HomeMy WebLinkAbout3 of 1930 - A resolution authorizing the issuance of Tax Anticipation Bonds in the sum of $1,300,000.00 for the REMARKS: Pesolution NO. __3
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w: anaissioner
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iAUthari-zing--the #asuanee uf_.._
I t&x_Anticipation...Bonds in the
I sum of $1,300,000.00 for the
support of the city government 1
for the year 1930.
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ty eta l,.- a u,:.a OT
a AND PASSED
,/ _ - I' k
/. CITY RECORDER f
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ROLL. CALL
VOTING AYE NAY Salt Lake City,Utah, 19
Burton - - I move that the resolution be adopted.
Fehr - -
Finch _ v �/ !��f '
Lake Mr.Chairman -
Result - RESOLUTION
WHEREAS, there is immediate and pressing need for raising
funds to the amount of One Million Three Hundred Thousand ($1,300,000)
Dollars for the purpose of meeting the current expenses of the City
for the year 1950, until the payment of taxes for the year 1930; and
WHEREAS, the tax revenues of "-alt Lake City, Utah, for
the year 1929 aggregated Two Million One Hundred One Thousand Nine
Hundred fifteen and 61/100 ($2,101,915.61) Dollars, and the total
revenue from all sources was Three Million Fiftycfour Thousand
Three Hundred Forty—four and 76/100 ($3,054 A44.76) Dollars, and
that the estimated revenues from taxation and other sources for
the year 1930 will be at least as great as that for the year 1929,
although at this time the levy for the year 190 has not yet been
made; and
. WHEREAS, the sum of One Million Three Hundred Thousand
($1,300,000.00) Dollars now to be raised is not in excess of said
revenue as estimated for the year 1929.
NOW, THEREFORE, BE I'T RESOLVED: That Salt Lake City,
Utah, for the purpose of meeting the current expenses of said City
for the year 1930 until the payment of taxes for the year 1930,
shall borrow the sum of One Million Three Hundred 'Thousand.
(0,300,000.00) Dollars, in installments of One Hundred Thousand
($100,000.00) Dollars on February 1st,-February 21st, March 15th,
April 2nd, April 22nd, May 12th, June 1st, June 21st, July 11th,
July 31st, august 20th, September 9th and September 29th, 1930,
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peering interest at the rate of five per centum (5%) per annum from
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date of bond, and for such purpose, as evidence of such indebted-
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mess, the City of Salt Lake shall issue its negotiable tax antici-
pation bonds in the aggregate amount of One Million Three Hundred
Thousand ($1,300,000.00) Dollars,'said bonds to be designated as
follows:
Salt Lake City Tax Anticipation Bonds, Series of February
1st, 1930, and payable December 31st, 1930, and shall be al
evidenced by one bond numbered one (1) in the denominati n
it of $50,000.00 and ten bonds numbered from two (2) to
eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of Februar7
21st, 1930, and payable December 31st, 1930, and shall
be evidenced by one bond numbered one (1) in the denomin -
i tion of $50,000.00 and ten bonds numbered from two (0 t
eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of March
13th, 1930, and payable December 31st, 1930, and shall
he evidenced by one bond numbered one (1) in the denomina-
tion of $50,000.00 and ten bonds numbered from two (2)
to eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of April
2nd, 1930, and payable December 31st, 1930, and shall
be evidenced by one bond numbered one (1) in the denomina-
1 tion of $50,000.00 and ten bonds numbered from two (2)
to eleven (11), both inclusive, in the denomination of
$5,000.00 each.
1 Salt Lake City Tax Anticipation Bonds, Series of April
22nd, 1930, and payable December 31st, 1930, and shall
be evidenced by one bond numbered one (1) in the denomin -
tion of $50,000.00 and ten bonds numbered from two (2) I
to eleven (11), both inclusive, in the denomination of
$5,000.00 each.
11 Salt Lake City Tax Anticipation Bonds, Series of May 12th.,
1930, and payable December 31st, 1930, and shall be evi-
denced by one bond numbered one (1) in the denomination
of $50,000.00 and ten bonds numbered from two (2) to
eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of June 2nd.,
1930, and payable December .31st, 1930, and shall be evi- '
denced by one bond numbered one (1) in the denomination
of $50,000.00 and ten bonds numbered from two (2) to
eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of June 21*,
1930, and payable December 31st, 1930, and shall be evi-
denced by one bond numbered one (1) in the denomination
of $50,000.00 and ten bonds numbered from two (2) to
eleven (11), both inclusive, in the denomination of
$5,000.00 each.
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Salt Lake City Tax Anticipation.Bonds, Series of July
11th, 1930, and payable December 31st, 1930, and shall
be evidenced by one bond numbered one (1) in the denomin
tion of $50,000.00 and ten bonds numbered from two (2) to
eleven (11), both inclusive, in the denomination of
$5,000.00 each. I
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Salt Lake City Tax Anticipation Bonds, Series of July"31s ,
1930, and payable December 31st, 1930, and shall be evi—
denced by one bond numbered one (1) in the denomination
of $50,000.00 and ten bonds numbered from two (2) to
eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Ii Salt Lake City Tax Anticipation Bonds, Series of August
20th, 1930, and payable December 31st 1930, and shall. b
evidenced by one bond numbered one (1) in the denominati
of $50,000.00 and ten bonds numbered from two (2) to
eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of Septem—
ber 9th, 1930, and payable December 31st, 1930, and shall
be evidenced by bond numbered one (1) in the denomination
of $50,000.00 and ten bonds numbered from two (2) to
eleven (11), both inclusive, in the denomination of
$5,000.00 each.
Salt Lake City Tax Anticipation Bonds, Series of Septem—
ber 29th, 1930, and payable December 31st, 1930, and shall
be evidenced by one bond numbered one (1) in the denomina—
tion of $50,000.00 and ten bonds numbered from two (2) tc
eleven (11), both inclusive; in the denomination of
$5,000.00 each.
Said bonds shall be payable in lawful money of the United States
and shall bear interest from and after the date thereof at the rate
of five per cent (5%) per annum, both principal and interest pay—
able at maturity, at the Irving Trust Company in New York City,
State of law.,York,t3.S:A. Said bonds shall be signed by the Mayor
Cand attested by the City Recorder under the seal of the City and
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shall be registered in a book kept by the City Auditor for that
purpose, and the City Auditor shall endorse upon each of said bond
the certificate required by law. Said bonds shall be in substan—
tially the following form, to—wit:
°UNITED STATES OF AMERICA.
, STATE OF UTAH.
No. 1. $50.000.00__
SALT LAKE CITY TAX ANTICIPATION BOND,
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Series of February 1, 1930.
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KNOW ALL MEN BY THESE PRESENTS: That SALT LAKE CITY in
the County of Salt Lake, and State of Utah, hereby acknowledged
itself to be indebted and for value received hereby promises to pay!
,to IRVING TRUST COMPANY, of New York City New York, or order, the
'sum of Fifty Thousand Dollars ($50,000.00) lawful money of the
United States on the 31st day of December, A. D. 1930, at the
(Irving Trust Company, New York City, New York, with interest theredn
Nat the rate of five (5%) per cent per annum from date until paid,
payable at maturity.
This bond is one of a series of eleven bonds of like
tenor and date, numbered from one (1) to eleven (11) inclusive,
(and known as "Salt Lake City Bonds, Series of February 1, 1930,"
jfor the aggregate sum of One Hundred Thousand Dollars ($100,000.00),
issued pursuant to Section 570X6, Compiled Laws of Utah, 1917.
The Board of City Commissioners of Salt Lake City shall evy
in the year 1930 a sufficient tax to pay the principal and interes
on this bond as the same shall fall due, and this bond is issued
rn anticipation of the payment of such taxes for the year 1930.
It is hereby certified, recited and declared that the
(entire indebtedness of said City hereby incurred is not.in excess
iof the taxes of said City levied or to be levied for the current
year 1930, and that said indebtedness was and is contracted for
(the purpose for which said taxes are levied.
It is hereby further certified, recited and declared that'
all conditions, 'acts and things essential to the validity of this I
!bond exist, have happened and have been done and that every requir
ament of law affecting the issue hereof has been duly complied with,
land that this bond is within every debt and other limit prescribed
thy the Constitution and Laws of said State, and that the full faith)
land credit of said Salt Lake City are hereby irrevocably pledged 1
to the punctual payment of the principal and interest of this bond
;Iccording to its terms.
IN WITNESS WHEREOF, Salt Lake City has caused this bond
Ito be signed by its Mayor, its corporate seal to be hereunto af-
fixed, and attested by its City Recorder, as of the day of
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Mayor.
Attest:
City Recorder.
If(SEAL)
The bonds, Series of February 21st, 1930, Series of March
13th, 1930, Series of April 2, 1930, Series of April 22, 1930,
Series of May 12th, 1930, Series of June 2nd, 1930, Series of June
21st, 1930, Series of July 11th, 1930, Series of July 31st, 1930,
'Series of August 20th, 1930, Series of September 9th, 1930, and
Series of September 29th, 1930, shall be in substantially the same
(form, the appropriate changes being made in the date thereof, ex-
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kept that the bonds numbered one (1) in each series;shall be in
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the amount of Fifty Thousand Dollars ($50,000.00) and the bonds II'
�jnumbered from two (2) to eleven (11) inclusive in each series shallll
ibe in the amount of Five Thousand Dollars ($5,000.00) each and
made payable to bearer. I
I There shall be endorsed on each of said bonds the follow—
�ing certificate:
CITY AUDITOR1S CERTIFICATE. I I
ji "I hereby certify that this bond is within the
lawful debt limit of Salt Lake City, Utah, and
is issued according to law."
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City Auditor.
I BE IT FURTHER RESOLVED that all':•the covenants, statement ,
representations and agreements contained in said bonds be and the
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same aare hereby adopted as covenants, statements, representations
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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 attestII
and affix the seal of Salt Lake City to each of said bonds, and
J 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
Ibe delivered to the purchasers thereof, Irving Trust Company, of
New York City, New York, upon the receipt of purchase price there-f
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I for.
BE IT FURTHER RESOLVED that the Board of commissioners
shall levy in the year 1930, a sufficient tax to pay the principal
and interest of said bonds as the same shall fall due.
AND BE IT FURTHER RESOLVED that an emergency is hereby
II declared and in the opinion of the Board of Commissioners because,
of the necessity for funds with which to meet the current expense
of said city it is necessary to the peace, health and safety of
the inhabitants of Salt Lake City that this resolution take effec
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at once.
This resolution shall take effect upon adoption.
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ATTEST:
City Recorder.
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i The adoption of the foregoing resolution was seconded
'Iroy Commissioner T. T.BURTON and the same put to a vote
as unanimously carried by the affirmative vote of all Commission-
ers present, the vote being as follows:
1 JOHN F. BOWMAN, Mayor, 2IYE0
CHARLES N. FEHR, Commissioner "AYE"
T. T. BURTON, Commissioner "AYE'S
H. L. FINCH, Commissioner "AYE"
JOSEPH H. LAKE, Commissioner, "AYE"
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Mayor.
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TTEST: 1
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1 y Recor •
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