The URL can be used to link to this page

Home My WebLink About5 of 1916 - A resolution authorizing the sale of $300,000.00 Water and Sewer Bonds of an issue dated July 1, 191 REMARKS: li' Resolution No. 5 By Commissioner Scheid Authorizing the sale of II, .,1 $300,000.00 Water and Sewer bonds of an issue dated i !! , L.L i t July 1, 1914. lit t lil liI READ AND ADOPTED JAN 131916 'II 1/4,..„, ....,..... .: carnnamonollai. II I!: tit li , d 4- • ' 1 A 4 1 1 4 , 1, ROLL CALL R o VOTING AYE NAY Salt Lake City,Utah,_January-13,___191(! Green I move that the resolution he adopted. Scheid_Sherman --- ' IU ! Wells iIMr.Chairman Chairman Result IRESOLUTION wnitaLS, At a special eleotion duly held in Salt Lake City, Utall on Wednesday, the 18th day of February, 1914, there was submitted to such qualified electors of said City as should have paid a property tax in the year preceding said election, two propositions, to-wit: 1. Of said City's inourring indebtedness in the sum of five hundred twenty-five thousand (4525,000.00) dollars, and of issuing bonds therefor for the purpose of increasing, improving, enlarging, extending, perfeoting and adding to the present water supply and waterworks system of said pity for the purpose of supplying and distributing water to the inhabitants of said city, and to that end to construct a water supply main from Big Cottonwood Conduit along Thirteenth South Street to Ninth East Street; to construct a dis- tributing main on Ninth East Street from Twelfth South Street to Thirteenth South Street; to construct distributing reservoirs on the Bast Bench and in City Creek Canyon; to construct storage reservoirs at Lakes Phoebe, Mary and Twin Lakes in Big Cottonwood Canyon; to oonstruot storage reservoir in Parley's Canyon; to enlarge the present Bast Jordan Canal from its head to Little Cottonwood Creek, and extend said canal to Big Cottonwood Creek fo the purpose of carrying water now being transported through the Jordan and Salt Lake City Canal; and to acquire water rights in Bi Cottonwood Creek and other sources of water supply by exchange or -1- purchase or both. 2. Of said City's inourring an indebtedness in the sum of three hundred seventy-five thousand ($375,000.00) dollars, and of issuing bonds therefor for the purpose of defraying the expense of increasing, improving, extending and adding to the present sewer system of said City, for the purpose of providing means of sewage to the inhabitants thereof, and to oars for and dispose of said sewage, and to that end to construct a main outlet sewer along Seventh Test or Eighth West Street from Tenth South Street to about Ninth North Street; to construct a pumping station consisting of building, tanks and such pumps and motors, gas engines and other machinery in addition to the present equipment at Eighth West and Seventh North Streets, as may be necessary for the purpose of pumping sewage from said main outlet sewer into the discharge pipe next herein mentioned; to lay a disoharge pipe to carry sewage from said pumping station westerly to at or about Redwood Road; to con- struct outlet canal from the end of said discharge pipe to Great Salt Lake, and to extend main sewer from Main Street to Seventh West or Eighth West Street; and WHEREAS, A majority of the qualified electors of said City voting at said election, voted in favor of each and both proposi- tions submitted as aforesaid, which result was duly ascertained and declared by the Board of Commissioners of said city acting as a board of canvassers, on Tuesday, February 24, 1914,(Monday having been a legal holiday) ; and • WHEREAS, By an ordinance duly passed by the Board of Commis- sioners of Salt Lake City, June 22, 1914, and published as required by law, it was provided that under the authority granted by the election aforesaid, Salt Lake City should issue five hundred twenty- five (525) water bonds and three hundred seventy-five (375) sewer bonds of the denomination of one thousand ($1,000.00) dollars each, dated July 1, 1914, due in twenty (20) years, with interest at the -2- rate of four and one-)Salf (4*) per cent per annum, payable semi- annually on the first days of January and July of each year, said interest being represented by coupons attached to each of said bonds, the form of said bonds and coupons being set out in said ordinance; which bonds were duly issued as provided in said ordinance; and WEE kS, The Board of Commissioners has heretofore duly sold four hundred (400) of said water bonds, amounting to the sum of four hundred thousand (0400,000.00) dollars, and two hundred (200) of said sewer bonds, amounting to the sum of two hundred thousand ( 200,000.00) dollars, leaving unsold of said five hundred twenty- five (525) water bonds and three hundred seventy-five (375) sewer bonds authorized to be issued by the qualified electors of Salt Lake City as hereinbefore set out, one hundred twenty-five (125) water bonds, amounting to the sum of one hundred twenty-five thousand 0125,000.00) dollars, and one hundred seventy-five (175) sewer bonds, amounting to the sum of one hundred seventy-five thousand (0175,000.00) dollars, which bonds the Board of Commis- sioners deems it advisable at this time to sell if a price can be obtained therefor that in the opinion of said Board will justify the sale thereof: NOF THEREFORE, BE IT RESOLVED, That the Mayor and City Recorder of Salt Lake City be, and they are hereby authorized and directed to advertise for bids for the purchase of said one hundred twenty- five (125) water bonds, in amount one hundred twenty-five thousand ($125,000.00) dollars, and of said one hundred seventy-five (175) sewer bonds, in amount one hundred seventy-five thousand (0175,000.00) dollars. Said notice to bidders shall be published daily for a period of two successive days in the following newspapers: Salt Lake Beaty Tribune, Salt Lake Herald-Republican, Salt Lake Telegram, and the Deseret News, daily papers of general circulation, and -3- published in Salt Lake City, Utah; also in three issues of the Daily Bond Buyer,ie-!! paper—o-fgeneral circulation in financial quarters, published in New York City, New York. Said notice shall describe the bonds so to be sold, as set out in said ordinance of June 22, 1914, and state that the whole purohase price of said bonds must be paid at the office of the City Treasurer of Salt Lake City, Utah, on or before March 1, 1916, at which time and place said bonds shall be delivered to t e }irohaser, and that all coupons attached to said bonds up toGJanuary 1, 916, will be detached from each of said bonds before/\\delivery to the purchaser, and that the purohaser will be required to pay interest on said bonds from the first day of January, 1916, to the date of delivery of the same. Said notice shall further require that all bide for the pur- chase of said bonds shall be accompanied by a certified check in the sum of six thousand (06,000.00) dollars, payable to the order of the Treasurer of Salt Lake City, as a guaranty of good faith on the part of the bidder, and to reimburse Salt Lake City for its loss and expense, this behalf in case the bidder shall not perform his bid after acceptance thereof. No conditional or qualified bids, except as to the legality of the issue, and no bids for less than the face value of said bonds will be considered; that Salt Lake City Teserves the right to reject any and all bids, and to accept any bid or bide deemed advantageous to the City; that all bids shall be well sealed, and placed in the hands of the City Recorder of Salt Lake City on or • »4- before the first day of February, 1916,.at ten o'clock A. M., at which time said bide will be opened at"r gular meeting of the Board of Commissioners of Salt Lake City. i . �1 r1‘''s Adopted by the Board of Commissianere of Salt Lake City, Utah, January /3 , 1916. I v22/ M a o r . City Recorder. -5-