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
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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,
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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
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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
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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
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PHH/
BD
11/29/61