HomeMy WebLinkAbout76 of 1950 - Providing for the issuance and sale of *400,000.00 Tax Anticipation Bonds, Series of August 1, 195 R 01...L. ',.../-\L L.
VOTING AYE NAY July 26,
Salt Lake City, Utah, ,111,1- 950
Affleck
1 )
xi4i4ign...n. . I move that the ordinance be passed.
Romney
,
x,k
Linenfelter ig
, , -.
Mr.Chairman . . . L.,' —
. ,.....„.)
Result -1— \---__.....)\
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76
AN ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF FOUR HUNDRED THOUSAND
DOLLARS ($400,000.00) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH,
SERIES OF AUGUST 1, 1950.
WHEREAS, there is an immediate and pressing need for the raising of
funds in the amount of Four Hundred Thousand Dollars (y$400,000) for the purpose
of meeting the current expenses of Salt Lake City for the year 1950 until
the payment of the taxes for the year 1950, and
WHEREAS, the estimated tax revenues of Salt Lake City for the year
1950 will aggregate (0,372,827.00) Three Million, Three Hundred Seventy-
two Thousand, Eight Hundred Twenty-seven and 00/100 Dollars
and the total estimated revenue from all sources all aggregate ( 7,825,325.00)
Seven Million, EighW 4r4t v'4w6Riyn143bROTRi8 ;RER, Three Hunde9/B, and
WHEREAS, the sum of Four Hundred Thousand Dollars ($400,000) required
now to be raised is not in excess of said revenue as estimated for the year 1950.
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 1950 until the payment of taxes
for the year 1950, shall borrow the sum of Four Hundred Thousand Dollars ($400,000)
and for that purpose as evidence of such indebtedness shall issue five (5) bonds,
numbers one (1) to five (5), both inclusive, in the denomination of Eighty
Thousand Dollars ($80,000) each, Said bonds shall bear date of August 1, 1950,
' I
and shall be due and payable January 15, 1951, bearing interest at the rate
of one and 75/1000 per cent (1.075%) per annum, payable at maturity, 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 Bonds, Series of August 1, 19501r. Said
bonds shall be signed by the Mayor and by the City 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 certificate required by law. Said bonds
shall be in substantially the following form, to-wit:
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'rfi
1
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF AUGUST 1, 1950
No. $80,000.00
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake and State of Utah,
hereby acknowledges itself to be indebted and for value received hereby
promises to pay to the bearer hereof the sum
Eighty Thousand Dollars ($f80,000.00)
lawful money of the United States on the fifteenth day of January, A. D.,
1951, at the First Security Bank of Utah, N. A., Exchange Place Branch,
Salt Lake City, Utah, with interest thereon at the rate of one and 75/1000
per cent (1.075%) per annum from date until paid, payable at maturity.
This bond is one of a series of five (5) bonds of like tenor and
date, numbered from one (1) to five (5), inclusive, and known as Salt Lake
City Tax Anticipation Bonds, Series of August 1, 1950", for the aggregate
sum of Four Hundred Thousand Dollars ($p1400,000), issued pursuant to Section
15-3-6, Utah Code Annotated 1943.
The City of Salt Lake City shall levy in the year 1950 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 the payment of such taxes for the
year 1950.
It is hereby certified, recited and declared that the entire indebted-
ness of said City hereby incurred is not in excess of the taxes of said City
levied or to be levied for the current year 1950, and that said indebtedness
was and is contracted for the purpose for which said taxes are levied.
It is further 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 hereof
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, its corporate seal to be hereunto affixed, and attested
by its City Recorder, as of the let day of August, 1950.
Mayor
ATTEST:
City Recorder
There shall be endorsed on each of said bonds the following City
Auditor's Certificate:
"CITY AUDITO13S CERTIFICATE
I hereby certify that this bond. is within the
lawful debt limit of Salt Lake City, Utah, and
is issued according to lave
City Auditor, Salt Lake City,
Utah"
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 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 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 1950 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 1950 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 be and the same is hereby ratified and confirmed, and
the City Treasurer is hereby authorized and instructed to deliver Four Hundred
Thousand Dollars ($L00,000) Tax Anticipation Bonds to the purchasers thereof
as..,nd when the said. bonds shall be and are legally issued and delivered,
upon receipt of the purchase price therefor.
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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 _ , 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
..r.v.,' safety of the inhabitants of Salt Lake City that this ordinance shall take
4Av;,
`,i '7 effect at once.
Sec .on 8. Thi3,ordinance al.l ake effect upon the first
.y
j Pj publication.a .s- 4 4 1I_ °+
i , -. a 1
C. PAS by the BOctr¢, of City, ami s1pner$ Salt Lake City, Utah,
i u c7 cl Ate,F
y (' th;.s 26thC ii day'Of .Uly ,(4 , , > )
a 4 x • /�
c 1 yof, Salt Ott' Ci , Uta2G.,
C. w' f _
1
ATTEST:
4'l,:a fR
-''':;)
City Recorder, Salt " e City,U h
(SEAL)
Bill No. 76
Published July 27th _n 1950
Glade
Mr.
moved, seconded by Commissioner
Affl Pak ' , that the ordinance be adopted, which motion carried,
on the following unanimous roll call vote:
Joe L. Christensen Commissioner "Aye"
D. A. Affleck Commissioner "Aye"
B. E. Lingenfelter Commissioner "Aye"
L. C. Romney Commissioner, "Aye"
Earl J. Glade, Mayor Commissioner "Aye"
a
Mayor, Sal .-Lake\City, Utah 'l
AT T:
a4.. ri- .17.71: .. --,,,- '
City Recorder, Salt Lake City,\Utah
(SEAL)
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Affidavit of Publication
AN OBDINANCFy; —AN OFDINAlyc1 PROVItli0D FOP.
THE ISSUANCE AND $ALE OF
O U R HUNDRED 7:'1Ott€ANU
DOLLARS (S100.000.001'Il 0I AN-
TICIPATION B we'4031': SALT S
LAKE CITY, U $,A lES OF
AUGUST 1,19" 41
WHEREAS,th titan nlerlixte
and prasslIS niOtllotlrllhe raising
0, rtreds In tlael':RNbtln4nof Four
H'.Indred Thousnaltk Dldlsrn (5400-
for the e nlrpheeting the
current egneneee,p,010lses,aoEb9uk Lake City
foe the year 1050 until. payment
of the taxes for tyyy13ed1955f0,m.and
WHEREAS,the nfl r <)
of Salt Lace City l for they J•• .---�ull_irl
1950a will aggregate (S3,.372,827.001
ty-twoThree Million,Thousand,
n, Eight
Seven- Being first duly sworn,deposes and says that he is the ad-
Twent Thousand, no-10 Hundred ed
Twenty-seven end d rev Defrost
and
t1;Irceo will aggregate` front vertising clerk of THE DESERET NEWS,a newspaper
325.001 Seven Million,Eight Hundred
Hun-
dred Twenty-five-five a'nd' ' Doi- published in Salt Lake City,Salt Lake County,in the State
Twenty-live
T-live fie 1 fn0 Dol-
lar and,
WHEREAS,the aunt of Fcue Hun.
nrred Thousand Doue.x L'i400.000) of Utah.
ecuired n sad la not
of sai to d 1ue es efinnatetl
.excessin
tog the year 1950e
NOW THEREFORE SE IT OR.-
' DAMNED BY THE BOARD OF COM- That the advertisementAtleaSI
CKlE ONES OF SALT LAKE,CITY,
tI
UT":
Section"1. That said Sail Lake
City,.Tfah;for the purpose of meet- —n OrC iELAnce Ylill Do. 76
lug:2urrent expenses of as el City
for the-:year 19501 until the.payment.
$of tax2Fa' r,the year 1950, shall
borrow lH5pipm of C Four Hundred
Thdusaurper liars(5400,000)and for
that purpose'.s evidence of s
Indebtedness $hali Mee u
III
hands,numb,., oar d n min IS),
n
halt inclusive,Thousand
In the dDollars
1S80,-
0f ) each,
TSaid bonds
Dollars (580,-
date each, SAugust
1, bonds ;hall brae
date of August 1,1950,and hall he
due and payable January 15, 1951L was published in said newspaper, in its issue dated, the
bearing Intorest at the rate of o
and 35-1000 per cent f1.095s61 per
payable ale aturlty both
principal n
al and Interest being payable day of A.D.19
at the First Security Bank of Utah,
N. A.,Exchange Place Branch,Salt
Lake.Cie,Ulah,Said bonds shall be
designated-Salt Lake City Tax Anti-
,
'
119tio"absSeries of August andwas published J a_dll_L3:rs.7 _J-;5-U
90Sd ,S signed
by the Mayer and by the.CitY Tree,-
and attested by the City Ee-
"rrder under the seal n the City. the last publication thereof being in the issue dated the
Said bonds shall be registered in
book kept by the City Auditor One
that mopes, and the City (bond day of A.D.19
shall r dome.C ea h of said bonds
the s shall e required litsub by law.Said
bonds shall be tea snbatentlelly ,hC
following form,T '' •'. ,
UNITED STATES
O OF AMER/CA
STATEE OF UTAH JJ
COUNTY OF SALT LAKE Advertising Clerk/
SALT LAKE CITY TAX
ANTICIPATION BOND
SERIES OF AUGUST 1. 1350 •
No. 580,000.00
KNOW ALL MEN BY THESE PRES-
ENTS:
That Salt Lake Cite,In the County
f Salt Lake and state 0f Utah, before me this r s tl: day of
hereby acknowledges hate to be Utah,
debted and for value received here-
by pay to the bearer
'loamthousnt, A.D.1950
lEightyawful Thousand Dollars iced o00p0)
fawns money of the-United states
n the fift951, at
day Fleet Exchange
Bank f Branch,
S N. A.,City,
Utah,
Place Hranest Salt Lake City,Utah, ;1 .A
with Inerrant [hereon at the rate V ; •
f one and 75.1000from
perdate
cent
I
paid,t1.075tCpa per an 1 room Gate until �J —Xk
paid, Payable at maturity. Notary Public
Thin bond Is one t o series f
five (n 'ones 1 like tenor and
the , hoed r, (L) Cl 1
'lea (5), inclusive,City
T n one
as
'Saltd Lake nf Tux aAntictpattnn 1950,-
Bonds, 0091r it August o 1tIll-
dee the aggregate sumof Four 0001,
1004 Tpursuand Dollars on 15-806,
Issued pursuant to Section 15-8-6,
Utah Cod
e Annotated 1943.
The City of 819E Lake
Olty shall
levy In the year lbui a d interest
tax
to pay the printhe and interest an
this and as the s shall fall
due,and this bond is IssuedIn an-
ticipation for the payment of such
taxes for the year 1950.
It Is hereby o,entire
reefed and
declared that the entire t000d l lot
of said 0 City thehereby incurred etl le City
In r, of the levied
f said City
levied` a to 50]erred for she cur-
rent year wee and cont said i
debt rxrpnx w and bed for
the.Purpose fors whlth rain contracted
taxes ale
Ii is further certified recited and
dell- th a', allconditions,
andis things essential e happened
ity
of this bond ben door.
have hn.ever-
and have been dpnr,and that e
requirement l cing die
)site.hereof has been duly compliedwith. ono that
tll boon
wi
th,
everydebt and othr limit, pie-
bet
by the Constitution and
Laws of said state, and that the
lull faith and tcdit of stir Slit
Lake City hereby Irrcvccahin
pledged to the punctual payment f
the principal a interest 1 this
bond according io Its terms.
IN WITNESS WHERE , Salt
Lake City has caused this bond to
be signed be Its Mayor. its c
treat,seal to be hereunto attired,
and attested by tee City Recorder,as
of the 1st day et August,1950.
Mayer
ATTEST:
City Recorder
There shall be endorsed on each
of said bonds the following City Are.
dam,Certificate'
"eITY AUDITOR'S CERTIFI-
CATE
I hereby certify that this bond Is
within the 'awful debt limit of
Salt Lake City, blab, and Is is-
sued according to it .
City Auditor, Salt, Lake City,
Utah.'
Section Z.A!1 the covenants,state-
ments, representations zndagree-
ontained In said bonds are
hereby adopted as ants,state-
ants, representations, agreement.
Ind promises of Salt Lake City,
Utah.
Section 3. The Mayor and tire
City Treasurer of Salt Lake City
are hereby authorized end directed
to sign and execute said bonds and
the City Recorder Is hereby Au-
thorized and directed to attest and
affix the seal of Salt Lake City to
each of laid bonds, and'the City
Auditor is
authorized and directed
to Place upon said bonds the cer-
tificate 1n the manner
and farm
set forth above, and the acts of
the said Mayor,said City Treasurer,
said City Recorder and said
CRY
Auditor In iv doy a and shall
be the art andard deed of Salt Lake
City,
Section 4.That the Board of City
Comm lssloncrs shalt levy hl the
tr 195a a nutflnlent tax to Pay
he principal and interest on said
bonds as' the ,aine shall fall due.
d for the payment of said bends
and
full faith, creillt and taxing
poorer of Salt Lake City ars hereby
fooably pledged and the Board
of City Commissioners hereby cove-
nants withb the holders of said bonds
to levy in the year 1950 sufficient
taxes to provide for the payment of
the principal and Interest of said
bonds.
Section 5.The First Security Bank
B`. Utah, N. A., Exchange Place
ranch,and Associates,of Salt Laka
City, Utah, having offered to pur-
chase said bonds at a price satis-
factory to this scars te of City Com-
missioners which offer Was the.best
and most advantageous received for
the purchase of said bonds, and
which offer ha,hereto/arc been
cented by this City Commlvslon, the
acceptance of acid offer be and the
same z hereby ratified
con-
firmed, antl the Coo Ttint antet in
hereby Four r]zed and Thou,.
to
noir Four Hundred tea Thditt ud inn
lan• t5, ter p1 nhlepnct ire'tax
and
t [hn purchasers thereof a
and When the raid bonds shall he
end arc legell, Is hecl and delivered,ce
upon I
receipt of the pur'r.d sae Price
thereto,.
Section S. The City dheete r
cadre copy
py of this
and dlnceted to
copy of this ordinance to Issue
the
Deseret
News,
IP oi s Issu-
p[the t Scree News, a daily news-
paper of senora]circulation l -eke
printed and published in salt Lake
City.na titan.
Section'!.That a emergency is
of the declared andCity Cr thrmmnolopinion
b}the us Board of cede y for fu ds rs
bee of then espy for funds Sr
t because
current okty to
. of said
heal it la g icon Eo the Inhabitants
health all and safety of the anldinance
of Salt Lake eCityffect
that this ordinance
shall ion S.
at once.
in
Section g. onis ordinance first p shell
take effect anon the first Publlca-
1 nn.
pASSED by the Board of Cute
Cmnneissioners of Sail. Lake City,
Utah,this*nth day of July. A.0_,
1950.
EARL,t.GLADE
Mayor. Salt Lake City, Utah
ATTEST
IRMA F. BITNFR
C,ty Recorder,Sart,Lake City,Utah
f SE A NI,1
Published July Vol, 1950.
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