HomeMy WebLinkAbout32 of 1970 - A resolution expressing the intention of the Board of City Commissioners that the proceeds of the sa i t
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Resolution No. 32
By GRorge B. C$tmu11
Expressing the intention of the Board of
City Commissioners that the proceeds S,
of the sale of the $6,000,000.00 Salt
Lake City Tax Anticipation Bonds, dated.
July 1, 1970, payable June 30, 1971,
• shall not be used directly or indirectly
in such manner as to cause said Bonds
to become Arbitrage Bonds within the
meaning of Section 103 (d)of the Internal'
Revenue Code, 1954, as amended by
Section 601 of the Tax Reform Act of 1969.
Presented to the Board of Commissioners
AND PASSED
JUN 3 01970
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CITY R."
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The Board of City Commissioners of Salt Lake City
/Corporation, Salt Lake County, Utah, met in regular session
at the regular meeting place of the Board in the City and County
Building in Salt Lake City, Utah, at 10:00 a.m., on June 30, 1970,
with the following members present:
J. Bracken Lee Mayor
James L. Barker Commissioner
George B. Catmull Commissioner
E. J. Garn Commissioner
Conrad B. Harrison Commissioner
Also present:
Lawrence A. Jones City Auditor
Jack L. Crellin City Attorney
Herman J. Hogensen City Recorder
Absent: ;4 -;
Chairman, J. Bracken Lee, stated that the meeting
was called for the purpose, among other things, of considering
the adoption of a resolution expressing the intention of the
Board that the proceeds of the sale of the $6,000,000 Salt
Lake City Tax Anticipation Bonds, dated July 1, 1970, payable
June 30, 1971, shall not be used directly or indirectly in such
manner as to cause said Bonds to become Arbitrage Bonds within
the meaning of Section 103 (d) of the Internal Revenue Code, 1954,
as amended by Section 601 of the Tax Reform Act of 1969.
Thereupon, the Chairman introduced the following
resolution in writing, moved its adoption, and being put to a
vote, said resolution was carried by the following vote:
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Aye: J. Bracken Lee Chairman
James L. Barker Commissioner
George B. Catmull Commissioner
E. J. Garn Commissioner
Conrad B. Harrison Commissioner
Nay: None
The resolution is as follows:
RESOLUTION
WHEREAS, by statute, Salt Lake City Corporation is
permitted to finance operations for 1970 by means of the sale
of tax anticipation bonds; and,
WHEREAS, the Board of City Commissioners of said
City has heretofore, by resolution, authorized the sale of
$6,000,000 Salt Lake City Tax Anticipation Bonds, dated July 1, 1970,
due June 30, 1971, to Zions First National Bank and Associates
of Salt Lake City, Utah; and,
WHEREAS, it is the intention of said Board that the
proceeds from the sale of said bonds shall not be used in such
manner as to cause them to become Arbitrage Bonds within the
meaning of Section 103 (d) of the Internal Revenue Code, 1954,
as amended by Section 601 of the Tax Reform Act of 1969;
NOW, THEREFORE, BE IT RESOLVED, by the Board of City
Commissioners of Salt Lake City Corporation, Salt Lake City, Utah,
that all or a major portion of the proceeds of said bonds will
not be used directly or indirectly to acquire securities within
the meaning of the Internal Revenue Code or obligations (other
than obligations of a state, a territory, a possession of the
United States or any political subdivision of the foregoing or
of the District of Columbia) which may be reasonably expected at
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the time of issuance of such bonds to produce a yield over
the term of the bonds which is materially higher (taking into
account any discount or premium) than the yield on the bonds
themselves or to replace funds which were used directly or
indirectly to acquire such securities or obligations; provided,
the foregoing certification shall not preclude said City
through its proper officers, from investing all or a part of
the proceeds of such bonds for a temporary period in securities
or other obligations until such proceeds are needed for the purpose
of paying the current expenses of said City.
After the conduct of other business not pertinent to
the foregoing, the meeting was adjourned.
DATED this 30th day of June, 1970.
BOARD OF CITY COMMISSIONERS
OF SALT LAKE CITY, UTAH '
v >
MAYOR
ATTESv HERMAN J. HOI,J C2TY' RECORDER
By
STATE OF UTAH
. ss.
COUNTY OF SALT LAKE)
I, Herman J. Hogensen, the duly chosen, qualified and
acting City Recorder in and for Salt Lake City Corporation in the
County of Salt Lake, State of Utah, do hereby certify that the
• foregoing constitutes a full, true and correct copy of all of
the proceedings of the Board of City Commissioners of Salt Lake
City Corporation, Salt Lake County, Utah, had and taken at a
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lawful meeting of said Board held on the ;!..)t day of 1970,
insofar as the same relate to the issuance and sale of $6,000,000
Tax Anticipation Bonds of said Salt Lake City, Series of July 1,
1970, due June 30, 1971, as recorded in the regular official book
of records of said proceedings of said Salt Lake City Corporation
kept in the office of the City Recorder, and the meeting therein
shown was duly held and the persons therein named were present
at said meeting as therein shown.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the corporate seal of Salt Lake City, Utah, this -J day
of, ., 1970.
di y Reco
Salt Lake City Corporation
Salt Lake County
State of Utah