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HomeMy WebLinkAbout24 of 1932 - A resolution authorizing issuance of $25,000.00 Tax Anticipation Bonds to be dated May 3, 1932, Nos. F 9' REMARKS: 1 4 E ih Resolution No. ,4 By Commissioner Marcus Authorizing issuance of 'h ; 4j. 425,000.00 Tax. Anticipation - - S Bonds to be dated May 3, 1932i Nos 1._to....10. *1,000 each And v f { ' 11 to 40 000.00 each, .I . 55 Prosoot d to the Board of Comm AND PASSED MAY 31932 .. CI Tt('v'i.L'OFi�3FW - 1 ( ROLL CALL Salt Lake City,Utah, may. 3$ 1932 VOTING AYE NAY Finch I move that resolution 11.1'o. 2.4 _by Mr Mar.CLIS Keyser he adopted. Knight Lake c Mr.Chairman - - - V Result The Board of Commissioners of Salt Lake City, Utah, met in regular session on the 3rd day of May, 1932, at the hour of ten o3;clock A. M., at the regular meeting place of said Board in the City and County Building, Salt Lake City, Utah, Mayor Marcus in the chair. On roll call the followingmembers were present: JOHN I. KNIGHT , Commissioner of Public Safety. !I HARRY J, FINCH ,Commis:=ioner of Parks & Public Property. JOSEPH H. LAM ,Commissioner of Streets & Public Improve- ments. GEORGE D. KEYSER ,Commissioner of grater Supply & Waterworks. LOUIS MARCUS ,Commissioner of Public Affairs & Finance, Chairman. Also present ETHEL IdACDONALD, City Recorder. Coruaissioner MARCUS introduced the following re- ;solution and moved its adoption: 1 P L S O L U I I 0 a. VIliRIJIS, there is immediate and pressing need for raising 'funds to the amount of Twenty-five Thousand Dollars (w25,000.00) for the purpose of meeting the current expenses of the City for the year 1932 until the payment of taxes for the year 1932; and VHLR :AS, the tax revenues of Salt Lake City, Utah, for the year 1932 will aggregate Two Million Thirty-two Thousand Seven !!Hundred Sixty-six and 69/100 (02,032,766.69) Dollars and the total revenue from all assessed sources will aggregate Three Million, One 'IHundred Ninety-one Thousand, Light Hundred One and 04/100 ($3,191,801.04) Dollars; and ji SHLRCAS, the sum of Twenty-five Thousand Dollars h('25,000.00) required now to be raised is not in excess of said revenue as estimated for the year 1932. II NOW TERLFORE, BE IT RESOLVED b; the Board of Commission- ers of Salt Lake City, Utah, that Salt Lake City, Utah, for the pur- pose of meeting current expenses of said City for the year 1932 un Itil the payment of taes for the year 1932, shall borrow the sum of Twenty-five Thousand Dollars (025,000.00) and for that purpose as Ilevidencc of such ind(,btedncss shall issue and sell forty (40) bonds anumbered one (1) to forty (40), both inclusive; bonds numbered one 1 (1) to ten (10), both inclusive, being in the denomination of One Thousand Dollars ($i,000.o€.) each, bonds numbered eleven (i...=.') to forty (40), both cinclusive, being in the denomination of Five !!Hundred Dollars ($500.00) each. Said bonds shall bear date of May 3, 1932, shall bear interest at the rate of six per cent (6%) per annum, payable semi-annually on the 3rd day of November, 1932, and the 3rd day off May, 1933, both principal and interest payable at the office of City Treasurer of Salt Lake City, City and County !Building, Salt Lake City, Utah. Said bonds shall be designated "Salt Lake City Tax Anticipation Bonds, Series of May 3, 1932." (Said bonds shall be due and payable on the 3rd day_of May, A. D. 1933, in lawful money of the United. States and shall bear interest from the,,-3rd day of May, 1 . P. 1932. Said bonds shall be signed by , the Mayor and attested by the City Recorder under the seal of the city and said coupons shall bear the fac-simile signature of the City Treasurer. Said bonds and coupons shall be registered in a book kept by the City Auditor for that purpose, and the City Audito shall endorse on each of said bonds, the certificate required by law. Said bonds and each of them shall be (except as to numbers a.nd amounts) in substantially the following form, to-wit: STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY TAX ANTICIPATION BONDS 1 Series of May 3, 1932. ' No. 1 $1,000.00 is KNOVJ ALL ITEM BY:TELSL PRESENTS, that Salt Lake City in Ithe 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 One Thousand ( i1,OOO.00) I D,ilars in lawful money of the United States on the 3rd day of May, IA. D. 1933, at the office of the City Treasurer of Salt Lake City, ' City and County Building, Salt Lake City, Utah U. S. A., with in- Iterest thereon at the rate of six per cent (6%j per annum from date !'until paid, in like money payable semi-annually on the 3rd day of November, 1932, and the 3rd day of May, 1933, said interest to ,maturity being represented by interest coupons hereto attached. This bond is one of a series of forty4( 0) bonds of like • !;tenor and .effect, numbered one (1 to forty (40), both inclusive; bonds numbered one (1) to ten (10), both inclusive, being in the denomination of One Thousand Dollars ($1,000.00) each, and bonds -3- I j ! rumbered eleven (11) to forty (40), both inclusive, in the denominaA- tion of Five Hundred Dollars 4500.00) each, and known as tbtalt L,k City Tax Anticipation Bonds, Series of May'3, 1932,11 fur the aggre-; gate sum of Twenty-five Thousand Dollars ($25,000.00), issued pur- I suant to Section 570X6, Compiled Laws of Utah, 1917, and all acts I amendatory thereof and supplemental thereto. The City of Salt Lake shall levy in the year 1932 a suf- ficient tax to pay the principal and interest on this bond as the 4same shall fall due, and this bond is issued in anticipation of such (taxes for the year 1932. (I It is hereby certified, recited and declared that the en-I tire 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 11932, and that said indebtedness was and is contracted for the pur- pose for which said taxes are levied. 1 I 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 lof law affecting the issue thereof has been duly complied with, i and that this bond is within every debt and other limit prescribed j by'.the Constitution and Laws of said State, and that the full faith! !and credit of said Salt Lake City are hereby .irrevocably pledged 1 ko the punctual payment of the principal and interest of this bond according to its terms. II IN W'ITNLSS WHERLOF, Salt Lake City has caused this bond Ito be signed by its Mayor, -its corporate seal to be hereunto af- fixed, and attested by the City Recor r s of this day of 1 , I . D. 1932. , l j1Attest: • Mayor. i City Recorder. To each of said bonds shall be attached a coupon for each, installment of interest contemplated by said bond, which said cou- pons shall be consecutively numbered, beginning with No. l,with thel i several dates of payment end number of bond and shall bear the fec-1 simile signature. of said City Treasurer, and said coupons and each j �iof them shall be substantially in the following form, to-wit: 1 (FORM OF COUPON.) • IINo. 1 a30.00 iI On the 3rd day of November, 193e, and the 3rd day of ...y, 1933, Salt Lake City,Utah, will pay to the bearer hereof, at the office of City Treasurer of Salt Lake City, Cityand County Build- I li flng, Salt Lake City, Utah, the sum of Thiy and 00/100 ($30.0 ) Bollars in Gold Coin of the United States of America of the present standard of weight and. fineness, being six months' intcr.st then , ildue. on its Tax Lnticipation Bonds, Series of May 3, 1932. 11 (Fee-simile signature) City Treasurer. pond No. There shall also be endorsed on each of said bonds the I -4- 1 fi ( following City Luditorfs certificate: li "I hereby certify that this bond is within the lawful debt limit of Salt Lake City, Utah, and is issued according to law. 1 II City Luditor.'t 1,11 the covenants, statements, representations and agree Ilments contained in said bonds are hereby adopted as covenants, state- lments, representations, agreements and romises of Salt Lake City, The Mayor of Salt Lake Cit, is hereby authorized and di- rected r I to sign and execute said bonds and the City Recorder is here Ij I!by authorized and directed to attest and affix the seal of Salt Lake kity to each of said bonds and the City E.uditor is authorized and II I pirected to place upon said bonds the certificate in the -,tanner andj u I prm set forth above, and said coupons shell beer the fac-simile sitnatirc of the City Treasurer, and the acts of said Uaayor, City ecorder, Treasurer and ._editor in so doing are and shall be the ac 'End deed of Salt Lake City. li That the City Treasurer is hereby authorized do deliver laid bonds to the purchasers thereof, as and when said bonds may be ind are legally issued and d.elivercf pursuant to authorization of the Board of Co-EuSscioners at a regular tceting held May'3, 1932. That the Soa d. of City Comnissioners shall levy in the year 1932 a sufficient tea_ to pay princi_oal and interest on said bonds 4s the same shall fall due and for the payment of said bonds the full with, credit and taxing power of Salt Lake City are hereby irr•evoca+ illy pledged and the Board. of City Commissioners hereby covenants and 4grces with the holders of said bonds to levy in the year 1932 suffi4 I� client taxes to provide for the payments of the princicel end interest df said. bonds. I I • That an emergency is hereby declared and in the opinion of tore Board of Commissioners because of the necessityfoe' funds with v tich to ret th ra, c.._xnsce of raid city it is recces;ary to thle ec health and safetyof the inhe.hi + e�� , tahts of �a_l, Take City that i tpis resolution to e cffect -5— This resolution shall take e "it upon adoption. 41-rttcst: City I-I,ecor cr. The adoption of the foregoing resolution was second.c.d 11, Covnmissioner juNcE and thc same on being out to a vote v:as unanimously crJt,„d by the affiruativ,,_ votc of all Cummis—I , slon, rs r votL. bii a. folTovJ2: 2.1ayor HARRY_L,_/.1111011 Ca:LisLioncr GEORGE D KEYSER SOHN M. WEIGHT__ _ SOSEPH H. LAKE Coz:_qp,sionr u.YL" T5a.yor. ttr sti City Recordc,r.