30 of 1931 - A resolution authorizing sale of $300,000.00 Salt Lake City Tax Anticipation Notes, to Walker Bank & REMARKS:
Resolution No.
By Commissioner....._Fehr._..__.........
' Author izir.0 sale of
I:r300,000.00 Salt Lal_re City Tax
Anticipation Notes, to looker
!Bank &- Tr. Co., bear.inz intcre:
lot the lute per annum,
inotes to be doted Sept. 10,1931
nd r,lature Dec. 31,
Faceted to the&imd of Commissioners
AND PASSED
1 (1 1931
".%§14.04441,144.64
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1
EOLLCALL
AYE N SLP 101931
4 Silt Lake City,Utati, 192
41:144In "— 94-1
. - - Fehr I move that resolution No Qa-,3 ...by Mr 71,3,3 ..\(\••
- •
Finch be adopted.
, , .•
. Mr Chairman -
Weak,
,,„,
�. r.'
The Board of City Commissioners of Salt Lake City, Utah,
adjourned
met in _regular j session on the 10th_day of September,_ 1971, atl
the hour of __440_.P. M. at the regular meeting place Of said Board
an the City & County Building, Salt Lake City, Utah.
' l
.Mayor Bowman in the chair.
On roll call the following members were present:
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,.______I,_T_ awau x Commissioner of Public Safety.
JOSL_a _LAM , Coms'r. of Streets & Public Improvements.
_CHAS. N_ R , Coms'r. of Public Affairs & Finance.
HARRY__— L. FINCH_ , Coms'r. of Parks & Public Property.
JOHa]_E_ 4NmN _, Coms'r. of Water Supply & Waterworks, Chai -
man
Also present ETHEL MACDONALD____, City Recorder.
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Commissioner CHAS. N. FEHR -. introduced the following
resolution and moved its adoption: •
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RESOLUTION.
• WHEREAS, there is immediate and pressing need for raising
funds to the amount of Three Hundred Thousand ("4p'300,000.00) Dollars1
II
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 I
1 WHEREAS, the tax revenues of Salt Lake City, Utah, for th4
year 1931 will aggregate Two Million Fifty-one Thousand, One Hundred
;.Seventy-seven and 55/100 (P,051,177.55) Dollars and the total revenue
!,from all assessed sources will aggregate Three Million, One Hundred
;thirty Thousand and 00/100 ($7,130,000.00) Dollars; and
WHEREAS, the sum of Three Hundred Thousand (�"$'300,000.00)
!Dollars required now to be raised is not in excess of said revenue
Els estimated for the year 1931.
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II NOW, THEREFORE, BE IT RESOLVED, that Salt Lake City, Utah,
G'or the purpose of meeting current expenses of said City for the year
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4931 until the payment of taxes for the year 1931, shall borrow the
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sum of Three Hundred Thousand Dollars (4300,000.00) and for that
purpose as evidence of such indebtedness shall issue three (3) note
thereof, notes numbered one (1) to three (7), both inclusive, each
note being in the denomination of One Hundred Thousand Dollars
i.
2- 1
II
( 100,000.00) each. Said notes shall bear date of September 10,
11931. Shall bear interest at the rate of four per cent (4%) per
annum from date until paid and the same shall be payable at Walker
Bank & Trust Company, in Salt Lake City, Utah. Said notes shall
be designated "Salt Lake City Tax Anticipation Notes, Series of
September 10, 1931." Said notes shall be due and payable on the
31st day of December, A. D. 1931, in lawful money of tlae United
;States and shall bear interest from and after the 10th day of
eptember, A. D. 1931„ Said notes shall be signed by the Mayor and
,attested by the City Recorder under the seal of the city and shall
the registered in a book kept by the City Auditor for that purpose,
and the City Auditor shall endorse on each of said notes, the certil
ificate required by law. Said notes shall be in substantially the
:following form, to-wit:
UNITED STATES OF AMERICA
it
1 STATE of UTAH
,;jl COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION NOTES
SERIES OF SEPTEMBER 10, 1931.
No.--- - $ - I
KNOW ALL MEN BY THESE PRESENTS, 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
}Honey of tjne United States on the 31st day of December, A. D. 1931,
at the Walker Bank & Trust Company in Salt Lake City, Utah, U. S. A.+,
With interest thereon at the rate of four percent (4%) per annum
from date until paid, payable at maturity in like money on the 31st
day of December in the year 1971.
This note is one of a series of three (3) notes of like tenor
and effect, numbered one (1) to three (3), both inclusive in the
m0enomination of One Hundred Thousand Dollars (�'100,000.0O) each, and
own as "Salt Lake City Tax Anticipation Notes, Series of September
, 1931," for the 4ggregate sum of Three Hundred Thousand Dollars
VV300,000.00) issued pursuant to section 570x6, Compiled Laws of
, tah, 1917, and all acts amendatory thereof and supplemental thereto.
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The City of Salt Lake 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
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 1931,
land 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 condi-
Itions, acts and things essential to the validity of this note exist,
lhave happened and have been done, and that every requirement of
Maw 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 full faith
viand 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 WHEREOF, 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 as of this- 1Oth day of September, A.
p. 1931.
Mayor.
ATTEST:
City Recorder.
(S E A L )
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."
i(S E A L )
BE IT FURTHER RESOLVED that all the covenants, statements,
representations and agreements contained in said notes he and the
dame 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 notes and
he City Recorder is hereby authorized and directed to attest and
ffix the seal of Salt Lake City to each of said notes, and the City
I�uditor is hereby authorized and directed to place upon said notes
' he certificate in the manner and form set forth above, and the acts
Of said Mayor, City Recorder, and Auditor in so doing are and shall
e the act and deed of Salt Lake City.
BE IT FURTHER RESOLVED and ordered that the City Treasurer
is hereby authorized to deliver said notes to the purchasers thereof,
be and are legally issued and delivered,
!has and when said notes may g Y
to—wit: Walker Bank & Trust Company, Salt Lake City, Utah, pursuant
!to the terms of their bid which was accepted by the Board of City
jlCommissioners on the 10th day of September, A. D. 1931, upon re—
iceipt of the purchase price therefor. Copy of said bid is hereto
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attached.
BE IT FURTHER RESOLVED that the Board of City Commission—
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!!ers shall levy in the year 1931 a sufficient tax to pay principal
viand 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
motes to levy in the year 1931 sufficient taxes to provide for the
payment of the principal and interest of said notes.
AND BE IT FURTHER RESOLVED that an emergency is hereby
Ideclared and in the opinion of the Board of Commissioners because
klf the necessity for funds with which to meet the current expenses
I�of said city it is necessary to the peace, health and safety of the
inhabitants of Salt Lake City that this resolution take effect at
once. .
This resolution shall t " effect u ao on.
JOHN_E_.E4'WMAN ___--
ilkttesto� Mayor
t
ETa 'Lu. nONAT
I City Recorder
li (S E A L)
The adoption of the foregoing resolution was seconded by
Commissioner Harry L. Finch and the same on being put to a vote
was unanimously carried by the affirmative vote of all Commission—
ers present, the vote being as follows:
• JOHN F. BQ WAN Mayor "AYE"
_CHAS. Ns EEHE__--_Lommissigner "AYE"
T. T. BURTON • _ Commissioner "AYE"
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—JOS. H__ LAKE Cnmm;saioner "AYE"
h ^ RY --- r "AYE"
Attest: ILP.^ - ayor -----