HomeMy WebLinkAbout2 of 1922 - A resolution approval of form of notes to be issued by Salt Lake City for the sum of $1,750,000.00 a • -'1.": -.,HH', /1 ,',: . .. ...
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Resolution NO.
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•.„1., pig, Commissioner
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1 ' Approval of form df notes
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1 j City for the sum of $1,750,000.
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and to be dated January 3rd, 19f2fii„
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JAN 122 7
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ROLL CALL
VOTING AYE NAY Salt Lake City,Utah, Jan. 23 192 2
Barnes
I move that the resolution be adopted.
Burton
Green
Stewart
Mr. Chairman
Result ' RESOLUTION
WHEREAS, There is immediate and pressing need for
raising funds to the amount of One Million Seven Hundred and
Fifty Thousand Dollars ($1,750,000.00) for the pupvse of meeting
the current expenses of the City for the year 1922 until the pay-
ment of taxes for the year 1922; and
WHEREAS, the tax revenues of Salt Lake City for the
year 1922 aggregate the sum of Two Million Seven Hundred Sixty
Thousand Dollars ($2,760,000.00) and the sum of One Million
required now
Seven Hundred Fifty Thousand Dollars ($1,750,000.O0J/to be raffled
is not in 'excess of said revenue for the year 1922;
NOW THErEFORE, BE IT RESOLVED that Salt Lake City,
Utah, for the purpose of meeting the current expenses of said
city for the year 1922 until the payment of taxes for the year
1922, shall borrow tie sum of One Million Seven Hundred Fifty
Thousand Dollars ($1,750,000.00) bearing interest at the rate of
Five and one-half per centum (54q,) per annum ana for such purpose
as evidence of such indebtedness the city of Salt Lake shall
issue its negotiable coupon notes in the aggregate amount of
One Million Seven Hundred Fifty Thousand Dollars ($1,750,000.00)
consisting of three hundred ninety (39n) notes numbering con
secutively from one (1) to three hundred ninety (390) inclusive.
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Said notes shall be designated"Salt Lake City Notes, Series of
January 3, 1922" and shall be dated January 3, 1922. Five Hundred
Dollars ($500.00) of said notes shall be due and payable on the
first day of December, A. D. 1922 and shall be evidenced by notes
numbered one (1) to one hundred (100) both inclusive in the
1.yr
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denomination of Five Thousand Dollars ($5,000.00) each; ana One
Million Two hundred and Fifty Thousand Dollars ($1,250,000.00)
of sai : notes shall be due and payable on the 29th day of PecembPr
A. D. 1922 shall be evidenced by notes ::umbering one hundred
and one (101) to three hundred and ninety (390) i::cl•_.: ive,- notes
numbered one hundred one (101) to three hundred forty (340)
inclusive, being in the denomination of Five Thousand Dollars
($5,000.00) each and notes numbered three hundred and forty-one
(341) to three hundred and ninety (390) inclusive being in the
denomination of One ThousandDolle.rs ($1,000.00) each. Said notes
shall be payable in lawful money of the United States and shall
bear interest from and after the 3d day of January, A. D. 1922, at
the rate of five and one-half per centum (5e) per annum, both
principal and interest payable at maturity at the banking house of
the Bankers Trust Co. in the City and State of New York, U. S. A.
Said notes shall be signed by the Mayor and attestea 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 upon each of said notes the certificate required by
law. Said notes shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF UTAH COUNTY OF SALT LAKE
No. rt•.••... $
SALT LAKE CITY NOTE
Series of January 1. 1922.
KNOW ALL MEN BY THES 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
THOU$A.e.; DOLLARS ($ ) .
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lawful money of the United States on the day of December, A. D.
1922 at the Bankers Trust Co. in the City of New York, U. S. A.
with interest thereon at the rate of five and one-half per centum
( 5-%) per annvm from date until paid, payable at maturity.
This note is one of a series of three hundred and
ninety (390) notes of like tenor and effect, except as to denomina-
tionand maturity numbered from one (1) to three hundred ninety
(390) inclusive and known as "Salt Lake City Notes Series of
January 3, 1922" for the aggregate sum of One Million Seven
Fifty Thousand Dollars ($1,750,000.00) issued pursuant to Section
570X6 Compiled Laws of Utah, 1917.
The City of Salt Lake shall levy in the year 1922 a
sufficient tax to pay the principal ana interest on this note as
the same shall fall due and this note is issued in anticipation
of such taxes for the year 1922.
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 levied or to be levied for the
current year 1922, 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
note, exist, have happened and have heen done and that every require
ment of law affecting the issue thereof, has been duly complied
with and that this note 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 are hereby
irrevocably pledged to the punctual payment of the principal and
interest of this note according to its terms.
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IN WITNESS ?WHEREOF, Salt Lake City has caused this note to
be si7ned by its Mayor, its corporate seal to be hereunto affixed
and attested by its City Pecorder as of the 3d day of January, A. D.
1922.
Mayor
( SEAL )
ATTEST
City Recorder
(To be endorsed on back of note).
CITY AUDITOR'S CERTIFICATE
I HEREBY CERTIFY that thin note is within the lawful debt
limit of Salt Lake City,Utah and is issued according to law.
Cit Auditor
CW--f
21441,,
Adopted by the Board of Commissioners of Salt Lake City, Utah,
this 23d day of January, A. D. ]922.
ay Or
Attest// %ai �rnV
City Recorder.
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