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Show VN ORDINANCE PROVIDING FOR TTIE issuance of bonds for corporate purposes. Whbbeas, The corporation of Salt Lake City is desirous o forroiiug the um of Six Hundred Tbousand Dollars for the making of permanent improvements, and for other corporate purposes, and it has been deemed prud nt and best to issue I a series of Six Hundred One Thousand Dollar ! Bonds, pursuant to the provisions of an A t f the tioverm r and the Legislative Assemllv of the Territory of l'tah. approved March 8, 18;tJ. Wherefore. Section 1. Be, and it is ordained i I hy the City Council of Sait Lake City that for the i purpo -e of obtaining money for permanent im- ' j protement and for ether corp ia:e purp ses said ! ! corporation shall issue a series of Six Hundred ! Engr ived Coupon Bonds of (he denomination of One Thousand Dollars each, the principal paya le at th" office of the City Treasurer of the City of ! Salt Lake twenty years afte.- the date thereof, re- j deemabie. however, at the option of said corpora- 1 Hon a any time after ten years of the date of their j issue. Said Bonds to hear date of July 1st, lii2, with interest from the date thereof at the rate of live : per eut per annum, and payable semi annually ! thereafter on the first day s of Janniry and July of each year, in the City of New York in the bank- ing house of We Is, Fargo & Co., or its successors, or at the Bank of Wells, ' Eargo & Co , at Salt Lake, or its successors, on preeent.ition and surrender of the j coupons as they become due, both interest and principal paya de it! lawful money of the United States, and said Bonds shall be exempt from taxa- j tion hy saidCitv. Sec . said Bonds shall le signed by the i Mayor and.'l reasuier of said City, and before the issuance of any of tuem the corporate seal of said : ! City shall be thereunto artixed, duly attested by tueRecotder ofVaid City. The coupons atta lied I to each of these bonds, representing the interest ! i to accrue theieon, suali each be signed by the j Treasurer of said City, either by his own l aud or j ny lithographic copy ot the signature of said lreas j urer, and such coupons when so signed, issued I and delivered by the proper authorities of said i 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 I person to whom they may lawfully come for the payment of said interest as shown thereby. Sec. 3. Said Bonds shall re numbered from j 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, and said Bonds shall be sold only upen 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 be attached forty coupons, numbered num-bered refpeetivelv 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 upon said Bonds until the terms of ! sale thereof, and then said impression shall be j made in the presence of the Mayor and Treasurer and Committee of Finance of said City, provided the order of selling and attesting said Beads, m eluding the sealing thereof, may be changed or i modified by the order 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 them, slid Council shall direct the Mayor and I Treaanrer of said City to advertise for j the sale of Bonds to be issued as aforesaid ! by caasinfC no'lee of said sale to be published for a period of one month in three daily newspapers i published in Salt Like City. Such notice shall j specify the amount of bonds to be sold, the rate i of interest they shall bear, the place, day and I hour ot the sale, and that bids will be received by-said by-said Treasurer fer the part base of said bouds, 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 ihey shall award the purchase of ' said hood or the portion thereof offered for sale to the highest bidder or bidders therefor. Provided: Pro-vided: I hat s.i id Treasurer, Mayor and said Com- I mittee on Finance shaU have the right en behalf of said City to reject any and all bids, and provid 1 eit fin-flier tlint tliev ninv ill their iTTai nil II ill Te- I fuse to make any reward of said bonds unl-ss suf- ! licient security shall be furnished by the bidder or bidders for the compliance w ith 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 stall become due, the sum of thirty thousand thous-and dollars or so much thereof as may be necessary neces-sary is hereby appropriated accordingly. Section T. At tne nxpiration of ten y.-ars after the issaam S of -a d Bonds, there shall lie set apait. and the same is hereby-appropriate!, the I sum of sixtv thousand dollars, as a sinkingfund to pay th 3 principal of said Bonds, as th.; same shall fall due or be called as provided by Sect! m i 8 of this ordinance; Provided that nothing herein shall be construed to prohibit the City Council from making any other ; provision for redemption of any or all of eaid ltonds after the expiration of ten years. se tion 8 Whenecer, after the expiration Of ten years from tne issuance of said Bonds, there is available, as provided in the preceding Miction or othe. yvise, 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 Beads to be rede med, commencing with the highest nnmber then out-standing, and the date wiien they will be paid. And if such Bunds, so numbered in said notice, shall not be presented for payment 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 Bonds shall draw no interest after the date specified in such notice. Section II This ordinance to take effect from and after its passage. Passed and approved Mav 13, Attest: R. N. BASKIN, Mayo sf:al C. E. Stanton, City Recorder. United States of Ameuh A, j Territory or Utah, -ss: Cocnty and City of Salt Lake. ) I, C. E. Stanton, Recorder in and for Salt Lake City, l'tah, do heiev certify that the foregoing is I a full, true and correct copy of "an ordinsnce, provid ng for the is-uam e of Bonds for Corporate Corpor-ate purno-e" approved bv the City Council of !-alt Lake City, Utah. May 13th, 1S9J, S appears ot record in my office. In Witness whereof, I have hereunto set my hand and affixed the ( orporate Seal of Salt Lak- ( itv Utah, tins fourteenth day of Mav, A. I)., 18t-- C. E. STANTON. City Recorder. |