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21 of 1961 - A resolution approving and authorizing the Notice of Bond Sale to be held February 15, 1962, for the Resolution No 21 By...Ma ar...J_....Bsacken Lee COMMISSIONER Approving and authorizing the Notice of Bond Sale to be held February 15, 1962, for the purpose and in favor of the propositions set forth in the Municipal Election held September 12, 1961: $2,500,000 sanitary sewer bonds $2,500,000 storm sewer bonds $1,500,000 public library bonds II $1,000,000 public building bonds Presor„^tl to ttr eiard of Commissioner( (; !D PASSED DLC1 41961 !„.),v• e�si' 941T' 'E.. y i,1 . V JJJMMI��,```��� C".I Y-( CJtcllER ROLL CALL Salt Lake City, Utah, December 14 196 1 VOTING Aye Nay I move that the Resolution be ado ted. Christensen . . t ) % Harrison . . . smart . (/ Romney . . . t Mr. Chairman r RESOLUTION Result . L/ The Board of Commissioners of Salt Lake City, Salt Lake County, Utah, met in regular session at its regular meeting place in the City Hall in said City at ten o'clock A.M. on the Fourteenth day of December, 1961, with the following members of the Board of Commissioners present, to-wit: J. Bracken Lee, Mayor L. C. Romney, Commissioner Herbert F. Smart, Commissioner Joe L. Christensen, Commissioner Conrad B. Harrison, Commissioner There was absent: None. There was also present Herman J. Hogensen, City Recorder, Norman W. Kettner, City Attorney, and Louis E. Holley, City Auditor. After the meeting had been called to order, the following resolution was introduced in writing, was read in full and pursuant to motion duly made by Mayor J. Bracken Lee and seconded by Commissioner L. C. Romney , was adopted by the following vote: YEA: J. Bracken:lee L. C. Romney Herbert F. Smart Joe L. Christensen Conrad B. Harrison NAY: None The Resolution was then signed by the Mayor in open meeting and re- corded by the City Recorder and is as follows: RESOLUTION NUMBER 21 WHEREAS, the qualified voters of Salt Lake City on September 12, 1961, approved the issuance of general obligation bonds of Salt Lake City for the purposes and in favor of the propositions set forth in said election; and, • -2- WHEREAS, the Board of Commissioners of Salt Lake City deems it advis- able to issue certain of the bonds authorized In said election in such amounts and for such purposes as hereinafter set forth; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF SALT LAKE CITY, UTAH: That sealed bids for the sale of $2,500,000 sanitary sewer bonds, series 1962, $2,500,000 storm sewer bonds, series 1962, $1,500,000 public library bonds, series 1962, and $1,000,000 public building bonds, series 1962,be received by the Board of Commissioners until February 15, 1962 at 10:30 A.M. and be opened at about that time at a public meeting of said Board. That the "Notice of Bond Sale" attached hereto is by the Board of Commissioners hereby adopted and approved, j j ayor ATTEST: C t c elN411 (Here follows other business not pertinent to the above) Pursuant to motion duly made and seconded, the Board of Commissioners adjourned. - Mayor ATTEST: r C ty R i e STATE OF UTAH ss. COUNTY OF SALT LAKE) I, Herman J. Hogensen, hereby certify that I am the duly qualified and acting City Recorder of Salt U.ake City, Salt Lake County, Utah. I further certify that the above and foregoing constitutes a true and correct copy of the minutes of a meeting of the Board of Commissioners of -3- Salt Lake City, Utah, including a resolution adopted at said meeting, held on December 14 , 1961 , insofar as said minutes pertain to the matters above set out, as said minutes and resolution are officially of record in my p,ssession. I further certify that the aforesaid resolution has been duly signed by the Mayor and City Recorder and was deposited in my office and recorded on December 14 , 1961 IN WITNESS WHEREOF, I have hereunto subscribed my official signature and affixed the seal of said city this 14th day of December 1961. Iiiiiiir NOTICE OF BOND SALE 2,500,000 Sanitary Sewer Bonds, Series 1962 2,500,000 Storm Sewer Bonds, Series 1962 1,500,000 Public Library Bonds, Series 1962 1,000,000 Public Building Bonds, Series 1962 SALT LAKE CITY, UTAH Sealed bids will be received by the Board of Com- missioners of Salt Lake City, Salt Lake County, Utah, at the regular meeting place of said board in the City Hall in Salt Lake City unti110:30C clock A . M. on February. IS , 1962, for the purchase of $2,500,000 Sanitary Sewer Bonds, Series 1962, $2,500,000 Storm Sewer Bonds, Series 1962, $1,500,000 Public Library Bonds, Series 1962, and $1,000,000 Public Building Bonds, Series 1962, of said City. At that time and place, said bids will be opened at a public meeting of said board. Award or rejection of bids will be made on said date and the checks of the unsuccessful bidders will be returned immediately. The bonds are dated January 1, 1962, denomination $1,000, will bear interest at a maximum rate of five per cent (5%) per first coupon payable January 1, 1963 July annum, 1P2CROMICXXMOCINX1962 and semi-annually thereafter on X X/19( January 1 and AailK1 of each year, are registrable as to principal, and ma- ture serially on January 1 of each year as follows: $385,000 bonds, consisting of $130,000 Sanitary Sewer Bonds, $130,000 Storm Sewer Bonds, $75,000 Public Library Bonds and $50,000 Public Building Bonds in each of the years 1964 to 1981, inclusive, and $570,000 bonds, consisting of $160,000 Sanitary Sewer Bonds, $160,000 Storm Sewer Bonds, $150,000 Public likFary Bonds and $100,000 Public Building Bonds in The bonds may bear interest at any number of rates in multiples of 1/8 or 1/20 of 1% but all interest maturing on each bond on each interest payment date is to be represented by a single coupon, all bonds maturing on the same date must bear interest at the same rate and each bond must bear interest at one rate only. The bonds will not be callable for redemption prior to maturity. H The bonds will be payable at a bank to be selected by the pur- chasers. The bonds, part of $19,500,000 various purpose bonds authorized at an election held on September 12, 1961, will be full general obligations of the city payable from the proceeds of ad valorem taxes to be levied without limitation as to rate or amount. The bonds will be awarded to the responsible bidder whose bid results in the lowest net interest cost to the city after the deduction of premium, if any. The four issues will be sold as one and each bid must be for the purchase of all issues. No bid for less than par and accrued interest will be considered and each bidder is asked to state in his bid or to submit with his bid (for informative purposes only) a tabulation showing his computation of the total interest cost, together with the net effective interest rate. In determining the winning bid, interest will be assumed to run from the first day of the month following the sale of the bonds to their respective maturities. A certified or cashier's check in the amount of $150,000 drawn upon an incorporated bank or trust company and payable to the order of the city must accompany each bid as a guarantee of good faith on the part of the bidder, which check will be forfeited as liquidated damages if such bid is accepted and the bidder fails to accept and pay for the bonds when tendered. The bonds will be de- livered in Salt Lake City, Utah, or elsewhere at the purchasers' expense. The purchasers will be given at least seven business days advance notice of the proposed delivery date when that date has been tentatively determined. The unqualified approving opinion of Chapman and Cutler covering the legality of the bonds will be furnished without cost to the purchasers. There will also be furnished the usual closing certificates, dated as of the date of delivery of and payment for the bonds, including a statement that there is no litigation pending -2- H or, to the knowledge of the signer thereof, threatened, affecting the validity of the bonds. The right is reserved to reject any or all bids and waive all informalities. Envelopes containing the bids should be plainly marked "Proposal for Bonds". Additional information may be obtained from Edward L. Burton & Company, 174 South Main Street, Salt Lake City 1, Utah, the city's fiscal agent! aro>ixon:cA xRkidiipesxgi:Opc Hkt g 4 Xk7onuAyoBtA 9n o6aitxixakte 3i&y,cibtakx J. BRACKEN LEE Mayor HERMAN J. HOGENSEN City Recorder -3- PHH/ BD 11/29/61