HomeMy WebLinkAbout73 of 1948 - Providing for the issuance and sale of $1,250,000.00 Tax Anticipation Bonds - Series of January 1, 1 ROLL CALL -
VOTING AYE NAY j_.:` r
Salt Lake City, Utah, , 194
Affleck
Matheson . . . I move that the ordinance be passed.
Romney /
Tedesco 1n r. r
f
Mr.Chairman .
Result
73
OiiJlNAiNCE
AN ORDINANCE PdOVIDINC FOR. THE ISSUANCE A'IJ SALE SF Salt ,ILo,ION TWO HUNDRED
!LoL FIFTY Tf10°SAND DOLLARS (51,250,000) TAX ANTICIPATION HINDS uF SALT LAKE
CITY, UTAi Sh.oilES OF JANUARY 1, 1949.
'"HENFA;3, there is an immediate and pressing need for the raising of
,unt of One Pillion Two Hundred and Fifty Thousand?, Dollars
the purpose of meeting the current expenses of Salt Lake
Cl- .he year 1949 until the payment of the taxes for the year 1949, and
^9, the estimated tax revenues of Salt Lake City for the year
1949 will aggregate THREE MILLION TWO HUNDRED AND T:'WENTY-FIVE THOUSAND, EIGHT
HUNDRED AND FIFTY DOLLARS( 1;225,a50.9Q) _ _ ^ and the total
estimated revenue from all sources will aggregate SEVEN MILLION THREE HUNDRED AND
TWENTY SEVEN THOUSAND, TAO HUNDRED A'TD NINETY SEVEN DOLLARS AND SIXTY TWO CENTS.
(47,327,297.62.) , and f'
WHEREAS, the sum of One Million Two Hundred and Fifty Thousand
Dollars 41,250,000) required now to be raised is not in excess of said revenue
as estimated for the year 1949.
NON, THEREFORE, BE TT ORDAINED ST THE BOARD OF C0i,iLISSIONERS 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 1949 until the payment of
taxes for the year 1949, shall borrow the sum of One i,illion Two Hundred and
Fifty Thousand Dollars N1,250,000) and for that purpose as evidence of such
indebtedness shall issue twenty-five (25) bonds, numbers one (1) to twenty-
five (25), both inclusive, in the denomination of Fifty Thousand Dollars
((50,000) each, Said bonds shall bear date of January 1, 1949, and shall be
due and payable January 1, 1950, bearing interest at the rate of one and 20/100
per cent (1,20%) per annum, payable semi-annually on July 1, 1949, and January 1,
1950, 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 January 1, 1949 "
Said bonds shall he signed by the ;Mayor and by the City Treasurer and attested
by the City Recorder under the seal of the City, and the coupons attached shall
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be signed with the lithographed or engraved facsimile signature of the City
Treasurer. Said bonds shall he 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 he in substantially the following
form, to wit:
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UNITED STATES OF AcERICA
STATE OF UTAH
COUNTY OF SALT LAKE;
SALT LAKE CITY TAX AdTICIPATION BOND
SERIES OF JANUARY 1, 19119
No, $50,000.00
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
FIFTY THOUSAND DOLLARS 450,000.00)
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 first day of January, 1950, at the National City Bank of New York,
in New York City, New York, with interest thereon at the rate of one and 20/100
per cent (1.20%) per annum, from date until paid, payable semi-annually in
like money on July 1, 1949, and on January 1, 1950, said interest to maturity
being represented by interest coupons hereto attached,
This bond is one of a series of twenty-five (25) bonds of like tenor
and effect, numbered from one (1) to twenty-five (25), both inclusive, and
known as "Salt Lake City Tax Anticipation Bonds, Series of January 1, 1949,"
for the aggregate sum of One Million Two Hundred and Fifty Thousand Dollars
($1,250,000), issued pursuant to Section 15-5-6, Utah Code Annotated 1943.
The City of Salt Lake City shall levy in the year 1949 a sufficient
tax t 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 1949.
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 1949, 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 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 hereunto affixed,
and attested by the City Recorder, and the annexed coupons to bear the facsindle
signature of the City Treasurer, as of the 1st day of January, A. D. 1949.
Mayor alt Lake City, Utah
ATTEST: City Treasurer, Salt Lake City, Utah
City Recorder, Salt Lake City, Utah
(SEAL)
To each of said bonds shall be attached a coupon for each installment
of interest contemplated by said bond, the coupon due July 1, 192t9, to be
numbered one (1), and the coupon due January 1, 1950, to be numbered two (2),
with the several dates of payment and number of bond, and shall bear the fac—
simile signature of the City Treasurer. Said coupons shall be in substantially
the following form, to wit:
(Coupon)
No. $300.00
July,
On the first day of January, 19 , Salt Lake City, in Salt Lake
County, State of Utah, will pay to the bearer hereof the sum of Three Hundred
Dollars ($300.00) in such funds as are, on the date of payment hereof, legal
tender for debts due the United States of America, at The i`Jational City Bank
of New York, in New York City, New York, being six months' interest then due
on its Tax Anticipation Bond, Series of January 1, 1949.
(facsimile Signature)
Bond No. City Treasurer, Salt Lake City, Utah
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 agree—
ments contained in said bonds are hereby adopted as covenants, statements,
representations, 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 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 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 s, That the Board of City Commissioners shall. levy in the
year 1949 a sufficient tax to nay the principal and interest on said bonds as
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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 19U9 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 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 he and the same is hereby ratified and confirmed,
and the City Treasurer is hereby authorized and instructed to deliver said
One Million Two Hundred and Fifty Thousand Dollars (G1,250,000) Tax Anticipa—
tion 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.
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
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 publica—
tion.
PASSED BY THE BOAHIJ OF CITY COMMISSIONERS of Salt Lake City, Utah,
this 16th day of December , A. D. 1948.
Mayor,.. a t L e City, Utah
ATTEST: i
City Recorder, Salt Lake City, Utah.
(SEAL)
Dill No. 73
Published December zp 4 , 1948.
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Mr Glade moved, seconded by Commissioner
Af f leek , that the ordinance be adopted, which motion carried, on the
following unanimous roll call vote:
B. A. Affleck Commissioner "Aye"
John B. Matheson Commissioner "Aye"
L. C. Romney Commissioner "Aye"
Fred Tedesco Commissioner "4y «
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$ `« Earl J, Glade, Mayor ,Qoapmiss9.oner /f' .2"
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