10 of 1922 - A resolution approving form of note for borrowing the sum of $600,000.00 at the rate of 4 1/8% inter ,
REMARKS: ,! , — —� # 1y '.
Resolution No.
" i,. 'ommlmioner. Green, ., 1
Ct:
'' Approving form of note a.
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i 'off.borrowing the awn of ; • .
$600,000.00 at the rate. of
4-1/8% irltereet per anngm.
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r ",-,SAD Afi) ADOPTED
, : AUG 3 • 1922 I,
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ROLL CALL
VOTING AYE NAY Salt Lake City,Utah, August 3, _ .. 192.- •
Barnes
I move that the resolution be adopted.
Burton
Green /4— �
Stewart
Mr.Chairman
Result RESOLUTION
WHEREAS, There is immediate and pressing need for raising
funds to the amount of Six Hundred Thousand ($600,000) dollars for
the purpose of meeting the onrrent expenses of the city for the year
1922, and until the payment of taxes for the year 1922, and
WHEREAS, the tax revenues of Salt Lake City for the year
1922 aggregate the sum of Two Million Nine Hundred Forty-five Thousand,
Two Hundred Eighty-eight and 55/100 ($2,945,288.55) dollars and the
sum of Six Hundred Thousand ($600,000) dollars required now to be
raised is not in excess of said revenue for the year 1922.
NOW THEREFORE, BE IT RESOLVED that Salt Lake City, for the
purpose of meeting the current expenses of said city for the year 1922
and until the payment of taxes for the year 1922, shall borrow the
sum of Six Hundred Thousand ($600,000) dollars, bearing interest
at the rate of Four and one-eighth per oentum (4 1/8) per annum and
for such purpose as evidence of such indebtedness, Salt Lake City
shall issue its negotiable short term notes in the aggregate amount
of Six Hundred Thousand ($600,000) dollars consisting of twelve (12)
notes in the sum of Fifty Thousand ($50,000) dollars each, issued
as follows: Numbers one to three, inclusive, to be dated August 1,
1922, and payable December 30, 1922; Numbers four, five and six,
to be dated September 1, 1922 and shall be due and payable December
30, 1922; Numbers seven, eight and nine, dated October 1, 1922
and shall be due and payable December 30, 1922; Numbers ten,
eleven and twelve, shall be dated November 1, 1922 and shall
be due and payable December 30, 1922. Said notes
shall be payable in lawful money of the United States and shall
bear interest during the life of said notes at the rate of Four
and one-eighth (4 1/8) per centum per annum. Both principal and
interest shall be payable at maturity at the Banking house of the
Irving National. Bank of New York City, N. Y. Said notes 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 indorse
on each of said notes the certificate required by law. Said notes
shall be in substantially the following form:
SATm LAKE CITY
SHORT TERM NOTE
Series of
On the 30thday of December, 1922, for value4received,
Salt Lake City will pay to the bearer the sum of Fifty Thousand
($50,000) dollars in gold coin of the United States, with interest
at the rate of four end one-eighth (4 1/8) per cent per annum from
date until paid, both principal and interest of this note being
payable at the Irving National Bank of New York City, N. Y. and
for the prompt payment thereof at maturity, the fall faith, credit
and resources of Salt Lake City, a municipal corporation of Utah
are hereby irrevocably pledged.
This note is one of a series of three notes of like tenor
and effect, numbered from to , inclusive, and known
as Salt Lake City Short Term Note, Series of for the
aggregate sum of
It is hereby certified and recited and:deelared that
all conditions, acts and things essential to the validity
of this note exists, have happened and have been done, and that
every requirement of law affecting the issue thereof has been duly
complied with and that this note is within every debt and other
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limit prescribed by the Constitution and Laws of the State of Utah.
IN WETNESS WHEREOF, Salt Lake City has executed this note
by causing it to be signed by its Mayor, its corporat seal to be
hereunto affixed and attested by its city recorder this day of
, 1922.
SALT LAKE CITY,
BY
Mayor
SEAL
ATTESTED:
Cify Recorder
(To be endorsed on back of note)
„ CITY AUDITOR'S CERTIFICATE
I HEREBY CERTIFY that this note in within the lawful
debt limit of Salt Lake City, Utah, and is issued a000rding to
law.
City Auditor
Adopted�by� the Board
'.�of� Commissioners of !Salt Lake City, Utah,
this —'day of \��+ .+s ., A. D., 19 . n/
ay or
Attest:
yly�
City ecorder.
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