2 of 1925 - A resolution authorizing the borrowing of $1,800,000.00 Tax Anticipation Notes bearing interest at t REMARKS:
Resolution Na. 2
,
By Commissioner Green,
Authorizing the borrowing .f
1,800,000.00 Tax Anticipation
Notes bearing interest at the
1 rate of 45 per annum, series o i
Jan. 1st, 1925.
Earl ANL' Alkii;TED
JAN 1 5 1924-,
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January Fifteenth ,192b
The Board of Commissioners of E:lt Lake City, Utch, met in regular seaeion.
Meyor Realer in the chair.
0n Roll call the following &embers rers present:
A. F. Barnes, Commte_ioner of Public Sefetyi
T. T. Burton, Cosiiseioner of Streets en' Public Imarovesentei
H. H. Green, Commissioner of Public iffaire °nd Fincncei
Dr. M, A. Stewart, Coasieeioner of Perks tad Public Property, .ad
C. C. Medea, Comvisaioner of rater Supply and 4aterworks, Chairman.
Also present, P. A. Leethen, City Recorcer.
ComAseioner H. H. Green introduced the following »rolution end moved its
adoption:.
ABSOLOTION
DHEREIS, there is iamedicte and pressing need for raising funds to the &mount
of One Million Eight Hundred Thoue:.nd Dollars ($1,800,000.00) for the purpose of meeting
the current exyenses of the City for the year 19Eb, until the peyment of taxes for the year
19E5; end
v4 REAS, the tax revenues of S=at Lake City, Utch, for the year 1924 aggregated
Tyro Million, Sixteen Thcue:;nd Three Hundred Thirteen end 88/100 Dollars ($E,018,315.8$) cad
the total revenue from all sources a Tree '`.illion. Ono uuncre.d Fori,y-nine Thus ad, One
Hundred bie,hty-fire end 14/1t0 Dollars ($8,140,165.34), tn thet the eatim'ted revenues from
tax:-tin -.nd other *cameo for the year 1925 'ill be Et leaet a greet se that for the year
12E4, although et ttie time the aseeetoent for the yee.r 192b has not yet been ■edei and
yL E, the cum of One `pillion E.i,ht Hundred Thoucod Doliare ($1,90C,000.00)
require; no, to be raised is not in exoeec of aid revenue a eetlorte.d for the your 1925;
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t)e, 3 HoR5M1t, E6 IT 1lE.CLY091 That halt Lake City, Utah, for the purpose
of meeting tbs current ei;.ensee of r.,iC City for the year 19i5 until the peyaeet of tames
for the yeer 19Yi, ehal? borne, the nun of Ono Million tight Hundred Tbouer.nd Cohere,
(01,1100,00C), bearing interest at the rate of Four i:er cent= (4%) per ennum, rad for suck
purpose, as evidence of susb tsdsbt.dneae, the City of Suit Lake *hall issue its negotiable
coupon borne in the a ,r.ga.te amount of One 11111ioa light Mu*dred llous,sd Dollar.,
(01,000,000), o.asisting *of Forty-ea. (41 ) bender, numbered consecutively from Coe (1) to
potty-one (41), lneluaive. Said bonne• shill be d.ei$ncted " Holt !rake City Bond:,, S..riee
of Jeausry 1, 14E50, +nd shall be dstod Jsoa ry 1$, 1955. Sold Donde shall be due and pey-
abls on the thirty-first dby of Deoeeber, A. A. 19P5, end shall be evidenced by bonds
Nueb.rad one (1) to tea (10) inclusive, in the denoalne,tiom
of p,000 step;
Sends numbered Cleves (11) to Twenty-eight (t'a), inciu;i.e,
in the dsnosinetioa of $lb,C00 eel*
Bond. auebersd T c ty-aim. (l0) to Forty-ease (41 ), tnoluei.e,
in the denomisatlos of $100,000 •Arch.
Skid bondt shall be paft.b1e in lo- money of the United DtA.en •.ad shell beer lntereet
fro* and after t..o first doy of January, A. C. ',VS, at the rote of Four ;er oentum (4%)
per anon*, both irinci,a1 sod intern:t syr.bl et b-turity, .t tks h'ultable Trust Cooptny
in the City cod E tato of bee York, U. t. A. $r,1d bond; ehali be signed by the 'Pryor end
Ltteetsd by the City Licorcer under the soil of the pity ;Aid ak-21 be registered in a book
rapt by the City P.udltor for that pur;;ose, ens the City Auditor shall .n^orse opus .col
of said boodL the s.rtificats required by lee. E51d bond. shell be in eubetrntistly the
follovin4 fern, to-ettt-
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CR DST T4.t or r•F1iIG
Sf4Tc :+► UTOS
CiU71TT '�F 4 LT 4.eltt
ho. 1
• o l.T i.Ua CITY WAD
Eerier of d,:nary 1, i9$s
ilOW ALL SLR BY T*1$1 PSSYSllTe, THAT 'LT ;KS CITY, in the County of bolt
Lake end State of Utah, hereby eakaailsdjes itetif to be indebted and, far value rewired,
hereby ?stsis's to yey to the Weser bettor, the sus of
THOUVNI1 M.LW
in lawful sooty of the United at!=teo, on the Thirty-first day of December, S. D. 19t5, et
the 11Euitsble Trust Conpsny In the City end "tots of Soo York, U. S. r. with ictersrt there-
on et the rate of four par coitus per &AMID tiA dots until *Sid, aeyeble at maturity.
This bond is ome of a series of forty-one (41 ) bonds of like tenor rqd effect,
cumbered Eras line (1) to forty-one (41), lnolueive,boods numbered One (1) to Ten (10), in-
sludn,in the denomination of $3,000 mesh; bonds cambered arose (it) to Twenty-eight (.%),
ineiaslvt,in the dsneeinttion of SEL,0OG seohl bends cumbered Teeoty-nine (Oil) to Forth-one
(41), inoiusive,in the denominetian of 400,000 soot, ono keoes at " Snit Lobe City Sonde,
Eerie& of Jeouc.ry 1, 19tb " for the loogregete sue of ',:no Killion Light hundred Tboussnd
Ballast ($1,d00,000) issued pursu:l.nt to 5eotion.57010, Compiled Lkts of Utob, 1017, and all
rite emendatory thereof and supplemeatml thereto.
the City of malt imke shell levy in the year 1025, a sufficient t,x to psy
the ?riselyal and interest on this bond at the sea• shall fell due, void thin bond is issued
in entielpetion of mush Lear. for the yerr 1020.
It le hereby certified, ree.ted and declared that the entire indebtedness of
acid City hereby iaaurrsd is not is tosser of the uses of stia City looked or to be levied
for the current year 1926, aaC that s-id indebtodness ate end is oontrteted for the vuspose
for shish srid taxer are levied.
It is hereby eirtifiad, recited e.nd dte2ered that all eonditioce, sots end
things eeeentirl bet the velid`ty of this bond eclat, hove haFpo$ed and have beendsns, end
toot every rsquirewset of law affecting ths'lsrue thereof bee been duly cusp/led with, tad
that this bond is within every debt end other Unit preeeribsd by the Constitution cad L.wvr
of stid.8t•te, end that the full frith end Credit of ealdSelt lake City Ere hereby irrevo-
cably pledged to the punctur.l payment of the priooipol , dtiatsr,et of this bond :ecor:ing
to its tiros.
IS UITNkS3 than ?, li,it nts City h>.-r. c:•ueed this bond to be signed by Its
Mayor, its corporate seal to be hereunto sif ...sd, -ad etteete" by the City heearrer, rr of
thie firer dr.y of January, d. U. i025.
oTTL:18, Y,aT
(Stu)
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'there I be rneorred it,ieb fetd band" the !. •111;,:tus certit lc,tee
City ,iu;'itor,e Ceriffic,.te
* 1 neraby certify thit tni6i tont U ttM1r, the eful hebt !fait
f it .. City, ,titz Is ueo UCtice, tJ .
ties'
Ile 11FVfli-..10, iVtC tht, fl the fovea:pi:ft, et,,ituntrite, re;irt,-,Aintctiifn*,
recre.fmtato ciniti.ized in t. le borcf. be t,11,.1 the a,mit i.re hereby etbed e COVfil ate,
itrittients, rreeentz,t1,,e*, ...gree-Fea.to het rio.finesf : C!ty, Uti
=It If J1iTr1kit th t the -A( hity t reby ..ethoritatI
-.-cO directed to etas ,,od execute e t bonoi, rid, the City hccor(1er I* hereby ,ifttniirieed
ircCtt to ttt i.,ftia the se..I of h.-It ii4iee City to eok 4 eiiG bond* , o the City
ti.uoitor 1* her:by iiottorii•d nd dirtsi.ed to .,,I.eser n henh!-,,, the ferif fie-te is the
e_liner i-ni! fore :net forth ehova.
• .11 'isF,ihkrZoelli.1) kUihone:, ?hen is use, *hell be delivered to
tha ofrehf mere 02tirtc3f, t - lt t C : n F Tr ic city, /., Curti*
Xes• 1"..4-g City, N. faii, the Zentri Trutt C- wiiy tf• it -V. City, Uttli„ u.••11 race 1:'t
of the ,urch,.....0 ice htrefor.
1i. ItftlitT,qinYLC tit the ihizire,. levy in the year
•offtef,fit tAn to :ey the f.rinci,. -,nfi interact f, e in the gsjatt sat
due.
Ytis reeciuti,n nht LI te dfect u.,n,rx Um*.
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*nen: iriyrr
City,Ree. r,er
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Tht ,dorti,n .'..t tho (..ro.,c,irt. roi—lutio3 v. va ,voo.odoo by Cual.i tionr
_ T. T. Burton (IA the , _Ise ,311 Lein ut t.:. vote , a unanixouely o.rr.toe.! by
the Pttlret tivt,, vz,to :-...f ,11 C.AtrieaLtraor. ,rtn.ent, the being f e fcliocit
G. C. No, 3xo, :r.e.y r,
;. F. 1,-mon, Cormi.4:i4over,
T. T. Surt.7n, Coo I..1.(.1,13v-r, ',Aye"
f.i. R. ,.von, s".. ,.. irv.1,:nor, r`ye."
- ,-••im Llt,r,"7ye"
ey6r )
4TTi..!1.1
city Ittc..-.r,*,.r
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