81 of 1954 - Providing for the issuance and sale of $5,000,000.00 Tax Anticipation Bonds, Series of January 2, 19 ROLL CALI-
Dember 14.th
VOTING
AYE NAY
Salt Lake City, Utah, , 0•6 .
,4291X 1954
Burbidge
Christensen
I move that the ordinance be f)assed. --,
,
Romney (1
/1
maw '
Mr.Chairman . . /
,•
Result
City Recorder
gi
ORDINANCE
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF FIVE MILLION DOLLARS
($5,000,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES OF
JANUARY 2, 1955.
WHEREAS, there is an immediate and pressing need for the raising of
funds in the amount of Five Million Dollars ($5,000,000) for the purpose of
meeting the current expenses of Salt Lek? City for the year 1955 until the
payment of the taxes for the year 1955, and
WHEREAS, the estimated tax revenues of Salt Lake City for the year
1955 will aggregate FOUR MILLION THREE HUNDRED TWEN FIVE THOUSAND (M,325,OQ0.00)
DOLLARS and the total estimated revenue from
all sources will aggregate NINE MILLION FIVE HUNDRED EIGHTEMM THOUSAND FOUR HUED 11
($9,518.400.00) DOLLARS , and no/100
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 1955,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF CONNISSIONERS 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 1955 until the payment of taxes for
the year 1955, shall borrow the sum of Five Million Dollars ($5,000,000) and
for that purpose as evidence of such indebtedness shall issue fifty-four (54)
bonds, numbers one (1) to forty-six (46), both inclusive, in the denomination
of One Hundred Thousand Dollars ($100,000) each, and numbers forty-seven (117)
to fifty-four (54), both inclusive, in the denomination of Fifty Thousand
Dollars ($50,000) each. Said bonds shall bear date of January 2, 1955, and
shall be due and payable January 2, 1956, bearing interest at the rate of one
and one-eighthper cent (1.125� per annum, payable semi-annually on
g ) �13' July 2,
1955, and January 2, 1956, 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 2, 1955".
-2-
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 litho-
graphed 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 by law.
Said bonds shall be in substantially the following form, to-wit:
-3-
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAW CITY TAX ANTICIPATION BOND
SFRTFS OF JANUARY 2, 1955
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 promises
to pay to the bearer hereof the sum of
(a )
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, 1956, 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 one-eighth per cent (1.125%) per annum, from date until paid, payable
semi-annually in like money on July 2, 1955, and on January 2, 1956, said inter-
est to maturity being represented by interest coupons hereto attached.
This bond is one of a series of fifty-four (54) bonds of like tenor
and effect, numbered from one (1) to fifty-four (54),both inclusive, and known
as "Salt Lake City Tax Anticipation Bonds, Series of January 2, 1955", 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 1955 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 1955.
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 to
be levied for the current year 1955, and that said indebtedness was and is con-
tracted 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 there-
of 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 affcd, attested by the
City Recorder, and the annexed coupons to bear t .``f a signature of the
City Treasurer, as of the 2nd day of January, A.0 . l 55.
Mgy r, a City, Utah
ATT T:
d
City Recorder, Salt e Ci#yi-Ntah.
-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, 1955, to be num-
bered one (1), and the coupon due January 2, 1956, 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. 5
July
On the Second day of January, 195 TEL
Salt Lake City, in Salt
Lake County, State of Utah, will pay to the bearer hereof the sum of
(5 )
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 Bonds,
Series of January 2, 1955.
(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.
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, 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 cou-
pons 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 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 4. That the Board of City Commissioners shall levy in the
year 1955 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 bonds
to levy in the year 1955 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, having offered to purchase said bonds at a price satis-
factory to this Board of City Commissionersr=which offer was the best and most
advantageous received for the purchase of said bonds, and Which offer has here-
tofore 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 bdiids to the purchasers thereof, as
and when the said bonds shall be and are legally issued and delivered, upon the
receipt of the purchase price therefor, as follows,:
AMOUNT BOND NUMBERS DATE
4,OOo,0o0 Nos. 1 to 40, incl. On or about January 3, 1955
1,000,000 Nos. 41 to 54, incl. On or about July 2, 1955
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 cir-
culation 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 publicat •..
PASSED BY THE BOARD OF CITY COMMISSIONERS/Salt
Lake City, Utah,
this 14th day of December, A.D., 1954.
‘-/ or, S t Lake Ci'y, Utah.
Ci YR , Salt a City, Utah
I��LLL)NO.
81 Published 1 eceibei-6 15, 1954
FORM NO.ROM ORA
1rnof of rix.iiliration
Ettitrb Otero of Amrrtra
COUNTY OF SALT LAKE ss.
STATE OF UTAH
D....M....Orkey
being first duly sworn, deposes and says, that he is the Principal Clerk of
the DESERET NEWS SALT LAKE TELEGRAM, a newspaper published in
Salt Lake City,Salt Lake County,State of Utah.
That the Notice Of "Ordinance"
An Ordinance Providing for the Issuance and Sale
of Tax Anticipation Bonds of Salt Lake City, Utah
of which a copy is hereto attached, was first published in said newspaper in its
issue dated the 15th
day of December 1954
and was published in each daily issue of said newspaper,on
for
thereafter,the full period of one...time
the last publication thereof
being in the issue dated the . 15th day of
December , ,A.D.19 54
Subscribed and sworn to before me this 16th dayi
December 54
A.D.19
Notary.Public.
Nov, 25, 1957
My commission expires
Advertising fee $
ORDINANCE IN WITNESS WHEREOF, Salt Lake
AN ORDINANCE PROVIDING FOR. City has caused this bond to he signed
THE ISSUANCE AND SALE OF FIVE by its Mayor.its corporate seal to be
MILLION DOLLARS ($5,000A e,
l 00) TAX hereunto at fac and attested by the
ANTICIPATION BONDS OF SALT City Recorder. and the annexed
f,AIlE CITY.UTAH,SERIES OF JANU. coupons to bear the facsimile oee,a.ure
IRS'a loll. of
C ty Treasurer,
rea ur r 1, a, of the 2nd
WHEREAS, there is mediate 0e
Id pressing need for the raising of
:nets i .the amount of Five Million Mayor of Salt Lake City,Utah
iers($5,906.000).far.the purpose of ATTEST:
eetlt
Ikeing City vne for.the-current expenses 1955 until tof he City Recorder.Salt Lake City,Utah.
meat of the taxes C for the year 1955. To each
ach o said bonds shall be at-
and tacked a coupon a each installment
linen,
WHET Salt the.estimated to l rove• h interest po contemplated Jul ,byI ,d he
noes of, Salt Lake Chi EIs the the coupon ue July 3 c55, to he
THREE
E' aggregate FOUR MILLION numbered on 6, and the coupondue
THOUS' D (S4,SJ .TWENTY FIVE January 2. 1956,to be numberedsofpy two
THOUSAND (eoliel teof r) DOLLARS le with the several dates el her,the
and the tall stf0000a U from and mi number of bond,and shall bear the
all sources will HUNDRED
NINE EEL facsimile signature f the 10 ttebatas-
TlON FIVE OUNDRED EIGHTEEN tr Said c pins shall t in s bstan-
TAOUSAND FOUR HUNDRED l101-'bully the following form,to niit;
ALA RH .400 and (C(Coupon)WHEREASREA0,thee sum required Fino hltoltbe No
➢sod not in e)xecsfs now to beae SUIY
raised m not in a ess of s1 revenue On the second day of January,195.,
as W, T for the ea[3955. Stet Lake City, r; Salty o Lake Counter
NOW, THEREFORE, RE IT OR. State of Utah, .pay to the bearer
DAINEMISSIO BY OBE. BOARD CITY,
hereof the sum of..........(e-.a,..)
U ERS OF SALT LAKE CITY„y such funds a on the date of
UTAH: payment hereof,as
es of America.for'a at
!USection t.That bald Salt Lake Ciur- due the United Sates of Uta,N. t
tah,for the Purpose f Citythe
for thetaxes
Utah, 00 Place Branch,Saltn Lake City,
then
r 0 ye until the payment i trues,dueh, being a months'interest then
o�C,b o955, hall (S5rbw0he a ter n its six
xmAntielnuWon Bends,
of Five h Million Dollars ldgetto0 000)and Series lot January 2, ile
for that indebtedness
slosh a Issue
ref of se-R e,,Salt Signature)
,10.e .hall Ott f fifty-four(54I City Treasurer,Salt Lake City.Utah,
both i oumbe, on e)to oet,nata of Bond Nre shall-
bnth cldsod the denomination E There. h i otv,oaed e t of
000)Hundred ed numbers DOysea(Slog,- said bonds the following City on
tto0)each,lo and numbers forty-seven n the Ccetlfi"Cit
to omincin(541,both tuna in fee '•Cite Auditor's at tlficate
lion of h. S Thousand Dal- I hereby awful that this bond is
larshear date Doe) each. Said bonds shall Within the rah, debt limit a Salt
hear'date of January 2.J oaae and tshallote. Lake.City,Utah,and Is issued accord-
he due and payable January 2, 3and lag to law.
bearing interest at-the Ste f one and
one-eighth a cent nuaity/oo per an-. City Section 2.t AllS tlt he Lake City Utah"
Late.
1050,aadaJanveyn 2 1956,Yboth Jpnncd�,meats,representations covenants d reements
pal d-interest_k¢ing y'Q le at the contained n� said bonds me hereby
First Security Bank of 0tgll-'N A. Ex- adopted as
covenants.1lsstatements,eel,-
change
flare Branc, Salt Lake City, ' and
Utah, Sala bonds shall be designated o06Salt Lake City,Utah.
Salt Lake Cy Tax Anticipation Hoods. Section 0. The Mayor is hereby
Series of January 2,1955." authorized and directed to SiRI,and axe-
Said bonds shalt be signed by the•cute said bonds and the City Recorder
Mayor and attested by the•City Ts hereby authorized and directed to
rider under the l of the City,and-attest and affix the se i f Salt Lake
¢
the p s attached shall be signed Cite to each of said bonds, and the
with the lithographed or engraved fee- 0ou(a oedtuebedc to
said bonds
O11 gnat shall
miles nature of the City Treasurer. be Said bonds shall be registered-i of the City Treasurer, and the City
•hook kept by-the CIty Auditor for that Auditor is authorized and directed
purpose and the City Auditor shall en.i to place upon said bonds the certificate
noise on each of said bonds'the ear. in the manner and form set forth
tifioate r red by law, said bet'Above,and the acts of said Mayor,poi!
shall he i u bon
IS
the following City Recorder and said City Auditor in
form,to-wit: o doing a and shall be the act and
UNITED STATES OE AMERICA deed of Salt Lake City,
STATE OF UTAH Section 4- That the Board of City
COUNTY-OF SALT LAKE Commissioner's .shall levy in the year
SALT LAKE CITY TAX 1955 a fficient tax to pay the prbl-
AN'1'ICIPATION BOND eipal and interest on said bonds as the
SERIES OF JANUARY'2,1955 • n hall tall due,and for the pay.
a ,t of said bonds,the full faith,credit
t
ICNOW ALL MEN HY THESE PRES- and taxing Power of Salt Lake City'a
PNTS: - irrevocably cably pledged and the
That Salt Lake City,in the County Board ofCity Commissioners hereby
of Salt Lakc and'State of Utah.hereby covenants with the holders of said
acknowledges itselfy to be Indebted and bonds to lent inthe v a'1955 suf£leient
for
lu,received hereby r0 s to taxes to provde fah lion payment f
nay to the bearer hereof the sum of the principal and interest of said bonds_
shell funds a (8 the date of Section 5. The First Security Bank
s c t of st ae ate.,i on of aim the f Utah,N A, d Associates f Salt
i interest or.this bond,legal tender for lake Csry.Utah.honinga offered of
pun.
base d bonds t s ssfac-
debts duo the Unitedday
States of Amen tore to this Hoard of City and
most
n e the First
Secud rity
of January, 1111. a s which offer was the.best and most
at N. tA, Exchanger Place Branch,USa1El of vantaeeod,received for the purchase
Lake City, Utah,with interest thereon '000 hind,,cep which theer its Core•
ate the rate of one and o Eghth per mission,
been. e tad by this Cloy Co be
cent (1.125,e) r 1e from date m o,the a is he a feat 1 offer'be
o r confirmed,
e ,d s hereby 'reified and
eked aid, 011 July 2 semi-annually and ereb'o authorized b ed aide City Treasurer io
Biro men, July 2�.leoes d on hereby idbod and "e.spueyhe to
Imam", 2, lore, said interest rest to I deliver said bonds n then purchasers
coupebeing represented by interest sllthereof, a and when the said bonds
coupons hereto Ile 01 attached. ' hat he and a legally issued and
'Phist.(4/ b is one f e series s fifef- delivered,n n thefo receipt of the por-
tent.(5u1 boned f of
a rotor and f- chase iBOND n fellows:
m ill numbered from t, U to fifty- AMOUNT1 a BOND NUMBERSto DATE
foul 15ak,b Clh iTAX Al e,and known s S4,000,000 Nos.1 to t Incl. On or
Salt Lake City Tax Anti1ip5tion Bonds, bout January 3.3055
Series to Jstun nary 2. Million
for the $1,000,009 Nos.41 to Joel. 1 55
aggregate stun of Five dllalo Dollars shoot 0Jolly0ee 2, lie,
Section 10 And d pursuant to Section a The d Recorder Is here-
Section 3086, Utahss Cone Annotated otsftt this
and ordinance
toted to eaue
1'J5d, COPY of this n one n s to he published
The City of S95lt Lake Citysufficient
shall tl levy ews-Salt Y e 'slue of the De d
di the r car principal
a s me est n Ito News-Sant E Re110 1 circulation
a daily
pon the the
same shall fall dv,o and Printed and published in Salt Lake
this bond is Issued in anticipation of City,Utah.
such is zeefor the year 3955. Section 7. That n,Cm rBeneYa is
It hereby renLire recited and hereby declared and In the o
declared that the entire indebtedness of the Board of City Commissioners be-
t d City hereby incurred e f the necessity for funds to
4 the taxes 0f.said City not
be meet the current x uses of said City,
levied for the current year 1955,and it "s necessary to pike peace, health
that said indebted.,was and; ad s fete [ the inhabitantst pece f Salt
tractea c0[the pose for which said Lake City that this ordinance shall take
taxes -levied, effect at once.
It i hereby reified,recited nd de-
clared that all condition, acts and Section 8. This ordinance shall take
things essential to the validity of this effect 1R0111 the first publication,
'bond exist. have happened and have PASSED BY THE B OF CITY
been clone,a d that a nnor nt COMCOMMISSIONERS of Salt It Lake City.
of law affecting the issue thereof has Utah,this Pith day of December,A.D.,
been duly complied with,and that this 1954.
bond E within every debt and ether Earl J.Glade
limit prescribed by the Constitution Mayor,Salt Lake City,Utah.
and Laws ot said State. and that the ATTEST:
full faith and credit of said Salt Lake liras F.Bitner
City is hereby it cable pledged to;City Recorder,Salt Lake City.Utah.
the punctual na.vment of the pfincipal•(SEAL)
and to itsthter,ns�rest of this.bond eccorbinC HlPubli Led December 15th,1954. (C 20)
g�