HomeMy WebLinkAbout39 of 1968 - A resolution providing for the issuance and sale of $5,000,000, Tax Anticipation Bonds of Salt Lake 39
Resolution No.
MAYOR J. BRACKEN LEE
• By ---—
COMMISSIONER
Providing for the issuance and sale of
$5,000,000.00 Tax Anticipation Bonds
of Salt Lake City, Utah, Series of
July 1, 1968.
Fremted to tho Board of Commissionert
AND PASSED
I19C,E1
CU Y RECORDER
Ir
R60. 88-66.500
ROLL CALL
VOTING Aye Nay Salt Lake City,Utah, June 20 196 8
Barker . . . .
Catmull I move that the Resolution be adopted.
Gam .
Harrison . . ..
Mr. Chairman .
RESOLUTION
Result . . . . t
The Board of Commissioners of Salt Lake City, Salt
Lake County, Utah met in regular session on Thursday, the
20th day of June, A.D., 1968, at the hour of 10:00 o'clock,
A.M., at its regular meeting place in the City and County
Building, Salt Lake City, Utah. The meeting was called to
order by Mayor J. Bracken Lee, and on roll call the following
members were present:
J. Bracken Lee, Mayor and Commissioner of Public
Affairs and Finance
Conrad B. Harrison, Commissioner of Parks and Public
Property
George B. Catmull, Commissioner of Streets and Public
Improvements
E. J. Garn, Commissioner of Water Supply and
Waterworks
James L. Barker, Jr., Commissioner of Public Safety
Also Present:
Herman J. Hogensen, City Recorder
Jennings Phillips, Jr., City Treasurer
Commissioner ConradB.Harrison introduced and
moved the adoption of the following resolution which resolution
was adopted by the following vote:
Aye: J. Bracken Lee
Conrad B. Harrison
George B. Catmull
E. J. Garn
James L. Barker, Jr.
Nay: None
The resolution is as follows:
- 2 -
R E S O L U T I O N
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF FIVE MILLION
DOLLARS ($5,000,000.00) TAX ANTICIPATION BONDS OF SALT LAKE CITY,
UTAH, SERIES OF JULY 1, 1968.
WHEREAS, there is an immediate and pressing need for
the raising of funds in the amount of Five Million Dollars
($5,000,000.00) for the purpose of meeting the current expenses
of Salt Lake City for the fiscal year ending June 30, 1969,
until the payment of taxes and the receipt of other revenues for
said fiscal year, and
WHEREAS, the sum of Five Million Dollars ($5,000,000.00)
now to be raised, together with other indebtedness incurred for
the purpose of meeting the current expenses of Salt Lake City
for the fiscal year ending June 30, 1969, is not in excess of
the revenues to be raised for the fiscal year July 1, 1968
through June 30, 1969.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMIS-
SIONERS OF SALT LAKE CITY, UTAH:
Section 1. The City of Salt Lake City, Salt Lake
County, Utah, for the purpose of meeting expenses of said city
for the fiscal year July 1, 1968 through June 30, 1969, until
the payment of taxes and other revenues for such fiscal year
shall borrow the sum of Five Million Dollars ($5,000,000.00)
and for that purpose and as evidence of such indebtedness shall
issue fifty-five bonds, forty-five (45) of the denomination of
One Hundred Thousand Dollars ($100,000) each, and ten (10) of
- 3 -
the denomination of Fifty Thousand Dollars ($50,000) each,
numbered one (1) to fifty-five (55), both inclusive, dated
July 1, 1968, due and payable June 30, 1969, bearing interest
at the rate of three and seventy-nine hundredths per cent
(3.79%) per annum, interest payable at maturity, both principal
and interest being payable at the Head Office of Walker Bank &
Trust Company, Salt Lake City, Utah. Each of said bonds shall
be redeemable at the option of the City on or after January 15,
1969, at the price of par plus accrued interest to date of
redemption by the City giving written notice to and depositing
funds equal to the redemption price with the paying agent bank.
Said bonds shall be signed by the Mayor and countersigned by
the City Recorder under the seal of the City, and shall be
registered in a book kept by the City Auditor for that purpose
and the City Auditor shall endorse on said bonds the certificate
required by law. Said bonds shall be in substantially the follo-
ing form:
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY
TAX ANTICIPATION BOND
Series of July 1, 1968
No. $
KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City,
in the County of Salt Lake, State of Utah, hereby acknowledges
itself to be indebted and for value received hereby promises to
pay the bearer hereof the sum of
DOLLARS ($
- 4 -
in lawful money of the United States of America on the 30th day
of June, A. D., 1969, at Head Office, Walker Bank and Trust
Company, Salt Lake City, Utah, or at Manufacturers Hanover Trust
Company, New York City, New York, with interest thereon at the
rate of three and seventy-nine hundredths percent (3.79%) per
annum, from date until paid, interest payable at maturity, redeem-
able on or after January 15, 1969, at par plus accrued interest.
This bond is one of a series of fifty-five (55) bonds
of like tenor and date numbered from one (1) to fifty-five (55)
inclusive, and known as "Salt Lake City Tax Anticipation Bonds,
Series of July 1, 1968", for the aggregate sum of Five Million
Dollars ($5,000,000.00), issued pursuant to Section 10-8-6,
Utah Code Annotated, 1953.
The governing body of Salt Lake City shall levy in the
fiscal year ending June 30, 1969, a sufficient tax and shall
provide for the collection of sufficient revenues other than
taxes to pay the principal and interest on this bond as the
same shall fall due, and this bond is issued in anticipation
of the payment of such taxes and the collection of such revenues
for the fiscal year ending June 30, 1969.
It is hereby certified, recited and declared that the
entire indebtedness of said City hereby incurred is not in excess
of the taxes and other revenues of said City to be levied and
collected, for the fiscal year ending June 30, 1969, and that said
indebtedness was and is contracted for the purpose for which said
taxes and revenues are levied and to be collected.
It is 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 re-
quirement of law affecting the issue hereof 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 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, Salt Lake City has caused this
bond to be signed by its Mayor, its corporate seal to be here-
unto affixed, and countersigned by its City Recorder, as of the
1st day of July, 1968.
(do not sign)
Mayor
Countersigned:
(do not sign)
City Recorder
(SEAL)
- 5 -
There shall be endorsed on said bonds the following
Certificate:
"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.
(do not sign)
City Auditor
Section 2. All the covenants, statements, representa-
tions and agreements contained in said bonds are hereby adopted
as covenants, statements, representations, agreements and pro-
mises of Salt Lake City, Utah.
Section 3. The Mayor of Salt Lake City is hereby
authorized and directed to sign and execute said bonds and
the City Recorder is hereby authorized and directed to counter-
sign the same and affix the seal of Salt Lake City to said
bonds and 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 act of the Mayor, City Recorder and
City Auditor in so doing are and shall be the act and deed of
Salt Lake City.
Section 4. The Board of Commissioners shall levy in
the fiscal year ending June 30, 1969, a sufficient tax or provide
for the collection of sufficient revenues to pay the principal
and interest on said bonds as the same shall fall due and for
the payment of said bonds and the interest thereon the full,
- 6 -
faith, credit and taxing power of Salt Lake City are hereby
irrevocably pledged and the Board of Commissioners hereby
covenants with the holders of said bonds that it will levy
in such fiscal year sufficient taxes and provide for the collec-
tion of sufficient revenues for the payment of the principal and
interest of said bonds.
Section 5. Walker Bank and Trust Company and United
California Bank have offered to purchase said bonds at a price
of par plus accrued interest to the date of delivery of said
bonds plus a premium of $0.00 which price is satisfactory to
the Board of Commissioners and which offer is the highest, best,
and most advantageous received for the purchase of said bonds.
Said offer is and the same is hereby accepted and the City
Treasurer is hereby authorized and directed to deliver said
bonds to the purchaser thereof upon receipt of the purchase
price therefor.
Section 6. In the opinion of the Board of Commissioners
because of the necessity for funds to meet the current expenses
of Salt Lake City, an emergency is hereby declared it being
necessary for the peace, health and safety of the inhabitants
of Salt Lake City that this resolution shall take effect at once.
Section 7. This resolution shall take effect immediately.
PASSED by the Board of Commissioners of Salt Lake City,
Utah, and approved this 20th day of June-i 1968.
t ,-
Mayor
ATTEST:
kCit 51 der
- 7 -
STATE OF UTAH )
ss.
COUNTY OF SALT LAKE )
I, HERMAN J. HOGENSEN, the duly chosen, qualified and
acting City Recorder of Salt Lake City, Salt Lake County, Utah
do hereby certify as follows:
1. The foregoing and attached pages are a full, true
and correct copy of the minutes of a regular meeting of the Board
of Commissioners of Salt Lake City, Utah duly and lawfully called
and held on Thursday, the 20th day of June, 1968 at the hour of
10:00 o'clock A.M. insofar as the minutes of such meeting refer
to or concern the issuance of $5,000,000.00 Salt Lake City, Utah
Tax Anticipation Bonds, Series of July 1, 1968; that said minutes
and the resolution contained therein have been duly recorded
in my office in a book kept for that purpose; that said meeting
was duly called and lawfully held at the time and place specified
by ordinance of said City for regular meetings of said Board of
Commissioners establishing each Tuesday, Wednesday and Thursday
at 10:00 o'clock A.M. as the time and the City Commission Chambers
in the City and County Building, Salt Lake City, Utah, as the
place for the holding of regular meetings of said Board of
Commissioners; that I personally attended said meeting and that
the foregoing proceedings were in fact held as in said minutes
specified.
2. Salt Lake City, Utah is a city of the first class,
was incorporated on January 6, 1851, and according to the United
- 8 -
States census for the year 1960 had at that time a population
of 189,454.
3. The names of the members of the Board of Commis-
sioners and municipal officers of Salt Lake City are as follows:
Mayor J. Bracken Lee Term Expires: 1-3-72
Commissioner George B. Catmull Term Expires: 1-3-72
Commissioner James L. Barker, Jr. Term Expires: 1-5-70
Commissioner Conrad B. Harrison Term Expires: 1-5-70
Commissioner E. J. Garn Term Expires: 1-3-72
City Auditor Lawrence A. Jones Term Expires: 1-5-70
City Treasurer Jennings Phillips, Jr. Term Expires: Appointed
January 24,
1963 - Still
in Office
City Recorder Herman J. Hogensen Term Expires: Appointed
May 15, 1956
Still in
Office
4. There is no litigation pending or threatened affecting
in any way the legality of the $5,000,000 Salt Lake City, Utah
Tax Anticipation Bonds, Series of July 1, 1968, or any similar
issue of bonds issued by Salt Lake City or the boundaries of
the City or the title to office of any of the officers thereof.
5. No referendum petition has been filed affecting in
any way the resolution passed by the Board of Commissioners of
Salt Lake City, Utah on June 20, 1968, which resolution authorized
the issuance of $5,000,000 Salt Lake City, Utah Tax Anticipation
Bonds Series of July 1, 1968.
- 9 -
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the corporate seal of Salt Lake City this ?.,pV` day
of QAmAA , 1968.
(Seal) Ci `orderr
•
- 10 -
STATE OF UTAH )
) ss.
COUNTY OF SALT LAKE )
I, LAWRENCE A. JONES, the duly chosen, qualified and
acting City Auditor of Salt Lake City, Utah do hereby certify
as follows:
1. The total assessed valuation
of all taxable property within the City,
according to the assessment for the year
1967 as fully equalized, was $ 305,377,702.00
and for the year 1968 will not be less
than $ 314,050,469.00
2. The tax levy for the City
for the year 1967 was 24 mills and
produced the sum of $ 7,388,189.00
and license fees and other revenues received
during the fiscal year ending June 30,
1968, exclusive of such taxes, is $ 6,111,811.00
3. The estimated expenses for
the fiscal year ending June 30, 1969 will
be $ 13,631,000.00
which sum it will be necessary to raise
by taxes and other revenues during the
fiscal year ending June 30, 1969.
4. The estimated tax levy for the
year 1968 is 24 mills, which is esti-
mated to produce the amount of $ 7,968,463.00
and the license fees and revenues other
than from general taxes of Salt Lake
City for the fiscal year ending June 30,
1969 are estimated to produce $ 5,662,537.00
so that the total estimated taxes and
other revenues of Salt Lake City levied
and to be collected for the fiscal year
ending June 30, 1969 are $ 13,631,000.00
of which there has been received to the
date this certificate bears the sum of . . . $ None
5. The taxes heretofore levied for
all previous years not yet collected or
paid to said City which are outstanding
and uncollected on the date this certificate
bears are approximately $ 284,393.00
- 11 -
6. The total authorized issue
of $5,000,000 Salt Lake City Tax Antici-
pation Bonds, Series of July 1, 1968, may be
legally issued and delivered within the
debt limit of said City, is not in excess
of the estimated taxes and other revenues
of said City for the fiscal year ending
June 30, 1969 and is made in anticipation
of the collection of such taxes and other
revenues.
7. The total indebtedness of said
City made in anticipation of the collection
of taxes and other revenues for the fiscal
year ending June 30, 1969, including the
present issue of $5,000,000 Salt Lake City,
Utah Tax Anticipation Bonds, Series of
July 1, 1968, is $ 5,000,000.00
8. The aggregate amount of floating
and other indebtedness of said City of every
nature whatsoever, including all outstanding
warrants in excess of the funds on hand and
available for payment of such warrants,
other than the indebtedness mentioned in
paragraphs 7, 9 and 10 is $ None
9. The City has revenue bonds out-
standing in the sum of $ 245,000.00
of which $ 20,000.00
is required for principal and interest
payments during the fiscal year ending
June 30, 1969.
10. The total bonded general
obligation indebtedness of said City,
exclusive of the present issue of
$5,000,000 Salt Lake City, Utah Tax
Anticipation Bonds, Series of July 1,
1968, is $ 17,755,000.00
and the total amount of cash in all sinking
funds of the City set aside for payment
of such indebtedness is not less than $ 1,590,991.00
11. The 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.
- 12 -
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the corporate seal of Salt Lake City, Utah, this 1st
day of July, 1968.
y ity Audit
alt)ake City, tah
ATTEST:
CiyRec 1A "#'
Salt Lake City, Utah
(Seal)
- 13 -
STATE OF UTAH
) ss.
COUNTY OF SALT LAKE )
The undersigned officers of Salt Lake City, Utah
indicated by the official title opposite our names hereby
certify that on or before July 1, 1968 we, and each of us,
officially executed each of the $5,000,000 Salt Lake City,
Utah Tax Anticipation Bonds, Series of July 1, 1968, dated
July 1, 1968, forty-five in the denomination of $100,000
each and ten in the denomination of $50,000 each, numbered
1 to 55, both inclusive, bearing interest at the rate of three
and seventy-nine hundredths percent (3.79%) per annum, both
principal and interest being due and payable on June 30, 1969,
by signing said bonds in the manner and capacity indicated by
our signatures and titles subscribed hereto being on the date
this certificate bears and at the time said bonds were signed
by us, the duly chosen, qualified and acting officers of Salt
Lake City, Utah indicated by said titles and authorized in all
respects to execute the same.
We further certify that NO LITIGATION of any nature
is NOW PENDING or THREATENED, RESTRAINING or ENJOINING the
issuance of and delivery of said bonds or the levy and collec-
tion of taxes and other revenues to pay the principal and
interest of the same nor in any manner questioning the pro-
ceedings and authority under which the same are issued or the
validity thereof; that neither the corporate existence or
- 14 -
boundaries nor the title of the present officers to their
respective offices is being contested; that no authority or
proceedings for the issuance of said bonds has been repealed,
revoked or rescinded.
The corporate seal of Salt Lake City, Utah is im-
pressed on each of said bonds.
The undersigned Auditor further certifies that he
has executed on the back of said bonds a certificate reading
substantially as follows:
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.
(do not sign)
City Auditor
IN WITNESS WHEREOF, we have hereto affixed our signa-
tures and impressed thereon the official seal of Salt Lake City,
Utah on this first day of July, 1968.
- n ture Official Title
i �/G <2 L L. �
z '�/ Mayor, Salt Lake City, Utah
/ )1 ,0,0410. d\N City Recorder, Salt Lake City, Utah
,e-<=-.ecr���. :r,-✓,, City Auditor, Salt Lake City, Utah
% /
/ I he eby certify that the signatures of the officers
above subscribed are true and genuine.
WALKER BANK & TRUST CO Y
istant ce President
- 15 -
STATE OF UTAH )
) ss
COUNTY OF SALT LAKE )
RECEIPT
I, Jennings Phillips, Jr., the duly chosen, qualified
and acting Treasurer of Salt Lake City, Utah, do hereby certify
that I have on this 1st day of July, 1968, received from Walker
Bank & Trust Company and United California Bank the purchase
price for $5,000,000 Salt Lake City, Utah, Tax Anticipation
Bonds, Series of July 1, 1968, Bonds No. 1 through No. 45 in
the principal amount of $100,000 each and Bonds No. 46 through
55 in the principal amount of $50,000 each maturing June 30,
1969 and bearing interest at the rate of 3.79, per annum, said
purchase price being as follows:
Principal $ 5,000,000.00
526.39
Accrued Interest OXkMk
Premium 0.00
5,000,526.39
TOTAL $ QQ0 :Q hiiO
I hereby certify that the officers who signed the bonds,
viz: J. Bracken Lee, Mayor, Salt Lake City, Utah, Lawrence A.
Jones, Auditor, Salt Lake City, Utah, and Herman J. Hogensen,
Recorder, Salt Lake City, Utah, are still in office.
Dated this is of July, 196 .
llfi 'i'r LC�_ C '1 7'
Tr asurer S It Lake City, tah
'
(SEAL)