HomeMy WebLinkAbout64 of 1960 - Authorizing the issuance and sale of $105,000.00 of Special Improvement Bonds for Curb and Gutter Ex , •
173. 108 200.,,1,60 Q.P. _ • -_.....s.
ROLL CALL A Salt Lake City, Utah,._MiIY-1-,..1=-;;!; , 196
VOTING Aye Nay
Christensen I move that the Ordinance be passed.
Geurts . . . l/
Piereey . . . r, _°-.. �,�x titit
Romney . . . // %
Mr.Chairman . ' AN ORDINANCE
Result . . .
AN ORDINANCE OF SALT LAKE CITY, SALT LAKE COUNTY, UTAH, AUTHORIZING
AND DIRECTING THE ISSUANCE AND SALE OF IMPROVEMENT BONDS OF SALT LAKE CITY,
UTAH, CURB AND GUTTER DISTRICT NO. 285; TO FINANCE THE COST OF IMPROVEMENTS
MADE IN SAID DISTRICT; PROVIDING FOR THE AMOUNT AND THE EXECUTION AND FORM
OF SAID BONDS; FINDING AND DECLARING AN EMERGENCY THAT THIS ORDINANCE
BECOME EFFECTIVE IMMEDIATELY AFTER ITS PASSAGE, APPROVAL AND PUBLICATION.
WHEREAS, the Board of Commissioners of Salt Lake City, Utah, has
heretofore adopted proceedings for the construction of improvements in
Curb and Gutter District No. 285, and the Ordinance of said City confirming
the assessment roil for such improvements having been duly adopted and
approved on the 24th day of February, 1960, and
WHEREAS, notice of assessments to property owners in said District
has been published in accordance with the requirements of the laws of the
State of Utah and the ordinances of said City and notice of assessment has
been mailed by the City Treasurer to all the owners of all property assessed
in said District, and
WHEREAS, the total cost of the project was $162, 165.04 of which the
City's portion was $20,488.99, leaving an amount of $141,676.05 as the
remaining front foot cost of which the Cityt-s portion against property owned
by it is $3,373.08, the balance of the front foot cost, after deleting the
City's portion, being assessed against the abutting property owners in the
amount of $138,302.97; that during the fifteen day period following the
effective date of the ordinance levying tie assessment, the owners of private
property in said District have paid $33,716.87 on the principal of their
assessment, and
WHEREAS, It is the opinion of the Board of Commissioners that Special
Improvement Bonds of said City shall be issued andosold for the purpose of
paying for the improvements in said Curb and Gutter District No. 285 for
Salt Lake City, Utah.
ta�
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NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF
SALT LAKE CITY, UTAH:
SECTION I. There shall be issued $104,500 Salt Lake City, Utah,
Special improvement Bonds of Curb and Gutter District No. 285, said bonds
to bear date of the 27th day of February, 1960, said bonds to mature without
option of prior payment, to bear interest, numbered, and in the denominations
as follows:
Bond No. Bond Amounts Years
(All Incl.) Denominations Maturing Maturing
1 - 10 $ 1,000 $ 10,000 2-27-61
11 - 20 1,000 10,000 2-27-62
21 500 500 2-27-62
22 - 3i 1,000 10,000 2-27-63
32 500 500 2-27-63
33 - 42 1,000 10,000 2-27-64
43 500 500 2-27-64
44 - 53 1 ,000 10,000 2-27-65
54 500 500 2-27-65
55 - 64 1 ,000 10,000 2:27-66
65 500 500 2-27-66
66 - 75 1 ,000 10,000 2727-67
76 500 500 2-27-67
77 - 86 1 ,000 10,000 2-27-68
87 500 500 2-27-68
88 - 97 1 ,000 10,000 2-27-69
98 500 500 2-27-69
99 - 108 1,000 10,000 2-27-70
109 500 500 2-27-70
Bond principal and annual interest shall be payable at the Office
of the City Treasurer of Salt Lake City, Utah.
SECTION 2. That said bonds and the coupons thereto attached shall
be In substantially the following form:
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY, UTAH
SPECIAL IMPROVEMENT BOND
CURB AND GUTTER EXTENSION
NO, 285
$ No
KNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City, in the County of Salt Lake, State of Utah,
a municipal corporation duly organized and existing, for value received
hereby promises, out of funds available for the purpose, as hereinafter set
forth, to pay to bearer the sum of
($ ) on the 27th day of February, 1961, in lawful money of the
United States of America, with interest thereon at the rate of five per cent
(5%) per annum, payable annually in like money on February twenty-seventh
64
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in each year, beginning February 27, 1961, upon the presentation and sur-
render of the Interest coupons hereto attabbed, both principal and interest
being payable at the office of the City Treasurer, Salt Lake City, Utah. In
event of failure to pay this bond when due, it shall draw Interest at the
rate of eight per cent (8%) per annum until paid.
This bond is drawn upon the City Treasurer against the special tax
levied upon the property Included In Curb and Gutter Extension No. 285 of
said City, to pay the cost of Special Improvements constructed in said
district or extension, under, by virtue of and in full conformity with the
Constitution and Laws of the State of Utah, and also ordinances of said
City duly passed and made a lawthereof prior to the issuance hereof.
A special Improvement guarantee fund has been created by said City
as provided In Article 8, Chapter 7, Title 10, Utah Code Annotated, 1953,
and said City agrees that at all times during the life of this bond and
until payment thereof in full , said fund shall be at all times maintained.
This bond Is payable exclusively out of said special tax and the said
special improvement guarantee fund, and neither said City nor any officers
thereof is holden for the payment thereof otherwise.
It is hereby certified, recited and declared that all acts, condi-
tions and things essential to the validity of this bond exist, have happened
and have been done In due time, form and manner as required by law, and that
the total Issue of bonds of said City for said extension or District, Includ-
ing this bond, does not exceed the taxes levied to cover thecost of said
improvement and that all of said taxes have ben lawfully levied.
IN WITNESS WHEREOF, Salt Lake City, Utah has caused this bond to be
signed by its Mayor and attested by its City Recorder and drawn by its City
Auditor on its Treasurer, and theannexed coupons to bear the facsimile sig-
nature of said City Auditor, and this bond to be dated February 27, 1960.
/s/ J. Bracken Lee, Mayor
/s/ Louis E. Holley, City Auditor
Attest:
/s/ Herman J. Hogensen, City Recorder
(Seal)
FORM OF COUPON
No. $
On the twenty-seventh day of February, 19 Salt Lake City, Utah
will pay to the bearer at the office of the City Treasurer, Salt Lake City
64
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Utah, the sum of dollars ($ ) in
lawful money of the United States of America, being one year's interest due
on that date on its Curb and Gutter Extension No. 285 bond, dated February
27, 1960, this coupon being payable exclusively from the funds described
in said bond.
/s/ Louis E. Hoiley
City Auditor
Bond No.
SECTION 3. Said bonds shall be signed by the Mayor and attested
by the City Recorder, and drawn by the City Auditor on its Treasurer, and
the annexed coupons to bear the facsimile signature of the City Auditor, and
the Board of Commissioners does hereby ratify, approve and confirm the
execution of said bonds by the said officers, and the City Treasurer is
hereby authorized to issue and deliver the bonds to the purchasers thereof
their agents or assigns, on receipt of the purchase price therefor.
SECTION 4. The Treasurer of Salt Lake City shall be, and he is
hereby authorized and empowered, and it shall be his duty, to receive and
collect all assessments levied to pay the cost of said improvements in Curb
and Gutter District No. 285 and the annual installments thereof and the
interest thereon, and the penalties accrued, including without limiting the
generality of the foregoing, the whole of theunpald principal which becomes
due and payable immediately because of the failure to pay any installment,
whether of principal or interest, when due, and to pay and disburse such
payments to the person or persons lawfully entitled to receive the same, in
accordance with the laws of the State of Utah and all the ordinances and
resolutions of said City heretofore or to be hereafter adopted. All monies
constituting the payment of principal of said unpaid installments of assess-
ments shall be placed in a separate fund to be designated "Bond Fund of
Salt Lake City Special Improvement District No. 285" and shall be used for
the purpose of paying the principal and interest on special improvement
district bonds of Salt Lake City Curb and Gutter District No. 285 and for
no other purpose whatsoever and as security for such payment said fund is
hereby pledged. Should there not be sufficient money in said fund to pay
all of the interest and principal falling due at any one time, then the
principal and interest shall be paid from the guaranty fund, or from any
funds of the City lawfully available for that purpose.
SECTION 5. That the assessments and interest thereon have been and
shall continue to constitute and are hereby declared to be a lien in the
64
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several amounts assessed against every lot or tract of land in said Curb
and Gutter District No. 285 from and after the Twenty-seventh day of February,
1960, the date on which the ordinance levying special assessments became
effective, which lien shall be superior to the lien of any mortgage or other
encumbrance, whether prior in time or not, and shall constitute such lien
until paid, which shall be equal to the lien for general taxes.
SECTION 6. That in response to request for bids for the bonds
herein described three bids were received as follows;
NAME OF BIDDER INTEREST RATE PREMIUM
Chiles-Schutz Company 5% $ 4,846.63
Continental Bank & Trust Company 5% 4,578.00
Edward L. Burton & Company 5% 4,185.50
By reason of a reduction in the amount of bonds available for sale
from $105,000 to $104,500, the premiums bid have been reduced in proportion
to the reduction In the amount of the bonds. It is hereby determined that
the offer of Chiles-Schutz Company to purchase said bonds at a price of par
and accrued interest and a proportionate premium of $4,823.55 is the highest
and best bid submitted for the purchase of said bonds, and the sale of said
bonds to Chiles-Schutz Company in line with their bid therefor is hereby
ratified and confirmed and the bonds are hereby sold to said purchasers
in accordance with the terms of their bid therefor. The City Treasurer Is
hereby instructed to deliver said bonds to the purchasers upon receipt of
the purchase price thereof.
SECTION 7. That a special improvement guaranty fund has been created
as provided in Article 8, Chapter 7 of Title 10, Utah Code Annotated, 1953,
as amended, Salt Lake City hereby covenants and agrees that at all times
during the life of the bonds herein authorized until the payment thereof in
full , that it will, to such extent as is necessary in order to prevent default
in the payment of principal and Interest on the bonds herein authorized cause
to be levied annually for guaranty fund purposes such tax as may be necessary
on ail of the taxable property in Salt Lake City, Utah, but not in excess
of one mill on each dollar of assessed valuation; and that any money received
from said special improvement guaranty fund levy shall be placed on the
special improvement guaranty fund account and maintained for the purposes
outlined In Article 8, Chapter 7, Title 10, Utah Code Annotated, 1953,
as amended, and for no other purpose.
SECTION 8. That an emergency is hereby declared, the preservation
of the peace, health and safety of Salt Lake City and the inhabitants thereof
64
so requiring, that immediately after its adoption this ordinance shall be
signed by the Mayor and City Recorder and shall be recorded in the ordinance
book kept for that purpose and said ordinance shall be published in the
Deseret News-Salt Lake Telegram, a newspaper of general circulation in Salt
Lake City, Utah, and this ordinance shall take effect immediately upon its
passage and approval and upon publicaion as required by law.
ADOPTEDAND APPROVED this `l day of May, 1960.
//' aye r
y r
( SEAL
BILL NO. 6 of 1960
Published May 25, 1960
AOM•9.A
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
Salt Lake City Bill No. 64 of 1960.
An Ordinance Authorizing And Directing The
Issuance and Sale of Improvement Bonds of
Salt Lake City, Utah, Curb and Gutter
District No. 285.
was published in said newspaper on May 25, 1960.
Legal Advertising Clerk
Subscribed and sworn to before me this 26th day of
May A.D. 19 60
C,T)
Notary Public
My Commission Expires
Nov. 25, 1961.
AN OR D[NANC:1;Oi�'
L:TAH, ntli ORIy,ING AND .1adr CT1!4,r,;ISSUANCE; AND
ALE OF Ill in"ER DI T RONDO()yy!,$ALT L/KF.CITY UTAH,
CURB AND GUT fLR DIS'fR1L1 VO fJS.'fO PIN AlTOIC THE C()ST
OI'al lVIPROJEME 'f5 MADF'.I1}IN ShI�GDq D$5'11{AiiIENCT PLi'OVLDING I OR No FORM OF CO11POn
E�RDInHSA OCP.DR C�'\D nIFFF uh' II NiF.DiR,IL^,I.v�,FTCNT1iT5 Old h I i tl 1 f F -. 9 11 i LI
tp
7J� �i0 l"h C t l Utah 1 h b the f f 11 C
k AGE AS 1h VH Lliff CLat'ss,70Nf Salt Lat City,Utah. i Li_f. St f A 1 .s
h f f adopted I to the" t t 1 n Tstencien\ bon?, .I F [ 17 1911 this 1 11 hr ll2
Curb C t: O L N 20 th O d I parable o�climb:els, front the hinds<1 d'n hood.
e assossmont b f h .. t'ti
me b cull duly t 1 oleintor th and nved it the 24th day o`Poti uarv, Uol d Ho. r4) 1 P.Ho.lc> City Auditor
1900 and SECTION 7 Saul bonds ttnillhr Nunen by Ill alm, nod
WH➢PEAS. notice of 1. . pi+Nay owners In said attested by the l III No(I A
D t t l b bl t 1 I t. f L n d l I h Its
the laws of the State t Ut 1 mid the ri f stul City Ili,CIII,ALIIIII0I, an!! tl Roato of C helobv
ll f assesupent hos 1moiled 1 U L T to all OM
the
LL t 1 '1 e L 1 al f _ I th, Cat'T n I£ 1 1 the
V 1(FR A-11 f f I 1e"[ 51.2 1'.O4 t wl-rah d Ica H. ry :11
t ofas the reitia.nimr T 1 d U f h 11 b 1fIhC t b [• L I C It 11 d t\ SF- I the annual
d 1 111 tl ff t 1. f d d installmentsthrice, t the ialtles
rpsessorent,1he owners of pi itmir -'t I Distort have Da, torttied,itillrldin0hail generality . th,f -
531 L(AREAS [ it t I ll a [LI 1s th of f 1 1 D 1 Mile
S 1 I, t R I C 11 h .I I for I I I t 11 t 1 lea
the cf i . fn' the":capstan-Moats in mud CBI,andGrater paymentsto t -1 Tull `till re
D t t No 29S f Snit',.I,Pilo,Utah I t the Slate f D.h n me
NOW THE I f OR1 1,1 IT 01(DAINFD BY Till:RDARD OF ,III} h h -other
COMM155IONEii ).SAf' LAKL'CITY '-',1;`,.,` ',,
TAIJ. fell l _ t I £ said
SFCTION 1 It b J 1.4101,Din It i l e C N Utah LaMar,, f t"> I -d 0 fi nA
I t tl I l I nd G. D 't 90. sb+ la b,tr a d P tf S 11 I O
d b 1 r tltc ate a 221 d, 1 19C0tl boom,-
men/D \ - 1 II
bonds to mitul h t tot f nl,to bear interest, 1 1 "I ' t id o[
mbcted,and Ih.d o .D'as fnllowv Ise -O N 2 d
(AllI c )toncL Ani uits Y. s _
(1-I1 D-) Ilenoninatmna Wiwi,. T1 - 1 bra 1 d II not be',Moe,t t 1 fr fund
-10 41,000 810.000 2)R of 11 i I 1 f 11 e. to (Imo,ov
a1-20 1,hO in OW ;7 i2 fh - fh I ! ll L red f tY rat
21 FAO '0 22F02 I. r f ,.n. funds of die L ahr fhrll.v :mailable (o:' 1h.�!
2-21 1 ahll 10500 2-27 fi'11 s
O2, "IC'1 I shall
'1'h1 the t h e I hn ye
soh 2�ca
q2 ] 1 10 non T v(i i ei 1 r t e ) h II, f d to be
j
ll o ]' the oi-
o.f lb. 30 hn0 27 I. f land _ b Gott, i N .eft C t 1 el r�I
4 5 ii d_ c l L , J 1.09 the r which Urn
0,-II 1nlll 10 01 1
- lie,e 1 i 1 etf t' h lien
2-)'1.97 I II be -t::U 1 r h -
a ]SfalO ]0 n0 22'l-E'! . ^ h her until
.i. 2)-C'! 2,11.1.slim ho ppm, to the I ( al t
].Rf I e d0 .d 22"bA SECT! h
- f he hands
J10 ,, 227-03
83•01 LIMO 27f heca]hATt ] D' ds ucrenIYT12 olio P L . bri I iiflai 008 500 `00 2-27-02 _MSc.,.Mon-ninny
1-29-90 Con t' 1 8 T
100 IrIII100 10 00 2'I-'!0 I t in 0 • .
Bond l min,' that'IN Payable at the Office I,; l tl t h 0
In-
"'lhC of S. L IIe 7,1 Ltnh0 .Ir f f tv 0 tic 1 ��
N Tn su 2 TI t h f h 1 - I I co run is thcl et allachcd 1 I I I
shall be in sabst N II hr.f fa An I n1 ]at 11 f Chi 1p
L1NITffl�S' E I S DP AMh'RIf'A 1 said ti t d i
ALI OS l0'H a1
COUNTY TCIT 1'I.AKP. he P I Ib21 n': ! f F d
SALT IX 1 CITY D1'AII I lest C - with 1 A 'heron.1n i hl d r'.f tea
:A AN]Y ROl1 M XT BOND 1 C II -
CVItD AND C O,l2AR EXTDNSION t a Ietcice,in 1" hd to eel their wad hotitl+,t the mlrhsse s
No 'the n nchme once,thereof. nu
IKNO1 Aft Otl N 7i TH F PI S.\aT4. r S1 FTC t 7 That 1 t L fund hos
11 t S It T, Apar
-Milo
C L df S li I,II F f fort Vtlue ,carted Lis to t, l g d d AlMOP Solt1.1ceChanter C't h Tit,el,cotenants 10,
Utah Code
out]
Moceiyed hereby t f 10 available 1 for thepurpose, s tI t I all timesthe 1 1,bonds y untilh II f i Rot it will t h tent
(ash Saft.� setbull,-tn P t b hr if d
1961,in I ufrtl r +f the a United bastes.c Ant 1 £,h Interest t I inter..t r I..e cbt< hate 1 1tteliaryl ftr wino,l d
2t the late of fore t (5,1 n _ 'able a - hells r 'f l t ,,,
Ill 11 dell seventh " 1 n 11 of t t ,bl t I 0 I 1 C It 1. but of ti
hedinniett FohruirlY 2711.1Fd1. 1 t.hc piwentatiou aid suitOnder of one mill o dollar of torosscri v.:.oleo, nd that
E the interest coupons I t,'attaelled,both principal .Vol rest ..1 f t ants]
be hl themaim t t Cityair Salt L.0 City, placed tome.]1 t Tina
Utah. In the cent of falcrc to n y this bond when du.,it shall id ft the 1rd ArliC cr 1.
draw Interest at the rate of cilfIII er cent f3':1 ,del annum ir-Yoo , 7 'file 10, Utah Corse Annotatte 1203. a., amen0ed anri
UntillTO iidhnnd Is dry 1 the City Ti e:Nu ru nyalost the special 1f ,,,c.rxOr 0 Mimi purpose
-1 -d elated the p
Laic 1 red t the - tvincluded C't1 h Gutter Colonseon f h d f I f Snit I Cited tthc
No 28 £said C i the .t f S 1 l I lO t 1 II_ o f that I: I 1
st i -tad 1 t lore b nd n full l all i 1 by theI Rcepitet and
n t 1 'Jab II Cl',-t IC 1 d I. f h S of Utah,
and 1 1 drily pats,and made a raw lh010ot II II D- NiSall Take
e
priorID I, c In'cot' ON grain .�,il r Inloa SaIII (Cityt.
A I 11 has h rated by paid and : shall r ta- effect immediately its
City a Provided in Arts?,RU Charter'1 'title lf`C1U1r11 Code Anna- pa aL�. irh red by la�v�
tat(1 1 ( the t I -cl "r' the life aa01101'Tt'II AND APPR OV F.D)this 1']th f f,l"�.]900.
of this bond and IIIIIIi ”i1,11111,thole,in foll said fond shall b- J.ERACtiEN LEE
at all times mai,tin, This as out of Manor
shod mein, tax and the mid 1 t nd. li Hortense,Ltt'licr,det
ono r her d u. order), t1 0[ - ha Won f the S AL.
of nth,,to_ HILL N0 C
1 h: 1 Ice1:Ice thatall 1:. di- Curb&Cutts-D.st No 235
air u l Ih it to Ib I Ildln ri boil t a ha1,e Published May 25 1980 Ca
Im 1 I '0 l, Ihnr tl as
Y L 1 1 1l 1 IA i,,kie o'bonds of d Cit., to,
the
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:01 ll 1 ":S 9V if r 1 I 1 co 'I h _d hi,
horn)1 be,,,,,, 1d 1, his cal vie'
end drown
to be.1I II II.I a ttn T„f-dC Litvi A''r. -ann1
II:er`bond to lie.dated inllo=m''0'2
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is� DJs�1<.riroieev, earl nua;lnr
1t'ol'
_ a. H ago:,cent ('Rr rernre rr,
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