84 of 1958 - Providing for the issuance and sale of $5,000,000.00 Tax Anticipation Bonds of Salt Lake City, Utah, Rec.l✓3 50 l.)tl ll.r.
ROLL CALL Salt Lake City,Utah,...fE.C..2.3.195.8 , 195
VOTING Aye Nay
I move that the Ordinance be passed.
Burbidge . . . ,
Christensen .
Geurts . . .
Romney ssioner of Public Affairs F+ Finance
Mr.Chairman . / '
Result . . . .
Si/
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, 1959.
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 Lake City for the year 1959 until the
payment of the taxes for the year 1959, and
WHEREAS, the estimated tax revenues of Salt lake City for the year
1959 will aggregate Five Million, Four Hundred Fifty Thousand,
a%1 toa]t0� Dollars
Seven Hundred Fifty-Four/ an o al estimated revenue from all
sources will aggregate Eleven Million, Three Hundred Seventy-Six Thot.s-
and, Eight Hundred Fortyn}ueuand 56/100 Dollars, and
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 1959,
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
meeting current expenses of said City for the year 1959 until the payment
of taxes for the year 1959, shall borrow the sum of Five Million Dollars
($5,000,000) and for that purpose as evidence of such indebtedness shall
issue fifty (50) bonds, numbered one (1) to fifty (50), both inclusive, in
the denomination of One Hundred Thousand Dollars ($100,000) each. Said bonds
shall bear date of January 2, 1959, and shall be due and payable January 2,
1960, bearing interest at the rate of two per cent (2.00%) per annum, payable
semi-annually on July 2, 1959, and January 2, 1960, both principal and
interest being payable at the First Security Bank of Utah, N. A., Salt lake
City, Utah. Said bonds shall be designated "Salt Lake City Tax Anticipation
Bonds, Series of January 2, 1959.
-2-
Said bonds shall be signed by the Mayor and attested by the City
Recorder under the seal of the City, and the coupons attached shall be signed
with the lithographed or engraved facsimile signature of the City Treasurer.
Said bonds shall be registered in a book kept by the City Auditor for that
purpose and the City Auditor shall endorse on each of said bonds the certifi-
cate required by law. Said bonds shall be in substantially the following
form, to-wit:
-3-
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JANUARY 2, 1959
No.
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake and State of Utah,
hereby acknowledges itself to be indebted and for value received hereby
promises to pay to the bearer hereof the sum of
($
in such funds as are, on the date of payment of the principal of and the
interest on this bond, legaltender for debts due the United States of
America, on the second day of January, 1960, at the First Security Bank of
Utah, N. A., Salt Lake City, Utah, with interest thereon at the rate of two
per cent (2.00%) per annum, from date until paid, payable semi-annually in
like money on July 2, 1959, and on January 2, 1960, said interest to maturity
being represented by interest coupons hereto attached.
This bond is one of a series of fifty (50) bonds of like tenor and
effect, numbered from one (1) to fifty (50), both inclusive, and known as
"Salt Lake City Tax Anticipation Bonds, Series of January 2, 1959", 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 S;lt Lake City shall levy in the year 1959 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 1959.
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 1959, 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 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 affixed, and attested by the
City Recorder, and the annexed coupons to bear the facsimile s' ure of
the City Treasurer, as of the 2nd day of Januar A. D., 195`j
yo , t e City, , ah
ATTEST:
keitif\e'
Rec er 1'PRIPI, Utah
_1}_
To each of said bonds shall be attached a coupon for each installment
of interest contemplated by said bond, the coupon due July 2, 1959, to be
numbered one (1), and the coupon due January 2, 1960, 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 sub-
stantially the following form, to-wit:
(Coupon)
No.
July
On the second day of January, 195 , Salt Lake City, in Salt Lake
County, State of Utah, will pay to the bearer hereof the sum of
($ )
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., Salt Lake City, Utah, being six months'
interest then due on its Tax Anticipation Bonds, Series of
January 2, 1959.
(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 41. e Cit ah"
i
-5-
Section 4. That the Board of City Commissioners shall levy in the
year 1959 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 the said
bonds to levy in the year 1959 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
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 bonds 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.
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 circu-
lation 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 pub-
lication.
PASSED BY THE BOARD OF CITY COMMISSIONERS of Salt Lake City, Utah,
this �3rd day of December, A. D., 1958.
Uta
ATTEST:
Reco a Ic • y, Utah
(SEAL)
-6-
• Mr. Theodore I. Geurts moved, seconded by Commissioner
Grant°M IBUr'bidge , that the ordinance be adopted, which motion
carried, on the following unanimous roll call vote:
Adiel F. Stewart Commissioner "Aye"
Theodore I. Geurt$ Commissioner "Aye"
Grant M. Burbidge Commissioner "Aye"
Joe L. Christensen Commissioner "Aye"
L. C. Romney Commissioner ,"Aye"
yp•
g ity,
ATTEST:
•
ec, er, t/ t , Utah
(SEAT)
BILL NO. 84 of 1958
Published December 30, 1958
-7-
ADM-aSA
Legal Notices
ORDINANCE
AN ORDINANCE PROVIDING
O(FR FIVE E ISrlUULI.ION E DOLLARS
1959. 00FT5ALT LAKIEA I1TY, j Affidavit of Publication
UTAH,SERIES OR JANUARY],
1959.
WHEREAS, there 1s n imme-
diate ran f[reds punted for the
raising
aFiveo Million Dollard-($5,000,- -- `
0l 0 current
the purpose Sal feeling
City for the expenses
r 059 to the
payment
entd of the takes for the year ,
WHetSIAS, the -umafed tax OS.
f Salt Lake City for'
T
h
the vrar L959 vlll aggreg(a,te Five- 1,
and, eevan Hundl ed d sth ,For,
and no/l00 Dollars and the total
estim atea revenue from all
nluiial�.Tge ft`NA s El ni$ D. M. UCk ey
Six Thousand, Eight Hundred
Forty Nine and 50/100 Dollars,and
duly
Ml WHEREAS,
%1 S,,thefasA'm of Five Being first l sworn, deposes and says that he is legal advertising
voiced slow tto be raised lvenue a not in clerk of[ the DESERET[NE`/VS ANT) SALT LAKE TEL E-
excess of s esti-
"'NOW HEREFORESHE 1T OR. GRAM, a daily with
Sunday) newspaper printed in the Eng-
DAINED BY THE BOARD OF I[sh language wCtll ) r
COMMISSIONERS OF SALTgeneral circulation in Utah, and published in
LAKE C ITY.UTAH
Tte salt Laee Salt Lake City, Salt Lake County, in the Stale ofUtah.
Citytlnt tah,11rt^ttheexPensese
"'id City farrrfloe sea r r th until
the payment of row for the year legal
i
1959. -hall borrow the f That the notice of which a copy is attached hereto
Five shall
'that
Dollars as3eVidence
and far-t i oaa a fassue
i such indebtedness as
issue Lake City Bill No. 84 of 1958,
151 fit filly 1101.t,oth numbered ii Salt L
the denppominetiuu f _One Hurl-
dreh,Saids bonds shallben00'date
each,
Y,1950, and shall be An Ordinance Providing For The Issuance
.bearing ieoyebteat the rte of19 0.
ableaenati-annoalfera'"Julybll And Sale of Five Million. Dollars Tax
1909, and January 2,an July
both
able cis!e e e tecevt belna If,, -
Utah t the P'Irst Security a City.
Utah. SasaATol Salt
halt be des Anticipation Bonds, Series of January 2,
;Won BBeends., Seriesv"L J nruuwy
the b100and shall eal`oyd the 1959.
City Recordor er under the seal of
thr City,and the coupons attached
shalt be signed with the litho-
graphed engraved facsimile December 30, 1958.
sigaidnature ureda f shall'City registered was published in said newspaper on
a book hems by the City Auditor
for that- and the City
Auditor shall("n,iorse each of
said bonds the certificate
be'Ind substantially'the followinlf
form,to-wit:
UNITED STATES OF AMERICA
STATE OP UTAH
COUNTY OF SALT LAKE ,
SALT LAKE CITY TAX .
l (.�—
ANTICIPATION BOND Y C G C
SERIES OF JANUARY 2,1959 �+' /l
N KNOW ALL MEN HY THESE / Legal Advertising Clerk-G
PRESENTS
Co lnty Sa1tS t kLa eRa,dl"St I4
of Utah,oher'eby acknowledges it-
self to be indebted and for value
thcalved hereby promises to neon to
e Sharer hereof tiro a n [
gun
ofeani fonds d n the date
o[ p ant mathe pal of
and a'.te iatc 005 debts id band,
legal tender £or debts due the 31st
United states pf January,
'm,ter .--_day of
second
Security"Bank of GOUtah. to before me this -- -----.
N.A..Salt Lake City,Utah,with
interest thereon at the rate oftwo 58
from pedate'l until /paid. pa,'v'able A.D. 19
Julr- rally in like money -
2,"1959.and on January 2,
1969.said interest to turity be.
ina represented by interest co
pont hereto attached.
Tits bond Is o of a aerite of
fifty(501 bonds of like telwr� rl
ffect, b0'ed from one(1)a to •
fi[ty 150s1. hotly i, lusivc, nd - -
known ''Salt Lake Cltr Tax
Aptiel�of5n5ao,fbs,upiesggfy op Notary Public
0fo0 00 0f),FI5n.
d M to n reDdo llnr 1 nt
to`Section 10E3,Utah CodoAn-
•ablated
C10ty Jof Salt Lilco City shall
tern in the t r 1030 a sufflcie,l-
tax to Ike r (nasal and en-
tered on a ibis bond the. a reS
ahaudfall due,ticinatlo,: nil„such
u h 1961.
issued
focltireby r 195i1. ofsu
IL s hereby a rtheha recited
debtedoess`oft saidr ill t City hereby
taxes(of said Cily to`bealevief the
d for
thle c cc tt year 19 59, d that
trete ob anss wa ofµech
atl e0 eeei[icd, recited
and fyla10 that all conditions.
validityeof thisa bond"exist.o have
aelateveyareuret"rndi requirement of
law affecting the issue thereot
thhaatb tills 0ond`glsp]Lerllh'nth.end
acbt and other 11mlt orttescribedebv
the Constitution and Laws of
said State,and that the Lull£atth
end credit of said Salt Lake City
is bench i'revoealely pledged to
She p tual payment of the❑rinl-
asea`dins flo tie seen of this bond
Lake City hasS caused this WHEREOF,bond
cocore rate signed toy bleahereuntoaf-
fixed,
der.d andtethe o xed Cty
.pons to boar the facsimile signa-
ture of 2ndthe day ity of January,A.D..,as
A19TT59.
EST:
/s/ADIEL F.STEtVAET
Mayor.Salt Lake City.Utah
ATTEST'
/s/C City Reorder,bolt Lake City.
Uah
tSTo)ec each of said bonds shall be
attached a n for each i
stallment of interrest contemplated
by said bond, the COUP. due
July 2.1959.to ben otbered o
M.and the coupon due January
,
2,
w to,ith the numbered
)several dates of payment
band mber of bond, and heo
ear the facsimile ignature of the
City Treasurer.Said coupons shall
be in substantially thehe following
form,to-wit:
(Coupon)
No. B July
On the s and day of don-
` a''.195 'County,
Lake City.3n
Sal'. Lake County, State of
Utah,
the Pay to the bearer
( )
ch funds a the
date.0 of av t hereof,p lease
tender form debts due the
tUnited
lecctates SecuritAmerica,
Park of
Utah, N.A., Salt Lake Ctty.
Utah,being ss oaths'inter-
ticipation d Bokau, Series Aof
January 2,1959.
Facsimile Stmrature)
City Treasurer, Salt Lake
City,l gh
There ohok each of said bboen dehoe fodll oaw.
1n 8Ciydir' rtiate
CyAutosCe fce S hereby certify that this
bond is withn the lawful debt
and of Issued
accordingc tato
law.
LOUIS E.HOLLY
City Auditor,Salt Lake City,
Utah"
Section 9.That the Board o
City Commissioners shall levy in
the year 1959 a sufficient tax to
pay the principal and Inteerot o
'd bons as the s hail fall
bon and fo,the p ametrt f t Sold
bonds,
the dullof SalthLake CitynIds
hereby power
r irrevocably plbdeed and
the Hoard of City Commissioners
hereby covenants with the holders
of year 1959 said
ficent nds to
to pro in -
vide for the payment of the eeln.
• I m nd Interest f s id bonds.
Pack Utah,N.A.. d Asso.
having of
offered oY.eurcha,seVaciid
bends at a price sattsfactory said
thhicIIoarh feof City,113 the nessluncrd
thmost advantageous received fer
e r hosehoofs s tat ebends, and
wherplectehy this Cits Comtnlsetoit
the eeptznoe of said offer be
acid f cenftimedts modebtheatClte
Treasurer i hereby authorized
and instructed to deliver scid
onasd to when the,said be,ldseshall
delivered,• eyed, legallyare
receipt of the
.'chase price therefor.p Section B.The City Recorder 1s
hereby instructed and directed to
beu oablislied imTed ately ie ne
Issue of The Deseret News-Salt
Lake Telegram.a daily n
f general c lation ewin "prd
J+r'tcd and c�trtbllslted i,, Salt
Lake.City,Utah.
Section 2.That a emergency
is hereby eclat'ed a m In the
of the Board oft City Cont.
• • io r funds
because of the n
oily for funds to meet the current
of sold City,I is h n,pen too the p c het alt and
yefaty of the inhabitants of Salt
Lake City that lots ordinance
shall
effect.This ordinance shall
take effect upon the first auh:i-
catloit.
PASSED PIS IO RBSA of Salt
OP
CITY CO,Utah.All,
of Salf
Lake rhyy, Utah.1 23rd day of
ATTESer,A.D..1958.
ATTEST'
/s/HPHNAN.0 HOGENSENDish
City Recorder,Salt Lake City.
Utah
BILL)NO.34 OF 1938
Puhlishrd Dry.30th.1953 IC.3)
Sy