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Home My WebLink About16 of 1929 - A resolution authorizing the issuance of $1,000.000.00 in Tax Anticipation Notes to be dated May 1, .. . .. .1! REMARKS: .1 4- 1 Resolution No. -1-6 ,, r ' 1 1 111 1 h ByCwmthiskner FEHR 11 1 "11 -- 1 .., , 1 Authorizing the issuance of 11 ' !I 1 $1,000,000,0(1.in Tax Antici- 11 'C- 1 ‘t 1 pation Notes to be dated may i 1 t 1 1 let, 1929. 1 111 ) '., 111 Ji , ,q wrosioners l'[ ••; J C11`."t'CO'S:::-, ., i III . 11 Pli 11 .t 1E1 s.7r...) 11 1.J _ 11 11 ;( 1 Barton, Fehr I move that the resolution be adopted. Finch Moran Mr.Chairman - - - -Result - - - RESOLUTION WHEREAS, there is immediate and pressing need for raising funds to the amount of One Million ($1,000,000.00) Dollars for the purpose of meeting the current expenses of the City for the year 1929, until the payment of taxes for the year 1929; and WHEREAS, the tax revenues of Salt Lake City, Utah, for the year 1928 aggregated Two Million Seventy-one Thousand, Two Hundred Forty-seven and 47/100 ($2,071,247.47) Dollars, and the total revenue from all sources was Three Million Eight Thousand, One Hundred Ninety-two and 42/100 ($3,008,192.42) Dollars, and that the estimated revenues from taxation and other sources for the year 1929 will be at least as great as that for the year 1928, although at this time the levy for the year 1929 has not yet been made; and WHEREAS, the sum of One Million ($1,000,000.00) Dollars required now to be raised is not in excess of said revenue as estimated for the year 1928. NOW, THEREFORE, BE IT RESOLVED: That Salt Lake City, Utah, for the purpose of meeting the current expenses of said City for the year 1929 until the payment of taxes for the year 1929, shall borrow the sum of One Million Dollars ($1,000,000.00), in: installments of Seventy-five Thousand Dollars _($75,000.00 on.' May 1st, May 15th, June Ist, June 15th, July'1st, July 15th,,August--. 1st, August 15th, September 1st, September 15th, October 1st, ;x October 15th, 1929, and One Hundred Thousand Dollars ($100,.000.00) on November 1st, 1929, bearing interest at the rate of five and three-quarters per centum (5i%) per annum from date of bond, and for such purpose, as evidence of such indebtedness, the City or -2- Salt Lake shall issue its negotiable tax anticipation bonds in the aggregate amount of One Million Dollars ($1,000,000.00), said bonds to be designated as follows: Salt Lake City Tax Anticipation Bond:,, dated May 1st, 1929, and payable December 3 th, 1929, and shall be evidenced by.bond'numbered one (1) in the denomination of $75,000.00. - - � I Salt Lake City Tax Anticipation Bond, dated May 15th, 1929, and payable December 30th, 1929 and shall be evidenced by one bond numbered one (1) in the denomina- tion of $75,000.00. Salt Lake City Tax Anticipation Bond, dated June 1st, 1929, and payable December 30th, 1929 and shall be evidenced by one bond numbered one (1) in the denomina- tion of $75,000.00. Salt Lake City Tax Anticipation Bond, dated June 15th, 1929, and payable December 30th, 1929 and shall be evidenced by one bond numbered one (1) in the denomina- tion of $75,000.00. Salt Lake City Tax Anticipation Bond, dated July 1st, 1929, and payable December 30th, 1929 and shall be evidenced by one bond numbered one (1) in the denomina- tion of $75,000.00. Salt Lake City Tax Anticipation Bond, dated July 15th, 1929, and payable December 30th, 1929 and shall be evidenced by one bond numbered one (1) in the denomina- tion of $75,000.00. Salt Lake City Tax Anticipation Bond, dated August let, 1929, and payable December 30th, 1929 and shall be evidenced by one bond numbered one (1) in the denomina- tion of $75,000.00. it Salt Lake City Tax Anticipation Bond, dated August 15th, 1 1929, and payable December 30th, 1929 and shall be evidenced by one bond numbered one (1) in the denomina- tion of $75,000.00. Salt Lake City Tax Anticipation Bond, dated September 1st, 1929, and payable December 30th, 1929 and shall be evidenced by one bond numbered one (1) in the denomina- tion of $75,000.00. Salt Lake City Tax Anticipation Bond, dated September 15th, 1929, and payable December 30th, 1929, andsha11 be evidenced by one bond numbered (1) in the denomination of $75,000.00. Salt Lake City Tax Anticipation Bond, dated October 1st, 1929, and payable December 30th, 1929, and shall be evidenced by one bond numbered (1) in the denomination of $75,000.00. Salt Lake City Tax Anticipation Bond, dated October 15th, 1929, and payable December 30th, 1929, and shall be evidenced by one bond numbered (1) in the denomination of $75,000.00. it Salt Lake City Tax Anticipation Bond, dated November lst,j 1929, and payable December 30th,: .1929, and shall be evi- - —3— dented by one bond numbered one (1) in the denomination of $100,000.00. Said bonds shall be payable in lawful money of the United States and shall bear interest from and a*'ter the date thereof at the rate of Five and three—quarters per dent (5 %) per annum, both principal and interest payable at maturity, at Walker Brothers Bankers 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 seat 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 bonds shall be in substantially the following form, to—wit: "UNITED STATES OF AMERICA. STATE OF UTAH. No. 1 $75,000.00 SALT LAKE CITY TAX ANTICIPATION BOND. Dated May 1st, 1929. '1,1 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 Seventy—five Thousand Dollars ($75,000.00) lawful money of the United States on the 30th day of December, A. D. 1929, at Walker Brothers Bankers, Salt Lake City, Utah with interest thereon at the rate of five and three—quarters (5 ) per cent per annum from date until paid, payable at maturity. This bond is the only one of this date and series and s issued pursuant to Section 570X6, Compiled Laws of Utah, 1917. The Board of Commissioners of Salt Lake City shall levy in the year 1929 a sufficient tax to pay the principal and interest •n this bond as the same shall fall due, and this bond is issued in anticipation of the payment of such taxes for the year 1929. It is hereby certified, recited and declared that the -ntire indebtedness of said City hereby incurred is not in excess •f the taxes of said City levied or to be levied for the current I► ear 19w9, and that said indebtedness was and is contracted for he 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 •f the law effecting the issue hereof has been duly complied with, =nd that this bond is within every debt and other limit prescribed •y the Constitution and Laws of said State, and that the full faith :nd credit of said Salt Lake City are hereby irrevocably pledged o the punctual payment of the principal and interest of this bond .ccording to its terms. fl . 1 - l IN WITNESS WHEREOF, Salt Lake City has caused this bond Ito be signed by its Mayor, its corporate seal to be hereunto af- Ifixed, and attested by its City Recorder, as of the 1st day of. 'May, 1929. gi---- "---"1—`-4-4—g`-•—•,.._ { Mayor: I 'Attest: li I City Recorder. " 'i The bonds dated May 150, 1929, June 1st, 1929, June 15tl , '1929, July 1st, 1929, July 15th, 1929, August 1st, 1929, August 15th, 11929, September 1st, 1929, September 15th, 1929, October 1st, 1929 l October 15th, 1929, and November 1st, 1929, shall be in substantiai- ly the same form, the appropriate changes being made in the date ';thereof and in the amount of said bond dated November 1st, 1929. , There shall be endorsed on each of said bonds the follow-: rl ding certificate: CITY AUDITOR'S 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. h BE IT FURTHER RESOLVED that all the covenants, statement$, ' I representations and agreements contained in'said bonds be and the VI I same are hereby adopted as covenants, statements, representations, li 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. BE IT FURTHER RESOLVED that said bonds when issued shall be delivered to the purchasers thereof, Walker Brothers Bankers, of Salt Lake City, Utah, upon the receipt of purchase price there- for. -5— BE IT FURTHER RESOLVED that the Board of Commissioners shall levy in the year 1929, a sufficient tax to pay the principal i ! island interest of said bonds as the same shall fall due. AND BE IT FURTHER RESOLVED 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 �Iof said city it is necessary to the peace, health and safety of the inhabitants of Salt Lake City that this resolution take effect liat once. This resolution shall take effect upon adoption. Mayor. sc? - Is I Attest: � ,� Ci'y Recorder. Ij �I 1 'I I � I li I� I II i V I The adoption of the foregoing resolution was seconded by Commissioner j__y ___ and the same put to a vote was unanimously carried by the affirmative vote of all Commission- ers present, the vote being as follows: JOHN F. BOWMAN, Mayor, "AYE" CHARLES N. FEHR, Commissioner "AYE" T. T. BURTON, Commissioner "AYE" H. L. FINCH, Commissioner "AYE" P. J. MORAN, Commissioner, "AYE" Mayor. Attesst::2hti w/r City Recorcer.