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44 of 1979 - A resolution ratifying and confirming the Official Notice of Sale of the $10,000,000 Tax Anticipatio ROLL CALL \ VOTING Aye Nay Mr.Chairman gj " Agraz f Greener ✓ Campbell litaggiaggaNAL Phillips Result 1 • Salt Lake City, Utah • June 28, 1979 The City Commission of Salt Lake City, Salt Lake County, Utah met in regular session on June 28, 1979, at the office of the City Commission in Room 301 in the City and County Building in Salt Lake City, Utah, legal and timely notice of said meeting having been given to all members as required by law. On roll call, the following members, constituting a quorum, were present: ZedoduxWilcsamx yxxxx Jess A. Agraz Commissioner Glen N. Greener Commissioner David Campbell Commissioner Jennings Phillips, Jr. Commissioner Also present: Mildred Higham City.Recorder Commissioner Phillips, Temporary Chairman After the conduct of other business. b0(50WOOkx=stateu that the meeting was called pursuant to notice for the purpose, among other things, of opening sealed bids received up to 10:00 a.m. , M.D.T. , for the purchase of $10,000,000 Tax Anticipation Notes, dated July 1, 1979 of Salt Lake City, Salt Lake County, Utah. The City Recorder then presented the sealed bids for the purchase of said Tax Anticipation Notes, dated July 1, 1979, which had been received, which bids we opened and found to be as follows: Interest Premium, Net Name of Bidder Rate If Any Interest Cost Interest Premium, Net Name of Bidder Rate If Any Interest Cost Wells Fargo Bank, N.A. Crocker National Bank 5.14% $25.00 $512,547,11 Smith Barney, Harris Upham Co., Inc. 5.30% $1,500.00 $527,077.28 Morgan Guarantee Salomon Brothers 5.35% $6,282.00 $527,213.89 United California Bank (S.F.) Continental Bank & Trust Co. (SL) 5.35% $5,101.00 $528,412.89 Citibank, N.A. The First Boston Corporation 5.36% -0- $534,511.10 First National Bank of Chicago Northern Trust A. G. Becker, Inc. Shawmut Bank of Boston, N.A. 5.40% $2,493.06 $536,006.94 Bank of America, N.T. & S.A. Bankers Trust Continental Illinois National Bank & Trust Company of Chicago Ehrlich-Babor & Co., Inc. 5.45% $11.00 $543,475.11 la • After due deliberation, it was determined that the bid of Wells Fargo Bank, N.A. & Crocker National Bank I of San Francisco , California was the highest and best bid submitted for the purchase of said Notes, and which bid reads in full as follows: s:.. /4y uS4 WELLS FARGO BANK NATIONAL ASSOCIATION HEAD OFFICE 4S4 CAUFORNIA STREET P.O.BOX 44014 INVESTMENT DIVISION SAN FRANCISCO.CALIFORNIA.94144 June 25, 1979 City Commission Room 301 City and County Building Salt Lake City, Utah 84111 Gentlemen: For the legally issued SALT LAKE CITY, UTAH, TAX ANTICIPATION NOTES in the principal amount of $ 10,000,000.00 , as described in your notice of sale for said note(s), we hereby bid you par value thereof; plus a premium of $ 25.00 , thereon plus accrued interest to the date of delivery. Said note(s) to be dated July 1, 1979 and will be due and payable on June 30, 1980 bearing interest at the rate of_Onterest to be figured on thirty day month and three hundred sixty day year. '5.14% Said note(s) to be noncallable and be in denominations of 50 x 100111, 75 x500, 50x250 The above bid is made with the understanding that if successful we shall be furnished at no expense with the satisfactory opinion of Messrs. Fox, Edwards & Gardiner approving in all respects the legality of the above described note(s), and the exemption of the interest thereon for federal income tax purposes. As evidence of our good faith, we enclose herein a cashier's check for $ 200,000.00. , with the understanding that this check is to be applied as part payment if our bid is accepted, otherwise it is to be promptly returned to us. Respectfully submitted, WELLS FARGO BANK, N.A. rrnnlrcr National Bank Commissioner Jennings Phillips, Jr. thereupon introduced. the following resolution in writing and moved its adoption: RESOLUTION A resolution ratifying and confirming the Official Notice of Sale of the $10,000,000 Tax Anticipation Notes dated July 1, 1979 and the calling of bids, awarding the sale of said Notes, providing for their issuance, sale, delivery and setting forth the note form. WHEREAS, it is necessary to raise the sum of Ten Million Dollars ($10,000,000) for the purpose of meeting the current expenses of Salt Lake City for the fiscal year ending June 30, 1980, until the payment of taxes and receipt of other revenues for said fiscal year, and that such sum can be raised without incurring any indebtedness or liability in excess of the taxes or other revenues for the current fiscal year or exceeding any limit of debt imposed by the Constitution and statutes of the State of Utah; and WHEREAS, it has been determined to sell said Notes at National Bank this time and the bid of Wells Fargo Bank, N.A. & Crocker / oL San Francisco , California , for the • purchase of said Notes is the highest and best offer received, which offer proposes to purchase said Notes at the price of par and accrued interest to the date of delivery plus a premium of $ 25.00 , said Notes to bear interest as hereinafter set out; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF SALT.LAKE CITY, SALT LAKE COUNTY, STATE OF UTAH AS FOLLOWS: Section 1. It is hereby found and declared after due investigation of the best offer possible to be made for the purchase of $10,000,000 Tax Anticipation Notes, dated July 1, 1979, of Salt Lake City, Salt Lake County, that National Bank Wells Fargo Bank, N.A. r; Crocker / , of San Francisco California , has agreed to submit and has submitted its offer to purchase the Notes herein authorized at par and -3- accrued interest to the date of delivery, plus a premium of $ 25.00 • , bearing interest at the rate hereinafter set out, that said offer to purchase said Notes is the highest, best and most advantageous offer received and, in the opinion of the Commission, the most advantageous offer that might be received for said Notes, and that said offer, being satisfactory to the Commission, is hereby accepted. The Commission agrees to furnish all necessary documents and information required by bond counsel and also agrees that the reinvestment of the tax anticipation note proceeds shall not be invested in such a manner as to create an unlawful arbitrage. Section 2. There shall be issued by the City Commission of Salt Lake City, Salt Lake County, Utah, Notes in the amount of $10,000,000 for the purpose of meeting the current expenses of Salt Lake City for the fiscal year ending June 30, 1980, until the payment of taxes and the receipt of other revenues for said fiscal year. Said Notes shall be known as "Salt Lake City, Utah Tax Anticipation Notes, dated July 1, 1979", shall be numbered 1 to 175 , inclusive; shall bear interest at the rate of 5.14 % per annum from their date until paid, payable at maturity, shall fall due on June 30, 1980, and shall be numbered and be in denominations as follows: NOTE NUMBERED DENOMINATION AMOUNT 1 through 50 $25,000 $1,250,000 51 through 125 $75,000 $3,750,000 126 through 175 $100,000 $5,000,000 • -4- Both principal of and interest on said Notes shall be payable in lawful money of the United States of America at Morgan Guarantee Trust Company, , in New York , New York . Said Notes shall be signed by the Mayor, attested by the City Recorder and shall have the corporate seal of the Municipality affixed. Section 3. Said Notes and the endorsement to appear on the back thereof shall be in substantially the following form: -5- • UNITED STATES OF AMERICA STATE OF UTAH • COUNTY OF SALT LAKE No. $ SALT LAKE CITY, UTAH TAX ANTI C I PAT I O N NOTE Dated July 1, 1979 Salt Lake City, Salt Lake County, Utah ("Issuer"), hereby acknowledges itself to be indebted, and for value received hereby promises to pay to the bearer hereof, the sum of THOUSAND DOLLARS ---- ($ in lawful money of the United States of America, on the 30th day of June, 1980, at , in , with interest thereon at the rate of percent ( %) per annum from date until paid, payable at maturity. This Note is one of ( ) notes of like tenor and date, except as to denomination, numbered from one (1) to ( ), inclusive, and known as "SALT LAKE CITY, UTAH, TAX ANTICIPATION NOTES, DATED JULY 1, 1979" for an aggregate amount of Ten Million Dollars ($10,000,000) issued under and pursuant to Utah Code Annotated, Section 10-8-6 (1953) as amended and other applicable Utah law. It is hereby covenanted, certified, recited and declared that this Note is given in anticipation of the collection of taxes to be levied for the current fiscal year, in evidence of money borrowed to meet current expenses of the Issuer during said current fiscal year until payment of the taxes for such year, that taxes within the limit provided by law and sufficient to pay principal of and interest on this Note as the same falls 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 said Issuer for such fiscal year have been or will be levied in such fiscal year on all taxable property within the boundaries of the Issuer and that a sufficient fund has been appropriated for the payment of the principal of and interest on this Note as the same shall fall due. It is hereby further certified, recited, and declared that the aggregate indebtedness incurred by said Issuer for this current fiscal year, including this and other Notes, is not in excess of the total of the Issuer's taxes levied, or to be levied, and to be collected for the current fiscal year, and that said indebtedness was and is contracted for the purpose for which said taxes are levied. -6- It is further certified, recited and declared that all acts, conditions and things essential to the validity of this Note exist, have happened and have been done, and that every requirement of law affecting the issue thereof has been duly complied with, and that this Note is within every debt and other limit prescribed by the Constitution and Laws of the State of Utah. The full faith, credit, resources and all taxable property within the limits of the Issuer are hereby irrevocably pledged to the levy of taxes for the fiscal year in which this Note is issued and for the collection and proper allocation of such taxes and other revenues provided for such fiscal year to the prompt payment of principal and interest on this Note and the issue of which it is one, according to its terms. IN WITNESS WHEREOF, the Issuer has executed this Note by causing it to be signed by its Mayor and its City Recorder, and the seal of the Issuer to be affixed hereto as of the 1st day of July, 1979. /s/ (Do not sign) /s/ (Do not sign) City Recorder Mayor There shall be endorsed on each of said Notes a certificate reading as follows: AUDITOR'S CERTIFICATE I hereby certify that the within Note is issued in accordance with law and is within the debt limit of Salt Lake City, Salt Lake County, permitted by the Constitution and Laws of the State of Utah. /s/ (Do not sign) City Auditor -7- • Section 4. All the covenants, statements, representations, agreements and promises contained in said Notes, and all recitals and representations in this resolution, are hereby adopted as the covenants, statements, agreements and promises of Salt Lake City, Salt Lake County, Utah. Section 5. The proceeds derived from the sale of said Notes shall be used solely for the purpose of meeting the current expenses of Salt Lake City for the fiscal year ending June 30, 1980, until the payment of taxes and the receipt of other revenues for said fiscal year, but the holders of said Notes shall be in no wise responsible for the application of the proceeds thereof by said Municipality or any of its officers. Section 6. The City Commission shall levy in the fiscal year ending June 30, 1980, a sufficient tax or provide for the collection of sufficient revenues other than taxes to pay the principal and interest on said Notes as the same fall due and such Notes are issued in anticipation of the payment of such taxes and collection of such revenues for the fiscal year ending June 30, 1980. Section 7. There is hereby irrevocably appropriated from the first collection of taxes and other revenues a sufficient fund to pay the principal and interest on said Notes as the same shall fall due, and all expenses in connection therewith, and all collection and other charges incident thereto or connected therewith shall be paid by Salt Lake City. National Bank Section 8. The offer of said Wells Fargo Bank, N.A. & Crocker / is hereby accepted and the Mayor and the City Recorder are hereby authorized and directed to sign, execute, deliver and issue said Notes on behalf of the Salt Lake City Commission National Bank to Wells Fargo Bank, N.A. & Crocker / upon receipt of the -8- purchase price therefor, and the City Recorder is hereby authorized' and directed to affix the seal of said Municipality thereto, and the City Auditor is hereby authorized to place upon said Notes his certificate in the manner and form hereinbefore set forth. The acts of the Mayor, City Recorder and City Auditor in signing, executing, delivering, and issuing said Notes shall be the acts and deeds of the Municipality. Section 9. The proceeds derived from the sale of said Notes shall not be reinvested in securities or obligations yielding interest at a materially higher rate than said Notes, except for a temporary period, and said proceeds shall not be otherwise used so as to render said Notes "arbitrage bonds" under Section 103(d) of the Internal Revenue Code and regulations issued or promulgated thereunder. Section 10. All resolutions and orders or parts thereof in conflict with the provisions hereof are to the extent of such conflict hereby repealed. Adopted and approved thik 2 th day f June, 1 . t7porary Chairm� ATTEST: City ecor er (S E A L) -9- After due consideration of said resolution by the City Commission the foregoing resolution was unanimously carried by the affirmative vote of all members present, the vote being as follows: AYE: xxdd:1>eoax Jess A. Agraz Glen N. Greener David Campbell Jennings Phillips, Jr. NAY: None l7-' Terms racy-Chairman ATTEST: City Recor e (S E A L) -10- STATE OF UTAH ss. COUNTY OF SALT LAKE ) I, Mildred Higham, the duly chosen, qualified and 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 Salt Lake City Commission held at the office of said Commission in Salt Lake City, Utah, on June 28, 1979, as recorded in the regular official book of minutes of the proceedings of said Commission kept in my office, that all Commissioners 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 City Commission this 28th day of June, 1979. ›y...Ge d / City. Recorer V (S E A L) -11- STATE OF UTAH ) CERTIFICATE OF COMPLIANCE ss. WITH OPEN MEETING LAW COUNTY OF SALT LAKE ) I, Mildred Higham, the duly qualified and acting City Recorder of Salt Lake City, Salt Lake County, Utah, do hereby certify that on the 27th_ day of June, 1979, 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 City Commission Chambers written notice of the regular meeting of the Salt Lake City Commission held on June 28, 1979 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 28th day of June, 1979. City Recorder (S E A L) (((��� Resolution No� — g}, Jennings Phillips, Jr. COMMISSIONER Ratifying and confirming the Official Notice of Sale of the $10,000,000 Tax Anticipation Notes dated July 1, 1979 and the calling of bids, awarding the sale of said Notes, providing for their issuance, sale, delivery and setting forth the note form. Presented to the Board of Commissioners AND PASSED JUN2 18 1979 t01, Ap- III ' 11166,. -17