87 of 1957 - Providing for the issuance and sale of $5,000,000.00 Tax Anticipation Bonds of Salt Lake City, Utah, ROLL CALL
, --)
VOTING AYE NAY \ al-.{..e.,. Z 4 , 19C7
Salt Lake City, Utah,Burbidge
kifielikx
gif intten
I move that the ordinance be passed.sen
Inceney {
Romney
Za
1(e:,ae..h
/ —
Commissioner of Publ. c Affairs Eg
Mr.Chairman . . / 7 Finance
Result
6 7
t1OMENTIC s riVICB x 1���--,�• l INTERNATIONAL 6ERVICE
Cheek theaieesofsorvicedesired; $ w E s T- ��-y_ I•\ N Chec!etheolassoteerTiaedastrod;
otherwise tble mesingodIllbe V 1111 ilJ othirriTine thoRlhe message willbe
sent as ntullrate telegram eeatat Onetallrate
Yu Li.RATE TELEGRAM uNi ® 1206.10-61 LETTER DAY LETTER E LETTERTE TELEGRAM
IOHT LETTER NG P.MARSHALL,1,16eM., 3HI1 RADIOGRAM _r
NO.WOS..0 L.OF SVC. PD.OR COLL. CASH NO. CHARGE TO THE ACCOUNT OF I TIME FILED
,Swdde!calming menage,eabged mlira km"on bark Amyl,arbfrh arc handy agaad b +
OD, KING AND DAWSON, •
AB WALL STREET
NEW YORK 5, NEW YORK.
I
RE $5,000,000.00 SALT LAKE CITY, UTAH TAX ANTICIPATION BONDS, SERIES JANUARY 2, 1958,.
SECTION 1 OF THE ORDINANCE SHOULD STATE THAT THE BONDS SHALL BE DUE AND PAIABLE
JANUARY 2, 1959, INSTEAD OF JANUARY 2, 1958. THIS IS A TYPOGRAPHICAL ERROL,
•
HERMAN J. HOGENSEN, CITY RECORDER
SALT LAKE CmTY, UTAH.
1
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NA IO NAL ASSO CIAI ON
�.;Il I.-' MAIN AT FIRST SOUTH BRANCH
O EORGE ICE LPREEIOEONT JR' SALT LAKE CITY, UTAII
January 2, 1958
Mr. Herman J. Hogenson, City Recorder
Ci.ty and County Building
Salt Iake City, Utah
Dear Mr. Hogenson:
Section one of page two of the ordinance authorizing the $5,000,000,
Salt hake City, Utah Tax Anticipation, Series January 2, 1958, states
that the bonds shall be due and payable January 2, 1958. This, of
course, is a typographical error, and it should be January 2, 1959.
We are having bond attorneys in New York approve these proceedings
and they would like a statement from you to the effect that this is
an error.
On January 3, 1958, would you please send a telegram to Wood, King
and Dawson, 48 Wall Street, New York 5, New York to read as follows:
"Re $5,000,000.00 Salt Lake City, Utah Tax Anticipation
Bonds, Series January 2, 1958, section 1 of the ordinance
should state that the bonds shall be due and payable
January 2, 1959, instead of January 2, 1958. This is
a typographical error."
If you will let us know the cost of this wire, we will pay you for
the same.
Very truly yours,
Geor L. Denton, Jr. /
Vice-President
GID:ab
A/E/1BE4 F//?ST 07,5a/4%7Y CORRO/PAT/O,Y SYSTE7V
LARGEST/NTERAVOY/T,9/iY 944'AT/MYG OA'&44//Z/c'T/O4Y
g7
December 24, 1957
Mr. E. K. Christensen,
City Attorney
;)ear 31ra
At a meeting of the hoard of Commissioners hold +eoexber
24, 1957, 0111 Wo. 87 for an ordinance providing for the
issuance end sale of $5,000,000.00 Tax Anticipation Bonds
of .Salt Lake City, Utah, Series of January 2, 1958, was
passed.
Copy to Y urs trul yaa
finance bOhivi4
Auditor /��'�'
Treas.
City tocorder
&7
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, 1958.
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 1958 until the
payment of the taxes for the year 1958, and
WHEREAS, the estimated tax revenues of Salt Lake City for the year
1958 will aggregate Five Million Seven Hundred Forty Eight Thousand Four Hundred
Forty Four Dollars (.$5.7145,h )Io)and the total estimated revenue from all
sources will aggregate Thirteen million twenty four thousand eight hundred
twenty four dollars , and
WIIEREAS, 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 1958,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF CONEISSIOB'ERS C2
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 1958 until the payment of
Cs* taxes for the year 1958, 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 ($100,000) each. Said bonds shall bear date of
January 2, 1958, and shall be due and payable January 2, 1958, bearing interest
at the rate of two and eighty-five hundredths per cent (2.85%) per annum,
payable semi-annun)ly on July 2, 1958, and January 2, 1959, both principal and
interest being payable at the First Security Bank of Utah, N. A., Salt Lake
City, Utah. Said bonds shall be designated "Salt Lake City Tax Anticipation
Bonds, Series of January 2, 1958.
-2- F1
Said bonds shall be signed by the Mayor and attested by the City
Recorder under the seal of the City, and the coupons attached shall be signed
with the lithographed or engraved facsimile signature of the City Treasurer.
Said bonds shall be registered in a book kept by the City Auditor for that
purpose and the City Auditor shall endorse on each of said bonds the certifi-
cate required by law. Said bonds shall be in substantially the following
form, to-wit:
-3-
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION BOND
SERIES OF JANUARY 2, 1958
No.
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake and State of Utah, hereby
acknowledges itself to be indebted and for value received hereby promises to pay
to the bearer hereof the sum of
($ )
in such funds as are, on the date of payment of the principal of and the interest
on this bond, legal tender for debts due the United States of America, on the
second day of January, 1959, at the First Security Bank of Utah, N. A., Salt Lake
City, Utah, with interest thereon at the rate of two and eighty-five hundredths
per cent (2.85%) per annum, from date until paid, payable semi-annually in like
money on July 2, 1958, and on January 2, 1959, 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, 1958", 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 195d 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 1958.
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 1958, 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 signature of the City Treas ., as
of the 2nd day of January, A. D., 1958. f /
"e_ i or, S5, Lake C' yU,__
ATTEST:' /
City Ret:�� ' t ke Dity, 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 2, 1958, to be numbered
one (1), and the coupon due January 2, 1959, 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. v
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, 1958.
(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, 1 ce(1ptah
."—
. I
-5-
Section 4. That the Board of City Commissioners shall levy in the
year 1958 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 1958 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 thus Board of City Commissioners, which offer was the best and most
v^.
advantageous ceived It the purchsitl
f said bonds'; and which offer has here-
tofore been mite �e.�' ��
"`e, c�y�his City Coitmaas�on, the aexjeptance of said offer be
r and the samestheri2y ed and on1irmed, and th
e he City Treasurer is hereby
4 ¢
authorized a gnstrcy: c tc deliver ed;bondF to the-purchasers thereof, as
; and when thet-snd VITA . k t be anc.';:ar; L.egat1y issued and delivered, upon the
creceipt of toe purchase .ria thereg9r�
Section 6. The City RecordeY i s hereby instructed and directed to
cause copy of this ordinance to be pub4shed immediately in one issue of The
Deseret News - Salt Lake Telegram, 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 COMMISSIONERS of Salt Lake City, Utah,
this �4th day of December, A. D., 1951.
(7 or��e ilyily. Utal
ATTEST: �"
Ci y Recorder, t"41t,i Utah
(SEAL)
BILL no 87 of 1957
Published December 28th, 1957
-6-
8
ADM•36A
Affidavit of Publication
STATE OF UTAH,
ss.
County of Salt Lake
D M Pokey
Being first duly sworn, deposes and says that he is legal advertising
clerk of the DESERET NEWS AND SALT LAKE TELE-
GRAM, a daily (except Sunday) newspaper printed in the Eng-
lish language with general circulation in Utah, and published in
Salt Lake City, Salt Lake County, in the State of Utah,
That the legal notice of which a copy is attached hereto
Salt Lake City Bill No. 87 of 1957
An Ordinance Providing for the Issuance and Sale
of $5,000,000 Tax Anticipation Bonds,
Series of January 2, 1958.
j
was published in said newspaper on December 28, 1957._
•
Legal Advertising Clerk
Subscribed and sworn to before me this 30th day of
December A D 19 57
f 7 Notary Public
My Commission Expires
Nov--25;--1961
87
Legal Notices
~ IN WI-CNESS WHEREOF. Salt'
Lake A 1ty lids caused thus 5nnd to ,
NGt: I
AN ORnISSUAN PROVIDING' 1 bn ''oral to be ICEni'unto af,'aid, -
. C>311I1E 15SUANCLr AND LARS' and attested by the City Recorder. !
,:,S FIVE NULL ION DOLLARS Ia d the annexed coupons to ben0
tb0NES OF
TAX ANLORE
CITY,
I the facsimile signature of the City '
'BONDS OF SALT LAND CY 2. I Treasurer. a of the 2nd day of ,
MAIL Sh:RIES OF JANUARI 2, I January A D.1958. '
I9hA • AayM,F.t Lane PT,
-ate anti pressing
there a an hams Mayor.Salt Lnke City,Utah.
Bate :,o1 u- sill eetl for the ATTEST:
:'me of funds the amount HERMAN J.HOGENSEN,
Million Dollars 100000j
t ex fmeeting the 5'1 i Lake'Cit UI I
£ 5 IL L Ile (SEAL)ebe 1
'`Sat a 1956 tit he T h a d bonds shall or
eat o the tuxes for the year. attached g us non each teil-
tori.anti me t of interest contemplated by
WHEREAS. lh blimatetl taz
bend.the pup due July
.i i'evenn� Salt Lnkc omit for het - 1958.hou be numbered d on M. nd
thy iB`U will ggr Fgate 1•Yve the due January
nary 3,19aD�.to
•Nlllion Seven liuntlretl tr orry- ; b numbered I t (en v lh the
r i,i,R,and Four 73nndred k'ony.l several dates of payment and none
e
Dollars($5,748,444)anti the! bey of bond,and,hall beau the
octal estimated revcn a from all! : facsimile ,lcnature f the Cit.
Will aggregate Thirteen{ Treasures Said a upona shall Ise. -.
Mfulfois Twentyelbur' ThausanrlI 1n rubstantial.,y the renewingMon,,i
�hfight Hundred anal 'Twenty-k'our! tn-uit' (Cmt ponl
Aumfe,and $
Nill:REAS the sum of El MI I' N Jut, -
Ill Dollars (S5,000,000) - U ICI ih. - n 1 d f la
195 t Lake Crt Sr Lahr 1 aid revenue as estimated rm' cot _a State Utah.Ill.year 058, I to the hearer hereof the sum of j•-•
UA(01VDT BY TIOI0E BOARD Oh'
�15 1 i such fonds asi�
Jtulilt1 SIONEBS OF S AL'Li thedate of payment limes,
I111K1 CITY U1'AIf: 1 ,i t.d f ].ht. d Hre'
Section 1. That aid Salt Lakf, United Stifle f Ame hca the
City, Utah, forthepurpose - First S Fanlr of Utah N.A.,i'
Dimpling e s i" Salt Lek City, Utah, bring On f'It a the 1001a until he months'interest then due nn
eat f Sayer for the year Tax Anticipaion Bonds.Series of-
toot,r 'hall borrow the sum of , January 2,1958.
Fite Million Dollars ,SS,ead,00de (Facsimile Signature)
ads tel hnt [nose 1 City Treasurer.
I Such In bonds,
as
issue
I Salt Lake City,Utah.
fifty (50) Ennds, u Utred sono Bond No.
in)thc denomin01r10 or One Hun- , of Theresaid shabonll he endorsed
onallowing each
died Thnus:lnd Dollars 5100,000) Auditor's Cerl:ficate:
City
ash. Said bonds shall Ibum'date I "City Auditor's Certificate
i January 1058,and shall' ' I hereby certify that this bond
e u payable ',nor 2,10b8, v't re the]elfin debt limit
1 earin l:eighty-five
at the rate of two Salt 4 kc City,Utah•and is issued
and,(1,,ann unm'e(I rceq, according to late.
11115 ) cr {sayable , I OUTS E.HOLLEY ,
limy{annually on July1953,and Jn- Ce. AdiOtt
2 1959 both cl-1-rd S T ke.City Utah."'
t - being to at Arai S I 4. That the H e;01
S B,a {Utah,N.A..Salt Cit. C _hall levy
pity,ed° l , ebondsall h 1958 ff' t t on
t r t.tl S II Lake City am h l in I d ue t
Aify,2, 000.Bonds,Series of Jan said bonds as me_an hall fell
r,a 2, ID58. due•andfor the a payment of said
Said bonds shall be by theed City
bonds, he full faith. credit and
1 he Mayor and attested a e taxing o of Salt Lake City
!Recorder under a seal of theedhereby irrevocably pledger)and
Clay, and nth coupons e'itro- ishe Boardwof City Commisoioners
shall 0 signed er Ifacsim'litho- hereby covenants with the holders
llgraphed o engraver(facsimile s 'the said bonds to fees in the
aturc f the City'reri0 en a Sand r 1956 sufficient taxes to
I henna shalt be lei-fistula,Ambler
i, ;,bunk year
for the payment of the nth.•
ro-
1 kept he the City Auditor tor that pal and intrest f said bonds.
nil the City Auditor shall r�Section 5, The First See[city
or II t an our of odd hams the Section
of Utah. N.A., and Assn-
till lc r p. law Sihr Mates f Salt Lake City,Utah.h -
t Ir hall b i b'tantiallr the g fC -e t p i d b
[11 1 fo t t' t e1U e t r t tale.
UNIIPU S'lA)S Of AMEIeICA I Some; C C 's
STATE OI LT L which refer the1 e.n d mac
COUNTY OF SALT LAKE ds t. -d fee the SALT'LIAISE CITY TAXDshies < •' ter h and eO'r-1
ALS CIPATIDN BOND ff 1 ,h f b
Nu.lII41E5 OF JANUARY a,1058 by cortth CiteCance of l fie ssien,-be the
d'm;
Pit!NW SENTS.LL SOON BY 105,5E firmed,is hereby t rate Treasurer Thal Salt t L Cil f the hereby authorized dinstructed
Utah,
hereby
Selo Lake e0 State p deliv,said bonds to the n,
li be hereby acknowledges fm Yes Moser chasers thereof.as and when the
SO be indebted and for value u' issued
bonds shall he and up n the
l Fcrcby me iwes ro pry lully
ulo and shall
re the
they bearer hcruof Um a oI fiat of the purchase price
rice
therefor.
IS —,-1 fn Mieh'funds or ere or. 01 The Oily Recorder fs
Me date ofpayment of he hereby instructed a directed .
dill principal of and he nterest of this and
n tAhetlbond,]legal tender' deists '.1O d immediate!, e
nce So he
due the United Styles of A TOO . t t . L
tea co d Y a[ J `.,� T I d Is- to v r [
of Il at tl,r Aire[ Sie.T,W Rank cal,-fir ,labor ini d rml n (IId
I Uta hi N.ter Sall Conn at 000 ere published ip Silt Lake�Cit,s.
laUtah,with Interest't th the U h
t I two 1 eighty-five bun S t. - 1 n
i Ith'r per t until p I p h -b.
rr barn n Idyl likeam payable
on Me nosed rf City C u e
b
Jolly 2 1958 and on January 2,
1959. 'd Inteixst ps Unkindly be-
ingor ICI tilt ees
ap t tut h d•
interest f t t f the
IS t health
I S It diel I I
fli b I f f J 1 C t tl rho1' hall
effect,fifty btn bonds
ibered front one(1)tenor Flo t ISect effect
8.t one ordinal shall fifty (501, both inclusive.
known .a •`Salt Lnke City Ton
Anticipation Uends.Sen'aggregate
e of Jane
Y 1, Icon", for the a sate _•u00 Of Flu is isMillion Eantt9 -- ----
jUOg001,one m UtahodeApursuant II
Section ]n8-¢, Utah coda nmr°- i Le al Notices 1.
"The
195J. g
levy
Cityof Salt Lake City fficient o
x to ss a the minding'mid 1 take effect up n the first pnblica-
I iciest o a this bond Mr,same Lion.SSED BY THE HOARP OF
hall fall due. and this bond is CITY ad MISSIONERS of Salt
1s.sucd ht anticipation of such taxes Fake City,Utah,this 24th day of
for the year T0.50. December.A.D.,1958
It "s hereby stifled. ice in- APIF.L F.ItL keACity.Vtah
dand tlimss o that the entire ,y Mayor,�a
rhtednass of said City ofa'ehv pTTEET:
'c I is nCi In e c e ( for PEPMAN J.HOGENSEN
taxes of said City Oily levied[or' City Recorder.
:I}hc u r t rag f4rat Salt lake der, Utah.
lold id fog dross wa n tl'Is BILL-(J0.HI or 959.
r:M to fog the par. e for w1�icF ISEAL)
n t d II air levied.„. Published December nth.1959.
s]t I,orrUy rtlflcd. rcited I I_PY -- '
nd declared [hues all essential
t[ions, — —--
Ivehc and things •n eel to the r
validity [ his brtndn exist have
happened d and have reef done. I
mtlt'ili t awry 'r nu, rent f Inw 1
:f(ii l• the lssun nth.,i,I 'I'm'', ,
h s"bo0li Isuw hailed nwi ilt'10tit.00 I 1
othen 1in111 yldrohbt dabs ids can -
and that
and lulls'of said Stale,
and that thr Out faith and eey
Salt
Of void hake City Is hereby
11t 9,4Ave nlcd Ked to the c-
didlvInterest tof this bona acicuid I
Mr to its tc,ms.
87