40 of 1958 - Authorizing the issuance of City of Salt Lake City Municipal Airport Revenue Bonds, Administration B •
STATE OF UTAH ) v
COUNTY OF SALT LAKE ) SS.
CITY OF SALT LAKE CITY )
The Board of Commissioners of the City of Salt Lake
City, in the County of Salt Lake and State of Utah, met in
regular session, in full conformity with law and the
ordinances and rules of said City, at the City and County
Building, being the regular meeting place of said Board, on
Thursday , the 26thday of June, 1958, at the hour
of 10:o0o'clock a.m. On roll call the following were found
to be present:
Adiel F. Stewart
Mayor:
Commissioners: Grant M. Burbidge,
Joe L. Christensen
Theodore I. Geurts
L. C. Romney
Absent:
• Herman J. Hogensen
Also Present:
City-Recorder
Thereupon, there was introduced, read and considered
the following ordinance:
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P�n
ORDINANCE NO. 40 of 1958
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
CITY OF SALT LAKE CITY MUNICIPAL AIRPORT
REVENUE BONDS, ADMINISTRATION BUILDING NO. 2,
DATED JULY 1, 1958, IN THE AGGREGATE PRINCIPAL
AMOUNT OF $2,500,000.00, PAYABLE FROM THE NET
REVENUES TO BE DERIVED FROM THE LEASING OR
OTHER OPERATION OR USE OF ADMINISTRATION
BUILDING NO. 2 TO BE CONSTRUCTED WITH THE
PROCEEDS DERIVED FROM THE SALE OF SAID BONDS
AND FROM SUCH OTHER FUNDS AS ARE OR MAY
BECOME AVAILABLE; PROVIDING THE FORM, TERMS
AND CONDITIONS OF SUCH BONDS AND THE MANNER
AND TERMS OF THEIR EXECUTION, ISSUANCE AND
PUBLIC SALE; CREATING A CONSTRUCTION FUND
FROM THE PROCEEDS DERIVED FROM THE SALE OF
SAID BONDS; PROVIDING FOR THE DISPOSITION OF
THE REVENUES TO BE DERIVED FROM SAID
ADMINISTRATION BUILDING NO. 2; AND DECLARING
AN EMERGENCY.
WHEREAS, the City of Salt Lake City, in the County
of Salt Lake and State of Utah, is a municipal corporation
duly organized and existing under the laws of the State of
Utah as a city of the first class; and
WHEREAS, the City now owns and operates a municipal
airport under the jurisdiction of the Department of Parks and
Public Property; and
WHEREAS, the City owns a tract of vacant land
approximately one mile west of the present municipal airport
administration building on which the City proposes to construct
Administration Building No. 2 with the proceeds derived from
the sale of the bonds hereinafter authorized to be issued and
from such other funds as are or ma.y become available for that
purpose, which tract of land is sometimes hereinafter referred
to as the "site," and is described as follows:
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Beginning at a point on the section line
between Sections 29 and 32, T. 1 N., R. 1
W. , S. L. B. & M. , which is east along said
section line 1,040 feet from the southwest
corner of Section 29, T. 1 N., R. 1 W.,
S. L. B. & M., thence north 1,600 feet, thence
east 1,600 feet, thence south 1,600 feet,
thence west 1,600 feet to the place of
beginning, containing 58.77 acres, in the
County of Salt Lake, Utah;
and
WHEREAS, such utilization of the site will in no
way affect the general revenue used for general corporate
purposes; and
WHEREAS, the Board of Commissioners has determined,
and does hereby determine, that the municipal airport should
be extended and improved by constructing a building on the
site to be known as Administration Building No. 2, consisting
of a. structure to provide office space for airlines, together
with all facilities necessary or convenient for the use of the
traveling public and others using the airport to the end that
said Administration Building No. 2 when completed will be
capable of adequately servicing the needs of airlines,
concessionaires, the traveling public and others under present
and future conditions; and
WHEREAS, the term "net revenues" as hereinafter used
in this Ordinance shall be understood to refer to the gross
revenues to be derived from the leasing or other operation or
use of Administration Building No. 2 remaining after there
shall have been first paid therefrom the reasonable and
necessary expenses of operating and maintaining Administration
Building No. 2 and keeping it in good repair and working
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condition; and
WHEREAS, the construction of Administration
Building No. 2, and the issuance of bonds payable from the
revenues to be derived from the leasing or other operation
or use of said building, is an integral part of the over-all,
long range program for the development of the Salt Lake City
Municipal Airport; and
WHEREAS, the Board of Commissioners has determined,
and does hereby determine, that said bonds in the amount of
$2,500,000.00 should be authorized, issued and publicly sold
at this time pursuant to the terms of this Ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF
COMMISSIONERS OF THE CITY OF SALT LAKE CITY, SALT LAKE COUNTY,
UTAH:
Section 1. That all action heretofore taken by the
Board of Commissioners and officers of the City of Salt Lake
City directed toward the construction of Administration Building
No. 2 (not inconsistent with the provisions of this Ordinance)
be, and the same is, hereby ratified, approved and confirmed.
Section 2. That for the purpose of providing funds
to defray in part the cost of constructing Administration
Building No. 2 at the Salt Lake City Municipal Airport it is
hereby declared necessary that the City of Salt Lake City
issue its City of Salt Lake City Municipal Airport Revenue
Bonds, Administration Building No. 2, Series July 1, 1958, in
the aggregate principal amount of $2,500,000.00, or so much
thereof as may be necessary, said bonds to be payable both as
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to principal and interest solely out of the net revenues to
be derived from the leasing or other operation or use of
Administration Building No. 2, and appurtenances, and that
the City of Salt Lake City pledge irrevocably and exclusively
(except as hereinafter otherwise provided) such net revenues
to the payment of said bonds and the interest thereon, the
proceeds thereof to be used solely for the purpose of defraying
in part the cost of constructing Administration Building No. 2.
Section 3. That in order to provide funds to defray
in part the cost of constructing Administration Building No. 2
at the Salt Lake City Municipal Airport, the revenue bonds of
the City of Salt Lake City, designated "City of Salt Lake City
Municipal Airport Revenue Bonds, Administration Building No. 2,
Series July 1, 1958," are hereby authorized to be issued in the
aggregate principal amount of $2,500,000.00.
Section 4. That said bonds shallle dated as of
the first day of July, 1958, shall consist of 2500 bonds in
the denomination of $1,000.00 each, numbered from 1 to 2500,
both inclusive, bearing interest at the rate or rates to be
determined after the public sale of said bonds, payable
January 1, 1959, and semi-annually thereafter on the first
days of January and July in each year, as evidenced by interest
coupons attached to said bonds, both principal and interest
being payable in lawful money of the United States of America,
without deduction for exchange or collection charges at Zion's
First National Bank of Salt Lake City, Salt Lake City, Utah,
said bonds to mature serially in regular numerical order on
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the first day of January, as follows:
Bond Numbers Maturity Amounts
(All Inclusive) Dates Maturing
1 - 30 1962 $ 30,000.00
31 - 90 1963 60,000.00
91 - 150 1964 60,000.00
151 - 215 1965 65,000.00
216 - 280 1966 65,000.00
281 - 355 1967 75,000.00
356 - 430 1968 75,000.00
431 - 505 1969 75,000.00
506 - 595 1970 90,000.00
596 - 685 1971 90,000.00
686 - 775 1972 90,000.00
776 - 875 1973 100,000.00
876 - 975 1974 100,000.00
976 - 1075 1975 100,000.00
1076 - 1175 1976 100,000.00
1176 - 1275 1977 100,000.00
1276 - 1375 1978 100,000.00
1376 - 1500 1979 125,000.00
1501 - 1625 1980 125,000.00
1626 - 1750 1981. 125,000.00
1751 - 1875 1982 125,000.00
1876 - 2025 1983 150,000.00
2026 - 2175 1984 150,000.00
2176 - 2325 1985 150,000.00
2326 - 2500 1986 175,000.00
Bonds numbered 1 to 775, both inclusive, maturing
on January 1 in the years 1962 to 1972, both inclusive, are
not subject to redemption prior to maturity. Bonds numbered
776 to 2500, both inclusive, maturing on January 1 in the
years 1973 to 1986, both inclusive, are subject to prior
redemption in whole or in part, in inverse numerical order,
at the option of the City on July 1, 1971, or on any interest
payment date thereafter prior to maturity, in accordance with
the following schedule:
104.50% if redeemed on or prior to July 1, 1975;
103.50% if redeemed thereafter but on or prior
to July 1, 1980;
102.50% if redeemed thereafter.
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Notice of redemption of bonds subject to redemption
shall be given by the City Treasurer in the name of the City
of Salt Lake City by publication of a notice at least once,
not less than thirty days nor more than sixty days prior to
the redemption date, in a newspaper of general circulation in
the City of Salt Lake City and in a financial newspaper or
periodical of general circulation in the City of New York, and
a copy of such notice shall be sent by registered mail at least
thirty days prior to the redemption date to the original
purchaser of said bonds. Such notice shall specify the number
or numbers of bonds to be so redeemed, if less than all are to
be redeemed, and the date fixed for redemption, and it shall
further state that on such redemption date there will become
and be due and payable on each bond so to be redeemed at the
office of the City Treasurer of the City of Salt Lake City the
principal amount thereof with accrued interest to the redemption
date, together with the stipulated premium, and that from and
after such date interest will cease to accrue. Notice having
been given in the manner hereinabove provided, the bond or
bonds so called for redemption shall become due and payable on
the redemption date so designated, and upon presentation
thereof at the office of the City Treasurer of the City of
Salt Lake City, together with all appurtenant coupons maturing
subsequent to the redemption date, the City of Salt Lake City
will pay the bond or bonds so called for redemption from such
funds for which provision is hereinafter made.
Section 5. That said bonds shall be signed by the
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Mayor and countersigned by the City Treasurer, and shall bear
the official seal of the City of Salt Lake City affixed and
attested by the City Clerk. There shall be attached to each
bond an appropriate number of coupons numbered consecutively
from one upwards, each coupon representing a semi-annual
installment of interest on the bond to which it is attached
and securing the payment of said interest as it accrues.
Said coupons shall bear the facsimile signature of the City
Treasurer properly engraved thereon and the number of the
bond to which they are attached, and said coupons when so
made, executed and delivered as part of the bond to which the
same are attached shall be the lawful obligations of the City
of Salt Lake City, according to their tenor, securing the
payment of the interest in the hands of all persons to whom
they may come. The City Treasurer by the execution of said
bonds shall adopt as and for his signature the facsimile
thereof appearing on the coupons. Said bonds and coupons
bearing the signatures or facsimiles of the officers in office
at the time of the signing thereof shall be the valid and
binding obligations of the City of Salt Lake City, according
to their tenor, notwithstanding that before the delivery
thereof and payment therefor any or all of the persons whose
signatures appear thereon shall have ceased to fill their
respective offices. Said bonds and the coupons thereto attached
shall be in substantially the following form:
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UNITED STATES OF AMERICA
CITY OF SALT LAKE CITY MUNICIPAL AIRPORT REVENUE BOND
ADMINISTRATION BUILDING NO. 2
SERIES JULY 1, 1958
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 the bearer hereof, solely from the special funds
provided therefor as hereinafter set forth, on the first day
of January, 19 59 , the principal sum of
ONE THOUSAND DOLLARS
and to pay solely from said special funds interest hereon at
the rate of per centum per annum, payable
semi-annually on the first days of January and July in each
year, commencing January 1, 1959, upon presentation and
surrender of this bond and the annexed interest' coupons as they
severally become due. If, upon presentation at maturity,
payment of this bond is not made as herein provided, interest
shall continue at the same rate until the principal hereof is
paid in full. Both principal and interest are payable in
lawful money of the United States of America, without deduction
for exchange or collection charges, at Zion's First National
Bank of Salt Lake City, Salt Lake City, Utah.
*(This bond is subject to redemption at the option
of the City of Salt Lake City on July 1, 1971, or on any
interest payment date thereafter, at a price equal to the
principal amount thereof in accordance with the following
schedule:
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104.50% if redeemed on or prior to July 1, 1975;
103.50% if redeemed thereafter but on or prior
to July 1, 1980;
102.50% if redeemed thereafter.
Redemption shall be made upon not less than thirty days'
prior notice by publication in a newspaper of general circu-
lation in the City of Salt Lake City, State of Utah, and in
a financial newspaper or periodical of general circulation in
the City of New York, State of New York, in the manner and
upon the conditions provided in the ordinance authorizing the
issuance of this bond.)
Payment of this bond and the interest thereon shall
be made solely from, and secured by, a pledge of the net
revenues derived from the leasing or other operation or use
of Administration Building No. 2 at the Salt Lake City
Municipal Airport, said net revenues being defined as the
gross revenues remaining after there shall have been paid
therefrom the reasonable and necessary expenses of operating
and maintaining said Administration Building No. 2 and keeping
it in good repair and working condition, all in accordance
with Ordinance No. 40 , Series 1958. In no event is the
City obligated to pay this bond or the interest thereon from
the general funds of the City or from taxes levied upon
property therein.
This bond and the series of which it is one are
issued, or are to be issued, pursuant to said Ordinance.
Reference is hereby made to said Ordinance for the provision,
among others, with respect to the custody and application of
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the proceeds of the bonds issued under said Ordinance, the
collection and disposition of revenues, the funds charged
with and pledged to the payment of the interest on and the
principal of the series of bonds of which this is one, the
nature and extent of the security, the terms and conditions
on which said bonds are to be issued, the rights, duties and
obligations of the City of Salt Lake City, and the rights of
the holders of the series of bonds of which this is one.
This bond is one of a duly authorized issue of
bonds known as the "City of Salt Lake City Municipal Airport
Revenue Bonds, Administration Building No. 2, Series July 1,
1958," in the aggregate principal amount of $2,500,000.00, all
of like date, and is hereby issued for the purpose of providing
funds to defray in part the cost of constructing Administration
Building No. 2 at the Salt Lake City Municipal Airport, under
the authority of and in full conformity with the Constitution
and laws of the State of Utah, and pursuant to an Ordinance of
the City of Salt Lake City duly adopted, published and made a
law of said City prior to the issuance of this bond.
Bonds in addition to the series of bonds of which
this is one may be issued, when authorized in accordance with
law and subject to the limitations contained in said Ordinance,
payable in part from the revenues to be derived from the
leasing or other operation or use of Administration Building
No. 2 and having a lien on said revenues on a parity with, but
not superior to, the lien of the series of bonds of which this
is one.
This bond is subject to the conditions, and every
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holder hereof by accepting the same agrees with the obligor
and every subsequent holder hereof, that (a) the delivery of
this bond to any transferee shall vest title in this bond and
in the interest coupons attached hereto in such transferee to
the same extent for all purposes as would the delivery under
like circumstances of any negotiable instrument payable to
bearer; (b) the obligor or any agent of the obligor ma.y treat
the bearer of this bond as the absolute owner hereof for all
purposes and shall not be affected by any notice to the
contrary; (c) the principal of and the interest on this bond
shall be paid, and this bond and each of the coupons appertain-
ing thereto are transferable free from and without regard to any
equities between the obligor and the original or any interme-
diate holder hereof, or any set-offs or cross-claims; and
(d) the surrender to the obligor or any went of the obligor
of this bond and of each of the coupons shall be a good discharge
to the obligor for the same.
This bond does not constitute an indebtedness of
the City of Salt Lake City within the meaning of any constitu-
tional or statutory provision or limitation, but is payable
solely out of the special funds created by Ordinance No. 40
Series 1958, of the City of Salt Lake City.
It is further certified, recited and warranted that
all the requirements of law have been fully complied with by
the proper officers of the City of Salt Lake City in the
issue of this bond.
IN TESTIMONY WHEREOF, the City of Salt Lake City
has caused this bond to be signed by the Mayor, countersigned
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by the City Treasurer, attested by the City Clerk thereof
under the seal of the City of Salt Lake City, and the
attached coupons to be signed with the facsimile signature
of the City Treasurer as of the first day of July, 1958.
Adiel F. Stewart
Mayor
Oliver G. Ellis
City Treasurer
(SEAL)
Attest:
Herman J. Hogensen
City Clexkx Recorder
*(To be inserted in bonds numbered 776 to
2500, maturing on the first day of January,
1973, and thereafter.)
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(Form of Coupon)
No. $
January,
On the first day of July, 19_, *(unless the
bond to which this coupon is attached has been called for
prior redemption,) the City of Salt Lake City, State of Utah,
will pay to bearer in lawful money of the United States of
America, without deduction for exchange or collection charges,
at Zion's First National Bank of Salt Lake City, Salt Lake
City, Utah,
DOLLARS
solely from, and secured by, a pledge of the special funds
described in Ordinance No. 40 , such amount being six
months' interest on its City of Salt Lake Municipal Revenue
Bond, Administration Building No. 2, Series July 1, 1958, and
bearing
No.
(Facsimile Signature)
City Treasurer
*(To be inserted in coupons maturing January 1,
1973, and thereafter, attached to bonds
numbered 776 to 2500, both inclusive.)
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Section 6. That there be, and there hereby is,
created a special fund in the treasury of the City of Salt
Lake City (hereinafter sometimes referred to as the "City")
under the control of the City Treasurer to be known and
designated, "Salt Lake City Municipal Airport Revenue Bonds,
Administration Building No. 2, Construction Fund" (hereinafter
sometimes referred to as the "Construction Fund"), into which
there shall le paid and deposited the following:
1. The proceeds (including accrued interest) of
all bonds issued pursuant to the provisions of this
Ordinance.
2. All moneys received by the City by way of
grants from the United States of America to defray in
part the cost of constructl.ng Administration Building
No. 2.
3. All net revenues derived by the City from
the leasing or other operation or use of said Adminis-
tration Building No. 2 during the period of construction.
The period of construction is defined to be that period
of time commencing with the date of the receipt of any
of the proceeds of the sale of the bonds authorized to
be issued under this Ordinance and terminating on the
completion of said Administration Building No. 2 in
accordance with the plans and specifications, provided,
that the period of construction shall not terminate
prior to the expiration of one year from the date of the
receipt of any of said proceeds unless the cost of
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constructing said Administration Building No. 2 shall
have been paid in full. The determination that said
Administration Building No. 2 has been completed, or that
the cost of constructing Administration Building No. 2
has been paid in full, and that the period of construction
should be terminated shall be evidenced to the City
Treasurer by certificate of the Commissioner of the
Department of Parks and Public Property.
All moneys in the Construction Fund shall be held in
trust for the sole and exclusive purpose of paying the cost
of constructing Administration Building No. 2 (including
interest during construction as hereinafter provided and the
cost of operation and maintenance), and for the benefit of the
holders from time to time of the bonds herein authorized in
accordance with the terms of this Ordinance. The Construction
Fund shall be administered in accordance with the terms of this
Section 6 of this Ordinance as follows:
(A) That during the period of construction there
shall be paid from the Construction Fund into the
general fund of the City, or into such other fund as may
be available for the payment of the expenses of operating
and maintaining the Salt Lake City Municipal Airport, an
amount on the first day of each month equal to the total
monthly operation and maintenance expenses of said
airport reasonably allocable to such portion of Adminis-
tration Building No. 2 as has been completed and is
producing revenue.
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(B) That interest on the bonds authorized by
this Ordinance accruing during the period of con-
struction and six months thereafter shall be paid
from the proceeds derived from the sale of the bonds
herein authorized and held in the Construction Fund.
(C) Tha.t any moneys on deposit to the credit of
the Construction Fund shall be invested by the City
Treasurer on receipt of an order from the Commissioner
of the Department of Parks and Public Property directing
such investment in direct obligations of, or obligations
the principal and interest of which are unconditionally
guaranteed by, the United States of America which shall
be subject to redemption at face value by the holder
thereof, at the option of such holder, or which shall
mature not later than eighteen months after the date
of such investment. The obligations so purchased as an
investment of moneys in the Construction Fund shall be
deemed at all times to be a part of such Fund and the
interest accruing thereon, and any profit realized from
such investment shall be credited to the Construction
Fund, and any loss resulting from such investment shall
be charged to such Fund. The City Treasurer shall present
for redemption or sale on the prevailing market any
obligations so purchased as an investment of moneys in
the Construction Fund whenever it shall be necessary so
to do in order to provide moneys to meet any payment or
transfer from such Fund. The moneys, whether represented
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by cash or securities, in the Construction Fund
derived from the sale of the bonds herein authorized
shall be held by the City Treasurer in trust and
applied to the payment of the cost of constructing
Administration Building No. 2 at the Salt Lake City
Municipal Airport, and pending such application shall
be subject to a lien and charge in favor of the holders
of the bonds issued and outstanding under this Ordinance
and for the further security of such holders until paid
as is herein provided,
(D) Payment of the cost of constructing said
Administration Building No. 2 shall be made from the
Construction Fund. All payments from the Construction
Fund shall be subject to the provisions and restrictions
set forth in this Section 6 of this Ordinance, and the
City covenants that it will not cause or permit to be
paid from the Construction Fund any sums except in
accordance with such provisions and restrictions.
(E) For the purpose of this section the cost of
constructing said Administration Building No. 2 shall
include, without intending thereby to limit or restrict
any proper definition of cost, the following:
(1) Expenses incurred for labor and to
contractors, builders and materialmen in connection
with the construction of said Administration
Building No. 2, and for machinery, furnishings
and equipment, and for restoration of property
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damaged or destroyed in connection with such
construction.
(2) The cost of acquiring by purchase, if
such purchase shall be deemed expedient, and the
amount of any preliminary award or final judgment
in, or any settlement or compromise of, any
proceedings to acquire by eminent domain such
land, rights of way, franchises and interest as
may be deemed necessary or convenient for the
construction of said Administration Building No. 2,
including options, partial payments and escrow
deposits thereupon, and the amount of damages
incident to or consequent upon the construction
and operation of said Administration Building No, 2.
(3) Interest accruing upon the bonds prior
to the commencement of and during the acquisition
and construction of said Administration Building
No. 2 and the reasonable fees of the paying agent
for the payment of such interest.
(4) The cost of indemnity and fidelity bonds
to secure the deposit of moneys in the Construction
Fund, taxes or other municipal or governmental
charges lawfully levied or assessed during or
prior to construction on said Administration
Building No. 2 and any property or land acquired
therefor, and premiums on insurance on said
Administration Building No, 2 during the construction
period.
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(5) Expenses necessary or incident to
determine the feasibility or practicability of
acquiring and constructing Administration Building
No. 2, and the fees and expenses of engineers for
making studies, surveys and estimates of cost and
of revenues and other estimates in relation to the
construction of said Administration Building No. 2
or the issuance of bonds therefor, and also the fees
and expenses of consultants, architects and
appraisers for such services rendered in connection
with the construction of said Administration Building
No. 2.
(6) Expenses of administration properly
chargeable to the construction of Administration
Building No. 2, insurance premiums, legal expenses
and fees, financing charges, costs of audits and
of preparing and issuing the bonds, and all other
items of expense not elsewhere in this section
specified incident to the construction of said
Administration Building No. 2, the financing of
the costs thereof, and the placing of same in
operation, and the acquisition of land, rights of
way, property rights, easements and other expenses
incident to such construction.
(7) Any expense or obligation heretofore or
hereafter incurred by the Board of Commissioners
or any officer of the City for any of the foregoing
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purposes, including transfers to such funds as
may be required for federal participation in
construction.
(F) To the extent that such funds are not
provided from the "Salt Lake City Municipal Airport
Revenue Fund, Administration Building No. 2," herein-
after sometimes referred to as the "Revenue Fund,"
created by Section 7 of this Ordinance, it shall be the
duty of the City Treasurer, without requisition or other
direction or further authority than is herein contained,
to pay or cause to be paid from any moneys on deposit
to the credit of the Construction Fund available for
such purpose interest on the bonds herein authorized
accruing during the period of construction and six months
thereafter, and in order to insure such payment it shall
be the duty of the City Treasurer to pay over to the
paying agent, at least one day prior to each interest
payment date during the period of construction and six
months thereafter the interest then payable on those days
upon the bonds issued hereunder, and the fees of the paying
agent, if any, for the payment of such interest.
(G) Payments from the Construction Fund, except
payments which the City Treasurer is authorized to
make under the provisions of Paragraphs (B) and (F) of
this Section 6 of this Ordinance shall be made in
accordance with the provisions of this Section. Before
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any such payment be made the Commissioner of the
Department of Parks and Public Property shall file
with the City Treasurer:
(1) A voucher which may contain any
number of items signed by him stating in respect
of each item to be paid:
(a) The item number of the payment.
(b) The name of the person, firm or
corporation to whom payment is due.
(c) The amount or amounts to be paid.
(d) The purpose for which the obli-
gation to be paid was incurred in such detail
as shall be satisfactory to the Treasurer.
(2) A certificate signed by him and attached
to the voucher, certifying:
(a) That the obligations in the stated
amounts have been incurred by the City, and
that each item thereof is a proper charge
against the Construction Fund and has not
been paid.
(b) That there has not been filed with
or served on the City any notice of lien,
right of lien or attachment upon, or claim
affecting the right to receive payment, of
any moneys payable to any of the persons,
firms or corporations named in such vouchers
which has not been released or will not be
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released simultaneously with the payment of
such obligations.
(c) That such voucher contains no
payment on account of any retained percentage
which the City at the date of such certificate
is entitled to retain.
(d) That any such obligation shall be
paid by warrant drawn on the City Treasury,
signed by the Mayor and countersigned by the
Commissioner of the Department of Parks and
Public Property, and having the same identifying
number as the one stated in the voucher for
such obligation.
(H) The City covenants that no payment will be
made from the Construction Fund for labor or to con-
tractors, builders or materialmen on account of the
construction of any part of Administration Building No. 2
unless such part is located on lands good and marketable
title to which is owned or can be acquired by the City
in fee simple, or over which the City shall have acquired
or can acquire easements sufficient for the purposes of
Administration Building No. 2.
(I) No withdrawals or payments shall be made from
the Construction Fund which shall reduce the amount in
the Construction Fund available for the payment of
interest below an amount sufficient to pay interest on
the bonds issued and outstanding under this Ordinance
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.
falling due during the period of construction as
defined in Paragraph 3 of this Section 6 of this
Ordinance unless such interest payments have been
provided for out of the Revenue Fund created by
Section 7 of this Ordinance.
(J) At least once in each six months period
during the construction of Administration Building
No. 2 the City shall cause an audit to be made by a
registered or certified public accountant selected
by the City covering all receipts and moneys then on
deposit in the Construction Fund and the security
held therefor, and all disbursements made pursuant
to the foregoing provisions of this Section 6 of this
Ordinance. Reports of such audits shall be filed
with the City Treasurer and with the Commissioner of
the Department of Parks and Public Property and
shall be available at all 2easonable times For
inspection by interested persons.
(K) The City Treasurer is hereby required to
give bond to the City with sufficient sureties, which
sureties shall be with responsible surety companies
approved by the Mayor, for the sum of $100,000.00,
which bond or bonds shall be in addition to any bond
or bonds heretofore given by the City Treasurer as
required by the general statutes of the State of Utah,
to secure to the City the proper application of the
Construction Fund, said bond or bonds to be in effect
-24-
until all moneys in the Construction Fund have been
properly disbursed and expended as herein provided.
(L) That upon the termination of the period of
construction, in accordance with Paragraph 3 of this
Section 6 of this Ordinance, the fact of termination
to be evidenced to the City Treasurer by certificate
stating the date of termination signed by the Commissioner
of the Department of Parks and Public Property, the balance
in the Construction Fund not reserved by the Commissioner
of the Department of Parks and Public Property for the
payment of any remaining cost for the construction of
Administration Building No. 2, including interest accruing
on the bonds herein authorized within six months of such
date, shall be paid into the Revenue Fund provided for
under Section 7 of this Ordinance.
(M) The City covenants, insofar as it may legally
do so, to administer the Construction Fund in such a
way as to qualify the City for maximum financial
assistance from the United States Government in the
improvement and operation of the Salt Lake City
Municipal Airport. The City reserves the right to
comply with all requirements of the federal government
with which it may lawfully comply in connection with
airport aid, even though such compliance may involve
acts in conflict with other provisions of this
Ordinance; provided that such compliance shall not
materially impair the security pledged to the payment
of the bonds herein authorized.
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Section 7. That there be, and there hereby is,
created a special fund in the treasury of the City of Salt
Lake City under the control of the City Treasurer to be known
and designated as the "Salt Lake City Municipal Airport
Revenue Fund, Administration Building No. 2" (hereinbefore
and hereinafter sometimes referred to as the "Revenue Fund"),
into which there shall be paid and deposited, after the
termination of the period of construction as defined in
Paragraph 3 of Section 6 of this Ordinance, all revenues
derived from the leasing or other operation or use of
Administration Building No. 2, together with any balance paid
into the Revenue Fund pursuant to the provisions of Paragraph
(L) of Section 6 of this Ordinance. The amount so paid shall
be held by the City Treasurer separate and apart from other
funds in his possession and shall be secured by his official
bond or bonds. So long as any of the bonds hereby authorized
shall be outstanding either as to principal or interest, the
Revenue Fund shall be administered as follows:
(A) Into the general fund of the City there
shall be paid an amount on the first day of each month
equal to the total monthly operation and maintenance
expenses of the Salt Lake City Airport reasonably
allocable to the operation and maintenance of
Administration Building No. 2. From the amount so
paid into the general fund there shall be deducted
monthly an amount representing the reasonable rental
value for space in Administration Building No. 2
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occupied during the preceding month as administrative
offices by the City, such reasonable value to be deter-
mined by the Commissioner of the Department of Parks
and Public Property. Such reimbursement to the general
fund shall be in accordance with an amount established
in the annual budget for the Salt Lake City Airport or
supplements thereto as authorized by the Board of
Commissioners.
(B) After making the payments provided for in Para-
graph (A) of this Section 7 of this Ordinance, into a
special fund hereby created to be known as "Salt Lake City
Municipal Airport Revenue Bond Fund, Administration Build-
ing No. 2" (hereinafter sometimes referred to as the "Bond
Fund"), there shall be paid the amounts following:
ti
(1) Monthly, commencing on the first day
of the month following the termination of the
period of construction as defined in Paragraph 3
of Section 6 of this Ordinance, an amount in
equal monthly installments necessary to pay the
next maturing installment of interest on the bonds
authorized hereby and then outstanding, and
monthly thereafter one-sixth of the next maturing
installment of interest on the bonds authorized
hereby and then outstanding.
(2) Monthly, commencing January 1, 1961,
and mo3:thly thereafter, one-twelfth of the
next maturing installment of principal on the
bonds authorized hereby and then 'outstanding.
(3) Monthly, commencing on the first day
-27-
of the month following the termination of the
period of construction as defined in Paragraph 3
of Section 6 of this Ordinance, and monthly
thereafter an additional amount equal to twenty
per cent of the amounts required to be deposited
under sub-paragraphs (1) and (2) of this
Paragraph (B) of this Section 7 of this Ordinance,
until the amount so deposited is at least equal
to the total principal and interest falling due
on the bonds authorized by this Ordinance during
the succeeding twenty-four month period. Such
deposits shall be made from any moneys available
in the Revenue Fund after the payments and deposits
required under Paragraph (A) and sub-paragraphs (1)
and (2) of this Paragraph (B) of this Section 7 of
this Ordinance, including any unexpended balance in
the Revenue Fund resulting from any payment made
into said Fund pursuant to the provisions of
Paragraph (L) of Section 6 of this Ordinance.
(4) If in any month the City shall fail for
any reason to pay into the Bond Fund the full
amounts above stipulated, then an amount equal to
any deficiency in the amount or amounts paid into
said Fund in such month shall be added to the
amount otherwise required to be paid into said
Fund in the next ensuing month. The payments into
the Bond Fund made pursuant to sub-paragraph (3)
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of this Paragraph (B) of this Section 7 of
this Ordinance may be made either in cash or
in direct obligations of the United States of
America, and all moneys in the Bond Fund may be
invested in direct short term obligations of
the United States of America. The moneys in said
Fund shall be used solely and only for the purpose
of paying the principal of and the interest on the
bonds herein authorized.
(5) The deposits required to be made into
the Bond Fund under sub-paragraphs (3) and (4) of
this Paragraph (B) of this Section 7 of this
Ordinance are intended to establish and maintain
a continuing reserve to meet possible deficiencies
in the Bond Fund at least equal to the total
principal and interest falling due on the bonds
authorized by this Ordinance and outstanding during
the succeeding twenty-four month period. Whenever
necessary, moneys in said reserve shall be used to
pay the principal of and the interest on the bonds
authorized by this Ordinance. To the extent that
the moneys in said reserve on the first day of any
month exceeds the total principal and interest
falling due on the bonds authorized by this Ordinance
during the succeeding twenty-four month period, the
amount of this excess may be deducted from the
amounts required to be deposited under sub-paragraphs
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(1) and (2) of this Paragraph (B) of this
Section 7 of this Ordinance.
(C) After making the payments required to be
made by Paragraphs (A) and (B) of this Section 7 of
this Ordinance, there shall be held in a special
account in the Revenue Fund to be known as the "Salt
Lake City Municipal Airport Rehabilitation Account"
(hereinafter sometimes referred to as the "Rehabili-
tation Account") amounts sufficient to defray the
cost of all reasonable expenses of rehabilitating
Administration Building No. 2. The amounts so held
in such Rehabilitation Account shall be determined
by the Commissioner of the Department of Parks and
Public Property, and all expenditures made from the
Rehabilitation Account shall be made in accordance
with the work program and capital expenditure budget
of the Salt Lake City Municipal Airport.
(D) Any surplus remaining in the Revenue Fund
after making the payments required to be made by
Paragraphs (A), (B) and (C) of this Section 7 of
this Ordinance may, prior to July 1, 1971, be
either invested by the City Treasurer, upon receipt
of an order from the Commissioner of the Department
of Parks and Public Property directing such invest-
ment, in direct obligations of, or obligations the
principal and interest of which are unconditionally
guaranteed by, the United States of America which
-30-
shall be subject to redemption at face value by the
holder thereof at the option of such holder, or which
shall mature not later than eighteen months after the
date of such investment, or any such surplus may be
used as directed by the Commissioner of the Department
of Parks and Public Property to purchase in the open
market bonds authorized by this Ordinance at the best
price obtainable not higher than par and accrued
interest and the premium applicable to the call of
said bonds at the time of purchase. Obligations of the
United States of America purchased as an investment of
moneys in the Revenue Fund shall be deemed at all times
to be a part of such Fund, and the interest accruing
thereon and any profit realized from such investment
shall be credited to the Revenue Fund, and any loss
resulting from such investment shall be charged to such
Fund. The City Treasurer shall present for redemption
or sale on the prevailing market any obligations
purchased as an investment of moneys in the Revenue
Fund whenever it shall be necessary to do so in order to
provide moneys to meet any payment or transfer from such
Fund. Bonds authorized by this Ordinance and purchased
in accordance with this Paragraph (D) of this Section 7
of this Ordinance shall thereupon be cancelled. On and
after July 1, 1971, any such surplus in the Revenue Fund
shall be applied to the prior redemption of bonds in
accordance with the terms of this Ordinance until bonds
-31-
numbered 776 to 2500, both inclusive, maturing
January 1 in the years 1973 to 1986, both inclusive,
have been paid; provided, that the City shall not be
obligated under the provisions of this Paragraph (D)
of this Section 7 of this Ordinance to call for prior
redemption any bond or bonds which the City may purchase
at less than par and accrued interest and the applicable
premium; provided, further, that any such bonds are so
purchased.
(E) Nothing herein contained shall be construed
as requiring the City to make any payments into the
Revenue Fund if the amount then contained in the Bond
Fund is equal to the entire amount of the outstanding
bonds herein authorized, both as to principal and
interest, in which event the revenues derived from the
leasing or other operation or use of Administration
Building No. 2 may be used as the Board of Commissioners
of the City of Salt Lake City may determine.
Section 8. That the City hereby covenants that it
will fix and place in effect, directly or through leases and
agreements, an initial schedule of rentals, fees and
charges for the use, operation and occupancy of Adminis-
tration Building No. 2 which will produce revenues sufficient
in amount to make the payments required to be made under
Section 7 of this Ordinance; provided, that such rentals, fees
and charges must be reasonable for the character of the service
rendered. From time to time and as often as it shall
appear necessary, the Commissioner of the Department of
Parks and Public Property will make recommendations to the
-32-
! � J
Board of Commissioners of the City as to the revision of the
schedule of rentals, fees and charges, and will cause to be
mailed to the original purchaser of the bonds copies of such
schedule of rentals, fees and charges, and upon receiving such
recommendations the City will revise, insofar as it may
legally do so, the rentals, fees and charges for the use,
operation and occupancy of Administration Building No. 2 in
order that the revenues derived from the leasing or other
operation or use of Administration Building No. 2 will be
sufficient to make the payments required to be made under
Section 7 of this Ordinance.
Section 9. That nothing in this Ordinance shall
be construed in such a manner as to prevent the City from
issuing additional bonds, authorized in accordance with law,
for the purpose of extending, improving or bettering the Salt
Lake City Municipal Airport and payable in whole or in part
from the revenues of said Administration Building No. 2 and
having a lien on said revenues on a parity with, but not
superior to, the lien of the bonds authorized by this
Ordinance; provided, that no such additional bonds shall be
issued having a lien on the revenues of said Administration
Building No. 2 on a parity with the lien of the bonds herein
authorized unless the average annual net revenues derived
from the leasing or other operation or use of said Adminis-
tration Building No. 2 for the two fiscal years immediately
preceding the date of the issuance of the proposed bonds,
as determined by the Commissioner of the Department of Parks
_$3-
and Public Property, plus the average annual net revenues
to be derived from the leasing or other operation or use of
Administration Building No. 2 proposed to be improved or
bettered, as estimated by the Commissioner of the Department
of Parks and Public Property, shall be sufficient to pay an
amount at least equal to one and one-half times the average
annual principal and interest requirements of both the bonds
herein authorized to be issued and then outstanding and the
bonds proposed to be issued. Any additional bonds authorized
to be issued for the purpose of extending, improving or
bettering the Salt Lake City Municipal Airport may be made
payable in whole or in part from the revenues derived in part
from Administration Building No. 2 after making the payments
required by Paragraph (A)of Section 7 of this Ordinance, and,
after making provision for such payment, the proceedings
authorizing such additional bonds may provide for the creation
of a fund or funds for the payment of the principal of and the
interest on the additional bonds, including a reserve fund or
funds composed in whole or in part of revenues to be derived
from the leasing or other operation or use of Administration
Building No. 2; provided, that such proceedings shall pledge
the net revenues to be derived from the leasing or other
operation or use of the additional extensions, improvements
and betterments to the Salt Lake City Municipal Airport to the
payment of the principal of and the interest on the bonds
herein authorized to be issued and then outstanding; and,
provided, further that such proceedings shall not authorize
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the prior redemption of bonds thereunder until bonds numbered
776 to 2500, both inclusive, of the bonds herein authorized to
be issued shall have been paid.
Nothing contained in this Section 9 of this Ordinance
shall be construed in such a manner as to prevent the City from
issuing bonds for the purpose of refunding all or a part of
the bonds herein authorized to be issued. If bonds are issued
to refund a part of the bonds herein authorized to be issued,
such refunding bonds shall be on a parity as to lien with the
unrefunded bonds. Nor shall anything herein contained be
construed in such a manner as to prevent the City from issuing
additional bonds payable from the leasing or other operation or
use of said Administration Building No. 2, but constituting a
lien thereon junior to the lien of the bonds herein authorized
to be issued.
Section 10. That so long as any of the bonds issued
hereunder remain outstanding and unpaid the City hereby covenants
and agrees with each and every holder of any bond issued
hereunder:
(A) That it will forthwith proceed to construct
Administration Building No. 2 at the Salt Lake City
Municipal Airport in accordance with approved plans
and specifications with the proceeds of the sale of
the bonds herein authorized, as supplemented by other
funds legally available.
(B) That it will maintain and operate at its
expense the Salt Lake City Municipal Airport for the
-35-
accommodation of scheduled airlines serving the City
of Salt Lake City, and for such other aeronautical use
as may be appropriate.
(C) That it will promptly pay the principal of
and the interest on every bond issued hereunder and
secured hereby at the place, on the dates and in the
manner specified herein and in said bonds and in the
coupons appertaining, according to the true intent and
meaning hereof. Such principal and interest are payable
solely from the revenues derived from the leasing or
other operation or use of Administration Building No. 2
which are or may be pledged to the payment thereof in
the manner and to the extent hereinabove particularly
specified, and nothing in the bonds or the coupons or in
this Ordinance shall be construed as obligating the City
to pay the bonds except from the net revenues of
Administration Building No. 2.
(D) That it will require each person, firm or
corporation with whom it may contract for labor or
materials for construction to furnish a performance
bond in the full amount of any contract exceeding
$5,000.00 in amount, or in lieu thereof to deposit with
the City Treasurer, to insure completion and performance,
marketable securities having a market value equal to the
amount of such contract eligible as security for the
deposit of trust funds under regulations of the Board of
Governors of the Federal Reserve System. In the event
-36-
of default under such contract, and upon being notified
in writing of such default by the City Treasurer, the
City shall sell any securities so deposited at the
market to the extent requested by the Commissioner of
the Department of Parks and Public Property, and will
apply the proceeds to the removal of such default as
directed by said Commissioner. Any such contract for
labor or materials of construction will provide that
payment thereunder shall not be made in excess of ninety
per cent of current estimates until satisfactory com-
pletion of Administration Building No. 2 and its
acceptance by the City.
(E) That from the revenues to be derived from the
leasing or other operation or use of Administration
Building No. 2 it will pay all taxes and assessments or
other municipal or governmental charges, if any,
lawfully levied or assessed upon or in respect of said
Administration Building No. 2, or any part thereof, or
upon any revenues therefrom when the same shall become
due. That it will duly observe and comply with all
valid requirements of any municipal or governmental
authority relative to Administration Building No. 2,
or to any part thereof. That it will not create or
suffer to be created any lien or charge upon Adminis-
tration Building No. 2, or upon the revenues therefrom,
except the lien and charge of the bonds authorized to
be issued under this Ordinance, and that it will make
-37-
adequate provision to satisfy and discharge, within
sixty days after the same shall accrue, all lawful
claims and demands for labor, materials, supplies or
other objects which, if unpaid, might by law become
a lien upon said Administration Building No. 2 or
upon the revenues therefrom; provided, however, that
nothing contained herein shall require the City to
pay or cause to be discharged, or make provision for
any such tax, assessment, lien or charge before the
time when payment thereof shall be due, or so long as
the validity thereof shall be contested in good faith
by appropriate legal proceeding.
(F) That it will not sell, except to a public
corporation or authority, or otherwise dispose of or
encumber Administration Building No. 2, or any part
thereof, and that it will not create or permit to be
created any charge or lien on the revenues derived
therefrom except as in this Ordinance permitted.
That nothing herein contained shall be construed in
such a manner as to prevent the City from leasing any
part of Administration Building No. 2 to the United
States of America, or any agency thereof, or to the
State of Utah, or any agency thereof, or to private
individuals, firms or corporations if such leasing
will not substantially diminish the net revenues
otherwise available for the payment of said bonds;
provided, however, that a.ny such leases or agreements,
-38-
unless negotiated on a net-rent basis, shall contain
provisions for the re-negotiation of the amount of
rental payments at intervals of not more than three
years beginning with the date of any such leases or
agreements; and provided, further, that the rents or
rates established by any such leases or agreements
will be set in such a manner as to provide the reasonable
optimum net revenues under prevailing economic conditions.
(G) That it will at all times endeavor to employ
in connection with the operation of the Salt Lake City
Municipal Airport in executive and managerial capacities
only persons competent therefor by reason of training
and experience, and that it will administer said Airport
in such a manner as to qualify the City for maximum
financial aid from the United. States Government and its
agencies.
(1-I) That it will establish and enforce reasonable
rules and regulations governing the use and occupancy
of Administration Building No. 2. That all compensation,
salaries, fees and wages paid by the City in connection
with the maintenance, repair and operation of Adminis-
tration Building No. 2 will be reasonable. That it will
maintain and operate said building in an efficient and
economical manner. That it will observe and perform
all the terms and conditions of this Ordinance, and
that it will comply with all valid acts, rules, regula-
tions, orders and directives of any executive, adminis-
-39-
trative or judicial body applicable to Administration
Building No. 2.
(I) That so long as any of the bonds authorized
hereby shall be outstanding, none of the revenues of
said Administration Building No. 2 will be used for
any purpose other than as provided in this Ordinance,
and that no contract or contracts will be entered into
or any action taken by which the rights of the bond
holders might be impaired or diminished.
(J) That it will at all times maintain
Administration Building No. 2 in good repair, working
order and condition and will continuously operate or
cause the same to be operated as part of the Salt Lake
City Municipal Airport, and will from time to time make
all needful and proper repairs, renewals and replace-
ments out of the funds hereby created.
(K) That from and after the time when the
contractors, or any of them, engaged in constructing
Administration Building No. 2, or any part thereof,
shall cease to be responsible pursuant to the provisions
of their respective contracts for the construction of
such building, or such part thereof, for loss or damage
thereto occurring from any cause, it will insure and at
all times keep Administration Building No. 2, or such
part thereof, insured in a responsible insurance company
or companies authorized and qualified under the laws of
the State of Utah to assume the risk thereof against
40-
direct physical damage or loss however caused, in an
amount not less than eighty per cent of the replace-
ment value of Administration Building No. 2, or such
part thereof, less depreciation, which insurance may
provide for deduction from each claim for loss or
damage (except in case of total loss) of not more than
two per cent; provided, however, that such amount of
insurance shall at all times be sufficient to comply
with any legal or contractual requirement which, if
breached, would result in assumption by the City of a
portion of any loss or damage as co-insuror; and
provided, further, that if at any time the City shall
be unable to obtain such insurance to the extent above
required the City will maintain such insurance to the
extent reasonably obtainable.
That immediately after any loss or damage to
Administration Building No. 2 which is covered by
insurance, it will cause plans and specifications for
repairing, replacing or reconstructing the damaged or
destroyed property to be prepared and an estimate of
the cost thereof, and to file copies of such plans and
specifications and of such estimate with the
Commissioner of the Department of Parks and Public
Property. The proceeds for all insurance referred to
in this Paragraph (K) of this Section 10 of this
Ordinance shall be available for and to the extent
necessary be applied to the repair, replacement and
-41-
reconstruction of the damaged or destroyed property.
If such proceeds are more than sufficient for such
purpose, the balance remaining shall be paid into the
Revenue Fund. If such proceeds shall be insufficient
to repair, replace or reconstruct the damaged or
destroyed property, the deficiency may be supplied by
the City Treasurer, subject to the approval of the
Commissioner of the Department of Parks and Public
Property, from moneys in the Revenue Fund in case no
other moneys are legally available for such purpose.
If the cost of repairing, replacing or reconstructing
the damaged or destroyed property as estimated by the
Commissioner of the Department of Parks and Public
Property shall not exceed the proceeds of insurance
and other moneys legally available for such purpose,
it will forthwith commence and diligently prosecute
the repair, replacement or reconstruction of the damaged
or destroyed property. The cost of maintaining such
insurance shall be deemed a part of the cost of
operating and maintaining Administration Building No. 2.
The proceeds of any insurance not applied within
eighteen months after receipt by the City to the
repairing, replacing or reconstructing of the damaged
or destroyed property, unless the City shall be
prevented from so doing because of conditions beyond
its control, or unless the City, with the consent of
the holders of the principal amount of all outstanding
-42-
bonds hereunder shall otherwise direct, shall be
transferred by the City Treasurer to the Revenue
Fund.
(L) That after Administration Building No. 2
is constructed and placed in operation, the City will
at all times carry in a responsible insurance company
or companies authorized and qualified under the laws
of the State of Utah to assume the risk thereof:
(1) To the extent not provided for in
leases and agreements between the City and
others relating to Administration Building
No. 2, use and occupancy insurance covering
loss of revenue from Administration Building
No. 2 by reason of necessary interruption, total
or partial, in the use thereof, resulting from
damage to or destruction thereof, however
caused, in such amount as the Commissioner
of the Department of Parks and Public Property
shall estimate is sufficient to provide a full
normal income during the period of suspension;
provided, however, that such insurance shall
cover a period of suspension not less than
twelve months, and such longer period as said
Commissioner shall approve; and provided,
further, that such insurance may exclude losses
sustained by the City during the first seven
days of any total or partial interruption of
-43-
use; and provided, further, that if at any
time the City shall be unable to obtain such
insurance to the extent above required, it shall
carry such insurance to the extent reasonably
obtainable. In ascertaining a full normal
income for use and occupancy insurance, the
Commissioner of the Department of Parks and
Public Property shall give consideration to the
expected, as well as current and prior revenues,
from the leasing or other operation or use of
Administration Building No. 2 or from other
sources, and may also make allowances for any
probable decrease in the cost of maintenance and
operation or other charges and expenses while the
use of Administration Building No. 2, or any part
thereof, shall be interrupted. Any proceeds of
use or occupancy insurance shall be deposited for
the credit of the Revenue Fund, and shall be
subject to the uses and shall be applied as
provided for moneys in said Fund.
(2) Insurance in the amount recommended by
the Commissioner of the Department of Parks and
Public Property against liability to any person
sustaining bodily injury or property damage or
the death of any person by reason of any defect
or want of repair in or about Administration
Building No. 2, or by reason of the negligence
-44-
of any employee, and against such other
liability for persons, including workmen's
compensation insurance, and damage to property
as said Commissioner may recommend.
All insurance policies shall be filed with the
Commissioner of the Department of Parks and Public
Property, and shall be subject to the inspection of
the bondholders and their authorized representatives
at all reasonable times.
(M) That it will keep accurate reports of the
total cost of constructing Administration Building
No. 2 at the Salt Lake City Municipal Airport, of
the monthly revenues collected and of the disposition
of such revenues, in reasonable detail as may be
recommended by the Commissioner of the Department
of Parks and Public Property. Such records shall be
open to the inspection of all interested persons.
That it will cause copies of said reports to be
mailed monthly to the original purchaser of the
bonds. Within sixty days of the end of each fiscal
year after Administration Building No. 2 has been
constructed, it will cause an audit to be made of
its books and accounts pertaining to said Adminis-
tration Building No. 2 by a registered or certified
public accountant. Within a reasonable time thereafter
reports of such audit shall be mailed to the original
purchaser of said bonds and all bondholders who may
-45-
request in writing such reports; provided, that
no bondholder's name shall be kept on the mailing
list for such reports unless his request is renewed
at least once every two years. Such reports and
audit shall be open to inspection of all interested
persons.
(N) That the City will perform all contractual
obligations undertaken by it under leases or other
agreements with the United States of America, its
agencies, and with persons or corporations, both
public and private.
(0) That, subject to security regulations of
the federal, state or municipal government, a repre-
sentative of the holder or holders of twenty-five per
cent in aggregate principal amount of the bonds
issued hereunder and at any time outstanding shall
have the right at all reasonable times to inspect
Administration Building No. 2 and all records, accounts
and data of the City relating thereto or relating to
the Salt Lake City Municipal Airport, and upon request,
the City will furnish to such bondholders such
financial statements and other information relating
to the City and said Airport as the holder or holders
of such bonds may from time to time reasonably require.
(P) That it will maintain and operate the Salt
Lake City Municipal Airport at standards required in
order that the same may be approved by the proper and
-46-
competent United States Government authority or
authorities for the landing and taking off of
commercial, passenger and other aircraft, and as a
terminal point within the City for the receipt and
dispatch of airmail, passengers and property by
aircraft.
(Q) That in the event any part of the site
be taken by the exercise of a power of eminent domain,
the amount of any award received by the City as a
result of such taking shall be paid into the Revenue
Fund.
(R) That in order to prevent any accumulation
of coupons or claims for interest after maturity, it
will not directly or indirectly extend or assent to
the extension of time for the payment of any coupon
or claim for interest on any of the bonds issued here-
under, and that it will not directly or indirectly be
a party to or approve of any arrangements for any such
extension or for the purpose of keeping alive any of
said coupons. If the time for payment of any such
coupon shall be so extended, such coupons or install-
ment or installments of interest, after such extension
or arrangement, shall not be entitled in case of
default hereunder to the benefit or security of this
Ordinance, except subject to the prior payment in
full of the principal of all bonds issued hereunder
and then outstanding and of the matured interest on
-47-
such bonds, the payment of which has not been
extended.
Section 11. That the bonds authorized to be
issued hereunder and from time to time outstanding shall
not be entitled to any priority one over the other in the
application of the revenues to be paid into the Bond Fund
because of the time or times of their issue, it being the
intention of the City that there shall be no priority among
the bonds authorized to be issued pursuant to this Ordinance,
regardless of the fact that they may be actually issued or
delivered at different times.
Section 12. That each of the following events is
hereby declared an "event of default," that is to say:
(A) Payment of the principal of any of the
bonds shall not be made when the same shall become
due and payable either at maturity or by proceedings
for prior redemption or otherwise; or
(B) Payment of any installment of interest
shall not be made when the same becomes due and
payable or within thirty days thereafter; or
(C) The City shall for any reason be rendered
incapable of fulfilling its obligations hereunder; or
(D) The City shall have failed to carry out
and perform (or, in good faith, to begin the
performance of) all acts and things lawfully
required to be carried out or performed by it under
any lease agreement relating to said Administration
-48-
Administration Building No. 2, and such failure
shall continue for fifteen days after receipt of
notice from the holders of ten per cent in principal
amount of the bonds authorized by this Ordinance
and then outstanding, or from the original purchaser
of said bonds; or
(E) The City shall discontinue or unreasonably
delay or fail to carry out with reasonable dispatch
the reconstruction of Administration Building No. 2,
or any part thereof, which shall be destroyed or
damaged and shall not be promptly repaired or replaced
(whether such failure promptly to repair the same be
due to impracticability of such repair or replacement
or due to lack of funds therefor or for any other
reason); or
(F) An order or decree shall be entered appointing
a receiver or receivers for the Salt Lake City
Municipal Airport or the rentals derived therefrom with
the consent or acquiescence of the City or any such
order or decree having been entered with the consent
or acquiescence of the City, shall not be vacated or
discharged or satisfied on appeal or writ of error
within sixty days after entry; or
(G) The City shall make default in the due and
punctual performance of any other of the covenants,
conditions, agreements and provisions contained in
the bonds or in this Ordinance on its part to be
-49-
performed, and if such default shall continue for
thirty days after written notice specifying such
default and requiring the same to be remedied, shall
have been given to the City by the holders of twenty-
five per cent in principal amount of the bonds then
outstanding, or by the original purchaser of the
bonds.
Section 13. That upon the happening and continuance
of any default, as provided in Section 12 of this Ordinance,
then and in every such case, the holder or holders of not less
than twenty-five per cent in principal amount of the bonds then
outstanding may proceed against the City to protect and enforce
the rights of the bondholders under this Ordinance by suit,
action, or special proceedings in equity or at law, either for
the appointment of a receiver or for the specific performance
of any covenant or agreement contained herein or in an award
of execution of any power herein granted or for the enforce-
ment of any proper, legal or equitable remedy as such
bondholder may deem most effectual to protect and enforce the
rights aforesaid. All such proceedings at law or in equity
shall be instituted, had and maintained for the equal benefit
of all holders of the bonds and coupons then outstanding.
Section 14. That upon the happening of any of the
events of default, as provided in Section 12, the City, in
addition, will do and perform all proper acts for and on
behalf of the bondholders to protect and preserve the security
created for the payment of their bonds and to insure the
-50-
payment of the principal and interest accruing on said
bonds promptly as the same become due. All proceeds
derived therefrom, so long as any of the bonds herein
authorized, either as to principal or interest, are out-
standing and unpaid, will be paid into the Bond Fund and
used for the purposes therein provided. In the event the
City fails or refuses to proceed as in this section
provided, the holder or holders of not less than twenty-
five per cent in principal amount of the bonds then
outstanding, after demand in writing, may proceed to
protect and enforce the rights of the bondholders as herein-
before provided, and to that end shall be subrogated to all
rights of the City under any agreement, lease or contract
involving said Administration Building No. 2 entered into
prior to the effective date of this Ordinance or thereafter
while any of the bonds herein authorized are outstanding and
unpaid.
Section 15. That in the event any lessee of said
Administration Building No. 2 proceeds under any laws of the
United States relating to bankruptcy, including any action
under any law providing for corporate reorganizations, it
shall be the duty of the City, and its appropriate officers
are hereby authorized and directed to take all necessary
steps for the benefit of the bondholders in said proceedings,
including the filing of any claims for rent or otherwise
arising from the breach of any of the covenants, terms or
conditions of any agreement, lease or contract involving said
-51-
Administration Building No. 2.
Section 16. That the provisions of this Ordinance
shall constitute an irrevocable contract between the City of
Salt Lake City and the owner or owners of the bonds issued
hereunder.
Section 17. That the Mayor, the Commissioner of
the Department of Parks and Public Property, the Treasurer
and the other officers of the City be, and they hereby are,
authorized and directed to take all steps and to do and
perform all things necessary or proper to accomplish the
purposes herein recited and, without limiting the generality
of the foregoing, said officers be, and they hereby are,
authorized and directed to execute such certificates relating
to the authorization, execution and delivery of said bonds
and a certificate to the fact, if it be a fact, that no
litigation is pending or threatened affecting the validity
thereof, as may reasonably be required by the purchaser of
said bonds.
Section 18. That said bonds, authorized as herein
provided, when duly executed and delivered for the purpose
of providing funds to defray in part the cost of constructing
Administration Building No. 2 at the Salt Lake City Municipal
Airport, shall constitute a warranty by and on behalf of the
City for the benefit of each and every future holder of any
of said bonds that said bonds have been issued for a valuable
consideration in full conformity with law.
Section 19. That notwithstanding anything in this
-52-
Ordinance contained, nothing herein shall be construed in
such a manner as to impose any obligation upon the City
requiring the City to expend any funds derived from sources
other than from the leasing or other operation or use of
Administration Building No. 2, and, further, that no
obligation imposed upon the City by any provision of this
Ordinance shall constitute an indebtedness of the City within
the meaning of any constitutional, charter or statutory
provision or limitation, but every such obligation shall be
discharged solely out of the Bond Fund, composed of the net
revenues to be derived from such leasing or other operation
or use of said Administration Building No. 2.
Section 20. That the Mayor and City Treasurer of
the City of Salt Lake City be, and the same hereby are,
authorized and directed to have published a notice of sale of
said bonds in the aggregate principal amount of $2,500,000.00
in a newspaper of general circulation in the City of Salt Lake
City and in The Bond Buyer, a financial newspaper published in
the City of New York, at least once, not more than sixty nor
less than twenty days, prior to the sale date. Said notice
shall be in substantially the following form:
-53-
NOTICE OF SALE
CITY OF SALT LAKE CITY, UTAH
MUNICIPAL AIRPORT REVENUE BONDS
ADMINISTRATION BUILDING NO. 2
SERIES JULY 1, 1958
$2,500,000.00
PUBLIC NOTICE IS HEREBY GIVEN that the Board of
Commissioners of the City of Salt Lake City, Utah, will on
Tuesday the 12th dayof August
, , 1958,
at the hour of 11:00 o'clock a.m., Mountain Standard Time,
at the City and County Building, Salt Lake City, Utah,
receive sealed bids and publicly open the same for the
purchase of City of Salt Lake City, Utah, Municipal Airport
Revenue Bonds, Administration Building No. 2, Series July 1,
1958, dated July 1, 1958, more particularly described as
follows:
ISSUE: City of Salt Lake City Municipal Airport
Revenue Bonds, Administration Building No. 2, Series July 1,
1958, dated Ju1.y 1, 1958, consisting of 2500 bonds in the
denomination of $1,000.00 each, maturing serially in regular
numerical order on the first day of January, as follows:
Bond Numbers Maturity Amounts
(All Inclusive) Dates Maturing
1 - 30 1962 $ 30,000.00
31 - 90 1963 60,000.00
91 - 150 1964 60,000.00
151 - 215 1965 65,000.00
216 - 280 1966 65,000.00
281 - 355 1967 75,000.00
356 - 430 1968 75,000.00
431 - 505 1969 75,000.00
506 - 595 1970 90,000.00
596 - 685 1971 90,000.00
686 - 775 1972 90,000.00
-54-
Bond Numbers Maturity Amounts
(All Inclusive) Dates Maturing
776 - 875 1973 $100,000.00
876 - 975 1974 100,000.00
976 - 1075 1975 100,000.00
1076 - 1175 1976 100,000.00
1176 - 1275 1977 100,000.00
1276 - 1375 1978 100,000.00
1376 - 1500 1979 125,000.00
1501 - 1625 1980 125,000.00
1626 - 1750 1981 125,000.00
1751 - 1875 1982 125,000.00
1876 - 2025 1983 150,000.00
2026 - 2175 1984 150,000.00
2176 - 2325 1985 150,000.00
2326 - 2500 1986 175,000.00
REDEMPTION: Bonds numbered 1 to 775, both
inclusive, maturing on January 1 in the years 1962 to 1972,
both inclusive, are not subject to redemption prior to
maturity. Bonds numbered 776 to 2500, both inclusive,
maturing on January 1 in the years 1973 to 1986, both
inclusive, are subject to prior redemption in whole or in
part, in inverse numerical order, at the option of the City
on July 1, 1971, or on any interest payment date thereafter
prior to maturity, in accordance with the following schedule:
104.50% if redeemed on or prior to July 1, 19/5;
103.50% if redeemed thereafter but on or prior
to July 1, 1980;
102.50% if redeemed thereafter.
Notice of redemption of bonds subject to redemption shall be
given by the City Treasurer in the name of the City of Salt
Lake City by publication of a notice at least once, not less
than thirty days nor more than sixty days prior to the
redemption date, in a newspaper of general Circulation in
the City of Salt Lake City and in a financial newspaper or
-55-
periodical of general circulation in the City of New York.
PURPOSE OF ISSUE: To provide funds to defray in
part the cost of constructing Administration Building No. 2
at the Salt Lake City Municipal Airport.
INTEREST: The bonds will bear interest payable
January 1, 1959, and semi-annually thereafter on the first
days of January and July in each year. Bidders must specify
the rate of interest which the bonds offered for sale shall
bear, but must not specify a coupon rate for any one calendar
year in excess of six per centum per annum. It is permissible
to bid different or split rates of interest for the bonds;
provided, however, that any bid shall specify one interest
rate only for each maturity.
PAYMENT: Both principal and interest will be payable
in lawful money of the United States of America at Zion's First
National Bank of Salt Lake City, Salt Lake City, Utah.
SECURITY: The bonds will constitute special obli-
gations of the City of Salt Lake City, payable solely from,
and secured by a pledge of the net revenues derived from the
leasing or other operation or use of Administration Building
No. 2 at the Salt Lake City Municipal Airport.
REGISTRATION: These bonds will not be subject to
registration as to either principal or interest.
TERMS OF SALE
HIGHEST BID: The bonds will be sold to the bidder
making the best bid therefor, subject to the privilege reserved
to the City of rejecting any and all bids and re-advertising
-56-
such bonds for sale or selling the same privately. The
highest bid will be determined by deducting the amount of
premium bid, if any, from the amount of interest which the
City would be required to pay from the date of said bonds
to the respective maturity dates at the coupon rate or rates
specified in the bid, and the award will be made on the
basis of the lowest net interest cost to the City. This cost
will be computed without reference to the possible redemption
of the bonds prior to maturity. The purchaser must pay
accrued interest from the date of the bonds to the date of
delivery. Bids must be for all of the bonds at not less than
par with accrued interest to the date of delivery. The Board
of Commissioners reserves the privilege, in its discretion, of
waiving any irregularity or informality in any bid.
AWARD: The Board of Commissioners will take action
awarding the bonds or rejecting all bids not later than twenty-
four hours after the expiration of the time prescribed for the
receipt of bids.
DELIVERY: Delivery of the bonds will be made to
the successful bidder as soon as practicable at some bank or
trust company in Salt Lake City or elsewhere at such place as
may be agreed upon by the City and the successful bidder, at
the expense of the successful bidder.
BID PROPOSAL: A bid proposal will be furnished
prospective bidders by the City Clerk, City and County
Building, Salt Lake City, Utah, which should be completely
filled out without change or addition by the bidder. A bid
-57-
in any other form may be disregarded. All bids must be
unconditional and, together with the bidder's check, must
be enclosed in a sealed envelope addressed to the Mayor of
the City of Salt Lake City, City and County Building, Salt
Lake City, Utah, and entitled "Proposal for City of Salt
Lake City Municipal Airport Revenue Bonds, Administration
Building No. 2, Series July 1, 1958."
BID CHECK: Each bid shall be accompanied by a
certified or cashier's check made payable to the City
Treasurer of the City of Salt Lake City in an amount
equaling two per cent of the principal amount of the bonds
being offered for sale, which certified or, cashier's check
will be promptly returned to any such bidder if his bid is
not accepted, and which certified or cashier's check of any
successful bidder who shall fail, neglect or refuse to
accept the bonds so sold and to complete and pay therefor
in accordance with the terms of such successful bid within
thirty days from the acceptance thereof shall be forfeited to
the City of Salt Lake City.
PROSPECTUS: A prospectus has been prepared on
behalf of the City, and copies are available at the office of
the City Clerk, City and County Building, Salt Lake City, Utah.
LEGAL OPINION AND NO-LITIGATION CERTIFICATE: The
City will furnish the successful bidder without charge the
executed bonds and the unqualified opinion of Messrs. Dawson,
Nagel, Sherman and Howard, Attorneys at Law, Equitable
Building, Denver, Colorado, approving the legality of the
-58-
bonds, together with a. certificate stating that there is no
litigation pending affecting the validity of the bonds as of
the date of their delivery.
- Dated at Salt Lake City, Utah, this 26th day of
June , 1958.
Adiel F. Stewart
Mayor
(SEAL)
Attest:
Herman J. Hogensen
City 43ae7ck Recorder
-59-
Section 21. That this Ordinance may be amended or
supplemented by ordinances adopted by the Board of Commissioners
of the City of Salt Lake City in accordance with the laws of the
State of Utah, and without the receipt by the City of any
additional consideration, with the written consent of the holders
of two-thirds of the bonds authorized by this Ordinance and
outstanding at the time of the adoption of such amendatory or
supplemental ordinance; provided, however, that no such ordinance
shall have the effect of permitting:
(A) An extension of the maturity of any bond
authorized by this Ordinance; or
(B) A reduction in the principal amount of any
bond or the rate of interest thereon; or
(C) The creation of a lien upon or a pledge of
revenues ranking prior to the lien or pledge created
by this Ordinance or on a parity therewith except as
provided in this Ordinance; or
(D) A reduction of the principal amount of bonds
required for consent to such amendatory or supplemental
ordinance; or
(E) The establishment of priorities as between
bonds issued and outstanding under the provisions of
this Ordinance.
Section 22. That none of the covenants, agreements,
representations and warranties contained in this Ordinance,
or in the bonds issued hereunder, shall ever impose, or be
construed as imposing, any liability, obligation or charge
-60-
against the City, or its general credit, payable out of its
general fund, or out of any funds derived from taxation, or
from any source other than the leasing or other operation
or use of Administration Building No. 2.
Section 23. That if any section, paragraph,
clause or provision of this Ordinance shall for any reason,
be held to be invalid or unenforceable, the invalidity or
unenforceability of such section, paragraph, clause or
provision shall not affect any of the remaining provisions
of this Ordinance.
Section 24. That by reason of the fact that the
airport facilities of the City of Salt Lake City are not
adequate to supply the present and future needs of the City
and of its inhabitants, and for other reasons, in the
opinion of the Board of Commissioners an emergency exists,
and this Ordinance is necessary for the immediate preser-
vation of the public health and safety, and shall be in full
force and effect immediately after its final publication
and passage.
Section 25. That this Ordinance after its passage
shall be recorded in the Book of Ordinances of said City, kept
for that purpose, and authenticated by the signature of the
Mayor and attested and countersigned by the City Clerk.
ADOPTED AND APPROVED this 26th day of June
1958.
Maior
(SEAL)
Attested and Countersigned:
Ci y
-61-
It was then moved by Commissioner L. C. Romney
seconded by Commissioner Grant M. Burbidge , that all rules
of the Board which might prevent, unless suspended, the final
passage and adoption of this Ordinance at this meeting be, and
they hereby are, suspended.
The question being upon the adoption of said motion
and the suspension of the rules, the roll was called with the
following result:
Those Voting Aye: Adiel F. Stewart, Mayor
Grant M. Burbidge, Commissioner
Joe L. Christensen, Commissioner
Theodore 1. Geurts, Commissioner
L. C. Romney, Commissioner
Those Voting Nay: None
A majority of the members of the Board of Commission-
ers having voted in favor of said motion, the presiding officer
declared the motion carried and the rules suspended.
Commissioner L. C. Romney thereupon
moved the adoption and final passage of said Ordinance, which
motion was seconded by Commissioner Grant M. Burbidge
The roll was called with the following result:
Those Voting Aye: Adiel F. Stewart, Mayor
Grant M. Burbidge, Commissioner
Joe L. Christensen, Commissioner
-62-
Theodore I. Geurts, Commissioner
L. C. Romney, Commissioner
Those Voting Nay: None
A majority of the members of the Board of
Commissioners having voted in favor of the passage and
adoption of said Ordinance, the presiding officer thereupon
declared said Ordinance duly passed and adopted.
On motion duly adopted. it was ordered that said
Ordinance be numbered 40 of 195Ee1d that after its approval
by the Mayor and attestation and countersignature by the City
Clerk, it be published in The Deseret News-Salt Lake Telegram
the official newspaper of the City of Salt Lake City, and be
recorded by the City Clerk in the Book of Ordinances according
to law.
Thereupon, the meeting adjourned.
(SEAL)
Attested and Countersigned:
Herman J. Hogensen
City iieNk Recorder
( S E A L )
BILL NO. 40 of 1958
Published June 28, 1958
_63_
STATE OF UTAH )
COUNTY OF SALT LAKE ) SS.
CITY OF SALT LAKE CITY )
Recorder
I, Herman J. Hogensen , City/Glauk of the
City of Salt Lake City, Utah, do hereby certify that the
foregoing pages numbered 1 to 63, both inclusive, are a true
and correct copy of the record of the proceedings of the
Board of Commissioners of said City taken at a meeting
thereof held on the 26th day of June , 1958, so
far as said minutes relate to Ordinance No. 40 of said
City, a copy of which is therein set forth; that said Ordinance
has been duly authenticated by the signature of the presiding
officer of said Board of Commissioners and countersigned by
myself as City Clerk, sealed with the corporate seal of said
City, signed and approved by the Mayor thereof, and recorded
in the Book of Ordinances of said City kept for that purpose
in my office; that said Ordinance was on the 28th day of
June , 1958, published in full in The Deseret News Salt
Lake Telegram , a newspaper published and of general
circulation in the City of Salt Lake City, Utah.
IN WITNESS WHEREOF, I have hereunto set my hand and
the seal of said City this 26th day of June , 1958.
Wit"(P.°
(SEAL)
-64-
40
(ATTACH AFFIDAVIT OF PUBLICATION
OF ORDINANCE NO. 40 of 195)8
-65-
Affidavit of Publication
STATE OF UTAH,
ss.
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
Ordinance No. 40 of 1958. An Ordinance authorizing
the Issuance of City of Salt Lake City Municipal
Airport Revenue Bonds, Administration Building No.
2, dated July 1, 1958, in the aggregate amount of
$2,500,000.00.
was published in said newspaper on June 28, 1958.
Legal Advertising Clerk 77
Subscribed and sworn to before me this 30th day of
June AD. 19 58 -
Notary Public
My Commr so$:
4(0
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S 1 R. g h1. tt o rth demotion Jul.t t 'i[v. 11 ,1v
t u00 tl1ii1e 11Solth 1.1,110 1fe t, et11s ve,`d 2500,abaa=y int
tLoupe a t- 1 110 CCnt to the 1 the years maturing3 to 1980, both
5loc'c of bllinilina, nn:moor, inclusive, are subject to
0.77 acre 'o the (county of I redemption a Ili whole in print.
Salt lalc0,s Utah; - numerical der,at the
e11 I in
of the ty on July I.1971,
WI1FLt I AS, such uUl{intion t -nn n intnrost payment date
the.'t,t will:i se111 Lott I2[t tial acc'ea a,°ce p with to the a 001101yine
e l ben , a m:
`a loft..L11.AA.ll1e nu:r1 o'cum- 10°.0'/ if
redeemed prior
Pas Jlleaaialled. id July 1.101,.of
`il(1010ny doteroune. that:aid
103.50'l if redeemed thereafter
4i1",al ,Ilcl 1 - but nci p
tei 1 1 h. 1 I 11. 1 980' t
t1 t 0-11 Il 1 ] f lc d t ..tor.
11 I Administration L r.'.1 1 S E bonds
V t 't t -,r to son c11 t i'.':'1 be
F� ['ic [ ' b II C T
l i t o (1 .-I f IIl tic Ilt. f tb C t f It l al[n
for st b I,>li_: .e of
Loos(once,hot le,than thirty
of Lh nn Pn n SW,
I.
n11 tl.i bid A 'atioo 1 the t date,0,0a.
µit id N - " ] cry p f 1 llo.
will n -'inl f 1 ;a el, t City f Salt 1 1 l.itr
co Peins 11 L' II' 1,ul a.iii, ill 1 financial general 'p...itlon
tic I ttc1 1 d tl,icscnt a 1 u II City ofNew York, and a
i1 1 lot 1 n 0
}Vli1 Ii L194 tl 1 c,Iv by td the mail
1 least p tidilyod III ostc
11 the Fll 1 I -1 Ithe c I t f a'd
refer I f gross
ter t' d 5 h t II ifs
hoods
fAl =i,r1t t� hiL
Rt 1 N 1 'Ict 1 :1 Lf d oli
n li. f ( do h II
th f lh 11. ud LF h nd
to Ileri date alel 1. A I.�. ncn dee arid n-tic 1 n doe
Aoutld i r and roil
Icn1[. Cs<li e C - I F the Crase, al ine ity ine of
li 1V 1 It0�AS. the 't' colon f ,1 f I 00 the n.al
I thole. .Id
and ao si to the ,,Lien ate.
the u, eta of Ibon, yanle to:other with they c,pulatea
pt� pa.
Irmo thornna me to he Jm hole,-Ill lo,�dp1( Iher n a- Continued on Following rase
a''ttoa
in"''''.l p t ts:oi Tethi'nill,`l ll
lone ranee p'ie n tor`,Elhe itY
moot ,t incr`r,'on t.mro ('iiy .
n
Mwilli AirC .na
rtIllEAs, ne ntllra of cnin-
m h L _I i Ad
tl: I l n d.b l tl ri p!
d.� oo ono.o 1I n - th: r.
tu d aol l unl a, � ,`, o[ icily
linc» ant to oho tcrrns' f llllp
O01ta01lce.Tl-IER1'010 I flti 1'C
NOtV,
OIiTA1N1'fI IlY 'I01 iSOA1tD OF
()K1 PriI5SI01VhIIiS Ole fHN: 'I'Y
, t.11H1AC'OUNTY, 11'f AII , SA[.T
yo
d' I
tl 'lard Bale of bonds k + d.All t derived b
1 'City [ Sell L h CIIY I the City f' the. 1
M t inzl A 'C Revenue A d other t f id
ehtintr or
Se st t Building N tile2,I AdministrationBuntlines N 2
___ 18�8 Ming thep o t
S gregate lyrlriiponl a imt nfl duri P 1 n f nstnsttion
Le ni Notices }}2 h Boo BB e f t a, d tuc-
is time
a t il ul t
Q -__ i hereby d issued f the D rih th t
t p 'd g Condo todopey f thereceipte of Y of The
Continued k Preceding P 'I t th k f p t i s Ad I proceedst to h
I t N E I i tl l b 1underl1) E Incurred foe
d l tt t',11 d.Illi�l S, Lk Lt Municipal A O d g lb and to contractor,❑ Id
d• th th L E d l Ih DI tl i d Hp and t I
d 1 the n 1ner ❑ bb f t th h C I t t Itl N 2 _t with theconstruction
i I- f th St I f Ut h a d 't the 1 a f 'n Administration 'Id
l l the b d Y Isove 11�l p 'L 1 O'dl f t s t tl t h No 2 d f h ,
luc (.t { It t. l d t d C t th t .h ti t,
I d "t hth b dnnptman ...Li. bl l d tl t th d + - of t„
d bfle t t d on ] stir,C 1I t 1 i t date I damaged' destroy ed in eo
d Lh t ih ff , (al U d f thr receipt'of said t-on f4 h t
t f the L' I the cd I t t of cons
D[th G L I t� I, II f which h'.❑ one I '. Ie - d le eue-
I 2uurcha hpurchaseacuuiring b.
f It la 1 t l B'1 y N l l IL h b ft t l
11- 1 1 1 tl 1 d b t I I it-d t t'
t L th 1 t Ll d t h t d d t ? ld 1 11 n d d t
b U (+t f4lt,Ilk if4 OI bi p tf N 2h' b Ili lid Lh dt t t 1
II LY lb t h }h. L ❑ rl ❑. Ih L t L'
Ttl
h h 8
f _ Ad L t II tld IJ t I E ou
a I h f Ad t t B Id,6I h be 'd full h t I L 0 any
dt
f d N 2 I h 1 G 1 period t tinda
s° ' s Pl t an. I h n a n land.d'Bli [
g ] b tl M d parity Ih but i Id ❑ t h b
th _m tlt th C,t C suocn•tor to. h 1 the fa .h Ib b 'Lite'1 ttl 't, ut r o ` ❑ d
I on.b d is which
this ci h con t tin
[
U ¢t'f t th C
f`, E th aC t 1 5 ht f rk d con-
ditions. d e holder heron[ Y ks' d Y 11 N Y t t t f ti f d Ad inn t t t
LL ti 't 11 B N 2 l an;
R a nh h t 1:Moro...
r nz the bhttL ing th every e agrees
with
FAtt h Ieys in htl C It ti t partial
deposits th paymentsto
ion
t bond ❑ la h Itl he I ❑t l i delivers p le d I t 1 the E damages
on,
C r e p .h 11 bondt transferee shall• t the t f t 1 Incident t 4 n
t t t title o bond d tal A t t Id N l
'.:f It 1 d h t on construction doperation
t't Ili'h tt tt. ht1 th ❑, j kl tt! chidinginterestd e t fadAd tt Bm-
,t tent all la th. I t at of operation]hereinafter a construe-,
ing No 2.
1pp elf " SL I 4t h 11endelivery d like t l d£ the benefit f 101 Interest' n
the f I 'g t f negotiable instrument _ the bonds t n
h j .1 b b1 the obligorI th bid 1 t th d S I thence! t C d(luring e cam-
the
T ❑ tdi.htl f th l t t aulsit tl t t r
tl ire f th h d 1 with thel f th'Vtgof said sand 2d tl AdministrationBuild-
shall
ti e twhich theyb +F❑-• t 1 f f I O'0 m G t t F r-
id IL t beffected h b d [ tl a eget-
etegad td t h lhl t.'I noticeany the l hl+' r tit pith t f h S t fees of theA t gl [I reasonableft
6 f h O tl l l
t1 sofl a1n0 Ito olhc fltitl:bkl Ph n d 4.CI h d 'Ad
t. Al h d thed of 19)fm T1 bt dt [d b
a ❑ S tarnd th -tl 1 t f stthereII b paid th def t the
t of ih f the Construction fund to Construction Fund, t _
• e to h d. t II e to
hl c f d - e tl general the City, m other n t I eo
t r ou lhequitiesbetween 11 h other fund as may be t l h lawfully levied t n th l t obligora theoriginal -'1 such
f tl inept of the d during - t
d 1 tl t holder hereof, D ling and m t+ t ctlnn aflld Ad
or
tget-offs d AO laming 1 3-t Lake CiIY tat Building No. 2 d
fC t „1'signature the
the tahSoDfacsimile hsurrendert tl a oo C ¢ any
lamin tpaI Airport, a ous�t Y to ertY ov land acnm:ired
i nD g th D agent 0 obligor o'this bond the t f achb month fist e[f d on
fi d b d f i1 ❑1 ihi of each f the shall I t t total Lily le d d tie
h g Itu ff. t th t and nod discharge to the obligor
operationt - n]3u11d N 2 d tl e
�QI be the e s f a t reasonablyas construction period.
T❑ms bond d tconstitute l 1 h Ad
h f p l'ah�CnFS th151 F
rdt d bt f [ C f allocable
t' Building n 2 d tt t tlthef
th 1- g
thi C'1 n[9 It L k LC 1L't d S]t y O l on h - G I he b fed d i inc t' b i t f
that iv]mm L or
constitutional clueing revenue.
+ dconstructing
that befo+ th d 1 tl II bl �l or l tl it t fn th t t t d ei TI t t 't th b d Atl i[ f B Itl N
�ndlhe yP t i t I t d t d t d ❑ ()d I� h t U th (l'd- - 2 e ih f r
h b'it 1 40 S ' ONS f et ' t f accruing d l h d that f a f d ti i
u
suhslan S I L:kf t t tf d .'t 1 h nt h 11 U p fS f - a
S idltache.l 1�l b ntswarrantedl tl t all hat
f I of the U dd. bo tl .l` tl1. t I td 1
trail.'the I ll ' g form L d with U theerier, h Id vile,
C m L Id'
U llEFOE WIl1 Lr\ICFMCIPYAu
f tl L t S It L lr City Nl nd the l consultants,l I[ I. h
T5nNIGIFAL w101k0 NOli 1'UILDNUL, (G) That atte moneys an de- 1 ais t f d
ees and oxpensea
CiIM f Salt NOk its h.OF the t thed 1 L
ADMINIS PHA'PION BUILDING City f Salt Lake Cite h e ❑11 d
NO th. I, d b I D then U c C Th a - - anniooh d ad t fConnection
'd Ad
9F.HSFS.IVI.Y 1 1B.i OAt 00 '1• ° t - d❑ th C ip s - e' n+sl� H '1 I' N 2.
_ _ fattested b theCity C _ f t Department N�Che LIL f S If I k R .r hoed th 1Ni 'L and Y ti PropertyII/ExDensea of adm[nislra-
the Caum f Se lb 1 1 - d th C Iv f 5 It L k Celt _ d (beech. h n
tgg
l' 1 t�ohd . b rd d', hl oblige-
1 t of ov it f t i h b i tl the [ II t .f t theI l d t
b. P'
t❑ -ill h.('Lv T : t[ he rfirst. 1: -v
f s l*i fth n the eC b.
not tl o th U l dSt
i lends day of a _�d
❑ the pnmm�el AnTF I.F.STL4V ART of t to 1'bl shall a ❑s
f O nt f IJ 9 R t t,+ e
1 OLII FR C,nt,I.I.S _ f -
ONf THOUSAND n011 AR Cat' 1 u+C+ 0_ the holder ill - -t t❑
e ni - Il t of h holder, which
d n 1 1 f t the shall mature t l than eh
tf d interest.L 1 t semi...elle cr. 11 NIAb NOG FNSIN cen eoch n monthst Thter thbt date f I
it❑ first yd payable Sanitary,Jtl 7 C t nee ordur
ine
]y8 de bonds of + irchaeed h IC Construction
lion
1 19h0. tt d hr f 4 +-f J unr>, Y oment
o shall b 1 t all
Vr(ghr tI tt' b I .ithl 19T:t,anal ❑orm I Coupon) tl file❑ t I K tl d
l Tf Nn s rd - ld
r tat L tr .'d note. It tit £ -d n[ J crediirom ted such investment
th mot,
Construction
f Yi-h d �p F d Irill"'
Ring
n d L t t himll flhl nn 4ili .. h.11 d t 1•.h 1' 2,', 1maat h II be
.11 ll 4i oUD U attached 1 s U¢en h '6M t h i od Ph City
t H n st 1di rt' l to -1 l --- -- es e re.
❑ di aen demotion h i the prevail.
�' r rat Amer.,f tLih L I- legal Notices ins market elf.firma a
t t 1�t purchased tment of
do cn t LI 'lr t N 6 1 - the moneys 0 Construction
�P1 I'of 5 lE L kc C11Y 5-It L ke t called for.
oS 4 Lake redemption.)
) I'mut h t shall be
Cll I, i Ul h will Unit S lawful
necessary
t do r In iorde order
d.'Thin bt Udi 1 tit Ct pY.rovide
n't f root any
f to L City t .T I t f99
t P� [ t without 1 1 represented'b1 h
1 t U] » er
'n blot National H all. ties. th Construction Fu or nd
l ft t p n I th i L. Ch Salt Lakc C't Otah' Octo,ocis e t 1 f the
semi-
Principal with the following llt510d . b a- h lh i d shaft
h lulr' r solely loom, and d D b held b 11 City Treasurer
104 50^ f redeemed D d a h - l d d trust d applied t the re
J 1 1 l0'l5 -b G d N 1 18511 I t o,`the 't [ t l e
loll 'f 1 mod tl- 41c1 1 Ad 1 t H' c 'In
, 2
ptinu
L
t L -interest IC t t n L' t[I 5 1 r,A C L M Pal
J If] 196U Municipal tl P I1 Bond.AScrics e t.shall p dl e s h I+
102.505. f d d ih t a dodoatio»oo beb}ect t 1'
Rsdemn a' It III. n n i I 1,1958, Q❑ea+mne and ha f of the h ld-
not less lha+ thirty f+'ya nraar No - 5 of
bonds
this¢Ordinance
1Faceimile Signature) out-
standing orrice by it Lenll City,
S inn the d for the further security of
f Honeral. �.lote o) City Trensurca such holders until 001d a
U h,[Sail Lek, 1 m. -t d i upon, herein provided. is
1 1 l ill- b derbiare 1 uMe,and rein Payment C t❑ t of
ri'the-Cif:, York. n ea bonds -tract g 'd d t-
t r it '/6 t 2500 b h ( B Id ei N l shall b
o Nthtl° d C 1 ti
5[d D llth _ a the l I v 1
i S 6 Th t th b d F s \1 t u
3 th 1 tl b d) Fie
t Fond shall 1 U
tit1. t h bl Idh. the l❑d tlh t I lh ��. t to ll provisions
1 this1 iv-
5 -
p id S It Lake. -t td
I d t tl t t'IV.
l,1 6 ❑ O
f 1 �ff t - t. ` + h t 11 l
el'f � 1 Ad tort R I], L Tt d b l eG so bf 1 C1 t b ti
N U' 4 tl st I ] Lt. d paltA till tvc Bond:, - except accordance 'h
NI ny
ll'rsill IA' f. 'ctrnhon l'i'd" N.ft L, sinus
pro end r t t'
1 a n t l le tf t f U h 1E1 P the hi•
.
reedl rea ❑. if n t Um F fa' to ❑ Lhei r- 'd Ad t-t Build:
,„
th bI ,d I [ hn stidict�Le uaid a d e D ltetl the T..2 shall include,
to I \I .'l - If-I 1 ll. 01 oroe d, a dtnl;thereby to limit or re
Is (' Slct i definition of
v, L d 1 t ("no' p i 1h. no L the folloaving
I t II N i - t S the l l dv
AU Sv� i I.Ii[ r df itvelit the arc..
pursuant to of Ordinance,
C 1 i' lm f ll Ito 1 _I 2 Ali a- dby the.
from lh
-al tba i funds I theCn th - t U feity d n . f A to
6 d P l+rth i., Panay pert.the 4 S e
1'c b. o urd - 'ira Bulk
i<gu-ing e
which
ah chi ) e ns'lief
i No.2-
pM'litm id O dig oe t'l v
,gl�(C io aisle to
ncan ec[I1 the cul.tole n I +DDli ill
f the+ d at the.ho Hl.
a l'r5 s or ono roe, r
Wonedn_na e qq „a-
llectmo na ills+.lI0eIn f -..
y tnc runes edarg¢d vlam a a
rlei1Hed 'n thcl lhelncnt 1va1t❑f
e tcrest a
he svrle.st of'ature of which thlsi
and crten n f
fs one.11t nature� 1 n dN
u]�„,T;iN o term;.a
ttoen.v non Imich s,d bonds a.c to
Ae mss fed. the rtlhts lutlea i l
nlion0gns leatAthe Ctigh of Salt
Lakr Clli' rights f Ihof
holders f tIs s eE bonds f
w❑ieh this Is ell,.
q o
—. Il) Monthly, ci¢ on
l Legal Notices (Ilhnt 1 d d • Lhha on h t d t iqth nth foe Fund.T
lowing iI t t' f file Fpresent i t ne Lity Treasurer shall
t C of Ad lretioti d f L t of [h prevailing market
as an in-
It properly chargeable.to p'Id' N 2 tl Ctv 55halal P E h 3 f Section 6 of obligations p h .I
theconstruction [ Atlininla outlet t b d pb th-'Ordinance, amount vestment f the
tratron Building No.2 Insur- neceequassary to pal installments- Revenue
Fundwheneverint_r 11
I legal s accounted se certified bile thet math' be necessary t d deg'
Prier q t tl C 1 rs, accountant selected bn thee Cite g installment 1interest on the to provide ento -1 any
11 roc >tand moneys then authorized hereby ,❑ payment t'- S h
1cost of d dt the of h and then and a ScIthe Con then tst" e d monthly Ordinance
n dauthorized I this
heldtltthereto,ion .S otld the disburse
- matueinei i e f the next 000ntdn U hp h d in
11 t [ eon heb installment f interest a pl'dal a this Paragraph
not f -g 5 p. • ter Lt_the
^^the bo tl th d hereby Dj of [h Section 7 [ this
elsewhereh n
specified incident t h Vy and then lstanding. Ordinance shall thereupon be
l t [ said Ad n t'- ti g S tti Od' Ilepprla t21 OtalY,commencing Jan- sited. O d after Jully I.
tl 'Building N rho of su h a d t shall filed navy 1,1961 and monthly there 1971. xe h -Ins the
financing i thecosts thereof. with the C t Treasurer f and ar i one tweMli of the next to lane F d li II he applied
with the C maturing g installment f to the priorredemption of blonds
d the d thef tI n epartment Parks d Public t the bonds uth daccordance with the t of
f land. rightsf i Property and shall b available h b and then o teen tll g tl d d,a ee u t0I, d In
f rights, It t (o t l] o bl t E e e o tilt g i b d 7 to 25110, 1 th
t by interested .n I In-
the'f' t d t t m th i I- elusive,maturing January 1 other ATYtTag'11e or
bhea fKl TheCityTreasurer is lowing thet t oaa the theyears 1973 to 1966 both
t1 alter h Oo d t g bond to D - t t d t' d 1 have been d
t heretofore I b h Boma l f(;omf th eb t ith ffl ties, P a f Sect'monthly6 E d d That nhe CptY sh'11 i bg
h h t h!l b Mahn th. O d dne f eft ed u der Lae
missioners or any h C' f f Lh f -r v 1 thereafter tld'- 1 amo t this Paragraph ed f this
1 I'I p bI 'tat KM the 1 t rt cent of the Section 7 of gthis Ord to
t ;j h f I f 5100 006 W which bond
- d t De de- al] for n tedemp
b shall b dd'tl to -l d une b v raphs Si
bond or 1tnee vhich th C're
Sbe tolention required f j,ruct't V iy bond bo e heretofore d r..l of th Y Chta f m purr base at less h pp
hi 1 theCity T o a this Section T this Or di- miry a d t t - d tl
f T thehat ch State to L f Utah.2 l e t' ice until the t o p hcabl 1 adds
secure
d it d t l t I t theor the {uttM1 ex, th
A ld t Ill L I Lit Fund,Ad al t tit Ottothe total principal q t l 2 I_ fe n ts. 1
ti t Building' N v h re 1 t[ (Most, t I I, tl d h ,interest
la - d 1➢) N ti hen herein contained
f et £ d r Ilbo 1 b` b t O'd' • d - the hall be on trued as
succeeding all 1111111, Ill II e twenty-four month the Crty fo make e y C/g
C t'F 7 1 the db d- t.t bt t U h ee h d Y 1. b ll be into tl:e tl F d - thc
disbursed d 1 f I- o nt tl ¢t d i th
shah he thellh duty [ the
tl C lr herein
I1 Th t provided.b t hal�on the'1 V tt F and
dep tlt ft re-
I damount l f th 1outstanding
other f th - a. , r, underParagraph(Al b d hauthorized, both
th t. ih 1 t d� • d h P h 5 of bu t e) d 3) f t principal and interest, m
t d l �t t the th P - h lBl f lh S which h event the e d-
p t T t tl O d ' 1 i f the leasing other
I t i C t' t Fund tin evidenced f t tf 6t termination C y e l be ing any unexpended b' p t o p ¢ of Ad t
ftdo hit for
n during hoe p six oriI t inter-
byt t t. bththe aCmni the F payment Fundd resulting't L. d as H'theBoard of C may he
I • [td Department of d F ti t th t theCityI Sall Lake
I k L Public P' the f Paragraph. (Li ^f C't d t
duty tr it the payment
T'It to Lto S 6 1 thisOI S t R Tt th Cthereby
balance
i d t the
d Construction the C shall fait
Etfl f 11 tht (p:tIt III eases naace in fthatast if l fix ly or h initial d
kenst one tA`LI tg hl at P 1.- d PLbl'DP L t ti frough
t Ih B tl 1 d to t]l
fete¢[na me l d t during the
thepayment f - 1 ¢ equal
t b t on ti l d l t l f
1 • t[ tl t t of Ad, x an I Ith t t d hd 1 lh I A t'
permoniod
of
r' fconstruction
tl t .:tministrationIdeti•H Ild' ,No.en,the amounts 1d t d Fund- totdl h 11 t
bey th d P b U l th d thin such month shall beadded to f t
=h b dot'th d a paying d n„un1C [I s f h date. halt be the amo l/ M nlred I 1 t required t e
d into the^ e Fund pro- to be ux1A t Id Fund 1n the ❑ under Section ] E this
for the payment o£ ch paid
for der Section 7 e- ns I month. The paw Ordinance; provided, that such
t ))t this Ordinance. omits into theBond Fund made e e d h t be
t IGt1 P 1 to f th C nY ti t e nob 111 bog h a t - }the
to
^ y MI Ta Cit f th' P h ih) of this d I F' t' tip
i'n
1 I 't y 1 d t Section 7 f thisOrdinance may t - d ft t h',il
h h ih C't • t - the C, t b d either r r in
v, the C
lh eft t hd I01 F d i h t I E' dobligationsf the Unite Moiler of the Deuettment of Parke
p a fFl f h1 'Section F this theCity[ im I -i I States f A and all
from the United n the pond Fund
o' l"n" hth the ;41( simis .,tares rGovernment In the - be invested sled Indirectshort tic lm
f(h S L B h r e d t f theobligationsthe D d5 is
S^fl La1V I' n
h C v[ ai Alr t A re 'd
Payment Ip ll U.the,.
i 'shalt
pi t.The City - the right F d l ell b • I l l d
Y k d P bll 1 p l ha It Ln c mi ly with all m for the f
f in wen m f t 1' w the it l ncomply the1 t d tointer-
est TELEGRAM, Self Lake
Ill A cl Which ma a- h h t t ill mt.a 1d h the bonds herein author. City,
t t fit. od even though ion with
p l 1 1 The deposits required to �
b h1 ,tit[ b lti-.p't f i l t 11 t Ih b d too the Bond F d
to Y' f th. aid- Legal Notices
11 The Itemnumber of the M id.1 that h under bp Ph (31 d g ,-
f41 f1hyY g h B) ft '
pl ce shall t pledged lt the S t' 7 f lh O d1 d P b10 P t fII k
f 'bl li t.f iht whhmn 1 ad t t 1 d d t -[ th t d ❑f
payment f Par mei,. pad the it bondsh t continuing - t Commissioners t the City t
eh 1 1 t possibledthethef [h schedule f
C d Section 7, 'that there b d H d} id t least ne 4 the rentals.1 d h I will
I l Theamount amounts therehereby created t t 1 1 tl l I t II l b I q l the original
t h d thud the t f theC t. ( d ih hoodsIh d h f thea d
S ItLk Ct d U t l b leis Od' and schedulet tl f d
(I)Thep f which the f 11 T t b 1. standing d thesucceeding h d h 1
bl L b ''d d designated, tit 5 It] ke
tl[dt to th TI II he t flu t h d i t th C1t III
t2 A certificate signed b, ham N dhla t 1 IIiefore to tl t and het Y the shall
be no ddt1Le d thettu 1 t F ftion dd mai-
t Il
d It tit d to the von char. { t' referred l the interest theG d th .,:the
pp f Atl 't t'et H '11
of tl Fundy t 1 h p tit O df 1 the extent N• 2 tl th'{tl
t II Id That the bt. t boost the there
shall• the b termination1f N i dd Il the ei tin dayf y ri sonih derived_ tf usthe
leasing Administration or h n
d 11 th C L d Shot Paragraph uct f Sectiondefined this
exceedsth t t I principal and Building N 2 it b sufficient
charge aitem
thereof
the C t vi Llon Ordinance, ] derived e - ❑ the manila t k thepayments required t
from the leasing then th d b this Ordinance hO d d Under Section 7 E this
F d d h t o p'n lduring the succeeding twenty
ties or use f Administrationf h d th a o l t 1 Section 9. That nothing in construed in
lb) That there1 t b Building No 2 of
with t this b deducted Ordinance shall b
fed withanv f lien.1 on right nit City
o F balance d d l It filth Rthe-x t t he I h ti p t the
1 h t 11 f - h L f S.tl 60[ deposited d 1 _ hs Ct f 1additionalbonds,
ff t th 'ght t 1 e this'O Thet o II) d (2 this Paragraph
1 th d d t 1 ,
Pat, t I :payable 1 h.' I h fi b t' City B .h' S T S this f th U p £ t rei
t f h f j t ❑ tf Odt b II i.[h S it k
corporations d l r such _ _ (C Atl k th 't.'t• Yf I I AI
voucherswhich h t b - 1J I t in Iis I b. j f b d b f h i ti t th
released ill t b released I b S I f. Paragraphs A) 1 BI [Othisrdinance,
B Id g N venues t o.2 said Administrationaving a ,
simultaneously with thepaY I hereby Ih fie d I therSection 1 this O d n said ref
la al held o urt with.
merit F hetaobligations. 1 t t h' I 'ntheF F t but of sup i Loa the 1 f
lc) That h h con- I ', h Revenue
b k lh S I L ke 'SW b ds authorizetl by this Ordl
t t i t f 1 Mall b d t ❑ as C t p4 I L p h l li Provided, that no such
d t R thigh 1]I q 1 h It additional bonds shall be issued
C t t tl a ct f h e ar- f A I h l d
t' - t d t h_f 66 1 tl apes 1
1 Hcate is entitled t retain. tl C ,i to first d f d. 11 h A h milli ti A t 1 d Ad -t G H ilding Na.
amountsIf tit defray the2 parity with the1' t the
Id)That 1 badatlon month the total t f it bl bonds h authorized unless
shall be paid b t drawn monthly e and u f h bi t Ad -t -t theaverage 1 t
the llvIavorya ld tgnetl by tcnallty eAP ern of the Salt p 'Id N 2 Th t ^ d d f- i 1 g Ad th revenues
gned by
the Coommisd f th Dcpa 4 h Ltl - h R h b lit t o t Is
ell lit t Parl -d P 1 tic 1'roY- A not ohoII b d d by t't p Dirt g N.2 for the two
y, and having the - the Commissioner of the Depart- fiscal years immediately preceding
fyimg n Inher as the au 'Legal
m ant of Parks and Public Prop- the date. of the issuanceof the
stateri n the voucher for such . I�B tl� Notices rtv, d Ile penditimes made proposed ond¢,as eermined by
obligation, j ,,...9,..-,., ,e from the pl.',,ll Ltation Account the Commissioner' f the Deppart-
µhrall be made in accordance n,nt f Parks and Public PrpD-
IH1 The City covenants that Lake City Airport reasonably with the oak program and 'eel,n Pius the average annual t
payment will be ale thorn I allocable to the operation and vital nne work
dg4t,of 'cv es to be der�ived rom the
the onstruction Fund for labor maintenance of Admtnlslraen the Salasake City Municipal leasing m'other opera Lion or use o£
r to Contractors. uuilders re Hut sling No.2.from the amount Airport. A oniinistl'ation Building No. 2
or
t account f the paid r the general fund ifs Any surplus remaining in sect to be improved or bet-
cmissrurtion L y [of AN- there shall to deducted ng le the 1lfevellde Funds ater making tees do a estimated Dy the Coin
'»trxtldn Buildfn�'Nn.2 u • amount dedcsed rn the the is r ued o be I nor estimated
the lleuartment t
leis such art 1s located n lama onablt� n I slue foe m de byo Peragi'auhs IA), IB1 Parks aand'Public Properv, shaft
d dmarketabletits to Ad 1 t' n H lltl- CI f th- S t 7 f this be sufficient Co payone an amount t
or can N 2 d during the prtllnance p 1 to July 1. least �u al to one and n halo
h h d bh owned t 1 be I Y th a d ' 't - 197E be t d by the times'the verge annual P
P ti h SheCity gholl offices b the City,deter-o be uch CI.Tres p tit f 1 slid fist t q t E
ti t pr can t f th a reaSOnlblo value I d by tl C - f d L thebroth the bo d h h d
f theDepartment f Parks d ao be Issued d tl L t d'
11 1 Atl I t'[ Building I1 D t t f 'e nd p bl p i d 1 B h d fibs b tl p d t b
N 2 P bl P' S h Ind L t d t b]g t' 1 ales d A t dal]-[ i 1 ad:
!I) N withdrawals v- horsemen( t the general
fund [ bll t1 the principal
avihol Iced t b d £ e
ments shall b d f n the shall b d with n d interest f h'h ar vcqq- p Y f extending. g
C Puna which hall t t blish d the d't II g t d by` the b tt - 1 Salt Lake City
I b d t h_S li[S Ni,:
Municipal Airport b de
reducetheL i theCan U-t d St t f A ilea(cinch
t Fund available for the C e At o f supplements the shall_ be b' ti t demptlmi I1 whole - 't from
payment f t below an
thereto ti n by the .t1 - D Ehe holdor the derived art from
uniount sufficient t inter- H 'I f th f at th t of such AdministrationBuilding No. 2
1. 1 b and gut IB1 AE k' ih ay holder. o h h shalt I! h after making the rr
L -yid d f Para tin ufred by P payments
(Aa7 enf Sec
falling d d this
perioddOrdinance
uh (Al E this Section Ta of ,..ter`Sete id hI h invests fins T of tNl O d d {ur
13 t f this del-tried
eft d to e i 1.- it d OI❑ o tteda so setae SSY - h 1 nv makini: nro f h
O'd- 1. h interest k S It L k C'ly Mu b I I by I C 1 the di g th -
Paymentsor
h� b Prntl cd 1 Ae 't F Ho Id I D t t ( hadditional b d V
f t theA J I T d Atl I t t po.lding f d P b P .'l. t vide E the creationY fnt f a
led by Section 7 of this N 2 thereinafter sometimes h t'. ,l I b h O'tl i funds 13l fll, d the interest
the
Ordinance referred to' the"Bend und' a b obtain- 1 dt .of
1 mantle the
tip shall be sold the amounts bl- t higher h f d or funds
1 glowing, iasiartnag
d - d V 1 the h to sort of ar f
p , n 1 ble la the l L b d i <I limn the le h
f said bonds a the to e e other operation m'us of Admin-
vv r i�osc. Obll Ltions C th t t limn uiing No.2;provided.
UOttta Stales of Amm'Ira Durf that such proceedings shallygc
ehosed en investment of the
net
leasing to be her derived
_ the Revenue Fud tfon o of the other
opera-
shalt be bra in
t all thneono tensions,uimprovements and better-
be inlee¢srt t t oral 5u thereon eats t the Salt Lake City
and any nroftt Ilzed from Municipal Airport to the payment
(so'
investment shall be credithd of the criminal of and the interest)
to the pevenue Ful>sd'ohnlnvest1- be ued i d then uut us o eh
meat shall be charged to such mu,ss ovided. further fibs, si h
Lhergenic.!¢ ¢hati nnY Of'
pal'r redem lion of bones
ebbto 250 lie bonds numbered'
7T6 to ie'reuboth I elusive, f the
bona:: herein au Neil sei to beI
rssna shall have,been Held.
-Nothingcontained m this Sec,
Lion I this Ordinancensl shall beI
aconstruednt tine such
tram ens as
Honig v Pc i tla foo the n f r ton r
H ]1 a part of the bond,
herein autllsouthdr to be issued.It 'That immediately Ai alter
bonds are s' to refund Part I loss r damage to Administration
fn
the bonds herein authorized to Building No.2 watch Is covered
such refunding bonds by oiFloatlonsl four
be
sbedon a unity s ip ]Ion plans insurance,sou e-
tn life ptna cl h dal Ner Saturda,.June 28, 1958 pairing,a•eplacing or recom
h 1tanything in hhereinbs Y sovl'tg the property
U 10 be d dd
Ddd't t itb r t fbl't su;„g d e estimate f the t
i R the ❑ r i sn Lego! t+frees thereof,ucplans a i d tapti.copies. s
t a nami t t HpuainR
No. , but tit ti g lien Ted:ci i however, that v and
'h of estimate
he Davort-
tlaereon 'vniox to the Ien a E t.hc elN or cast agreements.un m nt t Pail.and Public ProP-
bontls herein authorised to be Maus negotiated s Ril on ain aprovisions erly. The proceeds far all i
issued.
contain ranee referred to m this
Section 10.That so long a untie a-negotiation Dilation of the Paragraph (1S/ of this Section
g
of the bonds issued hereunder of rental .et is t 10 f this Ordinance shall be
ti t d g tl id tDe env is o[not a thanthree
available f i t 11 extent
C t 1 b t d a tarsnaberti ihhn leas with thedate
h 1'e 1 tf
with each and - holder f-an provided, further, ratites 1 d
D (A)that it ']1 forthwith era-y lishthat thedtents 1,1 any h rate,ars t b, destrt d D in L a It 1 h
rl to c .sin t Adml r Lion agreements will bo set tin such
Is m e than si i[I-
B ildin Nn.2.t the S:dt Lilco to provide the dent for such purpose.the bat
City Municipal A t 1n a under prevailing
vailing cat nom c t anca h Revenue Fund.lbe
such
accordance with - 1 plans shallenueinsufficientt
ane f specifications
h t I 'th the I hoods andl that it will at all limes proceeds. replace i reconstruct
race ihbtl>t i, a, la ndeavpr to emnlop the damaged r destroyed ni
avaiLed br her lundrs]euilly {ion with the operation c➢E the ertY,, the deficiency may be
lable. I Salt Lake City
Municipal Al- supplied by thy City Treasurer,
IB)That It will maintain nd executive and manage, ubiect to the aeeaoval f the
_expense Commissioner of the DCP+rt-
1 l t C'tt t 1 y 1 IIA'���t elm capacities
thereforI L P- meat t>f'from
moneys d P bl c
fl dth airlinesd l rving th such
1of
t Salt Lakeu(-t e f ay that ill administer 'd Air. Revenue Fund in other
hotherH I e ( moneys legally available
rift d C' - io frs F If thet f
C Ph'-t"t will tl to .t it id d theUnited repairing, l
every boo, crl',thud, e agencies.G a me rt and 'its strayed gproperty Has e ti ated
ande rid hereby a'for mace, (N)That 1t wilt e.steblish and by the Commissioners f the
theon dates I t t enforcereasonableI d i Department f Parks and Pub•
1 i t d manner
regulations 6 h t shall t d
specified
U d f h n .1 a o f insurance
taming. according t h. 1 tip lion 13'td- 'v f 2 dTh ti t Il other legally available
t t U meaning h FSch omp t 1 f d f such and
IIIt 't-
commence d diligently
nDl i Ili and interest ti es wage 1 y th City prosecute the en replace,
able
d f the 1 her Heal with thet most o reconstruction f the
t Ad nlnistra- a d h F Ad min- damaged o destroyed
Oe may
'I e g N 2 which are lsti al Building N 2 11 D ereY The cost f maintaining n
o b pledged to the pay- reasonable. That it will a In- such insurance shall be deeme
me tathere,hi them manner and Jan and anent:c said building a art of the cat f operating
to the extent hereinabove n efficient and economical d maintaining cost
'Ocularly specified, d thing manner.a That t ill b Building No.
_d2 {
i thebonds the n o a t 11 theterms
any insurance
In this Ordinance 11 be con- conditions of this Ordinance, not applied within eighteen alibied as obligatingth It to and that It will months ft.
receipt B the bonds
t f the all v lid t le,comply its, City L therepairing, D lacing
B tildl N. 'Will
Ad 1 t limn ordersd d' regulations,n> o re property,the
D)'+h t't ! I f each executive,
body administrative applicablet Ad- loss the(t I or ii he destroyer'p n.
umorn 1f corporation both mint t ti t Building No.2 n tl because tl
materials for construction to (I) That 1 f J'1' beyond -I control
or
furnish performance bond n She bonds authorized a b 1..a I 't h
th f 11 t f > rnnotr net hall be outstanding, f I of theholders t t1
d'¢ 2600D00 In mr ant the t d Ad 1 e f all most:imbue
w1 1 11 ercof to Atposit tah( Building N 2 ill be •
ith th CI T rasa,�n to used t otherthanb ds hereunder shall It
tnsure completion I perform- as ',evicted thisOrdthrectinance, shall b t d by
marketable securites hay- n nh.Cut dT ut er t .Re Reve-
inl a a k t acua rrc to the tract l till be entered into r IL)That after Administration a ant of such ontract eligible action taken by which the Building No. 2 Is c situated rite inn the deposit any
f the bond holders and placed 1n operation, the
E trusoac Panda un ter r nL- might of
impaired or dnnin. and will et all times o Lions P the Board of rGov- ishe". carry n a
errors f the Federal Ito- responsible insurance company
htmlvvs In the eat ill That it will at ail times or comics authorized d
�[ [ It wider Y event
, maim' AdministrationB del- qualified des the laws of the.
pp t
a 2 d work- State of Utah to assume the
and
l h d r lnotified
1 Alh C'lv g. 'd. d all' d risk thereof:
T the t 11 'I s• llcontinuouslyt. (I) T theextent t MC-
se t d t tie use theto b t d vided S 1 d N
bI t t th t �Icd p t f h S It L k Cut n its b t th Ct d
ibe Conn Lhe plum( l A'P i d ill thers 1 ti
D t l f Y d l hl c from t t k ]1 lion Building relating 2Ad t d
P 4 I Il 1, Lift recut I d on d
I t 1 1 1 w d 1' t vt of loss of from Ad
tl r Il directed U 'd or the funds here ll elated. ration Building No.2 by s-
Anm such contract IA)That from and after the of necessary interruption reason
mission,.
labor t tat t n time when the t t thee thcrem.Nil-fiction tth ill provide shall
t,yo a them. dui It f d age to
most
1 thereunder
E t Her t roc nt Administration Build- destruction thereof. lmwever
N Pee,thereof, caused., k t itcc t f estimates until
Usayshalt L b. 'b9 Commissioner F h Depart,
o tad
If N Pf2 nd-
pursuant t thef t f Parks d P b' I
-it ttitt n tl C't theirrespectivecontract, for
't In II t sufficient
(F) a'en t!. to theconstruction F h build, t providef i
be derived from the lensing n ng,a such part thereof, rin-
come during the n is t o£sus
Ih es pc attar r c of loss or damage theretooccurring-
firm s on; n Irnwaverr,
Administration Brdieling No.2 it an cause,1t wil insureinsurance t over
thaPtf such shall
well pay all to d - and t 11 t' k A- a period
twelveof months,o d such
is or lad l or rstiopf Building
governmental charges. t v, such t thereof, N -1 longer d d Commis,
Eaw^ulle leveed A on re q+n h 1 shall approve d y
tiBudding t N 2 Ad f -sit companiesor authorized andvatted.£further,that h .
lion
t or arm r qualified d the 1 f the ]tl l .
therefrom h thed shall risk
State th£ Utah
It st direct by first seven
by theCity
during
total ib
d con I ill guilt Of loss ai
civer
nb validrequirements. d ]t Ith any It /lad amount Pot I interruption
further,tthat of at any
thaneightye f thetime theC hall h unable to
1 1 :OP replacement I e t 1 Ad obtain h to the
th t relative t A I ' t lion Building N 2 h left above - d, it shall
to Building rr 2 1
pa tl there or eof. SI tit,1 Ill L which
f I- d t providetent reasonably obtainab insurance to le.eIn
creain-
any 1' stiffer cleated
t deduction f each claim ascertaining a full normal in
ministration Building il 2 0, iease.o damage (except not
m re t al for
the e and
Cammissionerr 1nf•
of total 1 f s the Denat'lment of Pants and
th tlihe lien and charge of than t t provided. Pabhe Prayer ty shall eiie c
the bonds authorized to be is- however. that such amount f sideration to the expected,oa
sued under this Ordinance,and insurance hall at all times Re veil current and p s
hat it ill Ire adequate pro- sufficient M mvl, with ale- noes,from then leasingaioir olher
ithn to satisfy and discharge, 1r.al aIt bcival require- operation r u of Admrnisti'a-
in sixy days afkr the o meat which,iE phone by°t a ion Building No, 2 or from
shall accrue, all lawful claims li), Its assumption by the other sources, and a fi(y of pas en of an legs - may also
h demands for laboobjects
ma- m damage a are nt at and make ecre allowances i for a rah•
which,...plies r other bi cats any tiro further, that if at be decrease d then of
hich.12 paid,might by in- the City boll ra a othertenchargesnd operation pe a
Income re a lien upon said Admfn- any
tonobaln such Insurance while the e f Addministration
tration Building No. to the extent above required
-the revenues therefrom.tit firm the GAY will maintain sc in thereof, use
2, Part
vided, however,, that nothing to the extent reason- hereof, shall f oa
the Cited to
y sall cause tau he ably n obtainable. Arc Yproceeds t of
c interrupted.cciu
discharged, ,c akem'o isinn non,
insurance
rhdltvro�o the
for nch tax, assessment,
ant. Pxvente Fund, find shall be
lie any
D fore the time .able to the a d shall
.her charge
thereof sholi be subject Applied ra revidcd ,or
die,opos payment
long as the validity
en eP:Fun'
tier f hal be contested n(2)Y Insurance in the ,amount
sod faith by appropriate legal e,d d by MeCommis
proceeding. roomm n!rlhe Deparin:cn: of
(➢F)That 1t ill not sell,ex- Par, and Public Pr'oae'
cent public
corporation
against]iab1111y to n� n o
or.authority, or otherwise die- sustaining bodily In,iuryex n
rose of r encumber Adrninfs- DmechO deplane or the heath
tration Buildings No.2, or n
nart iherf, :end that 11 will
ao
not cete snit to he
created charge r or lien o
the revenues deri•ed therefl»tn
aseithant inthis Ordinance 1
unit,.That nothing heron r
itred hall be nstivol
ch eo In rntt
Inc C,la/ti(rnmc10" inn a art
nr Inc 1.,vmlm O s of Altter,
i to f PI'O,olICY Slates er 0f. nr
i, ni ,
Ha ifs State or t
any
to thereof,
lions stlats. firms ror
tin such iminish the not
of
tummies o diminish attic not
otherwise available
for the rsDanmeai of yal�Rtmd3:
--f(A)-Payment
meet of the principal
iincin L NOTICE OF SA1,E
bens CITY OF SALT LAKE CITY.
e made when the sa to she]) UTAH
become due and payable ether MUNICIPAL AIRPORT REVENUE
for maturity dor by roceedings BONDS
to or o ADMINISTRATION BUILDING
IB) Payment f any Install- SERIFS JULY I 1958
4 £ t [ ll not be S2 00000.00
d 1.'Payable
tl becomes Legal Notices PUBLIC NOTICE IS IIER BY
Regal Notices _ d p bl within - - - GIVEN ethat h B f n-
th t 1 tl t of then bonds d to insure the theCityf Salt Lake
f per b f any iG) 3h L I Il for an payment the — •
d( ws L f fn orreason h d incapable of e:esr ruing a Pa d and
h Utah,daY
f
bout Admi t'tl U tlJns08 fulfilling its obligation here- duo.
All
¢ he on
become 19 8 at the f 11 0o'clock
N 2 I y f th ne- limier; All d d there- am Mountain Standard T' ,
1 'Po,'
d (DI TheCity shall have failed from,sol her bonds
.t the City d County B Id' I
li t £lochl U"8 It h Ikmenoy t y out and perform for. I herein iauthorized,eeither toat
11.7s
i o C't it 1
mod faith,to begin the per can l interest, t tantl caved b d 1 beet feel
t's and to:mance of wall is d things d id,iwill D paid the sa c fo th t h.e [C of
damage ton t workmen
said lawfully required to be carried the Bo d Fund and for the Salt Lake, Clty, Ut sl Municipal
Commissioner may recommend.d. outor 0te performed by
it under purpose therein provided.In the Airport Revenue Bonds,Ad minis
All Insurance Metes shall m1 ease agreement elating to event the City fals o uses to trabon Building No. 2. Series
be filed with the Commissioner _. Administration Building proceed as this section pro• .July 1,1958.dated July 1,1950,
f the Department of Parks and No. 2, and such failure shall ided, the holder o eholders of parlicula[ly described as
Public Properly, and shall be continue for fifteen days after not less than twenty-five percent {dltows�
biect to he inspection of the .pt f notice a o the nr:a a. mown of the bonds
bondholders d nthei author- holder.of ten r cent In nein- in
outstanding.after demand in
ISSUE' City f Salt Lake C{ty
rzed representatives at all rca• oral a nt of e the bonds al- writing, may Proceed to protect Muriolpat 'Oil Re venue Bolds,
nobe times. Oriented by this Ordinance and and enforce te rights f the Administration Budding No. 2,
10(M) That it will keep ne h mast:incline, „on the bondholders as hete b f U Series lJJuiy 1,1958 dater]July 1
ate reports of the total cost I h f o vi •d.and to that d shalt b 1158 consisting f 2500'bonds
do the denomination f 53 800 00
f L' tiny Admiulstratlon b bras t t all rights f theh,maturing 'tally- regular
bid g N,2 at the Salt niT L h C' .1 I d'- City under 1 se 1 d 1! first tlaY
Cli M pat Airno[,of the 1 b d r r contract involving 'd Ad numerical
eric s follows.
monthlyes collected and 'I t t with - i do Building N 2 entered B l
of thedisposition t such 'eves hldispatch ll moon.... t t theeffective date
reasonable •
nucs. in t Ad 1 st t Build- £ this Ordinance thereafter berg(All Maturity Amounts
be d by the N 2 part thereof, whiley £ thebonds herein
Inclusive)t pates Maturing
C 1 f theDepart which shall 0 destroyedauthorized outstanding d
mort of P d Public 1- Prob• damaged d shall of be d. 1 30 1962 $30,00000
t Such 'd shall be tl r 1 enlaced S ion 15 That ih t 01 90 1963 60,000,00
t theinspection f all (whether h f'I r promptly 1 ssce f s 1d too 1 t t' I oo 150 1964 60,000.00
interested pets n'. That It will o repalr the same be due to Building No. 2 proceeds under 151 215 1965 85.090..09
cause o[said r'PPot'ts to impracticability ofsuch repair Y laws of the United States re- y1R 280 1966 65,000.00
be mailed monthlyto theorig. replacement or ue to lack toting to bnnklvnlcy, mcludid j 201 355 1907 75,000.00
h
al purchaser of the ands. of, funds s therefor or for any I any Cori under any law r vrd- 356 430 1968 75,000.00
Within sixty clays f the end of other reason).° i R for corporate reorganization. g31 5II 1960 75.000.0I
each fiscal car after Adnllnis. (Pi An order or
decree.shall I it hall beadle 0dUty note f the City,
500 D5 1870 80,000-00
f, t 'Building N 2 h born b entered t r ntl Ic p' t St' S96 605 1971 90,00000
constructed. 't ill - 9 f theSalt Lake hereby lh d d d 66 775 1972 90,000 00
itl t bt made E t t books rCity
t Ind derived Airport the
h I I benefit of to take all
necessary the bondholders f the e 8'7!6 L76 1974 l00 000.00
Administration Building N 2 I 1t acquiescencef I proceedings, thefiling 9'16 1075 1975 100 000.00
byregisteredcertified th City o h order r £amclaims t other.' 1076 1175 1976 100 000.OU
Public accountant. Wit] a I d having b entered I wise arising f thebreach f 1176 127a 1977 1 .,,j,j00
reasonabletimethereafter o with thet - f h t t 12 e 137a 1978 2500000
pot f h dip shall be f the City.shell t lievacated conditions of any agreement,1 1,6 0 1 oo ] 0011 0
mailed t theoriginal h discharged tat d on ap• tract involving -d Admin-
. 1 IN
JCL- 1990 125.000.00
d bonds d 11 bond. l writ f within t o Building No 2 I6?0 oo0 1901 12 011.0
holders whoY t 1 t a afterSection 16 That the1791 1D7` 19112 12.000.09
writing such 1. provided. (G) The City 1 II ir.ake de. I of this Ordinance shall constitute 1610 2025 199'.t t 0000.0
that lin bondholder's name sh ll fault Ihe due and punctual irrevocablecontract between 2026 2115 196a 159.0(10.00
b kept theI' 1f t f - f otherf the Itl City of Salt Lake Cif d the 2176 2325 1985 150.000.00
such reports 1 Ids 't t lit C' r owners of the bonds is. 2226 250p, 1906 17 00000
is i t least t. d contained d hereunder REDEMPTION Bonds -
t years. Such t' d - h n n d - this Ord'- S ti 17 Th t the Mayor,the bored 1 to 775 both •
audit shall be opento tnspec- t „art to b Commissioner f the Department maturing on January 1 In the
tion of all interested persons. formed..1 continued f Linn'f default d I of
fie Parks
d d Public
he ether or(fi, years 1969 k 1972,subject to b B it l
(NI That the City Ito ft. written t' specifying ens of the City be, and they Lion pl maturity. Bonds
t ell contractual oblige h default d te hereby authorized d di numbered 776 t 2500.both ]-
tinns undertaken by It ter re to be remedied,requiring
lghave ected to take all Steps and tom n.¢ maturins n JanlrarY In
leases o thin'agreements with been s to the CitY by the I and perform all things necessary the Yeas 1973 to 1980,both i
the United States of America.America, holders given
twenty.flve p t or properto accomplish the sour elusive,to subject to m'ia' re-
r agencies, and both public send to Principalamount of cent
Io herein reeitcel and, rlhoul demotion in whole or In part.in
or Vj'n bonds then outsanding, r br limiting the generality of the fore- inverse numerical order, at the
f )[ theoriginal h of the going, said officers be, d theyJuly 1,
(Ol regulations subject f d 'Icsl'de ereby arep author] d d d option
fon th any
p interest 00 payment
bonds.
t' 18 That the hap fed to ex eke h l'tl t date th ft. t t t,
or municipal government.L a - n- anti continuance f a relating to the authorization. o 'd lh th f 11
l t' f thyholder rca default, - -d d Section 12 t and delivery t id bonds
s hod 1 g
h Id f twenty-five Per cent this Or tl C 1 and 1n d certificate to the f t I r°r
in at. 't amount h theholder o1 t b a fact,that no litigation 109.50 tf 0 1 107_
1 the bonds it d hereunder holders f t l h twenty nding r threatenedaffecting 103 50%i redeemed thereafter
d t - t outstanding f t- cent' 1 amount the validity thereof,as 1 n I but
on or prior 1 1900 y to
shall h theright t l all rr.a f 1 bonds houtstanding I biv be attired by the pun
bl.t 1 t inspect Admin. d t theCityto h.. OL itl a its 102 50 ifredeemed thereafter.
ft.
-[ ti Building 1J-2 d all Protect d t therights f j Section 18 That said bonds, u Noticeof d pt f bonds
records. - 1 1 I t of the bondholders d thisO di lh d as hereinprovided. h subject t redemption shall hr.
h City relating thereto e b 't t' al( duly l000leexecuted an delivered £ 'vea by to
CityT n
1 t t theSalt fake Lily di I equity t 1 thepurpose or -' s the name of the Cif f Salt Lake
-M f City by publican E notice
Municipal A'p i. d u t ece ,. theappointment f a s it fray In part the t f not less than thirty
quest,the _ will furnish to f thespecific p 1 t nR Administration City
yMu t ysaat a m,a than sixtylays
suche bondholders - 1 S .,al f i t or n .2 theSalt shall
constitute Mu da
t is 2 1 th 1 t d t d h ! n ' 1 y a[ h 11 ehal a prim tothereds tldate,
tl .I t1 t' th. CIt d - d E t _f v ri of b d behalf f the n p' of g l la'-
'd 15 a thehold. or herein grunted or£ he coyly
future holder of an of and fofenene wen or
t t Lim l b1Y equitable i 1 h d- I -d bonds that 'd bonds have periodical of general liculation
(P.Titus [ 111 t d f i d t (f t 1 been „sued d f valuable c 1n the CItY of New York
t the Salt LI k Cit M t „rote. i f the rightsideation in full conformity with PURPOSE OF TsZ To Pro-
,i oed Airport a standards r 1 l All equityaw Or jr1 h Il proceedings
s yost funds to dy llnO in no rt rue
ma''hrrn ordcrd tbyt the¢'ono f 1 hat I shall
to In, la Section 19 That nptwlthstand- cost f nstructi Ad ! Ira-
31 n thing in this Ordinance Llpn Buhding No; 2 t tI Salt
tl n t t V Iled 9Ltcs the [ I holder, contained,nothing herein shall be (Lake ERE Municm 1 A 't
Government authority or the br ads and coupons then construed in such manner as to INTEREST the bonds will beat
Leonides for the landing and 00 liae impose any obligation up n the interest payable Janitor,' 1 1959.
taking off 1 commercial, pa S t l That p thehoof City sruiring the City to ex d fly thereafter on
sender and otheraircraft, and f it of
the
S t. peed anyfunds derived from the first d of January and July
as a term point 'thin he Ill th C de t I1 do sources her than[ the1 each Bckers must Speedy
Clt Ic thereceipt. and des d n n I1 p pAdministration
g other operationleas-
I the rate of interest Rich the
t 1 .2-airmail, gers and A f ist tion Build' N 2 bonds offered so sale shall bear,
p tv ft n land b i f f th bondh itl rs d further, thatobligation but must not s CCOY . coupon
(QI That -n the vent my to invited 1 preserve the
e s I1nlpoSed u the City by rate for a on calendar year
part of the site w taken by the arils created for¢the n eat provision of this Ordinance hall in execs of six r' tom
exercise of a power of c ]nest a constitute an meaning
ofs the n um.excess
permissible to Per
domain, the o u I one City Ilhin the of any different o split rates of interest
received by the Cite s constitutional, charter r' statue for the bandsy vided,however.
award s result of nsuch taking 'hall be tory provision o' limitation, but tent s•bid 'hull necify a in-
patd Into thz Revenue Fund, eery such obligation hall be his- I terest orate only for each me-
p IR)That r order to prevent hange solely out the Bond turtle. 0
m lation f Fund,co s d of ofhe net re - PAYMENT:Both principal
claims accumulation
interest after mature nos to be derived from such futerest will be le 1n lawful
its,It will not n assent
r in- leasing o then operation o use one of the united States of
directly extend or sse t to the f -d AdnUnislratior Building America at Ylmns First National
extension of time for the are I No.2 I Bank o£Salt Lake City,Salt Lake
Or Section 20.Tlrat the.Mauer and City,Utah
for interestnon nnrpof the bonds Clay Treasurer of the City of SECUIIITY:Thebends wl t
ll c -
issued hereunder. ❑ that it I Salt Lake City be,and the tilt p obligations
1 bl g t of Ihe
will hot directly indirectly hereby are. authorized d di- I City f Salt Lake City, able
beartento or approve uch a ny r cted to Ihave p blish d t e,
.:Icr 1 1 d b
Str
[ ale t d bonds h le £t derived
tension or mr the P to p p l t a°I £o the 1 other )i-
keeping If 111 t. f f said cow, $2 00 000,c0 r of L- f Administration
h hilt b general circulation theCityf Build 2 t the Salt Lake
Salt Lake City I d Th Bond
h Cil bt l A t d
,'tends..• s REC ISTRATION: Th b
Lannert t II t f 1- Il'h f [ C't . ;3: Y k, will t b subject t ort1n61
•
a£te1 s h extension o at least ice not a than Ilion s to either principal
tcre.,g be en.r. sixty o less than twenty days, terest,
tit'e< si nenaa shall
here- F'tl b¢the alete. aid notice
l
r th benefit p u low lowing ',EOM:substantially t
this to0,Ordinance. except sub
e.t to the pp']o,' toe r t itl
bandll s f shed hereunder and
and
the rtntartdinR arid o[ I
the payment [which has not
been extenders.
Section IL That the bonds
th e❑ to be issued d hurtutnritr
ire�'nhall sort I�bep lllltlnt!rto t.iit
rrio,ic,one r the other 1n r
application fvthe y Me
to be
°t i the ti nc eb0 11w,0°,1"m1�: 00,
i 0C101:the tention of ibp
CIIY 111ai�.he'c sharp be 11 pra01
sty a the bonds authors,.ed
to he 1ii ued p ant to this 01-
dlnanco� artliefa of the Ipct
that they v br actually i ued
r delivered 12.at hlffe rant tunes.o Section II, That each of 150
followi,l8 cots s hm'Chv de-
1 ie rn av eVent°f default;'that
•
yo
(SEAL/
Attest:
HERMAN J.HOGENSEN
City Recorder
Section 21.That this Ordinance '
glee,be amended
doped lbeenthe
Board of Commissioners of the
City of Salt Lake City in
ac-
s3 Statee
not Utah,thed lawswithout the
receipt b the City of a addl.
--- Clonal consideration, ith the
written consent the with
f
Legal Notices I two-thirds of the of
authorized
— by this Ordinance nd.outstanding
TERMS OF SALE at the time of the adoption of
HIGHEST tot BID:Oho bonds ILL such amendatory or supplemental
be told[o the bidder subject
in the I s at once; provided, however,
best bid therefor. ublecl City the that no such ordinance shall have
r¢digs reserved to the of the effect of permitting:
Privilege
Jeertnn any and
all bid..00I or (A)An extension of the re-
5011mglaing such bonds for sale by Unity o[ any bond authorized
Ming the sae• privately. Tile by Ordinance;
Vfled1t bf(1 will be determined this A reduction or the twin-
1 dcducba, hen uto the ipal ino nt of n bond rloc
bid,0if0 a which the the se f loftiest thereon;o
CO amount� of interest whichthe tCrla The c tion of a lien
c a:d be required to pay i s pledge f revenues
the the o itielt bones to ed20gr poor to the Ilea utr
theoponrate
maturity ratest specified
.t pledge created by this Ortli-
the respective t rate of an cl will
verity therewith '•
I the din,the 1 the award will tent as provided i this Ordi-
be merle ona btota of it,,This , '
net interest cost o the City,bout clout A reduction f the n
not nc 1 be competed 5 thout MD)
amount oe bonds required
e£er ci t to thebends
ppr. rmemu- tar consent o such emendatory
Lion f the builds prior to meth,-er- .stnplemental ordinance; o-
eritshe Pare isle t der a f or
The stalishnaent of
Interest hem the dare ofr, -tics as between bonds
Bills must tothe date f del beery. iced and outstanding under the
Bids must o for all of the accrued
'ov'inr . this Ordinance.
t not teto than a'with n cruet I OSeeou',o,22. Thal n of the
I at
Board to the dale of Uciea se. covenants, agreements,n re ails-
'The of Commissioners re- I tatfons and warranties ontained
s he llivig on 3n its disare- n/his hereunder,s 1 the bonds
i 01 to of is gay gblaritr issues hereunder, anait a ter-
formaifiThe ne hide se or be construed a Neimans.
or
AWARD: The Board of Cent- I oos,any liablllty. d.as
as Rn
ill take action rd. I charge against the obligation
or on
Tiro stherbonds or rolectbrg all bide general a ennsL hatable out to
t later than twenty-lode howc is general fund,o out of anY
Irrr0 .he 'ni'lion ei the time funds derived from txation, or
m' -boa for the. ergo of bids, from any source other than the
,DELIVERY: made¢to f he leasing or other operation or
bonds will eber made to the snr- of Adminisration Building No. -
se
ea ble ',Miler , n tract Section 23.That if anysection.
0 t000 at some lt Lake or
or paragraph,clause of
this Ordinance shall n
Ise where rat n h nth¢ ,be held to be Invnlidno
th .ssucce dy r. City ex- enforceable,the invalidity o un.
I be e successful bidder.
bi thedder.¢% enforceability of ry such section.
r ern0Oh. ell. sor s provision
nulal ill be fur successful A bid pro- shall t affect a d of then -
oe will be furnished City
ecorder. malting provisions n of pthis Ord[-
Cit bidders by the Rec.Saltfiance.
Lak a tl . Utah II hick s Salt Oh f ion 29. That by re s n f
Lake City. Ulfh, hull without
the fact that the port faeili-
bh completely or addition ioiled out i ithout ties of the City f Salt Lake City
Abide or rty other
by the bidder. are not adequate to supply the
A bid i . Cho form y be and future needs of the
disregarded.All bids mot be - Cityonn d of Its inhitants, and
o ditloi al c. together with the for and
re- the opinion
bidder's check.e,rlopet ddresm�tlato of the Board of inommissioners
theMayo'C fw the CItY of Salt ¢eels a d this
Lake Ctly.Cliv and County Build- unmet ce Clel 0 Cxa ace [or the
Ind, Salt Lake City, Utah, and
hnmedfate ➢reservation •f the
entitled 'Proposal Inc City f Salt oft bliCbehi al fulls(creelsnod eifeet
Lake Cite Municippal Air tort Revr- immediately after Its final pub.
e tends.Aaminiati'50 00 IIulla- i'VAn a r.-,
I nth No. '3*Series
Each'3by 1shall1 be Scc Unn 25,That4thit Ordhranee
after its passage shall ire ape riled
sec holed by certified r he its
of Ordinances o[said
ihobis°s heck madet00 v ble to City, kept for that purpose,and
n City'Treasurer of 1he Clte of authenticated by the signature of
Salt Lake City in a amount the Ma roe and attested]and roan-
au!inm two per cent of the rein- tersicned be the City Recorder.
nal aunt a the bonds being ADOPTED AND APPROVED
I offered le, which certifiedpt- this 26th day of June,IMS
...eels s check will be p- 1r ADIEL F.STEWART
•
or
is hind to any such bionic Mayor
f his bid ie not accepted, and
which certified orcash' check (SEAL)
of 'n• successful r bidder who Attested' d Countersigned:
I shall fail, neglect or fuse to HERliSANa J.HOGENSEN
eat the bonds se ld and to City Recorder
CmplCte and nay therefor in
I[was then moved by seconded
b-
urprdoneg 'th the term..of such It
L.C.Romper. Coed by
.s fat bid within thin..days Commissioner Grant Meconde klr,
ftnm the t 'o thereof shall that all rules of the Hoard which
be a City. Ce lea the Clly of Salt suspended.
Lake city. the Itnelrna000 ttndsaption of
PROSPECTUS: Ao m'ehalf of this Ordinance i this siting
has been n' copies
n behalf be, a d they hereby,a
f the(sty.and odes arereadable pouted. ie, the
the nonce ofethc Cityv iM. Scl' The question bring u he
Lake
t County Htritdine, Sal♦; adoption of sad motion upon
the
Lalre City.Utah suspension le
LEGAL OPINION AND T was called olwith itlie s,following
roll
LITIGATION CERTIFICATE,sue0:Theresett:
City will furnish the a e.ssful Those Voting Ave: Adiel F.
I bidder without charge nuthe - Stewart. Grant nI. Bprbidac.
itcd bonds and the s unqualified Joe L. Christensen,Theodore I.
PPinlrn of Messla.Dawson.Nagel, Geurts,L.C.Romney,
I at Law.
nU (toward,Building,
Dcvs Those Voling Nar:None. •
at l,aw.F u table 1111 ga Den- A majority f the members of
ver. Colorado. bonds,
wing the the Hoard of of
hav-
ithity of the bon eta together ¢ n favor o.
with certificate a tins Shot Mg voted
rpr siding of
de-
there is o litigation Pendfn¢aft glared the motion carried and the
05 01 the v Il of r the bonds asp
f the sate f their del Utah• rules
L. C. Romney
thisd at Salt Lake City,Utah, thereupon m vet the adoption
this—d - I TE and fink'. sage of said Ordi-
Mopoa F.STEWART na c, which'motion as sec-
_. Mayor I Hurblidae.The nillstvas c Getln`v th
,the following result:
' 01511ast,VGrant hie'Hutrbidre,
Joe L.Christensen.Theodore f.
Geurts.L C.Romuee
AT majority
aj Vitinf the nNpobers of
the Beardrn f of
hav-
e voted Ie favor f,the
pas-
sage and adoption of Salo Ordi-
nance,the presiding officer there.
neoon declared said Odinance duly
upon
a d adopfed.
n that sad ils 10ncewbe
afterb Steed ab Vfl lbvfl hey Maylor
and attest C'('.as c rn ilfe7
nchlri.shnii yn The➢eeseret n'News
Sall Lake i Telegram, he official
Of fire Cfico o Salt
Lake City, and be recorded by
Ill- .Ile Vermeer in the Book a
O titaness according to law.
Thereupon. the meeting ad-
iomned.
ADIEL F.STEWART
Mayor
(SEAL)
Attesfed at a CounteiS Ines:
RERMAN J.HOGENSEN
City ReO.40
PILL.het 9a d 1115fl
Published June 2Bi]BSB (C-821
'/0