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16 of 1932 - A resolution authorizing the issuance of $10,000 Tax Anticipation Bonds, Series of April 12, 1932, b REMARKS: Resolution No. 16 , 1 is By Commiuloner Marcus , Authorizing the issuance ol . j $10,000 Tax Anticipation Bonds li II Series of Apr. 12, 1932, bearint at the rate of 6% per I,, t P, annum. F III I. } q Proeented to the Board of Gxnrr4+a+rer► Ip 4 AND PAB' Ts' ``;;' , APR 121932 i k iii ri i ,r 1 ROLL CALL Lake City,Utah, ApX.._..12 193.2.. VOTING AYE AY Finch I move that resolution No I`, bye Mayor Marcus Keyser be adopted. Knight Lake Mr.Chairman - - Result ii The Board of Commissioners of Salt Lake City, Utah, met in regular session on the 12th day of April, 1932, at the hour of hten o'clock A. M., at the regular meeting place of said Board in lithe City & County Building, Salt Lake City, Utah, Mayor Marcus in the chair. 1 On roll call the following members were present: _Jahn M. Knight ,Commissioner of Public Safety. I i1 Harry L.Finch , Commissioner of Parks & Public Property. I .Tns TT_ Take ,Commissioner of Streets & Public Improve- ments. •.D. Keyser ,Commissioner of hater Supply & Waterworks. ►;1,0 ��4 ,Commissioner of Public Affairs & Finance, Ij Chairman. Also present ETHEL MACDONALD, City Recorder. } Commissioner Marcus introduced the following resolu4 tion and moved its adoption: I RESOLUTION. WHEREAS, there is immediate and pressing need for raising 'Ilfunds to the amount of Ten Thousand Dollars ($10,000.00) for the urpose of meeting the current expenses of the City for the year 11932 until the payment of taxes for the year 1932; and WHEREAS, the tax revenues of Salt Lake City, Utah, for thel Fear 1932 will aggregate Two Million Thirty-two Thousand Seven Hun- JJred Sixty-six and 69/100 ($2,032,766.69) Dollars and the total re- irenue from all assessed sources will aggregate Three Million, One ;Hundred Ninety-one Thousand, Eight Hundred One and 04/100 il 43,191,001.04) Dollars; and WHEREAS I , the sum of Ten Thousand Dollars ($10,000.00) re- tiu.ired now to be raised is not in excess of said revenue as esti- 1ated for the_year 1932. NOW, THEREFORE, BL IT RESOLVED by the Board of Commission- i trs of Salt Lake City, Utah, that Salt Lake City, Utah, for the pur- 1 lose of meeting current expenses of said City for the year 1932 unti he payment of taxes for the year 1932, shall borrow the sum of Twn housand Dollars ($10,000.00) and for that purpose as evidence of i ' - -2- ! ! 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 ($100.00) each. Said bonds shall bear date of April 12, 1932, shall bear interest at the rate u j kay lof six per cent (6%) per annum, payable semi-annually on the 12th of October, 1932, and the 12th day of April, 1933, both princi-! Ilpal 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 "Salt Lake City Tax Anticipation Bonds, , •I Series of April 12, 1932." Said bonds shall be due and payable on the 12th day of April, A. D. 1933, in lawful money of the United GStates and shall bear interest from the 12th day of April, A, D. I! j 1 1932. Said bonds shall be signed by the Mayor and attested by the ! City Recorder under the seal of the city and said coupons shall ber the fac-simile signature of the City Treasurer. Said bonds and co - ! pons shall be registered in a book kept by the City Auditor for that purpose, and the City Auditor shall endorse on each of said bonds, Ilthe certificate required by law. Said bonds and each of them shall! I, be (except as to number) in substantially the following form, to-wit: STATE OF UTAH I COUNTY OF SALT LAKE SALT LAKE CITY TAX ANTICIPATION BONDS Series of April 12, 1932. No. 1 $100.001 ! ! KNOW ALL MEN BY THESE PRESENTS, that Salt Lake City in the County of Salt Lake, in the State of Utah, hereby acknowledges itself to be indebted and, for value received, hereby promises to 1 pay to the bearer hereof, the sum of One Hundred ($100.00) Dollars ! in lawful money of the United States on the 12th day of April, 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 12th day of October, 1932, and the 12th day of April, 1933, said interest to maturity being represented by interest coupons hereto attached. This bond is one of a series of one hundred (100) bonds I I of like tenor and effect, numbered one (1) to one Hundred 0.00), both inclusive, in the denomination of One Hundred Dollars ($100.00) each, and knowh as "Salt Lake City Tax Anticipation Bonds, Series I of April 12 1932,n for the aggregate sum of Ten Thousand Dollars 1 ($10,000.005, issued pursuant to Section 570k6, 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 suf- ficient tax to pay the principal and interest on this bond as the same shall fall due, and this bond is issued in anticipation of suet taxes for the year 1932. It is hereby certified, recited and declared that the en- i,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 Iby the Constitution and Laws of said State, and that the full faith and credit of said Salt Lake City are hereby irrevocably pledged Ito 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 !jto be signed by its Mayor, its corporate seal to be hereunto af- jlfixed, and attested by the City Recorde s of this day of , A. D. 1932. Mayor. jAttest: City Recorder. LI To each of said bonds shall be attached a coupon for each! installment of interest contemplated by said bond, which said cou- !I pons shall be consecutively numbered, beginning with No. 1, with the several dates of payment and number of bond and shall bear the j! I fac-simile signature of said City Treasurer, and said coupons and each of the* shall be substantially in the following form, to-wit: ij (FORM OF COUPON) 1No. 1 $3.00 II, ! On the 12th day of October, 1932, and the 12th day of ff i!April, 1933, Salt Lake City, Utah, will pay to the bearer hereof, lat the office of City Treasurer of Salt Lake City, City and County iBuilding, Salt Lake City, Utah, the sum of Three and 00/100 ($3.00) !jDollars in Gold coin of th4 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 April 12, 1932. (Fae-simile signature) City Treasurer. (Bond No. II 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 is issued according to law. City Auditor." i i -4- All li the covenants, statements, representations and agree- iments contained in said bonds are hereby adopted as covenants, stat - ments, representations, agreements and promises of Salt Lake City, ii j Utah. The Mayor of Salt Lake City is hereby authorized and di- ll 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 Lak 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 i� s4gnature of the City Treasurer, and the acts of said Mayor, City Recorder, Treasurer and Auditor in so doing are and shall be the act �! I and deed of Salt Lake City. ij 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 April 12, 1939. 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 irrevocably pledged and the Board of City Commissioners hereby covelln- ants 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 interest of said bonds. That an emergency is hereby declared and in the opinion of the Board of Commissioners because of the necessity for funds i ! with which to meet the current expenses of said city it is neces- sary to the peace, health and safety of the inhabitants of Salt Lake City that this resolution take effect at once. This resolution shall tak feet upon adoption. Attest:utt o Mayor. City Recorder. -141 -5- 71111 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, the vote being as follows: Louis Marcus Mayor "AYE" John M. Knight Commissioner "AYE" Harry L.Finch Commissioner "AYE:" Jos.H. Lake Commissioner "An" Geo.D. Keyser Commissioner "AYE" Mayor. ( Attest: City Recorder. it ji