1 of 1923 - A resolution setting out form of bond to be dated January 15, 1923, and issued by Salt Lake City in REMARKS°'' x �`x'` uutI of P-•k.
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Se g out foam of band ,
i' ' dated "estuary. 15th, 1923,
At 'wed issued by Salt Lake City'. }'"
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le the sum of $2,250,000.00. i .
i
t f ': READ AND ADOPTED
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ROLL CALL
VOTING I AYE j=AY Salt Lake City,Utah, Jan. .11, . 1923.
Barnes ! _
I move that the resolution be adopted.
Burton
Green __
—�/I
Stewart tP
Mr.Chairman
Result RESOLUTION
.Itt it_1yJ, there is immediate and pressing need for raising
funds in the sum of Two million, Two kundred =nifty Thousand Jollars
(92,250,000.00) for the purpose of defraying the current expenses
of -alt Dale :;ity for the -ear 1923 until the payment of the taxes
for said year 1923; and
.1= iI_D , the anticipated tax revenues of .;alt Duke City
for the year 1923 aggregate the sum of Two billion, .even hundred
Torty-five 'Thousand lvinety-eight and 06/100 Dollars (.)2,745,098.06)
and said sum of Two !.iillion, Two riundred _'fifty Thousand Dollars
1N2,250,000.00) not required to be raised is not in excess of said
anticipated revenue for the year 1923;
1,04 Ti,_;11.J'Olmi, IT 0L Da that tialt Lake Jity, Utah,
for the purpose of defraying the current expenses of said city for
the year 1923 until the payment of tales for said year 1923, shall
borrow the sum of Two !.illion, Two hundred A-"ty Thousand Dollars
(_„;2,250,000.00) baring interest at the rate of four end three-
quarters per oentum (4,,0) per annum, and for such purpose as evi-
dence of suoh indebtedness the said Ualt Lake City shall issue its
negotiable bonds in the aggregate sum of Two Killion, Two
nundred .Fifty Thousand Dollars (-,,;2,250,000.00), consisting of forty
(40) bonds in the denomination of Fifty Thousand Dollars ( ,;50,000.00)
each, numbered one (1) to forty (40) inclusive, aggregating Two :3.1-
lion Dollars ( ?2,000,000.00), and twenty-five (25) bonds of the de-
nomination of Te11 Thousand 'ollars (;)10,000.00) each, numbered forty-
one (41) to sixty-five (CS) inclusive, aggregating Two Hundred Fifty
Thousand Dollars (4250,000.00
Said bonds shall be designated
Halt hake City :,onds, ,_eries of January 15, 1923" and shall be
(dated January 15, 1923, and shall be due :...zxl. payable December 30,
11923. aaid bonds shall be signed by the Layer and attested by
('the Jity fecorder under the seal of the city and shall be regis-
tered in a book kept by the City _.uditor for that purpose and •the
City Luditor shall endorse upon each of said bonds the certifi-
cate required by law. .,aid bonds shall be in substantially the
following form:
u`1i ll'_L) o'l `Use 0? sl,.'_al Ca.
b'TAT Of WILE, i:OUZLeY 02 a 142 La2a, ; TT ffl CITY.
aalt Lake City _,onds, Series of January 15, 1923.
ao.
aloi ,:T,T, :3Eli BY Th.L16.11 t 3;a TS: That al.t Lake City in
(the county ofualt Lake and .,tate of Utah hereby acowledges
itself to be indebted and for value received hereby promises to
pay to the bearer hereof the sum of
(;r ), lawful money of the United .3tates,on the 50th
day of December, A. D. 1923, at the Continental c: Commercial
Trust and .avings Bank in Chicago, :state of Illinois, with inter-
est thereon at the rate of four and three-quarters (4- ,,,) per
cent per annum from date until paid, payable at maturity.
This bond is one of a series of sixty-five (65) bonds
rof like tenor and affect, numbered from one (1) to sixty-five
j (65) inclusive, except that forty (40) of said ponds numbered
lone (1) to forty (40) inclusive are for the principal sum of
_-fifty 'Thousand .:collars (ti;50,000.00) each and twenty-five (25) of
said bonds numbered forty-one (41) to silty-five (65) inclusive
fare for the principal sum of 'Ten 'Thousand Dollars (.110,000.00)
each, or a total ar,gregate sum of Two Lillian, Two hundred 2ifty
Thousand .Dollars ( 2,250,000.00), and known as 'Salt Lake City
Bonds, oeries of January 15, 1923." acid bonds are issued pursu-
ant to the powers .specified in oection 57016, Compiled Laws of
Utah, 1917.
The board of Commissioners shall levy in .he year 1923
a sufficient tax to pay the principal and interest on this bend
ias the same shall fall due, and this bond is issued in anticipa-
tion of the payment of such taxes for the year 1923.
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, 1923,
and that said indebtedness was and is contracted for the purpeses
for 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-
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Ieuirement of law affecting the issue thereof has been duly com-
plied with and that this bond is oithin every debt nd other li-
mit prescribed by i.he Constitution and laws of said .:gate and
that the faith and credit of ualt Late City are hereby irrevoca-
bly pledged to the punctual payment of the 'Principal -nd interest
of this bond according to its 'terms.
It 4IT160 ., _�0t, Salt Lake City has caused this
bond to be signed by its mayor, its corporate seal to be hereunto
affixed, _sid attested by its city ecorder, as of ne 15th,day
! of January, 1923.
Layor.
`•.ttest:
City _: corder.
II
`there shall be endorsed upon each of said bonds the
following:
"I hereby certify that this bond is within the lawful
debt limit of .,slt Lake City, Utah, a.nd is. issued according to
law.
City __uditor.
If -'UTT.`m LieOLVbb, that all of the covenants,
statements, representations and agreements contained in said bow?
be and the safe are hereby adopted as the covenants, statements,
!representations, agreements and promises of ,:malt bake City, Utah.
AND 3 IT L P2 "u0L TLD:
'ffLi'T, 71iEl.LS, the Central Trust Company of salt Lake
City, the Continental w Commercial Trust Inc, �;avin •s :ank in
J
Chicago, Illinois, and the _`irst trust £. .savingsban': of ,,hicago,
have offered to purchase said bonds and pay a premium of bight
iii
undred _'ifty Dollars (050.00), as and when said bonds may be
01 are legally issued and delivered, which offer together with
the acceptance thereof is in words and figures as follows, to-wit:
'January 9, 1923.
_onorable ilayor and City Comeiissioners,
malt Lake City, Utah.
Gentlemen:-
-.a per your official statement for y2,250,000.00 tax
anticipation bonds of Jalt cake City-, Utah, constituting a
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direct obligation of the city and payable from taxes for
the current year, gated about January 15th, 1923, due
December 30, 1923, in denominations of 410,000 or multiples
thereof, bearing interest at the rate of four and three
quarters (4-3/4, ) Per cent per annum, interest payable at
maturity, both interest and principal payable at the Con-
" tinental w commercial `trust and ..avings Sank in uhicago,
Ill., which c will waive all charge for this service if
remittance is made to them in uhicago exchange promptly
when due, we will pay, upon delivery of said bonds to us
at such banking point as we may designate, free of e..
change and collection charges, the par value of said bonds,
42,250,000.00, accrued interest from date of bonds to date
of delivery to us, and a premium of y850.00, all of said
bonds to be delivered to us at once.
Jo will also furnish the blank bonds ready for execu-
tion by the city and will pay our o\m attorney's fees.
Bonds are to be legally issued and in form satisfactory
to our attorneys and prior to delivery of the bonds to us
you are to furnish us with a complete certified transcript
of all proceedings incident to the issuance of said bonds,
evidencing their legality to our attorneys' satisfaction
and you agree promptly.to adopt such proceedings and take
such steps as may be necessary to make said bonds legal in
their opinion.
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Phis bid is made with the understanding that the City
agrees not to issue any additional tax anticipation notes
at any time during the fiscal year which will make the to-
tal amount of outstanding notes e_>ceed eighty per cent of
the contemplated tax levy for the present fiscal year.
_he attached certified check for y10,000.00, ho. 2954
on ,talker :rothers :,tinkers, is to be forthwith returned to
us if this offer, which is for immediate acceptance only,
is declined or if the legality of said bonds is not ap-
proved by our attorneys. Otherwise it is to be held uncash-
ed by you as an evidence of our good faith in the transac-
tion and applied as part payment on the purchase price when
the bonds are delivered to us.
_respectfully submitted,
(Pigned) CP=:'i'?j Thai 001= , aft
hale City.
Chicago. _ ..
_'I_t'.:'f :12 u.i'+rI h-S . _ ._, Shicag..
may van Voorhis
_iheabove and foregoing offer for 42,250,000.00 bonds is
hereby accepted for ..aid on behalf Of ealt hale City by Order of
the Board of Pommissioners in legal session.
II' JI=66 ,'_ 0�, witz:ess my hand and the seal of Said
ity, this 9th day of January, 1(:.23.
(.Ji_.red) C.ularence i esien.
tte t: :.ayor.
i.eatham
;ity _ecorder.
12 _,„:; 01,-7JJ, that the offer of said
central Trust company of -alt Lake City, Continental C3 Commercial
L:.•ust and uavings goal:: of Chicago, ,-nd the first Trust .,avincs
=Dank of uhicafo, be and the same is hereby L,cce-oted and the iatyor
of .alt hake city is hereby authorized and directed to sigl, exe-
cute, deliver and issue as the act a d deed of said aalt Lake
k�I
ity, the said bonds to the said Central Trust company of cult
! hake City, Continental a Commercial Trust and eavings iaif: of
Nchica`o and the first _'rust L,avings iank of Chicago, as mad
when the said bonds may be legally issued and delivered, and the
said City ty _tecorder is hereby directed a-nd authorized to _ttest
jI and affix the seal of said .salt hake City to each of said bonds,
and the City _,editor of alt hake City is hereby authorizid and
directed to place upon each of said bonds his certificate in the
manner and form as :,ereiiiabove set forth; said bonds to be de-
1.livered to said purchaser upon payment by them to the City £'rea-
l. surer of the full par value of said bonds, nvo million, Two Hun-
dred Fifty Thousand Jollars (.,;2,250,000.00), accrued interest
from date of .,ends to date of delivery, the sum of -ight __undred
fifty .collars (050.00), premium, and said purchasers to furnish
the blank bonds ready for execution and to pay their own atter-
•
ney's fees in accordance with bhe offer heretofore referred to.
1
J.] 1'Y _:'_i'_r-:._�_ti atT�,V n, that the Board of Commissioners
of ualt ha;_e ity shall levy in taae year 1.f3 a sufficient tax to
pay 1,he principal and interest on said bonds cm the same shall
fall due; and
LA), that said .ialt Lame City hereby
agrees not to issue any additional tax anticipation note. at any
time during the fiscal year which will make the total anount of
outstanding tax anticipation notes or bonds for said year exceed
eighty per cent (80,0) of the anticipated taxes for the fiscal
year 1923.
IL] IT _'L_tT _ 30I,V J, that in the opinion of the hoard
of Commissioners of Celt fake City it is necessary to the _beace,
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I ." e ;-_, ta.titc, oftici oalt iLtz7tt
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resolution 1 ,_.:e c et aiD0-1 its —(102tion•
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