HomeMy WebLinkAbout65 of 1960 - Authorizing the issuance and sale of $23,500.00 of Special Improvement Bonds for Curb and Gutter Ext ROLL CALL Salt Lake City, Utah,..M;.1 1 7 1''i' j , 196
VOTING Aye Nay
�✓` I move that the Ordinance be passed.
Christensen .
Geurts . . .
Piercey . . . f Q\f1
Romney . . . /
Mr.Chairman u 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. 309; 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. 309 and the Ordinance of said City confirming
the assessment roll for such improvements having been duly adopted and
approved on the 1st day of March, 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 $39,287.59 of which the
City's portion was $10,296.33, leaving an amount of $28,991.26 as the
remaining front foot cost of which the City's portion against property owned
by It is $1,555.35, the balance of the front foot cost, after deleting the
City's portion, being assessed against the abutting property owners fn the
amount of $27,435.91; that during the fifteen day period following the
effective date of the ordinance levying the assessment, the owners of private
property in said District have paid $6,403.01 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 and sold for the purpose of
paying for the Improvements in said Curb and Gutter District No. 309 for
Salt Lake City, Utah.
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NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF
SALT LAKE CITY, UTAH:
SECTION 1. That there shall be issued $21,000 Salt Lake City, Utah
Special Improvements Bonds of Curb and Gutter District No. 309, said bonds
to bear date of the 8th day of March, 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
l - 2 $ 1,000 $ 2,000 3-8-61
3 100 100 3-8-61
4 - 5 1,000 2,000 3-8-62
6 100 100 3-8-62
7 - 8 1,000 2,000 3-8-63
9 100 100 3-8-63
0 - 11 1,000 2,000 3-8-64
2 100 100 3-8-64
3 - 14 1,000 2,000 3-8-65
5 100 100 3-8-65
6 - 17 1,000 2,000 3-8-66
8 100 100 3-8-66
9 - 20 1 ,000 2,000 3-8-67
21 100 100 3-8-67
22 - 23 1,000 2,000 3-8-68
24 100 .100 3-8-68
25 - 26 1,000 2,000 3-8-69
27 100 100 3-8-69
28 - 29 1,000 2,000 3-8-70
30 100 100 3-8-70
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. 309
$ 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 8th day of March, 19 , in lawful money of the
United States of America, with interest thereon at the rate of five per cent
(5%) per annum, payable annually in like money on March eighth in each year,
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beginning March 8, 1961, upon the presentation and surrender of the interest
coupons hereto attached, both principal and interest being payable at the
office of the City Treasurer, Salt Lake City, Utah, In event of failure
to pay this bond when due, it shall draw interest at the rate of eight per
cent (8%) per annum until paid.
This bond is drawn upon the City Treasurer against the special tax
levied upon the property Included in Curb and Gutter Extension No. 309 of
said City, to pay the cost of Special Improvements constructed lnsaid
district or extension, under, by virtue of and in full conformity with the
Constitution and Laws of the State of Utah, and also ordinances of said
City duly passed and made a law thereof prior to the issuance hereof.
A special Improvement guarantee fund has been created by said City
as provided in Article 8, Chapter 7, Title 10, Utah Code Annotated, 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 the cost of said
improvement and that all of said taxes have been lawfully levied.
IN WITNESS WHEREOF, Salt Lake City, Utah has caused this bond to be
signed by its Mayor and attested by its City Recorder and drawn by its City
Auditor on its Treasurer, and the annexed coupons to bear the facsimile sig-
nature of said City Auditor, and this bond to be dated March 8, 1960.
/s/ J. Bracken Lee, Mayor
/s/ Louis E. Holley, Auditor
Attest:
/s/ Herman J. Hogensen, City Recorder
(Seal)
FORM OF COUPON
No. $
On the eighth day of March, 19 , Salt Lake City, Utah, will pay
to the bearer at the office of the City Treasurer, Salt Lake City, Utah
65
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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. 309 bond, dated March
8, 1960, this coupon being payable exclusively from the funds described
in said bond.
Is/ Louis E. Holley
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 Treasuer 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. 309 and the annual installments thereof and the
interest thereon, and the penalties accrued, including without limiting the
generality of the foregoing, the whole of the unpaid principal which becomes
due and payable immediately because of the failure to pay any installment,
whether of principal or interest, when due, and to pay and disburse such
payments to the person or persons lawfully entitled to 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. 309" 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. 309 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
6%
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shall continue to constitute and are hereby declared to be a lien in the
several amounts assessed against every lot or tract of land in said Curb
and Gutter District No. 309 from and after the eighth day of March, 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 in the amount of $23,000, three bids were received as follows:
NAME OF BIDDER INTEREST RATE PREMIUM
Continental Bank & Trust Company 5% $945.30
Chiles-Schutz Company 5% 881 .60
Edward L. Burton & Company 5% 875.00
It is hereby determined that the offer of Continental Bank & Trust
Company to purchase said bonds in the actual amount of $21,000 at a price
of par and accrued interest and a proportionate premium of $863.10 is hereby
determined to be the highest and best bid submitted for the purchase of
said bonds, and the sale of said bonds to Continental Bank & Trust 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 Clty hereby covenants and agrees that at all
times during the life of the bonds herein authorized until the payment
thereof in full, that it will, to such extent as is necessary in order to
prevent default in the payment of principal and interest on the bonds herein
authorized cause to be levied annually for guaranty fund purposes such tax
as may be necessary on all of the taxable property in Salt Lake City, Utah,
but not in excess of one mill on each dollar of assessed valuation; and
that any money received from said special Improvement guaranty fund levy
shall be placed 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
63
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of the peace, health and safety of Salt Lake City and the inhabitants
thereof so requiring, that immediately after Its adoption this ordinance
shall be signed by the Mayor and City Recorder and shall be recorded in
the ordinance book kept for that purpose and said ordinance shall be
published in the Deseret News-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 publication as required
by law.
ADOPTED AND APPROVED this VI, day of , 1960.
ayor
t c
( SEAL
BILL NO. 65 of 1960
Published May 25, 1960
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
Salt Lake City Bill No. 65 of 1960.
An Ordinance Authorizing and Directing
The Issuance And Sale of Improvement Bonds,
Fo.r Curb And Gutter District No. 309.
was published in said newspaper on May 25, 1960.
•
Legal Advertis ng erk
Subscribed and sworn to before me this 26th day of
May A.D. 19 60.
Notary Public
My) Commission fats
Nbv. 25a 191.
65
f& 'AN ORDINANCE '11� '��(( {: d t t 1 S t d t t bonds f S It Lake City
i C)tibl*e�YC"q T DALT LAKli CI Y„.A/t1 ,-tR<* /TIjo.Y Cut.b d G tf D t t N )H f N Otherwhatsoever
cyA yLi D/RIZ ./-AND DIRECTTIY 1T t •ISSUANCE•AND/hd d3 t b t D sufficient money raytn
t d f fond la hereby
r balll plodded
Should
00 '.61,II 1 I KDIS BONDS Of SALT LAKE CITY UTAH 1 1 f 1 d t- t th t] 1 )tl(LN(I3.AWD G,1 T'FITE DISTRICT NO.non TO FINANCE UE COST t t h Tl b d.f 4h. 4 f .d 1 f ,ds
( 'p R,)JF LN'l,{MADE I.4 SAID DISTRICT,PROVIDING FOR
C AMOCN') AND T11L CNLt,UTION AND POP 1 OFT SAID SCGTioN f 11Th t thbt t t assessments1 t t theta. have
1)LoDS; I WAIN' ANCJ DI CL.ARIN l AN SME Y THAT b 1 ll [ t ( d h- b' h et t 1ae T is pp DiNAN:1 n):COMe }FLF.CTI F WiNPDt 1'Lt APTEt t i' I t d sl e ct, lot , tram f I1 PAStiiff AI PoOVAL AND PURLICATION. 1 I TIP''PR'and zG t 0110101 h 109 t i 00A alto, llt0
tis I'I0 re tl. Dome! f C t Y CID Cloth I lh I I N I 19 0 ih I f- 'I the d I h t d [ thoconstructionsoar. fwhichd1' shall I to
noi-111,in i aid (AD enaSimine f b- I Cutts, Diets',N 309 U on snail
O f th 11whethertime
I ^. 00 lull,adopted and.ereoced e 0,sessinent ion f lac 1st cloy of Maich o and I Il ttr l n ,en Until Paid,which I all be c1ual
10fi0,and 10 lion]e cn fo taar� t
VJe11.ltCAS t f t. to loner/City 00 ,1,CTION 6 That n t -,for bid. thebonds
D'.1 t 1 hli.h I d ll h „oT f b desrrlbed i'the mount of 523,00).three bid ,e,e1c.zel
notice I 1 v of D 5'1 .f Dt f 1 LI '0 cit f a(.' d -f Mows:
of t h 1 a.-1 be the L I. Too,su,rr to all NAME OF➢IDDER INTEREST 3 RA]E I'891,135I
f ztv 1 aid D. f C e'a1 Dank R T,ust Co,o,Ca-„- s 30'i.:10
• n V;1iURLAS L.,c lat'.tl rn 1 of hen 001�, n,9,00159,o wh1 h Ch'Ir ScM1UM.Ca In VV 5'= RI1.68
the Cd.y'e 0 T0,29T 23, Icavlae a of A26,991.26 Edward L.nurto„, Com 5Y, 875.00
as thePa ht'
net n o e , i f I h theO t against It s hereby t tletc,n, d t the o(lil of Continental Dann&
aRue rt_ 1 b. 't's 1 o 5 o balance d Dort foot cost.Ti,))Company of to P,cha. said bonds n 10 actual amount f em um
laS O the, tvs b sc a .U abutting at 10 f par n accrued t 't d 1' t ,
I tl amount effective
F2 late o t e o es eft- f 86E310 or e b 1 t- toI thehighest ,d r bill premium
the r t f the manor.of nr vnh In cit.1 d a.st,iet have Continental asing t Hang&Trust(Minoan,hase of d P lino with with)ditt o bid bonds
Void aI Af15.II on i 1, is la meal of their ,nd is hereby ratified and eonlione,and the bends ari hereby sold I
Ii''.Ill AS I the U d of Cunraiss tt t d rch I ith tl f their bid therefor.
'Eland,,sant CIl h 11 h h n d ld for The City Treasurer heral,instructed to deliversaid bonds to Put
[ I1 I t ,o C h d Gull h 't f ti I P I thereof.
U tl°tSo RN O t:l'irk I 1,.aA Fn nY I'1 F ..Ann'OF SECTION'1 TI l t a t f d h'n
CON[ .I t 1 SA A C CT b t d idea A L 1 A Ch t t f P II. 10 Lt
E.lne(Y Ih I d 2 n S i t Cit C d Annotated,195I amend.. It L A C L i, I ,l,1
tl h ,a, I t -( I I c tt D L T tl h t 1 It t L1 11 f J b ' t r
it 1 dr1 I lclotsf I f ,1 -0 d tl d t th ll f f II I L e '..„"'le"
_ t f d t d f Il th
I'll mallim. PilliP3 PI f P 1 d -o t b d t d In
b Il LN 1,n the dt n I t Afollow,:
II i-.�t b 1 c" b l d annuallyf [ food h t be
(All Tool Dra lions I,l I h „, o thet hl. t Salt L I Ct Utah,
-2 11 0 A a2 dp n,l but t o f h d 11 i f
d thatan Y I f' id I t Coolant,'
0 band l shall b 1 d the t ".t fund
fi I fladmaintained f the outlined - All t 8.
0
7-8 I n 2„,1 8 ell Ch phe R�Title10,Utah Code Annotated,1933,as amended,and for
an.11 1,0100 2,t(„ o2rh no SECTION 8.e That nil einer3e3,is heieby deolored,th. -
f f thehealth and 1 of Salt Lake City d l inli bl-
l2 ion l ,8'r','I 2 f thereof 1 thataft, 't 1 t-ma th,v
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li inn r11 - 'd' shell U _d D Son1 CityI { d '1 all
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On .f0 ordmance shalLDI't l in the t News-Salt Lake T 1,
9.211 1 I[ 20011 M1R64 I I 1 C ss,.
1 00U 111 -110 d tided shall take df t a n a..
22.-2:1 Lnon 3.000 as efi d 1 and avow P bJ t d t, Loa
2n 100 �'n00 ;,9 f^� ADOPTED AND APPROVED Lhissl'!th da' t Iev ICE
a,-29 I.000 n ern -,F.9 �-DIIACICE;n LEY.
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fin fi -.9 1'I I 2,(10'Oi 1 P-In C S Reror.','
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shop be in subetantN':,v tic ATE'•-i(1 Lo5IOE
UNITED STATE':'a OF A'rIDRICA
STATE DI C:'('A I!
STY IT l TAKE
A10 TART} 'CLAD
SPECIAL
i, 01, A'Ei
IO i
CURR AND CUi1EXTENSO
NO.309 No.
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FORM OF COUPON
No.
n the rirhth dal,.or 1,101el,. 10 .Sall I,a'..e Cite. Minh,sill
Uito t ,he hear at the cairn of the City'fr::rn.; cr,halt Lckr[
.1h Ds 0.1r. el Ioll;.
1 in lawful n of Pic DP'md EDT,or
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25