26 of 1979 - A RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF $78,000 SPECIAL IMPROVEMENT BOND ROLL CALL
VOTING Aye Nay
Mr.Chairman
Agraz
Greener
.C.A"Mk�L
Phillips
Result
/e/
I "
CORRECTED
NOTICE OF INTENTION
PUBLIC NOTICE IS HEREBY GIVEN that on the 10th day
of April, 1979, the Salt Lake City Commission adopted a
resolution declaring Its intention to create a special Improvement
district to be known as North Point Special Improvement
District. It is the intention of the Commission to snake
improvements within said Special Improvement District and to
levy special taxes as provided In Chapter 16,Title 10,Utah Code
middstDiststtrii09foor)thhee benefit which real
ssuch taxes are tom be
expended In the nfeklm of such improvements.
DESCRIPTION OF DISTRICT
following lines lOPOSed l'ines a defined bythe Sant Lake City n bounded umbering
system:(in portions of the City where the Deslpneted streets do
not exist,the line constitutes an extension of the Street.)
line of Gladiolan north
t,anhe dne of BOO North the sWM by the line ofn900 South StrM
and on the west by the line of 7400 West Street.
Said Improvements are all within the Iimits of San Lake City.
INTENDED IMPROVEMENTS
The Improvements to be constructed within said Special
Inatrovemeet District In general include the construction of
ma ior water suPPIY lines consisting of approximately 7360 feet of
36-inch water pipe,26,660 feet of 24-inch water plea,and 7512 feet
of 20-Inch water pipe,Including all valves and other appurte-
wokInapelkewry to complete
the r pr r workmanlimanner.
Without limiting the above general description of improve-
ments It Is intended that the improvements be constructed in the
following designated areas:
improvements
36",24"tM Awate line and appurtenances complete.
DesParcel 1
All of Me North Point Development Annex to Salt Lake City,
described as follows:
Beginning at the southwest corner of Section 2,Township 1
South,Range 2 West,Salt Lake Base and Meridian and running
thence SWM 89°54'31"East,2653./9 feet;thence North 0104'57"
West,1322.11 feet;thence South 8912'32"East,2650.38 feet;
thence North 013'50"West,2660.61 feet;thence North 89°53'15"
Westhence a North 89°6'57 East,1 %fe North el thenceWest,North 0'02'20"
East 1000.96 feet;thence South 11.15'25"West,80.0 feet;thence
North 0 31'42"East,153933 feet;thence South 89118'02"West,
226.87 feet to the point of curvature of a 650 foot radius curve;
thence Northwesterly 510.46 feat slang the arc of said curve to the
right(the chord bears North 67'32'06"West,497.44 feet);thence
North 659 2'16"West,606.17 feet to the point of curvature of a 950
foot radius curve;thence Northwesterly 745.86 feet along the arc
of said curve to the left,(the chord bears North 6031'66"West,
726.85 het);thence South 8918'45"West,1227.11 het.thence
North O0754"East,1863.16 feet;thence South 8917'50"West,
2182.38 feet;thence South 8914'19"West,2642.89 feet;thence
South 8916'26"West,2643.87 feet;thence South 89159L8"West,
1316.985 feet;thence Sddh O10019"East,5280.111 feet;tMce
North 89.55'21"East,131,365 feet;thence North 69°5617"East,
South(702'le"West NSp91�fenttS7thenc t orth 89° 21320.21 4"thence
1321.05 het;thence bouth00Y66"feet,..-thence
3971.25 feet to the point of
beginning.
Parcel 2
The Northeast hedger ofMe Npthwee Bas god Seidian.
TovmMip 1 South,Rome 2 Wuearc Salt Lake Base ant Meritllan.
i.
Pfccel3
Beginningat the nortMest cornerTMnshsoutheast,quarterma of
We northwest euB Section 11,Township 1 South,come 2
West,Saltt; Lake Base and0Meridian,more,and s ee the Bence West
1320 Western
thence isSouthee lr ad ri more right of way;
has,to thence
meth line of
the
right of way fa distance of 1321 het, less.teeeoow
directly south of the point of beginning;thence North 127 feet,
fore or less,to the point of beginning.The described parcel
being all of the southeast 9uerter of the northwest quarter of
Section 11,which lies north of the Western Pacific Railroad right
of way.
moreontal or ning a Net Assessable Area of 1,601.47 acres of land,
Mailed & Dist. April 20, 1979 je
SALT LAKE INTE R NMe Salt Lake ATIONAL CENTER
t
the Beginningra corner of Section 75.TownsMa 1 Surveyor',
Ranoent a2
West,Salt Lake Base and Meridian,end running thence South
meter of ssaaid7aSec0i 5(2640.86
1�5;'thence South 0 feet tWo'II•East Quarter
th
00'12'•West record),59.89 feet;thence South 89.5002"West.
110.01 feet;thence South 0102.31"West•40 feet;thence South
89158'02"West.196.86 feet to the Point of curvature of a 650 foot.
radius curve;thence Northwesterly 510.46 feet along the arc of
saki curve to the right(the chord bears North 67M.06"West,
497.ee feet);thence North 45 02'14"West,606.17 feet to the Point
of curvature of a 950 foot radius curve;deuce northwesterly
745.86 feet along the arc of said atrve tethe left.(thechord bears
North 6711'64"West,726.85 feet);menu South e9°5e'15"West.
1227.11 feet;thence North(02.54"East,1843.97 feet;thence
North e91019"East,457.08 feet to the North Quarter Corner of
said Section 35;thence North 89%8'27"East,2637.92 feet to the
point of beginning.
Containing a Net Assessable Area of 145.61 acres of land,
more l o less.
r the above described areas,total 1,747.0(1 acres of land,
more or less,are In Section 2 and 11,Township 1 South,Range 2
Township 1 Lake Base
Range and 2LestkSalt and
Base and eridi
ESTIMATED COST OF IMPROVEMENTS
Improvement The
District as estimated by ts In said
City Eed ngineer is
S2.1054)0.00,the total amount of which shall be paId by a special
tax to be levied against the property which may be affected or
specifically benefited by such Improvements.The property
owners'portion of the total estimated cost of the improvements
Interim warrants.The Interrees on said I rr period
wwiillbe a sesssse ed
tthhe prope the rties withinowners.
ith n Said Diestimated
trict shin be by arassessed
aa no ro�:nat
Improvements Acresye of'Estimated Cost Total Estimated
>d'L' Assessed Per Acre Cost
water line_ 8120500
tamniancaes Properly f2.105,000.00
complete
ASSESSMENTS AND LEVY OF TAXES
Utah,to levyl assessments as erroovoded by the l of aws Lake
ail
parcels and lots of real property wtthin Me District.The Purpose
Movements assessment
theit nicipal l Mil pay assume nd pa�
The The amass of
may bee'mid bey area opees rrtyyet ownersrth In ein.
not to
exceed twenty(20)annual installments with ntrest on the
unpaid(10%)peerrlannnuum athe
ixed by the rates not
Commission.or the whole
or any
assessment dnand tnen )dfter theoriance levying the assessment
the ntbecomes h fo be derivede assessmentsy each hh propelrty�withinlevied
I ttMeiD strict.
Other payment provisions and enforcement emMles shall be In
accordance with Chapter 16 of Title 10 of Utah Code Annotated,
(19S3).ap of Proposed District,copies of plans.profiles and
information are the
file o proposedffice of the Deepartments ment of her related
Utilities,1530 South West Temple,Salt Lake City Utah•who will
make such Information available to all interested persons.
TIME
O My person who Is theowner
i of Record of property to be
assessed In the Special improvement District described in this
Notice of Intention shell have the right to file,IN WRITING a
or to magainst
ke ann oththe er attfKHan reaid lating th ereeto Protests shall}
describe or otherwise Identify the property owned of record by
the person or persons making the protest.Potests shall be flied
with the City Recorder of Self Lake City,Utah,on or before 5:00
p.m.on the 15th day of May.1979.Thereafter at 10:00 a.m.0n the
16th day of May.1979 the City Commission will meet In public
meeting In the Commission Chambers to consider all protests so
flied and hear all oblectiono relating to the Proposed Special
Improvement District.
BY ORDER OF THE CITY COMMISSION OF SALT LAKE
CITY,UTAH,DATED:April 10,1979.
MILDRED V.HIGHAM
City Recorder
Fi�rsth Point publicatipon—ialApra 17.91 improvement District
Seca d publication—April 24,1979
Third Last Publication—Mare,1979 ID-IS)
A regular meeting of the Board of Commissioners of
Salt Lake City, Utah, was held on Tuesday, the 10th day of
April, 1979, at the hour of 10:00 o'clock A.M. at Room 301,
City and County Building, Salt Lake City, Utah, being the
regular meeting place of said Commission, at which meeting
there were present and answering roll call the following
members who constituted a quorum:
Ted L. Wilson cigfgai,s§xiximm MAYOR
Jess A. Agraz Commissioner
David C. Campbell Commissioner
Glen N. Greener Commissioner
TAn,lings Phillips, fir. Commissioner
Commissioner
Also present:
Walter R. Miller Assistant City Attorney
Mildred V. Higham, City Recorder
Absent:
None
Thereupon, the following proceedings, among others,
were duly had and tad-en.
-2-
A report was made to the Commission on the bids
which had been received by the City for the purchase of
Special Improvement District No. 461-2 bonds. It was
reported that the bids were as follows:
NET EFFECTIVE
BIDDER INTEREST RATE PREMIUM
Burrows, Smith and Company 5.765079 $110.00
Continental Bank and Trust
Company of Salt Lake 6.347619 $ 60.00/
The bid of Burrows, Smith and Company
was the best responsible bid
received therefor, and bears interest at the lowest rate as
required by law.
The bid of Burrows, Smith and Company is
in full as follows:
s
F
r
t -3- H sY
t Wire,
( BURROWS, SMITH AND COMPANY Experienced since 1899
, e'`14 Suite 1003, Kearns Building
r �W Salt Lake City, Utah 84101 =<
�m Telephone: (801) 328-1511
.� ° TO: Honorable Mayor and City Commission Date: April 10, 1979
s• City and County Building
Salt Lake City, Utah 84111
?'F .' Pursuant to your Notice of Sale, which is incorporated herein by reference thereto, 7: eett
we will pay par and accrued interestplus a
premium of $ 110.00
to the date of delivery for $78,000 Salt Lake City, Utah, Special Improvement ,,-
District Bonds - No. 461-2 which mature serially on May 1W
of each of the following years and bearing interest as ��
i follows:
1980 - 1986 5.80% �
--::-.7: e4v,:r:WT
a
•
tr is , Prior to our accepting delivery of said Securities, you agree to furnish a certified x
kr transcript of all documents and legal � �g proceedings requisite to their issuance and ,� -.
delivery, including the signature non-litigation and disclosure certificates customary f-
market form, evidencing thelegality of said Securities and the security provisions lt*relating thereto the satisfaction of Jones, Waldo, Holbrook and McDonough (`
��* whose unqualified approving �
q legal opinion will be furnished at your expense in �"
customary market form shall accompany said Securities at delivery, and said 4
r;. delivery shall be made to us within a reasonable period of time.
To evidence our good faith, we enclose ouk- check in the amount of $ 2,000.00 ��`
�r# If this offer is accepted, said check shall be held by
you uncashed until delivery of
tWSPR:, - , said Securities, but in the event of a breach by us in the performance of this
z contract, said check may be cashed and the proceeds retained by you as full ��
i- e - liquidated damages for such breach, and the cashing of such check in such event a
i Y shall constitute a full release and discharge of all damages. If said bond attorneys
{• are unable to approve said Securities, or in the event of a breach of this contract "'` � -<by you, said check shall be returned to us upon demand. This bid is made fors
immediate acceptance or rejection and if this offer is not accepted, said good faith
za
A'V'�, check shall be returned to us immediately-
Aat4i*It
s It is mutually understood and agreed that your acceptance of this offer and the
.`. execution thereof by your official thereunto duly authorized, shall constitute a a ..0iY
z � contract for the purchase and sale of said Securities. x�
Respectfully submitted, r 0. _ -,
u For information purposes: f
a BURROWS, SMITH AND COMPANY ,
Gross Interest Cost $ 18,270.00a Less PremiumJ;'.
t Plus Discount $ -0- =
Net Interest Co •
st /\ fan4 fi
a Average Rate 6 --5.a0• % B
p
over- x ,=fix
Accepted for and on behalf of Salt Lake City mayor anti City Cnmmiccion
pursuant to authorization by its governing body, and receipt of the above mentioned
check acknowledged, on this inj- day of April
Official Title Mayor
ATTEST:
Official Title City corder
•
-4-
Thereupon, Commissioner Jennings Phillips, Jr.
introduced and moved the adoption of the following resolution:
RESOLUTION NO. 26
A RESOLUTION AUTHORIZING THE ISSUANCE AND
PROVIDING FOR THE SALE OF $78,000 SPECIAL
IMPROVEMENT BONDS OF SPECIAL IMPROVEMENT
DISTRICT NO. 461-2 FOR SALT LAKE CITY, UTAH,
PRESCRIBING THE FORM OF BOND AND INTEREST
COUPONS, MATURITY AND DENOMINATION OF SAID
BONDS, PROVIDING FOR THE CONTINUANCE OF A
GUARANTY FUND LEVY AS PROVIDED BY STATUTE
AND PROVIDING WHEN THIS RESOLUTION SHALL
BE IN EFFECT.
WHEREAS, the City Commission of Salt Lake City, Utah,
has heretofore adopted proceedings for the construction of
improvements in Special Improvement District No. 461-2 and the
Ordinance of said City confirming the assessment roll for such
improvements having been duly adopted and approved on the
30th day of March, 1976, and having been amended by Ordinance
adopted July 28, 1976, and
WHEREAS, said Ordinance was duly published accord-
ing to law on the 30th day of March, 1976, and the amending
Ordinance was duly published according to law on August 3,
1976, and
WHEREAS, the total taxes levied by the March 30,
1976, Ordinance amounted to $351,641.47, and cash payments
received on said assessments, and abatements made by the amend-
ing Ordinance of July 28, 1976, have totaled $273,641.47,
leaving an amount to be paid through the issuance of bonds or
from funds provided by the City of $78,000.00.
NOW, THEREFORE, Be It Resolved by the City Commis-
sion of Salt Lake City, Utah:
-5-
Section 1. That the proceedings heretofore taken
and adopted for the creation of Special Improvement District
No. 461-2 for Salt Lake City, Utah, and for the construction
of improvements therein and the assessment of a part of the
cost of constructing such improvements on and against the
private properties in said district shall be and the same are
hereby ratified, approved, and confirmed; that no assessment
exceeds the benefit to be derived from the improvements by
the piece of property assessed, that no piece of property wil3!
bear more than its proportionate share of the cost of the
improvements to be made.
Section 2. That for the purpose of payment of
the costs and expense of such improvements against the funds
created and to be collected from such special assessments,
there shall be issued $78,000.00 Salt Lake City, Utah Special
Improvement Bonds of Special Improvement District No. 461-2.
Said bonds are to be dated as of the 1st day of May, 1979, and
shall mature serially on May 1 in each year in seven annual
installments. Said bonds shall bear interest at the rate or
rates, shall be numbered, shall be in the denomination of $5,000
and $1,000 and shall mature as follows:
BOND NUMBERS AMOUNT AMOUNT OF YEAR
ALL INCLUSIVE MATURING COUPON MATURING
1-3 $11,000 5,80 % 1980
4-6 11,000 5 80% 1981
7-9 11,000 5,80 % 1982
10-12 11,000 5.80% 1983
13-15 11,000 5.80 % 1984
16-18 11,000 5.80% 1985
19-22 12,000 5.80% 1986
•
-6-
Both principal and interest shall be payable at
Walker Bank & Trust Company, 175 South Main Street, Salt
Lake City, Utah.
Section 3. That said bonds and the coupons thereto
attached shall be in substantially the following form: ',,
(Form of Bond)
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY, UTAH
SPECIAL IMPROVEMENT BOND
SPECIAL IMPROVEMENT DISTRICT NO. 461-2
No. $
For value received Salt Lake City, Salt Lake County,
Utah, 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
Thousand Dollars ($ ) on the 1st day of May, A.D.,
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 May in
each year, both principal and interest being payable in law-
ful money of the United States of America at the office of
Walker Bank & Trust Company, 175 South Main Street, 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 22 Special Improve-
ment Bonds (in the denominations of $5,000 and $1,000) numbered
consecutively from 1 to 22, both inclusive, issued by Salt
Lake City, all of which are of like date and designation and
aggregate the total amount of $78,000.
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 Interest
Fund of Special Improvement District No. 461-2, Salt Lake
City, Utah containing the receipts derived by said City from
the special tax and assessment levied upon the property
included in Special Improvement District No. 461-2 of said
City, by Salt Lake City Ordinance No. 40 of 1976, which be-
came effective on the 30th day of March, 1976, as amended
by Ordinance No. 129 or 1976, which became effective on
August 3, 1976, for the purpose of paying the costs of
•
-7-
constructing improvements on certain streets within said
City consisting of construction or reconstruction of
sidewalks, curbs, gutters, street paving and other miscel-
laneous work necessary in said district 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
City duly passed and made law thereof prior to the issuance
hereof.
It is hereby certified that a Special Improvement
Guaranty Fund has been created by ordinance, as authorized
by Utah statutes, 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 as therein
required. THIS BOND IS NOT A GENERAL OBLIGATION OF THE CITY
BUT IS PAYABLE EXCLUSIVELY OUT OF SAID BOND AND INTEREST FUND
AND SAID SPECIAL IMPROVEMENT GUARANTY FUND. SAID CITY 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 City 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 moneys
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 March 30, 1976, the date upon which
the ordinance levying such assessment became effective,
which lien is superior to the lien of any trust deed, mort-
gage, mechanic's or materialman's lien, or other encumbrance
and is equal to and on a parity with the lien for general
property taxes and such lien shall continue until said assess-
ment 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 City for said
district, including this bond, does not exceed the amount
authorized by law nor the unpaid balance of special assess-
ment levied to cover the cost of said improvements in said
district, and that all of said special assessment has been
lawfully levied.
The bond is subject to the conditions, and every
holder hereof by accepting the same agrees with the obligor
-8-
and every subsequent holder hereof, that (a) the 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 obligor and any agent of the obligor 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 obligor and the original or
any intermediate holders hereof, or any set-offs or cross-
claims; and (d) the surrender to the obligor or any agent
of the obligor of this bond and each of the coupons shall
be a good discharge to the obligor for the same.
i
IN WITNESS WHEREOF, Salt Lake City, Utah, has caused
the facsimile signature of its Mayor to be hereunto affixed,
and said bond to be countersigned by its City Recorder, and
the annexed coupons to bear the facsimile signature of the AGnNG
City Treasurer and this bond to be dated as of the 1st day
of May, 1979.
MAYOR
Countersigned:
CITY RECORDER
(S E A L)
(Form of Coupon)
Coupon No. $
On the 1st day of May, 19 Salt Lake City,
County of Salt Lake, State of Utah, will pay the bearer hereof
Dollars in lawful money of the United
States of America, out of special funds designated the Bond
and Interest Fund of Special Improvement District No. 461-2
of Salt Lake City, Utah, and Special Improvement Guaranty Fund
at the Office of Walker Bank & Trust Company, 175 South Main
-9-
Street, Salt Lake City, Utah, being one year's interest on
its Special Improvement District No. 461-2 bonds, dated
May 1, 1979.
(Facsimile Signature)
Acting City Treasurer
Bond No.
Section 4. Said bonds shall bear the facsimile
signature of the Mayor and be countersigned by the City Recor-
der, with the seal of the City affixed, and the annexed
Acting
coupons shall bear the facsimile signature of the/City Trea-
surer, and the City Commission 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 purchaser thereof, its agents or
assigns, on receipt of the purchase price therefor.
Section 5. The sale of bonds to Burrows, Smith
and Company at the price of par and accrued interest
to the date of delivery, in accordance with the terms of the
sealed bid submitted by said purchaser is hereby in all res-
pects ratified and confirmed. Said bonds shall be delivered
to the purchaser as soon as they may be legally issued, upon
receipt by the City Treasurer of the agreed purchase price
therefor.
Section 6. The Treasurer of Salt Lake City, Utah,
shall be and is hereby authorized and empowered, and it shall
be his duty to receive and collect all assessments levied to
-10-
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 imme-
diately because of the failure to pay any installment whether
of principal or interest, when due, and to pay and disburse
such payment 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 moneys constituting the payment of principal
and interest shall be placed in a special fund to be desig-
nated "Bond and Interest Fund of Special Improvement District
No. 461-2, Salt Lake City, Utah," and shall be used for the
purpose of paying the principal of and the interest on
special improvement bonds of Special Improvement District
No. 461-2 and for no other purpose whatsoever, and as security
for such payment, said fund is hereby pledged.
Section 7. The Salt Lake City Commission hereby
directs the maintenance of a special improvement guaranty
fund in the manner and to the extent provided by the laws of
the State of Utah, and the City agrees with the holder of
the bonds herein authorized that it will, until the payment
of said bonds in full and until 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 City will
produce until the Special Improvement Guaranty Fund is equal
-11-
to not less than forty percent (40%) of the amount of all
outstanding special improvement bonds of all special improve-
ment districts of the City, and thereafter, the City will
transfer to such fund such amounts at least yearly as may be
required to maintain or replenish such funds to such per-
centage. The Special Improvement Guaranty Fund shall be main-
tained separate and apart from other City funds and shall be
used and applied only as provided by the laws of the State
of Utah. x
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 Spe-
cial Improvement Guaranty fund to the extent that there is
sufficient money in said Special Improvement Guaranty Fund
for this purpose, and these bonds are payable exlusively
from the special assessments levied for said purpose and the
said Special Improvement Guaranty Fund.
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 by the Ordinance
adopted March 30, 1976, as amended by the Ordinance adopted
July 28, 1976, against every lot or tract of land in said
Special Improvement District No. 461-2 from and after the
30th day of March, 1976, 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
-12-
property taxes. Such lien shall continue until the assess-
ment 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 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 moneys for funds of
said City under the Depository Laws of the State of Utah for the
deposit of public funds.
Section 11. Default in the payment of any install-
ment 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, 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
all delinquent property in accordance with the ordinances of
Salt Lake City 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.
Section 12. This resolution shall be effective
immediately upon its passage.
-13-
ADOPTED AND APPROVED this 10th day of April, 1979.
MAYOR
ATTEST:
7)7. GLF6tY !/' CLitt--)
CITY RECOR
(S E A L) x
Thereupon, Commissioner Glen N. Gr*ener seconded
the adoption of the foregoing resolution and the same upon
being put to a vote was carried by the affirmative vote of
the Commissioners present, the vote being as follows:
Those voting AYE:
Ted L. Wilson Mayor
Jess A. Agraz Commissioner
David C. Campbell Commissioner
Glen N. Greener Commissioner
Jennings Phillips Jr. Commissioner
Those voting NAY:
NONE
-14-
It appearing that more than a majority of the
Commission has voted in favor of the motion, the Mayor there-
upon declared the motion carried and the Resolution adopted.
MAYOR
ATTEST:
CITY RECORDS
(S E A L)
STATE OF UTAH
f ) ss.
COUNTY OF SALT LAKE )
I, MILDRED HIGHAM, the duly appointed, qualified and
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 had by the Salt
Lake City Commission, at its meeting held on the 10th day
of April, 1979, insofar as the same relates to or concerns
Special Improvement District No. 461-2 and the adoption of
Resolution No. 26 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
Special Improvement District No. 461-2.
IN WITNESS WHEREOF, I have hereunto subscribed
my official signature and affixed the official seal of
said City this 10th day of April , 1979.
CITY RECOR E
( S E A L )
Resolution No. 26
h
• • By Commissioner Jennings Phillipo,; Jr.
COMMISSIONER
Authorizing the issuance and
providing for the sale of $78,000
Special Improvement Bonds of
Special Improvement District
No. 461-2.
Presenfed to the hoard of Commissioners
AND PASSED
APRi (Ivry REe.o--
0 79
!�r'G��istr
4116.
•