HomeMy WebLinkAbout18 of 1965 - A resolution providing for the issuance and sale of $5,000,000 Tax Anticipation Bonds of Salt Lake C Resolution No. 18
By Mayor J. Bracken Lee
_ • _ COMMISSIONER
Providing for the issuance and sale
of $5,000,000.00 Tax Anticipation
Bonds of Salt Lake City, Utah
Presented to the Board of Commissioners
AND PASSED
��30 a965 y
CITY I acoapin
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STATE OF UTA'.- )
) ss.
COUNTY OF SALT LAKE )
RECEIPT
I, Jennings Phillips, Jr., the duly chosen, qualified and acting Treasurer
of Salt Lake City, Utah, do hereby certify that I have on this 1st day of July, 1965,
received from Walker Bank & Trust Company, 'Lions First National Bank and The
Continental Bank & Trust Company the purchase price for $5,000,000,00 Salt
Lake City, Utah, Tay Anticipation Bonds, Series of July 1, 1965, Bonds No. 1
thru No. 20, due June 30, 1966 at $250,000.00 each bearing interest at the rate
of 2.30%per annum, said purchase price being as follows:
Principal $ 5,000,000.00
Premium 50.00
TOTAL $ 5,000,050.00
I hereby certify that the officers who signed the bonds, viz;
J. Bracken Lee, Mayor, Salt Lake City, Utah, Lawrence A. Jones, Auditor,
Salt Lake City, Utah, and Herman J. Hogensen, Recorder, Salt Lake City, Utah,
are still in office.
Dated this let day of July,
.965,
A.D.
r, alt Lake City, 4,11rh
,.....Xialir
40111F
(SEAL)
REO. �2c3-Bo0
ROLL CALL
VOTING Aye Nay
Christensen . .
Catmull . . .
Harrison . . .
Holley. . . .
Mr. Chairman .
Result . . .
The Board of Commissioners of Salt Lake City, Salt
Wednesday
Lake County, Utah met in regular session on 3160aAatr, the 30th
day of June, A. D., 1965, at the hour of 10:00 o'clock, A. M.,
at its regular meeting place in the City and County Building,
Salt Lake City, Utah. The meeting was Called to order by Mayor
J. Bracken Lee, and on roll call the following members were
present:
J. Bracken Lee, Mayor and Commissioner of Public
Affairs and Finance
Joe L. Christensen, Commissioner of Parks and Public
Property
George B. Catmull, Commissioner of Streets and Public
Improvements
Conrad B. Harrison, Commissioner of Water Supply and
Waterworks
Louis E. Holley, Commissioner of Public Safety.
Also present:
Herman J. Hogensen, City Recorder
Jennings Phillips, Jr., City Treasurer.
Commissioner Joe L. Christensen , introduced
the following resolution and moved its adoption:
RESOLUTION
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF FIVE MILLION
DOLLARS ($5,000,000.00) TAX ANTICIPATION BONDS OF SALT LAKE CITY,
UTAH, SERIES OF JULY 1, 1965.
WHEREAS, there is an immediate and pressing need for
the raising of funds in the amount of Five Million Dollars
($5,000,000.00) for the purpose of meeting the current expenses
of Salt Lake City for the fiscal year ending June 30, 1966,
until the payment of taxes and the receipt of other revenues
for said fiscal year, and
WHEREAS, the sum of Five Million Dollars ($5,000,000.00)
now to be raised, together with other indebtedness incurred for
the purpose of meeting the current expenses of Salt Lake City
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for the fiscal year ending June 30, 1966, is not in excess of
the revenues to be raised for the fiscal year July 1, 1965
through June 30, 1966.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMIS-
SIONERS OF SALT LAKE CITY, UTAH:
Section 1. The City of Salt Lake City, Salt Lake
County, Utah, for the purpose of meeting expenses of said city
for the fiscal year July 1, 1965 through June 30, 1966, until
the payment of taxes and other revenues for such fiscal year
shall borrow the sum of Five Million Dollars ($5,000,000.00) and
for that purpose and as evidence of such indebtedness shall issue
twenty bonds of the denomination of Two Hundred Fifty Thousand
Dollars ($250,000.00) each, numbered one (1) to twenty (20) both
inclusive dated July 1, 1965, due and payable June 30, 1966,
bearing interest at the rate of two and thirty hundredths per
cent (2.30%) per annum, interest payable at maturity, both
principal and interest being payable at the Head Office of
Walker Bank and Trust Company, Salt Lake City, Utah. Each of
said bonds shall be redeemable at the option of the City on or
after January 15, 1966, at the price of par plus accrued
interest to date of redemption by the City giving written notice
to and depositing funds equal to the redemption price with the
paying agent bank. Said bonds shall be signed by the Mayor and
countersigned by the City Recorder under the seal of the City,
and shall be registered in a book kept by the City Auditor for
that purpose and the City Auditor shall endorse on said bonds
the certificate required by law. Said bonds shall be in sub-
stantially the following form:
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UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY
TAX ANTICIPATION BOND
Series of July 1, 1965
No. $250,000.00
KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City, in
the County of Salt Lake, State of Utah, hereby acknowledges itself
to be indebted and for value received hereby promises to pay the
bearer hereof the sum of
TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00)
in lawful money of the United States of America on the 30th day
of June, A. D., 1966, at Head Office, Walker Bank and Trust
Company, Salt Lake City,Utah, with interest thereon at the rate
of two and thirty hundredths per cent (2.30%) per annum, from
date until paid, interest payable at maturity, redeemable on or
after January 15, 1965, at par plus accrued interest to date of
redemption by City giving written notice to and depositing funds
equal to redemption price with paying agent bank.
This bond is one of a series of twenty (20) bonds of like
tenor and date numbered from one (1) to twenty (20) , inclusive,
and known as "Salt Lake City Tax Anticipation Bonds, Series of
July 1, 1965", for the aggregate sum of Five Million Dollars
($5,000,000.00), issued pursuant to Section 10-8-6, Utah Code
Annotated, 1953.
The governing body of Salt Lake City shall levy in the
fiscal year ending June 30, 1966, a sufficient tax and shall
provide for the collection of sufficient revenues other than
taxes to pay the principal and interest on this bond as the
same shall fall due, and this bond is issued in anticipation
of the payment of such taxes and the collection of such revenues
for the fiscal year ending June 30, 1966.
It is hereby certified, recited and declared that the
entire indebtedness of said City hereby incurred is not in
excess of the taxes and other revenues of said City to be
levied and collected, for the fiscal year ending June 30, 1966,
and that said indebtedness was and is contracted for the pur-
pose for which said taxes and revenues are levied and to be
collected.
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 of law affecting the issue hereof 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 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
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be signed by its Mayor, its corporate seal to be hereunto affixed,
and countersigned by its City Recorder, as of the 1st day of
July, 1965.
(Do not sign)
Mayor
Countersigned:
(Do not sign)
City Recorder
(SEAL)
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There shall be endorsed on said bonds the following
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
Section 2. All the covenants, statements, representa-
tions and agreements contained in said bonds are hereby adopted
as covenants, statements, representations, agreements and pro-
mises of Salt Lake City, Utah.
Section 3. 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 countersign
the same and affix the seal of Salt Lake City to 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
and the act of the Mayor, City Recorder and City Auditor in so
doing are and shall be the act and deed of Salt Lake City.
Section 4. The Board of Commissioners shall levy in the
fical year ending June 30, 1966, a sufficient tax or provide for
the collection of sufficient revenues to pay the principal and
interest on said bonds as the same shall fall due and for the
payment of said bonds and the interest thereon the full, faith,
credit and taxing power of Salt Lake City are hereby irrevocably
pledged and the Board of Commissioners hereby covenants with the
holder of said bonds that it will levy in the fiscal year ending
June 30, 1966, sufficient taxes and provide for the collection
of sufficient revenues for the payment of the principal and
interest of said bonds.
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Section 5. Walker Bank and Trust Company, Continental
Bank and Trust Company and Zions First National Bank, all of
Salt Lake City, Utah, have offered to purchase said bonds at a
price of par plus accrued interest to the date of delivery of
said bonds which price is satisfactory to the Board of Commis-
sioners and which offer is the highest, best, and most advantageous
received for the purchase of said bonds. Said offer is and the
same is hereby accepted and the City Treasurer is hereby author-
ized and directed to deliver said bonds to the purchaser thereof
upon receipt of the purchase price therefor.
Section 6. In the opinion of the Board of Commissioners
because of the necessity for funds to meet the current expenses
of Salt Lake City, an emergency is hereby declared it being
necessary for the peace, health and safety of the inhabitants
of Salt Lake City that this resolution shall take effect at
once.
Section 7. This resolution shall take effect
immediately.
PASSED by the Board of Commissioners of Salt Lake City,
Utah, and approved this 30th day of June, A. D., 1965.
L ./
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Mayo
ATTEST:
4.‘*111\414/1\-*h/VM/e' lir
(CITY SEAL)
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STATE OF UTAH )
ss
COUNTY OF SALT LAKE )
I, HERMAN J. HOGENSEN, the duly chosen, qualified and act-
ing City Recorder of Salt Lake City, Salt Lake County, Utah do
hereby certify as follows:
1. The foregoing and attached pages are a full, true and
correct copy of the minutes of a regular meeting of the Board of
Commissioners of Salt Lake City, Utah duly and lawfully called.
Wednesday
and held on ILEGOLUX, the 36th day of June, 1965 at the hour of
10:00 o'clock A.M. insofar as the minutes of such meeting refer
to or concern the issuance of $5,000,000 Salt Lake City, Utah Tax
Anticipation Bonds, Series of July 1, 1965; that said minutes and
the resolution contained therein have been duly recorded in my
office in a book kept for that purpose; that said meeting was
duly called and lawfully held at the time and place specified by
ordinance of said City for regular meetings of said Board of
Commissioners establishing each Tuesday, Wednesday and Thursday
at 10:00 o'clock A.M. as the time and the City Commission Chambers
in the City and County Building, Salt Lake City, Utah, as the
place for the holding of regular meetings of said Board. of
Commissioners; that I personally attended said meeting and that
the foregoing proceedings were in fact held as in said minutes
specified.
2. Salt Lake City, Utah is a city of the first class, was
incorporated in the year 1860, and according to the United States
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census for the year 1960 had at that time a population of
189,454.
3. The names of the members of the Board of Commissioners
and municipal officers of Salt Lake City are as follows:
Mayor J. Bracken Lee Term Expires: 1-1-68
Commissioner George B. Catmull Term Expires: 1-1-68
Commissioner Joe L. Christensen Term Expires: 1-3-66
Commissioner Conrad B. Harrison Term Expires: 1-3-66
Commissioner Louis E. Holley Term Expires: 1-1-68
City Auditor Lawrence A. Jones Term Expires: 1-3-66
City Treasurer Jennings Phillips, Jr. Term Expires: Appointed
Still in
Office
City Recorder Herman J. Hogensen Term Expires: Appointed
Still in
Office
4. There is no litigation pending or threatened affecting
in any way the legality of the $5,000,000 Salt Lake City, Utah Tax
Anticipation Bonds, Series of July 1, 1965, or any similar issue
of bonds issued by Salt Lake City or the boundaries of the City or
the title to office of any of the officers thereof.
5. No referendum petition has been filed affecting in any
way the resolution passed by the Board of Commissioners of Salt
Lake City, Utah on June 30 , 1965, which resolution authorized the
issuance of $5,000,000 Salt Lake City, Utah Tax Anticipation Bonds
Series of July 1, 1965.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
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the corporate seal of Salt Lake City this 30th day of June,
1965.
(Seal)
A/ er
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STATE OF UTAH )
ss
COUNTY OF SALT LAKE )
I, LAWRENCE A. JONES, the duly chosen, qualified and acting
City Auditor of Salt Lake City, Utah do hereby certify as follows:
1. That the value of the taxable
property within said City, according to
the assessment for the year 1964, was . . . . $ 1,466,602,705.00
and for the year 1965 will not be less
than . . $ 1,481,602,705.00
2. That the tax levy for the said
City for the year 1964 was $ 24 Mills
3. That the estimated expenses
for the fiscal year ending June 30, 1966
will be $ 13,764,438,00
which sum it will be necessary to raise
by taxes and other revenues during the
fiscal year ending June 30, 1966.
4. The tax levy for the fiscal year
ending June 30, 1966 is 24 mills,
which is estimated to produce the amount
of • $ 6,942,254.00
and the estimated revenues other than
from general taxes of Salt Lake City for
the fiscal year ending June 30, 1966 are . $ 6,914,060.00
so that the total estimated taxes and
other revenues of Salt Lake City levied
and to be collected for the fiscal year
ending June 30, 1966 are . . $ 13,856,314.00
of which there has been received to the
date this certificate bears the sum of . . . $ None
5. The taxes heretofore levied for
the year 1964 and previous years not yet
collected or paid to said City which are
outstanding and uncollected on the date
this certificate bears are . . $ 91,876,00
6. That the total authorized issue
of $5,000,000 Salt Lake City Tax Antici-
pation Bonds, Series of July 1, 1965,
consisting of twenty bonds, in the
denomination of $250,000 each, may be
legally issued and delivered within the
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debt limit of said City, is not in excess
of the estimated taxes and other revenues
of said City for the fiscal year ending
June 30, 1966 and is made in anticipation
of the collection of such taxes and other
revenues.
7. The total indebtedness of said
City made in anticipation of the collec-
tion of taxes and other revenues for the
fiscal year ending June 30, 1966, includ-
ing the present issue of $5,000,000 Salt
Lake City, Utah Tax Anticipation Bonds,
Series of July 1, 1965, is $ 5,000,000.00
8. The aggregate amount of floating
indebtedness of said City of every nature
whatsoever, including all outstanding
warrants in excess of the funds on hand
and available for payment of such warrants,
other than the indebtedness mentioned in
paragraph 7 above is $
9. That said City has water revenue
bonds outstanding in the sum of $ None
and sewer revenue bonds outstanding in
the sum of $ None
of which $ None
is required for principal and interest
payment during the fiscal year ending
June 30, 1966.
10. That the total bonded general
obligation indebtedness of said City,
exclusive of this issue is $ 20,095,000.00
11. That the total amount of cash
in the sinking fund is $ 711,332.56
12. That the said Salt Lake City
has never, within the ten years last
past, defaulted for fifteen days or
more in the payment of principal or
interest of any bonded debt authorized
to be contracted by it.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the corporate seal of Salt Lake City, Utah, this 1st day of July,
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, .
1965.
._.--- -------, :'
. ,
_ - C ty Auditor '
It Lake City, Utah '
ATTEST:
kirrIli t
Cit Reco Salt Lake Lake City, Utah
(Seal)
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STATE OF UTAH )
) ss
COUNTY OF SALT LAKE )
The undersigned officers of Salt Lake City, Utah indicated
by the official title opposite our names hereby certify that on
or before July 1, 1965 we, and each of us, officially executed
each of the $5,000,000 Salt Lake City, Utah Tax Anticipation
Bonds, Series of July 1, 1965, dated July 1, 1965, in the deno-
mination of $250,000 each, numbered 1 to 20, both inclusive,
bearing interest at the rate of two and thirty hundredths
(2.30%) per annum, both principal and interest being due and
payable on June 30, 1966, by signing said bonds in the manner
and capacity indicated by our signatures and titles subscribed
hereto being on the date this certificate bears and at the time
said bonds were signed by us, the duly chosen, qualified and
acting officers of Salt Lake City, Utah indicated by said titles
and authorized in all respects to execute the same.
We further certify that NO LITIGATION of any nature is NOW
PENDING or THREATENED, RESTRAINING or ENJOINING the issuance of
and delivery of said bonds or the levy and collection of taxes
and other revenues to pay the principal and interest of the
same nor in any manner questioning the proceedings and authority
under which the same are issued or the validity thereof; that
neither the corporate existence or boundaries nor the title of
the present officers to their respective offices is being con-
tested; that no authority or proceedings for the issuance of
said bonds has been repealed, revoked or rescinded.
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The corporate seal of Salt Lake City, Utah is impressed on
each of said bonds.
The undersigned Auditor further certifies that he has exe-
cuted on the back of said bonds a certificate reading substan-
tially as follows:
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.
CityrAudiIko
.-;;/:- -----
IN WITNESS WHEREOF, we have hereto affixed our signatures
and impressed thereon the official seal of Salt Lake City, Utah
on this first day of July, 1965.
)Signature Official Title
? ' `/ c �(1___ Mayor, Salt Lake City, Utah
City Recorder, Salt Lake City, Utah
`\ .,�,rc-_ City Auditor, Salt Lake City, Utah
I hereby certify that the signatures of the officers above
subscribed are true and genuine.
WALKER BANK & TRUST COMPANY
eaistant Vice President
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