HomeMy WebLinkAbout43 of 1975 - A resolution authorizing the issuance of $6,000,000 Salt Lake City, Utah Tax Anticipation Bonds — Se .., i
1 ---
il
,1
, 43
Resolution No.
11 By TPnningF PhillipA Jr
i 1
;
11 C011.1•1110NER
1 'Authorizing the issuance of $6,000,000.00'1;1.
Salt Lake City, Utah Tax Anticipation 41
'Bonds - Series of July 1, 1975. 1 C
1 ,
11 V''
1 •,,'
, 1
Promoted te the bird of CommIssloort
, AND PASSED
.,..
JUN 3 0 1975
,1 L zooke 7,7k,far,-4, ,
I MY 1111001f
1!
1,
[1
1'
11
1'
1111
1 1,,
11
11 V
1111 :
0 0 11',e1'
1 i'l
jog 30. int
Gear of Polio Mass
awif 'Woos
212 Ct311 Chy oil CND*
Mt Loki City. VIA
Nor bosh VW/pm
rho ed ' tit 141111110d
azscurricx no.0 e` infi, outiooritiog !d. lotousso ot
Mt L. City, Utah' i Asitiolgothe Boob • sotto of pity It ► .
Iwo fir,
7:1/14144;0.400t____,L_a;4444.
EN*"City alpmplmor
CC,
MAIM ism
qswaisoissor 6r
Caomitailsoo Looms
Comoshslssmar iloposoo
City Toomorto
Opp.
Cl Moo"
ROLL CALL
VOTING Aye Nay Salt Lake City,Utah, June 30 19 75
Mr.Chairman...
I move t at the esolution be adopte
Greener
Harmsen e C1C1�J
H HOGENSEN
Phillips
RESOLUTION
Result
TRANSCRIPT OF PROCEEDINGS
AUTHORIZING THE ISSUANCE OF
$6,000,000.00
SALT LAKE CITY, UTAH
3.50%
TAX ANTICIPATION BONDS
Series of July 1, 1975
•
•
The Board of Commissioners of Salt Lake City, Salt Lake County,
Utah, met in regular session on Thursday, the 12th day of June, A.D.,
1975 at the hour of 10:30 o'clock a.m., at its regular meeting place in
the City and County Building, Salt Lake City, Utah. The meeting was
called to order and on roll call the following members were present:
Conrad B. Harrison Mayor
Jennings Phillips, Jr. Commissioner
Glen N. Greener Commissioner
Herman J. HogenSen Commissioner
Stephen L. Harmsen Commissioner
Mildred V. Higham City Recorder
Joseph L. Fakler City Treasurer
After the conduct of other business not pertinent to the following,
. - the Board of Commissioners opened bids for the purchase of $6,000,000.00
of Tax Anticipation Bonds of the City, Series of July 1, 1975. The bids
were as follows:
1- Walker Bank and Trust Company, bidding for themselves at
a rate of 3.50%, plus a premium of $7,200.00, making the
net effective rate of 3.38%.
2- The Continental Bank and Trust Company, bidding for them-
selves and for the United California Bank, Los Angeles,
California, at a rate of 4.07% with no premium.
3- Zions First National Bank, bidding for the Morgan Guaranty
Trust Company, New York, New York, at a rate of 3.47%,
plus a premium of $121.00.
4- Commercial Security Bank, bidding for themselves and
Lehman Brothers Inc., at a rate of 3.73%, plus a premium
of $68.00.
5- First Security Bank of Utah, N.A., bidding for themselves
and First National City Bank, at a rate of 3.78% with no
premium.
6- First Security Bank of Utah, bidding for Mellon Bank and
Ehrlich-Bober Co. , Inc., at a rate of 4.24% with no premium.
7- First Security Bank of Utah, bidding for Bank of America,
N.T. & S.A., at a rate of 3.79% with no premium.
After reading and considering the above bids, it was determined
that Walker Bank & Trust Company of Salt Lake City, Utah, had submitted
the best and most advantageous bid for the purchase of said bonds.
Thereupon, the following resolution was introduced by Commissioner
Jennings Phillips, Jr., and was adopted by the following vote:
Conrad B. Harrison "Aye"
Glen N. Greener "Aye"
Stephen L. Harmsen "Aye"
Herman J. Hogensen "Aye"
-1-
Jennings Phillips, Jr. "Aye"
The resolution is as follows:
A RESOLUTION confirming the sale of $6,000,000.00 Salt Lake City Tax
Anticipation Bonds and fixing the interest rate to be borne by said bonds.
WHEREAS pursuant to notice of sale, the Board of City Commissioners
of Salt Lake City received sealed bids for the purchase of $6,000,000.00
Tax Anticipation Bonds of Salt Lake City, Utah.
WHEREAS the bid of Walker Bank & Trust Company of Salt Lake City,
Utah has been determined to be the highest and best bid for the purchase
of said bonds, said bid being as follows:
June 12, 1975
Honorable Mayor and Board of City Commissioners
210 City & County Building
Salt Lake City, Utah
Gentlemen:
In response to your invitation for us to bid for an aggregate of
$6,000,000.00 Salt Lake City, Utah Tax Anticipation Bonds, we submit
the following:
For $6,000,000.00 of your legally issued Tax Anticipiation
Bonds to be dated July 1, 1975 and to be due June 30,
1976, bearing interest at the rate of 3.50% per annum,
we will pay $6,007,200.00 plus accrued interest from date
of issue to the date of delivery to us in federal funds.
Both principal and interest are to be payable at maturity at a bank
or trust company designated by us. Bonds are to be issued in convenient
denominations as specified by us. You are to take such action and
pass such resolutions and execute and certify all such documents as
our attorneys may require to the end that, in their opinion, the bonds
may be legally issued. The bonds shall contain a covenant by you
that you will comply at all times during the period the bonds are out-
standing with all requirements of the Internal Revenue Code of 1954
as amended and in particular Section 103 thereof, and all regulations
now or hereafter adopted pursuant to.
We will provide the bond forms and furnish the approving legal opinion
at our expense.
This offer is for immediate acceptance only. The bonds are to be
delivered as soon as conveniently possible.
Attached is our Cashier's Check for $120,000.00 payable to Salt Lake
City Corporation which is evidence of our "good faith" in this trans-
action. If this is the winning bid, this check should be applied to
the purchase price of the bonds when they are delivered to us. If our
bid is rejected, the check is to be returned to us promptly.
Net Effective Rate: 3.38%
Respectfully submitted,
WALKER BANK & TRUST COMPANY
By:
Glen V. MargetLs
Assistant Vice President
- 2 -
The above and foregoing offer is hereby accepted on behalf of Salt
Lake City, Utah, this 30th day of June, 1975.
ATTEST:
//%/,f/ ,- i 1!
City Recorder Mayor
(SEAL)
WHEREAS, in the opinion of the,Board of City Commissioners, it
is to the best interests of Salt Lake City that such bid be accepted
and the sale of said bonds be approved and confirmed;
NOW, THEREFORE, Be It Resolved by the Board of Commissioners of
Salt Lake City as follows:
Section 1. The bid of Walker Bank & Trust Company of Salt Lake
City, Utah, for the purchase of $6,000,000.00 Tax Anticipation Bonds
described in the offer to purchase be and the same is hereby accepted.
Section 2. Said bonds shall bear interest at the rate of 3.50%
per annum interest payable at maturity.
Section 3. Said bonds shall be delivered to the purchasers
thereof as soon as may be after the adoption of this resolution
persuant to due payment therefor in accordance with the terms of the
sale.
Section 4. This resolution shall be in full force and effect
immediately upon adoption.
Adopted this 30th day of June, 1975.
Mayor
(SEAL)
ATTEST:
City Recorder_
The Board of Commissioners of Salt Lake City, Salt Lake County,
Utah, met in regular session on the 30th day of June, A.D., 1975, at
the hour of 10:30 O'clock,a.m. , at its regular meeting place in the
City and County Building, Salt Lake City, Utah. The meeting was called
- 3 -
to odder by Mayor Conrad B. Harrison, and on roll call the following
members were present:
Conrad B. Harrison Mayor
Jennings Phillips, Jr. Commissioner
Herman J. Hogensen Commissioner
Stephen L. Harmsen Commissioner
Glen N. Greener Commissioner
Mildred V. Higham City Recorder
Joseph L. Fakler' City Treasurer
The City Treasurer stated that the bid of Walker Bank & Trust
Company for the purchase of $6,000,000.00 Tax Anticipation Bonds of
Salt Lake City, Utah dated July 1, 1975, had heretofore been approved
and recommended adoption of a resolution to authorize the issuance of
such bonds. After full discussion, Mayor Conrad B. Harrison introduced
and moved the adoption of the following resolution, which resolution
was adopted by the following vote:
Conrad B. Harrison "Aye"
Jennings Phillips, Jr. "Aye"
Glen N. Greener "Aye"
Stephen L. Harmsen "Aye"
Herman J. Hogensen "Aye"
The Resolution is as follows:
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF SIX MILLION DOLLARS
($6,000,000.00) TAX ANTICIPATION BONDS OF SALT LAKE CITY, UTAH, SERIES
OF JULY 1, 1975.
WHEREAS, there is an immediate and pressing need for the raising
of funds in the amount of Six Million Dollars (6,000,000.00) for the
purpose of meeting the current expenses of Salt Lake City for the fiscal
year ending June 30, 1976, until the payment of taxes and the receipt
of other revenues for said fiscal year, and
WHEREAS, said sum now to be raised, together with other indebted-
ness incurred for the purpose of.meeting the current expenses of Salt
Lake City for the fiscal year ending June 30, 1976, is not in excess
of the revenues to be raised for such fiscal year.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
SALT LAKE CITY, UTAH:
•
- 4 -
•
.Section 1. The City of Salt Lake City, Salt Lake County, Utah,
for the purpose of meeting expenses of said city for the fiscal year
July 1, 1975 through June 30, 1976, until the payment of taxes and other
revenues for such fiscal year, shall borrow the sum of Six Million
Dollars ($6,000,000.00) and for that purpose and as evidence of such
indebtedness shall issue Six bonds of the denomination of One Million
Dollars ($1,000,000.00) each, numbered one (1) to six (6) , inclusive,
dated July 1, 1975, due and payable June 30, 1976, bearing interest
at the rate of three and fifty hundredths percent (3.50%) per annum,
interest payable at maturity, both principal and interest being payable
at the places designated in the form of bond set forth below. Said
bonds shall be in substantially the following forms:
UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE CITY
TAX ANTICIPATION BOND
SERIES OF JULY 1, 1975
No. $1,000,000.00
KNOW ALL MEN BY THESE PRESENTS: That the above-named duly incorporated
City in the State of Utah, hereby acknowledges itself to be indebted
and for value received hereby promises to pay to the bearer hereof the
sum of One Million Dollars ($1,000,000.00) in lawful money of the United
States of America on the 30th day of June, 1976, at the Head Office of
Walker Bank & Trust Company, with interest thereon at the rate of Three
& Fifty/100ths per cent (3.50%) per annum from date until paid, interest
payable at maturity.
This bond is one of a series of similar bonds of like designation issued
in the aggregate amount of Six Million Dollars ($6,000,000.00) issued
pursuant to Section 10-8-6, Utah Code Annotated, 1953.
The governing body of the above-mentioned City shall levy in the fiscal
year ending June 30, 1976, a sufficient tax and shall provide for the
collection of sufficient revenues other than taxes to pay the principal
and interest on this bond as the same shall fall due, and this bond is
issued in anticipation of the payment of such taxes and the collection
of such revenues for such fiscal year.
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 to be levied and collected for such fiscal year
and that said indebtedness was and is contracted for the purpose for
which said taxes and revenues are levied and to be collected.
It is further certified, recited and declared that all conditions, acts
and things essential to the validity of this bond exist, have happened
and have been done, and that every requirement of law affecting the issue
hereof has been duly complied with, and that this bond is within
every debt and other limit prescribed by the Constitution and Laws
of said State, and that the full faith and credit of the above-named
City are hereby irrevocably pledged to the punctual payment of the
principal and interest of this bond according to its terms.
IN WITNESS WHEREOF, the above-named City has caused this bond to be
signed by its Mayor, its corporate seal to be hereunto affixed, and
countersigned by its City Recorder, as of the 1st day of July, 1975.
Countersigned:
(Do not sign) (Do not sign)
City Recorder Mayor
•
'(SEAL)
There shall be endorsed on each of said bonds the following certificate:
"City Auditor's Certificate"
I hereby certify that this bond is within
the lawful debt limit of Salt Lake City,
Utah, and is issued according to law.
(Do not sign)
City Auditor
Section 2. All the covenants, statements, representations and
agreements contained in said bonds are hereby adopted as covenants,
statements, representations, agreements and promises of Salt Lake City,
Utah.
Section 3. The Mayor of Salt Lake City is hereby authorized
and directed to sign and execute said bonds and the City Recorder is
hereby authorized and directed to countersign the same and affix the seal
of Salt Lake City to said bonds and the City Auditor is hereby authorized
and directed to place upon said bonds the certificate in the manner
and form set forth above and the act of the Mayor, City Recorder and
City Auditor in so doing are and shall be the act and deed of Salt
Lake City.
Section 4. The Board of Commissioners shall levy in the fiscal
year ending June 30, 1976, a sufficient tax or provide for the collection
of sufficient revenues to pay the principal and interest on said bonds
as the same shall fall due and for the payment of said bonds and the
interest thereon the full faith, credit and taxing power of Salt Lake
City are hereby irrevocably pledged and the Board of Commissioners
hereby covenants with the holders of said bonds that it will levy in
such fiscal year sufficient taxes and provide for the collection of
sufficient revenues for the payment of the principal and interest
of said bonds.
Section 5. Walker Bank & Trust Company has offered to purchase
said bonds at a price of par plus accrued interest to the date of delivery
of said bonds, which price is satisfactory to the Board of Commissioners
and which offer is the highest, best, and most advantageous received
for the purchase of said bonds and will result in the lowest obtainable
rate of interest on said bonds. Said offer is and the same is hereby
accepted and the City Treasurer is hereby authorized and directed
to deliver said bonds to the purchaser thereof upon receipt of the
purchase price therefor.
- 6 -
;Section 6. It is hereby resolved and certified that all or. a
major portion of the proceeds of said bonds will not be used directly
or indirectly to acquire securities within the meaning of the Internal
Revenue Code or obligations (other than obligations of a state, a
territory, a possession of the United States or any political subdivision
of the foregoing or of the District of Columbia) which may be reasonably
expected at the time of issuance of such bonds to produce a yield over
the term of the bond;which is materially higher (taking into account
any discount or premium) than the yield on the bonds themselves or to
replace funds which were used directly or indirectly to acquire such
securities or obligations; provided, the foregoing certification shall
not preclude said City through its proper officers, from investing all
or part of the proceeds of such bonds for a temporary period in securities
of other obligations until such proceeds are needed for the purpose of
paying the current expenses of said City.
The City covenants it will make no use of the proceeds of said
issue of bonds which will cause the same to be arbitrage bonds within
the meaning of Section 103 (d) , Internal Revenue Code of 1954 as amended,
and the City will comply with the requirements of said section and the
lawful regulations adopted pursuant thereto throughout the term of the
issue.
Section 7. In the opinion of the Board of Commissioners because
of the necessity for funds to meet the current expenses of Salt Lake
City, an emergency is hereby declared it being necessary for the peace,
health and safety of the inhabitants of Salt Lake City, that this
resolution shall take effect at once.
Section 8. This resolution shall take effect immediately.
PASSED by the Board of Commissioners of Salt Lake City, Utah,
and approved this 30TH day of June, 1975.
Mayor
ATTEST:
City Recorder
- 7
•STATE OF UTAH
ss
COUNTY OF SALT LAKE)
I, Mildred V. Higham , the duly chosen, gualifiedwidlogicgtI4INT
City Recorder of Salt Lake City, Salt Lake County, Utah, do hereby
certify as follows:
1. The foregoing and attached pages are a full, true and correct
copy of the minutes of a regular meeting of the Board of Commissioners
of Salt Lake City, Utah, duly and lawfully called and held on the
30th day of June, 1975 at the hour of 10:30 o'clock a.m. insofar as
the minutes of such meeting refer to or concern the issuance of
$6,000,000.00 Salt Lake City, Utah Tax Anticipation Bonds, dated July
1, 1975; that said minutes and the resolution contained therein have
been duly recorded in my office in a book kept for that purpose; that
said meeting was duly called and lawfully held at the time and place
specified by ordinance of said City for regular meetings of said Board
of Commissioners establishing each Tuesday, Wednesday and Thursday at
10:00 o'clock a.m. as the time and the City Commission Chambers in the
City and County Building, Salt Lake City, Utah as the place for holding
of regular meetings of said Board of Commissioners; that the fore-
going proceedings were in fact held as in said minutes specified.
2. Salt Lake City, Utah is a city of the first class, was
incorporated on January 6, 1851, and according to the United States
census for the year 1970 had at that time a population of 176,793.
3. The names of the members of the Board of Commissioners and
municipal officers of Salt Lake City are as follows:
Term Expires
Mayor Conrad B. Harrison January 5, 1976
Commissioner Stephen L. Harmsen January 5, 1976
Commissioner Jennings Phillips, Jr. January 5, 1976
Commissioner Glen N. Greener January 2, 1978
Commissioner Herman J. Hogensen January 2, 1978
City Auditor Lawrence A. Jdnes January 2, 1978
City Treasurer Joseph L. Fakler Appointed January 1,
1972, still in office
City Recorder Mildred V. Higham Appointed January 7, 1975,
still in office
4. There is no litigation pending or threatened affecting in
any way the legality of the $6,000,000.00 Salt Lake City, Utah Tax
Anticipation Bonds, dated July 1, 1975, or any similar issue of bonds
- 8 -
•
Issued by Salt Lake City of the boundaries of the City or the title
to office of any of the officers thereof.
5. No referendum petition has been filed affecting in any way
the resolution passed by the Board of Commissioners of Salt Lake City,
Utah, authorizing the issuance of $6,000,000.00 Salt Lake City, Utah
Tax Anticipation Bonds, dated July 1, 1975.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of Salt Lake City this 30th day of June, 1975.
i//
City Recorder
(SEAL)
•
$TATE.:OF UTAH )
ss
COUNTY OF SALT LAKE)
The undersigned officers of Salt Lake City, Utah, indicated by
the official title opposite our names, hereby certify that on or before
July 1, 1975, we, and each of us, officially executed each of the
$6,000,000.00 Salt Lake City, Utah Tax Anticipation Bonds, dated July
1, 1975, each in the denomination of $1,000,000.00 each, numbered 1
to 6 inclusive, bearing interest at the rate of Three and Fifty hundredths
per cent (3,50%) per annum, both principal and interest being due and
payable on June 30, 1976, by signing said bonds in the manner and capacity
indicated by our signatures and titles subscribed hereto, being on the
date this certificate bears and at the time said bonds were signed by
us, duly chosen, qualified and acting officers of said city, indicated
by said titles and authorized in all respects to execute the same.
We further certify that NO LITIGATION of any nature is NOW PENDING
or THREATENED, RESTRAINING or ENJOINING the issuance of and delivery
of said bonds or the levy and collection of taxes and other revenues
to pay the principal and interest of the same nor in any manner questioning
the proceedings and authority under which the same are issued or the
validity thereof; that neither the corporate existence or boundaries
nor the title of the present officers to their respective offices is
being contested; that no authority or proceedings for the issuance of
said bonds has been repealed, revoked or rescinded.
The corporate seal of Salt Lake City, Utah is impressed on each
of said bonds.
The undersigned Auditor further certifies that he has executed
on the back of said bonds a certificate reading substantially as follows:
City Auditor's Certificate
I hereby certify that this bond is within the
lawful debt limit of Salt Lake City, Utah, and
is issued according to law.
(Do not sign)
City Auditor
- 10 -
:. IN WITNESS WHEREOF, we have hereto affixed our signatures and
impressed thereon the official seal of Salt Lake City, Utah, on this
30thday of June, 1975.
SIGNATURES OFFICIAL TITLE
Mayor, Salt Lake City, Utah
l �
G' /Y L '
�jl�,'�C(i/ f�G/ l/� City Recorder, Salt Lake City, Uta
City Auditor, Salt Lake City, Utah
I her y certify that the signatures of the officers above sub-
scribed are true and genuine.
WALKER BANK & TRUST COMPANY
By:
Glen V. Margetts
Assistant Vice President
- 11 -
STATE OF UTAH )
ss
COUNTY OF SALT LAKE) AUDITOR'S CERTIFICATE
I, Lawrence A. Jones, the duly chosen, qualified and acting City
Auditor of Salt Lake City, Utah, do hereby certify as follows:
1. The total assessed valuation of all taxable property
in the City, according to the assesment for the year 1974
as fully equalized was $ 352,133,614
and for the year 1975 will not be less than $ 372,006,006
2. The tax levy for the City for the year 1974 was
24.50 mills and produced the sum of $ 8,627,274
and license fees and other revenues received to date during
the fiscal year ending June 30, 1976, exclusive of such taxes,
is $ 19,582,891
3. The estimated expenses for the fiscal year ending
June 30, 1976, will be $ 32,414,221
which sum it will be necessary to raise by taxes and other
revenues during such fiscal year.
4. The estimated tax levy for the year 1975 is 23.50
mills, which is estimated to produce the amount of $ 8,479,877
and the license fees and revenues other than from general taxes
of Salt Lake City for the fiscal year ending June 30, 1976,
are estimated to produce $ 23,934,344
so that the total estimated taxes and other revenues of Salt
Lake City levied and to be collected for the fiscal year
ending June 30, 1976 will be $ 32,414,221
of which there has been received to the date of this certificate
bears the sum of $ None
5. The taxes heretofore levied for all previous years
not yet collected or paid to said City which are outstanding
and uncollected on the date this certificate bears are
approximately $ 182,000
6. The total authorized issue of $6,000,000.00 Salt
Lake City Tax Anticipation Bonds, dated July 1, 1975, may
be legally issued and delivered within the debt limit of said
City, is not in excess of the estimated taxes and other
revenues of said City for the fiscal year ending June 30,
1976, and is made in anticipation of the collection of such
taxes and other revenues.
7. The total indebtedness of said City made in anticipa-
tion of the collection of taxes and other revenues for the
fiscal year ending June 30, 1976, including the present
issue of $6,000,000.00 Salt Lake City, Utah, Tax Anticipation
Bonds, dated July 1, 1975, is $ 22,290,000
8. The aggregate amount of floating and other indebted-
ness of said City of every nature whatsoever, including all
outstanding warrants in excess of the funds on hand and
available for payment of such warrants, other than the indebted-
ness mentioned in paragraphs 7, 9 and 10 is $ None
9. The City has revenue bonds outstanding in the sum of $ 120,000
for which $ 30,000
is required for principal and interest payments during the
fiscal year ending June 30, 1976.
10. The total bonded general obligation indebtedness
of said City, exclusive of the present issue of $6,000,000.00
Salt Lake City, Utah, Tax Anticipation Bonds, dated July 1,
1975, is $ 16,290,000
- 12 -
•
and the total amount of cash in all sinking funds of the City
set aside for the payment of such indebtedness is not less than $5,292,587
11. The City has never within the last ten years
'defaulted for fifteen days or more in the payment of principal
or interest of any bonded debt authorized to be contracted
by it.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of Salt Lake City, Utah, as of this 30th day of June,
1975.
2
C ty Auditor _
✓ City,'
(SEAL)
•
•
- 13 -
ARBITRAGE CERTIFICATE
(Tax Anticipation Bonds)
STATE OF UTAH
ss
COUNTY OF SALT LAKE)
The undersigned Treasurer of Salt Lake City, Utah, "Issuer,"
Certifies and reasonably expects that the following will occur with
respect to the tax anticipation bonds of the Issuer in the aggregate
principal amount of $6,000,000.00 dated July 1, 1975, (the "Bonds") :
1. The Bonds are to be issued in anticipation of the collection of
taxes and other revenues of the Issuer for the current year and are for
the purpose of financing all or a portion of the maximum anticipated
cumulative cash flow deficit of the Issuer computed pursuant to the
regulations proposed by the United States Treasury Department published
in the Federal Register on May 3, 1973.
2. The maximum anticipated cumulative cash flow deficit of the
Issuer from the date of issue of the Bonds to maturity is computed as
follows:
Cumulative
Estimated Estimated Surplus (or
Expense (a) Receipt (b) Deficit) at
end of month (c)
Cash and other amounts
(d) available for payment
of expenditures as of the
end of the month of
June, 1975 (insert last $ 100,000
month preceding date of
issue for which figures
are available) .
Each succeeding month
from issue to maturity $ $ $
July 2098,783 557,958 (1,940,825)
August 2,679,300 1,470,970 (3,149,155)
September 3,037,147 2,024,475 (4,161,827)
October 2,854,920 853,911 (6,162,836)
November 2,266,528 1,856,984 (6,572,380)
December 2,723,050 9,437,147 135,717
January, 1976 2,094,228 1,766,861 (191,650)
February 2,554,667 2,359,192 (387,125)
March 2,682,254 4,787,760 1,718,381
April 2,052,470 1,370,828 1,036,739
May 2,582,570 2,381,600 835,769
June 4,482,981 3,747,212 100,000
- 14 -
Footnote (a) "Estimated Receipts" does not include receipt's
which do not become a part of the general funds of
the Issuer because they can only be used for specific
purposes and "Estimated Expenses" does not exclude
expenses from receipts which are so earmarked and
limited. All other receipts, including receipts
from investments, property taxes, fees and other
revenue available for gereral purposes of the Issuers
and all expenditures from such funds for such
purposes are included in such estimates.
Footnote (b) For purposes of the foregoing computation, it has
been assumed that all receipts will be received on
the first day of each month.
Footnote (c) "Cumulative Surplus" does not include the amount of
a cash balance reasonably required by the Issuer as
a reserve for payment of expenditures.
Footnote (d) Amounts in accounts, including general fund accounts
and special accounts, have been considered to be
available for the payment of expenditures to the
extent that such accounts may be invaded to pay
such expenditures without a legislative, judicial
or contractual requirement that such accounts be
reimbursed.
3. The maximum cumulative cash flow deficit according to the
foregoing computation is $ 6,572,380
and the amount reasonably required by the Issuer as a cash
balance on hand at all times is $ 2,729,050
so that the total maximum anticipated cumulative cash flow
deficit during the period prior to maturity of the bonds is $ 9,301,430
' On the basis of the foregoing, it is not expected that the proceeds
of the Bonds will be used in a manner which cause the Bonds to be
Arbitrage Bonds under Section 103 (d) of the Internal Revenue Code and
the regulations prescribed under the Section. To the best of my know-
ledge and belief, there are no other facts, estimates or circumstances
that would materially change the foregoing conclusion.
DATED this .SeJrj day of June, 1975.
r asurer
- 15 -
V
STATE OF UTAH
ss
COUNTY OF SALT LAKE )
RECEIPT
I. Joseph L. Fakler, the duly chosen, qualified and acting
Treasurer of Salt Lake City, Utah, do hereby certify that I have on
this / day of July, 1975, received from Walker Bank & Trust
Company, the purchase price of $6,000,000.00 Salt Lake City, Utah
Tax Anticipation Bonds, dated July 1, 1975, bonds numbered 1 through
6 in the principal amount of $1,000,000.00 each, due June 30, 1976,
and bearing interest at the rate of 3.50% per annum, said purchase
price being as follows:
Principal $6,000,000.00
Premium 7,200.00
Total $
I herby certify that the officers who signed the bonds, viz:
Conrad B. Harrison, Mayor, Salt Lake City, Utah, Lawrence A. Jones,
Mildred V. Higham Recorder,
Auditor, Salt Lake City, Utah, and
Salt Lake City, Utah are still in office.
DATED this day of July, 1975.
111
(SEAL)
- 16 -