12 of 1961 - Authorizing and directing the issuance and sale of $80,000.00 of Special Improvement Bonds for Curb •
ROLL CALL Salt Lake City,Utah, Mash 9 ,1961
VOTING Aye rTsiaT,
I I move that the Ordinance be passed.
Christensen . . _ V
Harrison . .
Piercey . 1�--
�J
Romney . . . __
Mr. Chairman AN ORDINANCE
- 1Result .
AN ORDINANCE OF SALT LAKE CITY, SALT LAKE
COUNTY, UTAH, AUTHORIZING AND DIRECTING
THE ISSUANCE AND SALE OF IMPROVEMENT BONDS
OF SALT LAKE CITY, UTAH, CURB AND GUTTER
DISTRICT NO. 282; 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 improvements in Curb
and Gutter District No. 282, and the Ordinance of said City confirming the
assessment roll for such improvements having been duly adopted and approved
( on the 10th day of Tattu'ary , 19 61, and
WHEREAS, the notice of assessments to property owners in said District
has 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 $ 135,323.58 of
which the City's portion was $ 25,853.36 , leaving an amount of
$ 109,470.22 , 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 City's portion, being
assessed against the abutting property owners in the amount of $ 109,470.22
; that during the fifteen day period following the
effective date of the ordinance levying the assessment, the owners of private
property in said District have paid $ 27,961.14 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 fn said Curb and Gutter District No. 282 for
12
Salt Lake City, Utah.
NOW, THEREFORE, BE iT ORDAINED BY THE BOARD OF COMMISSIONERS OF
SALT LAKE CITY, UTAH:
Section 1. There shall be issued $80,000 Salt Lake City, Utah,
Special Improvement Bonds of Curb and Gutter District No. 282, said bonds
to bear date of the 10th day of January, 1961 , said bonds to mature with-
out option of prior payment to bear interest, numbered, and in the
denominations as follows:
Bond Numbers Interest Rate Amount Year
(All Inclusive) (Per Annum) Denomination Maturing Maturing
1-8 5.00% $1 ,000 $8,000 1-10-62
9-16 5.00 1 ,000 8,000 1-10-63
17-24 5.00 1 ,000 8,000 1-10-64
25-32 5.00 1 ,000 8,000 1-10-65
33-40 5.00 1 ,000 8,000 1-10-66
41-48 5.00 1,000 8,000 1-10-67
49-56 5.00 1,000 8,000 1-10-68
57-64 5.00 1 ,000 8,000 1-10-69
65-72 5.00 1 ,000 8,000 1-10-70
73-80 5.00 1 ,000 8,000 1-10-71
Bond principal and annual interest shall be payable at the office
of the City Treasurer of Salt Lake City, Utah.
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. 282
$1 ,000 No.
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 to bearer the sum of
ONE THOUSAND DOLLARS ($1 ,000.00)
on the 10th day of January, 19
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12
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
January 10 in each year, beginning January 10, 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. 282
of said city, to pay the cost of Special Improvements constructed in said
district or extension, under, by virtue of 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 guarantee 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, con-
ditions and things essential to the validity of this bond exist, have
happened and have been done in due time, form and manner as required by
law, and that the total issue of bonds of said City for said Extension
or District, including this bond, 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
January 10, 1961 .
/s/ J. Bracken Lee
Mayor
/s/ Louis E. Holley
City Auditor
ATTEST:
/s/ Herman J. Hogensen
City Recorder
(SEAL)
(FORM OF COUPON)
No. $
On the day of , 19 Salt Lake City, Utah,
will pay to the bearer at the office of the City Treasure$ 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. 282 bond, dated
January 10, 1961, this coupon being payable exclusively from the funds
described in said bond.
/s/ Louis E. Holley
City Auditor
Bond No.
42
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.
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
Curb and Gutter District No. 282, 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 separte fund to be
designated "Bond Fund of Salt Lake City Special Improvement District
No. 282" and shall be used for the purpose of paying the principal and
interest on special improvement district bonds of Salt Lake City Curb and
Gutter District No. 282 and for no other purpose whatsoever, and as security
for such payment said fund is hereby pledged. Should there not be suffi-
cient 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 of the City lawfully available for
that purpose.
Section 5. That the 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. 282 from and after the 10th day of January,
1961 , the date on which the ordinance levying special 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
two the lien for general taxes.
to
Section 6. That in response to request for bids for the bonds
herein described, four (4) bids were received as follows:
Name of Bidder Interest Rate Premium
Chiles-Schutz Co. 5.00% $5,352.80
Edward L. Burton & Company 5.00 4,708.00
The Continental Bank &
Trust Company 5.00 4,563.20
J. A. Hogle & Company 5.00 3,616.00
It is hereby determined that the offer of Chiles-Schutz Co. and
associates to purchase said bonds at a price of par and accrued interest
and a premium of $5,352.80 is hereby determined to be the highest and best
bid submitted for the purchase of said bonds, and the sale of said bonds
to Chiles-Schutz Co. in line with their bid therefor is hereby ratified
and confirmed and the bonds are hereby sold to said purchasers in accord-
ance 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 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 cir-
culation 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 Ninth day of March , 1961 .
Mayor
ATTEST:
ity, �
(SEAL)
BILL NO. 12, 1961
Publl shed: March 17. 1961
•
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12
Affidavit of Publication
STATE OF UTAH,
ss.
County of Salt Lake
Publfnhetl Minch w.19k1 IB-SI D o lJLa 0 y
AN ORDINANCE --
AN ORDINANCE OF SALT Being LAI(P (:ITy, SALT LAKI; ') ist dui Sworn, deposes
COUNTY, I Ail. AUTHOR I%
DIRECTING�INc THE IS.
9 Y- and says that he is legal advertisingm,Ne AND
rfi(VFM9.1T AND
OF SA� clerk of the DESERET NEWS AND SALT LAKE TELL-;
LAKn:CITY,UTAH.CP11 f1 AN❑
GUTTER DISTRICT No. aka: GRANT, a daily (except Sunday) newspaper printed in the L'ng-
TO L`INANCE THE COST OP ) [, 7
IMPPPROVEME TS PROVIDING lisp language with general circulation in Utah, and T published in
FOR THE AMOUNT AND TIIE Salt Lake City, Salt Lake County, in the State of Utah.
EXEC BOND AND FORM D1 y
SAID BONDS; FANDING ANDI
•
That the legal notice of which a copy is attached hereto
r DECLARING AN EMERGENCY No
= THAT THIS ORDINANCE BE- b`.. i; .li�iten Cl t o\T A,i 1. No, t n l
C COME
j APO AFTER TE PASAG ,
APPROVAL, ANDS PUBLICA-
IV iREAS. Etc Bnara or Cem- lin Ord i rt inCea Jai 1;110ri i'Se' and. Di r Cti nr',
of Salt Lake City.Utah
has heretofore adopted proceed,
-- ---
.n for the'-eonstruction Hof 11.
i 0 b ¢ tl Got,M1
Fiet-cementsDistrict,No, 282 n to i o di. �'t,r 1 ca,,:1n C(; l�nA lyral r� of Illy-f'nlrP,tnyn'h� Bonds
1 a c9 Ilion-f 9 or 101 11 theu
rts' roll
bowl duty doplct
mea aVclO1u6 en,he ion d,y er C,IrY, �rtd (1rtt,pr Di^t,"L''hC'i, Nan PAP
d WHEREAS,the notice of asso.,s.
nlstriet Frents is beenYDublished in s.11ed
e thedlaw,oflthc state of Ot Pn nod
ine eraman9na of fad cu>, nna
tl notice et a cot a has beco
Ito -I 1 b te',7§ T_ n rats M
1l,a11 c I ct -d t - Nor P Yip ��n
a ,_ la n f 1 d e`y was published in said newspaper on
a WHEREAS,tke l t 1 Cost 80 the
tICOOS
he [liva3 S1 5,32158. f whfeh
' n0rEon Won$'Ari,815.41,
lea alnnd t inot.f
'ty n.hi n e -ay's 0oft foot
mi
'ot nerty the ownedy'.Ie it i ,cost,
Idest
e rla owned cd h1' it .e None.
alter&00llnce of.•the Iron'font ion.
1f alter d t' the(It t'
�,11 being ieroperty assessed 18ei's1 tI tl- b ito nt of J
°�,dI094f h Ordinance levying
011211hll0 h
ttl t heffective
• date
4hfIC 81Dal it W private Legal ,Advertising Clerk
$29 9 Ic 5 t1M1lton-thetlP of ti g
�t iFCVHlloard of Cornmlisinnrlo'so that
Yd Sneeinl Imarove¢gment ➢on0S t
y forthet50080 be[lnovinIX far the
n-Gnreve menls in said Coob nd
utter U0t No, 282 tar Salt;
.A Lake City,URh,
'n NOW.THEREFORE,BE IT
OR- 'In
i}r DAMMSBYNEHE OOARALOTO before me this day Of
dILAKE CITY,UTAH:
$800I0 S 1t L k CIt 11Utah sS d
nImprovement Bonds f Curb 61
l r ti ntet t N ---._A.D. 19
be i t b � I t f lh SOU1
L da f J _ l9Gf -tl b ds
to tit nbctlt 11I1 -h �d d h tl nations � -
g Id Nuin•I t c - r L
4,
� Rate Amount YeariA / ���-
froth,I] frcr Den 1-M fur-Matlm Notary Public
1v iAnnum nation rl a.y '-00- $1,020 F2.000 L-tit
9-t[i :,_00 1,000 8.000 1-10a21
'1-26 00 I,000 6.000 1IPf4
r,l�za-az .on Lnao e.aoo,-toss;
1 V.12 son t,000 Mg 1-lu-2
A,56 5.00 1,000 8.000 Id0e9
14056 5.00 1,01)0 8.0110 1-19.00
"9.0d 500 1.000 k.0001-10-0AY
�70.80 5.
sA000 L00,1 k.000 8.000 1000 1-10.fI
41-Rend nnnrm nileoffe ai and l r--- - -
cat r.hn1 he 1 vn t
blc n office
of the Lily'fl�onaulrr of SAIL Ihi I<r
City,Utah.
Scrtion). That hoods
the 'Ferule vil heb
ICsdi,a 11 befn�In. nhl,torial, tile tnl
ji UNITED E'rnTI:S OR A01ERICA
annoy 01 oCli I
COUNTY SALT'LAKE
SALT LAKE Cary,UTAN Louis 5.Holl¢Y r
f SPECIAL IMPROVEMENT d City Auditor
o HOND I d Rond No.
1, CURB AND GUTTER - Section 3. Said bonds shall be S --
EXTENSION NO,202 1 -signed NV Inc Mayor and attested 5 - -
$Loco No e '. y the City Rcemder,and drawn Legal Notices 1
HNOW ALL MEN BY THESE "by nc City Autlitor on Sls Trees-Is
Il PF1SLN rS' I I a d h n d -
C That Silt Salt
aka City,
Stale they j to tl hear
1 the facsimile
lit-mil d the.R .fI.E be- esgu I tothelien t H el'al f
Utah, municipal 't duly I f Co does.h b - Seat E. That n e to S
organized d existing,{ 1 1 -eau i
f ap d fI - e.t f bids f
-v I h b out o£ t-o a p I d 1 herein described, the
bids 1 f ads I-bl. f the rppse,< officers. .1 City T re e ! follows:
he t forth to pay bweby authorizedto issue and II .itztes, S
to bearer the f i I t h IN of Bidder Rate Premiumf ONE THOUSAND DOLLARS) !h t. ' CI e 5 1 (, 00 SS'J52.l1
l he 10th I • [of to h' EdwardAs.CO.L Burton
y n the 1Jll d': f J 10 1 h &G any 500 4'i08,00 j_
al
'!SLatcc In lawful
of As'crica.money with interest United,' I1n,tc Ct>on t slrnhIt Treasures
bc and he I I TEa kCouh Trutt
thereon tl ate of rice •,. I}cmby tlaonvcd d s C n an 5.00 4,560.20 F
and ,t shall be his 1 t' t e J.A Hbgle dz
cent payable'
Comp 5.00 3,81600 Y annually 111 00 J': j levied In collect t u d ns l It is hereby determined' that the
0
I U 10'2 M1 e C b d C y': ff 1 I -Sh 10 and
I. ! I 1 I U tar N. 202 d th L' - to topurchase said bonds
IL' vet R t It d, stalln eats thereof d M1 ( al a;tuti f par and accrued
both p 1 and c t lacing ,Wrest hereon and the p naltics 1 terest a d premium of 5:52.80
Payablet h - r thelazing
I accrued, in Is herebya t d [ b th
gthe generality of the foregoing,t I 1 highest d best bid - bit
d
d r r. 5 Lake (,t. VU Utah. [he hole of the un d n I r for,thq_p,-base of ad r ads,
I e'en' f f f e• t th'.' which b. d d 'b1 - the f -d ry d tI
'L t It t th t- h[ll Il�t ,l 0o,ail because of failure I Ch,e bat It. C n l 'll
,i ¢e L f0"'.l I 'tl. to ninstallment, whether their bl l Inct -.f hereby ralf-
os This I d the • -interest. .d 'f d Id a d the bonds
nto d cisb h �' h eb Id t d purchasers(tl levied
against t property t lawfully t the d t the h bldath -f to the
dd GbaEd Ctl. J e] FAT
Ii t. n N 20 [ d t m= 11 tl l b to t d t d
f the £Ut h d II 1, site bonds/ the hcs¢s
N .l S I T reh,rse
-ln-constructed dd Cd,, t[.I it b.h fl a,� mice edit of ton
t [I e b ilt thy. wed constituting S. '! That a suede: Ens
C lit d L of the State'I I pa t £principal f Id0_ -c t8 I fund l boon
f on i d f- • ladinstallments� f d - ill d 0, Article 8.
I'd said Cloy duly in a
law thereof0 0:to and made the ssu ane I Ito be designated Bond kte fund ond of, A notated 10u,tla 10n Utah�der1,5101E
I�h l u Salt Lake City Sue i t I L'to Cil l l t d
31. A t Went D 1 t N 28 shall.: 1, that at t' d -
tec final1 b Goofed Bald f Ae very t h fpayinglife f thebonds l authorisedthy
l .n lod A t 1 8,1I he p,l d t c�] that 11 'll to t thereof extentin full,
II CI'ptc '1 1'tl nd UII ( d.It .I 1 improvement dlst ct bonds of I necessary,r ord och prevent de-
d Annotated 185 and d City1 Salt Lake CityCurb and Gutter fault in th inp ant of n tine- F j,soirees that 1 times 1 the District N 282 and f h r
lit of h lH d ,d l - w'ha'soever, and - and interest any the bonds herein B
1,`thereof ' Intl. 'd fund i purpose
su h a t 'd f d authorized cause to he levied 1 la t h t:All limosd l herb 1 d Sh Id there such n1 lain mayguaranty fund necessary
se
1h bond payable - t be ff. t -dlnf the btepropertye -ySatt
t of said.special and the - d et p.. II f [h It t•
Lake theCit Utah. hut t I d special t R e p o falling Ice of on mill on each dollar in eof
t e d neitherd C I i thenth g d t d ss
officer.,thereof holden f interest shall be id f theassessed valuation, and that
I.thepayment thereof t! , - ant f -f:' funds money received from said 15,
t It is hereby r " the City lawfully available for cent g r ty£ d]
and declared that all acts,co di- that purpose. sballobe 1 ea a atlte sal,n
d I and Ill essential tothe. Section That - t d provement t fund account i
1-dlty f this bond exist. h interest t D and, and m i,_[ tl I i he Poses D
happened d h- b 1 j shall e t t constitute ,d• Tltlen 10. Ut hl Codc Annotarted t d t' f a e n a i d top - I 1
required byI 1 that the the I d 053. as amended, and for
total [bonds f d City - 1 l t t i t tl otherrp se ne,ee nay i t t raid Extension U District, -n s id C 'b d G It Orstl i¢t Section 8. That e
eluding tl- d does not I Nn.282 f d after tl s0th. i hereby I I tl an
- v DI
(thet levied t R 1 clay f 1 Of M1 date t I th p i Itl d
reed
IL1[ I t d[hot l which the ordinanceI -r f t '1 S It l k C t d l
o i tanss h.5 b n l:,w 5 I assessments b ft 1 , h' t nt I f - _
d fully levied, P h h I M1'II D tp''t :that d (I ft - d
I IN WITNESS WHEREOF. Salt thy]e t a t6 other his ordinance h II b 113.
,mb' n Ih p l n',' b the M d C' R d.
t Lake e C Utah h: c d j lime t d h II tit le and.shall be 1
l d'-L
d t] bond t signed b I. svctt 1 en a rill paid. IId d book ordinance
t that
M andattested b it City' shall b- e-
R 'rlr l drawn D 11 Citylashed theD;. I N _�l tc 11
Auditor t ',Lamm,. I IM1 r 0new fix l ,9-annextil bsd cc t - S I L' CO- Utah,'] s __ fai iii City Auili-
d this d shall i k r
t - ! tb'. M1 I t b fled f timmediatelyo on L
r funu,u'y 1U6196] sagosurd approval ,d un nunb •
-
:/].Bracken Lee I'caon ass retluired by la.v
ADOPTED AND APPROVED
,I' Mayor Hnllc.v this 9th day of March.1061
•
/a/Louis I:
C�fy Auditor • Z. BRACKEN LEE,
II n 1000,1 Mayor 11.
Is/a/Herman.f.Hnden••rn • ',ATTEST'
City Recorder i NERMAN Z.ROOENSEN
ISF.'ALI1 SEAL, City Recorder
n FOAM Of'COUPON: Gity Rcce neon i;
No 'BILL NO. 12.10UI
i0i on Elan «:i.r nC Published:March It.1E81 IR-521 JI
Ala .Salt Lake Citvt IPA,will I
to Ire. bearer : ffice.I
'8 of yll,o Cdv Tres rrrr¢r. S. Lake
'O�City. Utah, :lac 0 n
Iycll ar..the
, 11
5esoflawful mn nr. i Unite
Iry in
1. hoc roc:n bald Inc 's s
Lrbe.l duo Cutter
dial dale nn 000. 'I
Curb bond,
:utter Extension ion No.p
202 ponal!dated January o 1961,r
tlr,^c oon beins a blc -d.u-
rrnm me funri>a�acritica yin
d' atal eoprl. n
/GZ