111 of 1961 - Authorizing and directing the issuance and sale of $82,000.00 of Special Improvement Bonds for Curb REO.100 200 X.01 1.114
ROLL CALL Salt Lake City, Utah, December 26
, 196 1
VOTING Aye Nay
✓ I move that the Ordinance be passed.
Christensen
Harrison . . .
Smart. .
Romney . . . FJ 2
Mr. Chairman . t. AN ORDINANCE
Result . . . .
�.` AN ORDINANCE OF SALT LAKE CITY,
SALT LAKE COUNTY, UTAH, AUTHORIZING H
AND DIRECTING THE ISSUANCE AND SALE OD
OF SALT LAKE CITY, UTAH, CURB AND
GUTTER EXTENSION DISTRICT NO. 284, TO
FINANCE THE COST OF IMPROVEMENTS
MADE IN SAID DISTRICT, PROVIDING FOR
THE AMOUNT AND THE EXECUTION AND FORM
OF SAID BONDS; FINDING AND DECLARING
AN EMERGENCY THAT THIS ORDINANCE BECOME
EFFECTIVE IMMEDIATELY AFTER ITS
PASSAGE, APPROVAL, AND PUBLICATION,
WHEREAS, the Board of Commissioners of Salt Lake City,
Utah, has heretofore adopted proceedings for the construction of improve.
ments in Curb and Gutter Extension District No. 284 and the Ordinance of
said City confirming the assessment roll for such improvements having been
duly authorized and adopted and approved on the 9th day of October, 1961, and
WHEREAS, the notice of assessments to property owners in said
District hasc been published in accordance with the requirements of the laws
of the State of Utah and the ordinances of said City, and notice of assessment
has been mailed by the City Treasurer to all the owners of all property
assessed in said District; and
WHEREAS, the total cost of the project was $128,252.10 of which
the Cityts portion was $20,483.60, leaving an amount of$107,768.50
as the remaining front foot cost, of which the City's portion against property
owned by it is None, the balance of the front foot cost, after deleting the
Cityts portion, being assessed against the abutting property owners in
the amount of$107,768.50; that during the fifteen day period following the
effective date of the ordinance levying the assessment, the owners of
111
private property in said District have paid $25,768.50 on the
principal of their assessments; and
WHEREAS, it is the opinion of the Board of Commissioners that
Special Improvement Bonds of said City shall be issued and sold for the
purpose of paying for the improvements in said Curb and Gutter Extension
District No. 284 for Salt Lake City, Utah.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF
COMMISSIONERS OF SALT LAKE CITY, UTAH:
Section I. There shall be issued$82,000 Salt Lake City, Utah,
Special Improvement Bonds of Curb and Gutter Extension District No. 284,
said bonds to bear date of the 9th day of October, 1961, said bonds to
mature without option of prior payment to bear interest, numbered, and
in the denominations as follows:
Bond Numbers Amount Year
(All Inclusive) Interest Rate Denomination Maturing Maturing
1.8 5.00% $1,000 $8,000 10.9.62
9-10 5.00 100 200 10-9.62
11.-18 5.00 1,000 8,000 10-9.63
19.20 5.00 100 200 10.9.63
21-28 5.00 1,000 8,000 10.9.64
29.30 5.00 100 200 10.9-64
31-38 5.00 1,000 8,000 10-9..65
39.40 5.00 100 200 10-9-.65
41.48 5.00 I,000 8,000 10-9.66
496.50 5.00 100 200 10.9.66
51.58 5.00 1,000 8,000 10-9+.67
59-60 5.00 100 200 10-9.67
61.68 5.00 I,000 8,000 10-9.68
69-70 5.00 100 200 10-9.68
71-78 5.00 I,000 8,000 10-9-69
79.80 5.00 I00 200 10-9..69
81.88 5.00 1,000 8,000 I0.9-70
89-90 5.00 100 200 10-9-70
91.98 5.00 1,000 8,000 10.9-71
99-100 5.00 100 200 10.9.71
Bond principal and annual interest shall be payable at the Office
of the City Treasurer of Salt Lake City, Utah.
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Section 2. That said bonds and the coupons thereto attached
shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY, UTAH
SPECIAL IMPROVEMENT BOND
CURB AND GUTTER EXTENSION NO. 284
$100
$1,000
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake, State of Utah,
a municipal corporation duly organized and existing, for value received
hereby promises, out of funds available for the purpose, as hereinafter
set forth, to pay the bearer the sum of
($
on the 9th day of October, 19 , in lawful money of the United States of
America, with interest thereon at the rate of five per cent (5%) per
annum, payable annually in like money on October 9 in each year,
beginning October 9, 1962, upon the presentation and surrender of the
interest coupons hereto attached, both principal and interest being
payable at the Office of the City Treasurer, Salt Lake City, Utah. In
event of failure to pay this bond when due, it shall draw interest at the
rate of eight per cent (8%) per annum until paid.
This bond is drawn upon the City Treasurer against the special
tax levied upon the property included in Curb and Gutter Extension No. 284
of said city, to pay the cost of Special Improvements constructed in said
district and in full conformity with the Constitution and Laws of the
State of Utah, and also ordinances of said City duly passed and made a
law thereof prior to the issuance hereof.
A special improvement guarantee fund has been created by said
City as provided in Article 8 , Chapter 7, Title 10, Utah Code
Annotated 1953, and said city agrees that at all times during the life of
this bond and until payment thereof in full, said fund shall be at all times
maintained. This bond is payable exclusively out of said special tax and
the said special improvement guaranty fund, and neither said City nor any
officers thereof is holden for the payment thereof otherwise.
It is hereby certified, recited and declared that all acts,
conditions and things essential to the validity of this bond exist, have
happened and have been done in due time, form, and manner as required
..3-
111
by law, and that the total issue of bonds of said City including this bond
for said extension of district does not exceed the taxes levied to cover
the cost of said improvement and that all of said taxes have been
lawfully levied.
IN WITNESS WHEREOF, Salt Lake City, Utah, has caused this
bond to be signed by its Mayor, and attested by its City Recorder and drawn
by its City Auditor on its Treasurer, and the annexed coupons to bear the
facsimile signature of said City Auditor, and this bond to be dated
October 9, 1961,
/s/ J. Bracken Lee
Mayor
ATTEST:
/s/ Louis E. Holley
/s/ Herman J. Hogensen City Auditor
City Recorder
(SEAL)
(FORM OF COUPON)
No. $
On the 9th day of October, 19 , Salt Lake City, Utah, will pay
to the bearer at the Office of the City Treasurer, Salt Lake City, Utah,
the sum of dollars ($
in lawful money of the United States of America, being one year's
interest due on that date on its Curb and Gutter Extension No. 284 bond,
dated.October 9, 1961, this coupon being payable exclusively from the
funds described in said bond,
/s/ Louis E. Holley
Bond No. City Auditor
Section 3. Said bonds shall be signed by the Mayor and attested
by the City Recorder, and drawn by the City Auditor on its Treasurer,
and the annexed coupons to bear the facsimile signature of the City
Auditor, and the Board of Commissioners does hereby ratify, approve
and confirm the execution of said bonds by the said officers, and the City
Treasurer is hereby authorized to issue and deliver the bonds to the
purchasers thereof, their agents or assigns, on receipt of the purchase
price therefor.
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Section 4. The Treasurer of Salt Lake City, shall be, and he is
hereby authorized and empowered, and it shall be his duty, to receive
and collect all assessments levied to pay the cost of said improvements
in the Curb and Gutter District No. 284, and the annual installments
thereof and the interest thereon and the penalties accrued, including
without limiting the generality of the foregoing, the whole of the unpaid
principal which becomes due and payable immediately because of the
failure to pay any installment, whether of principal or interest, when
due, and to pay and disburse such payments to the person or persons
lawfully entitled to receive the same, in accordance with the laws of the
State of Utah and all the ordinances and resolutions of said City heretofore
or to be hereafter adopted. All monies constituting the payment of
principal of said unpaid installments of assessments shall be placed in a
separate fund to be designated"Bond Fund of Salt Lake City Special
Improvement District No. 284" and shall be used for the purpose of
paying the principal and interest on special improvement district bonds
of District No. 284 and for no other purpose whatsoever, and as
security for such payment said fund is hereby pledged. Should there not
be sufficient money in said fund to pay all of the interest and principal
falling due at any one time, then the principal and interest shall be paid
from the guaranty fund, or from any funds in the City lawfully available
for that purpose.
Section 5.. That assessments and interest thereon have been
and shall continue to constitute and are hereby declared to be a lien
in the several amounts assessed against every lot or tract of land
in said Curb and Gutter District No, 284 from and after the 9th day
of October, 1961, the date on which the ordinance levying special
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assessments became effective, which lien shall be superior to the lien of
any mortgage or other encumbrance, whether prior in time or not, and
shall constitute such lien until paid, which shall be equal to the lien for
general taxes.
Section 6. That in response to request for bids for the bonds herein
described, bids were received as follows:
Name of Bidder Int. Rate Premium
Edward L. Burton& Company 5% $5,678.50
J. A. Hogle & Thornton Morris Co. 5 5,632.50
Chiles-Schutz Co. 5 4,621.52
Continental Bank & Trust Co.
and Lincoln Ure & Co. 5 4,541.16
It is hereby determined that the offer of Edward L. Burton & Company
and associates to purchase said bonds at a price of par and accrued interest
and a premium of $5,678.50 is hereby determined to be the highest and best
bid submitted for the purchase of said bonds, and the sale of said bonds to
Edward L. Burton & CompanY in line with their bid therefor is hereby
ratified and confirmed and the bonds are hereby sold to said purchasers in
accordance with the terms of their bid therefor. The City Treasurer is
hereby instructed to deliver said bonds to the purchasers upon receipt of
the purchase price thereof.
Section 7. That a special improvement guaranty fund has been
created as provided in Article 8 Chapter 7 of Title 10, Utah Code Annotated,
1953, as amended, Salt Lake City hereby covenants and agrees that at all
times during the life of the bonds herein authorized until the payment thereof
in full, that it will, to such extent as is necessary, in order to prevent
default in the payment of principal and interest on the bonds herein
authorized cause to be levied annually for guaranty fund purposes such tax
as may be necessary on all of the taxable property in Salt Lake City, Utah,
but not in excess of one mill on each dollar of assessed valuation; and that
any money received from said special improvement guaranty fund levy shall
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11-1.
be placed in the special improvement guaranty fund account
and maintained for the purposes outlined in Article 8 Chapter 7, Title 10,
Utah Code Annotated, 1953, as amended, and for no other purpose.
Section 8. That an emergency is hereby declared, the preservation
of the peace, health and safety of Salt Lake City and the inhabitants thereof
so requiring, that immediately after its adoption this ordinance shall be
signed by the Mayor and City Recorder and shall be recorded in the
ordinance book kept for that purpose and said ordinance shall be published
in the Deseret News-Telegram, a newspaper of general circulation in
Salt Lake City, Utah, and this ordinance shall take effect immediately upon
its passage and approval and upon publication as required by law.
ADOPTED AND APPROVED this 26tt�^day of Decemb , 19691.
-77
Mayor
ATTEST:
• der
(SEAL)
BILL NO. 111 of 1961
Published December 29, 1961
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11.1
ADM•9DA
Affidavit of Publication
STATE OF UTAH,
ss.
County of Salt Lake
D M Ookey
Being first duly sworn, deposes and says that he is legal advertising
clerk of the DESERET NEWS AND SALT LAKE TELE-
GRAM, a daily (except Sunday) newspaper printed in the Eng-
lish language with general circulation in Utah, and published in
Salt Lake City, Salt Lake County, in the State of Utah.
That the legal notice of which a copy is attached hereto
An Ordinance of Salt Lake City Authorizing
and Directing the Issuance and Bale of
Curb and Gutter Extension District 284.
was published in said newspaper on December 29, 1961.
Legal Advertising Clerk
Subscribed and sworn to before me this 2nd day of
January A.D. 19 62
Notary Public
My Commission Expires
Nov. 25, 1965
it l
Lop Notices IPyn>ca tic. ATTEST:
AN ORDINANCE •
City Auditor
AN ORDINANCE OF SALT LAKE CITY, SALT LAKE COUNTY, At Herman J.HogensenCity Recorder
UTAH, AUTHORIZING AND DIRECTING THE ISSUANCE AND SALE
OF IMPROVEMENT BONDS'OF SALT LAKE CITY,UTAH,CURB AND (SEAL) (FORM OF COUPON)
GUTTER E%TENSION_X 1RIEr ID. "JRM OF SAID BON S� THE ha
IMPR7,Cl EmI E iN 90pNI11O DIGcS i,RICT, PROVI0I NG FOR THE Oa the 91h day of October. 19—, Sali Lake City, Utah, wi'1 pay
BECOOMEDADEECTI VE Ina MEDIfTELYN AFTER TITS'PASSAGE A AP- to the bearer at the Office of the City Treasurer,Sall Lake City,Utah,
Me sum of--—. dollars($— —1
PRO PND PUOLICAT ION. money WHF_REAS,iM1e BOafd of Comml_5!oners of Salt Ldke ClC1Y,Utnn,has to lawful m of the United States al America,being one Year'S n-
heretofore adapted Proceedings for the construction of Improvements In tore:t due o^ that date on Its Curb and Duller Extension No. ]lid
Curb and Gutter Extension District No.20n and the Ordinance of said bond,dated October 9,1961,this coupon being payable exclusively from
City confirming the assessment roll for such improvements having been • Me tunes described in said bond.
/s,Louis E.Halley
duly authorized and adopted and approved on the 91h day of October, City Auditor
1961, and s en' rot wn said Bond No. —
WHEREAS, the nonce o sscordance with vtheCoriequlremenis not the SOcl ion 3.Said Donds shall be S,gaetl by iM1e Mayor and attes'ed by
District has been published n and no ice
the Cily Recorder,and Drawn Dv the aced
Auditor on Its Treasurer, d
ofwa a me state of Sdient hos been mailed by o Me ordinances
CTread/re!'to all the owners Me annexed coupons to bear the facsimile sIgnafure of the P City
of all properly ass:sad in said District: and Auditor, and Me u Board or Commissioners does hereby ratify, approve
and the
WHEREAS,the Ctotal cost of the project was
12F,252.10 5)0],]6f which
o»vs 1ho Cnly Treos rerirm he's eherebvn eulhor of ai>Etlid b l0 sasslJns by l,Cd ntle,iva said ffic'nru Dr ds to
remai pg fro v to 520ost, Vt hich en a of
against arty the purchasers thereof,their auenfs or ur s, o receipt of the Fur-
! me by it Is tool cost, f which the CO y's foot chase price Ihere`or.
named by it Is None,the DnlnnCde of the the labutting st, after,d¢lel deleting Section 4. The Treasurer of Salt Lake City, shall be, and he Is
the e a's portion, being assessed during the fifteen day pen .ollov�ing M1erobv authorized and empowered, and it shell be his duty,to receive
rs
n the amount OF 5101,J6850; caper and collect all as essinei ns levied to pay the cost of said improvements
the effective date of the ordinance levying, the asses m the o s
of private property In said District have paid 525,168.`0 Ont iM1e principal IltereeatlCutl IM1ed iGtCrest District No.
NOtl 28 a penaitles annual einstallments
including
Of their assoksments: and opinion of the Board of Commissioners that afloat limiting the 9¢nerelitY of the toregoir9,the whale of then unpaid
WHEREAS, and sold for the principal which becomes due and payable immediately because o! the
Special Improvements Bonds of sold City shall be issued or
Durnoso of paying for the improvements In said Curb and Gutter Exten- failure to pay any installment, whether of principal interest,¢when
Y and to ay and disburse such Pay ants to the person or persons
on District No.2nd for Salt Take ORDAINED
Utah.SI NOW.THEREFORE,BE IT ORDAINED BY THE BOARD OF EOM- 1M1efsta teooil11 Utah andeali the ortlinances'and don cl ul ions ff¢sal-tl City
A SSIONEP.S OF SALT LAKE CITY,UTAH: 19 es
Section 1.There shall be issued S62,000 Sall Lake City.Utah,Special heretofore cr-to be hereafter dopted.All n ni a o slltul log the IC,
ant of principal of said unpaid installments Of assessments shall be
Imdrovement Boars date
at th and GUN¢.f OcloDcl�an1961,si District
bonds toplaced in separate fund to be designated "Bond Fund of Sall Lake
sold bonds to beat date of the 91h day o lumbered,and City Special Improvement District No. 284" and shall be used for the
mature without ption of p for payment 10 bear interest,Amount
nU pcseXi
i Da In Ilne riot pal and interest o r'al i rovement
In the denominations as follows: AmoVat Year
tlisfrian bonds of on ouch No.l nil and for no other spurpo to whatsoever,
Bond Numbers and a security for such v said Nod is hereby the
interest
Should
(All Inc ldsivel Interest Rote $1,0001nallon enifglsrinS Ma10.9.62 there not log su c:enl m sa id fund to nay all of the interest and
110 5.00`,b $ 2W 10 9.62 riot;.al Calling'tall¢of'a ¢ time, IM1en the v cipal and interest
p-10 5.00 100 10.q.a3 pshah he vaitl tram Ina 0 v fund, or from anyn fords in the Into
1,0e0 6,000 an
19-0 5.00 200 10-9.63 lawfully ova.pt for }ne uh lop
19.20 5.00 100 ton6d Section 5.That as menis asntl in'eresi-thereon have been and shah
1,000 A,0n0 on lino¢ to c nslituta and a e hereby declared to boa lien In the
21.30 5 n 10O 200 10-9.6d x anal Dun Ls a sse0 a insf e e v lot or Traci of land said
29-3n S.Lw 00965 sev sp a r
1,0, 8,000 Curb amain Guller sdate o No. 28t vfrom and alter the 91h day of
+ n 5.00 100 no 109-65 October. 1961, the date a which Ipe ordinance levvin9 special <I
1,OCG 8,^,:10 10 9-66 s-
41,8 5 0 23p 10-9.66 cots became eff¢.five,which lien shall be superior to Me item of a
5150 5,00 1c0 10.9-67 mari9aye Or Other a cumbrance, whether prior in time Or not, and
5.00 1.100 0' 10961 hall constitute such lien until paid, which shall be equal to the lien
61-68 5.00 100 .0 a
5960 9,rx30 109-66 for general taxes.
61-Jo 5.00 1,100 L00 10.9de Section 6.That In response to request for bids for the bonds herein
69-10 5.00 000 described,olds were received asfollows:
]I-80 5.00, 1.100 B.MO 10.9.69 Name of Bidden Inf.Rate Premium
]9-80 5.00 100 000 10-9-70 Edward L.Burton&Company S",: $5,610.50
1,000 0,200 109.]0
81-or 5.00 2C0 i0.q.10 J.le Hhult 8 Thornton Morris Co. $ 5,632.60
89-9U 5.00 100 10-9-71 Chiles-Schults Co. S 4,62150
9-100 500 1,10D 8,000 Can'inental Bank&Trust Co.
5.00 IOU le 109]0l and Lincoln Ure&Co.
City
Tr gable at the Office f 5 .,Co-
Hand principal and annual interest shalt be parable II is hereby determined that the offer of Edward L. Burton&Com-
P
the GIIY Treasurer of Salt Lake City.Utah. s thereto attached shall be any and Associates to purchase said bonds a vri of par and
p -t c
Sectian 2l That said binds and the coupon be the highest and best bid suU mined for the purchase of as bonds,
In substantially the following STATES
antl 1'ne sole of said be,Us 10 Edward L. Eur10n & Company in i.ae
UNITED STETOF OF AMERICA with ineir bitl thareror is herahy rafif led and confirmed and toe bonds
STATE OF UTAH a hbrebv sate to saitl purchasers c,rdancl; with the terms en
A COUNTY OF SALT LAKE their bid therefor. The Ceo Treasurer Isehereby oshascled fo de'iver
SALT LAKE CITY,UTAH said bolds to fha purchasers upon r ei t of Me Furchase rice thereof.
SPECIAL IMPROVEMENT BOND 5ect:cn].That a special impro¢meat Ito
10, Ufah CUde AnnolI t
51C0 1953, as amended, Salt Lake City hereby covenants and agrees that
51,000 at all times during the life of the bonds herein authorized until the
KNONf ALL nJvlfhe Coun1Y'of5E Salt PRESENTS:
Stale of Utah,a payment thereof in full, that it will,to such extent a snecessary,in
That Salt Lake City, I and existing, for value ved rear to prevent tlefaulf end
iha va mint f yr va! is
Interest on
municipal ration duly org a as herece.ver the bontls herein ulhol'Izas toes¢ fo De Ievie0lna a Ily for guarabta
hereby romises,out of funds available for the purpose, a 1Untl o:0ae5 such te% as ma be n¢c¢ssa Y Glnn»II of the lIll 00
set tooth,to Pay the hearer the sum at _ IS ea000 iv In Salt Lake Clly, Ulah, but of it excess ai one mill o
In laWtaI money of the United States Al Bch de'lar of assessed Valuation;antl thatn shall one re evetl from said
n the 9th tin of October,thereon special Improvement guaranty fund levy be placed In the special
America,with Interest at the rate of five cent year,ben rovement rliole tY Ufuntl a c unt antl maintained tar iM1e purposes
annum,inning payable annually In Ilko money on October Spain asli lnetl a Article 8 Chanter c2,o Title I,mt. Cade Arinefa fed, i953,
October 9, 1962, upon the Presentation and surrender of Me
as antentledI and N b other pu pose
interest coupons hereto attached,both principal a.C interest hbeing even•
t
Secn'on 0. Tnai annen gerev ris M1erebv tle<'ared, the preservation
able at the Ofllde Of iha Clly Treasurer,Salt n f ine peace, health antl safety of Salt Lakc Cliy and 1'ne inhabitants
of tondo¢to pay this bond when due,I1 shall draw Interest at the rate 1'nereof so re it ny, that Immctliately alter ifs 'sod 1n fM1 is Ordinance
01 !oht per cent (Bail per annum until paid, shah be signetl D foe hoc t and City Recorder antl small U¢recorded
eTUla bond is drawn upon the City Treasurer against the special tax
the ordinance book kept for oe l DurpOse and said ordinance shall
levied upon the properly included in Curb and Gutter Extension No, pa puDlishctl in iM1e Des^ref News-Telegram, n news per of yeaeral
204 of s�d city, to a the cost of Special Improvemems constructed
IrcJletion in Salt Leko C'iv. Utah,antl Ih is ore inanco shall lake ellect
In sold district and In null conformity with the Constitution and Laws ImmeUimely upo hs passzaa antl approval and upon Publlcafion as
Of the stare of Utah,and also ordinances of said City duly passed andI-ed Vired b, 1aw11
made special)imprfvementto aanee issuance fund)has been created by said ADOPTED AND APPROVED this 26th day f December, 196.
ATTEST: J.BRACKEN LEE,
City a special
city
Article Bthat1aater l times
10. Utah Inc1 Annotated Mayor
bond and said say` of cis that at it times auring a fife f this HERMAN J.HOGENSEN,
bond and. T s bond lis payable
le full, mid fund shall be at all limas (SEAL) 1961. (B-95)
maintained. This bond is payable exclusively out of said special lad Bow Nh.111 of December
and the said special improvement guaranty `Und, and nil Bier said Pub:ished December 29,1961.
City nor by officers fie, r Is holden for the payment Iha,cts, conditions
i.e.
arm onenions
It Is heesse certified,t revaho li and d this
that all acts, c
aand nd have sheen essential to
in dtuo time,formdity , antl band ner exist,
required
edh by lava
and tnate the nslont0ltl IsMe district fd bonds of said dCity Including eVthis bond for
id e
said xhe i extension
levie said imstrict does
end that edit a sales taxes have cover
oven
IN WITNESS WHEREOF, Salt Lake City, Ulan, has caused this
dmei
rand wn to byC ItsgCity DAuditornor•on tsand
Treasurer,attested and
nd its the a Recorder coupons
ons
y itsroue
'io bear the facsimile slsnetuo of said City Auditor, this bond
to be dated October 9, 1961. /sI J. Bracken Lee
Mayor
I I I