HomeMy WebLinkAbout9 of 1925 - Authorizing the refunding of $950,000.00 refunding bonds VOTING AYE NAY Salt Lake City,Utah, Mazda.. 24 th., ,I92
Barnes
I move that the ordinance be passed.
. Burton
airgl
•Green
Mr. Chairman
Result
F
ee eRDIBAHOZ 2ROVIDIN1 F1,2 Tn M7117 A.7',M OLE IF :N350.000.00
RUUNeaVe eATee elleD3 Ale :100.000.00 eeeCeTeiel
&Wee .1.014De ee 5AEll Teeee 'cv7„ TT..'
eegetee, there will mature and become due and payable
on the let eal of April. 1925, the entire principal :mount of eight
Hundred Vifti Thousand Dollars ( W0.000.00) '-.ACOr Benda of emit
Lake City. Teal, deeignated az aerie e "D", ienaea end eated an of
April 1, 1906 and authorized by the electors of said salt Lake Elite.
at a openial election held therein on the 5rA dee of Jarman,. 1906,
for the perpoee of extendine and inerarine the eater eeetem le sale
cite, owned and to be 'wnee and eontrolled by °aid city, and
reZHEA3, there Vi11 ature and beoeme dnn wee eeeeble
on the let day of April. 1325, the entire principal mmonnt of One
Hundred eine Thoueund Dellare Ce150.000.00) Sewer eonde of Salt Lake
eity. Utah, designated by no eeriel nueber, termed and anted as of
epril 1, 1906 and-autherizee be the electere ef eaid Salt Lake city.
at u special election hele theren "n1 the Ira dee of Janeare, 190r,
for the rpose of extending eee emprovine the sewer oyeto of euid
City, owned and to be owned and oentrolled by wild eity. and
TIERNAN it is neoessare and desirable tt the entire
prieoipal amoant of said eieht eundred Piny Thensend Dollere ( 060.000.00)
' uter eende and one Hundred Theneend Dollarn (.1,100,00e.00) of the prin-
cipal amount of amid One Hundred Fifte eheneand Dellsee ( 150.000.00i
eewer Y:-:,410s be refnneed, and
eneleee2, the Cit:i Treeerxer of ;,eid Gity, acting on
the aathorization of the Bosa-J, of ',;lanitlftIrtors of Bald it , elven en.
the ere day at Uarob. 19ge, inv:ted bide for the eerehaeo of elebt
dred elite Thaueand DIllaro ( 1150.o)). 0) eefandine ato eende and
One Hundred Thousand eollare (e100.000.J0) ' enndirr eewer Bonds, and
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1;717.13/1:3, in accordance with the invitation for :iids for
the purchase of said bonds, all bids in the hands of the r7lty Treasurer
at 10:30 o*olook 11. on lond.ay, the lr,th day of l.9nE. were opened
and considered tri said moard of Comlinclonare, at soirl tart nontioned
tine, during a Special meeting thereof held on ef,,I.t.! 15th day of roh,
1925, beginning at the hour of 10:3() ololoo.k 15„„ and
',A-maks the bid of .3a_rr rothers Inc., o Nan York
City, for said Sight Run4rod Fifty Theutkind oLinra ( 7,050,000.00) ) 25...
fundin ator Bonds, aadfo twt14 nil red Thousand io1iar 100,000,.00)
°funding Senior Bonds, having been deolared said Board of Commis-
.
sioncre, by a.resolution uI parsed at a r:?7:11nr !1ectIn7 of raid 'Board
of Connissioncre hold ea tb 15th d.c.7 !.rnrch, be7Inninr; at the
hour of 7:70 010-1.ock 4.8 beinFr the highest, best and moat ad-
vantageous bid for said tore's, esti; bid to, by said recoluti,on„ duly
accepted by said Joard of Contliselonere,
NON Yfli, 13-31 IT 'IR DIL T 7n. BY TIV,
COM.I 1017,i2iS OP SALT TICAT.:F.: CITY, UTAR:
880Tflif 1. nv,It for the purpose of re.fundirr and reeeem-
• Ina. said entire issue of 31.ght 7Tarvired 'it y Thousand Dollars
( 850.00J.00) of 5,-a.t,tEr Bonds of 3alt take City, 'Ttah, series "I)",
issued and dated as of April 1, 19054 it is necesoo.ry, and it ir
hereby determined. that Nat Lake City incur a bonded indebtedness
In. the total principal amount of light Rundred Yifty Thousand Dollars
l'.. .8.50,000.00-). and- ,9a1t Take City does larae its bonds, in the
general for heraingiStar sat forth, in the •age-reiTato principal
amount of sight anndred itt 7'41housand Dollars ( 0,50,000.00), said
bonds to 'be sight hundred fifty (850) in member. of the denomina-
tion of One Thousand. Dollars ( A000-oo) each, nortborod from one
(1) to eight hundred fifty (RS)), e‘Ah inelgeive, to designated
an":,;olt Lake 'City' .tlefund.inr-7 '1!.ter 7..;.:ontle, Series ':" " to be dated
8.6 of April 1, 1.925. to hear interest at the, rate of four per oent.
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(4',',) per annuri, interest payable somi-anr sally owl the first
day of October and April o:i eaoh year, raid bonds to be pay-
able serially at the principal office ..of the United States Mort-
gage and Trust Company in Pow York City. State of uew York, as
follows, that is to say:
Bondenrunbered One ( 1) to twenty-el:,,: (26). Inclusive, payable
April 1, 1926; =;oniSe, nz*nbar.ed tt+ent„rseven (27) to fifty-two
(ELF), inclusive, payable April 1, 1927; and the remainder of
anid bonds payable in their numerical 7,rder, twout;,-one (21)
on the first day of April in each yoar, eon .oeacin,7 with the
// year 1920, to and incladin; the ,ear
Said bonds, and each of there. shall ho, except as to consecutive
nu_u here and datee of maturity, in substantially the following
form, words and figures. to-wit:
No. at000.t0
SALT 7',IL:E CITY
L YIIi NDI L ';:Y DOD
Series „.7
3a``r1 Y TTUI;2 I r, ;,,,;f,Y:
That Salt Late city, in the County of Solt Lake. Mate
zf Utah, hereby aelcno:rlodSae itself to ho in(O`,ted, =>nOO, for value
received hereby promisee to pay, to the bearer hereof, the sum of
ONE TU,:,.,. ... :G: ( •1000.00)
in lawful money of the :_ltrid Statos ,f Aaerioc, or. the first day
of April, 19 , at tho nrinoip l office of the ' nitod states
:lartdage and'lFrust Company in Uew -work City, State of Jew York.
with interest thereon at the rate of four pec cent. (44f)per annum.
from date until paid, payable so:oi-annuall;, in like money on the
first <lays of October and April in each year at tho came place.
on the preeen$ation and surrender of the annexed oou.000ns as they
severally become due.
This bond is issued for the purpose of refunding a valid
outstanding bonded indebtedneee of said City, isr;ued and dated as
of April 1, 1905 and authorized by the electors of said City at
a epeoial election held therein on the 3rd day of January. 190 ,.
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for tha purpase of orteoin and kaprovin , sq,ter e7,/ata-.
o ic it , oxaed as:J to be finoa ana ountrollecf by n/Ad
SiLy„ ana is ono )f Eurion hnca;rod (850)
hond..) like toner, cis d,nd niaabatad r'sxn ,no (I)
to oie,ht hundred fifty ( ),
dea1,7ntod eo "Salt ';',z,:zo 7:ty utor
g", 34 the aoregato of ,,;10,7ht flitiro
?if% ueand Lollar ( ;;
• bonds,nambered from )1v. (1) t.,-) twent.„-ela 1cc)
pz4yab)o on the fl:.at ;r1.11, InC„ twont -02, (26)
Bala bonds. cumbrred [rom tNeaty-seven MI to :fift:1-tec (5
ttcl-olve, payable -n thofr1 If Aerl, Mv; 1?.41(1 the
remainder of acid bonds po4‘,:a0 In their eatarL,a1 ardor, twenty-
Jae (21) )n the nrzt o' 1,n e,o,
with the year lna, to nne inclaalgo, the year Err•, leened
• and pars:wit t n -7Yt? 'act1,-J! ?"'JA of the
Comiled Le of , 117, the a ta:nen4at)r:,: theraof
uad 2n4 plemestal thorta.
The moard of Cemmissioners of esid 7alt lity shall
annually levy a sufficient tax to !rvy the incorest an t la bend
as it fall dne, and alc to constitute a fo,f tte
payment of On prinoipal thereof ae it fall?, d-te.
If I* M9l'aa'Y =TI?I211). recited and declared that all
conditions, acts and tnc7, esaentlel to the validity of this
bond. *mint, have happened and have been done, and that every
re,rairemont la"! affect4n- the 1,:aoa tberoor h't2 bawl compliedwith,
with, and that this bond la within every debt and other limit
arescribed by the Const: tutIon TIAW2 Of the :,,tute of 7tab, and
that the faith and credit /f said Salt Lake City are hereby
irrevecabiy pledi3ed to tno onactual ymoat of the pr;nclezq
and interest of this bond acoordinT to its t,rms.
bae City has caused this bond
to be signed by its 7laynr r'It7 T-eaeuror ah6 its Corpornte
Seal to be affixed hereto, attested by its OitY Reporder and
the annexed seu-one to bear the facsimile al;Ter,ture of the
Cit.' TresSurer as of the first day Of Mora. 1925.
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4:feat-aror 67 Tiat tof':o
City.
--- City Rector-der of nart-rakfl f;Ixr.
(Place for impression ,f )
or7o :Ae
nd to evElh of said bonds eh' ll he attached cicerone 7'4):c. OnCh Ins'all-
meat or interest contemplated b;; fc)I0 bond, an!d, c.Ca-ons chill
be numbered coasecutiveLv. ec/MM1Vn,W the numIrr :one;, Cl), rIth
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the several dates of payment and number of bond, and shall bear the
facsimile signature of the lity 7reasnrer. Said coupons, and each
of them, (exceot as to data and Timbers) shall b nsui2ntentially
the folowing form, 'odo rt.4i fire , to-wit:
s20 / rombor
On the First Da; of
, 19
kiALT Le.
tilt ow/ to bearer, at to pl./D.01,W/. office tho 3tatee
Hortgage and Pruet Cloy in 'Jew York it C.tsto of Poll 7or7:.
Twenty Dollars Q20.-00). in lawful money of the United Staten of
merica. being Six montliv. /ntarnct on Ite Folondinr!: 'ater pond.
erlotr "Y.7.. dated Apr/1 1, 19M.
Bond :lumber
- City ,rousurer of lt
Lake City.
Lach 3T said bonds shall hoar tho follry,7111,77 onZorsoment, we the
signature of the City Auditor of rat Lake City. to-'it:
I 33R313Y a,fTIFY that this bond is Athin the lawful
debt Unlit of It teal ./1:: Utah, ie ixeued according
to law.
City Auditor Of 17alt T,axe
City.
33011711 2. Tht for the purpose of refunding and redeeming
one Hundred Thousand Dollars (n.00,00r.00) of said Vundred Fifty
Thousand rollers (4150.000.0)) issue of ewer Bonlz, fFait lAke City
Utah, designated by no w?rial numbr, tanned and dated as of April
1. 190E, it is neceesczy. and It is heroby determined, thLt 7..alt "%eke
Cit Incur a boadod indabtednos6 in tho totol prIncipul olount of
One Hundred Thousand Dollars (Mv3,0 rl.,t)), old nalt Le Ci t oes
issue its borate, in the (7eneral form horanafter so t forth. In the
aggregate principal amount of Ono 7audred 7heasun Dollfre (A.00,000400),
said bonds to be one hundrod (100) in numht',r, f the denurO.nation of
One Thousand Dollare(0.000.00) each, nmmbored from one (1) to one
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hundred: (Lw), both inolateive, to be decimated ns. "?'sit Lake ^it;,-
liefur..d.ina Sesser Banda. Oexion *I' ", to be dated as of April 1.,
192E, to boor interest at the rote `T'" ,bou • ;lp)T 3ent• (4') per er;natn.
Internet payable ecuai-a. Anst.11;; an the i*^et da;; ;?' October r:.nd
April of man yar ,n, and to be p;a;;nble 3eria.11,7 .t t gas
office of the United „tatoe ..crt;;age ano ''rust Corap"ny in rev York,
City, Ltrate of :i7ollovie. that <_n to c .y:
Boats ram hared. ono f1) i.e civo ;,;. Inalt.ulee, ;xs;'z.ta10
;.t rzi t, 1926; ant: rl.r;r ... cale Lor.':r payat is
in their numerical order, face {[) 'n the first d.a;, of
April in, etch eer, conicnoir.,r with the year 1927, to
and includieT the ; F zr.
Said bonds, and. each cY t ?s1 ehtl.l be. except ,ac to a nneont3.vo
numbers and dates of mttarity, in substantially thr. fel.lnx n,- torn,
worde and figures, to-u°it:
Ito. 1,1 :10.0^
EZZI,'1Dfll; ,ijj`M x'lND.
series "I"
;210'" 1LT, `:1'11 BY THrio`3
That Salt take Git;;, in the :cant;; of i'a;tt '•Dace, State
of Utah. hereby acknowledges itself to he indebted. putt for vel zo
received hereby promises to pay to th.r. bearer hereof, the Fun r=.t
Of;'t T'[nU^si.N` '�?'•'`!?^ (^.LOO; .`O)
in lawful money of the 7 ited terry .)f ;;reerioc, on the firztdny
of .April, 19 , et the principal office of the United States
lortTage and ?riat -:npany in 'P'. 'r..rs, city, n tet(y of "e^
with interest thereon at the rate rat roar Tex sent. (V^.) ce.- annua,
from date until paid, payable merit-annually, in like manor on the
ftret days of .Qotober and April in eVoh year at the tense place,
on the preisentaVon and e rreader of the r+.t]ne:ted con enn !,M the
aevertitly beooae duo.
This bond in isseed for the purpose of refunding n valid
oetstanding bonded irriebteenees of onid city. iesned /1,1,1 dctod
as APril 1, 1905 ale authoriultd l : the eleutore oi7 zaid
et a special electi,ra belt' therein en the 3re day of Jeoltor7.
1905 for to eale.ez,) eztendia:: era; ihIprovin. oeeer evatem
oC said tj, eueed aid to b n,drev! control'ed bd ni.dVtv,
is one of a eorioe )f ono Atedred rlo,); bode of lien tenor,
1:.'te and eaount, na.Wered -7rom -no (11 to on han3rod (lel).
b-th metiers inollsive, nd .aeigneteel ao "ealt r4„:'e City re-
funding Seven Beads, eies 11, ". in the -lereato rr_neien1
',tee-vat of Ono len(rod Thoescee 7)ollare r1".10.(.100), flve oT
sal boeds, numbered fro on (1) to five (5) !aolneive. -ay-
able on tha first tr:eo 1° '071, 1925. and to reme!ndor of neid
bonds payable in Li161r nurm-A(1,11 0reer. r:ve (5) en the first
do, of ;kern, in each ,or, oo nmlne ' it% the -ear 1927, to
ond inoluding the ,year 194t, ieaued finder and pursuant to Faction
570X7 and ecotton 794 of ta ooito TAAw •-f ,Ttell 1917,
awl the acts aeendater;, tee3T cuel-UwezLt-1 t'!erstc.
The heard 711 :lemiett,ners of euld 1t .7",;,kc 71ty shall
annally levy a aufficlen 'ae. to pay the interest on thin bond
as it falls dee, ani oleo to craotitete a C. kln feed for the
ea_ment of the erineloel thereof •'IP it folk duo.
I? Is T:1'!MY reoited and declared that all
conditiont, ecte and tllie2;e eseentiel to the vvlIdity )47 this
bond, exist, have happened and have been done, and that every
requirement of law aMotir4; the i Floe ther?of huo been Implied
with, and that thin bond is within every debt end other limit
preecribed by the OcnetitetIle anti a-o of thv Cato of etah,
and that the faith and credit of said Salt Lake City are hereby
irreVetaably pledged t eanatuel payment of the principal
and interest of this b'nd acoordine to its terms.
F,a1t Lake Cite bin eaused this bond
to he signed by its :%; le ine 1t7reasnror and its Corporate
seal to be affixed he-oto, attested by its Cite Recorder and
the BRAMEed 0011,710B-To baoi the facsimile sienatore of the
ity Treasurer as of thr• first day of A-ril, 1925.
o- ralt 7,a4n CitY.
-roaeuror of it 1:akle
an"i27:
ntY Zlecoreer le 'Mt .1,uke
(.?lace improsslenof )
eorate 9eal
And to eaoh of said bonds shall be attached onnolne for each inetall-
mcnt of Interest eontomelated ,7,e410 bond, aeie elnone ehall
bo nnebered coneeoutivelL, eommeeeine etth the lumber one (1). "Ith
the several. dates of r,e7neet and oumher of hood, and shall hear the
facsimile signature the -reasurer, Said coo one, and each
of them (except ae to atee and numbers) shall be in substantially
tte following form, verde and fl4nrea,
?:'20.90 Nemher
(in the
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3AJ-7 ClrT.
'AAA. pay to boaror, af tL 1i offiee ef the Taltoil
5tates :lortenge arid 7rgt In n'ow Yert Olt?, tote
of lm Ynt, Twontt II! nerle;-,
the 1)nited States of .%mcrica, being six months interest
on its aetandirr! 3cmor ri , :)e?ter "I". dated 1.)1111 1,
19E5.
0114 lumber
Citt Treaeureir-ar Sal% tuke
'34( of said bends ahall bear the follei,ing endorsement, over the
0.2:nature of the 'itt :t.rditor lf it :,Lize to-vit:
I HEREBY OEM?! thut this band ie within the layrfhl
debt limit of Salt La';te Oity, utah, and is is:'ned according
ter law.
- dIter f'ralf Take
City.
SECTI13 3. Said !rilt La L:e 211%v 1-efliading -ate? Bonds,
Series "If". and said Salt Ln)te Sity lefunding Sewer 73enda. Series
"I", and each of thowi. ohnll be uigned by the : 'or and lity 7res-
sorer, signed and attected by the City oe ni maled with
t!te Oorporate 3cL-I1 el antl interest counenn
shall boar the TaesimIls cigotero the r!1.t:7 71eanarer. Ti
10.:7r)rni city Treasurer ef id ch hernb mnoewered
ane tented to 01, n, n-ntl, the 'eeerder of sal Sift to P.I7n
and attest and affix the (onote ot Salt Olty to each
of u.1.7id borrin,ana the aottl 77anr, 7-earmver and 7;!.ocarer
in eo dling are, and erwll be. the act and dciii of said lalt 1",ate
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All the oovenants, statements. representations and no•ree-
4:meats oont.ainod ziazid beads and oour,ons, anti fetch of thom„ and all
rooitolo am, ropesonttnt in t':12 Or:LI:mune, are horehl, eoneider-
ed and understood, np.1.: it i reo r,rdained anC. noolaroe that mid
covenants anti promiees therein ar.i, tlte covenants anti proriees of
!•;alt 1.1e L.ral 3.-,-,, ,,ehoeqtal.terei Rod atoto-wnt2itherein
• o.ro the rof:-ronoa!,att-otr: ao3, .r? e:ald And it in
▪ furttor ropr000rot,yt o 1, tt cit.? i t riwinipal
corrra` On ....ad a to tirot-nian , ;),to-t• the loortitutton
• and .),e the -3tatei
:'h IO )se 3Li itht77un.0,red fifty Thousand
1)03-1,4,1:0 •350.,16,-;*00; --tat r ,:ond:o„
aa.1 isle mild One 9undred r':honsaaci Dotiore ( 100.000)
r3Lit no.:za Jity liefundirit Savor !tondo, ':eries "I", to '',,arr 5rothers
o. of new lerk '-;ity„ and the action of the Board of
eotraisoionero i,oac4 in accepting coda bid, and all
nett; and proceodirt;s pertaining ,heroto are hereby considered and
arc horeb,-; ratified WI,- e ,ofe .. The boarfi of Commissioners of
3a1t 'Lake r,,,a.oLation 01- re W.)lat.Ione Limo to
provide for tho de ails ialiolled LLA the execution and delivery of
said bonds, the collection of the 4-,roceedo therefrom and the
negotiation of all other business c-nnected th.erorrith.
5:11CTI ''.11 5. Thie Ordinance phall t. ' n off: t nnn
first enblientUln.
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