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29 of 1955 - Utah Bonneville Golf Course Revenue Bonds, Series 1955, of Salt Lake City, Utah in the amount of $10 ROLL CALL VOTING AYE NAY April 12, 1955 Salt Lake City, Utah, , }M .. Burbidge rWN%. . . I move that the ordinance be passed. �F3P14 ' iigarles �I Ro Mr.Chairman . . Result V.,,,,,,tal---e;,' , a9 ORDINANCE NO. 29 AN ORDINANCE AUTHORIZING THE ISSUANCE OF SALT LAKE CITY, UTAH, BONNEVILLE GOLF COURSE REVENUE BONDS, SERIES 1955, OF THE CITY OF SALT LAKE CITY, UTAH, IN THE PRINCIPAL AMOUNT OF $100,000, PRESCRIBING THE FORM AND PROVIDING FOR THE PAYMENT OF SAID BONDS AND DECLARING AN EMERGENCY. WHEREAS, the City of Salt Lake City, Utah, owns and operates a municipal recreation place in said City, known as Bon- neville Golf Course; and WHEREAS, it is necessary to extend said golf course by constructing an additional nine holes on land owned by the City; and WHEREAS, there are not sufficient funds in the City treasury to provide for such extension; and WHEREAS, the Board of Commissioners of said City has • determined to issue the revenue bonds hereinafter described for the purpose of paying the costs and expenses of the proposed ex- tension; and WHEREAS, it has been determined that such extension will materially increase the revenue of said golf course; and C" WHEREAS, such increase in revenue by reason of the - proposed extension can be segregated from the revenue of said golf course as it now exists; THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONER` - OF THE CITY OF SALT LAKE CITY, SALT LAKE COUNTY, UTAH: Section 1. That for the purpose of extending the muni cipal golf course of said City and to pay the cost thereof, there are hereby authorized Salt Lake City, Utah, Bonneville Golf Course Revenue Bonds, Series 1955, of the City of Salt Lake City in the aggregate amount of 413100,000, both the principal thereof and the interest thereon to be payable solely and only out of the net revenue to be derived by the City from the operation of the nine , 4,3fl- 2 - hole extension of its municipal golf course. Section 2. That said bonds hereby authorized shall be dated April 1, 1955, shall be in the denomination of $1,000 each, , shall be payable to bearer as hereinbelow set forth, and shall bear interest payable semi-annually, on the first day of April , and the first day of October each year, and shall have coupons attached thereto, signed with the facsimile signature of the, Treasurer and countersigned with the facsimile signature of the Recorder of the City, evidencing said interest. Said bonds shall be signed by the Mayor, attested and countersigned by the Record er, with the seal of said City thereto affixed. Both principal of and interest On said bonds shall be payable in lawful money o the United States at the Walker Bank and Trust Company, in Salt Lake City, Utah. Said bonds shall be numbered from 1 to 100, inclusive shall bear interest at the rate of 4% per annum, and, shall mature on October 1st, $10,000 in each of the years 1957 to 19660 inclusive. Bonds maturing in the years 1961 and thereafter shall be redeemable at the option of the City on October 1, 1960, and on any interest payment date thereafter, at 104 plus accrued int- erest to date of redemption. Section 3. Said Golf Course Revenue Bonds and the int., erest coupons thereto attached shall be in substantially the folL lowing form, to-wit: i - 3 - UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SALT LAKE CITY OF SALT LAKE CITY SALT LAKE CITY, UTAH, BONNEVILLE GOLF COURSE REVENUE BOND, SERIES 1955 No. 61,000 The City of Salt Lake City, in the County of Salt Lake and State of Utah, for value received, hereby promises to pay to the bearer hereof, out of the special fund hereinafter designated but not otherwise, the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America, on the first day of October, A. D. 19_, with interest thereon from date un- til paid at the rate of four per centum ( %) per annum, payable semi-annually on the first day of April and the first day of Octo- ber in each year, both principal and interest being payable at the Walker Bank and Trust Company, in Salt Lake City, Utah, upon presentation and surrender of the annexed coupons and this bond as they severally become due. (The following paragraph to be inserted in bonds matur- ing in the years 1961 and thereafter.) This bond is redeemable at the option of the City on October 1, 1960, and on any interest payment date thereafter, prior to maturity, at 10)} plus accrued interest to date of redemp- tion, in its inverse numerical order in the issue of which it is one. This bond is one of an authorized series not exceeding the aggregate principal amount of 4100,000 issued by the City of Salt Lake City for the purpose of extending its municipal golf course by constructing an additional nine holes on land owned by the City( all in full conformity with the Constitution and laws of the State of Utah, and Ordinance No. 29 of the City, duly enacted and - 4 - adopted prior to the issuance hereof; and both the principal of this bond and the interest hereon are payable solely out of a special fund created in full conformity with law and designated the "Bonneville Golf Course Bond Interest and Sinking Fund" of said City, which fund shall contain only the revenues derived by the City from the operation of the nine hole extension of its municipal golf course, all as is more fully set forth in said Ordinance. It is hereby certified, recited and warranted that for the payment of this bond the City of Salt Lake City has created and will maintain said Fund and will deposit therein, out of the revenues of said nine hole extension of its municipal golf course, the amounts and revenue specified in said Ordinance, and out of said Fund and as an irrevocable charge thereon will pay this bond and the interest hereon, in the manner provided by said Or-' dinance. For a description of said Fund and the nature and ex- tent of the security afforded thereby for the payment of this bond, reference is made to that Ordinance. It is further recited and warranted that all require- ments of law and all conditions precedent have been fully complie, with by the proper officers of said City in the issuance of this bond and that this bond does not exceed any constitutional or statutory limitation. IN TESTIMONY WHEREOF, The City of Salt Lake City, Utah, has caused this bond to be signed by its Mayor, attested and coun- tersigned by its Recorder, with the seal of the City to be here- to affixed, and the interest coupons hereto annexed to be signed with the facsimile signature of its Treasu an e untersigned with the facsimile signature of its Re der, of the first day of April, A. D. 1955. ( SEAL ) tay r - A ZTED AND C UN"" IGNED� eco - / ( SEAL ) - er / ) - 5 (Form of Coupon) No. y20.00 April, On the first day of October, A. D. 19 , *(unless the bond to which this coupon is attached has been called for prior redemption) the City of Salt Lake City, in the County of Salt Lake and State of Utah, will pay to bearer hereof TWENTY AND NO/100 DOLLARS in lawful money of the United States of America, at the Walker Bank and Trust Company, in Salt Lake City, Utah, out of the Bon- neville Golf Course Bond Interest and Sinking Fund of said City, but not otherwise, being six months, interest on its Salt Lake City, Utah, Bonneville Golf Course Revenue Bond, Series 1955, dated April 1, A. D. 1955, bearing No. (Facsimile Signature) City Treasurer COUNTERSIGNED: (Facsimile Signature) City Recorder *(This clause to appear in coupons maturing April 1, 1961 and thereafter.) - 6 - Section 4. Said bonds shall be issued solely to pro- vide the City with money for the purpose hereinbefore specified, and the moneys received from the sale of said bonds shall be disbursed by the City only for such purpose. The issuance of said bonds shall constitute a warranty by and on behalf of the City for the benefit of each and every holder of said bonds, that said bonds have been issued for a valuable consideration in full conformity with the law. Section 5. The principal of and interest on said bonds shall be payable solely out of the net revenues to be derived by the City from the operation of the nine hole extension of its municipal golf course. Section 6. The City hereby creates and establishes, and so long as any of said bonds remain outstanding, it will main tain a Fund in the amount of $21,000 to be known as the "Bonne- ville Golf Course Bond Interest and Sinking Fund", to be kept separate and apart from all other funds of the City, which Fund shall contain all surplus moneys derived from the sale of the bonds herein authorized not used in the construction of the ad- ditional nine holes, and all of the revenue to be derived by the City from the operation of said nine hole extension of its muni- cipal golf course. Such revenue shall be known as and termed the "gross revenue" of said golf course, and such revenue and, the surplus moneys above referred to is hereby irrevocably pledge for the following purposes and shall be disbursed in the following order: FIRST: For all necessary and proper costs and expen- ses of the efficient and economical operation and maintenance of said extension. SECOND: For the payment of the interest on and prin- cipal of said bonds promptly when due and payable respectively. THIRD: For the redemption of said Revenue Bonds prior - 7 - to their maturity in such amounts as may be determined by the Board of Commissioners of said City. Section 7. Moneys in said Fund shall be invested only in direct obligations of the United States of America, and the income therefrom shall be deposited in said Fund. Section S. The City hereby further irrevocably coven- ants and agrees with each and every holder of said Revenue Bonds, issued under the provisions of this Ordinance, that so long as any of said bonds remain outstanding: (a) It will continue to operate and manage its municipal golf course and the extension thereof in an efficient and econ- omical manner and keep and maintain separate accounts of the re- ceipts and expenses thereof in such manner that the revenue there- of, payable into said Fund, may at all times be determined read- ily and accurately. (b) It will, through appropriate action of its Board of Commissioners, establish, maintain and enforce a schedule of green fees for playing said course extension sufficient to main- tain the Fund and to insure the payments required by the provis- ions of Section 6 hereof. (c) It will not sell or alienate any of the property constituting the extension of its municipal golf course, in any manner or to any extent as might reduce the security provided for the payment of said Revenue Bonds by means of and out of said Fun• created and established by this ordinance without written notice being given to F. T. Boise & Company, Salt Lake City, Utah; pro- vided, however, that in the event of any sale or sales, as afore- said, the total consideration therefor shall be paid into said Bonneville Golf Course Bond Interest and Sinking Fund, and shall be used for the purposes of said Fund. (d) On request it will furnish the original purchaser of said Revenue Bonds, a statement of the receipts of and dis- bursements for the extension of its municipal golf course for any - 8 - designated preceding period, and at least once each year it will furnish said purchaser a copy of a complete annual financial audit of said extension for the preceding fiscal year. Section 9. All costs and expenses incurred in connec- tion with the issuance and payment of the Revenue Bonds authorized by this Ordinance, shall be paid exclusively from the revenue of said extension to the municipal golf course, and in no event shall any of such costs or expens'e % or the principal of or interest on said Bonds be paid out of ,or charged tio the general funds or tax levies of the said City.• Section IO,. All g4diriances or •parts thereof, in con- flict with this Ordi4an64 044 hereby reppaled. :After said Revs- Yo (/ F' nue Bonds have been issued, t Ordinance shall,;be irrepealable o 1 Y until said bonds and the interest thereon? shall _be fully paid, satisfied and discharged in the manner herein provided. Section 11. As the construction of said golf course extension at the earliest possible time is necessary as a health measure, it is hereby declared that an emergency exists, that thi Ordinance is necessary for the immediate preservation of the pub- lic health, peace and safety, and that it shall take effect one day,g after publication as provided by law. Section 12. This Ordinance, after its passage, shall be recorded in the Book of Ordinances of said City, kept for that purpose, and authenticated by the signature of the Mayor and at- tested and countersigned by the City Recorder. ADOPTED AND APPROVED This da f April A. D. 1955. ayoli ( SEAL ) ESTED AND OU RS,NED: ity eco er A L ) BILL NO. 29 Published April 19th, 1955 - 9 - f FORM NO.ADM 35A Proof of Publication 1 nitra*tufts of Amerira COUNTY OF SALT LAKE ss. STATE OF UTAH being first duly sworn, deposes and says, that he is the Principal Clerk of the DESERET NEWS SALT LAKE TELEGRAM, a newspaper published in Salt Lake City,Salt Lake County,State of Utah. That the Notice..p Am..eveg y0..Att lA ,he..h . *, 5e1t Lake City,,, Utah, Donnev11140 Golf Cout* &mango Sander 8ertee 19850 of which a copy is hereto attached, was first published in said newspaper in its issue dated the rth day of April f9... ( ... and was published in each daily issue of said newspaper,on for - thereafter,the full period of one��tug the last publication thereof being in the issue dated the day of April A.D.19...5 .. Subscribed and sworn to before me this ,day ;aril ,A.D. 19.5 ... GCS 4 _ -� —�_ ,a.--- Notary Public. Jaa My commission expires � 5 6 Advertising fee $ 29 ORDINANCE UNITED STATES OF AMERICA AN ORDINANCE AUTHORIZING THE• STATE OF tiTAH COUNTY OF,SALT LAKE ISSUANCE OF SALT LAKE CITY, CITY OP SALT LAKE CITY REVENUE, BONNEVILLE GOLF COURSE SALT LAKE CITY, LTAH, REVENU BONDS, SERIES ]955, OF BONNEVILLE GOLF COURSE REVENUE BOND,SERIES 1955 THE CITY OF SALT LAKE 'CITY,1 No.---- $1,000 L:TAH,IN THE PRINCIPAL AMOUNT The City of Salt Lake City, in the OF$tue,000,PRESCRIBING THE FORM County of Salt Lake and State of Utah, for value received,hereby promises to AND PROVIDING FOR THE PAY. pay to the bearer thereof,out of the • • 141ENT OF SAID BONDS AND DECLAR.1 cial fund hereinafter designated but ING AN EMERGENCY. not otherwise, the f ONE THOUSAND DOLLARS WHEREAS,, Utnh, the City of a Salt Lake inlawful moneyof the United States City, Utah, owns and operates a mu, of America,on thefirst day of Octo, Eternal recreation fillet pit said City, barn A.D,l u^— with interest thereon from date. until aid .at pic rate n' known as onnevi11e Golf Course;and four per cntum(4^,1 P i a null apt WHEREAS,It Is necessary to extend allApt']le n end...annually first la on ve of fl October timid Reif cell c by Ce constructing o n 1n each year.both principal d inter- dditional nines holes on land owned est being payable at the Welker Bank' by the City;and and Trust Company,in Salt Lake City, WHEREAS,there are not sufficient Utah,upon e presentation and der • funds In the City treasury to provide of the annexed coupons a»d this bend for h tension: and as they severally become deg. WHEREAS,the.Board of Commission. (The following paragraph to be in- ere,of said City her, determined to sorted i bonds maturing in the v isue the revenue bonds hereinafter 19ri a R thereafter,) eats deecrlbtd'.'for the purpose of paying This bond redeemable at the o • the,casts and expenses of the of Lion of the City on October 1, late extension: n d Coach interest payment date WHEREAS it has been determined thereafter,a prior to maturity, at 104 that such extension will materially plus accrued interest to date of r • increase the revenue of said gait orate imp, i its 'se cal and order inthe issueof which it is ' roe d AS, such increase 1n feve- This bond i e of authorized e by reason of the 'opts d eaten-i akin series not exceeding the aggregate be segilt a segregated 2 the.r principal amount of$100,000 issued by • of .said golf course s it now the City of Salt Lake City For the per- Salt exists; ve no of extending its municipal Rolf THEREFORE,BE IT ORDAINED BY course by constructing i aditional • TIIE.BOARD OF COMMISSIONERS OF ninenho onllanrnity Wthhthel Coosa- ,City CITY OR SALT LAKE CITY, all LAKE.COUNTY,LTAH. tution and laws of the State f Utah, SALT Section 1.That for the urpose of and Ordinance No.20 of the City,duly extending the municipal golfCl sated and adopted prior to the is id City and to paythe cost thereof. 11 hereof: and both the su there hereby authorized Salt Lakeare of since timid outer,the interest principal City, Utah, Bonneville Golf Course fund payable c Ya teed in fullout of a special Revenue Bonds, Scrims 1955, of thelaw created the 'econformity with City of Salt Lalce City in the aggr'c tot and designated t,t "Bonneville gate amount of$100,090,both the Trio- Golf Course Bond interest and Simkins tip 1 thereof and the Interest thereon Sued"of said City,which fund Hall o ne payable solely and only out f main only the revenues derived by the net revenue to be derived by the the City 1{rem the ypperatimt of the al City from pthe operation of the 1 hole extension of its hole extension of its municipal golf golf a all re f oily ciset forth i Said Ordinance. uoSection 2. That said bonds hereby I`. is he'eD, certified, recited and a thobe I shall be dated April I,1955, warranted that for the payment f shall be i the denomination of 1$1,000 this bong the City of Salt Lake City each, .hall be payable to bearer as has created and will maintain said lote00 below set forth, and hall bear Fund and wills deposit therein,out of Interest n ably s - neatly, n the the revenues said nine bole exren- first lay o[4pri1 a and thefirst day Si ton of ismunicipal,le golf course, the October each year, and shall have Ordinance,ue,ounts nJ revenue pacilpl'dil in ed ands attached thereto,signed with and out of s thet facsimile signature of the Treas an irrevocable charge thereon will and countmsigneet with the flu this hood and the interest hereon,. 111 evidencing vra of the Recorder of the n pay tanner provided by said Orn_1d City. a'iJencing said interest. Said an For a description of said Fund bands ball he signed by the Moyer, and nature and extent of o the - ottaeted and seal of said D the Sr. rity afforded thereby for the payment Qe girder,with the seal of said City there.rf this bond,reference is made to that to affixed-Roth ipel PI and L ter- Ordinance_ ist a said bonds shall he payable in It is further recited and w anted awfai s only of the United States Coat all requirementse of law sand all at the Walker Bank and Trust Coin- conditions precedent have beenf fully Pally, Salt Lake City, Utah, Said complied t ltn by Ile p officers bonds.shall be numbered from I to ICO, ( said dCity in the issuance of this inclusive, shall bear interest t the hoed any that this bond cdoes not etc of 9^.h per a n n and shall m- exceed any constitutional or statute, Cure on October 1st 510,000 n each limitation, of the years 1957 to 1966,Inclusive. IN t Ldhc NY VVIfEREOF,The City Rends a maturing in the yea[ 1961 of Salt Lake City, Ulah, has uscJ and thereafter shall be redeemable at this bond to Dc signed Sc its its Collie: te option of the City on October 1, i.e.Coil a d ounttrsinned py its Re- deco ec o interest payment hereto nllloeahc seal f the CIEs'to be Hato thereafter, at 104 plus accrued ois hereto,a avid the intend cos- interest to date of redemption. Thep facsimile nnexed to be sinned with Section 2.Said Golf Course Revenue liver,and countersigned with t.s the fan- Bnnd.s a d the interest coupons there untersisned with fat• to attached shall be in o substantially the following form, to-wits a9 Section Y.oeoncys in said Fund shall ti'mile si notur� f Its Recm der,a of be invested only in direct obligations ro Firer Ada,v,u ZoN.A,P.1955, a f the United States of America,anti EARL J.GLADE, the income therefrom shall be deposited (SEAL) Mayor ill said Fund. Section 8. The City hereby further ATTESTED AND COUNTERSIGNED: U SIA F.8I'TNER Irrevocably eo s with and n ilb City kecot'(Fo ach and every holder f said e•er Rev (Farm of Coupon) nue Bonds,issued under the provisions of this Ordinance,that so lone as any No.--. $20.00 April of said bonds remain outstanding, andin On the }first day of October, A.D. (a)It will continue to o rate and 19 ',unless the bond to which this manage its municipal golf con and l emiv attached has been called for the extension thereof r efficient it�° and economical manner n and keepand Lakenilor damn don] this City f Salteke maintain separate esaccountsere F the r Lake Otte,In the,wimp of Salt Lake 1 mean and expenses uerthe i such nd State of Utah,will Par to bearer I [`hat LM1e re en a thereof,p hereof I ableninto said'Fund,may at all times TWENTY AND NDi100 DOLLARS be determined readily and accurately. In lawful man y of the United States (b)It will,through appropriate action C America, at the Walker(tank and of its Board of Commissioners,estab. Trust Company,in Sag Lake City,Utah, lish,t int:de and enforce a schedule I out of the Bmtne villa Golf Course of ieen tees for playing said con rse Boni Interest and Sinking Fund of said extension uf haven[ t ne:eee!n.s the City, but not nthersv Ise, being six Fond and to insure the p months'interest on lie Salt Lake City, payments r 6• Utah,Bonneville Golf Course Revenue hereol by the rprorrvons o[Section 6 Bond,Series 1955,dated April 1,A.D. f' 195.5 bearing oft It will of bell or alienate am No, of the property constituting the exten• ' (Facsimile Signature) on toil its municipalnv eoit nurse i • City Treasurer any n or to extent a might COUNTERSIGNED: reduce the security provided for the by (Facsimile Signature) means of and s Revenueaid d out said Fu„d created ated City Recorder and established by this ordinance witb- •(This clause to appear in coupons out written notice being iv to F.T. maturing April 1,1961,and thereafter.) Boise 8c Company,Salt Lake City,Utah: Section 4.Said bonds shall be issued ovided,however, that in the event solely to provide the City with m of any sale orsales,asaforesaid,the for then a hereiobefore specified, total c consideration therefor shall be and moneysthereceived from the sale Paid Into said Bonneville Golf Course of said beds shall he disbursed by Bond Interest and Sinking Fund,and the City only for such Pur'Pese. The shall be used for the purposes of said issuance of said bonds shall constitute Fund, anty be and on behalf of the fill On request It will furnish the Citya afog the benefit of each and every original r baser et said Revenue holder:of said bonds,that.said bands Bonds,a purchaser of the receipts of have been issued for a valuable c and disbursements for the eexlension aiderallon in full conformity with the of Its t pal golf course for a law. acbigiratean['receding period, and at Section 5,The principal of One 'least once each y it will furnish said inter- est on said bonds 'halt be payable purchaser a COPY of [notate annual solely out of the ct revenues to be +I financial audit of said extension coo'the derived by the City from theo Ipt ceding fiscal year. lion the nine bolo extension of e its Section 9, Allt,nsts and expenses 0. c red ; action with theism.- municipal Section d. Then City hereby creates and npayment of the Revenue nod establlshes, and no long a Bonds authorized nby this Ordinance, of said bonds r outstand ng, It shall be paid exclusively from the will maintain a Fund in the amount of of said extension to Site n S21,000 to be known as then"Bonne paler o a and i ant vole Golf Course Bond Interest and shall a of anti course, o Sniklnn Fund," to be kept separate r the b principal of or interestxo said and apart from all other funds eof the Bonds ba Wald out of o charged to City,which Fund.shall contain all s the general funds or tax levies of the Plus moneys derived from the sale said City. et the obonito herein authorized not Section 10. All ordinances,orarts used]n the construction of the addl. thereof,in conflict with this Ordinance, tinnal nine holes,and all of the revenue a hereby r acted.After said Rcvc to Sc derived by the City from the a Bonds have been issued,this Ordi of said rim hole extension bonds nance shall G e interest atheremr shall of le mold said operation Its n pal golf Such revenue than be known as and termed be fully paid,satisfied and discharged the"gross of said golfc n the m heroin provided, 'oss revenue" and such and the surplus r said role rooter11. ,the construction tIl on of moneys above revenue to i hereby en Rol[ e s extension at the ear. irrevocably ]edged [m' he following hest possible[time rnecessarye s a purposes and shall be disbursed In the I health measure, it is hereby declared following order, that an er'gency exists, that this FIRST'.For all necessary and n roper' Ordinance t Cosfarthee public health, costs and expenses of the efficient and preservation o teal °notation and maintenance I peace and safety,and that it elialf take of economical ex For effect o day after publication as SECOND:eoion k'or the payment of the provided bylaw, Interest o and principal Yof said bonds prSoction 12.This Ordinance, free its ppromptly when due rant) payable ro• p .shall or air the Book 'e Lively, of e Ordinances of said Cliy, kept for p'I'fI1145. For the redemption of said that nix and authenticated by the Revenue Bonds prior to their rntm'itY and countersigned eei the Mayor and attested suchin amounts s ma,v be determined a d countersigned by the City Recorder. by the Boatel of Commissioners of said ADOPTED AND APPROVED This 12 CRY_ l 1h day of April AD 1955. EARL J,GLADE (SEAL, Mayor ATTESTED AND COUNTERSIGNED: IRMA F.BITNER City Recorder (SEAL) BILL NO.29 Published April 19,1955 (0.88) 2