8 of 1963 - A resolution providing for the issuance and sale of $1,500,000.00 Tax Anticipation Bonds of Salt Lak Resolution Nor- - 8
• By Mayor J. Bracken Lee
COMMISSIONER
1 Providing for the issuance and sale
of $1,500,000•00 Tax Anticipation
• I Bonds of Salt Lake City, Utah, 1
Series of May 1, 1963
Mound b the fke d of ComminlaNn
AND PASSED
APR 3 01963
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. 1
The Board of Commissioners of Salt Lake City met in regular
session on Tuesday , the 30th day of April , A. D., 1963,
at the hour of 10:00 o'clock, A. M., at the regular meeting place.
The meeting was called to order by Mayor Lee, and on roll call the following
members were present:
J. Bracken Lee Commissioner of Public Affairs and
Finance
L. C. Romney Commissioner of Parks and Public
Property
Joe L. Christensen Commissioner of Streets and Public
Improvements
Herbert F. Smart Commissioner of Public Safety
Conrad B. Harrison Commissioner of Water Supply and
Waterworks
Commissioner L. C. Romney introduced the following
resolution and moved its adoption:
RESOLUTION
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF ONE MILLION FIVE HUNDRED
THOUSAND DOLLARS ($1,500,000.00) TAX ANTICIPATION BONDS OF SALT LAKE CITY,
UTAH, SERIES OF MAY 1, 1963.
WHEREAS, there is an immediate and pressing need for the raising
of funds in the amount of One Million Five Hundred Thousand Dollars
($1,500,000.00) for the purpose of meeting the current expenses of Salt
Lake City for the fiscal year ending June 30, 1963, until the payment of
taxes and receipt of other revenues for said fiscal year, and
WHEREAS, the sum of One Million Five Hundred Thousand Dollars
($1,500,000.00) now to be raised, together with the other indebtedness
incurred for the purpose of meeting the current expenses of Salt Lake City
for the fiscal year ending June 30, 1963, is not in excess of the revenues
to be raised for the fiscal year July 1, 1962 through June 30, 1963.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COtMISSIONERS OF
SALT LAKE CITY, UTAH:
Section 1. That said Salt Lake City, Utah, for the purpose of
meeting all expenses of said City for the fiscal year July 1, 1962 through
June 30, 1963, until the payment of taxes and other revalues for the fiscal
year ending June 30, 1963, shall borrow the sum of One Million Five Hundred
Thousand Dollars ($1,500,000.00) and for that purpose as evidence of such
indebtedness shell issue fifteen bonds therefor, of the denomination of
One Hundred Thousand Dollars ($100,000.00) each, numbered one (1) to fifteen
(15), both inclusive, said bonds shall bear date of May 1, 1963 and shall be
due and payable June 30, 1963, bearing interest at the rate of one and three
fourths per cent (1 3/4%) per annum, payable at maturity, both principal
and interest being payable at First Security Bank of Utah, N. A., Salt Lake
City, Utah. Said bonds shall be signed by the Mayor and attested by the
City Recorder under the seal of the City, and shall be registered in a book
kept by the City Auditor for that purpose and the City Auditor shall endorse
on said bonds the certificate required by law. Said bonds shall be in
substantially the following form, to-wit:
-2-
•
•
•
UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE CITY
TAX ANTICIPATION BOND
Series of May 1, 1963
No. $100,000.00
KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City, in the County of
Salt Lake, State of Utah, hereby acknowledges itself to be indebted and for
value received hereby promises to pay to the bearer hereof the sum of
ONE HUNDRED THOUSAND DOLLARS ($100,000.00)
in lawful money of the United States of America on the 30th day of June, A. D.,
1963, at First Security Bank of Utah, N. A., Salt rake City, Utah, with
interest thereon at the rate of one and three fourths per cent (1 3/4%) per
annum, from date until paid, interest payable at maturity.
This bond is one of a series of fifteen (15) bonds of like tenor and
date numbered from one (1) to fifteen (15), inclusive, and known as "Salt
Lake City Tax Anticipation Bonds, Series of May 1, 1963", for the aggregate
sum of One Million Five Hundred Thousand Dollars ($1,500,000.00), issued
pursuant to Section 10-8-6, Utah Code Annotated, 1953.
The governing body of Salt Lake City shall levy in the fiscal year
ending June 30, 1963, a sufficient tax and shall provide for the collection
of sufficient revenues other than taxes to pay the principal and interest
on this bond as the same shall fall due, and this bond is issued in antici-
pation of the payment of such taxes and the collection of such revenues for the
fiscal year ending June 30, 1963.
It is hereby certified, recited and declared that the entire indebted-
ness of said City hereby incurred is not in excess of the taxes and other
revenues of said City to be levied and collected, for the fiscal year ending
June 30, 1963, and that said indebtedness was and is contracted for the pur-
pose for which said taxes and revenues are levied and to be collected.
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 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 signed
by its Mayor, its corporate seal to be hereunto affixed, and countersigned
by its City Recorder, as of the 1st day of May, 1963.
(Do not sign)
Mayor
Countersigned:
(Do not sign)
City Recorder
(SEAL)
•
There shell be endorsed on said bonds the following City Auditor's
Certificate:
"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.
Cit di
Section 2. All the covenants, statement ; epresentations and
agreements contained in said bonds are hereby adopted as covenants, state-
ments, representation, agreements and promises of Salt Lake City, Utah.
Section 3. The Mayor of Salt Lake City is hereby authorized and
directed to sign and execute said bonds and the City Recorder is hereby
authorized and directed to attest and affix the seal of Salt Lake City to
said bonds and the City Auditor is authorized and directed to place upon
said bonds the certificate in the manner and form set forth above and the
acts of said Mayor, City Recorder and City Auditor in so doing are and
shall be the act and deed of Salt Lake City.
Section 4+. That the Board of Commissioners shall levy in the
fiscal year ending June 30, 1963, a sufficient tax or provide for the
collection of sufficient revenues to pay the principal and interest on
said bonds as the same shall fall due and for the payment of said bonds
and the interest thereon the full, faith, credit and taxing power of
Salt Lake City is hereby irrevocably pledged and the Board of Commissioners
hereby covenants with the holder of said bonds that it will levy in the
fiscal year ending June 30, 1963 a sufficient tax or provide for the
collection of sufficient revenues for the payment of the principal and
interest of said bonds.
•
Section 5. That the First Security Bank of Utah, N A., Salt
Lake City, Utah, has offered to purchase said bonds at a price satisfactory
to the Board of Commissioners, which offer is the highest, best and most
advantageous received for the purchase of said bonds. Said offer is and
the same is hereby accepted, and the City Treasurer is hereby authorized
and instructed to deliver said One Million Five Hundred Thousand Dollars
($1,500,000.00) bonds to the purchaser thereof, upon receipt of the purchase
price therefor.
Section 6. That an emergency is hereby declared and in the
opinion of the Board of Commissioners because of the necessity for funds
to meet the current expenses of said City, it is necessary for the peace,
health and safety of the inhabitants of Salt Jake City that this resolution
shall take effect at once.
Section 7. This resolution shall take effect immediately.
PASSED by the Board of Commissioners of Salt Lake City, Utah,
and approved this 30th day of April , A. D., 1943. /%
Mayor
ATTEST:
AN"Iti / 4iTRecorder
(SEAL)
-9-
•
•
The adoption of the foregoing resolution was seconded by
Commissioner Herbert F. Smart and the same on being put to a
vote was unanimously carried by the affirmative vote of all Commissioners
present, the vote being as follows:
Mayor J. Bracken Lee "Aye"
Commissioner L. C. Romney "Aye"
Commissioner Joe L. Christensen "Aye"
Commissioner Herbert F. Smart "Aye"
Commissioner Conrad B. Harrison 2 "Aye"
Mayor
ATTEST:
Mr1111\1"1,9*corder.
(SEAL)
-6-
STATE OF UTAH
SS
COUNTY OF SALT LAKE )
i, Herman J. Hogensen , the drily chosen, qualified and
acting City Recorder of Salt Lake City, Utah, do hereby certify that the
foregoing and attached pages are a full, true and correct copy of the
minutes of a regular meeting of the Board of Commissioners of Salt Lake City,
Utah, duly and lawfully called and held on Tuesday , the 30th day
of April , A. D., 1963, at the hour of 10:00 o'clock, A .M.,
insofar as the same refer to or concern the issuance of $1,500,000.00 Salt
Lake City, Utah, Tax Anticipation Bonds, Series of May 1, 1963, as the same
appear on record in my office; that I personally attended at said meeting
and that the foregoing proceedings were in fact held as in said minutes
specified.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Salt Lake City, Utah, this 30th day of April
A. D., 1963.
PrA9411%1°Mil\AjCitt4y Recorder
(SEAL)
STATE OF UTAH
SS
COUNTY OF SALT LAKE )
I, Herman J. Hogensen , the duly chosen, qualified and
acting City Recorder of Salt Lake City, Utah, do hereby certify as follows:
1. That Salt Lake City, Utah, is a City of the first class, was
incorporated in the year 1860 , and according to the United States
Census for the year 1960, had at that time a population of 189,454
2. That the names of the members of the Board of Commissioners
and municipal officers of said Salt Lake City are as follows:
Mayor J. Bracken Lee Term expires: January 6, 1964
Commissioner L. C. Romney Term expires: January 6, 1964
Commissioner Joe L. Christensen Term expires: January 3, 1966
Commissioner Herbert F. Smart Term expires: January 6, 1964
Commissioner Conrad B. Harrison Term expires: January 3, 1966
City Auditor Louis E. Holley Term expires: January 3, 1966
Appointed
City Treasurer Jennings Phillips Term expires: Now in office
Appointed
City Recorder Herman J. Hogensen Term expires: Now in office
3. That by ordinance duly passed by the Board of Commissioners
of said City and recorded in the Board of Commissioner's minute record,
the regular meeting of the Board of Commissioners was fixed to be held as
follows: Each Tuesday, Wednesday and Thursday at 10:00 o'clock A.M.
4. That there is no litigation pending or threatened affecting
in any way the legality of the $1,500,000.00 Bonds of Salt Lake City, Utah,
Series of May 1, 1963, or any 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.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said City this 30th day of April , A. D.,
1963.
vifidife(Ority Recorder order
(SEAL)
-8-
STATE OF UTAH
: SS
COUNTY OF SALT LAKE )
I Herman J. Hogensen , the duly chosen, qualified and
acting City Recorder of Salt Take City, Utah, do hereby certify that due,
legal and timely notice of the regular meeting of the Board of Commissioners
of Salt Lake City, Utah, held on Tuesday , the 30th day of
April , 1963, at the hour of 10:00 o'clock, A. M., was
given to all members as required by and in full accordance with the laws
of the State of Utah and the rules and ordinances of Salt Lake City, Utah.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Salt Lake City, Utah, this 30th day of April ,
A. D., 1963.
ecorder
(SEAL) ,.
-9-
STATE OF UTAH
: SS
COUNTY OF SALT LAKE )
I, Louis E. Holley, the duly chosen, qualified and elected City
Auditor of Salt Lake City, Utah, do hereby certify to the following facts:
1. That the value of the taxable property
within said City, according to the assessment for the
year 1962, was $ 1,278,507,720.00
and for the year 1963 will not be less than . . $ 1,321,673,770.00
2. That the tax levy for the said City
for the year 1962 was . . . . . . . . 24.00 mills
3. That the estimated expenses for the
fiscal year ending June 30, 1963 will be . . . $ 12,120,290.00
which sum it will be necessary to raise by taxes
and other revenues during the fiscal year ending
June 30, 1963.
4. That the tax levy for the fiscal
year ending June 30, 1963 is 24.00 mills and that the
estimated revenues for the fiscal year ending June 30,
1963, are $ 12,120,290.00
of which there has been received to date the sum of $ 10,549,384.00
5. That said City has water revenue bonds
outstanding in the sum of . . . . . . . $ None
and sewer revenue bonds outstanding in the sum of . $ None
of which $ None
is required for principal and interest payment during
the fiscal year ending June 30, 1963.
6. That the taxes heretofore levied for
the year 1962 and previous years not yet collected
or paid to said City are $ 30,850.00
said amount being outstanding and uncollected on
the 30th day of April , 1963.
7. That the total authorized issue of
$1,500,000.00 Salt Lake City Tax Anticipation Bonds,
Series of May 1, 1963, consisting of fifteen bonds,
in the denomination of $100,000.00 each, may be
legally issued and delivered within the debt limit
of said City and is not in excess of the estimated
revenues for the fiscal year ending June 30, 1963.
8. That the total bonded general obligation
indebtedness of said City, exclusive of this issue is $ 22,142,000.00
9. That the said issue of $1,500,000.00
bonds is made in anticipation of the collection of
taxes and other revenues for the fiscal year ending
June 30, 1963, and that including the said Tax
Anticipation Bonds, the bonded indebtedness made in
anticipation of the collection of taxes and other
revenues for the fiscal year ending June 30, 1963, is $ 1,500,000.00
_in_
10. That the aggregate amount of floating
indebtedness of said City of every nature whatsoever
as of April 30, 1963, other than that mentioned in
paragraph 9 above, is
$ None
11. That the said Salt Lake City Tax
Anticipation Bonds, Series of May 1, 1963, are a
general obligation of and are payable out of the
taxes levied or to be levied on all taxable
property within said City; that the same are
issued in anticipation of the collection of taxes
for the year ending June 30, 1963; that the
aggregate amount of indebtedness incurred in antici-
pation of the taxes for the year 1963, including
this issue, will not be in excess of the taxes and
other revenues for the year 1963.
12. That the total amount of cash in the
sinking fund is $ 350,000.00
13. That the said Wit Lake City has
never, within the ten years last past, defaulted
for fifteen days or more in the payment of
principal or interest of any bonded debt authorized
to be contracted by it.
14. That the estimated revenue for the
fiscal year ending June 30, 1963, of Salt Lake City
other than from general taxes, are . . . . . $ 6,470,657.00
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Salt Lake City, Utah, this 1st day of May
A. D., 1963.
ail
CitAuditor,'Salt e City Utah
ATTEST:
Ci Recor er ,e t , Utah
(SEAL)
STATE OF UTAH
SS
COUNTY OF SALT LAKE )
I, Herman J. Hogensen , the duly chosen, qualified and
acting City Recorder of Salt Lake City, Utah, do hereby certify that no
referendum petition has been filed affecting in any way the resolution passed
by the Board of Commissioners of Salt Lake City, Utah, on the 30th day of
April , 1963, which resolution authorized the issuance of $1,500,000.00
Salt Lake City Tax Anticipation Bonds, Series of May 1, 1963, and that the
time within which any referendum petition could be filed has expired.
IN WITNESS WHEREOF, I have hereunto set my hand and the seal of
said City this 30th day of April , A. D., 1963.
k11100:11 p ake City, Utah
(SEAL)
-12-
STATE OF UTAH )
: SS
COUNTY OF SALT LAKE )
I " -'1N4a�j , the duly chosen, qualified and
acting City Auditor of Salt LakkeCiCityy,,�State of Utah, do hereby certify that
prior to the issuance and delivery of $1,500,000.00 Salt Lake City Tax
Anticipation Bonds, Series of May 1, 1963, bearing interest at the rate of
one and three fourths per cent (1 3/4%) per annum, payable at maturity,
numbered one (1) to fifteen (15), both inclusive, in the denomination of
$100,000.00 each, due and payable June 30, 1963; I, as City Auditor of Salt
Lake City, did duly sign on the reverse side of said bonds a certificate
reading as follows:
"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.
t2 ca4
't Audis
IN S WHEREOF, witness my hand and the seal of Salt Lake City,
Utah, this day of , A. D., 1963.
--- giee //F r
C' Auditor, Sal#/ ake C ty, Utah
/
(S )
STATE OF UTAH
: SS SIGNATURE CERTIFICATE
COUNTY OF SALT LAKE )
We, the undersigned officers of Salt Lake City, State of Utah,
indicated by the vial title ap,p site our names, do hereby certify that we
did on the • Y. of ,,, • A , 1963, officially sign $1,500,000.00
Tax Anticipation Bonds, Serie\ of May 1, 1963, of Salt Lake City, Utah, dated
May 1, 1963, bearing interest :t the rate of one and three fourths per cent
(1 3/4%) per annun, payable at maturity, said bonds being numbered one (1) to
fifteen (15), both inclusive, in the denomination of $100,000.00 each, payable
June 30, 1963, being at the date of such signatures the duly chosen, qualified
and acting officers indicated therein and authorized to execute the same.
We, further certify that NO LITIGATION of any nature is NOW PENDING
or THREATENED, RESTRAINING or ENJOINING the issuance and delivery of said
bonds or the levy and collection of taxes to pay the principal and interest,
nor in any manner questioning the proceedings and authority under which the
same is made or affecting the validity of the bonds thereunder; that neither
the CORPORATE EXISTENCE or BOUNDARIES nor the TITLE of the present officers
to their respective offices is being contested; and that no authority or
proceedings for the issuance of said bonds has been repealed, revoked or
rescinded.
The corporate seal of Salt Lake City, Utah, is impressed on said
bonds. Ulon said bonds is endorsed the following certificate:
"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.
ity for
which certificate has been signed by said City Auditor.
Done and delivered at Salt Lake City, Utah, this day of
, A. D., 1963.
SIGNATURE OFFICIAL TITLE
(_( Mayor, Salt Lake City, Utah
khiVi\JiJrIl1\)SM�AN City Recorder, Salt Lake City, Utah
City Auditor, Salt Lake City, Utah
% ✓//
I hereby c ify that the signatures of the officers above sub-
scribed are true and genuine.
C
First Security Bank of Utah,Bank
N.A.