39 of 1961 - Authorizing and directing the issuiance and sale of $25,000.00 of Special Improvement Bonds for Side May /8
ROLL CALL Salt Lake City,Utah, ,196
VOTING Aye Nay
I move that the Ordinapee be, assed.
Christensen . . y'
/
Harrison '
Romney . . •
AN ORDINANCE
Mr. Chairman . r
Result . .
'' AN ORDINANCE OF SALT LAKE CITY, SALT LAKE
COUNTY, UTAH, AUTHORIZING AND DIRECTING THE
ISSUANCE AND SALE OF IMPROVEMENT BONDS OF
SALT LAKE CITY UTAH, FOR SIDEWALK EXTENSION
DISTRICT NO. 242; TO FINANCE THE COST OF IMPROVE-
MENTS MADE IN SAID DISTRICT, PROVIDING FOR THE
AMOUNT AND THE EXECUTION AND FORM OF SAID BONDS;
FINDING AND DECLARING AN EMERGENCY THAT THIS
ORDINANCE BECOME EFFECTIVE IMMEDIATELY AFTER ITS
PASSAGE, APPROVAL, AND PUBLICATION.
WHEREAS, the Board of Commissioners of Salt Lake City, Utah, has
heretofore adopted proceedings for the construction of improvements in
Sidewalk Extension District No. 242, and the Ordinance of said City confirm-
ing the assessment roll for such improvements having been duly adopted and
approved on the 16th day of February, 1961 , and
WHEREAS, notice of assessments to property owners in said District
has been published in accordance with the requirements of the laws of the
State of Utah and the ordinances of said City, and notice of assessment has
been mailed by the City Treasurer to all the owners of all property assessed
in said District, and
WHEREAS, the total cost of the project was $32,597.09, of which
the City's portion was $1,619.25, leaving an amount of $30,977.84 as the
remaining front foot cost, of which the City's portion against property
owned by it is None, the balance of the front foot cost, after deleting the
City's portion, being assessed against the abutting property owners in the
amount of $30,977.84; that during the fifteen day period following the
effective date of the ordinance levying the assessment, the owners of private
property in said District have paid $4,396.10 on the principal of their
assessments, and
WHEREAS, it is the opinion of the Board of Commissioners that
Special Improvement Bonds of said City shall be issued and sold for the
purpose of paying for the improvements in said Sidewalk Extension District
No. 242 for Salt Lake City, Utah.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF SALT LAKE CITY, UTAH:
Section I. There shall be issued $25,000 Salt Lake City, Utah,
Special Improvement Bonds of Sidewalk Extension District No. 242, said bonds
to bear date of the 16th day of February, 1961, said bonds to mature without
option of prior payment to bear interest, numbered, and in the denominations
as follows:
Bond Numbers Interest Rate Amount Year
(All inclusive) (Per Annum) Denomination Maturing_ Maturing
1-2 5.00% $1,000 $1,000 2-16-62
3 5.00 500 500 2-16-62
4-5 5.00 i,000 1,000 2-16-63
6 5.00 500 500 2-16-63
7-8 5.00 1,000 1,000 2-16-64
9 5.00 500 500 2-i6-64
i0-11 5.00 1,000 1 ,000 2-16-65
12 5.00 500 500 2-16-65
39
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13-14 5.00 1,000 1,000 2- 6-66
15 5.00 500 500 2- 6-66
16-17 5.00 1 ,000 1,000 2- 6-67
18 5.00 500 500 2- 6-67
19-20 5.00 1,000 1 ,000 2- 6-68
21 5.00 500 500 2- 6-68
22-23 5.00 1,000 1,000 2- 6-69
24 5.00 500 500 2- 6-69
25-26 5.00 1 ,000 1,000 2- 6-70
27 5.00 500 500 2- 6-70
28-29 5.00 1 ,000 1,000 2- 6-71
30 5.00 500 500 2- 6-71
Bond principal and annual interest shall be payable at the office
of the City Treasurer of Salt Lake City, Utah.
Section 2. That said bonds and the coupons thereto attached shall
be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY, UTAH
SPECIAL IMPROVEMENT BOND
SIDEWALK EXTENSION DISTRICT NO. 242
$500
$1,000 No.
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake, State of Utah,
a municipal corporation duly organized and existing, for value received
hereby promises, out of funds available for the purpose, as hereinafter set
forth, to pay to bearer the sum of
FIVE HUNDRED DOLLARS
($500.00)
ONE THOUSAND DOLLARS
($1 ,000.00)
on the 16th day of February, 19 in lawful money of the United States
of America, with interest thereon at the rate of five per cent (5%) per
annum, payable annually in like money on February 16 in each year, beginning
February 16, 1962, upon the presentation and surrender of the interest
coupons hereto attached, both principal and interest being payable at the
office of the City Treasurer, Salt Lake City, Utah. In event of failure
to pay this bond when due, it shall draw interest at the rate of eight
per cent (8%) per annum until paid.
This bond is drawn upon the City Treasurer against the special
tax levied upon the property included in Sidewalk Extension District No.
242 of said City, to pay the cost of Special Improvements constructed in
said district or extension, under, by virtue of and in full conformity
with the Constitution and Laws of the State of Utah, and also ordinances
of said City duly passed and made a law thereof prior to the issuance
hereof.
A special improvement guarantee fund has been created by said
City as provided in Article 8, Chapter 7, Title 10, Utah Code Annotated
1953i agn�"` P8 City agrees that at all times during the life of this bond
and until payment thereof in full , said fund shall be at all times main-
tained. This bond is payable exclusively out of said special tax and the
said special improvement guarantee fund, and neither said City nor any
officers thereof is holden for the payment thereof otherwise.
It is hereby certified, recited and declared that all acts,
conditions and things essential to the validity of this bond exist, have
39
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happened and have been done in due time, form and manner as required by
law, and that the total issue of bonds of said City for said Extension
or District, including this bond, does not exceed the taxes levied to
cover the cost of said improvement and that all of said taxes have been
lawfully levied,
IN WITNESS WHEREOF, Salt Lake City, Utah, has caused this bond
to be signed by its Mayor, and attested by its City Recorder and drawn by
its City Auditor on its Treasurer, and the annexed coupons to bear the
facsimile signature of said City Auditor, and this bond to be dated
February 16, 1961 . i
Mayor
City Auditor
ATTEST:
City Recorder
(Seal)
FORM OF COUPON
No. $
On the day of , 19 , Salt Lake City,
Utah, will pay to the bearer at the office of the City Treasurer, Salt
Lake City, Utah, the sum of Dollars ($
in lawful money of the United States of America, being one year's interest
due on that date on its Sidewalk Extension District No. 242 bonds, dated
February 16, 1961, this coupon being payable exclusively from the funds
described in said bond.
City Auditor
Bond No.
Section 3. Said bonds shall be signed by the Mayor and attested
by the City Recorder, and drawn by the City Auditor on its Treasurer, and
the annexed coupons to bear the facsimile signature of the City Auditor,
and the Board of Commissioners does hereby ratify, approve and confirm
the execution of said bonds by the said officers, and the City Treasurer
is hereby authorized to issue and deliver the bonds to the purchasers
thereof, their agents or assigns, on receipt of the purchase price therefor.
Section 4. The Treasurer of Salt Lake City shall be, and he is
hereby authorized and empowered, and it shall be his duty, to receive and
collect all assessments levied to pay the cost of said improvements in
Sidewalk Extension District No. 242, and the annual installments thereof and
the interest thereon, and the penalties accrued, including without limiting
the generality of the foregoing, the whole of the unpaid principal which
becomes due and payable immediately because of the failure to pay any
installment, whether of principal or interest, when due, and to pay and
disburse such payments to the person or persons lawfully entitled to re-
ceive the same , in accordance with the laws of the State of Utah and all
the ordinances and resolutions of said City heretofore or to be hereafter
adopted. All monies constituting the payment of principal of said unpaid
installments of assessments shall be placed in a separate fund to be
designated "Bond Fund of Salt Lake City Special Improvement District No.
39
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242," and shall be used for the purpose of paying the principal and
interest on special improvement district bonds of Salt Lake City Sidewalk
Extension District No. 242 and for no other purpose whatsoever, and as
security for such payment said fund is hereby pledged. Should there not
be sufficient money in said fund to pay all of the interest and principal
falling due at any one time, then the principal and interest shall be
paid from the guaranty fund, or from any funds of the City lawfully
available for that purpose.
Section 5. That the assessments and interest thereon have been
and shall continue to constitute and are hereby declared to be a lien in
the several amounts assessed against every lot or tract of land in said
Sidewalk Extension District No. 242 from and after the 16th day of
February, 1961 , the date on which the ordinance levying special assessments
became effective which lien shall be superior to the lien of any mortgage
or other encumbrance, whether prior in time or not, and shall constitute
such lien until paid, which shall be equal to the lien for general taxes.
Section 6. That in response to request for bids for the bonds
herein described (4). Q,4,.. bids were received as follows:
Name of Bidder Interest Rate Premium
J. A. Hogle & Company 5% $ 1,289.50
First Security Bank of Utah 5% 1,479.00
Continental Bank & Trust Co. 5% 1,565.00
Edward L. Burton & Company 5% 1 ,667.00
It is hereby determined that the offer of Edward L. Burton & Company
to purchase said bonds at a price of par and accrued interest and a
premium of $1,667.00 is hereby determined to be the highest and best bid
submitted for the purchase of said bonds, and the sale of said bonds to
Edward L. Burton & Company in line with their bid therefor is hereby
ratified and confirmed and the bonds are hereby sold to said purchasers in
accordance with the terms of their bid therefor. The City Treasurer is
hereby instructed to deliver said bonds to the purchasers upon receipt of
the purchase price thereof.
Section 7. That a special improvement guaranty fund has been
created as provided in Article 8, Chapter 7 of Title 10, Utah Code Annotated,
1953, as amended, Salt Lake City hereby covenants and agrees that at all
times during the life of the bonds herein authorized until the payment
thereof in full that it will, to such extent as is necessary, in order to
prevent default in the payment of principal and interest on the bonds herein
authorized cause to be levied annually for guaranty fund purposes such tax
as may be necessary on all of the taxable property in Salt Lake City, Utah,
but not in excess of one mill on each dollar of assessed valuation; and
that any money received from said special improvement guaranty fund levy
shall be placed in the special improvement guaranty fund account and main-
tained for the purposes outlined in Article 8, Chapter 7, Title 10, Utah
Code Annotated, 1953, as amended, and for no other purpose.
Section 8. That an emergency is hereby declared, the preservation
of the peace, health and safety of Salt Lake City and the inhabitants
thereof so requiring, that immediately after its adoption this ordinance
shall be signed by the Mayor and City Recorder and shall be recorded in the
ordinance book kept for that purpose and said ordinance shall be published
in the Deseret News-Telegram, a newspaper of general circulation in Salt
Lake City, Utah, and this ordinance shall take effect immediately upon its
passage and approval and upon publication as required by law.
ADOPTED AND APPROVED this 18th day of May i1961 .
%.
ATTEST:
piew-kg. Mayor
er
(SEAL)
BILL NO. 39 of 1961 3(t
Published May 23, 1961
Affidavit of Publication
STATE OF UTAH,
as.
County of Salt Lake
D M Ockey
Being first duly sworn, deposes and says that he is legal advertising
clerk of the DESERET NEWS AND SALT LAKE TELE-
GRAM, a daily (except Sunday) newspaper printed in the Eng-
lish language with general circulation in Utah, and published in
Salt Lake City, Salt Lake County, in the State of Utah.
That the legal notice of which a copy is attached hereto
Salt Lake Uity Bill No. 39 of 1961.
An Ordinance Authorizing and Directing the
Issuance and Sale of Improvement Bonds for
Sidewalk Ext. No. 242.
was published in said newspaper onMay 23, 1961.
1/7/'.egal Advertising er
Subscribed and sworn to before me this 29.th day of
May A.D. 19...61.
Notary Public
My Commission Expires
Nov_25,..19-61.
39
-- -•
Attest
(SEA E1RMAh.1.HOGE!YSEN,City Recorder
' Legal Notices .. __._ Legal.Notices Nn FORM OF COUPON
�M- Utah II y t th.b t th fi' 1f the*Clft Tk Ctt,
' 'AN- ORDINANCE • sou L iidl Ut hfin
'AN ORDINANCE OP.SA T LAKE CITY,SALT LAKE COUNTY. Into lawful that d L U tt.6 S dt lk E t ID 11nD-faicl NY 242
UTAH A CHIMING..AND.DIRECTING THE ISSliANCE AN 1 borned dated Feb 16. 1961 thino being payable e' -
SALE-OF IMPROVEMENT BONDS OF SALT LAKE CITY.UTAH, j - to from the funds described inold bond
FOR SIDEWALK
OST OF I1111PRXOOVEMENTS MADE DISTRICT,,
DISTRICT FINANCE
t
SIDING FOR THE AMOUNT AND:THE.EXECUTION AND FORM k Bond No. CH Audit
OF SAID BONDS FINDING AND DECLARING AN EMERGENCY
THAT THIS ORDINANCE BECOME-EFFECTIVE IMMEDIATELY i Section t. Said bonds shall b d b theMaven AFTER ITS PASSAGE,APPROVAL'AND PUBLICATION tested by the City Recorder,and drawnN '-
WHEREAS,the Board f Commissioners o Salt Lake City.Utah, Treasurer,and the annexed e0 t be aft sfA ld't - nt
has her<tofine adopted n'ceedleaa for the nslr [Ion f Improve- ra1itye Cpty APdI'n'T an the Roared of Commisslopere does hgil?,
m is s Scoma-m g theloa Dssmen Nro 242,and the a of I said nffi prov nd c tb'm the Kecutlon f said bonds by the
Id City c fls'ming the assessment roll for such improvements
ears, nd the City Treasurer s hereby thorlgeci to Issue
having been duly adopted and emsroved on the loth day bruary, ansd dclrort the bonda to the Urchasers iher<o[,their agents o
1961,and
s Fns. ecefpt at the nuechaae price therefor. r
WHEREAS, .notice of c ssmen is to property owners in said Section 4. The Treasurer of Salt Lake City hall be, and he
District has been published in accordance with they geald tints ieCbes a ucniier.ed ntl empowered,end it shall be his did, t
of he laws f thenState f Utah and the ordinances es requirements
said City, •and colictt sit a s eta levied to nay the of s_d
nn o:
mid notice f ant h b mailed b theCity of
to t S'd lk rf tenainn Dlstrlet Nn. 242, n'' the
I1 the , f 11 o t <d l --d District,and ties 1 t R fs th_- 1 d the Interest th e tl th p i.
WHEREAS thetotal cost of the a protect 332.547.09,of which foregoing, thewhole le f the
uding without aid ntrinctpt l ilily [ the
h C-t s t 411825. lea 1 un, of$3977,84 and - of the fallu In h becom du
as the rremaining front foot cast, I rich the Cthe porhon agaln.t, a t. Ifur £df_t 1 b t ny Install'.no
alteredelotln4 hebCitv'enonctina.tbelga ass aaea against the abutting to receive
00s a h Dante.in ac pinta person] rw rer tine law ue, hilly pay
ntitlecdi paelveuthe dance lthr lire']zws f the Slate of
ra In the mdunt of 230.477.84i that during the fifteen Utah d all the oidinancet and resolutions of said oClty hcretofor`nave period owners
the effective date of the ordinance levying a poi C1.p hereafter dented, Al] monies constituting the the'- E the oWne f private oronerty in said District have f a
paid RIIER..0 theprincipal f their assessments and laced let f dad installmentsgt d B d Fond
Salt
{Y 00rlat 't '.c th 1 n f the Hoarfi [be t,s ssione d D movement D't t N, 242.
that Special I n <m t R tls o! and City hall be Issued d used for lth S aols of Ina the principal and interest nape be
sold for toe 11ou of paying for the Improvements in said Side- Imntavement dialrict bond' ooI Sl It Lake Clty Sidewalk Ex IensIm!
walk District No.242 for Salt Lake City, Utah. District No. 242 end se n her p rDher y atsoever, end yaa
NOW. THEREFORE, BE IT ORDAINED BY THE HOARD OF thsretnatfor be euffcient lenteysait said fund to pay ail ofgthe interest u
COMMISSIONERS OF SALT LAKE CITY. UTAH' d 1}autos due at ate time. then the nrineldal and
Section 1. There hall n issued 325.000 Salt Lake City. Utah, fonlerrst cityNa. lawfully available for that n
said hoods to hear date. of he 16th day of February, 3961, said Section .5. That the assessments hods to mature without option of prior payment to boar interest, been and shall continue 411ioif interest thereon e
timbered and In the denominations as 10110ws, o be ] th. 1 constitute assessed are hereby declared
Bond Nurnberg Interest Rate. Amount Year reef of land d Sidewalk Extensions District N oral lot
o
a(All Inclusfvel IP¢r Annum) D<nmmnatmn Maturing Matw inY d a the 16th d (February,1881 the date which the 12 500'L 3LOn0 51,500 21f�-62 and
levying 1 assessments became effective which lion 3 500 of 500 21FE2 hall be superior to the or
fan•mortgage thervencumbrance-4.5 6.0h 1.000 1,000 2-1662 whether time r not, d.shall constitute such lien until
6 5.00 g00 g00 2-1f�E2 na1d,which shall ho equal to the lien for general axes.
7-R .OS 1.000 L500 2-16b4 Section 8. That in none to request foxy bids ore the bonds
.5.00 500 600 -If•-64 herein described, four(4) bids w
]0-t] a.00 1,000 1,000 2-lf 68 Name 4 Bidder were received
Rate Premium
l2 n
.-fin 00 Op 2-16,% J.A,Hogle 8r Company 5^e g1.289.5I
13-IM1 1.00 1,0M1 1,p00 2-Ifi.6fi First$ecurttY Bank f Vtah BF. 147900
1g 5.00 000 00 2-18fi6 of 5 00ntal Dank&Trust Co, ow t,565.00
16-17 5.00 1.too L000 2-16.60 Edward L.Burton 8e Company 57. 1,565.00
000
IS s.00 SOD 00 2-16.67 It to hereb.v determined that the offer f Edward L. Ruetuo Sr
19-20 5.00 1,000 1,000 216-6R Company purchase said bonds l e putt of Dar a d e ru d
21 .SOS .i00 000 IAA
22-22 500 L000 1,000 2-1669 i ee hag d a e i nl Ritted.00 i hereby Bete rnl toed to be
24 500 500 600 2-1669 the highest and beat bid submitted for the purchase f said bonds.
202a 5.00 1,too 1.too 2-16-70 and he sale n1 said bonds to Edward L. Burton k Company in
27 g Il0 0D 050 2 i6-Ill line with their bid therefor hereby ratifiedend confirmed and
2R 2B 00 1.,000 LOW 2-16-01 thebond hereby sold tosaid havers In accordance with.
10 S00 SOD 800 2-16-TI h t f theirbid therefor. The Citur Treasurer s hereby lo-
ll() d t deliver said bonds to the chasers upon receipt of
Bond orloctpal a. annual Interest shall be payable at the I therch thereof.
officeof the City Treasurer of Salt Lake City, Utah. Sect Thzt z ape I fmprovemenf s a fund has
Section 2. That said bends and thecoupons thereto attached b d •yide'd in nitre 8 C:11aDt¢r'lust 1'Itl< 10,Utah
shall he In substantially the following f j Code Annotate.,190a,as amended Salt Lake Clty hereby ov vents
UNITED STATES OF AMERICA I and agrees that t all times the life of the Tootl'to
herein.
STATE OF authorized until the payment thereof In full tat it will, a such
COUNTY OF SALT LAKE extent asnecessary.In order to prevent default In the meet
SALT LAKE CITY,UTAH f principal an erest an the bonds herein authmized rouse to
SPECIAL IMPROVEMENT BOND to cease,orm1 Ry Inc guaranty ty fund r rpI nos such fax %
all of the tenable pr Derf.Y In Salt Lake as
Lion:
but not in<,:cess of o mill each doll of assessed valuation:
SIDEWALK EXTENSION DISTRICT NO.242 and that ha received eplaced atom said speia mprovement
51.0 guaranty -fund levy shallbe placed In the pedal Improvement
g1.000 No. I guaranty fund ec er a d e tamed for the nu pones V53,cc
-KNOW ALL MEN RY THESE PRESENTS- 1n Article 8. Chapter 7,Title Ili, U(ah Go de Annotated. 1962. e
Thal Salt Lake City,in the County of Salt Lake,State of Utah. amended.'and for no ollter purpose.
a Municipal corporation duly organised and existing,for value re- j Section
8. That an emergency is hereby declares. the
herve hereby Promises,out.of funds available for the purpose, a 'alien of n e ealth,and safety of Salt Lake City preset.e
einafter set forth to to bearer the of ' I Inhabitants thereof o requiring,that Immediately after its and
FIVE HUNDRED DOLLARGm hisdlnance shell be geed ny the Mevor Clty Recorder
I3500.00) end shall 7 recorded 'the dinance.book kept for that Du=.
ONE THOUSAND DOLLARS and ea`aidaoprdinance shallnb published,in the Deseret News.Telegram,
SL000.00/ news... of general circulation 1 Salt Lake City.. Utah, and
th l6ih d f Febl uary. 10 1 fur ev of the this ordinance sha ak effectimmediatelyupon It passage and
e"'l d '' pubs flop e l d by to
five t d $tee f Am.rice. with - 1 th of the rsim 1, ADOPTED AYD APPROVEP'ih' tBR day f May 186L
1 e - L 5. payable11 like AtleuL t BRAI'i[EN LEE Mevor
on February 10 1 o b February cou 1962,hereto
to HERMAN.i.HOGENSFN.City Recorder
attached
presentation d d. f theinterest Oat the
hereto fSEALI
tt h d both principal d Interest being payable eat the attire
I thetCityhis Treasurer. Salt Lake City. Utah. I event t rate
BILL No 89 or 1861
t ehl. b d When d shall d- Interest at the rate of
PunllsheE Mav Y2.1Bfii (A.801
eight n opt(8-%1 Per until paid.
tax Tllev,ed ,s is dr tiine 0,500etve Inleludedaalii eSldewalk tExlension�
mlentescootfrZttedllnasald0disariet o Vexlellslon`.rodeo.byl Itnlueyof
a d i 1 Lull nformitc roan Ike Constltutton d Laws f the State
of Utah, zed alsn a danancesrd hereof.
00ly passed and m le
a lase thereof mim ran the issuance het nor.
A Aerial impr'^vemeel guarantee tund has been aced by
s id Clly ns rinulaed In Article 6,Chanter S,Title i0,Utah Code
Annotnle a 1ISO,ae amended,'And said City agreee that at all times
funds the life M this bond and until payment'hereof In lull, aid
fund shall be at all times maintained.This bond Is payable ment guarantee
not at said special tax.and the said special improvement olden h'r
fund.and neither said City n any officers thereof Is holden for
the payment thereof certified.
resit
ltaslm hereby cessenti.recited and declared that all acts.
haorpenetl and
have l,een'Itlbbehe aridity of thin bond
mast.ha�e
it d 1>v taw. and that the tat Issue a bondrn et Ids City
fn" aid n tension or District.including this bond,does of d
the staxe.s levied t cove,the cn 1 1 said improvement.and that
on ¢f sale. taxes have been'lawfully levied..
IN WITNESS WHEREOF. Salt Lake City,a Utah, has caused
this bond to be signed by Its Mayor, and Rested by Its City
Recnrdm•antl drawnabv its City Auil tar on its Treasurer. nd the
and P < Haar the.ed Pe o eiv 16.e 1 aatd city Auai-
Ld��.rand tit is obonA to b< deic.1 BRACKEN LEE6Moray
I.OUl6 5.HOLLEY,City Auditor
39