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42 of 1931 - A resolution authorizing the issuance of $1,000,000.00 in Tax Anticipation Notes, to bear date of Ja REMARKS: _ Resolution No. By Commissioner Fehr Authorizing the issuance of 4'1,000,000.00 in Tax Anti- cipation Notes, to bear date of Jan. 2, 132 bearing interest at the rate of not to exceed 6% per annum. 'e:1 C,ImmKsioners T31 - ROLL CALL - 4,-.11 VOTING AYE NAY Salt Lake City,Utah, 192 Burton • Fehr 72-il-U1 _ I move that resolution No 42 by Mr Finch be adopted. giNe LAKE Mr.Chairman - - - Result II The Board of City Commissioners of Salt Lake City, Utah, met in regular session on the 24thday of December, 1971, at I the hour of 2:30___ P. M. at the regular meeting place of said Boarld in the City & County Building, Salt Lake City, Utah+ in accordance with th recess take ayor Bowman in the chair. 11 On roll call the following members were present: 1 _ T. T. RURTON , Commissioner of Public Safety. j Cfi&S. N. FEHR „ ®omslr.of Public Affairs and Finance. j i ! JOSEPH H. AXE : Coms'r. of Streets and Public Improve*ent: , Coms'r. of Parks & Public Property. II , Coms'r. of Water Supply & Waterworks, Chairman!. Also present ETHEL M CDONALD , City Recorder. I Commissioner _ __Fehr introduced the follow— ii 1ing resolution and moved its adoption. i i RESOLUTION. j !I WHERF1B, there is immediate and pressing need for raising funds to the amount of One Million Dollars ($1,000,000.00) for the imurmose of meeting the current expenses of the City for the year 197.2 until the mayment of taxes for the year 1972, and WHEREAS, the tax revenues of Salt Lake City, Utah, for the Near 19•: will aggregate Two Million 'Twentyfive Thousand, j i;. I Three Hundred One and 04/100 ( 2,Ofd6,301.04:) Dollars and the total ! 1 lrevenue from all assessed sources will aggregate Three Million, One: o 4Iundred Ninety-one Thousand, Eight Hundred One and 04/100 1 I ;(03,191,801.04) Dollars; and I III WHEREAS, the sum of One Million (01,000,000.00) Dollars required now to be raised is not in excess of said revenue as esti—i !!mated for the year 1932. i NOW, THEREFORE, BE IT RESOLVED, that Salt Lake City, Utah lifor the purpose of meeting current expenses of said City for the !gear 1932 until the payment of taxes for the year 1932, shall borromf the sum of One Million (5xl,000,000.00) Dollars and for that purpose ! Ilas evidence of such indebtedness shall issue fifty-Ohe (5/)' notes li I II i thereof, notes numbered one (1) to fifty-one (51), both inclusive; 11 notes numbered one (1) to five (5), both inclusive, being, in the denomination of Ten Thousand Dollars ($/0,00O.07) each, notes num- Ihered six (C) to sixteen (I6), both inclusive, being in the denomin - tion of Five Thousand Dollars (�5,000.O0) each, and notes numbered '(seventeen (17) to fifty-one (5i), both inclusive, being in the denoi - i !nation of Twenty-five Thousand Dollars (M5,oco.00) each. Said notes i Ohall bear date of January 2, 1952. Shall bear interest at the rate of not to exceed six (6%) per cent per annum from date until said arXd . )the same shall be payable at the office od the City Treasurer of Salt ke City, City & County Building, in Salt Lake City, Utah. Said I otes shall be designated vSalt Lake City Tax Anticipation Notes, 1 i series of January f, 1932." Said notes shall be due and payable on I :he first day of April, A. D. l6Sf, in lawful money of the United ttates and shall bear interest from add after the 2nd day of January II t. D. 1932. Said notes shall be signed by the Mayor and attested bg 11 *he City Recorder under the seal of the city and shall be registered) n a book by the City Auditor for that Purpose, and the City 1"uditorl I Shall endorse on each of said notes, the certificate required hT:- law. 1 I Said notes and each of them shall be (except as to numbers and amount) I 1;n substantially the following form, to-wit: UNITED STATES OF AMERICA i 'I STATE OF UTAH 11 COUNTY OF SALT LAKE i I SALT LAKE CITY TAX ANTICIPATION NOTES p SERIES OF JANUARY 2, 1932. tI°.---------- $--- —; . bi KNOW ALL MEN BY THESE 'RESENTS, that Salt Lake City in thef ounty of Salt Lake, in the State of Utah, hereby acknowledges itself o be indebted and, for value received, hereby promises to pay to he bearer hereof, the sum of Dollars in lawful money f the United States on the 1st day of April, A. D. l972, at the of- ice of the City Treasurer of Salt Lake City, City & County Building, n Salt Lake City, Utah, U. S. A., with interest thereon at the rate) f five per cent (5%) per annum from date until paid, payable at aturity in like money on the 1st day of April in the year 1932. This note is one of a se/ides of fifty-one (51) notes of I' ke tenor and effect, numbered one (1) to fifty-one (51), both inclu- ive; notes numbered one (1) to five (5), both inclusive, in the de- omir�ation of Ten Thousand ($10 000.00) Dollars each, notes numbered f -7- I isix (6) to sixteen (16), both inclusive, being in the denomination of Five Thousand Do/tars ($5,000.0d) each, and notes numbered seven lateen (17) to fifty-one (51), bath inclusive, being in the denomina- tion of Twenty-five Thousand Dollars 0J25,000.00) each, and known , as "Salt Lake City Tax Anticipation Notes, Series of January Z, 197 ," for the aggregate sum of One Million Dollars ($1,000,000.00) issued -xursuant 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 1972, a suffi- cient tax to gay the principal and interest on this note as the same shall fall due, and this note is issued in anticipation of sue taxes for the year 1972. d It is hereby certified, recited and declared that the en- d-tire indebtedness of said city herelrr incurred is not in excess of the taxes of said city levied or to be levied for the current year 0_9 2, and that said indebtedness was and is contracted for the -cur-; 1pose 00r which said taxes are levied. !I_ It is hereby certified, recited and declared that all con- !jditions, acts and things essential to the validity of this note rust, have happeneaLamd have been done, and that every requirement ;Iof law affecting the issue thereof has been duly complied with, and itthat this note is within every debt and other limit prescribed by he Constitution and Laws of said State, and that the full faith ands redit of said Salt Lake City are hereby irrevocably pledged to the nctual payment of the principal and interest of this note accord: ng to its terms. I IN WITNESS WHEREOF, Salt Lake City has caused this note to be signed by its Mayor its corporate seal to be hereunto :affixed, i end a testea by the City Recorder as of this _ __ day of . D. 19 II Mayor. 1TTEST City Recorder. I here shall be endorsed on each of said notes the folw Cty uili ind,I - tlo rfs certificate: 1I °1I hereby certify that this note is within the lawful debt limit of Salt Lake City, Utah, 1 and is issued according to law. I City Auditor. i BE IT FURTHER RESOLVED that all the covenents, statements,f 1 epresentations and agreements contained in said notes be and the ame are hereby adopted as covenants, state4ents, 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, otes and th tity Recorder is hereby authorized and directed to attest and affix seal of Salt Lake City to each of said notes, and the City Auditor i —4— is authorized and directed to Mace upon said notes the certificate in the manner and formsset forth above, and the acts of said Mayor, ;City Recorder, and Auditor in so doing are and shall he the act and !deed of Salt Lake City. 11 BE IT FURTHER RESOLVED and ordered that the City Treasure i l's hereby authorized to deliver said notes to the purchasers thereof, s and when said notes may be and are legally issued and delivered 'pursuant to authorization of the Board of Commissioners at a regular ;Meeting held December 24, 1951. BE IT FURTHER RESOLVED that the Board of City Commission— ers shall levy in the year l93xs a sufficient tax to pay principal nd interest on said notes as the same shall fall. due and for the ayment of said notes the full faith, credit and taxing power of Malt Lake City are hereby irrevocably pledged and the Board of City �ommissioners hereby covenants and agrees with the holders of said otes 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 in— iabitants of Salt Lake City that this resolution take effect at once. II I � This resolution shall take effect upon adoption. 7, Mayor. • ttest- I3�r1il 4 I- ODD,/ oo City Recorc.er. — H /(o—5/-- 26;Did -- `c � ✓tU/VWSX. am 2-6 it 19�. l .- i90/- ' O _ The aco?tion of the foregoing resolution was seconded by Commissioner Burton an the same on bnin-- -ut to a vote vas �t3 unanimously carried by`t&-'2-fftrmative vote of 2J1 Commissioners :resent, the vote bein7, as fo??orrs: Mayor "ATE" __Commissioner — - Commissioner " _'E'n — — Commissioner ":dYE" ---__---- Commissioner ":.YE" Mayor. — fittest: City hecor .rr.