11 of 1927 - A resolution authorizing the issuance of $1,000.000.00 Tax Anticipation notes for the year 1927. i
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ROLL CALL ti` June 2Rth,
VOTING AYE NAY Salt Lake City,Utah, , I92.. ?
Burton f
Fehr I move that the resolution be adopted.
Finch '" J
GeWi
Moran
Mr.Chairman - - - - __
Result RESOLUTION
JUN .) �c 7 , 1927. 1
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4 The Board of Commissioners of Salt Lake City, Utah, met
IIin regular session. I
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1 Mayor C. Clarence Neslen in the chair.
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On roll call the following members were present:
T. T. Burton, Commissioner of Public Safety; 1
P. J. Moran, Commissioner of Streets and Public Improve;
1 ments;
II Charles N. Fehr, Commissioner of Public Affairs and I
Finance;
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H. L. Finch, Commissioner of Parks and Public Property; !
and C. Clarence Neslen, Mayor: and Commissioner of Water Sup-1
ply and Waterworks, Chairman.
Also present, B. H. Cannon, City Recorder. i
Commissioner Charles N. Fehr introduced the following
resDlution and moved its adoption:-
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R E S O L U T I O N. '
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WHEREAS, there is immediate and pressing need for raising
' funds to the amount of One Million Dollars ($1,000,000.00) for the
!purpose of meeting the current expenses of the City for the year •
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1927, until the payment of taxes for the year 1927; and
Ij WHEREAS, the tax revenues of Salt Lake City, Utah, for
the year 1926 aggregated Two Million One Hundred Twenty-eight
Thousand Three Hundred Ninety-four and 43/100 ($2,128,394.43) Do14
Tara and the total revenues from all sources was Two Million Nine;
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!Hundred Ninety Thousand Seven Hundred five and 84/100 ($2,990,705i84)
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(Dollars, and that the estimated revenues from taxation and other
sources for the year 1927 will be at least as great as that for
the year 1926, although at this time the assessment for the year !
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1927 has not yet been made; and •
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WHEREAS, the sum of One Million Dollars ($1,000,000.00)
required now to be raised is not in excess of said revenue as es-
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Ntimated for the year 1927.
NOW, THEREFORE, BE IT RESOLVED: That Salt Lake City, II
!Utah, for the purpose of meeting the current expenses of said Ci4 ,
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for the year 1927 until the payment of taxes for the year 1927,
lshall borrow the sum of One Million Dollars ($1,000,000.00), in
installments of appa.e-x-i-ssately Two $undred Thousand Dollars
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($200,000.00) on July 1st, August 1st, September lst, October lst,i
and November 1st, 1927, bearing interest at the rate of four and
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Zone-quarter per oentum (4a) per annum from date of bond, and for '
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such purpose, as evidence of such indebtedness, the City of Salt
Lake shall issue its negotiable tax anticipation bonds in the ag- I
Igregate amount of One Million Dollars ($1,000,000.00), said bonds ,
to be designated as follows:
Salt Lake City Tax Anticipation Bonds, Series of July
1st, 1927, dated July 1st, 1927, and payable December ,
30th, 1927, and shall be evidenced by bonds numbered one
(1) to twenty (20), both inclusive, in the dehomination of
$10,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of August 1st,
1927, dated August 1st, 1927, and payable December 30th,
1927, and shall be evidenced by bonds numbered one (1) to
twenty (20), both inclusive, in the denomination of
$10,000.00 each.
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II Salt Lake City Tax Anticipation Bonds, Series of September '
1st, 1927, dated September 1st, 1927, and payable December '
30th, 1927 and shall be evidenced by bonds numbered one (1)i
II to twenty (20), both inclusive, in the denomination of
p $10,000.00 each. '
Salt Lake City Tax Anticipation Bonds, Series of October lit,
1927, dated October 1st, 1927, and payable December 30th,
1927, and shall be evidenced by bonds numbered one (1) to
twenty (20), both inclusive, in the denomination of
II 410,000.00 each. .
Salt Lake City Tax Anticipation Bonds, Series of November
1st, 1927, dated November let, 1927, and payable December
30th, 1927 and shall be evidenced by bonds numbered one (].i')
to twenty (20) both inclusive, in the denomination of
10,000.00 each,. I
paid bonds shall be payable in lawful money of the United States
;and shall bear interest from and after the date thereof at the rate
!of Four and one-quarter per cent (44%) per annum, both principal
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and interest payable at maturity, at the Central Trust Company in !
the City of Salt Lake and State of Utah, U. S. A. 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
Nby the City Auditor for that purpose, and the City Auditor shall
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endorce upon each of said bonds the certificate required by law.
Said bonds shall be in substantially the following form, to-wits
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"UNIT.11.0 STATES OF AMERICA.
STATE OF UTAH.
No. $10,000.00
SALT LAKE CITY TAX ANTICIPATION BOND,
Series of July 1, 1927.
KNOW ALL MEN BY THESE PRESENTS: That SALT LAKE CITY,
in the County of Salt Lake, and State of Utah, hereby acknowledge
0..tself to be indebted and for value received hereby promises to
pay to the bearer hereof the sum of Ten Thousand Dollars 410,000.100)
lawful money of the United States on the 30th day of December, A.
D. 1927, at Central Trust Company, Salt Lake City, Utah, with
interest thereon at the rate of four and one-quarter (4i) per cent
per annum from date until paid, payable at maturity.
The bond is one of a series of twenty (20) bonds of like
tenor and date, numbered from one (1) to twenty (20) inclusive,
land known as "Salt Lake City Bonds, Series of July 1, 1927,"
jifor the aggregate sum of Two Hundred Thousand ( `200,000.00) Dol-
Jlars, issued pursuant to Section 570X6, Compiled Laws of Utah,
0.917.
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The Board of Commissioners of Salt Lake City shall levy
jin the year 1927 a sufficient tax to pay the principal and inter-
est on this bond as the same shall fall due, and this bond is
Rasued in anticipation of the payment of such taxes for the year
1927.
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 levied or to be levied for the current
year 1927, 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 the law effecting 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 fait
•and credit of said Salt Lake City are hereby trrevoaably pledged
'to the punctual payment of the principal and interest of this bond
aociording 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 let day of
July, 1927.
ttest: Mayor.
j City Recorder. " •
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VV; The bonds of Series of August let, 1927, September 1st,
�1927, October 1st, 1927 and November 1st, 1927, shall be in sub-
stantially the same form, the appropriate changes being made in
lithe date thereof.
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There shall be endorsed on each of said bonds the followl-
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ing certificate:
CITY AUDITOR'S CERTIFICATE.
"I hereby certify that this bond is within the law-
ful debt limit of Salt Lake City, Utah, and is
issued according to law."
City Auditor.
BE IT FURTHER RESOLVED that all the covenants, state-
ments, representations and agreements contained in said bonds be
and the same are hereby adopted as covenants, statements, represen-
tations, 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
and the City Recorder is hereby 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
said bonds the certificate in the manner and form set forth above.
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BE IT FURTHER RESOLVED that said bonds when issued shall{
Ibe delivered to the purchasers thereof, Snow-Goodart & Company,
of Salt Lake City, Utah; and Central Trust Company of Salt Lake
(City, Utah; upon the receipt of purchase price therefor.
BE IT FURTHER RESOLVED that the Board of Commissioners
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shall levy in the year 1927, a sufficient tax to pay the principals
land interest of said bonds as the same shall fall due.
AND BE IT FURTHER RESOLVED that an emergency is hereby (
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(declared and in the opinion of the Board of Commissioners because
of the necessity for funds with which to meet the current expenael
'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.
�(Attest:
�;��j'� ayor.
City Records
The adoption of the foregoing resolution was seconded
by Commissioner BURTON and the same put to a vole
was unanimously carried by the affirmative vote of all Commission-f
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ere present, the vote being as follows:
C. CLARENCE RESLER, Mayor, "AYE"
CHARLES N. FEHR, Commissioner "AYE"
T. T. BURTON, Commissioner, "AYE"
E. L. FINCH, Commissioner, "AYE"
P. J. MORAN, Commissioner, "AYE"
Mayor.
ATTEST:
ity Recorder
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