HomeMy WebLinkAbout3 of 1926 - A resolution authorizing the issuance of $1,000,000.00 in Tax Anticipation Notes for 1926. t.
}
3
(WAt;,(1.*1.444.(47, 51''':.ji' ' '
k as � � _'
Ll ¢5�$1,-•-,.•.,-.,..:, ''',A;t..;.7,,-,zi4
; `---
Qy z
h'J O p' �i.,y
b O m 1r l y
18
il.
M H fo to * �.
p
g
.. - Y A:l
Burton- - - -
Finch - - - - - I move that resolution No* a by Mr
be adopted.
Green
Moran
Mr.Chairman - • -
Result
STATE OF UTAH
SS.
COUNTY OF SALT LAKE )
I, W. A. LEATHAM, the duly chosen, qualified and acting
City Recorder of Salt Lake City, Utah, do hereby certifjr 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 Wednesday the 26th day of May, 1926, at the
hour of 10:00 o'clock A M., insofar as the same refer
to or concern the issue of 41,000,000.00 Tax Anticipation Bonds
of Salt Lake City, Series of June 1, 1226.
IN WITNESS WHEREOF, I have hereunto set my hand and the
seal of said Salt Lake City, Utah, this 26th day of day, A. D.
1926.
City R corder.
(SEAL)
-6-
m
May Twenty-sixth , 1926.
The Board of Commissioners of Salt Lake City, Utah, met
in regular session.
Mayor C. Clarence Neslen in the chair.
On Roll call the following members were present:
T. T. Burton, Commissioner of Public Safety;
P. J. Moran, Commissioner of Streets and Public Improve-
ments;
H. H. Green, Commissioner of Public Affairs and Finance;
H. L. Finch, Commissioner of Parks and Public Property,
,and C. Clarence Neslen, Mayor and Commissioner of Water Sup-
ply and Waterworks, Chairman.
Also present, 'a. A. Leathern, City Recorder.
Commissioner H. H. Green introduced the following resol-
, ution and moved its adoption:-
i
RE SOLUT I Oid.
WHEREAS, there is immediate and pressing need for raising
, f
funds to the amount of One Million Dollars (41,000,000.00) for the
purpose of meeting the current expenses of the City for the year
1926, until the payment of taxes for the year 1926; and
:7HEREAS, the tax revenues of Salt Lake City, Utah, for
the year 1925 aggregated Two Million, One Hundred Fifteen Thousand,
Four Hundred Three and 25/100 (42,115,403.25) Dollars and the to-
tal revenues from all sources was Three Million, One Hundred
Eighty-three Thousand, Eight Hundred Eighty-eight and 73/100
(43,183,888.73) Dollars, and that the estimated revenues from tax-i
ation and other sources for the year 1926 will be at least as
great as that for the year 1925, although at this time the assess-
ment for the year 1926 has not yet been made; and
WHEREAS, the sum of One Million Dollars (41,000,000.00)
required now to be raised is not in excess of said revenue as
estimated for the year 1926.
II
1
UNITED STATES OF mvP,RIOA
STATE OF UTAH
COUNTY OF SALT LAKE
No.
SALT LAKE CITY BOND,
Series of June 1, 1926.
KNOW ALL NEN BY TFESE PRESENTS, That SALT LAKE CITY in
'the County of Salt Lake and State of Utah, hereby acknowledges it-
self to be indebted and, for value received, hereby promises to pa
to the bearer hereof, the sum of
THOUSAND DOLLARS,
in lawful money of the United States, on the Thirty-first day of
December, A. D. 1926, at the First National Bank, in the City and
State of New York, U. S. A. with interest thereon at the rate of
,Three and 73/100 per oentum per annum from date until paid, pay-
able at maturity.
This bond is one of a series of eleven (11) bonds of
;like tenor and effect, numbered from One (1) to eleven (11) inclu-
sive; bonds numbered one (1) to nine (9), inclusive, in the de-
nomination of $100,000.00 each; bonds numbered ten (10) and eleven'
(11) in the denomination of 450,000.00 each, and known as "Salt
Lake City Bonds, Series of June 1, 1926" for the aggregate sum I
of One Million Dollars ( 1,000,000.00), issued pursuant to Section!
570X6, Compiled Laws of Utah, 1917, and all acts amendatory there- I
of and supplemental thereto.
The City of Salt Lake shall levy in the year 1926, a
Psufficient 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 1926.
It is hereby certified, recited and declared that the
If entire 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 1926, 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 bond;
;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 bond is within every debt and other limit prescribed'
Iby 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!
!according to its terms.
IN WITNESS WHEREOF, Salt Lake City has caused this bond
, to be signed by its Mayor, its corporate seal to be hereunto af-
fixed, and attested by the City Recorder, as of this first day of
(June, A.D. 1926. '
Ma r.
ATTEST:
II
City Recorder.
I'
(SEAL)
NOW, THEREFORE, BE IT RESOLVED: That Salt Lake City, Utah,
for the purpose of meeting the current expenses of said City for
,the year 1926 until the payment of taxes for the year 1926, shall
borrow the sum of One Million Dollars ( 1,000,000.00), bearing
!interest at the rate of Three and 73/100 per centum (3.73%) per
annum, and for such purpose, as evidence of such indebtedness, the
City of Salt Lake shall issue its negotiable amozpromsbonds in the
aggregate amount of One Million Dollars ( 1,000,000.00), consist-
ing of eleven (11) bonds, numbered consecutively from One (1) to
eleven (11), inclusive. Said Bonds shall be designated "Salt Lakei
City Bonds, Series of June 1, 1926," and shall be dated June 1st,
0_926. Said bonds shall be due and payable on the thirty-first day
of Deaember,.ti:_D. 1926, and shall be evidenced by bonds
Numbered one (1) to nine (9) inclusive, in the de-
nomination of 4100,000.00.
Bonds numbered ten (10) and eleven (11), in the de-
nomination of 450,000.00.
Said bonds shall be payable in lawful money of the United States
and shall bear interest from and after the first day of June, A.
D. 1926,. at the rate of Three and 73/100 (3.73%) per annum, both
iprincipal and interest payable at maturity, at the First National
11
!'Bank in the City and State of New York, U. S. A. Said bonds ahalll
[ be signed by the Mayor and attested by the Ctty Recorder under thel
i I
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
upon each of said bonds the certificate required by law. Said
bonds shall be in substantially the following form, to-wit:
I )
II
ail
There shall be endorsed on each of said bonds the follow-
ing certificate:
CITY AUDITOR'S CERTIFICATE
"I hereby certify that this bond is within the law-
1 ful debt limit of Salt Lake City, Utah, and is
issued according to law."
City Auditor.
BE IT FURTHER RESOLVED that all the covenants, statement ,
representations and agreements contained in said bonds be and the
same are hereby adopted as covenants, statements, representations,
agreements and promises of Salt Lake City, Utah, and
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
the City Auditor is hereby authorized and directed to place upon
said bonds the certificate in the manner and form set forth above.
BE IT FURTHER RESOLVED that said bonds when issued shall
/ be delivered to the purchasers thereof, to-wit: Bar Brothers, of
New York City, N. Y.; First National Bank, New York City, N. Y.;
International Trust Company, Denver, Colo.; and Anglo-London-Paris
Company, San Francisco, California; upon the receipt of purchase
price therefor.
BE IT FURTHEB RESOLVED that the Board of Commissioners
shall levy in the year 1925, a sufficient tax to pay the principal
jjand interest of said bonds as the same shall fall fue.
AND 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 necessary to the peace, health and safety of thil
inhabitants of Salt Lake City that this resolution take effect
at once.
This resolution shall t e eat upon adoption.
//tiLG/
Atte Mayor.
C..tR 4,,-1 ,, _d_
b �
•
The adoption of the foregoing resolution was seconded by
Commissioner Harry L. Finch and the same put to a vote
jlwas unanimously carried by the affirmative vote of all Commission-
I
,ers present, the vote being as follows:
C. Clarence IJeslon, Mayor, "AYE"
H. H. Green, Commissioner, "AYE"
T. T. Burton, Commissioner, "AYE"
H. L. Finch, Commissioner, "AYE"
P. J. Moran, Commissioner, "AYE"
—/7/_.,212-2:t/
Mayor.
ATTES�®%%%� � I
Cit .Recorder.
(SEAL)
I j
it
Il
-5-