32 of 1971 - A resolution providing for the issuance and sale of $6,000,000 Tax Anticipation Bonds of Salt Lake C Resolution No. 32
By Mayor J. Bracken Lee
COMMISSIONER I
Providing for the issuance and sale of
$6,000,000.00 Tax Anticipation Bonds
of Salt Lake City, Utah, Series of July
1, 1971
Presented to the Board of Commissioners
AND PASSED
JUN 24 1971
11:P(bit4144\HY RECO'
611116..
ii
1,5.300
ROLL CALL
VOTING Aye Nay Salt Lake City,Utah, June 24 19 71
Barker. . .
I move that the Resolution be adopted.
Catmull . . .
Garn .
Harrison
Mr. Chairman .
RESOLUTION
Result . . .
/'i
The Board of Commissioners of Salt Lake City, Salt Lake County,
Utah, met in regular session on Tuesday, the 15th day of June, A.D., 1971,
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 & Public Property
George B. Catmull, Commissioner of Streets & Public
Improvements
Herman J. Hogensen, City Recorder
Jack L. Crellin, City Attorney
Jennings Phillips, Jr., City Treasurer
Absent:
E.J. Garn, Commissioner of Water Supply and Waterworks
James L. Barker, Jr., Commissioner of Public Safety
After the conduct of other business not pertinent to the following,
the Board of Commissioners opened bids for the purchase of $6,000,000.00
of Tax Anticipation Bonds of the City, Series of July 1, 1971. The bids
were as follows:
Name of Bidder Interest Rate Premium
Walker Bank& Trust Co. 3.50% $2,125.00
Crocker Citizens National Bank 3.54%
First National City Bank 3.58% 76.00
of New York
First National Bank of Boston 3.70% 540.00
Lehman Brothers Corp. , N.Y.
John Nuveen & Company, N.Y. 3.71% 300.00
Chemical Bank, New York
Morgan Guaranty Trust Co. , N.Y. 3.75% 249.00
United California Bank 3.86% 50.00
of Los Angeles, Calif.
Bank of America, N.T. & S.A. 3.91%
Bankers Trust Co. , New York
Continental Illinois National Bank 3.98% 155.00
& Trust Company of Chicago
The Board of Commissioners of Salt Lake City, Salt Lake County, '
Thursday 24th
Utah, met in regular session on Vilectonartlays the d day of June, A.D. ,
1971, 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:
Herman J. Hogensen, City Recorder
Jennings Phillips, Jr., City Treasurer
Absent:
none
The City Treasurer stated that the bid of Walker Bank & Trust
Company was the best bid for the purchase of the $6,000,000.00 Tax
Anticipation Bonds of Salt Lake City, Utah, Series of July 1, 1971, and
recommended that said bid be accepted. After full discussion, Commissioner
J. Bracken Lee 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:
2
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF SIX MILLION
DOLLARS ($6,000,000.00) TAX ANTICIPATION BONDS OF SALT LAKE CITY,
UTAH, SERIES OF JULY 1, 1971.
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 of Salt Lake City for the fiscal year ending
June 30, 1972, 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, 1972, is not in excess
of the revenues to be raised for the fiscal year July 1, 1971 through
June 30, 1972.
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,
1971 through June 30, 1972, 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 six bonds
of the denomination of One Million Dollars ($1,000,000.00) each, numbered
one (1) to six (6), inclusive, dated July 1, 1971, due and payable June 30, 1972,
bearing interest at the rate of-three and fifty hundredths percent (3.50%) per
annum, interest payable at maturity, both principal and interest being payable
at the places designated in the form 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. Said bonds shall be in substantially the following form:
•
UNITED STATES OF AMERICA
STATE OF UTAH
• • SALT LAKE CITY
TAX ANTICIPATION BOND
SERIES OF JULY 1, 1971
No. $1,000,000.00
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 MILLION DOLLARS ($1,000,000.00)
in lawful money of the United States of America on the 30th day of June, 1972,
at the Head Office of Walker Bank & Trust Company, with interest thereon at
the rate of three & fifty /100ths per cent (3.50%) 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, 1972, 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 isfurther 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, aad 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 counter-
signed by its City Recorder, as of the 1st day of July, 1971.
Countersigned:
kAILI4
14141\44\i‘j
City $ec rer Mayor
(SEAL)
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, representations 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 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, 1972, 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 Commissioners 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 has 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 $2,125.00 which price is satisfactory to the
Board of Commissioners and which offer is the highest, best, and most
advantageous received for the purchase of said bonds and will result in the
lowest obtainable rate of interest on said bonds. Said offer is and the same
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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. It is hereby resolved and certified 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 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 fore-
going 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.
Section 7. In the opinion of the Board of Commissioners because
of the necessity for funds to meet the current 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 8. This resolution shall take effect immediately.
PASSED by the Board of Commissioners of Salt Lake City, Utah,
and approved this / day of June, 1971. •
/`Cc//fir
" "Mayor
ATTEST:
�C ity R co d4z
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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
Thursday
Salt Lake City, Utah, duly and lawfully called and held on WISIttiecSo y, the
24th
It3t3t1 day of June, 1971 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, 1971; 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 duty
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 1970 had at that time a population o 176,793
3. The names of the members of the Board of Commissioners
and municipal officers of Salt Lake City are as follows:
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• Term Expires •
Mayor J. Bracken Lee January 3, 1972
Commissioner George B. Catmull January 3, 1972
Commissioner James L. Barker, Jr. January 7, 1974
Commissioner Conrad B. Harrison January 7, 1974
Commissioner E.J. Garn January 3, 1972
City Auditor Lawrence A. Jones January 7, 1974
City Treasurer Jennings Phillips, Jr. Appointed January 24, 1963,
still in office
City Recorder Herman J. Hogensen Appointed ii;ay 15, 1956,
still in office
4. There is no litigation pending or threatened affecting in
any way the legality of the $6,000,000.00 Salt Lake City, Utah Tax Anticipation
Bonds, Series of July 1, 1971, 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 23, 1971, which resolution authorized the issuance of$6,000,000.00
Salt Lake City, Utah Tax Anticipation Bonds, Series of July 1, 1971.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the corporate seal of Salt Lake City this 14 day of /�/yf. , 1971.
Mn ]/�MM N
Ci Aetakrder
(SEAL)
8 _
•
STATE OF UTAH
ss
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, 1971 we, and each of us, officially executed each of the $6,000,000.00
Salt Lake City, Utah Tax Anticipation Bonds, Series of July 1, 1971, dated
July 1, 1971, each in the denomination of $1,000,000.00 each, numbered
1 to 6, inclusive, bearing interest at the rate of three & fifty/100ths percent
(3.50%) per annum, both principal and interest being due and payable on
June 30, 1972, by signing 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 collection of taxes and other
revenues to pay the principal and interest of the same nor in any manner
questioning the proceedings 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.
The corporate seal of Salt Lake City, Utah, is impressed 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 signatures
and impressed thereon the official seal of Salt Lake City, Utah, on this
first day of July, 1971,
Signature Official Title
`/,<j 3 l !, ( l' r• Mayor, Salt Lake City, Utah
� l l
f City Recorder, Salt Lake City, Utah
City Auditor, Salt Lake City, Utah
I hereb tify that the signatures of the officers above
subscribed are true and genuine.
WALKER BANK & TRUST COMPANY
Len V. arg tts
Assista t Cas ier
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•
•
STATE OF UTAH )
: SS AUDITOR'S CERTIFICATE
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 1970 as fully equalized was , $ 335,588,354
and for the year 1971 will not be less than $ 341,494,508
2. The tax levy for the City for the year
1970 was 24.5 mills and produced the scan of $ 8,221,915
and license fees and other revenes received to date
during the fiscal year ending June 30, 1971, exclusive
of such taxes, is $ 8,754,416
3. The estimated expenses for the fiscal
year ending June 30, 1972 will be ' $ 16,565,136
which sum it will be necessary to raise by taxes and
other revenues during the fiscal year ending .Tune 30, 1972.
4. The estimated tax levy for the year 1971
is 24.5 mills, which is estimated to produce the
amount of $ 8,366,615
and the license fees and revenues other than from general
taxes of Salt Lake City for the fiscal year ending
June 30, 1972 are estimated to produce $ 8,198,521
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, 1972, will be . . . . $ 16,565,136
of which there has been received to the date of 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 uncollected on the date this
certificate bears are approximately $ 123,000
6. The total authorized issue of $6,000,000
Salt Lake City Tax Anticipation Bonds, Series of
July 1, 1971, may be legally issued and delivered within
the debt limit of said City, is not in excess of the
estimated taxes and other revenues of said City for the
fiscal year ending June 30, 1972 and is made in antici-
pation 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, 1972, including the
present issue of $6,000,000 Salt Lake City, Utah Tax
Anticipation Bonds, Series of July 1, 1971, is . . . . . . . $ 6,000,000
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 outstanding
in the sum of . . . $ 175,000
of which . $
is required for principal and interest payments during
the fiscal year ending June 30, 1972.
10. The total bonded general obligation in-
debtedness of said City, exclusive of the present issue
of $6,000,000 Salt Lake City, Utah, Tax Anticipation
Bonds, Series of July 1, 1971, is . . $ 13,755,000
and the total amount of cash in all sinking funds of
the City set aside for payment of such indebtedness
is not less than . . . $ 2,709,118
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 C ty, Utah this 1st day of July, 1971.
Cit Audi /'i; Salt La le Cit , Utah
(SEAL)
TREASURER'S CERTIFICATE
STATE OF UTAH )
) ss
COUNTY OF SALT LAKE )
I, Jennings Phillips, Jr., the duly chosen, qualified and acting
Treasurer of Salt Lake City, Salt Lake County, Utah, do hereby certify
with regard to the $6,000,000.00 Tax Anticipation Bonds of said City,
Series of July 1, 1971, due June 30, 1972, 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 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, including the
undersigned, 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.
The undersigned further certifies that in his opinion the sum of
$6,000,000.00 will be required by said City during the year ending June 30,
1972, for the purpose of paying for the current expenses of said City until
the collection of to and other revenues for such year.
Dated this1--1---x day of J y, 1971.
_,,ei Z-!,L2 -L_ _ 8,
ig ' .e ,s, Jr.
La • City Treasurer
(SEAL)
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STATE OF UTAH )
) ss
COUNTY OF SALT LAKE )
RECEIPT
I, Jennings Phillips, Jr., the duly chosen, qualified and
acting Treasurer of Salt Lake City, Utah, do hereby certify that I
have on this 1st day of July, 1971, received from Walker Bank and
Trust Company, the purchase price of $6,000,000.00 Salt Lake City,
Utah, Tax Anticipation Bonds, Series of July 1, 1971, bonds numbered
1 through 6 in the principal amount of$1,000,000.00 each, maturing
June 30, 1972, and bearing interest at the rate of 3.50% per annum.
said purchase price being as follows:
Principal $6,000,000.00
Accrued Interest - 0 -
Premium 2,125.00
TOTAL $6,002,125.00
I hereby certify that the officers who signed the bonds, viz:
J. Bracken Lee, Mayor, Salt Lake City, Utah, Lawrence A. Jones,
Auditor, Salt Lake City, Utah, and Herman J. Hogensen, Recorder,
Salt Lake City, Utah, are still in office.
Dated this 1st day of July, 1' 1.
\
'4 ti-C22 I (W_ .__s•
re-.•- City, Utah,
(SEAL)
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