40 of 1932 - A resolution authorizing the issuance of $200,000.00 in Tax Anticipation Notes, Series of October 1, r `--------___i—
REMARKS:
; ...,„,....1.0; ,_ •
...
Resolution No. '40
.... e.
Ma.
By Commissioner rcus
. Authorizing the issuance of
• '„:.-.•,+ $200,000.00 in Tax Anticipation'
;.:., Motes, Series crf Oct. 1, 1932
bearing interest at the rate of
6% per annum.
I
,i-
' 1
, .....; '
-4 Vo : , PrUbtfitad en th.:.?Y'1.11:1.4 CNIrf!..rk.frittk
1.
VL I AND
_ k
OCT 1 1
4 i I
1 i
1 l'
t. 1:
I
\ ,
4
.i ..
ROLL CALL October llth 2
Salt Lake City,Utah, 193
VOTING AYE NAY
Finch I move that resolution No 40 by Mr Marcus
Keyser be adopted.
Knight
Lake
��
Mr.Chairman - - -
Mayor
Result
INGEBRETSEN, RAY&RAWLINS
ATTORNEYS AND COUNSELORS
SUITE 1011-17 WALKER BANK BUILDING
SALT LAKE CITY
October 14, 1932
Walker Bank & Trust Company
Salt Lake City, Utah
Gentlemen:
Re: Salt Lake City, Utah, Tax Anticipation Notes,
Series of October 1, 1932 - $200,000.00
This is to certify that we have examined a certi-
fied copy of the record of the proceedings of the Board of
City Commissioners of Salt Lake City, Utah, taken preliminary
to the issue by said City of its negotiable notes in the ag-
gregate amount of $200,000.00, bearing date the 1st day of
October 1932, numbered 1 to 8, both inclusive, in the de-
nomination of 425,000.00 each, payable on the 5th dsy of De-
cember, 1932, with interest thereon at the rate of six per
cent per annum, payable at maturity.
It is our opinion that such proceedings show lawful
authority for said issue of notes under the constitution and
laws of the State of Utah now in force; that said issue of
notes in the amount aforesaid is valid and legally binding up-
on said City; and that all of the taxable property in said City
is subject to a levy of tax to pay the same.
We further certify that we have examined note No. 1
of said issue and find the same in proper form and will be a
binding obligation when signed by the officers therein desig-
nated with the City seal attached.
Yours very truly,
INGRBRS11 R T, NLIN3
; AR:A By ""
_ � � \ I
WAII.Ii= R BAT S: T C O IPANY-
CAPITAL 51,500.000. til7RP1.1.1ti ti 710,000.
SALT LAKE CITY,UTAII
INVESTMUTMITMENT
October 14, 1932
Sr. Silton E. Lipman, Treasurer,
Salt Lake City Corporation,
City .r County Bldg.,
City.
Dear "`.r. Lipman:
I wish to advise that our attorney
has now api,lroved the issue of Salt Lake City Tax --n—
ticipation Pots, series of October 1, 1932, and
we will be ready to advance you fonds as you ne,d
t'..em at any time on these notes.
I am enclosing for your records a copy
of the attorney's opinion. I am also enclosing his
bill for $100.00, w ich amount kindly ',omit to us at
your convenience.
Yours very truly,
P41AIIV
,. K. Carlson,
Asst. Cashier.
OC:IP
r •
The Beard of City Commissioners of Salt Lake City, Utah, met in
regular session on the llth day of October , 1932,
at the hour of 10:00 o'clock A.M., at the regular meeting place of said Board
in the City & County Building, Salt Lake City, Utah. Mayor Marcus in the chair.
On roll call the following members were present:
John M. Knight. , Commissioner of Public Safety
Joseph H. Lalce. , Commissioner of Streets & Public Improvements.
Louis Marcus , Commissioner of Public Affairs & Finance.
Harry L. Finch, , Commissioner of Parks & Public Property.
George D. Keyser, , Commissioner of Water Supply& Waterworks, Chairman.
Also present Ethel i.:acdonald , City Recorder.
Commissioner Marcus introduced the following
resolution and moved its adoption:
RESOLUTION
WHEREAS, there is immediate and pressing need for raising funds to
the amount of Two Hundred Thousand ($200,000.00) Dollars for the purpose of meeting
the current expenses of the City for the year 1932 until the payment of taxes for
the year 1952, and
WHEREAS, the tax revenues of Salt Lake City, Utah, for the year
1952 will aggregate e2.001.741.59.
Dollars and the total revenue from all
assessed sources will aggregate $3,O10,471.59.
Dollars; and
WHEREAS, the sum of Two Hundred Thousand ($200,000.00) Dollars required
now to be raised is not in excess of said revenue as estimated for the year 1952.
NOW, THEREFORE, BE IT RESOLVED, that Salt Lake City, Utah, for the
purpose of meeting current expenses of said City for the year 1932 until the payment
of taxes for the year 1932, shall borrow the sum of Two Hundred Thousand ($200,000.00)
Dollars and for that purpose as evidence of such indebtedness shall issue eight
(8) notes therefd; notes numbered one (1) to eight (8), both inclusive, each note
being in the denomination of Twenty Five Thousand ($25,000.00) Dollars. Said notes
ti e C 1 6 ►
-2-
shall bear date of October 1, 1932. Shall bear interest at the rate of six per
cent (6%) per annum from date until paid and the same shall be payable at Walker
Bank & Trust Company, in Salt Lake City, Utah. Said notes shall be designated
"Salt Lake City Tax Anticipation Notes, Series of October 1, 1932." Said notes
shall be due and payable on the 5th day of December, A. D. 1932, in lawful money
of the United States and shall bear interest from and after the 1st day of October
A. D. 1932. Said notes shall be signed by the Mayor and attested by the City Re-
corder 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 each of said
notes, the certificate required by law. Said notes shall be in substantially the
following form, to-wit:
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY TAX ANTICIPATION NOTES
SERIES OF OCTOBER 1, 1932.
No. $25,000.00
KNOW ALL MEN BY THESE 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 Twenty
Five Thousand ($25,000.00) Dollars in lawful money of the United States on the
5th day of December, A. D. 1932, at the Walker Bank & Trust Company in Salt Lake
City, Utah, U. S. A., with interest thereon at the rate of Six per cent (6%) per
annum from date until paid, payable at maturity in like money on the 5th day of
December in the year 1932.
This note is one of a series of eight (8) notes of like tenor and
effect, numbered one (1) to eight (8), both inclusive, in the denomination of Twenty
Five Thousand ($25,000.00) Dollars each, and known as "Salt Lake City Tax Anticipa-
tion Notes, Series of October 1, 1932," for the aggregate sum of Two Hundred Thousand
($200,000.00) Dollars, 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 1932, a sufficient
tax to pay the principal and interest on this note as the same shall fall due,
and this note is issued in anticipation of such taxes for the year 1932.
It is hereby certified, recited and declared that the entire indebted-
ness of said city hereby incurred is not in excess of the taxes of said city levied
or to be levied for the current year 1932, and that said indebtedness was and is
contracted for the purpose for which said taxes are levied.
t .�
-3-
It is hereby certified, recited and declared that all conditions,
acts and things essential to the validity of this note 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 note 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 note according to its terms.
IN WITNESS WHEREOF, Salt Lake City has caused this note to be signed
by its Mayor, its corporate seal to be hereunto affixed, and attested by the City
Recorder as of this day of October, A. D. 1932.
Mayor ---�-�-^
ATTEST:
City Recorder.
(S E A L )
There shall be endorsed on each of said notes the following City Auditor's certificate:
"I hereby certify that this note is within the
lawful debt limit of Salt Lake City, Utah, and
is issued according to law.
CITY AUDITOR."
(S E A L )
BE IT FURTHER RESOLVED that all the covenants, statements, represen-
tations and agreements contained in said notes be and 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
authorized and directed to sign and execute said notes and the City Recorder is
hereby authorized and directed to attest and affix the seal of Salt Lake City to
each of said notes, and the City Auditor is hereby authorized and directed to place
upon said notes the certificate in the manner and form set forth above, and the
acts of said Mayor, City Recorder, and Auditor in so doing are and shall be the
act and deed of Salt Lake City.
BE IT FURTHER RESOLVED and ordered that the City Treasurer is hereby
authorized to deliver said notes to the purchasers thereof, as and when said notes
x ► ' r
-4-
may be and are legally issued and delivered, to-wit: Walker Bank & Trust Company,
Salt Lake City, Utah, pursuant to the terms of their bid which was accepted by the
Board of City Commissioners on the llth day of October A. D. 1932, 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 1932 a sufficient tax to pay principal and interest on said notes
as the same shall fall due and for the payment of said notes 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 notes to
levy in the year 1932 sufficient taxes to provide for the payment of the principal
and interest of said notes.
AND BE IT FURTHER RESOLVED that an emergency is hereby declared and
in the opinion of the Board of Commissioners because of the necessity for funds
with which to meet the current expenses of said city it is necessary to the peace,
health and safety of the inhabitants of Salt Lake City that this resolution take
effect at once.
This resolution shall take effect u adoption.
Mayor
Attes :
it Recorder
( SEAL )
The adoption of the foregoing resolution was seconded by Commissioner
Finch and the same on being put to a vote was unanimously carried
by the affirmative vote of all Commissioners present, the vote being as follows:
HARRY L. FINCH "AYE"
GEORGE D. KEYSER "AYE"
JOHN M. NT IGHT "AYE,"
JOSH H. LAKE, "AYE"
LOUIS EARCU Chairman "AYE"
Attest:
City Recorder - Mayor
s • f '. 1 + '
STATE OF UTAH
) ss.
COUNTY OF SALT LAKE )
I, Ethel Macdonald , the duly appointed, qualified and
acting Recorder of Salt Lake City, Utah do hereby certify that the attached and
foregoing are full, true and correct excerpts of the City Commission records showing
the action of said Board in accepting the bid of Walker Sauk & Trust Company for the
purchase of S2000000.00 Tax Anticipation Notes dated October 1, 1932, maturing
December 5, 1952, and bearing interest at the rate of 8% per annum; showing waiver
of the Industrial Commission of Utah to any right of purchase it may have by virtue
of Section 5108 of the Workmen's Compensation Act; showing fully true and correct
copy of bid made by the Walker Bank& Trust Co. and the acceptance thereof by the
Board of Coamisaioners; also full, true and correct excerpts from the City Coen ission
meeting shoeing the adoption of Resolution accepting bid of the Walker Bank& Trust
Co. and authorizing the issuance of eight notes in accordance therewith, all of which
appears of record in my office.
IN WITNESS WHEREOF I have hereunto met my hand and affixed the cor—
porate seal of said City thie llth day of October, A. D. 1952.
-----1-AnAttzytteviAllet
ity Recorder of
Salt Lake City, Ut.
p "
STATE 07 UTARI
SS.
County of Salt Lake,
I� Ethel Macdonald . the duly chosen, qualified and eating
City Recorder of Salt Lake City, Utah, do hereby certify that all Ordinances and
Resolutions passed by the Board of Coaniseioners of Salt Lake City, Utah, in oonneo-
tion with, referring or relating to the issuance by said Salt Lake City of its
$200s000.00 6% Tax Anticipation Notes, to be dated October 1, A. D., 1952, and mature
December 5, 1952, were passed at legal meetings of said Board, celled and held in
accordance with law and the rules and ordinances of said City and have been duly
recorded by see in a book kept by me for that purpose in my office.
IN WITNESS ? I have hereunto set my hand and affixed the Cor-
porate seal of said City this 11th day of October, A. D. 1952.
City Recorder
( SEAL )
*
CITY ►UDITOR'S CERTIFICATE
STATE OF UTAH )
SS
COUNTY OF SALT LAKE
I, SAMUEL F. N ICHOLLS , do hereby certify that I am the duly
sleeted, qualified and acting City Auditor of Salt Lake City, a municipal corpora—
tion of the State of Utah, and as sueh City Auditor do hereby certify to the follow—
ing feats:
1. That the taxable property within Salt Lake City, according to
the assessment for the year 1952 is 166,811,799.00
2. That the tax levy for Salt Lake City for the year 1952 was 12
mills which would raise a revenue by taxation of $2,001,741.59
and that the estimate revenues from taxation and other sources for the year 1952
will aggregate w 3,010,471.59
3. That the total authorised issue of Two Hundred Thousand ($200,-
000.00) Dollars, Salt Lake City Tax Anticipation Notes, Series of October 1, 1932,
and numbered from one (1) to eight (8) both Inclusive, have been legally issued and
delivered within the debt limit of Salt Lake City end within the estimated revenues
for the year 1932.
4. That the total bonded indebtedness of said city exclusive of this
issue of tax anticipation notes is1,9 22,000.00
Dollars,
that all of said last mentioned bonds were duly authorised by vote of the qualified
electors of Salt Lake City. Bond interest payable in 1932 is a351,477.50
Dollars.
6. That the aggregate amount of floating indebtedness of said Salt
Lake City of every nature whatsoever, exclusive of bonded indebtedness on
October 8th, , 1932, is $1,835,000.00
Dollars, consisting of
-2-
Tax Anticipation Notes, $1,800,000.00
Miscellaneous Notes Payable. t 35,000_no
and this issue of $200,000.00 8% Tax Anticipation Notes, Series of October 1, 1852,
have been issued in anticipation of the taxes and other revenue of said city for the
year 1932.
8. That said issue of Two Hundred Thousand Dollars ($200,000.00)
Tax Anticipation Notes is made in anticipation of the collection of taxes and other
revenues for the year 1952.
T. That said Salt Lake City Tax Anticipation Notes, Series of Octo-
ber 1, 1932, 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 1952, including this issue,
will not be in excess of the taxes and revenues for said year 1952.
8. That the total amount of cash in the sinking fund is
$10,000.00 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, authorised to be contracted by it.
IN WITNESS WHIRIOY, I have hereunto set my hand at Salt Lake City,
Utah, this 11th day of October, 1932.
City Auditor.
REGISTRATION CERTIFICATE
I, SAE UEL F. NICHOLLS , do hereby certify that I ern the duly
tu&14tied and acting City Auditor of Salt Lake City, State of Utah, that on the llth
day of October, 1932, I registered in my office Two Hundred Thousand ($2O0,000.00)
Dollars Tax Anticipation Motes, Series of October 1, 1952, of Salt Lake City, State
of Utah, denomination Twenty Five Thousand Dollars (A25,000.00) each, dated Octo-
ber 1, 1952, with interest at six per centum (e%) per annum, payable December 5, 1952,
said notes being numbered one (1) to eight (8), both inclusive, and payable December
5, 1952.
I FURTHER CERTIFY that there is a certificate endorsed on the bask
of each of said notes in the following form, all of which certificates have been
signed by ee.
•I hereby certify that this note is within
the lawful debt limit of Salt Lake City, Utah,
and is issued according to laws
City Auditor.a
WITNESS my official signature this 11th day of October, 1932.
City Auditor, Salt Lake City, Utah.
STATE OF UTAH )
ss.
COUNTY 0!SALT LAKE
I, Ethel Macdonald , the duly chosen, qualified and acting
City Reeorder of Salt Lake City, Utah, do hereby certify as follows;
1, That Salt Lake City, Utah, is a city of the first class, duly organised
and suiting under and in accordance with the laws of the State of Utah.
2. That the names of the members of the Board of Commissioners end other
municipal officers of said Salt Lake City are as follows;
NAME TIMM EXPIRES
LOUIS MARCUS, MAYOR . Mayor January 6th. 1916.
COMMISSIONER JOSEPH H. LAKE, January let. 1914.
COMMISSIONER GEORGE D. KEYSER. January 6th, 1936,
COMMISSIONER HARRY L. FINCH. January 1st, 1934,
COMMISSIONER JOHN Y. KNIGHT. January 6th, 193A_
CITY RECORDER ETHEL MACDONALD When sucpessor is appointed and
confirmed
CITY TREASURER MILTON E. LIPMAN' When succpcpor 4R appointed and,
confirmed.
CITY AUDITOR SAMUEL P. NICHOLLS' January 1st, 1934,
S. 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;1.5 o'clook_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 Two Hundred Thousand Dollars ($200,000.00) issue of Salt
Lake City, Utah, Bonds, Series of October 1, 1932, 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.
71
That said Ethel Macdonald as City Recorder and Milton E.
Lipman ae 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 netnow being Contested.
IN WITNESS WHERNOT, I have hereunto set my hand and offish(' the Cor-
k porate seal of Salt Late City this llth (layer October A. D. 1932.
City Recorder
*
SIGNATURE CERTIFICATE
We, the undersigned, officers of the City of Salt Lake City, State
of Utah, indicated by the official title opposite our names, do hereby certify that
we did on the 1st day of October, 1952, officially sign 2200,000.00 Tar. Antici-
pation Notes, Series of October 1, 1952, of the City of Salt Lake City, Utah, denom-
ination $25,000,00 each, dated October 1, 1952, interest six per centum (s%) per ennum
payable December 5, 1932, said notes being numbered one (1) to eight (3), both in-
clusive, and payable December 5, 1932, being at the date of such signatures the
duly chosen, qualified and acting officers indicated therein and authorised to execute
the same.
We further certify that NO LITIGATION of any nature is now PENDING
or THREATENED RESTRAINING or ENJOINING the issuance and delivery of said notes or
the levy and collection of taxes to pay the principal and interest, nor in any manner
questioning the proceedings and authority under which the same is made or affecting
the validity of the notes thereunder; that neither the CORPORATE EXISTENCE or BOUN-
DARIES nor the TITLE of the present OFFICERS to their respective offices is being
oonteited; and that no authority or proceedings for the issuance of said noted have
been repealed, revoked or rescinded.
Upon each of said notes is endorsed the following certificates
"I hereby certify that this note is within the lawful
debt limit of Salt Lake City, Utah, and is issued
according to law.
City Auditor."
Done and delivered at Salt Lake City, Utah, this day of
, 1952.
SIGNATURE OFFICIAL TITLE.
Mayer, Salt Lake City, Utah.
City Recorder, Salt Lake City, Utah.
City Auditor, Salt Lake City, Utah.
I hereby certify that the signatures of the officers above subscribed
are true and genuine.
nee President.
'PACER BANK AND TRUST COMPANY