32 of 1969 - A resolution providing for the issuance of and sale of $6,000,000 Tax Anticipation Bonds of Salt Lak 32 1
Resolution Nd.
B} GEORGE B. CATMULL
M Y COMMISSIONER
Providing for the issuance of and
sale of $6,000,000,000 Tax Antici-
pation Bonds of Salt Lake City,
Utah, Series of July 1, 1969.
II
Premed N lite eevd et Cenweisi01M1t
AND PASSED
J. 1U�N..61969
INkl,ly4404
Curt,RICORDIR
I•
• Ithl 88-06 soo
) ROLL CALL
VOTING , Aye Nay Salt Lake City,Utah, June 26
Barker . 'Catmull
I move that the Resolution be ado ted.
• .
. . .
Harrison . . .
Mr. Chairman
RESOLUTION
Result . . . .
/,
� T
The Board of Commissioners of Salt Lake City,
Salt Lake County, Utah, met in regular session on Tuesday,
the 17th day of June, A.D. , 1969, 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
E. J. Garn, Commissioner of Water Supply
and Waterworks
James L. Barker, Jr., Commissioner of Public Safety
Also Present:
Mildred V. Higham, Chief Deputy City Recorder
Jennings Phillips, Jr., City Treasurer
After the conduct of other business not pertinent
to the following, the Board of Commissioners opened bids
for the purchase of $6,000,000 of Tax Anticipation Bonds of
the City, Series of July 1, 1969. The bids were as follows:
Walker Bank & Trust Company, bidding for itself,
net effective rate of 6.15%;
Zions First National Bank of Salt Lake City,
bidding for
Chase Manhattan Dank and Lehman Brothers, both
of New York City,
net effective rate of 6.57% less a premium
of $67;
Zions First National Bank of Salt Lake City,
bidding for
Morgan Guaranty Trust Company and
Salomon Brothers and Hutzler, both of New York City,
net effective rate of 6.29% less a premium of $296;
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First Security Bank of Utah, N.A.,
bidding for itself
net effective rate of 6.41% less a premium of $50.
After reading and considering the above bids,
Mayor J. Bracken Lee
upon motion of MAIWgia..W4ii duly seconded and unani-
mously adopted, it was determined that further consideration
of the bids and the award of the bonds to the successful bidder
would be deferred until Wednesday, June 18, 1969.
After the conduct of other business not pertinent
to the foregoing, the meeting was adjourned.
-7.9/././/
Mayor
ATTEST:
1\City eT-
The Board of Commissioners of Salt Lake City, Salt
Lake County, Utah, met in regular session. on Wednesday, the 18th
day of June, A.D., 1969, 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
E. J. Gann, Commissioner of Water Supply and
Waterworks
James L. Barker, Jr., Commissioner of Public Safety
Also Present:
Mildred V. Higham, Chief Deputy City Recorder
Jennings Phillips, Jr., City Treasurer
The Board of Commissioners further considered the bids
for the purchase of the $6,000,000 Salt Lake City, Utah, Tax
Anticipation Bonds, Series of July 1, 1969. The City Treasurer
stated that the bid of Walker Bank & Trust Company was the best
bid for the purchase of said bonds and recommended that said
bid be accepted. After full discussion, Commissioner George B. Catmull
introduced and moved the adoption of the following resolution,
which resolution was adopted by the following vote:
Aye: J. Bracken Lee
Conrad B. Harrison
George B. Catmull
E. J. Garn
James L. Barker, Jr.
Nay: None
The resolution is as follows:
•
•
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A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF SIX MILLION
DOLLARS ($6,000;000.00) 'PAX AN'TICIPATI.ON BONDS OF SALT LAKE CITY, ,
UTAH, SERIES OF JULY 1, 1969.
WHEREAS, there is an immediate and pressing need for
the raising of funds in the amount of Six Million Dollars
($6,000,000.00) for the purpose of meeting the current expenses
10
of Salt Lake City for the fiscal year ending June 30, 1953/-
until the payment of taxes and the receipt of other revenues for
said fiscal year, and
WHEREAS, said sum now to be raised, together with
other indebtedness incurred for the purpose of meeting the
current expenses of Salt Lake City for the fiscal year ending
June 30, 1970, is not in excess of the revenues to be raised for
the fiscal year July 1, 1969 through June 30, 1970.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF SALT LAKE CITY, UTAH:
Section 1. The City of Salt Lake City, Salt Lake
County, Utah, for the purpose of meeting expenses of said city
for the fiscal year July 1, 1969 through June 30, 1970, until
the payment of taxes and other revenues for such fiscal year
shall borrow the sum of Six Million Dollars ($6,000,000.00)
and for that purpose and as evidence of such indebtedness shall
issue sixty bonds of the denomination of One Hundred Thousand
Dollars ($100,000) each,numbered one (1) to sixty (60) , both
inclusive, dated July 1, 1969, due and payable June 30, 1970,
bearing interest at the rate of six and fifteen hundredths percent
(6.15%) per annum, interest payable at maturity, both principal
and interest being payable at the places designated in the
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forms of bond set forth below. Said bonds shall be signed
by the Mayor and countersigned by the City Recorder under
the seal of the City, and shall be registered in a book
kept by the City Auditor for that purpose and the City
Auditor shall endorse on said bonds the certificate required
by law. Bonds numbered 11 to 60, both inclusive, shall not
be valid or effective instruments unless and until each of
such bonds are endorsed by the New York City paying agent,
all as stated in the form of said bonds. Said bonds
numbered 1 to 10, both inclusive, shall be in substantially
the following form:
•
SATE OF UTAH
SALT LAKE CITY
TAX ANTICIPATION BOND
Series of July 1, 1969
' No. $ '
KNOW ALL MEN BY THESE PRESENTS: That the above-
named duly incorporated City in the State of Utah, hereby
acknowledges itself to be indebted and for value received
hereby promises to pay to the bearer hereof the sum of
ONE HUNDRED THOUSAND DOLLARS ($100,000.00) in lawful money
of the United States of America on the 30th day of June,
A.D., 1970, at Head Office, Walker Bank & Trust Company,
Salt Lake City, Utah, with interest thereon at the rate of
six and fifteen hundredths percent (6.15%) per annum from
date until paid, interest payable at maturity.
This bond is one of a series of similar bonds of
like designation issued in the aggregate amount of Six
Million Dollars ($6,000,000.00), issued pursuant to Section
10-8-6, Utah Code Annotated, 1953.
The governing body of the above-named City shall
levy in the fiscal year ending June 30, 1970, a sufficient
tax and shall provide for the collection of sufficient revenues
other than taxes to pay the principal and interest on this
bond as the same shall fall due, and this bond is issued in
anticipation of the payment of such taxes and the collection
of such revenues for such fiscal year.
It is hereby certified, recited and declared that
the entire indebtedness of said City hereby incurred is
not in excess of the taxes and other revenues of said City
to be levied and collected for such fiscal year and that
said indebtedness was and is contracted for the purpose for
which said taxes and revenues are levied and to be collected.
It is further certified, recited and declared that
all conditions, acts and things essential to the validity of
this bond exist, have happened and have been done, and that every
requirement of law affecting the issue hereof has been duly
complied with, and that this bond is within every debt and other
limit prescribed by the Constitution and Laws of said State,
and that the full faith and credit of the above-named City
are hereby irrevocably pledged to the punctual payment of
the principal and interest of this bond according to its terms.
IN WITNESS WHEREOF, the above-named City has caused
this bond to be signed by its Mayor, its corporate seal to be
hereunto affixed, and countersigned by its City Recorder,
of the 1st day of July, 1969. -�
2K
Countersigned:
t•-/"X 'at
Mayor
C y Re .(r,
(SEAl.j
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Said bonds numbered 11 to 60, both inclusive,
shall be in substantially the following form:
•
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STATE OF UTAH
SALT LAZE CITY
TAX ANTICIPATION BOND
Series of July 1, 1969
No. $—
KNOW ALL MEN BY THESE PRESENTS: That the above-
named duly incorporated City in the State of Utah, hereby
acknowledges itself to be indebted and for value received
hereby promises to pay to the bearer hereof the sum of
ONE HUNDRED THOUSAND DOLLARS ($100,000.00) in lawful money
of the United States of America on the 30th day of June,
A.D., 1970, at First National City Bank, New York City, New
York, with interest thereon at the rate of six and fifteen
hundredths percent (6.150) per annum from date until paid,
interest payable at maturity.
This bond is one of a series of similar bonds of
like designation in the aggregate amount of Six Million
Dollars ($6,000,000.00) , issued pursuant to Section 10-8-6,
Utah Code Annotated, 1953.
The governing body of the above--named City shall
levy in the fiscal year ending June 30, 1970, a sufficient
tax and shall provide for the collection of sufficient
revenues other than taxes to pay the principal and interest
on this bond as the same shall fall due, and this bond is issued
in anticipation of the payment of such taxes and the collection
of such revenues for such fiscal year.
It is hereby certified, recited and declared that
the entire indebtedness of said City hereby incurred is not
in excess of the taxes and other revenues of said City to be
levied and collected for such fiscal year and that said indebted-
ness was and is contracted for the purpose for which said taxes
and revenues are levied and to be collected.
It is further certified, recited and declared that
all conditions, acts and things essential to the validity of
,this bond exist, have happened and have been done, and that
every requirement of law affecting the issue hereof has been
duly complied with, and that this bond is within every debt
and other limit prescribed by the Constitution and Laws of
said State, and that the full faith and credit of the above-
named City are hereby irrevocably pledged to the punctual payment
of the principal and interest of this bond according to its
terms.
This bond shall not be effective or constitute a
valid instrument unless and until it is endorsed by the paying
agent designated below.
IN WITNESS WHEREOF, Salt Lake City has caused
4 .
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this bond to be signed by its Mayor, its corporate seal to
be hereunto affixed, and countersigned by its City Recorder,
as of the 1st day of July, 1969.
Mayor
COUNTERSIGNED:
(SEAL)
ENDORSED: FIRST NATIONAL CITY BANK
BY:
Paying Agent
There shall be endorsed on each of said bonds the
following Certificate:
"City Auditor's Certificate"
I hereby certify that this bond is
within the lawful debt limit of
Salt Lake City, Utah, and is issued
according to law.
(do not sign)
City Auditor
Section 2. All the covenants, statements, repre-
sentations and agreements contained in said bonds are hereby
adopted as covenants, statements, representations, agreements
and promises of Salt Lake City, Utah.
Section 3. The Mayor of Salt Lake City is hereby
authorized and directed to sign and execute said bonds and
the City Recorder is hereby authorized and directed to
countersign the same and affix the seal of Salt Lake City
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to said bonds and the City Auditor is hereby authorized
and directed to place upon said bonds the certificate in the
manner and form set forth above and the act of the Mayor,
City Recorder and City Auditor in so doing are and shall be
the act and deed of Salt Lake City.
Section 4. The Board of Commissioners shall levy
in the fiscal year ending June 30, 1970, a sufficient tax or
provide for the collection of sufficient revenues to pay the
principal and interest on said bonds as the same shall fall
due and for the payment of said bonds and the interest
thereon the full faith, credit and taxing power of Salt Lake
City are hereby irrevocably pledged and the Board of Commis-
sioners hereby covenants with the holders of said bonds that
it will levy in such fiscal year sufficient taxes and provide
for the collection of sufficient revenues for the payment of
the principal and interest of said bonds.
Section 5. Walker Bank & Trust Company and First
National City Bank have offered to purchase said bonds at a
price of par plus accrued interest to the date of delivery
of said bonds plus a premium of $0.00 which price is satis-
factory to the Board of Commissioners and which offer is the
highest, best, and most advantageous received for the purchase
of said bonds. Said offer is and the same is hereby accepted
and the City Treasurer is hereby authorized and directed to
deliver said bonds to the purchaser thereof upon receipt of
the purchase price therefor.
Section 6. In the opinion of the Board of Commis-
sioners because of the necessity for funds to meet the current
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expenses of Salt Lake City, an emergency is hereby declared
it being necessary for the peace, health and safety of the
inhabitants of Salt Lake City that this resolution shall take
effect at once.
Section 7. This resolution shall take effect
immediately.
PASSED by the Board of Commissioners of Salt Lake
City, Utah, and approved this 18th day o une, 1969.
/—
Mayor
ATTEST:
City o er
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STATE OF UTAH
: ss.
COUNTY OF SALT LAKE )
I, HERMAN J. HOGENSEN, the duly chosen, qualified
and acting City Recorder of Salt Lake City, Salt Lake County,
Utah, do hereby certify as follows:
1. The foregoing and attached pages are a full,
true and correct copy of the minutes of a regular meeting of
the Board of Commissioners of Salt Lake City, Utah, duly and
lawfully called and held on Wednesday, the 18th day of June,
1969 at the hour of 10:00 o'clock A.M. insofar as the minutes
of such meeting refer to or concern the issuance of $6,000,000.00
Salt Lake City, Utah, Tax Anticipation Bonds, Series of July 1,
1969; that said minutes and the resolution contained therein
have been duly recorded in my office in a book kept for that
purpose; that said meeting was duly called and lawfully held
at the time and place specified by ordinance of said City for
regular meetings of said Board of Commissioners establishing
each Tuesday, Wednesday and Thursday at 10:00 o'clock A.M.
as the time and the City Commission Chambers in the City and
County Building, Salt Lake City, Utah, as the place for the
.holding of regular meetings of said Board of Commissioners;
that the foregoing proceedings were in fact held as in said
minutes specified.
2. Salt Lake City, Utah, is a city of the first class,
was incorporated on January 6, 1851, and according to the United
States census for the year. 1960 had at that time a population
of 189,454.
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3. The names of the members of the Board of Commis-
sioners and municipal officers of Salt Lake City are as follows:
Mayor J. Bracken Lee Term Expires: 1-3-72
Commissioner George B. Catmull Term Expires: 1-3-72
Commissioner James L. Barker, Jr. Term Expires: 1-5-70
Commissioner Conrad B. Harrison Term Expires: 1-5-70
Commissioner E. J. Garn Term Expires: 1-3-72
City Auditor Lawrence A. Jones Term Expires: 1-5-70
City Treasurer Jennings Phillips, Jr.. Term Expires: Appointed
January 24,
1963 - Still
in Office
City Recorder Herman J. Hogensen Term Expires: Appointed
May 15, 1956
Still in
Office
4. There is no litigation pending or threatened
affecting in any way the legality of the $6,000,000 Salt Lake
City, Utah Tax Anticipation Bonds, Series of July 1; 1969, or
any similar issue of bonds issued by Salt Lake City or the
boundaries of the City or the title to office of any of the
officers thereof.
5. No referendum petition has been filed affecting in
any way the resolution passed by the Board of Commissioners of
Salt Lake City, Utah on June 18, 1969, which resolution
authorized the issuance of $6,000,000 Salt Lake City, Utah Tax
Anticipation Bonds, Series of July 1, 1969.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the corporate seal of Salt Lake City this 210 'day of
A_, \,y\j'-' , 1969. �� ��1\14\01N
�A i31Uy �/
Recorder
(Seal)
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STATE OF U2AH
ss.
COUNTY OF SALT LAKE )
I, LAWRENCE A. JONES, the duly chosen, qualified
and acting City Auditor of Salt Lake City, Utah do hereby
certify as follows:
1. The total assessed valuation
of all taxable property within the City,
according to the assessment for the year
1968 as fully equalized, was $ 314,050,469
and for the year 1969 will not be less than . . $ 324,369,763
2. The tax levy for the City for
the year 1968 was 24 mills and produced
the sum of $ 7,575,878
and license fees and other revenues received to
date during the fiscal year ending June 30,
1969, exclusive of such taxes, is $ 6,470,722
3. The estimated expenses for the
fiscal year ending June 30, 1970 will be . . . . $ 15,613,268
which sum it will he necessary to raise by taxes
and other revenues during the fiscal year
ending June 30, 1970.
4. The estimated tax levy for the
year 1969 is 24 mills, which is estimated
to produce the amount of $ 7,605,298
and the license fees and revenues other than
from general taxes of Salt Lake City for the
fiscal year ending June 30, 1970 are estimated
to produce $ 8,007,970
so that the total estimated taxes and other
revenues of Salt Lake City levied and to be
collected for the fiscal year ending June
30, 1970, will be $ 15,613,268
of which there has been received to the
date this certificate bears the sum of $ None
5. The taxes heretofore levied for
all previous years not yet collected or paid
to said City which are outstanding and un-
collected on the date this certificate
bears are approximately $ 150,00o
6. The total authorized issue of
$6,000,000S�lt Lake City Tax Anticipation
Bonds, Series of July 1, 1969, may be legally
issued and delivered within the debt limit of
said City, is not in excess of the estimated
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taxes and other revenues of said City for the
fiscal year ending June 30, 1970 and is made
in anticipation of the collection of such taxes
and other revenues.
7. The total indebtedness of said City
made in anticipation of the collection of taxes
and other revenues for the fiscal year ending
June 30, 1970, including the present issue of
$6,000,000 Salt Lake City, Utah, Tax. Anticipation
Bonds, Series of July 1, 1969, is $6,000,000.00
8. The aggregate amount of floating
and other indebtedness of said City of every
nature whatsoever, including all outstanding
warrants in excess of the funds on hand and
available for payment of such warrants, other
than the indebtedness mentioned in paragraphs
7, 9 and 10 is $ None
9. The City has revenue bonds out-
standing in the sum of $ 225,000
of which $ 20,000
is required for principal. and interest payments
during the fiscal year ending June 30, 1970.
10. The total bonded general obligation
indebtedness of said City, exclusive of the present
issue of $6,000,000 Salt Lake City, Utah, Tax
Anticipation Bonds, Series of July 1, 1969, is . . $ 16,425,000
and the total amount of cash in all sinking funds
of the City set aside for payment of such
indebtedness is not less than $ 1,921,436
11. The City has never, within the ten
years last past, defaulted for fifteen days or
more in the payment of principal or interest of any
bonded debt authorized to be contracted by it.
IN WITNESS WHEREOF, I have hereunto set my hand and
'affixed the corporate seal of Salt Lake City, Utah, this 1st
day of July, 1969.
Cit Audito
Sa Lake i y, tah
ATTEST:
Ci y\Recor e
Salt Lake City, tah
(Seal)
_1`—
STATE OF UTAH
as.
COUNTY OF SALT LAKE )
The undersigned officers of Salt Lake City, Utah,
indicated by the official title opposite our names,hereby
certify that on or before July 1, 1969 we, and each of us,
officially executed each of the $6,000,000 Salt Lake City,
Utah, Tax Anticipation Bonds, Series of July 1, 1969, dated
July 1, 1969, each in the denomination of $100,000, numbered
1 to 60, both inclusive, bearing interest at the rate of six
and fifteen hundredths percent (6.15%) per annum, both princi-
pal and interest being due and payable on June 30, 1970, by sign-
ing said bonds in the manner and capacity indicated by our
signatures and titles subscribed hereto being on the date this
certificate bears and at the time said bonds were signed by us,
the duly chosen, qualified and acting officers of Salt Lake
City, Utah, indicated by said titles and authorized in all
respects to execute the same.
We further certify that NO LITIGATION of any nature
is NOW PENDING or THREATENED, RESTRAINING or ENJOINING the
issuance of and delivery of said bonds or the levy and collec-
tion of taxes and other revenues to pay the principal and
interest of the same nor in any manner questioning the pro-
ceedings and authority under which the same are issued or the
validity thereof; that neither the corporate existence or
boundaries nor the title of the present officers to their
respective offices is being contested; that no authority or
proceedings for the issuance of said bonds has been repealed,
revoked or rescinded.
A
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The corporate seal of Salt Lake City, Utah, is im-
pressed on each of said bonds.
The undersigned Auditor further certifies that he
.has executed on the back of said bonds a certificate reading
substantially as follows:
City Auditor's Certificate
I hereby certify that this bond is within the
lawful debt limit of Salt Lake City, Utah,
and is issued according to law.
(do not sign)
City Auditor
IN WITNESS WHEREOF, we have hereto affixed our signa-
tures and impressed thereon the official seal of Salt Lake
City, Utah, on this first/y of July, 1969.
sign ure j Official Title
tZ 7 Mayor, Salt Lake City, Utah
City Recorder, Salt Lake City,Utah
City Auditor, Salt Lake City, Utah
feby certify that the signatures of the officers
above subscribed are true and genuine.
WALKER BANK & TRUST COMPANY
By
Assistant Vice President