HomeMy WebLinkAbout35 of 1962 - Authorizing the issuance of Salt Lake City Parks Department Revenue Bonds, Series B 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 . . . i
Mr. Chairman / AN ORDINANCE
Result . . . .
AN ORDINANCE AUTHORIZING THE ISSUANCE OF SALT
LAKE CITY, UTAH PARKS DEPARTMENT REVENUE BONDS,
SERIES B OF 1962, IN THE AGGREGATE PRINCIPAL
AMOUNT OF $250,000; PRESCRIBING THE FORM AND
PROVIDING FOR THE PAYMENT OF SAID BONDS AND
PROVIDING FOR THE OBLIGATIONS OF THE CITY
INCIDENT TO SUCH BONDS.
WHEREAS, the City of Salt Lake owns and operates a nine hole
municipal golf course known as the Rose Park Municipal Golf Course; and'
WHEREAS, it is desirable to construct an additional nine holes
on said course, a clubhouse, access road thereto, and parkins facilities
therefor, to be used in connection with said Rose Park Municipal Golf
Course, all of which being hereinafter sometimes referred to as the
"Amprovements"'; and
WHEREAS, there are not sufficient funds in the City Treasury to
provide for the construction of the Improvements; 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 additional nine holes, a clubhouse, access road and
parking facilities 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 costs of construction
of the Improvements to be use° in connection with the Rose Park Municipal
Golf Course, there are hereby authorized to be issued revenue bonds of
Salt Lake City in the aggregate principal amount of Two Hundred and Fifty
Thousand Dollars ($250,000) to be known as Salt Lake City, Utah Parks
Department R_venue Bonds, Series B of 1962. Said bonds shall be dated
April 1 , 1962, shall be in the denomination of $1 ,000 each, shall be
numbered from 1 consecutively upward, and shall bear interest from date
f{y
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until paid at the rate of 4% per annum, which interest shall be payable
semiannually on the first 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 I , in each of the years 1965 to 1969, both in-
clusive, and $20,000 in each of the years 1970 to 1979, both inclusive.
Both principal and interest shall be payable in lawful money of the
United States of America at the Main Office of t 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 an interest payment date during 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
he given by publication of en appropriate notice one time in a newspaper
of general c, rculation 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 E. 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, PARKS DEPARTMENT REVENUE BOND
SERIES B OF 1962
No. $1 ,000.00
3
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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
date hereof until paid at the rate of Four per cent (4%) per annum, said
interest payable semiannually on April 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), 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 in-
terest 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 en issue of Two Hundred and Fifty (250) revenue
bonds of like date, tenor and effect (except as to maturity) issued for the
purpose of constructing an additional nine holes, a clubhouse, access road
and parking facilities to be used in connection with the Rose Park 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 law and designated the "Rose Park Golf Course improve-
ments Bond Interest and Sinking Fund" 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
Rose Park Golf Course Improvements Bond 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 Improvements as may be required to pay this bond
and the interest thereon in the manner provided by said ordinance. For a
description 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.
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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, 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, cane
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.
(Do not s:gn)
Mayor
(Do not sicn)
City Retorter
FORM OF COUPON
No. $ 20.00
On the first day of , 19 , unless the
hereinafter 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
a �
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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 Rose Park
Golf Course Improvements Bond Interest and Sinking Fund of said City,
but not otherwise, being six months interest on its Salt Lake City,
Utah, Parks Department Revenue Bond, Series B 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 she 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
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of an additional nine holes to the Rose Park Municipal Golf Course and
for the construction of a clubhouse, access road and parking facilities
to be used in connection with the Rose Park Municipal Golf Course and
if there be any surplus the same shall be deposited in the fund herein-
after 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 conformity with the Constitution and laws of the
State of Utah.
Section 5. The principal of and interest on said bonds shall be
payable solely out of the net revenues as hereafter defined to be derived
by the City from the use and operation of the Improvements and from
monies derived from the sale of said bonds which is not used for con-
struction costs of the Improvements.
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 Rose Park Golf Course Improvements 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 Improvements, said gross revenue con-
sisting of all fees collected by the City for the use of the additional
nine holes to be constructed at said golf course, 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 supplied at
or from the clubhouse and all other fees, income and revenue from any
source whatsoever derived by the City from the use and operation of the
Improvements. Out of the gross revenue so deposited in the Operating
Fund there shall be disbursed funds to pay all necessary costs and expenses
for the proper and efficient operation and maintenance of the Improvements,
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 Rose Park Golf Course Improvements Bond Interest and Sinking
Fund, herein referred to as theSinking Fund. The Sinking Fund shall be
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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 nor used for the cost of construction of the Improvements and
that part of the Net Revenue derived by the City from the use and opera-
tion of the Improvements which is 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 hereinafter 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 notuned for the
construction costs of the Improvements and all of the Net Revenue derived
by the City from the use and operation of the Improvements after pro-
viding for payment of current interest and principal on said bonds until
such time as there shall be in said Reserve Fund the sum of $75,000.
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 Improvements thereafter received which is not require
to be used for maintenance and operation of the Improvements 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 Improvements which remains at the close of each fiscal year after
all other payments hereinabove required to be made have been made (that
is, for maintenance and operation of the Improvements, 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
Improvements or to purchase on the open market at the best price or prices
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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 ordinance and if the bonds cannot be
so purchased at a price not greater than the price so fixed for repur-
chase 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 ordi-
nance. 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 tre collected. Payments into the Sinking Fund and into
the Reserve Fund, which is a part thereof, shall be made semiannually
at such time prior to the time the interest and principal on said bonds
becomes due as to prevent a default in the payment of such interest and
principal . 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 thereunto,
then an amount equivalent 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
payments 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 Improvements in an efficient
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and economical manner and keep and maintain separate accounts of the
receipts and expenses thereof in order that the Gross Revenue derived
by the City from the operation of the Improvements may at all times be
determined readily and accurately.
(b) It will maintain the Improvements in good condition and
repair.
(c) It will establish, maintain and enforce a schedule of fees
for the use of the Improvements and provide for adequate rentals and
other income from leases, concessions and otherwise which will be suffi-
cient to maintain the Sinking Fund and the Reserve Fund in accordance
with the provisions 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 pre-
ceding audit report of the City and any other information relating to the
use and operation of the Improvements 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 Improvements and the disposition of such revenues.
(e) It will purchase and maintain adequate insurance on the Club-
house to be constructed at the Rose Park Municipal Golf Course 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
three-fifths (3/5th) of the principal amount of the bonds issued pursuant
hereto which are then outstanding or $75,000 whichever is greater. The
cost of such insurance shall be considered one of the operating costs of
the Improvements. 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 Improvements, without the written
consent of the holders of seventy-five per cent (75%) of the face amount
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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) ft will not issue any bonds or other obligations payable
from the revenues from the Improvements or any part thereof 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 Improvements, from surplus monies from the sale of the bonds not used
for construction of the Improvements and from other monies deposited in
the Operating 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
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 is
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.
7 &4/1,2 L ((C J. Bracken Lee, Mayor
Cit
(S E A L) TgI'Y: 10r"35 of 1962 Published May 9, 192 '
Upon motion duly made and cameo the meetid'g was adjourned,
it
J. Bracken Lee, Mayor
4N\N?r204404i'\J
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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 the excerpts
of the meeting of the Board of Commissioners of Salt Lake City held on
May 3rd , 1962, including Ordinance No. 35 of 1962 , adopted at
said meeting as said minutes and ordinance are officially of record in
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 signa-
ture and impressed thereon the corporate seal of said City this 4th
clay of Mae , 1962.
WAIWYV
ogensen
i- y Oorder
$Seal)
b)r.
Ote
ADM-]9A
teyai NBices - Affidavit of Publication
AN ORDINANCE -
AN ORDINANCE AUTHORIZING
TIE ISSUANCE OF SALT LAKE
CITY, UTAH, PARKS DEPART-[
MEN)RE VENUE BONDS.SERIES
B OF IY62,IN THE AGGREGATE SS.
PRINCIPAL AMOUNT OF 5'250,•
000;AND P RO C DING G O E E FLPOAM e
MRSUOGSARDSIT'ENINDCIBDAGNNAD
HBOND
D M Ockey
WHEREAS,the Cal,of Sall LaNe
owns an°operates a nine hole
a mu-nicipal I golf known e
Rose Park Municipal Golf Course:antl n r and i r
WHEanAS it Is resirebla to co Being first dui sworn, deposes says that he is legal advertising
sfrucl additional holes o gy Py 9 g
id course,a clubhouse,accessroad
thereto,and peaking facilies here- clerk of the DESERET NEWS AND SALT LAKE TELE-
lor, to be u d in CctiI ilh GRAM,
Sunday)
Itl Rase Park Municipal Golf VRA1"1, a daily (except J newspaper printed in the Eng-
Course,all of which being hereinafter
nrsometimes referred to s the "In'- lisp language withgeneral circulation in Utah, and published in
ovemenis; ,d
funds in me'there
eTreasury to pro- Salt Lake City, Salt Lake County, in the State of Utah.
vide for the construction of the Int
prover AVX'antl
WHEREAS,the Board of Commis
of salt Lake City has ee. That the legal notice of which a copy is attached hereto
/ermined that r City to
the best er
coral ucti the Gild dadditionalr nine
`pores,a clubhouse, additional rods nine y l, 5 Q.f 1962
parking
i hesale Tres revenue
bond asRhere. Salt Lake cit B11 No
nailer described. s ue
BE IT ORDAINED BY THE
BOARD OF COMMISSIONERS OF .An Ordinance authorizing the jssuanOe...or
SALT Section 1. For the purr ose of do.
fraying the c of Construction of
the connecImprotion , le R be used in Utah Parks Department Revenue QXS.dP
autpal Golf Course,there a erlhubby
horizea re be is Ill revenue bands
bf Salt Lakrte CifYs In the a gate
a A Filiv Tpdosa d ooli Po Ii sodaooi Series B of 1962.
ParksesB of k own ameel ll Lake
C,,Utah,
eri S 1962.Said bonds shall be
dated April 1,1962,shall be in the
n rUn of$I,50 each,shall be
Jmheeed Irons 1 C eeriest c
tla*eand shall hearnateof4 from
'vntil paid a!the rat f 4a'a per
wla^1M1 interest rate he Y- was published in said newspaper on- ..Ma _.9. 1962
or; lI atnd ihel'firsl daveof'Oct her- PY !--
of each
year, g October 1.
o 1,couoponsrahted ihtlreito ren5datl
bonds shah mature s natty in n
cal the years 196 of Apri, b to
each Inclusive,a ye rs 1965 to I969,bole
year .t 420,000 inof the
s 19n to 19)9, both each
lusive.
nave r and Internet wall he
i United
e Idea tlawfulAmerica
moneyCl me
V ice emits of America al the Main
in l the City,
to Slate Bank %G „ U L.
in Office
Lake ring ft, f ._.-
Bonds maturing t offer April 1, 9lt
hall be a�biagl to the right of sap Legal Advertising Caen/
Lake Clty to repurchase e then same
that
Oaten anda numerical o interest payment
tlate ipereafte o a ual io
xePius a purctl tsetse hiss the date
d re$I0,oa or ace a bond
if re-
gA
• afie ar
follows:on a for ter band it est
ute ased o ell 10l payment
gale daring the 00 s 1 r00 r0 Sled
onto interest pa0m1 it d er during
interest both payment date during
on an wis,bmnaiyn inclusive and s2o.og loth
nett tl to OUdrIng 1S fr 19JBr both to before me this day of
nclvsive. Notice of the a at
such right f r pUr<hasex shall e he 62
teen b publication of a aPPrOPri-
n°rce one time inn A.D. 19
f general circus In Salts.Lake
lhiev'not date tinedihfor re purchase,°a'tl
by mailing tined
such notice by regis-
tered mail to Beehive Stale Bank and ....-f
to Thornton D Morris E Company,
Sat Lake City, Utah,not less than
90 days prior to the date fixed for 1
repurchase Any such revenue bonds ' ^
thus c nett for prchase d for
> -� � v.-J I'(.� �• a�
he retirement repurchase
which funds a -
dePosited with the Beehive Stale 'r Notary Public
Sank on r before the date fixed
for repurrbase al cease to bear In-
-teresiafter to dates
th Section ,Said
shall be In substantially the follow,ng
form
My Commission Expires
NOY...2,5...1965-.
B00
Me coupons attached toeach of said Pavmenls into the Operating Fund
bonds and the IC f the urer ,n shall be made as antl when the gross
City Recorder and City Treasurer, ve ups are ollecletl.fit
!
info
UNITED STATES OF AME RICA so doing and halo be It 1 the Sinking Fvntl and info the Re
STATE OF UTAHand Utatl of the City f Salt Lake Funtl, nee is a D rt at such
COVNTY OF SALT LAKE .Cit,titan,All of the covenants,state-
ments, sYr..11 nettle se tan ally at cM1
CITY OF SALT LAKE CITY representations a. a fin• prior fo ma Lima ih r.interest and
SALT LAKE ITY, UTAH. PARKS etes contained in said bolds e an! principal o aid Hoods becomes due
DEPARTMENT REVENUE BOND coupons antl all the recitals and rep ns!t prevent a default'h the pay.
SERIES B OF 1962 herebyesertarions of this ordinance a n of such 'a der f i principal.
No — $It000,00 considered a understood, The Sinking Fund anda the Reserve
The City f Salt Lake City the and 1 so hereby ortlered that rtl F d sh ll b d d I
County of Salt Lake nrtl State f covenants a d promises herein e pledged to y
Utah for value received, hereby te covenants M promisesf the purpose . Ih. •:
promisesto pay to tho teethe hereof Cini of Sall Lake Ciy,a d that the rinc' lent On'
l f e t rat send hereafter des- re a en tartans and Statements here' aep°c hase,aof including
a
lunaled buts gel nth....the- of are the representations r said repurchase,
epurch a be issued.If of a Ilas.
ONE THOUSAND DOLLARS m City. there be a failure to p No the'.
1E1,000001 Section 1. The proceeds of the there
Fund the et yamounts her
n the firs'day of April,17--,10- bonds herein authorized to be sued cued to be pad ihereu Fto,then an
on
• er with interest thereon from the shall be used solely for the purpose
amnu hP equivalent sl deficiency
data hereof until paid a the raw oI yin tar e nsf Uction not an hall rbe to the Slnking Fund
of Four.per • (earl a r annu additional non hales to the Rose shall
the Net Revenues available far
said interest Ceayabie se of tit cars park Municipal Golf Course and forr such payment e s available
• April 15•antl October 1st f n the construction f a clubhouse,a. and adtlent as
ha tit olable
Year, omn Heins leluts r 1.else') ces road and parking facilities to be wise in addi the to s the mom
(exec..as the visions herein set used - connection with the Rose Whenever d amount in the Sink-
fortF,with respect to repU rlrase.prior. Park M°meteor Golf ourse and ' ing Fund the the Reserve Fund Is
to ablemEtutily y be ard become ap- there be surplus the me shallequal to and the amount e of the th-
e hereto)Such,i theesmaturity be tlredsitetl the fund said erest and D io ta will become
referred to. the issuance of said due r all of the abonds issued here.
hereof„loa^e Ppurren or"',Bat' bonds o shall o ti a warranty o) under then a islandin9, n further
eniarion and surrender of the ado behalf f the City for the ben- a cite need be made Into said
nx tl interest c 111 oh each ana every holder of said funtls nl ssnecessary to replace
rreo become due coupons
the r ci pea bonds That said bonds have been money losit or diveted.The Sinking
It nvrbl and in 10oct0 on nls bontl the issued for e v ill able consideration Funa and he Reserve Fund hall be
in n full conformity with ate of Utah, held at a qualified depository for
Payable
rotates lawful
e..State
arat the Main in
and laws of the State f Ulan. I public funds accordance with the
Lake
f Beehive State Bank, Salt Seaton S.The f and - laws of the State of Utah.
Lake City,Utah. f sores!on said bonds rshall be Payable Section 8. The City of Salt Lake
This bond y f Isere ° solely !of the net revenue a tie a• City hereby a is d a s
Two Hundred and dat,ten r a revenue itch from
�tl toe derived as
the 'Ih each ntlrevery holder Ofrtha
bonds f like date,tenor and effect t e from the use and omo lion of s hell ovi
purpose It to maturity)" uad for M1^ the Improvements ande from Monies
sions bands is hod o onancn es o tong
purpose of constructing aii access
road derived from the sale of said bonds any of said bones remain outsfand-
holes,oclubhouse, one which 's lot use for construction in-
nine
narking facilities to osa used costs of the Improvements. la)It will operate and manage the
e lion'C the Rose party Section b.The Ci1Y hereby creates economical
a efficient and
Woadestablishesmanner aM co IrollOd DY the City, of a bonds re a o e rco ing,nit ¢Coe elsnalseparate
oae tett'd accounts of and
°w conformity flh the Constitu- will maintain a tondo to be known as re ceilea A pens thereof ee
all
and laws f the State of Utah the Rose Park Go'1 Course Improve 1aloe Gross Revenue tlerl the
end n rtllnance duly adopted by cols a as tee Fund, herein I bur theu COYerne from the Operation Of the
he an
Commissioners of Salt reared to as the Operating Fund.The Improvements a 1 all limas be
lake City on Mav e, 1962, Both Operating Fund shall be kept s o. Improvements
fined readilymay
at accurately.
the minC'ipe)of and the interest oil ate and apart from all other funds pe It will maintain cc Improve-
rs. -
this bond and the issue of w of the City and there sall be de. m His n o btl dltyon and pat
Is a earl e payable solely r er noel ed therein all f h g roes eve fc) It will tablish.maintain a R
special fur;la created sigconform.atoo Cs 1e be derivd of
the City from a force a Schedule f fees for the
sty with lay, and Course
lIre the noes
use and operation en the consisting
of the Improvements and provide use
Rose Park Interest
Cturaan Sinking s n c y r
• ends Bond City,ty,eal n Sinking tea use eta gross
by the Cil vfes _ee
Find'•of1)said ic11 as more fully the use s the additional tonal nine holes degUate rentals and other Income
net lorlh in Hid Cinance. Ito be constructed I said tl course, from leases, concessions' d otherr.
It rs hereby erty fled,recited and all tees collectedidclubhouse,
h0050,C Ill for the wise which ill be sufycyenih to mayn-
eeclaree that for iM1e Payment fuse of said call rusan, all income lain the Sinking Fund and the Re-
hm the City it Salt Hake Cite rom leases I all or part of the serve Fund in accordance with the
hasrkd Course
maintain the clubhouse, all coin ontt con provisions hereof and to the
Rose created Interest
Golf and
In lta Fend end Ions supplied at orincome i toe cand Payment of the Principal insure
Inc
Bond Interest and Sinking m Fend and house and all oher ourcrm e and interest the bonds issued p r ant
net till revenues
therein b o ed I the yen by n pure whatsoever er payable. 0
to er eerie f e the and oL by the the from a heWI when due antl rt
City diem iM1e ono orlon Of tneed to- d operation°f the Ie soO coned d holder for holders upon
bonds issuedPrr•
of any
as Out of the gross revenue s tlshall rtl ant hereto,furnish to a such holder
ay this movements er pr the be by s aid ordn the Operating Fund there shall be r holders the Iasi preceding audit
n the manner provided by said and in
and funds to ay all roper ar report of the City andr y other In-,
For description of said tune costs and expenses far maintenance
a inter and report
elating to the u and
and¢ite nature and extent a the efficient Improvements,
antl emainder Ot the Improvements and
!forded,ref re for isempa e f the herein
referred
the r remainder operation
security Isis bond,reference s de being herein r ferretl to as iM1e"Net aleast once each e will Cause an
to the afrresaitl ordinance. Revenue,' audit to be made year
may be
he CIIY Of Salt Lake Clty has - eSectionvenua I.The City hereby creates part f the re9u!ar annual audit of
served the right to repurchase the and establishes and so long a' env he City) showing the n revenues de-
herds of this issue m vrin after of said bonds remain°tstanoing,It ri ed by te Cite from the use and
April I,1968, that a d on any ills alntain-luntl tr be known an
operation f the Improvements an
terest payment date thereafter, ro Ihe Rose Park Gotf Course improve- the disposition of such revenues.
cal order.of price a Bond Inleresf and Sinking let II will purchase and i taint
inverse
to the principal amou 1 thereof Furi0 herein felerred la a iM1e Sink- dequate insuranceon the Clubhouse
d ae Bed interest to the dale fixed ng Fund.The Sinking Fund shall be to be constructed at the Rose Park
for repurchase plus a as i kept separate a d part from all Municipal yGoff Course against loss or
follows: Se000 for aeresr bond if re other uns al the City and there damage by fire tl other casualties
Purchased do an tate., payment hall be deposited therein,N monies man aunt and' such extent as
dap during the years 1968 to 1971, Eerie d from the sale of the bontls is normally carried by privte cr p-
both Inclusive:Sam ifd repurchased herein authorized not used for the rations persons operating club•
n Interest payment date during cost of e n abettor f e Improve. houses Of a the same type,but in no
the V 1972 l0 le75,both inclusive. cots and that part of the Net Rave event amount less than three-
and MOD If repurchased on In u derived by the Cily from the use fifths 1J/5th) e principal amount
erest > ens date during 1976 to and operation f the Improvements of the bonds issued Pursuant hereo
1978, both m inclusive. Notice o I. which'S required to pay me interest which are then outstanding or$15,DDD
Ise of sch.right f repurchase n and t principal f the bonds whichever ter. The cost of
matte he given not lesss than000 days hereinauthorized as the same be. suchinsurancegfehall beconsideredSm-
p or to the date bed or-Purchase omdue antl to m fain a reserve' doe o lhe praiing costs te Im
h e publica'lOn one time of an ap- fund in the amount hereinafter ee Provemenis. in the event of
genera,circulation e a n w.P ec O, (orih, damage n ur a proceeds hall be
in Still Lake City, There is hereby created a I used firs)for thethese a of repair-
Utahr0, tl by mailing won a notice f the Sinking Fund a fund atop be ing such r s re purpose o y re-;I
so Beehive State Bank and to horn- known s the Reserve Fund t0' ai sder shall be Paid the Opera
ton
O It D.is Morris
b iif leddne�trod a which there shall ea or all hies inn Fund suebfect to distribution in ihel
erein r the saleo be bendsmanner s re other m
rhinosetl that all a if cenbitions,and herein thorized n used for the the sameperating not cries m
thenos essential ro ore vanmty of this construction costs of the Improve. It) a will sell or mortgage Or
band and the s of hate It forms ants II 1 the Net Revenue Ir 0110ise enter a or se 05 One or
• roenl exist,hove happened and derived ande the City from the use and
have any mange dispose Of iM1e Ins-
operation booth lone,and that very re- oper tion f the Improvements alter
in
a is without the written con
of the law affecting said fooviidingafor limo payment of c0 re 1- sent of the holders of seventy-five per
Issiue'oh bonds has been duly o a pr n cent (IS of of the face amount lied with and that this bond - untilsuch time Ipatnere ellzll fib nds the bonds issued hereunder Ouve per
within everydate ntl other limit itl Reserve FUaa the sum Of Si5,000.'
Prescribd y the Consttutien a l�onev i iM1e Reserve Fund shall be rna at the time such lion. If
laws f the State f Utav woo en in
lent necessary far the such consent is Cobtaained the entire
IN WITNESS fly WHEREOF,to ,Cifv payment of extent
principal of or the consideration d by the City
f Salt LakO CIIY has caused this ins fora suet)alienation or/Ivo.era-
tiond fo he rg ntl 4Y is Mayor ant', interest when Thee soon bonds
due al•
lion shall he paid to the Operate),
countersigned by Its Recorder,with a'befz Ulf rife to whichmere would be Fund and snrll be into
ar
Ma seal a the City Idi to be sinned the a money r n0 s0 other moniesin the Operating Fund.
M1eaunl tle signature
to be o used and such
nt needed tar not
(g)lt wil not Issue tie bonds r
wrehsure facsimile countersigned
ile slsnned i pyres the Reserve Fund shall be other obligations payable from the
•
and u w slfined with ffi^ - Sled I direct obligations I the revenues from then Improvements or
miler i9nalur2 Of Its ROcdrder,I Ufnited States n lime c=ofitntes rite part thereof tit all f ihe bonds
facsimile
• as of the first tle ipo Aot slgln 164 doorsir%ssuedr by a y bank m red herein horszedu have been paid
n by the Federal Deposit Insurance full ithout Of
w then Consent off
'" Corporation and g a tried as a de the holders f at least seventm-live
MaVef r cent (95%)Of the lace amount'
rebore for public funtls and the n of the bonds outstanding at the time'
(Do not sign) c from a such investments n other bends issued.
hall be deonslletl in he Operating such of n 9.All costs and expenses in
City Recorder Fvntl.Money paid fro the Reserve) -
FORM OF COUPON $20.00 Fund for the payment of principal ur n Conn d i connection with the
is-
"'on the first day f— --, or Interest 0 the bontls shailribe re. ss aVtl va t f toe bons
le unless the hereinafter m stored from the first net revenues f su uetl p a 1 Io Ihiseventlinance
boned ontl then ublect 10_the t pro ends thereafter received ellall be paid from iM1e r Ues de-I
fight of the City of Salt Lake City the
u v a by one Ciiv tram Ihe Ogeralion
main is required to be used fro' of Ihe Iloom IOments, from s plus,
io r ur nose me s c a said of tenancy and operation of the Im-I m met r
Cite Inas elute provided for and
the e C. l erl et is nq for the payment f m me sale of, Ine tionds
of such Iglu,the City, f Sati pals and merest on doe onds not used for C ils/ruction of the Ind'
Lakc City, County rf Sal lake, tees e become clue. drov1lled I ntl from other ids
o rtah,will p yy Ir the bearer hereof All Net Revenue derivedby the City pe deposited tlprovrilrating Fund Op
he MainaOfhce t Beehive Stain from the use a operation of the tpabl lr Ihe ¢ f this hilt-
Bank, Salt Lake City, Utah, the Improvements which remains at the o.to snr vent shall suchcosts
f lose of each fiscal v after all enprincipal of
°TWENTY AND NO/100 DOLLARS Iher a e is hrreinabove Uyred a terest On the rbonds isue rsua t
(S OO.OD) f0 be„leach
cave tebn matle frhar', hereto be aid of of charged to
In lawful money f the United Slates form n ace feat operation of the Ire ee drat funds Or the tax levies]
American out of a Rose Park 'llcgval entlsiniereslOn the idontls of tas a the[fly.
he
Celt Course mprovements Bond Section 10.All ordinances and r so.
',crest and Sinking u O of sai City, they principal
and
and far r e arc of luriont or arts lvere0f In conflict
hU'not otherwise,being Months the Reserve Fund).shoe'be's d in Hn nisrprdinan ce ee and the of
interest n as Sal Lake file, ae, me discretion I the Beard f(.Om- hereby a repealed and after said
Parks Department Revenge Bona, miss o rs either for the akin f bonds have been Issued this Ordinance,
Series B Of 196'l,dated April I,1961, improvements
p�rov ins eri additions to the Im- hall be and remain rr pea able tin•
(Facsimile signature)] open ernls a boore on the IN id bonds and the iinterest thereon
City Treaurer market t the best price or Shall have been fully paid,satisfied
Aces Obtainable as ma bons and disChareed in the.man er herein
Countersigned:ere-- herein a thorized as can nybe. a ...
1Facsim tle signature)
Chased with such surplus r r both rSe¢tian 11. In the opinion of the
1Facs Re srgnature) O cM1 purposes.No such purchase Bnartl of Commissioners it City Section 3.E er hall he de on or alter pril 1, r fO m¢ a¢,health d safely
sig ] Each f said bonds Shall 196e, al Ice greater than the si iM1e ynM1a b3tants'Of Salt Lake NY)
signed
signed by the of
d sere purchased
at which the bonds can be re- (that this ordinance become effe<Ilve
g¢tl by thely1 as Recorder with the a hased on such sate In accordance edys or
seal of said CIIY affixed said
the c with the terms of said bonds and of Se.. 7Q. This ordinance hall)
shhall beam the ed eotacsiml to;Ignba"es this ordinance and if the bonds can-, lake effect p its first ance aVo shall'
shall
CIIY Treasurer a tl the CIIY nil be s purchased of a rice of Passed by she Board of Commis-
poweredr.Tde�directed
is to sign
and, greater Than end rice o fixed not'
loners of Sall Lake City,Utah,foist
conehase teen the surplus shall be Third day of May,196R
d r the repurchase s as many
fife Ciiv Recorder to countersign a� I pontls a Ca be repurchased at the J.BRACKEN LEE
affix the seal the City In.ea chi price and in the manner fixed for HERMAN J.HOGENSa fir
of doll bonds,and the City Treasurer!..A purchase in ccordanCe with the City Recorder E end the City Recorder a Po terms f old bonds and o1 this di- i
m tl and directed io ea Imprinted
d on ti e.of
bonds ur hated shall (SEAL)
mile signatures t0 be Impr nletl an a celled and shall not be subiecl BILL
shed May f 99d196R IC eel
led¢issuance.
35