OCR Text |
Show AN ORDINANCE PROVIDING FOR THE issuance of bonds for corp ia'" pur ols j Whereas, The corporation oi Sa.t L.s.e Cfy is i desirous of be rroniag the urn of Six Hcptlred j Thousand Dollars for the making of permanent improve:: e.its, nd for oth r ceirporate piupoieg, and it has been deemed prudi nt and Deft to issue a series of Six Hundred One Thoutarr t Dollar Bor.ds, pursuant to the provisions of an Atif the Goverai r and the Legisiafve Assem'lt' oi the Territory of Utah, approved March 8, 18oS. Whekefore, be.. ion 1.-Be, and it is cr.lained by the City Council of Sait Lake Ci.y taat for the purpose of obtain! g money fcr permanent im-pro im-pro ementa and for otfcer corp ia.e purp ses aid corporation sha 1 i-s: e a series of S.x Hundred Engr.ived Coupon rionds cf ihe denomination of One Thousand Dollars each, the principal paya le at the office of t ie City Treasurer of the City of Salt Lake twenty years aftd-the date thereof, re-d-emabic, howe.-er, at the option of eaid corpora- ; tion a any time after ten years of the date of iheir iss e. Said Bonds to bear date of July 1 f t, 1352, with j interest f io n the date thereof at the rte of live j pereent per annum, and payable semiannually thereafter on the tirsr days of Januiry aid Jniy of each year, in the City of New 1 ork'iu the hanking hank-ing house of We Is", Fargo fc Co., or iis successors, or at the Bank of Wells, Fargo & Co, at Salt Lake, or its sue-cesscrs, on presint.itioii and surrender of the : coupons as they become d ie, both interest and i principal pay awe in lawful money of the United States, and said Bonds shall be exempt Irani taxation taxa-tion by said City. Sec. 2. raid Bonds shall le signed by the Mayor and Tr asuier of said City, and before the issuance of any of them the corporate seal of said City shall be thereunto affixed, d ily attested by tue Recorder of said City. The coupons attached to each of ihese bonds, repre-eutiag the iut -i e-t to accrue thereon, saali each be signed by the Treasurer oi said City, either by his own hand or oy lithographic copy of the signature of said i reas I urer, and such coupons when so 'signed, is.-i:e 1 and delivered by the proper autheirities of said City with such bond or bemds, to a purchaser or purchasers thereof, shall become nu bo the lawful law-ful obligation of ai l City in the hands of any person to whom they may lawfully come for the payment of said interest as shown thereby. Sec. 3. Sa.d Bonds shall le numbered from ore to six hundred, both indue. ve, and they shall be registered In numerical order in a book kept for such purpose by the Auditor of said City, and said Bonds shall be told only upi n the order pf the City Council, and in such lots and upon sulh terms as it shall designate, and to each cf said Bonds there shall be attached forty coupons, nuni-bered nuni-bered refpei tively from one to forty, both inclusive, inclu-sive, with the proper date of payment named therein. Sec. 4.-The Seal of the Corporation shall npt be impressed upon said Bonds until the terms !f sale thereof, and then said impression shall lie made in the presence of the Mayor and Treasur-r and Committee of Finance of said City, proridi d the order of selling and attesting said Bonds, ; i-clnd.ng i-clnd.ng the sealimr thereof, may be changed Or modilied by the or ier of the City Council. Sec. 5. Whenever the City Council of Salt Lake City shall have arranged to issue said Bonds, or any part of tbui. saiel Council shnll direct the M-ayorMd Treascr r of said City to advertise Br the s Lie of Bomts to be issued as aforesaid by cr. a 'ins r.o i e of said sale to be published for a i e.iod of one month in three daily newspapers pii lis hed in Salt L ike City. Such notice shnl! . specify the amount of b nJs to 1 e sold, the rare of inte.-est they shall bear, the place, day and hour oc the sale," and that bids will be received by said Treasurer for the pur h ise of said bonds, and at a place and time named in said no'Iou. . J The Treasurer of said city, together with thie Mayor and C mn ittets on Finance of said Citj-Council, Citj-Council, shall open all bids received by said Treasurer, and 'hsy shall award the purchase of said hoed or the portion thereof offered for saie to the highest bidder or bid !ers therefor. Provided: Pro-vided: i ha' said Treasurer, Mayor and said Committee Com-mittee on Finance shall have the right on behalf of said City to rejec; any and all bids, and provided provid-ed further, that they may in their discretion refuse re-fuse to make as J reward of said bonds unless sufficient suf-ficient security shall be furnished by the bidder or bidders for the compliance with the terms of his cr''et bids. Section t. Forthe purpose of providing for the I payment of the interest on said Ben Is as the Same si ali become due, the sum of thirty thousand thous-and dollar' or so much thereof as muy be necessary neces-sary is hereby appropriated accordingly. Seotiou At fee expiration of t sa years after theleeuaaie of ta d Bonds, there shall be set apart, and the same is hereby appropriated, the sum of sixt.v thousand dollars, as a sinking fund to pay th 3 principal of said Bonds, as the same -h ill fall due or be called as provided by Sec i in 8 of this ordinance; Provided that nothn g herein shall be construed to prohibit the City Council from making any other provision for redemption of any or all of said rionds after the expiration of ten years. Se. tion 8 Whenever, after the expiration of ten years fro m tne issuance of said Bonds, there is available, as provided in the prec ding section or othe: wise, the sum of sixty thousund dollars or more, it shall be the duty of the City Treasurer Treas-urer to publish a notice, stating the number of Bonds io be rede med, commencing with the, h'gh s' number then out-standing, and the date when they will be paid. And if such Bonds, so numbered in suid notice, shall not be presented for piyment or cancellation at the date mentioned in tfie pu'olication, then such fund shall remain in the Treasury to discharge such Bonds w henever hen-ever presented, but such call Ponds shall draw no interest after the date specified In such notice. Section 9 -This ordinance to take effect from Passed and approved May 13, 1892. Attests R. N. BASK IN, Mayor. seal C. E. Stanton, City Recorder. " United States of mekica, j TEKRtTO.iY or Utah, -ss: County ami City of Salt Lake. ( I, C. E. Stanton, R"corder in and for Ss.lt. Lake City, Utah, do he.e ty ertify that the foreoim? is a full, true and correct copy of "an ordinance, provid.ng for the issuance of Bonds for Co:por-ate Co:por-ate pi;p6es" aporoved by the City Council of salt Lake City, Utah, May ISth, ltS-i, 8 appears of re: rd in my office. In Witness whereof. I have hereunto set my hand and affixed the Corporate Seal of Salt Lake Citv, Utah, this fourteenth day of May, A. D., 18S.2. C. E. STANTON, City Recorder. |