72 of 1955 - Providing for issuance and sale of $5,000.000 Tax Anticipation Bonds of Salt Lake City, Utah Series — .......,..-, .
R, 103 MO I,o
ROLL CALL
VOTING AYE NAY // December 13, 1955
Salt Lake City, Utah, ,XRra
Burbidge
AiNgisc
kirelarter!ssn. — I move that the ordinance be passed.
Nicholes
4".Rumex
'Racism( t'
Mr.Chairman . . Ve'— i
/ ---'"
Result 7r
(1,
..,"-
7a2
ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND 0' FIVE MITLTJON DOLLARS
($5,000,000) TAX ANTICIPATION BONDS OF SA LAKE CITY, UTAH, SERIES OF
JANUARY 2, 1956.
WHEREAS, there is an,d1mnediate and pressing need for the raising '
of funds in the amount of Fiv Million Dollars ($5,000,000) for the purpose
of meeting the curret� nses of Salt Lake City for the year 1956 until the ,
payment of the taxes of the year 1956, and
WHEREAS, the estimated tax revenues of Salt Lake City for the year ,
1956 wiJ.l aggregate FIVE MILLION THREE HUNDRED FORTY EIGHT THOUSAND THIRTY
Tun fOLLARS (55,148,032.00) and the total estimated revenue from all -•
sources will aggregate ELEVEN MILLION THREE HUNDRED SEVENTY THOUSAND FIVE '
APS.( 13.,3 5..':HUNDi,ZEDr FIFTY TIOTS, ,550.00), and
WHEREAS, the sum of Five Million Dollars ($5,000,000) required now
to be raised is not in excess of said revenue as estimated for the year 1956,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF CCNMISSIONERS 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 1956 until the payment of taxes
for the year 1956, shall borrow the sum of Five Million Dollars ($5,000,000)
and for that purpose as evidence of such indebtedness shall issue fifty-three
(53) bonds, numbers one (1) to forty-seven (47), both inclusive, in the denom-
ination of One Hundred Thousand Dollars ($100,000) each, and numbers forty-
eight (48) to fifty-three (53), both inclusive, in the denomination of Fifty
Thousand Dollars ($50,000) each. Said bonds shall bear date of January 2, 1956!
and shall be due and payable January 2, 1957, bearing interest at the rate of
two per cent (2%) per annum, payable semi-annually on July 2, 1956, and Janu-
ary 2, 1957, both principal and interest being payable at the First Security,
Bank of Utah, N. A., Salt Lake City, Utah. Said bonds shall be designated
"Salt Lake City Tax Anticipation Bonds, Series of January 2, 1956".
-2-
i
Said bonds shall be signed by the Mayor and attested by the City Recorder
under the seal of the City, and the coupons attached shall be signed with the
lithographed or engraved facsimile signature of the City Treasurer. Said bonds ..
shall be registered in a book kept by the City Auditor for that purpose and
the City Auditor shall endorse on each of said bonds the certificate required .I
by law. Said bonds shall be in substantially the following form, to-wit:
I I
-3-
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JANUARY 2, 1956
No.
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake and State of Utah,
hereby acknowledges itself to be indebted and for value received hereby promise
to pay the bearer hereof the sum of
($ )
in such funds as are, on the date of payment of the principal of and the inter-
est on this bond, legal tender for debts due the United States of America, on
the second day of January, 1957, at the First Security Bank of Utah, N. A., -
Salt Lake City, Utah, with interest thereon at the rate of two per cent (2%)
per annum, from date until paid, payable semi-annually in like money on July 2,
1956; and on January 2, 1957, said interest to maturity being represented by
interest coupons hereto attached.
This bond is one of a series of fifty-three (53)6bonds of like tenor
and effect numbered from one (1) to fifty-three (53),)both inclusive, and known
as 'Salt Lake City Tax Anticipation Bonds, Series of January 2, 1956", for the
aggregate sum of Five Million Dollars ($5,000,000), and is issued pursuant to
Section 10-8-6, Utah Code Annotated 1953.
The City of Salt Lake City shall levy in the year 1956 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 1956.
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 1956, 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 affixes , and attested by the
(City Recorder, and the annexed coupons to bear the -imile signature of the)
City Treasurer, as of the 2nd day of January, A. 0 1956
Mayor alt ke Ci a
T:
City Recor er, ake City, IJ !c,:;://>
( SEAL )
-4-
To each of said bonds shall be attached a coupon for each installment
of interest contemplated by said bond, the coupon due July 2, 1956, to be num-
bered one (1), and the coupon due January 2, 1957, 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 second 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
Dank 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 2, 1956.
(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.
i�r, Sa a e Ci , Utah.
Section 2. A11 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 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 'I
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.
-5-
Section it. That the Board of City Commissioners shall levy in the d
year.1956 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 bond-
to levy in the year 1956 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., and Associates
of Salt Lake,City, Utah,,iiaving offered to purchase said bonds at a price sat-
is factory 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 Cgnnission, the acceptance of said offer
be and the same is hereby*ratified and 4tinfirmed, and the City Treasurer is
hereby authorized and an eructed to deliver said bonds.to the purchasers
i
thereof, asand when the said bonds shall be and are legally issued and
delivered, upon the receipt of the purchase price therefor.
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-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 COMMISSIONERS of Salt Lake City, Utah,
this 13th day of December, A. D., 1955.
i
Mayor, I e City, t
At st:
`' J) --�
City Recorder, Salt Cit y, ta".
(SEAL)
Bf Published 7December 15,1955 a6ex -6-
i ;
noa.aew �
Affidavit of Publication
STATE OF UTAH,
County of Salt Lake I} SS.
D. Ockey
Being first duly sworn, deposes and says that he is legal advertising
clerk of the DESERET NEWS AND SALT LAKE TELE-
GRAM, a daily (except Sunday) newspaper printed in 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
Notice of O DI'';..2C2 .,)assed Ly Peard. cf City
Commiesionrra of Fait Lake City •Provi ap, For
The Issuance and Sale of Five Dollars
Tax Anticipation loads, ,`:eries of January 2, 1956.
Bill No. 72.
was published in said newspaper on
December 15, 1955
L,dgal Advertising Clerk
F
Subscribed and sworn to before me this 16Os day of
December A,D. 19 55
Notary Public
My Commission v Expire 195'7
-12
ORDINANCE Meal and the interest of tins bond
AN ORDINANCE PROVIDING FOR 1 t.E fr iis Grins f L
ISSUANCE AND.11 f'.OI FIVE L II0- IN WITNESti \Ill RL0I- Salt Lake
X- LION DOLLARS III000,000J TAX-AV- City -caused thisis bond to lie signed
'1TCIPATION BONDS OF SALT LAKE.byi t .1 toby
Ih CITTY, IITAh, SERIES OF JANUAIRY hcreuoto affixed, d attested by the
n 2,1956. City Treasurer.as of the lad day of
WHEREAS.there is an immediate and,January,A.D.,1956.
0- ssing noun[ re ais funds or meeting ATTESTi Stools.Salt Lake Ole,Utah
20 -3,L23,00 amount f File M0,090)for the illion D mrs�
74 the ye f Salt Lake Ctrs City
A eF.c rde VER _•
IIr ly yeti 19 t8 year On, , L1,r Recorder,Salt i.nka City.Utnl,. P
taxes the ,a SO G I 11 (SEA,'
er WHEREAS, the t Tocash of said bonds shall he ab
IlLIOS F Salt Irk y F 11 ' t I f each installment
tSL [ h will a ate lily
GIVE MILL] N Ihe iiiteLea
1eenti .Nlr.d by e, too La
of 'T'11Y.fit EUNUR11C '1110 1 Rlf:ll'I' �cd ore O),and Welco n dnc
'T 5,342,92.00) lnit'1th 'f eta ]estimate ,mates po
'ay 153,34 tl,P:frtsj d the total estimated Jam,m'+ ii I'Js'1, tb l es red t.nt
Iron,all s TIMES. ;, (2:,with Ihe.se ,0t dales o shall meat
—de
:IS 1 f EVI,N MILLION N rlrl,c HUNDREDll1 it f l II 1 hear,i'r 1
OS, 1,i Illrv'l Y. FIVE f1LLARSf ll\Os tho
I]DNM,an FIFTY DOLLARS Sll,:i'/b. Treasurer. Said oroupons hall be h,
s5WT10 and substantially the(Coupon)
loan,to..vit
WIIs f$5,0 the e £lave Million be i (COunonl
Dollars(F5,006,ddU)I'e4�rc 1, .• v b0�No. July
•
iced i not In evices5. of said t On thn s and day of Jauva rr.105-,
nue as'estimated for sthe year1ON Salt Lake 0,10, , Salt Lean Count v.
1h'S HAIR', 'THEREFORE, BF IT .Oft- State of City,
will pelt to Ihn ounty:
MISSION
BY C'I1E BOARD OF
sod MISSI NERS Cl' SALT LAKE CITY, 1 fh fords 1 Lf dale of
OTC UTAII. payment l E legal tender for debts
Section 1.That said Sall Lake City,
Ansuricai
PQ- Utah the pulPcad o meeting . f,e tuo t,rst he fSeeur,5e Paed ne Ef Cl N.At
t f a 11eCity afor tithe D l' l e B' S'It I C
19 6 u t t Ih t o t,xcs
led v ot yes T t958
Utah.being six months'interest then
.hall bar the due_ is Len Anttcinnt an Bonds,
en-- f Five Million Dollars f55.000,0001•- rle of rJanum',v .
'Sot auch nd fonde that
slsted spiessoshall iOS videnc{:flyf lie )Facsimile Signature)
5ed flay e53n bends, n,,bars one III to City'Treasurer,Salt Lake City.Utah.
(47/,both inclusive,i the Bond N0.
Alb denomination f one Moulted in
'there steal:be ndataed 0a each f
nd llollays of One
cam,, nd n ,bonds the following City Auditor's
f kbt(MID M Il ooe,e,'co[63). San.
both inclusive,i the denomination of Certificate:
Fifty housand Dollars (550,000)each. hereby
certifyAudit
Certificate
Said bonds shall bear date of January r net abr 1'Er that this bond
is
th°�.S 2,tYSfi,and shall:he due and n gable ,then ity,lawful and lint is [ Salt
Lako Clto flan, and is issued
January w 1957,c cent
(g interest at the cordlns to law. ac
rate two per ae t flY en 1 p COl11S E. D Salt Oa•DL
lO, and ale sea.,n L ,both dmy 2pal a 6, e City n2.Auditor,Salt Lake Utahe-
and Jaime,0,51 1pay,payable
at i the and en lion R. All the covenants,stet`-
interest ty being able t 11 First ft L t d',be Lotto
, hf id bed s s Salt contained -d bonds 1 IY.
the L 1 City, Utah. Said bdrd' 1 1!b0 adopted a versants'.statements,
the i0'ICnatetl ^,ate Lake City "Fa? An- rc atationke agrcemenls an Pro/Macs l
t ,lion Rands. 6erics o J da'...2, Sall Lake E.LJ L late.
i Section C'S le 0.
5 bonds 1 b signed te'`tt cute
1 S I Is directed L le ayor as bl -
PR- co dattested h h cue.T. t II bonds e n City R Ito
•m. tl _ i Mi I f 11 C ty�'' d 1 tl Idirected to
ill-luhe coniions ll u-liin t- i i ;dl engraved oatteste. City t i eachix E seal I Salt 1f1 theke)pile 111111tu,e of the City T,eas,,rcr. atlacl 1 ,id bonds .shall
Said bonds shall be registered;no book be pairs 1 v the facsimile signature 0
sot by Hie('fit'Auditor for that o - for City authorised
a and act City o place
11 the City bonds
Auditor shah endorse tor i ,utb bonds the certificate
1111 ea t mace
IJ said bonds the certificate i L bonds the .t h"S'1,the
nuired by last. S0111 bonds c I b d s .t ' '5 above• A
substantially the following Olsg warm,tonnt� t ok s,i Mayor.said r l Re-
UNITED'A'ILSTATES Olr A1.lERICA corder)sand said City Auditor In s
5TA'PE OF LT 1 doinge,1are, and shall he the act and
COUNTY OF SALT LAKE deed ofs Salt Lake Cit,
SALT LAKE CITYB Section 9. That the Hoard of City
TAX ANF JANUAR BOND t'emmiesioners shall levy in the year
nth, Na SERIES OF JANUARY 2,1968 OG"npal
n ffiner taz top -the n
na1 and ,merest said bond/the
eek1. tKNOWESF50 ALL SOON BY THESE the s , hall toil odue, and for the
Ink, PRESENTS:That' aft e�teo[said bond',the full fait!,,
'ten f S It Lake L d State.,f take City in i 11 by I C 3e County 1 I l l City el dgt.iL' I
,,,,„:1t,icknoistedges itself to Ito indebted and b B C tl It h,[c fhs-s Inc re 1 hereby ,sC-lo t 1. tl „ 19-f .uffi-I
nay lbc haa' 1 er0of th m o[ Omitt trues to provide for thy payment
TS i urn fund-. a , the date of of e principal and/merest iya
a
arty E o Ill b 1 0101 S t T I".t e a t Bank
Ith, ce dIc tl 111 E d states t „A10i, f I t Y,A 1 Associates, £Salt
lha Ci,sl Sceur t. B.uk of UL,h„iL khaa s-f Lnmme at a p,frt sals
iek N. A.,Salt Lnkc Citr, l,ta11,wlill i- factor,v to this BO:,rd 01 1'iey Cmnn,ie
),'.,.ter0.et thereon at the fate of two Pete wblch. offer w s tl,e heal.-nd
Out(3 pa r e „do to until most rchase vII said bondsous received
and which of for tbe
paid,one payable my a,,1nnran and
o purchase La'heretofore been accepted by this
III money on id in erect 1 amd n y being f,,ity Couuniastou, the Ce eoLoone T
- r,represented
said Lintel to maturity being said offer be and the same is hereby
anted by interest coupons hereto utter and confirmed,a, d the City attached. 'Lreasu-er ,s hereby authorized and
This hand n one 0f I series of fifty- instructed to deliver said bonds to the
three1f53)bonds of like tenor and b^
teat n bared from Tye (1) Eo tiftr-Tnmchasers [ne,'eoL a n rd when the
as "SAIL
both yiulao nti knon 1, bonds shell be send re rec
Salt Lake (;Jay January
,Anticipationlo r u d and delivered,upon the receipt
an lean 01 11115:of.lam a,o 2y,lion for of Section
the par lmsc 10 therefor
the aggregate•Lc shinf Five Million Dot'hereby instructed and led 11i directed to crause I•
Aa
fat l tars ect000,000J, , is , U e pursuantl of This ordinances to be fa dished t0 Section 10.A-C, Utah s Code Am,o- r
later 1953. 'sly of The Des
ail ile rcdia
The Cif!, of 9a11 Lake City shall ere).lllye °I ]aka r'TeleFrmn,e daily
c tovy,1 they r leoi a sufficient ten yr of x rat cu latlt 7 lc
y; to pay the p the seine
and interest e, itl printed and published In.Salt Lake
and hand ax the issued
Ill a Eau due, City,Uthh.
and this bond it a Led In anticipation hereby
la That on w_ or such taxes for the year 1253, hercbr declared and In the sop no� of_
It i creby rec001100 recited and the Board f City itnl,nissionersnbe-
of'o]ar111 City
t the entire indebtedness of the cry [u,ds 1,
in said Ci01 the to Is red n 2 itmeetnecessary he a cai he ea d City i s [ y t lu,1,1 0f ear 5s, it e hto Lbillel1peace,health and
to be levied said
far the current year d is safely thof at the inhabitants of S. Lake
um that said indebtedness Ives and is City that yy. ordinance snail take 1
t,,11100ed Eor the tics for which effect et o
IL 6,nes I , I ceitir� sec ,s.This of publication.
ubli ioar talc¢des hthat 1 conditions,re Ict and efre,PASS➢D , efts 0AIID OE.
d e that -11 d't' 1 PASSED N S o LOAR D OE CITY
thews t-I 1 validity a f n' CO this 15 RS 1 Sall Lake City, I
I exist, 1 - 1' ne ye have l: h,this lain t t of December,.A.D.,
inien Shia
, .l 0 n[law:Voiding the ,el Maya J.C LED,
I,s bbon dolt r ,/lied with,eror[hat \ta�'or,Salt Lake City,);fah.
this drb 1tlasl:
h I t li 1 1 by the( h 1 1•. 1 .11.
L 1 1.' e I et 1 , City Ifocooder,Salt lake City,,'fah.
Lre hci faith , -er n Salt ed J A1.NO,
t Lake :i11 is I,crcbv I0evc,r If t•he pint I RILL NO.72
to the punetum naym OnL u[ the n:::.j Published Ltccemher 15.1055, (A-;Y) .