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HomeMy WebLinkAbout12 of 1932 - A resolution authorizing the issuance and sale of $10,000.00 Salt Lake City Tax Anticipation Bonds, B esolution No. .I 9 fl. Bg Camm[aatonec Marcus Authorizing the issuance .a11d; 1 ;c sale" of $10•,0-00.00 Salt Lake i ! City,Tax Anticipation Bonds, i „Serie_ of_:LTa.r...1.0, 1932, bearin' e r ;, interest at 61. i ; h '& X ( dI aJaJ(� R� r III Ptelerted is the Bev-let{;rrn s , 1 AND 4'.9 '' MAR 10 19:? 4 I I ROLL CALL ;?arch 1�J Salt,Lake City,Utah, , 193..2_ VOTING AYE N Finch I move that resolution No 12....by Mr Keyser be adopted. Knight Lake Mr.Chairman - - - iriliv Result in regular session on the 10th day of March, 1932, at the hour of ten o'clock A. M., at the regular meeting place of said Board in the City & County Building, Salt Lake City, Utah, Mayor Marcus in the chair. On roll call the following members were present: John `, I_ni •1_r— _, Commissioner of Public Safety. L. ^inc'r _ , Commissioner of Parks and Public Property. Jos. H. Lake, _, Commissioner of Streets & Public Improve- ments. aeor-e D. r-ey es, , Commissioner of Water Supply & Waterworks. Loui:: :.arcus , Commissioner of Public Affairs & Finance, Chairman. Also present ETHEL MACDONALD, City Recorder. Commissioner -Larcus introduced the following resolution and moved its adoption: RESOLUTIO N. WHEREAS, there is immediate and pressing need for raising funds to the amount of Ten Thousand Dollars ($10,000.00) for the purpose of meeting the current expenses of the City far the year 1932 until the payment of taxes for the year 1932, and WHEREAS, the tax revenues of Salt Lake City, Utah, for the year 1932 will aggregate Two Million Thirty-two. Thousand Seven Hun- Sixty- dre 7six and 69/100 ($2,032,766.69) Dollars and the total revenue from all assessed sources will aggregate Three Million, One Hundred Ninety-one Thousand, Eight Hundred One and 04/100 ($3,191,801.04) Dollars; and WHEREAS, the sum of Ten Thousand Dollars ($10,000.00) required now to be raised is not in excess of said revenue as esti- mated for the year 1932. NOW, THEREFORE, BE IT RESOLVED by the Board of Commission ers of Salt Lake City, Utah, that Salt Lake City, Utah, for the pur- pose of meeting current expenses of said City for the year 1932 until the payment of taxes for the year 1932, shall borrow the sum of Ten Thousand Dollars ($10,000.00) and for that purpose as evidence o*' - - such indebtedness shall issue and sell one hundred (100) bonds, numbered one (1) to one hundred (100), both inclusive, being in the denomination of One Hundred Dollars ($10C.00) each. Said bonds shall bear date of March 10, 1932, shall bear interest at the rate of six per cent (6%) per annum, payable semi-annually on the 10th day of September, 1932, and the 10th day of March, 1933, both princi- pal and interest payable at the office of City Treasurer of Salt Lake City, City and County Building, Salt Lake City, Utah. Said bonds shall be designated nSalt Lake City Tax Anticipation Bonds, Series of March 10, 1932.n Said bonds shall be due and payable on the 10th day of March, A. D. 1933, in lawful money of the United States and shall bear interest from the 10th day of March, A. D. 1932. Said bonds shall be signed by the Mayor and attested by the City Re- corder under the seal of the city and said coupons shall bear the fac-simile signature of the City Treasurer. Said bonds and coupons shall be registered in a book kept by the City Auditor for that pur- pose, and the City Auditor shall endorse on each of said bonds, the certificate required by law. Said bonds and each of them shall be (except as to number) in substantially the following form, to-wit: STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY TAX ANTICIPATION BONDS Series of March 10, 1932. No. 1 $100.00 KNOW ALL MEN BY THESE PRESENTS, that Salt Lake City in the County of Salt Lake, in the State of Utah, hereby acknowledges it- self to be indebted and, for value received, hereby promises to pay to the bearer hereof, the sum of One Hundred ($100.00) Dollars in lawful money of the United States on the 10th day of March, A.D.1933 at the office of the City Treasurer of Salt Lake City, City and County Building, Salt Lake City, Utah, U. S. A., with interest thereon at the rate of six per cent (6%) per annum from date until paid, in like money payable semi-annually on the 10th day of September, 1932, and the 10th day of March, 1933, said interest to maturity being represent- ed by interest coupons hereto attached. This bond is one of a series of one hundred ( 00) bonds of like tenor and effect, numbered one (1) to one hundred (100), both inclusive, in the denomination of One Hundred Dollars ($100.00) each, and known as *'Salt Lake City Tax Anticipation Bonds, Series of March 10, 1932,n for the aggregate sum of Ten Thousand Dollars ($10,000.00), issued pursuant to Section 570X6, Compiled Laws of Utah, 1917, and all acts amendatory thereof and supplemental thereto. -3- The City of Salt Lake shall levy in the year 1932 a suffi- cient 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 1932. 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 1932, and that said indebtedness was and is contracted for the pur- pose for which said taxes are levied. It is hereby 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 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 as of.t s - day of A. D. 1932. ----. Attest: Mayor. 4 - City Recorde each of said bonds shall be attached a coupon for each installment of interest contemplated by said bond, which said cou- pons shall be consecutively numbered, beginning with No. 1, with the several dates of payment and number of bond and shall bear the fac-simile signature of said City Treasurer, and said coupons and each of them shall be substantially in the following form, to wit: FORM OF COUPON) No. 1_ $3on On the 10th day of September, 1932, and the 10th day of March, 1933, Salt Lake City, Utah, will pay to the bearer hereof, at the office of City Treasurer of Salt Lake City, City and County Building Salt Lake City Utah the sum of Three and 00/100 ($3.00 Dollars in Gold Coin of the United States of America of the present standard of weight and fineness, being six months' interest then due on its Tax Anticipation Bonds, Series of March 10, 1932. (Fa=simile sivnat,tare/___e_ City Treasurer. Bond No. There shall also be endorsed on each of said bonds the following City Auditor's certificate: 'I hereby certify that this bond is within the lawful debt limit of Salt Lake City, Utah, and -4- is issued according to law. City Auditor." All the covenants, statements, representations and agree- ments contained in said bonds are hereby adopted as covenants, state- ments, representations, agreements and promises of Salt Lake City, Utah. The Mayor of Salt Lake City is hereby authorized and di- rected to sign and execute said bonds and the City Recorder is here- by authorized and directed to attest and affix the seal of Salt Lake City to each of said bonds and the City Auditor is authorized and directed to place upon said bonds the certificate in the manner and form set forth above, and said coupons shall bear the fac-simile signature of the City Treasurer, and the acts of said Mayor, City Recorder, Treasurer and Auditor in so doing are and shall be the act and deed of Salt Lake City. That the City Treasurer is hereby authorized to deliver said bonds to the purchasers thereof, as and when said bonds may be and are legally issued and delivered pursuant to authorization of the Board of Commissioners at a regular meeting held March 1C, 1932. That the Board of City Commissioners shall levy in the year 1932 a sufficient tax to pay principal and interest on said bonds as the same shall fall due and for the payment of said bonds the full faith, credit and taxing power of Salt Lake City are hereby irrevo- cably pledged and the Board of City Commissioners hereby covenants and agrees with the holders of said bonds to levy in the year 1932 sufficient taxes to provide for the payment of the principal and inter- est of said bonds. 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 resoluti.:In ta'ce effect at once. --- This resolution shall to e_ef--cect upon adoption. z Mayor. Attest: Ci�order. The adoption of the foregoing resolution was seconded by Commissioner Finch--^--- and the same on being put to a vote was unanimously carried by the affirmative vote of all Commission— ers present, the7ote being as follows: tlayor l'AYEr har.r3, L. 2inch,, Commissioner "AYE" eo •-e = 3_ey_er, Commissioner "AYEe' John 1:=. :,ni_ht Commissioner IlAYE^ Jo epl '_. Lake, _Commissioner "AYE" —���-Ems_'_-�f1_ Mayor. Attest:; City Recorder.