29 of 1980 - A resolution of the Notice of Sale and Official Statement for the offering of $11,000,000 Salt Lake Jima$4, 1990
Memorable Salt Lake City Casson
Bendel J. Whitehead, Chairman
S11 City and Conley Building
Salt Lain City, Utah
Dear Couootlmaabersi
Rpm stenos of Csssoilmember Whey, the Salt Labe City Council at its
nesting this day, resettled Reaoluiioa No. 119, dated Jose 10, 1900,
tables br sale of Tan Anticipation Notes for$11,000,000.
no City Coesoil adopted Resolution No. Si et 1900, calling fer the lodes
of Sale of$7,900,000 la Tang A*tisipaftoa Yobs for 1100-0l, together with
the astherisaitoa to print and distribute the edloial statemsot to Sliest the
sew mete amount of$7,900,000 dad establish ache dates of won
ea July 1, sale oa Jab 11, and delivery of the sobs ea Jody 01, 1900.
yours truly,
City Recorder
ass
Cta
Mayer Wilson
)Suess, Smith
Alarm
Mum
Treasurer
lhei-S
Ossasil Saporta f!B 1.00
lwseohtlon S0
J
Salt Lake City, Utah
June 10, 1980
The City Council of Salt Lake City, Salt Lake County, Utah,
met in regular session at the regular meeting place of the Council
in the City and County Building, Salt Lake City, Utah, at 5:00 p.m.
on June 10, 1980, with the following members present:
Ronald J. Whitehead Council Member
Grant Mabey Council Member
Sydney R. Fonnesbeck Council Member
Palmer A. DePaulis Council Member
Alice Shearer Council Member
Ione M. Davis Council Member
Edward W. Parker Council Member
Also Present:
Mildred V. Higham City Recorder
Roger F. Cutler City Attorney
Absent: Ted L. Wilson Mayor
Stephen D. Page, Acting City Treasurer, reported to the
Council concerning the cash flow requirements of the City for
the fiscal year 1980-1981. He recommended that the Council
take such action as is necessary to obtain appropriate bids
for the placement of tax anticipation notes of the City in
the principal sum of $11,000,000.
After discussion, Council_Member Edward W Parker made the
following motion, which was seconded by
Council Member Ione M. Davis , and being put to a vote, such motion
was passed by the affirmative vote of all members of the City
Council present, and was declared passed. The motion was as
follows:
That tax anticipation notes for Salt Lake City in
the sum of $11,000,000 be put out for bid, setting the
bid opening for Ally 1, 1980, and setting July 17,,
1980, as the date for delivery of the notes to the
successful bidder. That the sale of said notes will be
in accordance with the following Official Notice of
Sale.
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OFFICIAL NOTICE OF SALE
$11,000,000.00 TAX ANTICIPATION NOTES
SALT LAKE CITY, UTAH
DATED JULY 1, 1980
Public Notice is hereby given that on Tuesday, the 1st
day of July, 1980, at the hour of 5:00 p.m. , M.D.T. at the
office of the City Council in Room 301 in the City and County
Building in Salt Lake City, Utah, the City Council will
receive sealed bids for the purchase of $11,000,000.00 TAX
ANTICIPATION NOTES of Salt Lake City, Utah (the "City"). The
Notes are to be dated July 1, 1980, will mature on June 30,
1981 and will bear interest payable at maturity. The Notes
shall be in $25,000 denominations or multiples thereof as
designated by the successful bidder in its bid or within
forty-eight (48) hours after the acceptance of such bid by
the City Council.
Interest Rates
All Notes must bear interest at the same rate, expressed
in a multiple of 1/100th of 1 percent. In making the award of
the Notes and in determining the interest payable on the
Notes, the rate of interest shall be computed on the basis of
a thirty (30) day month and a three hundred sixty (360) day
year. A zero rate cannot be named for all or any of the time
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from the date of the Note to its dated maturity and the
premium, if any, must be paid in the funds specified for the
payment of the Notes as part of the purchase price.
Place of Payment
The Notes will be payable as to principal and interest
at a bank or trust company acceptable to the City Council
which is named by the successful bidder within forty-eight
(48) hours after the acceptance of such bid by the City
Council.
Award
Award or rejection of bids will be made on the date
above stated for receipt of bids, and the good faith checks
of the unsuccessful bidders will be returned immediately.
The Notes will be awarded to the responsible bidder offering
to pay par and accrued interest and specifying a rate which
results in the lowest net interest cost to the City computed
from the date of the Notes to maturity, after the deduction
of premium, if any.
Form of Bid
Each bidder is required to submit an unconditional bid
on an official bid form, or copy thereof, furnished by the
City specifying (a) the lowest rate or rates of interest and
premium, if any, above par which the bidder will purchase the
Notes; or (b) the lowest rate or rates of interest at which
the bidder will purchase the Notes at par. Each bid,
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together with the bidder's check, must be enclosed in a
sealed envelope marked on the outside "Proposal for Tax
Anticipation Notes" and addressed to the City Recorder of
Salt Lake City, Utah at the City and County Building, Room
200, Salt Lake City, Utah 84111. In computing the lowest and
best bid the City will use the note years as set out in the
bid form which accompanies the Official Notice of Sale.
Bid Check
Each bid shall be accompanied by a cashier's or
certified check drawn upon an incorporated bank or trust
company in the amount of $220,000 payable to the order of the
Salt Lake City Corporation. The check of the successful
bidder will be held uncashed as evidence of good faith
pending the delivery of the Notes, but which check will be
forfeited as liquidated damages if such bid is accepted and
the bidder fails to take up and pay for the Notes when
tendered. The checks of unsuccessful bidders will be
returned to them immediately.
Sale Reservations
The City Council reserves the right: (1) to waive any
irregularlity or informality in any bid, (2) to reject any
and all bids for the Notes, and (3) to resell the Notes as
provided by law.
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Manner and Time of Delivery
The purchaser will be given at least seven (7) business
days advance notice of the proposed date of the delivery of
the Notes when that date has been tentatively determined. It
is now estimated that the Notes will be delivered on or about
July:17, 1980. The City will supply the printed Notes.
Delivery of the Notes will be made in Salt Lake City, Utah,
except that the successful bidder may at his option and
expense designate some other place of delivery. At least- two
representatives of the City will be present at the delivery
of the Notes. The successful bidder must also agree to pay
for the Notes in Federal funds which will be immediately
available to the City in Salt Lake City, Utah, on the day of
delivery.
Purpose of Issue
The Notes are to be issued by the City Council in
anticipation of the collection of taxes to be levied for its
fiscal year beginning July 1, 1980, and are payable from the
levy of such taxes within the limit provided by law and
sufficient to pay principal of and interest on the Notes as
the same fall due and, together with other budgeted revenues
to be received during such fiscal year, sufficient to pay all
budgeted maintenance and operation and other expenses of the
City for such fiscal year. The full faith and credit of Salt
Lake City will be irrevocably pledged to the punctual payment
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of principal and interest on the Notes according to their
terms.
Legal Opinion
The approving opinion of Fox, Edwards & Gardiner
covering the legality of the Notes will be furnished to the
purchaser and will be printed on the backs of the Notes
without charge. There will also be furnished the usual
closing certificates dated as of the date of delivery of and
payment for the Notes, including a statement from the Issuer
that there is no litigation pending or, to the knowledge of
the signer thereof, threatened, affecting the validity of the
Notes.
Tax Exempt Status
In the opinion of Fox, Edwards & Gardiner, interest on
the Notes is exempt from Federal income taxes and from
personal income and corporate franchise taxation in the State
of Utah under presently existing law, regulations, decisions
and interpretations. The purchaser will not be required to
take up and pay for the Notes if at the time of delivery there
has been any Federal legislation, decisions or regulations
which would affect the tax exemption on all or any part of the
interest on the Notes.
Disclosure Certificate
The closing certificates will include a certificate
executed by officials of the Issuer confirming to the
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successful bidder that, to the best of the knowledge and
belief of the signers thereof, the descriptions and
statements contained in the Official Statement circulated
with respect to the Notes were at the time of the acceptance
of the bid and are at the time of the closing, true and
correct in all material respects and did not at the time of
the acceptance of the bid and do not at the time of the
closing, contain any untrue statement of a material fact or
omit to state a material fact required to be stated where
necessary to make the statements, in light of the
circumstances under which they were made, not misleading.
Should the official statement be supplemented or amended, the
foregoing confirmation to be made at the time of the closing
shall be applicable to the official statement and all
supplements and amendments thereto.
Official Statement
For copies of the Official Statement, the Official
Notice of Sale and bidding forms, contact Burrows, Smith and
Company, Suite 1003, Kearns Building, Salt Lake City, Utah
84101, the financial consultant to the City Council.
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DATED this 10th day of June, 1980.
Ma,
ayor Ma
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7N l( I 7/ avvu,
City Record
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That the City publish an abbreviated Notice of Salt in
The Bond Buyer, a financial journal published in New York
City.
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STATE OF UTAH
ss.
COUNTY OF SALT LAKE )
I, Mildred V. 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 Council, at its meeting held on the 10th day of
June, 1980, insofar as the same relates to or concerns Salt
Lake City Tax Anticipation Notes for the fiscal year 1980-
1981 as the same appears of record in my office.
I further certify that htere is on file in my office a
permanent record of the foregoing proceedings.
IN WITNESS WHEREOF, I have hereunto subscribed my
official signature and affixed the official seal of said City
this 10th day of June, 1980.
Ali i ��Ga� /%•!-Z�
City Recorder/
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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 6 + day of June, 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 June 10, 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 /4 4 day
of June, 1980.
-. "/"A-4064.4 74.47-LAA..
ity Recorder
( SEAL )
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NOTICE OF MEETING OF THE CITY COUNCIL
OF SALT LAKE CITY. UTAH
PUBLIC NOTICE is hereby given that the City Council of Salt Lake City,
Utah,will hold a meeting in Room 301 City and County Building,Salt Lake City,
Utah. commencing at 5:00 p.m.,on• Sneed.,June 'jf1 , 1980.
The Agenda for the meeting consists of the following:
I. INVOCATION
.II. PLEDGE OF ALLELLANCI
III, APPROVAL OP MINUTES
Iy. UNFINISHED COUNCIL BUSINESS
1. CITY COUNCIL-Adoption of c tative Budget for Fiscal 1980-81.
2. CITY COUNCIL-Adoption of Resolution for Industrial Revenue Bonds for
Intermountain Health Care,In.
3. CITY COUNCIL-Presentation of Official Notice of Sale of$11,000,000 Salt
Lake City Tau Anticipation Notes dated July 1, 1980 to be mold July 1,1980,
at 5:00 p.m.,M.D.T.and certificate authorizing the City's Financial
Consultants to publish and distribute the Official Statement.
A. PETITION BO.329,By Marguerite Millet-Req. that certain property
described as Lot 13, 14,Block 2,Poplar Grove Addition be r oned fro
an"R-6"clusiflcation to a"11-3"classification.
V. PUBLIC HEARINGS
VI. NLV COUNCIL BUSINESS
5. CITY COCNCIL-Setting a date fora public hearing on vacating North
Bonneville Drive.
6. CITY COUNCIL-Hearing on Municipal Affairs Budget for Fiscal 1980-81.
I. MAYOR-Re-appointment of➢r.Orlando A.Rivera to the Salt Lake City
Civil Service Coalseion/Peraonnel Advisory Board.
B. OPC-Setting a date for a public hearing on 1.5 Million in CO Funds.
VII. NEW COUNCIL BUSINESS TO BE REFERRED TO COMMITTEE
9. MAYOR-Proposed ordinances regarding fee increases.
VIII. MAYOR BUSINESS TO BE REFERRED TO COMMITTEE
U. CITIZEN COMMENTS TO THE COUNCIL AND MAYOR
I. COUNCIL QUESTIONS FOR THE MAYOR
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DATED June 6, 1980�
BY 7fi-,G//4(1)7
STATE OF UTAH
COUNTY OF SALT LAICE)
On the 6th day of June 1980 , I personally delivered a copy of the
foregoing notice to the Mayor and posted copies of the same in conspicuous view, at
the following times and locations within the City and County Building,Salt Lake City,
Utah:
1, At 4:50 p.m.in the City Recorder's Office, Room 200;and
2. At 4:55 p.m.in the newsroom,Room 3011.e //cr /yam/
City Recorder (
Subscribed and sworn to before me this 6th day of June, 1980
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NOTARY PUBLIC residing
in Salt Lake City, Utah
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My Commission Expires:
1-8-83
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SeH ' FORS.{
Doe ..._6_ rney', Off
STATE OF UTAH ) -"""�►
ss. CERTIFICATE OF AUTHORIZATION
COUNTY OF SALT LAKE )
The Mayor and City Council of Salt Lake City, Utah (the
"City") having reviewed and discussed preliminary and final
drafts of the Notice of Sale and Official Statement for the
offering of $11,000,000 Salt Lake City, Utah Tax Anticipation
Notes dated July 1, 1980 and due June 30, 1981 (the "Notes")
and having participated in due diligence meetings on June 5,
1980, hereby authorize and direct Burrows, Smith and Company,
Financial Consultants to the City in connection with the
issuance of the Notes, to publish and mail the Notice of
Sale and Official Statement to prospective bidders for the
Notes and to others who may have an interest therein.
IN WITNESS WHEREOF, we signed this Certificate of
Authorization this /0 4 day of , 1980.
MArefi •
YOR
ATTEST:
City Recor er
( SEAL )
CITY COUNCIL OF SALT LAKE CITY
By ,k6,1
Ronald J. itehead
Chairman
ATTEST:
City Recorder;/
( SEAL )
Resolution No.
By City Council
Official Notice of Sale of$11,000,000
Tax Anticipation Notes of Salt Lake
City, Utah, dated July 1, 1980.
APPROVED •
aUN 101980,
;1u/ td!/., l#v
clrY RECORDER
w.air.
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