37 of 1932 - A resolution setting out form of bond for $48,000.00 in Administration Building Bonds and accepting rREMARKS:
Resolution NO.3
By Commissioner MARCUS 4"
t $aging out form,, of bond fo:,
$48,000.00 in Administration
'Building Bonds and accepting
t ',the bid of First Secur�.'ty Co I
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�;of par for 5� bond.s..de,ted. 4j
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Sept.1, 1932, due $6,000.00 eact
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tand every year until fully paid
Prmmenkd to the Board of Oemmleefenao
a 1 AND PASSED Pl
�I' SEP 13 1932
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ROLL CALL sel, , 1; 2
Salt Lake City,Utah, 193
VOTING AYE AY
Finch I move that resolution No 3by Mr iLarC1{A
Keyser be adopted.
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Lake
Mr Chairman
Result
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September ,.1952. Page
The Board of Commissioners of Salt Lake City met in regular session.
Mayor Marcus in the chair.
On roll call the following..members were present; ,, ,
m ,
John it Knight, Commis*ioner of Public Safety
Harry L. Findh, Commissioner of Parks & Public Property
Jos. H. Lake, Commissioner of Streets & Public Improvements
George D. Keyser, Commissioner of Water Supply &Waterworks
Louis Marcus, Commissioner of Public Affairs & Finance,
Chairman
Also present, Ethel Macdonald, City Recorder
Commissioner 11ARC US introduced the following
resolution and moved its adoptions
RESOL ,ZTIQN
WHEREAS, under the provisions of Section 570E2, 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 improve the morals, peace, order, comfort and convenience of the inhabitants
of the City, and
WHEREAS, under the provisions of Chapter 12, Laws of Utah, 1931,
any'incorporated City in the State of Utah is authorized to acquire airports
and/or landing fields for the use of aircraft either within and/or without
the geographic limits of such political subdivision; and to construct, equip,
include, maintain, operate and place the same, and
WHEREAS, under the provisions of Section 570X6, Compiled Laws
of the State of Utah, 1917, the Board of Commissioners is further authorized
and empowered to borrow money for corporate purposes in the manner and to
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the extent allowed by the Constitution and laws and to issue bonds therefor
in such amount and,forms and on such conditions as the Commission shall
determine, and
WHEREAS, in the judgment of the Board of Commissioners of Salt
Lake City, in order to provide for public safety, preserve public health
and improve the comfort and convenience of the inhabitants of said Salt
Lake City, there is an immediate and pressing need of raising funds in the
amount of Forty-Eight Thousand Dollars ($48,000.00) to defray the expense
and to pay the contract price for the erection of an Administration Building
at the Municipal Airport, Salt Lake City, and
WHEREAS, the City is without the necessary funds at this time
with which to pay for the erection of said Administration Building, and
WHEREAS, the sum of Forty-Eight Thousand Dollars ($48,000.00)
may be raised at this time without incurring any indebtedness or liability
in excess of the taxes of said City for the current year 1932.
NOW, THEREFORE, RE IT RESOLVED by the Board of Commissioners of
Salt Lake City, Utah, as follows:
1. That for the purpose of raising funds to defray the expense
and to pay for the erection of an Administration Building at the Municipal
Airport, Salt Lake City, said Salt Lake City shall issue forty-eight (48)
bonds of the denomination of $1,000.00 each, numbered from one (1) to
forty-eight (48), both inclusive, in the aggregate amount of Forty-eight
Thousand Dollars ($48,000.00). Said bonds shall bear date of September 1,
1932 and shall bear interest at the rate of Five and one-half percent
(5 %) per annum from date until paid, interest payable semi-annually on
the first days of March and September in each year, in accordance with
interest coupons thereto attached, both principal and interest being payable
at The National City Bank of New York, in New York City. Said bonds shall
become due and payable serially $6,000.00 on September 1st in each of the
years 1933 to 1940, inclusive.
2. Said bonds and each of them, except as to date of maturity,
shall be in- substantially the following form, to-wit:
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UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE COUNTY
SALT LAKE CITY BOND
SERIES OF SEPTEMBER 1, 1952
No._ $1,000.'00
KNOW ALL MEN BY'THESE PRESENT$:
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 THOUSAND DOLLARS (41,000.00) in
lawful money of the United States of America on the first day of September,
A. D. 19 , at The National City Bank of New York, in New York City, with
interest thereon at the rate of Five and one-half percent (5%) per annum
from date until paid, payable semi-annually in like money on the first days
of March and September in each year, said interest to maturity being
represented by interest coupons hereto attached.
This bond is one of a series of bonds of like tenor and effect
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 1932 is not in
excess of the taxes of said City for the current year, 1932.
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 requirement of law affecting
the issue thereof has been duly complied with, and that this bond is within
every debt and other limit prescribed 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 WITNESS WHEREOF, said Salt Lake City has caused this bond
to be signed by its Mayor, its corporate seal to be hereunto affixed, and
attested by its City Recorder, as of the first day of September, 1932.
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 consecutively
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;
(Form of Coupon)
No. $27.50
September,
On the first day of March, A. D. 19_,, Salt Lake City, Utah,
will pay the bearer hereof at The National City Bank of New York, in
New York City, the sum of Twenty-seven and 50/100 Dollars ($27.50) in
lawful money of the United States of America, being six months' interest
then due on its coupon bond dated September 1, 1932.
City Treasurer
Bond No.
There shall be endorsed on each of said bonds the following:
"I hereby certify that this bond is within the debt
limit of Salt Lake City, Utah, and is issued according
to law.
City Auditor"
Said bonds and each of them shall be signed by the Mayor
and attested by the City Recorder and sealed with the seal of said City
and said coupons shall bear the original or facsimile signature of the
City Treasurer. The Mayor of said City is hereby authorized, empowered
and directed to sign, and the City Recorder to sign and attest and affix
the seal of said City to each of said bonds and the acts of said Mayor
and Recorder in so doing are and shall be the act and deed of said Salt
Lake City.
S. The First Security Company of Salt Lake City, Utah,
having agreed to purchase said bonds at a price of $1,000.00 and accrued
interest for each $1,00000 of bonds, which price is satisfactory to this
Board of Commissioners, and is the best and lost advantageous bid received
for said bonds, and it is deemed for the best interests of said.City that
said offer be accepted and said bonds sold to said First Security Company.
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The Mayor and City Recorder are hereby authorized to sign,
execute, deliver and issue as the actual deed of Salt Lake City the said
bonds as herein pro/tided to said First Security Compatnr.
4, .CBE 3T FUA'HER'RESOLVED, thatin the opinion of the Board
of Commissioners of 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 adoptions
Commissioner Marcus moved that the resolution be
adopted, Commissioner_ Finch seconded the motion for the
adoption of said resolution andupon being put to a vote, was carried by
the affirmative vote of all '• ••t -rs present, the vote being as
follows; i% 40.
Mayor, Louis Marcus, "Aye'
Commissioner, John M. Knight, 'Are'
Commissioner, Harry L. Finch, "Aye'
Commissioner, Joe. H. Lake, 'Aye'
Commissioner, George D. Keyser, 'Aye'
Adopted and approved this September, A. D.,
1932.
Mayer
ATTTffiT*
( .1/1/t/LaieiltAiLL
I�XYn l l
City Recorder
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STATE OF uTAH -)
sa.
COUNTY OF'SALT LAKE)
- I, Ethel Macdonald, the duly chosen, qualified and acting
Recorder of Salt Lake City, Utah, do hereby certify that the
attached and foregoing is a full, true and correct copy of the
minutes of a regular meeting of the Board of City Commissioners
of Salt Lake City, of which meeting all members had due, legal
and timely notice as required by law and the rules and ordinances
of said City, held at the regular meeting place of said Board on
the 13th day of September, A. D., 1952, at the hour of ten o'clock
A. M., insofar as the same refer to or concern the issuance and
sale of $48,000.00 Salt Lake City Bonds, Series of September 1,
1952; that I personally attended at said meeting and that the
foregoing proceedings were in fact held as in said minutes
specified.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the corporate seal of said City this 13th day of September,
/
A. D., 1952.
7';
City Recorder, Salt Lake City, U
(SEAL)
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STATE OF UTAH )
COUNTY OF SALT LAKE) SS.
I, Ethel Macdonald, the duly appointed, qualified and acting
City Recorder of Salt Lake City, Utah, do hereby certify as follows'
1. That Salt Lake City is a city of the first class, duly
organized and existing under and in accordance with the laws of the
State of Utah.
2. That the names of the members of the Board of Commissioners
and other Municipal Officers of said Salt Lake City are as follows:
Mayor, Louis Marcus, Term Expires January 6th, 1938
Commissioner, ,Joa, H. Lake,• Term nxpirea 'January let, 1954
Commissioner, George D. Keyser, Term Expires r January 8th, 1938
Commissioner, Harry L. Finch, Term Expires January 1st, 1934
Commissioner, John M. Knight, Term Expires January 6th, 1956
City Recorder, Ethel Macdonald, Term Expires When successor is
appointed and confirmed.
City Treasurer, Milton E. Lipman, Term Expires When successor is
appointed and confirmed.
City Auditor, Samuel N. Nicholls, Term Expires January 1st, 1934
3. That the regular meetings of the Board of Commissioners
are held as follows'
Every Tuesday at 10 o'clock A. M.
Every Tuesday at 5:15 o'clock P. M.
Every Wednesday at 10 o'clock A. M.
Every Thursday at 10 o'clock A. M.
4. That there is no litigation pending or threatened affecting
in any way the legality of the Forty—Eight Thousand Dollar ($48,000.00)
issue of Salt Lake City Bonds, Series of September 1, 1932, or the
boundaries of said City or the title to office of any of the officers
thereof.
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5. That said Ethel Macdonald as City Recorder and Milton E.
Lipman as City Treasurer are each of them now in office performing
the duties thereof and that the right of them or either of them to
hold such office has never been questioned and is not now being
contested.
IN WNW WHEREOF, I have hereunto set my hand and affixed
the corporate seal of said Salt Lake City, this . 13th day of
September, A. D., 1832.
City order,
Salt Lake City, Utah.
(SEAL)
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STATE OF UTAH
y���, OS.
COUNTY.OF SALT IAL4)
•
I,, Samuel'''. Nicholls, do hereby Certify that I meths: duly
qualified and noting City Auditor of Salt Lake City, Utah, and as such
City Auditor do.hereby certify tib the following factor
1. That the assessed valuation of.taxable
property within Salt"taka City, according to
the assessment for the year 1931, was .$174,815,891.00
and that the aseeased valuation on taxable
property, according to the assessment for the
year 1932, as !Oily equalized, is $166,811,799.00
2. That the tax levy for Salt Lake City for
the year 1931 was 12 mills which on such assessed
valuation would raise $ 2,097,768.69
and that the total revenue from all sources for
1931, was $ 2,954,558.77
5. That the tax levy for Salt Lake City for the
year 1952 will be 12 mills, estimated to produce
the sum of $ 2,001,741.59
and that the total estimated revenue of Salt Lake
City from all sources for the year 1952, is $ 5,010,471.59
4. That the estimated expenses for the current
year 1932 will be $ 2,670,014.22
which sum it will be necessary to raise by tax
during the year 1952, and from other sources;
that the margin between these estimated expenses
and total revenues as given in paragraph three
above is $ 540,457.57
of which $119,111.40 has been set aside to cover a
deficit for the year 1951, leaving unappropriated
surplus of $221,545.97.
5. That the taxes heretofore levied for the year
1931 and previous years not yet collected or paid
to Salt Lake City, is $ 362,502.25
said amount being outstanding and uncollected on
the 13th day of September, 1952.
6. That Forty-Eight Thousand Dollars ($48,000.00)
Salt Lake City bond*, Series of Septenber 1, 1932,
numbers one (1) to forty—eight. ( , both inclusive,
of the denomination of$1,000.00 each, due and payable
serially $8,000.00-on September first in each.of the
years 1933 to 1940, both inclusive, say be legally
issued and delivered within the debt limit of said
City and within the estimated revenues for the current
year 1952, and that the entire indebtedness of said City
thereby incurred, together with all other such indebted—
ness incurred by said City for and during the year 1952
is not in excess of the taxes of said City for the
current year 1932.
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7. That the total bonded indebtedness of said
City, exclusive of this issue, is......................$7,922,000.00
and that all of said last mentioned bonds were
duly authorized by vote of the qualified electors
of Salt Lake City.
8. That the aggregate amount of flouting indebtedness `
of said City of every nature whatsoever on this 14th
day of September, 1952, is... ...., 81,885,000.00
and that the total amount of Tax Antioipatfon Mites
and bonds for the year 1932,included in this amount,
is $1,800,000.00
9. That the said Salt Lake City bonds, Series of
September 11�1932, in the amount of Forty—Eight
Thousand Dollars ($48,000.00), aro general obligations
of said City and are payable out of the taxes levied
on all taxable property within said Salt Lake City,
and will not be in excess of the taxee for the current
year 1932, and will be within every statutory and
constitutional limitation.
10. That the total amount of cash in the Sinking
Fund to retire outstanding bonds, is $ 10,000.00
11. That said Salt Lake City has never within the
ten years last past defaulted for fifteen days or
more in the payment of principal or interest of
any bonded debt authorized to be contracted by it.
III WITNA38 WRSREOF, I have hereunto set my hand this 14th
day of September, A. D., 1932.
C ty Auditor, Salt Lake , Utah.
ATTESTi
City Recorder
(Sr^.AL)
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