76 of 1918 - Providing for the sale of $350,000 Refunding Bonds I (1,
ROLL CALL
VOTING AYE I NAY G e 'Salt Lake City,Utah eft 6 191
Crabbe 1 move that the ordinance be passed.
Green
Neslen _ —
Scheid — l/ ;/� 7s _'
Mr. Chairman _ a _ �
Result
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE REFUNDING OF THREE
HUNDRED AND FIFTY THOUSAND DOLLARS ($350,000) IN BONDS ISSUED
BY SALT LAKE CITY PURSUANT TO AN ORDINANCE OF THE CITY COUNCIL
OF SALT LAKE CITY, UTAH, PASSED ON THE 26TH DAY OF JULY, 1898,
AND APPROVED BY THE MAYOR ON THE 27th DAY OF JULY, 1898, TO
ENABLE THE CITY TO REFUND SUCH OUTSTANDING BONDED INDEBTEDNESS.
WHEREAS, pursuant to an ordinance passed by the City Council
of Salt Lake Uity, Utah, on the 26th day of July, 1898, and approved
by the Mayor on the 27th day of July, 1893, Salt Lake City issued and
sold Six Hundred (600) bonds, two hundred (200) of the denomination of
five hundred dollars (M500) each, and four hundred (400) of the denomina-
tion of One Thousand Dollars (01000.) each, dated the first day of
September, 1898, payable 20 years after date thereof, with interest
thereon from date at the rate of 4 per cent per annum, payable semi-annur
ally; the principal of said bonds being payable at the office of the city
treasurer of said city and the interest at the American Exchange National
Bank of New York City or its successors, or at the Deseret National Bank
or its successors, at the option of the holder, which said bonds were
issued for the purpose of obtaining money to be used in refunding and
discharging a general debt of said city in th eulu .of•: Two Hundred and
Fifty Thousand Dollars ($250,000) and for the further purpose of obtaining
a greater supply of water for the use of the inhabitants of said city and
for other corporate purposes in the sum of Two Hundred and Fifty Thousand
Dollars ($250,000) making a total issue of Five hundred Thousand Dollars
fognn.nnnl 3;,
WHEREAS, there has been approrpiated put of the sinking
fund an amount sufficient to pay off, redeem and retire One Hundred and
Fifty Thousand ($150,000) Dollars of said bonded indebtedness, and said
city will pay out of said sinking fund numbers one (1) to two hundred
(200) , both inclusive, of said bonds of the denomination of five hundred
dollars ($500) each, and numbers two hundred one (201) to two hundred
fifty (250), both inclusive, of said bonds of the dentm.ination of One
Thousand Dollars ($1,000) each, which sum will be used for that purpose
only, and
WHEREAS, there will still remain due Three Hundred and Fifty
Thousand Dollars ($350,000) of said bonded indebtedness, being bonds
numbered two hundred and fifty one (251) to six hundred (000), both
inclusive, and
WHEREAS, said six hundred (600) bonds amounting to Five
Hundred Thousand Dollars ($500,000) will be due and payable on the
first day of September, A.D. 1918, and
WHEREAS, it is the purpose of the Board of Commissioners
of Salt Lake City, Utah, to issue and sell bonds to pay off and refund
three hundred and fifty (350) of said bonds amounting to the sum of
Three Hundred and Fifty Thousand Dollars ($350,000), being bonds number-
ed from two hundred fifty-one (251) to six hundred (600) both inclusive,
and
WHEREAS, the Board of Commissioners of Salt Lake City on
the 10th day of guly, 1918, duly passed a resolution authorizing and
directing the mayor and City Recorder to advertise for bids for the
purchase of Three Hundred and Fifty Thousand Dollars ($350,000) of said
bonds, and
WHEREAS, the mayor and City Recorder have duly advertised
for bids for said bonds as authorized and directed by said resolution
last named; and
WHEREAS, in accordance with said last mentioned resolution
and said advertisement for ea bids for said bonds, all bids in the
hands of the City Recorder at 10 o'clock on the 25th day of July, 1918,
were duly opened and considered by the Board of Commissioners at a
regular meeting thereof held on said 25th day of July, 1918, beginning
at 10:30 o'clock, and
WHEREAS, the bid of Redmond & Company of New York City for
said Three Hundred and Fifty Thousand Dollars (4350,000 ) bonds
has been declared, by the Board of Commissioners of said City
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by a resolution duly passed at said meting, as being the highest,
best and most advantageous to the interests of the city, which bid
was by resolution duly accepted by the Board of Commissioners.
NOW THERE+'0RE BE IT ORDAINED by the Board of Commissioners
of Salt Lake City, Utah:
Section 1. -- That for the purpose of refunding and
discharging said bonded indebtedness represented by said bonds numbered two
hundred fifty-one (261) to six hundred (600), both numbers inclusive, amount-
ing to the sun of Three Hundred and Fifty Thousand Dollars (4350,000) due and
payable on the first day of September, 1918, there be issued by Salt Lake City,
a corporation, State of Utah, Three Hundred and Fifty Thousand Dollars ($350,
000) Refunding Bonds for the purpose of refunding the Three Hundred ant Fifty
Thousand Dollars (4350,000) bonds issued by said city and due and payable Sep-
tember 1, 1918, that said bonds shall be of the denomination of One Thousand
Dollars (41,000) each, numbered from one (1) to three hundred fifty (350),
both numbers inclusive, bearing interest at the rate of 5 per cent per annum,
payable semi-annually on September 1st and Earch 1st of each year, and payable
in numerical order as follows: Thirty-Five Thousand Dollars ($35,000) on Sep-
tember 1st in each year of the years 1919 to 1928, both inclusive; said bonds
shall be exempt from taxation by said city; and said bonds and each. of them
shall be; except as to consecutive numbers, anti dates of maturity, in substan-
tially the following form:
UNITED STATES OF AMf2ICA
STATE OF UTAII
Salt Lake City Refunding Bonds - Series
No. 10 of September 1, 1918
No. $1,000.00
187OW ALL MEW BY THESE PRESENTS;
That Salt Lake City in the County of Salt Lake, and thel
State of Utah, hereby acknowledges itself to be indebted, and for value receiv-1
ed, hereby promises to pay to the bearer hereof the sum of One Thousand Dollars
01,000) in lawful money of the United States on the first day of September,1919
at the National Park Bank of New York City, State of New York, with interest
thereon at the rate of five per cent per annum payable semi-annually in i.,�
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like money on the first days of September and 2a.rch in each year at the same
place, on presentation curl surrender of the annexed coupons as they become due.
This bond. is issued for the purpose of refunding valid out-
standing bonded indebtedness of said city, and is one of a series of Three hun-
dred and Fifty (350) bonds of like tenor, date and amount, numbered from one (1)'
to three hundred, fifty (550), both numbers inclusive, and Iau.own as !!Salt Lake
(City Refunding Bon(1s, Series 110. 10" for the aggregate sera of Three Hundred. and
'Fifty Thousand. Dollars (w350,000), thirty-five (35) of said bonds, numbered from
one (1) to thirty-five (35) inclusive, payable on September 1, 1919, and there-
after Thirty-five Thousand_ Dollars (p53,000) payable on the first day of each
succeeding September until fully laid, issued under and pursuant to Section 20G
X 7 Compiled Laws of Utah, 1907, as amended by Chapter. 100 of the Laws of Utah,
1915.
The Board. of Comrnission.ers of said. Salt Lake City shall an-
nually levy a sufficient tax to pay the interest on this bond as it fails due,
land also to constitute a sinking fund for the payment of the principal thereof,
as it falls due.
It is hereby certified, recited and declared that- all condi-
tions, acts and things essential to the validity of this bond, exist, have hap-
pened, 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
faith and credit of said Salt Lake City is hereby irrevocably pledged to the
punctual payment of the principal and interest of this bond according to its
terms.
lid 'C'ITNES lii1 0r', Salt Lake City has caused ibis band to
be signed by its Llayor and City Treasurer, and its corporate seal to be affixed
hereto, attested by its City 7.iecor9.er and the annexed coupons to Lear t'we fac-
simile signature. of the City Treasurer as of the first day of September, 1918.
ATTEST:
you° - Salt Lake City.
City Recorder.
City Treasurer. Y:
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And to each of said bonds shall be attached a coupon for
each installment of interest contemplated by said bond, which said coupons shall
be consecutively numbered beginning with number one (1), with the several dates
of payment and number of bond, and shall bear the facsimile signature of the
City Treasurer of said halt Lake City, said coupons and each of them shall be iv
substantially the following form, to wit;
$25.00
No.
On the first day of
September
March 19
Salt Lake City will pay to bearer at the National Park Bank
in the city of New York, State of New York, Twenty-five Dol-
lars ($25) in lawful money of the United States, being six
months interest on its Refunding Bonds, Series No. 10, of
September. 1, 1918, Bond. No,
City Treasurer
There shall be indorsed on each of said bonds the following;
I hereby certify that this bond is within the lawful debt
limit of Salt Lake City, Salt Lake County, State of Utah,
and is issued according to law.
City Auditor
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it Said bonds and each of them shall be signed by the Mayor
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jand City Treasurer and attested by the City Recorder and sealed with the seal
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of said. city and the said coupons shall bear the facsimile signature of the
City Treasurer. The Mayor and City Treasurer of said City are each hereby em-
powered and directed to sign, and the City Recorder of said city to sign and a4
test and affix the seal of the city to each of said bonds, and the acts of said
Mayor, Treasurer, and. Recorder in so doing are and shall be the act and deed of
Salt Lake City. All the covenants, statements, representations and agreements
contained in said bonds and coupons, and all recitals and representations of
this Ordinance are hereby considered and understood and. it is hereby ordained
and. declared that said covenants and promises therein are the covenants and
promises of Salt Lake City and that the representations and statements thor4
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are the representations and statements of said city.
AND IT IS FURTHER STATED AND RLPRESILTTLD, that Salt Lake
City is a municipal corporation and a city of the first class under the consti-
tution and laws of the State of Utah.
Section. 2. -- For the purpose of meeting the interest accra-
ing on said bonds on March 1, 1919 and September 1, 1919 and also for the par-
polo of constituting a sinking fund to pay Thirty-Five Thousand Dollars (05,000)
of the principal of said bonds on September 1, 1919, there shall be levied in
the year 1919 on all the taxable property in said city, in addition to all other]
(taxes, a direct annual tax sufficient to produce the sten of Fifty two Thousand
Five Hundred Dollars (052,500); that in order to raise the necessary funds wit
which to pay the interest due March 1, 1920 and September 1, 1920 and also for
the purpose!of constituting a fund to pay Thirty-Five Thousand- Dollars (035,000)1
of the principal- of said bonds on September 1, 1920, there shall be levied in
the year 1920, on all taxable property in said city, in addition to all other
taxes, a direct annual tax sufficient to produce the sum of Fifty Thousand Sev-
en Hundred Fifty Dollars (050,750); that in order to raise the necessary funds
with which to pay the interest due March 1, 1921 and September 1, 1921 and also
for the purpose of constituting a sinking fund to pay Thirty-Five Thousand Dol-
lars (035,000) of the prinoiial of said bonds on September 1, 1921, there shall
be levied in the year 1921 on. all taxable property in said city, in addition to
all other taxes,a direct annual tax sufficient to produce the stun of Forty-Nine
Thousand Dollars (049,000); that in order to raise the necessary funds with
which. to lay the interest due March ]., 1922 and September 1, 1922 and also for
the purpose of constituting a fuud to pay Thirty-Five Thousand Dollars (035,000)
lof the principal of said bonds on September 1, 1922, there shall be levied in
the year 1922 on all taxable property in said city, in addition to all other taxL
es, a direct annual tax sufficient to produce the sum of Forty-Seven Thousand
Two Hundred Fifty Dollars ( 47,250); that in order to raise the necessary funds
with which to pay the interest due i:arch 1, 1923 and September 1, 1923 andAso
for thepurpose of constitutinga fund toThirty-Five pay Thirt Thousand Dollar,!
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1 (035,000) of the principal of said bonds on September 1, 1923, there shall be
levied in the year 1923 on all taxable property in said city, in addition to
lull other taxes, a direct annual tax sufficient to produce the sun of Forty-
Five Thousand Five Hundred Dollars ( 45,500); that in order to raise the nec-
iessary funds with which to pay the interest due March 1, 1924 and September 1,
1924 and also for the purpose of constituting a fund to pay Thirty-Five Thou-
sand Dollars (055,000) of the principal of said bonds on September 1, 1924,
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1there shall be levied in the year 1924 on all taxable property in said city,
in addition to all other taxes, a direct annual tax sufficient to produce the
sum of Forty-Three Thousand Seven Hundred Fifty Dollars (443,750); that in
order to raise the necessary funds with which to pay the interest due March 1,
1925 and September 1, 1925, and also for the purpose of constituting a fund to
xtiy Thirty-Five Thousand Dollars (05,000) of principal of said bonds on Sep-
tember 1, 1925, there shall be levied in the year 1925 on all taxable property
in said city, in addition to all other taxes, a direct annual tax sufficient
to produce the sum of Forty-Two Thousand Dollars (YY42,000); that in order to
Iaise the necessary funds with which to pay the interest due March 1, 1926 and
'eptemmber 1, 1926 awl for the Purpose of constituting a fund. to pay Thirty-
?ive Thousand Dollars (455,000) of the principal of said bonds on September 1,
8.926 there shall be levied in the year 1926 on all taxable property in said
ity, in additiona to all other taxes, a direct annual tax sufficient to prb-
uce the sum of Forty Thousand Two Hundred Fifty Dollars W40,250); that in
rder to raise the necessary funds with which to pay the interest due March 1,
927 and September 1, 1927 and for the purpose of constituting a find. to pay
hirty-Five Thousand Dollars (455,000) of the principal of said bonds on Sep-
ember 1, 1927, there shall be levied in the year 1927 on all the taxable pro-
arty in said city, in addition to all other taxes, a direct animal tax suffi-
ielt to produce the sum of Thirty-Eight Thousand Five Hundred Dollars { 36,500);
;hat in order to raise the necessary. funds with which to pay the interest due
larch 1, 1928 and September 1, 1628 and for the purpose of constituting a fund
o pay Thirty-Five Thousand Dollars (435,000) of the principal of said bond.sI"'o ,.
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September 1, 1928 there shall be levied in the year 1928 on all taxable property
in said city in addition to all other taxes, a direct annual tax sufficient to
produce the sum of Thirty-Six Thousand Seven Hundred Fifty Dollars {w36,750);
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and said. taxes when collected shall be applied solely for the purpose of the par-
ment of said interest and principal of said bonds respectively and for no other
purpose whatever, until the indebtedness so contracted under this Ordinance,
principal and interest,shall have been fully paid, satisfied and discharged,
but nothing herein contained shall be so construed as to prevent said city from
applying any other funds that may be in the city Treasury andavailable for the
purpose, to the balance of said interest or principal as the same respectively
mature, and the levy or levies herein provided for may thereupon to that extent
be diminished.
Ana the sums hereinbefore provided for to meet the interest
on said bonds and to discharge the principal thereof whoa due are hereby appro-
priated for that purpose and. said amount for each year, shall also be included
in the annual appropriation bills passed by the Board of Connissboners of said
Balt Lake City in each year respectively.
It shall be the duty of the Board of Commissioners of said
city annually at the time and in the manner plevided by laav for levying other
city taxes, if such. action shall be necessary to effectuate the -provisions of
this Ordinance to ratify and carry out the provisions hereof with reference to
the levying and collection of said taxes, and said Board shall require the of-
ficers of and for said city to levy, extend and collect such taxes in the le n-
ne.r provided by law for the purpose of creating a sinking fund for tie pay:fr:n:t
of interest and principal of said bonds, and such testes when collected shall be!
kept for and applied only to the payment of the interest and principal. of said
bonds as hereinNOW specified.
Section 3. -- AND BE IT FURT1ER ORDAIIILiD that a31 ordinance
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and resolutions or parts of ordinances and resolutions in conflict with the prod-
visions hereof be and the same are hereby repealed and after said bonds arois-
sued this ordinance shall be hoar) remain irrepoalable until said bonds an` thi
interest thereon shall have been fully paid, satisfied and
discharged as herein provided.
Section 4. THE SALE of said Three Hundred Fifty Thousand
Dollars ($350,000) Refunding Bonds to Redmond 2c Company of New York
• City and the action of the Board of Commissioners in accepting their
bid and all acts and proceedings pertaining thereto, are hereby
considered as and are hereby ratified and confirmed
Section 5. AND WHEREAS, it is necessary for the immediate
preservation of the peace, health, and safety of said Salt Lake City,
and to preserve the credit of the City, that the proceeds of these
bonds be available in ediatel,jt for the purpose of refunding said
bonds in the sum of Three Hundred and Fifty Thousand Dollars
($350,000) which will become due and payable September 1, 1918.
NOW THEREFORE, it is ordained that an emergency is hereby
*clared, and that this ordinance shall be in force and take effect
one day after its passage and publication. .�
passed by the Board of Commissioners of Salt Lake City,
Utah, August 13th, 1918.
Mayor
ity Recorder.
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