66 of 1947 - Providing for the issuance and sale of $750,000.00 Tax Anticipation Bonds - Series of August 1, 1947 OLL CALL
NG AYE NAY
Salt Lake City, Utah, , 194
Affleck
I move that the ordinance be passed.
Romney
Tedesco
Mr.Chairman . .
Result
R`
VOTI
JULY 29th, , 1947 PAGE
The Board of Commissioners of Salt Lake City met in regular session on
Tuesday , the 29thday of July , 1947, at 10 o'clock A.•M. in the
regular meeting place. The meeting was called to order by Mayor Glade. On
roll call the following members were present:
D. A. Affleck Commissioner of Dater Supply&
Waterworks
John B. Matheson Commissioner of Streets & Public
Improvements
L. C. Romney Commissioner of Public Safety
Fred Tedesco Commissioner of Parks & Public
Property
Earl J. Glade, Mayor Commissioner of Public Affairs and
Finance, Chairman
Also present: Irma F. Bitner, City Recorder
3HEk3Y',18--n4s8 Y X X JF'x X X;at-x-i:.n8H44iwt-i(-):-
REPORTS OF CITY OFFICERS
4f-X--3C48WE=3.=kS8H8;:,:ki: ,ri1x'X X A£-Y(SHFX-;ri:
PAGE
ORDINANCES AND RESOLUTIONS
BILL NO. 66 for an ordinance providing for the issuance and sale of Seven
Hundred and Fifty Thousand Dollars ($750,000) Tax Anticipation Bonds of Salt
Lake City, Utah, Series of August 1, 1947, introduced by Commissioner Glade,
, was taken up and read:
— 1 —
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF SEVEN HUNDRED AND FIFTY
THOUSAND DOLLARS ($750,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH,
SERIES OF AUGUST 1, 1947.
WHEREAS, there is an immediate and pressing need for the raising of
funds in the amount of Seven Hundred and Fifty Thousand Dollars ($750,000)
for the purpose of meeting the current expenses of Salt Lake City for the year
1947 until the payment of the taxes for the year 1947, and
WHEREAS, the estimated tax revenues of Salt Lake City for the year
1947 will aggregate Two Million, Seven Hundred Twenty-seven Thousand,
Five Hundred Forty Seven & 00/100 ($2,727,547.00) and the total
estimated revenue from all sources will aggregate Three Million, Five Hundred
Seventy Thousand, Seven Hundred Eighty-one & 00/100 ($3,570,781.00),
, and
WHEREAS, the sum of Seven Hundred and Fifty Thousand Dollars ($750,000)
required now to be raised is not in excess of said revenue as estimated for 4t
the year 1947.
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 1947 until the payment of taxes
for the year 1947, shall borrow the sum of Seven Hundred and Fifty Thousand
Dollars ($750,000) and for that purpose as evidence of such indebtedness shall it
issue seventy-five (75) bonds, numbers one (1) to seventy-five (75), both
inclusive, in the denomination of Ten Thousand Dollars (W.0,000) each. Said
bonds shall bear date of August 1, 1947, and shall be due and payable January 15,
1948, bearing interest at the rate of seven-eighths of one percent (7/S of 1%)
per annum, payable at maturity, both principal and 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 3llij
August 1, 1947." Said bonds shall be signed by the Mayor and by the City
- 2 -
C
1
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 certifi—
cate required by law. Said bonds shall be in substantially the following
form, to—wits
- 3 -
UNITED STATES OF AMER ICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF AUGUST 1, 1947
No. $10,000.00
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 pro-
mises to pay to the bearer hereof the sum of
TEN THOUSAND DOLLARS ($10,000.00)
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 fifteenth day of January, 1948, at The National City Bank of New York,
in New York City, New York, with interest thereon at the rate of seven-eighths
of one per cent (7/8 of lh) per annum, from date until paid, payable at maturity.
This bond is one of a series of seventy-five (75) bonds of like tender
and effect, numbered from one (1) to seventy-five (75), both inclusive, and
known as "Salt Lake City Tax Anticipation Bonds, Series of August 1, 1947,"
for the aggregate sum of Seven Hundred and Fifty Thousand Dollars ($750,000),
issued pursuant to Section 15-8-6, Utah Code Annotated 1943.
The City of Salt Lake City shall levy in the year 1947 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 1947. kI
It is hereby certified, recited and declared that the entire indebt-
edness of said City hereby incurred is not in excess of the taxes of said City
to be levied for the current year 1947, 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 re'uirement 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 ereunto affixed,
and attested by the City Recorder, as of the 1st day of st, A. D., 1947.
i
Mayor,..Sa]` ace City, Utah
City Treasurer, Salt Lake City,'Utah
ATTEST:
City Recorder, Salt Lake City, Utah.
(SEAL)
- 4 -
There shall be endorsed on each of said bonds the following City
Auditor's Certificate:
City Auditor's Certificate
"2 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, y'
representations, agreements and promises of Salt Lake City, Utah.
Section 3. The Mayor and the City Treasurer of Salt Lake City are l'
hereby authorized and directed to sign and execute said bonds and the City 1
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 1947 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 are hereby irrevocably pledged
and the Board of City Commissioners hereby covenants with the holders of said
bonds to levy in the year 1947 sufficient taxes to provide for the payment of
the principal and interest of said bonds.
Section 5. The First Security Truet Company 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 beet and most advan—
tageous 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 Five Hundred Thousand Dollars ($500,000) Tax Antici—
pation Bonds to the purchasers thereof as and when the said bonds shall be and
are legally issued and delivered, upon receipt of the purchase price therefor.
The remaining Two Hundred and Fifty Thousand Dollars (4250,000) herein authorized
may hereafter be delivered from time to time in such blocks as this Board of City
Commissioners may determine.
— 5 —
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
De seret 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 is necessary to the peace, health and
y" safety of the inhabitants of Salt Lake City that this ordinance shall take
effect at once.:
fy i" Section 8. This o .r nance shall take effect upon the first publication.
Passed.b the oard £ City ComMi giiou"ers of Salt Lake City, Utah,
•
this 29thday r July aeg D., 1947
' # Nayor, Salt City, Utah
4
ATTF)ST: 7
City Recorder, Salt Lake City, Utah.
(SEAL) fIf
Bill No. 66
Published , 1947
Mr. Glade moved, seconded by Commissioner Matheson ,
that the ordinance be adopted, which motion carried, on the following unanimous
roll call vote:
D. A. Affleck Commissioner "Ayev
John B. Matheson Commissioner "Aye"
L. C. Romney Commissioner "Aye"
Fred Tedesco Commissioner "Aye"
Earl J. Glade, Mayor Commissioner 7 "Aye"
Mayor t City, Utah
ATTST:
City Recorder, Salt Lake City, Utah
(SEAL) —6 -
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in aue, end' IlE' d'ieee f
in anticipation of.such taxes for
the year
s:he eby'certified recited d
declared that the entire Indebted-
ness of aaid City hereby Incurred
is not in excess of the taxes of said
City to be levied for the Current
year 1947,and that said indebtedness
was and is c traot .�ed for the„„yriftOrechien Ppr-
•
_ .. .T.. .� .
f1 it is hereby car'tltled,rieited and"
declared.that all'conditions-acts
and things esential to the validity
of this bond exist,have happened
_#'I,,`,Hs. t been done.
are and
ttecttng every
the
SJ:,S rite h reef has been duly -
( _ 1th d that this bend is
j y debt and other limit
ss{r Staid,. d(that tlf6'"
k{d and d of said Salt
r e here by irrevocably
payment 1
-,�.; y.4, 1 ing tinter sty of this
1EIg to 1ta terms
EIS WHE Salo
•;,•..: Bed this bonda to
b`=i,�sesames,
Its.Mayorp d its
t berhereunto its
affixed,rorate and set'
tested by the City Recorder,as of
the 1st day of August,A.D.1047.
Mayor,Salt Lake City,Utah.
City Treasurer, Salt Lake City,
Utah.
ATTEST:
• City Recorder,Salt Lake City,Utah,
(SEAL) '
There shall be endorsed on each
of said bonds the following City
Auditor's,Certificate:
City.Auditor's Certificate
"I hereby re tify that this bond
Is within the lawful debt limit of
Salt Lake Clay,Utah,and le issued
cording to law.
City Auditor,Salt Lake City,Utah.'•
Section 1. All the covenants, 1
statements, representations and
agreements contained in said bonds i
s.e hereby adopted Veants,
statements, representations, agree-
me and promises of Salt Lake
City,-Utah.
Section 3. The Mayor and the
Cie_Tress authorized
OI Salt Lake City
herebn said
uthorlee end directed
to sign and execute bonds and
the City.Recorder 1s hereby au-thorized.and directed to attest and
affix'the seal of Salt Lake City
to eachSi said bonds,and the City
Autr is authorised and directed
to])lace upon said bonds the -
tep in the a and formset
forth above,•manner
the•acts of e
said Mayor, said Cityt Treasurer,,Auditor tin Recorder
doing ire and City
kaSectlon act
4.That the Boa eed of d'of City ' P u tl t i c a t i o n
City.
Commissioners shall levy in the
Year 1947 a.sufficient tax to pay
the principal and interest onsaid
ponds as the-same shall fal due,-
and for the payment of said bonds
the full faith, credit and taxing
STATE OF UTAH Dawer f 8slt Lake City hereby
e,irrevocably pledged and.the Board
of City l th the slonera h1trebtly at• .
County of Salt Lake tadlevyinnthe lyearo1947 cutter
tient taxes to provide for the Pay-
ment of the principal and interest
of said bonds.
Section,5. The First Security
Trust Company and associates of
Salt Lake City,Utah,having offered
t purchase eald bonds at•Price
satisfactory'to this hoard of City 1
Commislihnere„which-ffer was-the 007Cey
Lest and most ad,Sbtageeue aeaNeed ]]
'for the purchase ofsaid boobs;ihd-'
which offer h.aeretofore been my sworn,deposes and says that he is the ad-
.ted by this City Commission,
the acceptance e f said offer be and
the same 1s herebyritifled end con-
, firmed, and the City Treasurer 1- rk of THE DESERET NEWS,a newspaper
mind d instructed {
ro de I.et nndred Toonuna Salt Lake City,Salt Lake County,in the State
Pollux IE50D,00 Tez Anticipa-
don Ronde to the pu there-
' - of a and when the axed 4bonee.
" SALT LAKE CITY TAX.
ANTICIPATION BOND SERIES deli el rede t ponnd ce eceiptyof a the and
OF AUGUST 1,1947 chase price therefor-.•The remain.
-Net fleece mg Two Hundred d Fifty Thou.
.KNOW^ALL MENHY THESE PRES• d Dollars'(E250,000)herein au-
- MS: ' ' thoriaed may hereafter be deliver- e advertisement
That Salt Lake City.In the Coun• ed from time to time in such blocks
ty-of Salt,Lake and State of Utah, as this Boned of City Commissioners
hereby acknowledges itself toa m y be In- determine,
•deleted'and'for value tecelve 9 d here- Linn g. The City Recorder is c'iY1C t✓ bill r O 66
be yromieea.to pay, to the bearer herebye instructed and directed to
liieol.the sum of- causespy of this ordinance to be
TEN THOUSAND DOLLARS published immediately in one issue
as
areo f the Deseret News, daily new Salt Lake City Corpora-tiara
in-suchfunds are,on the date of vsp f general dreulatloa It d
yay"ment•of l the principal of l and printed d publlshed.in Belt Lake
the -interest. thisbond, legal CIre
tender l oebta d -'theUnited W 7.That a i emergency le
d4y o o7 America, th Tfe 901- hereby d {aced and i the oplt,
'A4y of 1 uaty, 00 t Yor York, iv t the B uh of.cess C f r fn ds to
'.Nettai ch City,ity' of New v- bee the of the current
expenses
ses fonds to
Nsqp York n,at the
York.with in- meet current y to is of said
eegept rho Ben er ee to e - health
an ry t the peace, ed in said newspaper, in its issue dated, the
aseven- ese.
lean t doled cent 1 l f 17) health d safety City the lthahi-
per 111,:t Srom date until paid, tints of Salt Lake c that this
kbl pt tn9tutlty. ordinance shall take effect at once. A.D.19
. tender• effect,
bonds f like tke tie E pott th<1 rst p bilca- t,y f
set i and.evecpp, a (70) from tin.
ineitl)La- nmol as "Belt both ommissi by the Board of City 30 7
'fqq Iti Tax
nticipadn 'dell Lake Utah,tsn29 of SaltoLake City,.D. , July 1n4I
offty T'ax Anticipation Ronde,Berle- Utah,this 29th day of July, A.D., lZS/Led
gt.August m 1;1decei for the aggro- 1947.
gp to'. f Seven Hpd75O and EARL City,Utah.
SNEted Thousand-Dollars,:Section
13.8.6, Mayer,Salt Lake City,
Utahpursuantthereof Code•A notated a IReorde Halt La
The-City-of r.1947k City shall CityBReorder,Salt Late City,Utah.
• levy tin the.year.1947 )listen SEAL)
tat t P y:the yrmalD I na mite- alR'Na.Eg '� -`, c o f JJJjjj��/� � A.D. 19
. ea4 oh this bond-as:the m shall FubBehea Juu 1Dt4 1947. y / ///�/�
Advertising l rk
p
•
Subscribed and sworn to before me this 4th day o
•
August A.D.19..17..
4't .
Notary Publi