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HomeMy WebLinkAbout24 of 1915 - A resolution providing for the sale of $200,000 water bonds and $100,000 sewer bonds of the issue da LARKS: ';' If ps6 Iii Resolution . „. . ., i By Commissioner Lawrence ' Providing for the sale of j A 1-00,000 water bonds and 44 oo,lo [I sewer bonds of the issue datedli •,,, P July i, 1914. ii 1 ril,1,1 111 1, i READ AND ADOPTED 1 .. • !--,Y 121915 ' - ,A„ .•.,:-:..itRI ,"'A!!! 4 'i- - i,,", • 11 , !I[ I, d'. .i t •$ --.4- ----'-'--------'--'''' '---- -• - -------'--,;.t , ,, ROLL CALL .,_., VOTING Yes No Salt Lake City, Utah. April 16, _1a15 Lawrence -_V-_ resolution Morris I move that the Yaixxxxbc Shearman Wells . - - 1-57/t' l3'-•,_-_.. Mr.Chairman . . . Result RESOLUTIO N. BE IT RESOLVED by the Board of Commissioners of Salt Lake City, Utah: ^H!T S,$EREAS, at a special election duly held in Salt Lake City, Utah, on 'Wednesday, the 18th day of February, 1914, there was submitted to such qualified electors of said City as should have paid a property tax in the year preceding said election, two propositions, to wit: 1. Of said City's incurring indebtedness in the sum of five hundred twenty-five thousand 0525,000) dollars, and of issuing bongs therefor, for the purpose of increasing, improving, enlarging, extending, perfecting and adding to the present water supply and waterworks system of said city for the purpose of supplying and distributing water to the inhabitants of said city, and to that end to construct a water supply main from Big Cotton- wood Conduit along Thirteent ! South Street to Ninth East Street; to construct a distributing main on Ninth East Street from Twelfth South to 'Thirteenth South Street; to construct distributing reser- voirs on the east bench and in City Creek Canyon; to construct storage reservoirs at Lakes Phoebe, .1ary)and Twin Lakes in Big Cottonwood Can:Ion; to construct storage reservoir in Parley's Canyon; to enlarge the present East Jordan Canal from its head to Little Cottonwood Creek, and extend said canal to Big Cottonwood Creek for the purpose of carrying water now being transported through the Jordan and Salt Lake City Canal; and to acquire water rights in Big Cottonwood Creek and other sources of water supply by exchange or purchase or both. 2. Of said City's incurring an indebtedness in the sum of three hundred seventy-five thousand (4375,000) dollars, and of issuing bonds therefor for the puxp ose of defraying the expense of increasing, improving, extending and adding to the present sewer system of said City, for the purpose of providing means of sewage to the inhabitants thereof, and to care for and dispose of said sewage, and to that end to construct a main outlet sewer along Seventh rest or Eighth 'lest Street from Tenth South Street to about Ninth North Street; to construct a pumping station consisting of building, tanks and such pumps and motors, gas engines and other machinery in addition to the present enuipment at :aghth , est and Seventh North Streets as may be necessary, for the purpose of pump- ing sewage from said main outlet sewer into the discharge pipe next herein mentioned; to lay a discharge pipe to carry sewage from said pumping station westerly to at or about Redwood Road; to construct outlet canal from the end of said discharge pipe to Great Salt Lake, and to extend main sewer from Slain Street to seventh lest or Sighth West Street; and '. IIEREAS, a majority of the nualified electors of said City voting at said election, voted in favor of each and both propositions submitted as aforesaid, which result was duly ascertained and de- clared by the Board of Commissioners of said city acting as a Board of Canvassers, on 2uesday, February 24, 1914 (Monday having been a legal holiday); and WHEREAS, by an ordinance duly passed by the Board of Commissioners of Salt Lake City, June 22, 1914, and published as re- quired by law, it was provided that under the authority granted by the election aforesaid salt Lake City should issue five hundred twenty-five (525) water bonds and three hundred seventy-five (375) sewer bonds of the denomination of one thousand ( 1,000) dollars each, dated July 1, 1914, due in twenty (20) years, with interest at the rate of four and one-half (4-1/2) per cent per annum, pay- able semi-annually on the first days of January and July of each -2- year, saidinterest being represented by coupons attac^ed to each of said bonds, the form of said bonds and coupons being set out in said ordinance; which bonds were duly issued as provided ins aid ordinance; and WHEREAS, under and by virtue of a resolution duly passed by the Board of Commissioners of Salt Lake City, May 13, 1914, and a notice of sale published pursuant to said resohition, said Board of Commissioners on June 8, 1914, sold two hundred (200) of said water bonds and one hundred (100) of said sewer bonds, leaving unsold three hundred twenty-five (325) of said water bonds and two hundred seventy- five (275) of said sewer bonds; and WHEREAS, said Board of Commissioners deems it advisable to sell two hundred (200) of said remainig water bonds and one hundred (100) of said remaining sewer bonds, but does not deem it expedient at this time to sell all of said remaining water and sewer bonds: NOW, THER PORE, BE IT RESOLVED that the Mayor and City decord- er of salt Loke City be, and they are hereby authorized and directed to advertise for the purchase of two hundred (200) of said water bonds, in amount two hundred thousand (0200,000) dollars, and one hundred (100) of said sewer bonds, in amount one hundred thousand ($100,000) dollars. Said notice to bidders shall be published daily for a 4T,ue eripd of .tluwaa successive days in the following newspapers: Salt Lake i ibune, Salt Lake Jerald Republican, salt Lake Telegram, and the Deseret News, daily papers of general circulation and published in Salt Lake City, Utah; also in fit a issues of the Daily Bond Buyer, and two issues of the Commercial and _'inancial C'rroniele, papers of general circulation in financial ,;uarters, published in Sew York City, Sew York. Said notice shall describe the bonds so to be sold as set out in said ordinance of June 22, 1914, and state that the whole purchase price of said bonds must be paid at the first National Bank of New York City, -3- New York, on or before July 1, 1915, and that two of said coupons will be detached from each of said bonds before delivery to the purchaser. Said notice shall further require that all bids upon the said bonds shall be accompanied by a certified check in the sum of Six thousand ($6,000) dollars, payable to the order of the Treasurer of Salt Lake City as a guaranty of good faith on the part of the bidder and to reemburse this city for its loss and expense on this behalf in case the bidder shall not perform his bid after acceptance thereof. No conditional or qualified bids except as to the legality of the issue and no bids for less than face value of said binds will be considered;that Salt Lake City reserves the right to reject any and all bids and to accept any bids deemed advantageous to the city; that all bids shall be well sealed and shalll be placed in the hands of the City Recorder of Salt Lake City on or before the first day of June, 1915, at 10 o'clock A.I,:. ;,r,Sch b'a:: will be opened at ❑ raeej ;r; ol the roars of o ..y. oners at 10 otcloek A._:_f,'o 2i1(4, ,:ne 1 --r Adopted by the Board of Commissioners of Salt Lake City, Utah, I .0 1915 , 1915. iIayor. • Vity Recorder.