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HomeMy WebLinkAbout85 of 1959 - Authorizing issuance of $90,000.00 Special Improvement Bonds for Curb & Gutter Ext. No. 382. (O ROLL CALL Salt Lake City,Utah, w+' ti n / , 195.F VOTING Aye I Nay I move that the Ordinance be passed. Burbidge . . . Christensen . Geurts. Romney . . Mr. Chairman AN ORDINANCE Result—_—_ — — l ' AN ORDINANCE authorizing the issuance of $90,000.00 special improvement bonds for Curb and Gutter Special Improvement District No. 283 of Salt Lake City, Utah, prescribing the form of bond and interest coupon, maturity and denomination of said bonds, referring to the special assessment lien, providing for a one-mill levy for guaranty fund purposes, and provid- ing when this ordinance shall be effective. WHEREAS, the Board of Commissioners of Salt Lake City, Utah has heretofore adopted proceedings for the construction of improvements in Curb and Gutter Special Improvement District No. 283 for said city, and Bill No. 77 of 1959 of said city confirming the assessment role for such improvements having been duly adopted and approved September 2, 1959; and WHEREAS, notices of assessments to property owners in said district have been duly published and also maibi by the City Treasurer to all the owners of all property assessed in said district in accordance with the requirements of the ordinances of said city and the laws of the State of i Utah; and WHEREAS, the share of the cost of the construction of improvements in said district assessed to the owners of private property in said district is $124,545.19; and `41 WHEREAS, during the fifteen-day period following the confirmation of said assessment role, the owers of private property paid $34,518.37 on the principal of their assessments; and WHEREAS, it is the opinion of the Board of Commissioners of Salt Lake City, Utah that the special improvement bonds of said city shall be issued and sold for the purpose of paying the unpaid assessments chargeable to the property on the streets improved in said Curb and Gutter Special Improvement District No. 283 of Salt Lake City, Utah; (ORDINANCE NOT PUBLISHED - NOT IN EFFECT, SUPP�QpLEMENTED BY BILL NO. - 85- - 2 - NOW, THEREFORE, be it ordained by the Board of Commissioners of Salt Lake City, Utah: SECTION 1. That all of the proceedings heretofore taken and adopted for the creation of said Curb and Gutter Special Improvement District No. 283 for Salt Lake City, Utah, and for the construction of improvements therein and the assessment of a part of the cost of construct- ing such improvements on and against the private properties in said district shall be, and the same are hereby ratified, approved and confirmed. SECTION 3. That for the purpose of paying the unpaid assessments chargeable to the abutting, adjoining, contiguous and adjacent lots, blocks and parcels of land in said district within said city, there shall be issued $90,000.00 Salt Lake City Utah Special Improvment Bonds on Curb and Gutter Special Improvement District No. 283. Said bonds are to bear date as of the 4th day of September, 1959, and shall mature serially as nearly as may be possible, in ten equal annual installments without opton of prior redemption, said bonds to bear interest at the rate of five per cent (5%) per annum, to be numbered, in denominations, and to mature as follows: Bond Numbers Amount Year (All Inclusive) Denomination Maturing Maturing 1 - 9 $1,000.00 $9,000.00 1960 10 - 18 1,000.00 9,000.00 1961 19 - 27 1,000.00 9,000.00 1962 28 - 36 1,000.00 9,000.00 1963 37 - 45 1,000.00 9,000.00 1964 46 - 54 1,000.00 9,000.00 1965 55 - 63 1,000.00 9,000.00 1966 64 - 72 1,000.00 9,000.00 1967 73 - 81 1,000.00 9,000.00 1968 82 - 90 1,000.00 9,000.00 1969 Bond principal and annual interest shall be payable at the Office of the City Treasurer of Salt Lake City, Utah. SECTION 3. That said bonds and the coupons thereto attached shsll be in substantially the following form: UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SALT LAKE NO. $1,000.00 - 3 - SALT LAKE CITY, UTAH SPECIAL IMPROVEMENT BOND Curb and Gutter Extension No. 283 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. snds available for the purpose, as hereinafter set forth,to pay to bearer on , the sum of ONE THOUSAND DOLLARS ($1,000.00) in lawful money of the United States of America, with interest thereon at the rate of five per cent per annum, payable annually in like money on in each year, 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 per annum until paid. This bond is drawn upon the City Treasurer against the special tax levied upon the property included in Extension No. of said City, to pay the cost of construction done in said district or extension, under, by virtue of and in full conformity with the Constitution and laws of the State of Utah, and also ordinances of said City duly passed and made a law thereof prior to the issuance hereof. A special improvement guarantee fund has been created by said City as provided in Article 8, Chapter 7, Title 10, Utah Code Annotated 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, including this bond, does not exceed the taxes levied to cover the cost of said improvement and that all of said taxes have been lawfully levied. IN WITNESS WHEREOF, Salt Lake City,Utah has caused this bond to be signed by its Mayor, and nested by its City Recorder, and drawn by its City Auditor on its Treasurer, and the annexed coupons to bear the fac-simile signature of said City Auditor, and this bond to be dated Attest: Mayor. City Recorder. City Auditor. (SEAL) (Form of Coupon) Coupon No. $50.00 On - Salt Lake City, Utah, will pay to bearer, at - 4 - the office of the City Treasurer, Salt Lake City, Utah, the sum of $50.00, lawful money of the United States of America, being one yearts interest due on that date on its Extension No. bond, dated , this coupon being payable exclusively from the funds described in said Bond, Bond No. (Facsimile Signature) City Auditor SECTION 4. 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 of Salt Late City, Utah, 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 5. That the offer of Edward L. Burton & Company to purchase these bonds at a price pf par and accrued interest is hereby accepted and the bonds are hereby sold to said purchasers in accordance with its offer to purchase, and shall be delivered upon the receipt of the purchase price thereof. SECTION O. The treasurer of Salt Late City, Utah, shall be and 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, the installments thereon, 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 and interest shall be placed in a special fund to be designated !`Bond and Interest Fund of 85 - 5 - Curb and Gutter Special Improvement District No. 283, Salt Lake City, Utah," and shall be used for the purpose of paying the principal of and the interest on special improvement bonds of Curb and Gutter Special Improvement District No. 283 and for no other purpose whatsoever, and as security for such payment said fund is hereby pledged. SECTION 7. A special improvement guaranty fund is hereby created by said city as provided in Article 8 of Title 10, Utah Code Annotated, 1953, and said city agrees that at all times during the life of the bonds herein authorized and until payment thereof in full has been made, said City will levy annually a one mill tax for guaranty fund purposes authorized by Article 8 of Title 10 of Utah Code Annotated, 1953. SECTION 8. Should there not be sufficient money in the Bond and Interest Fund to pay all of the interest falling due at one time and the principal amount thereof due, the said interest and principal shall be paid from said guaranty fund to the extent that there is sufficient money in said guaranty fund for this purpose, and this bond is payable exclusively from the special taxes levied for said purpose and the said special improve- ment guaranty fund, and neither the City nor any officer therein is holden for the payment thereof otherwise. SECTION 9. That the assessments and interest thereon 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 Gutter1 Special 3rd Sep,/�ey d ej- Improvement District No. 283 from and after the.d-- day of ,Acxeber- , 199q , the date on which the ordinance levying special asses- sments 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 lien shall be equal to the lien for general taxes. SECTION 10. Said funds hereinabove referred to shall be kept separate and apart from each other and from any other funds of the City and shall, from time to time as they are accumulated, be deposited in such bank or banks as are designated as depositories of public monies for funds of said City under the Depository Laws of the State of Utah for the deposit of - 6 - public funds. SECTION 11. Default in the payment of any installment of principal or interest when due shall cause the whole of the unpaid principal or interest to become due and payable immediately and the whole amount of the unpaid principal shall thereafter draw interest at the rate of eight per cent (8%) per annum until paid, and the City covenants and agrees that it will proceed with due diligence to place in operation the procedure necessary to provide for tax sale of the property and that the proceeds from the sale of any property sold will be placed in the bond and interest redemption fund hereinabove referred to. If, after tax sale, tax sales certificates have been issued to the City, the City will proceed with due diligence to sell said property and place the proceeds in the bond and interest fund hereinabove referred to. SECTION 12. In the opinion of the Board of Commissioners of Salt Lake City, Utah, it is necessary to the peace, health and safety of the inhabitants of Salt Lake City that this ordinance become effective immediately. SECTION 13. This ordinance shall take effect upon its first publication. Passed by the Board of Commissioners of Salt Lake City, Utah, this 27th day of October , 1959• ,e<--- ';2,i'(A .i‘ -.,,,( ( _ _ ec e ( S E A L ) BILL NO. 85 of 1959 iid i kjefcf6Milb2411x]dimxl: xiJix (SEE BILL NO. 89 of 1959) Published November 9, 1959. 85