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5 of 1928 - A resolution authorizing the issuance of $1,000.000.00 Tax Anticipation Notes to be dated June 1, 19 r REMARKS: `,1. 1 ' Resolution No. 5 4 ) • ....2' ' By Commissioner Noran , Authorizing issuance of $1,000,000.00 Tax Anticipation ". Notes to be dated June 1st, 1”8 • I1 I t 7' = •,d4aoced t 1.1r6 PO4%Li La t4raMiSilioners ,., 4 AND PASSED ;• - .,a 21.3928 ,... Xer4M00101441054 . , , Llk t ' i i _ , 1 L CALL VOTING AYE NAY Salt Lake City,Utah, Hay 1 4, , 1928 Burton Fehr I move that the resolution be adopted. Finch Moran �� �• Mr.Chairman - - - Result RESOLUTION The Board of Commissioner:, of Salt Lake City, State of Utah, met in regular session on Tuesday, the 15th day of May, 5_. D. 1928. On roll call, the folloning members mere present: John F. Bowmen, Mayor and Commissioner of Eater Supely and ¶dterworks, Chairman. C. N. Fehr, Commissioner of Public 'ffs,_rs and Finance, H. L. Finch, Coma erioner of Parks and Pub- lic Property, Burton, Commissioner of Public Safety, P. J. Moran, Commissioner of Streets ana Pub- • lic Improvements, Ethel 3_a.cdonale, City Recorder was also present. Commissioner C. N. Fehr introduced the follo-in; re- solution and moved, its adoption: n S'0 U T 0 A. 'SJF=FI-_S, there is it r edir to and pressing need for raising funds to the amount of One Million (b1,000,000.00) Dollars for the purpose of meeting the current eseenses of the City for the year 1928, until the payment of taxes for the year 1958; and. 7, LRL.hS, the tax revenues of Salt Lake City, Utah, for the year 1927 aggre•Tated Tao Million Sixty-five Thousand, Six Hundred Nine and 04/100 ( 2,06u,609.04) Dollars, dnn the total revenue from all sources was Three Cillion Fifty-three 'Thousand Ninety-four end 06/100 (w,C,05',09u=.06) Dollars, and that the esti- mated revenues from taxation and other sources for the year 1928 will be at least as great as that for the year. 15S7, although at ' 0 this time the levy for the year 1928 has not yet been made; and WEERLkS, the sum of One Million (01,000,000.00) dollars .re quired now to be raised is not in excess of said revenue as esti mate° for the year 19z;8. NOd, THEREFORE, BR IT RE'SOLV IJ: That Salt Lake City, Utah, for the purpose of meeting the current ex:Denses of said city for the year 1923 until the payment of taxes for the year 1923, shall borrow the sum of One i,,illion (41,000,,'00.00) dollars, bear- ing interest at the rate of Four ana thirty one-hundredths (4.30%) per cent. per annum, and for stnch purpose, as evidence of such in- debtedness, the City of Salt Lake shall issue its negotiable bonds in the aggregate amount of One Million (,:1,000,000.00) Dollars, consisting of forty (40) bonds, numbered consecutively from One , (1) to forty (40) inclusive. Said bonds shell be designated "Salt Lake City Bonds, Series of June 1, l9:,:8," and shall be dated June 1, 1928. Sale bonds shall be due ana payable on the diet day of December, lOaO, and shall be evidenced by bonds Numbered one (1) to forty (=O) inclusive, in the denomination of CB5,000.00 each. Said bonds shall be payable in lawful money of the United States and shall bear interest from and after the first day of June, _. C. at the rate of four and thirty one-hundredths (t.30%) per cent per annum, both principal and interest payable at maturity, at the Bankers gust Company, New York City, N. Y. Said bonds shall be signed by the Mayor and attested by the City Recorder under the seal of the City ana shall be registered in a book kept by the City Auditor for that purpose, and the City Auditor shall endorse upon each of said bonds the certificate required by law. : Said bonds shall be in substantially the follos.inc form, to-Tit: UNITED STATES OF SIDRICA %' "TAT OF UTC_H COUNTY OF SALT LAKE No. __ SALT LIY,L CITY -ONE., Series of June 1, 1923. KNOC ALL MEN BY THLSE PRESENTS, That SALT LAKE CITY in the County of Salt Lake and State of Utah, hereby acknovrledaes it- self to be indebted and, for value received_, hereby oromi.ses to :pay to the bearer hereof, the sum of TCKNTY-FIVE THOUSEND DOLLARS, in lawful money of +:,c United States, on the thirty-first day of ,t ecem^cr, 19a8, 1. D_., at the hankers Trust Company, New York City, Y., U. S. A., with interest thereon at the rate of four and ''.'0/100 (_.>Cio) 'per centum per annum from dote until paid, 'payable at maturity. This bond is one of a series of forty (40) bonds of like tenor and effect, numbered from one (1) to forty (40) inclusive, ,in the denomination of 825,000.00 each; and knowh as "Salt Lake City Bonds, Series of June 1, 19D3", for the ag.eregate sum of One Million ( 1,000,000.00) Dollars, issued 'pursuant to Section 570X0, Compiled Laws of Utah, 1917, and all acts amendatory'thereof and supplemental thereto. The City of Salt Lake shall levy in the year 19%-8,a. sufficient tax to pay the principal and interest on this bond as the some shall fall due, and this bond is issued in anticipation of such taxes for the year 1928. It is hereby certified, recited and declared that the en- tire 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 1923, 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 cone, and that every require • - ' meat of law affecting the issue thereof has been duly complied with and that this bond is within every debt and other limit are scribed by the Constitution and Laws of said btate, 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 si• by its Mayor, its corporate seal to be hereunto af- fixed, and attested by the City Recorder, as of the first day of ' June, A. D. 19CC3. -----Mavor. --- -- Attest: City Recorder. (SELL) _i_ There shall be endorsed on each of said bonas the follow- in certificate: CITY AUI,ITORTS CERTIFICATE. "I hereby certify that this bond is within the lawful debt limit of Salt Lake City, Utah, and is issued according to lap'." City Auditor. BE IT FURTHER RESOLVED that all the covenants, statements, representations and agreements contained in said bonds be and the ,same are hereby adopted as covenants, statements, representations, agreements and promises of Salt Lake City, Utah, and Bd I_ FURTHER RESOLVED that the Mayor of Salt Lake City, is hereby authorized and directed to sign ana execute said bonds and the City Recorder is hereby authorizer, and directea to attest and affix the seal of Salt Lake City to each of sa.ia 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. BE IT '0URTHER RESOLVED that said bonds when issued shall be delivered to the purchasers thereof, to-wit: Snow, Goodart and ' Company, Salt Lake City, Utah, and Bankers Crust Company, New York City, N. Y., upon receipt of the purchase price therefor. BiL, I'T FURli-ILA RESOLVED that the Board of Commissioners shall levy in the year 19S, a, sufficient tax to pay the principal and..interest of said bonds as the same shall fall due. AND BE IT FURTHER RESOLVE` 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 e effect upon adoption. Mayor. rttest: City Recorder. ,...._ . r . .,. r • .":' • -5- Mrc aaoption o:' the forcy.in7; rcolubion ' as second by Commiscioner _ cn th,_ same nut Lo a vote .as unenilion.sly csrsioc, by the ,.,ffiruc.tive votr. of* all Com- qis.:ioncTp. usc:e_it, 1:.hc vote beinu sir follo .s: -30, -,A.J, Ylayor, 'IAYE" c . N. ii...1R, Coimisnioner 'IL:LE" T. T. 7,=CON, C,omiLsnionor han.T. f:. L. CINCH, Comissionce' ii"-w------------,...4---,....,Ltbcnt: --54V1-51662eridalill'41L. C:ty :'(_corae .