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37 of 1979 - A resolution authorizing that tax anticipation notes for Salt Lake City in the sum of $10,000,000 be ROLL CALL (`1 / VOTING Aye Nayt Salt Lake City,Utah, June 5 19 79 / Mr.Chairman ��"""-) Agraz I move tha Resolution be adopted. Gree ner / *U ' 7'/ 7& .Campbell . \ .,7 r' Phillips � �: ' I \,... .,i RESOLUTION Result /j Salt Lake City Salt Lake County State of Utah June 5, 1979 The Board of Commissioners of Salt Lake City, Salt Lake County, Utah, met in regular session at the regular meeting place of the Board in the City and County Building, Salt Lake City, Utah, at 10:00 o'clock A.M. on June 5, 1979, with the following members present: TED L. WILSON Mayor JENNINGS PHILLIPS, Jr. Commissioner JESS A. AGRAZ Commissioner GLEN N. GREENER Commissioner DAVID C. CAMPBELL Commissioner Also present: STEPHEN D. PAGE Acting City Treasurer RAY=HALEY Deputy City Auditor ROGER F. CUTLER City Attorney Absent: NONE -2- Stephen D. Page, Acting City Treasurer, reported to the Commission concerning the cash flow requirements of the City for the fiscal year 1979-1980. He recommended that the Board take such action as is necessary to obtain appropriate bids for the placement of tax antic- ipation notes of the City in the principal sum of $10,000,000. After discussion, Commissioner Jennings Phillips, Jr made the following motion, which was seconded by Commissioner Jess A. Agraz , and being put to a vote, such motion was passed by the affirmative vote of all of the Commissioners present, and was declared passed. The motion was as follows: That tax anticipation notes for Salt Lake City in the sum of $10,000,000 be put out for bid, setting the bid opening for June 28, 1979, and setting July 12, 1979, as the date for delivery of the notes to the successful bidder. That the sale of said notes will be in accordance with the following Official Notice of Sale. OFFICIAL NOTICE OF SALE $10,000,000.00 TAX ANTICIPATION NOTES SALT LAKE CITY, UTAH DATED JULY 1, 1979 Public Notice is hereby given that on Thursday, the 28th day of June, 1979, at the hour of 10:00 o'clock a.m., M.D.T. at the office of the City Commission in Room 301 in the City and County Building in Salt Lake City, Utah, the City Commission will receive sealed bids for the purchase of $10,000,000.00 TAX ANTICIPATION NOTES of Salt Lake City, Utah (the "City"). The Notes are to be dated July 1, 1979, will mature on June 30, 1980 and will bear interest payable at maturity. The Notes shall be in $25,000 denominations or multiples thereof as designated by the successful bidder in its -3- bid or within forty-eight (48) hours after the acceptance of such bid by the City Commission. Interest Rates All Notes must bear interest at the same rate, expressed in a multiple of 1/100th of 1 percent. In making the award of the Notes and in determining the interest payable on the Notes, the rate of interest shall be computed on the basis of a thirty (30) day month and a three hundred sixty (360) day year. A zero rate cannot be named for all or any of the time from the date of the Note to its dated maturity and the premium, if any, must be paid in the funds specified for the payment of the Notes as part of the purchase price. Place of Payment The Notes will be payable as to principal and interest at a bank or trust company acceptable to the City Commission which is named by the successful bidder within forty-eight (48) hours after the acceptance of such bid by the City Commission. Award Award or rejection of bids will be made on the date above stated for receipt of bids, and the good faith checks of the unsuccessful bidders will be returned immediately. The Notes will be awarded to the responsible bidder offering to pay par and accrued interest and specifying a rate which results in the lowest net interest cost to the City computed from the date of the Notes to maturity, after the deduction of premium, if any. Form of Bid Each bidder is required to submit an unconditional bid on an official bid form, or copy thereof, furnished by the City specifying (a) the lowest rate or rates of interest and premium, 4_ . • if any, above par which the bidder will purchase the Notes; or (b) the lowest rate or rates of interest at which the bidder will purchase the Notes at par. Each bid, together with the bidder's check, must be enclosed in a sealed envelope marked on the outside "Proposal for Tax Anticipation Notes" and addressed to the City Recorder of Salt Lake City, Utah, at the City and County Building, Room 200, Salt Lake City, Utah 84111. 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 $200,000 payable to the order of the Salt Lake City Corporation. The check of the successful bidder will be held uncashed as evidence of good faith pending the delivery of the Notes, but which check will be forfeited as liquidated damages if such bid is accepted and the bidder fails to take up and pay for the Notes when tendered. The checks of unsuccessful bidders will be returned to them immediately. Sale Reservations The City Commission reserves the right: (1) to waive any irregularity or informality in any bid, (2) to reject any and all bids for the Notes, and (3) to resell the Notes as provided by law. Manner and Time of Delivery The purchaser will be given at least seven (7) business days advance notice of the proposed date of the delivery of the Notes when that date has been tentatively determined. It is now estimated that the Notes will be delivered on or about July 12, 1979. The City will supply the printed Notes. Delivery of the Notes will be made in Salt Lake City, Utah, except that the successful bidder may at his option and expense designate some other place of delivery. At least two representatives of the City will be present at the delivery of the Notes. The successful bidder must also agree to pay for the Notes in Federal funds which will be immediately available to the City in Salt Lake City, Utah, on the day of delivery. Purpose of Issue The Notes are to be issued by the City Commission in anticipation of the collection of taxes to be levied for its fiscal year beginning July 1, 1979, and are payable from the levy of such taxes within the limit provided by law and sufficient to pay principal of and interest on the Notes as the same fall due and, together with other budgeted revenues to be received during such fiscal year, sufficient to pay all budgeted maintenance and operation and other expenses of the City for such fiscal year. The full faith and credit of Salt Lake City will be irrevocably pledged to the punctual payment of principal and interest on the Notes according to their terms. Legal Opinion The approving opinion of Fox, Edwards & Gardiner covering the legality of the Notes will be furnished to the purchaser and will be printed on the backs of the Notes without charge. There will also be furnished the usual closing certificates dated as of the date of delivery of and payment for the Notes, including a statement from the Issuer that there is no litigation pending or, to the knowledge of the signer thereof, threatened, affecting the validity of the Notes. Tax Exempt Status In the opinion of Fox, Edwards & Gardiner, interest on the Notes is exempt from Federal income taxes under presently • _6_ existing law, regulations, decisions and interpretations and from taxation in the State of Utah. The purchaser will not be required to take up and pay for the Notes if at the time of delivery there has been any Federal legislation, decisions or regulations which would affect the tax exemption on all or any part of the interest on the Notes. Disclosure Certificate The closing certificates will include a certificate executed by officials of the Issuer confirming to the successful bidder that, to the best of the knowledge and belief of the signers thereof, the descriptions and statements contained in the Official Statement circulated with respect to the Notes were at the time of the acceptance of the bid and are at the time of the closing, true and correct in all material respects and did not at the time of the acceptance of the bid and do not at the time of the closing, contain any untrue statement of a material fact or omit to state a material fact required to be stated where necessary to make the statements, in light of the circumstances under which they were made, not misleading. Should the official statement be supplemented or amended, the foregoing confirmation to be made at the time of the closing shall be applicable to the official statement and all supplements and amendments thereto. Official Statement For copies of the Official Statement, the Official Notice of Sale and bidding forms, contact the undersigned City Recorder, or Burrows, Smith and Company, Suite 1003, Kearns Building, Salt Lake City, Utah 84101, the financial advisor to the City Commission, 7 DATED this 5th day of June, 1979. Mayor City Recorder That the City publish an abbreviated Notice of Sale in The Bond Buyer, a financial journal published in New York City. STATE OF UTAH ss. COUNTY OF SALT LAKE ) I, MILDRED V. HIGHAM, the duly appointed, qualified and acting City Recorder of Salt Lake City, Utah, do hereby certify that the above and foregoing is a full, true and correct copy of the record of proceedings had by the Salt Lake City Commission, at its meeting held on the 5th day of June, 1979, insofar as the same relates to or concerns Salt Lake City Tax Anticipation Notes for the fiscal year 1979-1980 as the same appears of record in my office. I further certify that there is on file in my office a permanent record of the foregoing proceedings. IN WITNESS WHEREOF, I have hereunto subscribed my official signature and affixed the official seal of said City this 5th day of June, 1979. City Recor r Resolution No. -- By Jennings Phillips, Jr. COMMISSIONER Authorizing Notice of Sale of$10,000.00' Tax Anticipation Notes of Salt Lake City on June 28, 1979. Presented to the Board of Commissioner$ AND PASSED JUN 5 1979 I ,u4/4.44 G; ti Y r,IT'RFf'A^' 11616.