8 of 1932 - A resolution authorizing the issuance of $200,000.00 in Salt Lake City Tax Anticipation Bonds, Serie .:. 70 µme,, -
REMARKS i
Resolution No. a 1
, Rsg Com sdoner ,MEiLtetis 1,
rs �
Authorizing the ,issu note
of $200,000.00 In S. L.C. T
Arlt1eip+a:tiols: Barids,SerieSof , l''
Feb. 24, 1932.
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z a t Freeanted to the Board of ftrerm
AND PASSED I
FES 341932
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ROLL CALL
Salt Lake City,Utah, 193
VOTING AYE NAY
Finch I move that resolution No E' by Mr
Keyser be adopted. •
Knight
Lake
Mr.Chairman - - -
Result
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The Board of Commissioners of Salt Lake City, Utah, met
iui regular session on the 24th day of February, 1932, 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.
IOn roll call the following members were present:
' Y
----/,444. __ ,Commissioner of Public Safety,
-- — ,Commissioner of Parks and Public
Property,
-1 ,4cp ,Commissioner of Streets and Public
1i Improvements,
__ L a. 1 ,Commissioner of Water Supply &
7 Waterworks.
___, /a,_ ti!firtAdt,i.... ,Commissioner of Public Affairs &
Irinance, Chairman.
' Also present ETHEL MACDONALD, City Recorder.
Commissioner C-A4a , introduced the following
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resolution and moved its adoption:
j R ES OLUT I O ji.
WHEREAS, there is immediate and pressing need for raising
!funds to the amount of TWo Hundred Thousand Dollars ($200,000.00)
oor the purpose of meeting the current expenses of the City for the
ear 193E until the payment of taxes for the year 1932, and
Jj WHEREAS, the tax revenues of Salt Lake City, Utah, for th;
kear 1932 will aggregate Two Million Twenty-five Thousand Three Hun
red One and 04/100 N,025,301.04) Dollars and the total revenue
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rOm all assessed sources .will aggregate Three Million, One Hundred
inety-one Thousand, Eight Hundred One and 04/100 ($3,191,801.04)
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oilers; and
WHEREAS, the sum of Two Hundred Thousand Dollars
(>'00,000.00) required now to be raised is not in excess of said
1 evenue as estimated for the year 1932.
NOW4 THEREFORE, BE IT RESOLVED by the Board of Commission-
13 of Salt Lake City, Utah, that Salt Lake City, Utah, for the pur-
ose of meeting current expenses of said City for the year 1932 until
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the payment of taxes for the year 1932, shall borrow the sum of Two
!Hundred Thousand Dollars ($200,000.00) and for that purpose as evi-
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1dence of such indebtedness shall issue and sell three hundred bonds
thereof, bonds numbered one (1) to three hundred (300), both inclu-
sive;, bonds numbered one (1) to two hundred (200), both inclusive,
being in the denomination of Five Hundred Dollars ($500.00) each,
onds numbered two hundred one (201) to three hundred (300), both
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nclusive, being in the denomination of One Thousand Dollars
($1,000.00) each. Said bonds shall bear date of February 24, 1932,
hall bear interest at the rate of six per cent (6%) per annum pay-
, ble semi-annually on the 24th day of August, 1932, and the 24th da
pf February, 1933, both principal and interest payable at the offic
ff City Treasurer of Salt Lake City, City and County Building, Salt
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Take City, Utah. Said bonds shall be designated "Salt Lake City Tax
anticipation Bonds, Series of February 24, 1932.111 Said bonds shall
be due and payable on the 24th day of February, A. D. 1933, in lawfu.
oney of the United States and shall bear interest from the 24th day
f February, A. D. 1932. Said bonds shall be signed by the Mayor and
littested by the City Recorder under the seal of the city and said
goupons shall bear the fac-simile signature of the City Treasurer.
aid bonds and coupons shall be registered in a book kept by the Cit4
Auditor for that purpose, and the City Auditor shall endorse on each
cIf said bonds, the certificate required by law. Said bonds and each
cif them shall be (except as to numbers and amount) in substantially
he following form, to-wit:
STATE OF UTAH
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11 COUNTY OF SALT LAKE
1 SLIT LAKE CITY TAX ANTICIPATION BOND
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Series of February 24, 1932.
N!b, 1 h500.0
KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City in the
C' unty of Salt Lake, in the State of Utah, hereby acknowledges itsel
t be indebted and, for value received, hereby promises to pay to th=
b arer hereof the sum of Five Hundred ($500.00) Dollars in lawful
m ney of the United States on the 24th day of February, A.D. 1933, at
t e office of the City Treasurer of Salt Lake City, City and County
Building, Salt Take City, Utah, U. S. A., with interest thereon at th
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rate of six per cent (6%) per annum from date until paid, in like 1
i1money payable semi-annually on the 24th day of August, 1932, and th0
Ii24th day of February, 1933, said interest to maturity being repre-
sented by interest coupons hereto attached.
This bond is one of a series of three hundred (300) bonds;
Ijof like tenor and effect, numbered one (1) to three hundred (300),
both inclusive; bonds numbered one (1) to two hundred (200), both
(inclusive being in the denomination of Five Hundred Dollars ($500.00)
Peach, bonds numbered two hundred one (201) to three hundred (300), I
;;both inclusive, being in the denomination of One Thousand Dollars 1
01000.00) each, and known as °'SALT LAKE CITY TAX ANTICIPATION BONLpS,
4Series of February 24, 1932,'' for the aggregate sum of Two Hundred c}I
Thousand Dollars ($^e.00,000.00), issued pursuant to Section 570X6, C m-
,piled Laws of Utah, 1917, and all acts amendatory thereof and sup- ,
elemental thereto.
1 The City of Salt Lake shall levy in the year 1932 a suffi-f
6ient tax to pay the principal .and interest on this band as the same
hall fall due, and this bond is issued in anticipation of such taxes
ror the year 1932.
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It is hereby certified, recited and declared that the en-
tire indebtedness of said city hereby incurred is not in excess of I
'he taxes of said city levied or to be levied for the current year 1
.932, and that said indebtedness was and is contracted for the pur-
se for which said taxes are levied.
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isI It is hereby certified, recited and declared that all con-
tions, acts and things essential to the validity of this bond ea-
st,, have happened and have been done, and that every requirement of
w affecting the issue thereof has been duly complied with, and that
this bond is within every debt and other limit prescribed by the Con-4 `
sitution and Laws of said State, and that the full faith and credit
of said Salt Lake City are hereby irrevocably pledged to the punctual;
p yment of the principal and interest of this bond according to its
4t rms.
II
IN WITNESS WHEREOF, Salt Lake City has caused this bond to
bit signed by its Mayor its corporate seal to be hereunto affixed,
a d attested by the Ctty Recorder as of this day of _ ,
A�i D. 1932. _
d
I Mayor.
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Att est:
II
To each of said bonds shall be attached a coupon for each
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i tallment of interest contemplated by said bonds, which said coupons)
_ s 11 be consecutively numbered, beginning with No. 1, with the sever 1
d ed of payment and number of bond and shall bear the fac-simile sig
n ure of said City Treasurer, and said coupons and each of them shall.
be substantially in the following form, to-wit:
(FORM OF COUPON)
No4 1__ 115.00
II�
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On the 24th day of August, 193 , and the 24th day of
February, 1933, Salt Lake City, Utah, will pay to the bearer
hereof, at the office of City Treasurer of Salt Lake City, City, and!
County Building, Salt Lake City, Utah, the sum of Fifteen and 00/109
015.00) Dollars in Gold Coin of the United States of America of the
present standard of weight and fineness, being six months' interest
Ithen due on its Tax Anticipation Bonds, Series of February 24th,
I1932.
(Fac-simile signature).
tBond9. City Treasurer.
it 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.
II City Auditor.*
All the covenants, statements, representations and agree-
Dents contained in said bonds are hereby adopted as covenants, stat -
nents, representations, agreements and promises of Salt Lake City,
�Jtah.
III� The Mayor of Salt Lake City is hereby authorized and dire t-
Iled to sign and execute said bonds and the City Recorder is hereby
authorized and directed to attest and affix the seal of Salt Lake
pity to each of said bonds and the City Auditor is authorized and
directed to place upon said bonds the certificate in the manner and
brie set forth above, and said coupons shall bear the fac-simile sig-
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ture of the City Treasurer, and the acts of said Mayor, City Re-
order, Treasurer and Auditor in so doing are and shall be the act
nd deed of Salt Lak4 City.
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That the City Treasurer is hereby authorized to deliver
aid bonds to the purchasers thereof, as and when said bonds may be
nd are legally issued and delivered pursuant to authorization of th
bard of Commissioners at a regular meeting held February 24, 1932.
That the Board of City Commissioners shall levy in the yea
1_932 a sufficient tax to _parprincipal ;and interest on said bonds a
1e same shall fall due and for the payment of said bonds the full
flaith, credit and taxing power of Salt Lake City are hereby irrevoca
bly pledged and the Board of City Commissioners hereby covenants and
,agrees with the holders of said bonds to levy in the year 1932 suf-J
ficient taxes to provide for the payment of the principal and inter
jest of said bonds.
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II That an emergency is hereby declared and in the opinion
the Board of Commissioners because of the necessity for funds
!with which to meet the current expenses of said city it is necessar3t
Ito the peace, health and safety of the inhabitants of Salt Lake City
plat this resolution take effect at
This resolution shall take effe pon adoption.
Mayor.
'Attest:
City Recorder.
Ij The adoption of the foregoing resolution was seconded by
ibommissioner _ ___and the same on being put to a vote
Was unanimously carried by the affirmative vote of all Commissioners
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Iiresent, the ot- being as follows:
.01°'_ a! Gt�4 Mayor 1'11E6
_ — Commissioner ®AYE,
Commissioner ''AYE
Commissioner "AYE"
mmissioner "AYE"
II
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Mayor.
t t e s?4rYSXcL-�CIL�t1
r
City ecorder.
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