6 of 1932 - A resolution authorizing the issuance of Tax Anticipation Bonds in the sum of $100,000.00, Series of ) • ,
REMARKS:
Resolution N . - 6
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By ComrniIoner Marcus
i Authorizing the issuance of
Tax Anticipation Bonds in the 1 '
.1,
L l', sum of $100,000.0Q,Series of
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iFeb. 18, 1932, bearing interest,
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at the rate of 6% per annum. '
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— ROLL CALL I
/ .. -Salriake City,Utah, 193
VOTING AYE AY t--- '
,-
Finch
. I move that resolution'No by Mr
Keyser be adopted.
Knight - ,------)
----,
/ .--'/
Lake
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Mr.Chairman - - -
Result
The Board of Commissioners of Salt Lake City, Utah, met
in regular session on the 18th day of February, 1972, at the hour
of ten o'clock A. M., at the regular meeting place of said Board in
the City and County Building, Salt Lake City, Utah, Mayor Marcus in
the chair.
On roll call the following members were present:
, Commissioner of Public Safety,
, Commissioner of Parks and Public Pro-
perty,
, Commissioner of Streets and Public
Improvements.
� , Commissioner of Water Supply & nter-
works.
F_______.._ _, Commissioner of Public Affairs &
; Finance, Chairman.
Also present ET HEL MACDONALD, City Recorder.
Commissioner introduced the following, resol-
e
jation and moved its adoption:
RESOLUTION.
WHEREAS, there is immediate and pressing need for raising
funds to the amount of One Hundred Thousand Dollars ($100,000.00)
For the purpose of meeting the current expenses of the City for the
ear 1932 until the payment of taxes for the year 1972, and
WHEREAS, the tax revenues of Salt Lake City, Utah, for the
ear1 1932 will aggregate Two Million Twenty-five Thousand Three Hun-
red One and 04/100 ($2,025,301.04) Dollars and the total revenue
rom all assessed sources will aggregate Three Million, One Hundred
v inety-one Thousand, Eight Hundred One and 04/100 ($3,191,601.04)
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ollars; and
i WHEREAS, the sum of Diie Hundred Thousand Dollars
$100,000.00) required now to be raised is not in excess of said
evenue as estimated for the year 1932.
II NOW, THEREFORE; BE IT RESOLVED by the Board of Commission-
s of Salt Lake City, Utah, that Salt Lake City, Utah, for the par--
- se of meeting current_expenses of said City for the year 1932 unti j,,
it
-
ithe payment of taxes for the year 1932, shall borrow the sum of
One Hundred Thousand Dollars (3100,000.00) and for that purpose as
leviddence of such indebtedness shall issue and sell three hundred to
bonds thereof, bonds numbered. one (1) to three hundred ten (310),
both inclusive; bonds numbered one (1) to two hundred (200), both
inclusive, being in the denomination of,One Hundred Dollars (6100.0 )
each, bonds numbered two hundred one (201) to two hundred sixty
(260), both inclusive, being in the denomination of Five Hundred
Dollars ( 500.00) each, and bonds numbered two hundred sixty-one
(261) to three hundred ten (311), both inclusive, being in the de-
'nomination of One Thousand Dollars 01,000.00) each. Said bonds
shall bear date of February 18, 1932, shall bear interest at the
Late of six per cent (6%) per annum payable semi-annually on the
k8th day of August, 1972, and. the 18th day of February, 1933, both
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principal and interest oayahle at the office of City Treasurer. of
:alt Lake City, City and County Building, Salt Lake City, Utah. Said!
'onds shall be designated 1TSa.lt Lake City Tax Anticipation Bonds,
cries of February 18, 1932." Said bonds shall be Cue and payable
In i
the 18th day of February, A. D. 197s, in lawful money of the United
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l;.ates and shall bear interest from the lath day of February, L. P. -
III 32. Said bongs shall be rig ed by the Mayor and- attested by the
1iC ty Recorder under the seal of the city and. said coupons shall bear
t e fac-simile signature of the City Treasurer. Said bonds and coupons
s all he registered in a book kept by the City Auditor for that putpolsE,
Ind. the City. Auditor shall endorse on each of said bonds, the certi-
icate required. by law. Said bonds and each of them shall be (excep
s to numbers and amount) in substantially the following form, to wil:
STATE OF UTAH
d COUNTY OF SALT LAKE
o SALT LAKE CITY TAX ANTICIPATION
Series of February 18, 1932.
jo. 1. 100.00
I KNOW ALL MEN BY THESE PRESENTS, that Salt Lake City in th
(County of Salt Lake, in the State of Utah, hereby acknowledges it-
hself to be indebted and, for value received, hereby promises to pay
kto the bearer hereof, the sum of One Hundred ( 10000) Dollars in
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lawful money of the United States on the 18th day of February, A.D.
19:17, at the office of the City Treasurer of Salt Lake City, City
and County ?ui'dinf, Salt Lake City, Utah, U. ':., with interest
'thereon at the rate of six er cent (8%) per annum from date until
aic, •in like money :,rya?le semi-annually on the l9th day of r.ugust,
19 , and. the 1-8th day of February, 1933, said interest to maturity
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bin represented by interest couone hereto attached.
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This bona, is one of a serier of three hundred ten (`'10)
Honds of like tenor and effect, numbered one (1) to three hundred
ten (710), both inclusive; ;onds numbered one (1) to two hundred
( .0-) both inclusive, being in the denomination of One Hundred Dol-
lars (-.10n.00) each, bonds numbered two hundred one ( o1) to two
luncred! sixty (f::60), both inclusive, being in the denomination of
rive Hundred Dollars ( 50n,00) each, and. bonds numbered two hundred.
1 ixty-one (261) to three hundred ten ( "10), both inclusive, being
n the denomination of One Thousand Dollars (ti+1,000.00) each, and
mown as "Salt Lake City Ta_, ...nticination Fronds, Series of February
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8, 19 ," for the a .rc;�*ate sum of One Hundred Thousand Collars
I00,0,0.00), issued -�ur uant to Section 570X0, Coeniled Laws of
Otah, T-917, and all acts amenCatory thereof and suy�iemental thereto}
j The City of Salt Lake shall levy in the year l^•%'f. a suffi-
iient tL.x to pay the principal and interest on this 'iond .as the same
ha1l fall Cue, and this bond is issued in anticipation of such tax-
es. for the rear l.13u.
11111111
t L here y ceri,ifiec,, recited ant: declared that the en-
tire in�.-�',tc ness of aid city 'hereby incurred is not in excess of
the tat e_; of said city levied or to be levied, for the current year
).91f:, and- that said indebtedness and is contracted for the pur-
)ose for which said taxes are levied.
! It is hereby certified, recited and declared that all con--I,
�i!ttions, acts and things essential to the validity of this bond existiy
,,ve ha'apenen and h . s' been cone, an. that every recuirroent of lax.
s!,.frcting the issue thereof has been duly complied with, and that
ti is bond is within every debt and other limit prescribed by the Con-i
itution and Laws of s. .i.d- State, and that the full faith and credit
o said Salt Lake City are hereby irrevocably pledged to the .unctuali
yment of the nrincioal and interest of this bond according to itw
�Frms.
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'! III \rITNLSS V,HLRLOF, Salt Lake City has caused this bond to
bq signed by its Mayor, its corporate seal to be hereunto affixed,
arid attested. by the City Recorder as of this day of
A. D. 197,«.
II! Mayor. _ ,
Attest:
Jr
City Recorder.
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; To each of said bonds shall be attached a coupon for each
tnstallment of interest contemplated by said bond, which said coupons
,shall be consecutively numbered, beginning with No. 1, with the
Several dates of payment and number of bond and shall bear the fat-�
pimile signature of said City Treasurer, and said coupons and each
f them shall be substantially in the following form, to-wit: -
1
". _ (FORM OF COUPON)
HIo. 1__ :�0
On the 18th day of August, 1932, and the loth dry of
HI;hereof,Yatlthe,office Lake
CityyTreasurer of Salt will pa to thLakeebearr
City,eCity
and County Building, Raft Lake City, Utah, the sum of Three and
k)0/100 (03.0(?) Dollars in Gold Coin of the United States of
America of the present standard. of weight and fineness, being
six months' interest then due on its Tax Anticipation Ponds,
Iperies of February 18, 19r2.
II
{Fac-simile signatures
City Treasurer.
Bond No. ___
There shall also be endorsed on each of said bonds the
following 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.
--- City Auditor,"
II All the covenants, statements, representations and agree-
ents contained in said bonds are hereby adopted as covenants, statel-
tents, representations, agreements and promises of Salt Lake City,
(bah.
The Mayor of Salt Lake City is hereby authorized and direct+-
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d to sign and execute said bonds and the City Recorder is hereby
authorized_ and directed to attest and affix the seal of Salt Lake
and the City Auditor is authorized and directed to place upon said'nri
Lity to each of said bonds,/the certificate in the manner and form set{
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forth above, .and. said cou.�:ons shal?_ bear the fac-simile signature of
the City Treasurer, and the acts of said Mayor, City Recorder, Trea-
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urer and Auditor in so doing are and. shall be the act and deed of
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lalt Lake City.
That the City Treasurer is hereby authorized to deliver
said bonds to the purchasers thereof, as and when said bonds may be
and are legally issued and delivered pursuant to authorization of the
Beard of Commissioners at a regular meeting held February 18th, 19B2,
That the Board of City Commissioners shall levy in the year
9'A a. sufficient tax to pay principal and interest on said bonds as
the same shall fall due and. for the payment of said bonds the full
faith, credit and taxing power of Salt Lake City are hereby ir.revocal
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b1-y pledged and the Board. of City Commissioners hereby covenants
and agrees with the holders of said bonds to levy in the year l97
sufficient taxes to provide for the payment of the principal and
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interest of said bonds.
That an emergency is hereby declared and in the opinion
pf the Board of Commissioners because of the necessity for funds
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jwith which to meet the current expenses of said city it is necessary
Ito the peace, health and safety of the inhabitants of Balt Lake City)
!that this resolution take effect at
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This resolution shall tag .feet upon adoption.
7
Mayor.
.Attest:
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Or, -
City hecoro.er.
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The adoption of the foregoing resolution was seconded by
!commissioner r; ___ an, the same on being put to a vote was
it
pnanimously carried by the affirmative vote of .all Commissioners
'present, the vot ng as follows:
f
ayor "AYE"
Commissioner "SaYE"
e Commissioner "AYE"
Commissioner "I.YE°
II
I - --- - Co is loner "AE°
Mayor.
ttest:
City ecorder.
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