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32 of 1980 - A resolution of the Notice of Sale and Official Statement for the offering of $7,900,000 Salt Lake C Salt Lake City, Utah
June 24, 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 24, 1980, with the following
members present:
Ted L. Wilson Mayor
Ronald J. Whitehead Councilmember
Grant Mabey Councilmember
Sidney R. Fonnesbeck Councilmember
Palmer A. DePaulis Councilmember
Alice Shearer Councilmember
lone M. Davis Councilmember
Edward W. Parker Councilmember
Also present:
Paul B. Gaines Acting Director of Finance
& Administrative Services
Roger F. Cutler City Attorney
Mildred V. Higham City Recorder
Stephen D1 Page Acting City Treasurer
Absent:
Paul B. Gaines, Acting Director of Finance and
Administrative Services, 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
$7,900,000.
After discussion, Chairman Ronald J. Whitehead made the
following motion, which was seconded by
Council Member Grant Mabey , 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 the Notice of Sale adopted by the City Council
of Salt Lake City on June 10, 1980 concerning
$11,000,000 Tax Anticipation Notes, be and the same is
hereby rescinded in its entirety.
That tax anticipation notes for Salt Lake City in
the sum of $7,900,000 be put out for bid, setting the
bid opening for July 15, 1980, and setting July 31,
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.
2
OFFICIAL NOTICE OF SALE
$7,900,000 TAX ANTICIPATION NOTES
SALT LAKE CITY, UTAH
DATED JULY 1, 1980
Public Notice is hereby given that on Tuesday, the 15th
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 $7,900,000 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
3
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,
4
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 $160,000 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.
5
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 31, 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
6
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
7
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.
8
DATED this 24th day of June, 1980.
ayor
City ecorde
9
That the City publish an abbreviated Notice of Salt in
The Bond Buyer, a financial journal published in New York
City.
10
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 24th 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 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 24th day of June, 1980.
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 a b k,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 24, 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 2'f 4,day
of June, 1980.
74 City Recorder
( S E A L )
12
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 Cityand County Building,Salt Lake City, Utah,
commencing at 5:00 p.m.,on Tuesday, June 24 , 1980.
• The'Ageoda for the meeting consists of the following:
L INVOCATION
IL PLEDGE OF ALLEGIANCE
IU, APPROVAL OF MINUTES •
•
IV. UNFINISHED COUNCIL BUSINESS •
1. CITY COUNCIL-Presentation and adoption of Resolution containing -
•
- Official Notice of Sale of Salt Lake City Tao Anticipation Notes dated• -
July 1, 1980,to be sold July 1, 1980,to be sold July 15, 1980,at
.. 5:00 p.m.M.D.T.and certificate authorising the City'.Financial
Consulfante to publish and distribute the Official Statement.
2, CITY COUNCIL-Setting a public hearing to consider the proposed
ordinance which amends Sections 38-1-5 and 51-5-16 of the Revised
Ordinance.of Salt Lake City,Utah. 1965, relating to use and land-
caping of parking strip..
3. MAYOR-Re-appointment of Dr. Orlando A. Rivera to the Salt Lake
City Civil Service Commission/Personnel Advisory Board,
4- MAYOR-Appointment of Kathy Fuller Wacker to the Planning and
Zoning Commission.
5. MAYOR-ORDINANCE deleting Section 30-1-10 of the Revised Ordinances,
relating to political activities by civil service personnel in the Police
Department,and amending Section 25.11A-8 relating to political activity
by City Employees,
V. PUBLIC HEARINGS
6. CITY COUNCIL-Continued hearing for the adoption of the budgets
for Fiscal Year 1980-81.
7. CITY COUNCIL-Continued hearing to consider fee increases in the
Parks,Development Ser s,
and Public Works Department
8. CITY COUNCIL-Continued hearing to discuss 51,500,000 in Community
Development Fund..
•
VI., NEW COUNCIL BUSINESS
VII. NEW COUNCIL BUSINESS 70 BE REFERRED TO COMMITTEE
9. MAYOR-Recommending appointment of Albert Haines as Director of
Finance and Administrative Services and appointment of Dr. James Rand
as Personnel Director.
10, CITY ATTORNEY-Proposed ordinance amending various city criminal
and traffic ordinantts.
Il. CITY ATTORNEY-Proposed ordinance amending the chemical feet
ordin
12. CITY ATTORNEY-Proposed ordinance relating to disorderly conduct.
13. DEVELOPMENT SERVICES(Planning 6 Zoning)-Proposed ordinance
ending zoning regulations relating to space allowed for accessory
building for two-family dwelling and adding motels and hotels to permitted
usen in a Busine.a"B-3"District.
VIII, MAYOR BUSINESS TO BE REFERRED TO COMMITTEE
• DC. CITIZEN COMMENTS TO THE COUNCIL AND MAYOR
X. COUNCIL QUESTIONS FOR THE MAYOR
•
•
•
•
•
DATED June 20, 1980
BY 1.1
STATE OF UTAH
COUNTY OF SALT LAKE
On the 20th day of June, 1980 , I personally delivered•copy of the
foregoing notice to the Mayor and posted copies of the same in conspicuous view, at
the following times and location,within the City and County Building, Salt Lake City,
Utah:
1. At 4:50 p.m.ln the City Recorder's Office, Room 200;and
2. At 4:55 p.m.io the newsroom,Scorn 301.
City Recorder i
Subscribed and sworn to before me this 20th day/of Sane. 1980p
h IthJJA/2,Al
NOTARY PUBLIC residing
in Salt Lake City,Utah
My Commission Expires:
1-8-83
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 $7,900,000 Salt Lake City, Utah Tax Anticipation
Notes dated July 1, 1980 and due June 30, 1981 (the "Notes"),
having participated in due diligence meetings on June 5,
1980, and having considered a Notice of Sale and other
preliminary documents at the meeting of the City Council held
June 10, 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 signe this Certificate of
Authorization this day of , 1980.
MAYO
ATTEST:
City Recorder
( SEAL )
CITY COUNCIL OF SALT LAKE CITY
Byrqq���4-
— I Q 4
Konald—J. WMtehea
Chairman (J
ATTEST:
��ity ecor er
( S E A L )
Resolution No.
By City Council
¢liktifiaMcrtit
Calling for the Notice of Sale of
$7,900,000 in Tax Anticipation Notes
for 1980-81, together with the authori-
zation to print and distribute the official
statement to reflect the new note amount
of$7,900,000 and establish action dates
of distribution on July 1, sale on July 15,
and delivery of the notes on July 31, 1980.
.iLii,„12,`�t.im
r.,-;RECORDER
•