HomeMy WebLinkAbout86 of 1956 - Providing for the issuance and sale of $5,000,000 Tax Anticipation Bonds of Salt Lake City, Utah Ser ROLL CALL j -
VOTING AYE NAY
Salt Lake City, Utah, December 18, 1956
Burbidge
xtfithcdt
Christensen I move that the ordinance be passed.
Voistkesoax . . . •
Nicholes
xlincontic
x3Mdracc
Mr.Chairman . .
Result
S6
ORDINANCE
ORDINANCE PROVIDING FOR TIE ISSUANCE ARID SATE OF FIVE MITJ,TON DOLLARS
I(05,000,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES OF
IJANUARY 2, 1957.
WHEREAS, there is an immediate and pressing need for the raising of
jlfunds 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 1957 until the
IJpayment of the taxes for the year 1957, and
WEREAS, the estimated tax revenues of Salt Lake City for the year
11957 will aggregate FIVE FIJ LION TIIIRTY T.'IOUS IID TI REE IIL'EMD :=ETY LIGHT
DOLLARS (vr5,030,390.00) and the total estimated revenue from all sources
twill aggregate ELEVEN -:ILLIOb six Ty LIGHT _T V:; P.ITNDRJ]D IILLR _F
bOLLARS (,1,065,513.00) , and
WHEREAS, the sum of Five Million Dollars 05,000,000) required now to
'Ibe raised is not in excess of said revenue as estimated for the year 1957,
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 1957 until the payment of taxes for
';the year 1957, shall borrow the sum of Five Million Dollars ($5,000,000) and
for that purpose as evidence of such indebtedness shall issue fifty-three (53)
11
bonds, numbers one (1) to forty-seven (47), both inclusive, in the denomination
Iof One Hundred Thousand Dollars (0100,000) each, and numbers forty-eight (48)
Ito fifty-three (53), both inclusive, in the denomination of Fifty Thousand
[Dollars ($50,000) each. Said bonds shall bear date of January 2, 1957, and
shall be due and payable January 2, 1958, bearing interest at the rate of two
jand three-fourths per cent (2-3/I%) per annum, payable semi-annually on July 2,
.1957, and January 2, 1958, both principal and interest being payable at the
'First Security Bank of Utah, N. A., ourth South Branch, Salt Lake City, Utah.
Said bonds shall be designated "Salt Lake City Tax Anticipation Bonds, Series
iof January 2, 1957".
Said bonds shall be signed by the P4ayor and attested by the City
Recorder under the seal of the City, and the coupons attached shall be signed
I I
with the lithographed or engraved facsimile signature of the City Treasurer,
Said bonds shall be registered in a book kept by the City Auditor for that
purpose and the City Auditor shall endorse on each of said bonds the certifi—
cate required by law. Said bonds shall be in substantially the following
form, to—wit:
it
I �
li� I
it
-3-
� I
UNITED STATES OF AYERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JANUARY 2, 1957
No.
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake and State of Utah,
hereby acknowledges itself to be indebted and for value received hereby promise
to pay to the bearer hereof the sum of
($
in such funds as are, on the date of payment of the principal of and the inter-
est on this bond, legal tender for debts due the United States of America, on
the second day of January, 1958, at the First Security Bank of Utah, N. A.,
Fourth South Branch, Salt Lake City, Utah with interest thereon at the rate
of two and three-fourths per cent (2-3/4%i per annum, from date until paid,
payable semi-annually in like money on July 2, 1957, and on January 2, 1958,
said interest to maturity being represented by interest coupons hereto attached
This bond is one of a series of fifty-three (53) bonds of like tenor
f and effect, numbered from one (1) to fifty-three (53), both inclusive, and
known as "Salt Lake City Tax Anticipation Bonds, Series of January 2, 1957", £off+
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 1957 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 1957.
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 1957, 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 ttere-!
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 accord-
ing to its terms.
IN WITNESS HEREOF, 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 2nd day of January, A. D., 1957.
Mayor,.,_alb - ke 'ter, to
ATTEST:
C Recorder, • le .i y, Utah
•
is
-4-
i
1
� I
I
i
To each of said bonds shall be attached a coupon for each installment
of interest contemplated by said bond, the coupon due July 2, 1957, to be num-
bered one (1), and the coupon due January 2, 1958, 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. $
--- July
On the second day of January, 195 , Salt Lake City, in Salt Lake
I' 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., Fourth South Branch, Salt Lake City, Utah,
being six months' interest then due on its Tax Anticipation Bonds,
Series of January 2, 1957.
(Facsimile Signature)
City Treasurer, Salt Lake City, Utah.
bond No.
There shall be endorsed on each of said bonds the following City
uditor'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.
7
Cit Auc.tor, Salt Lak. C ty, tah
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
Ilexecute said bonds and the City Recorder is hereby authorized and directed to
fattest 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
'reasurer, and the City Auditor is authorized and directed to place upon said
onds the certificate in the manner and form set forth above, and the acts of
1 aid Mayor, said City Recorder and said City Auditor in so doing are, and shall
e the act and deed. of Salt Lake City.
11
!II —5—
�I l
Section 4. That the Board of City Commissioners shall levy in the
year 1957 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 oP City Commissioners hereby covenants with the holders of the said
bonds to levy in the year 1957 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 satis7
factory 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 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 bonds to the purchasers thereof, as
and when the said bonds shall he 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
Salt Lake Tribune,
,EelkimectasmotocRxkbnbdmx,Colerguia* 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 publicatiol.
PASSED BY THE BOARD OF CITY CORISSIONERS of Salt Lake City, Utah,
this 18th day of December, A.D., 1956.
o- -
Mayor, 3 y, Utah
ATTEST: )14\ --
CRecorder, S k ty, Utah:—
(SEAL)
BILL NO. 86 of 1956
Published December 21, 1956
-6-
STAT OF UTAH
SS
COUNTY OF SALT LAKE)
I, Herman J. Hogensen, the duly appointed, qualified and acting
Recorder of Salt Lake City, Utah, do hereby certify that the attached and
foregoing pages are a full, true and correct copy of the minutes of the re-
gular meeting of the Board of Commissioners of Salt Lake City, Utah, duly
and lawfully called and held on the 18th day of December, A.D., 1956, at
the hour of 10:00 o'clock, A .M., insofar as the same refer to or con-
cern the issuance of $5,000,000 Salt Lake City, Utah, lax Anticipation Bonds,
Series of January 2, 1957, as the same appear on record in my office; that
I personally attended at said meeting and that the foregoing proceedings
were in fact held as in said minutes specified.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said City, this 18th day of December, A. D., 1956.
kleilclok*(12ti\tenfAity,Utah.
(SEAL)
-8-
.. Stewart moved, seconded by Commissioner
Nicholes , that the ordinance be adopted, which motion
Tarried, on the following unanimous roll call vote:
Adiel F. Stewart, Mayor Commissioner "Aye"
Lyle B. Nicholas Commissioner "Aye"
Grant M.,Burbidge Commissioner "Aye"
Joe -L. Christensen Commissioner "Aye"
L. C Romney Coawu ssioner` "Aye"
i a
•
' _,� , a t e 'ty,.N ah
TTEST:
" I
.. 1111.1 �► A:1' ►�,1
y ecor.el a or e ity, Uta .
(SEAL)
BILL NO. 86 of 1956
Published December 21, 1956
II
i i
Affidavit of Publication
STATE OF UTAH,
ss.
County of Salt Lake
D. Ockey
Being first duly sworn, deposes and says that he is adver-
tising clerk of THE SALT LAKE TRIBUNE,a daily news-
paper published in Salt Lake City,Salt Lake Cown.ty,in the
State of Utah.
That the advertisement of which a copy is attached
hereto
Salt Lake City Bill No. 86 of 1956.
An Ordinance Providing For The Issuance And Sale
of Five Million Dollars Tax Anticipation Bonds.
was published in said newspaper on
December 21, 1956.
Advertising ail,
Subscribed and sworn to before me this 21st day of
December A.D.19 56
L Notary Public
My Commission Expires
Nov. 25, 1957
•
ORDINANCE
AN ORDINANCE PROVIDING FOR TIIE ISSUANCE AND SALE OF FIVE
MILLION DOLLARS(55,1100,e00)TAX ANTICIPATION RONDO OF SALT
LAKE CITY,['TAR,SERIES OF JANUARY 2,1957.
WHEREAS,there is on immediate nediate and premising need for the raising of
Five
of
funds in the ur amount of uses Million Dollars ty5,of t for the purpose he
cetiel the etc ants for th of Salt 5,Lake City for the year 1057 until the
IpavmHE E the taxes for the v yen and
WHEREAS,the MILLION
I'�xN r' Sall Lake Otty for the ayear
re
NINETY-EIGHT
will IGHTate FIVE MILLION THIRTY THOUSAND THREEa HUNDRED
NINETY-RIGHT DOLLARSoea In ELEVEN LLI the fatal HUNDRED
revenueATTEST!
from all sources will FIgg EVCN MILLION LIGHT SNDRED SIXTY- City
J.r,5,it Lake
EIGHT THOUSAND FIVE HUNDRED THIRTEEN DOLLARS ($11,e68,513.00), City Recorder,Salt Lake City,Utah.
and (Seal)
WHEREAS,the anon ce Five Million Dollars ($5,300,p0o)shy iredyearnote To each of seed bonds shall be attached a coupon for each installment
to be raised is not in excess of said revenue as estimated for the year 1.957, of Interest one (1),
saki head,the coupon due July 2.195R. b
NOW,THEREFORE,BE IT ORDAINED BY THE BOARD OF'COMMIS- numbered one (1),and the coupon doe January 2,1.9.58,to be numbered.
SIGNERS OF SALT stilt 11 Ie llTA o, two(2),with the several dates of payment and umber of band,and shall
Section 1. That,said Salt Lake Clty,Utah,for the purpose of meeting bear the telalmlle lotto are of the City Treasurer.Sold coupons shall be
ant eXpenee7 o saki City for the year 1957 until the Payment 'taxes 1n aubstantially the following form,tooth:
for the year 1957,shall borrow the sum of Five Million Dollars (95.000,010) (Coupon,
and f that p ns .Id c f such indebtedness shall issue fift th No._
_
(53) bonds' numbers (1) ton i y (ED both
tl f 1 the Jnly, -- --
denominationf O Hundred Thousand Dollars($100000) -h I On the second dry of January,195 _ ,Sall Lake City.- Salt Lake
:barsbarrloiprty ght(48)to fifty-three(53),both Inclusive.- the denominationCounty,State of Utah, Will pay to the bearer beEmmetilia sum,of
of Fifty TI ia d Dollars ($53000) each. Salo b shall bear date of (E I
January 2,1957 d shall b d. I payable January 2,1950 bearing Inter- in such funds s are on the date payment hereof.legal
eg l tender
not at the rate oil two and three-fourths per cent (21 ,%) Per annu for debts d the United Statesf America,at theFirst S cavity
payable semi-annually o July 2,1957,and Januar 2,1958,both prinemnnl I Bank of Utah,N.A.,Bank t aSouth Branch, Salt Lake City Utaha'
and interest being payable nt the First.Security Ban of Utah,NA,Fourth being six months Interest then due on its Tax Antielpntlon Bonds,
South Branch,Salt Labe CI Ly,Utah. Said bonds shall be designated Salt i Series of January 2,1957,
Lake City Tax Anticipation Bonds,Series of January 2.1957.". (F'ncanm11e Sfgnnture)
Sale less da shell be fe'the by the Mayor and attested by the City City Treasurer,Salt Lake City,Utah.
(Recorder under the seal of the Oily, rind the of capons nttarhed shall be Bond Na
signed with the lithographed or engraved facsimile signature of the City There shall be endorsed on each of said bonds the following City
l Hunan.Said bonds shall le Istcred in a book kept by the City Auditor Ant/netts Certificate:
Mr
ta that purpose and the Clay Auditor shall endorsc on
each of said bonds ••OITY AUDITOR'S CERTSFIOATS
the certificate required by law.Snfd bonds shall be in substantially the I hereby certify that this bond 1s within the tawful debt Unfit
neeoi'
following form,to-wit) of Salt Lake City,Utah,and Is Issued according to law.
UNITED STATES OF AMERICA LOUIS Eitoe, EY,
SATE OF UTAH City Auditor,Salt Lake City,Utah."
COUNTY OF SALT LAKE Section 2. All the covenants, statements, representations and agree.
n
SALT LAKE CITY TA'JANUARY
ANTICIPATION BOND mer s contained fr.said bonds are heroes of
as City,covenants.statements,
SERIES OF JANUARY 2,1957 representations,ens, her Mayors and lens promises e'Sed Lake. sec,Utah.
Section 3. The Mayor Is hereby authorize] rid authorized
to sign din and
KNOWhalALL MEN NY the County 01 execute sand bonds and the City Lake
is hereby aor said 0 and directed
That knot l dg City,in the County of Salt oaks and etateeoll t Utah, eo atteiponst and affix these of Salt all b signed
to each or sold bonds,and the
hereby's ors ke bearer
he fat tIleA and for value received hereby coupons attached to said al the yll be signed by the C and le rested to
R
promises to pay to the bearer hereof the sum of of th0e ool'City Treasurer,and the City ranAuditor,isannraauthorized and directed to
(t_ - ) Place up said bonds thecertificate y1 d saki
A flier
In each funds01 na bare,ats onthedate tender t t of th It raffle on end theot bete,find t' t.- f 1d Ir th td Cdy e I S d oed Cityilo. Auoltoe
1 t or tl e e 11 le{e n Janutdebtss i the flailed'( States f inSr doing are,and shall be the act and omen! i Salt Lake Cite.
1A America.o Fourth and ley B rich. y 19 a L tl If t S. swit H e of S1750 9 Tint the Board of psln Cty an 1 .h II in
th.litere N.A, e Sotto a 1 sot Lake City. -Utah, p1 i rest t 1me a ell[toil dose, pay fo Um ptinmeat and interest said l,on.faih
front . the rate t d thnl ti- ,t1:p t fey ;.) u m57. thesame.shall tap due and for the e City of 11 bonds,d the full faith,
f date near paid,payable i l.}In Ilk. yore July t 1957, credit eB taxing power of Salt e k.hereby
I' en'eby with
tiro Il pledged
tt January 2 1050 1I I t t tC mnturlt being represented by and thsaid
bonds d f C vy in the yea h b} nt taxe Woh the hnhor the
lltteThi c ens Hon e tO x .0 d, pie sold thprincipal levy In tde t r 1957 solDe.ant taxes to ps ovltle for the
This t d of I s Ot f yh (03)bonds o like t and payment f eFi d t f Id bonds.
effect, n r v. .l from Tao
it {my-three (03), boils inclusive, and Sect! 5. The h, Sonic of Bank [reUtah,0 N5 and sII'Associates of
known as halt aleerte s Tax AFive inn Ponds, Series. o1 J 2. salt Lake City.Utah,B hays,;offered Co to lcssehase said bonds n best
Issue• for the n for Section
sum of Five Minion Dollars (19530.000), and it satiand roost a to this Board of er! r mart pm-chase
which offer on was the hest
Issued pursuant t Seen. 10 R-3,Mph Code oho
year
1953 and most s advantageous e receiver!I the pm City F I -d bonds,and which
The City of 'mkt Lake city ahnll leychi In Lhe year same
a toll Dell tax after has fen be rid the
sarca td by this City Conn/node,mid
i s the confirmed, and the
'to pay the n 11 4 e 1 I t.' t n 5 tl t thetI.all due. Cf yaT char be n e the s .is i ty tiff.or and liersand the
and this bond 1. r:,red In anti Ipdt of rich t for the year 1957. toCity pasurel it hereby authorized and he said v deliver bonds
It is hereby certified,recited and Madero)that the e entire,eallrbCity to le the slued and delivered.
and When the t td bonds chap be and n
of said vi 0City hereby incurred Is1'5 1 of thetaxes of esl l 05 to legally Issued and lei Cat ed upon the re here of the instructed
se pricetherefor.eto
It levied ice e e curt year 195t, and that said i levied.
sand Sectiono 6 The City Recorder published in Innsc0ited and dh'acted tO
of
1s cIt Inc e for theres pies, toe which solo taxes n.e oil co h copy of thisTe ernes.a d it be perhgeneral circulation
ul one It f
It is hereby certified,the ireidit and es b and that 11 condition.,ipened act,; TPrintedCo
and pub,,shed in Salt ncy Is Ile Vteh
have been d 01 0 t with.
1 rut of i'bond
is the issue Sectiona 7. That a mergence Is hereby declaeed and in the opinion
debt
hits Mien duly cooped yv nth,nun that file d Lo is within stare of the a cur en City expenses0 si id C y,cit is oe the n t th.e for r.nes to
an and other ll.nit s o scl'c ed ty the s altl L ate nand Laws of said cablytate. set afo c ant Inhetl of sold art it o necessary Ito the i ace,health
and that the full latch and croon of said Salt Lake City 1t hereby toyocabls and safety at rot Inhabitants of Salt Lake City e that this ordinance shall
pledged to the punctual payment of the Principal and the interest of this take effect ton
bond WITNESS
to Its terms SectPASSE B. Thisordinance shall C effect Con the first publication.
Con,
Id WI Ts a WHEREOF,it,oerp Snit Lake City has nosed this bond to0be L this l BY'INCtay BOARD OF CITY 96.COMMISSIONERS of Salt Lake City,
fined by its Mayor,its dothe Is seat to be_s_o hereunto flthe ed,and attested Vtnh,this 10th nay of December.A.D.,1956.
by the City City Ire and the!. he coupons r beer ry. .D., ile195 aigan- ADIEL F.STEW ART,
Lure o[the City'1're'.:surer,e' ofm the end day ofn l500 STE A.D..:95'i. Mayor,Salt Lake City,Utah,
ADZES,F.It Lake
ATTEST.
Mayor, Salt Fake City, Utah. HERMAN,i HOGEN.l Lake
' City Recorder,Salt ke City,Utah,
(SEAL)
BILL NO.26 Of 1956
Published Decnmber 21,1358, (13-55)
I