HomeMy WebLinkAbout37 of 1977 - A resolution authorizing the issuance of $8,000,000 General Obligation Airport Bonds, Series 1977, oPrir
Resolution No. 37
By TO,L.Viaggn, May.ox
• COMMISSION.
Authorizing the issuance of 458,000,000
•
General Obligation Airport Bonds,
Series 1977, of Salt Lake City, Utah
)
Presented to the&mid of Commissioner;
AND kASSED
•
MAR 2 9 1977
ivotioe 7/...*4410.. ,
CITY ItECO,'
BID FORM
$8,000,000
GENERAL OBLIGATION AIRPORT BONDS
SERIES 1977
SALT LAKE CITY, SALT LAKE COUNTY, UTAH
City Recorder
City and County Building
Room 301
Salt Lake City, Utah 84111
Dear Madam:
For $8,000,000 par value General Obligation Airport Bonds, Series 1977,
of Salt Lake City, dated January 1, 1977, denomination $5,000 and maturing
serially on July 1, 1980 through July 1, 1998, in the amounts shown
herein, with interest payable January 1, 1978 and semiannually there-
after on the first days of January and July of each year at the rate or
rates specified herein until said bonds are paid, we will pay $ 8,000 136.55
plus accrued interest to the date of delivery of said bonds to us.
The schedule of maturities, coupon rate or rates, total interest cost,
the net interest cost, and the effective rate of interest upon which
this is based with interest computed from January 1, 1977 to the maturity
date of the bonds are as follows:
Maturity Date Annual Cumulative
(July 1) Amount Coupon Bond Years Bond Years
1980 $ 10,000 6.25 % 35.0 35.0
1981 15,000 6.25 % 67.5 102.5
1982 20,000 6.25 % 110.0 212.5
1983 25,000 6.25 % 152.5 375.0
1984 30,000 6.25 % 225.0 600.0
1985 35,000 6.25 % 297.5 897.5
1986 45,000 6.25 % 427.5 1,325.0
1987 35,000 6.2 % 367.5 1,692.5
1988 45,000 6.25 % 517.5 2,210.0
1989 60,000 6.25 % 750.0 2,960.0
1990 45,000 6.25 % 607.5 3,567.5 j,1
1991 325,000 5.50 % 4,712.5 8,280.0
1992 870,000 5.00 % 13,485.0 21,765.0 , \,
1993 925,000 5.00 % 15,262.5 37,027.5
1994 985,000 5.00 % 17,237.5 54,265.0
1995 1,045,000 5.00 % 19,332.5 73,597.5
1996 1,115,000 5.10 % 21,742.5 95,340.0
1997 1,200,000 5.10 % 24,600.0 119,940.0
1998 1,170,000 5.20 % 25,155.0 145,095.0,1 . ,,\ .
Total Interest to Maturity $ 7,419,553.75
Less Premium $ 336.55
Net Effective Interest Cost $ 7,419,422-20
Net Effective Interest Rate 5.113493
This bid is submitted in accordance with and subject to all provisions
contained in the Official Notice of Bond Sale of these bonds which by
this reference is made a part hereof.
A cashier's check or certified good faith check in the sum of $170,000
drawn upon an incorporated bank or trust company and payable to the City
Treasurer of Salt Lake City is enclosed to be retained by said City
Treasurer and applied on the purchase price of these bonds if we are the
successful bidder, otherwise to be returned to us.
We hereby name to be determined later as paying agent or
will so name the paying agent within three days after the receipt of
bids as required in the Official Notice of Bond Sale.
Respectfully submitted this 29th day of March, 1977.
TIn the event that we are the Very truly yours
successful bidder, we request UNITED CALIFORNIA BANK - MANAGER
that CUSIP numbers be printed And A33ociatec
on the back of each bond, however
the CUSIP Service Bureau charge
for the assignment of said numbers
shall be at our expense. BY �,
Philip V. ann, P
Vice President
UNITED'CALIFORNIA BANK
Accepted for and on behalf of Salt Lake C. y, Utah, this 5,776 day of
Wifi y f , 1977. see)
Mayor
i_ V �v, '
' ,,ATTEST: '
,City Recorder.
Good faith check returned and receipt thereof acknowledged this day
of , 1977.
i-it.6C-
• RESULTS OF SALE
_ BURROWS, SMITH & COMPANY 1003 Kearns Building Salt Lake City, Utah 84101
t� I �} � 328-1511 (R x/
Issue: $ ��0✓,e0 +. f 1. f , (J V, /1� S ,
/ � A T R1.CF 1 � ,,��?/PC�J/i 1T Sale Date �-,?9''?, Covered by: , /, ,(�,
Syndicate Syndicate Syndicate Syndicate Syndicate Syndicate
oN,4ruIJ Ojai.il=D1N/A VAx/<er 'TRoST' dilvic 4/ A4uP/d4 C POCK Fit XAlia,rAt FIaOtNnrlo.Ac. IgrrC. tU,t-f, L LL1N
VAyK COtt Ptt`.r!Y 724`A/ ul/71`C°t_ V.A NK bp-e.N.I C. -CTb Soft.Atir i si Tr
Coupon Coupon Coupon Coupon Coupon Coupon
6,2S% 19 00 to 19 90' 6,'Z0% 19 SC. to 19 70 6,,7j% 19 gA to 19 7 (o',,,--Q% 19 b'n to 1990 4,5D%a 19 a('j to 19 19 ‘.13% 19 PO to 19 i
�. 6%0 19 9/ to 19 S,YO% 192rto 19 ,f,d0% 19 96 to 19 9 T Sy/0 % 19 9/ to 19 S/0% 1926 to 19 9Q2- S,/0 % 19 7/ to 199
5.60 % 1912to199b" 1,6070199 z.to197$ $17,06% 199yto1994 O_% 19 /2_ to199y .0,00%v1993to199y S,zr% 19JL/ to19;
,L/6 % 19 9( to 19 97 ,17/O% 19 7 ,to 19 ?7 5;26% 1977 to 19 9?' nip % 19 9,5—to 19 16 3,/6 % 19.5 to 19 .76 y,7y'% 19 9Tjto 19_
5,20%, 1921rto19 S,70% 197 'to19 % 19 to 19 riij% 19 ' ' to19c Si7 % 19V7to199 ' % 19 to 19
% 19 to19 % 19 - to19 % 19 to 19 % 19 to 19 % 19 to 19 %n19 to19
Ex. Cpns: Ex. Cpns: Ex. Cpns: Ex. Cpns: Ex. Cpns: Ex. Cpns:
to to to_ to to to
Gross $ 7 yl9/3 S 8,,7,5 Gross $ 7 y23/7�S,Qy Gross $ 7 yS(.1g7,/,�0 Gross $ S,3 ,�0.rd Gross $ 7 s/, 34-0,/ei Gross $ .. /%i/51?''
Prem. Disc.$ /,�6'„S,S'Prem. Disc.$ �1jS7�,.p0 Prem. Disc.$ //d'Q,/C/ Pxem. Disc, 5///,9� Prem. Disc.$ ?/S�OG,e4 Prem. Disc.�//62
Net $ 7 y/9 4/22,1.0 Net $ 7ySt/3 ,oy Net $ 7.J 3 I/9/,VO Net $ 7 y.5--3 S/3,OS` Net $ 7./S;734/,/0 Net $ '/(f: ;'!, '
Net Rate/j;A/3y9,.3' % Net Rate ,5 f/Y7Li/ % Net Rate ,s-,/g697% Net Rate _f; /46, '% Net Rate
5;/3A5'/ % Net Rat 5:/S,1/V
Position / Position Q2 Position 3 Position it Position ,y— Position 4
. RESULTS OF SALE
• BURROWS, SMITH & COMPANY 1003 Kearns Building Salt Lake City, Utah 84101
,� �( +� 328-1511 Qfj �/
Issue: $ ?S'Q01Tt1CO 11µLTIAkC 017Y' c. 6, Afe("Q/�"t" Sale Date . 27"7, Covered by: (..�) , ,5, �-/
Syndicate Syndicate Syndicate Syndicate Syndicate Syndicate
374cµF ,& . E V. ,(1/nk6AN 61AItANtr //AINZI `TRo5r `A 7t-c i re-fe4
STt1AiK L' NC' TRUST CO. .411D SAYINGS CSA+VK
TN I; C'/►kSF.NANIIA1tA _
? ANK
Coupon Coupon Coupon Coupon Coupon Coupon
6 6o% 19 gi9 to 19 96 (e•3 % 19 gQ to 19 $b/ 440% 19 go to 19 1, S;/ %a 19 jfn to 19 9L % 19 to 19 % 19 to 19
4',/p% 19 1/ to 19 9L !i6(f0To 19 89 to 19 5;/6 % 19 Q0 to 19 QL 5,2O% 19j to 19 - % 19 to 19 % 19 to 19_�_
.5,40% 1.9 %,3 to 19 6',00% 19 90 to 19 23 6;26% 19 92 to 19 ,c1/Q% 19 9yto 19 % 19 to 19 % 19 to 19
6,/0% 19 9if to 19 9/6— 4;(0 % 19 Vito 19 95 f,/0 % 19 9,. to 19 f5— 6,I5-70 19.9110 19 % 19 to 19 % 19 to 19
sr,,ZQ% 19 j� to 19 99 SZ5% 19 9G to 19 9R Sr/.. % 19 cJc to 19 S;Zp% 1976 to 19 9�{ % 19 to 19 % 19 to 19—_�
19 to 19 % 19 . to 19 ,r,)(1 % 19 17 to 19`)' % 19 to 19 % 19to 19 7. 19 to 1)_
Ex. Cpns: Ex. Cpns: Ex. Cpns: Ex. Cpns: Ex. Cpns: Ex. Cpns:
to to to_ to _ to to
Gross $ ✓ygy,A7 s 0 Gross $ 7V7i.,2 moo Gross $ 7c/2,4/?(,25r Gross $�,r,/t .2/3',7S Gross $ Gross $
Prem. Disc.$ 3 2d,00 Prem. Disc.$ /,S p o0 Prem. Disc.$ F/43�� Prem. Disc.$ /t�/BO',00 Prem. Disc.$ Prem. Disc.$
Net $ r/yrr7 5,a7,,j Q Net $ 7 '/97 /?,r;00 Net $ '7 572 633.06 Net $ 7,,,.1 67r,,5 Net $ Net $
Net Rate/ 6,%(i 4'c % Net Rate S'/"/G70 % Net Rate 5,/77�y % Net Rates jh'',r.,1 %a Net Rate % Net Rate °i
Position '7 Position , Position Position 1p Position Position
Acceptance (original) of the bid of Walker Bank and
Trust Company, acting as agent for United California
Bank - Manager and Associates, at the net effective
rate of 5.113493% filed with Treasurer's Report 5/1977,
together with bid forms of all unsuccessful bidders.
ROLL CALL
VOTING Aye Nay
Mr.Chairman
Self 71P FORM
LaPROVEDk, crty Afro na
Data j.l AS7O vi Olf
Agraz
Greener By
Hogensen Salt Lake City, Utah
Phillips , March 29, 1977
Result J�//
The HA of Commissioners of Salt Lake City,
Salt Lake County, Utah, met in regular public session at
its regular meeting place in Room 301, in the City and County
Building in Salt Lake City, Utah, at 10:00 o'clock A.M. on
March 29, 1977, with the following members present:
Ted L. Wilson Mayor
Glen N. Greener Commissioner
Jess A. Agraz Commissioner
Jennings Phillips, Jr. Commissioner
Herman J. Hogensen Commissioner
There were absent: Non,.
There were also present Mildred V. Higham, City
Recorder, and Roger F. Cutler, City Attorney.
After the meeting had been duly called to order and
the roll called with the above results, and after the conduct
of other business, at the hour of 10:30 o'clock A.M., M.S.T.,
the Mayor stated that the meeting was called pursuant to
notice for the purpose, among other things, of opening sealed
bids received for the purchase of $8,000,000 General Obligation
Airport Bonds, Series 1977, of Salt Lake City.
The City Recorder then presented the sealed bids for
the purchase of said bonds which had been received, which bids
were opened and found to be as follows:
-2—
NAME OF BIDDER NET INTEREST COST PREMIUM
United California Bank $7,419,422.20 $136.55
and Associates (5.113493%)
Bankers Trust Company $7,421,389.04 $2,376.00
(5.11484%)
Bank of America N.T. & S.A. $7,453,492.40 $3,480.10
and Associates (5.1369%)
Crocker National Bank $7,453,513.05 $46.95
(5.1369%)
First National Bank of $7,455,734.10 $2,806.06
Chicago (5.13851%
W. H. Mell, Inc. $7,475,504.90 $1,692.60
(5.15214%)
Bache Halsey Stuart, Inc. $7,487,867.50 $320.00
and Associates (5.1606%)
Morgan Guaranty Trust Company $7,497,135.00 $159.00
and Associates (5.1670%)
Harris Trust and Savings Bank $7,512,033.00 $403.25
and Associates (5.1773%)
Boettcher & Company $7,528,518.75 $400.00
5.188682%)
-3-
After due deliberation it was determined that the
bid of United California Bank
of Los Angeles California , and associates,
was the highest and best bid submitted for the purchase of
said bonds, whereupon the following resolution was introduced
in written form by Ted L. Wilson, Mayor , was read in full,
and pursuant to motion made by Commix innar Tannings Phillips,-Lr.
and seconded by Commissioner Herman J. Hogensen , was adopted by
the following vote:
Aye: Ted L. Wilson, Mayor
Jennings Phillips, Jr. Commissioner
Herman J. Hogensen, Commissioner
Jess A. Agraz, Commissioner
Glen N. Greener, Commissioner
Nay: None.
The resolution was thereupon signed by the Mayor in
open meeting and recorded by the City Recorder and is as
follows:
A RESOLUTION authorizing the issuance of $8,000,000
General Obligation Airport Bonds, Series 1977, of
Salt Lake City, Utah, providing for the levy of taxes
,to pay principal of and interest on said bonds, fixing
the interest rates to be borne thereby, fixing the place
of payment thereof, ratifying the publication of the
notice of sale with respect thereto, making certain
findings and covenants in connection therewith, and
providing for the publication of a Notice of Bonds
to be Issued.
*** *** ***
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:
-4-
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 payable 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 existing airline terminal
building and facilities, constructing additional
auxiliary buildings and facilities to be used in con-
nection 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 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?
and
WIHEREAS a majority of the electors at said election
voted in favor of said proposition at said election and the
result of said election was declared by the Board of Commis-
sioners of said city, sitting as a Board of Canvassers, by
resolution duly passed on December 7, 1970; and
WHEREAS $17,000,000 of the bonds voted at said
election have heretofore been issued and delivered, and it has
been determined to authorize the issuance and sale of the
final $8,000,000 of said bonds at this time; and
WHEREAS a notice inviting sealed bids for the purchase
of said bonds has been advertised by publication on
March 7 , 1977, of a Notice of Sale in The Daily Bond
Buyer, a newspaper published in New York, New York, and brought
to the attention of potential purchasers, and the bids received
pursuant to such notice have been tabulated and the bid of
United California Bank , of Los Angeles
California , and associates, has been determined to be
_5_
the best bid for the purchase of said bonds, which bid will
result in the lowest net interest costs to the City. Said
bid is, in full, as follows:
r
BID FORM
$8,000,000
GENERAL OBLIGATION AIRPORT BONDS
SERIES 1977
SALT LAKE CITY, SALT LAKE COUNTY, UTAH
City Recorder
City and County Building
Room 301
Salt Lake City, Utah 84111
Dear Madam:
For $8,000,000 par value General Obligation Airport Bonds, Series 1977,
of Salt Lake City, dated January 1, 1977, denomination $5,000 and maturing
serially on July 1, 1980 through July 1, 1998, in the amounts shown
herein, with interest payable January 1, 1978 and semiannually there-
after on the first days of January and July of each year at the rate or
rates specified herein until said bonds are paid, we will pay $ 8,000 136.55 ,
plus accrued interest to the date of delivery of said bonds to us.
The schedule of maturities, coupon rate or rates, total interest cost,
the net interest cost, and the effective rate of interest upon which
this is based with interest computed from January 1, 1977 to the maturity
date of the bonds are as follows:
Maturity Date Annual Cumulative
(July 1) Amount Coupon Bond Years Bond Years
1980 $ 10,000 6.25 % 35.0 35.0
1981 15,000 6.25 % 67.5 102.5
1982 20,000 6.25 % 110.0 212.5
1983 25,000 6.25 % 162.5 375.0
1984 30,000 6.25 % 225.0 600.0
1985 35,000 6.25 % 297.5 897.5
1986 45,000 6.25 % 427.5 1,325.0
1987 35,000 6.2 % 367.5 1,692.5
1988 45,000 6.25 % 517.5 2,210.0
1989 60,000 6.25 % 750.0 2,960.0
1990 45,000 6.25 % 607.5 3,567..550 ,1
1991 325,000 5.50 % 4,712.5 8,280.0"
1992 870,000 5.00 % 13,485.0 21,765.0
1993 925,000 5.00 % 15,262.5 37,027.5
1994 985,000 5.00 % 17,237.5 54,265.0 1
1995 1,045,000 5.00 % 19,332.5 73,597.5.
1996 1,115,000 5.10 % 21,742.5 95;3440.0
1997 1,200,000 5.10 % 24,600.0 119,940.0
1998 1,170,000 5.20 % 25,155.0 145,095.0i;"} ; ' ',\
-6-
and
WHEREAS in the opinion of the Board of Commissioners,
it is to the best interests of the city that such bid be accepted
and the sale of such bonds to said United California Bank
, of Los Angeles , California
and associates, be ratified and confirmed;
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, General Obligation Airport
Bonds of Salt Lake City, Utah, in the amount of $8,000,000
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 and
facilities by construction of a new airline terminal building
to be designated Terminal Unit No. 2 which will be connected
to the present terminal building by a connecting concourse,
and which will provide an additional 160,000 square feet of
enclosed terminal area to provide basic airline services to
the traveling public, together with the acquisition of all
appurtenant facilities necessary or convenient in connection
with such improvements and extensions, for said city. The
bid of United California Bank , of Los Angeles
, California , and associates, for the pur-
chase of $8,000,000 General Obligation Airport Bonds, Series
1977, of said city, pursuant to the bid which is set out in
full in the preamble hereto, be and the same is hereby accepted.
•
-7-
Section 2. That said bonds shall be known as
"General Obligation Airport Bonds, Series 1977" shall be
dated January 1, 1977, of the denomination of $5,000 each,
numbered 1 to 1600, inclusive, and shall bear interest from
date until paid at the rate or rates hereinafter set forth,
which interest shall be payable January 1, 1978, and
semiannually thereafter on the first days of July and January
of each year. Such bonds shall mature serially in numerical
order on July 1 of each of the years and be numbered and
bear interest as follows:
Bond Maturity Date
Numbers (July 1) Amount Coupon
1-2 1980 $ 10,000 6.25 %
3-5 1981 ) 15,000 6.25 %
6-9 1982 20,000 6.25 %
10-14 1983 25,000 6.25 %
15-20 1984 30,000 6.25 %
21-27 1985 35,000 6.25 %
28-36 1986 45,000 6.25 %
37-43 1987 35,000 6.25 %
44-52 1988 45,000 6.25 %
53-64 1989 60,000 6.25 %
65-73 1990 45,000 6.25 %
74-138 1991 325,000 5.50 %
139-312 1992 870,000 5.00 %
313-497 1993 925,000 5.00 %
498-694 1994 985,000 5.00
695-903 1995 1,045,000 5.00 %
904-1126 1996 1,115,000 5.10 %
1127-1366 1997 1,200,000 5.10 %
1367-1600 1998 1,170,000 5.20 0
-8-
Both principal and interest shall be payable in law-
ful money of the United States of America at United California
Bank , in Los Angeles , California
Bonds numbered 44 to 1600 inclusive, shall be sub-
ject to the right of the city to redeem the same in inverse
numerical order on July 1, 1987, and 'on any interest payment
date thereafter at the price of par plus accrued interest to
the date fixed for redemption plus a premium of 2% of the
principal amount of each bond so called for redemption on or
prior to July 1, 1987, which premium is to reduce by 1/4 of 1%
in each twelve-month period thereafter until reduced to 1/2%, so
that the premium payable on bonds redeemed on July 1, 1993,
and thereafter prior to maturity is to be 1/2%, such premium to
be computed according to the following schedule:
2% on July 1, 1987, and January 1, 1988
1-3/4% on July 1, 1988, and January 1, 1989
1-1/2% on July 1, 1989, and January 1, 1990
1-1/4% on July 1, 1990, and January 1, 1991
1% on July 1, 1991, and January 1, 1992
3/4% on July 1, 1992, and January 1, 1993
1/2% on July 1, 1993, and thereafter prior to maturity
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, 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:
•
-9-
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE COUNTY
SALT LAKE CITY
GENERAL OBLIGATION AIRPORT BOND, SERIES 1977
Number $5,000.00
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 January 1, 1978, and semiannually thereafter
on the first days of July and January in each year, such
interest falling due on and prior to maturity, payable only
upon presentation and surrender of the attached interest cou-
pons 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 United California Bank. Los A,geles. California •
The bonds of the issue of which this bond is one
maturing on and after July 1, 1986, are subject to the right
of the city to redeem the same on July 1, 1987, 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% of the principal amount
of each such bond so called for redemption if redeemed on or
prior to July 1, 1987, which premium will reduce by 1/4 of
1% in each twelve-month period thereafter until reduced to
-10-
1/2%, so that the premium payable on bonds redeemed on
July 1, 1993, and thereafter prior to maturity, will be 1/2%
of the principal amount of each such bond so called for
redemption. 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, 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.
This bond is one of an issue of 1600 bonds of
like date, tenor and effect, except as to maturity and
interest rate, aggregating the sum of Eight Million Dollars
($8,000,000) 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
and facilities by construction of a new airline terminal
building and the acquisition of all appurtenant facilities
necessary or convenient in connection with such improvements
and extension, 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 March 29, 1977, after having been duly
authorized at an election legally held in said city on
December 1, 1970.
-11-
The Board of Commissioners of Salt Lake City coven-
ants 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 the
facsimile signature of its Mayor to be hereunto affixed, and
said bond to be countersigned by its City Recorder with the
facsimile of the corporate seal of the city imprinted there-
on, and the coupons hereto attached to be signed with the
facsimile signature of the City Treasurer, all as of the
first day of January, 1977.
Countersigned: (Facsimile Signature)
Mayor
City Recorder
(FACSIMILE SEAL)
-12-
(Form of Coupon)
Number $
On the first day of , 19 , unless
the hereinafter mentioned bond is then callable for redemp-
tion 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
United California Bank
in Los Angeles , California , in lawful
money of the United States of America, being the interest
then due on its General Obligation Airport Bond, Series 1977
dated January 1, 1977, and numbered
(Facsimile signature)
City Treasurer
Section 4. That each of said bonds shall bear
the facsimile signature of the Mayor and be countersigned by
the City Recorder, with the facsimile of the corporate seal
of said city imprinted thereon, and the said coupons shall
bear the facsimile signatures of the City Treasurer. The
City Recorder is hereby empowered and directed to sign and
to authorize the facsimile of the corporate seal of the city
to be imprinted on each of said bonds and the acts of said
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 and of the
City Treasurer on the coupons attached thereto are hereby
authorized and approved as the authentic execution thereof.
All of the covenants, statements, representations and
•
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agreements contained in said bonds and coupons, and all
of the recitals and representations of this resolution are
hereby considered 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 are the representa-
tions 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 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 pur-
pose 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, princi-
pal and interest, shall have been fully paid, satisfied and
discharged, but nothing herein contained shall be so con-
strued as to prevent said city from applying any other funds ,
that may be in the city treasury and available for that pur-
pose to the payment of said interest and principal as the
same respectively mature, and the levy or levies herein pro-
vided for may thereupon 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
•
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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 the sale of said $8,000,000
General Obligation Airport Bonds, Series 1977, to United
California Bank , of Los Angeles
California , and associates, at the price of par and
accrued interest to the date of delivery plus a premium of
$/34,55 is hereby ratified and confirmed. The City Treasurer
is hereby instructed to make delivery of such bonds to the
purchasers thereof as soon as may be convenient after the
adoption of this resolution 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 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 pro-
vide for the payment of principal of and interest on the bonds
herein authorized, there has heretofore been created and there
shall continue to be maintained a fund 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, 1970, election as the same are from time to time
•
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issued and outstanding, in the event that no other funds or
revenues are available for such purpose. There shall continue
to be deposited into the Reserve Fund by the City Treasurer
on or prior to the 30th day of June of each year the sum of
$75,000 until the total sum of $800,000 has been 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 per-
mitted under the laws of the State of Utah for the investing
of public funds or may be deposited in any bank or trust com-
pany to be held and secured as from time to time provided by
the State Money Management Act of 1974 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 depo-
sited 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 general funds of the city 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
•
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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 to be used for any lawful purpose.
Section 8. That the principal proceeds of the sale
of said bonds shall be devoted to and used with due diligence
for the completion of the airport facilities for which said
bonds are hereby authorized to be issued. The Board of
Commissioners of Salt Lake City represents and certifies that:
(1) Salt Lake City, Utah, has heretofore incurred
or, within six months after delivery of the bonds
expects to incur, a substantial binding obligation
with respect to said facilities; said binding obliga-
tions comprising architectural contracts and construction
contracts
a
in the amount of not less than 2-1/2% of the estimated
total cost of said facilities.
(2) Salt Lake City, Utah, expects that over 85% of
the spendable proceeds of said bonds (including invest-
ment proceeds) will be expended on or before March 29,
1980, for the purpose of paying the cost of said
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facilities, said date being within three years follow-
ing the date of issue of said bonds;
(3) work on the said facilities is expected to pro-
ceed with due diligence to completion;
(4) said facilities have not been and are not expected
to be sold or otherwise disposed of in whole or in
part prior to the last maturity of said bonds;
(5) all of the principal proceeds of the bonds are
needed for the purposes stated in the form of bond above
set out, including expenses incidental to such purpose
and to the issuance of the bonds; and
(6) to the best of the knowledge and belief of the
Board of Commissioners of Salt Lake City, Utah, there
are no facts, estimates or circumstances that would
materially change the conclusions and representations
set out in this section.
Said city also certifies and further covenants
with the purchasers and holders of said bonds from time to
time outstanding that so long as any of said bonds remain
outstanding, moneys on deposit in any fund or account in
connection with said bonds, whether or not such moneys were
derived from the proceeds of the sale of said bonds or
from any other sources, will not be used in a manner which
will cause such bonds to be "arbitrage bonds" within the
meaning of Section 103 of the Internal Revenue Code of 1954,
as amended, and any lawful regulations promulgated or pro-
posed thereunder, including Sections 1.103-13 and 1.103-14
of the Income Tax Regulations as the same presently exist,
or may from time to time hereafter be amended, supplemented
or revised.
•
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Section 9. That all proceedings, resolutions and
actions of this Board taken in connection with the sale and
issuance of the aforesaid $8,000,000 General Obligation Airport
Bonds, Series 1977, including the advertisement of the
Notice of Bond Sale with respect to said bonds in The Daily
Bond Buyer on March 2 , 1977, are hereby rati-
fied, confirmed and approved.
Section 10. That in accordance with the provisions
of Section 11-14-21, Utah Code Annotated, 1953, as amended,
the City Recorder shall cause the following "Notice of Bonds
to be Issued" to be published one time in The Deseret News,
a newspaper published and of general circulation in Salt
Lake City, Utah, and to cause a copy of this resolution to be kept
on file in her office for public examination during regular
business hours until at least thirty (30) days from and
after the date of publication thereof. The "Notice of Bonds
to be Issued" shall be in substantially the following form:
NOTICE OF BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions
of Section 11-14-21, Utah Code Annotated, 1953, as amended,
that on March 29, 1977, the Board of Commissioners of Salt
Lake City, Salt Lake County, Utah, accepted the bid of
United California Bank and Associates
for the purchase of $8,000,000 General Obligation Airport
Bonds, Series 1977, of said city, dated January 1, 1977, at
the price of $8,000,000 plus a premium of $ 136.55 . Said
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purchaser made a good faith deposit of $170,000 in connection
with its bid.
Said General Obligation Airport Bonds, Series 1977,
pursuant to a resolution of the Board of Commissioners of
Salt Lake City duly adopted on March 29, 1977, are to 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 by construc-
tion of a new airline terminal building to be designated
Terminal Unit No. 2, which will be connected to the present
terminal building by a connecting concourse, and which will
provide an additional 160,000 square feet of enclosed ter-
minal area to provide basic airline services to the traveling
public together with the acquisition of all appurtenant facili-
ties necessary or convenient in connection with such improve-
ments and extensions, for said city, and bear interest and
mature on January 1 of each of the years and in the amounts
as follows:
Bond Maturity Date
Numbers (July 1) Amount Coupon
' 1-2 1980 $ 10,000 6.25 .96
3-5 1981 15,000 6.25 %
6-9 1982 20,000 6.25 %
10-14 1983 25,000 6.25 %
15-20 1984 30,000 6.25 %
21-27 1985 35,000 6.25 %
28-36 1986 45,000 6.25 %
37-43 1987 35,000 6.25 %
44-52 1988 45,000 6.25 a
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Bond Maturity Date
Numbers (July 1) Amount Coupon
53-64 1989 $ 60,000 6.25 %
65-73 1990 45,000 6.25 %
74-138 1991 325,000 5.50 %
139-312 1992 870,000 5.00 %
313-497 1993 925,000 5.00 %
498-694 1994 985,000 5.00 %
695-903 1995 1,045,000 5.00 %
904-1126 1996 1,115,000 5.10 %
1127-1366 1997 1,200,000 5.10 %
1367-1600 1998 1,170,000 5.20 %
A copy of the resolution adopted on March 29, 1977,
by the Board of Commissioners of Salt Lake City authorizing
the issuance and confirming the sale of the above-described
$8,000,000 General Obligation Airport Bonds, Series 1977, is
on file in the office of the City Recorder of said city,
in Room 200, City and County Building, Salt Lake City, Utah,
where it may be examined during regular business hours of the
City,Recorder from 8:00 o'clock A.M. to 5:00 o'clock P.M.
Said resolution shall be so available for inspection for a
period of at least thirty (30) days from and after date of
the publication of this notice.
NOTICE IS FURTHER GIVEN that pursuant to law for
a period of thirty (30) days from and after the date of the
publication of this notice, any person in interest shall have
the right to contest the legality of the above-described
resolution of the Board of Commissioners of Salt Lake City, Utah,
adopted on March 29, 1977, or the $8,000,000 General Obligation
Airport Bonds, Series 1977, of said city authorized thereby, or
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any provisions made for the security and payment of such
bonds, and that after such time, no one shall have any cause
of action to contest the regularity, formality or legality
thereof for any cause whatsoever.
DATED this 29th day of March, 1977.
(SEAL) City Recorder
Salt Lake City, Utah
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 resolu-
tion or the bonds herein authorized for any cause whatever.
Section 11. 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
issi3ed, 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 12. 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 29th day
of March, 1977.
ATTEST:
Mayor
City Record r
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(Other business not pertinent to the above
appears in the minutes of the meeting.)
Upon motion duly made and carried, the meeting
was adjourned.
ATTEST:
.11.421 ( Mayo
s(L)
City Record
STATE OF UTAH
) ss.
COUNTY OF SALT LAKE )
I, Mildred V. Higham, 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 posses-
sion, 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
March 29, 1977, including a resolution adopted at said meet-
ing, as said minutes and resolution are officially of record
in my possession.
I further certify that in accordance with the pro-
visions of Section 10 of the foregoing resolution, on March
29, 1977, I caused a true and correct copy of the above-
referred-to resolution to be filed in my office for examination
by any interested person during the regular business hours
of my office.
IN WITNESS WHEREOF, I have hereunto subscribed
my official signature and impressed hereon the corporate seal
of said city this 29th day of March, 1977.
(SEAL) )0 dia-ey, Record �� J