HomeMy WebLinkAbout64 of 1952 - Providing for issuance and sale of $3,500,000.00 Tax Anticipation Bonds, Series of January 1, 1953. ROLL CAI_.L '
VOTING iAYE NAY ,'..i December 18th,
Salt Lake City, Utah, ,4m ...1952
Burbidge
IffCrirerisen'
3dgobKSox I move that the ordinance be passed.
RTine enfeltr r 1"
artl€de8
ii,"Mr.Chairman . .
Result "
"I
ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF THREE MILLION FIVE HUNDRED
THOUSAND DOLLARS (903,500,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH,
SERIES OF JANUARY 1, 1953.
WHEREAS, there is an immediate and pressing need for the raising of
funds in the amount of Three Million Five Hundred Thousand Dollars ($33,500,000)
for the purpose of meeting the current expenses of Salt Lake City for the year
1953 until the payment of the taxes for the year 1953, and
WHEREAS, the estimated tax revenues of Salt Lake City for the year 19!'3
will aggregate 34,124,33(.00 (Four Million One hundred Tsfeuty Four Thnus nd
Three Hundred and Thirty Seven Dollars) —
and the total estimated revenue from all sources will aggregate 149,06],617.0.0
Ntne ;Z1,J,Ki0D W-Yty_.Cye_Ibo.usand SixReIIdred anti `Iee1vA dollars
and
WHEREAS, the sum of Three Million Five Hundred Thousand Dollars ($$3,500,000)
required now to be raised is not in excess of said revenue as estimated for the year
1953,
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 meeting
current expenses of said City for the year 1953 until the payment of taxes for the
year 1953, shall. borrow the sum of Three Million Five Hundred Thousand Dollars
03,500,000) and for that purpose as evidence of such indebtedness shall issue
forty—one (41) bonds, numbers one (1) to thirty—three (33), both inclusive, in the
denomination of One Hundred Thousand Dollars 0100,000) each, and numbers thirty—
four (34) to forty—one (41), both inclusive, in the denomination of Twenty—five
Thousand Dollars 025,000) each. Said bonds shall bear date of January 1, 1953,
and shall be due and Payable January 1, 1954, bearing interest at the rate of
one and 45/100 per. cent (1.45%) per annum, payable semi—annually on July 1, 1953
and January 1, 1954, 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 January 1, 1953".
612-
Said bonds shall be signed by the Mayor 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 ].aw.
Said bonds shall be in substantially the following form, to-wit:
-3-
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JANUARY 1, 1953
No. $
KNOC 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
($ )
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, on the first day
of January, 1954, 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 45/100 per cent
(10)1.5%) per annum, from date until paid, payable semi—annually in like money on July 1,
1953, and on January 1, 1954, said interest to maturity being represented by interest
coupons hereto attached.
This bond is one of a series of forty—one (41) bonds of like tenor and
effect, numbered from one (1) to forty—one (41), both inclusive, and known as "Salt
Lake City Tax Anticipation Bonds, Series of January 1, 1953", for the aggregate sum of
Three Million Five Hundred Thousand Dollars ($3,500,000), and is issued pursuant to
Section 15-8-6, Utah Code Annotated 1943.
The City of Salt Lake City shall levy in the year 1953 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 1953.
It is hereby certified, recited and declared that the entire indebtedness
of said City hereby incurred is not in excess of the taxes of said City to he levied for
the current year 1953, 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 com—
plied 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 is 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,
and the annexed coupons to bear the facsimile signature of the City Treasurer, as of the
1st day of January, A. D., 1953. i
Mayor, Salt Make City, Utah.
ATTEST:
City Recorder, Salt Lake City, Utah.
(SEAL)
6y
To each of said bonds shall be attached a coupon for each installment
of interest contemplated by said bond, the coupon due July 1, 1953, to be numbered
one (1), and the coupon due January 1, 1954, 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.
July
On the first day of January, 195 _, Salt Lake City, in Salt Lake
County, State of Utah, will pay to the bearer hereof the sum of
($ ) in such
funds as are, on the date of payment hereof, legal tender for debts due
the United States of America, at the First Security Bank of Utah, N. A.,
Exchange Place Branch, Salt Lake City, Utah, being six months' interest
then due on its Tax Anticipation Bonds, Series of January 1, 1953.
(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, statements, representations,
agreements and promises of Salt Lake City, Utah.
Section 3. The Mayor 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 coupons attached to
said bonds shall be signed by the facsimile signature of the City Treasurer, 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 said Mayor, 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
1953 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 hereby irrevocably pledged and the Board of City
Commissioners hereby covenants with the holders of said bonds to levy in the year
1953,Sufficient taxes to provide for the payment of the principal and interest of
said bonds.
Section 5. T First Se 'ty Bank of Utah, N. A., Exchange Place
Branch, and Associates Salt Lake ty, Utah, having offered to purchase said
bonds at a price satisff ry tb thi Board of City Commissioners, which offer was
a'
the Wiest and most advahlie ous ree for the purchase.-of said bonds, and which
offer has heretofore bOn ccege is City Commissions the acceptance of said
offer be and the same ereby d and confirms , and the City Treasurer is
hereby authorized and w9 struoted sliver said Three; ion MiTl Five Hundred Thousand
Dollars ($3,500,000) Tax Anticipation Bonds to the purohasers.,thereo£ as and when
the said bonds shall be and are legally issued and de3 vered, upbn receipt of the
I
purchase price therefor.
Section 6. The City Recorder is hereby instilicteid and directed to cause
z ,
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 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 is necessary to the peace, health and safety of
the inhabitants of Salt Lake City that this ordinance shall take effect at once.
Section 8. This ordinance shall take effect upon the first publication.
PASSED BY THE BOARD OF CITY CONMISSIOIERS of Salt Lake City,
Utah, this lath day of December , A. D., 1952.
Mayor, Salt Lake City, Utah
ATTEST:
/
;,
City Recorder, Salt Lake City, Utah
(SEAL)
Bill No. 64
Published December 19th 1952.
ifroof nf fuhlitattott
illnitth*Wes sit Anwrira
COUNTY OF SALT LAKE Ns.
A ORDIVAN .has caused this bond to bgasigned •
AN ORDINANCE PROVIDING FOR THE.1EV.r,rei,t,snthMagii,,.isls thb:
ISSUANCE,'ND _OF THREE MIL and'etteahad he
LION FIVE. HUNDRED THOUSAND'City Recorde.r,an'd,the.;annexed coupons
DOLLARS '8,500,000) TAX ANTICIPA. to bear the facsimile-signature of the
SOON BOND OF SALT LAKE CITY, City Treasurer,us of the let day of Jan.
UTAH, SERIES OF JANOARY 1, 1953. teen'.A.D.,1953.
titWHEREAS,there is an immediate and
7446,4need for the raising of funds Mayor,Salt Lake-City,Utah.
.1 mint of Three Million Five Hun. Attest:
deed mutant!Dodars($3,500.000)for the
Ptiendse ot meeting the current expenses City Recorder,Salt Lake City.Utah
of Sett Lake City for the year 1953 until (SEAL)
the payment of the taxes for the be To each of said bonds shall be at- ------ '-•
1953.and Ladled a coupon for each installment of
WHEREAS,the estimated tax revenues,interest contemplated by said bond,the
of Salt Lake City for the year less will coupon due July 1.1953.to be numbered
aggregate 34,124,337.00 IF Million One one(1),and the eoupon due January 1, deposes and says, that he is the Principal Clerk of
Hundred Twenty Four Thousand Three 1954,to be numbered two(2).with the
Ruc"Vai,anedstnTrt=Steovrenitie'llfreg and TgOtt,gaangssgl'beTet'inite and
rier
.
sources will aggregate 89,061,612.00(Nine nature of the Cite Treasurer.'said coo-
Million-Sixty One Thousand Six Hundred pens shall ing be init substantially the follow. ,EGRAM, a newspaper published in Salt Lake City,
and Twelve Dollars).and • form,
WHEREAS,the sum of Three Million (Colman)
Five Hundred Thousand Dollars(53,500,- No.
'000)required now to be raised is not to] July
excess of said revenue as estimated for On the first day of January, 195 of Utah.
the year 1953, Sail Lake City, in Salt Lake County,
NOW.THEREFORE.BE IT ORDAINED State of Utah, will pub to the hearer
BY TILE BOARD OF COMMISSIONERS hereof the sure of... --- - -----
POE SALT LAKE CITY,LTAH: to ) In—such'funds a,
Section 1. That said Salt Lake Cite, are, on the date of payment hereof, ' ) -I i • U.S
Utah. for the purpose of meetingu cr. legal tender for debts due the United ' • '•
,rent expeoses of said Cite for the year States of Ammica,at thc First Security
11953 until the paymcpt of taxes for the Bank of Utah, N. A., Exchange Place
loose 1953,shall borrow the sum of Three Branch,Salt Lake City,Utah,being six
•Million Five Hundred Thousand Dollars months' interest then One not Its Tax
(53,500,000)and for that purpose as vol. Anticipation Bonds,Series of January 1,
donee of such indebtedness shall issue 1953.
forty.one(41)bonds,numbers one(1)to (Fecsimile Signature)
thirty-three (33/. both inclusive,in the
denomination of One Hundred Thousand City Treasurer,Salt Lake City,Utah.
Dollars (5100,000) each, and »umbers 1Bond No. . . ....
thirty.four(34)to fortmone(411,both in. There shall be endorsed on each of said
elusive,in the denomination of Twenty- bonds the following City Auditor's Certifi,
five Thousand Dollars($25,000)each.Said cote:
bonds shall bear date of January 1,1953. "City Auditor's Certificate
and shall be due and Parable January I hereby certify that Ohio bead is
1,1954, bearing interest at the rate of within the lawful debt limn of Salt
one and 45,100 Per cent 11.45%) per Lake City, Utah, and is issued ae
tUIT;,d'7:°1:rn",'Ml`,`IigtinErigl'„!i """r to
•and interest being payable at the 0haFirs 1 City Auditor,Salt Lake City, to attached,was first published in said newspaper in
Security Bank of Utah,N.A., ng
Place Branch,Salt Lake City,Utah. Said se,,,,or, tar
bonds shall be designated "Salt Lake Irepresentations and ammements contadned
City Tax Anticipation Bonds, Series of I in tail! auntie are kernbc te• as
0053" bald b°'. mmli be 'fe.vre'X'etnis
Mr1,dY,7rtdter IZZ,Issel."edsnefe`ribobyCIP37, Utah.
and the coupons attached shall.be signed Section 3.,The Mayor Is hereby author-
with the lithographed or engraved fae- fixed and directed to sign and exceute es, fo,,r , 19.52
simile signature,pf the City Treasurer. said bonds and the City Recorder 35
Said bonds shalt.bo registered in a book hereby authorized and directed to at-
bent be the Cite Auditor for that Purpose test and affix the seal of Salt Lake City
and the City Auditor shall end erse on to each of said bonds,and the couPons , .
each of said bonds the certificate re. attached to said bonds shall be signed acit daily issue of said newspaper,on
ouired by law. Said bonds shall he in be the facsimile s‘snature of the Cite
substantially the following form.to.wit: Treasurer,and the Cite Auditor is en.
UNITED STATES OF AMERICA ' thorized and directed to Mare Mien said
STATE OF UTAH bonds the certificate in the manner and
COUNTY OF SALT LAKE form set forth above, and the acts of for
Salt Lake City Tax Anticipation Bend said Mayor.said City Recorder and said •
Series of January I,1953 Cite Auditor In so doing are,and shall
No. S be the act and deed of Salt Lake City.
KNOW ALL MEN BY THESE PRES. Section 4.That the Board of City Corn,
RIOTS: missioners shall levy in the year 1953 Id of 1 fit
That Salt Lake City,in the County of a sufficient tax to pay the principal and
Salt Lake and State of Utah. hereby interest on said bonds as the same shall
acknowledges itself to be indebted and fall due, and for the payment of said
for value received hereby promises to!bonds,the full faith, credit and taXtnit
pay to the bearer hereof the sum of power of Salt Lake City is hereby irre) the last publication thereof
) vocably pledged and the Board of City
in such funds as are, on the date of Commissioners hereby covenants with the
Payment afthe principal of and the in- hoiders of said bonds to levy in the year
tercet on this t Uhand,Sit legal t ten f Ader for 11953 sufficient taxes to provide for the
debe due tbe nied ties omerica, payment of the prineiPal and ineres e I '
on the first day of January,2954,at the t t f the t day of said bonds.
First Security Bank of Utah,N.A.,Ex- Section 5.The First Security Bank of
change Place Branch, Salt Lake City, Utah,N.A.,Exchange Place Branch,and
Utah.with interest thereon at the rate Associatei of Salt Lake City,Utah,hav-
er one and 45/1d00 per cent .45,F)per ung offered to purchase said bonds at ,A.D. 19......
annum, from ate µinn paid. payable a price satisfactory to this Board of City
senneinnually in like money on July 1, Commissioners,which offer was the best
1953,and on January 1,1954,said inter- and most advantageous received for the _
est to maturity being represented by in- purchase of said bonds, and which •
Urea coupons hereto attached. offer has heretofore been accepted by
This bond is one of'a series of forty. this City Commission,the acceptance of
one(41)bonds of like tenor and effect, said offer be and the same is hereby
numbered from one(I)to forty-one(41), ratified and confirmed, and the City
bath inclusive,and known as"Salt Lake Treasurer Is herein, authorized and M-
I City Tax Anticipation Bonds, Series of I structed to&Liver said Three Million Five
Japuary I.1)53,' for the aggregate sum I Hundred Thousand Dollars ,sa.soo,oao)
of Three Million Five Hundred Thousand Tax Anticipation Bonds to the purchas- f' day of
Dollars H3,500,000),and is issued carob. ers thereof as and when the said bonds
ant to Section 15)8.6,Utah Code Anne- shall be and are legally issued and de-
toted leen. livered, tmon reeciat of the purchase
The City of Salt Lake City shall levy price therefor,
in the year 1953 a sufficient tax to pay Section fi.The City Recorder is here.
the principal and interest on this bond by instructed and directed to cause copy
as the some shall fall due.and this bond of this ordinance to be miblished Mime-
is issued M anticipation of such lases dtately in one issue of the Deseret News-
)
for the year 1953. .Salt Lake Telegram,a daily newspaper of
It is hereby certified,recited and de- general circulation in and printed and
claret) that the entire indebtedness of pebl ished S Mt Lai.Cite,Utah. 7. ‘"--rte -7
said CitY hereby incurred is not In excess Section 7, That an emergency is here.
of the taxes of said City to be levied be declared and in the opinion of the Notary Public
for the current year 1953,and that said Board of City Commissioners because of
indebtedness was and is contracted for the necessity for funds to meet the
the purpose for which said taxes are current expenses of Said City.It is neeee-
levied. sere to the Peace,health and safety of
It i6 hereby certified,recited and de- the inhabitants of Salt Lake City that
dared that all conditions,acts and things this ordinance shall take effect at once.
essential to the validity of this bond Section 8.This ordinance shall take fit. •
colas,hone halMened and have been done, feat upon the first Publication,
and that every requirement of law at-1 PASSED BY THE BOARD OF CITY
feeling the issue thereof has been duly COMMISSIONERS of Salt Lake City,Utah,
complied with, and that this bond is•this lath day of December,A.D.,1852.
within every debt and other limit Of. EARL J.GLADE
scribed by the Constitution and Laws of Mayor,Salt Lake Crty,Utah.
said State,and that the full faith and!ATTEST:
credit of said Salt Lake City is hereby,IRMA F.BITNER
irrevocably pledged to the punctual pay. City Recorder.Salt Lake City,Utah
mein of the principal and the iMerest of (SEAL,
Ohio bond according to its terms. 1Bill No.64
IN WITNESS WHEREOF. Salt Lake Published December 1915.195/
. . .