HomeMy WebLinkAbout38 of 1929 - A resolution authorizing the sale of $700,000.00 worth of Tax Anticipation bonds for the support of - .
REMARICS:
--' Resolution No. 38
tBy Commtsooner
Authorizing the sale of
Tax Anticipation
$700,000.00 worth of/bonds
for the sueport of the City
Government for the year 1930. 11-
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DEC ic^?
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ROLL CALL
-
QTTNG AYE fi Y 2 Lake G December 20th Fi�Y,Utah, 192...9
Fehr I move that resolution No 38 by Mr
be adopted.
Moran
r..Chatrman
'Result _
The Board of City Commissioners of Salt Lake City, Utah met in
regular session on the 20th day ofDecember 192 9, at the hour of
4;3o o'clockR. E. at the regular meeting place of said Board in the City and
County Building, Salt Lake City, Utah.
Mayor Bowman in the chair.
On Roll Call the following members were present:
T. T. BURTON Commissioner of Public Safety
P. J. MORAN Commissioner of Streets &public Impt.
CH AS. IT. FEHR Commissioner of Public Affairs & Finance
HARRY L. FINCH Commissioner of Parks & Public Safety
JOHN F. B0':E1AN Mayor- Commissioner of Water Stipply & Waterworks
Also present Ethel Macdonald City Recorder.
Commissioner Chas. T;. Fehr introduced the following
resolution and moved its adoption:-
RESOLUTION
F RFAS, there is immediate and pressing need for raising funds
to the amount of Seven Hundred Thousand Dollars ($700,000.00) for the purpose
of meeting the current expenses of the city for the year 1S30 until the
payment of taxes for the year 1930, and
WHEREAS, the tax revenues of Salt Lake City, Utah for the year
1929 aggregated TWO, ',i'ilion,One Hundred One Thousand,Nir.e .fundredFifteea
&61/100 ( 2,101,915.61) Dollars - - - - - - - - and the total
revenue from all assessed sources was Three `Aillion,Fifty-four Thousand,
Three Hundred Forty-four ana 76/100 Dollars $3,054,344.76
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
tine the assessment for the year 1930 has not yet been made; and
WHEREAS, the sum, of Seven Hundred Thousand Dollars ($700,000.00)
required now to be raised is not in excess of said revenue as estimated for
the year 1930.
NOW, THEREFORE, BE IT RESULTED, that Salt Lake City, Utah for the
purpose of meeting current expenses of said city for the year 1930 until
the payment of taxes for the year 1930, shall borrow the sum of Seven Hundred
Thousand Dollars ($700,000.00) and for that purpose as evidence of such indeb-
tedness shall issue thirty two (32) bonds thereof, bonds number one (1) and
Two (2) being in the denomination of Fifty Thousand Dollars ($50,000.00), each,
bonds numbered three (3) to twenty-two (22) inclusive being in the denomination '
of twenty-five thousand dollars each ($25,000.00) and bonds numbered twenty-
three (23) to thirty-two (32) inclusive being in the denomination of ten
thousand dollars each($10,000.00). Said bonds shall bear date of January 2,
1930. Shall bear interest at the rate of four and one-quarter (4 1/45) per
annum from date until paid. Interest payable annually at maturity on the
31st day of December, 1930 in accordance with interest coupon thereto attached
and both r rincipal and interest shall be payable at the First ) tional Bank of
Boston, in Boston, Massachusetts. Said bonds shall be designated "Salt Lake
City Bonds, Series of January 2, 1930,n said bonds shall be due and payable
on the 31st day of December, A. D. 1930 in lawful money of the United States
and shall bear interest from and after the 2nd day of January, A. D. 1930.
Said bonds shall be signed by the Mayor and attested by the City Recorder under
the seal of the city and shall be registed in a book kept by the City Auditor
for that purpose, and the City Auditor shall endorse on each of said bonds,
the certificate required by law. Said bonds shall be in substantially the
following form, to wit:
UNITED STATES OF AMERICA
STATE. OF UTAH
COUNTY OF SALT LAZE
SALT LAZE CITY BONDS
Series of January 2, 1930
No. $
KNOW ALL YEN BY RHESE 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 money of the United States ontbe 31st day of December, A. D. 1930
at the ?first National Bank of Boston, in Boston, Massachusetts, U. S. A.
with interest thereon at the rate of four and one-quarter per cent (4 1/4%)
per annun from date until paid, ayable at maturity in like money on the 31st
day of December in the year 1930, said interest being represented by interest
coupon hereto attached.
This land is one of a series of thirty-two (32) bonds of like tenor and
effect numbered from one (1) to thir -two (32) inclusive, bonds numbered
one (1) and two (2) in the denomination of fifty thousand dollars ($50,000.00)
each, bonds numbered three (3) to twenty-two (22) inclusive in the denomina-
tion of twenty-five thousand dollars ($25,000.00) each, and bonds numbered
twenty-three (23) to thirty-two (32) inclusive in the denomination of ten
thousand dollars ($10,000.00) each, and known as "Salt Lake City Bonds, Series
of January 2, 1930" for the aggregate sun of Seven Hundred Thousand Dollars
($700,000.00) issued pursuant to section 570X6 Compiled Laws of Utah, 1917,
and all acts amendatory thereof and supplemental thereto.
The City of Salt Lake shall levy in the year 1930, a sufficient tax to
pay the principal and interest on this bond as the same shall fall due, and this
bond is issued in anticipation 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 of 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 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 there-
of 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 _rincipal and interest of this bond according
to its terms.
IN NITNES WHEREOF, Salt Lake City has caused this bond to be sighed by
its Mayor, its corporate seal to be hereunto affixed, and attested by the
City Recorder and the coupon attached hereto to be authenticated by the
facsimile signature of the City Treasurer as of this 2nd day of January,
A. D. 1930.
ATTEST: Mayor
City Recorder.
(SEAL)
—3—
To each of said bonds shall be attached a coupon for the installment
of interest, which said coupon shall be numbered one (1) with the date of
payment and number of bond, which said coupon shall be in substantially the
following form, to-wit:
(Form of Coupon)
No. 1 $
On the thirty-first day of December, A. D. 1930, Salt Lake City,
Utah will pay to the bearer hereof at the First National Bank of Boston,
in Boston, Massachusetts, U. S. A. the sin of
Dollars in lawful money of the United States of America,
being one years interest then due on its coupon bond dated January 2, 1930.
Bond No.
City Treasurer.
There shall be endorsed on each of said bonds the following City Auditor's
Certificate:
"I hereby certify that this bond is within the
lawful debt limit of Salt Lake City, Utah and
is issued according to law.
City Auditor.
(SEAL)
BE IT FURTHER RESOLVED that all the covenants, statements, representations
and agreements contained in said bonds beard the same 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 author-
ized and directed to sips and execute said bonds and. the City Recorder is
hereby authorized and directed to attest and affix the seal. of Salt Lake City
to each of said bonds, Ara the City Auditor is hereby authorized and directed
to place upon said bonds the certificate in the manner and form set forth above
and the coupon of said bonds shall bear the original or facsimile signature
of the City Treasurer and the acts of said Mayor, City Recorder, Treasurer,
and Auditor in so doing are and shall be the act and deed of Salt Lake City.
i
BE IT FM:THER RESOLVED and ordered that the City Treasurer is
hereby authorized to deliver said bonds to the purchasers thereof, as and
when said bonds may be and are legally issued and delivered, to-wit:
The Old Colony Corporation, R. I. Pressprich and Company, First
National Corporation and Edward L. Burton& Company, pursuant to the terms
of their bid which was accepted by the Board of City Commissioners on the
17th day of December, A. D. 1929, upon receipt of the purchase price
therefor. Copy of said bid is hereto attached.
BE IT FURTHER RESOLVED that the Board of City Commissioners shall
levy in the year 1930 a sufficient tax to pay principal and interest on said
bonds as the same shall fall due and for the payment of said bonds 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 bonds to levy in the yar 1930 sufficient taxes to provide for
the payment of the principal and interest of said bonds.
This resolution shall t>' effect upon
.n,__,
Mayor
ATTES •
City Recorder.
(SEAL)
The adoption of the foreeping resolution was seconded by
Commissioner Harry L. Finch and the same on being put to a vote was
unanimously (tarried by the affirmative vote of all Commissioners present,
the vote being as follows:
John F. Bowman Mayor "Aye"
Chas. H. Fehr _ Commmissioner"Aye"
T. T. Burton, Cosmirsioner"Aye"
Harry L. Finch Commissioner„Aye"
1 . J. 'loran Commissioner"Age"
Mayor.
ATTEST:
City Recorder. '
(SEAL) -5-
CITY RECORDER'S CERTIFICATE
STATE OF UTAH
) SS
COUNTY OF SALT 1'.4T'a')
I, Ethel '_'wco on l d the duly chosen, qualified and acting
City Recorder of Salt Lake City, Utah, do hereby certify that the foregoing
is a full, true and correct copy of the proceedings of a regular meeting
of the Board of Coccnissioners of Salt Lake City, Utah, held on Friday
the twentieth dey of Dece.nber 192 9 at the hour of
4:30 o'clock,$. M., insofar as the sane refer to or concern the
issue of $700,000.00 Tax Anticipation Bons of Salt Lake City, Series of
January 2, 1930.
IN WITNESS WHEREOF, I have hereunto set wy hand and the seal
of said Salt LakeCity, Utah this 21st day of Decernbek A. D.
192_.
n.�, P
Z ' V4 , _
-City Recorder.
(SEAL)
—6—
CITY AUDITOR'S CERTIFICATE
STATE OF WAR
) SS
COUNTY OF SALT LASE)
I, , do hereby certify that I am the duly
elected, qualified and acting City Auditor of Salt Lake City, a municipal
corporation of the State of Utah, and as such City Auditor do hereby certify
to the following facts:
1. That the taxable property within Salt Lake City, accadding to
the assessment for the year 1929 is 184,138,931"
Dollars
2. That the tax levy for Salt Lae City for the year 1929 was
11.6 mills which would raise a revenue by taxation of
2,101,915.61 ' Dollars and that the
total revenue from all sources was o,054,344.76 r
Dollars end 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 assessment for
the said year 1930 has not yet been made.
3. That the total authorized issue of $700,000.00 Salt Lake City
Tax Anticipation Bonds, Series of January 2, 1930, and numbered from one (1)
to thirty-two (32) both inclusive, have been legally issued and delivered with-
in the debt limit of Salt Lake City and within the estimated revenues for the
year 1930.
4. That the total bonded indebtedness of said city exclusive
of this issue of tax anticipation bolds is 5,784,200.00
Dollars, that all of said
last mentioned bonds were duly authorized by vote of the qualified electors
of Salt Lake City. Bond interest payable in 1930 is
255,786.50 ' Dollars.
5. That the aggregate amount of floating indebtedness of said
Salt Lake City of every nature whatsoever, exclusive of bonded indebtedness
on January 2, 1930 is 82,086.49
Dollars
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I
6. That said issue of Seven Hundred Thousand Dollars (8700,000)(y
Tax Anticipation Bonds is made in anticipation of the colledtion of taxes and
other revenues for the year 1930.
7. That said Salt Lake City Tax Anticipation Bonds Series of
January 2, 1930 are general obligations and payable out of the taxes to be
levied on all taxable property in Salt Lake City, together with other
revenues received from all sources during said year by said city and the
aggregate amount of indebtedness as incurred in anticipation of the taxes
of said year, 1930, including this issue will not be in excess of the
taxes and revenues for said year, 1D30.
S. That the total amount of cash in the sinking fund is
5,000.00 Dollars
9. That Salt Lake City, Utah, 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, authgrized to be contracted by it.
-,-Z.-- -- .-- ---111----- Z
City Auditor, Salt Lake Cit tah.
(SEAL)
-5-
I
STATE CF UTAH
SS
COUNTY OF S-.LT LAP )
I, Ethel Macdonald. the d'ly a_pointed, qualified and
acting City Recorder of Salt Lake City, Utah, do hereby certify that the
foregoing certificate is a financial statement of Salt Laic City, Utah,
as furnished by the City Auditor of said City and that the signature attached
thereto is the official signature of said Auditor.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
21st
corporate seal of said Salt Lake City, Utah, this day of
Decenfber 192 9 nn
City Recorder.
(SEAL)
-9-
STATE OF UTAH > SS
COUATT OF SALT LAZE)
I, Ethel Ma.cconn_ld, the duly chosen, qualified and acting City
Recorder of Salt ya;o: City, Utah, do hereby certify as follows;
1. That Salt Lake City, Utah, is a City of the first class, a my
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:
JOHIT F. BO`a1AE. • Tema Expires Zan. 2, 1932
Commissioner Chas. P. Fehr Term wires Jan 2nd, 1932
Commissioner T. '2. Burton, Tenn Expires Jan 2, 1932
Corraissioner P. J• '-?ora.n Term Fxoires/Toon Tan.6, 1930
Commissioner Harry L. Finch Term Expires goon Jan.6,1930
'.7fien succeceor is appoint
City Recorder Ethel s.ec-ont1d Term Expires ed and qual if led
';7hen successor isappointed:
City Treasurer Parley L. `White Term Expires and qualified
City Auditor, Alvin Kedd inpton Tenn Expires Noon Jun . 6, 1 y30
3. That the regular meetings of the Board of Commissioners are
held as follows:
Tuecda.ys 10:CC A.L.
Tuescays 5:15 P.M.
Bednesdays 10:00 ,. ..
Th.irsdays 10:00 A.M.
4. That there is no litigation pending or threatened affecting
in any way the legality of the Seven Eundred Thousand Dollars ($700,000.00)
issue of Salt Lake City, Utah Bonds, Series of January 2, 1930, or any similar
issue of bonds, issued by said Salt Lake City, or the boundaries of said
city, or the title to office of any of the officers thereof.
IA '-;ITAESS ISHERFAF, I have hereunto set my hand and affixed the
cdcrporate seal of said Salt Lake City, this 21st day. of December
r
P
u
City Recorder.
(SEAL)
—10—
STATE OF UTAH )
) SS
COUNTY OF SALT LAiz)
ALVIsi K71_!I1'0TO TT , the duly chosen, qualified and
acting City Auditor of Salt Lake City, Salt Lake County, Utah, do hereby
certify that, prior to the issuance and deliver]of S700,000.00 Salt Lake City
Tax Anticipation Bonds, Series of January 2, 1930, dated January 2, 1930,
due and payable December 31, 1930, interest at the rate of four and one-
quarter per cent (u}v) payable at maturity, numbered from one (1) to
thirty-two (32) both inclusive, I, as City Auditor did duly sign and
execute a certificate on each of said bonis, said certificate reading as
follows:
"I hereby certify that this bond is within the lawful
debt limit of Salt Lake City, Utah, and is issued
according to law.„
City pneitor
IN i?ITTESS ?THEREOF, I have hereunto set my official hand at
Salt Lake City, Utah, this 21st of ece nber A. D. 192
Ci- y Auditor.
(SEAL)
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'+fir.
STATE OF UTAH
) SS.
COUNTY OF SALT ;AKE)
I,ALVIN KEDDI''IGTON the duly chosen and acting City
Auditor of Salt Lain City,'Salt Lake County, Utah, do hereby certify that
no bonds other than the $700,033.00 issue of 1$ Tax Anticipation Bonds
of said City, dated January 2, 1930, due Deceiber 31, 1930, numbered from
one (1) to thirty-two (32) inclusive, be,aing interest at the rate of four
and one-quarter per cent (144) per anaum, have been issued in anticipation
of the taxes of sad city for the year 1930.
IN i"ITNySS 11-MRECF, I have hereunto set my hand at Salt Lake
City, Ute , this 21st day of December -7
192y9_.
City Auditor,'a1t Lake City, Utah.
(SEAL)