34 of 1962 - Authorizing the issuance of Salt Lake City Parks Department Revenue Bonds, Series A of 1962, in the / ROLL CALL Salt Lake City, Utah, May 3 196 2
VOTING Aye Nay
I move that the Ordinance be passed.
Christensen . . !/
Harrison . . .
Smart . //
Romney . P',
Mr. Chairman . ✓ AN 0 DINAN(
Result . . . .
AN ORDINANCE AUTHORIZING THE ISSUANCE OF SALT
LAKE CITY, UTAH,PARKS DEPARTMENT REVENUE BONDS,
SERIES A OF 1962, IN THE AGGREGATE PRINCIPAL
AMOUNT OF $150,000; PRESCRIBING THE FORM.AND
PROVIDING FOR THE PAYMENT OF SAID BONDS AND
PROVIDING FOR THE OBLIGATIONS OF THE CITY INCI-
DENT TO SUCH BONDS.
WHEREAS, the City of Salt Lake owns and operates a municipal golf
course known as the Mountain Dell Municipal Golf Course; and
WHEREAS, it is desirable to construct a Clubhouse, access road
thereto and parking facilities therefor to be used in connection with said
Mountain Dell Golf Course, all of which being sometimes herein referred
to as the "Clubhouse;" and
WHEREAS, there are not sufficient funds in the City Treasury to
provide for the construction of the Clubhouse; and
WHEREAS, the Board of Commissioners of Salt Lake City have deter-
mined that it is for the best interests of the City to pay for the con-
struction of said Clubhouse from the proceeds of the sale of revenue bonds
as hereinafter described.
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF SALT LAKE CITY,
UTAH;
SEction 1. For the purpose of defraying the cost of construction
of the Clubhouse to be used in connection with the Mountain Dell Municipal
Golf Course, there are hereby authorized to be issued revenue bonds of
Salt Lake City in the aggregate principal amount of One Hundred and Fifty
Thousand Dollars ($150,000) to be known as Salt Lake City, Utah, Parks
Department Revenue Bonds, Series "A" of 1962. Said bonds shall be dated
April 1, 1962, shall be in the denomination of $1 ,000 each, shall be
numbered from I consecutively upward, and shall bear interest from date
until paid at the rate of 4% per annum, which interest shall be payable semi-
annually on the 1st day of April and the first day of October of each year
commencing October 1, 1962, upon presentation and surrender of coupons
attached thereto. Said bonds shall mature serially in numerical order,
$10,000 on April 1, in each of the years 1965 to 1979, both inclusive. Both
-2-
principal and interest shall be payable in lawful money of the United
States of America at the main office of the Beehive State Bank in Salt
Lake City, Utah.
Bonds maturing after April 1, 1968 shall be subject to the right
of Salt Lake City to repurchase the same in inverse numerical order on
that date and on any interest payment date thereafter at a price equal
to par plus accrued interest to the date fixed for repurchase plus a
premium as follows: $40.00 for each bond if repurchased on an interest
payment date during the years 1968 to 1971, both inclusive; $30.00 if
repurchased on en interest payment date during 1972 to 1975, both inclu-
sive, and $20.00 if repurchased on an interest payment date during 1976
to 1978, both inclusive. Notice of the exercise of such right of repur-
chase shall be given by publication of an appropriate notice one time in
a newspaper of general circulation in Salt Lake City, not less than 30
days prior to the date fixed for repurchase, and by mailing such a notice
by registered mail to Beehive State Bank and to Thornton D. Morris &
Company, Salt Lake City, Utah, not less than 30 days prior to the date
fixed for repurchase. Any such revenue bonds thus called for repurchase
and for the retirement of which funds are deposited with the Beehive State
Bank on or before the date fixed for repurchase will cease to bear interest
after such date.
Section 2. Said revenue bonds and the interest coupons thereto
attached shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
CITY OF SALT LAKE CITY
SALT LAKE CITY, UTAH
SALT LAKE CITY PARKS DEPARTMENT REVENUE BOND
SERIES 'A' OF 1962
NO. $1,000.00
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 hereafter designated but not otherwise, the sum of
ONE THOUSAND DOLLARS ($1 ,000.00)
on the first day of April, 19 , together with interest thereon from the
34
-3-
date hereof until paid at the rate of Four Per Cent (4%) per annum, said
said interest payable semi-annually onApril 1st and October 1st of each year,
commencing October 1 , 1962 (except as the provisions herein set forth
with respect to repurchase prior to maturity may be and become applicable
hereto) of such interest accruing on and prior to the maturity hereof
to be payable only upon presentation and surrender of the annexed interest
coupons as they severally become due. Both the principal hereof and
interest on this bond are payable in lawful money of the United States of
America at the main office of Beehive State Bank, Salt Lake City, Utah.
This bond Is one of an issue of One Hundred and Fifty (150)
revenue bonds of like date, tenor and effect (except as to maturity)
issued for the purpose of constructing a clubhouse, access road and park-
ing to be used in connection with the Mountain Dell Municipal Golf Course,
which is owned and controlled by the City, all in conformity with the
Constitution and laws of the State of Utah, and an ordinance duly adopted
by the Board of Commissioners of Salt Lake City on
May 3 1962. Both the principal of and the interest on this
bond and the issue of which it is a part are payable solely from a
special fund created in full conformity with the law and designated the
"Mountain Dell Clubhouse Bond Interest and Sinking Fundrl of said City,
all as more fully set forth in said ordinance.
it is hereby certified, recited and declared that for the payment
of this bond the City of Salt Lake City has created and will maintain the
Mountain Dell Clubhouse Dond Interest and Sinking Fund and will deposit
therein so much of the net revenues to be derived by the City from the
operation of the Clubhouse as may be required to pay this bond and the
interest thereon in the manner provided by said ordinance. For a descrip-
tion of said fund and the nature and extent of the security afforded
thereby for the payment of this bond, reference is made to the aforesaid
ordinance.
The City of Salt Lake City has reserved the right to repurchase
the bonds of this issue maturing after April 1 , 1968, on that and on any
interest payment date thereafter, in inverse numerical order, at a price
equal to the principal amount thereof and accrued interest to the date
fixed for repurchase plus a premium as follows; $40.00 for each bond if
repurchased on an interest payment date during the years 1968 to 1971 ,
34
-4-
both inclusive; $30.00 if repurchased on an interest payment date during
the years 1972 to 1975, both inclusive, and $20.00 if repurchased on an
interest payment date during 1976 to 1978, both inclusive. Notice of the
exercise of such right of repurchase shall be given not less than 30 days
prior to the date fixed for repurchase by publication one time of an
appropriate notice in a newspaper of general circulation in Salt Lake City,
Utah, and by mailing such a notice to Beehive State Bank and to Thornton
D. Morris & Company.
It is hereby certified, recited and declared that all acts, con-
ditions, 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 said issue of bonds has been
duly complied with and that this bond is within every date and other
limit prescribed by the Constitution and laws of the State of Utah.
IN WITNESS WHEREOF, the City of Salt Lake City has caused this
bond to be signed by its Mayor and countersigned by its Recorder, with
the seal of the City affixed, and the coupons hereto attached to be signed
with the facsimile signature of its Treasurer and countersigned with the
facsimile signature of its Recorder, all as of the first day of April,
1962.
Counterslgnedt (Do not sign)
Mayor
(Do not sign)
City Recorder
FORM OF COUPON
NO. $20.00
On the first day of , 19 , unless the here-
inafter mentioned bond is then subject to the right of the City of Salt
Lake City to repurchase the same and said City has duly provided for the
exercise of such right, the City of Salt Lake City, County of Salt Lake,
Utah, will pay to the bearer hereof at the main office of Beehive State
Bank, Salt Lake City, Utah, the sum of
TWENTY AND NO/100 DOLLARS ($20.00)
in lawful money of the United States of America out of the Mountain Dell
Clubhouse Bond Interest and Sinking Fund of said City, but not otherwise,
being six months interest on its Salt??Lake City Parks Department Revenue
s31
-5-
Bond, Series "A°" of 1962, dated April 1, 1962.
(Facsimile signature)
City Treasurer
Bond No.
Countersigned:
(Facsimile Signature)
City Recorder
Section 3. 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 coupons attached to each of said bonds shall bear the facsimile signa-
tures of the City Treasurer and the City Recorder. 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 City Treasurer
and the City Recorder are empowered and directed to cause the facsimile
signatures to be imprinted on the coupons attached to each of said bonds
and the acts of the Mayor, City Recorder and City Treasurer in so doing
are and shall be the act and deed of the City of Salt Lake City, Utah.
All of 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 understood, and it is hereby ordered
that said covenants and promises herein are the covenants and promises of
the City of Salt Lake City, and that the representations and statements
therein are the representations of said City.
Section 4. The proceeds of the bonds herein authorized to be
issued shall be used solely for the purpose of paying for the construction
of a Clubhouse, access road and parking facilities to be used in connection
with the Mountain Dell Municipal Golf Cource, and if there be any surplus
remaining the same shall be deposited in the Fund hereinafter referred
to. 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 con-
formity with the Constitution and laws of the State of Utah.
Section 5. The principal of and interest on said bonds shall be
-6-
payable solely out of the net revenues as hereafter defined to be derived
by the City from the operation of the Clubhouse and from monies derived
from the sale of said bonds which Is not used for construction costs of
the Clubhouse.
Section 6. The City hereby creates and establishes, and, so long
as any of said bonds remain outstanding, it will maintain a fund to be
known as the Mountain Dell Clubhouse Operating Fund, herein referred to as
the Operating Fund. The Operating Fund shall be kept separate and apart
from all other funds of the City and there shall be deposited therein all
of the gross revenues to be derived by the City from the use and operation
of the Clubhouse, said gross revenue consisting of all fees collected by
the City for the use of said Clubhouse, all income from leases of all or
any part of the Clubhouse, all income from concessions operated at or
from the Clubhouse and all other fees, income and revenue from any source
whatsoever derived from the use and operation of the Clubhouse. Out of
the gross revenue so deposited in the Operating Fund there shall be dis-
bursed funds to pay all necessary costs and expenses for the proper and
efficient operation and maintenance of the Clubhouse, the remainder being
herein referred to as the "Net Revenue."
Section 7. The City hereby creates and establishes and so long
as any of said bonds remain outstanding it will maintain a fund to be
known as the Mountain Dell Clubhouse Bond Interest and Sinking Fund, herein
referred to as the Sinking Fund. The Sinking Fund shall be kept separate
and apart from all other funds of the City and there shall be deposited
therein all monies derived from the sale of the bonds herein authorized
not used for the cost of construction of the Clubhouse and that part of
the Net Revenue derived by the City from the use and operation of the Club-
which are
house/ required to pay the interest on and the principal of the bonds herein
authorized as the same become due and to maintain a reserve fund in the
amount herein set forth.
There is hereby created as a part of the Sinking Fund a fund to be
known as the Reserve Fund into which there shall be paid all monies derived
from the sale of the bonds herein authorized not used for the construction
costs of the Clubhouse and all of the Net Revenue derived by the City from
the use and operation of the Clubhouse after providing for payment of
current interest and principal on said bonds until such time as there shall
34
-7-
be in said Reserve Fund the sum of $50,000. Money in the Reserve Fund
shall be used to the extent necessary for the payment of the principal
of or the Interest on the bonds herein authorized when the same become
due at any time as to which there would be a default if such money were not
so used and when not needed for this purpose, the Reserve Fund shall be
invested in direct obligations of the United States or in time certificates
of deposit issued by any bank insured by the Federal Deposit Insurance
Corporation and qualified as a depository for public funds and the income
from any such investments shall be deposited in the Operating Fund. Money
paid from the Reserve Fund for the payment of principal or interest on
the bonds shall be restored from the first net revenues of the Clubhouse
thereafter received which is not required to be used for maintenance and
operation of the Clubhouse and for the payment of principal and interest
on the bonds as the same become due.
All Net Revenue derived by the City from the use and operation of
the Clubhouse which remain at the close of each fiscal year atr all other
payments herelnabove required to be made have been made (that is, for
maintenance and operation of the Clubhouse, for payment of the principal
and interest on the bonds as they fall due and for maintenance of the
Reserve Fund), shall be used in the discretion of the Board of Commissioners
either for the making of improvements or additions to the Clubhouse or to
purchase on the open market at the best price or prices obtainable as many
bonds herein authorized as can be purchased with such surplus or for both
of such purposes. No such purchase shall be made on or after April 1,
1968 at a price greater than the price at which the bonds can be repurchased
on such date in accordance with the terms of said bonds and of this ordi-
nance and if the bonds cannot be so purchased at a price not greater than
the price so fixed for repurchase then the surplus shall be applied to the
repurchase of as many bonds as can be repurchased at the price and in the
manner fixed for repurchase in accordance with the terms of said bonds and
of this ordinance. All bonds so purchased shall be cancelled and shall
not be subject to reissuance.
Payments into the Operating Fund shall be made as and when the
gross revenues are collected. Payments into the Sinking Fund and into the
Reserve Fund, which is a part thereof, shall be made semi-annually at such
time prior to the time the interest and principal on said bonds becomes due
as to prevent a default in the paymegilpf such interest and principal .
-8-
The Sinking Fund and the Reserve Fund shall be used solely and only and
is hereby pledged for the exclusive purpose of paying the Interest and
principal , including premiums on repurchase, of the bonds herein authorized
to be issued. If at any time there be a failure to pay into the Sinking
Fund the full amounts required to be paid thereinto, then an amount equiva-
lent to such deficiency shall be paid into the Sinking Fund from the net
revenues available for such payment as soon as available and in addition
to the amount otherwise required to be so paid.
Whenever the amount in the Sinking Fund and the Reserve Fund is
equal to the entire amount of the interest and principal that will become
due on all of the bonds issued hereunder then outstanding, no further pay-
ments need be made into said funds unless necessary to replace money lost
or diverted. The Sinking Fund and the Reserve Fund shall be held at any
qualified depository for public funds in accordance with the laws of the
State of Utah.
Section 8. The City of Salt Lake City hereby covenants and agrees
with each and every holder of the bonds issued pursuant to the provisions
of this ordinance, that so long as any of said bonds remain outstanding:
(a) It will operate and manage the Clubhouse in an efficient
and economical manner and keep and maintain separate accounts of the
receipts and expenses thereof fn order that the Gross Revenue derived by the
City from the operation of the Clubhouse may at all times be determined
readily and accurately.
(b) It will maintain the Clubhouse in good condition and repair.
(c) It will establish, maintain and enforce a schedule of fees
for the use of the Clubhouse and provide for adequate rentals and other
income from leases, concessions and otherwise which will be sufficient to
maintain the Sinking Fund and the Reserve Fund in accordance with the pro-
visions hereof and to insure the payment of the principal of and the
interest on the bonds issued pursuant hereto when due and payable.
(d) It will upon request of any holder or holders of bonds issued
pursuant hereto, furnish to such holder or holders the last preceding audit
report of the City and any other information relating to the use and opera-
tion of the Clubhouse and at least once each year will cause an audit to
be made (which may be a part of the regular annual audit of the City)
showing the revenues derived by the City from the use and operation of the
34
-9-
Clubhouse and the disposition of such revenues.
(e) It will purchase and maintain adequate insurance on the Club-
house against loss or damage by fire and other casualties in an amount
and to such extent as is normally carried by private corporations or persons
operating clubhouses of the same type, but in no event in an amount less
than the principal amount of the bonds issued pursuant hereto which are
then outstanding. The cost of such insurance shall be considered one of
the operating costs of the Clubhouse. In the event of loss or damage
insurance proceeds shall be used first for the purpose of repairing such
loss or damage and any remainder shall be paid into the Operating Fund
subject to distribution in the same manner as are other monies in the
Operating Fund.
(f) it will not sell or mortgage or otherwise alienate or hypothe-
cate or in any manner dispose of the Clubhouse, without the written con-
sent of the holders of seventy-five per cent (75%) of the face amount of
the bonds issued hereunder outstanding at the time of such action. If
such consent is obtained the entire consideration received by the City for
any such alienation or hypothecation shall be paid into the Operating Fund
and shall be distributed as are other monies in the Operating Fund.
(g) It will not issue any bonds or other obligations payable
from the revenues from the Clubhouse or any partthereof until all of the
bonds herein authorized have been paid In full without the written consent
of the holders of at least seventy-five per cent (75%) of the face amount
of the bonds outstanding at the time such other bonds are issued.
Section 9. All costs and expenses incurred in connection with the
issuance and payment of the bonds issued pursuant to this ordinance shall
be paid from the revenues derived by the City from the operation of the
Clubhouse, from surplus monies from the sale of the bonds not used for
construction of the Clubhouse and from other monies deposited in the Operat-
ing Fund pursuant to the provisions of this ordinance. In no event shall
such costs and expenses or the principal of or interest on the bonds Issued
pursuant hereto be paid out of or charged to the general funds or the tax
levies of the City. '
Section 10. All ordinances and resolutions or parts thereof In
conflict with this ordinance be and the same hereby are repealed and after
-10-
said bonds have been issued this ordinance shall be and remain irrepeal-
able until said bonds and the interest thereon shall have been fully paid,
satisfied and discharged in the manner herein provided.
Section 11. In the opinion of the Board of Commissioners it fs
necessary to the peace, health and safety of the inhabitants of Salt
Lake City that this ordinance become effective immediately.
Section 12. This ordinance shall take effect upon its first
publication.
Passed by the Board of Commissioners of Salt Lake City, Utah,
this Third day of May , 1962.
J. Bracken Lee, Ma or
i C, Y�U er �tiv
(SEAL) 1 -
BILL NC. 34 of 19(2
Published May 9, 1962
Upon motion duly made and carried the meeting was adjourned.
) j �.
J. o Bracken lee, Mayor
\ yo f- e r
a
STATE OF UTAH
ss.
COUNTY OF SALT LAKE)
I , HERMAN J. HOGENSEN, the duly appointed, qualified and acting
City Recorder of the City of Salt Lake City, Utah, do hereby certify that
the above and foregoing constitutes a true and correct copy of excerpts
of the meeting of the Board of Commissioners of Salt Lake City held on
May, 3rd, 1962, including Ordinance No. 34 of 1962 adopted at said
meeting as said minutes and ordinance are officially of record in my
possession.
I further certify that said ordinance was deposited in my office
and recorded by me in the official records of Salt Lake City on May.
3 , 1962, and that there is on file in my office an affidavit that
said ordinance was published in the Deseret News and Salt Lake Telegram,
a newspaper of general circulation in and published In Salt Lake City,
Utah, showing publication of said ordinance one time on May 9 ,
1962.
IN WITNESS WHEREOF, I have hereunto subscribed my official
signature and impressed thereon the corporate seal of said City this
4th day of May I , 1962.
sen
Ci Recorder
(SEAL)
n g1
Affidavit of Publication
STATE OF UTAH,
ss.
County of Salt Lake
D M Ockey
Legal Notices
AN ORDINANCE I Being first duly sworn, deposes and says that he is legal advertising
�T"� 0.��,,,,, F-=?RI�'KO '' clerk of the DESERET NEWS AND SALT LAKE TELE-
�I,v`•biHrr, Nuay't�HRTry c1V�i
>o.,,���91t„„�kE,,,K�,It;,KrF I GRAM, a daily (except Sunday) newspaper printed in the Eng-
lish language with general circulation in Utah, and published in
1,<IbnYU THE FOk,H J MKU•
SHuGN-BNw�wNp yKW�rl of
T„r LI,„ 'DNk" 0 Salt Lake City, Salt Lake County, in the State of Utah.
a l r uv ,DeN' s ai.no,v,,,WNEI< O a,tM1e CIIv a
��a°K�°w,;ra °m°^I'laaI van That the legal notice of which a copy is attached hereto
MUnICIPe'li°I/t 0 0M°Vda'n Ue'I
IheW H.'..„d, "42'eSla<91e t°rrer `"b° Salt Lake City Bill No 34 of 1962
reb ntl '' ',s an
far to be une'2;ci laminas Ihclin IC Mountain pDell G°?Course,wull
r whlcn being s°merim¢s narein ¢
B °'° '"¢ "°are°' and An Ordinance authorizing the issuance of
WHEREAS, there
cleat tbntls In the SItY hTsury%
Pr°vitle tar the con Irucrion on:::
CIWHEREAS,Ohe Bard or Ce l°"era r son yoke ctY nos da. Utah Parks Department Revenue Ronda
-iermineo lnar n s ror he best tengsr f rhe0 elrY to y r°r IF�e pr ocf°n °f s'0 Clubao°se enue
b r ege 1 ne sale„r Series & of 1962,
bona, a nerelnauer acscnl:°a.
yfT ORDAINED BV THE BOAKO OF COMMISSIONERS OF SALT LAKE Cll'Y,UrgryV
SECTION I. Far the o °I 0 frarine the co I r°uctlon
of me ooenouso io oa urea�r
unOat lo;Gol t:o",e eei^ '°I published Ma 9 1962
bn 01a °edr was pu is ed in said newspaper on .y a
°cntls°'Sall Lake T in me eoe
areaare armCrnal an,00'won¢I+un_
sI50,0001�f°FbelYknown°$s"" On''ars '
itly, UtaM1,Parks Depart S', La_�a
bonda Bshall b°rlbale0 nr,j 1, igbp
eacull shall bn nun bcre0lilr°m IS'AO c ilvelr rC, ana :71,
rarere°sl °m fdateauntiToµtl atnISO
1
le f shall be°Yable
rh 1st tleY°f APrll semi�an VaIIY Cl
'ilt of i b°r, I na^° ".e roml /Legal Advertising
manNns oclober%19s%�,°o`n`°rc:e°.
rache0 iberelo�ea tlrhontls°h,�l(7 al:
°C°°¢1°'Nl I,' eri a 'he a,�
005 a9, b°Ihalnclulsiv¢.YH°'M1 /
ab�lec I na lawful'm'°ret On be Un o
"Ya �l¢tl
Subscribed and sworn to before me this 10th day of
May A.D. 19 62
Notary Public
My Commission Expires
Nov 2,3,--1965
F.k,'
legpl►10}ICCs a be c dnaa..ecued and
eetlared Otat all a s, dl
' '18,:1',41 gtrlerlc.a the Maw et, and things essential to the airy
de 0d v C u P, Ie Stale Bann t p this bond are a rs p f which
Satf LLL lee Cu V, utah. It forms art do exist,have hap.
u, a r April 1',1968 pened,antl nave been done,and that
hen oL s every r meat of law affecting
Lake Ltly n said i coeds has beta duly
molted a with and that this band
same
Qalu°cnu en, is withip very date and Ter limit
scribed by the Constitution and
pare piunae anerest ly,Ina laws of the State f h,
date fixed c epurcitesea IN WITNESS WHEREOF, the
City f Salt Lake City has used
bona 1It ,our ro iseu o interest this bond)to be iened Sc Mayor
ill ale ;end and countersigned by its Recorder,
to y191t,bent lnctusseil_3 sett r with the seal of the City fixed,
purcnaseu o n m t nit d the coupons hereto a1'xhhfed to
date during nl9/t t0 19/S,U co'hh e- and
signed with the facsimpile s
clusive, and 520.00 pu aged tore f its Treasurer an rc -r
en an interest payment daterouring signed with facsimile signature of oils
19116 to�19/tl,both a ineluslghe.Neflce of Recorder, 11 s of the first day
the repur-
chase be given buch y publt ication Ceueeerilgneo-a
an appropriate notice one lime in
SallspLake Cirv, n tl lessut Tann 30 Mayor
days prior to the date Ilxed lor re, City Recorder
nonce by registered mailw to such
No. FORM OF COUPON 520.00
Slate Bank and la Thornton b.etor. Cn the first day ofr —
notalessmihenY3Dalt dayake Crorv.a the tinned bendleis the then sublecle hereinafter
date fine fors repurchase. Any
such right off the Cityof Salt Lakde City
y
revenue rse and for thethus ca nt,tnent col City has dul provided same and
she e
which funds are deposited with the cruise 1 such sigh', the City of
Beehive Slate dank or before the 1 Salt Lake City,County 01 Salt Lake,
cease k
dale liked for repurchase will r se 1 Utah, ill pay to the bearer hereOa',
0 bear interest after such da' at the main office of Beehive State
Section 2.Said revenue nue horns and Bank,Salt Lake City,Ulah,the slim
the interest co onsthereto attached f
shall be in substantially the'allow.; of
AND NO/100 DOLLARS
,n OII(EDMOM)
STATES OF AMERtCA In lawful moneys o
NIe United Sales
STATE Of UTAH of America out.df the Mountain Dell
COUNTY OF SALT LAKE Clubhouse Bend Interest era Sicking
CITY
SALTOLAKE CALT ITY, ITAKE AIY H Fund
of
ix said
anths-in erest antis Sett
SALT LAKE CITY PARKS Lake City Parks Deoertment Rev.
DEPARTMENT REVENUE BOND ue Bond,Series"A"of 1962,dated
SERIES 'A' OF 1962 April 1,1962.
NO. 31,000.00 (Facsimile signature)
The Corp of Salt Lake City in the City Treasurer
Count,' of Salt Lake and State of Bond No.-------
Utah, for value received, hereby Cen rs'laned:
promises utseof to
the especi 10 al fohe od Thereafter (Facsimile C Recorderure)
destgna led but not otherwise, the Section 3.Each of said bonds shall
f be signed by the Mayor and Muner-
ONE of
DOLLARS signed by the CtY Recorder with the
(s1,em eel al of said Cite affixed and the
tn the first day or April, I9-- coupons attached to each of said
ogether with interest theeeon f bonds shall bear the facsimile sig-
the dale hereof until paid at from
natures of the City Treasurer and
- rate of Four per Cell Ie^s)per a •the Cite Recorder: The Mayor -s
a said interest payable hereby empowered and directed to
annually
lly on April 1st end October sign and the City Recorder to cosn,
1 1st e
01 each Year, commencing Oc- ter0ig0 and affix the seal of the City
lobar 1, 1962 (exceet 00 the pro- to each of said bonds,and the Gay -
• visions herein set forth with re- • Treasurer and the City Recorder are
- spe5f to repurchase prier.la maturityempowered aye directed to c the
mayp be and becomeapplicable here. afsim'le signatures to be printed
1 t r such interest accruing on and 0 the coupons attached to each of
prior to the maturity hereof l0 be said bonds and the acts at the
• Payable only upon presentation and -Mayor,City Recorder and City Treas-
ender of thec annexed interest co In so doing a and shah be the
Pons Mov oe bdily become duet art and deed of the Cityof Sall Lake
Bain the princlralhereof and Interest City, Utah. All of the covenants,
n this•bond are arable in lawful statements,representations and eagree-
1 Coney ft the Unitedffdlate5f OB Am,-ehive talents contained In said bonds and
• Stale Bank,e Sall Lake City, Utah. eS ntatien and ofl f loisfeordinance Ta
This bond Is o of anof hereby considered and understood,
One Hundred de Fifty tl3(,)ercv- and it is hereby ordered that said
e bonds of and
date, !e and covenants and promises ie
effect (except as l0 maturity) is• the ecoven and promises f the
sued for the purpose of strut. City of Salty Lake Ciy,and that the
ll a clubhouse, oad and entatives and statements there.
parking to be used access ecflon are the repeeeentetionS of said
ith the Mountin Dell eManic rye City,
Golf Course, which is owned and Section 4. The proceeds of the
controlled by the City, all in bonds nerein authorized to be issued
termtly with the Constitution and shall be used solely for the purpose
' ,laws of the State f Utah, a anf paving for the constructionof
ordinance duly adopted by the Board Clubhouse,access react
of Commissioners f Salt Lake City facilities to be used in doco nection
o Man 3. 1962. Both the prIn- with the Mountain Dell Municipal
on
f and the Interest n this olf Course,and if there be any s
bond and the Issue of which i plus g the same thou be
par are payable solely f eposited remaining
toe Fund hereinafter re•
special tore created Iullpm tarred to.The is of said bonds
eormlty with t law and deslgnafed shall constitute a warranty by and
Me"Mountain Dell Clubhouse Bond n behalf of the issuance
the bane-
Interest and Sinking Fund"of said fit of each and every holder of said
-City,all dmore fully cat forth in bonds, that said bonds have been
said ordinance. issued fora valuable consideration in
It Is hereby certified, s tied and full conformity with the Constitution
declared that for the na cat of and laws of the State of Utah.
this bond the Ci ly 0f Salt Lake City Section 5.The principal of and M-
hos crated and will maintain the terest on said bonds shall be payable
forest and SSinking Dell lwFundse and Bond
dil de- hetrea/ter deffinede to net
derived by
posit therein s much of the :let the City from the a of the
revenues to be so
'y the City Clubhouse and from monies derived
from he operation of the Clubhouse from the sale of said bonds which is
an maybe required to pa y this bond used for construction costs of the
and Me interest thereon in the m Clubhouse.
ner
Provided by said ordinance.For Section 6.The City hereby creates
a description of said fund and the one said bends
s,ard,s u°/al as isganiy nature d extent of ire sac,nyremain
fforded and
for the Payment f will the Mountain fund
beCl known
thiuse
aforesaid ssaid ordinanceP is made tothe as Operating Fund,herein )erred to as
The.CITY of Salt Lake City has Fund Operating�eF kept The Operating
reservedserved type I551 to
art from all other tunas of the
d
ate bonds 1 this t eourfut and anent
and there shall be deposited
flat April
196B,e on r that d
to daM there. derived all I the gross revenues to be
al price in ual I the principal
ideat derived ny the ally from e and
epoal to th
e 0 nclres amount c operation of inri Clubhouse,oil fees
said 9
(hereof d accrued TlstefPlu s the byv u consisting nt Of all fees idllClub.
date fixer)for repurchase ease hose.all
for the use m a see fall
bond ifum r puirchasedEaon0 an 0 tor
interest or uany parts of thetClubhouse,all In.
peYmenl date during the
1968 to 1971,both inclusive:330,DD if
repurchased a interest payment
date during Ihnav s 1972 fo r975,
bath -nciusive,Interest
lit u-
chaeee onn Interest payment Odote
doting 1996a to 1978, bolt nit
Nonce of the e of suchur tees
el repurchase shall c Abe given n01 lees
than 30 days prior fs the darn fixed
for time Of U ant ase by appleorlateb nonce in
newspaper I general circulation oin
ne
Salt eLakeCity,
itvtice Utah,Beehibby Stele
Bankuand Ion Thornton D.Morris a
Company.
3V
N Fund¢and the Reserve'Fundn'k
Sink-
ing to the.entire amount f'the
• interest ue and
allnot errsmhandsills be-
come
no fur.
there Pad hereunder
need outstanding,
be teedi tla,In la said
money
ums a necessary to replace
�y�'� g Fand la`ndlh(Overfed.
ve derv.The Site I
1101' b held a uaread de4Sog
for pusbhc`fu as ain accordance with
^" — '--•. """' the! f the State of Utah.
s Section 8.The Cit of salt lake
City herebycovenants d e r s
Legal Notices • - - with each nesued ra homer of toe
bondss ofothiis dinance,nt to
so long
bornero from concessions
eta`d other standing, saidremain eve.
feev,Income a revenue allrom •
(a)u will operate neit manage the
not Clubhouse and from the auhnpuae n n efer ana ficient a a a..
use and operationOf,the Clubhouse. fin separate nomical ^accounts keep
Thee de<atts
Out t the gross`venue se deposited and ;;pen thereof in order`that
n the Operating rFund there shall be he (irons snoven a derfvetl by'Ihe
in
Funds to pay all necessaryi City from the o tl0n Af the club-
efand expenses fr the Proper an house m al all times be deter-
ticiem operation and maintenance. accurately.
of the Clubhouse,the remainder be- m lb)Its willdi maintain the Clbh Ouse
'Rg herein referred to as the 'Net n good condition and r
evenue." •!(e)1t will establish,, repair.
and
Section z.The City hereby creates enforce schedule f tees for e
and u nablishes and s0 long r ause f the Clubltals and provide
of said bends remain-outstanding any
or adequate rentals and other in-
will the M n`Dell Clubhouse ffand come from otherwise whichleases,
will concessions
sufficient and
as Interest and t Sinking Funo,herein - aintain a Sinking Fund and the
'erred to as the Sinking Fund.The Reserve Fund In accordance with
Sinking Fund shall be kept a rate he provisions heref and to
and apart from all other funds f she pyments of the Principal of sand
he CITe and mere hall be deposited Me interest n s the bonds sued
therein all monies derived from the pursuant hereto when due and pay-
! sale of the bonds herein authorized abll
of tlnuO Clubhouses and of constructionsf par 11 or holder'` wtholdersn ofQgbonds oIssued
the Net Revenue derived be the City pursuanthereto,furnish to such hold-
from file u e nit °``tenon t the er or holders the last preceding audit
in-
„e in interest s on andthe uprinc principal Of formation atiotl ort of trel rhe elating ty ato d ehe use rand
the bulbs hee due autderleed mas the aintain operleaslation of a the Clubhouse and at
me a fund in the'amouno t herein audit once
cbe each year
(whinh1 cause an
set forth. part f the regular annual audit of
There's hereby created a a earl e Cite) showing the°revenues de-
r the is
Fund`a fund to ba ued by the City from the pu d
known as Reserve Ford to rt erati n Of the Clubhouse and the
dnits thre'shall be paid i1 monies disposi bon f such revenues.
erived n the sale fate bonds O II will purchas alnfein'
herein authorized not used for the adequate insurance'on the Clubhouse
construction Cots of the Clubhouse against loss uor damage by fird d
and all of the costs
Revenue derived her casualties in of and to
• y th City from!h¢ and opera- such extent a on
carried
'fon of theClubhouse use
providing p¢pothole corporations s o s
for Pa of current Interest and operating teouses of ihepe
principal on said bonds until such type,but i r event an amount
there hall be in said"Re- less han the principal amount f
as there
the sum t 550,000. the bonds issued pursuant hereto
Money the Reserve Fund shall et ev are then outstanding,The cost
be used t to the extent necessarye for of such Insurance hall be considered
the leYetetf !S'n
te p p0005 l 1% a Of the operating
of the
the fates herein Clubhouse. In the event of loss or
luthorizeds when the s become damage insurance proceeds shall be
idue 1 any time Iva hich there sed first forrthe puse f repairing
would b a default if such moneysuch lass or damage °d any r
we notused and when no eraer San he paid i the
needed for sos Purpose,the Reserve Operating Fund subiect to dstrihu-
vnd shall h0 In e d I direct aIn lion in the s
tigdtions I the Vfnitetl Slates months is the Operating Funtl.
Mine certificates pod depos by it issuedPra l (1)It will not sell o mortgage o
any Deposits Insurance Corporation d r den seaherwise alienate ce hypothecate irete Or
u lified a a depository for publicthe
I the 0eeet
funds and the Income From any such ofhouse,the
without t written consent
r
Investments shot,he deposited In the cent
the holders 1of f en amiou P
Operating Fund. Money Paid from nth (]ds i of the tar¢ 0 1 f
the Reserve Fund for the p ymehl f Ina bondat s issued `under°ion. If
o interest e to bonds such consenti is
Obtained theliontirle
principal
Y Il be restored from the firs et consideration Ieaei eh by the CITY
revenues of the Clubhouse thereafter fin an such alienation 0 hypDlheca- -
received which is not req ired to be tton snail be id n ,the ated as
of for maintenance and era lion tog Fund and Shall be distributed a
of the Clubhouse and for the p - r. other monies in the Operating
meat 0 principal and Interest on the Fund.
bonds is the same become due. of n r
All Net Revenue derived by the neueeaev will be from the
City from the u and Operation f r s Isom the)Clubhousec o
the Clubhouse which reaaln 1 the art.thereof until 11 of the or
Close of each fiscal v after all herein authorized have been geld
'her p
ayments hereinabove (that
full ilnout the Witten consent
to be madeahave been made(that tf the ff0lsent f of least re
far maintenance and operation of the five r f ()5°b) f the`face
prin-
cipal interest no he'the
ias shell vm¢e ubph blher heedsntline Is?
they fall due o for rotenone` sued.
t aY
o Ise Reserve Fund),shall be used Section 9.All rco Is and expenses
Cthe discretion of Me Beare of incurred j connectionwith ie ls-
ommissloners either or he king Ciao and °payment the bands
f pr°vemenls or additions to the Issued¢put a t this ordinance
Clubhouse or t0 ben hale on the one snail bQ IL From the revenues de-
<et t the best price or herein rived by cab
City tram the operation
obtainable a v o the Clubhouse, from s plus
authorized as nabe purchased with monies from she sale of the bands
uch a plus or for both 01 u ll not used for construction of the Club.
Purposes.No soot purchase hall be house a tl foue Iher Fes ee ae
made onafter April 1,1068at fetl In the Operating Fund Pursuant
price great,o than the price at 'Ich to the provisions afC this ordinance'
bonds c n be rchasee n In no sags h costs and ex
,-
such h dot¢ aO`raance with the P se or theprincipal of or interest
tesrms of id bands d Of this 0 on thebonds issued ursuant hereto
C it the bonds cannot bet so be paid out of a charged to the
purchased at a e not greater general funds Or the tax levies of
than tite price o rfixed or a r- theeClty.
chase then rI.surplus shah be pap- Section la.All ordinances and es.
lied thou'r r.uca z of m Y oh'c °Y arts thereof I c°n'Itfee
Inds< c n to r Purchased Ine irh this er repeat a¢a tl the s
Price and In the manner fixed toe hereby eealed and fist s'd
urehace 't a °raance t with the bondsn have
b been dlssuetl after
oeai_
terms el it'd bonds and of this all < s n ,and
e p e-
e. Cll donds s purchased shall ebide until said bonds aed eenrinler-
jpr, o re,d and snail n01 be sub- fhe'aon shall have been fuly
'¢Payments sInfoce.the Operation Fund Ginn satisfied
helrein and provided,
in the
Shall be shade ease and when the I manner
en 11.In then opt n ofe<he
'alcollected, Rail Board Cemmisstr�ners all n ce-
riVi Anti the Sinking Fund and r to the -a c c Iln and s f ly
isle the Reserve Funtl, which is a s'the!nhabilaots Of Salf Lake CI'y
port thereof, shall De made s t- �haf IM1is rdlnan<e become el/`sir II
prior lea the ediatelY
time athe d'nteeest time
t Section 12, 'This Ordinance shall
• sad bonds becomes due rase to pre- lake el test up i first publication.
vent a default in the payment.1 f Passed by the its
f Commis•
such interest awl Principal.The Sink- s of otlt Lake Ctty,Utah,this
ne Fund and the Reserve Fund shall Thirds day Mav,i96a.
be used slely and only and is hereby J. BRACKEN LEE,
pledgetl Ier ine ex Ioslve cur s Mayor
of p Ying the interest nit Prin Ipal, HERMAN J. HOGENSEN
ci ding `purchase, City Retarder
dl the Don Os Ilerfetn an prized be ISEAI.I
ed. it at a time there be BILL NO. e Oe 1962
failure to pay into the Sinking Fund Published Mav 9, 196d. (C-del
The full arneunts required to be paid '
thereinto,then an amount qui alent
to such dellctencv shall be Paid into
the Sink Iles Fund trim the et ve-
e t.ale le n n paddition e
te m auahle and In d ten to
he amount otherwise required to be
s0 pall.
3`/