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38 of 1978 - A resolution authorizing the Issuance and Providing for the Sale of $7,000,000 Salt Lake City Tax An Pr" , 1 , . . • . t, Resolution No. B Jennings Phillips, Jr. . - Y COMMISSIONER il 11 Authorizing the Issuance and Providingi, for the Sale of$7,000,000 Salt Lake City Tax Anticipation Notes -dated l July 1, 1978 and due June 29, 1979. ill 11 'll !I 1 li Presented fo the Coard of Commissioners ', 11 AND PASSED I 11 "'� r,IT[RECO." III II iI i' I hl II j,l Ii fI • - Affidavit of Publication STATE OF UTAH, ss. County of Salt Lake NOTICE OF REGULAR Shana 0. Palmer MEETING OF THE BOARD OF COMISSONER ISH OF PUBLIC ULM • B LACE NOTICEI T IS HEREBY GIVEN that the Board of y,Utah,Commissioners Being first duly sworn,deposes and says that he is legal •Lake City,Utah,will in Room a P y regular end Countyuilding advertising clerk of the DESERET NEWS, a daily Salt Lake City,Utah,mmmenc- �ner a1,o:w A.M.on Tuesday, (except pnep.,r7e. exce P Sunday) newspaper printed in the English The agenda for the meeting g lang ua e with general circulation in Utah, and Consists of the following: Roll Call published in Salt Lake City, Salt Lake County, in the Opening of bids for perch- aof S7.00L Salt Lake City ra Anticipation Noes. The State of Utah. adoption of a brion tori7ing the sale of S7,p]p,0d0 thsuccessful Anticipation Notes,o prescribing That the legal notice of which a copy is attached hereto e form�lof the notes and bthe provisions thereof, Providing for the execution and delivery of said end delvery oof&c r the Pub notice of the regular meeting of the Board snots necessary to nose the sale.providing for the levy and collection est pevsaid, s and when of Commissioners June 20, 1978 'revenues dude,nd providing generally how the proceeds of the sale of I csaid totes will Ix used by the ity. I DATEDMILDre RE1978 D HIGHAM (A.17) City Recorder was published in said newspaper on June 15, 1978 Legal Advertising Clerk Subscribed and sworn to before me this 23rd day of June A.D. 19 78 % X Notary Public My Commission Expires l June 1, 1981 NOTICE OF REGULAR MEETING OF THE BOARD SALT LAKE CITY,UTAN PUBLIC NOTICE IS HEREBY GIVEN that the Board of Commissioners of Salt Lake City,Utah, ill hold a regular public frlcetirg In Room 001,City and County Building. Salt Lake Clty.Utah,mmmenc. log at 10:00 A.M.an Tuesday. June T.agenda for the meeting consists of the fol lowing: oll Call. Opening of bids for the Burch Ta of 00OS Laket City x AniicipatnNot06. � adoption of a resolution �IZMticlleoti the o a Notes the successful t a formuiofith�ee note as prescribing the provisions(thereof, providing for the execution and delivery of said notes and for the execution and delivery of don• menu necessary to close the sale.providing for the levy and collection of taxes and other revenues to pay saidnotes when hue. y ew thed pro eeedssl l of thener le of said notes will be used by the DATED June 15,1978. MILDRED HIGHAM (A-I?) CUy Recorder ROLL CALL VOTING Ave FNay Mr.Chairman Agraz Greener } XHALL Salt Lake City Salt Lake County Phillips State of Utah June 20, 1978 Result 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 20, 1978, with the following members present: Jennings Phillips, Jr. Commissioner and Temporary Chairman Glen N. Greener Commissioner Jess A. Agraz Commissioner Commissioner Also present: Roger Cutler City Attorney Mildred Higham City Recorder K. Ray Hammond City Auditor Absent: Ted L. Wilson, Mayor and Thomas L. Hall, Commissioner The City Recorder submitted proofs of publication of the Notice of Sale of Tax Anticipation Notes of Salt Lake City, and bids were then opened for the purchase of such Tax Anticipation Notes. Said bids were found to be as follows: -2- NET INTEREST NET EFFECTIVE INTEREST BIDDER COST RATE Bank of America NT & SA $321,591.00 4.6198% And Associates Morgan Guaranty Trust $322,995.55 4.64% Company and Associates First National Bank of Boston $330,052.78 4.74138% and Associates United California Bank $331,267.89 4.7432% and Associates Lehman Brothers $337,160.83 4.83% and Associates CitiBank, N.A. and $336,917.77 4.84% Associates The First National Bank $343,878.88 4.94% of Chicago The bid of Bank of America NT & SA and Associates was the best bid received for said notes and is, in full, as follows: -3- BANKoFAMERICA June 20, 1978 MUNICIPAL SECURITIES DEPARTMENT City Commission of Salt Lake City Rom 301, City and County Building Salt Lake City, Utah Gentlemen: For $7,000,000 Salt Lake City Tax Anticipation Notes, Utah, offered in the Official Notice of Sale, we will pay par plus a premium of $12.00 and accrued interest to day of delivery of Notes bearing interest at the rate of 4.62 % per annum. Said Notes are dated July 1, 1978 and mature on June 29, 1979. Denominations: To be designated This proposal is made subject to our obtaining, at our expense, from Jones, Waldo, Holbrook & McDonough, Bond Attorneys, Salt Lake City, Utah, a legal opinion approving the issuance of the above described Notes in all respects, and that the interest on the Notes is exempt from all present Federal income taxes. Respectfully submitted, BANK OF AMERICA NT & SA CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO BANKERS TRUST COMPANY EHRLICH-BOBER & CO., INC. By: BANK OF AMERICA NT & SA Gross Interest Cost $321,603.00 Less Premium 12.00 Net Interest Cost 321,591.00 By: a/5 Net Effective Rate: 4.6198 % Larry Seipelt Senior Trader FIRST SECURITY BANK OF UTAH, N.A. as Agent BANK OF AMERICA NT&S A•BANK INVESTMENT SECURITIES DIVISION(S3308)•BOX 37003•SAN FRANCISCO,CALIFORNIA 94137 -4- Thereupon Commissioner Jennings Phillips, Jr. introduced and moved the adoption of the following Resolution: Resolution No. A Resolution Authorizing the Issuance And Providing for the Sale of $7,000,000 Salt Lake City Tax Anticipation Notes WHEREAS, there is an immediate need for the City to raise funds in the amount of $7,000,000 to be used in payment of the current and necessary expenses and other purposes of the City for which City funds may be expended until the receipt of taxes and other revenues for the fiscal year com- mencing July 1, 1978; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of Salt Lake City, Utah, as follows: 1. That Salt Lake City for the purpose of meeting the current and necessary expenses of said City for the fis- cal year commencing July 1, 1978, and for any other purpose for which funds of the City may be expended, shall borrow the sum of Seven Million Dollars ($7,000,000) and for that purpose as evidence of such indebtedness shall issue One Hundred Twenty-Five (125) notes numbered 1 to 125 both inclusive, said notes to be in the following denomina- tions:Thirty Five (35) in One Hundred Thousand Dollars ($100,000) Denominations, Fifty (50) in Fifty Thousand Dollar ($50,000) Denominations and Forty (40) in Twenty Five Thousand Dollar ($25,000) Denominations each note bearing interest at the rate of Four and Sixty-Two One Hundredths. EL • -5- percent (4.62%) per annum from date until paid. Said notes shall be dated July 1, 1978, and may be designated as "Salt Lake City Tax Anticipation Notes," and shall be due and pay- able June 29, 1979, both principal and interest being payable at maturity in lawful money of the United States of America. Said Notes shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY No. $ SALT LAKE CITY TAX ANTICIPATION NOTES KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City, Salt Lake County, State of Utah, hereby acknowledges itself to be indebted and for value received, hereby promises to pay to the bearer hereof the sum of DOLLARS ($ in lawful money of the United States of America on the 29th day of June, 1979, at Bankers Trust Company, New York, New York with interest thereon at the rate of Four and Sixty-Two Hundredths percent (4.62%) per annum, from date until paid, interest payable.-at maturity. This note is one of a series of notes of like date, tenor and effect, except as to denomination, numbered from one (1) to One Hundred Twenty Five (125 ) , both inclusive, and known as "Salt Lake City Tax Anticipation Notes," for the aggregate sum of Seven Million Dollars ($7,000,000) issued pursuant to Section 10-8-6, Utah Code Annotated, 1953. The Board of City Commissioners shall levy in the fiscal year beginning July 1, 1978, a sufficient tax and shall provide for the imposition and collection of sufficient revenues other than taxes, to pay the principal and interest on this note as the same shall fall due, and this note is issued in anticipation of the payment of such taxes and of the collection of such revenues for the fiscal year begin- ning July 1, 1978. It is hereby certified, recited and declared that the entire indebtedness of said City hereby incurred is not in excess of the taxes and other revenues of said City levied Cr -6- or to be levied for the current fiscal year, and that said indebtedness was and is contracted for the purpose for which said taxes and other reveues are or are to be levied, imposed and collected. It is further certified, recited and declared that all conditions, acts and things essential to the validity of this note exist, have happened and have been done, and that every requirement of law affecting the issue of this note has been duly complied with, and that this note 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 note according to its terms. IN WITNESS WHEREOF, Salt Lake City, by its Board of Commissioners, has caused this note to be signed by its Mayor, duly authorized, and by the City Treasurer, and attested by its City Recorder and the seal of said City to be affixed hereto as of this first day of Ju -19518� r-- ( S E A L ) -MAYOR CITY TREASURER ATTEST: CITY RECORDER There shall be endorsed on each of said notes a certificate reading as follows: The undersigned Auditor of al ike City, State of Utah, hereby certifies that thi note issued pursuant to law and is within the lawful ebt limit of said City. CITY AUDITOR -7- 2. That the sale of said notes to Bank of America NT & SA and Associates pursuant to bid heretofore received by the City be and the same is in all respects confirmed, ratified and approved, the said bid being determined to be the best bid submitted for the purchase of said notes and offering the lowest interest rate obtainable. 3. That said notes and each of them shall be signed by the Mayor of Salt Lake City and by the City Treasurer and attested by the City Recorder and sealed with the seal of said City. The Mayor and the City Treasurer are hereby authorized, empowered and directed to sign each of said notes and the City Recorder is hereby authorized, empowered and directed to sign and attest and affix the seal of said City to each of said notes and the City Auditor to endorse each of said notes, and each of the foregoing officials are further authorized to execute such certificates and other documents as are required in connection with the issuance of said notes, and the acts of the Mayor, Treasurer, Recorder and Auditor in so doing are and shall be the act and deed of Salt Lake City, Utah. 4. That there shall be levied by the Board of Commissioners in the fiscal year commencing July 1, 1978, a sufficient tax, and there shall be imposed and collected sufficient revenues other than taxes to pay the principal and interest on said notes as the same fall due, and there is hereby appropriated from the collection of taxes and other revenues for the fiscal year commencing July 1, 1978, a sum sufficient to pay both principal of and interest on these notes as the same shall fall due and the full faith credit Or -8- of Salt Lake City is hereby irrevocably pledged to the punc- tual payment of the principal of and interest on the said notes according to their terms and the Board of Commissioners hereby covenants and agrees with the holders of said notes to levy in the fiscal year commencing July 1, 1978, sufficient taxes and to collect sufficient revenues to provide for the payment of principal and interest on said notes. 5. That the proceeds of said notes shall be used for the purpose of payment of the current and necessary ex- penses of the City for the fiscal year commencing July 1, 1978, and other purposes for which funds of the City may be expended. 6. The Board of Commissioners hereby covenants and agrees with the holders of said notes that so long as any of the notes remain outstanding, all or a major por- tion of the proceeds of said notes will not be used in a manner which will cause such notes to be "arbitrage" notes within the meaning of Section 103 of the Internal Revenue Code of 1954, as amended, and any regulations promulgated or proposed thereunder, as the same presently exist or may from time to time hereafter be amended, supplemented or revised (herein referred to as the "Code and Regulations") . 7. That said $7,000,000 of Salt Lake City Tax Anticipation Notes so issued shall be delivered to the pur- chaser, its agents or assigns, as per the terms of their agreement to purchase, on July 11, 1978, or at such other time as and when said notes may be and are legally issued, upon receipt of the purchase price therefor which said price and sale are this day ratified and confirmed. -9- 8. This Resolution shall take effect immediately upon passage. Passed and adopted is 20th day of-June, '78. 02")/1// Cokssioner d Temporary%Ch'airmarl ATTEST: // CITY RECORDER (SEAL) j Thereupon Commissioner Jess A. Agraz seconded the adoption of the foregoing Resolution and the same being put to a vote was carried by the unanimous vote of the Commissioners present. It appearing that a majority of the Commission has voted in favor of the motion, the Mayor thereupon declared the motion carried and the R solution/adopted l' Commisa oiiefand Temporary Chair an ATTEST: CITY JRECORD$R~ ./ ___ r • er -10- STATE OF UTAH ss. COUNTY OF SALT LAKE ) I, MILDRED 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 20th day of June, 1978, insofar as the same relates to or concerns Salt Lake City Tax Anticipation Notes for the fiscal year commencing July 1, 1978, 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 day of June, 1978. City Recorder ( S E A L )