HomeMy WebLinkAbout28 of 1968 - A resolution authorizing the sale of $1,000,000, General Obligation Zoo Building Bonds of Salt Lake PIV
28
Resolution No:_
By CONRAD B. HARRISON
COMMISSIONER
Authorizing the sale of$1,000,000,00
General Obligation Zoo Building Bonds
of Salt Lake City.
Presented to the Board of Commissioner
AND PASSED
MAY 228 1g9,G8
k4WAAMItp Ca 1'RECORDER
itt
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The Board of Commissioners of Salt Lake City, Salt Lake County,
Utah, met in regular session on Tuesday the 28th day of May, 1968 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
Conrad B. Harrison, Commissioner of Parks and
Public Property
George B. Catmull, Commissioner of Streets and
Public Improvements
James L. Barker, Jr., Commissioner of Public Safety
E. J. Garn, Commissioner of Water Supply and Water
Works
Absent:
None.
Also Present:
Jennings Phillips, Jr., City Treasurer
El Rita M Beesley, Chief Deputy City Recorder
Homer Holmgren, City Attorney
After the conduct of other business not pertinent to the following,
the Mayor announced that one of the items of business to come before the meeting
was to be the sale and authorization of$1,000,000 General Obligation Zoo Building
Bonds of Salt Lake City.
The City Recorder then presented sealed bids for the purchase of the
bonds which had been received. Said bids were opened and found to be as follows:
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Name of Bidder Coupon Bid Premium, if any
Walker Bank& Trust Company 1970-73 -4 5/8% NONE
Salt Lake City, Utah and 1974-76 -4.00%
Bankers Trust Company 1977-79-4.10%
New York City, New York 1980-84- 4.20%
First Security Bank of Utah, N.A. 1970-71 - 5 1/4% NONE
Salt Lake City, Utah and 1972-84- 4.20%
Harris Trust& Savings Bank
Chicago, Illinois
Morgan Guaranty Trust Company 1970-72- 5.50% $ 77.00
New York City, New York and 1973-75 - 4.00%
Zions First National Bank 1976-78 - 4.10%
Salt Lake City, Utah 1979-82- 4.20%
1983-84 -4.25%
United California Bank and 1970 - 4.00% $ 4.00
Associates 1971-73- 5.50%
1974-75 -4.00%
1976-80-4.10%c
1981-82 - 4.20%
1983-84-4.25%
Bank of California 1970-73 - 5.50% $ 836.50
Schwabacher &Company 1974-76 -4.00%
1977-79 - 4.10%
1980-84-4.20%
Dean Witter & Company and 1970-72 - 5 1/2% $ 383.00
Associates 1973 - 4.70%
1974-77 -4.10%
1978-81 - 4.20%
1982-84 - 4 1/4%
The Northern Trust Company 1970-72- 5.00% $ 89.00
1973 - 4.30%
1974-80- 4.20%
1981-82 -4.25%
1983-84-4.30%
Goodbody&Company and 1970-73 - 5.25% $1,704.00
Wilson White, Inc. 1974-78-4.10%
1979-80 - 4.20%
1981-82 -4.25%
1983-84- 4.30%
Halsey, Stuart& Company, Inc. 1970-73 - 5 1/2% NONE
and Associates 1974-78 - 4.10%
1979 - 4.15%
1980-81 - 4.20%
1982-84 - 4 1/4%
Crocker-Citizens National Bank 1970-73 -4 7/8% $ 39.00
1974-78 -4 1/4%
1979-80 - 4.20%
1981-82 - 4 1/4%
1983-84- 4.30%
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Name of Bidder Coupon Bid Premium, if any
Continental Illinois National Bank and 1970-71 - 5.00% NONE
Trust Company of Chicago, Illinois 1972-82 - 4.30%
1983-84 -4.35%
Bank of America N.T. & S.A. 1970-73 - 4 3/4% $ 160.00
and Associates 1974-76 - 4.10%
1977-80-4 1/4%
1981-82 - 4.30%
1983-84 - 4.40%
Kidder, Peabody& Company, 1970-72 - 5 3/4% $ 500.00
Incorporated and Associates 1973-79 -4 1/4%
1980-81 -4.30%
1982-84 - 4.35%
After due deliberation it was determixed that the bid of Walker Bank& Trust Company and
Bankers Trust Company was the highest and best bid submitted for the purchase of the bonds,
said bid being in full as follows:
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RESOLUTION NO. 28
A Resolution Providing for the
Issuance and Confirming the. Sale
of $1,000,000 General Obligation
Zoo Building Bonds of Salt Lake City
BE IT RESOLVED by the Board of Commissioners of Salt Lake City,
Utah:
Section 1. At a special bond election duly and law-
fully called and held in Salt Lake City, Utah on Tuesday, April
16, 1968, the following proposition was submitted to the vote of
those qualified electors of Salt Lake City who were owners of
property in said City and had paid a property tax therein during
the 12 months preceding the election:
Shall the City of Salt Lake City,
Salt Lake County, State of Utah, be
authorized to issue and sell bonds of
the city in the amount of not to exceed
One Million Dollars ($1,000,000) payable
not more than twenty (20) years from
their date and to bear interest at a rate or
rates not in excess of six percent (6%) per
annum, for the purpose of paying all or a
part of the cost of constructing and equipping
buildings and other improvements at the park
and zoo facilities owned by the city known
as the Salt Lake City Zoo at the Bogle
Zoological Gardens?
The result of said election was duly declared by the Board of
Commissioners of Salt Lake City, sitting as a Board of Canvassers,
by resolution duly passed on April 22, 1968 from which it appears
that the total number of votes cast at said election in favor of
the issuance of said Zoo Building Bonds was 4,752 and that the
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RESOLUTION NO. 28
A Resolution Providing for the
Issuance and Confirming the Sale
of $1,000,000 General Obligation
Zoo Building Bonds of Salt Lake City
BE IT RESOLVED by the Board of Commissioners of Salt Lake City,
Utah:
Section 1. At a special bond election duly and law-
fully called and held in Salt Lake City, Utah on Tuesday, April
16, 1968, the following proposition was submitted to the vote of
those qualified electors of Salt Lake City who were owners of
property in said City and had paid a property tax therein during
the 12 months preceding the election:
Shall the City of Salt Lake City,
Salt Lake County, State of Utah, be
authorized to issue and sell bonds of
the city in the amount of not to exceed
One Million Dollars ($1,000,000) payable
not more than twenty (20) years from
their date and to bear interest at a rate or
rates not in excess of six percent (6L) per
annum, for the purpose of paying all or a
part of the cost of constructing and equipping
buildings and other improvements at the park
and zoo facilities owned by the city known
as the Salt Lake City Zoo at the Hogle
Zoological Gardens?
The result of said election was duly declared by the Board of
Commissioners of Salt Lake City, sitting as a Board of Canvassers,
by resolution duly passed on April 22, 1968 from which is appears
that the total number of votes cast at said election in favor of
the issuance of said Zoo Building Bonds was 4,752 and that the
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total number of votes cast at said election against the issuance
of said Zoo Building Bonds was 669.
Section 2. The bonds authorized at said election have
been this day offered for sale upon sealed bids having heretofore
been advertised for public sale and when said bids were opened
Walker Bank& Trust Company and Bankers
it was found that the bid of Trust Company
was the highest and best bid submitted. Accordingly, the bonds
have been awarded to said purchaser at the price of par and accrued
interest to the date of delivery plus a premium of * NONE
and the 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 3. The bonds so to be issued are issued for
the purpose of constructing and equipping buildings and other
improvements at the public park and zoo known as the Salt Lake
City Zoo at the Hogle Zoological Gardens located in and owned by
said City. The bonds shall be issued pursuant to the Utah Municipal
Bond Act in the aggregate principal amount of One Million Dollars
($1,000,000), shall be known as "Salt Lake City Zoo Building Bonds,
Series 1968", shall be dated April 1, 1968, shall be in the denomi-
nation of Five Thousand Dollars ($5,000) each, numbered serially
from 1 to 200, both inclusive, and shall bear interest from date
until paid at the rate or rates hereinafter set out, which interest
shall be payable October 1, 1968 and semi-annually thereafter on
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the 1st day of April and October of each year. Said bonds shall
mature serially in numerical order on October 1 of each of the
years and shall bear interest as follows:
Bond Nos. Year Maturing Interest
(both inclusive) Amount Maturing (October 1) Rate
1 - 10 $50,000 1970 4-5/87,
11 - 20 50,000 1971 4-5/87,
21 - 30 50,000 1972 4-5/8%
31 - 42 60,000 1973 4-5/87,
43 - 54 60,000 1974 4%
55 - 66 60,000 1975 4%
67 - 80 70,000 1976 4%
81 - 95 75,000 1977 4.10%
96 - 110 75,000 1978 4.10%
111 - 125 75,000 1979 4.10%
126 - 140 75,000 1980 4.20%
141 - 155 75,000 1981 4.20%
156 - 170 75,000 1982 4.20%
171 - 185 75,000 1983 4.20%
186 - 200 75,000 1984 4.20%
Bonds numbered 1 to 95, both inclusive, maturing in the
years 1970 to 1977, both inclusive, will not be subject to redemp-
tion prior to maturity. Bonds numbered 96 to 200, both inclusive,
maturing on and after October 1, 1978 are callable for redemption
in inverse numerical order at the option of the Board of City
Commissioners of Salt Lake City on April 1, 1978 or on any interest
payment date thereafter at the principal amount thereof and accrued
interest thereon to the date of redemption plus a premium (expressed
as a percentage of the principal amount of the bonds redeemed) as
follows: If called during the years 1978 or 1979, two percent
(2%); if called during the years 1980 or 1981, one percent (1%);
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if called during the year 1982, one-half of one percent (1/2%) and
if called during 1983 or 1984 at no premium. Notice of the call of
any of the bonds for redemption shall be given at least thirty (30)
days prior to the date fixed for redemption by publication of an
appropriate notice one time in a newspaper of general circulation in
Salt Lake City, Utah, and in a newspaper of general circulation in
New York City, New York, or in a financial publication published in
New York City, New York, by mailing or otherwise delivering a copy
of such notice to Goodbody & Co. and to Walker Bank & Trust Company
and Bankers Trust Company, the original purchasers of the bonds,
and by mailing a copy of such notice, by certified or registered
mail, to each holder of bonds so to be redeemed which are registered
as to principal at the time of such mailing at the address of such
holder appearing on the registration books of the City. Interest
on any bonds subject to redemption shall cease to accrue on the date
fixed for redemption if notice has been properly given and funds
equal to the redemption price have been deposited with the paying
agent's bank.
Section 4. The bonds and the interest coupons attached thereto
shall be in substantially the following form:
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(Bond Form)
UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE COUNTY
SALT LAKE CITY ZOO BUILDING BOND
a Series 1968
No. $5,000.00
Salt Lake City, Salt Lake County, State of Utah, hereby
acknowledges itself to be indebted and for value received hereby
promises to pay to the bearer hereof, or if the bond is then regis-
tered as to principal, to the registered holder hereof, the sum
of Five Thousand Dollars ($5,000.00) on the 1st day of October,
19_, together with interest thereon from the date hereof until
paid at the rate of percent ( %) per annum,
payable October 1, 1968 and semi-annually thereafter on the 1st
days of April and October of each year, said interest to maturity
being payable only upon presentation and surrender of the appropriate
interest coupons hereto attached. Both principal and interest are
payable in lawful money of the United States of America at Walker
Bank & Trust Company in Salt Lake City, Utah, or at Bankers Trust
Company in New York City, New York.
This bond is one of an issue of $1,000,000 of bonds of
like date, tenor and effect except as to maturity and interest
rate, issued for the purpose of paying all or part of the cost of
constructing and equipping buildings and other improvements at
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the park and zoo facilities owned by Salt Lake City known as the
Salt Lake City Zoo at the Hogle Zoological Gardens, under and by
virtue of and in full conformity with the Constitution and laws
of the State of Utah and a resolution duly adopted by the Board
of City Commissioners of Salt Lake City on May 28, 1968 after hav-
ing been duly authorized at a special bond election lawfully
called and held in said City on April 16, 1968 by vote of the
qualified electors of said City who had paid a property tax
therein during the 12 months preceding said election.
This bond and the issue of which it is a part are issued
pursuant to authority contained in the Utah Municipal Bond Act.
The Board of City Commissioners of Salt Lake City has
reserved the right and option to redeem in inverse numerical
order bonds numbered 96 to 200, both inclusive, which mature on
and after October 1, 1978, on April 1, 1978 or on any interest.
payment date thereafter at a price equal to the principal amount
of each bond so redeemed and accrued interest thereon to the date
fixed for redemption plus a premium (expressed as a percentage
of the principal amount of the bonds so redeemed) as follows:
If called during the years 1978 or 1979, two percent (27); if
called during the years 1980 or 1981, one percent (1%); if called
during the year 1982, one-half of one percent (1/270 ; if called
during the years 1983 or 1984, no premium. Notice of tine call
of any of the bonds for redemption shall be given at least thirty
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days prior to the date fixed for redemption by publication of an
y appropriate notice one time in a newspaper of general circulation
in Salt Lake City, Utah, and in a newspaper of general circulation
in New York City, New York, or in a financial publication published
in New York City, New York, by mailing or otherwise delivering a copy
of such notice to Goodbody & Co. and to Walker Bank & Trust Company
and Bankers Trust Company, the original purchasers of the bonds, and
by mailing a copy of such notice, by certified or registered mail,
to each hoider h &ui; so to 1, rcc''.ccc,c,l , ieu U�
to principal at the time of such mailing at the address of such
holder appearing on the registration books of the City. Interest on
any bond subject to redemption shall cease to accrue on the date
fixed for redemption if notice has been properly given and funds
equal to the redemption price have been deposited with the paying
agent.
The Board of Commissioners of Salt Lake City covenants
and agrees that it will annually levy a tax sufficient to pay the
interest on this bond as it falls due and also to constitute a
sinking fund to pay the principal when due.
It is hereby certified, recited and declared that all
acts, conditions and things essential to the validity of this
bond exist, have happened and have been done, and that every re-
quirement of law affecting the issue hereof has been duly com-
plied with, and that this bond is within every debt and other
limit prescribed by the Constitution and laws of the State of Utah
and that the full faith and credit of the City of Salt Lake
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City are hereby irrevocably pledged to the punctual payment of
the principal of and interest on this bond according to its
terms.
This bond is by statute made fully negotiable, but
may be registered as to principal only in the manner and with
the effect stated on the back of this bond to which reference is
hereby made.
IN WITNESS WHEREOF, the City of Salt Lake City has
caused this bond to be signed by its Mayor and countersigned by
its City Recorder with the Seal of the,City affixed and the
coupons hereto attached to be signed with the facsimile signature
of the City Treasurer, all as of the 1st day of April, 1968.
./
/ Mayor
Countersigned:
Lri'
Chief Deputy City Recorder
(SEAL)
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(Form of Coupon)
No. $
On the 1st day of October - April, 19 , unless the
hereinafter mentioned bond is then callable for redemption and
has been so called and provision for such redemption duly made,
the City of Salt Lake City, Salt Lake County, Utah, will pay to
the bearer hereof at Walker Bank & Trust Company in Salt Lake
City, Utah, or at Bankers Trust Company in New York City, New
York, the amount shown hereon in lawful money of the United States
of America, being the interest then due on its Zoo Building Bond,
Series 1968, numbered
(Facsimile Signature)
City Treasurer
(Form of Registration Certificate
to Appear on Back of the Bond)
This bond may be registered as to principal only, in
the name of the holder, on the books of the City Treasurer at
his office in Salt Lake City, which registration shall be noted
by the City Treasurer in the blank below. Upon presentation of
this bond by the holder (or if it is then registered, by the
registered holder or his legal representative) or by a bank or
trust company authorized to do business in Utah, with a written
request that it be registered in the name of another person or
in the name of bearer, the City Treasurer shall so register it.
While registered in the name of a holder, the principal hereof
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shall be payable only to such registered holder or to his legal
representative, but after registration to bearer this bond shall
again be transferable by delivery but may be again registered
as before. The registration of this bond as to principal shall
not affect the negotiability of the coupons hereto attached,
which shall continue to be transferable by delivery. If this
bond is callable for redemption,upon such call,notice of sucn
redemption shall be given as provided on the face of this bond
to the registered holder if then registered as to principal at
the address stated below which address may be changed from time
to time by the registered holder by written notice delivered to
the City Treasurer.
Date of Name of Registered Address of Signature of
Registration Holder Registered Holder Registrar
t i
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Section 5. Each of the bonds shall be signed by the
Mayor and countersigned by the City Recorder with the Seal of
the City affixed, and the coupons shall bear the facsimile signa-
ture of the City Treasurer. The Mayor is hereby empowered and
directed to sign, and the City Recorder to countersign and affix
the Seal of the City to each of said bonds and the City Treasurer
is authorized to execute said coupons by causing his facsimile
signature to be placed on each of said coupons and the acts of
sa,id Mayor, City Recorder and City Treasurer in so doing shall
be the act and deed of the City of Salt Lake City, Utah. All
of the covenants, statements, representations and agreements con-
tained in said bonds and coupons, and all of the recitals and
representations of this resolution are hereby considered and under-
stood and it is hereby ordered and declared that said covenants and
promises therein are the covenants and promises of the City of Salt
Lake City and that the representations and statements therein are
the representations and statements of the City of Salt Lake City.
Section 6. To pay the interest falling due on the bonds
as the same become due and also to provide a sinking fund for the
payment of the principal of the bonds at maturity, there shall be
and is hereby levied on all taxable pro5erty.in Salt Lake City,
in addition to all other taxes, a direct annual tax ful"_y suffi-
cient to pay the interest on said bonds and to pay and retire the
same as hereinafter provided. Said taxes when collected shall be
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applied solely for the purpose of the payment of interest on and
principal of said bonds, respectively, and for no other purpose
whatsoever until the indebtedness so contracted under this resolu-
tion, both principal and interest, shall have been fully paid, satis-
fied and discharged, but nothing herein contained shall be construed
to prevent the City of Salt Lake City from applying other funds
that may be in the City Treasury and available for that purpose to
the payment of the interest and principal as the same respectively
mature, and the levy or levies herein provided for may thereupon
to that extent be diminished. The sums herein provided for to meet
the interest on said bonds and to discharge the principal thereof
when due are hereby appropriated for that purpose. Principal and
interest falling due at any time, when there are on hand insufficient
funds from the proceeds of the above tax levy, shall be paid from
other funds of the City available for such purpose and such other
funds may be reimbursed when the tax levy proceeds become available.
Section 7. The City Treasurer shall maintain an appropriate
registration book for the purpose of registering any bonds as to
principal in the manner and on the terms set forth on the face and
back of the bond as hereinabove provided. At the time any bond is
registered as to principal the name and address of the registered
holder of the bond shall be entered in the registration book and
also on the registration certificate on the back of the bond. Any
such registered holder may from time to time designate a different
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address by written notice delivered to the City Treasurer and such
new address shall be entered in the registration book.
Section 8. All ordinances, resolutions or parts thereof
in conflict herewith be and the same are to the extent of such
conflict hereby repealed and after the bonds are issued this
resolution shall be and remain irrepealable until the bonds and
the interest thereon shall have been fully paid, satisfied and
discharged.
Section 9. This resolution shall be published one time
in the Deseret News, a newspaper of general circulation in Salt
Lake City, Utah. For a period of thirty (30) days after such pub-
lication any person in interest shall have the right to contest
the legality of this resolution or any action taken pursuant thereto,
but after such time no one shall have any cause of action to contest
the regularity, formality or legality thereof for any cause whatso-
ever.
Section 10. This resolution shall be effective immediately
upon its passage and approval.
Passed and approved by the Board of Commissioners of
Salt Lake City, Salt Lake County, Utah, this 28th day of May,
1968.
(21 '
Mayor
ATTEST:
Er � i Lek 6!,./
Chief DeputyCity Recorder
Published May 29, 1968
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STATE OF UTAH )
) ss.
COUNTY OF SALT LAKE )
I, Ei Rita M,.Beesley , hereby certify that I am
Chief Deputy
the duly appointed, qualified and acting ,City Recorder of Salt
Lake City, Salt Lake County, Utah. I further certify that the
attached sixteen (16) typewritten pages constitute a true and
correct copy of the minutes of a meeting of the Board of
Commissioners of Salt Lake City, Utah, held on May 28, 1968
insofar as said meeting pertained to the award of bids and a
resolution authorizing the issuance of $1,000,000 Salt Lake
City Zoo Building Bonds, as said minutes and resolution are
officially of record in my possession. I further certify that
said resolution was published in its entirety one time in the
Deseret News, a newspaper published in and of general circula-
tion in Salt Lake City, said publication being on May29
1968.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the Seal of Salt Lake City, this 28th day of May
1968.
L C /{. l•.' l/. �a F e F�,
/
Chief Deputy- City Recorder
(SEAL)
IL