24 of 1980 - A RESOLUTION AUTHORIZING: THE ISSUANCE AND PROVIDING FOR THE SALE OF $465,000 SPECIAL ASSESSMENT BON Salt Lake City, Utah
May 13, 1980
The City Council of Salt. Lake City, Salt Lake County,
Utah, met in regular session at its regular meeting place in
said Municipality at 5:00 p.m. M.D.T. on Tuesday, the 13th
day of May, 1980, with the following members present:
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Grant Mabey Councilman
Sydney R. Fonnesbeck Councilwoman
Palmer A. DePaulis Councilman
Alice Shearer Councilwoman
lone M. Davis Councilwoman
Edward W. Parker Councilman
Also Present:
Mildred V. Higham City Recorder
Absent:
Ted L. Wilson Mayor
Ronald J. Whitehead Councilman
The following resolution was then introduced in written
form, read in full, and pursuant to motion made by
Al ice Shearer , and seconded by Edward W. Parker
adopted the following:
RESOLUTION
A RESOLUTION AUTHORIZING THU -SSUANCE AND PROVIDING FOR
THE SALE OF $465,060 S '::CIA,_ .,SSESSMENT BONDS OF SALT
LAKE CITY, UTAH CURB AND GI TIER SPECIAL IMPROVEMENT
DISTRICT EXTENSION #38-668, #38-668-1, AND #38-668-2;
PRESCRIBING THE FORM OF BOND AND INTEREST COUPONS,
MATURITY AND DENOMINATION OF SAID BONDS; PROVIDING FOR
THE CREATION OF A GUARANTY FUND AND LEVY AS PROVIDED BY
STATUTE; AND PROVIDING WHEN THIS RESOLUTION SHALL BE IN
EFFECT.
WHEREAS, the City Council of Salt Lake City, Salt Lake
County, Utah has heretofore adopted proceedings for the
construction of improvements in Salt Lake City, Utah Curb and
Gutter Special Improvement District Extension #38-668, #38-
668-1, and #38-668-2, and the Ordinance of said City
confirming the assessment roll for such improvements having
been duly adopted and approved on the 18th day of September,
1979; and
WHEREAS, notice of assessment to property owners has
been mailed by the City Treasurer to all the owners of
property assessed in said District; and
WHEREAS, the total cost of the project was $691,325, of
which $565,312.28 was assessed against the property owners
within the District, that during the fifteen-day period
following the effective date of the ordinance levying the
assessment, property owners in said District have paid or
have committed to pay $100,312.28 on the principal of their
assessments, leaving an amount to be paid through the
issuance of bonds or from funds provided by the City of
$465,000; and
WHEREAS, for the purpose of expediting the sale of said
Special Assessment Bonds, the City has requested a bond
purchase proposal from Continental Bank and Trust Company of
Salt Lake City, Utah, and Bank of Utah of Ogden, Utah, which
firms have submitted their offer to purchase the Bonds herein
authorized at par and accrued interest to the date of
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delivery, bearing interest at the rate or rates hereinafter
set forth; and
WHEREAS, the City Council believes that the offer of
Continental Bank and Trust Company and Bank of Utah is the
best and most advantageous offer received and the most
advantageous offer that might be received for said Bonds:
NOW THEREFORE, It Is Hereby Resolved by the City Council
of Salt Lake City, Utah as follows:
Section 1. All the proceedings heretofore taken and
adopted for the creation of Salt Lake City, Utah Curb and
Gutter Special Improvement District Extension #38-668, #38-
668-1, and #38-668-2, and for the construction of improve-
ments therein and the assessment of a part of the cost of con-
structing such improvements on and against the private
properties in said District shall be and the same are hereby
ratified, approved, and confirmed. No assessment will exceed
the benefit to be derived from the improvements by the piece
of property assessed, and no parcel of property will bear
more than its proportionate share of the cost of the
improvements to be made.
Section 2. For the purpose of payment of the cost and
expense of such improvements against the funds created and to
be collected from such special assessments, there shall be
issued $465,000 Special Assessment Bonds of Salt Lake City,
Utah Curb and Gutter Special Improvement District Extension
#38-668, #38-668-1, and #38-668-2. Said Bonds are to be
dated as of the 1st day of June, 1980, will be issued in
denominations of $5,000, are not registrable as to principal
and/or interest, and will mature serially in numerical order
on June 1 as follows:
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Bond Coupon
Year Amount Numbers Rate
1981 $45,000 1- 9 8%
1982 $45,000 10-18 8%
1983 $45,000 19-27 8%
1984 $45,000 28-36 8%
1985 $45,000 37-45 8%
1986 $45,000 46-54 8.25%
1987 $45,000 55-63 8.25%
1988 $50,000 64-73 8.25%
1989 $50,000 74-83 8.25%
1990 $50,000 84-93 8.25%
Both principal and interest shall be payable at
Walker Bank & Trust Company , Salt Lake City, Utah.
The Bonds maturing prior to June 1, 1986 are not
callable for redemption prior to maturity. The Bonds
maturing on or after June 1, 1987 shall be subject to prior
redemption in whole or in part from time to time on any
interest payment date commencing June 1, 1986 in inverse
numerical order at a redemption price equal to the principal
amount of the Bonds to be redeemed, and accrued interest to
the date of redemption plus a premium of two percent (2%) of
the par value of the Bonds redeemed.
Section 3. Said Bonds and the coupons thereto attached
shall be in substantially the following form:
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STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY
SPECIAL ASSESSMENT BOND
CURB AND GUTTER SPECIAL IMPROVEMENT DISTRICT
EXTENSION #38-668, #38-668-1, AND #38-668-2
No. $5,000.00
For value received Salt Lake City, Salt Lake County,
Utah, (the Issuer), a municipal corporation duly organized and
existing under the laws of Utah, hereby promises to pay to
bearer hereof, out of special funds available for such purpose,
as hereinafter set forth, the principal sum of
FIVE THOUSAND DOLLARS ($5,000.00)
on the 1st day of June, 19 ,
with interest thereon until maturity at the rate of
percent ( %) per annum
according to the coupons hereto attached, payable annually on
the 1st day of June, in each year, both principal and
interest being payable in lawful money of the United States
of America at , Salt Lake City,
Utah, upon presentation and surrender of this Bond and of the
annexed coupons as they severally become due.
This Bond is one of a series of ninety-three (93)
Special Assessment Bonds (in denominations of $5,000)
numbered consecutively from 1 to 93 both inclusive, issued by
the Issuer, all of which are of like date and aggregate the
total amount of $456,000.
Payment of this Bond and the interest thereon shall be
made from, and as security for such payment there is pledged,
a special fund designated as the Bond and the Interest Fund
of Salt Lake City, Utah Curb and Gutter Special Improvement
District Extension #38-668, #38-668-1, and #38-668-2,
containing the receipts derived by said Issuer from the
special tax and assessment levied upon the property included
in Curb and Gutter Special Improvement District Extension
#38-668, #38-668-1, and #38-668-2, of said Municipality, by
Salt Lake City Ordinance adopted on September 18, 1979 which
became effective on September 21, 1979, for the purpose of
construction of curb and gutter, asphalt paving, raised
median, street lighting, landscaping, excavation, grading and
the preparation of the street area to receive the proposed
improvements, and all other miscellaneous work necessary to
complete the improvements in a proper and workmanlike manner
under, by virtue of, and in full conformity with the
Constitution and Laws of the State of Utah and certain
ordinances and resolutions of said Issuer duly passed and
made law thereof prior to the issuance hereof.
The Bonds maturing prior to June 1, 1986 are not
callable for redemption prior to maturity. The Bonds
maturing on or after June 1, 1987 shall be subject to prior
redemption in whole or in part from time to time on any
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interest payment date commencing June 1, 1986 in inverse
numerical order at a redemption price equal to the principal
amount of the Bonds to be redeemed, and accrued interest to
the date of redemption plus a premium of two percent (2%) of
the par value of the Bonds redeemed.
It is hereby certified that a Special Improvement
Guaranty Fund has been created by ordinance as authorized by
Utah statutes, and said Issuer 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 as therein
required. This Bond is not a general obligation of the
Issuer but is payable exclusively out of said Bond and
Interest Fund and said Special Improvement Guaranty Fund.
Said Issuer shall not be held liable for the payment of this
Bond, except to the extent of the Funds created and received
by said special assessments and to the extent of its Special
Improvement Guaranty Fund; but said Issuer shall be held
responsible for the lawful levy of all special assessments,
for the creation and maintenance of the Special Improvement
Guaranty Fund as provided by law, and for faithful
accounting, collection, settlement, and payment of the
assessments and for the monies of said fund.
Said special assessment made and levied to defray said
cost, with accruing interest thereon, and the cost of
collection of the assessment constitute a lien upon and
against the property upon which such assessment was made and.
levied from and after September 21, 1979, the date upon which
the ordinance levying such assessment became effective, which
lien is superior to the lien of any trust deed, mortgage,
mechanic's or materialman's lien, or other encumbrance. Said
lien is equal to and on a parity with the lien for general
property taxes and shall continue until said assessment and
interest thereon are paid, notwithstanding any sale of the
property for or on account of a general property tax, special
tax, other assessment, or the issuance of an auditor's deed.
It is hereby further certified, recited and declared
that all acts, conditions and things essential to the
validity of the Bond exist, have happened, and have been done
in due time, form and manner as required by law, and that the
total issue of Special Improvement Bonds of said Issuer for
said District, including this Bond, does not exceed the
amount authorized by law nor the special assessment levied to
cover the cost of said improvements in said District, and
that all of said special assessment has been lawfully levied.
This Bond is subject to the conditions, and every holder
hereof by accepting the same agrees with the Issuer and every
subsequent holder hereof, that (a) delivery of this Bond to
any transferee shall vest title in this Bond and in the
interest coupons attached hereto in such transferee to the
same extent for all purposes as would the delivery under like
circumstances of any negotiable instrument payable to Bearer;
(b) the Issuer and any agent of the Issuer may treat the
bearer of this Bond as the absolute owner hereof for all
purposes, and shall not be affected by any notice to the
contrary; (c) the principal of and the interest on this Bond
shall be paid, and this Bond and each of the coupons
appertaining thereto are transferable, free from and without
regard to any equities between the Issuer and the original or
any intermediate holders hereof, or any setoffs or
crossclaims; and (d) the surrender to the Issuer or any agent
of the Issuer of this Bond and each of the coupons shall be a
good discharge to the obligor for the same.
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IN WITNESS WHEREOF, the Issuer has caused this Bond to
be signed by its Mayor and countersigned by its City
Recorder, and the annexed coupons to bear the facsimile
signature of the acting City Treasurer and this Bond to be
dated as of the 1st day of June, 1980.
Mayor
Countersigned:
City Recorder
( S E A L )
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(Form of Coupon)
Coupon No. $
On the 1st day of June, 19
Salt Lake City, Salt Lake County, Utah
will pay the bearer hereof in lawful $
money of the United States of America,
out of a special fund designated the
Bond and Interest Fund of Salt Lake
City, Utah Curb and Gutter Special
Improvement District Extension #38-668,
#38-668-1, and #38-668-2, and Special
Improvement Guaranty Fund at
Salt Lake City, Utah, one year's interest
on its Special Assessment Bonds of said
District dated June 1, 1980.
(Facsimile Signature)
Acting City Treasurer
Bond No.
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Section 4. Said Bonds shall be signed by the Mayor and
countersigned by the City Recorder, with the facsimile seal
of the Municipality affixed, and the annexed coupons shall
bear the fascimile signature of the Acting City Treasurer.
The City Council does hereby ratify, approve and confirm the
execution of said Bonds by the said officers and the Acting
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 S. The sale of the Bonds to Continental Bank
and Trust Company of Salt Lake City, Utah and Bank of Utah of
Ogden, Utah, at the price of par and accrued interest to the
date of delivery in accordance with the terms of the offer
submitted by said purchaser is hereby in all respects
ratified and confirmed. Said Bonds shall be delivered to the
purchaser as soon as they may be legally issued, upon receipt
by the Acting City Treasurer of the agreed purchase price
therefor.
Section 6. The Acting City Treasurer 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
Municipality heretofore or to be hereafter adopted.
9
All monies constituting the payment of principal and
interest shall be placed in a special fund to be designated
"Fond and Interest Fund of Salt Lake City, Utah Curb and
Gutter Spac _al Improvement District Extension #38-668, #38-
668-1, and #38-668-2", and shall be used for the purpose of
paying the principal of and the interest on Special
Assessment Bonds of said District 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 readopted and the Municipality agrees with the holder
of the Bonds herein authorized that it will, until the
payment of said Bonds in full and the interest thereon has
been paid, provide amounts to be transferred to the Special
Improvement Guaranty Fund equal each year to such amount as a
tax levy of one mill on all property in the Municipality will
produce until the Special Improvement Guaranty Fund is equal
to not less than forty percent (40%) of the amount of all
outstanding special improvement bonds of all special
improvement districts of the Municipality, and thereafter,
the Municipality will transfer to such fund such amounts at
least yearly as may be required to maintain or replenish such
funds to such percentage. The Special Improvement Guaranty
Fund shall be maintained separate and apart from other
Municipal funds and shall be used and applied only as
provided by the laws of the State of Utah.
Section 8. Should there be insufficient 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 these Bonds are payable
exclusively from the special assessments levied for said
purposes and the said Special Improvement Guaranty Fund.
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Section 9. 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 Salt Lake City, Utah Curb and Gutter Special
Improvement District Extension #38-668, #38-668-1, and #38-
668-2, from and after September 21, 1979, the date on which
the ordinance levying the special assessments became
effective, which lien shall be superior to the lien of any
trust deed, mortgage, mechanic's or materialman's lien, or
other encumbrance, and shall be equal to and on a parity with
the lien for general property taxes. Such lien shall
continue until the assessment and any interest thereon are
paid, notwithstanding any sale of the property for or on
account of a general property tax, special tax, other
assessment, or the issuance of an auditor's deed.
Section 10. Said funds hereinabove referred to shall be
kept separate and apart from each other and from any other
funds of the Municipality 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 Municipality under the Depository Laws of the State of
Utah for the deposit of public funds.
Section 11. Default in the payment of any installment
of principal or interest of said assessment 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 10% per annum until paid. The Municipality covenants and
agrees that it will proceed with due diligence to place in
operation the procedure necessary to provide for a tax sale
of all delinquent property in accordance with the ordinances
of said Municipality and the laws of the State of Utah and
that the proceeds from the sale of any property sold will be
placed in the Bond and Interest Fund hereinabove referred to.
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Section 12. This resolution shall be effective
immediately upon its passage.
ADOPTED AND APPROVED this lj ay of May, 1 80.
< 21
Mayor
ATTEST:
7:44A---
City Recorder ;/
( SEAL )
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The foregoing resolution being put to a vote was unani-
mously carried by the affirmative vote of all Council
present, the vote being as follows:
The. > voting AYE: Ronald J. Whitehead (Absent)
Grant Mabey
Sydney Fonnesbeck
Palmer A. DePaulis
Alice Shearer
Ione M. Davis
Edward W. Parker
Thos voting NAY: None
It appearing that more than a majority of the Council
had voted in favor of the motion, gxxMayAnnx g
wieelavecoi the motion carried and the resolution adopted;
ayor
ATTEST:
ity Recor erg/
( S E A L )
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STATE OF UTAH
) ss.
COUNTY OF SALT LAKE )
I, Mildred Higham, the duly appointed, q..:.iiied .d
acting City Recorder of Salt Lake City, Utah, do hereby
certify that the above and foregoing is a full, true and
correct copy of the record of proceedings of the City Council
of Salt Lake City, Utah, at its meeting held on the 13th day
of May, 1980, insofar as the same relates to or concerns Salt
Lake City, Utah Curb and Gutter Special Improvement District
Extension #38-668, #38-668-1, and #38-668-2 and the adoption
of Resolution No. 24 as the same appears of record in my
Office.
I further certify that there is on file in my Office a
permanent record of the foregoing resolution for said
District.
IN WITNESS WHEREOF, I have hereunto subscribed my
official signature and affixed the official seal of said City
this 13th day of May, 1980.
City Recor e
(S E A L)
STATE OF UTAH
ss. CERTIFICATE OF COMPLIANCE
COUNTY OF SALT LAKE ) WITH OPEN MEETING LAW
I, Mildred Higham, the duly qualified and acting City
Recorder of Salt Lake City, Salt Lake County, Utah, do hereby
certify that on the 9th day of May, 1980, pursuant to
Utah Code Annotated Section 52-4-6 (1953), as amended, there was
posted (at least 24 hours prior to the meeting time) on the
bulletin board provided for such purposes in the Salt Lake City
and County Building written notice of the regular meeting of
the City Council held on May 13, 1980 at said Chambers, together
with the proposed agenda thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of said Municipality this 13th
day of
May, 1980.
AAte
City Recorder
( S E A L )
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Resolution No.
By, City Council
asse[xtraue.
Authorizing the issuance and providing
for the sale of$465,000 assessment
bonds for Curb and Gutter Special
Improvement District Extension 38-668,
38-668-1, and 38-668-2.
i J VCJe
•
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