HomeMy WebLinkAbout13 of 1962 - Providing for the issuance and confirming the sale of $2,000,000 Sanitary Sewer Bonds, $2,500,00 Sto Salt Lake City, Utah
February 15, 1962
The Board of Commissioners of Salt Lake City, Salt Lake
County, Utah, met in regular public session at its regular
meeting place in the City Hall in Salt Lake City at i®::OO otclock
A.NI. on February 15, 1962, with the following members present:
J. Bracken Lee, Mayor
Joe L. Christensen Commissioner
Conrad B. Harrison Commissioner
, Commissioner
, Commissioner
There was absent: Commissioners L. C. Romney and Herbert F. Smart
There were also present Herman J. Hogensen, City Recorder,
Homer Holmgren, City Attorney, and Louis E. Holley, City Auditor.
After the meeting had been duly called to order and the roll
called with the above results, the Mayor stated that one of the
purposes of the meeting was to be the reception of sealed bids for
the purchase of $2,000,000 Sanitary Sewer Bonds, Series 1962,
$2,500,000 Storm Sewer Bonds, Series 1962, $1,500,000 Public Library
Bonds, Series 1962 and $1,500,000 Public Building Bonds, Series 1962,
of Salt Lake City. The City Recorder announced that seven (7) sealed
bids had been received. The bids were opened, tabulated and found to
be as follows:
Name of Bidder Interest Rate Premium
1. Halsey, Stuart & Co., 1964 - 5% $ 150.00
and Associates. 1965 - 1969 - 2.75%
1970 - 2.50%
Net Interest Cost, 1971 - 1978 - 2.75%
$2,333,207.91 1979 - 1982 - 2.90%
Average Net Rate,
2.81759%
2. Phelps, Fenn & Co., 1964 - 1965 - 5% $ 1,065.00
and Associates. 1966 - 2.70%
1967 - 1970 - 2.50%
Net Interest Cost, 1971 - 1976 - 2.75%
$2,385,386.67 1977 - 1979 - 2.90%
Average Net Rate, 1980 - 1982 - 3.00%
2.8769%
13
Name of Bidder Interest Rate Premium
3. First Security Bank of 1964 - 4% $ 1,500.00
Utah, N. A. and 1965 - 1975 - 2-3/4%
Associates. 1976 - 1982 - 3%
Net Interest Cost,
$2,410,072.91
Average Net Rate,
2.9066%
4. First Boston Corporation 1964 - 1965 - 5% $ 150.00
and Associates. 1966 - 3-3/4%
1967 - 1968 - 2-1/4%
Net Interest Cost, 1969 - 1971 - 2-1/2%
$2,401,316.67 1972 - 1976 - 2-3/4%
Average Net Rate, 1977 - 1982 - 3%
2.8961%
5. Morgan Guaranty Trust 1964 - 1966 - 4% $ 1,377.00
Company of New York and 1967 - 1969 - 2-1/2%
Associates 1970 - 1974 - 2-3/4%
1975 - 1979 - 2.90%
Net Interest Cost, 1980 - 1982 - 3%
$2,409,033.42
Average Net Rate,
2.9054%
6. Bankers Trust Company, 1964 - 1965 - 4-1/2% $ 2,062.50
New York, N. Y. and 1966 - 1970 - 2-1/2%
Associates. 1971 - 1974 - 2-3/4%
1975 - 1976 - 2.80%
Net Interest Cost, 1977 - 2.90%
$2,390,164.24 1978 - 1982 - 3.00%
Average Net Rate,
2.882668%
7. The First National Bank 1964 - 1976 - 2-3/4% $ 757.50
of Chicago and Associates 1977 - 1982 - 3.00%
Net Interest Cost,
$2,395,736.08
Average Net Rate,
2.889388%
-2-
1.3
After due deliberation, it was determined that the bid of
Halsey Stuart & Co., and Associates , of Chicago, flhinois
was the highest and best
bid submitted for the purchase of said bonds, said bid being in
full as follows:
Name of Bidder Interest Rate Premium
Halsey, Stuart & Co., 1964 - 5% $ 150.00
and Associates. 1965 - 1969 - 2.75%
1970 - 2.50%
Net Interest Cost, 1971 - 1978 - 2.75%
$2,333,207.91 1979 - 1982 - 2.90%
Average Net Rate,
2.81759%
-3-
13__
•
Thereupon, the following ordinance was introduced in
writing, was read in full and discussed and pursuant to motion made
by Conrad B. Harrison and seconded by Joe L. Christensen
was adopted by the following vote:
Aye: Mayor J. Bracken Lee
Commissioner Conrad B. Harrison
Commissioner Joe L. Christensen
Nay: None.
The ordinance was then signed by the Mayor in open meeting
recorded by the City Recorder and ordered published one time in the
Deseret News-Telegram, a daily newspaper published in said city. The
ordinance is as follows:
ORDINANCE NUMBER 13 of 1962
AN ORDINANCE providing for the issuance
and confirming the sale of $2,000,000
Sanitary Sewer Bonds, Series 1962,
$2,500,000 Storm Sewer Bonds, Series 1962,
$1,500,000 Public Library Bonds, Series 1962
and $1,500,000 Public Building Bonds, Series
1962 of Salt Lake City, Salt Lake County, Utah.
WHEREAS pursuant to ordinance duly adopted on August 9,
1961, an election was held in Salt Lake City on September 12, 1961,
at which there were submitted to such qualified electors of Salt
Lake City as paid a property tax in said city in the year preceding
such election the following propositions:
PROPOSITION NUMBER 1
Shall Salt Lake City incur debt and issue bonds to the
amount of $5,000,000 to run for a period of not more than
twenty (20) years from the date thereof and to bear
interest at a rate or rates not in excess of 6% per annum
for the purpose of paying part of the cost of erecting a
necessary public building to be used for court and public
safety purposes including a city jail, the housing of the
police department, the housing of other public safety
facilities and administrative offices used in that connec-
tion, municipal court-rooms, city offices and other related
facilities, including a heating plant and other necessary
equipment and furnishings for such building and includng
the purchase and improvement of a site therefor?
-4-
13
PROPOSITION NUMBER 2
Shall Salt Lake City incur debt and issue bonds to the
amount of $2,500,000 to run from a period of not more
than twenty (20) years from the date thereof and to bear
interest at a rate or rates not in excess of 6% per
annum for the purpose of erecting a municipal building
to be used for public library purposes
including the acquisition of a site and all necessary
furnishings and equipment therefor?
PROPOSITION NUMBER 3
Shall Salt Lake City incur debt and issue bonds to the
amount of $2,500,000 to run for a period of not more
than twenty (20) years from the date thereof and to bear
interest at a rate or rates not in excess of 6% per annum
for the purpose of constructing storm drains and sewers
and facilities, including all necessary equipment and
appurtenances thereto?
PROPOSITION NUMBER 4
Shall Salt Lake City incur debt and issue. bonds to the
amount of $2,500,000 to run for a period of not more than
twenty (20) years from the date thereof and to bear
interest at a rate or rates not in excess of 6% per annum
for the purpose of constructing a main trunk outfall
sanitary sewer on Redwood Road and other collection lines
and collection facilities, including all necessary equip-
ment and appurtenances and purchase of easements and
rights of way therefor?
WHEREAS, the results of said election were declared by the
Board of Commissioners of said city, sitting as a Board of Canvassers,
by resolution duly passed on September 18, 1961, from which it
appears that the aforementioned proposition on the issuance of
$2,500,000 Sanitary Sewer Bonds carried by a vote of 13,456 in favor
of and 1,912 against the issuance of said bonds, that the foregoing
proposition on the issuance of $2,500,000 Storm Sewer Bonds carried
by a vote of 13,341 in favor of and '2,.021 against the issuance of
said bonds, that the foregoing proposition on the issuance of
$2,500,000 Public Library Bonds carried by a vote of 12,959 votes in
favor of and 2,393 against the issuance of said bonds and that the
foregoing proposition on the issuance of $5,000,000 Public Building
Bonds carried by a vote of 12,891 in favor of and 2,439 against
the issuance of said bonds; and
WHEREAS, none of said bonds have heretofore been issued, and
it is now desired to sell and issue $2,000,000 of said Sanitary Sewer
Bonds, $2,500,000 of said Storm Sewer Bonds, $1,500,000 of said Public
Library Bonds and $1,500,000 of said Public Building Bonds so
authorized; and
-5-
13
•
WHEREAS, said bonds have been this day offered for sale
upon sealed bids and, when said bids were opened, it was found that
the bid of Halsey, Stuart & Co., and Associates of Chicago
Illinois , was the highest and best bid submitted
for the purchase of said bonds; and
WHEREAS, said bonds have been awarded to said purchaser
at the price of par and accrued interest to the date of delivery
plus a premium of $ 150.00 _
NOW, THEREFORE, Be It and It Is Hereby Ordained by the
Board of Commissioners of Salt Lake City, Salt Lake County, Utah,
as follows:
Section 1. That there shall be issued bonds of Salt
Lake City in the aggregate amount of $7,500,000. The bonds to be so
issued shall be separated into issues as follows:
$2,000,000 Sanitary Sewer Bonds, Series 1962
2,500,000 Storm Sewer Bonds, Series 1962
1,500,000 Public Library Bonds, Series 1962
1,500,000 Public Building Bonds, Series 1962
Each of said issues is hereby authorized and shall be
issued for the purpose set out in the pertinent proposition appearing
in the preamble hereto. The bonds of each issue shall be dated
January 1, 1962, of the denomination of One Thousand Dollars ($1,000)
each, numbered from one (1) consecutively upward within each issue,
bearing interest from date until paid at the rates hereinafter set
out, which interest shall be payable January 1, 1963 and semi-annually
thereafter on the first days of January and July of each year. Such
bonds shall mature serially in numerical order on January 1 of each
of the years, and shall bear interest as follows:
SANITARY SEWER BONDS
Bond Numbers Amount Interest Rate Year
1 to 105 $105,000 5% 1964
106 to 210 105,000 2.75% 1965
211 to 315 105,000 2.75% 1966
316 to 420 105,000 2.75% 1967
421 to 525 105,000 2.75% 1968
526 to 630 105,000 2.75% 1969
631 to 735 105,000 2.50% 1970
-6-
i3
`� •
Bond Numbers Amount Interest Rate Year
736 to 840 $105,000 2.75% 1971
841 to 945 105,000 2.75% 1972
946 to 1050 105,000 2.75% 1973
1051 to 1155 105,000 2.75% 1974
1156 to 1260 105,000 2.75% 1975
1261 to 1365 105,000 2.75% 1976
1366 to 1470 105,000 2.75% 1977
1471 to 1575 105,000 2.75% 1978
1576 to 1680 105,000 2.90% 1979
1681 to 1785 105,000 2.90% 1980
1786 to 1890 105,000 2.90% 1981
1891 to 2000 110,000 2.90% 1982
STORM SEWER BONDS
Bond Numbers Amount Interest Rate Year
1 to 130 $130,000 5% 1964
131 to 260 130,000 2.75% 1965
261 to 390 130,000 2.75% 1966
391 to 520 130,000 2.75% 1967
521 to 650 130,000 2.75% 1968
651 to 780 130,000 2.75% 1969
781 to 910 130,000 2.50% 1970
911 to 1040 130,000 2.75% 1971
1041 to 1170 130,000 2.75% 1972
1171 to 1300 130,000 2.75% 1973
1301 to 1430 130,000 2.75% 1974
1431 to 1560 130,000 2.75% 1975
1561 to 1690 130,000 2.75% 1976
1691 to 1820 130,000 2.75% 1977
1821 to 1950 130,000 2.75% 1978
1951 to 2080 130,000 2.9% 1980
90% 1979
2081 to 2210 130,000
2211 to 2340 130,000 2.90% 1981
2341 to 2500 160,000 2.90% 1982
PUBLIC LIBRARY BONDS
Bond Numbers Amount Interest Rate Year
1 to 75 $ 75,000 5% 1964
76 to 150 75,000 2.75% 1965
151 to 225 75,000 2.75% 1966
226 to 300 75,000 2.75% 1967
301 to 375 75,000 2.75% 1968
376 to 450 75,000 2.75% 1969
451 to 525 75,000 2.50% 1970
526 to 600 75,000 2.75% 1971
601 to 675 75,000 2.75% 1972
676 to 750 75,000 2.75% 1973
751 to 825 75,000 2.75% 1974
826 to 900 75,000 2.75% 1975
901 to 975 75,000 2.75% 19776
976 to 1050 75,000
1051 to 1125 75,000 2.75% 1978
1126 to 1200 75,000 2.90% 1979
1201 to 1275 75,000 2.90% 1980
1276 to 1350 75,000 2.90% 1981
1351 to 1500 150,000 2.90% 1982
_7_
III
PUBLIC BUILDING BONDS
Bond Numbers Amount Interest Rate Year
1 to 75 $ 75,000 5% 1964
76 to 150 75,000 2.75% 1965
151 to 225 75,000 2.75% 1966
226 to 300 75,000 2.75% 1967
301 to 375 75,000 2.75% 1968
376 to 450 75,000 2.75% 1969
451 to 525 75,000 2.50% 1970
526 to 600 75,000 2.75% 1971
601 to 675 75,000 2.75% 1972
676 to 750 75,000 2.75% 1973
751 to 825 75,000 2.75% 1974
826 to 900 75,000 2.75% 1975
901 to 975 75,000 2.75% 1976
976 to 1050 75,000 2.75% 1977
1051 to 1125 75,000 2.75% 1978
1126 to 1200 75,000 2.90% 1979
1201 to 1275 75,000 2.90% 1980
1276 to 1350 75,000 2.90% 1981
1351 to 1500 150,000 2.90% 1982
Both interest and principal shall be payable in lawful money of the
United States of America at Morgan Guaranty Trust Co, of New York , in
the City of New York , New York
All of said bonds shall be registrable as to principal in the
manner and with the effect recited in the bond form set out in
Section 2 hereof.
Section 2. That said bonds and the interest coupons thereto
attached shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE COUNTY
SALT LAKE CITY
BOND, SERIES 1962
Number $1,000,OC
KNOW ALL MEN BY THESE PRESENTS that Salt Lake City, Salt
Lake County, Utah, for value received, hereby acknowledges itself
to be indebted and promises to pay to the bearer, or if this bond is
registered as to principal then to the registered holder hereof, the
sum of
ONE THOUSAND DOLLARS ($1,000)
on the first day of January, 19 , together with interest thereon
from the date hereof until paid at the rate of
-8-
13
per cent ( %) per annum, payable
January 1, 1963, and semi-annually thereafter on the first days of
January and July in each year, with interest falling due on and
prior to maturity payable only upon presentation and surrender of
the attached interest coupons as they severally become due. Both
principal of and interest on this bond are payable in lawful money
of the United States of America at
in the City of
This bond is one of an issue of
Bonds numbered 1 to , inclusive, of like date,
tenor and effect except as to maturity (and interest rate) issued for
the purpose of
under and by virtue of and
in full conformity with the Constitution and Laws of the State of
Utah, and an ordinance duly adopted by the Board of Commissioners of
said city on February 15, 1962, after having been duly authorized
at an election legally held in said city on September 12, 1961.
The Board of Commissioners of Salt Lake City agrees that it
will annually levy a tax sufficient to pay the interest on this bond
as it falls due and also to constitute a sinking fund sufficient
to pay the principal when due.
It is hereby certified, recited and declared that all
conditions, acts and things essential to the validity of this bond
and the issue of which it forms a part do exist, have happened, and
have been done, and that every requirement of law affecting the issue
thereof has been duly complied with, and that this bond is within
every debt and other limit prescribed by the Constitution and Laws
of the State of Utah, and that the full faith and credit of Salt Lake
City are hereby irrevocably pledged to the punctual payment of the
principal of and interest on this bond according to its terms.
-9-
13
This bond may be registered as to principal on the books
Treasurer
of the CityArEcXXECtucc of said city in the manner and with the effect
specified on the back hereof.
IN WITNESS WHEREOF, Salt Lake City has caused this bond to
be signed by its Mayor and countersigned by its City Recorder, with
the seal of the city affixed, and the coupons hereto attached to be
signed with the facsimile signatures of said officers, who by the
execution hereof do adopt as and for their own proper signatures
their facsimile signatures appearing on each of said coupons, all as
of the first day of January, 1962.
/s/ J. Bracken Lee
Mayor
Countersigned:
/s/ Herman J. Hogensen
City Recorder
(SEAL)
(Form of Coupon)
Number $ _
On the first day of 19 , Salt
Lake City, Salt Lake County, Utah, will pay to the bearer hereof at
, in the City of
, the amount shown hereon in
lawful money of the United States of America, being the interest then
due on its Bond, Series 1962,
dated January 1, 1962.
Facsimile Signature
Mayor
Bond Number
Countersigned:
Facsimile Signature
City Recorder
-10-
.
13
(Form of AuditorIs Certificate)
I, do hereby certify that this bond is within the lawful
debt limit of Salt Lake City, Utah, and is issued according to law.
City Auditor, Salt Lake City, Utah
The blanks in the above forms shall be appropriately
filled in each of said bonds and the purposes of each issue shall be
stated in the bond in the same language in which it appears in the
proposition authorizing such issue recited in the preamble.
(Form of Registration for back of bond)
The within bond may be registered as to principal in the
name of the holder on books to be kept for such purpose by the City
Treasurer
v-vx of Salt Lake City, as Registrar. Each such registration
shall be noted in the below blank by the Registrar, after which no
transfer of the bond shall be valid unless made on the Registrar's
books by the registered holder and similarly noted in the registration
blank below. If this bond is registered as to principal it may be
discharged from registration by being transferred to bearer, after
which it shall be transferable by delivery but may be again registered
as to principal as before. The registration of the bond as to
principal. shall not restrain the negotiability of the coupons hereto
attached by delivery merely.
(No writing hereon except by Registrar)
Name of Registered Date of Signature
Holder Registration of Registrar
•
•
•
•
•
•
•
•
Section 3. That the proceeds of the sale of the bonds shall
be properly allocated to the various issues and the proceeds of the
sale of each issue shall be placed in a fund separate and apart from
the general funds of said city, and shall be used solely for the
purpose for which the bonds of each issue are herein authorized.
-11-
1.3
Section 4. That each of said bonds shall be signed by the
Mayor and countersigned by the City Recorder, with the seal of said
city affixed, and the said coupons shall bear the facsimile signatures
of said officers. The Mayor is hereby empowered and directed to sign,
and the City Recorder to countersign and affix the seal of the city
to each of said bonds and the acts of said Mayor and City Recorder
in so doing are and shall be the act and deed of Salt Lake City,
Utah. All the covenants, statements, representations and agreements
contained in said bonds and coupons, and all the recitals and
representations of this ordinance are hereby considered and under-
stood, and it is hereby ordered and declared that said covenants
and promises therein are the covenants and promises of Salt Lake
City, and that the representations and statements therein are
the representations of said city.
Section 5. That to pay the interest falling due on said
bonds as the same becomes due, and also to provide a sinking fund
for the payment of the principal of said bonds at maturity, there
shall be and is hereby levied on all taxable property in said city,
in addition to all other taxes, a direct annual tax sufficient to
pay the interest on said bonds and to pay and retire the same as
hereinbefore provided. Said taxes when collected shall be applied
solely for the purpose of the payment of said interest on and
principal of said bonds, respectively, and for no other purpose
whatsoever until the indebtedness so contracted under this ordinance,
principal and interest, shall have been fully paid, satisfied and
discharged, but nothing herein contained shall be so construed as
to prevent said city from applying any other funds that may be in
the city treasury and available for that purpose to the payment of
said interest and principal as the same respectively mature, and
the levy or levies herein provided for may thereupon to that extent
be diminished, and the sums herein provided for to meet the interest
-12-
13
on said bonds and to discharge the principal thereof when due, are
hereby appropriated for that purpose. Principal and interest
falling due at any time when there are on hand from the proceeds
of the above tax levy insufficient funds, shall be advanced from
other funds of the city available for such purpose and such other
funds shall be reimbursed when the tax levy proceeds become available.
Section 6. That the sale of said bonds to Halsey
Stuart & Co, and Associates of Chicago
Illinois , at the price of par and accrued interest
to the date of delivery plus a premium of $ 150.00
in accordance with the terms of the bid submitted by said purchaser
on this date, is hereby in all respects ratified and confirmed.
Said bonds shall be delivered to the purchaser as soon as they
may be legally issued, upon receipt by the City Treasurer of the
agreed purchase price therefor.
Section 7. That all ordinances and resolution or parts
thereof in conflict herewith be and the same are hereby repealed,
and after said bonds are issued, this ordinance shall be and remain
irrepealable until said bonds and the interest thereon shall have
been fully paid, satisfied and discharged as herein provided.
Section 8. That immediately after its adoption this
ordinance shall be signed by the Mayor and City Recorder, shall be
recorded in a book kept for that purpose and shall be published one
time in the Deseret News-Telegram, a newspaper published in said city.
Section 9. That it being necessary for the immediate
preservation of the peace, health and safety of Salt Lake City and
the inhabitants thereof that the proceeds of the bonds herein
authorized be available immediately for the purpose herein set forth,
an emergency is hereby declared, and this ordinance shall be in full
force and effect immediately upon its adoption and publication.
-13-
13
PASSED AND APPROVED by the Board of Commly sinners of Sa1,12
Lake City, Salt Lake County, Utah, this 7th',:?Pay,/,Fe ruary, 1 JC
// i'4' /,�'
Mayor
Attest:
2r, og er'
(Other business not pertinent to the above
appears in the minutes of the meeting.) .,,,.
Upon motion duly made and carried, the ing , 's
adjourned. ,
Myor
i-
Attest: f.n
i 'Fieb eityL
yI! Y �
S E A L�d��r`)u�
BILL NO. 13, 1962
Published February 23, 1962
STATE OF UTAH )
i )
COUNTY OF SALT LAKE )
I, Herman J. Hogensen, hereby certify that I am the duly
qualified and acting City Recorder of Salt Lake City, Salt Lake
County, Utah.
I further certify according to the records of said city in
my official possession that the above and foregoing constitutes a
true and correct copy of excerpts from the minutes of the meeting of
the Board of Commissioners of Salt Lake City, Utah, held on
February 15, 1962, including an ordinance adopted at said meeting,
as said minutes and ordinance are officially of record in my
possession.
I further certify that the aforesaid ordinance has been
duly signed by the Mayor and City Recorder and was deposited in my
office and recorded on February 15 1962, together with an
affidavit evidencing the publication thereof in the Deseret News-
-14-
13
Telegram on February 23 , 1962, and that my endorsement
to such effect appears on such ordinance as it is of record.
IN WITNESS WHEREOF, I have hereunto subscribed my official
signat re and impressed hereon the corporate seal of said city this
, day of , 1962.
etr
(SEAL) 1�
PHH:jk
2/5/62
-15-
1 •oM•set
Affidavit of Publication
STATE OF UTAH,
ss.
County of Salt Lake
Janna 'Tobias
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
Notice of an ordinance providiT]tE..fox...the
• issuance and confirming the sale _of
02,000,000 Sanitary Sewer Bonds,..-Seri$
1962.
was published in said newspaper on. February 25, 1962
{ Legal Advertising Clerk
Subscribed and sworn to before me this 28th day of
February A.D. 19..62--.
Notary Public
My Commission Expires
Nov. 25, 1965
1.3
NOTICE
STATE OF U'All PROPOB T ON NUMBER 2
'COUNTY OF SALT LOWE Stott Sal L k C I debt and issue
erest
'fY 0 SA LAKE CITY SS. amo 1 f 32500000 1 1
T d Salt Lake C 1 $ I A.9k tY{ t .,! (90) t bondsmore to than
Ul h f 9 pun.,' I. 9 9 F Fic I excess of 6.end lo b_num for the
Ci,HallSal Lake C t 10':00 k A.M.on FebfUelN ii.4P61, f building b
with the following h present.
tie rary purposes - 1 d htsitee used for
aantl boll
Mayor. C 5 Bracken.Lee
necessary f n sh ells andequipment herefor?
Commissioners'.Jac L CBhristensen PROPOSITIN NUMBER 3
(; -i«is n amount Shall S II L_ CB tl bl d b d to the
I 1of 11,500,000 I f
le years from r_ h date thereof period I I than
Absent: Commissioners L.C.R noel,and t f 6`oriel l f
Al"
l Pre'''''
Herbert
b F..Smart
City Recorder ? or constructing t d d er annum I the
includingY t d P t., facilities,
L - n4I Clit Attorney
ey PROPOSITION UMBER f
$I 1t S I Lake Cit tl b1 d t d. l0 the
Al Ire the meeting hod bed duly that
to order and the roll I II.e f 52 500 OOp to run IOr a e fre t
w 11 r Mayorstaled ti t f l ts - I.
I.
1 f (20) s M t d 1 d f f r
1 h Ih ( d bd 1 1 ( of f b interest
In - -- lot t t' t a main trunk e tl I rl0ewer
2OM 00 -t� 5 0 tl 5. tors o 00000 St S
❑ tl S. 1b 5.500 GOD I' I'b arY Bonds, S 1 2 -rJ ltRtl d R d and other _11 t lines
51500000 Cubllc Bu ld ng Bonds 0 1962 f silt k Le Q T Clty d tl tie 5 r equ d collection!a
Recorder announced 'hat t 17) ,sealed hid
nod heel ec ved. The a m c equipment and ppurtendncef
and chase of 0 ants and rights of way therefor?
purchase
bills war open..lobulatetl seven
found to he as follows: !CO WHEREAS,lesresusltssVorsaid election we declared by the Board
Name 91 Bintler Interesl..Ra'a Pr'r1SM a ofc sitting a Board o Canvassers,by rem,
tole-50'° i 50.00 lu`ro3 duty ss 0 on $eptemon 18, toll, fwhich
1, e $ 's 6 CD.. 1955�1969--1,]5"° [lo Ao o,renpi'o br aarosolet o 13406 `su nce f 1R 5D0 00 1 SanitarySewernnersned that
970«25p" art id bonds lit Cll the foregoin ng oproposition tl I 2 against the
the e Net InItte51 Cost, 1911•S 9]8-)10 0 issuance
S2500000 Storm Sewer❑ondocarried by a U nC
$R,333,20191. 1979-+1.902-R.90?s and 2,00, 9Stor the issuance vote f 13,341 ,n favor of
t A Net Ratb, sf thes 92500000fPublic sai bonds,7-that the
CG b9 Proofe
2.01759 of 12.059 f favor
tole-.1965-SW SI,O65.00 a d fh fh fe f d R 393against _ said bonds
v,and Assa CIetesstm&Co 1966-1.10'8 Building. Cord' d b 3 s the f 55,000,000 Public
967-1970-52.50`.'° thec f said bet do; vote
of 12,891 15 favor
of and 2,d39 against
1971-1976 TJWHEREAS,
ga
Net Interest Cost, toll-197,9 29pe6 it is now WHEREAS desired none of l sell said
bonds have heretofore been
SAv38 3A61Jet Rafe, 1980-1982 'S0c°° Bonds, 52500000 f slid Stator issue Sewer SBOOO�n00 I- .'d Sanitaryued5evrec
29169 AI,500.0011
Libra,Bonds and 500000 of said Public Building
t0,000 5 d Public
3 First Security.Bank of 1964-6?'° and
Bonds n h tl;
Utah,N.A.anG 1965-1975-2W/4 WHEREAS,said bands b offer. lo-
sale Associates 1976-1982-359 seal..A bids and.ashen said bids were lro OI,-t was found Mal the bin
Net Interest CoSI, Halsey, Stuart & Co-, and ssociates, of Chicago, Illinois, v the
01
highest and best bid sU beds for the purchase of sa to id Mods: anrt
Average.91 WHEREAS, said bonds h b A N R 1, Ine price I d N t- 1 Iold
d of said
purchases at
as
2 9066". $ 150.00 f$49 00 " p
•a F t 1 C rpOrallon 196d+,'965 5
DCl-100 P N 15VComn'F RIE OREI B tl H Is H_-b 0❑a' .A by IIr.and Associates 1967-1968 2 I s o salt L ks Ciry sort Laka Cn3n UI h, ax
Net I Iferesl Cosh 1969-1971 2,
19J1-1976-2.4 ''''''Section I.That .here shall be issued bonds el Salt Lake C y' In
52 40l 316_6] 1977-1982 3%
Averehe NCI Stale,
2.8961°'° :1,577.00
5 Morgan bun my[6 U51 .1961-toll '.:-
Com Pa 1Y of N w rp(k and tole--1969 2-x°'" _ .... _
Pssociates 1970--1974 2"'= No 0 issued
Nat Interest Cost. /,�,.., 1975-19J9-2'90fr° the a ga'e a unl or S7,SLb,000. The bonds to be 5 ued shall be
1980-1982-3°6 araled Into issues as follows:
$7,409,023 42 4-'`FT,. $2,030,000 Sanitary Sewer Bonds,Series 1962
p N t Rate, 5Pp 2,500000 St Sewer Bonds,Sere 1962
2905 "dh, ID6d-1965 34,062.5e 1,500000 PublicLbrarr Bends Se 62
T cornea., >7 196. ,,,,,,- 1,500000 P b-' Bu Id no Bo ids,Se 62
6 Bankers k N Y.and 1 19 4 2 Each of tl hereby author'.tl dollse 'slued far
5-19J6 2 A0%S thef M the pertinent proposition - - the preamble
ry I .t Co.s. 29p T bonds of h s shall be t d J 961,of the
7 t' f One eTeousa,d Dollars ($1 000) mbrre0 from
q 90 e Net Role, 1919-'982 3 fC^' one I Ut vtly VP and within each bearing interest from
R 082 68.6 6 757.50 I tit 'd of fee rates h fl h ch.-nteresl ,hail be
7. First National 196A19)6 R' Y J 'v 1, 1963 antl Iv Ihereafler on 'M1e I rsl days
• Chicano a1 n dales 19/7-,9R^ 30G'I° of Ja r, antl JUIv I each Such bontls shall mature serially n
noel ..t Cosl Associates
par on January le or cacti of the years, and sal bear
52,395/16.08 • interest c00 follows:
1I Average Net 011,, a SANITARY SEWER BONDS
_.CB93004:. Bend Numbers Amount Interest Rate Year
1966
Aftor due Ae11170ration,it tlelormin Cd Ihal the bid of Ha lean 0 105 5105,000 5^..
I Stuart B Co...nA Associates, f Ch1Caa0. Illinois,w the igne4„antl 106 to 210 lO5,o00 1964•
bell hip sunminad for Ina nurrhasr.of sold bontls,said hitl beine in lull 106 to 210 105,000 2.I5^:. 1965
as follows'. Premium 316 to 420 105,000 �.75"'e
Name of Bidder Interest Ralrt A 150.00 21 to .525 75n° 19968
i Halsey,Stuart 8,CompnnY 1964-5°0 105,000 'a.]5%
965-1969 2.75°/ 526 10 630 105,000 1969
fe1 Associates 1910-250°3, 631 o 735 05,000 9)0 d
et In',-1 Cost, 1971-1970-275q; ]h to An0 105,000 19]I
B OSS,20]9I 1979--1982-2.909'° Sal l0 9d5 105,000 R.15Y,. 19)2
Average Net Rate, gab to 1050 105,000 9.75°-b
2.01)s9% 7a 1051 l0 1'5. 105,000 2]5`e MA
Threupon,IM1c following ortlillonc�t Yos Intia^tlu01 elnbY rCon9a0 YBS 1156 to I260 105,005 2.75°9 I975
n9r ad In lull and oldcd�bvd Jor dLn Chr stensen,mw adoptetl by the lollow- 1261 l0 365 105,OG0 2.75°n 19]6.
Y Vibon and sec on a5 1x66 100 7470 '05,000 2]5°'° 1927
le. gvel Mayor J.Bracken Lee 1,571 I5)5 105,W0 275•, 1978
Cominisslonor Cenrpl B Harrison 76 to 1600 1115,000 2.90°3 19>9
' commissioner Joe L.Chris'ensen 16B'in 1)BS 105,0g0 2.9D°° 198p'
Nav:sN then si n p by the MarOr in olPlen flmeellnB!'tie HIV o 1890 105.000 2.90"° 1981
The o�dinanclY in 1B9'.to 200D 1'0,030 7.9D`✓° 1902
rtle0 by fhc .. wR ecortler anrt ordered p bhsnetl Cily Tnc STORM SEINER BONDS
Oes_ret NeV's.T01COram, a daily newspaper published sa ltl Bond Num b¢r) Amount Interest Rate YCdr
ornlllancc is as lollows: 1 o 130 )130,000 5".0 1964
• ORDINANCE NUMBER 13 OF,1962 antl o- 131 to
260 130,W0 R)SH 1965
AN ORDINANCE vbing for the 261 to 390 130.000 215yb 1966,
ro
IIrming tie Role of E,,,,,,000$anharY Seiner r6ondSCe$eries loel. 391 to 520 130,000 vets`.. 967,
2.500,000 Storm $rwO• Bonds, $ves 1962, S1,s00000 Puotic 521 to 650 130,000 1.75°r° 1968
I.Ihf ary Bonds,Series 1962 and Sle ,000 Public Bui l o ln9 Bentls, 651 to JBD 130,000 2.]5°i° 1969
1 an Series 1962 of Sal';aka City,See Lake Courtl Y.Ulan 5 781 l0 910 13g,Dpp 2.50, 19I0
o f tl e d l 6 t tl A f 9,w1961. l to 1040
VI IEREAS _ae 5 roly ,,, hicM1 130,000 R)S,a 19>I
I. Ion Itl pursuant
L I"11b nl. S I'_ a i0 1171 to 1300 130000 2J5,3 19OS
b cl lops a d'y Ion Ilse 130,000 2)5/ 1913
v 1 - th° Y 1301 to 1430 130,000 2 7596 1974
101lowingI lPropOsl llv.7s; PROPOSITION NUMBER I 1d31 to Is60 130,000 275.5 1975
r tlJ00 a d Is e Col�ol eto Ina 561 10 1690 100,0011 2.75, 1976
1m Shall Salt
paying city
u lac rp V n tie or than left 91 to 1820 130,000 R75?e 191]
n for a 'ld F f to 1930 130,000 R 75° 1978
'te 1121550g000f0olno Ina dale 1h t U 1 VOr Ile 1951 l0 2080 130,000 2905 19]9
a 1 l Il 081 to 2210 130,000 v•90°" 1980
I safely 22 10 234p 130,000 290^„ 1981 tM1 Yr A b 23d1 0 2500 I60,000 2 9D' 1982
1 uC b d 1_'-'I'
_c dh f l I' U ' f e e
lu 1M1er ' b' I 1 I! d urtd PUBLIC LIBRARY BONDS
000s 9 vs d connection., mun a heahns tans Bontl.Numbers Amount I leresf Rate Year
tl 1 related nfa ratan d�00 1 7S S]5,000 5:° 1964
tl i :1 Igsnfeo 1 h abu5lll@ J6 1 150 e5,000 2 75, 1965
tic h - 1_ to ]5,000 2 JSr° lv6fi
I and including vllre uPur cha50 d f26 to 300 ]�000 2.75, 1967
Inerelor? 376 to 450 >5,0 2.75, 1969
451 to 525 ]5,000 2.SOSo 1970
526 to 600 1.5,000 2.)5°'• 1971
6a'1 to 675 75,000 2.J5:° toes
676 to )SB I5,000 2.75Y- 1975
751 to 825 )5,000 2.7595. 1974
926 to 95) 75,003 2.75% 1975
901 to 975 75,000 2.75, 1976
976 to 1050 75,000 2.10, 1977,
1051 to 1125 75,000 vets e I978
1 126 to 1200 J5,000 R.90°. 1979•
1231 to 1275 U,'?, 2.90, 1980'
7]6 to 1350 75,000 7.909'° 1901
1351 to 15E1 153,000 7.90% 1982,
P U4mla BUILDING BONDS
n�Bond Number) ueresf nate Year
1 l0 15 F 75.COD 0, 1964
76 to 150 I5,000 9-)5% 1965
151 x 225 75,000 2.75",G toll
926 Ia .100 75,000 196J
301 l0 315 15.000 2.75°° 1968
376 Io d50 75.000 2.7s3'° loll
451 to .5 77)141 2.50'« 19e0
526 la 600 75,000 R]Sa° 19)1
771 z92.75° 1912
65e lo 60 15,,0 .77)%
s.es°° 1973
1974
906 to 1075 75,000
75.000 2.75,
2.75i toels
1051 to 1125 75,000 2.755. 1970
1126 to 1200 75,000 9.9B, 1979
111 110oo 12 ))5,000
] 00
50.000 4.904
R.90/e
2.90' 19900 1902
Both 2nleresf and or lnclpal shall be paYa Nle in lawful money of the
United Slates of w York, at Morgan Guaranty Trust Co.of New York,
in Ilse City of New York,New York.
All of Bald bonds snail be registrable a5 to p7lnciadl in the m
and with the el re<1 re cite0 In the bon b eor m Set out in 1 ion 2 attached
Sec Icon b That sash bonds and the Interest coupons Iherelo attached
shalt be In substa ntially the following form'.
/ 3
of A,.di'cr'd Certificate)
I, dohereby rtriv that this bond is within the lawful debt limit
Cl Sall bake City,Utah,and is issued ac ordin9 to law.
___ Au.lor,Sall Lake City Utah
STAt ES OF AMERICA M1 thanks theaboveforms nr I filed- each
vv ie STATE OF UTAH I of said bonds and theof n hall b staled in thebond r
SALT LAKE COUNTY w n sue shire language Irk whicha -I' auf no
A T AKE CITY BOND SERIES 1962 •, -n
[J 31,000.000. recited the Registration f back !b )
I k pCNb l•ALL rM MEN BY I THESE PRESENTS that$ tt Lake,1 City,Saltalt the holder backs f b k hin bond may b t for such purpose y.l. d f n the C'principal in T name o
I ¢¢� 1 pp Silt Lake C Registrar.Each b registration shell bnotedU In
I.
hlii'Ai d ab at_then to the rl c hearer,o ht tot bands' registeered, below Oat. theRegistrar. to which hanger Ihe d shall
�e (t' be valid I ❑ Registrar's books b theregistered holder
C}IC1l14AN0 DOLLAR; (1'0001a en the first day of 1 0. and theregistration blank below If the bond is,
R Met/ In bitterest hereon Porn he dfle he cot 1,1 ih Ine I registered to principal-f be discharged!r registration by be
e A� , ( 1 -n9 transferredto bearer, after which If shall b transferable by deb
�
nlu'ahh dativny 1,11961 aannually thereafter on the first days livery but may be again re registered to principal as bebre. The a
I Janbarv.a d J Iv in carlidv r wTr inter-1 falling a p11 ant Pc o tranceof the bondl0 principal shall not restrain the negotiability of
me .!tJ M%dH�e o s0 1 - tl s r d the a end ns upons hereto astache by delivery merely.
)errsy,- qp s I Ilv a due. Both r f ,d (No writing hereon sxcenl by Registrar)
tereSti Ih)bond payable In lawful money ot I . untied States Name of Registered Date of 019101ure
of iS'TM4 Ile 9b,, - _ n theCity Holder Registration of Rs9'st-ar
rTn":btm.li,on- 1 n fssuc of • -- t
evvee e tl t to rvo n n!Ike d 1 r nurneseeari I_ I—
cap) d re maWrl (and interest r tel eauxa m rr __ --.
4 d and by virtue
Section] That the proceeds of the ale of the bonds shall be p
I etl? r it i 1 w-i 1 Constitution and L f th.State t f I erly allocated to the various u and the proceeds of the sale f each
Moth dttd -d Ian duly adopted b f Board C issue l b placed in a funds separate a tl apart from the general funds
rd cps 1 K b rY 15 1952 alterM1 beenauthorizedan f said -t and shall be used salelY for the purpose for which the
fiord IASAlI4gheld' said S r tl 12..1W.dillyo of
h- are herein authorized. Mayor
Th 8 q f C f S t L t ill Section 1 That each i and h shall b 'g ed by 1n
anni,aM7I der 1 IM1 1 sr Ih' end it I and c t tl b . Ciro Record with to seal of said cifv if ed,
II. '1 and 4constitutean sinking rune fl 1 1 pay the d 4 s shall bear the f signatures f ❑officers.
p The M by empowered and directed d the City Rd-
p le S h r SIl Eitir a recited and declared thatallconditions,acts de r to R It n f said
d 1h ay fl r the validity o this b ❑ d the- f h bonds f acts d N d CityR d
1 DsHntlat t h h n a c 1 I D In t d deed f Sall k City, man, All covenants,
a- pene❑,and have b 0 and that d t cont.,. I bonds and
• rrppgyll� r of..I I1 1 the issue thereof n b Iv cone• stator all h dordinance'
ed Wlfn tl rn-I tn'. n a foie dery debt and rner henI p reb d a d t a t he d e❑ d ared
Idea 9y rh r li Y L s f a t Sraie of Ufah,and Ibar I#to
f II I UtH d[Y Al f s If L k C'i,are hereby irrevocably pled if to Mai Saiof s It covenants ty d promises therein are the❑that the representations d statements nts mere.
ihedndacti ffaNrohnf f I principal of and interest on this bond - n
Till 6()d rIi}d11 b 1 d as to prior•peal o) Ibe books f the' r the ao( e d ne
a 5 S.ue That t I falling d bonds a the
City Fe h ik ls d f sSld city'in the manner and Ith',te eile<t znec'fiod 11ee e C ❑ d t I ll i themeet of
1 said b a r In shall a nerebv
on .IN 17 556 WHFREO F,Salt Lake CIy has ausetl Ih's band(o levied b 1 ❑ '1 addition1 other iaaoo
be s9 a bbale 1p. Yor nd o Iers'gnetl by its Coy Recorder, with avtl'r I' stiff f 1 p 1 interest said bends and to
the s f1W Ihode}N.aflxee,and the Congers hereto attached to be signed and retire the same as berr¢nbefore v o'did.said taxes f when conec
i'esin 1 Ile I9 alums of saav offcers, who by Ine xecvon shagb II ! h f thet d interest
hereof tld 99qq of ad,dlld far Ih fir top+r signatures the r foes mile and 1- until 1 d bonds,indebtedness-1' I r d1 tl d Ih15 o for no oIher pen
January',Phx, f�9.:d each o said ncoupons all as of the first day of 1 d interest,. II h e lul 1 od a tl
/s/J.Bracken Lea i discharged, bvl nothing
h contained it be so ved as to I
Mayer f said city)from n a other funds matt v be
Cdunterslenfd'.r-'i insthe city treasury and available for that epeoflse to the payment f
(SEAL) said and therespectively and Me
HcrCi R od¢nted levy 1 provided thereupon toIh. extent be d
(Ewan of Coupon) 1 bonds add d dischargeI. providedthe sums hesein thereofn d are hereby on said
Number $ when there f thathand purges,Principalm Ih and
tl interest
falling due ex alevyany
time
O thes,flay o 1 Salt Lake C' funds,she!!beadvanced f funds of the city available
l Sall lakeCounty,Utah,will pay 10 ine b h t --... foi I h ,d su other funds shall be reimbursed when
iM1 Cl f - II x v proceeds become it b a
of fire United Slates A r c.a,n h t Ito nterest'Series
duel anifs Section 6 That the f 'd bonds I Hoses,Stuart a Co. la.
e
Bond, Ser es 1962. dates Associates of Ch'cag e F f and accrued interest
January 1,1962, o the date of delivery i premium f S1s0.0oat accordance with Ilie
Facsimile Etralura of the bid submitted by said purchaser on this dale, is hereby in
all ens s r p rc
Mayor respects ratified and confirmed.Said bench shall upon
delivered to the
Bond Number Purchaser Treasurer
soon as they mdv be legally issued,upon receipt by the
Casl s Si In City Treasurer of the agreed purchase price thereto,
parts thereof FacsimileCiyeynrde Section 2. That all same
and resolution yen r
City Recorder nflict herewith be and the seen are hereby repealed,andalter said
"- ...of
are issued,this ordinance shell be and ematn in ble ntil
said bonds,n the interest thereon shall have been iutlyt raid,satisfied
and discharged
a8.That e imevrein edidellYd after its adoption this ordinance shall!
be signed by the Mayor and City Recd'der,shall be'ecorded in a book'
ul for that purpose
and shall be ubllshed o time In the Deseret
News-Teleira m,a wspaner published in said city.
Section 9. That it being necessary for Me immediate preservation
Off
foe p e,healfn and safety vds if ern City toe Ins inhaitable ibere:
of that}M1e is reds of IM1e bands Herein authorizetl be available Im me"
l°lately Ite p nso Ihesrft e' forth, a of ergen' 's nerebv ele
1 dared.and this ordinance shall be in fall farcentard eel intmedia lely
u a ifs yd y OI and 1000aficn.
p PASSED AND Aee ROYED 1, Ina lain'°el t bsSni aonel f Salt,
Lake Cliv.Sall Lake Courtly,Utan,Ibis sin AC 1 FCEE, 1962.
,/may.'BRACKEN LEE,
Attest'.
/s!HERMAN J.HOGENSEN,
City Recorder
ears
of Ihe(Other Cosiness not ertinxli In Ins above app in the menu
tes
U pr netin mot,.mo.. duly made and earn, , n adiourned.
M/IJ.dBRACKEN'LEEwas,
Attest:
•Cis/
S IYHRfcorbee ERMAN J.HOGENSEN,
SEL
Publll13,I A
sher/ February 23, 196E (Aida)
13