33 of 1971 - A resolution authorizing the issuance of $8,500,000 General Obligation Airport Bonds, Series l97l, o pir 1 ", - — _r
Resolution No. - 33
a
By George B. Catmul
'6 COMMPSS IOMER
Authorizing the issuance of
$8,500,000.00 General Obligation Air-
port Bonds, Series 1971, of Salt Lake
City, Salt Lake County, Utah, pro-
I viding for the levy of taxes to pay
principal of and interest on said bonds,
and providing for the sale of said bonds
on August 5, 1971, at 10:30 a.m., in
Room 301 City and County Building.
Presented to the Board of Commissioners
AND PASSED
JUN 24 1971
"4114:1(tt1444y oEco,
I I
;it to
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L
•
NOTICE OF BOND SALE
Sealed Pi, for tne purci,A, ot
585,),000 General Obligation Airpfart
Bongs. sort, IP, of Satt Lace
Coo Salt Lob, 05.510,Utah,
,eoe,eg uo to 1,30 otelocit a,
gtace of the lgo,d of Cgrnno
stcners of said et, in Room gr.,.
Cocos St tie OFFICIAL Nor//F
OF BOND 5USD. the OFF/CO..
t tr,tt, respect the
Oemo ofr,ed fo tce
appr:val as to terialGe Ct,apFoan
arcf Cutler.of C.Itocapp. Winces,rot
he obtained from Vurrav Bywater,
,,Parier, Salt Lake Interoat,c
'tort. ralt Lake Gtv, Utah.
Purr-pros,Sm,10,and Company, tittr,f
U%19trrICID,otg'f',S "carioer'fl°tO
the CO,
at, 2.11,
HERVAN J.HOGENSEN,
Coto Pepfrder
'C-til Salt Sake Gip,Utah.
•
Salt Lake City,Utah
June 24,1971
The Board of Commissioners of Salt Lake City, Salt Lake County,
Utah, mat in
regular public sessionat its regular meeting place In the
City Hall in Room 301 at 10:0C o'clock a.m.,on June Roth,1971,with the
following members present:
J.Bracken Lee,Mayor
James L.Barker,Jr.,Commissioner
George B.Catmull,Commissioner
E.J.Garn,Commissioner
Conrad B.Harrison,Commissioner
There was absent: (None)
There were also present Herman J. Hogensen, City Recorder and
Jack L.Crellin,City Attorney.
After the meeting had been duly called to order and the roll called
with the above results,the following resolution was introduced in written
form by Conrad B. Harrison,was
read in full,and pursuant to motion
made by George B.Catmull and seconded by E. J.Garn,was adopted
by the following vote:
Aye: Mayor J.Bracken Lee
Commissioner James L.Barker,Jr.
Commissioner George B.Catmull
Commissioner E.J.Garn
Commissioner Conrad B.Harrison
Nay:None
The resolution was then signed by the Mayor in open meeting and
corded by the City Recorder and ordered published one time in Deseret
News newspaper of general circulation published in Salt Lake City
and qualified to carry legal notices.The resolution is
as follows:
A RESOLUTION authorizing the is a of 80,500,000 General
Obligation Airpo:r Bonus, Series 1971, of Salt Lake City, Salt
Lake County, Utah, providing for the levy of taxes to pay prin-
cipal of and interest on said bonds, and providing for the sale
of said bonds.
WHEREAS y *at a special bond election duly and lawfully Called and
held in Salt Lake City,Salt Lake County,Utah,on December 1,1970,the
following proposition was submitted to a vote of the qualified electors
of said city:
PROPOSITION
Shall negotiable coupon general obligation bonds of Salt Lake
City, Utah,in the sum of $25,000,000 bearing interest at a rate
or rates not excessin of eight per cent (8% an
num per a and
due and payable in not to exceed thirty (30) years from the
respective date or dates thereat,be issued
ued and sold for the pur-
pose of defraying the cost of improving and extending the munici-
pal airport of said city by adding to and remodeling the existing
airline terminal building and facilities, constructing additional
auxiliary buildings and facilities to be used In connection with
the operation and maintenance of the airport, improving and
rehabilitating airport runways, making site relocation of airport
utility facilities made necessary Co reasonof such improvements
and extensions,together with the acquisition of all land necessary
therefor,and the acquisition of all appurtenant facilities necessary
s in connection withc such improvements andexten-i ss convenient all for the use
of the traveling public and others using
the municipal airport facilities?
WHEREAS the result of said election was declared by the Board of
Commissioners ct said city,sitting as a Board of Canvassers,by resolu-
tion duly passed on December 7,1570;and
WHEREAS of the bonds voted at said election,n e have heretofore
been issued and delivered, and It has been determined to authorize
the issuanceand sale of$0,500,000 of said bonds at this time;
NOW,THEREFORE,Be II and It Is Hereby Resolved by the Board
of Commissioners of Salt Lake City,Salt Lake County,Utah,as follows:
SECTION 1.That under authority of Chapter 14 of Title 11,Utah Code
Annotated, 1953, as amended, otherwise known as the Utah Municipal •
Bond Act,bonds In the amount of 80,500,000 shall be issued for the par- -
pose of defraying the cost of Improving and extending the municipal
airport of said city by adding to and remodeling the existing airline
terminal building and facilities, constructing additional auxiliary build-
ings and facilities to be used in connection with the operation and main.
tenance of the airport, improving and rehabilitating airport runways,
making site relocation of airport utility facilities made necessary by
1
•
•
3.
reason of such improvements and extensions,together with the acquisi-
tion of all land necessary therefor,and the acquisition of all appurtenant
facilities necessary orconvenient in connection with such improvements
and extensions,for said
SECTION 2.That said bonds shall be known as"General Obligation
Airport Bands,Series 1971,"shall be dated July 1,1971,of the denomina-
tion of 55,000 each,numbered 1 to 1700,Inclusive,and shall bear interest
from date until paid at such rate or rates as shall be fixed by resolution
to be adopted at the time the bonds are
sold,at not exceeding the rate
of seven per cent (7931 per a which interest shall be payable
Julye le 1972 and semiannually thereafter on the first days of January
and July of each year. Such bonds shall mature serially in numerical
order on July 1 of each of the years and be numbered as follows:
BOND NUMBERS AMOUNT YEAR
1 to 20 4100,000 1973
21 to 40 100,000 1974
41 to 65 125,000 1975
66 to 100 175,000 1976
101 to 140 200,000 1977
141 to 220 400000 1978
221 to 310 450,000 1979
311 to 400 450,000 1980
401 to 495 475,000 1981
496 to 595 500,000 1982
596 to 700 525,000 1983
701 to 810 550,000 1984
811 to 925 575,000 1985
926 to 1045 600,000 1986
1046 to 1175 650,000 1987
1176 to 1310 675,000 1988
1311 to 1450 700,000 1989
1451 to 1600 750,000 1990
1601 to 1700 500,000 1991
Both principal and Interest shall be payable in lawful money of the
United States of America at such banks or trust companies as shall be
fixed by resolution to be adopted at or after the sale of the bonds.
Bonds numbered 1601 to 1700,inclusive,shall be subiect to the right
of the city to redeem the same In Inverse numerical order on July 1,
1976,and on any interest payment date thereafter at the price of par
plus accrued interest to the date fixed for redemption. After bonds
numbered 1601 to 1700, inclusive,shall have been redeemed as above
provided, the remaining u matured bonds numbered 496 to 1600, inclu-
shall be sublect to the right of the city to redeem the same in
Inverse numerical order on July 1, 1981,and on any interest payment
date thereafter at the price of par and accrued interest to the date
fixed for redemption plus a premium of 21/2%of the principal amount
of each bond socalled for redemption o or prior to January 1,1982,
which premium Is to reduce by ka of 1%in each twelve-month period
thereafter until reduced to 1%,so that the premium payable on bonds
redeemed on July 1,1987,and thereafter prior to maturity is to be 1%,
such premium to be computed according to the following schedule:
21/2%on July 1,1961,and January 1,1982
2i/a%on July 1,7982,and January 1,1983
2%on July 1,1983,and January 1,1984
104%on July 1,1984,and January 1,1985
l'/s%on July 1,1985,and January 1,1906
I4a%on July 1,1986,and January 1,1987
1%on July 1,1967
In either event,notion of any such redemption shall be given not less
than thirty(30)days prior to the date fixed for redemption by publica-
tion of an appropriate notice one time in a financial newspaper or
iournal published in the City of New York,New York,or Chicago,Illinois,
and sent by registered mall to the place of payment of the bonds,to
the original purchaser of the bonds and to Burrows,Smith and Company,
Salt Lake City,Utah.
SECTION 3. That said bonds and the interest coupons thereto at-
tached shall be in substantially the following form:
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE COUNTY
SALT LAKE CITY
GENERAL OBLIGATION AIRPORT BOND,SERIES 1971
Number 55,000
2
KNOW ALL MEN BY THESE PRESENTS that Salt Lake City,Salt
Lake County, Utah, for value received, hereby acknowledges itself to
be indebted and promises to pay to the hearer hereof the sum of FIVE
THOUSAND DOLLARS (85,000) on the first day of July,19_,with
interest thereon from the date hereof until payment of principal at the
rate of per cent(_tit per an m,payable July 1,1922,and
semiannually thereafter on the first days of January and July in each
year, such interest falling due on and prior to maturity payable only
upon presentation and surrender of the attached interest coupons as
they severally become due.Both principal of and interest on thy.:band
are payable in lawful money of the United States of America at
The bonds of the issue
of which this bond is maturing an July
1, 1991,aresubiect to the. right of the city to redeem the same
July 1, 1976, and onin
any interest payment date thereafter inverse
numerical c
order at the price of par plus accrued interest to the date
fixed for redemption. After all of the bonds maturing on July 1,1991,
have been redeemed, the r ning unmatured bonds of the issueof
which this bona is maturing on and after July 1,1982,are sable
to the right of the city to redeem the same on July 1,1981,and an any
interest payment date thereafter in Inverse numerical order at the price
of par and accrued interest to the date fixed for redemption plus
premium of 21/2% of the principal amount of each such bond so called
for redemption if redeemed on or price to January 1,1982,which premium
will reduce by IA of 1% in each twelvemonth period thereafter until
reduced to 15c, so that the premium payable on bonds redeemed on
July 1. 1589,and thereafter prior to maturity,will be 1% of the prin-
cipal a unt of each s .bards called for redemption.In either event,
notice of the call of any of the bonds for redemption shall be given not
less than thirty (30) days prior to the date fixed for redemption, by
publication of an appropriate notice one time In a financial newspaper
e w paper
r lournal published in the City of New York, New York, or Chicago,
Illinois, and sent by registered mail to the place of payment of the
bonds,to the original purchaser of the bands and to Burrows,Smith and
Company,Salt Lake City,Utah.
This bond is eof anof 1700 bands of like date, tenor and
effect,except as to maturity,s option of redemption (and interest rate)
aggregating the sum
of Eight Million Five Hundred Thousand Dollars
(58,500,000) issued for the purpose of defraying the cost of improving
and extending the m icipal airport of said city by adding to and re-
modeling the existiu ng airline terminal building and facilities,construct-
ing additional auxiliary buildings and facilities to be used in connection
with the operation and maintenance of the airport, l mproving and
rehabilitating airport runways, making site relocation of airport utiltiy
facilities made necessary by reasonet such improvements and extensions,
together with the acquisition cf all land necessary therefor, and the
isition of all appurtenant facilities necessary 0 convenient in
con-
nection with such improvements and extensions,for or
cty under and
by virtue of and in full conformity with the Constitution and laws of
the State of Utah, including particularly the Utah Municipal Bond Act,
Chapter 14 of Title 11,Utah Code Annotated, 1953, as amended,and a
resolution duly adopted by the Board of Commissioners of said city on
June 24, 1921,after having been duly authorized at an election legally
held in said city on December 1,1970.
The Board of Commissioners of Salt Lake City covenants and is by
n
law required to levy annually a tax sufficient to pay the interest on
this bond as it tails due and also to constitute a sinking fund sufficient
to pay the principal when due.
It Is hereby certified, recited and declared that all conditions,acts
and things essential to the validity of this bond and the issue of which
it forms a part do exist,have happened,and have been done,and that
every requirement of law affecting the issue thereof has been duly com-
plied with,rand that this bond is within every debt and other limit
prescribed by the Constitution and laws of the State of Utah,and that
the full faith and credit of Salt Lake City are hereby irrevocably pledged
to the punctual payment of the principal at and interest on this bond
according to its terms.
IN WITNESS WHEREOF,Salt Lake City has caused this band to be
signed by its Mayor and countersigned by its City Recorder,(the signa-
ture of said Mayor being by facsimile) with the facsimile of the cor-
porate seal of the city imprinted thereon,and the coupons hereto attached
to be signed with the facsimile signatures of said officers, who by the
execulten hereof do adopt as and for their own proper signatures their
facsimile signatures appearing on each of said coupons,all as of the
first day of July,1971.
3
(Facsimile Signature)
Mayor
Countersigned:
/s/ HERMAN J.HOGENSEN
City Recorder
(Facsimile Seal)
(Form of Coupon)
Number S
On the first day of ,19_,unless the hereinafter
mentioned bond is then callable for redemption and has been so called
and provision for the payment thereof duly made,Salt Lake City,Salt
Lake County, Utah, will pay to the bearer hereof the amount shown
hereon at in lawful money of the
United States of America,being the interest then due on its General
Obligation Airport Bond,Series 1971,dated July I,1971,and numbered
(Facsimile Signature)
Mayor
Countersigned:
(Facsimile Signature)
City Recorder
SECTION 4.That each of said bonds shall be signed by the Mayor
and countersigned by the City Recorder (the signature of said Mayor
being by facsimile),with the facsimile of the Corporate seal of said city
imprinted thereon,and the said coupons shall bear the facsimile signa-
tures of said officers.The Mayor Is hereby empowered and directed to
sign,and the City Recorder to authorize the facsimile of the Corporate
seal of the city to be imprinted on each of said bonds and the acts of
said Mayor and City Recorder in so doing are and shall be the act
and deed of Salt Lake City,Utah.The use of facsimile signature of the
Mayor on the face of the bonds Is hereby authorized and approved as
the authentic execution thereof.All of the covenants,statements,repre-
sentations and agreements contained in said bonds and coupons,and all
of the recitals and representations of this resolution are hereby con-
sidered and understood,and it is hereby ordered and declared that said
covenants and promises therein are the c nants end promises of Salt
Lake City,and that the representations and statements therein are the
representations of said city.
SECTION 5.That to pay the interest falling due on said bonds as
the same becomes due,and also to provide a sinking fund for the pay-
ment of the principal of said bonds at maturity,there shall be and is
hereby levied on all taxable property in said city, in addition to all
other taxes,a direct annual tax sufficient to pay the Interest onsaid
e
bonds and to pay and retire the s as hereinbefore provided.Said
taxes when collected shall be applied solely for the purpose of the
payment of said interest on
and principal of said bonds, respectively,
and for no other purpose whatsoever until the indebtedness s
con-
tracted under this resolution, principal and interest, shall have been
fully paid,satisfied and discharged,but nothing herein contained shall be
so construed as to prevent said city from applying any other funds
that may be in the city treasury and available for that purpose to the
payment of said interest and principal as the same respectively mature,
and the levy or levies herein provided for may thereupon to that extent
be diminshed. The sums herein provided for to meet the interest on
said bonds and to discharge the principal thereof when due,are hereby
appropriated for that purpose. Principal and interest falling due at any
time when there are on hand from the proceeds of the above tax levy
insufficient funds,shall be advanced from other funds of the City avail-
able for such purpose and such funds shall be reimbursed when the
tax levy proceeds become available.
SECTION 6.That said bonds shall be sold at public sale pursuant
to resolution to be hereafter adopted. The City Treasurer Is hereby
Instructed to make delivery of such bonds to the purchasers thereof as
soon as
^
may conveniently be after the adoption of the resolution con.
fiirming sale and to receive payment therefor in accordance with the
terms of sale and to set the proceeds of said sale aside into a separate
fund apart from the general funds of the city to be used for the par.
pose for which the bonds are herein authorized.
SECTION 7.The city covenants and agrees with the holders of the
bonds from time to time that in addition to creating such funds and
accounts as shall be necessary to provide for the payment of principal
of and interest on the bonds herein authorized, there shall be Created
4
a fund to be designated as the"Salt Lake City General Obligation Air-
port Bonds 1970 Election Reserve Fund," hereinafter in this resolution
referred to as the "Reserve Fund. The moneys from time to time
on deposit in the Reserve Fund shall be used to pay the principal of
and interest on bands of the city authorized for airport purposes at the
December 1,1970,election as the same re from time to time issued
and outstanding,in the event that no other funds orrevenues avail-
able for such purpose.There shall be deposited into the Reserve Fund
by the City Treasurer on or prior to June 30,1972,an amount not less
than 575,000,and thereafter on or before the 30th day of June of each
succeeding year the sum of$75,000 shall be deposited Into the Reserve
Fund until the total sum of 5800,000 has been accumulated in the Reserve
Fund.At the time of the retirement
ment of the General Obligation Airport
Bands, Series January 1, 1959,of the city, all funds remaining
l ning in the
Reserve Account established connection with said 1959bonds shall
forthwith be transferred and paid into the Reserve Fund herein treated
to the extent necessary
a
sary to accumulate in such Reserve Fund the afore-
said amount of $800,000. An additional series of the remaining bonds
for airport purposes authorized at the December 1, 1970, election are
authorized,the proceeding authorizing the Issuance of such bonds may
provide for an increase In the amount to be accumulated in the Reserve
Fund.
Moneys from time to time on deposit in the Reserve Fund may,In
the discretion of the city, be invested as permitted under the laws of
Me State of Utah for the investing of public funds or may be deposited
in any bank or trust company to be held and secured as from time to
time provided by the Public Depository Law of the State of Utah. All
income from the investment or deposit of the moneys from time
toarising
time in the Reserve Fund shall be deposited into the Reserve Fund
until the amount hereinabove required to be maintained in the Reserve
Fund shall be on deposit in said fund, and thereafter may be trans-
ferred to the operating fund of the airport to be used for any lawful
purpose.
If payments are made from the Reserve Fund for any purpose for
which the fund is created.deposits into the fund shall be recommenced
s above provided until the amount on deposit in the Reserve Fund shall
again equal $800,000. The Reserve Fund shall be maintained In the
amount of 5800,0130 until such time as the aunt on deposit in the
Reserve Fund is sufficient to pay all outstanding bonds of the city for
airport purposes for the benefit of which the Reserve Fund is herein
created at which lime the moneys in said fund may be used to call bonds
for prior redemption or to purchase bonds on the open market at a price
or c not exceeding the price at which such bonds may then be
called for prior redemption, may be used to retire said bonds as the
masame ture mature according to their term ormay be retained in
the Reserve Fund until all of said bonds have been fully paid, retired
and cancelled,and then the moneys in the Reserve Fund may be trans-
ferred to the operating fund of the Airport Fund to be used far any
lawful purpose.
SECTION 8.That this resolution
solution shall be published one time In The
Deseret News,a newspaper circulation and of general c culation in Salt
Lake City, and tor period of thirty (30) days after such publication
any person in interest shall have the right to contest the legalityf
this solution or of the bonds hereby authorized ormade
provisions
sor hall he haveauny canaymentuse a of actionosto ucontest dthe sch bons. Arfegularity,ter suchtime
formalityone
r
legality of this resolution or the bonds herein authorized for any cause
whatever.
SECTION 9.That all resolutions or parts thereof in conflict herewith
be and the same e,to the extent of such conflict, hereby repealed,
and after said bonds are issued,this resolution shall be and remain Ir-
repealable until said bonds and the Interest thereon shall have been
Wily paid,satisfied and discharged as herein ed.
SECTION 10.That this resolution shall becameme effective immediately
upon its adoption.
PASSED AND APPROVED by the Board of Commissioners of Salt
Lake City,Salt Lake County,Utah,this 24th day of June,1971.
/s/ J.BRACKEN LEE
Attest: Mayor
/s/ HERMAN J-HOGENSEN
City Recorder
The following resolution was then introduced In written form by
Conrad B. Harrison,wasread in full,and pursuant to motion made by
George B. Catmull and seconded by E. J. Garn, was adopted by the
following vote:
5
Aye: Mayor J.Bracken Lee
Commissioner James L.Barker,Jr.
Commissioner George B.Catmull
Commissioner E.J.Garn
Commissioner Conrad B.Harrison
Nay: None.
The resolution was then signed by the Mayor in open meeting and
recorded by the City Recorder.The resolution is as follows:
A RESOLUTION authorizing the advertisement for sale of
08,500,000 General Obligation Airport Bonds, Series 1971, of
Salt Lake City,Salt Lake County, Utah.
x .sa
BE IT AND IT IS HEREBY RESOLVED by the Board of Commis-
sioners of Salt Lake City,Salt Lake County,Utah,as follows:
SECTION 1.That$8,500,000 General Obligation Airport Bonds,Series
1971 of Salt Lake'City,,Salt Salt Lake County,Utah,shall be sold as herein
directed.
SECTION 2.That sealed bids shall be received for the purchase of
said bonds,and that said bids shall be opened In regular public session
of the Board of Commissioners on August 5,1971,at 10:30 o'clock a.m.
at the regular meeting place of the board in the City Hall in Salt Lake
City,Utah.
SECTION 3.That the City Recorder shall cause a notice of sale in
substantially the fallowing form to be published one time The Deseret
News,a newspaper published In Salt Lake City,said publication to be
made not less than seven(7)days prior to the date of sale:
NOTICE OF BOND SALE
Sealed bids for the purchase of$9,500,000 General Obligation Airport
Bonds,Series 1971, of Salt Lake City,Salt Lake County, Utah,will be
received up to 10:30 o'clock a on August 5,1971,at the regular meet-
ing place of the Board of Commissioners of said city in Room 301,City
Hall,in Salt Lake City,Utah.
Copies of the OFFICIAL NOTICE OF BOND SALE,the OFFICIAL
PROSPECTUS and other related information with respect to the bonds,
being offered sublect to the approval as to legality of Chapman and
Cutler, of Chicago, Illinois, may be obtained from Murray Bywater,
Manager,Salt Lake International Airport,Salt Lake City,Utah,or Bur-
s,Smith and Company,Suite 1003,Kearns Building,Salt Lake Clty,
Utah,84101,the fiscal agent to the City.
Dated this 24th daY of June,1971.
/s/ HERMAN J.HOGENSEN
City Recorder,Salt Lake City,Utah
SECTION C. That Said sale shall be conducted in accordance with
the terms set out in the following Official Notice of Bond Sale.
OFFICIAL NOTICE OF BOND SALE
$8,500,000
GENERAL OBLIGATION AIRPORT BONDS,SERIES 1971
SALT LAKE CITY,SALT LAKE COUNTY,UTAH
The City Recorder of Salt Lake City,Salt Lake County, Utah,will
receive Baled bids for the purchase of $8,500,000 General Obligation
Airport Bonds,Series 1971,of Salt Lake City,ity. Salt Lake County,Utah,
up to 10:30 o'clock a on August 5,1971,at the regular meeting place
of the Board of Commissioners of said city in the City Hall,Room 301,
in Salt Lake City,Utah,at which hour and place said bids will be opened.
The bonds are
e dated July 1, 1971, denomination 45,000 are not
registrable as to principal and Interest,oreither,and mature
e serially
in cal order on July 1 of each of the years and in the amounts
as follows:
YEAR AMOUNT
1973 $100,000
1974 100,00h
1975 125,000
19)6 175,000
1977 200,000
1978 400,000
1979 450,000
1980 450,000
1981 475,000
1982 500,000
1983 525,000
1984 550,000
1985 575,000
1986 600,000
1987 650,000
1988 675,000
6
1 r
1989 700,000
1990 750,000
1991 500,000
OPTION FOR REDEMPTION: The bonds maturing in the years 1973
to 1981,inclusive,are not subiect to prior redemption.The bonds maturing
in the year 1991 are subiect to the right of the city to redeem the same
inversein numerical
cal order on July 1,1976,and onany interest payment
date thereafter at the price 01 par plus accrued interest to the date fixed
for redemption.After the bonds maturing in the year 1991 have been re-
tired,the remaining u matured bonds maturing in the years 1982 to 1990,
inclusive, aresubiecf to the right of the city to redeem the same
inverse numerical order on July 1,1981,and on any interest payment date
thereafter at the price of par and accrued interest to the date fixed for
redemption plus a premium of 21'7,of the principal amount of each bond
called for redemption oror prior to January 1,1982,which premium
so s to reduce by Vu of 1'lin each twelve month period thereafter until
reduced to 1?,o,no that the premium payable on bonds redeemed on July
1,1987,and thereafter prior to maturity is to be I% of the principal
amount of each bond so yelled for redemption.
INTEREST RATES: The bonds will bear interest at any number of
different rates not exceeding five,expressed in multiples of one-eighth or
one-twentieth of one per cent(I/8 or 1/20th of 1%),but the highest rate
bid for any of the bonds shall not exceed the lowest rate by more than
two per Reel (2'sl.All bonds of the same
maturity must bear single
rate of interest and only onecoupon will be attached to each bond for
each installment of interest thereon.A zero
,
rate cannot benamed for all
or any part of the time from the date of any bond fo its stated maturity,
and any premium must be paid in the funds specified for the payment of
the bonds as part of the purchase price. Interest will be payable July 1,
1972, and semiannually thereafter at a rate orrates not greater than
n per cent annum e fixed at the time the bonds a e
(7%) per to b
sold.
PLACE OF PAYMENT: Bnfh principal of and interest on the bonds
will be payable in lawful money of the United States of America at such
banks or trust companies named by the successful bidder within three
(3)Cdays su one sent to t toethet receipt of bids as are acceptable to the Board
y.
SECURITY: The bonds will be full general obligations of the city
payable from the proceeds of ad valorem taxes to be levied without limi-
tation as to rate or unt.
AWARD: Award or iecfion of bids will be made on the date above
e
stated for receipt of bids,and the good faith checks of the unsuccessful
bidders will be returned immediately.The bonds will be awarded to the
responsible bidder offering to pay par and accrued interest and specifying
a
rate ae
rates which result in the lowest net interest cast to the city,
computed from the date of the bonds to maturity,after the deduction of
premium,if any.
FORM OF BID: Each bidder is required to submit an unconditional
bid specifying: (a)The lowest rate or rates of interest and premium,if
any,above par at which the bidder will purchase the bonds;(b)The low-
est rate or rates of interest at which the bidder will purchase the bonds
at par.Each bid must be in writing tar all bonds herein Offered for sale,
and, together with the bidder's check, must be enclosed in a sealed
envelope marked on the outside"Proposal for Bonds"and addressed to
the City Recorder of Salt Lake City,Utah.For informative purposes only,
the bidders are
requested to state in their bids Inc net effective interest
cost and the net effective interest rate represented by the rates of
interest specified in each bid.
BID CHECK: Each bid shall be accompanied by a cashier's or certi-
fied check drawn upon an orporated bank or trust company in the
amount of s170,000 payable to the City Treasurer of Salt Lake City.The
check of the successful bidder will be held uncashed as evidence of goad
faith pending the delivery of the bonds,but which check will be forfeited
as partial liquidated damages if such bid is accepted and the bidder fails
to take up and pay for the bands when tendered. Such check shall be
promptly returned to any such bidder if his bid be not accepted.
SALE RESERVATIONS: The Board of Commissioners re rves the
right 10(1)waive any irregularity or informality in any bid,(2)to reject
any and all bids for the bonds,and(3)to resell the bonds as provided
by law.
MANNER AND TIME OF DELIVERY: The purchasers will be given
of least seven business days advance notice of Inc proposed date of the
delivery of the bonds when that date has been tentatively determined.
It is now estimated that the bands will be delivered an or about September
7
i f
15,1971.The city will supply the printed bonds.Delivery of the bonds 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.The
successful bidder must also agree to pay tor the bonds In federal funds
which will be Immediately available to the city In Salt Lake City,Utah,
on the day of delivery.
RIGHT OF CANCELLATION: The successful bidder shall have the
right,at his option,to cancel the contract of purchase it the bonds are
not tendered for delivery within sixty(60) days from the date of sale
thereof,and in such event the successful bidder shall be entitled to the
return of the deposit accompanying his bid.The City shall have the right,
at Its option,to cancel the contract of purchase if within five(5)days
after the tender of the bonds for delivery,the purchasers shall not have
accepted delivery and paid for the bonds,in which event the good faith
deposit accompanying the bid shall be forfeited to the City as partial
payment of damages for failure to comply with the contract Of purchase.
TAX EXEMPT STATUS: In the opinion of bond counsel,Interest on
these bonds is exempt from Federal income taxes under presently exist-
ing law,regulations,decisions and Interpretations.The purchaser will not
be inquired to take up and pay for the bonds 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 these
bonds.
LEGAL OPINION: The unqualified approving opinion of Chapman and
Cutler covering the legality of the bonds will be furnished to the pur-
chasers and will be printed on the backs of the bonds without charge.
There will also be furnished the usual
ual closing certificates,dated as of
the date of delivery of and payment for the bonds,Including a statement
teat there is no litigation pending or, to the knowledge of the signer
thereof,threatened,affecting the validity Of the bonds.
ADDITIONAL INFORMATION: For further information contact Mur-
ray Bywater,Manager,Salt Lake International Airport,Salt Lake City,
Utah,or Burrows,Smith and Company,Suite 1003,Kearns Building,Salt
Lake City,Utah 84101,the fiscal agent to the City.
Dated this 24th day of June,1971.
/s/J.BRACKEN LEE
Mayor
/5/HERMAN J.HOGENSEN
City Recorder
SECTION 5. That this resolution shall become effective immediately
upon its adoption.
PASSED AND APPROVED by the Board of Commissioners,of Salt
Lake City,Salt Lake County,Utah,this 24th day of June,1971.
/s/J.BRACKEN LEE
Mayor
Attest:
/s/HERMAN J.HOGENSEN
City Recorder
(Other business not pertinent to the above appears in the minutes of
the meeting.)
Upon motion duly made and carried,the meeting was adiourned.
/s/J.BRACKEN LEE
Mayor
Attest:
/5/HERMAN J.HOGENSEN
City Recorder
Published July 77 1971. (C-71)
8
CO:66 65.300
ROLL CALL
VOTING Aye Nay Salt Lake City,Utah, June 24 19 71
•
Barker.
I move that the Resolution be ado ed.
Catmull . . . ,
Garn . .
Harrison . . .d` l
Mr. Chairman
RESOLUTION
Result . . .
f�/
Salt Lake City, Utah
June 24 1971
The Board of Commissioners of Salt Lake City, Salt Lake
County, Utah, met in regular public session at its regular
meeting place in the City Hall in Room 301 at 10:00
o'clock A .M., on June 24 , 1971, with the following
members present:
J. Bracken Lee, Mayor
James L. Barker, Jr., Commissioner
George B. Catmull, Commissioner
E. J. Garn, Commissioner
Conrad B. Harrison, Commissioner
There was absent: NONE
There were also present Herman J. Hogensen, City Recorder
and Jack L. Crellin, City Attorney.
After the Meeting had been duly called to order and
the roll called with the above results, the following resolution
was introduced in written form by Conrad B. Harrison , was read
in full, and pursuant to motion made by George B. Catmull and
seconded by E. J, Garn , was adopted by the following
vote:
Aye: Mayor J. Bracken Lee
Commissioner James L. Barker, Jr.
Commissioner George B. Catmull
Commissioner E. J. Garn
Commissioner Conrad B. Harrison
Nay: None.
The resolution was then signed by the Mayor in open meeting
and recorded by the City Recorder and ordered published one time
J
in Deseret News, a newspaper of general circulation published in
Salt Lake City and qualified to carry legal notices. The resolution
is as follows:
A RESOLUTION authorizing the issuance
of $8,500,000 General Obligation Airport
Bonds, Series 1971, of Salt Lake City,
Salt Lake County, Utah, providing for
the levy of taxes to pay principal of
and interest on said bonds, and providing
for the sale of said bonds.
WHEREAS at a special bond election duly and lawfully
called and held in Salt Lake City, Salt Lake County, Utah, on
December 1, 1970, the following proposition was submitted to a
vote of the qualified electors of said city:
PROPOSITION
Shall negotiable coupon general obligation bonds
of Salt Lake City, Utah, in the sum of $25,000,000
bearing interest at a rate or rates not in excess
of eight per cent (8%) per annum and due and pay-
able
in not to exceed thirty (30) years from the
respective date or dates thereof, be issued and
sold for the purpose of defraying the cost of
improving and extending the municipal airport of
said city by adding to and remodeling the exist-
ing airline terminal building and facilities, con-
structing additional auxiliary buildings and facil-
ities to be used in connection with the operation
and maintenance of the airport, improving and re-
habilitating airport runways, making site reloca-
tion of airport utility facilities made necessary
by reason of such improvements and extensions, to-
gether with the acquisition of all land necessary
therefor, and the acquisition of all appurtenant
facilities necessary or convenient in connection
with such improvements and extensions, all for the
use of the traveling public and others using the
municipal airport facilities?
WHEREAS the result of said election was declared by the
Board of Commissioners of said city, sitting as a Board of Canvassers,
by resolution duly passed on December 7, 1970; and
WHEREAS of the bonds voted at said election, none have
heretofore been issued and delivered, and it has been determined
to authorize the issuance and sale of $8,500,000 of said bonds
at this time;
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NOW, THEREFORE, Be It and It Is Hereby Resolved by the
Board of Commissioners of Salt Lake City, Salt Lake County, Utah
as follows:
Section 1. That under authority Of Chapter 14 of Title
11, Utah Code Annotated, 1953, as amended, otherwise known as
the Utah Municipal Bond Act, bonds in the amount of $8,500,000
shall be issued for the purpose of defraying the cost of improving
and extending the municipal airport of said city by adding to and
remodeling the existing airline terminal building and facilities,
constructing additional auxiliary buildings and facilities to be
used in connection with the operation and maintenance of the airport,
improving and rehabilitating airport runways, making site relocation
of airport utility Tacilities made necessary by reason of such
improvements and extensions, together with the acquisition of all
land necessary therefor, and the acquisition of all appurtenant
facilities necessary or convenient in connection with such improve-
ments and extensions, for said city.
Section 2. That said bonds shall be known as "General
Obligation Airport Bonds, Series 1971", shall be dated July 1,
1971, of the denomination of $5,000 each, numbered 1 to 1700,
inclusive, and shall bear interest from date until paid at such
rate or rates as shall be fixed by resolution to be adopted at
the time the bonds are sold, at not exceeding the rate of seven
per cent (7%) per annum, which interest shall be payable July 1,
1972 and semi-annually thereafter on the first days of January
and July of each year. Such bonds shall mature serially in numerical
order on July 1 of each of the years and be numbered as follows:
3-
f
BOND NUMBERS AMOUNT YEAR
1 to 20 $100,000 1973
21 to 40 100,000 1974
41 to 65 125,000 1975
66 to 100 175,000 1976
101 to 140 200,000 1977
141 to 220 400,000 1978
221 to 310 450,000 1979
311 to 400 450,000 1980
401 to 495 475,000 1981
496 to 595 500,000 1982
596 to 700 525,000 1983
701 to 810 550,000 1984
811 to 925 575,000 1985
926 to 1045 600,000 1986
1046 to 1175 650,000 1987
1176 to 1310 675,000 1988
1311 to 1450 700,000 1989
1451 to 1600 750,000 1990
1601 to 1700 500,000 1991
Both principal and interest shall be payable in lawful
money of the United States of America at such banks or trust
companies as shall be fixed by resolution to be adopted at or
after the sale of the bonds.
Bonds numbered 1601 to 1700, inclusive, shall be subject
to the right of the city to redeem the same in inverse numerical
order on July 1, 1976, and on any interest payment date thereafter
at the price of par plus accrued interest to the date fixed for
redemption. After bonds numbered 1601 to 1700, inclusive, shall
have been redeemed as above provided, the remaining unmatured
bonds numbered 496 to 1600, inclusive, shall be subject to the
wrrYtu,N,.V ewcity to redeem the same in inverse numerical order
1J �U . r4 `C J"`,-"-1.nyment date thereafter at
period thereafter until
reduced to 1%, so that on bonds redeemed on J
my 1, 198 at the premium Payable
7, and thereafter
is to be 1$, such premium to be corn Prior to maturity
schedule. puted maturity
g to the following
J.
-4-
2 1/2% on July 1, 1981, and January 1, 1982
2 1/4% on July 1, 1982, and January 1, 1983
2% on July 1, 1983, and January 1, 1984
1 3/4% on July 1, 1984, and January 1, 1985
1 1/2% on July 1, 1985, and January 1, 1986
1 1/4% on July 1, 1986, and January 1, 1987
1% on July 1, 1987
In either event, notice of any such redemption shall be given not
less than thirty (30) days prior to the date fixed for redemption
by publication of an appropriate notice one time in a financial
newspaper or journal published in the City of New York, New York,
or Chicago, Illinois, and sent by registered mail to the place
of payment of the bonds, to the original purchaser of the bonds
and to Burrows, Smith and Company, Salt Lake City, Utah.
Section 3. That said bonds and the interest coupons
thereto attached shall be in substantially the following form:
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE COUNTY
SALT LAKE CITY
GENERAL OBLIGATION AIRPORT BOND, SERIES 1971
Number $5,000
KNOW ALL MEN BY THESE PRESENTS that Salt Lake City, Salt
Lake County, Utah, for value received, hereby acknowledges itself
to be indebted and promises to pay to the bearer hereof the sum
of FIVE THOUSAND DOLLARS ($5,000) on the first day of July, 19 ,
with interest thereon from the date hereof until payment of
principal at the rate of per cent ( %) per annum,
payable July 1, 1972, and semiannually thereafter on the first
days of January and July in each year, such interest falling due
-5-
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on and prior to maturity payable only upon presentation and surrender
of the attached interest coupons as they severally become due.
Both principal of and interest on this bond are payable in lawful
money of the United States of America at
The bonds of the issue of which this bond is one maturing
on July 1, 1991, are subject to the right of the city to redeem
the same on July 1, 1976, and on any interest payment date there-
after in inverse numerical order at the price of par plus accrued
interest to the date fixed for redemption. After all of the bonds
maturing on July 1, 1991, have been redeemed, the remaining
unmatured bonds of the issue of which this bond is one maturing
on and after July 1, 1982, are subject to the right of the city
to redeem the same on July 1, 1981, and on any interest payment
date thereafter in inverse numerical order at the price of par
and accrued interest to the date fixed for redemption plus a
premium of 2 1/2% of the principal amount of each such bond so
called for redemption if redeemed on or prior to January 1, 1982,
which premium will reduce by 1/4 of 1% in each twelve month period
thereafter until reduced to 1%, so that the premium payable on
bonds redeemed on July 1, 1987, and thereafter prior to maturity,
will be 1% of the principal amount of each such bond so called
for redemption. In either event, notice of the call of any of
the bonds for redemption shall be given not less than thirty (30)
days prior to the date fixed for redemption, by publication of
an appropriate notice one time in a financial newspaper or journal
published in the City of New York, New York, or Chicago, Illinois,
and sent by registered mail to the place of payment of the bonds,
to the original purchaser of the bonds and to Burrows, Smith
and Company, Salt Lake City, Utah.
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J
This bond is one of an issue of 1700 bonds of like date,
tenor and effect, except as to maturity, option of redemption
(and interest rate) aggregating the sum of Eight Million Five
Hundred Thousand Dollars ($8,500,000) issued for the purpose of
defraying the cost of improving and extending the municipal
airport of said city by adding to and remodeling the existing
airline terminal building and facilities, constructing additional
auxiliary buildings and facilities to be used in connection with
the operation and maintenance of the airport, improving and
rehabilitating airport runways, making site relocation of airport
utility facilities made necessary by reason of such improvements
and extensions, together with the acquisition of all land
necessary therefor, and the acquisition of all appurtenant facil-
ities necessary or convenient in connection with such improvements
and extensions, for said city under and by virtue of and in full
conformity with the Constitution and laws of the State of Utah,
including particularly the Utah Municipal Bond Act, Chapter 14
of Title 11, Utah Code Annotated, 1953, as amended, and a
resolution duly adopted by the Board of Commissioners of said
city on June 24, , 1971, after having been duly authorized
at an election legally held in said city on December 1, 1970.
—7—
J
The Board of Commissioners of Salt Lake City covenants
and is by law required to levy annually a tax sufficient to pay
the interest on this bond as it falls due and also to constitute
a sinking fund sufficient to pay the principal when due.
It is hereby certified, recited and declared that all
conditions, acts and things essential to the validity of this bond
and the issue of which it forms a part do exist, have happened, and
have been done, and that every requirement of law affecting the
issue thereof has been duly complied with, and that this bond is
within every debt and other limit prescribed by the Constitution
and laws of the State of Utah, and that the full faith and credit
of Salt Lake City are hereby irrevocably pledged to the punctual
payment of the principal of and interest on this bond according
to its terms.
IN WITNESS WHEREOF, Salt Lake City has caused this bond
to be signed by its Mayor and countersigned by its City Recorder,
(the signature of said Mayor being by facsimile) with the facsimile
of the corporate seal of the city imprinted thereon, and the coupons
hereto attached to be signed with the facsimile signatures of said
officers, who by the execution hereof do adopt as and for their
own proper signatures their facsimile signatures appearing on each
of said coupons, all as of the first day of July, 1971.
(Facsimile signature)
Mayor
Countersigned:
ity ecOdet
(Facsimile Seal)
-8-
J
(Form of Coupon)
Number $
On the first day of , 19_, unless the
hereinafter mentioned bond is then callable for redemption and
has been so called and provision for the payment thereof duly made,
Salt Lake City, Salt Lake County, Utah, will pay to the bearer
hereof the amount shown hereon at
in lawful money of the United States of America, being the interest
then due on its General Obligation Airport Bond, Series 1971,
dated July 1, 1971, and numbered
(Facsimile Signature)
Mayor
Countersigned:
(Facsimile Signature)
City Recorder
Section 4. That each of said bonds shall be signed by
the Mayor and countersigned by the City Recorder (the signature
of said Mayor being by facsimile), with the facsimile of the Corporate
seal of said city imprinted thereon, and the said coupons shall bear
the facsimile signatures of said officers. The Mayor is hereby
empowered and directed to sign, and the City Recorder to authorize
the facsimile of the Corporate seal of the city to be imprinted on
each of said bonds and the acts of said Mayor and City Recorder in
so doing are and shall be the act and deed of Salt Lake City, Utah.
The use of the facsimile signature of the Mayor on the face of
the bonds is hereby authorized and approved as the authentic execu-
tion thereof. All of the covenants, statements, representations
and agreements contained in said bonds and coupons, and all of the
recitals and representations of this resolution are hereby consid-
ered and understood, and it is hereby ordered and declared that
said covenants and promises therein are the covenants and promises
of Salt Lake City, and that the representations and statements
therein ate the representations of sa.'d city.
-9-
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Section 5. That to pay the interest falling due on said
bonds as the same becomes due, and also to provide a sinking fund
for the payment of the principal of said bonds at maturity, there
shall be and is hereby levied on all taxable property in said city,
in addition to all other taxes, a direct annual tax sufficient to
pay the interest on said bonds and to pay and retire the same as
hereinbefore provided. Said taxes when collected shall be applied
solely for the purpose of the payment of said interest on and
principal of said bonds, respectively, and for no other purpose
whatsoever until the indebtedness so contracted under this
resolution, principal and interest, shall have been fully paid,
satisfied and discharged, but nothing herein contained shall be
so construed as to prevent said city from applying any other funds
that may be in the city treasury and available for that purpose
to the payment of said interest and principal as the same respec-
tively mature, and the levy or levies herein provided for may there-
upon to that extent be diminished. The sums herein provided for to
meet the interest on said bonds and to discharge the principal
thereof when due, are hereby appropriated for that purpose.
Principal and interest falling due at any time when there are
on hand from the proceeds of the above tax levy insufficient funds,
shall be advanced from other funds of the city available for such
purpose and such other funds shall be reimbursed when the tax
levy proceeds become available.
Section 6. That said bonds shall be sold at public
sale pursuant to resolution to be hereafter adopted. The City
Treasurer is hereby instructed to make delivery of such bonds
to the purchasers thereof as soon as may conveniently be after
the adoption of the resolution confirming sale and to receive
-10-
J
•
payment therefor in accordance with the terms of sale and to set
the proceeds of said sale aside into a separate fund apart from
the general funds of the city to be used for the purpose for which
the bonds are herein authorized.
Section 7. The city covenants and agrees with the
holders of the bonds from time to time that in addition to creating
such funds and accounts as shall be necessary to provide for the
payment of principal of and interest on the bonds herein authorized,
there shall be created a fund to be designated as the "Salt Lake
City General Obligation Airport Bonds 1970 Election Reserve Fund,"
hereinafter in this resolution referred to as the "Reserve Fund."
The moneys from time to time on deposit in the Reserve Fund shall
be used to pay the principal of and interest on bonds of the city
authorized for airport purposes at the December 1, ;970, election
as the same are from time to time issued and outstanding, in the
event that no other funds or revenues are available for such
purpose. There shall be deposited into the Reserve Fund by the
City Treasurer on or prior to June 30, 1972, an amount not less
than $75,000, and thereafter on or before the 30th day of June
of each succeeding year the sum of $75,000 shall be deposited
into the Reserve Fund until the total sum of $800,000 has been
accumulated in the Reserve Fund. At the time of the retirement
of the General Obligation Airport Bonds, Series January 1, 1959,
of the city, all funds remaining, in the Reserve Account established
in connection with said 1959 bonds shall forthwith be trap efe ..eh
and paid into the Reserve Fund herein created to the extent necessary
to accumulate in such Reserve Fund the aforesaid amount of $800,000.
As additional series of the remaining bonds for airport purposes
authorized at the December 1, 1970, election are authorize'., the
proceeding authorizing the issuance Of such ;.nods may provide for
an increase in the amount to be accumulated in the Reserve Fund.
-11-
•
Moneys from time to time on deposit in the Reserve Fund
may, in the discretion of the city, be invested as permitted under
the laws of the State of Utah for the investing of public funds
or may be deposited in any bank or trust company to be held and
secured as from time to time provided by the Public Depository Law
of the State of Utah. All income arising from the investment or
deposit of the moneys from time to time in the Reserve Fund shall
be deposited into the Reserve Fund until the amount hereinabove
required to be maintained in the Reserve Fund shall be on deposit
in said fund, and thereafter may be transferred to the operating
fund of the airport to be used for any lawful purpose.
If payments are made from the Reserve Fund for any purpose
for which the fund is created, deposits into the fund shall be
recommenced as above provided until the amount on deposit in the
Reserve Fund shall again equal $800,000. The Reserve Fund shall
be maintained in the amount of $800,000 until such time as the
amount on deposit in the Reserve Fund is sufficient to pay all
outstanding bonds of the city for airport purposes for the benefit
of which the Reserve Fund is herein created at which time the
moneys in said fund may be used to call bonds for prior redemption
or to purchase bonds on the open market at a price or prices not
exceeding the price at which such bonds may then be called for
prior redemption, may be used to retire said bonds as the same
normally mature according to their term or may be retained in the
Reserve Fund until all of said bonds have been fully paid, retired
and cancelled, and then the moneys in the Reserve Fund may be
transferred to the operating fund of the Airport Fund to be used for
any lawful purpose.
-12-
Section 8. That this resolution shall be published one
time in The Deseret News, a newspaper published and of general
circulation in Salt Lake City, and for a period of thirty (30)
days after such publication any person in interest shall have
the right to contest the legality of this resolution or of the
bonds hereby authorized or any provisions made for the security
and payment of such bonds. After such time no one shall have
any cause of action to contest the regularity, formality or
legality of this resolution or the bonds herein authorized for
any cause whatever.
Section 9. That all resolutions or parts thereof in
conflict herewith be and the same are, to the extent of such
conflict, hereby repealed, and after said bonds are issued, this
resolution shall be and remain irrepealable until said bonds
and the interest thereon shall have been fully paid, satisfied
and discharged as herein provided.
Section 10. That this resolution shall become effective
immediately upon its adoption.
PASSED AND APPROVED by the Board of Commissioners of
Salt Lake City, Salt Lake County, Utah, this 24th day of
June , 1971.
ayor
Attest: ,., l
'� deer
-13-
The following resolution was then introduced in written
form by Conrad B. Harrison , was read in full, and pursuant to
motion made by George B. Catmull and seconded by E. J. Garn
was adopted by the following vote:
Aye: Mayor J. Bracken Lee
Commissioner James L. Barker, Jr.
Commissioner George B. Catmull
Commissioner E. J. Garn
Commissioner Conrad B. Harrison
Nay: None.
The resolution was then signed by the Mayor in open
meeting and recorded by the City Recorder. The resolution is
as follows:
A RESOLUTION authorizing the advertisement
for sale of $8,500,000 General Obligation
Airport Bonds, Series 1971, of Salt Lake
City, Salt Lake County, Utah.
Be It And It Is Hereby Resolved by the Board of Commissioners
of Salt Lake City, Salt Lake County, Utah, as follows:
Section 1. That $8,500,000 General Obligation Airport
Bonds, Series 1971 of Salt Lake City, Salt Lake County, Utah, shall
be sold as herein directed.
Section 2. That sealed bids shall be received for the
purchase of said bonds, and that said bids shall be opened in regular
public session of the Board of Commissioners on August 5 , 1971,
at 10:30 o'clock A .M. at the regular meeting place of the board
in the City Hall in Salt Lake City, Utah.
City Recorder
Section 3. That the :tk mk shall cause a notice of sale
in substantially the following form to be published one time in
The Deseret News , a newspaper published in Salt Lake City
said publication to be made not less than seven (7) days prior
to the date of sale:
-14-
J
NOTICE OF BOND SALE
Sealed bids for the purchase of $8,500,000 General Obliga-
tion Airport Bonds, Series 1971, of Salt Lake City, Salt Lake County,
Utah, will be received up to 10:30 o'clock A .M. , on August 5 ,
1971, at the regular meeting place of the Board of Commissioners
of said city in Room 301, City Hall,in Salt Lake City, Utah.
Copies of the OFFICIAL NOTICE OF BOND SALE, the OFFICIAL
PROSPECTUS and other related information with respect to the bonds,
being offered subject to the approval as to legality of Chapman
and Cutler, of Chicago, Illinois, may be obtained from Murray
Bywater, Manager, Salt Lake International Airport, Salt Lake City,
Utah, or Burrows, Smith and Company, Suite 1003, Kearns Building,
Salt Lake City, Utah, 84101, the fiscal agent to the City.
Dated this 24th day of June , 1971.
Citty' Regoc `',\�Salt"Lake City, Utah
Section 4. That said sale shall be conducted in
accordance with the terms set out in the following Official Notice
of Bond Sale.
OFFICIAL NOTICE OF BOND SALE
$8,500,000
GENERAL OBLIGATION AIRPORT BONDS, SERIES 1971
SALT LAKE CITY, SALT LAKE COUNTY, UTAH
The City Recorder of Salt Lake City, Salt Lake County, Utah,
will receive sealed bids for the purchase of $8,500,000 General
Obligation Airport Bonds, Series 1971, of Salt Lake City, Salt Lake
County, Utah, up to 10:30 o'clock, A .M. , on August 5,
1971, at the regular meeting place of the Board of Commissioners of
said city in the City Hall, Room 301 in Salt Lake City, Utah,
at which hour and place said bids will be opened.
-15-
The bonds are dated July 1, 1971, denomination $5,000,
are not registrable as to principal and interest, or either, and
mature serially in numerical order on July 1 of each of the years
and in the amounts as follows:
YEAR AMOUNT
1973 $100,000
1974 100,000
1975 125,000
1976 175,000
1977 200,000
1978 400,000
1979 450,000
1980 450,000
1981 475,000
1982 500,000
1983 525,000
1984 550,000
1985 575,000
1986 600,000
1987 650,000
1988 675,000
1989 700,000
1990 750,000
1991 500,000
OPTION FOR REDEMPTION: The bonds maturing in the years
1973 to 1981, inclusive, are not subject to prior redemption.
The bonds maturing in the year 1991 are subject to the right of
the city to redeem the same in inverse numerical order on July 1,
1976, and on any interest payment date thereafter at the price
of par plus accrued interest to the date fixed for redemption.
After the bonds maturing in the year 1991 have been retired, the
remaining unmatured bonds maturing in the years 1982 to 1990,
inclusive, are subject to the right of the city to redeem the
same in inverse numerical order on July 1, 1981, and on any
interest payment date thereafter at the price of par and accrued
interest to the date fixed for redemption plus a premium of 2 1/2%
of the principal amount of each bond so called for redemption
on or prior to January 1, 1982, which premium is to reduce by 1/4
of 1% in each twelve month period thereafter until reduced to 1%,
so that the premium payable on bonds redeemed on July 1, 1987, and
thereafter prior to maturity is to be 1% of the principal amount
of each bond so called for redemption.
-16-
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INTEREST RATES: The bonds will bear interest at any
number of different rates not exceeding five, expressed in multiples
of one-eighth or one-twentieth of one per cent (1/8th or 1/20th
of 1%), but the highest rate bid for any of the bonds shall not
exceed the lowest rate by more than two per cent (2%). All bonds
of the same maturity must bear a single rate of interest and only
one coupon will be attached to each bond for each installment of
interest thereon. A zero rate cannot be named for all or any part
of the time from the date of any bond to its stated maturity, and
any premium must be paid in the funds specified for the payment
of the bonds as part of the purchase price. Interest will be
payable July 1, 1972, and semiannually thereafter at a rate or
rates not greater than seven per cent (7%) per annum to be fixed at
the time the bonds are sold.
PLACE OF PAYMENT: Both principal of and interest on
the bonds will be payable in lawful money of the United States
of America at such banks or trust companies named by the successful
bidder within three (3) days subsequent to the receipt of bids
as are acceptable to the Board of Commissioners of the city.
SECURITY: The bonds will be full general obligations
of the city payable from the proceeds of ad valorem taxes to be
levied without limitation as to rate or amount.
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
bonds will be awarded to the responsible bidder offering to pay
par and accrued interest and specifying a rate or rates which
result in the lowest net interest cost to the city, computed from
the date of the bonds to maturity, after the deduction of premium,
if any.
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FORM OF BID: Each bidder is required to submit an uncon-
ditional bid specifying: (a) The lowest rate or rates of interest
and premium, if any, above par at which the bidder will purchase
the bonds; (b) The lowest rate or rates of interest at which the
bidder will purchase the bonds at par. Each bid must be in writing
for all the bonds herein offered for sale, and, together with the
bidder's check, must be enclosed in a sealed envelope marked on
the outside "Proposal for Bonds" and addressed to the City Recorder
of Salt Lake City, Utah. For informative purposes only, the bidders
are requested to state in their bids the net effective interest
cost and the net effective interest rate represented by the rates
of interest specified in each bid.
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 $170,000 payable to the City Treasurer of Salt
Lake City. The check of the successful bidder will be held uncashed
as evidence of good faith pending the delivery of the bonds, but
which check will be forfeited as partial liquidated damages if
such bid is accepted and the bidder fails to take up and pay for
the bonds when tendered. Such check shall be promptly returned
to any such bidder if his bid be not accepted.
SALE RESERVATIONS: The Board of Commissioners reserves
the right to (1) waive any irregularity or informality in any bid,
(2) to reject any and all bids for the bonds, and (3) to resell
the bonds as provided by law.
MANNER AND TIME OF DELIVERY: The purchasers will be
given at least seven business days advance notice of the proposed
date of the delivery of the bonds when that date has been tenta-
tively determined. It is now estimated that the bonds will be
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delivered on or about September 15 , 1971. The city will supply
the printed bonds. Delivery of the bonds 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. The successful
bidder must also agree to pay for the bonds in federal funds which
will be immediately available to the city in Salt Lake City, Utah,
on the day of delivery.
RIGHT OF CANCELLATION: The successful bidder shall have
the right, at his option, to cancel the contract of purchase if
the bonds are not tendered for delivery within sixty (60) days
from the date of sale thereof, and in such event the successful
bidder shall be entitled to the return of the deposit accompanying
his bid. The City shall have the right, at its option, to cancel
the contract of purchase if within five (5) days after the tender
of the bonds for delivery, the purchasers shall not have accepted
delivery and paid for the bonds, in which event the good faith
deposit accompanying the bid shall be forfeited to the City as
partial payment of damages for failure to comply with the contract
of purchase.
TAX EXEMPT STATUS: In the opinion of bond counsel, interest
on these bonds is exempt from Federal income taxes under presently
existing law, regulations, decisions and interpretations. The pur-
chaser will not be required to take up and pay for the bonds 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 these bonds.
LEGAL OPINION: The unqualified approving opinion of
Chapman and Cutler covering the legality of the bonds will be
furnished to the purchasers and will be printed on the backs of
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the bonds without charge. There will also be furnished the usual
closing certificates, dated as of the date of delivery of and
payment for the bonds, including a statement that there is no
litigation pending or, to the knowledge of the signer thereof,
threatened, affecting the validity of the bonds.
ADDITIONAL INFORMATION: For further information contact
Murray Bywater, Manager, Salt Lake International Airport, Salt Lake
City, Utah, or Burrows, Smith and Company, Suite 1003, Kearns Build-
ing, Salt Lake City, Utah, 84101, the fiscal agent to the City.
Dated this 24th day of June , 1971.
(
Mayo
hti'►� w h OtN¢OFdert)
Section 5. That this resolution shall become effective
immediately upon its adoption.
PASSED AND APPROVED by the Board of Commissioners, of Salt
Lake City, Salt Lake County, Utah this 24th )day of June
1971.
Mayor
Attest:
/
lC�ItlAik)9'9114 141 kks/1 /
Ci(t, Qprder
(Other business not pertinent to the above appears in
the minutes of the meeting.)
Upon motion duly made and carried, th)e meeting w
adj ourned. /'
Mayor
Attest:
Cit1y.lReorder
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;
STATE OF UTAH
COUNTY OF SALT LAKE )
I, Herman J. Hogensen, the duly qualified and acting
City Recorder of Salt Lake City, Utah, do hereby certify, according
to the records of said city in my official possession, that the
above and foregoing constitutes a true and correct copy of excerpts
from the minutes of the meeting of the Board of Commissioners of
Salt Lake City, Utah, held on June 24 , 1971, including
two resolutions adopted at said meeting, as said minutes and resolu-
tions are officially of record in my possession.
IN WITNESS WHEREOF, I have hereunto subscribed my official
signature and impressed hereon the corporate seal of said city,
this 24th day of June , 1971.
\kn Ciit cl� rdrvv e v
(SEAL)
PHH/cds
6/11/71