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20 of 1967 - A resolution providing for the issuance and sale of $5,000,000.00 tax anticipation bonds of Salt Lak Plir iv Resolution No.- 20 ByNAYOR J. BRACKEN LEE lit .f COMMISSMN. Providing for the issuance and sale of $5,000,000.00 tax anticipation bonds of Salt Lake City, Utah, 1 Series of July 1, 1967 Presented to the Board of Commissioners AND PASSED 1 C RECORDER 1 IIY I 1 I v ' 66-63-1500 ROLL CALL June 29 Salt Lake City,Utah, 196 VOTING Aye Nay Barker. . . . Catmull . . . Harrison . . Holley . . . . Mr. Chairman . / Y The Board of Commissioners of Salt Lake City, Salt Lake County, Utah met in regular session on Wednesday, the 22nd day of June, A. D., 1967, at the hour of 10:00 o'clock, A. M. , at its regular meeting place in the City and County Building, Salt Lake City, Utah. The meeting was called to order by Mayor J. Bracken Lee, and on roll call the following members were present: J. Bracken Lee, Mayor and Commissioner of Public Affairs and Finance Louis E. Holley, Commissioner of Parks and Public Property George B. Catmull, Commissioner of Streets and Public Improvements Conrad B. Harrison, Commissioner of Water Supply and Waterworks James L. Barker, Jr. , Commissioner of Public Safety. Also present: Herman J. Hogensen, City Recorder Jennings Phillips, Jr. , City Treasurer. Commissioner Conrad B. Harrison introduced the following resolution and moved its adoption: RESOLUTION A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF FIVE MILLION DOLLARS ($5,000,000.00) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES OF JULY 1, 1967. WHEREAS, there is an immediate and pressing need for the raising of funds in the amount of Five Million Dollars ($5,000,000.00) for the purpose of meeting the current expenses of Salt Lake City for the fiscal year ending June 30, 1968, until the payment of taxes and the receipt of other revenues for said fiscal year, and 2. WHEREAS, the sum of Five Million Dollars ($5,000,000.00) now to be raised, together with other indebtedness incurred for the purpose of meeting the current expenses of Salt Lake City for the fiscal year ending June 30, 1968, is not in excess of the revenues to be raised for the fiscal year July 1, 1967 through June 30, 1968. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMIS- SIONERS OF SALT LAKE CITY, UTAH: Section 1. The City of Salt Lake City, Salt Lake County, Utah, for the purpose of meeting expenses of said city for the fiscal year July 1, 1967 through June 30, 1968, until the payment of taxes and other revenues for such fiscal year shall borrow the sum of Five Million Dollars ($5,000,000.00) and for that purpose and as evidence of such indebtedness shall issue twenty bonds of the denomination of Two Hundred. Fifty Thousand Dollars ($250,000.00) each, numbered one (1) to twenty (20) both inclusive dated July 1, 1967, due and payable June 30, 1968, bearing interest at the rate of two and ninety hundredths per cent (2.90%) per annum, interest payable at maturity, both principal and interest being payable at the Head Office of Walker Bank and Trust Company, Salt Lake City, Utah. Each of said bonds shall be redeemable at the option of the City on or after January 15, 1968, at the price of par plus accrued interest to date of redemption by the City giving written notice to and depositing funds equal to the redemption price with the paying 3. agent bank. Said bonds shall be signed by the Mayor and counter- signed by the City Recorder under the seal of the City, and shall be registered in a book kept by the City Auditor for that pur- pose and the City Auditor shall endorse on said bonds the certi- ficate required by law. Said bonds shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY TAX ANT I C I PAT ION BOND Series of July 1, 1967 No. $250,000.00 KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City, in the County of Salt Lake, State of Utah, hereby acknowledges itself to be indebted and for value received hereby promises to pay the bearer hereof the sum of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00) in lawful money of the United States of America on the 30th day of June, A. D. , 1968, at Head Office, Walker Bank and Trust Company, Salt Lake City, Utah, with interest thereon at the rate of two and ninety hundredths per cent (2.90%) per annum, from date until paid, interest payable at maturity, redeemable on or after January 15, 1968, at par plus accrued interest. This bond is one of a series of twenty (20) bonds of like tenor and date numbered from one (1) to twenty (20), inclusive, and known as "Salt Lake City Tax Anticipation Bonds, Series of July 1, 1967", for the aggregate sum of Five Million Dollars ($5,000,000.00), issued pursuant to Section 10-8-6, Utah Code Annotated, 1953. The governing body of Salt Lake City shall levy in the fiscal year ending June 30, 1968, a sufficient tax and shall provide for the collection of sufficient revenues other than taxes to pay the principal and interest on this bond as the same shall fall due, and this bond is issued in anticipation of the payment of such taxes and the collection of such revenues for the fiscal year ending June 30, 1968. • 4. It is hereby certified, recited and declared that the entire indebtedness of said City hereby incurred is not in excess of the taxes and other revenues of said City to be levied and collected, for the fiscal year ending June 30, 1968, and that said indebtedness was and is contracted for the pur- pose for which said taxes and revenues are levied and to be collected. It is further certified, recited and declared that all conditions, acts and things essential to the validity of this bond exist, have happened and have been done, and that every requirement of law affecting the issue hereof has been duly complied with and that this bond is within every debt and other limit prescribed by the Constitution and Laws of said State, and that the full faith and credit of Salt Lake City are hereby irrevocably pledged to the punctual payment of the principal and interest of this bond according to its terms. IN WITNESS WHEREOF, Salt Lake City has caused this bond to be signed by its Mayor, its corporate seal to be hereunto affixed, and countersigned by its City Recorder, as of the 1st day of July, 1967. // Mayo Countersigned: ( City Recorder (SEAL) 5. There shall be endorsed on said bonds the following Certificate: "City Auditor's Certificate" I hereby certify that this bond is within the lawful debt limit of Salt Lake City, Utah, and is issued according to law. J�r, -tc-c-�ua1' � Cit udit Section 2. All the covenants, statements, representa- tions and agreements contained in said bonds are hereby adopted as covenants, statements, representations, agreements and pro- mises of Salt Lake City, Utah. Section 3. The Mayor of Salt Lake City is hereby authorized and directed to sign and execute said bonds and the City Recorder is hereby authorized and directed to counter- sign the same and affix the seal of Salt Lake City to said bonds and the City Auditor is hereby authorized and directed to place upon said bonds the certificate in the manner and form set forth above and the act of the Mayor, City Recorder and City Auditor in so doing are and shall be the act and deed of Salt Lake City. Section 4. The Board of Commissioners shall levy in the fiscal year ending June 30, 1968, a sufficient tax or provide for the collection of sufficient revenues to pay the principal and interest on said bonds as the same shall fall due and for the payment of said bonds and the interest thereon the full, 6. faith, credit and taxing power of Salt Lake City are hereby irrevocably pledged and the Board of Commissioners hereby cove- nants with the holder of said bonds that it will levy in the fiscal year ending June 30, 1968, sufficient taxes and provide for the collection of sufficient revenues for the payment of the principal and interest of said bonds. Section 5. Walker Bank and Trust Company, Continental Bank and Trust Company and. Zions First National Bank, all of Salt Lake City, Utah, have offered to purchase said bonds at a price of par plus accrued interest to the date of delivery of said bonds plus a premium of $500.00 which price is satisfactory to the Board of Commissioners and which offer is the highest, best, and most advantageous received for the purchase of said bonds. Said offer is and the same is hereby accepted and the City Treasurer is hereby authorized and directed to deliver said bonds to the purchaser thereof upon receipt of the purchase price therefor. Section 6. In the opinion of the Board of Commissioners because of the necessity for funds to meet the current expenses of Salt Lake City, an emergency is hereby declared it being necessary for the peace, health and safety of the inhabitants of Salt Lake City that this resolution shall take effect at once. Section 7. This resolution shall take effect immediately. PASSED by the Board of Commissioners of Salt Lake City, Utah, and approved this 30th day of J , A, D. , 1967. i 2�'>-Z Z X ATTEST: Mayor • 7. STATE OF UTAH ) ss COUNTY OF SALT LAKE ) I, HERMAN J. HOGENSEN, the duly chosen, qualified and acting City Recorder of Salt Lake City, Salt Lake County, Utah do hereby certify as follows: 1. The foregoing and attached pages are a full, true and correct copy of the minutes of a regular meeting of the Board of Commissioners of Salt Lake City, Utah duly and lawfully called and held on Thursday, the 22nd day of June, 1967 at the hour of 10:00 o'clock A.M. insofar as the minutes of such meeting refer to or concern the issuance of $5,000,000.00 Salt Lake City, Utah Tax Anticipation Bonds, Series of July 1, 1967; that said minutes and the resolution contained therein have been duly recorded in my office in a book kept for that purpose; that said meeting was duly called and lawfully held at the time and place specified by ordinance of said City for regular meetings of said Board of Commissioners establishing each Tuesday, Wednesday and Thursday at 10:00 o'clock A.M. as the time and the City Commission Chambers in the City and County Building, Salt Lake City, Utah, as the place for the holding of regular meetings of said Board of Commissioners; that I personally attended said meeting and that the foregoing proceedings were in fact held as in said minutes specified. 2. Salt Lake City, Utah is a city of the first class, was incorporated in the year 1860, and according to the United States • 8. census for the year 1960 had at that time a population of 189,454. 3. The names of the members of the Board of Commis- sioners and municipal officers of Salt Lake City are as follows: Mayor J. Bracken Lee Term Expires: 1-1-68 Commissioner George B. Catmull Term Expires: 1-1-68 Commissioner James L. Barker, Jr. Term Expires: 1-3-70 Commissioner Conrad B. Harrison Term Expires: 1-3-70 Commissioner Louis E. Holley Term Expires: 1-1-68 City Auditor Lawrence A. Jones Term Expires: 1-3-70 City Treasurer Jennings Phillips, Jr. Term Expires: Appointed Still in Office City Recorder Herman J. Hogensen Term Expires: Appointed Still in Office 4. There is no litigation pending or threatened affecting in any way the legality of the $5,000,000 Salt Lake City, Utah Tax Anticipation Bonds, Series of July 1, 1967, or any similar issue of bonds issued by Salt Lake City or the boundaries of the City or the title to office of any of the officers thereof. 5. No referendum petition has been filed affecting in any way the resolution passed by the Board of Commissioners of Salt Lake City, Utah on June 22, 1967, which resolution author- ized the issuance of $5,000,000 Salt Lake City, Utah Tax Anti- cipation Bonds Series of July 1, 1967. 9. IN WITNESS WHEREOF, I have hereunto set my hand and af- fixed the corporate seal of Salt Lake City this 30th day of June, 1967. (Seal) t $ecorrder 10. STATE OF UTAH ) ) ss COUNTY OF SALT LAKE ) I, LAWRENCE A. JONES, the duly chosen, qualified and acting City Auditor of Salt Lake City, Utah do hereby certify as follows: 1. That the value of the taxable property within said. City, according to 1,501,436,905.00 the assessment for the year 1966, was . . . . $ and for the year 1967 will not be less 1,528,888,510.00 than $ 2. That the tax levy for the said City for the year 1966 was 24 mills and 6,449,436.00 produced the sum of $ 3. That the estimated expenses for the fiscal year ending June 30, 1968 will be $ 14,531,050.00 which sum it will be necessary to raise by taxes and other revenues during the fiscal year ending June 30, 1968. 4. The tax levy for the year 1967 is 24 mills, which is estimated to pro- duce the amount of $ 7,019,106.00 and the estimated revenues other than from general taxes of Salt Lake City for the fiscal year ending June 30, 1968 are . . $ 8,962,542.00 so that the total estimated taxes and other revenues of Salt Lake City levied and to be collected for the fiscal year 15,981,648.00 ending June 30, 1968 are $ of which there has been received to the date this certificate bears the sum of . . . $ None 5. The taxes heretofore levied for all previous years not yet collected or paid to said City which are outstanding and uncollected on the date this certificate 145,000.00 bears are $ 6. That the total authorized issue of $5,000,000 Salt Lake City Tax Antici- pation Bonds, Series of July 1, 1967, consisting of twenty bonds, in the denomination of $250,000 each, may be legally issued and delivered within the 11. debt limit of said City, is not in excess of the estimated taxes and other revenues of said City for the fiscal year ending June 30, 1968 and is made in anticipation of the collection of such taxes and other revenues. 7. The total indebtedness of said City made in anticipation of the collec- tion of taxes and other revenues for the fiscal year ending June 30, 1968, includ- ing the present issue of $5,000,000 Salt Lake City, Utah Tax Anticipation Bonds, Series of July 1, 1967, is $ 5,000,000.00 8. The aggregate amount of floating indebtedness of said City of every nature whatsoever, including all outstanding war- rants in excess of the funds on hand and available for payment of such warrants, other than the indebtedness mentioned in paragraph 7 above is $ None 9. That said City has water reve- nue bonds outstanding in the sum of . . . $ None and sewer revenue bonds outstanding in the sum of $ None of which $ None is required for principal and interest payment during the fiscal year ending June 30, 1968. 10. That the total bonded general obligation indebtedness of said City, 18,120,000.00 exclusive of this issue is $ 11. That the total amount of cash in the sinking fund is $ 1,016,333.00 12. That the said Salt Lake City has never, within the ten years last past, defaulted for fifteen days or more in the payment of principal or interest of any bonded debt authorized to be contracted by it. 12. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of Salt Lake City, Utah, this 1st day of July,1967. 'ty Audit S t Lake ity, Ut ATTEST: 141 Salt Lake City, Utah (Seal) 13. STATE OF UTAH ) ) ss COUNTY OF SALT LAKE ) The undersigned officers of Salt Lake City, Utah indicated by the official title opposite our names hereby certify that on or before July 1, 1967 we, and each of us, officially executed each of the $5,000,000 Salt Lake City, Utah Tax Anticipation Bonds, Series of July 1, 1967, dated July 1, 1967, in the deno- mination of $250,000 each, numbered 1 to 20, both inclusive, bearing interest at the rate of two and ninety hundredths percent (2.90%) per annum, both principal and interest being due and payable on June 30, 1968, by signing said bonds in the manner and capacity indicated by our signatures and titles subscribed hereto being on the date this certificate bears and at the time said bonds were signed by us, the duly chosen, qualified and acting officers of Salt Lake City, Utah indicated by said titles and authorized in all respects to execute the same. We further certify that NO LITIGATION of any nature is NOW PENDING or THREATENED, RESTRAINING or ENJOINING the issuance of and delivery of said bonds or the levy and collection of taxes and other revenues to pay the principal and interest of the same nor in any manner questioning the proceedings and authority under which the same are issued or the validity thereof; that neither the corporate existence or boundaries nor the title of the present officers to their respective offices is being con- tested; that no authority or proceedings for the issuance of said bonds has been repealed, revoked or rescinded. 14. The corporate seal of Salt Lake City, Utah is impressed on each of said bonds. The undersigned Auditor further certifies that he has executed on the back of said bonds a certificate reading substan- tially as follows: City Auditor's Certificate I hereby certify that this bond is within the lawful debt limit of Salt Lake City, Utah, and is issued according to law. `x. C. y Aud' r IN WITNESS WHEREOF, we have hereto affixed our signatures and impressed thereon the official seal of Salt Lake City, Utah on this first day of July, 1967. Sxature i Official Title 6' a i���-�� / ( Mayor, Salt Lake City, Utah r poi\ , pw City Recorder, Salt Lake City, Utah • City Auditor, Salt Lake City, Utah Y�hereb ertify that the signatures of g the officers above subscribed are true and genuine. WALKER BANK & TRUST COL ANY ssistant Vice President 15. STATE OF UTAH ) ) ss COUNTY OF SALT LAKE ) RECEIPT I, Jennings Phillips, Jr. , the duly chosen, qualified and acting Treasurer of Salt Lake City, Utah, do hereby certify that I have on this 1st day of July, 1967, received from Walker Bank & Trust Company, Zions First National Bank and The Continental Bank & Trust Company the purchase price for $5,000,000 Salt Lake City, Utah, Tax Anticipation Bonds, Series of July 1, 1967, Bonds No. 1 through No. 20, in the principal amount of $250,000 each maturing June 20, 1968 and bearing interest at the rate of 2.90% per annum, said purchase price being as follows: Principal $ 5,000,000.00 Premium 500.00 TOTAL $ 5,000,500.00 I hereby certify that the officers who signed the bonds, viz: J. Bracken Lee, Mayor, Salt Lake City, Utah, Lawrence A. Jones, Auditor, Salt Lake City, Utah, and Herman J. Hogensen, Recorder, Salt Lake City, Utah, are still in office. Dated this 1st day July, 1967, A./76-..— M rea er It Lake Cit , Ut (SEAL)