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Home My WebLink About30 of 1978 - A resolution authorizing Notice of Sale of $7,000,000 Tax Anticipation Notes of Salt Lake City on Ju I . _ , Resolution No. , 3� By Jennings Phillips, Tr. _ COMMISSIONER 1 Authorizing Notice of Sale of $7,000,000 Tax Anticipation Notes of Salt Lake City on June 20, 1978. '. !1 Presented to the hard of Commissioners ' AND PASSED I MAY' : 1978 , ?4,...44ax,,,ifhiic, i', �� (IT RPM,- II l jl I' l I I TI 11 i' ;I 1 11 It 1 i;i I Illiiiiiiiiih, ' 11 ROLL CALL VOTING Aye Nay Mr.Chairman .. . ;•.a l Agraz Greener Hall mmymin Salt Lake City Phillips Salt Lake County State of Utah Result May 25, 1978 The Board of Commissioners of Salt Lake City, Salt Lake County, Utah, met in regular session at the regular meet- ing place of the Board in the City and County Building, Salt Lake City, Utah, at 10:10 o'clock A.M. on May 25, 1978, with the following members present: 2XxixImAtttsmn NWT THOMAS L. HAIL Commissioner GLEN N. GREENER Commissioner JENNINGS PHILLIPS• JR Commissioner AND TEMPORARY CHAIRMAN Commissioner • Also present: JOSEPH L. FAKEER City Treasurer K. RAY FUOPIOND City Auditor PAUL G. MAUGHAN Assistant City Attorney Absent: TED L. WII.,SON, MAYOR AND JESS A. AU±AZ, CUMM1.`:SIUNER Joseph L. Fakler, City Treasurer, reported to the Commission concerning the cash flow requirements of the City for the fiscal year 1978-1979. He recommended that the -2- Board 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 $7,000,000. After discussion, Commissioner JENNINGS PHILLIPS. JR. made the following motion, which was seconded by Commissioner THnMAcT. HALT. , and being put to a vote, such motion was passed by the affirmative vote of all of the Commis- sioners present, and was declared passed. The motion was as follows: That tax anticipation notes for Salt Lake City in the sum of $7,000,000 be put out for bid, setting the bid opening for June 20, 1978, and setting July 11, 1978, 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. OFFICIAL NOTICE OF SALE Notice is hereby given that sealed bids will be opened on Tuesday, June 20, 1978, at the hour of 10:30 o'clock A.M., in the Chambers of the City Commission of Salt Lake City, Room 301, City and County Building, Salt Lake City, Utah, for the purchase of $7,000,000 Salt Lake City Tax Anticipa- tion Notes. Said Notes shall be dated July 1, 1978, and become due June 29, 1979. The Notes are to be issued in anticipation of the payment and collection of taxes and other i -3- revenues by the City in the fiscal year 1978-1979, and the entire indebtedness of the City incurred by the issuance of said Notes is not in excess of the taxes and other revenues of said City to be levied in said fiscal year. The full faith and credit of Salt Lake City will be irrevocably pledged to the punctual payment of the principal and inter- est on said Notes according to their terms. All Notes are to be printed at the bidder's expense. Denominations of the Notes may be desig- nated by the successful bidder. Other than the payment of interest and principal when due, Salt Lake City will not pay any fees or charges of any kind in connection with the servicing of these Notes. Delivery of the Notes will be made at a bank or trust company in Salt Lake City, Utah, or else- where at the option and expense of successful bidder. The paying agent for said Notes may be an incorporated bank or trust company designated by the successful bidder. The successful bidder must agree to pay for the Notes in federal funds which will be imme- diately available in Salt Lake City, Utah, on the day of delivery of the Notes. Legal opinion as to the validity of said Notes and that interest on the Notes is exempt from Federal Income Taxes under presently existing law is to be furnished by Jones, Waldo, Holbrook & McDonough of Salt Lake City, Utah. The legal fees -4- for such opinion will be paid for by the successful bidder. In addition, all legal matters and necessary proceedings in connection with the issuance of the notes are to be paid for by the successful bidder. It is estimated that the legal fees in connection with the issuance of said Notes will be $4,500.00. Salt Lake City reserves the right to reject any and all bids. Bid price is to be expressed on an interest basis, and a total net effective cost to maturity including premium, if any. Salt Lake City is to receive par value, or better, for said Notes, with no deductions of any kind whatsoever. All bids must be without condition or qualification for the total issue and must be accompanied by a certified check, or a bank cashier's check, in the sum of $140,000.00, which check is to be made payable directly to Salt Lake City and is to be forfeited to Salt Lake City in case the successful bidder shall neglect or refuse to take up and pay for said Notes when same are presented to it by the City. Bids are to be forwarded to the Salt Lake City Recorder, City and County Building, Salt Lake City, Utah 84111. An Official Statement will be prepared which will be examined in detail by the Mayor and City Treasurer. On the date the bonds are delivered, the Mayor and City Treasurer will execute a certificate confirming to the successful bidder that, to the It • -5- best of the knowledge and belief of the Mayor and City Treasurer, the descriptions and state- ments contained in the Official Statement with respect to the bonds were at the time of the accep- tance of the bid and, at the time of the closing, are true and correct in all material respects and did not at the time of the acceptance of the bid and, at the time of the closing, do not contain an 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; provided, however, should the Official Statement be supplemented or amended, the foregoing confirmation to be made at the time of closing shall be with respect to the Official Statement and all supplements and amen.• e,ts thereto. DATED this 25th day .f May, 197:. N S; LAKE CITY COI�L'�I 00 0 CC � 2\ TEMPORARY CHAIRMAN That the C. y public `in T e Bond Buyer,(\a fin- - cial journal published\in New/York, the following: • -6- NOTICE OF SALE OF TAX ANTICIPATION NOTES OF SALT LAKE CITY SALT LAKE COUNTY STATE OF UTAH Sealed bids for the purchase of Seven Million Dollars ($7,000,000) Tax Anticipation Notes of Salt Lake City, Utah, will be received up to 10:30 O'clock A.M., on Tuesday, June 20, 1978, by the Salt Lake City Recorder, City and County Building, 400 South State Street, Salt Lake City, Utah 84111. Copies of the official Notes of Sale and the offi- cial statement, with respect to the Notes being offered for sale subject to the approval as to legality of Jones, Waldo, Holbrook and McDonough of Salt Lake City, Utah, may be ob- tained from Burrows, Smith and Company, 1003 Kearns Building, Salt Lake City, Utah 84101, the financial consultant to the City. DATED this 25th day of May, 1978. BOARD OF COMMISSIONERS OF SALT LAKE CITY t -7- STATE OF UTAH 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 25th day of May, 1978, insofar as the same relates to or concerns Salt Lake City Tax Anticipation Notes for the fiscal year 1978-1979 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 proceedings. IN WITNESS WHEREOF, I have hereunto subscribed my official signature and affixed the official seal of said City this 25th day of May, 1978. j•j,a. of,,: • q t e. City Recorder (S E A L)