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RESOLUTIO N
WHEREAS, There is immediate and pressing need for raising
funds to the amount of One Million Nine Hundred Thousand Dollars
($1,900,000) for the purpose of meeting the current expenses of the
City for the year 1924, until the payment of taxes for the year 1924;
and
WHEREAS, The tax revenues of Salt Lake City for the year
1923 aggregated the sum of Two Million One Thousand Two Hundred Fifty—
four and 09/100 Dollars ($2,001,254.09), and the total revenue from
all sources was Two Million Eight Hundred Forty—five Thousand One
Hundred Twelve and 25/100 Dollars ($2,845,112.25), and that the
estimated revenues from taxation and other sources for the year 1924
will be at least as great as that for the year 1923, although at
this time the assessment for said year 1924 has not yet been made;
and
WHEREAS, The sum of One Million Nine Hundred Thousand
Dollars ($1,900,000) required now to be raised is not in excess of
said revenues as estimated for the year 1924;
NOW, THEREFORE, BE IT RESOLVED:
That Salt Lake City, Utah, for the purpose of meeting the
current expenses of said City for the year 1924 until the payment of
taxes for the year 1924, shall borrow the sum of One Million Nine
Hundred Thousand Dollars ($1,900,000), bearing interest at the rate
of five per centum (5%) per annum, and for such purpose, as evidence
of such indebtedness, the City of Salt Lake shall issue its negotiable
coupon bonds in the aggregate amount of One Million Nine Hundred
Thousand Dollars ($1,900,000), consisting of six hundred and ten (610)
bonds, numbered consecutively from one (1) to six hundred and ten (610),
inclusive. Said bonds shall be designated "Salt Lake City Bonds,
Series of January 1, 1924," and shall be dated January 1, 1924.
Said bonds shall be due and payable on the thirty—first day of
December, A. D. 1924 and shall be evidenced by bonds numbered one
(1) to five hundred (500), inclusive, in the denomination of One
Thousand Dollars ($1,000) each; bonds numbered five hundred and one
(501) to five hundred and ninety (590), inclusive, in the denomination
of Ten Thousand Dollars ($10,000) each; and bonds numbered five
hundred and ninety—one (591) to six hundred and ten (610), inclusive,
in the denomination of Twenty—five Thousand Dollars ($25,000) 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.
1924 at the rate of five per centum (5%) per annum, both principal
and interest payable at maturity at the Bankers Trust Company, in
the city and state of New York, 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 by the City
Auditor for that purpose, and the City Auditor shall endorse upon
each of said bonds the certificate required by law. Said bonde
shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF UTAH COUNTY OF SALT LAKE
No.
SALT LAKE CITY BOND
Series of January 1. 1924.
KNOW ALL MEN BY THESE PRESENTS; 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
_____ THOUSAND DOLLARS,
lawful money of the United States, on the thirty-first day of December,
A. D. 1924, at the Bankers Trust Company, in the City and State of New
York, U. S. A., with interest thereon at the rate of five per centum
per annum from date until paid, payable at maturity.
This bond is one of a series of six hundred and ten (610) bonds
of like tenor and effect, numbered from one (1) to six hundred and ten
(610), inclusive, -- bonds numbered one (1) to five hundred (500), inclusive,
being in the denomination of One Thousand Dollars ($1,000) each, bonds
numbered five hundred and one (501) to five hundred and ninety (590),
inclusive, being in the denomination of Ten Thousand Dollars ($10,000)
each, and bonds numbered five hundred and ninety-one (591) to six hundred
and ten (610), inclusive, being in denomination of Twenty-five Thousand
Dollars ($25,000) each, -- end known as "Salt Lake City Bonds, Series of
January 1, 1924," for the aggregate sum of One Million Nine Hundred Thousand
Dollars ($1,900,000), issued pursuant to Section 570X6, Compiled Laws of
Utah, 1917, and all acts amendatory thereof and supplemental thereto.
The City of Salt Lake shall levy in the year 1924 a sufficient
tax to pay the principal and interest on this bond as the same shall fall
due, and this bond is issued in anticipation of such taxes for the year 1924.
•
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
1924, and that said indebtedness was and is contracted for the purpose
for which said taxes are levied.
It is hereby certified, recited and declared that all con-
ditions, acts and things essential to the validity of this bond exist,
have happened and have been done, and that every requirement of law
affecting tie issue thereof 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 and credit of said
Salt Lake City are hereby irrevocably pledged to 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 affixed,
and attested by the City Recorder, this first day of January, A. D. 1924.
(seal) v -_.
�9AYOR.
ATTEST:
CITY RECORDER.
* * * * *
CITY AUDITORS 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. - ---
Adopted by the Board of Commissioners of Salt Lake City,
Utah, December 6th, 19-23,
City Recorder.