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39 of 1971 - A resolution confirming the sate of $8,500,000 General Obligation Airport Bonds, Series 1971, of Sal Resolution No. 39 B Conrad B. Harrison y COMMISSIONER Confirming the sale of$8,500,000.00 General Obligation Airport Bonds, Series 1971, of Salt Lake City, Utah, fixing the interest rates to be borne thereby, fixing the place of payment thereof, and ratifying the publication of the notice of sale with respect thereto Purchaser- Halsey, Stuart& Company, Inc. of Chicago, Illinois with a net interest cost of$5,969,700.00- 5.28% plus a premium of$425.00. ?resented to the Board of Commissioners AND PASSED AUG 5 1971 ikkhttAANIO co 11 4j t III li � t NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GI V EN pursuant to the provisions of Section 11-14-21, Utah Code Annotated.1953.as amended.that on October 7.1975.the Board of s of Salt Lake City,Salt Lake County.Utah,accepted the bid of First NationalCity Bank,United California Bank,Merrill Lynch.Pierce, Fenner&Smith Inc.,Bear,Stearns 6 Company idol manager).First Pento Securities Inc.,Stevens Inc.,for the purchase of$&500,000 General Obligation Airport Bonds,Series 197S,of said city,dated November 1,1975,at the price of 58,500.030 plus a premium of$None.Said purchaser made a good faith deposit of 5190,000 in connection with its bid. Said General Obligation Airport Bonds,Series 1975,pursuant to a resolution of the Board of Commissioners of Salt Lake City duly adopted on October 7, 1975,are to be issued for the purpose of defraying the cost of improving and xtending the municipal airport of said city by adding to and remodeling the existing airline tonal building and facilities,constructing additi0nal auxiliary buildings and facilities to be used In connection with theoperation and maintenance of the airport,ion oving 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 ecouisitlon of all appurtenant facilities necessary or convenient in co nection with such improvements and extensions,for said and bear interest and mature on July 1 of each of the years and In the am as follows: Both Interest Numbers Amount Rah Veer 17000 5220,030 6.25% 1978 45 to90 230,000 6.50% 1979 .W 91 to 110 250,000 6. % 1See9BJ 1/110193 20,000 6.50% 1981 94 to 214 280,000 e.509e 1982 250,00)9 300,000 6,50% 1983 31010373 320.000 6,50% 1981 310 to lad 340,000 6.50% 1985 442 to516 365,000 6.50% 1.6 reel 51510591 385,000 6.5500% 1983 10,000 6.60% 614to 61 110,000 6.10% te 762 to 855 620,000 6.10% 1990 856 to 955 0 6.10% MI956 to loll sae 530,eo000 6.25% 1992 1062 to 1111 565,000 6.25% 1993 ills to 1291 600,000 6.25% 199s 1295 to1422 640,000 6.15% 1595 1423t01558 680,003 6.60 1996 15591o1)00 710,000 5.00% 1997 A copy of the resolution adopted on October 7,1915,by the Board of Commissioners of Sae Lake City authorizing the Issuance and confirming the 19le of the above described 58,500,000 General Obligaton Airport Bonds,Series 75,Is on file in the office of the City Recorder of said city,In Room 200 City and County Building,Salt Lake City,Utah,vMere It man be examined during regular business hours of the City Recorder from 8:00 A.M.e'dlack to 5:00 aclock P.M.Said resolution shall be so available for Ieseectlon for a period of t least thirty(30)days from and after date of the publication of this notice. NOTICE IS FURTHER GIVEN that pursuant to law foe period of mlrty (30)days from and eepr the date of the publication of tisratice.any Person in interest shall have the flout to cement the legality of the above described resolution of the Board of Commissoners of Salt Lake Cif,,Utah,adopted on October e d`GN auuthorized thereby.or General Obligation Airport made fo Bonds,security rley and payment of such bonds,and that atter such Time,no one shall have any cause of action t0 contest Me regularity.formality or legality thereat ter any cause whetsoever. DATED this MI day of October,1515. MILDRED V.NIGHAM City Recorder, (SEAL) San Lake City,Utah Far a period of thirty(20)days aver such publication,any person In Interest shall authorised ore y Nwslonns he legality to thesecurls lt resolution or mteeett of the such binds.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 aSeised forI That all resolution s s or Darts thereof In conflict herewith be and the same are.to the extent of such cantlitt,hereby repeated,and after said bonds are issued this resolution shall be and remain irreoeslable until said bonds and the interest thereon shall have been fury paid,satisfied and discharged as herein provided. Section 12.That this resolution shall become effective Immediately pan Its adoption. PASSED AND APPROVED by the Board of Commissioners of Salt Lake City,Salt Lake County,Utah,this»h day of October,ins. CONRAD HARRISON Mayor Angst: MILDRED V.MIGHAM City Recorder (D-23) Published—October if,IBIS. ; t..vto' s ,y4r.jusna 1. 1•41-.1414- City irolouror Clo dFruiekie Larit si City, WAN. Darr&ix Pam=ea Az Notice , 54,14it!...k.ri La;he Zona Levet ia Ztv.v Vitt Cky, Now kaki es SsytInabar IS, 14176, eallim to bids fiv.ttie Fmk*.of 44,5f.T.60.4 Sak koko City, tit*, ...arteral 4:A4:Igo:Jae JL :Aries 1,73, tits bids Imo revolved its Z74 VSAVO Ca:7st.; 144i7"1.11 037L111:i-C.14..A1'CAI,* litgisrar4 E:rat listisital City 13ssk 01.403.336.114 Moe Mita*Callistala Cult 0414 4.134416) Mania Lyra, nom. reamer ea tiaoItiv Note.Steams essit Campo szie.Associates Bank Trost sad isos*Igs 2asie 0,1404, so.67 114,30.00 The Close raglans:I For„.k, (N& 332"6) First Umiak"lisak J ift4,, . Afillasilitec SWUM TIMM Cerzp:Z7 07.03.1112.36 $114.00 Wake,Soak ars*'ire*C‘:,aayscy thl clutz) gala Associate, tint Waked tisk oi V4411.543.7/ 033.13 CsitkiNcts1 rank Diatiarati kook Inskolsbilis balked 1074i so,3 Astortst,,,,, Weskit Ceatpsay.bostvrzsted $7,476,033.24 42,623.70 semi Assassins* ()LP • a pee*:., wa.3a- .g J:ivasb: 1, 19?z City Trsaasmrsc 4i NAM 4 uF iZY'::. „MT MT mk-r c:t;.;„ti. r 4i i=4 COsttstasr Owl Ccrzaiay 87. .134.1a host white. Walt ad Cwa limy sari Asa¢+c'.atse 4.214%) Mariam Gsss+eaty Triat Cior.p ay $7.538,11j,Ci` S,871.vi k.iass Oast flatland wait and As0002it<s Vati:1r 4.2380%) Use*tat basics ST aid EA 07,J3S.44i.53 $4.445.es Cosa Setts ad Ceeapas+y, lereryxstnd (F: 6.2440%) and Aasacletas llatlMr.lama t aY Caaspoiy, immepasted 47,541,271.BO ham Sadas sail Cse pa s .issepotaaated r +6.2401%) Ito Nectars*rivet Caravasey 67.404.065.77 68,663.00 tint Notion'Wit Dachas ( LP 6.50234%) aid Asondots. Creaims iiatiaaaM thank aad Ascociates i1,701,473.13 $.14 C.20 (NER 6.3414%) TM City Caasasnkdae acsrtei the we of First liatlowal City heat of hew fork City. has Teak, at s act Inn st cost of$7.413,5115.64(Ng F 6.15614)yenta act w,ssssiess. hs City ceseoteeiera,pavan RZSOZ UW)i NO.516 as 1675,sandissalst the sate of $s,100,080.00 Gamin Olgirtiaa Airport dreads. Sadie 1f33, Its Lake City. itch, is etbares the lodes ass th�res glow`t than!. soldiyise Yoaam txaly, y City Nsssodea Co' CC Bryce asesisoe Coundasiase c isaroer Coureisollemis 1iasassu Ci sidadi iii CewmiOUssee tiwam City Nam Syrefittu allesrll“ltiaIt a i Cssspiwy Mneler essti9n usessiwr 0412/1191 NOTICE OF BOND SALE NI 50UA00 General ObligaliunhAirport City, alt Lake Coulnty,Utah,of t willabe received up to 10:30 o'clock Am.,on August 5.1971,at the regular meet- ing of the Board of Commis- said city Roan 301, sCitve Hall,of'n Salt LakenCity,Utah. Copies of the OFFICIAL NOTICE PROSPECTTUS ALnd t other related information withn respect to the bons, being at feted subiect fe the and Cutlers oto Chiccago,Illinoispmay be obtuinn from Murray Bywater, Manager, Salt Lake International Burprows,Smith a nod Company.Suite C�v Utahr Bd101Buthen}lscasaatgenta fo the Cott. Datop}his kith day of Juna,1911. t1ERMAN J.CIOo Recorder, IC.1g1 Salt Lake City,Utah. Published July 1,1911 Salt Lake City,Utah June 24,1971 The Board of Commissioners of Salt Lake City, Salt Lake County, Utah, met in I regular public s al its regular meeting place in the City Hall in Room 301 at 10:0C o'clock a.m.,on June 24th,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 w also present Herman J. Hogensen, City Recorder and Jack L.Crelline City Attorney. After the meeting had been duly called to order and the roll called with the above results,the following resolution w introduced 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 In Deseret News, a wspaper of general circulation published in Salt Lake City and qualified to carry legal notices.The resolution is as follows: A RESOLUTION authorizing the of $8,500,000 General Obligation Airport Bonds, Series 1971, of Salt Lake City, Salt Lake County, Utan,providing for the levy of taxes to pay prin- cipal of and interest en said bonds,and providing for the sale of said bonds. #WHEREAS at#e 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 excess rates not in o of eight per cent (85,3 per a and due and payable i not to a eed thirty (30) years from the respective date or dates thereof be issued 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, constrUcling 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 re of such improvements and extensions,together with the acquisition of all land necessary therefor,and the acquisition of all appurtenant facilities necessary convenient In connection with such improvements and exten. si n s all far the use of the traveling public and others using the municipal icipal 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 resolu- tion duly passed en 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 55,500,000 of said bonds at this time; NOW,THEREFORE,Be II and It Is Hereby Resolved by the Beard 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 ended, otherwise known as the Utah Municipal Bond Act,bonds in the amount of$8,500,000 shall be issued for the pur- 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 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 • reason of such Improvements and extensions,together with the acquisi- tion of all land necessary therefor,and the acquisition of all appurtenant facilities n saryd convenient in connection with such Improvements and extensions,for said ty. SECTION 2.That said bonds shall be known as"General Obligation Airport Bands,Series 1971,"shall be dated July I,1971,of the denomina- tion of 55,000 each,numbered I 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 a payable interest shall be yable July 1,1972 and semi-annually thereafter on the first dans 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 5100,000 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 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 prim of par plus accrued interest to the date fixed for redemption. After bonds numbered 1601 to 1700, Inclusive, shall have been redamed as above provided, the remaining unmatured bonds numbered 496 to 1600, inclu- sive, be sublect to the right of the city to redeem the same In inverse cal order on July 1, 1981,and onany Interest payment date thereafter at the price of par and accrued interest to the date fixed for redemption plus a premium of 21h%of the principal amount of each band socalled for redemption onor prior to January 1 m1982, which premium is to reduce by 94 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: 2i/u%on July 1,1931,and January 1,1982 21/4%on July 1,1982,and January 1,1983 2%on July 1,1983,and January 1,1984 1544%on July 1,1984,and January 1,1985 14s%on July 1,1985,and January 1,1986 IPA%on July 1,1986,and January 1,1987 1%on July 1,1987 In either event,noticr 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 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 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, tar value received, hereby acknowledges itself to be indebted and promises to pay to the bearer hereof the sum of FIVE THOUSAND DOLLARS 175,0001 on the first day of July, 19_, with interest thereon from the date hereof until payment of principal at the rate of per cent(_Ti)per an m,payable July 1.1972,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 o interest coupons as they severally became 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 o of which this bond is maturing on July 1, 1991, aresubject to the right of the city to redeem the same on July 1, 1976, and an any interestin payment date thereafter inverse verse numerical order at the price c 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 u matured bands of theof which this bond is maturing onand after July 1, 1982,areissueubject to the right et the city fo redeem the same n July 1,1901,and o any interest payment date thereafter incal order et the on of par and accrued interest to the inversedate fixed for redemption plus a premium at 2��t7 of the principal amount of each such bond so Called for redemption if redeemed onor prior toJanuary I,1982,which premium will reduce by tA of 1% each twelve-month period thereafter until reduced to 1%, so that the premium payable on bonds redeemed on July I, 1587,and thereafter prior to maturity, will be 1% of the prin- cipal amount of each such bond so called for redemption.In either event, notice of the call of ary of the bands for redemption shall be given net 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 , nal 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. This bond is one of anof 1700 bonds of like date,tenor and effect,except es to maturity,s option of redemption land interest rate) aggregating the sum of Eight Million Five Hundred Thousand Dollars lee,500,000) issued for the purpose of defraying the cost of improving and extending the municipal airport of said city by adding to and re- modeling the existing 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, improving and rehabilitating airport runways, making site relocation of airport utiltiy facilities made necessary by reasonof such improvements and extensions, together with the acquisition of all land n sary therefor, and the acuisition of all appurtenant facilities nor ary convenient ection with such improvements and extensions,for said 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 Id of Title 11,Utah Code Annotated,1953, as amended,and a resolution duly adopted by the Board of Commissioners of said city on June 2,1. 1971,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 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 is a thereof has been duly c plied with,rand that this bond 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 ac cordins 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 execuiton hereof do adopt as and far 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 $ 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 Countersign(Faced: simile Signature) City Recorder SECTION d.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 ach of said bonds and the acts of said Mayor and City Recorder in no 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 co nants and 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 on said 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 Sc 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 n 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 became available. SECTION U.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 c ently be after the adoption of the resolution con- firming 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 t0 be used far the pur- 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 unts as shall be necessary to provide for the payment of principal of and interest en the bonds herein authgrizetl,there shall be created 4 a fund to be designated as the"Salt Lake City General Obligation Air- port Bonds 1970 Election Reserve Fond," 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 re from time to time issued and outstanding,in the event that no other funds orrevenues vail- 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 875,000,and thereafter on or before the 30th day at June of each succeeding year the sum of$75,000 shall be deposited into the Reserve Fund until the total t 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 rem ning in the Reserve Account established inconnection with said 1959 bonds shall forthwith be transferred and paid nto the Reserve Fund herein created to the extent necessary cc sary to accumulate in such Reserve Fund the afore. said amount of $100,000. 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 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 r 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 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 rec need as above provided until the amount on deposit in the Reserve Fund eshell again equal 5800,000. 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 he 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 trans- ferred to the operating fund of the Airport Fund to be used for any lawful purpose. 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 tor a period of thirty (301 days after such publication any person its interest shall have the right to contest the legali of this resolution o of the bonds hereby authorized orany provisions made for the have security and payment of such bonds. After such time no one any cause of action to contest the regularity, formality o 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 s a� ued,this resolution shall be and remain Ir- repealable 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. /s/ J.BRACKEN LEE Attest: Mayor /s/ HERMAN J.HOGENSEN CiThe following resolution Recorder wasr 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: 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 $8,500,000 General Obligation Airport Bonds, Series 1971, of Salt Lake City,Salt Lake County, Utah. s• 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 ,000 General Obligation Airport Bonds,Series 1971 of Salt Lake City,,Salt Salt Lake County,Utah,shall be sold as herein tl Traded. 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 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 following form to be published on e 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: NOTICE OF BOND SALE Sealed bids for the purchase of$8,500,000 General Obligation Airport Bonds,Series 1971,of Salt Lake City,Salt Lake County, Utah,will be received up to 10:30 o'clock a.m.,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 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 Bur- s,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/ HERMAN J.HOGENSEN City Recorder,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 Baled bids for the purchase of ,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 55,000 arenot registrable as to principal and Interest,oreither,and mature serially In numerical order on July 1 of each of the years and in the amounts as follows: YEAR AMOUNT 973 $100,000 974 100,000 975 125,000 976 175,000 977 200,000 978 400,000 979 450,000 980 450,000 981 475,000 982 500,000 903 525,000 984 550,000 985 575,000 986 600,000 987 650,000 988 675,E 6 I • • 1989 703,000 1990 750,000 1991 500,000 OPTION FOR REDEMPTION: The bands 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 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 re- ' tired,the remaining n Ping a matured bands maturing in the years 1982 to 1990, Inclusive,are subiect to the right of the city to redeem the saMe in inverse cal order on Juiy 1,1981,and onany interest payment date thereafternumerical at the price cf par and accrued interest to the date fixed for redemption plus a premium of 21052 of the principal amount of each bond so called for redemption orr prior to January 1,1982,which premium is to reduce by i, of 155 ineach twelve month period thereafter until reduced to I%,so that the premium payable on bonds redeemed on July 1,1987,and thereafter prior to maturity is to be 152 of the principal amount of each bond so called 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 11/8 or 1/20th of ISi,I,but the highest rate bid for any of the bonds shall not exceed the lowest rate by more e than two per cent (2%1.All bonds of the samematurity must bear a single rate of interest and only one coupon will be attached to each band for each installment of Interest thereon.A eero rate cannot be named for all or-any yPart of the time from the date of any bond to its stated maturity, the bondspart must paid in the funds specified for the payment of the and semiannually s oof f ley thereafter at price.p rate will be payable July 1, greater than n per cent a(7%) per annum to be fixed of the time the bonds are sold. PLACE OF PAYMENT, Both principal of and interest on the bonds will be payable in lawful money or the United States of America of 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 limi- tation as to rate or amount. AWARD, Award or rejection 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 or rates which re sult 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. 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:(DI The low- est rate or rates of interest at which the bidder will purchase the bonds at par.Each bid must be in writing for 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 afe requested ested 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 certi- fied check drawn upon an incorporated bank or trust company in the amount of 5170,000 payable to the City Treasurer of Salt Lake City.The check of the su essful bidder will be held u cashed asevidence 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 th6 right to(1)waive any irregularity or informality In any bid,(2)to reiect any and all bids for the bonds:and(31 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 the proposed date of the delivery of the bonds when that date has been tentatively determined. It is now estimated that the bonds will be delivered on or about September 7 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 of 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 (90) 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 iequired 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 ill 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 nat 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 /s/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 adlourned. /s/J.BRACKEN LEE Mayor Attest: /s/HERMAN J.HOGENSEN City Recorder Published July P.1971. IC-71) 8 Salt Lake City, Utah August 5, 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 said city at 10:30 o'clock A.M., on A' gust 5, 1971, with the following members present, to wit: J. Bracken Lee, Mayor James L. Barker, Jr. , Commissioner tlonzagexi?*cx>dataautkiN E. J. Garn, Commissioner Conrad B. Harrison, Commissioner Absent: George B. Catmull, Commissioner There were also present Herman J. Hogensen, City Recorder Roger F. Cutler, Assistant and J ai cxB'metkti! , City Attorney. 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 $8,500,000 General Obligation Airport Bonds, Series 1971, 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: NAME OF BIDDER NET INTEREST COST PREMIUM Bank of America N.T. & S.A. $6,121,275.00 $1,700.00 5.41% Bankers Trust Company $5,992,666.30 $1,846.20 5.30% First Boston Corporation $6,070,025.00 $7,650.00 5.37% The First National Bank of $6,067,407.46 $ 367.50 J Chicago 5.36% NAME OF BIDDER NET INTEREST COST PREMIUM Halsey, Stuart & Co., Inc. $5,969,700.00 $ 425.00 5.28% Harris Trust & Savings Bank $6,072,760.00 $ 65.00 5.37% W. H. Morton & Company $5,984,912.00 $ 663.00 5.29% United California Bank $6,024,876.00 $1,399.00 5.33% Zions First National Bank $6,021,745.00 $ 255.00 5.32% Zions First National Bank $6,076,368.00 $2,407.00 5.37% After due deliberation it was determined that the bid of Halsey, Stuart & Company, Inc. of Chicago, Illinois , , 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 Conrad B. Harrison , was read in full, and pursuant to motion made by E. J. Garn and seconded by James L. Barker, 4. was adopted by the following vote: Aye: J. Bracken Lee, Mayor James L. Barker, Jr., Commissioner E. J. Garn, Commissioner Conrad B. Harrison, Commissioner Nay: None. ABSENT: George B. Catmull, Commissioner -2- J • The resolution was thereupon signed by the Mayor in open meeting and recorded by the City Recorder and is as follows: A RESOLUTION confirming the sale of T8,500,000 General Obligation Airport Bonds, Series 1971, of Salt Lake City, Utah, fixing the interest rates to be borne thereby, fixing the place of payment thereof, and ratifying the publication of the notice of sale with respect thereto. *** *** *** WHEREAS by resolution duly adopted on June 24, 1971, the Board of Commissioners Salt Lake City, Salt Lake County, Utah, author- ized the issuance of $8,500,000 General Obligation Airport Bonds, Series 1971, of Salt Lake City; and WHEREAS a notice inviting sealed bids for the purchase of said bonds has been advertised by publication on July 2, 1971, 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 Halsey, Stuart & Company, Inc. of Chicago, Illinois , , and Associates, has been determined to be the highest and best bid for the purchase of said bonds, resulting in the sale of such bonds at the lowest obtainable interest rate, said bid being in full as follows: -3- • .• . . .• HS CO HALSEY, STUART & CO. INc. I N C. 123 SOUTH LASALLE:STREET CHICAGO,ILLINOIS 60690•312 / 782-3900 Mr. Herman J. Hogensen, City Recorder August 5, 1971 City and County Building Room 301 Salt Lake City, Utah Dear Sir: For $ 8,500,000 General Obligation Airport Bonds, Series 1971. of your City _ , all as more fully described in your Official Notice of Sale, a copy of which is attached hereto and made a part of this bid, fox which bonds proposals are to be received until 10:30 a.m. on Thursday, August 5, 1971 ,vt D,T we will pay in Federal Funds for bonds bearing interest at the following rate per annum: �c-L ..v�.-.<.�, ,.... �.."fl,c. t.x..� / /79 :T�%e_F. .,-e /`i , � •_u-,..,„, rc..l L`_.c• .�C,� ..s.>.<,.�a.,.i...--� -a...., �Lc: ��t.. ! %k' -;i.C4e.a. a...!«_..c. 9:7,f z1.-:e.o..o:-..... ;' ft•.tt 1; ii '' -. e /%'>/ 4a ye, Par plus accrued interest to the date of delivery and in addition thereto a premium The net interest cost to the City under the terms of this proposal amounts to $ , equivalent in basis to ,S J-/ % per annum. This bid is strictly subject to prompt acceptance, to delivery of the bonds to us within approximately 60 days from date of sale at Salt Lake City, Utah at your expense, or elsewhere at our expense and to our being furnished at the time of delivery with the final unqualified opinion of Messrs. Chapman & Cutler , approving the legality of the issue, together with a certified copy of the transcript upon which their opinion is based. We are enclosing herewith a check in the amount of $ 170,000 , as evidence of cur good faith, to be held by you pending the fulfillment of our contract. Should the bonds be awarded elsewhere, or should the attorneys refuse to approve the legality of the issue, said check shall be returned to us immediately. Respectfully submitted, HALSEY, STUART & CO. Inc. - Manager A__ASSQSIATES Encl. -4- J • ; and WHEREAS in the opinion of the Board of Commissioners, it is to the best interests of said city that such bid be accepted and sale of such bonds to said Halsey, Stuart & Company, Inc. , of Chicago, Illinois , , 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 the bid of Halsey, Stuart & Company, Inc. , of Chicago, Illinois , , and Associates, for the purchase of $8,500,000 General Obligation Airport Bonds, Series 1971, of Salt Lake City, Utah, authorized by resolution adopted by the Board of Commissioners of Salt Lake City on June 24, 1971, which bid is set out in full In the preamble hereto, be and the same is hereby accepted, it being hereby found, determined and declared, after public advertisement for bids for the purchase of said bonds, that said bonds bear interest at the lowest obtainable interest rate. Section 2. That said bonds shall be numbered, mature on July 1 of each of the years and bear interest, as follows: BOND NUMBERS AMOUNT INTEREST RATE YEAR 1 to 20 $100,000 6% 1973 21 to 40 100,000 6% 1974 41 to 65 125,000 6% 1975 66 to 100 175,000 6% 1976 101 to 140 200,000 6% 1977 141 to 220 400,000 6% 1978 221 to 310 450,000 6% 1979 311 to 400 450,000 6% 1980 401 to 495 475,000 6% 1981 496 to 595 500,000 6% 1982 596 to 700 525,000 54% 1983 701 to 810 550,000 51/27. 1984 811 to 925 575,000 54% 1985 926 to 1045 600,000 54% 1986 1046 to 1175 650,000 51/2% 1987 1176 to 1310 675,000 54% 1988 1311 to 1450 700,000 51/2% 1989 1451 to 1600 750,000 4% 1990 1601 to 1700 500,000 4% 1991 J -5- Section 3. That said bonds shall be payable at Zions First National Bank of Salt Lake City, Utah . Section 4. That the sale of said $8,500,000 General Obligation Airport Bonds, Series 1971, authorized by the aforesaid resolution of June 24, 1971, to Halsey, Stuart & Company. Inc, of Chiragn Tllinnig 9 and Associates, at the price of par and accrued interest to the date of delivery plus a premium of $ 425.00 is hereby ratified and confirmed. The City Treasurer is hereby instructed to make delivery of said bonds to said purchasers, all in accordance with the provisions and instructions contained in the resolution of June 24, 1971, authorizing the issuance of said bonds. Section 5. That all proceedings, resolutions and actions taken in connection with the sale and issuance of the aforesaid $8,500,000 General Obligation Airport Bonds, Series 1971, including the advertisement of the Notice of Sale with respect to said bonds in The Daily Bond Buyer on July 2, 1971, are hereby ratified, confirmed and approved. Section 6. That all resolutions and orders or parts thereof in conflict herewith are, to the extent of such conflict, hereby repeal- ed, and this resolution shall be in full force and effect immediately upon its adoption. Adopted and approved this 5th day of August, 1971. 7' .-2 -'--7-1 / E_Attest: / Mayor City 'ecdcide'r(a (Other business not pertinent to the above appears in the minutes of the meeting.) -6- J Pursuant to motion duly made and carried, the meeting was adjourned. /7-14 XIL Mayor Attest: * 1,Ciit jo,nA jrgde r STATE OF UTAH COUNTY OF SALT LAKE ) I, Herman J. Hogensen, do hereby certify that I am the duly qualified and acting City Recorder of Salt Lake City, Salt Lake County, Utah. I further certify that the above and foregoing constitutes a true and correct copy of the minutes of a meeting of the Board of Commissioners of Salt Lake City, held on the 5th day of August, 1971, and of a resolution adopted at said meeting insofar as said minutes pertain to the matters above set forth, as said minutes and resolution are officially of record in my possession. IN WITNESS WHEREOF, I have hereunto subscribed my official signature and affixed the seal of said city, this 5th day of August 1971. (SEAL) "\ Citti.. c(opxrcter PHH/cds 7/21/71 —7— J