The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-07-13
MISCELLANEOUS.
Published by authority
A RESOLUTION
Providing for the Issue of Bonds for
Corporate Purposes

| WHEREAS, The Corporation OF Salt Lake
| City is now indebted in the sum of about
two hundred and fifty thousand dollars,
| and on the whole of the existing indebted
| ness the Corporation is paying about seven
per centum per annum.
Now, for the purpose of borrowing money
at less rate of interest to discharge and
refund said indebtedness for the further
purpose of obtaining a greater supply of
| water for the use of the inhabitants of said
city, and for other corporate purposes it
has been deemed prudent and best to issue
! series of five hundred one thousand
dollar bonds, pursuant to an Act of the
Legislative Assembly of the Territory of
| Utah, approved March Slh, 1888; therefore =
| SECTION l. Be it RESOLVED by the City COun
cal of Salt Lake City: That for the purpose
of discharging and refhnding said 1ndebt-
edness; obtaining money 10 increase the
water supply of Salt Lake City, and for
| other corporate purposes, said corporation
| shall issue series of five hundred engraved
| coupon bonds, of the denomination OF one
| thousand dollars EACH the principal pay-
able at the Office of the City Treasurer in
Salt Lake City, twenty years afler the date
there f, redeemable, however, at The option
of said corporation any time after en- years
| from the date of their issue: said bonds to
bear dete OF September LIST, 1883, with inter
! est from the date thereof at the rate of five
per centum per annum, the inter,s payable
| on the first day of March, 1889, and semi
annually thereafter on the first days of Sep
| tamber and March in esch year, in the City
| of New York, at the banking house OF the
American Exchange National Bank. or its
| success DTS, or at the Deseret National Bank,
| in Salt Lake City, or its successors, on pres
entation and surrender of the coupons as
they become due; both interest and princ1-
pal payable in lawful none" of the United
States: and said bonds shall be exempt
from taxation by said city.
| Seq Said bonds shall be signed by the
Mayor and Treasurer of said CITY; and be-
fore the issuance of any of them the corFo-
rate seal of said city shall be thereunto
| affixed, duly attested by the Recorder OF
said city.
SEC 5. Said bonds shall be numbered
from one to five hundred, both inclusive;
and they shall be regis cred in numerical
order in book kept for that pu pose by the
Auditor of said city; aud said bonds snail
be sold only upon the order OF the City Coun-
Gil, and in such lots, aud on such terms as it
shall designate: and to each OF said bonds
there shall be attached forty coupons, mum
bered respectively from one 10 forty. both
| inclusive, with the proper dates OF payment
named therein
SEC 4.-The seal of the corporation shall
not be impressed pom said bonds until the
time of sale there and then such impress
sion shall be mae n the presence of the
Mayor, Treasurer ana committee on finance
of said city: Provided, The order of selling
and atteSlipg said bonds, including the
sealing thereof, may be changed or modified
by order of the City Council
SEC. 5. Whenever the City Council OF Salt
Lake City shall have orr Inged to issue said
bonds or any part of them, said Council
shall direct the Treasurer of said city to
advertise for the sale of bonds TO be issued
as aforesaid, by causing notice OF said sale
to be published for a period OF one
month IN three daily newspapers pub,
shall specify the amount CT bonds to
be sold, the rate of interest they shall
bear, the place, day AMI hour of sale; and
that bids will be received by said Treasurer
for the purchase of said bonds within fifteen
days from the expiration of SAID publica-
tion in said papers; and at the place and
time named in said notice the said Treas
urer Of said CT Y. together with the commit
tee on finance of the said City Council. shall
open all bids received by said treasurer,
and they shall award the purchase of said
bonds or the portil n offered for sale to the
highest bidder or bidders therefor Pro-
Uided, that said Treasurer and said COM
mittee on finance shall have the right in be-
half of said city to reject any and all bids;
and provided further. that they may in
their discretion refuse to make any award
of said bonds unless sufficient security Sh all
be furnished by the bidder or bidders for
the compliance with the terms OF his or
their bi Is.
SEC. 6. For the purpose of providing for
! the payment of the interest on said bonds.
las the same shall become due, the sum of
twenty-five thousand dollars, or so much
thereof may be necessary, is hereby ap-
prop lated annually.
SEC. AT the expiration of ten years at
ter the issuance of said bonds there shall be
set apart and the same is hereby apprOpri-
| ated annually, the sum of fifty thousand
dollars as sinking fund to pay the princi-
pal of said bonds as the same shall fall due,
or be called, as provided in Section of this
resolution; PrOuided, That nothing herein
shall be construed to prohibit the City
Council at any time from making any other
provisions for The REDEEM ption of any or all
of said bonds after the expiration OF said
ten years.
SEC Whenever, after the expiration
of ten years from the issuance ofSaid bonds,
there is available, as provided in the pre-
ceding section or otherwise, the sum of
dfty thousand dollars or more, it shall be
the duty of the City Treasurer t. publish a
notice stating the number of bonds TO be re-
deemed, commencing at the highest num-
Der then outstanding, and the cate when
they will be paid, and if such bonds SO
| numbered in such notice shall no. be pre-
sented fer payment and cancel.atio at the
date mentioned in the publication, then
such fund shall remain in The treasury to
| discharge such bonds whenever presented:
but said called bonds shall draw no interest
aft II the date specified in said notice.
| AdOp ed July 10th, 1883
FRANCIS ARMSTRONG, Mayor.
|
| HEBER NJ WELLS,
| SEAL City Recorder.
TERRITORY OF UTAH, | %
salt Lake City, ( Co.
I. Heber NJ Wells. Recorder OF Salt Lake
City, do hereby celtfy that the above and
| foregoing is full, true and correct copy of
a resolution entitled "A Resolution prGvid-
ing for the issue of bonds for corporate pur-
poses" adopted by the City Council of said
city, July 10th. A. D. 1888, as appears of
record in my office,
In testimony whe eof have here
unto set my hand and affixed
seal. tue Corporate Seal of Salt Lake
City, this 18th day of Jnly,
A, D. 1888.
HEBER NJ WELLS.
City Recorder.
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