7 of 1931 - A resolution authorizing the issuance of $100,000.00 Tax Anticipation bonds to be dated April 15, 19 - - -
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Resolution No. 7
By Commissioner C • - )_
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VOTING Salt Lake City,Utah, APr 4-1 13 19p1
Burton
Fehr
1111= I move that resolution No by Mr Chas. N. Fehr,
Finch be adopted.
ONgt
LAKE vi
MSEE
Mr.Chairman - - - -
Result
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The Board of City Commissioners of Salt Lake City, Utah met in
regular session on the 16th day of April , 1931, at the hour
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of 10 o'clock_L• M. at the regular meeting place of said board
in the City and County Building, Salt Lake City, Utah.
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Mayor Bowman-in: the chair.
On Roll Call, the following members were present:
T. T. BURTON Commissioner of Public Safety
JQS.''H. LAKE Commissioner of;Streets and Public Imp.
CHAS:_'N. FEHR Commissioner of Public Affairs & Finance
HARRY L. FINCH Commissioner of Parks and Public Safety
II JO`RT F. BOT7MAN Mayor - Commissioner of Pater Supply& Water*ork
Also present, Ethel Macdonald , City Recorder.
II Commissioner Chas. N.Fehr introduced the following reso-:
lution and moved its adoption:-
RESOLUTION
WHEREAS, there is immediate and pressing need for raising funds to
the amount of One Hundred Thousand Dollars ($100,000.00) for the purpose of
meeting the current expenses of the city for the year 1931 until the payment
of the taxes for the year 1931; and
WHEREAS, the tax revenues of Salt Lake City, Utah for the year 1930 '
TWO MILLION ONE HUNDRED SIXTY THOUSAND THREE HUNDRED
aggregated. NE TEEN"AND 23/100 - - - - - Dollars
($ 2,160,319'23 ) and the total revenue from all assessed sources was
THREE MILLION THREE HUNDRFJ) FORTY-SIX THOUSAND SEVEN-HUNDRED
NINETY-SEVEN AND 12 100 - - - - - - - - - - - - Dollars
($3.346.797.12 ) and that the estimated revenues from taxation and
other sources for the year 1931 will be at least as great as that for the
year 1930, although at this time the assessment for the year 1931 has not yet
been made; and
WHEREAS, the stun of One Hundred Thousand Dollars ($100,000.00) re-
quired now to be raised is not in excess of said revenue as estimated for the
year 1931,
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BOW, THEREFORE, BE IT RESOLVED, that Salt Lake City, Utah for the
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purpose of meeting current expenses of said city for the year 1931 until the
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!; payment of taxes for the year 1931, shall borrow the sun of One Bhndred Thou-
d sand Dollars ($100,000.00) and for that purpose as evidence of such indebted-
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jness shall issue two (2) bonds thereof, bonds numbewed one and two being in
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the denomination of }Fifty Thousand Dollars ($50,000) each. Said bonds shall
bear date of April 15, 1931. Shall bear interest at the rate of four and
1 one-half per centum (0 ) per annum from date until paid. Interest and
principal payable at maturity, December 15, 1931, at the Walker Bank& Trust
and may be paid at any time by Water Revenue Bonds of '
Company, Salt Lake City, Utah. Bonds shall be optional at any time Said E'1
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j bonds shall be designated "Salt Lake City Tax Anticipation Bonds, Series of
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I. April 15, 1931", said bonds shall be payable in lawful money of the United ;
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States and shall 'Dear interest from and after the 15th day of April, 1931. `Fi
; Said bonds shall be signed by the Mayor and attested by the City Recorder
i' under the seal of the city and shall be registered in a book kept by the
j; City Auditor for that purpose, and the City Auditor shall endorse on each
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' of said bonds the certificate required by law. Said bonds shall be in sub-
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l'1 stantially the following form, to-wit:
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STATE OF UTAH
COUNTY OF SALT LAKE
ii SALT LASE CITY TAX ANTICIPATION BOND
No. Series of April 15, 1931
$ 50,000.00
KNOW ALL MEI BY THESE PRESENTS: That Salt Lake City, in the
fj County of Salt Lake and State of Utah, hereby acknowledges itself to be
indebted and for value received hereby promises to pay to the bearer hereof
the sum of Fifty Thousand Dollars ($50,000.00) lawful money of the United
States on the 15th day of December, A. D. 1931, at Balker B ank & Trust
Company-with interest thereon at the rate of four and one9half (4 1/2%)
per cent per annum from date until paid, payable at maturity.
This bond is one of a series of two bonds of like tenor and date
numbered from one (1) to two (2) inclusive, and known as "Salt Lake City
Bonds, Series of April 15, 1931", optional for payment at any time, for the
aggregate sum of One Hundred Thousand Dollars ($100,000.00), issued pursu—
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ant to Section 570x6, Compiled Laws of Utah, 1917.
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The city of Salt Lake shall levy in the year 1931 a sufficient tax
N, to pay the principal and interest on this bond as the same shall fall due,
and this bond is issued in anticipation of the payment of such taxes for
the year 1931.
It is hereby certified, recited and declared that the entire in—
debtedness of said City hereby incurred is not in excess of the taxes of
said City levied or to be levied for the current year 1931, and that said
indebtedness was and is contracted for the purpose for which said taxes are
levied.
j It is further certified, recited and declared that all conditions,
acts and things essential to the validity of this bond exist, have happened
and have been done, and that every requirement of law affecting the issue
hereof has been duly complied with, and that this bond 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
II to the punctual payment of the principal and interest of this bond according
to its terms.
IN 'WITNESS ;,`HEREOF, mat Lake City has caused this bond to be
Nsigned by its ;dyer, its corporate seal to be hereunto affixed, and attested
by its City Recorder, as of the 15th day of April, 1931.
ATTEST; Mayor
City Recorder
(SEAL)
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li There shall be endorsed on each of said bonds the following City
`Anditorts Certificate:
"I hereby certify that this bond is within
i! the lawful debt limit of Salt Lake City,
i, Utah and is issued according to law.
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I (Seal) City Auditor
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li BE IT FURTHER RESOLVED that all the covenants, statements, represent-I
rations and agreements contained in said bonds be and the same are hereby adopt.,
'led as covenants, statements.•,' representations, agreements and promises of Salt
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;Lake City, Utah, and
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BE IT FURTHER BESOIAND that the .layor of Salt Lake City is hereby
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authorized and directed to sigh` and execute said bonds and the City Recorder
',is hereby authorized and directed to attest and affix the seal of Salt Lake
;City to each of said bonds, and the City Auditor is hereby authorized and
directed to place upon said bonds the certificate in the manner and form set
ilforth above.
BE IT FURTHER RESOLVED that said bonds when legally issued shall be
delivered to the purchaser thereof, 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
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the Oflit day of APRIL , A. D. 1931, upon receipt of the purchase
Ijprice therefor.
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II BE IT FURTHER RESOLVED that the Board of City Commissioners shall
levy in the year 1931 a sufficient tax to pay principal and interest on
Ilsaid 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 irrevocably
,pledged and the Board of Gity Commissioners hereby covenants and agrees
with the holders of said bonds to levy in the year 1931 sufficient taxes to
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provide for the payment of the principal and interest of said bonds.
AND BE IT FURTHER RESOLVED that an emergency is hereby declared
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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 neces-
sary to the peace, health and safety of the inhabitants of Salt Lake City
that this resolution take effect at once.
Ibis resolution shall take .effect ix:media option and
approval.
tisyor
ATTEST:
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Wia
City Recorder
(SEAL)
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The adoption of the foregoing resolution was seconded by Commis-
sioner Harry L.Finch and the same on being put to a vote was unanir
mously carried by the affirmative vote of all Commissioners present, the vote
being as follows:
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JOHN F. BOWMAN Mayor "Aye"
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T. T. BURTON
CommissionerAIBOOtcx "Nay"
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CHAS.'N. FEHR Commissioner "Aye"
HARRY L. FINCH Commissioner "Aye"
'JOB. H. LAKE Commissioner "Aye"
Approved this 16TH day of APRIL , 1931
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ATTEST: (1Y/ Mayor
- 171/\APAWIll
City Recorder
(SUL)
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STATE OF UTAH
) SS.
COUNTY OF SALT LAKE )
I, Ethel Macdonald , the duly chosen, qualified and
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acting City Recorder of Salt Lake City, Utah, do hereby certify that
the foregoing is a full, true and correct copy of the proceedings of
a regular meeting of the Board cf Commissioners of Salt Lake City, Utah,
held on Thursday the 16th day of April, 1931, at the hour
of 10:00 o'clock A. ,,i., insofar as the same refer to or
concern the issue of $100,000.00 Tax Anticipation Bonds of Salt Lake
City, Series of April 15, 1931.
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IN WITNESS WhRT EOF, I have hereunto set my hand and the seal
of said Salt Lake City, Utah, this 17th- day of April, A. D. 1931.
'11rW )1(044(41144r
City Recorder
(S )
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