70 of 1953 - Providing for issuance and sale of $4,000,000.00 Tax Anticipation Bonds, Series of January 1, 1954. ROLL CALL
VOTING !AYE NAY December 17, 1953
Salt Lake City, Utah , A4x
Burbidge
�YftEaEbc
Christensen I move that the ordinance be passe
Romney .
Lingenfelter
Xmkxm
Mr.Chairman . . C
Result
70
ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE ADD SALE OF FOUR MILLION DOLLARS ($4,000,000)
TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES OF JANUARY 1, 1954.
WHEREAS, there is an immediate and pressing need for the raising of funds
in the amount of Four Million Dollars (44,000,000) for the purpose of meeting the
current expenses of Salt Lake City for the year 1954 until the payment of the taxes
for the year 1954, and
WHEREAS, the estimated tax revenues of Salt Lake City for the year 1954
will aggregate Four Million Four Hundred Six Thousand Seven Hundred Nineteen Dollars
($4,406,719.00)
and the total estimated revenue from all sources will aggregate Ten Million Two Hundred
eighty Nine Three Hundred Nineteen Dollars ($10.289.319,00)
, and
0BEREAS, the sum of Four Million Dollars (:4,000,000) required now to be
raised is not in excess of said revenue as estimated for the year 1954,
NOW, THEREFORE, BE IT ORDAINED di THE BOAR:; OF OLtIISSIONERS OF SALT LAKE
CITY, UTAH:
Section 1. That said Salt Lake City, Utah, for the purpose of meeting
current expenses of said Cityfor the year 1954 until the payment of taxes for the
year 1954, shall borrow the sum of Four Killion Dollars (p4,000,000) and for that
purpose as evidence of such indebtedness shall issue forty-seven (47) bonds, numbers
:one (1) to thirty-three (33), both inclusive, in the denomination of One Hundred
Thousand Dollars (000,000) each, and numbers thirty-four (34) to forty-seven (47),
both inclusive, in the denomination of Fifty Thousand Dollars (60,000) each.
Said bonds shall bear date of January 1, 1954, and shall be due and payable
January 1, 1955, bearing interest at the rate of one and five-eighths per cent
(1,625%) per annum, payable semi-annually on July 1, 1954 and January 1, 1955,
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 Sonds, Series of January 1, 1954"e
-2-
Said bonds shall he 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 litho-
graphed 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 law.
Said bonds shall be in substantially the following form, to-wit:
-3-
tH IrED STATES OF AMERICA
STATE OF UTAH
3�} COUNTY OF SALT LAKE
/
SALT LAKE CITY TA:; ANTICIPATION BOND SFRIES 0i JANUARY 1, 1954
W)
No.
ALL MEN BY THESE PifEST'NTS:
Th.'ct Salt Lake City, in the County of Salt Lake and State of Utah,
hereby adknowle ge s itself to be indebted and for value received hereby promises
to pay torthe:b0Arer 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 • debts due the United States of America, on tlx: first
day of January, 1955, at th, =t ,security Bank of Utah, N. A., Exchange Place
Branch, 3a1t Lake City, Utah, `h interest thereon at the rate of one and five-
eighths per cent; (t,6Z%) per anawib f 2a.a date until paid, payable semi.-annually in
like money on July 1, 1954, and on January 1, 1955, said interest to maturity being
represented by interest coupons hereto attached.
This bond is one of a series of forty-seven (47) bonds of lik0 tenor
and effect, numbered from one (1) to forty-seven1(47), both inclusive, and know aG
'Salt Lake City Tax Anticipation Bonds, Series of January 1, 195 , for the aggre-
gate sum of Four Million Dollars (0.J,,000,000), and is issued. pursuant to Section
10-5-b, Utah Code Annotated 1953,
The City of Salt Lake City shall levy in the year 1954 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 1954.
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 be levied for the current year 1954, 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 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, aryl Attested by the City
Recorder, and the annexed coupons to bear the facsimile s' nature of the City
Treasurer, as of the 1st day of January, A. D., 19544-
Ma , S It Lake City, Ttah.\\
ATTEST:
Irrna. F. Bi er
ity ecor er, ake ity, a .
By:
0
(SEAL) u ief Recorder
To each of said bonds shall be attached a coupon for each installment of
interest contemplated by said bond, the coupon due July 1, 1954, to be numbered
one (1), and the coupon due January 1, 1955, 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,
t o-wi.t:
(Coupon)
No, y j
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
(a il 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 Sank 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, 195ti.
(Facsimile Signature)
City Treasurer, suit 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 ,,ithin the lawful debt
limit of Salt Lake City, Utah, and is issued according to law.
ty A ditor, alS t La I Y ;ity, � tah,J�
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,
-57
Section J, That the Board of City Commissioners shall levy in the year
1954 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 tax-
ing power of Salt Lake City is hereby irrevocably pledged and the Board or City
Commissioners hereby covenants with the holders of said bonds to levy in the year
15'56 sufficient taxes to provide for the payment of the principal and interest of
said bonds,
Section 5. The First Security Bank of Utah, N. 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-CTty Commissioners, which offer was the best
¢;mow
angfdroAt advantageous received for t•' purchase of said bonds, and which offer has
q o. .
he?yoD.Ore been accepted by this Wityc oranss] n, the acceptanceatof said ql:i4i4 be
anq 54 same is hereby ratified an,d'Sgnfirmed,'and the City Treauirer is hereby
auttiDr zed and instructed to de..iiier sad FtSiir il7.ion Dollars (44004O00) '1~ x
ArF i4ation Bonds to the purchasers t,sileof as and when the said bonds.sha�ll lie
raj ,
ax alit legally issued and deliv d,aa&ja reoe pt of the purchA4ei;priors t)ee $ er.
co .
0-1.w ti Section 6. The City Record is riei- by instructed and;directed cs diva e
0 `r
copts'i • this ordinance to be published immediately in one issuebbf The Deserret News-
Satt'Lake Telegram , a daily newspaper of general circulation in and
printed and published in Salt Lake City, Utah,
Section 7. Due to the fact that the City Recorder is unable to sign
the bonds, due to illness, the Chief Deputy City Recorder is hereby authorized
and directed to sign the said bonds and other pertinent proceedings and certificates,
in the name of the City Recorder.
Section 5. That an emergency is hereby declared and in the opinion of
the Board of Cites 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 9. This ordinance shall take effect upon the first publication.
PASSED BY THE BOARD DR CITY CONE"-tICSIONERS of Salt Lake City, Utah,
this 17th day of December A. D., 1953.
ATTEST: Chaff ma Pro-Ten e, Salt Lake Cit
Uth
IRMA F. BITNER
City Rec rder, Salt L City, Utah
By
(SEAL) hie DeilS iReno der
Bill No. M
Published December 19th , 1953 -6-
Team No.ADM ssA
Proof of luhtirution
Tltiteb tutus of Antgriru
COUNTY OF SALT LAKE ss.
STATE OF UTAH-_ --
ORDINANCE January.A.D.,1954,
AN ORDINANCE PROVIDING FOR' EARL J.GLADE,
THE ISSUANCE AND SALE OF FOUR i Mayor,
MILLION DOLLARS ($4,000,000) TAX Salt Lake City,Utah,
ANTICIPATION BONDS OF SALT LAKE ATTEST: IRMA F.MANSE,
CITY. UTAH, SERIES OF JANUARY City Recorder,
1, 1959. Salt Lake City,Utah.
WHEREAS,there Is en immediate and By HERMAN J.HOGENSEN,
Dressing need for the raising of funds II(SEAL) Chief Deputy City Recorder.
In the o nt [Four Million Dollars l To each of said bonds shall be al-
i54,000,000)for the purpose of meeting Niched fl coupon for h inas'alhnent ;�r
the r cnt expenses f Salt Lake City f interest contemplated each
d bond,
for they year 1954 until the payment of the ctl upon'tto July R1,1954,to 1,coupon .anal- a
the taxes for the year 3959,and y 1. 1955, to and the
numbered two 12),
wHOREAs, me etimated ax I with the several dates of payment era deposes and says, that he is the Principal Clerk of
noes f Salt Lake Cini for ion ecarlaumbce of bend. and hall bear the P y
Hun red xg Thousand
ho s Irnnr Minion Pour facsimile signature of ibo City '1'reas-
Ni Hundred Dollars
Thou sa4d Seven1.0Hundredn Saids a upnns hall be in.ubalan-
total eon Dollars(eto Minion
al and the Nally the following form,lo-trit:
mist estimated revenue from all sources (cumen> ALT LAKE TELEGRAM, a newspaper published in
win aggregate iron muRon Two}hit- 5
aced e stay Nine Thousand Throe Rum No. (lb',
dyed Nineteen Dollars (S15,289,319.00), On Inc first day of January,195.
anWHEREAS,the stun of Four Million(Salt Lake City, in Salt Lake County.,011nly,State Of Utah.
Dollars(S4,000,006)required now to be Stale of Utah,will Day to the bca rer
raaised,s not In excess of sold hereof the mum pf
estimated for the year 1974, I($ )In such funds as are,on
NOW, THEREFORE, BE IT OR .the date of naethe hereof,legal tender
DAINDD BY THE BOARD OF COM far debts due the United Slates of'-
MISSIONERS OF SALT LAKE CITY, America,at the First Securnty Rank°[ -, �
UTAH: Utah. N. A., Exchange Place Branch,
Section I That said Salt Lake CI4v, Salt Lake City,Utah,being six thy'
Utah,for the urnoae 1 ec ng cu ater n then du•e on [e fax Antonia- U
rant expenses of saki City for the year I-b.Bonds,Srrics of January 1 1B54a (, ii
1954 until the n ent of taxes forI (Facsimile Cty Signature)
s
the year1954, ball borrow the m of Sat'.Lake City,Utah.
Four illion Dollars io 000000) and Bond No, $s
for that purpose as evidence of such n o .,I s' ± - _ f
Indebtedness shall Issue forty-seven(47) Their hall be ndorsed o h [ �' 71%
bonds,numbers one (D to hii'ty•three id bonds the following City Auditor's
(331, both inclusive, In the denomina- said
tion of One Hundred Thousand Dollars Cltv Auditor's Certificate
M100,0003 each,and numbers thirty-tour I hereby certify that this boond 1s
f Salt
(34)to forty-seven(47).both laeeao, within the fah,and
is limed ac or-
1n tire denomination of Fifty Thousand Lake City,Violin is Issued c d-
Dollars($50,000)each, Said bonds shall the to law.
bear date of January I.1954,and shall LOUTS E.City Auditor,
A
, be due and payable January 1, 1955, Salt Lake City,Uta.. attached, was first published in said newspaper In its
bearing Interest at the rate of one and
five-eighths per cent (1.8254/o) per an. Section 2, All the covenants,state•
• D Yable se i'annually n July L ts. presentations and areements
seal I• end January all,1955,both principal contained said bonds arehereby _
end interest Wag able at hehFirst a oven - '-
Sccur'ltr Bank of Utah.N.A.,Exchange adopted
agreements fond promises ref
Place Branch, Salt Lake City, Utah, Salt Lake City,Utah.
Said bonds shall be designated '.Salt Section 3. The Mayor Is hereby au-
Lake City Tax Anticipation Bonds,Sc• theorised and directed to sign and eve-1 'I' tit _ , 19+j 3..
rie.s of January 1, 1954." Said bonds cute said bonds and the City Recorder
thall be signed by the Mayor' and L s hereby authorized and directed to
ested by the City Recorder under the attest and affix the seal of Snit Lake
eat f the City, and the coupons at- city to each f said bonds, and the I daily issae Of said a news per, o
Cached shall be signed with the Huhn, c attached to .said bonds shall newspaper, n
graphed ar a graved fae.simile Mm- be signed by the facsimile signature
lure. f flue City Treasures'. Solid bonds of the City Treasurer, and the City
hall be registered in
book kept by Auditor i authorized and directed to
the City Auditor for the purpose and place boon sflid bands the certificate for
the City Auditor shall endorse a ash in me manner and form set ford;above,
E id bond, the certificaterequiredadd lthedry atsr of id Mayor. old CRY
by law. Said bonds shall be In sub. ecorder and said City Auditor se
etanlially the following form,to-wits doing r end shall be the act inand if
UNITED STATES OF AMERICA deed E Salt Lake City. .. .,
STATE OF UTAH Co mnlissioners shallt t le,,Oind Inc eof /ay
SecCOUNTY OF SALT LAKE 1954 a sufficient tax to nay the principal
SALT LAKE CITY TAX ANTICIPATION Ind interest on said bonds as the same
BOND
SERIES OF JANUARY 1. 1954 shall fall due,and for the payment of the last publication thereof
said bonds, the full faith, credit and
No $ toxin¢power of Salt Lake City is hereby
KNOW ALL MEN BY THESE PRES Irrevocably pie deed and the Board o£
ENT,S: Clfv Commissioners hereby covenants
---J s---
That Salt Lake Clty,In the County I with the holders of eato bonds to Iran
of Salt Lake and State f Utah-hereby In they 1954 sufficient taxes to Dr - day of
acknowledges itself o be Indebted and °oe ePaymeno o
for 1 led hereby t d if t lot or said hood,the principal I
pay t thehear"h f t` f Section
The First
Security
l d E of Utah, ie e9 ,y -. •............ .....�f ,A D ]9'✓JIny F I p In 1 tfdttl 1 Associates £Salt Lake City,Utah,
pa oftflb d having'.offered t h add bonds interest h legal tender E /r��--.IvLto
tisfactory to this Board of
debts due the United States of America,ICIty Commissionerswhich offer was
on the first day of January, 1955, at the best and most advantageous 'e- s"
• the First Security Bank f Utah,N.A..lane
for the purchase of said bonds,
° ° m
Exchange Place Branch,Salt Lake Fate which offer has heretofore been
Utah,with interest thereon at the accepted by this City Commission,the
of one and flve-eighths per cent acceptance offer be and the
(1.875%) per annum. from date until of said
Paid, •payable aeml-annuelly In like same 1s hereby tall lirefied and confirmed, ":'7
s money on July I.1856,and on Januar and the Cite Treasurer is hereby' an. . r'--r_s.V dayof
1,1955, Id Ent est . maturity being thorized and instructed to deliver id -"
00000tented by Interest coupons hereto FourAnti Million Dollars ($4,000 purchasers
Tax
attached. thereof lattona Bonds to
thee said bonds
. This bond is one of series of forty- shall be and are legally Issued and de-
seven(47)bonds of like tenor and ef. ivered, upon receipt of the purchase
feet,numbered from one(1)to nforty. n'e therefor. j
acne fall,both inclusive, nd known or,
e. The City Recorder 1s here •
-
as "Sxlt Lake City Tex Anticipation iby instructed and directed to cause
Ronde,Series of,fanuary 1,IB54."for c f this ordinance to he p blished _
the "'"' a um f Four Million Doi- H copy
in issue of the Deseret /��{/I/ >1 f
lays($4,000.000),and)s issued ddrsuant(News-Salt Lake Telegram,a daily news.('� � --' �` e C'--��
to Section 10.8.8.Utah Code Annotated n of general airomation in and
3953. (printed and published in Salt Lake City,1 Notary Public
The City f Salt Lake City shall levy Utaa.
in they r 1954 sufficient dent tax le n. `action 7- Ste to the fact that he
the principal and shall blest en this bond Clan Recorder Is unable to si i the'
bond Is s the same ir ued ln fall
op and ss eAil) bonds,due to illness,the Chief Deputy
taxes Sot the bear 1954, uc City Recorder is hereby authorized and
It 1 h rebY ¢riffled,r fled and Sr. directed to sign the id bonds and I
clnred that the entire Indebtednessof other pertinent proceedings d
said City hereby Incurred Is not n lificales,In the name of the City ofRe-
the taxes of said City to be corder.
excess
or rho current yea[ 1954, and Section S That an emergency 1,here.
that said Indebtdness) s and lon,is ho declared and In the opinion of the
taxes arelevied.rnepeoe for which said f the necessoard of iy ty for fundentos bet the
II is hereby certified,recited and de. current. expenses of said City, It Is-
laced that all conditions, acts and necessary sac to the peace, health and
bon• ds essential to tithe validity of this safety of the inhabitants of Salt Lake
xist, have happened and have City that this ordinance shall take ef-
been done,and that every requirement uire nt feet,t once.
ot law affecting the issue thureo£n has section 9. This ordinance shall take
been duly complied with. d that this effect "bn the t blseation.
ra and "Mt; v v debt nd a T'PASSED BY HE 00.41RD OF CITY
Ilcrit meso'ibed by°l'he Const l iloion and.COMMISSIONERS of Salt Lake City,
Laws ef snic Sl ole, e,, that th7 fnR[Utah,this 17th day of December,A.0.
faith and credit (said Salt)sake CO,' x953.
is hereby irrevocably pledged to the 1„C.RONINEY,
thPunctual payment of the principal and Chairman PnnTemporc.
te interest of this'bond according to its Salt Lake CO, Utah.
toms. ATTEST: IRMA F.HI1'NER,
IN WITNESS WHEREOF, Salt Lake City Recorder.
City boa ascaused this bond to be signed Salt Lake. City,Utah.
b,y its Mayor,its corporate eel to be 1"(
hereunto affixed attested by the BY HERMAN J.HOGENSEN,
to City
the facsimile•signature coupons
the IBM No.10.e[Deputy City R<cordet.
CAS Immure,.as et signature
1st Qa,of i Publlehed Daesmber 10,MS.