14 of 1962 - A resolution authorizing the issuance and sale of Tax Anticipation Bonds of the Salt Lake City Corpo pPv
• Resolution No _ 1
By ....M yoo..d...Brackara__Lee
COMMISSIONER
Authorizing the issuance and sale
of Tax Anticipation Bonds of the
Salt Lake City Corporation in the
principal amount of Four Million
Dollars ($4,000,000.00)
Presented to the Board of Commissioners
AND PASSED
twtionttoJUN2 81962
CITY RECORDER
I!
40" ✓;: Extracts from Minutes
Board of Commissioners
of
Salt Lake City Corporation
Salt Lake City, Utah
June 2B , 1962
A regular meeting of the Board of Commissioners of the
Salt Lake City Corporation, was held at Room 301 City and
County Building, Salt Lake City, Utah, on
Mountain
June 28 , 1962, at 10:00 o'clock A'.M. ( Standard Time).
There were presents
J. lracken Lee, Mayor
L. C. Romney, Commissioner
Joe L. Christensen, Commissioner
Conrad B. Harrison, Commissioner
Herbert F. Smart, Commissioner
There were absent:
None
Also present: Homer Holmgren, City Attorney
Louis E. Holley, City Auditor
Herman J. Hogensen, City Recorder
Following a disoussion, on motion made by Mayor J. Bracken Lee
Commissioner
Seconded by L. Co Romney , the following resolution was unanimously
adopted: by the following vote:
Aye.: Mayor J. Bracken Lee, Mayor
L. C. Romney, Commissioner
Joe L. Christensen, Commissioner
Conrad B. Harrison, Commissioner
Herbert F. Smart, Commissioner
Nay: None
The Resolution was then signed in open meeting and recorded by the
City Recorder as Resolution No. 14, 1962
RESOLUTION AUTHORIZINO THE ISSUANCE AND
SALE OF TAX ANTICIPATION BONDS OP THE
SALT LAKE CITY CORPORATION IN THE PRIN-
CIPAL AMOUNT OF FOUR MILLION DOLLARS
($4,000,000).
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE SALT
LAKE CITY CORPORATION:
Section 1. That in anticipation of the collection of
real :state taxes there are hereby authorised to be issued and sold
tax anticipation bonds of the City in the aggregate principal amount
of not exceeding Four Million Dollars ($4,000,000).
Section 2. Said tax anticipation bonds shall be issued in
anticipation of the collection of real estate taxes levied for au-
thorized oorporate purposes for the fiscal year which commences
July 1, 1962 and the proceeds of said tax anticipation bonds shall
be used only for the purposes for which said taxes are levied.
Section 3. Said tax anticipation bonds shall be dated
July 2, 1962, shall mature on January 15, 1963, and shall be payable
at maturity at Tracy-Collins Bank and Trust Company, Salt Lake City,
Utah. The denominations, numbers and all other terms, details and
contents of said tax anticipation bonds shall be determined by the
City Treasurer.
Section 4. The award of said bonds by the City Treasurer
to Messrs. Salomon Brothers & Hutzler, New York, New York, at the
prime of $4,000,037.00 at an interest rate of 1.74% per annum, is
hereby ratified and confirmed.
Section 5. The City Treasurer is hereby authorized to
deliver said tax anticipation bonds to Messrs. Salomon Brothers &
Hutzler upon payment of the purchase price therefor of $4,000,037.00
plus accrued interest to the date of delivery of and payment for
said tax anticipation bonds.
Section 6. That the tax anticipation bonds herein au-
thorized to be issued shall be issued in substantially the following
fora, subject to ouch changes in the fora or contents thereof as
may be made by the City Treasurer pursuant to authority conferred
upon hia by this resolution:
UNITED STATES OF AMER/CA
STATE OF UTAH
CCUNTY OF SALT LAKE
SALT LAKE CITY
NO. TAX ANTICIPATION BONDS $100,000
SERIES OF JULY 2, 1962
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 the scam of
ONE HUNDRED THOUSAND DOLLARS ($100,000)
in such funds as are, on the date of payment of the principal of and the in-
terest on this bond, legal tender for debts due the United States of America,
on the fifteenth day of January, 1963, at The Chase Manhattan Bank in New
York City, New York or at the office of the City Treasurer of Salt Lake City in
Salt Lake County, Utah, with interest thereon at the rate of one and seventy-
four hundredths per cent (1.74%) per annum, from date until paid, payable at
maturity.
This bond is one of a series of one hundred (100) bonds of which numbers
one (1) to twenty (20) inclusive are in the denomination of one hundred thousand
($100,0000 dollars each and numbers twenty-one (21) to one hundred (100) in-
clusive are in the denomination of twenty-five thousand($29,.000) dollars each,
all for the aggregate sum of Four Million Dollars ($4,000,000) and are issued
pursuant to Section 10-8-6, Utah Code annotated 1953.
The City of Salt Lake City shall levy in the year 1962 a sufficient tax
to pay the principal and interest on this bond as the salve fail due, and this
bond is issued in anticipation of such taxes for the current year 1962.
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 to be
levied for the current year 1962, 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 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 is hereby irrevocably pledged to the punctual payment of
ne principal and the interest on 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 countersigned by the City
Recorder, as of the 2nd day of July, 1962.
Countersigned:
City Recorder, Salt Mayor, Salt Lake City,
Lake City, Utah. Utah.
(SEAL)
(Form of Alditer's Certificate)
I, do hereby certify that this bond is within the lawful debt limit
of Salt Lake City, Utah, and is issued according to law.
City Auditor, Salt Lake City,
Utah.
•
Section 7. That the full faith and credit of said City
be and the same are hereby irrevocably pledged to the punctual pay-
ment of the principal of and interest on said tax anticipation bonds
as the same become due and payable.
Section 8. That this resolution shall take effect im-
mediately.
ATTffiT: / // (
�ty R `t k Mayor
(SEAL)
• T
RECORDER18 CERTIFICATE
I, Herman J. Hogensen , the duly qualified and acting
City Recorder of the Salt Luke City Corporation, Salt Lake City,
Utah, hereby certify that the foregoing annexed extracts from the
minutes of a regular meeting of the Bogrd of Commissioners of said
City, duly called and held on June lvit •, 1962, has been compared by
me with the original minutes as officially recorded in my office
in the Minute Book of said Board of Commissioners and is a true,
complete and correct copy thereof and of the whole of said original
minutes so far as the same relate to the subject matters referred
to in said extracts.
Di WITNESS WHEREOF, I have hereunto set my hand and af-
fixed the seal of said City this 28th day of June, 1962.
1 Cit /