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HomeMy WebLinkAbout42 of 1981 - Official Notice of Sale of $11,700,000 Tax Anticipation Notes of Salt Lake City, Utah, dated July 1, APPROVED AS TO FORMOffice Say+ L }ako City YCs Date BY "�"4 �'u. Salt Lake City, Utah May 19, 1981 The City Council of Salt Lake City, Salt Lake County, Utah, met in regular session at the regular meeting place of the Council in the City and County Building, Salt Lake City, Utah, at 5:00 p.m. on May 19, 1981, with the following members present: Edward W. Parker Councilmember & Vice Chairman Ronald J. Whitehead Councilmember Grant Mabey Councilmember Sydney R. Fonnesbeck Councilmember Alice Shearer Councilmember Ione M. Davis Councilmember Also present: Ted L. Wilson Mayor Albert E. Haines Director of Finance & Administrative Services Roger F. Cutler City Attorney Absent: Palmer A. DePaulis Councilmember & Chairman Albert E. Haines, Director of Finance and Administrative Services, reported to the Council concerning the cash flow requirements of the City for the fiscal year 1981-1982. He recommended that the Council take such action as is necessary to obtain appropriate bids for the placement of tax anticipation notes of the City in the principal sum of $11,700,000. After discussion, Councilmember Alice Shearer made the following motion, which was seconded by Councilmember Edward W. Parker, and being put to a vote, such motion was passed by the affirmative vote of all members of the City Council present, and was declared passed. The motion was as follows: That tax anticipation notes for Salt Lake City in the sum of $11,700,000 be put out for bid, setting the bid opening for June 2, 1981, and setting the week of July 6, 1981, for delivey of the notes to the successful bidder. That the sale of said notes will be in accordance with the attached Official Notice of Sale. That the City publish an abbreviated Notice of Sale in the Bond Buyer, a financial journal published in New York, New York in the form attached hereto. That Burrows, Smith and Company, Financial Consultants to the City in connection with the issuance of the Notes, publish and mail the Notice of Sale and Official Statement to prospective bidders for the Notes and to others who may have an interest therein. That the Vice -2- • Chairman of the City Council sign the Certificate of Authorization attached hereto on behalf of the Council. Dated this 19th day of May, 1981. City Council of Salt Lake City Edward W. Parker Vice Chairman (S E A L) I1WIAQU17 Oit Acting Ci Recor' er, Assistant Presentation to the Mayor The foregoing resolution was presented to the Mayor for his approval or disapproval on the 19th day of May , 1981. Edward W. Parker Vice Chairman Mayor's Approval or Disapproval The foregoing resolution is hereby approved this 19th day of May , 1981. ed L. Wi�so`fi Mayor -3- PROOF OF PUBLICATION OF ABBREVIATED NOTICE OF SALE -4- STATE OF UTAH ) ss. COUNTY OF SALT LAKE ) I, Marilyn Smyth, the duly chosen and qualified Assistant Acting City Recorder of Salt Lake City, Utah, do hereby certify that the foregoing is a full, true and correct copy of the minutes of a regular meeting of the City Council held at the office of said City Council in Salt Lake City, Utah, on May 19, 1981, as recorded in the regular official book of minutes of the proceedings of said City Council kept in my office, that all Councilmembers were given due, legal and timely notice of said meeting, that the meeting therein shown was in all respects called, held and conducted in accordance with law and in full conformity therewith, and that the persons therein named were present at said meeting as therein shown. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said Municipality this 19th day of May, 1981. 4" nn,(1A1) mirth Assis:ant A ting Cif.ty Recorder ( SEAL ) -5- STATE OF UTAH ) CERTIFICATE OF COMPLIANCE ss. WITH OPEN MEETING LAW COUNTY OF SALT LAKE ) I, Marilyn Smyth, the duly chosen and qualified Assistant Acting City Recorder of Salt Lake City, Salt Lake County, Utah, do hereby certify that on the 15th day of May, 1981, pursuant to Utah Code Annotated Section 52-4-6 (1953), as amended, there was posted (at least 24 hours prior to the meeting time) at the regular meeting place of the City Council written notice of the regular meeting of the Salt Lake City Council held on May 19, 1981 at said regular meeting place. I further certify that there was delivered to the news media, at least 24 hours prior to said meeting, a copy of said Notice of Regular Meeting. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said Municipality this 19th day of May, 1981. pI , LJh Assistant Acing Ci Recorder ( SEAL ) -6- STATE OF UTAH ss. CERTIFICATE OF AUTHORIZATION COUNTY OF SALT LAKE ) The Mayor and City Council of Salt Lake City, Utah (the "City") having reviewed and discussed preliminary and final drafts of the Notice of Sale and Official Statement for the offering of $11,700,000 Salt Lake City, Utah Tax Anticipation Notes, Series 1981, dated July 1, 1981 and due June 30, 1982 (the "Notes"), having participated in due diligence meetings on May 14, 1981, and having considered a Notice of Sale and other preliminiary documents at the meeting of the City Council held May 19, hereby authorize and direct Burrows, Smith and Company, Financial Consultants to the City in connection with the issuance of the Notes, to publish and mail the Notice of Sale and Official Statement to prospective bidders for the Notes and to others who may have an interest therein. -7- IN WITNESS WHEREOF, we signed this Certificate of Authorization this 19th day of May, 1981. Mayor ATTEST: —)flti`)Act ing cityRec der, Assistant ( S E A L ) CITY COUNCILL OFF SALT LAKE CITY By Gf/. ice Chairman ATTEST: 1)1 ,kcji �7ti114 b1 Acting Cit3U Reco er, Assistant ( S E A L ) -8- OFFICIAL NOTICE OF SALE $11,700,000 TAX ANTICIPATION NOTES SERIES 1981 SALT LAKE CITY, UTAH Public Notice is hereby given that on Tuesday, the 2nd day of June, 1981, at the hour of 5:00 P.M., M.D.T. at the office of the City Council in Room 301 in the City and County Building in Salt Lake City, Utah, the City Council will receive sealed bids for the purchase of $11,700,000 TAX ANTICIPATION NOTES, Series 1981, of Salt Lake City, Utah (the "City"). The Notes are to be dated July 1, 1981, will mature on June 30, 1982 and will bear interest payable at maturity. The Notes shall be in $25,000 demoninations or multiples thereof as designated by the successful bidder in its bid or within forty-eight (48) hours after the acceptance of such bid by the City Council. 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 o.i 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 Notes to their dated maturity and the premium, if any, must be paid in funds specified for the payment of the Notes as part of the purchase price. (Also see "Form of Bid.") Place of Payment The Notes will be payable as to principal and interest at a bank or trust company acceptable to the City Council which is named by the successful bidder within forty-eight (48) hours after the acceptance of such bid by the City Council. 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 the OFFICIAL BID FORM (or copy thereof), copies of which are included in the OFFICIAL STATE- MENT. Each bid shall be calculated in accordance with the note year set forth 3 in the OFFICIAL BID FORM and shall specify (a) the lowest rate or rates of interest and premium, 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 Acting City Recorder of Salt Lake City, Utah at the City and County Building, Room 311, 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 $234,000 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 Council reserves the right: (1) to waive any irregularity or informelity 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 during the week of July 6, 1981. 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 Council in anticipation of the collection of taxes to be levied for its fiscal year beginning July 1, 1981, 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 princi- pal and interest on the Notes according to their terms. 4 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 and from personal income and corporate franchise taxation in the State of Utah under presently existing law, regulations, decisions and interpretations. 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 or State legislation, decisions or regulations which would affect the tax exemp- tion 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 circum- stances 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 OFFICIAL BID FORM, contact Burrows, Smith and Company, Suite 1003, Kearns Building, Salt Lake City, Utah 84101 (801) 355-6700, the financial consultant to the City Council. DATED this 19th day of May, 1981. /s/ TED L. WILSON Mayor /s/ KATHRYN MARSHALL Acting City Recorder 5 OFFICIAL NOTICE OF SALE Sealed bids for the purchase of $11,700,000 Tax Anticipation Notes, Series 1481, of Salt Lake City, Salt Lake County, Utah, dated July 1, 1981, due June 30, 1982, will be received up to 5:00 o'clock P.M., M.D.T., on Tuesday, June 2, 1981, at the office of the City Council, Room 301 of the City and County Building, Salt Lake City, Utah. Copies of the OFFICIAL NOTICE OF SALE, the OFFICIAL STATEMENT, and other related information with respect to said bonds, being offered subject to the approval as to legality of Fox, Edwards and Gardiner, of Salt Lake City, Utah, may be obtained from Burrows, Smith and Company, Suite 1003, Kearns Building, Salt Lake City, Utah 84101, (801) 355-6700, the financial consultant to the Agency. Dated this 19th day of May, 1981. /s/ Ted L. Wilson Mayor /s/ Kathryn Marshall Acting City Recorder Resolution No. By City Council comm.sioNER Official Notice of Sale of $11,700,000 Tax Anticipation Notes of Salt Lake City, Utah, dated July 1, 1981.