8 of 1925 - A resolution authorizing the borrowing of $1,000,000.00 tax anticipation notes bearing interest at 4 REMARKS:
Resolution No. 8
NeElen
By Commissioner
Authorizing the borrowing of '
41,000,000.00 tax anticipation
notes bearing interest at 4i% 1!"
per annum, Series of January
1st, 1926.
EV1) P4D ADOPITI
DEC 3 t 1925
As. —I137rara {
I,
1,
•
ROLL CALL
VOTING AYE NAY • Salt Lake City,Utah, Deo.31 1925
Barnes
Burton i move that resolution #8' by Conunis-
2 ,,, sioner Neslen authorizing the borrowing of
een1,000,000.00 tax anticipation notes bearing
Mr.Chairman - - interest at 4+% per annum, series of January
Result 1st, 1926, be adopted.
:or
Passed by th r C • ers of Sal ake City,Utah EC ' !92 5
City Recorder .� Mayor
Who Saari of City Omemission rs of Salt Lake City, Uteh met in regular session
en the 3lst day of December 19_, at the hour of 10 o'eloak A. M.
at the regular meeting place of said hoard in the City and County Bailding,
Salt Lake Clty, Utah.
Mayor Yellen in the chair.
Oa Ro11 Call the following members were presents
ARTHUR F. BARNES Commissioner of Public Safety
T. T. RURTON Commissioner of Streets t Public Leapt
H. H.G Commissioner of Public Affairs A Tisanes
II/lay L. FINCH Commissioner of Parks &Public Safety
C. CLARENCE MISLED Commissioner of Water Supply i Waterworks
Also present, W. A. Leat en, 01W, Recorder.
CommissionerNeslen introduced the following resolution and
saved its adoptions-
ingiangi
lislIAS, there is immediate and pressing need for rasing fends to
the amount of One Million Dollars ($l,000,000.e0) for the purpose of meeting
the currant expenses of the city for the year 1926 until the payment of taxes
for the year 1926; ant
1A, the tax revenues of Salt Lake Oity,Utah for the year 1925
Two Million Seventy-five Thousand Fiftyteight and forty-two
Paresttoi
oneilundredths Dollars 2,075.O58.42 end the total revenue
from all assessed sources was Three Million One Hundred Ninety Thousand
Dollars 3,190,000.OO
and that the estimated revenues from taxation end other sources for the year
'1926 will be at least as great es that for the year 1925, although at this
tide the assessment for the year 1926 has not yet been made; eat
MUMS, the sum of One Million Dollars (41,000,000.00) required now
to be raised is not in excess of said revenue as estimated for the year 1926
4
NM, TURV 1tr:, BB IT £aOLTID, that Salt Lake Oity, Utah for the
purpose of meeting earnest expenses of said n city for the year 1926 until
the payment of taxes for the year 1926, shall barrow the MI of One Million
Dollars ($1,000,000.00) and for that purpose as evidence of suds indebtedness
shall issue forty-sin (116) bonds thereat, bonds number ens (1) to Tea (10)
inelnsire being in the denaaination of Ten Thousand Dollars ($10,000.00)
each sad bonds nuabered *levee (11) to forty-six (46) inclusive being in the
denomination e[ Twenty-five thousand Dollars ea& ($25,000.00) both numbers
inclusive. Said bonds shall bear date of January 1, 1926. shall bear
interest at the rate of four and one-quarter (4 ) per sums fret date until
paid. Interest payable annually at maturity on the 31st day of Deasber, 1926
in accordance with interest coupon thereto attach,* and both principal and
interest shall be payable at the Old 0*lony Trust Satpany of Boston in Boston,
Itasseahnsetts. Said bonds shall b. desi.gasted "Salt Lake City Bonds, Series
of January 1, 1926," said bonds shall be due and payable on the 31st day of
Dioesbor, A. D. 1926 in lawful money of the !kited States and shall beer
interest free and after the first day of January, A. D. 1926,. Said baths
shall be signed by the Mayar and attested by the City Reoordsr under the
seal of the sity and shall be registered in a book kept by the pity Auditor
for that purpose, end the City Auditor shall endorse on each of said bonds,
the wittiest* requited by law, Said bonds shall be in substantially the
following fora, to wits
STATE Of UTAH
COUNTY Of SALT LAIR
SALT LAIS CITY BONDS
Series of January 1, 1926.
110.
KNOW ALL MDR BY TERSE PRESENTS, that Salt Lake City, in the County of
Salt Lake in the State of Utah. hereby acknowledges itself to be indebted and,
for value received, hereby promises to pay to the bearer hereof, the sum of
Dollars
in Lawful money of the United States on the 31st day of December, A. D. 1926
at the Old Colony Trust Company of Boston in the State of Massachusetts, U. S. A.
with interest thereon at the rate of four and one-quarter per cent ( ) per
anntm from date until paid, payable at maturity in like money on the 31st day
of December in the year 1926, said interest being represented by interest
coupon hereto attached.
This bond is one of a series of forty-six (46) bonds of like tenor and
effect, numbered from one (1) to forty-six (46) inclusive, bonds numbered
one (1) to ten (10) inclusive in the denomination of ten thousand dollars
($10,000.00) each, bonds numbered eleven (11) to forty-six (46) inclusive
in the denomination of twenty-five thousand dollars ($25,000.00) each and
known as "Salt Lake City Bonds, Series of January 1, 192(0 for the aggregate
sum of one million dollars ($1,000,000.00) issued pursuant to section 57016
Compiled Laws of Utah, 1917 and all acts emendatory thereof and supplemental
thereto.
The City of Salt Lake shall levy in the year 1926, a sufficient tax to pay
the principal and interest on this bond as the sane shall fall due, and this
bond is issued in anticipation of such taxes for the year 1926.
It is hereby certified, recited end declared that the entire 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 1926. and that said indebtedness was end
is contracted for the purpose for which said taxes ere levied.
It is hereby certified , recited and declared that all conditions, acts
and things essential to the validity of this bond exist, have happened end
balm been done, and that every requirement of lax affecting the issue there-
of 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
to the punctual payment of the principal and interest of this bond according
to its terms.
19 SITRESS leRBRD0f, Salt Lake City has caused this bond to be signed by
its Mayor, its corporate seal to be hereunto affixed, and attested by the
City Recorder and the coupon attached hereto to be authenticated by the
facsimile signature of the City Treasurer as of this first day of January,
A. D. 1926.
ATTIST: Mayor.
City Recorder.
(SIAL)
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To each of said bonds shall be attached a coupon for the installment
of interest, which said coupon shell be numbered ens (1) with the data of
payment and number of boad, -Isiah said coupon shall be in substantially the
following form, to-wits
(Toros of Coupon)
NALL
On the thirty-first day of December, A. D. 1926, Salt Lake City
Utah will pay to the bearer hereof at the Old Colony Trost Company of
Boston in Boston, State of Massachusetts, U. S. A. the nos of
Dollars in lawful nosey of the United States of America,
being one years interest than due on its coupon bond datc4Jenuary 1, 1926.
Bond No. -,-
City Treasurer.
There shell be endorsed on each of said bonds the following City Anditer's
Cerrtif teat*:
"I hereby certify that this bond is within the
lawful debt limit of Salt Late City, Utah and
is'=issued according to Ism.
City Auditor.
(swwL)
B:t IT PUE'.T1 I RT$OLTZD 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 Suit Lake
City, Utah, and
RE IT FURTHER RBSOLT!D that the Mayor of Salt Lake City is hereby anthor-
ilted and directed to sip and execute said bonds and the City Recorder is
hereby authorised and directed to attest end affix the seal of Salt Lake City
to each of said bonds, and the City Auditor is hereby authorised and directed
to plat* upon said bonds the certificate in the manner and form set forth *bone
and the coupon of said bonds shall bear the original or facsimile avatar*
of the City Treasurer end the acts of said Myer, City Recorder, Treasurer,
and Auditor in so doing are and shall be the act and deed of Salt Lake City.
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BB I?FORMS RESOLVBI and ordered that the Mayor is berety authorised
to deliver said bonds to the purchases thereof, as and when said bonds may
be and are legally tinned and delivered, to-writ:
Ths 0ld Colony Trust Company, R. W. Preseprid and Company, Alward L.
Burton& Cempeny and T. 3. Moseley & Company, pursuant to the terms of their
bid which was accepted by the Board of City Osemissionsrs on the 30th day
of Deeember, A. D. 1925, upon ressipt oflze purchase pries therefor. Copy
of said bid is hereto attached.
BP, IT?URTRl3 RBSOLTD) that the Board of City Commissioners shall levy
in the year 1926 a sufficient tax to pay principal end interest on said bolds
as the sm a 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 iity Commissioners hereby covenants and agrees with the holders
of said bonds to levy in the year 1926 sufficient taxes to provide for the
payment of the principal and interest of said bonds.
This resolution shall take offset tion.
ATTICS? ayy .
City Recora(,;_7 ,
(SEAL)
The adoption of the foregoing resolution was seconded by Commissioner
T T. T T. BURT ON and the same on being put to a vote was amanimously
carried by the affirmative vote of all Ommaissioners present, the vote being
as follows:
C. CL1RENCE NECLEN XRor. eigse
ARTHUR I . B RDa Oossaiselonsr ",an"
T. T.BURT ON Commissioner "ye"
HARRY L. HI NCH Commissioner "ye"
ri. H. GREEN Commission/ "lye"
!3'TEST: �� � WOW
City Recorder.
(SEAL) 5
L. COURT! OF SALT LAft) S.
I, S. A. Leathern, the duly chosen, qualified and eating City Recor—
der of Salt Lake City, Utah, do hereby certify as follows:
1. That Salt Lake City, Utah, *a City of the first Chas, duly
organised and existing under and in accordance with the laws of the State
of Urah.
2. That the names of the members of the Board of Commissioner and
other manieianl officers of said Salt Lake City are as fol1oie*
Mayor C. CLARENCE 1IESLEN Tens s'^xpiree 1st Lon. in Jan, 1928
4taeaissionerARTliUR F. BARNES Term cpiree " 1926
Commissioner T. T. BURTON Term mires 1928
II
Commissioner HARRY L. FINCH Term ]gcpires 1930
H H GREEN 1928
Commissioner —+s. • . Term mxpires
c7. A. LL'ATHANi until sappointed is
City Recorder 'lane flcpires PA
R. N. YOUNG until successor is
City Treasurers Tetra Brpires appointed
City Auditor,ALVIN FrD:DINGTON Teri Expires 1st lion. in Jan. 1930
3. That the regular meetings of the Board of Comaissioners are
held as followst
Monday evening at 7:30
Tuesday Lorning at 10:00
Wednesday " " "
Thursday " " II
4. That there is no litigation pending or threatened affecting in
any way the legality of the One Million Dollars ($1,000,000.00) issue of
Salt Lake City, Utah Bonds, Series of January 1, 1926, or ear similar
issue of bonds, issued by said Salt Lake City, or the boundaries of said
city, or the title to office of any of the officers thereof.
ffi WITNISS CSBRSOF, I hats hereunto set my hand and affixed the
corporate seal of said Salt Lake City this 31st day, of December
19z5.
City Recorder.
(UAL)
-a
CITY RE0OHDPReS O R?ITICATI
STAT.?, Or UTAH )
) SS.
COUNT! or SALT un )
I, W. A. LRAMS, His duly chosen, qualified and eating City
Recorder of Salt Lake City, Utah, do hereby certify that the foreigoiag is
a full, true and correct copy of the prooeodings of a regular meeting of
the Board of Ounsisaioaers of Salt Lake Oity, Utah, held en Thursday
the_37Le •day of e c e:1: - 192. at the hour of 10:00
e'aleck A. Ii., insofar as the sane refer to or concern the issue of
01,000,000.00 Tax Anticipation Roads of Salt Lake City, Series of January 1,
1926.
DI WITST3S WHIM?, I have hereunto sat sty hand and the seal
of said Silt Lake City, Utah this =1'` day of �� "' `' A. D.
0i y Hscorder.
(SUL)
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CITY AUDITOR'S cERTITICATR.
STATE OF UTAH )
ss.
COUNTY' OP SALT
I, ALVIN t)DINGTON, do hereby certify that I a the duly elected,
qualified and acting City Auditor of Salt Lake City, a municipal corporation
of the State of Utah, and as such City Auditor do hereby certify to the
following facts:
1. That the taxable property within Salt Lake City, according to
the assessment for the year 1925 is One ilunt ed n i ht -seven J i 1 i i nn
Twelve end 00/100
One Hun. seventy-three 2hou.Three Hun./ Dollars.
2. that the tax lefy for Salt LakeCity for the year 1925 was
11.3a11ls which would raise a r on d Two Million. ;event y—
five T}l-ou.:-fifty-elaht & 42/100 t Dollars and that the total
revenue from,all sources was Three L`illion Ure Fundred Lino:;' '.hons,177
aid 00/130 ('3,190,0j0.u0) Dollars and that the estimated
revenues from, taxation ad other sources for the year 1926 will be at least
as great as that for the year 1925, although at this time the assessment for
the said year 1926 has not yet been made.
3. That the total authorised issue of R1,000,000.00 Salt Lake City
Tax Anticipation Bonds, Series of January 1, 1926, and numbered frost One (1)
to forty-six (46) both inclusive, have been legally issued and delivered with-
in the debt limit of Salt Lake City and within the estimated revenues for the
year 1926.
4. That the total bonded indebtedness of said city exclusive of this
said issue of tax anticipation bq?naa,,p, Hive L`:1.11io:i. :i ht Hundred ';11i47-
five Thou.Five Hun. & i)/100 / Dollars, that all of said last
mentioned bonds were duly authorised by vote of the qualified electors of
Salt Lake City. bond interest payable in 1,926 is Two Hun.",ir.1'ty-seven
(.,278,919.59)
Thousand Sine Hini.i.lueteen & 50/100 / Dollars.
5. That the aggregate amount of floating indebtedness of said
Salt Lahr City of every nature whatsoever, exclusive of bonded indebtedness
oa January 1, 1926 is Sine Hundred Fifty-four Thou.Tuu Hun. -eventy-
seven & 91/100 (.'954,277/91) Dollars.
—7—
6. That said issue of One Million Dollars (11,000,000.00) Tax
Anticipation Bonds is made in anticipation of the eolledtion of tags sail
other revenues for the year 1926.
7. That said Salt Lake City Tax Anticipation Bonds Series of
January 1, 1926 are general obligations and payable out of the taxes to be
levied on all taxable property in Salt Lake City, together with other
revenues received from all sources during said year by said city And the
aggregate amount of indebtedness as incurred in anticipation of the taxes
of said year, 1926, including this issue will not be in excess of the
taxes end revenues for said year, 1926.
S. That the total amount of cash in the sinking fund is
One Thousand a,-id 00/100 ( 1,01)0.00) Dollars.
9. That Salt Lake City, Utah, has never, within the ten years
last past, defaulted for fifteen days or more in the payment of princi
or interest of any bonded debt, a riled ntracted it:
( '
. _< < i
City Audi tor�Lake Ci(Utah.
(SEAL)
-4.
SURF 07 TMB )
SS.
C^f18Ti OF S.1.2 LAME
I, ALA EIDDIEGTOR, the duly chosen and acting City Auditor
of Salt LaasCtty, Salt Lake County, Utah, do hereby certify that no
bonds other than the$1,000,000.00 issue of 40 Tax Anticipation Bonds
of said City, dated January 1, 1926, due Dassabsr 31, 1926, lumbered
from one (1) to forty-six (46) inclusive, bearing interest at the rate of
four and one-quarter per sent Qi %) per aunts, have been issued in
anticipation of the taxes of said city for the year 1926.
Ill !lTEESS WHEREOF, I have hereunto set a{► hand at Salt Lake
7--City, Utah, this l day of a^ '''0O3? 92„
,.
- 7,2-711--LL7--c---- --- '-'-7z: — --
City Auditor, alt Lake Cityah.
(SEAL)
]0*
SUIT Cr UTAH
SS.
OOUIITT OF SALT LAU)
I, W. A. LUNAR, the duly appointed, qualified and acting City
Recorder of Salt Lake City, Utah, do hereby certify that the foregoing
certificate is a financial statement of Salt Lake City, Utah, as furnished
by the City Auditor of said City and that the signature attached thereto
is the official signature of said Auditor.
IR giTUASS WRIC EOF, I have hereunto maw band and affixed the
corporate seal of said Salt Lake City, Utah, this - `1- day of
City Recorder.
(UAL)