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Show AN ORDINANCE PROVIDING FOR THE issuance of bonds for corporate purposes. Whereas, The 1 orporation of Salt Lake City is desirous of borrow ittg the urn o; Six Hundred Tco'itand Dollars for the making of permanent ! improves ents, and for other corporate purposes, I and it has been deemed prudmt and best to issue I a series of Six Hundred One Thousand Dollar I Bonds, pursuant to the provisions of an A t of the I Go verm r and the Legislative Asseml ly of the Territory of Utah, approved March 8, 1888. Wherefore, Section 1. Be, and it is cr lained by the City Council of Salt Lake City that for the purpose of obtaining money for permanent improvements im-provements and for other corporate ptirp ses said corporation sha'l iaece a series of Six Hundred Engraved Coupon Bonds of the denomination of One Thousand Doliars each, the principal paya le at the office of the City Treasurer of the City of Salt Lake twenty years after the date thereof, redeemable, re-deemable, however, at the option of said corporation corpora-tion a any time after ten years of the date of their isse. Said Bonds to bear date of July 1st, 1892, with interes: f 10:11 the date thereof at the rate of five percent per annum, and payable semiannually thereafter on the rirsr days of Januiry and July of each year, in the City of New York in the bank-I bank-I ing house of We Is, Fargo A; Co., or its successors, or at the Bank of Wells, Fargo A: Co , at Salt Lake, or its successors, on presentation and surrender of the coupons as they become due, both interest and principal payaole in lawful money of the United States, and said Bonds shall be exempt from taxation taxa-tion by said City. Sec. 2. Said Bonds shall be signed by the Mayor and Treasuier of said City, and before the issuance of uny 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 these bonds, representing the interest to accrue thereon, shall each be signed by the Treasurer of said City, either by his own hand or ny lithographic copy of the signature of said Treasurer, Treas-urer, and such coup ms when so signed, issued and delivered by the proper authorities of said City with such bond or bonds, to a purchaser or purchasers thereof, shall become and be the lawful law-ful obligation of said City in the hands of any persin to whom they may lawfully come for the payment of said interest as shown thereby. Sec. 3. Said Bonds shall be numbered from one to six hundred, both inclusive, and they shall be registered in numerical order in a book kept for such purpose by the Auditor of said City, aud said Bonds snail be sold only upon the order of the City Council, and in such lots and upon such terms as it -hall designate, and to each of said Bonds there shall be attached forty coupons, numbered num-bered respectively from one to forty, both inclusive, inclu-sive, with the pioper date of payment named therein. Sec. 4. The Seal of the Corporation shall not be impressed npon said Bonds until the terms of sale thereof, and then said impression shall be made iu the presence of the Mayor and Treasurer and Committee of Finance of said City, provided the order of seUing and attesting said Bonds, including in-cluding the sealing thereof, may bs changed or modified by the order of the City Council. Sec. 5. Whenever the City Council of Salt Lake Citv shall have arranged to issue said Bonds, or any part of them, said Council shall direct the Mayor and Treascr T of said City to advertise for 1 the s lie of Bonds to be issued as aforesaid by running noi'--e of said sale to be published for a period of one month in three daily newspapers pniiliSfied in Salt Luke City. Such notice shall specify the amount of bends to bo sold, the rate of Interest they shall bear, the place, day snd hour or the sale, and that bids will be receivf d by said Treasurer for the pun hase of said bonds, and ut 11 place and time named in said notice. The Treasurer of said city, together w ith the Mayor and Committee on Finance of said City Council, shall open all bids received by said Treasurer, and they shall award the purchase of said bond or the portion thereof offered for sale to the highest bidder or bidders therefor. Provided: Pro-vided: That said Treasurer, Mayorandsaid Committee Com-mittee on Finance shall have the right on behalf of said City to reject any and all bids, and provid-ed provid-ed further that they may in their discretion refuse re-fuse to make any 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 or their bids. Section 6. Forthe purpose of providing for the payment of the interest on said Bonds as the same si alt become due, the sum of thirty thousand thous-and dollars or so much thereof as may lie necessary neces-sary is hereby appropriated accordingly. Section 7. At the expiration of tan years after the issuani e of tad Bonds, there shall be set apart, nnd the sanu- m hereby appropriated, the sum of sitttv thousand dollars, as a sinking fund to pay th 3 principal of said Bonds, us the same shall fall due or lie called as provided by Sec'i 111 8 of this ordinance; Provided that nothing herein shall tie construed to prohibit the City Council from making any other provision for redemption of any or all of said Bonds after the expiration of ten years. Section 8 Whenever, after the expiration of ten years from tne issuance of said Bonds, there is available, as provided in the preceding section or otherwise, the sum of sixty thousand dollars or more, it shall be the duty of the City Treasurer Treas-urer to publish a notice, stating the number of Bonds to be rede-msd, commencing with the highest numlier then out-standing, and the date w hen they will be paid. And if such Bonds, so numbered in said notice, shall not be presented for p-iyment or cancellation at the date mentioned in the "publication, then such fund shall remain in the Treasury to discharge such Bonds whenever when-ever presented, but such call Foods shall draw no interest after the date specified in such notice. Section 9 This ordinance to take effect from and after it passage. Passed and approved May 13, 1892. Attest: R. N. BASKIN, Mayor. jsKAi. C. E. Stanton, City Recorder. L'nitki) States or merica, i Tmritort or Utah, -ss: Cocntv asi City or Salt Lake, i I, C. E. Stanton, Recorder in and for Salt Lake Citv, Utah, do be:e iy rertify that the foregoing is a full, true and correit copy of "an ordinance, providing for the issnanre of Bonds for Corporate Corpor-ate purpOfeV anoroved by the City Council of S-alt Lake C.t.v, Utah, Msy 13th, iSm, as appears ot record in my office. InWitr.es-i whereof, I have hereunto set my hand aud affixed the Corporate Sial of Salt Lake Citv, Utah, this fourteenth day of May. A. D., vm. C. L. STAN. TON, City Recorder. i |