64 of 1950 - Providing for the issuance and sale of *600,000.00 Tax Anticipation Bonds Series of July 1, 1950 RtJLL I.HLL
VOTING AYH NAY
Salt Lake City, Utah, June 27, X 1950
Affleck
Ch iotensen '° I move that the ordinance be passed.
Romney ."
LincTnf elter r �`
Mr.Chairman . .
Result
61(
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF SIX HUNDRED THOUSAND
DOLLARS ($600,000.00) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH,
SERIES OF JULY 1, 1950.
WHEREAS, there is an immediate and pressing need for the raising of
funds in the amount of Six Hundred Thousand Dollars ($600,000) for the purpose
of meeting the current expenses of Salt Lake City for the year 1950 until the
payment of the taxes for the year 1950, and
WHEREAS, the estimated tax revenues of Salt Lake City for the year
1950 will aggregate ($3,372,f327.00 ) Three million, three hundred
seven and no/100 Dollars
seventy two thousand. eight hundred twenty-/and the total estimated
revenue from all sources will aggregate (w7,825,325.00) Seven million, eight
Dollars
hlmdred twenty five thousand, three hundred twenty-five & no/109/and,
WHEREAS, the sum of Six Hundred Thousand Dollars ($600,000) required
now to be raised is not in excess of said revenue as estimated for the year
1950,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF SALT
LAKE CITY, UTAH:
Section 1, That said Salt Lake City, Utah, for the purpose of meet-
ing current expenses of said City for the year 1950 until the payment of taxes
for the year 1950, shall borrow the sum of Six Hundred Thousand Dollars ($600,000)
and for that purpose as evidence of such indebtedness shall issue ten (10) bonds,
numbers one (1) to ten (10), both inclusive, bonds numbered one (1) to five (5),
both inclusive, being in the denomination of One Hundred Thousand Dollars
($100,000) each, and bonds numbered six (6) to ten (10), both inclusive, being
in the denomination of Twenty Thousand Dollars ($20,000) each. Said bonds shall
bear date of July 1, 1950, and shall be due and payable January 15, 1951, bear-
ing interest at the rate of one and 75/1000 per cent (1.075%) per annum, payable
at maturity, both principal and interest being payable at the First Security Bank
of Utah, N. A., Exchange Place Branch, Salt Lake City, Utah. Said bonds shall
be designated "Salt Lake City Tax Anticipation Bonds, Series of July 1, 1950."
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. 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:
(J4
-2-
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JULY 1, 1950
No. $100,000.00 and
20,000.00
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake and State of Utah,
hereby acknowledges itself to be indebted and for value received hereby promises
to pay to the bearer hereof the sum of
($ )
lawful money of the United States on the fifteenth day of January, A. D., 1951,
at the First Security Bank of Utah, N. A., Exchange Place Branch, Salt Lake City,
Utah, with interest thereon at the rate of one and 75/1000 per cent (1.075%) per
annum from date until paid, payable at maturity.
This bond is one of a series of ten (10) bonds of like tenor and date,
numbered from one (1) to ten (10) inclusive, and known as "Salt Lake City Tax
Anticipation Bonds, Series of July 1, 1950", for the aggregate sum of Six Hundred
Thousand Dollars($600,000), issued pursuant to Section 15-8-6, Utah Code Anno-
tated 190.
The City of Salt Lake City shall levy in the year 1950 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 the payment of such taxes for the
year 1950.
It is hereby Fortified, 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 1950, and that said indebtedness
was and is contracted for the purpose for which said taxes are levied.
It is further 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 hereof has been
duly complied with, and that this bond is within every debt and other limit pre-
scribed 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 pay-
ment 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, its corporate seal to be hereunto affixed, and attested by its
City Recorder, as of the 1st day of July, 1950.
/41
M or
ATTEST: /r
City Recorder
-3-
There shall be endorsed on each of said bonds the following City
Auditors Certificate:
"CITY AUDITORtS 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 agree—
ments contained in said bonds are hereby adopted as covenants, statements, rep—
resentations, 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 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, 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 1950 a sufficient tab 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 1950 sufficient taxes to provide for the payment of the
principal and interest of said bonds.
Section 5. The First Security Bank of Utah, B, A., Exchange Place
Branch, 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 Six Hundred
housand Dollars ($600,000) Tax Anticipation Bonds to the purchasers thereof as
d when the said bonds shall be and are legally issued and delivered, upon
eceipt of the purchase price therefor.
-4-
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 of the Board of City Commissioners because of the
; - , necessity for funds to meet the current expenses of said City it
• ,l
tr1 .'? is necessary to the peace, health and safety of the inhabitants
): 1
of Salt LakekTCity th? is ordinance shall take effect at once,
43,`'f !potion 8. This ordinance shall t _e effect upon the
first publicton. `
o
. `WA'SiSED ;by $h i Board of y�l ommis': .ners of Salt Lake
ri r'5-7' s� o a
"-,1 ,t ,City, Utah, i s 2 trI r of Jun 71 d' , A 950.
f 'ATTE T: 0 v, -'' ... I f:;
�)y i :i o ff. a J e ity, I .a
City Recorder, a t e ity i'� / 0
(SEAL)
Bill No. 64
Published June 27th, , 1950
• Mr. Glade moved, seconded by Commissioner
Affleck , that the ordinance be adopted, which motion
carried, on the following unanimous roll call vote:
Joe L. Christensen Commissioner "Aye"
D. A. Affleck Commissioner "Aye"
B. E. Lingenfelter Commissioner "Aye"
L. C. Romney Commissioner "Aye"
Earl J. Glade, Mayor Commiser1 "Aye"
, r
ATTST: ` " / ��
/ Mayor, S Lake City, h
(✓7/ /� ' j��� ,1
City Recorder, Salt Lake Cit a
f
(SEAL) ---
-5-
Affidavit ®f Publication
STATE OE UTAH9 1
fss
Coi ney of sale Lake
AN D1DHNANCE
AN ORDINANCE PROVIDIN0; FOR
THE 100004NCE AND SALE Or
NIX HUNDRED THOUSAND DOL-
LARS, (i600.0n0 1101) TAX ANTIC-
IPATION BONDS OF SALT LAKE I v a 1l C;1.':,-[
CITY. UTAH, SERIES OF JULY
I,1950.
WHEREAS,mete f" immediateeras Being first duly sworn,deposes and says that he is the ad-
onl incasing e,d In of lsln-
t futile in the amount 1 ef,0 000)
lord the purpose f^Iie';tin`Afne'epp' vertising clerk of THE DESERET NEWS,a newspaper,
thot expenses o1 Salt Lake City for
1950 an,the pn1rdnt of
the taxes for the year)950, d
WHEREAS,the eeth„nled tax,. published in Salt Lake City,Salt Lake County,in the State
I ern/es of Salt lake City for the year
190 ill aggregate Three million, of Utah.
tires will
y two thmleaua.
Olo;ht hulmrOd epn t1.-seven and
/1total
o l stiff $ �'l3.fi20All and
the t I t from
11/1 o will
'` N That the advertisement
height hdlidi•build
n D thou
sand threei i R t E tl and
no(100 WHDRTIAS, tl�"stint n5 of Sl f Hula' ,d
Hun-
dred Thousand oil (1 01r Coo)re-
quiredY'UJS.13.101 1 or...i o. ,(a 1 Ut:ans..A:_.ra ui 1 m tp PI tithed Is not m .=1Y1..- 1:C.17i19.LlCY t...
=a'1.ot1 y said revenue as estimated 'I
NNE HP: E'ORP, O iP OR- :e U J.I_X 1.1UtIG1'CCI �.I rl3U_ •.,1-11I 1)011 ar., I,tix
or-
UPAINED AY b,'SOA SOAR),O!`CITY
TAH: R$ /i I,nKk'CITY
Section 1 ,'Etas Odd Salt Vigio
City.Utak nlhdpt p a tzar .CIL.I.C'r oo1;IJI-1 13ono:, 32 _, le 1,H.,,., GIi; , U,,ul)_.
Ing eturenn expensesf ..nid•x'rzs
the.Year 1450 until the pay_
ie It here a th fei_: el year.19`n,
dred T O(lootdT.Do„a,.a 1501n'lon; was published in said newspaper, in its issue dated, the
a d tier that pineal n e menca
rat"u}r InrlcbtM'i,', s=.hall l.'!',,'
(10d.1,001.n lmbm.t ran t1)to ; day of A.D.19
one),both(five ye,bboth nu hared
(]1 to flue (fi),troth lnelu,ive.
trring i tin denoznlnatlpn of Ona
Hmzdro2 Thousands Dollrtrs terse.
000)each, and bonds numbered six and was published 0r1 0 on: 2'r, 1.950
r) to ten (10), .h Lmluaye. b
Thousand In a denmuDollaral'r($20�0001 T melt'
Said 0,an shall
beg due a of"'I" the last publication thereof being in the issue dated the
1, 19.(a d 15, be die and Day-
te'cst)atltheyrnte 01051 bearing 75/1000
Per rant I1tirl,, ,;,„eeI l'''' Pay day of A.D.19
Iable at holurlty,both Pm'''''zl r d
ntornst hnhrR payable et the Ftrat
Sunlit),Rank of Utah, N. A., Sx-
g
City,lit.)l_ ld bends' h Ilt b Ides
Ignotel"Salt Lake City Sax A lla- '' t y
1950.''Sold ti t.s. Serlos be f slimed be Advertising Clerk
the Mayor and by the
City Trensnrer f
rand altcsted by he City Recorder
order the seal of the (Ilty. Said
bonds shall be regigercel In e,book
kept by the city Almit0l' lor that
purpose and the City Auditor shall
nrdorxe on each of 'Id rends Ihe
hmieeicsnvu null`,°rl substantially n; to before me this 2 b It; day of
follnwlnn form.to-v,;O
UNI'[II;U S'i'ATE9 OF AMPII.ICA
S•[AIr P: Db' U•PAII A.D.19 50
COUNTY OP 'l AX AN'rl:
SALT LAKE CITY TAX ANTfOIPA-
SwR FS OR JU1Y i 190 r�
tl ono.m) d
:0
0 00o ran
KNOW AI! M1:N py THESE
PRESENT // �
Chat S It L 1 Cityin Comity f /
Salt I.a d Slats f Man h by
A cr al I:el 6 Indebted
Notary Public
d for I ..I bed beater
prome
sum tsum o 00 Inc hearer hereof the
lawful money f the(United States
on the
ry
A. D, 19.51, 0th the First Security'
Rank of Utah,N A.Exchange Place
Rrandh, Salt Lake City,Utah, with
Interest thereon at the rate of n
and 5/1000 Per cent I1t!075,)
per from le mail paid,
100000lel u n.turity.
ten tin)
hand'Ie' s t merles of
dart1n) bond.,of like a tenor and
n. nlmbnred Dom II)
(101n Inel 1st, and one
an
ya n
ion
Bonds. Series of duly 1,t'19.5n1"`
e for
the sett egate s of Slx Sinndred
Th0nsabd not lnren'!Shp:1000i, Issued
pursuant, to Section ..541-5, Utah
Code AAlly 0 :led 1043
The City ilt.Lair.Cite shall
leatext'in e
n the
ty ra pie veer 'N 6n c dninclent
nrinelnel cad In•
thz.s me,ioll
fa,tercet
and tht,bend if i9 ued In
,tieioallon r `he C mo .of such
for the,acted.
4nxc,
ll,re hhaty rtire,ndebte and
declared that therentireyinIndebtedness
of
of Cams of hereby Incurred 1s not
le c to the t of sale City
ran year
to br.50,levied for thsaid
c
f,veer 'ran and that said In-
debtedness rant
etcpupo w and Icontracted GID
the purpose a}Or which said taxes
e )o ed.li el Is l that
certified,recitellons'a and
ando tad ill es nil to
eu0 acts
and things essential tO the validitd
of this bond been
ssedone have happened
and have beytt done,and that every
e
triterequirementro of law affecting tcom-
plied henpith, has been duly a
withinweve v idebt handthis other limid t
prescribed bythe Constitution and
Lau, of salt State, and that the
full faith
Lake Cityandcredit a hereby of laid i lerev00ahly
Pledged to the punctual payment of
tor, principal and interest of this
boIn a O-aing to its terms.
IN WITNESS WHEREOF.Salt Lahe
City has caused Mayer,this bond po he
seal t be Its its affixed.andrat-
1 dp ye heits Cityo 000c and at-
tested by its City Recorder, as of
the let Play Of July,Id50.
Mayor
ATTEST:
City ne.00dre
(SEAL)
shall be endorsed on each
of said bonds the following City
Auditor's Certificate
"CITY AUDITOR'S CERTIFICATE
I hereby Certify that this bond
le within the lawful debt limit of
Balt Lake City, Utah,and is ls-
aued according to law.
City Auditor,Salt
Lake Cliy.Utah,"
Section 2.All the covenants,state-
ments, representations and
cots contained In said bond •bonds e
hereby adopted as
covenants. stbte-
ets. representations, grcclnenes
and premises of Salt Lake City,
Utah.
Section ]. The Mayor end the
City Treasurer of Salt Lake City
hereby raecurlacd nh dlrectcd
to slCo and 0 cato-said hereby
ant
the. d a Redae000 fs to attest
au
arlaed and directed S hest and
affix the s I f bonds,
Lake to
each of said orized oll the City
Auditor In authorized bond and dirt..e ,c te
place upon,aid bonds tile eertltforth
a the a and form tat forth
now.. and the Acts of the said
above.
Accord.aala Cled did Cuter, said
itdagra said hay Auditor
act
to doing a and hall lI the
and deed of Salt Lake City.
acSection 1. That the Board of Char
090 Commissioners shall levy the year
Ia50 a sand s itt ty to id the
I an the l and interestP o said'u Han
s the a shall fan any.the for
an
Payment of said hones the full
fall credit and taxing power ly
Salt Lake City are here:,aid lr of City
pledged and the Board of City
Commissioners rs hereby ads to is with
tile coat' t said hones to levy to
r the v iota tho sufficient tat, t-
'• provide for payment of oed.prin-
cl Se and interest.. Tof said Honda.
�l Section It 'v The Exchange
Blare
Bank of Utandh,N-A.is ,ofSlPlace
�]cityBranch.and Associates,of Salt Lake
J'Gi ty, Utah, havfnga of[cred to aur-
hao s d bon is t o 'glee s
factory to this Board of Clta C'he
h,ot and s, hick Offer was .ed
�loot d most tivmatage.pus rc.eivyd
and winch'offers has heretofore been
I ccpfeil by this Clty Commission,
11 the a-amtance of saitl otter be and
tic 1s hereby ratified and
nifrmre.i and the
City e0e Is
'hereby auth0Place and instructed to
I.deliver
Ole atnodl'ed Thousand Dol-
lars IIto the
Tax Anticipation
s
Bonds t0 Ella p saihasers thereat x
•and when the .said bands shalldeliver.,
be
',eon
a,legally issued and ase price
theerefne`elpt of the purchase price
Section C. The City Recorder It
hetchv instructed and directed to
cause
copy or this ordinance to be
publish0d Immediately In one 't
-
f the Deseret News. a daily news-
paper paper of general circulation in and
printed and published In Salt Lake
City, Utah.
Section T. That An emergency
is hereby declared and in the coin-
r lonCom-
missioners 00 because of ltheltne necessity
for funds to meet the current P
nnthe peace'health It”!A safely"of
the inhabitants of Sail Lake City
that this ordinance shall take effect
atSectlion E. This ordinance shall
take effect upon the first publica-
tion.
PASSED by the noted of City
Commissioners of Salt Lake City.
Utah, this 27th.71 of Tune,A.D.,
FART.1.GLADE
Saver,Aalf.Lake Clty, Utah
ATTEST:
City Fecncdrr,salt]:eke Clit,"1txl,
(SEAL iii
BIII Nn 6,Ilt
Published m. -in, aid,,
6i/