah. N. A.,Sccu i
Salt fake City,of
t ith Intro
a:st thereonat the ate of n
nd a10 five hundredths
ant f2.P5�,';.1 front
date unl.11 raid.anaythle at
a'fit teir.c litrr
and is one as a
S
eof ixteen herniaof o
Moor and dal, numbered irnn
one ( le (15,.bath Ikel,aive.ind I<1axn as-Salt Lae
SCetrye TazOctAetr'caoS" eBerotd
rEirhRamod
issued➢ursuanl I Scrtian I its
V'h C de AnnolateJ 3 li
levy
i Cilr of year
Lakc Clti'shell
ley it the m p principal
l sufficient
1tax0. o nathisbonld et as l fild Int to i
.shell fall due. ,odV tohia bond ie i
to iimty fo lu n ratio of such 1,
It hsicbvca ct piled, ci tort 2
and (Maimed that the entire
lcbte,ineas of id City hereby 1,
renrstedd 'e no,hit.in.eticrlss eta the
Ievicd f r'the c r'eit^ear 1958..1,
and that .:,id Indebtedness was ,I
fand is contracted for to purpose
or avhleh sr d taxes a e i d
It rs declared
c r rtre, died�'"
and aedv red that all conditions.te
vaalidity of flhthiss bonito exist,ohave
hadnneth,d and hove been done. k
remlhernMe er
boor enri dins t the Issue roamed
the btrit dray oiso]led Ith.and h,
tent this hand 5 i Ithiu c e Si
debt and other limit r•scribef
br le Cons[itutlon url Laxt [ J;
said State.a d that Lire full falih
and ci It of saitl SaIL bake n Y
ioetheet at La the ueneantti F dthtl ly
•pri Hal a d fete 1II toss of this'a
bo tl a ortltng n is�oi'ns. �C
II.alce Ctt>•:ih serlliin,5,f1 i' .1
ro be signed b..'uits Mayor. Its I
.ate .I to lbe hereunto I
'Iftixcd.and attested b.v 4d pldy
eordcr, of the 2nd day f!,
f Ocohcr,n.DZ 195A.
ADIEL I.STEWART,
Myot'.
S