79 of 1949 - Providing for the issuance and sale of $1,250,000.00 Tax Anticipation Bonds, Series of January 1, 19 ROLL CALL
VOTING AYE NAY December 20th
Salt Lake City,Utah, , 1949
Affleck :�
I move that the ordinance be passed. l
Matheson . . .
Romney
Lingenfelter
6
Mr.Chairman
r/
Result \` _ - /
79
DECEMBER 20tI} 1949 PAGE
The Board of Commissioners of Salt Lake City met in regular session on
Tuesday , December 20 , 1949, at 9:30 otclock B.M. in the regular
meeting place. The meeting was called to order by Mayor Glade. On roll call
the following members were present:
Earl J. Glade, Mayor Commissioner of Public Affairs and
Finance, Chairman
D. A. Affleck Commissioner of Water Supply &
Waterworks
John B. Matheson Commissioner of Streets & Public
Improvements
Ben E. Lingenfelter Commissioner of Public Safety
L. C. Romney Commissioner of Parks & Public
Property
3Fdh`F#i:Y-$K XXXX KKY;H8EWA XXX*5*
REPORTS OF CITY OFFICERS
PAGE ,a 1.,
ORDINANCES AND RESOLUTIONS
BILL NO 79 for an ordinance providing for the issuance and sale of One
Million Two Hundred and Fifty Thousand Dollars ($1,250,000) Tax Anticipation
Bonds of Salt Lake City, Utah, Series of January 1, 1950, introduced by
Glade Commissioner , was taken up and read:
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ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF ONE MILLION TWO HUNDRED
AND FIFTY THOUSAND DOLLARS ($1,250,000) TAX ANTICIPATION BONDS OF SALT LAKE
CITY, UTAH, SERIES OF JANUARY 1, 1950.
WHEREAS, there is an immediate and pressing need for the raising of
funds in the amount of One Million Two Hundred and Fifty Thousand Dollars
($1,250,000) 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 Three Million, Three Hundred Seventy-two Thousand,
Eight Hundred Twenty-seven and 00/100 Dollars (iv3,372,827.00 ,d the
total estimated revenue from all sources will aggregate Seven Million, Six Hundred
Thirty-four Thousand, Seven Hundred Eighty-five and 00/100 Dollars,
($7,634,785.00) , and
WHEREAS, the sum of One Million Two Hundred and Fifty Thousand Dollars
( 1,250,000) 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 C0 ISSIONER.S 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 1950 until the payment of taxes for
the year 1950, shall borrow the sum of One Million Two Hundred and Fifty Thousand
Dollars ($1,250,000) and for that purpose as evidence of such indebtedness shall
issue thirty-five (35) bonds, numbers one (1) to ten (10), both inclusive, in
the denomination of One Hundred Thousand Dollars ($100,000) each, and numbers
04iten (11) to thirty-five (35), both inclusive, in the denomination of Ten
Thousand Dollars ($10,000) each. Said bonds shall bear date of January 1, 1950,
and shall be due and payable January 1, 1951, bearing interest at the rate of
one and 75/1000 percent (1.075%) per annum, payable semi-annually on July 1,
1950, and January 1, 1951, 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
January 1, 1950." 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,
- 2 -
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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 o pliilf said bonds the certificate required by law. Said bonds
shall be i substantially the following form, to—wit:
{
[
1
3
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JANUARY 1, 1950
1100,000.00 and
No. S10,000.00
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
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, 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 percent (1.075%) per annum, from date until paid, payable semi-
annually in like money on July 1, 1950, and on January 1, 1951, said interest to
maturity being represented by interest coupons hereto attached.
This bond is one of a series of thirty-five (35) bonds of like tenor
and effect, numbered from one (1) to thirty-five (35), both inclusive, and
known as "Salt Lake City Tax Anticipation Bonds, Series of January 1, 1950,"
for the aggregate sum of One Million Two Hundred and Fifty Thousand Dollars
01,250,000), is issued pursuant to Section 15-8-6, 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 such taxes for the year 1950.
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 1950, 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 facsimile
signature of the City Treasurer, as of the let day of January, A. D. 1950.
Mayor, Salt Lake City, Utah
City Treasurer, Salt Lake City, Utah
ATTEST:
City Recorder, Salt Lake City, Utah.
(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 1, 1950, to be
numbered one (1), and the coupon due January 1, 1951, 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. S537.50 and
`653.75
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
(4$ ) 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 Bank of Utah,
N. A., Exchange Place Branch, Salt Lake City, Utah, being six months' interest
then due on its Tax Anticipation Bond, Series of January 1, 1950.
(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 25 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 h. That the Board of CLte 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 paymelat of said bonds the full faith,
- 5 -
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 said
One Million Two Hundred and Fifty Thousand Dollars ( 1,250,000) Tax Anticipation
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
Deseret News , a daily newspaper of general circulation in
and printed and published in Salt Lake City, UJtah.
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 BOARD OF CITY CONJUSSIONEHS of Salt Lake City, Utah,
this 20th day of December A. D. 1949.
,,.,-Mayor, Sal tke City, fftah
ATTEST:
1 )
City Recorder, Salt Lake City, Utah.
(SEAL)
Bill No, 79
Published December 21st , 1949.
— 6 —
,rfat4t4i,:-
Mr. moved, seconded by Commissioner
Af f leak , that the ordinance be adopted, which motion carried,
on the following unanimous roll call vote:
Earl J. Glade, Mayor Commissioner "Aye"
D. A. Affleck Commissioner "Aye"
John B. Matheson Commissioner "Aye"
.1....",,:`'-7 Ben E. Lingenfelter Commissioner "Aye"
l'::'
.--,,e
L. C. Riney 41-4. Commissioner , - "Aye"
-ji t;is, 14.
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' '''10ty Recorder, Salt Lake City, Utah
(SEAL)
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Affidavit of Publication
STATE OF UTAH, 1
}ss
County of Salt Lake J
Legcl efts#ice$ gas NOli.teS
OR In
ORDINANCE tthea manner asilddandt fte
orm meet a forth
Y'IYNANCE PROVIDIN01 FOR Mayoi,e'13"'Clby eTreuur<r, aa'dd
THE ISSUANCE AND 8A1,¢ OF
CitaRecorder and said City Auditor
.A .l�IO TWO HUNDRED oetdo ed h 1 1, the
-t/ti_kd1-r12w1
O Dk BCcon4ThathB Boardo!'Cfty
O
.SALT Com'alesloners shall levy in the year' t duly sworn,deposes and says that he is the ad-
LAKE CITY, UTAH, SERIES'.OF' 1950 a sufficient tax to pay the
•JANUARY 1,1950. principal and interest on said bonds
WHEREEEAS:there 1s an immediate •
the m',ball fall ana, d far clerk of THE DESERET NEWS,a newspaper
sad prdesin¢ red for'the refs.. ' the a.e payprent of said bonds the full.
faith, credit and taxing power of
Of funds In the amount of floe
Million•Two Hundred d Fifty Salt Lake City are hereby Ir- in Salt Lake City,Salt Lake County,in the State
Thousand Dollars (11,260,000) for eroeabty pledged and the Begird
the purpose f meeting the current Of Clty with
he holders hereby Ovds
expel..of Sal Lake City for'thd a is with the year 1 of said bonds
year 1950 until the payment of the to levy'a the year h ament of -
takes for the year 1950,and thtugs to provide and for the payment s of
WHEREAS, the eetimatetl ho principal Interest of said
' revenues of Salt Lake City for the b0Section 5.The First Security Bank the advertisement
year 1990 will aggregate Three ben- f Utah, N. A., Exchange Place
lion, Three Hundred Seventy-two Branch, d Associates of Salt Lake
Thousand, Eight Hundred Twenty: City, Utah, having Offered to pus-
"seven and 00/100;Milne 1s3,372, chase said bonds at a price setts-
{Bases.)Seven M,Illoou Sex will a factory t0 this Board of City Cum- d' _t" -,-
anal the total estimated lay.. ,_41.4._,41,t y, dq-tFjr4,lt iio �gy
{venue from Ill ed mldalboost which offer was the best >♦-e 7
Tblrt four T d d most advantageous c Ived.o
Y- heueand, 0/10 Hun- the pu teems a( reto bends, an-
died Eighty-five and 00/100 Dol- which otter a heretofore been re
•]are.WHEREAS,
the sum and meted by this saidai offerCo be and
WHEREAS,the of One Millionasameacceptanceof i and
Twg4 Hundred d Fifty Thousand the same o they stfled and con-
,, bets (ed 75Q not-i. cove ed a" rrbtl, and the City Treasurer to
to eben raised s in excess e!said hereby said netl and instructed n-
enue u estimated for the year deliver said One Million Two ll r-
1850. dyed and Fifty Anticipation
Dollars
NOW. THEREFORE, BE IT OR- to the,pus Tax s'thereofoa BOnda
DAMN)8Y THE HOARD OF COM• o the purchasers'thereof a and I stied •
in said newspaper, in its issue dated, the
MI5BIONERS OF SALT LAKE CITY, hr ealegally he a issued bonds
sand aldelivered.l be
UTAH: upon receipt of the purchase Prim A. D. 19
' Section I. That said Salt Lake therefore. . dayof
City,Utah,•for the purpose of-meet: . Section 6. The City Recorder is
log the
1 s of saide Clty, herebyInstructed 00 and directed be Cif teaw ,.,,,4y, t149
far.the pease yen until theCorppy of this 0d direce to be a0 n •t Of taxeOh 0 tpo year 950, PubllrhD Immediately in published
hall borrow the um t Oat➢ou-_. [the f genet l circulation
nand C
sand ADo:•ass (etl,A00,0 0F1fta and
'print of general Irculatloa On a ke
tend Dollars evidence
such
for City and published In 8rlt Lake
that purpose ideate of ana„In t:1ty,Utah
• Y „ publication thereof being in the issue dated the
debtedness shall issue thirty-live Section 7. That an emergency
(35,bonds,numbers one(I)10 ten hereby(molar.and in the Jptn,en
(10), both inclusive,In the denOm-' of the Board of City Commissioners
'nation f One Hundred Thousand because of the necessity rot lunch to - day of ////y/I�- A. D. 19
isms el of
(Ill t r, and,n meet the current ss expenses m stuace - �"-_ ���//
be Inclusive.
(11]t0 each,
Ilion City It , s nary to the pewee l Imo/
both inclualve,�ln the denominetioo health and necessary
of the,nhamtan:a
of Tea Thousand Dollars (9date 0)- f Salt Lake Cite that this cr- -
Jach.Said bonds shall bear date of' dlaance shah take effect at
anuary 1, 1950, and hall be due Section 8. This ordinance saran
and
d payabl theeuarate 1951,bearing take effect upon e first nub-
Interest dvertising Clerk
7u/1000 a 'one and Heaton.
per cent(1.075%)Per - PASSED HY THE BOARD OP
payable semi-annually On July. CITY COMMISSIONERS or Salt
1, 1950,and January 1,1951,both Lake Crty,-irltah, this 20th day Of
principal and interest being payable December,A.D.,1949,
t the First Security Hank of Utah, Earl J.goads
F`
•
N.A.,Exchange Piece Stanch,Salt Mayor,Salt Lake City.Utah ,',.�iY
Lake City, Utah. Said"Optgs shall ATTEST: Nnrif W
be deyeeigaated Salt Lake City TAX y flans, F.-Eltner - s day of
Anticipation
i1at1950.Honde,bongs shellabe Y I ?L),...-a.- ter uka Olt!,DUO.,
/
signed by the Mayor and by-the � BILL NO.79. '
City Treasurer d atteeted by'the Published Dro�CSsr sirs, I19e"j__�
City Recorder under the-seal of the —"— --
bet pigned the and coupons
ine.lithograpneSh or
.en raved facalmlk signature el the
City Treasurer.Bald bonds shall be -
-registered la book kept by the -
City.Auditor far that purpose and •
•the City AudltOr Obeli sneon. en'
Bean Ief,a bands a
the arE,fld . Notary Publi
,required''-by law. laid ben....- a11•
ba..1n suWteattaHY 00 ! W'a¢'
formyo•bii,
UNITED STATES OF AMERICA
STATE OP UTAH
COUNTY Or SALT LASE
SALT LASL CITY TAR'
ANLICIPATION'BOIOD
SERIES OF JANUARY 1.1950
$100,000.00 and
Re - 510A00.00
KNOW ALL MEN BY THESE
PRESAENTS: . ,
t Skit-Lake-andj State
hof Utah,
hereby,aoknowledgea itself to be in•
debted and for value received here-
- hby ereof mtheee um of
to bearer
1n such funds as te,(ao the date
of payment
afnterest of the principal
r on tart bontlof¢B 1
tender for debts due the United
! States of America,on the first day
of January, 1951, at' the Phut
Security Bank of Utah, N.A.,Ex-
• hange Place Stanch,Salt Lake City,
Utah,-with Interest thereon at the
rate of one and 75/1000 per cent
(1.075%I per annum, front datem
man paid, payable a i-aunuaily
in like money on July 1,1950,and
on January-1, 196I, said- interest
to maturity being'rdpreeeated by
intend-oupenr-hargoe.u00eohe/.
thirty-five is one bonds l 'series of like tenor
and-effect,numbered from one Ill
to thirty-five (35) both Incluslve,-
and known a ."Bert Lake Coy Tax
Anticipation Bond& Series of Jan-
uary-I,1950."-for the aggregate sum
of One Million Two Hundred and
Fifty Thousand Dollars($1.250,000),
1s issued pursuant to Section 15.8-6,
Utah Code Annotated 1943.
The City.of Salt Lake City shah
levy in the year 1950 a sufficient
tax to pay the principal and in-
terest on this bond as the same
shaissued in ant fail icipation n ofis bond then taxes
Mr the year 1950. -
It is hereby certified,recited and
declared-that the entire Indebted-
ness of said City hereby incurred is
t'in coven of the taxes 9f said
City to be leied for the current
yearand
1950, d that said indebted-
noes mas a is contracted for the
leurpose for which said taxes a
vied. re
It is hereby certified,recited and
declared that ill conditions,tvalidity
acts
oof dthisiabeadaataisil haveMhappenled
and have been donEE''e,and that every
issue therof t phase beenw dulygc,he
piied thinwevery and
at andt is other
nd imit
within
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 ment of
the principal punctual
eesty incipal and intere
st of this
bond according to Its terms.
IN WITNESS WHEREOF,Salt Lake
City has cauged this bond to be
Tres Treasurer its Mayor its
sto City
hereunto affixed, and attested by
-NW'City-Recorder, and -the •-
Lout/onenexed yrefacsimile
ue isif re ftheCity Trae,5
of the ass day of January, A.D.,
1950.
yy Mayor,Salt Lake City,Utah
AITTES easurer,Salt Lake City,Utah
City Recorder,Salt Lake City,Utah.
(SEAL) •
To each of said bonds shall be at-
tached a coupon for each install-
ment of interest contemplated by
said bona, the coupon due July 1.
1, and
the couponnumbered one
(1),19
heoup n due January 1,to
be ev-
numbered
dates of tpayment and number
of bond, and shall bear then fae-
slmlle stgnature of the City Treas-
urer.Said coupons shall be yin sub-
stantially the following form, t-
wit:
(Coupon)
{535 and
$53.75
No
On the first day of J Bully,
19.,.,Salt Lake City,in Salt Lake
County, State of Utah, will pay
to the bearer hereof the sum of
(s )
In ouch funds as are,
on the date
of payment hereof. legal tender
for debts due the United States f
America,at the First Security sank
I Utah, N. A. Exchange Place
Branch,Batt Lake City,Utah,being
six months' Interest then due-c
its Tax Anticipation Bond, Series
of January 1.1950.
(Facsimile Signature)
City Treasurer,Salt Lake City,Utah,
Bond No
The shall be endorsed on echo
I aid bonds the following City
Auditor's Certificate:
"City Auditor's Certificate
I hereby certify that We beds
is within the lawful debt limit
of-Salt Lake City, Utah, and is
.leaned aeeording to law.
City
Section 3.Salt AIL Lake the Cieovnanoth is,
d
agreements contained inNsaid bands
are hereby adopted as covenants,
statements, representations, agree.
me and promisee of Salt Lake
City,Utah.
Section 3.The Mayor and the City
Treasurer of Salt Lake City ate
hereby authorised and directed to
sign and execute said boonde and the
---nod directedr to aereby ttest and orized
fflx
the seal of Salt Lake Cityatp each
f said bonds,and the coupona at-
tached to said bonds shall be signed
•by-theMeaimlle signature et the City
Treasurer, and the City Auditor
L.authorised and dl -'-e to plate
7t