1 of 1929 - A resolution authorizing the issuance of $600,000.00 in Tax Anticipation bonds to be dated January 2 zy
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ROLL CALL
VOTING AYE NAY Salt Lake City,Utah, S.aaUary 3,_ , 192.__Fi
Burton Vy
Fehr I move that the resolution be adopted.
Finch
Moran
Mr.Chairman - - -
Result RESOLUTION
WHEREAS, there is immediate and pressing need for rais-
ing funds to the amount of One Million (0,000,000.00) Dollars
for the purpose of meeting the current expenses of the City for
the year 1929, until the payment of taxes for the year 1929; and
WHEREAS, the tax revenues of Salt Lake City, Utah, for
the year 1928 aggregated Trio Million Seventy-one Thousand, Two
Hundred Forty-seven and 47/100 ($2,071,247.47) Dollars, and the
total revenue from all sources was Three Million Eight Thousand,
One Hundred Ninety-two and 42/100 ($3,008,192.42) Dollars, and.
that the estimated revenues from taxation and other sources for
the year 1929 will be at least as great as that for the year 1928,
although at this time the levy for the year 1929 has not yet been
made; and
WHEREAS, the sum of One Million ($1,000,000.00) Dollars
required now to be raised is not in excess of said revenue as
estimated for the year 1929.
NOW, THEREFORE, BE IT RESOLVED: That Salt Lake City,
Utah, for the purpose of meeting the current expenses of said
city for the year 1929 until the payment of taxes for the year
1929, shall borrow the sum of One Million (01,000,000.00) Dollars,
bearing interest at the rate of five and one-half (5z%) per cent.
per annum; Six Hundred Thousand ($600,000.00) Dollars of said
total to be borrowed as of January 2, 1929, and for such purpose,
as evidence of such indebtedness, the City of Salt Lake shall
issue its negotiable bonds in the aggregate amount of Six Hundred
Thousand ($600,000.00) Dollars, consisting of twenty-five (25)
bonds, numbered consecutively from one (1) to twenty-five (25)
inclusive. Said bonds shall be designated "Salt Lake City Bonds,
Series of January 2, 1929," and shall be dated January 2, 1929.
Said bonds shall be due and payable on the 31st day of December,
1929, and shall be evidenced by bonds
Numbered one (1) to five (5) inclusive in
the denomination of S50,000.00 each; num-
bered six (6) to fifteen (15) inclusive in
the denomination of $25,000.00 each; and
numbered from sixteen (16) to twenty-five
(25) inclusive in the denomination of
110,000.90 each.
Said bonds shall be payable in lawful money of the United States
and shall bear interest from and after the 2nd day of January, A.
D. 1929, at the rate of five and one-half (5 ;`0) per cent per annum,
'both principal and interest payable at maturity at The Continental
National Bank of Salt Lake City, Salt Lake City, Utah. Said bonds
shall be signed by the Mayor and attested by the City Recorder
under the seal of the City and shall be registered in a book kept
by the City Auditor for that purpose, and the City Auditor shall
endorse upon each of said bonds the certificate required by law.
Said bonds shall be in substantially the following form, with the
excetion of the number and amount, to-wit:
UNITED STATES OF AMERICA
STATE OF UTAH.
No.
SALT LAKE CITY TAX ANTICIPATION BOND,
Series of January 2, 1929.
KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City, in
the County of Salt Lake and State of Utah, hereby acknowledges
itself to he indebted and for value received hereby promises to
pay to The Continental National Bank of Salt Lake City or order,
the sum of FIFTY THOUSAND DOLLARS (i$ ) lawful money of the "
United States on the 31st day of December, D. 1929, at The Con-
tinental National Bank of Salt Lake City, Utah, with interest
thereon at the rate of five and one-half (5g ) per cent per annum
from date until paid, payable at maturity.
This bond is one of a series of twenty'five bonds of
like tenor and date, numbered from one (1) to twenty-five (25)
inclusive, and known as "Salt Lake City Bonds, Series of January
2, 19290, for the aggregate sum of Six Hundred Thousand Dollars
(000,000.00), issued. pursuant to Section 570X6, Compiled Laws
of Utah, 1917.
The Board of City Commissioners of Salt Lake City shall
levy in the year 1929 a sufficient tax to pay the principal and
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interest on this bond as the same shall fall due, and this bond is
'issued in anticipation of the payment of such taxes for the year
11929.
It is hereby certified, recited and declared that the en-
':tire indebtedness of said City hereby incurred is not in excess of
the taxes of said City levied or to be levied for the current year
:1929, and that said indebtedness was and is contracted for the
.purpose for which said taxes are levied.
It is further 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 hereof 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
hand credit of said Salt Lake City are hereby irrevocably pledged
Ito the punctual payment of the principal and 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 af-
fixed, and attested by its City Recorder, as of the —2nd_ day of
Janua ______, 1929.
Mayor.
'jAttest:
City Recorder.
it
,(SEAL)
There shall be endorsed on each of said bonds the follow
`ing 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.
BE IT FURTHER RESOLVED that the City Treasurer is hereby
;authorized to borrow from The Continental National Bank of Salt
Lake City said further sum of Four Hundred Thousand Dollars
($400,000.00) as needed by the City prior to June 1, 1929, and the
Mayor and City Recorder are hereby authorized to execute tax anticia-
pation bonds in said sum in the same form as hereinbefore set out
and to draw interest at the rate of five and one half (5Lw) per
cent per annum from the date of the issuance of said bonds to
December 31, 1929.
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BE IT FURTHER RESOLVED that all the covenants, statements!,
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representations and agreements contained in said bonds be and the
same are hereby adopted as covenants, statements, representations,
agreements and promises of Salt Lake City, Utah, and
BE IT FURTHER RESOLVED that the Mayor of Salt Lake City
is hereby authorized and directed to sign and execute said bonds
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and the City Recorder is hereby authorized and directed to attest
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and affix the seal of Salt Lake City to each of said bonds, and the
City Auditor is hereby authorized and directed to place upon said
;bonds the certificate in the manner and form set forth above.
BE IT FURTHER RESOLVED that said bonds when issued shall ;
'i.be delivered to the purchaser thereof, to-wit: The Continental
National Bank of Salt Lake City, Salt Lake City, Utah, upon receipt
of the purchase price therefor.
BE IT FURTHER RESOLVED that the Board of Commissioners
shall levy in the year 1929, a sufficient tax to pay the principal;
and interest of said bonds as the same shall fall due.
AND BE IT FURTHER RESOLVED that an emergency is hereby
declared and in the opinion of the Board of Commissioners because
of the necessity for funds with which 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 resolution take effect at
once.
This resolution shall take effect upon adoption.
Adopted by the Board of ommissioner?. of t Lake City,
Utah, this 2nd day of January, 1it
`'` ' _
Mayor.
IAttest:
' .� .r d `.Ii/ /. I i
ty 'ecorder.
1
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The adoption of the foregoing resolution was seconded by
Commissioner and the same put to a vote was unani—
mously carried by the affirmative vote of all Commissioners present,
the vote being as follows:
JOHN F. BOLMAN, Mayor, "AYE"
C. N. FEHR, Commissioner, "AYE"
T. T. BURTON, Commissioner, "AYE"
H. L. FINCH, Commissioner "AYE"
P. J. MORAN, Comlissioner Lr.YE"
Mayor
httes�
A.
p �
City Recorder.
(S E A S )