86 of 1951 - Providing for issuance and sale of $2,250,000.00 Tax Anticipation Bonds Series of January 1, 1952. ROLL CALL
/
VOTING AYH NAY Salt Lake City, Utah, December 19th , WAx-1951
Burbidge
xiffisx
ri StenSenmA I move that the ordinance be passed. //
Romney ` y','•_
Lingenfelter
/ , .``
Mr.Chairman i ..- �
/
Result '
e6
OOPD ANCL
AN 00DINANCL }ROvIDINC FON The ISsUAOCd AND SALL CI 'ASK) .`• LLIO`J Ti Bdli(A)AND
FIFTY THO'.USAND DOLLARS 02,250,000) TAX ANTICIPATION BONDS Or SALE LAKE CITY,
UTAH, SERIES OF JANLARY 1, 1952.
WHEREAS, there is an i.sinedia.te and pressing; need for the raising of
' funds in the amount of Two Iillion Two hundred and Fifty Thou.,nand Dollars,
(;2,,250,000) for the purpose of meeting the current expenses of Salt Lake City
far the year 1952 until the payment of the taxes for the year 192, and
WI EHEAS, the eat„wa.te0 tax revenues of Salt Lake City for the year
1951 will agregate Three-Million, Four Hundred Thirty-three Thousand, JJ
Four Hundred Thirty-One & no/100 (93,433,431.00) Dollars,
and the total estimated revenue from all sources will a.ggreate Eight Million,
One Hundred Five Thousand, Three Hundred Seventy-Nine & 52/100
08,105,379.52) Dollars and
,ff3REAS, the sum of Two lr;illion Two '-Kindred fifty Thousand Dollars
(::l2,250,000) required now to be raised is not in excess of and revenue as esti-
ma.trd for the year 1952,
N04, THER'FORE, BE IT ORRDAPNED BY 'Tr', BOARD Ci COI l'AISSI011dl OF :AM'
(1J LAKE CITY, UTAH:
Section 1. Thai said Salt Lake City, Utah, for purpose: of neeIir.�
current expenses of said City for the year 1952 until the payment of taxes for
the year 1952, shall borrgw the sum of Two Million Two llundred smd Fifty 'Thousand
Dollars 02,250,000) and for that purpose as evidence of bee'l inde'otednese .loll
issue thirty-three (23) bonds, numbers one (1) to nineteen (19), both inclusive,
in the denomination of One Hundred Thousand Dollars (:100,000) each, numbers
twenty (20) to tenty-L'o (22), i,oth inclusive, in the denomination; of Fifty-
Thousand Dollars 050,000) each, numbers twenty-three (23) to twenty-eight (2H),
both inclusive, in the denomination of Twenty-five Thousand Dollars 025,000)
each, and numbers twenty-nine (29) to thirty-three (33), both inclusive, in the
denomination of Ten Thousand Dollars 01O,000) etch. Said bonds shall bear date
of January 1, 1952, and shall be duo and payable January 1, 1953, bear.ini:: interest
at the rate of one and 35/100 per cent (1.35%) per annun, payable semi-annually'
on July 1, 1952 and January 1, 1953, botn principal and interest boinl-, payable et
the First Security Bank of Utah, N. A., Exchange _'lace Branch, Salt Lake CAty,
Utah. Said bonds saall be designated "Salt Lake City Tax Anticipation Bonds,
I
Series of January 1, 1952". Said bonds shall be signed by the ;'layor and
attested by the City Recorder under the seal of the City, and the coupons
attached shall be signed with the lithographed or ent;raved facs.L iie 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 fore, to-wit:
-3-
r
UNITO STATES OF AM MICA
STATE OF 0TAA
COUNTY ON SALT LAKE
SALT LAKE CITY TAX ANTICIPATION CORD
SERIES OF JANUARY 1, 1952
No.
KUCIlt ALL MEN BY THESE PRESLh]TS:
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
($i )
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,
1953, at the First Security Sauk of Utah, h. A., Exchange Place Branch, Salt Lake City,
Utah, with interest thereon at the rate of one and 35/100 per cent (1.351) per arintm,
from date until paid, payable said-annually in like money on July 1, 1952, end on January 1,
1953, said interest to maturity being represented by interest coupons hereto etteched.
This bond is one of a series of thirty-three (33) bonds of like tenor and
effect, numbered from one (1) to thirty-three (33), both inclusive, and known as "Salt
Lake City Tax Anticipation Bonds, Series of January 1, 1952", for the aggregate sum of
Two Zillion Two Hundred Fifty Thousand Dollars ($2,250,000), and is issued pursuant to
Section 15--8-6, Utah Code Annotated 1943.
The City of Salt Lake City shall levy in the year 1952 a auff'ici:nt 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 1952.
It is hereby certified, recited and declared that the entire indebtedness
of said City hereby incurred is not in excess of the taxes of said City to be levied for
the current year 1952, 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 irrevo-
cably 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 signature of the City Treasurer, as of the 1st
day of January, A. D., 1952.
Mayor, Salt Lake City, Utah.
ATTEST:
City Recorder, Salt. Lake City, Utah.
(SEAL)
To each of said bonds shall be attached a coupon for eachinstallment
of interest contemplated by said bond, the coupon due July 1, 19y2, to be
numbered one (1), and the coupon due January 1, 1953, to be numbered two (2), with
the several dates of payment and number of bond, and shall bear the facsimile signa-
ture of the City Treasurer. Said coupons shall be in substantially tin following
form, to-wit:
(Coupon)
No.
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
( $ ) in. such funds
as are, on the date of payment hereof, legal tender for debtor 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, 1952.
(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 w ithin 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 agreements
contained in said bonds are hereby adopted as covenants, statements, representations,
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 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 said Mayor, saa:id City Re-
corder 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 Comoissioners shall levy in the
year 1952 a sufficient tax to pay the principal and interact on said bonds as the
f
same shall fall due, and for the payment of said bonds, the full faith, credit and
-5-
taxing power of Salt Lake City is hereby irrevocably pledged and the Board of City
Commissioners hereby covenants with the holders of said borx].a to lover in the year
1952 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 Coaaaissioners, 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 Cormission, the acceptance of said
offez7 e and the same is hereby ratified and confirmed, and the City Treasurer is
hereby authorized and instructed tyi;deliver agxy Two il-Jaon Two hundred and Fifty
Thou Ond Dollars ($2,250,000) Tax ci ion a*pnds to the Purchasers thereof
' ':as and when the said bonds s is li b,e. and a'r le*allv issued and delivered, upon
pp recet of the purchase price there ' a
Y l"!
Section 6. The City Recertr is likenstructed,and directed to
r m
causer copy of this ordinance to beYpublished iia e5'lately in Ond 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 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 publication.
PASSED BY THE BOARD OF CITY C O1liISSTONLRS of Salt La.ka
19th December /City, Utah, this day of i 951
Ma.yor, t to C=i 1,y,Utah ---
ATTEST
City Recorder, S ,lt_S,a:Ce City, Utah,
(sm..)
Bill No. $6
Published December 21st,1951.
-a—
Affidavit of Publication
STATE OF UTAH,1
Sc
County of Salt Lake J
Legal Notice
ORDINANCE
AN ORDINANCE PROVIDING POP 1
THE ISSUANCE AND SALE OF TWO D. --. C6E27
MILLION TWO HUNDRED AND
PIETY THOUSAND DOLLARS t.$2.-
F0,000) T A X ANTICIPATION Being first duly sworn, deposes and says that he is ad-
.ONE'S OF
Dula lo SAIrT LAKE CITY.
TAN, SERIES OF JANUARY 1.
1052 vertising clerk of the DESERET NEWS, a newspaper
WHY,PAY, .Imnyttiloia
and pressing hoed for IPe rolaIng of
tune,In the Amount.nt Two MIIIInn
Two Hun,ad ond IlPy Thnusand published in Salt Lake City,Salt Lake County,in the State
Dollar, tItIaan.0001 Int thv por-:
pn, df meeting the Purrettt t., ,
penxra nf Solt. Ink. City Int tlae of Utah.
WHEREAS. the nntImatr tt tat
Ittenurs of Solt Lake CIty for the
year MI, wilt MILLION,FO Am-agate DTHREE That the advertisement
till HUNDR.E THIR.
'IV-THREE THOUSAND, POUR
HUNDRED THIRTY-ONE Ft NO/1/1
MI433.431001 DOLLARS, ond thr An OrOlinance .Pdll An 86
total estima..ert teventie from all
smitten will aggregate EIGHT MD,-
LION,ONE HUNDRED FIVE THOU-
SAND, THRE,E IllINDRED SE.V-
FNTY-NINE ,V 52/100 f5B,105.319-
nt Dollars, one
WHEREAS, the min ot Tate,Mil-
lion Two Hundred Flfty,Thousand
Dollars 132.250.01fit rettIlettl now to
lot raised ix not IN]ttx,Aan tot sold
Menu0 ea estimated•Eor the yeot
IDOZ.
NOW. THERJ.Ni.Rffit n.• OR-
VgiWN rLi'w ST/V.1'7,N(C;PPY,•
UTAH: t '^
Serttion 1. That.aacrl Solt Lake
etty,Utah lot the.oqthote ot inert-
1.,g t/trrent axpenwev of..atatd VP`,
fnc the year 1,15/,or411,Ily.voyinent
ef toxes Int thy,00.-AttII hortow the aunt.or IMn Aallflon Ivo was published in said newspaper on_DeC:cnibr-.22,__:1.9it
laundpad and Talliit PlhdAaind Dol-
lat.02,250.00i-4e.Ins,that Pat,-
11'17., 't400i1"=.:Ii„'(';-hth'rre'er''''M
bonds,n unbar,ono Ill de nlorteen
(19),both ineluslvo,In the 0o0101,
Patton of On.•Hundred Thousand I •
Dollars ($100,000) earth, nutnItera 1
.//'twenty tt201 In twenly-twn MI.I
both Inelusive, in Opt denomination /// ,,e)
st
of Fifty Thousand Dollar,($50.001t ,.i./ (.-Z-"OtY—C-a-6,-.-.C---L.,.. -)art,number,twenty-throe(231 to ,
twenty-tight(28,both lorltiolye,In
thr titnernInotion or Twentyrtive / Advertising Clerk /
Phousancl Dollara (S2a.000) eich,
and notohert twenty-nine. f A}do
thItty-Ate, 11:11, hoth Indult,le
the denotnIna Hon of Tett Thotiaand
Dollars(WPM)each. Sold bond,
shall beat Into of doniloi,1.1152.
ard shall Itt due.1 payable 44111-
W,,I,1,51,beartno Intate,at 11,
tote of ono uui nvuul vet e,t,?,to before me this 22ttd day of
I l.151,) pet annum, payahle se-al.
annually on July I. 1,52, and
January 1, Ma,both prInelval and
IPPY Par being pavoille al tho EPA, A.D.19 '--"-I
se.,,,y r,nk ot litab, N A•Ex-
(shallot Plot, ',ranch WI-. id,.
CIte, Malt. Said bonds shall he
slei,onotert rSott la!, City I.,
Antielnattnn Pond, Sari, nf Ian-
_
itaty 1,1P52 P Paid bond.ahall he
l d M. d M )
i 4
sime Ity the ovor an ROH ---
by Ept City IV-en:trier 11111,th,ar.,1
lathed rha't}1,signor,with Ihn lift-
ogrophed or enotated tasetnitte Mg ld Notary Publ • ... —
noture nf tho City Tteaataror, So
bonds shall be teglatta od in a book '%apt by Han CtLy Audiant flit that
I
p,ttpc,and tato CRY And,. Ptoll
andotar nn ^at,ot :ta ttl hettd, Ete
eel',leo, requited by Ptty 5Prl
bonds aholl be In aultatardlally tho
following tot, tn•wit:
nr:rrefl yf A'rl:a r lrn
d SATE On tITAIin
elf)VA",T Olt 1•al(F•
PAI,T LA Nh:CIT TAX ANTICEtA-
TION BOAT), 91enf La OF .,141r.
Ant 1, HISS.
KNOW AlI,WIN AY TRESS,PRY,H-i
FNTS.
That Hall IA kr Illy, In the
Cnrmly of Halt lake and Stale n1
Vat, hereby eonno,d Ire Serif In
he lnlchled and fnr value Iecelvea COOIOI'one±x•hell r ay In Ghe y.
here,promisor to nay In the bearer' 1952 e s-aftirl Ent Y-ax to zy the➢r;-,
hereof h,slim of aloof and Interest o ne Id bends e
(b - 1 In s,rrh Sunda es the se,r ahe:1 fall One,And tot the
aro, on the dote of payment of lleyment f =illy harey the tall
the orlholoal of I
t t Inter,. faith Clio rl t r
F f
'Iliaon le d end for rah, Sell.S
Cltv
l die the United Slater of American ...gad and thr Aut Irrevocably ard of C_v nrn-
the nevi day of .19nnaly, 1959, nsalon' brae,/ ant, wfth
at
Lha Flilxt horrid. Sank nl Utoll the Fall r o_ wide bond,r 'n levy
A- h n I`Inrn Frothvh. Rl4 1n the r le.arfnrlent tares n
f ako'CI..1 I.h,with Internet lhrr Prnvl I r the payment g[ 1
at Iha Ir of n tIDp m'Ivrlpal and In.,.of laid nutria.
,
n cent (1 5 rear ftnm Se:Winn 1 Th. FleetSeine sty
1de to 1 l kill f l l able I I Pen, I Utah, N A 5..hance
y ,1y 195_ d Pt re A ,h, a or, I lac
, [
on J nt 19��, 11 d by hoofer,'
ln- 90 ro h Yak C'IU[fih 1 .(f eyd
t lilt It I l .rf t th. A -d f Clf/
1. P h. ll d• Coranderionerr vonloh ff, the
T I. bond le I f hest t
the ty throe(al 1 de f Ilk 4 i t
nd effect ntmheed from one (III bonds. atnd which oay the ffer hshr roe het eto-to thl)try-CI-sec (III,both!nonfat,I fore hren accepted by I.h1) City
hd known a Salt Lake City pax
Antlelpatlon Bonds. Series of Jan-1 o er se end
n. acceptance [rely
nary 1,1952,"for Inc aggiagata ruin ratified
he d the settle is heh C,ly
(Two Million,Two llrindted Slilytitled antler he;Ow
d,,Io the and
9 Trramrrer la hm'e.be ao`lda Two and
THlasitedd D-It:a to Srot,fn1111, and I,n Tan
to sired a doll Two bo,
-Uier lasted tur,irnnt to 5rrtlnn 15-9-9, lion Dollar,
lr,u Bred and FIf T an.
l'Iteh('Cit Af`inlay 19d.9. rand Dollars Anna:
the Tax A
The City of.195 to kr CI'p shall Metoron Aod n to the n
levyIn the year laal e an Interest
' shall
h a a d worn the tally bm,da
ax h
t oily!he Orin 11Tal and hshall t on shalt he and a n lcgplld'1,t ed and
this a,nnd n Ion as mr shah o - chllverer, ',non efor.taint of the ptr-
dn, o Ih:a bond x for 1 In on-, .cha r frlaer t'she
1952 Linn of aurh taxes for the year Ssrtl a 5. The Cif vand do eider In
J9.I::_ hereby feted and direr!ed In
II re ha hat the
rcr.Rro and ela ord)na,- I s&flnn o
ale,ern at the enb re ln1.0011 1- nuhllchet odlataly In or Irene
n[end env treaty h,nun'rd 6c of the O a daily n
nota In r f the taxon of.mid pOPm'of ea News
genteel ,1:relation in r tad
City to be levied for the oil ruts ptleUtand p'.ibllahed In Salt Leda
Yea,1a52, end the] oa)rl Indrnfrd-I city,
nraa and Is' co rted fnr the Serlion't. That 'sere,' Is
p nose f which rl 1 h by tl 1 d d n1 1 p I n
levied
lc 9 I ( 1.1 t,
I,le hereby rrtf((girl' ,cited andbecause t eat t't on de In
.InetlrI all I t(h or . .aea id
things s l t -h Alen f health 1 Id f nrly 1 Inhab to the itanlr
CIF h r e r it have eo 1 and of sal'f.e,;r Crryr that ibis e:dlnar.yo
hen d 1 rr - I hall aha effect at o
rythcmer nr IRRr RI1. the leolle S rt This otdIttenoe shall
thereof ha,h.ro only comp d WWI. tRk, effort To on the fleat 'nitnx-
ed that IIna hoot, fa wl ldn ey v tiny.
Ha ot
t b1 and e her llmlt ptrxclbed hy PASSVD BY THE BOARD OF
the Con,:so!no and ,arc of entrI CI'PY 01,11.95IONFRH of Cart,
Palo And that Hon full faith. and Lake sir,, Utah. Ulla lath day of
credit of saki Pair lake City Ira December, A. D., 1951.
het,. lrreeneaTy Olydaed In the SAM,..1.elLADC
plmel.oal no wean of the pi hart,' Motor.Salt Lake Ci ly,Utah,
end the Interral.of this bond accord- A'T fF9T:
Inv to Ile leInta IRMA F'.laTTNRR_
IN W19'DIE,WIMP NOP%Sall.Lake City Aerorder,
(illy ha.a this Mari to Its On,I 1Snle Lahr r'.11,. llenh.
elated,by lt.o srMayor. Its r. infra AIII Nn 96
all t0 hr het'arrn In nffT<rd,and el- Ponlhhrd December 914. 1951,
teams by Ihr CIIy Penn'der,and I.he
reel rorrpons O r the fare
simile s1R1IMIkrr RI lhe ally'fern,-
e RI the let day of January,
A..b.195).
starter
er'a•sar:
Salt hake CP.y. uian-
Pee
(MF<Lr Solt Ga ke. Clty, i'!eh.
To each of said honda shall be
rhea a coupon fnr e 9 1nstall-
.a tneenf ern ,et Pr
aid bend, the uedn caII, 1.
}he to be.numbered e antl1,and
benumb,ad fawn(9i),Wig fn Je to
bond,Andoei payment
trhert nthenl anrIonlo
Ignature nl the. CO,' Treat...
S&Id coupon, shall e In rob),an-
tinily Incthe Tolloalna form, to-wit:
(Coupon]
Np July
On the Sr, day of tenons,
19 Malt Yoko C1ty, In Salt]aka
County. Slate of Utah, will pay In
the bearer hereof 'he, of
In such muds as f nn the l e
nt payment hrreol1ireal tends fm'.
delete dire the Ile WTI St'e.rs of
America,at the Sleet St cry Bank
f Utah, N. A. Far hange Plain
trench,Melt Late Cite,Ito-th,being
six months'Interrel then due Ito
Tax Antlelpatlnn Bond, Seller of
January 1.395,
f Fnaclntlle 'Ole t'e)
City y la eer-iirer,
Hood No., Malt Lake City, Utah.
There shall he endoreed on each
CO tall CI,'
bonds the lallowlrt5 CIAu-
d➢,or'a Certificate
"City A1Idifor a Cerl'.Ileale
I hereby eertt%y that this bond in
aelthln the lawlnl drht limit o1 1131,
Lake Clty, Utah, a-nd fa Issued au
-
cording en law.
...... . ... .Auditor,
Solt Lake. Clav, Utah,
Electron0'. 0 all char. lal•.
enta, reprcaerlt In rae and na hot
onlxted In rate . ale
manta
eerep.e,a
anent, reP"exec roil tlnnt�rnanra, I.nlr
and promise, of .Salt Lake agreement.,
Utah.
Section 9. The Mavnr I, hereby
thor'Ised and direotert to sign and
e otdut0 sold bonus and the Clty
Recordar la hereby avthorfyed and
directed to attest and affix the seal
nt Salt Italie City to each tf said
bonds and the coupe. e.toil shad
to said bonds shall be signed by
the feeslmlle sl tnattire of
the. City
Treasurer, and the Clty Auditor Is
authorised and on erred fn Plere
r Pon ,antl hoods the eart,fleare In
the and farm torch
manner
Ha Iha arts of selrl rho r ddcrl '=n
Section tar That the Board of CIS'
g6