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HomeMy WebLinkAbout22 of 1966 - A resolution providing for the issuance and sale of $7,000,000 Tax Anticipation Bonds of Salt Lake C H , . ... Plir . . Resolution No. 22 u .. By Mayor J. Bracken Lae !; I, 1V; ' . . A Resolution providing for the issuance and sale of $7,000,000.00 0 Tax Anticipation Bonds of Salt Lake City, Utah, Series of July 1, 1966. '4f,' .• 1 .;;V' • , iftiiiidelkie.014110M1411011- , H V,,, A*10 IIINSWES i ...,,, ..,, .1.142 2 1966 . ilvvivottowthobk i! .4, . ! t . . ci4TY MIAOW I .. 1 , I- . i , . i! r . ! .. !! . . . f . , ' .. ' * . . ., , -: • J The Board of Commissioners of Salt Lake City** is regular session m Wednesday , the 22nd 4or or June , A. D., 1966, at the hater of 10:00 o'clock, A. X., at the regular meeting place. The mactiag was Callen to order by Mayor J. Bracken Lee , sad on roll Ball the following ambers ears preeentt J. Bracken Lee Commies laser of public Affairs and Mande Louis E. Holley Cossissiaaer of Parks and Public Property George B. Catmull Comeissiemer of Streets and Palle Taprovenents Conrad B. Harrison C0M1eeisaer 0f Water Supply and Waterworks James L. Barker, Jr. Commissioner of Public Safety Ctmereisaioaer Louis B. Holley intreducted the following resolution oedema its adoptions RISOUST.101 A lillaigarieNIISOUSDPIPORIBE IBBUB 1Ci ADD SAZZ or giNgg NUMB DOLLARS (*7,000,000.00 1 ,1966. ) TAX ANIMATION mom or inn Cam, , maxim at JULYMing, there is an laMdlate and pressing need for the raising of foods in the amount of Soren Utilise Dollars 07,000,000.00) for the per- pose of meeting the errant expenses of Salt Lake City for the fiscal year ending Jules 30, 1967, until the payment of tans and receipt of other menses for said fiscal year, and IICiDiAB, the sag of sawn 10111an Dollars ($7,000,000.00) new to be raised, together with the other ia4ubtedness incurred ton the purpose of meeting the current expanses of Salt lake City for the fiscal year ending "me 30, 1967, is not in encase of the revenues totes raised for the fioeal year July 1, 1966 throe&&J1as 30, 1967• . 1. HOW, TINNEFORN, I IT RZS0Lm HT TNN HOARD OF COIME8810I8 OF BAIT IAO CITT, UTAH: Section 1. That said Bolt Lake City, Utah, for the paorpoms of anetiag all espeases of said City for the fiscal year 4111 1, 1966 thramgh Jim. 30,, 1967, until the payment of taxes sad other resonates far the fiscal year egg J as 30, 1967, shall borrow the spa of Boma Million Dollars ($7,000,000.00) tad far that pansies is eKderso of seek indebtedness shall issue twenty eight bonds tbsrefer, of the denomination of Two'Modred Fifty Tbeasaad Dollars 0250,000•00) oath, ampberat oar (1) to twenty eight (26), both inclusive, said beads shell bear date of July 1, 1966, and shell be Its and partible Jun. 30, 1967, bearing interest at the rate et three ear sleets's h asdnodthr per teat (3.19%) per moms, psyable semi-+wmu►ll', per .aspso attached, oa Deeadrsr 31, 1966 and Jane 30, 1967, redeemable in idols or in part on or after January 15, 1967, both principal and bitterest being parable at First Beoarity Boak of Utah, N.A., Salt Latte City, Utah. Said boars shall be Biped by the arm 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 and tl. City Auditor shall endorse ea said beads the oertifieate required by law. The coupons attached to said bands shall be rived by the Water end countersigned by the City Recorder end the City Treasurer, sad for said purpose the use of facsimile signatures is espreuly nathorrised. Bald beads shell be in substantially the following fora, to-wit: MITHD MT= OF AUdORICA ETATS Cr UtAH SALT MEN C1Tf TAX ANTICIPATION HOHD Series of July 1, 1966 so. $250,000.00 _ALL!IX HT THE*fir That Salt Lake City, to the County M Salt Lake, Sate of Utah, hereby ackast].edgs itself to be indebted and for value received hereby promises to pay to the bearer hereof the sum of Two Hume FIlT7 THSLUM DOLLARS ($250,000.00) in lawful mmmey of the United Statesof Aaerioa on the pa day of Alms, A. B., 1967, at First Security lash of Otah, D. A. Salt Lake City, Utah, with inter- est thereon at the rate of three and nineteen hundredths per cant (3.19%) per soma, free date until paid, interest payable someone orally on Deeaaber 31, 1966 sad Jme 30, 1967, upon presentation and surrender of the attached amens es they severalty became due, radeearble in whole or in part an or alter January 15, 1967. This bond is one of a series of twenty s (28) beads of like tenor ad date numbered from one (1) to twenty eight (26) iaawtclesive, and been as "Salt Lake City Tex Aaticipaticn,Doods, Series of July 1, 1956", for the agyeeets sae Of Sevens h1Llliwm hollers ($7,000,000.00), issued parsomit to 'settee 10-8- 6, Utah Code Amatated, 1933, as amended. The aorermina body of J 30, 1967, sufficient Salta Lake Shall provide far*bell levy Lathe p eeati n at s year mutl�i- eient revenges other than tames to pay the principal sod interest oa this bead as the sees shell tall des, and this boat is issued is moticipstles of the pod- neat of sach teams and the aolleotiea of such revseie i for the fiscal year ending.hine 30, 1967. It is hereby certified, recited sad declared that the entire indebtedness of said City hereby incurred is matt In eaamss of the tales and other reroutes of said City to be levied eat aollaated, lor.the tileal year audios Jere 30, 1967, and that said indebtedness was and is contrasted berths purpose for which said tans and revenues ere levied and to be collected. It is further certified, recited and declared that all coeditisos, acts and things essential to the validity of this bend exist, hoe binomial and have bees dams, sad that every resttireasat of law attesting the Issas hereof has been doly complied with, and that this bead to within every debt end ether limit prescribed by tine Ccostitatiea sari Lass of said$tots, and that the full faith ad credit of Halt flake City ors hereby irreresak d d s4 tio the pon- atual pigment of the principal sad interest of this heal to its terns. ID MIMES it 1, Salt take City has caaoed this band to be sis♦aot by JUN/ger, Its corporate its to , seal to be hereunto Wined, and oe t by$ioesd of Jul ,y 1966. (De Set aim►) Amor Camtereig red (Bo net sCity leeordsr (SEAL) -3- (om) Coupon Ho. _On BATS LAtZ CITY, in the Comity of Salt Lake, State at Utah, will pay to the bearer hereof at the First BoearLty Bank of Utah, X. A., in Salt Lake City, Utah, the amount herein stated, in lawful money of the United States of America, being si:months interest then due en its TAX Af'ZICT.AATXM BONDS, BERM JUTS 1, 1966, and bearing Bond Mo. Casatersigneds /s/ J. Bracken Lee Myer /s/ Herman J. Mogensen /s/ J. eing• Phillips, Jr. City Recorder City Treasurer **ea ease There shall be endorsed on said bonds the following City Auditor's Certificates "City Auditor's Certificate I hereby certify that this bond is within the -debt Unit of Salt Lake City, Utah, is ording to Section 2. All the covenants, • , representations and agree• seats contained in said bonds are hereby adopted as covenants, statements, representations, agreements and promises of Salt Lake City, Utah, Section 3. The Mayor of Salt Lake City is hereby authorised and dir- ected to sign and execute said bonds, and the City Recorder is hereby authorised and directed to attest and affix the seal of Salt Lake City to said bonds, and the Mayor, the City Recorder and the City Treasurer are hereby authorised to sign the attached coupons by facsimile signatures, and the City Auditor is authorised 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, City Treasurer, end City Auditor in so doing are and shall be the act and deed of Solt Lake City. Sootier 4. That the Board of Cemsissianers shall levy in the fiscal year ending Awe 30, 1967, a sufficient tax or provide for the collection of sufficient revenues to pay the principal end interest en said bonds as the vane shall tall dens gad for the payment of said bonds and the interest thereon the fall, faith, credit and towing pour of Salt Like City is hereby irrevoc- ably pledged and the Board of Comnissiomers hereby covenants with the holder of said bonds that it will levy In the fiscal year ending June 30, 1967, a sufficient tax or provide for the collection of sufficient revawM ter the payment of the principal and interest of said bonds. '4_ Section 5. That the First Bacerity lust stalk, X. A., Malt lake City, Utah, ban offered to parabase said bonds at *prise satisfactory to the Board of Caseiaaslaaars, chick offer is the highest, best sad mast atvestegesas received for the purchase of said bode. Said offer is sad the sane is hereby accepted, and the City Treasurer is hereby authorised and lastraetad to deliver said Sewn Zillion Dollars ($7,000,000.00) bends to the mamma: thereof, upon receipt of the purchase price therefor. Beetles 6. That as eeergenoy is hereby declared red in the opinion of the Beard of Comissiasers booms* of the necessity fir (Coda teapot the current expaaes of said City, it is aeeessary for the pesee, health and safety of the iahabitsats of eon Late City that this rea0lntiva Shall take effect at once. Section T. This resolxtier shell take effect ineedtately. POSED by the Board of Osrrissioners of Salt Lake City, Utah, and approvedthis 22nddor June , A. D., 1966. T``i�rn ty er (SEAL) The adoption of the foregoing resolution vas sesoa4od by Commissioner Conrad B. Harrison and the sane on being pact to a vote vas nmaniawwly carried by the affirmative vote of all mundasiegere present, the vote being as follows: aver J. Bracken Lee eAre Camaissiomer Louis E. Holley eAre candimiomer George B. Catmull e470e Commiesi.sner Conrad B. Harrison ere canisidorker James L. Barker, Jr. eAr•e Myer AT 'f 41\44b941101freeorder ) .6- STATIC or UTAH ss colour or BAIT LASS ) 1, Herman J. Hogenaen , the day cheap, felalified and aatiag City Recorder of Salt Lake City, Utah, de here*y certify that the foregoing and attached peges are a full, tires and correct Dopy of the miantee of a regalar meeting of the Board of Cormissisaers of Colt Lake City, Utah, duly sad install, called and held ea Wednesday , the 22nd 44y,of June , A. D., 1966, at the hour of 10:00 o'olook A.D. , , insofar as the same refer to or concern the issuanse of $7,000,000.00 Salt Lake City, Utah, Tax Anticipation Hands, Series of July 1, 1966, as the same appear on record Limy office; that i personally attended at said meeting and that the foregoing proceedings were in fact held as in said slants* specified. Xi CUM MHsmO?, I have hereunto set any hand sad affixed the corporate seal of said Salt like City, Utah, this 22nd 447 of June A. D., 1966. City Recorder MA) : s8 COUNT/Of SAdd' LAU ) OVelttAk.2ArANYV , the may cheese, Im.slrs a and acting City Beeoader of Salt Lake City, Utak, do hereby certify as fellers: 1. That Salt rite City, Ube►, is a City of the first class, use incorporated in the year \q(.0 ti , and aseordiag to the United States Cease far the year 1960, had at that time a population of 9,k1' t, S. That the manes of the members of the Beard of Commissioners and municipal officers of said Salt Like City are as follies: Mayor J. Bracken Lee Tern : 1-1-68 Cooiaaioasr James L. Barker, Jr. Perm a ref: 1-5-70 Commissioner George B. Catmull Term expires: 1-1-68 Cmmdasiansr Conrad B. Harrison Term expires: 1-5-70 Commissioner Louis E. Holley Term eapdses: 1-1-68 City Auditor Lawrence A. Jones Term expires: 1-5-70 Jennings Phillips, Jr. ned city TrNe:ller Term SWAMI Appointed Stpoiill in office Appointed City Recorder Herman J. Ho¢ensen Test:mores: Still in office 3. That by ordinance !Oily passed by the Board of Camdssieasrs of said City and recorded in the Beard of Commissioner's agnats record, the molar meeting of the Beard of Commissioners mos fixed to be held as tapers: Tuesday, Wednesday and Thursday at 10:00 o'clock a.m. h. That there is no litigation pomading or threatusd Westing in amp mar the legality of the *7,000,000.00 Donds of gait lobe City, Utah, Series of ably 1, 1966, er aay similar issue of bonds issued by said Salt Labs City, ar the boundaries of said City or the title to oftlee of amy of the officers thereof. IN ASS BRSS , I hers rmmto set my hood ho and affixed the core:mete seal of said City this 1' �'+ dey , A. D., 1966. l.3 trip 1teOordsr ORAL) COURIT or SAID LAO SS I, k""'''M"9*/.40✓ , the duly chosen, qualified and acting City Recorder of Salt Lake City, Utah, do hereby esrtify that due, legal and timely notice of the regstar nesting of the bard of Cennissiarrs or Silt lake City, Utz eh, held on ViLk , the I144Al day of , 1966, at the hoer or itr.op A. K., nes given to all umbers es required by and is full seoardeaas with the laws of the State of ash and the rules sad ordinances of Salt Lake City, Utah. ammo issolor, I home hereunto set a0►1rYad and affixed the corporate seal of said Salt lake City, Utah, this .Et day of�(,y�µ,L• , A. D., 1966. 4J OVAlt*ty Recorder (EMAL) • • STAN or UTAK : Ss caner!or s&rlr lAs ) r, Lawrence A. Jones , the duly chosen, qualified and elected City Auditor of Salt lake City, Utah, de hereby certify to the following festes 1. That the value of the tumble proper within said City, aemena ng to the assessment for the year 1965, wens 1,466,602,705.00 and for the year 1966 will not be lees than . 1,501,436,905.00 2. That the tax levy for the said City for the year 1965 ma. . . . . . . . $ 24 Mills 3. That the satin/Wigwams for the fiscal year ending Jima 30, 1961 will be $ 13,625,964.©0 which son it will be necessary to raise by tames and other revenues daring the fiscal year ending Jere 30, 1967. b. That the tax levy for the fiscal year eatLegAse 30, 1967 is 24 mills and that the estimated reviews, iaalnding tease, for the fiscal year aiding,Tame 30, 1967, are • . $ 13,630,964.00 *faddish there has been resolved to date the sun of $ None 5. That said City has meter se*a ears bona. Cutrteaading is the eau of • $ None � sever Memos beau outeteadtng 1A the sem of None None is required fee principal mad interest legman Ong the fiscal year ending June 30, 1967. 6. That the tames heretofore levied for the year 1965 and previous years not yet collected or paid to said City are $ 147,151.98 said somamst being outstanding and uncolleot.d onthe 24th, doy Of June , 1966. T. That the total authorised ileum of *7,000,000.00 Salt laths City Tan Antieipstiea Beads, Series of ally 1, 1966, censistiag of treaty sight beads, in the — —ties of $ 50,000.00 each, may be legally Lammed sad delivered within the debt limit of said City and is net in .zeess et the estimated revenues for the fiscal year mediae Aye 30, 1967. 8. That the total banded Omwral obligstiea indebteda.ss of said City, snola.ive of this issue is $ 19,0154000.00 9. That the said image et $7,000,000.00 beads is and. in anticipation at the collection of taxes sand other remove for the fiscal year ending Jima 30, 1967, and that including the said Tan Aetisipetica Beds, the bolded inMhtedaeas made in eattelpatism of the collecting of tames and other revenges for the fiscal year sailed Ana 30, 196T, is $ 7,000,000.00 .10. 10. That the aggregate asommt of amnion of and City emery nature eirtroever osistatedbmeeatiased' ' p 9/9 m�i, is than that $ 5�0-6-0 r a-d o . 11. That the said Belt Lake City Tax Anticipates lends, Series of Jay 1, 1966, are a general obligation of and are payable oat of the taxes levied or to be levied anal taxable yr opert7 eithia said City that the anew* issued in anticipation of the collection Otago' tar the year ending J11se 30, 1967; that the aggregate amount of indebtedness incurred in antis/patios of the taxes for the year 1966, including this issue, xlii not be in eosins of the tames and other revenues for the year 1966. 18. That the total amount of ash in the sinking find is $ 747,046.10 13. That the said Salt Like City has never, within the ten years last post• defaulted for fifteen days or more lathe payment of principal or interest of say boeded debt aestbsriaad.to be oantraatsd by it. 14. That the estimated revenue for the fiscal year amain' me. 30, 1967, of Balt Lake City other than free general taxes, are # 7,712,307.00 IN 11121WANIIIIIIXOF, I have hereunto set q head and affixed the corporate seal of said Belt Inks City, Utah, this 24th. dey of June A. D., 1966. —- AIMS s jCi-t . . City, Utah (SinL) .11. STASI d1 MAI SS COURT a!' SAW LARK I, kithih, )*ty1M/V‘.1 , the duty chosen, qualified and acting City Recorder of Salt Lake City, Utah, de hereby certify that no referendum petition has been filed affecting in sap vow the resolution passed by the hoarder Canada.ion.rs of Salt Late City, Utah, ea the pia 1'4- dp of , 1966, which resolution authorised the is.gwoe of S7,000,000.00 Salt Lake City Tax Aatieipetisa Bends, Series at Joy 1, 1966, and that the tine within which any retorea d n petition would be tiled has expired. If WITSWAIIOSSRIOP, I here hereunto est ■p hand and the seal of said City this A , day of S3Ae/IAA./ , A. D., 1966. MA � Cit ty, Utah ( +) _�e MTh OF MAD :cunrrz Ot SAu z s8) I, 44144101WMA-4k ZJ , the duly chosen, irmlified and acting City Auditor of Salt lake City, State of Utah, 4u hereby certify that prior to the issauose and delivery of $7,000,000.00 Salt lake City ran Asttet- pation Heads, Series of July 1, 1966, bearing interest at the rate of three and nineteen hundredths per cant (3.19%) per meat, payable sesi-annually on December 31, 1966 and Jima 30, 1967, numbered cue (1) to tunny eight (28), both inclusive, in the densninatios wi 2230,000.00 each, Om sad payable June 30, 19671 I, as City Auditor of Salt Lake City, did duly sign as the reverse side of said bonds a certifieete reading es tailors: 'City Auditor's Certificate I ASRRBY C 'IPI that this bond is within the debt Unit of Salt Lab City, Utah is according IN dd , wito err hand and the seal of Salt lake City, Utah, this •� ' dry*of S,M V-, , A. D., 1966. ty , t y, (SA) -13- STAYS 6t UTAS ) 88 SI2IATgagcztrirICATS COUNTY or oar LAD ) We, the undersigsd officers of Solt Labe City, State of Utah, indicated by the official title opposite our uses, do hereby certify that *e did on the dog of , 1966, 'Moistly sip W7,000,000 Tan Anticipation Donds, Series of July 1, 1)65, of Salt Lake City, Utah, dated July 1, 1966, bowleg interest at the rate of three and nineteen hsadredthe per seat (3.19%) per aamn, payable .eri•emmnally frith corpses atteoh.d, redeea.ble la*hole or in poet en or after Amery 15, 196T, said hoods being ar bered one (1) is *leaf (i�), heftinelusive, lathe de- maination et $290,000.00 eon, payable Jams 30, 1967, being at the date of each sigaeatameo the duly chosen, gratified and actin officers indicated there. in and authorised to eneeate the same. We further certify that SO LTTIOATZOS of*or mature is Mott mom or TDRSATSDO►s RISTRATIIMI or 101JOINIMSthe tenon* and delivery of said bonds or the levy and coliectiaa of tames to pay the principal and interest, nor in en senor geestioniag the proceedings sad authority ender which the seas is nude or affecting the validity of the bonds thereunder; that neither the OATS SUBEDICi or DOhhRDADx8S of Salt lake City nor the TIT1i of the present officers to their respective offices is being contested; sad that no authority or proceedings for the isaasaee of said bonds has been repealed, revoked or rescinded. The corporate seal of Malt Lake City, Utah, is impressed en said bonds. Upon said bonds is endorsed the following certificate: "City Auditor's Certificate I hereby mortify that this bond is vithin the limit of Salt Lake City, Utah, his is according to �.l' t .w nick certificate has been standby said City Auditor. Done end delivered at Salt lake City, Utah, this day of , A. D., 1966. OPTICIAL TITxi ___-/ Mayor, Salt Lake City, hltah ( ^„_ City Recorder, Salt Lake City, Utah City Auditor, Salt Lake City, Utah teWt. L'��-G � City Treasures, Salt Lake City, look j c� I hereby certify that the sipetures of the officers shove sub- scribed ore tree and genuine. By .,. FIRST SECURITY BANK OF UTAH NqT NAL A CIATION OFFICE ���// RE qq77EIVED OF U L DOLLARS t / FIRST SECURITY BANK OF AH ' ' ATIONAL ASS TI $- BYE 1 G 44 REV. I1-51 ' sun a►WAR : as TIZA81&!1.2.1 ECU T COOET Qit SAW LAtr: ) JENNINGS PHILLIPS, JR., City,Treas. I 210 CITY &COUNTY BLDG, gµZ 9 AKE riTY►uTAH , the daty chosen, . ,lifted and acting Treasurer of Salt Late City, Utah, do hereby certify that t reoeived from the purshass?, or their agents er assias, the pendsase prise of 87,000,000.00 Tat Anticipation Dodds, Series of July 1, 1966, of Salt Lek* City, Utah, dated duly 1, 1966, bearing interest at the rate of three sod nineteen hundredths per coat (3.196) per seen, melds aaaai-snsu a►ll.y, redwn• able in athale or in part ea or after Jatsaary 13, 196T► said beads being aam- bered one (1) to twaty eight (28), both iaslesive, in the dsnaainstion of $250,000.00 each, peithle June 30, 1967, said washes* price being as reliant Principal 87,000,000.00 Interest tree JUly 1, 1966 to Total LZiggapfata.4-s The date of deliver/rinks I further certify that layer, J. Bracken Lee and City lesorder Kaman logapsen of Salt Lake City, ash, the officers Ntio signed the said beads, are still in Dated this7,a-va( dap►et , 1966. -LL.c:a, / 3-I r , t y►• / eas . �; 2I0 CITY &CV liN i, .wG. MLI LAKE CITY,UTAH ..19-