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Home My WebLink About25 of 1927 - A resolution authorizing the issuance of $1,000,000.00 in Tax Anticipation Notes for the year 1928. ,, fl r REMARKS: { f3y Commissioner _ ehr 1 9 1 tu'khorizin the issuance of ;'1,000,000.00 in iax Anticippa_I is Gaon notes for the year 1928. s AND r ASSEia s• C r 1 ' 1 xa ,-, _ 4,- ..,,,s1!4 f1 G {t. i Burton Fehr + I move that the resolution be adopted. 1 Finch ,� . 1. 2. _..� Moran Mr.Chairman - - - Result RESOLUTION The Board of Commissioners of Salt Lake City, State of Utah, met in regular session on Tuesday , the 20th day of Decem- ber, 1. D. 1927. On roll call, the following members were present: C. Clarence Neslen, 1ayor and Commissioner of Cater ;supply _=.nd yatereorks, Chairman. O. N. Fehr, Commissioner of Public Affair's and Dinance, 7. L. Pinch, Commissioner of Parks and Public Property, T. T. Burton, 0ommissioner of Public Safety, P. J. Koran, Commissioner of Street and Public Improvements, thel "acDonald, City Necorder ✓a.s also present. Commissioner C. 2 . Fehr introduced the following resolu- tion and moved its adoption: RESOLUTION. NlEN As, there is immediate and pressing need for raising funds to the amount of One L'illion ( 1,000,000:00)Dollars for the purpose of meeting the current expenses of the City far. the year 1928, until the payment of taxes for the year 1920; and WI EAS, the tax revenues of Salt Lake City, Utah, for the year 1927 aggregated Two Killion Sixty Thousand, Seven Hundred Twelve and 58/100 ($2,060,712.50) Dollars, and the total revenue from all sources was Three Zillion, Seventy-four Thousand, Eight Hundred Sixty-eight and 94/100 ( 3,074,868.94) Dollars, and that the estimated revenues from taxation and other sources for the year Il 928 will be at least as great as that for the year 1927, although !at this time the assessment for the year 1928 has not yet been made; and WHEREAS, the sum of One Million ($1,000,000) Dollars re- quired now to be raised is not in excess of said revenue as esti-d mated for the year 1928. NOW, THEREFORE, BE IT RESOLVED: That Salt lake City, lb Utah, for the purpose of meeting the current expenses of said City ' for the year 1928 until the payment of taxes for the year 1928, j shall borrow the sum of One Million ($1,000,000) Dollars, bearing (] interest at the rate of Three and one-quarters (3i%) per cent. per annum, and for each purpose, as evidence of such indebtedness the City of Salt Lake shall issue its negotiable bonds in the e.g-j Igregate amount of One Million (.;1,000,000) Dollars, consisting off forty-six (46) bonds, numbered consecutively from One (1) to II 1Forty-six (46) inclusive. Said bonds shall be designated "Salt (Lake City Bonds, Series of ::'ecember SL, 1927," and shall Be dated; December 31, 1927. Said bonds shall be due anc payable on the 314t day of December, 1928, and shall be evidenced by bonds Numbered one (1) to six (6) inclusive, in the denomination of $50,000.00 each. Numbered seven (7) to twenty-six (26) inclusive, in the denomination of $25,000.00 each. Numbered twenty-seven (27) to forty-six (46) inclusive, in the denomination of $10,000.00 each. [ Laid bonds shall be payable in lawful money of the United States land shall bear interest from and after the thirty-first day of December, A. D. 1927, at the rate of three and one-quarters (3710I per cent per annum, both principal and interest payable at maturi- VI ty, at the First National Bank, New York City, N. Y. Said bonds Iishall be signed by the Mayor and attested by the City Recorder lunder the seal of the City and shall be registered in a book kept Irby the City Auditor for that purpose, and the City Auditor shall endorse upon each of said bonds the certificate required by law. Said bonds shall be in substantially the following form, to-wit: 1 0 IP 4 I 1 UNITED STATES OF AMERICA STATE OF UTAH COU?TY OF SALT LAKE No. -- a SALT LAKE CITY BOND li Series of December 31, 1927. 11 it KNOW ALL 11,EN BY TEESE PRESENTS, That SALT LAKE CITY in Ithe County of Salt Lake and State of Utah, hereby acknowledges it- self to be indebted and, for value received, hereby promises to �lpay to the bearer hereof, the sum of 11THOUSAND ]COLLARS, in lawful money of the United States, on the thirty-first day of December, 1928, A. D., at the First National Bank, New York City, N. Y., U. S. A. with interest thereon at the Irate of three and one quarter:: (3e0) per centum per annum from )date until paid, payable at maturity. i 'l This bond is one of a series of forty-six (46) bonds of Alike tenor and effect, numbered from one (1) to forty-six (46) il inclusive, in the denomination of $50,000.00 each for bonds num- , Oared one to six inclusive; in the denomination of ;25,000.00 eact� for bonds numbered seven to twenty-six inclusive; and in the de- nomination of 010,000.00 each for bonds numbered twenty-seven to Forty-six inclusive, and known as "Salt Lake City Bonds, Series of December 3]„ 1927" for the aggregate sum of One l_illion 1 (t1,000,000) Dollars, issued pursuant to Section 570X6, Compiled 'Laws of.Uteh, 1917, and all acts amendatory thereof and supple- mental thereto. 11 The City of Salt Lake shall levy in the year 1928, 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 1928.' It is hereby certified, recited and declared that the en- rtire 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 1928, and that said indebtedness was and is contracted for the (purpose for which said taxes are levied. I I It is hereby certified, recited and declared that all conditions, acts and things essential to the validity of this bon exist, have happened and have been done, and that every require- ment 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 ' land credit of Salt Lake City are hereby irrevocably pledged tb the punctual payment of the principal and interest of this bond accord- ing to its terms. IN WITNESS WHEREOF, Salt Lake City has caused this bond { jto be signed by its Mayor, its corporate sew to be hereunto af- I Mixed, and attested by the City Recorder, as of the thirty-first day of December, '. D. 1927. Attest; i,:ayor. i I City Recorder. ((SEAL) li There shall be endorsed on each of said bonds the £ollol- il ling certificate: I CITY AUDITOR'S CERTIFICATE "I hereby certify that this bond is within the lawful debt limit of- Salt Lake City, II Utah, and is issued according to law." I1 ICity auditor. a BE IT r2JRTSEER RESOLVED that all the covenants, statements, representations and agreements contained in said bonds be and the same are hereby adopted as covenants, statements, representations, J agreements and promises' of Salt Lake City, Utah, and II 1! BE IT FURTHER RESOLVED that the Mayor of Salt Lake City is hereby authorized and directed to sign and execute said bonds 'and the City Recorder is hereby authorized and directed to attest and affix the seal of Salt Lake City to each of said bonds, and thle IlCity Auditor is hereby authorized and directed to place upon said bonds the certificate in the manner and form set forth above. BE IT FURTF+RR RESOLVED that said bonds when issued shall) Ibe delivered to the purchasers thereof, to-wit; R. B. Palmer Com- dpany, Salt Lake City, Utah; First National :Bank, New York City, 'N. Y.; The International Trust company, Banter, .Chiorado; Barr Brothers N Company, New York City,�. N. Y.; and Anglo-London�Paris Il !Company, San 'Francisco, California; upon receipt of the purchase rice therefor. I BE IT FURT+ RESOLVED that the Board of Commissioners I hall levy in the year 1928, a sufficient tax to pay the principal and interest of said bonds as the same shall fall due. I AND BE IT FURTHER RESOLVED that an emergency is hereby declared and in the opinion of the Board of Commissioners because rthe necessity for funds with which to meet the current expenses I ksaid city it is necessary to the peace, health and safety of th hhabitants of Salt Lake City that this resolution take effect at :Once. - ! i This resolution -shall e effect upon adoptio Attest; i / 1 City • corder. r -0— The adoption of the foregoing resolution was seconded by Commissioner '�iL7�1f[VYIR7t� and the same put to a vote jiwas unanimously carried by the affirmative vote of all Commission-j hers esent, the vote being as follows: C. CLARENCE NESLEN, Mayor, "AYE" C. N. _EHR, Commissioner; "AYE" i T. T. BURTON, Commissioner, "AYE" H. L. FINCH, Commissioner, "dYE" P. J. MORAN, Commissioner, "AYE" dtteat: z ecorde . it II I it jl I 4 j I' ! STATE OF UTAH ( SS. ' COUNTY OF SALT LATE ) ' I I, EThEl, f;ACDONALD, the duly chosen, qualified and 'acting City Recorder of Salt Lake City, Utah, do hereby certify that the foregoing is a full, true and correct copy of the pro- Iceedings of a regular meeting of the Board of Commissioners of Salt Lake City, Utak, held on the day of December, 1927, at the hour of o'clock M., insofar as the same refer to or concern the issue of $1,000,000 Tax Anticipation Bonds of Salt Lake City, Series of December 31, it 1927. • IN WITNESS WLa"r,HEOF, I have hereunto set my hand and the pseal of said. Salt Lake City, Utah, this day of December, A. D. 1927. II City Recorder. I I � (SEAL) ry t I