13 of 1923 - A resolution accepting bid of Palmer Bond and Mortgage Company for the purchase of $500,000.00, 5% R I.
EMARKS: Resolution NO. 1
I! By Commissioner ..Green I
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Acce tine bid of `i lraer 2,ondl
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1=0rt;Cage Co. for the iurchrsie
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of .,500,000.00,, 5/ aefuuding
ronds of .alt Lake City.
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ROLL CALL CALL :
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VOTING . AV NAY Salt Lake City,Utah,._ Dte 20 9/3
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Barnes
.•-•Burton ..!, I move that resolution No. .. .. :...:-......._by
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41, be adopted.
Green
Stewart
Mr. Chairman If/r"Z
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Result
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December 13th, 1923.
The Board of'Commissioners of Salt Lake City, met in regular session,
Mayor Nelsen in the chair.
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On roll call the following members were present:
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.Commissioner C. Clarence Neslen, Commissioner of Water Supply
ph and :�aterworks, Chairman,
Commissioner Arthur F. Barnes, Commissioner of Public Safety,
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Commissioner T. T. Burton, Commissioner of Public Streets
and'-Public Improvements,
Commissioner H. H. Green, Commissioner of Public Affairs and
Finance.
Commissioner Dr. R. M. Stewart, Commissioner of Parks and
Public Property.
The following resolution was then introduced by Commissioner H. H. GREEN
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RESOLUTION
WHEREAS, pursuant to resolution heretofore passed on the 13th day of Novemi.
lber, A. D. 1923, and to publication of notice of bond sale duly and regularly
given, and this being the time and place specified in said notice for the re-
caption of bids for the purchase of Five Nundred Thousand Dollars $500,000.00)
Refunding Bonds of said City, issued for-the purpose of refunding a like amountf
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of bonds issued by said City dated January 1st, 1904,.and due and payable on
the first day of January A. D. 1924, upon order made by the Mayor, the City toe-�
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corder then proceeded to open the bids received, which bids were as follows:
NAME OF BIDDER INTERMT RATE PREMIUM
Crosby, McConnell & Co. Denver
First National Bank, Boston 5,% $3,550.00
• First National Bank, St. Louie '
1 Bankers Trust Co., New York
Hannahs, Bailin & Lee, New York 5% 3,949.00
Bosworth, Chanute & Co., Denver
Ro na Den 5% 4,050.00
Le}men Brotner&,bNoew,Yorkver)
300 first maturities 5%,Balance 4 3 4 150.00
) 400 H n 5% n 4 150.00
Irving Bank-Columbia Trust Co., New Yoit 5% 5,001.60
-International Trust Co., Denver 5% 5,055.00
Harris Trust & Savings Bank, Chicago( 325 First
( maturities 5% Balance 4 3/4% 400.00
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)Boettcher, Porter & Co., Denver
1 C1ark, 'Williams & Compa
(Redmond & Co., New York 5% $5,056.45
Stevenson, Perry, Stacy & Co., Chicago 5% 5,081.65
;United States National Co., Denver
iCentral Treat Co., Salt Lake
"Irving National Bank, New York 5% 5,550.00
1Salomon & Co., New York
First Trust & Savings Bank, Chicago
;Illinois "Merchants Trust & Savings Bank, Chicago 5% 5,916.00
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putter & Company, New York
, . L. Allen & Company, New York 5.% 5,925.00
;Este & Company, Denver.
;Halsey, Stuart & Co., Chicago
Continental & Commercial Trust & Bay. Bank, Chi.5% 6,340.00
btiorthern Trust Co., Chicago
Payne, `el+ber & Co., New York 5% 6,550.00
Ferris &Hardgrove, Spokane
Taylor, L'wart & Co., Chicago 5% 6,550.00
Salomon Brothers & $utzler, Chicago
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A. B. Leach & Co., New York 5% 6,600.00
;C. 7. MoNear & Co., Chicago 5% 7,850.00
Sidlo, Simons, Fels & Co., Denver
A. 0. Becker & Co., Chicago
;Minton, Lampert & Co. % 8,115.50
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Stern Brothers, Kansas City
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?National City Co., New York 5% 8,295.00
I1dredge & Co., New York 5% 9,050.00
Walker Brothers Bankers, Salt Lake ( First 300 5%, last 200 4f Par.
;Halloran Judge Trust Co., Salt Lake 5% 9,250.00
(F. E. Calkins Co., New York
..Jelke, Hood & Co., New York (5% 9,725.25
1Geo. 7. Vallery & Co., Denver (4 3/4,% 1,925.25
;Emery, Peck& Rockwood, Chicago
(Merrill, Oldham & Co., Boston 5% 10,200.00
SSeasongood &Neyer, Cincinnati
(Pynchon & Co., New York
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;Eastman, Dillon & Co., New York ) 5% 9,550.50
(ogolby & Austin, NOT York ) 4 3/40 2,300.00
1Benwell, Phillips & Co., Denver ) First 125 and
last 100 bonds 4 3/4% intermediate
275 bonds 4i% 165.00
;Palmer Bond &Mortgage Co. Salt Lake) 5% 10,602.60
!, ) 4 3/4% 1,556.20
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which bids were all and the only bids received for the purchase of said bonds.
rpon motion of Commissioner Green.said bids were referred to the Department of
Finance for tabulation and report and thereupon said Board of Commissioners
recessed until Friday, December 14th, 1923 at 10 o'clock A. M.
iFriday, December 14th, 1923.
Report and tabulation of the bids were received by the Board of Commission
era in manner above set forth and the following resolution was then moved by
HiCommissioner H. GR �' and seconded by Commissioner
T. T. URTO: __
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WHEREAS, it appearing from the tabulation and report of bids received for
the purchase of said ",500,000.00 Refunding Bonds, that the bid of Palmer Bond
Sand rertgage Compa:g+ was the highest„ best and most advantageous bid received
for said bonds and it being deemed by said Boara of Commissioner to be for the
best interest of said City that said bid be accepted, which said bid is in
words and figures as follows to wit;
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December 13, 1923
Honorable Mayor and Board of Commissioners
of Salt Lake City, Utah
Gentl wens
As per your official statement and notice of sale for +'500,000 Refunding Bonds
with full number of coupons attached, constituting a direct obligation of Salt
Lake City, Utah, in denominations of 01,000 each, dated Jamary 1, 1924, bear-
ing interest at the rate of 5%per annum, payable semi-annually on January and
rmy lst, in each year, both interest and principal payable at the National
Park Bank in the City of New York, bonds to mature serially Iir25,000 on the firs
ay of Januarys 1925 and .25,000 on the first day of each succeeding January
thereafter up to and including January 1, 1944, without option of prior payment,
we offer you upon delivery of said bonds to us in New York City, New York, free
from exchange and collection charges, their par value e500,000 and aecreed
interest from date of bonds to date of delivery to us and a premium of
$199802.60.
Bonds are to be legally issued to the satisfaction of Mr. John C. Thomson, bond!
attorney of New York City, and prior to delivery of said bonds to us, you are tO
furnish us with a complete certified transcript of all proceedings had incident)
to the issuance of said bonds evidencing their legality to his satisfaction and
an autographed copy of his unqualified approving opinion as to the legality, 1
We agree to have the proceeds.from the sale of said bonds a vailable to Salt I
Lake City not later than the first day of January, 1924, for the purpose of re-
tiring, refunding and cancelling an equivalent amount of outstanding bonds 1
1 maturing en said ,lanuary 1, 1924. 1
1 The attached certified check for .`"5,000, payable to the order of Salt Lake City(
Corporation, is to be forthwith returned to us if this offer, which is for im-
mediate acceptance only, is rejected, otherwise said check is to be held by you�
1 as an evidence of our good faith in the transaction and applied as part pay-
ment on the purchase price when the bonds are delivered to us.
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Respectfully submitted,
I PALMER BOND & MORTGAGE COMPANY
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(Signed) Edwin S. Felt
Municipal Department
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AND WHEREAS, it appears from said bid of said Palmer Bond & :Mortgage
Company that a premium of (;10,802.60 was offered for said bonds, making the
total purchase price :510,802.60, which is at the rate of 41021.60 for each
1,000 bond, and,
WHEREAS, it further appears that the total amount necessary to refund
and retire said bonds maturing January 1st, 1924, is 4500,000.00 and,
WHEREAS, said Palmer Bond & Mortgage Company is willing to accept bond
aggregating the total sum of 4490,000.00 denomination of sl,000.00 each, at
the bid price of 0.021.60 for each 41,000 bond, in lieu of ten bonds of the
denomination of 41,000 each, maturing January 1st, 1944, and to pay in cash to
said city a premium of :586.60 making the total purchase price of 490 bonds
500,586.60.
NOWTH_EREFOR_E IT IS F]RBBY RESOLVE AND ORDERED by the Board of Commiss
toners of said Salt Lake City that the offer of said Palmer Bond & '_ortgage
tl Company for the purchase of said Refunding Bonds aggregating the sum of
4490,000.00, be and the same is hereby accepted and that the sale of said bondl
aggregating said sum of 4490,000.00 to said Palmer Bond & Mortgage Company and
the Action of the Board of Commissioners in accenting said offer and all acts
and proceedings pertaining thereto are hereby considered and are hereby rati-
fied and confirmed and said bonds are hereby ordered to be delivered to said
Palmer Bond & Mortgage Company upon receipt of the purchase price therefor.
Commissioner T. T. BL`liTOil seconded the motion of Commiss-
loner E.. i . GBEE27 for the adoption of said resolution and the
acceptance of said bid of said Palmer Bond & Mortgage Company for said
4490,000.00, Refunding Bonds and the same upon being put to a vote was unani-
mously carried by the affirmative vote of all Commissioners present, the vote
being as follows;
Commissioner Neslen "Aye"
CoOnissioner Barnes "Aye"
06mmissioner Burton "Aye"
Commissioner Green "Aye"
Commissioner Stewart "Aye"
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ADOPTED AND APPROVED this 20th day of Decenber, A. D. 1923.
veG��e er.--U/ ../ a2�s�.
mayor
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Attest
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City Recorder
.(SEAL)
STATE OF UTAH )
( SS.
.SALT LAE . COUNTY)
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I. W. A. LEATHAM, the duly chosen, qualified and.acting City Recorder of
Salt Lake City, Utah, do hereby certify that the above and foregoing consti-
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"tutes a full, true and correct copy of the minutes of a regular meeting of the
Board of Commissioners of Salt Lake City, of which all members had due, legal
!and timely notice as required by law and the rules and ordinances of said City,
held at the regular meeting place of said Board on the 20th dap'of December,
A. D. 1923, in so far as the same refer to or concern the sale of 490,000.00
Refunding Bonds of said City, as the same appears Of record in my office, i-i
sion Records of 1923
..,6„ Book of City Corunis-at pages ; that I personally attended at sai.
Meeting and that the foregoing proceedings were in fact held a a in said minute
specified.
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117 4IITNESS ',,RL3E0T, I have hereunto set my hand and affixed the corporate
seal of said City this 20th day of December, A. D. 1923.
• ity Recorder
g�g
(SEAL)