3 of 1927 - A resolution providing for the issuance of bonds in the sum of $155,000.00 in connection with the ex -_-
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REMARKS:
. Resolution No. . __ }}
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Providing for, the issuance off`
nda in the sum of $155,40Q:,
';: in connection with the exeha
i, agreement with the Lower Kill
a Creek Irrigation Co.
`. Pceeented III the md of
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.; y MAR 3 9 t 27
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j: 1. H, CANNON,
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.1L BSAS, under the provisions of Section 570,i2, Compiled
Laws of Utah , 1917, the Board of Commissioners are authorized and
empowered, among other things, to appropriate money for corporate
purposes, and to Purchase, receive, hold, sell, lease, convey and
dispose of property, real and personal for the benefit of the City
and to do all things in relation thereto as natural persons, and
that it shall be deemed a corporate purpose to appropriate money
for any purpose which in the judgment of the Board will provide for
the safety, preserve the health, promote the prosperity, and im-
prove the morals, peace, order, comfort and convenience of the in-
habitants of the City, and,
I SRBAS, under the provisions of 'Section 570 6, Compiled
Laws of the State of Utah, 1917, the Board of Commissioners is fur-
ther authorized and empowered to borrow money for corporate pur-
poses in the manner and to the extent allowed by the Constitution
laws and to issue bonds therefor in such amount and forms and on
such conditions as the Commission shall determine, and,
ih the judgment of the Board of Commissioners
in order to provide for public safety, preserve public health and
improve the confort and convenience of the inhabitants of said
'Dalt rake City, there is immediate and pressing need of raising
funds to the amount of One Eundred fifty-five Thousand Dollars
(y155,000.00) to defray the expense and to pay the contract price
of certain waters and water rights in that certain stream known
as Iill Creek in Salt Lake County, and particularly all the waters
and water rights of the Fort.gland and Murphy Ditches. The acquire-
ment whereof has been provided in a certain contract made and exe-
cuted on the 14th day of March, 1927, by and between the Lower
Iaiill Creek Irrigation Company, a corporation, and Salt Lake City,
said water thus acquired to be used by said city for corporation
purposes only and to be and become a part of the water system of
said city.
,+E B AS, the City is without the necessary funds at this
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time with which to purchase said waters and water rights, and
aL A3, said sum of One d_undred _'ifty-five Thousand
collars W155,000.00) may be raised at this time without incurring
any indebtedness or liability in excess of the taxes of said City
for the current year 1927.
1)04 TH3 t3POBd BE 11' BB30LVdD by the Board of Commission-
ers of Salt Lake City, Utah, as follows:
1. That for the purpose of raising funds to defray the
expense and to fulfill its contract obligations in the parcha.se
and acquirement of the waters and water rights in that certain
stream known as LLill Creek in ,Dalt Lake County nd more particu-
larly all the waters and water rights of the Hoagland and lAurphy
Bitches under and by virtue of that certain contract dated the
14th day of Barch, 1927, by and between the Lower Kill Creek Irri-
gation Company and calt Lake City, said waters to be for corporate
purposes only and to be and become a part of the water system of
Belt Lake City, said Palt Lake City shall issue One hundred fifty-
five (155) bonds of the denomination of 01,000.00 each, numbered
from one (1) to one hundred fifty-five (155) inclusive, and de-
liver the same to the Lower Lu ll Creek Irrigation Company pursuant
to the terms of said contract. Bald bonds shall bear date of
April 1st, 1927, and shall bear interest at the rate of five per
cent (5;A) per annum from date until paid, interest payable annual-
ly on the first day of April of each year, in accordance with in-
terest coupons thereto attached, and both principal and interest
shall be payable at the Central Trust Company, Pelt Lake City,
Utah, or Guaranty Crust Company of New York in Ilew York City, C.Y.
The principal of said bonds shall become due and payable serially
as follows:
015,000.00 on April 1st, 1928;
016,000.00 on Spril 1st, 1929;
015,000.00 on April 1st, 1930;
016,000.00 on April 1st, 1931;
015,000.00 on April 1st, 1932;
016,000.00 on April 1st, 1933;
015,000.00 on April 1st, 1934;
016.000.00 on April 1st, 1935;
y15,000.00 on April 1st, 1936;
016,000.00 on April 1st, 1937;
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2; That said bonds and each of them, except as to date
of maturity, shall be in substantially the following form:
"UNITED STATES OF AICEEI'CA
STATE OF UTAH
SALT LAKE COUNTY
SALT LAZE CITY BOND
SERIES OF APRIL 1st, 1927.
No. _ ;r1,000.00
1210,/ ALL LIEN BY THESE BRrSE VTS:
That Salt Lake City in salt Lake County, 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 THOUSAiD
DOLLARS ( ;1,000.00) in lawful money of the United States of Ameri-
ca on the first day of April, A. D. 19 , at the Central Trust
Company, Salt Lake City, Utah, or Guaranty Trust Company of New
York in New York City, N. Y., with interest thereon at the rate of
five per cent (50) per annum from date until paid, payable in like
money on the first day of April in each year, said interest to
maturity being represented by interest coupons hereto attached.
This bond is one of a series of One Hundred Fifty-five
(155) bonds of like date and amount, numbered from one (1) to one
Hundred fifty-five (155) inclusive, for the aggregate sum of ONE
HUNDRED FIFTY-rIYR THOUSAND DOLLARS (4155,000.00) issued pursuant
to the Provisions of Section 570X6, Compiled Laws of Utah, 1917.
It is hereby certified, recited and declared that the
entire indebtedness of said City hereby incurred, together with
all other indebtedness incurred by said City for and during the
year 1927 is not in excess of the taxes of said City for the cur-
rent year, 1927.
It is hereby further 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 require-
ment of law affecting the issue thereof has been duly complied
with, and that this bond is within every debt and other limit pre-
scribed 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 according to its terms.
IN :IITNESS ;JHLREON, said salt Lake City has caused this
bond to be signed by its Llayor, its corporate seal to be hereunto
affixed, and attested by its City Recorder, as of the first day
of April, 1927.
Mayor.
ATTEST:
City Recorder.
(SEAL)
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To each of said bonds shall be attached a coupon for
each installment of interest, which said coupons shall be consecu-
tively numbered, beginning with number one (1), with the several
dates of payment and number of bond, which said coupons shall be
in substantially the following form to-wit:
(Tom of Coupon)
No.. w 50.00
On the 1st day of :>pril, 0.�. 19 , Salt Lake City,
Utah, will pay the bearer hereof at the Central Crust Company,
bait Lake City, Utah, or Guaranty ,.'rust Company of New York in
New Yor_c City, N. Y., the sum of =Fifty and 00/100 (k50.00) Dollars
in lawful money of the United States of America, being one year's
interest then due, on its coupon bond dated April first, 1927.
City Treasurer.
There shall be endorsed on each of said bonds the fol-
lowing:
"I hereby certify that this bond .is within
the debt limit of Salt Lake City, Utah, and is
issued according to law.
City Auditor".
::aid bonds and each of them shall be signed by the Layor
and attested by the City hecorder and sealed with the seal of said
City and said cou.jons shall bear the original or fac-simile signa-
ture of the City Treasurer. The Mayor of said City is hereby
authorized, empowered and directed to sign, and the City 3ecorder
to sign and attest and affix the seal of said City to each of said
bonds and the acts of said Layor and recorder in so doing are and
shall be the act and deed of said Salt Lake City.
3. 3N IT TURTP.;R IUSOLVEJ, TEAT ::1C.1.112,S, by reason of
the contract of date, Larch 14, 1927, between Lower Mill Creek Ir-
rigation Company, a•corporation, which is the owner of the water
and water rights in the Hoagland and Murphy Ditches and taking
water from Mill Creek in Salt Lake County, state of Utah, and Salt
Lake City, said Lower Mill Creek Irrigation Company agrees to con-
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vey to said city all the water of said ditches pursuant to the
terms and conditions of said contract in consideration that the
said bait Lake City issue and deliver to said Lower Mill Creek
irrigation Company its bonds in the total sum of One Hundred Fifty-
five Thousand ( 155,000.00) Dollars, payable over a period of ten
(10) years, which said contract has already been executed by the
Mayor and City Recorder of said city, they having been authorized
to execute said contract by a resolution of the Board of Commission-
ers of bait Lake City on the 14th day of Larch, 1927.
NO J, TI k nRE, .BE IT FURTHE CCbOLVED that the Eayor
and City Recorder are hereby authorized to sign, execute, deliver
and issue as the actual deed of bait Lake City the said bonds
herein provided to the Lower Mill Creek Irrigation Company.
4. BE IT FURTHER RESOLVED, that in the opinion of the
Board of Commissioners of said Salt Lake City, it is necessary
to the peace, health and safety of said City and the inhabitants
thereof, that this resolution take effect and be in force at once,
and the same shall therefor take effect immediately upon its
adoption.
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5. Commissioner , �/ • �-c.� seconded the
motion for the adoption of said resolution and upon being put to
a vote, was carried by the affirmative vote of all Commissioners
present, the vote being as follows:
Mayor C. Clarence Neslen "AYE"
Commissioner T. T. Burton "AYE"
Commissioner E. L. Finch " YE"
Commissioner Chas. Fehr "AYE'
Conunissioner P. J. Loran "AYE"
Adopted and approved this _ day of ,A.D.
1927.
Mayor.
ATTEST:
City aecorder.
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STATE OF UTAL /)
1 uJ.
COUNTY 02 6.11,2 LAI:i )
I, U. P. CANNON, City .,ecorder in and for salt Lake City,
Utah, do hereby certify that the above and foregoing is a full,
true and correct copy of proceedings had by the Board of Commis-
sioners of Salt Lake City, Utah, at its meeting held on
the day of , J. 1927, in so far as the
same relate to or concern the issuance of its bonds, dated the
let day of April, A. J. 1927, in the sum of 4155,000.00 as the
same appears of record in my office.
IN .?ITITtSS PIFTBRBOP, I have hereunto set my hand and
affixed the corporate seal of said City this _ day of
i.iarch, A. D. 1927.
City recorder.
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