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Home My WebLink About10 of 1926 - A resolution accepting bid of E. B. Palmer Company for the $1,000,000.00 tax anticipation notes. . • • , N .I, 'TIIIIIIIIII.1 REMARKS: Resolution No. 4 414 1 By Commissioner Fehr ie._ Accepting bid. of .i.,'. B. -i; Palmer Co. for the $1,000,00 tax anticipation notes. 1 i 1 i: i 1 , 1! il 1 ! , 11 1 AND PASSED DEC 16 1926 ! xWas-9-P-fr -T 1 , „ 1 li , 1 ,1 1: :.. ROLL CALL E .tom--T Salt Lake City,Utah, irt' TING AYE N I move that the resolution be adopted. finch Moran: ---7��f=•=-=--_ Mr-Chairman - - - Itesutt' RESOLUTION fhe board of Com iasionbrs of Salt Lake pity, State of Utah, met in 1, regular session;on Thursday, the - 4th dad of December,,.A. D. 1926. On roll call, the.following members a rn-present; T. T. 3urton, `Commissioner of Public Safety I p, ,T, Motex, Commissioners of Streets and'Poblic Improvements C. I. Pair, Commissioner of Public lffairs and Finance , �h E. L. !inch,-Commissioner Of Parks and Public Property C.Clarence Maslen, Mayor sad Commissioner of Tatar Supply ,.. and Matereorka, Chairman. j D,..R, Cannon, City Recorder..was also present. Commissioner C. S. Iehr introduced the following resolution and moved its adoptions j_S 0L VT I08: ''VESEtAS,-there is immediate end`pressing need for raising`funds to r the &meant of=,One Million ($1,000,000) DoLiers for the purpose of meeting the 1I 'current expenses of,the, ity:for the year 1927, o til`the payment of taxes for then i927,;: and i3, -the tax'revenues.of Seat ake.Cityt'Utah for the year 1926 aggregated PI ill`fa , ;?i�tr—saaysaa Th d,Pour`Hundred"•Th;.rty-two, and 23 t.($,2 i ,+32.23-)" dollars, and the total revenues'from all sources was.4(0 $ Idilli-an, Hine l'houeand, Bgur Hundred 8lghteen a1nt1 '86/100,fly 0..09,.#18t- 6) pallet's, and I that the estimated revenues froa.taxation and,other eonroes for,the year 192'� +I will be at least as great as that for the year 1926, although•at this tiate the assessment for the year 1927 has maot, yet been made end . UJ S,- the sum of One•million ($1,000,000) Dollars required-m 1' to be.raieed is n'et in excess of said-revenuetas estimated for the year 192T. 1S9i, TE X1 llM, DZ if EESOI,YEO:'That Salt !wire lli,tyy tItah, for;tote ! purpose of meeting tie Arent expensed of said City for,the.year 1$27•until the ;argent of taxes for the'year 1927' shall borrow the„sun'of.One'Million ($ ,bao,0c0) ( 'Dollars, bearing 'interest,at the rate of-three and three quarters (3 %) per•cent. {_:" per`anrona, and for such pmtpese.. 'as evidence of such indebtedness, the City of �, ti f Salt Lake shall issue its negotiable bonds in the,.aggregate amount of One Mill- Oon ($1,000,000) •Dollars, consisting of forty-six (46) bonds, numbered consecut- ively'from One (1) to lortywpiz (46) inclusive.. Said bonds shall be designated "Salt Lake City Bonds, Seriee..ot January 1, 1927m, and' shall be dated January let, 1927. Said bonds shall be due and payable on the 3*st day of December, 1927, 1.! and shall be evidenced by bonds Numbered one (1) to six (6) inclusive, in the denomi- nation_of$ 0,000.00 each. Numbered seven (7) to twenty-six (26) inclusive, in the denomination of $25,000.00 each '! Numbered twenty-seven (27) to forty-six'(46)`inclusive, in the denomination of $10,000.00 each. Said bonds shall be payable in lawful money of the United States and shall bear } interest from and after the first day of January, A. D. 1927, at the rate of three and three quarters (30) per cent per annum, both principal and interest pay!- able at maturity, at the 8itst National Bank in the City and State of New'York, U. S. A. Said bonds shall'be signed by the Mayor and attested by the City Record-{ 1 II er ender 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, to-writs tl : URITEt3 STATS5or AitI1RICa' Y.STATE O .d COUNTY Or SALT LAB.' ¶80, $ f SALT LASE CITtl4D Series of January 1, 1927 y IDIOM ALL YEN Br TSESZ,PUS&STS, 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 TE01JS.= DOLLARS, in lawful money Of the :';United States, on the thirty-first day of December, 1927y,1. D., at the First National Bank, in the City and State of New York,'U. S, A, with interest thereon 4 at the rate of three and three quarters (° ,) per centua per annum from.date tn.,- til paid, payable at maturity. ; 'This bond is one of a series..of-fort ! q six-O bonds of 11ke:tenor j and'effect,,,nfmbered,.'freatOho (1) torforty-six (46) inclusive, in the denomination Hof $50,000.00'each for bands t{nmbered one to :six incluslve,,in the denomination of I 4 $25.006.00 each for bonds numbered seven to twenty-six inclusive; and in the de-. nomination<of $10,000,'.QO each for bonds mmbered twenty-seven to forty-six:luelus- ive, and known as "Seit Lake City Bonds, Series of January I, 1927" for the :aggre- } gate sum of One Pillion ($ItQDG-.000) Dollets, issued pursuant to Section 57016,' Compiled 'Laws of Utah,'1917 '?and ill acts Amendatory thereof and supplemental thereto. The_City;'of Salt Lake shall levy in the year 1921, a sufficient tax 's [' to pay the principal and intereet on this bond as.,the same shall fall due, and this bond is leaned in anticipation of such taxes;for the gear 1927. It is hereby certified,.recited and-declared that the entire indebt- ednese, off said City hereby incurred is not.ih excess of the taxes of said City i' levied-:or to be levied-for`the current year 1927, and that said indebtedness was it and is contrae!sd for the.purpose.for which said taxes are levied. It is hereby certified,,recited and declared that`pll conditions, i! ants and things essential;to the validity'of this bond exist, have happened and li have been done, and that every'requirement.of law affecting the issue_thereof has j been duly cougiilied with and:.that this bond is,within every.debt and other limit prescribed by the Constitatien and laws of said State, and that the fall faith . ; end'credit of Salt Lake City are hereby irrevocably pledged to the punctual pay- j meat of the principal and'intereet of:this bond according'to its terms. ! IN WITNESS nowt, Salt Lake City has caused this bond to,be signed 1. li by ite':Mayor, its corporate'.aeal to be hereunto affi ed, and attested by the,Oity,i 4„Becorder, as of the First day of January, A. D 1927. .. Mayor w � City- Corder 'i (SEAL) 4 Il` .. There shall be endorsed on each of said bonds the following certifi- I; I j Cate; CITY AUDITORS GNSTIFICATZ "I hereby certify that this:bond.is within the law- ful debt liMdt of Salt Lake City,.Utah, and is ii issued according to law." City Auditor. j. BE IT VTR RESOLVED that all the covenants, statements, repre- sentations and agreements contained=.in s aid bonds be and the same are hereby adopted as'convenants, statements, representations, agreements and promisee of Salt Lake City, Utah, and BE IT I RTENR RESOLVED that the Mayor of Salt Lake City is hereby authorized and directed to siga,and execute said bonds and the City Recorder is h• ereby'authorized and directed to attest 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.e aid bonds the certificate in the manner and form set forth above. `BE IT FCRTENR RESCLVI} that said bonds when issued shall be deliver- _ ed to the purchasers thereof, to-wit; 8, B. Palmer Company. Salt Lake City. Utah; F• irst National .Bank, New York City, N. 7:; The International Trust Company, Barr'Broth;ere A lmbieny,.Nee York City, g. Y.; I; Denver Colorado -end lo+-3+ondon-Paris C , � � .- oleparly, San Francisco, California; up- (' on receipt of the purchase;price therefor. N.IT FORTH R BRSOL'Pli/'that the:Board of.Commissioners shall levy ! i• n the year-1927, a sufficient tax to'pay the principal,aaad: interest of said I bonds as the acme'shall fall due. �! A� ig IT FAH RESOLVED that an emergency,is hereby declared'and to the opinion of the Board of Oomajssioners because of the necessity for funds ''with which to meet the current expenses of said city lita is necessary to the peace, health and'safety of thes,ithabitants ofFSalt Lake dity that this reaolut .:� • 1-ion take effect at once. This resolutibn.shall.take dffect upon adoption. 14 A Attestt r JdaYor The adoption of the.forogoing resafution was seconded by Commission—• eT lit. P. J. D4ORAB . and the same put to•a"'vote was unanimously. . Ii carried by..t a affirmative aote.of all Commissioners present, theeote being es r (`',fellows; it - - I • • I� C,'Clarence geslen, Mayor, "ATV,'II C; I. Fehr, Commissioner, !'ATE" T. T. Burton. Commissioner, - "ATE" H. L. Pinch. Commissioner. "ATE' P. S. Moran, Commissioner, ■A ° 1i er: I ATTESTS , City Recorde3 • . I (Seal) • ii I - . - i • II I - it 4i II • l: STATE OF UTAH ) ) SS. r COUNTY OF SALT LANE ) I. D. H. qA1NON , the duly chosen, qualified and acting Bity Recorder of Salt.LeIs City; Utah, do hereby certify that the fore going is a full, true and correct copy:mt the proceedings of a regular meeting ' of the Board of Commisaioners,Of Salt Bake City, Utah, held on Thureday 1' the 16th day of December, 1926, at the hour o€'- ten 0tclock A +; M., insofar as the same refer to or concern the issue of $1,000,000 Tax Antici- !� pation Bonds of Salt Lake City, Series of January 1, 1927. IN WITNESS WHEREOF, I have hereunto set my hand and the seek of 1' said Salt Lake°City,. Utah, this 16th day of December, A. D. 1926. City 1t.y Recorder. (SEAL) • • r: I ;ii 11 I f_