Loading...
20 of 1934 - A resolution authorizing issuance of Tax Anticipation Bonds, Series of August 10, 1934, in the sum o REMARKS .102-A Resolution No 20 11— _,--_ I. By Commissioner Marro s I 4 1 I r I; , 4 Authorizing issuance of Tax !,1 , I Anticipation Bonds, Series of August 10, 1934, in the sum of , ! . *300,000.00, bearing interest j at the rate of 3/4% per annum. t 1 ; t, !' ;I 1,1 11 . i ll • 01.0041416 ifto kohl of Cemtvhdonors 44 Fa 04Fig ft a ,1 1,1 iiiA I 1934 ,.., ...., ,iIT'Ilia4atoalaVt I I 1 . ,I- I; Date Filed August 8, 1934. I 11 11 _ L ..„... ; ,,,Address 1'! 11 .- T''' • • Rec. 104 ROLL CALL VOTING AYE �N Y Salt Lake City, Utah, Augus t 8th 1934 V CogginI I move that resolution No ~" by Mr Keyser be adopted. Knight ''!L Lee 4�/i /G —-� 1/ Mr.Chairman - Remit - - • • • Ott • • E S QIt I I. WHEREAS, there is an immediate and pressing need for the raising of funds to the amount of Three Sunired Thousand Dollars'('$500,000.00) for the purpose of meeting the current expenses of Salt Lake City for the remainder of the year 1934 until the payment of taxes for the year 1954, and WHEREAS, the tax revenues of Salt Lake City for the year 1934 will aggregate one million nine hundred thirty thousand seven 8/100 Dollars hundred seventy-one ani($1,930.771.08 ) and the total revenue from all sources will aggregate three million one hundred eighty-five thousand seven hundred seventy-one and 8/100 Dollars ($3,185,771.08) WHEREAS, the City has heretofore borrowed the sum of One Million Two Hundred Fifty Thousand Dollars ($1,250,000.00) for the purpose of meeting the current expenses of the City for the year 1934, and the sum of Three Hundred Thousand Dollars ($500,000.00) required now to be raised, together with the sum heretofore borrowed, is not in excess of the revenue to be raised for the year 1954. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of Salt Lake City, Utah, that said City for the purpose of meeting current expenses of said City for the remainder of the,year 1934 until, the payment of taxes for thereat' 1954, -iheii" borrow the sum of Three Hundred Thousand Dollars ($300,000,.00) and for that purposees evidence of such indebtedness shall issue'twel a (12) bands'in denominations of-Twenty-five Thousand Dollars ($25,000.00) each,..nusbered from one (1) to twelve (12), both inclusive S d,bonds sha l b eer da#s eFR�bt l0, 195d: n¢ alaail be dte,.ind payable Februari 10, 1954*-bearing interest at'the rate of three-quarters per cent WO) per annum, payable at maturity. Both principal and interest being payable at the Na l_PItg*YaA4Mic ti,llew ' York City, New York. Said bonds shall be designated "Salt Lake City Tax Anticipation Bonds, Series of August 10, 1884.° Said bonds shall be signed by the Mayor and attested 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 in his office, and the City Auditor ahall endorse on 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 COUNTY OF SALT LAKE SALT LAKE CITY TAX ANTICIPATION BOND SERIES OF AUGUST 10, 1934 No. $25,000.00 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 to-the bearer hereof the sum of Twenty-five Thousand Dollars ($25,000.00)iin lawful money of the United States on the tenth day of February, A. D. 195i, at the SettgDMMa5City' ::wwgleet in New York City, New York, with interest thereon at the rate of Three-quarters of one per cent (5/4%) per annum from date until paid, payable at maturity. This bond is one of a series of twelve (12) bonds of like tenor and effect numbered from one (1) to twelve (12), both inclusive, and known as 'Salt Lake City Tax Anticipation Bonds, Series of August 10, 1934," for the aggregate sum of Three Hundred Thousand Dollars ($500,000.00), issued pursuant to Section 15-8-6, Revised Statutes of Utah, 1933. The City of Salt Lake shall levy in the year 1954 a sufficient tax to pay the principal and interest on this bond as the same shall fall due, and this bond is issued in anticipation of such taxes for the year 1954. It is hereby certified, recited and declared that the entire indebtedness of said City hereby incurred is not in exceas.yof the taxes of said City levied or to be levied for the current year 1934,: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 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 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 paymen'b of'the principal+and_lAterest of this bond according to its terms. ' IN WITNESS WHEREOF, Salt Lake City has Caused this bond to be signed by its Mayor, its corpoiaae seal-:to be-,hereunto affixed, and attested by the City Recorder as of'this 19th-day'of , A. D.21934. D. x ti ATTEST: City Recorder (SEAL) • There shall use endorsed on each of said bonds the following City.Auditor's oertifieates City Auditor's Certificate sI hereby certify that this bond.it,within the lawful debt:limit of.Salt Lake City, Utah, and is issued a000rdiug to law. City Auditor". All the covenants, statements, representations and agreements contained in said bonds are hereby adopted as covenants, statements, representations, agreements and promisee Of Salt Lake City, Utah. The Mayor of Salt Lake City is hereby authorized and direoted to sign and execute said bonds and the City Recorder is hereby authorized , to attest and affix the seal of Salt.Lake City to each of said bonds, and the.City Auditor is authorized and direoted to place upon said bonds the certificate in the manner and form set forth above, and the ants of said Mayor, ,City Recorder and City Auditor in so doing are and shall be the act land deed of Salt Lake City... That the Board of CityComaissioners shall levy in the year 1934 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 covenants and agrees with the holders of said bonds to levy in the year 71934 sufficient taxes to provide for the payrdant of the principal and interest of said bonds, end ' NIMBUS, the First Security Trust Company, Sdwerd 1. Burton &'CompaYy*, Walker bank &Trust Company, Continental National Bank & Trust Company, and the.First National Bank, all of;Salt Lake City, Utah, have-offered to purchase said..bonds at a price satisfactory to this Board of City Cosmissibnors, whioh offerhighest, , is the.hi est beet and moat, advantageouslreoet'e4 for the purchase of said bonds, and which offer is inaords and figures as follows, August 8, 1934 Honorable Board 'of City Commissioners Salt Lake City, Utah Gentlemen: ' For $300,000 General Obligation Salt Lake City Tax Anti- - cipstion Bonds, dated August 10, 1934, due February 10, 1935, denominations of $25,000, bearing interest at the rate of Three-.quarters of one per cent.(3/4%) per annum, we will pay you par and accrued interest, bonds to be delivered tous as soon as legally possible, accompanied by the approving legal opinion of Thomson, Wood & Hoff- man of New York City. It is understood that you are to deliver 0250,000 of the bonds to us immediately and that the remaining $50,000 need not be delivered if you find it will be unnecessary for you to issue them, but we agree to purchase them on the above terms if delivered to us on or before September 1, 1934, acceptance of delivery thereafter to be at our option. Respectfully submitted, WALKER BANK & TRUST CCdPANY CONTINENTAL NATIONAL BANK & TRUST COMPANY FIRST NATIONAL BANK FIRST SECURITY TRUST COMPANY EDWARD L. BURTON & CCA PANY, By J. A. Burrows WRY, THEREFORE, BE IT RESOLVED that the above offer be and the same is hereby accepted, and the City Treasurer is hereby authorised and instructed to deliver $300,000.00 of said bonds, being bonds numbers one (1) to twelve (A, both inclusive, to the purchaser thereof, as and when said bonds may be and are legally issued and delivered, upon receipt of the purchase price therefor. That an emergency is hereby declared and in'the opinion of the Board of City Commissioners because of the necessity for funds with which to meet the current expenses of said City, it is necessary to the peace, health and safety of the inhabitants of Sal a City that this resolu- tion take effect at Once. This resolution shall take effeo,;00p adoption. AT, h ? or f C ty oo er (SEAL) UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY TAX ANTICIPATION BOND SERIES OF AUGUST 10, 1934 No. $25,000.00 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 pay to the bearer hereof the sum of Twenty-five Thousand Dollars ($25,000.00) in lawful money of the United States on the tenth day of February, A. D. 1956, at the National City 40...proor in New York City, New York, with interest thereon at the rate of Three-quarters of one per cent (5/4%) per annum from date until paid, payable at maturity. This bond is one of a series of twelve (12) bonds of like tenor and effect numbered from one (1) to twelve (12), both inclusive, and known as "Salt Lake City Tax Anticipation Bonds, Series of August 10, 1954," for the aggregate sum of Three Hundred Thousand Dollars ($300,000.00), issued pursuant to Section 15-8-6, Revised Statutes of Utah, 1935. The City of Salt Lake shall levy in the year 1934 a sufficient tax to pay the principal and interest on this bond as the same shell fall due, and this bond is issued in anticipation of such taxes for the year 1954. 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 1934, 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 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 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 bond according to its terms. IN WITNESS onEREOF, Salt Lake City has caused this bond to be signed by its Mayor, its corporate seal to be hereunto affixed, and attested by the City Recorder as of this 10th day of Ault, A. D. 1934. Mayor ATTEST: City Recorder (SEAL) • • There shall be endorsed on each of said bonds the following City Auditor's certificates City Auditor's Certificate • "I hereby oertify that this bond ia within the lawful debt limit.of Salt Lake City, Utah, and is issued'according to law. City Auditor" All the covenants, statements, representations and agreements contained in said bonds are hereby adopted as covenants, statements, representations, agreements and promisee of Salt Lake City, Utah. The Mayor of Salt Lake City ie hereby authorized and directed to sign and execute said bonds and the City Recorder is hereby authorized to attest and affix the seal of Salt Lake 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 the acts of said Mayor, City Recorder and City Auditor in so doing are and shall be the act and deed of Salt Lake City. ' That the Board of City Commissioners shall levy in the year 1934 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 fullfaith, credit and taxing power of Salt Lake City are hereby irrevocably pledged and the Board of City Commissioners hereby covenants and agrees with the ' holders of said bonds to levy 'in the year 1934 sufficient taxes to provide for the payment OP the principal and interest.of said bonds, and WHERZAS, 'the First Security Trust Company, Edward'L., Burton &'Company, Walker Bank &Trust Company, Continental National Bank & Trust Company, and the First National Bank, all of 'Salt Lake City, Utah, have offered to purchase said bonds at a price satisfactory to this Board of City Commissioners, which offer is the:highest, best and most advantageous received for the purchase of said bonds,,and which offer is inaords and figures as follows, to—wits The adoption of the foregoing resolution was seconded by Commissioner Keyser and the same on being put to a vote was unanimously carried by the affirmative vote of all Commissioners present, the vote being as follows: Louis Marcus, Mayor - Commissioner "Aye" P. H. Goggin, Commissioner "Aye" George D. Keyser, Commissioner "Aye" John M. Knight, Commissioner "Aye" Harold B. Lee, Commissioner "Aye" illy- Mayor 7jYJhJmuk City Recorder (SEAL) STATE OF UTAH ) SS. COUNTY OF SALT LAKE ) I, Ethel Macdonald, the duly chosen, qualified and acting City Recorder of Salt Jake City, Utah, do hereby certify that 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 and held on Wednesdsy the 8th day of August, A. D. 1934, at the hour of 10 o'clock A. M., insofar as the same refer to or concern the issue of $300,000.00 Salt Lake City, Utah, Tax Anticipation Bonds, Series of August 10, 1934, as the same appear of record in my office. That I personally attended at said meeting and that the foregoing proceedings were in fact held as in said minutes specified. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said City this 8th day of August, A. D. 1934. A / I X City Recorder of Salt Lake City, Utah. (SEAL) Salt Lake eityt Utah Ronarable Board of City Casmissioner, Salt Lake City, Utah. Gentlement Referring to the issue of $500,000,00 Salt Lake City Tax Antioipatian Bonds, Series of August 10, 1934, bearing interest at the rate of Three-quarters of one per oast (5/4%) per enwrap dated August 10, 1954,,neturing February. 10, 1955, The Industrial Cansissian of Utah hereby wives any and all rights it any hare for the purchase of said bonds or any pert thereof under and by virtue of the Laws of the State of Utah. Yours very truly, AR - J ay (SSAL4 • STATE OF UTAH ) SS. COUNTY OF SALT LAFE ) I, Ethel Macdonald, the duly chosen, qualfied and acting City Recorder of Salt Lake City, Utah, do hereby certify that all ordinances and resolutions passed by the Board of Commissioners of Salt Jeke City, Utan, in connection with, referring or relating to the issuance by said Salt Lake City, of its $300,000.00 3/4% Tax Anticipation Bonds, dated August 10, 1934, and maturing February 10, 1935, were passed at legal meetings of said Board called and held in accordance with law and the rules and ordinances of said City and have been duly recorded by me in a book kept by me for that purpose in my office. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said City this 9th day of August, A. D. 1934. City Recorder of Salt Lake City, Utah. (SEAL) • STATE OF UTAH ) SS. COUNTY OF SALT LAKE ) I, Ethel Macdonald, the duly appointed, qualified and acting City Recorder of Salt Lake City, Utah, do hereby certify as follows: 1. That Salt Lake City, Utah, is a city of the first class, duly organized and existing under and in accordance with the laws of the State of Utah. 2. That the names of the members of the Board of Commissioners and other municipal officers of Salt Lake City are as follows: Mayor — Louis Marcus, Term expires January 6, 1936 Commissioner, George D. Keyser Term expires January 6, 1936 Commissioner, John M. Knight Term expires January 6, 1956 Commissioner, Harold r3. Lee Term expires January 3, 1938 Commissioner, P. H. Goggin Term expires January 3, 1938 City Auditor, Samuel F. Nicholls Term expires January 3, 1938 City Treasurer, Milton E. Lipman Term expires when successor is appointed and confirmed. City Recorder, Ethel Macdonald Term expires when successor is appointed and confirmed. 3. That the regular meetings of the Board of Commissioners are held in Room 302 City and County Building as follows: Every Tuesday at 10 o'clock A. M. Every Tuesday at 5:15 o'clock P. M. Every Wednesday at 10 o'clock A. M. Every Thursday at 10 o'clock A. M. 4. That there is no litigation pending or threatened affecting in any way the legality of the ;500,000.00 Salt Lake City Tax Anticipation Bonds, Series of August 10, 1954, or any similar issue of bonds issued by Salt Lake City or the boundaries of said City or the titleto office of any of the officers thereof. That the said Ethel Macdonald as City Recorder and Milton E. Lipman, as City Treasurer, are each of them now in office performing / ' the duties thereof and that the right of them or either of them to hold such office has never been questioned and is not now being contested. IN NITNESS SHEREOF, I have hereunto set my hand and affixed the corporate seal of Salt Lake City this 9th day of August, A. D. 1934. 194,21Rk City Recorder of Salt Lake City, Utah. (SEAL) • • • STATE OF UTAH ) SS. COdNTY OF SALT LAKE) I, Samuel F. Nicholls, the duly chosen, qualified and acting City Auditor of Salt Lake City, Utah, do hereby certify as follows: 1. That the assessed valuation of taxable property within Salt Lake City, according to the assessment for the year 1933, was $ 154.9Q2.063.00 the assessment for the year 1934 has not yet been fully equalized. 2. That the tax levy for Salt Lake City for the year 1933 was 12 mills which would raise a revenue by taxation of One Million Eight Hundred Fifty-eight Thousand Eight Hundred Twenty-f and 75/100 ($1,858,824.71 Dollars, and that the tax levy for the year 1934 is 13 mills which would raise a revenue by taxation of One Million Nine Hundred Thirty Thousand Seven Hundred Seventy- one and 8/100 (41,930,771.08) Dollars, and that the total estimated revenues of said City from taxation and other sources for the year 1934 will aggregate Three Million One Hundred Eighty-five Thousand Seven Hundred Seventy-one and 8/100 (S3,185,771.08) Dollars. 3. That the total authorized issue of Three Hundred Thousand Dollars (0300,000.00) Salt Lake City Tax Anticipation Bonds, Series of August 10, 1934, in denominations of Twenty—five Thousand Dollars ($25,000.00) each, numbered from one (1) to tweave (12), both inclusive, have been legally issued and delivered within the debt limit of Salt Lake City and within the estimated revenues for the year 1934. 4. That the aggregate amount of floating indebtedness of Salt Lake City of every nature whatsoever, including said Three Hundred Thousand Dollars ($300,000.00) Salt Lake City Tax Anticipation Bonds, Series of August 10, 1934, is One Million Five Hundred Seventy-eight Thousand Six Hundred Twenty ($1,578,620.00) Dollars. exclusive of the indebtedness given in the following paragraph. 5. That the total bonded indebtedness of said City, exclusive of Tax Anticipation Bonds, is Eight Million Four Hundred Fifty-three Thousand ($8,453,000.00) Dollars which figure includes, Waterworks Bonds, Four Million Fite Hundred Twenty-five Thousand ( 4,525,000.00) Dollars. Storm Sewer Bonds, Seven Hundred Twenty-one Thousand (S721,000.00) Dollars. and Six Hundred Five Thousand (S605,000.00) Dollars. Sanitary Sewer Bonds, and that all of said Water and Sewer Bonds were issued for the purpose of supplying said City and the inhabitants thereof with water and sewers, and that all of said works are owned and controlled by said Municipality, and that the total amount in the Sinking Fund for redemption of outstanding bonds is Seventy-five Thousand ( 75,000) Dollars. 6. That said issue of Three Hundred Thousand Dollars ($300,000.00) Salt Lake City Tax Anticipation Bonds, Series of August 10, 1934 is made in anticipation of the collection of taxes and other revenues for the year 1934, that said bonds are general obligations and payable out of the taxes levied or to be levied on all taxable property in Salt Lake City, together with other revenues received from all other sources, and that the aggregate amount of indebtedness incurred in anticipation of such revenues for the year 1934, including this issue, is not in excess of the taxes and revenues for said year 1934. 7. That Salt Lake City, Utah, 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. 8. That Salt Lake City was duly incorporated in the year 1860, and that its population as shown by the Census of 1930 is 140,267. IN WITNESS WHEREOF, I have hereunto set my hand this _ 9th day of August, A. D. 1934. City Auditor of Salt Lake City, Utah. AT7.414 /�it�.�Y"rbfi(X� / City Recorder (SEAL) STATE 0P U?AL S8. COUMTI Of SALT LASE I, Ethel Macdonald, duly appointed„ qualified and acting City Recorder of Salt Lake City, a municipal corporation of the State of Utah, do hereby certify that Salt Lake City, a municipal corporation, has not adopted a Home Rule Charter as provided by constitutional amendment relating to noniaipal corporations as found on Page 290 of the Session Lams of Utah of 1931. IY WITNESS P, I have set my hand and caused the official seal of Salt Lake City to be affixed hereto, this 9th day of baguet, A. D. 1934. Ethel Macdonald, City Recorder of Salt Lake City, Utah. (SEAL) 1///// . STATE OF UTAH ) ss. COUNT! OF SALT LAKE I, Samuel F. Nicholls, do hereby certify that I am the duly qualified and acting City Auditor of Salt Lake City, State of Utah, that on the 9th day of August, 1964, I registered in my office Three Hundred Thousand Dollars (4500,000.00) Salt Lake City Tat Anticipation Bonds, Series of August 10, 1934, dated August 10, 1934, bearing interest at the rate of Three-quarters of one per cent (3/4%) per annum payable at maturity, said bonds being numbered from one (1) to twelve (12), both inclusive, and in the denomination of Twenty-five Thousand Dollars (425,000.00) each. I further certify that there is a certificate endorsed on the back of each of said bonds in the following form, all of which certificates have been signed by met "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" WITNESS my official signature this 9th day of August, A. D. 1954. City Auditor .� Salt Lake City, Utah. I V SIGNATURE CERTIFICATE We, the undersigned, officers of Salt Lake City, State of Utah, indicated by the official title opposite our names, do here* certify that we did on the 9th day of August, 1954, officially sign $500,000.40 Tax Anticipation Bonds, Series of August 10, 1954, of Salt Lake City, Mesh, denomination $25,000.00 each, dated detest 10, 1954, interest Three.geiarters of one per cent (5/4%) per sauna payable at maturity, said bonds being nuabered and payable as follows, vies- Buabered from 1 to 1A, both inclusive, payable Yebruary 10, 1955. being at the date of such signatures the duly chosen, qualified and acting officers indicated therein end authorized to execute the same. We further certify that MO LITICATIOU of any nature is now PEIDI>i0 or THREATENED RESTSAIMIS0 or MOIMINN the issuance and delivery Of said bends or the-levy and collection of taxes to per the principal and interest, nor in any manner questioning the proceedings and authority under which the same is made or affecting the validity of the beads thereaoder; that neither the CORPORATE EAISTEUCS or SOUIDARIMS nor the TI2L2 of the present OFBICENS to their respective offices is being contested) and that no authority or pro- ceedings for the issuance of said bonds have been repealed, revoked or rescinded. The corporate seal of Salt Late City, Utah, is impressed on all of said bonds. Upon each of said bonds is endorsed the following certificates •I hereby certify that this bond is within the lawful debt limit of Salt Lake City, Utah, and is issued according to law. City Auditor' each of which certificates has been signed by said City Auditor. Done and delivered at Salt Lake City, Utah, this Ath day of August, 1954. OPPIQjs. TI= Mayor, Salt Lake City, Utah. City Recorder, Salt Lake City, Utah. C:12' City Auditor, Salt Lake City, Utah. I hereby certify that the signature?--of the officers above subscribed are true and genuine. 1I ' 1 ' Cashier WALKFR M K&TRUST CO$PAYY ,Bank SALT LAKE CITY, UTAH