83 of 1958 - Creating Special Fund to be known as 'Salt Lake Municipal Airport Administration Building No. 2 Bond , December 18
ROLL, CALL Salt Lake Utah, t
VOTING Aye Na
I �: I move that the Ordinance be passed.
Burbidge . .
Christensen . .
Geurts. . . .
Romney . .
a AN ORDI NCE
Mr.Chairman .
Result
AN ORDINANCE CREATING A SPECIAL FUND in the treasury of the
city of Salt Lake City, to be known as the "SALT LAKE CITY MUNICIPAL
AIRPORT ADMINISTRATION BUILDING NO. 2 BOND RETIREMENT FUND."
WHEREAS, the (city of Salt Lake City in the County of Salt Lake,
Atate of Utah, is a municipal corporation duly organized and existing
under the laws of the state of Utah as a 6.ity of the first class; and,
WHEREAS, the City now owns and operates a municipal airport;
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 general obligation bonds
in the principal amount of $2,500,000.00 if said bonds are approved by
the property holders of said City in a special election to be held
on January 13, 1959; and,
WHEREAS, the Board of Commissioners has determined and does
hereby confirm that a special fund be created to retire said general
obligation bonds.
;e;h NOW, THEREFORE, be it ordained by the Board of Commissioners
of the city of Salt Lake City, Salt Lake County, Utah:
SECTION 1 . That the term "net revenues" as hereinafter used
in this ordinance shall be understood to mean the gross revenue to be
derived from the operation and use of the Salt Lake City Municipal
Airport No. 1 , after there shall have been first paid therefrom the
reasonable and necessary expenses of operating and maintaining said
Municipal Airport No. 1 .
SECTION 2. That from said net revenues there be, and there
hereby is, created a special fund in the treasury of the City ofSalt
Lake City, Utah, under the aon'trol of the City Treasurer, to be known
and designated as the "SALT LAKE CITY MUNICIPAL AIRPORT ADMINISTRATION
BUILDING NO. 2 BOND RETIREMENT FUND," hereinafter referred to as the Bond
Retirement Fund.
SECTION 3. That from the net revenues there be paid to the Bond Retire-
ment Fund in each of the following years the amount shown opposite thereto:
1960 $ 75,000.00
1961 75,000.00?
1962 75,000.00
SECTION 4. That from the net revenues there be paid to the Bond
Retirement Fund the sum of $230,000.00 each and every year during the years of
1963 to 1977 inclusive.
SECTION 5. The amounts so paid shall be held by the City Treasurer
separate and apart from other funds in his possession and shall be secured by
his official bond or bonds. The money held in the Bond Retirement Fund shall
be used to pay the principal and interest on the general obligation bonds,
which shall be issued to raise funds for the construction of Administration
Building No. 2, as the same may become due and payable in the event that said
bonds are approved by the property owners of Salt Lake City in the special
election to be held on January 13, 1959.
SECTION 6. That all ordinances and resolutions or parts thereof in
conflict herewith are hereby repealed.
SECTION 7. That nothing herein contained shall be construed as conferring
contractual rights on the bond holders insofar as the application of such
revenues is concerned, if said bonds are approved by the voters.
SECTION 8. In the opinion of the Board of Commissioners, it is necessary
to the peace, health and safety of the inhabitants of Salt Lake City that this
ordinance become effective immediately.
SECTION 9. This ordinance shall take effect upon its first publication.
Paid by the Board of Commissioners of Salt Lake City, Utah, his
day of December 19 58 .
, R`
( S E A L )
BILL NO. 83 of 1958
Published December 23, 1958
Affidavit of Publication
STATE OF UTAH,
ss.
County of Salt Lake
Legal Notices D. M. Ockey
AN ORRINANCE r?, duly
+ 7 7 r ANITAI'ORDINANCE CREATINGthe 'ream.,
A I. Being first dui sworn, deposes and says that he is legal advertising
SPECIAL
i he city of soli"r the city°'in g �'' t y 4
"iT$"HtY I ,p L Aineoni'Ai o A clerk of the DESERET NEWS AND SALT LAKE 7ELL;
MINISTRATION 6Ull1IING NO. GRAM,
(� r
2 nOND RCTIRY MCNl FUND. IC ITRAI"1, a daily (except Sunday) newspaper printed in the
L c
�I9
L RlAS }L ff SIt
State
fUI ir,! lish lap--uck:le with (]enrol circulation in Trtah, dad published in
�Rxiahne° attic lerws'n[u,a rt Salt Lake City, Salt Lake County, in the State of Utah.
State of Utah e a city of the fi
first t' ,a, s
WHFRFA'.the City nv
and operates a mum 1+a1 alroort5 pLE
d That the legal notice of which a copy is attached hereto
ar eANERFAS, the City n
tract of vacant land ennroximraielY f,
one mile west of Rhea resentamu- Salt Lake City Bill No. 83 of _1958,
bolldin8aon n,hick Lhc City o.b -
to .nstroct Aaminlsiration
derived ro 2 e s the meceeaa
derived from the gate of general An. Ordinance creating .A Special Fund
obligation novas In the principal
I -
nt of i 2,500,000.00 1f sold
plods o a.>o d by ,snP
nd fo scYtJn i known as the Salt Lake City Municipal
al
at_vVHRRS of Com- No.
isslm,m's has deterrah:ed xntl r V
does hereby Created that a Airport �dministre-Lion Building
crairmne he ca;'a to reds Eaia ----
ecNOW ohlifi((Lion Created
I;
NOW, the Board IR. it
donned by the Ctev'df.°Sall°Laken Bond Retirement Fund.
City.Soft Lake Conntc,Utah:
SECTION I.tThut tile term"not
(hie o'iTk'nlnice en:iltra1 undesietoatl,
the Prose rev nab to bc December 23, 1958.
&Dyed"fro a r lien and se'7 was published in said nedvspaper on..
f the bolt Lake City'Municipal t,
Airport bt No. I, after there e1511
hobo r been first Paid therefoeo the 7
j red. noble and mcrssa y-ezncn des r
"Mf operatinbb dna I fnieming said
unichral Alrpoet Yoe h
reSECTION'L.Th.tctrom tiai�hnre 1 ✓
hereby
[h trys.created
so
if �/
Lk C'1tY City i th 1 / C--(�^ (,
t t of the'City Hreas to he 9
k SALT I a d -r at d the AtPORT ADMINISTRATION
J T C7
nONT 00 RAND(ter or. S ''Legal Advertising Clerk
MELT FUND;' and Roth rr.t,
f atS to a the nova Retirement
SECTION 3.'Chat from the net I
eh„rcr be ,rain to the
tho 'Relic .e t ncovet i ach nt�t
mo n opposI. a,a the amount
shown sr[e iirerclo0
'10011 515 a00.00
1H51 tt,000.f0
SECTION
1ON
4
r'c11hr�fr?�rl lee iVi� i
a"a`iiet;�cmrnth,rn°lamed before me this 2dth day of
!Igi' 00.0D each a it ry oyrnr
dnrinc(tic yea's of IHfi3'ta 10'!'/
SECTION s. The y seta n',' A.D. 19 58
pa,d shalt he held d a Alit Cityfrom
y
Ctroasum'separate.a apart from tl
ehall'bends Ln�ls be l,i.satorfflet I
bond oe bonds. The money hold'I,
In the pond Ifetiremcat fond
;hall be.used to l then rin.`Fr
and _ntorent on tl,e en cal b-
issueoo bonds, which shall Ire C1 •
truptote r.t'Admi iistrationh the
J(
I ins o e. i,r u,n may heel Iy Notary Public
due and na»tile r it ore L:
evnt that said bonds
nrovod n.v the nmprrto owrrrr or,
1;
S0ID Lol<r r r me-,Prim ci or.tv
lion to be bolo on Sal]na,Y IJ. ..
050
a SECTION 8,'I'Ilat att nrdinanep I nt
in pn'CenWl01 rher�'c,vitir err hcreibv re-I--
SECTION
l;rrgNnaThienought"iedreas t+1961.
eo„terrru i eons re
cm,tracw.,i lasts r-
the bald htblors l,'oVf.a, the fi
noel PO,Iton I si uh' v s`7
ved"hay thr.s�ntc nondsr axe n-s
PrSECTION R. L, the opinion oaf s
the nnarrf n[Connnlrsior +„ l Is '
vefey to the peace,health and`
y,af tho lnhabiUntc of Salt
Lobe Crty that th1s alnanre be.
nfON t.c mmedIalrty.
IMake effect upon its rdlntn cenlhcll r
tl Pa,scd by the Poard of Comm!,t
this c18tF.Id av 1 oft Dcce Clher.tlts5.
Mayor.. 6tewart,
(Linty rReeorde�sensen,
t St ALI
PILL NO,83 of 5553
Published Dece,nber 23rd,1858.
f n.HBI