35 of 1920 - A resolution directing the Mayor and City Recorder to advertise for bids for the purchase of 500 bon REMARKS: -- —.�-- ----- ------- '�
Resolution No 3
5
By Commissioner Green
Directing the liayor and City
Recorder to advertise for bids
for the purchase of 500 bonds
the sum $1000 each to be known
as Salt Lake City Refunding
Bonds, Series y22, and numbere•i
from 1 to 500 both inclusive.
a
I 1 ':920
ii
I �
}
•
Berney __._II Salt Lake City,Utah, Iv04....10, ,
Burton �, I
Crabbe _
I move that the resolution be adopted.
GreenMOM
i
Mr. Chairman
Result RESOLUTION
WHEREAS, five hundred bonds of Salt Lake City amounting
to five Hundred Thousand (.500,000.00) Dollars, dated January 1,
1901, will be due and payable on the first day of January, 1921; and
WEERLAS, it will be necessary for Salt Lake City to issue
refunding bonds in the sum of Five Hundred Thousand (1500,000.00)
Dollars for the purpose of obtaining money with which to pay and
retire the said 3500,000.00 issue dated January 1, 1901, and becoming
due on the first day of January, 1921;
THEREFORE,.BE IT _..ESOLtiED that the Acting liayor and the
City Recorder of Salt Lake City be and they are hereby authorized
and directed to advertise for bids for the purchase of five hundred
bonds in the aura of One 'Thousand (p'1,000.00) Dollars each, or a to-
tal of five Hundred Thousand ( 500,000.00) Dollars, to be ]mown as
Salt Lake City Refunding Bonds, Series No. 22, and numbered one (1)
to five hundred (500), both inclusive, interest on said bonds to be
paid semi-annually, principal and interest to be payable at a bani:
in New York City to be hereafter designated. Bids shall be asked
for on each of the following propositions, namely:
Said 3500,000.00 of bonds issued as 20-year serials,
that is, one-twentieth of said issue Payable one year after date
of issue and one-twentieth each year thereafter until fully paid,
with interest at the rate of five _der cent (5 ) per annum;
Said 3'500,000.00 of bonds issued as 20-year serials, that
is, one-twentieth of said issue payable one year after date of is-
sue and one-twentieth each year thereafter until the full amount
has been paid, with interest at the rate of five and one-half ger
cent (5- ?) per annum;
Said 1500,000.00 of bonds issued as 20-year term bonds,
' ayable absolutely twenty years from date of issue with interest
at the rate of five per cent (5%) per annum;
Said 1500,000.00 of bonds issued as 20-year term bonds
ayable absolutely twenty years from date of issue, with interes
t the rate'of five and one-half per cent (5 %) per annum.
Said notice shall describe the bonds in a general way
d provide as follows:
That all bids shall be filed with the City Recorder be
1% ore ten o'clock A. M. Wednesday, the 8th day of December, 1920;
i:aid bids to be opened by the Board of Commissioners at its meet-
I�ng at ten o'clock A. U. of said day; that the proceeds from the
Bale of said bonds must be available to Salt Lake City on the
i
rirst day of January, 1921, for the purpose of paying, retiring d
Iancelling an equivalent amount of outstanding bonds maturing on
d date; that each bid must be accompanied by a certified che`
'-'?"1--'; irthe .sum"o t '?en fihioftsa�2d'f$3.0,000 00) Dollars; that the Boa34
I,•f Commissioners reserves the right to reject-any and all bids.
Said 'notice.'to bidders shall be published for a period
.f ten days in The Deseret News, a daily paper of general ciCp,-
ation and published in Salt Lake City, Utah, also in five issue-
'f the daily Bond Buyer, a paper of general circulation in finan-
ial quarters and published in New York City, New York.
i
In the opinion of the Board of Commissioners it is nee-
'-ssary to the peace, health and safety of the inhabitants of Salt
ake City, and particalarly for the reason that money must be ob-
ainable on or before January 1st, 1921, to retire an issue of
+onds becoming due on said date, that this resolution take effect
t once..
This resolution shall take effect immediately upon and
fter its passage. ...0".-
I 111P f',410 Atirgitial .
-2w
r T !!
I
Passed by the Board of Commissioners of Salt Lake Citt.
lUtah, on the \\'- day of qso A. D 1920.
4; 77'.
Acting IvLayor
ij
l' , /• '' ./-- .' i --- 41-722./7
it
i y Recor er.
ii
i' •
I
;I
I
i
1
1I
I
it
i±
I)
I!
I
1
I; i
i i
II
ii
,) i
i
-0-
d