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—
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By Commissioner Marro s
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, 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.
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Date Filed August 8, 1934. I
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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 - -
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Ott
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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
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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)
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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
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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)
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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
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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)
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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)
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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
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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