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Show N ORDINANCE PROVIDING FOR THE 2. issuance of bonds for corporate purposes. Whereas, The corporation of Salt Lake City is desirous of borrowing the nm of Six Hundred Thousand Dollars for the making of permanent improvements, and for other corporate purposes, and it has been deemed prudent and best to issue a series of Six Hundred One Thousand Dollar Bonds, pnrsuant to the provisions of an Act of the Governor and the Legislative Assemt lr of the Territory of Utah, approved March 8, 1888. Wherefore, Section 1. Be, and it is ordained by the City Council of Salt Lake City that for the purpose of obtaining money for permanent improvements im-provements and for other corporate pnrp ses said corporation shall Issue a series of Six Hundred Engraved Coupon Bonds of the denomination of One Thousand Dollars each, the principal paya le at the office of the City Treasurer of the City of Salt Lake twenty years aftei- tan date thereof, re- deemable, however, at the option of said corpora- , tion a any time after ten years of the date of their i issue. Said Bonds to bear date of July 1st, 19S2, with interest from the date thereof at the rate of five percent per annum, and payable semi annually thereafter OS the first days of January and July of each year, in the City of New York in the banking bank-ing house of Wells, Fargo & Co., or its successors, or at the Bank of Wells, Fargo & Co., at Salt Lake, or its successors, on presentation and surrender of the coupons as they become due, both interest and j principal payanle in lawful money of tiie United I States, and said Bonds shall be exempt from taxation taxa-tion by said Citv. Sec. 2. Said Bonds shall le signed by the Mayor and Treasurer (if said City, and before the issuance of any of them tbe corporate seal of said City shall be thereunto affixed, dnfy attested by tue Recorder of said City. The coupons attached to tach of these bonds, representing the interest to accrue thereon, suali each be signed by the Treasurer of said City, either by his own hand or ny lithographic copy of the signature of said t reasurer, reas-urer, and such coupons when so signed, is&sed and delivered by the proper authorities of said City with such bond or bonds, to a purchaser or purchasers thereof, shall become and he the lawful law-ful obligation of faid City in the hands of any person to whom they may lawfully come for the payment of said interest as shown thereby. Sec. 8. 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 flhe Auditor of said City, and said Londs shall be ioId only upon the order of the City Council, and in such lots and upon such terms as it shall designate, and to each of said Bonds there shall he attached forty coupons, numbered num-bered respectively from one to forty, both inclusive, inclu-sive, w ith the proper date of payment named therein. Sec. 4. The Seal of the Corporation -hall not be impressed upon said Bonds until the terms of sale thereof, and then aid impression shall be made in the presence of the Mayor and Treasurer and Committee of Finance of said City, provided the order of selling and attesting said Bonds, including in-cluding the sealing thereof, may be changed or modified by the order of the City Council. Sec. 5. Whenever the City Conncil of Salt Lake Citv shall have" arranged to issue said Bonds, or any part of them, said Council shall direct the Mayor and Treascr. r of said City to advertise for the s!e of Bonds to l:e issued as aforesaid by causing uo'ije of said sale to be published for a period of one month m three daily new-spacers published in Salt Ltike Citv. Such notice shall .......if,. . ,...., f r.t K-l'- In itd ttinmata rCl 111 III' II 111" II 111. "1 " .1 -1 - IV. ..V. t-V.lt.., fclt ttm. of interest they shall bear, the place, day nnd hour oc the sale, and that bids w ill be receive by said Treasurer fr r the pur. b-ise of said unguis, and at a 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 th y shall award the purchase of said bond -or the portion thereof offered for sale to tbe highest bidder or bidders therefor. Provided Pro-vided : i hai said Treasuri r. Mayor and said Com- mittee on Finance shall have the ricrht cn behalf j 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 any reward of sai l bonds unless sufficient suf-ficient security shall be furnished by the bidder or bidders for the compliance with the terms of ids or their bids. Section 6. Forthe purpose of providing for the payment of the interest on said Bonds as the same sball become due, the sum of thirty thousand thous-and dollars or so much thereof ::s may be necessary neces-sary is hereby appropriated accordingly. Section 7. "At the expiration of ten years after the issuance of i aid Bonds, there shall be set anart, and tne same is hereby appropriated, the sum of sixty thousand dollars, as a sinking fund to pay th 3 principal of said Bonds, as the same shall fall due or tie called as provided by Secii m 8 of this ordinance; Provided that aolh.i g herein shall be construed te prohibit the City Council from making any other provision for redemption of any or ail of said Bonds after the expiration of ten years. Section f Mhene.er, after the expiration of ten years fro.n ti e issuance of said Bonds, there is available, as provided ;n the prec dim; section or othe: wise, the sum i f sixty thousand doHars or more, it shall lie the di.ty of the City Treasurer Treas-urer to publish a notice, stating the number of Ponds 10 be rede rued, commencing with the highest number then eot-standim.', and the date when they will be paid. nd if such Bonds, so numbered in said not co, shall not be presented for payment or cancellation at the date mentioned In tue publication, then Bach fund shall remain iu the 'Treasury to discharge such Bonds whenever when-ever presented, but such call Sends shall draw no interest after the date s; e.-if.ed in such notice. Section This ordinance to take effect from and after its pa-sage. Passed and approved Mav 13. Attest: R. N. BASivIN, Mayor. seal C. E. Stanton, City Recorder. United States or America, i TERBnor.Y or Utah, rs: County and City of Salt Lake, t I, G. E. Stanton, Recorder in and for Salt Lake City, Utah, do heie y tertity that the foregoing is a full, true end corieit copy of "in ordinance, providing for the issuam e of Bonds for Coipo;-ate Coipo;-ate p.irno e- ' anoroved by the City Council of Salt Lake C ty. Utah. May 13th, ls'Ji, ts appears of re ord in my office. In Witness whereof, I have hereunto set my hand and affixed the Corporate Seal oi Salt Lake Citv L tali, tins fourteenth day of May, A. D., 1812. C. E. STANTON, City Recorder. |