1 of 1921 - A resolution accepting offer of Palmer Bond and Mortgage Company to purchase $1,500,000.00 Tax Antic 5Y
REMARKS: 1'
Resolution NO
By Commissioner Green
........._Ac.c.ept.ing...offer of Palmer._
Bond & Mortgage Co. to purchase '
$1,500,000.00 Tax Anticipation
Bonds of Salt Lake City, Ut„
same to be dated Jan. 15, 1921
to be of the denomination of
1. $5000 each,.....same.to mature Dec
31, 1921, and bear interest at
the rate of 6% per annum.
READ AND ADOPTED
JANI. 10:1
/11a.,,,AP 44-4
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Sart Lake City,Utah, 192-e.
Barnes Y
Burton v I
Crabbe
I move that the resolution be adopted.
Green
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Mr. Chairman
Result RESOLUTION •
B2 IT P.1,110:1,VED by the Board. of 0o=dssioners of Zalt
Ia]:e Cit;r, Utah:
712 7=EAS, there iE an imediate and preseirigneed of
raisin ' 2ands to defray continsent e:s2enses to pu.:rchase water
sources, streams and the land ul-)on which streams are arcropriated
aad canals; to construct Ja,',,or wor::s and snr-:)1 water for irri3a-
tion and other rurroses; to o c. , I rove and repLir streets ccmd
sidewal]ss; to constrnct aid reair sowers ana ccmino; to construct
and maintain bath house; to r,aintain the public library and read-
inz rooms; to ra mIcro ,11 7,,,ondo heretofore issued; and consti-
tute a sinhin-: fund for the :ayment of the 7incilpal on bonds here-
tofore iz„,sued; to defray current ea2onses L-nia for :;oaer_l corpor-
ate puroses.
sas's'07,:, 31: It -i]: OLVEJ that Pall tIne ILt,),, for
the =pose el raisin's; fuds to dofra-,,, contin,;ent alspenses to Pur-
chase water sources, streams cad the land upon which strecmc are
a)promriated a-,nd canals; to,eonstruct water worls3 and su,:)-.21-LT crater
for irriL;atioa and other purposes; to open, improve and repair
streets and sidewalks; to construct aid re air 2ewers and drains;
to constrnot cat maintain bath house; to maintain the rublic li-
7)rarw- and 2eaf„ill: 1:00r1-12; to '!nay interest on bonds heretofore in—
cued; and constitute a fund for the payment of the princi-
pal on bonds heretofore issued; to defray current expenses and for
:3eneral corporate -purposes; borrow the our: of One =Ilion, 17ive
Hundred 'Thousand Dollars ( 1,500,000.0C), rad for that lyarpose as
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'evidence of Ouch indebtedness isouo three - _nd ed (s00) bands
t'_-erefor of the denomination of ?:ve _27_ous,_nd Dollars (,`t,000.00)
each , co=ecutively numbered from one (1) to three ,unbred (300),
!both inclusive. Said bonds .aai each of them shall be, except as
to consecutive numbers, in :ubst,n-tially the followin7
UlfITED SLICES 0_' .,..LAIC.. •
STATE 02 UTL:, COUETY 02 SALT L UE, CITY 0$ SALT L2215.
Salt Lake City Bonds, aeries of January 15, 1921.
hso• ti 5,000.00.
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:5 0.! :_,_ -_ BY THZSE r_,:_SEi'T: Chat Salt Lane City in
!the County of Salt Lake and State of Utah hereby acknowledges it- .
'pelf to be indebted and for value receive_'. hereby ;ro*rises to ,-,a-
Ito the bearer hereof the sun of _five Thousand Dollars ( 5,000.00),
;lawful honey of the United States, on the 21st day of December,
D. 1921, at the hechcnics' S ?,ieta..ls ITationalea: in hew York
City, State of �:?e:7 fork, with interest thereon at[ the rate of
Isi Per cent (6') her anus from date until -paid, payable at
maturity.
This bond is one of a series of three hundred (300)
!bonds of like tenor and affect, numbered from one (1) to three
ihu-idred (300) inclusive, a_:d ':noun as "Salt Lake City Bonds,
'Series of January 15, 1921," for the a7gregate sum of One -=illion,
five Hundred Thousand Dollars ( 1,500,000.00), issued pursuant
Ito Section 57=6, Compiled haws of Utah, 1917.
1 The Board of Commissioners shall levy in the year 1921 a
sufficient tan: to ,ay the principal and interest on this bond as
tithe same shall fall due, and this bond is issued in anticipation
of the _xi .e-it of such taxes for the year 1921.
It is hereby certified, recited and declared that the
!entire indebtedness of said city hereby inc,.�.J.ed is not in excess
of the taxes of said city to be levied for the current year, 1921,
and that said indebtedness was and is contracted for the Purposes
:or which said taxes are to be 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 re-
Ouirenent of law affecting the issue thereof has been duly corn-
62ie" with and that this bond is within every debt and other li-
.it prescribed by the Constitution and laws of said State and
. hat the faith and credit of Salt Lake City are hereby irrevocably
ledged to the -unctual paynant of the principal and interest of
his bond according to its terms.
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La ,TITNI S WHEREOF, Salt Lake City has caused this bond.
to be signed by its Eayor, its corporate seal to be hereunto af-
aixed, and attested by its City %ecorder, as of the 15th day of
January, 1921.
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• (Seal) LTayor.
;Attest:
City !recorder.
There shall be endorsed upon each of said bonds the
following:
"I hereby certify that this bond is within the lawful
debt limit of Salt Lake City, Utah, and is issued according to
law.
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5ity Auditor.
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AND BE IT FURTHER RESOLVED, that all the covenants,
statements, representations and agreements contained in said
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bonds be and the same are hereby adopted as the covenants, state-
:meats, representations, agreements and promises of Salt Lake City;
I and
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• BE IT FURTHER RESOLVED:
THAT, WHEREAS, the Palmer Bond & I3ortgage Company, a
Utah corporation, has offered to purchase said bonds at par, as
and when said bonds may be and are legally issued and delivered,\,
which offer together with the acceptance thereof is in words and
,figures as follows, to-wit:
"January 10, 1921.
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Honorable I:Iayor and City Commissioners,
Salt Lake City, Utah.
Centlerien:-
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As per your official statement for =)1,500,000 Tax!
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Anticipation Bonds of Salt Lake City, Utah, legally issued
to the sati sfaction of our attorneys, sane to be dated
January 15, 1921, to be of the denomination of :5,000 each,
j to mature December 31, 1921 without option of prior payment,
to bear interest at the rate of six per cent (M) per annu.m,
interest payable at maturity, both principal and interest
to he 'payable at some bank in New York City, we offer you
uron delivery of said bonds to us at such banking point as
we nay designate free of all exchange or collection charges,
the par value of said bonds, ';1,500,000.00, and accrued in-
terest from date of bonds to date of delivery.
This offer is made with the understanding that you will fur,-
nish us promptly with a complete certified transcript of all
proceedings had incident to the issuance of said bonds evi-
dencing their legality to the satisfaction of oar attorneys,
together with such other documents as our attorneys nay re-
quire, and you agree to adopt such proceedings aad take such
• steps as our attorneys may require to the end that, in their
opinion, said bonds nay be legally issued and delivered
without undue or uun!ecessary delay.
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This offer is for immediate acce_tca ce only.
Respectfully submitted,
(Si,,.ied) Palmer Bond °. ISortgage
By B. D. Palmer, ^rest.
The above offer is hereby accepted for and on behalf of i
Salt Lake City, Utah, by order of the Board of City Commis-;
sioners thereof pursuant to a majority vote thereof at a j
legally held meeting.
II? WITNESS WHEREOF, I have hereunto set my hand and caused
the seal of said City to be affixed, this 13th day of Janu-!
ary, 1921. j
C.
Clarence Ilesl en,
I1ayor.
Attest:
71. _ p Leatham,
ity "ecorder.
(bE1L)
I107, '2'1 121k,'0P-E, BE Ii RESOLVED, that the offer of saidi
Palmer Bond £: i.Iortgage Corr_oany be, and the same is hereby accept
jed, and the :.iayor of Salt Lake City is hereby authorized and di-
Irested to si n, execute, deliver and issue as the act and deed 1
of said Salt Lake City, the said bonds to the said Palmer Bond
IIIortyage Company, as add when the said bonds may be legally
;i„sued and delivered, and the said City _-'-ecorder is hereby di-
rected and authorized to affix the seal of said Salt Lake City
Lto, and to attest, each of said bonds, and the City Auditor of
Salt lake City is hereby authorized and directed to --lace upon
leach of said bonds his certificate in the manner and form as
hereinabove set forth; and
BE IT pu1THIE RESOLVED, that the Board of Commission-
ers shall levy in the year 1921 a sufficient tax to pay the prin-
cipal and interest on said bonds as the sane shall fall due.
BE IT TIJETERE RESOLVED, that in the o_oinion of the
Board of Co:r.::issiomers of Salt Lake City, it is necessary to tho
peace, health and safety of the inhabitants of said Salt Lake
1 City that this resolution take effect at once.
This resolution shall take effect upon its adoption.
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Passed by the Board of Corv:tissioners of Salt Lake OityL
Utah, this ...4 day of January-, _ . D. 1921.
L ayor.
)ATTEST:
corder.
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The adoption of the above and foregoin^ esoluti on tea
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seconded by* Commissioner Barnes and coon being plait
Ito a vote such =resolution was carried by affirmative vote of
Comaissioners aresent, vote being as follows:
cu issioner '_rthur Yes.
Ccn_iacioner T. T. Burton, Yes.
Con issioner _..• C. Crabbe, Yes.
Corinissioner Herman C. Green, Yes. ,
LTa;;ror and Co=lissioner C.Clc_lence I'eslen, Yes.
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I, :n. _,. rsatham, City recorder of Salt _ua].e City,
Utah, do ere-by certify that the fore7oin3 and attached resolu-
tion is a fall, corrSet and true transcript of all _-,robeedinbs
had with the .hoard of Corl'.isc oilera of Salt .ahe City on the
Tissue of One 'illio_h, hive hundred nouco:,-:d Dollars ('1,500,00o);
of .,alt hahe City loads, Series of January 15, 1921.
Il' `;'_'SS ?TT2:10h, I have hereunto set my hand and
affiu:ed the corporate seal of said Salt I aLe City this 28th
day of Jonlunr , 2.. 1. 19 21.
— City _eco_de'r. •
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