35 of 1915 - A resolution authorizing the City Recorder to address a communication to purchasers of municipal bon t.
xEMARKS:
Resolution NO.
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: . Authoxtz4, g...tbe City:,Beati
"er, to addr�sa a communication
to purchasers of m�uto�pa�
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nO notii iri than that Aida
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v[42,1 be. receared u -to 1
$ti , .1915, at 10 o1bloat A.M.
'withwithout the -usua.i ad4ertiaing
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ROLL CALL
VOTING yes No
I 1 Salt Lake City, Utah, June 7, 1915.
Lawrence --
resolution
Morrie I move that the indium bc
Shearman 'eel
Wells
Mr.Chairman .
Result ArNMINIINUMN
RESOLUTION .
WHEREAS, On April 19, 1915, the Board of Commissioners of Salt
Lake City duly passed a resolution authorizing end directing the
Mayor and City Recorder to advertise for bids for the purchase of
$300,000 Water end Sewer bonds of the ;900,000 Water and Sewer bonds
authorized to be issued and sold, by the qualified electors of Salt
Lake City at an election duly held February 18, 1914; and
WHEREAS, Pursuant to and in conformity with said resolution;
the Mayor and City Reoorder duly advertised for bids for the
purchase of said bonds; and
WHEREAS, In accordance with said resolution and said adver-
tisement the Board of Commissioners in regular session on the first
day of June, 1915, at ten o'clock A. M., opened all bids in the
hands of the City Recorder at that hour and day; and
WHEREAS, There were several bids made for the purchase of
said bonds; and
WHEREAS, Under the right reserved in said resolution and adver-
tisement to reject any and all bids, and to accept any bid deemed
advantageous to the City, the Board of Commissioners by resolution
duly passed June 7, 1915, rejected each of said bids; and
WHEREAS, It is not deemed advisable, owing to the uncertain
and fluctuating conditions of the bond market, to et this time
advertise for bids for the purchase of said bonds, or to incur the
expense of such advertisement, but it is deemed advisable, if a
price such as the Board of Commissioners are willing to accept,
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be offered, to sell the bonds aforesaid without advertisement:
Nor THEREFORE, BE IT RESOLVED:
1. That on June 25, 1915, at ten o'clock A. M., the Board of
jCommissioners will consider all offers made up to that time for
Hthe purchase of said bonds; said bonds to be ready for delivery
July 1, 1915, but may be received and paid for by the successful
bidder at any time up to July 15th, 1915, by paying accrued interest
from July 1, 1915. The successful bidder shall upon notification
of the acceptance of his bid, deposit with the City Recorder a
certified check for $6,000.00, payable to the order of the Treasurir
d of Salt Lake City, es guaranty of good faith on the part of the ,
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bidder, and to reimburse this City for its loss and expense on
this behalf in case the bidder shall not perform his bid after
acceptance thereof.
The Board of Commissioners reserves the right to rejaot any
for ell of said offers, or to accept any offer deemed advantageous
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(! to this City.
2. That the City Recorder of this City be, and he is hereby
ilauthorized and directed to address a communication to as many
persons, firms and corporations who are purchasers of municipal ,
bonds as he may be able to ascertain, which communication shall
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be as follows:
"Salt Lake City, Utah, June 8, 1915.
HI I
gentlemen:
Owing to well known unfavorable conditions the bide received
June 1st, 1915, for the purchase of $p300,000--40--1914-1934 Water,
and Sewer bonds were unsatisfactory and were rejected.
The Board of Commissioners by resolution duly passed June 7thi
1915, has named Friday, June 25th, 1915, at 10 A. M. for the con-
sideration of new bids for the purchase of said bonds.
The bonds will bear interest from July let, 1915, and will bej
ready for delivery on that date or as soon thereafter until July
II 15th, 1915, as may be desired by the purchaser, he meanwhile to j
Ideposit certified check for $6,000.00 under the ueual conditions,
I with the City Recorder.
These bonds are the second segment of the $900,000 authorized';
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by election held February 18th, 1914, the first t"300,000 having
! been sold a year ago, and their validity approved by the eminent
! authority of Mr. Charles B. Wood of Chicago.
11! Financial statements of the City, and copy of notice asking
! for sealed bids to be opened June 1st, 1915, were mailed to you,
land it is now hoped that conditions will have improved by the date!
! named sufficient to warrant your interest in the bonds now offered?
1 City Recorder."
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Passed by the Board of Commissioners of Salt Lake City, Utah,
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June 7, 1915. -N,
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\_____--- Mayor .
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j i �City Recorder.
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