HomeMy Public PortalAboutRES-CC-1957 no number 2The City Council of City of Moab, Grand County, State of Utah, met
regular Tuesday 16th July
in session on , the ® day of A. D., 1957, at
the hour of 'sue o'clock , ^.M., at the regnler meeting place in said City,
due, legal and timely notice of said meeting having been given to all members
as required by lax and the rulea and ordinances of said city.
On roll call, the following members were presents
Mayor
Councilman
Councilman
Councilman
Councilman
Councilman
Also present:
City Recorder Ellis Foote
J. W. Corbin
....,.........F..
xxaMSYNtErgan
David W. Allen
Wm. D. McDougald
Richard S. Parsons
Absent 'Councilman L. L. Robertson
(Councilman Robert P.. Mohler resigned April 1, 1957; replaced
by Councilman Ellie R. Cook, Jr., appointed.)
Councilman Ellie R. Cook, Jr. introduced the follo
wing reeolu-
tion and moved its adoptions
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RESOLUTION
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF TWENTY THOUSAND DOLLARS
($20,000.00) TAX ANTICIPATION BONDS OF THE CITY OF MOAB, GRAND COUNTY, STATE
OF UTAH, BERMS OF AUGUST 1, 1957.
WHEREAS, there is an immediate and pressing need for the raising
of funds in the amount of Twenty Thousand Dollars 020,000.00) for the purpose
of meeting the ourrent expenses of the City of Moab for the year 1957 until
the payment of taxes for the year 1957, and
WHEREAS, the sum of Twenty Thousand Dollars 020,000.00) now to be
raised, together with the other indebtedness incurred for the purpose of meet-
ing the current expenses of the City of Moab for the year 1957, in not in
excess of the revenues to be raised for the current year 1957,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MOAB, GRAND COUNTY, STATE OF UTAH:
Section 1. That said City of Moab, Utah, for the purpose of meeting
current expenses of said City of the year 1957 until the payment of taxes
for the year 1957, shall borrow the sum of Twenty Thousand Dollars ($20,000)
and for that purpose as evidence of such indebtedness shall issue one bond
therefor, of the denomination of Twenty Thousand Dollars ($20,000), numbered
one (1), said bond shall bear date of August 1, 1957, and shall be due and
payable December 31, 1957, bearing interest at the rate of four per cent (4%)
per annum, payable at maturity, both principal and interest being payable
at the First Security Bank of Utah, N.A., Moab Branch, Moab, Utah. Said bond
shall be signed by the Mayer and attested by the City Recorder under the
seal of the City, and shall be registered in a book kept by the City Auditor
for that purpose and the City Auditor shall endorse on said bond the certifi-
cate required by law. Said bond shall be in substantially the following
form, to®witt
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UNITED STATES OF AMERICA
STATE OF UTAH
CITY OF MOAB
TAX ANTICIPATION BOND
Series of August 1, 1957
No. 1 $20,000.00
NNOWIALL MEN 11Y THEE : That the City of Moab, in the
County of Grand and State of Utah, hereby acknowledges itself to be indebted
and for value received hereby promises to pay to the bearer hereof the sum
of
TONT! THOUSAND DOLLARS ($20,000.00)
in lawful money of the United States on the 31st day of December, A. D,, 1957,
at the First Security Bank of Utah, N. A., Moab Branch, Moab, Utah, with
interest thereon at the rate of four per cent (4%) per annum from date until
paid, payable at maturity.
This bond is one of a series of one bond of like tenor and date,
numbered one (1), and known as !"City of Moab Tax Anticipation Bond, Series
of August 1, 1957," for the sum of Twenty Thousand Dallars ($20,000.00),
issue. pursuant to Section 10-8-6, Utah Code Annotated 1953.
The City Council shall levy in the year 1957 a sufficient tax to
pay the principal and interest on this bond as the same shall fall due, and
this bond is issued in anticipation of the payment of such taxes for the year
1957.
It is hereby certified, recited and declared that the entire
indebtedness of said City hereby incurred is not in excess of the taxes
of said City levied or to be levied for the current year 1957, and that
said indebtedness was and is contracted for the purpose for which said
taxes are levied.
It is further certified, recited and declared that all conditions,
acts and things essential to the validity of this bond exist, have happened
and have been done, and that every requirement of law affecting the issue
hereof has been duly complied with, and that this bond is within every debt
and other limit prescribed by the Constituifon and Laws of said State, and
that the fell faith and credit of said City of Moab are hereby irrevocably
pledged to the punctual payment of the principal and interest of this bond
according to its terms.
IN WITNESS WHEREOF, THE City of Moab has caused this bond to be
signed by its Mayor, ite corporate seal to be hereunto affixed, and attested
by its City Recorder, as of the let day of August, 1957.
ATTEST:
(L)
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‘c
There shall be endorsed on said bond uhe following City Auditor's
Certificate:
"City Auditor'a Certificate
I hereby certify that this bond is within the lawful debt limit
of the City of Moab, Utah, and is issued according to law.
City Auditor."
Section 2. All the covenants, statements, representations and agree.
manta oontained in said bond are hereby adopted as covenants, statements,
representations, agreements and promises of the City of Moab, Utah.
Section 3. The Mayor of the City of Moab is hereby authorized and
direoted to sign and exeoute said bond and the City recorder is hereby
authorized and directed to attest and affix the seal of the City of Moab to
said bond and the City Auditor is authorized and directed to place upon said
bond the certificate in the manner and form set forth above and the acts of
said Mayor, City Recorder and City Auditor in so doing are and shall be the
act and deed of the City of Moab .
Section 4. That the City Council shall levy in the year 1957 a
sufficient tax to pay the principal and interest on said bond as the same
shall fall due and for the payment of said bond and the interest thereon the
full, faith, credit and taxing power of the City of Moab is hereby irrevocably
pledged and the City Council hereby covenants with the holder of said bond
that it will levy in the year 1957 sufficient taxes to provide for the payment
of the principal and interest of said bond.
Seotion 5. That the First Security Bank of Utah, H. A., Moab Branch,
City of Moab, Utah, has offered to purchase said bond at a price satisfactory
to the City Council, which offer is the highest, beat and most advantageous
received for the purchase of said bond. Said offer is and the same is
hereby accepted, and the City Treaaurer is hereby authorized and instructed
to deliver said Twenty Thousand Dollars 020,000.00) bond to the purchaser
thereof, upon receipt of the purchase price therefor.
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Section 6. That an emergency is hereby declared and in the opinion
of the City Council because of the necessity for funds to meet the current
expenses of said City, it is necessary for the peace, health and safety of
the inhabitants of the City of Moab that this resolution shall take effeot
at once.
Section 7. This resolution shall take effect immediately.
PASSED by the City Council of the City of Moab, Grand County, State
of Utah, and approved this 16th day of July , A. D., 1957.
ATTEST:
Ci y corder
(SEAL)
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//l/
Mayor
The adoption of the foregoing resolution was seconded by Counoilman
Richard S. Parsons and the same on being put to a vote was unanimously
carried by the affirmative vote of all Councilmen presents the vote being as
followst
ATTEST,
(SEAL)
Mayor J. W. Corbin "Aye"
Councilman "Aye""
ei . ; oo , Jr.
Councilman ZIRRMETVISUL_ - o . anySim
Councilman David W. A11on "Aye"
Councilman Wm. D. McDougald "'Aye""
Councilman Richard S. Parsons "Aye"
(Councilman L. L. Robertson, absent.)
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fiTf.
Mayor
STATE, OF UPAH )
SS
COUNTY OF GRAND)
I, Ellie Foote, the duly chosen, qualified and aoting City Recorder
of the City of Moab, Grand County, State of Utah, do hereby certify that the
foregoing and attached pages are a full, true and correct copy of the minutes
of a regular meeting of the City Counoil of the City of Moab, Utah, duly and
lawfully called and held on eefley the 16th day of July , A. D., 1957,
at the hour of 7330 O clook, P .M., insofar as the same refer to or concern
the issuance of $20,000.00 City of Moab, Utah, Tax Anticipation Bonds, Series
of August 1, 1957; as the aame appear on record in my office; that I peraonally
attended at said meeting and that the foregoing proceedings wore in fact held
as in said minutes specified.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said City of Moab, Utah, this
1957.
(SEAL)
7th
day of August A. D.,
City Recorder
STATE OF UTAR )
: SS
Cou TY OF GRAND)
I, Ellis Foots, the duly ohne% qualified and acting City Recorder
of the City of Moab, Grand County, State of Utah, do hereby certify as follows:
1. Tat the City of Moab, Utah, is a city of the 3rd class,
vas incorporated in the year 1936 , and according to tie United States
Census for the year 1950, had at that time a population of 1271 .
2. That the nos of the ..cabers of the City Council and municipal
officers of said City of Moab are as follows:
Mayan J. W. Corbin eeee expires: let Monday January 1958
lie C qk.Jr. (appointed Apbil. 1, 1957)
Councilman ihrm expos: let Monday January 1958
Councilman Loren L. RObarteon Tare expires: let Monday January 1958
Councilman David % Allen Term .expires: let Monday January 1960
Councilman William D. MoDougald Term expires: let Monday January 1960
Councilman Richard S. Parsons Term empires: let Monday January 1960
3. That by ordinance duly passed by the City Council of said City
and recorded in Council's minute record, the regular meeting of the City
Council vas fixed to be held as follows:
let and 3rd Tuedeaye of each month
4. That there is no litigation pending or threatened affecting in
amy way the legality of the $420,000.00 Bond+ of the City of Moab, Series of
August 1, 1957, or any similar issue of bonds issued by said City of Moab,
or the: boundaries of raid City of the title to office of any of the officers
thereof.
IN WITNESS WMEREOF, I have hereunto set :ay hand and affixed the
corporate seal of said City this 7th day of Auguet , A. D., 1957.
BEAL)
-9.
ohty Recorder
STATE or UTAH )
ss
COUNTY or GRAND)
I, Ellis Foote, the duly chosen, qualified and acting City Recorder
of the City of Moab, Brand County, State of Utah, do hereby oerti.2y that due,
legal and timely notice of the regular meeting of the City Council of the
City of Moab, Grand County, Utah, held on
Tuesday the 16th door of
Julr , 1957, at thehols of 7s30 otalook, P.il., was Om to all
members as required by and in full accordance with the lava of the State of
Utah and the rules and ordira noes of the City of Moab, -Utah.
IN WITNESS Wes, I have hereunto set my hand and affixed the
corporate seal of said City of Haab, Utah, this 7th day of August
0. D., 1957.
( BEAL)
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City Recorder
STATE of UTAH )
sa
COUNTY OF GRAND)
I, Allis Foote, the duly chosen, qualified and acting City Recorder
and ex-officio City Auditor of the City of Moab, Utah, do hereby certify to
tha following facts:
1. That the value of the taxable property within
said City, according to the assessment, for the year
1956, was
2,203,746
and. for the year 1957 will not be less than 2,710,914
2. That the tax levy for the said City for the
year 1956 was --iNprzappylmin.
3. That the estimated expenses for the current
year 1957 will be
which sun it will be necessary to raise by taxes during
the year 1957, and from other sources.
4. That the tax levy for 1957 is 24.75 mills and
that the estimated revenues from general taxes for the
current year 1957 are $ 67,095 and the total
estimated revenues are
of which there has been received to date the stint of
5. That the
1957 and previous
said City are
4
54,543
135,000 •
$ 135,000 •
$ 88,351
tuxes heretofore levied for the year
years not yet collected or paid to
7thamourit being
day of
outstanding and uncollected on the
August 1957.
6. That the total authorised issue of $20,000.00
City of Moab Thu Anticipation Bond, Series of August 1,
1957, consisting of one bond in the denomination of
$20,000.00, may be legally issued and delivered within
the debt limit of said City and is not in excess of the
estimated revenues for the current year 1957.
7. That the total bonded indebtedness of said City,
exclusive of this issue is
8. That the said issue of $20,000.00 bond is made in
anticipation of the collection of taxes and other revenues
for the current year 1957, and that including the said Tax
Anticipation Bond, the bonded indebtedness made in antici-
pation of the oolleotion of taxes and other revenues for
the current year 1937, is
$ 73,094
231,000
$ 36,265.48
9. That the wasp% amount of floating indebtedness
of said City of every native whatsoever as of August 7, 1957,
1957, other than that mentioned in paragraph 8-above, is ---- $
10. That the said City of Moab Tate Anticipation Bend,
Series of August 1, 19S7,-is a general obligation of and is
payable out of the taxes levied or to be levied on all tax-
able property within raid City; that the sane is issued in
anticipation of the collection of taxes for the year 1957j
that the aggregate amount of indebtedness incurred in anti-
cipation of the taxes for the year 1957, including thie issue,
will not be in excess of the taxes for the current year, 1957.
-10-
(See ;dote next pago 1
Approx.
15,000.00
current bills
g. o. bond
11. That the total amount of cash in the Kinking
find is
12. That the said City of Moab has never, within
the ten years last past, defaulted for fifteen days or
more in the payment of principal Or interest of any
bonded debt authorized to be contracted by it.
13. That the estimated revenue for the year 1957
of the City of Moab other than from general taxes, are ---
10,961
67,905
IN NITNER3 WERRIOE, I have hereunto set my hand and affixed the
corporate seal of said City of Moab, Utah, this 7th day of
A. D., 1957.
(REAL)
August
C t-t.
City Recorder and Ex-Ofticio City
Auditor of the City of Moab, Utah
NOTES (See Page 10):
e Actual expenses and revenues expected to be lees than
budgeted amount for 1957 by approximately $10,000.
STATE or UTAH )
SS
COUNTY CF GRAND)
I, Allis Foote, the duly chosen, qualified and acting City Hscorder
of the City of Moab, Grand County, State of Utah, do hereby certify that no
referendum petition has been filed affecting in any way the resolution passed
by the City Council of the City of Noah, Grand County, State of Utah, on the
16th dsy of July , 1957, which resolution authorized the issu-
ance of $20,000.00 City of Moab Tax Anticipation Bonds, Series of August 1,
1$57, and that the time within which any referendum petition could be filed
has expired.
IN MTNEN WHEREOF, I have hereunto set my hand and the seal of
said City this :th day of August , A. D., 1957.
City :ieoosder, City of Moab, Utah -
( sgAL)
STATE OF UTAH )
: SS
COUNTY of GRAND)
I, ]Ellis Foote, the duly chosen, qualified and eating, City Auditor
of the City of Moab, Grand County, State of Utah, do hereby certify that prior
to the issuance said delivery of $20,000.00 City of Moab Tax Anticipation Bond,
Series of AulSust 1, 1957, bearing interest at the rate of four per cent (4%)
per annun, payable at maturity, numbered one (1), in the denomination of
$20,000.00, due and payable December 31, 1957, I, as City Auditor of the
City of Moab, did duly sign on the reverse side of said bond a certificate
reeding as follows:
"CITY AUDITOR'S CERTIFICATE
I HEREBY Ci+RTIFY that this bond is within the lawful debt
limit of the City of Moab, Utah, and is issued according
to law.
('1xhibit)
City Auditor."
IN FATNESS WHEREOF, witness my hand and the seal of the City of
Moab, Utah, this .may_ day of Angumt , A. D., 1957.
(am)
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City Auditor, City of Moab, Utah
STATE OF UTAN )
: SS
COUNTY CO? GRAND)
We , the undersigned officers of the City of Moab, Grand County,
State of Utah, indicated by the official title opposite our names, do hereby
aertify that we did on the 00 day of Aug, .t , 1957, officially
sign B20,000.000 Tax Antiipatien Bond, Series-B August 1, 1957, of the City
of Moab, Utah, dated August 1, 1957, bearing interest at the rate of four
par cent (4) per annum, payable at maturity, said bond being numbered one
(1), in the denomination of 420,000.00, payable December 31, 1957, being at
the date of such signatures the duly chosen, qualified and acting officers
indicated therein and authorised, to execute the same.
We further aertify that NO LITIGATION of any nature is now PENDING
or MEATE MD, REMAINING or ENJOINING the issuance and delivery of said
bond or the levy and collection of taxes to pay the principal and interest,
nor in ant manns_r questioning the proceedings and authority under which the
sane is made or affecting the validity of the bond thereunder; that neither
the CORPORATE EXISTED= or BOUNDARTES nor the TITLE of the present OFFICERS
to their respective offices is being €ontested; and that no authority or
proceedings for the issuance of said bond has been repealed, revoked or
rescinded.
The corporate seal of the City of Moab, Utah, is impreesed on
said bond. Upon said bond is endorsed the following certificate.
"CITY AUDITOR'S CIRTIRICATE
I hereby certify that this bond is within the lawful debt
limit of the City of Moab, Utah, and is issued according to
law.
(Farhib+tl
City Audit "
whieh certificate hats been signed by said City Auditor.
Done and delivered at the City of Moab, Utah,thie day of
'instant, A. D., 1957•
MIAMI
I hereby
OFFICIAL TITLE
Mayor, City of Moab, Utah
City Recorder, City of Moab, Utah
--t-_ City Auditor, City of Moab, Utah
certify that the signaturee of the officers above subscribed
are true and genuine.
Bank
STATE OF UTAH )
$S
COUNTY of GRAND)
TREASURER'S RECEIPT
H. W. Balsley
I, Aidorecaxitembwis, the duly chosen, qualified and acting
Treasurer of the City of Moab, Utah, do herbby certify that I received
from the purchasers, or their agents or assigns, the purchase price of
$20,000.00 Tax Anticipation Bond, Series of August 1, 1957, of the City of
Moab, Utah, dated Ault 1, 1957, bearing interest at the rate of four per
cent (4%) per annum, payable at matrity, said bond being numbered one (1),
in the denomination of $20,000.00, payable December 31, 1957, said purchase
price being as follows:
Principal --- $ 20,000.00
Accruinterest from August 1, 1957, to
erg 7 , 1957 $
Total oio o /.r. S"C
the date of delivery was 7 , 1957 •
I further certify that J. W. Corbin, Mayor, and Ellis Foote, City
Recorder of the City of Moab, Utah, the officers who signed said bond , are
still in office.
Dated this 7 c-c day of
-15-
A-; 1957.
City
of Moab, Utah