25 of 1930 - A resolution authorizing the sale of $1,000,000.00 Tax Anticipation Notes to meet current expenses o REMARKS: Resolution No..__.. 25
By Commissioner CHAS. N. FcfR
Authorizing the sale of
$1,000,000.00 Tax lnticipation
Notes to meet current expenses
of Salt Lake City for the ye2r
1931.
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--- ROLL CALL — — — -
• VOfNG AYE N Y Salt Lake City,Utah, DEc' 2) 19 °
Burton
Fehr I move that resolution No 4,9 by Mr
Finch be adopted.
LAKE
Mr,.Chairman - - -
Result -
!. , 111IP
The Board. of City Commissioners of Salt Lake City, Utah met in
s pecial session on the 20th day of December 1930, at the
hour of 10:30 A. M. at the regular meeting place of said.Board in the
City and County Building, Salt Lake City, Utah.
Mayor Bowmen in the chair.
�On 11 Call the following members were present:
-s^'/ Y/~? Commissioner of public Safety
J LAKE Commissioner of Streets and Public Improvement.
• // Commissioner of Public Affairs and Binance
HARRY L. FINCH (ABSENT) Commissioner of Parks and Public Safety
JOHIi BO;'&AN Commissioner of pester Supply and W terworks
Chairman
Also present ET HET. ILA ODOI'AT,T) 'City Recorder
Convnissioner CHAS. H. PEER introduced the following
resolution and moved. its adoption:-
RESOLUTION
yunrAR, there is immediate and pressing need for raising funds
to the amount of One Million Dollars ($1,000,000.00) for the purpose of
meeting the current expenses of the city for the year 1931 until the payment
of taxes for the year 1931, and
WHEREAS, the tax revenues of Salt Lake City, Utah for the year
,1930 aggregated One Million, Five Hundred Six Thousand, Two Hundred
ixty-seven & 724001,506,267.72 ) Dollars and the total revenue
Two
from all assessed sources was Two Million,Four Hundred ThirtiThousand
"Seven & 481100
One Hundred NNinety- ($ 2,432,197.48 ) Dollars and that the esti-
1 mated revenues from taxation and other sources for the year 1931 will be at ,
least as great as that for the year 1930, although at this time the assessment
for the year 1931 has not yet been made: and
• WHEREAS, the sum of One Million Dollars ($1,000,000.00) required
now to be raised is not in excess of said revenue as estimated for the year
1931.
1.
a,
NOW, THEREFORE, BE IT RESOLVED, that Salt Lake City, Utah for the
purpose of meeting current expenses of said city for the year 1931 until the
payment of taxes for the year 1931, shall borrow the sum of One Million
Dollars ($1,000,000.00) and for that purpose as evidence of such indebtedness
shall issue two (2) notes thereof, notes numbered one (1) and two (2) being
in the denomination of five hundred thousand dollars each ($500,000.00).
Said notes shall bear date of January 2, 1931. Shall bear interest at the
rate of three per cent (3%) per annum from date until paid. Interest payable
annually at maturity on the 31st day of December, 1931 in accordance with
interest coupon thereto attached and both principal and interest shall be
payable at the New York Trust Company, in New York City, New York. Said notes
shall be designated "Salt Lake City Tax Anticipation Notes, Series of January
2, 1931", said notes shall be due and payable on the 31st day of December,
A. D. 1931 in lawful money of the United States and shall bear interest from
and after the 2nd day of January, A. D. 1931. Said notes shall be signed
by the :ayor 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 the City Auditor shall endorse on each of said notes, the certificate
required by law. Said notes shall be in substantially the following form,
to—wit:
2.
UNITED STATES or AMEERICA
STATE OF UTk'i
COUNTY OF SALT LASE
SALT LASE CITY TAX ANTICIPATION NOTES
Series of January 2, 1931
No. $
KNOW ALL 3:EN BY THESE PRESINTS, 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 Dollars
in lawful money of the United States on the 31st day of December, A. D. 1931
at the New York Trust Company, in New York City,New York, U. S. A. with
interest thereon at the rate of three per cent (3%) per annum from date until
paid, payable at maturity in like money on the 31st day of December in the
year 1931, said interest being represented by interest coupon hereto attached.
This note is one of a series of two (2) notes of like tenor and
effect, numbered one (1) and two (2) ieelme4ee, neeleemmemberei.emem40.9aftd
;.in the denomination of five hundred thousand dollara ($500,000.00)
each, and known as "Salt Lake City Tax Anticipation Notes, Series of January
2, 1931" for the aggregate sum of One Million Dollars ($1,000,000.00) issued
pursuant to section 570x6 Compiled Laws of Utah, 1911, and all acts amendatory
thereof and supplemental thereto.
The City of Salt Late shall levy in the year 1931, a sufficient tax
to pay the principal and interest on this note as the same shall fall due, and
this note is issued in anticipation of such taxes for the year 1931.
It is hereby certified, recited and declared that the entire indebted—
ness of said City hereby incurred is not in excess of the taxes of said City
levied or to be levied for the current year 1931, 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 note 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 note is within every
debt and other limit prescribed by the Constitution and Laws of said State,
and that the Rill faith and credit of said Salt Lake City are hereby irrevocably
pledged to the punctual payment of the principal and interest of this note
according to its terms.
IN WITNESS TJREOF, Salt Lake City has caused this note to be signed'
by its Mayor, its corporate seal to be hereunto affixed, and attested by the ,
City Recorder and the coupon attached hereto to be authenticated by the
facsimile signature of the City Treasurer as of this 2nd day f January,
A. D. 1931.
ATTEST* mayor
City Recorder -,
(SEAL)
3.
To each of said notes shall be attached a coupon for the installment
of interest, which said coupon shall be numbered one (1) with the date of
',payment and number of note, which said coupon shall be in substantially the
following form, to—wit:
(Form of Coupon)
No. 1. $
On the thirty—first day of December, A. D. 1931, Salt Lake City,
Utah will pay to the bearer hereof at_the Sew_York Trust Company in Newyork
City, New York, U. S. A.' the sum of
, Dollars in lawful money of the United States of America, being-Law-des in— ,
` terest then due on its coupon note dated January 2, 1931.
Note No.
City Treasurer.
There shall be endorsed on each of said notes the following City Auditor's
Certificate:
"I hereby certify that this note is within
the lawful debt limit of Salt Lake City,
Utah and is issued according to law.
City Auditor."
(SELL)
BE IT FURTHER RESOLVED that all the covenants, statements, represent—
ations and agreements contained in said notes be and the same are hereby
a• dopted as covenants, statements representations, agreements and promises of
S• alt Lake City, Utah, and
BE IT FURTHER RESOLVED that the_-fayor of Salt Lake City is hereby
authorized and directed to sign.ani execute said notes and the City Recorder
is hereby authorized and directed to attest and affix the seal of Salt Lake
City to each of said notes, and the City Auditor is hereby authorized and
directed to place upon said notes the certificate in the manner and form set
forth above and the coupon of said notes shall bear the original or facsimile
signature of the City Treasurer and the acts of said ;;Syor, City Recorder,
Treasurer, and Auditor in so doing are and shall be the act and deed of
S• alt Lake City.
4.
BE IT FURTHER RESOLVED and ordered that the City Treasurer is
hereby authorized to deliver said notes to the purchasers thereof, as and
when said notes may be and are legally issued and delivered, to-wits
R. A. Pressprich& Com:pany, New York City, Edward L. Burton&
Company, Salt Lake City, Central Trust Company, Salt bake City, First Secur-
ity Corporation of Ogden, pursuant to the terms of their bid which was
accepted by the Board of City Commissioners on the 18th day of December
' !. D+ 1930 upon receipt of:the purchase price therefor. Copy of said bid
is hereto attached.
BE IT FURTHER RESOLVED that the Board of City Commissioners shall
levy in the year 1931 a sufficient tax to pay principal and interest on said
notes as the same shall fall due and for the payment of said notes 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 notes to levy in the year 1931 sufficient taxes to
provide for the payment of the principal and interest of said notes.
=D BE IT FURTHER RESOLVED that an emergency is hereby declared
and in the opinion of the Board of Commissioners because of the necessity
for funds with which to meet the current expenses of said city it is neces-
sary to the peace, health and safety of the inhabitants of Salt Lake City
that this resolution take effect at once.
This resolution shall take eff c upon ad o .
1 i
City Record '0'° ..._
ed
(SEAL)
The adoption of the foregoing resolution was seconded by Commissioner
T.
T. 3URTON and the same on being put to a vote was unanimously carried
,i
by the affirmative vote of all Commissioners present, the vote being as follows:
JOHN F. BOWMAN" Mayor ■tea"
CHAS. N. FE hT Commissioner "Aye"
T. T. BURTOF Commissioner "Aye"
JOS. H. LAKE Commissioner "Aye"
HARRY INCH (A 'IF Commissioner SPOCX
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tayor
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17 4 Recorder,,,,4,,,,,,„p4, _.
(SEAL) 5.
CITY RECORDERIS CERTIFICATE
J
STATE OF UTAR ) y
SS
COUNTY OF SALT LAWF )
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 proceedings of a regular meeting of
the Board of Commissioners of Salt Lake City, Utah, held on
the day of 1930 at the hoar of
o'clock, LI., insofar as the same refeia to or concerns
the issue of $1,000,000 Tax Anticipation Notes of Salt Lake City, Series of
'January 2, 1931.
IN WITNESS WRER901, I have hereunto set my hand and the seal of
said Salt Lake City, Utah, this day of A. D.
1930.
City Recorder
(SUL)
6.
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