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29 of 1932 - A resolution authorizing the issuance of Tax Anticipation Bonds in the sum of $10,000.00, Series of REMARKS: ^ {/ Resolution No... ....... — - : ! By Commissioner woe 4, Authorizingthe issuance of\\ }gx Anticipation Bondsinthe /4 ) sum of $10,000.00 , Series of 1 # }May 3d, 1932, beAring-interest > the rate6 �ramum. } \ I # Presented to the Beard4 CmiWooers AND P SSao ( } «< MAY 24/22 ( » ( � } ƒ } \ _VR__ } ( • • } . ' ROLL CALL YE3'1 Salt Lake City,Utah, 193 VOTING AYE NAY Finch 9c) 1 I move that shsolution!No by I L + Keyser / be adopted. Knight Lake 227A,V Mr.Chairman - Result The Board of Commissioners of Salt bake City, Utah, met i4 regular session on the 24th day of May, 1932, at the hour of ten otclock A. M., at the regular meeting place of said Board in the City and County Building, Salt Lake City, Utah, Mayor Marcus in the, ichair. On the roll call the following members were present: JOHN M. KNIGHT Commissioner of Public Safety. HARRY L. FINCH ,Commissioner of Parks & Public Property. JOB. H. LADE ,Commissioner of Streets & Public Improve- ments. jl GEO. D.KEYS ER ,Commissioner of Water Supply & Waterworks, LOU MARCUS, ,Commissioner of Public Affairs & Finance, Chairman. Also present ETHEL MACDONALD, City Recorder. Commissioner Marcus introduced the following resnlu- tion and moved its adoption: RESOLg1101. WHEREAS, there is immediate and pressing need for raising) ( funds to the amount of Ten Thousand Dollars ($10,000.00) 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 WHEREAS, the tax revenues of Salt Lake City, Utah, for the year 1932 will aggregate Two Million Thirty-two Thousand Seven Hun- dred Sixty-six and 69/100 ($2,032,766.69) Dollars and the total revenue from all assessed sources will aggregate Three Million, One Hundred Ninety-one Thousand, Eight Hundred One and 04/100 ($3,191,801.04) Dollars; and WHEREAS, the sum of Ten Thousand Dollars ($10,000.00) re- If quired now to be raised is not in excess of said revenue as esti- mated for the year 1932. NOW, THEREFORE, BE IT RESOLVED by the Board of Commission- ers of Salt Lake City, Utah, that Salt Lake Ctty, Utah, for the pur- pose of meeting current expenses of said City for the year 1932 un- til the payment of taxes for the year 1932, shall borrow the sum of Ten Thousand Dollars ($10,000.00) and for that purpose as evidence of such indebtedness shall issue and sell ten (10) bonds numbered -2- !! !forty-one (41) to fifty (50), both inclusive, being in the denomina+ 1 Ition of One Thousand Dollars ($1,000.00) each. Said bonds shall bear date of May 3, 1932, shall bear interest at the rate of six per cent I (6%) per annum, payable semi-annually on the 3rd day of November, 0.932, and the 3rd day of May, 1933, both principal and interest pap- Lble 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 ahall be due and payable on the 3rd day of May, A. D. ! 1933, in lawful money of the United States and shall bear interest hhfrom the 3rd day of May, A. D. 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 itbook kept by the City Auditor for that purpose, and the City Auditor i shall endorse on each of said bonds, the certificate required by 1aw. Said bonds and each of them shall be (except as to numbers) im 'substantially the following form, to-wit: STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY TAX ANTICIPATION BONDS Series of May 3, 1932. 1 1No. 4 1 $i.000.00 KNOW ALL MEN BY THESE PRESENTS, that Salt Lake City in the ;;County of Salt Lake, in the State of Utah, hereby acknowledges itself Ito be indebted and, for value received, hereby promises to pay to the dbear: er hereof, the sum of One Thousand ($1,000.00) Dollars in lawful money of the United States on the 3rd day of May, A.D. 1935, at the; office of the City Treasurer of Salt Lake'City, City and County Build- jjing, Salt Lake City Utah, U. S. A., with interest thereon at the rate Hof six per cent (6%) per annum from date until paid, in like money ;payable semi-annually on the 3rd day of Novembel, 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 ten (10) bonds &f like l!tenor and effect, numbered forty-one (41) to fifty (50), both inclu= sive, being in the denomination of One Thousand Dollars ($1,000.00) each, and known as "Salt Lake City Tax Anticipation Bonds, Series ilof May 3, 1932," for the aggregate sum of Ten Thousand Dollars '($10,000.00), issued pursuant to Section 570X6, Compiled Laws of 'Utah, 1917, and all acts amendatory thereof and supplemental thereto. The City of Salt Lake shall levy in the year 1932, a suff - cient tax to pay the principal and interest on this bond as the sam 1 -3- shall fall due, and this bond is issued in anticipation of such tax s for the year 1932. It is hereby certified, recited and declared that the en- 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 1 1932, and that said indebtedness was and is contracted for the pur-j pose for which said taxes are levied. is hereby certified, recited and declared that all con- ditions, acts and things essential to the validity of this bond exit, have happened and have been done, and that every requirement of laws affecting the issue thereof has been duly complied with, and that 1 this bond is within every debt and other limit prescribed by the Constitution and Laws of said State, and that the full faith and credit of said Salt Lake City are hereby irrevocably pledged to the punctual payment of the principal and interest of this bond accord- ling to its terms. IN WITNESS WHEREOF, Salt Lake City has caused this bond to be signed by its Mayor, its corporat eal to be hereunto af- fixed, and attested by the City Reco er s of this day of , A. D. 1932. Mayor. Attest: City Recorder. To each of said bonds shall be attached a coupon for each (installment of interest contemplated by said bond, which said coupons shall be consecutively numbered, beginning with No. 41, with the (several dates of payment and number of bond and shall bear the fac- Isimile signature of said City Treasurer, and said coupons and each of them shall be substantially in the following form, to-wit: (FORM OF COUPON.) No. 41 $30.00, On the 3rd day of November, 1932, and the 3rd day of May, 1933, Salt Lake City, Utah, will pay to the bearer hereof, at the office of City Treasurer of Salt Lake City, City and County Build- ing, Salt Lake City, Utah, the sum of Thirty and 00/100 ($30.00) Dollars in Gold coin of the United States of America of the present (standard of weight and fineness, being six months' interest then due on its Tax Anticipation Bonds, Series of May 3, 1932. (Fac-simile signature) City Treasurer. Bond No. There shall also be endorsed on each of said bonds the I � following City Auditor's certificate: "I hereby certify that this bond is within the lawful debt limit of Salt Lake City, Utah, and is issued according to law. City Auditor.". -4- All the covenants, statements, representations and agree- ments contained in said bonds are hereby adopted as covenants, state- ments, representations, agreements and promises of Salt Lake City, Utah. The Mayor of Salt Lake City is hereby authorized and di- rected to sign and execute said bonds and the City Recorder is heref. by authorized and directed to attest and affix the seal of Salt Lake City to each of said bonds and the City Auditor is authorized and directed to place upon said bonds the certificate in the manner andl form set forth above, and said coupons shall bear the fac-simile signature of the City Treasurer, and the acts of said Mayor, City Recorder, Treasurer and Auditor in so doing are and shall be the acit and deed of Salt Lake City. That the City Treasurer is hereby authorized to deliver said bonds to the purchasers thereof, as and when said bonds may bej !jand are legally issued and delivered pursuant to authorization of the Board of Commissioners at a regular meeting held May 24, 1932. That the Board of City Commissioners shall levy in the year 1932 a sufficient tax to pay--principal and interest on said (bonds as the same shall fall due and for the payment of said bonds the full faith, credit and taxing power of Salt Lake City are hereb, ; irrevocably pledged and the Board of City Commissioners hereby cover- i,Inants and agrees with the holders of said bonds to levy in the year 1932 sufficient taxes to provide for the payments of the principal and interest of said bonds. That an emergency is hereby declared and in the opinion of 1 the Board of Commissioners because of the necessity for funds with which to to meet the current expenses of said city it is necessary to the peace, health and safety of the i bitants of Salt Lake City ! that this resolution take effec a nce. This resolution shall to ect-upo adoption. Attests Mayor. : ---11):57/110A0114121) City Recorder The adoption of the foregoing resolution was seconded by Commissioner :_ -� ___ and the same on being put to a vote was unanimously carried by the affirmative vote of all Com- missioners present, the vote being as follows: Mayor nAYEn - _---___— Commis::loner nAYr,n t•-=-_ �_-----,— Commissioner "AY1n `p -a7 Commissioner nAYEn Commissioner nAYEn Mayor. Attest: r r .� � City Recorder.