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91 of 1946 - Providing for the issuance and sale of $1, 250,000.00 Tax Anticipation Bonds Series of January 1, 19 DECEMBER 5t1' 1946 PAGE 776 The Board of Commissioners of Salt Lake City met in regular session on Thursday , December 5th, 1946, at 10 ofclock A.M. in the regular meeting place. The meeting was called to order by Mayor Glade. On roll call the following members were present: D. A. Affleck Commissioner of Water Supply & Waterworks John B. Matheson Commissioner of Streets & Public Improvements L. C. Romney Commissioner of Public Safety Fred Tedesco Commissioner of Parks & Public Property Earl J. Glade, Mayor Commissioner of Public Affai,rs and Finance, Chairman Also present: Irma F. ditner, City Recorder .X-X.*Y X-X-X X-X-X4HHHH(iFi iF#X-i;-X-X-"X X X'5 3H-1F'** REPORTS OF CITY OFFICERS X-X X-X-X--X-X-X#;HHHnHH:X-X-XX-X-3 %:-3FX X X PAGE 780 ORDINANCES AND RESOLUTIONS BILL NO. 91 for an ordinance providing for the issuance and sale of One Million Two Hundred and Fifty Thousand Dollars (01,250,000) Tax Anticipation Bonds of Salt Lake City, Utah, Series of January 1, 1947, introduced by Commissioner Glade , was taken up and read: ft a —1— AN ORDINANCE ) AN ORDINANCE PROVIDING FOR THE ISSUANCE AND OF ONE MILLION TWO HUNDRED AND FIFTY THOUSAND DOLLARS ($1,250,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES OF JANUARY 1, 1947. WHEREAS, there is an immediate and pressing need for the raising of funds in the amount of One Million Two Hundred and Fifty Thousand Dollars ($1,250,000) for the purpose of meeting the current expenses of Salt Lake City for the year 1947 until the payment of the taxes for the year 1947, and WHEREAS, the estimated tax revenues of Salt Lake City for the year 1947 will aggregate Two Million, Six Hundred Six Thousand, Two Hundred Fifty-six Dollars (: 2,606,256.00) and the total estimated revenue from all sources will aggregate Five Million, Four Hundred Eighty-two Thousand, Six Hundred Twenty-three and 50/100 Dollars, 45,402,623.50 ) , and WHEREAS, the sum of One Million Two Hundred and Fifty Thousand Dollars (41,250,000) required now to be raised is not in excess of said re- venue as estimated for the year 1947. 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 1947 until the payment of tames for the year 1947, shall borrow the sum of One Million Two Hundred and Fifty Thousand Dollars ($1,250,000) and for that purpose as evidence of such indebtedness shall issue twenty-five (25) bonds, numbers one (1) to twenty- five (25), both inclusive, in the denomination of Fifty Thousand Dollars ($50,000) each. Said bonds shall bear date of January 1, 1947, and shall )e due and payable January 1, 1948, bearing interest at the rate of seven- eighths of one percent (7/8 of 1%) per annum, payable semi-annually on July 1, 1947, and January 1, 1948, both principal and interest being payable at The National City Bane of New York, 55 Wall Street, New York City, New York. Said bonds shall be designated "Salt Lake City Tax Anticiaation Bonds, Series of January 1, 1947." Said bonds shall be signed by the Mayor and by the City -2- } Treasurer 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 certificate recuired 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 1, 1947 No. $50,000.00 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 FIFTY THOUSAND DOLLARS (050,000.00) in such funds as are, on the date of payment of the principal of and the interest on this bond, legal tender for debts1due the United States of America, on the first day of January, 1948, at The National City Bank of New York, in New York City, New York, with interest thereon at the rate of seven- eighths of one per cent (7/8 of 1%) per annum, from date until paid, payable semi-annually in like money on July 1, 1947, and on January 1, 1948, said interest to maturity being represented by interest coupons hereto attached. This bond is one of a series of twenty-five (25) bonds of like tenor .1_ and effect, numbered from one (1) to twenty-five (25), both inclusive, and` ' known as "Salt Lake City Tax Anticipation Bonds, Series of January 1, 1947," for the aggregate sum of One Million Two Hundred and Fifty Thousand Dollars (01,250,000), issued pursuant to Section 15-8-6, Utah Code Annotated 1943. The City of Salt Lake City shall levy in the year 1947 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 1947. It is hereby certified, recited and declared th:;t 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 1947, and that said indebtedness vas and is contracted for the purpose for which scia taxes are levied. It is hereby certified, recited and declared that a:ll conditions, acts and things essential to the validity of this bond exist., have happened and have been done, and that every reouirement 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 Laves of said state, and that the full faith and credit of said Salt Lake City are hereby irrevocably pledged to the punctual payment of the principal and interest of this bond according to its terms. IN WITNESS daREOF, Salt Lake City has caused this bond to be signed by its Mayor and its City Treasurer, 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., 1947. , • gi• Mayor, Salt Lake City, i th-- City Treasurer, Salt Lake City, Utah Ai'T AJ 54 City Recorder, Salt Lake City, Utah. (SEAL) —4— « 1 ,.- To each of said bonds shall be attached a coupon for each installment of interest contemplated. by said. bond, the coupon due July 1, 1947, to he numbered one (1), and the coupon due January 1, 1948, to be numbered two (2), with the several dates of payment and number of bond, and shall bear the fac- simile signature of the City Treasurer. Said coupons shall be in substantially the following form, to-wit: (Coupon) No. --- — 0218.75 July, On the first day of January, 194, Salt Lake City, in Salt Lake County, State of Utah, will pay to the bearer hereof the sum of Two Hundred Eighteen and 75/100 Dollars (i218.75) in such funds as are, on the date of payment hereof, legal tender for debts due the United States of America, at The National City bank of New York, in New York City, New York, being six months' interest then due on its Tax Anticipation Bond, Series of January 1, 1947. (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 Lake City, Utah." %\ Section 2. All the covenants, statements, representations and agree- . ments contained in said bonds are hereby adopted as covenants, statements, • representations, agreements and promises of Salt Lake City, Utah. Section 3. The Mayor and the City Treasurer of Salt Lake City are 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 the said Mayor, said City Treasurer, said City Recorder and said City Auditor in so doing are and shall he the act and deed of Salt Lake City. -5- Section 4. That the Board of City Commissioners shall levy in the year 1947 a sufficient tax to pay the principal and interest on said bonds as the same shall fall due, and for the payment of said bonus the full faith, credit and taxing power of Salt Lake City are hereby irrevocably pledged and the Board of City Commissioners hereby covenants with the holders of said bonds to levy in the year 1947 sufficient taxes to provide for the payment of the principal and interest of said bonds. Section 5. The First Security Trust Company and associates of Salt Lake City, Utah, having offered to purchase said bonds at a price satis— factory to this Board of City Commissioners, which offer was the best end 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 One Million Two Hundred and Fifty Thousand Dollars ( 1,250,000) Tax Anticipation Bonds to the purchasers thereof as and when the said bonds shall be and are legally issued and deliv— ered, upon receipt of the purchase price therefor. Section 6. The Nity Recorder is hereby instructed and directed to cause cony of this ordinance to be published immediately in one 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 Commissioners of Salt Lake City, Utah, this 5th day of December _,, A. D., 1946. !r S Mayor, Salt La6"'City, Utah ' A:f T "'f: 7411.1) ' 164,/ — 1 City Recorder, Salt Lake City, Uah. (SEAL) Bill No. 91 i4 Published. December Bth, 1946 -6— Mr. Glade moved, seconded by Commissioner Mathew n, that the ordinance be adopted, which motion carried, on the following unanimous roll call vote: D. A. Affleck Commissioner "Aye" John R. Matheson Commissioner "Aye" L. C. Romney Commissioner "Aye" Fred Tedesco Commissioner "Aye" ,,fib g,.,34 Earl J. Glade, Mayor Commissioner "Aye" r wJ c. t b _, p I ' INIiyor, Salt Lelip C• "Utah A'TEST: saN ai+"..Ity Recorder, Salt Lake Ci y, Utah (SEAL) —7— 1.1i2..... 1/.0101.) ,;(1 11,41,111,04‘'. ,6 3V1111 C.1,j1.e.L.11) .:;1.;.1,H10 1)0 ililii t b ,i 001,13 1'4 .3111111/1±1i10 111111 J .111J :1110V 111.30 1161 .;looiTtA.. .11. .(1 1.011,1L.:_i, :.,.) tl,;..1‘);t,)::',1 .d niio• t, rt 6,1 11,31111/i- i'111.10U ‘1,,../11111 11. .D .3 1e;Iola a bat n 3 "Yv,21" 'C000.1:111:E..:103 10 .3.5M ,e3.:1..1.0 .I, .1.• -o 1 it--, z Prei it P n ,I co kli) t".'':'.4 k '• '-'' ..4:sistss "0 lf,' c--- CO (I) '''` :i"621T"444S CO • a .- 0 al ; • a I . -4.'41: • - ' ' , - ,,:, I-) if.' ,---" ., . Ji 3..0..3b-Co:-.)-o-',i-IT, --- --- (alqa) • Affidavit of Publication STATE OF UTAH, 1 ss County of Salt Lake --- LegaL Notices AN ORDINANCE AN ORDINANCE PROVIDING FOR THE • ISSUANCE AND SALE OF ONE MIL- Bein first duly sworn,deposes and says that he is the ad- LION TWO HUNDRED AND FIFTY g . THOUSAND DOLLARS ($1.250,000) TAX ANTICIPATION BONDS OF SALT LAKE CITY,TITAN,SERIES OF JAN- ['erasing clerk of THE DESERET NEWS, a newspaper CARY I,1947. • WHEREAS,there is an Immediate and pressing need for the raising of funds' published in Salt Lake City,Salt Lake County,in the State In the amount Of One Million Two Hun- dred and Fifty Thousand Dollars (el,- of Utah. 250,000)for the purpose of meeting the current expenses of Salt Lake City for the year 1947 until the payment of the taxes for the year 1947, and WHEREAS,of Salt Lake the estimated tax revenues That the advertisement City for the year 1947 will aggregate Two Million,Six Hundred Six Thousand, Two Hundred Fifty-eix 111 01 tars (82,606,256.00) and the total esti- mated revenue from all sources will ag- -gregate File Million, Four Hundred Eighty-two Thousand, Six unre `34‘ I 0 It 1(47 Clrf. Twenty-three and 50-100 H dd Dollare, 015; 482.623.50).and WHEREAS, the sum of One Million . Two Hundred and Fifty Thousand Mi- lers ($1,250,000) required now to be raised is not in excess of said revenue as estimated for the year 1947. NOW. THEREFORE, SE IT ORDAIN- ED BY THE BOARD OF COMMISSION-ERS OF SALT LAKE CITY,UTAH: was published in said newspaper, in its i d ssue ate Section 1. That said Salt Lake City. ' d, the Utah,for the purpose of meeting current A.D. 19 expenses of said City for the year 1947 day of until the payment of taxes for the year ' 1847,shall borrow the sum of One Mil- lion Two Hundred and Fifty Thousand Os 1A0 Dollars (21,250,000) and for that pur- pose as evidence of such Indebtedness and was published shall imue twenty-five(25)bonds,num- bers one (1) to twenty-five (25). both Inclusive. In the denomination of Fifty Thousand Dollars ($50,000) each. Slid , ....the last publication thereof being in the issue dated the bonds shall bear date of January 1,1947, and sae dlie aayable 1 January , 198 hll b nd p , bearing Interest at the rate of day of A.D. 19 seven-eighths of one per cent (% of I per cent) per annum, payable semi- , ,'42 annually on July 1, 1947, and January , I, 1948,both principal and interest be- Payable at The National City 13ank of New York.55 Wall Street.NOW York City, New York. Said bonds shall be /Advertisin Clerk designated "Salt Lake City Tax Antic, g Wien Bonds,Series of January 1,1947." Said bonus shall be signed by the Mayor and by the City Treasurer and attested by the City Recorder under the seal of the City,and the coupons attached shall be signed with the lithographed ar en- graved facsimile signature of the City 7ti!‘ Treasurer.Said bonds shall be register- day of in a book kept by the City Auditor tor that purpose and the City Auditor )rn to before me this shall endorse on each of said bonds 40 the certificate required by law. Bald bondsng shall be in subetantially the fol- A.D. 19 loivi Notary Public UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE OITE TAX ANTICIPATION BOND—gBRIEl OP JANUARY 1, 1347 No. 68d,0d5.96 July, KNOW ALL MEN BY THESES"; On the tint day of January, 194—, ENTS' Salt Lake City, in Salt Lake County, That Salt Lake City, In the County State of Utah, ill pay to the bearer of Salt Lake d State of Utah,herebyhereof the sum of Two Hundred Eighteen acknowledges itself to be indebted and and 75-100 Dollars (6218.75). In such for value received hereby promises to ;-funds•ss are,.on the_ date of payment FIFTY THOUSAND ANDe [ hereof the sum of DOLLARS(650,000.00) United States ofal d America,Mr .at The Nebts due - in such funds as are, on the date of Lionel City Bank of New York. In New Payment of the princial of and the in- York City NeW York,being sixmonths' tercet on thla bond, legal tender for interest then dUe on its Tex Antic'. debts due to the United States of Amer- Dation Bond, Series of January 1, 1947. Ica, on the first day of January, 1948, • (Facsimile Signature) at The National City Bank of New York, City Treasurer,Salt Lake City,Utah. In New York City, New York with with Bond No. Interest thereon at the ate of a There shall be endorsed on each of said eighths ofone per cent (rie f l bonds the following City Auditor's Car- .per from date until paid, Dag-ay- tlficate: ablesemi-annually in like money on ' City Auditor's Certificate July 1, 1947, and on January 1. 1948, "I hereby certify that this bond is said Interest to maturity being rep[.-• Within the lawful debt limit of Salt Lake (tented by Interest coupons hereto st- City, Utah, and Is Issued according to Mengel. laW. - Thls bond is one of a series of twenty- • "City Auditor,Salt Lake City,Utah." five (25) bonds of like tender and et- Section 2. All the covenants, state- feat, numbered from one (1) to twenty- • meets, representations and agreements flue (25), both inclusive and kgppggq contained m said bonds are heby Ss-"Salt Lake'_City--Tat -nt4cipatlain adoptede asoe covenants, statements, rep- Bonds, rerlea of January L 1947," for. a Cations, Utah. and Promisee the die regale sumof One Million Two ' of Salt Lake City, Utah. Hundred and Fifty Thousand Dollars Section 3: The Mayor and the City (61,260,000), issued'pursuant to Sec- Treasurer of Salt Lake City are hereby Lion 15.8-6,Utah Code Annotated 1943. • authorised and directed to sign and e e The City f Salt Lake City'shall levy cute said bonds and the City Recorder In the year 1947 a sufficient tax to pay is hereby authorised and directed to the:principml and interest on this bond attest d affix the 1 of Salt Lake theas shalt fall due, and this City to each of said bonds and the bond s issued In anticipation of such coupons attached to id bonds shall be taxes for the year 1947. - d by the [r.simile signature f •It is hereby certified, recited and de- r th City T d the City Audi- dared that rthe entire Indebtedness'Of ' tor is authorized ' C directed to Place said City hereby'Incurred is not in ebe upon said bonds the certificate in the cess of the taxes of said City to be mannerand from set forth above, d levied for the current year 1947, end the acts of the Mayor, said City that said indebtedness was and is con- . Treasurer, Bald City Recorder and said • tracted for the purpose for which said City Auditor la so doing are and shall d taxes are levied. be the act and deed of.Salt Lake City. p1 It la hereby certified. recited and de- Section 4. That the Boin ter city o- _ flared that all conditions,validity tarts' and: 1041 assioners shall levy In the year by tructed rand directed to muse things essential to the validitaanof this 1947 Mare tax to pay the pile- py of this ordinance to be published bond exist, have happened have Opal sufficient interest on"said bond as the immediately lh'one Issue of tee Deseret been doe. and that every ereol eas same shall fall due,and for the payment News, dailynewspaper.of general f law affecting the Issue thereof has id bonds the full faith,credit and circulation In d printed and published been duly complied With, and that Cin i taxing power of Salt Lake City are here- n Salt Lake City,Utah. bond is Within every debt and other by Irrevocably pledged and the Board Section 7.That an emergency Is needy limit prescribed by the Constitution and ' of City Commissioner. hereby covenants declared and In the opinion f the Laws of said State,,and that the full with the holders of said bonds o too levy Board of City Commissioners because faith e and edit of said Salt Lake City In the year 1947 sufficient taxes to x e hereby Irrevocably pledged to the provide for the payment of the principal cn .salty for funds to meet the p etual payment:of the principsl.and prov aid bonds. prcurrent expenses of id City It Is Interest of this bond according to Its and interest f said es ery to the peace,health and safety terms, Section 0. The First Security•Trust of the inhabitants of Salt Lake City IN WITNESS'WHEREOF, Salt-Lake Company and associates of Salt Lake that this ordinance shall take effect at City has mUmd this bend t0 be signed City, Utah, having offered to purchase once. by its Mayor and d Its City Treasurer,its id bonds at Price sei00 artery to Section 8. This ordlnanm shall take corporate al to be hereunto affixed, this Board of City Commissioners,which effect upon the first publication, d attested by,the City Recorder, and offer was the beat and most advan- Passed by the Board of City Com- '.the annexed•coupons to bear the'fee- tageous received for the Purchase of missloners of Salt Lake City,Utah s Amite signature of'the City Treasurer, said bonds, and which offer has here- 5th day of December, A. D., 1✓346.Ws' es of the 1st day o1 January, A. D. totore bcen accepted by this City Com- EARL J. GLADE, 1041, mission the acceptance of said offer Mayo[,Salt Lake City,Utah. MSYOr,Salt Lake City,Utah. be lI toed a same Is hereby retitled and ATTEST: City Treasurer,Galt Leke Clty,Utah. confirmed, and the City Treasurer is IRMA F. BTTNER, ATTEST: hereby thne and Instructed to de- City Recorder, Salt Lake City, Utah. City Recorder,Salt Lake City,Utah. livery9 said One Million Two Hundred and (SEAL). (S1. EAL) Fifty pa``d,yyi�o�da shall be et- Anticipation Ren Thousand ds,to rs(L71e9 purchaee0) rs Pub PubMI No.lished,December 6th,1946. Cached a coupon!r path installment of interest contemplated by said bond,the 1 • coupon due July 1,'1947; to be num- bered one(1), d the coupou due Jan- the)949 sev, beeral datesu of mb ppayment(2), withed ten nd 'Umber of bond,and shell bear the fa, Smile•sisgnature of the City Treasurer. yithecfoll wing fons rm,to-be witsubetantlN- (Coupon) 6118.75 No.