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46 of 1979 - A RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF $2,195,000 SPECIAL IMPROVEMENT B ■ July 8. 1979• ;- Honorable Jennings Phillips, Jr. Commissioner of Public Affairs and Finance 211 City and County Building Salt Lake City, Utah Dear Commissioner Phillips: The Board of City Commissioners, at its meeting today. passed Reakhlthmi No. 48 of 1979, authorising the issuance and providing for the sale of $2,195,000 Special Improvement Bonds d Salt Lake City. Salt lake Cc atr, North Point Special Improvement District, Watsrmain ladeesion 544013. Yours truly, 74 � v City Recorder/� ma CC: Mayor Wilson Commissioner Campbell Commissioner Greener r ' Commissioner Agraz Attorney Water Treasurer Mr Pox Auditor Files-2 - l . / Salt Lake City, Utah July 3, 1979 The City Commission of Salt Lake City, Salt Lake County, Utah, met in regular session at its regular meeting place in said Municipality at 10:00 a.m. on Tuesday, the 3rd day of July, 1979, with the following members present: Glen N. Greener Commissioner Jennings Phillips, Jr. Commissioner Jess A. Agraz Commissioner David C. Campbell Commissioner Also present: Mildred V. Higham City Recorder Absent: Ted Wilson Mayor Commissioner Jennings Phillips, Jr. introduced and moved the adoption of the following resolution: RESOLUTION NO. 46 A RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF $2,195,000 SPECIAL IMPROVEMENT BONDS OF SALT LAKE CITY, SALT LAKE COUNTY, NORTH POINT SPECIAL IMPROVEMENT DISTRICT, WATERMAIN EXTENSION 35-4012; PRESCRIBING THE FORM OF BOND AND INTEREST COUPONS, MATURITY AND DENOMINATION OF SAID BONDS; PROVIDING FOR THE CONTINUANCE OF A GUARANTY FUND LEVY AS PROVIDED BY STATUTE; AND PROVIDING WHEN THIS RESOLUTION SHALL BE IN EFFECT. WHEREAS, the City Commission of Salt Lake City, Utah, has heretofore adopted proceedings for the construction of improvements in Salt Lake County, North Point, Utah, Special Improvement District, Watermain Extension 35-4012, and the Ordinance of said Municipality confirming the assessment roll for such improvements having been duly adopted and approved on the 7th day of June, 1978; and WHEREAS, notice of assessments to property owners in said District has been published in accordance with the requirements of the laws of the State of Utah and the ordinances of said Municipality, and notice of assessment has been mailed by the Treasurer to all the owners of property assessed in said District; and WHEREAS, the total cost of the project was $2,224,821.33, that the Municipality's portion was $--0--, that during the fifteen-day period following the effective date of the ordinance levying the assessment, property owners in said District have paid or have committed to pay $27,290.03 on the principal of their assessments, leaving an amount to be paid through the issuance of bonds or from funds provided by the Municipality of $2,197,531.30; and WHEREAS, for the purpose of saving the Municipality the time and expense of holding a public sale on the bonds, including preparation of the necessary documents therefor, Boettcher & Company of Salt Lake City, Utah, has agreed to submit and has submitted its offer to purchase the Bonds herein authorized at par and accrued interest, if any, to the date of delivery, bearing interest at a rate or rates hereinafter set out; and WHEREAS, in the opinion of the City Commission of Salt Lake City, the offer of Boettcher & Company to purchase said Bonds is the best and most advantageous offer received and the most advantageous offer that might be received for said Bonds; NOW, THEREFORE, Be It Resolved by the City Commission of Salt Lake City, Utah: Section 1. All the proceedings heretofore taken and adopted for the creation of Salt Lake City, Salt Lake County, North Point Special Improvement District, Watermain Extension 35-4012, and for the construction of improvements therein and the assessment of a part of the cost of constructing such -2- • improvements on and against the private properties in said District shall be and the same are hereby ratified, approved, and confirmed. No assessment will exceed the benefit to be derived from the improvements by the piece of property assessed and no parcel of property will bear more than its proportionate share of the cost of the improvements to be made. Section 2. For the purpose of payment of the cost and expense of such improvements against the funds created and to be collected from such special assessments, there shall be issued $2,195,000 Special Improvement Bonds of Salt Lake City, Salt Lake County, North Point Special Improvement District, Watermain Extension 35-4012. Said Bonds are to be dated as of the 1st day of July, 1979, will be issued in denominations of $5,000 and are not registrable as to principal and/or interest, and will mature serially in numerical order on June 30th as follows: DUE DATE PRINCIPAL AMOUNT COUPON RATE 1980 $215,000 6.15% 1981 $220,000 6.15% 1982 $220,000 6.15% 1983 $220,000 6.15% 1984 $220,000 6.15% 1985 $220,000 6.15% 1986 $220,000 6.15% 1987 $220,000 6.15% 1988 $220,000 6.15% 1989 $220,000 6.15% -3- • Both principal and interest shall be payable at Zions First National Bank, Salt Lake City, Utah. The Municipality has reserved the right to redeem the Bonds maturing on June 30, 1985, or after, in order of maturity, on June 30, 1984, or on any principal and interest payment date thereafter at a price equal to the principal amount of Bonds redeemed and accrued interest to the date of redemption. Section 3. Said Bonds and the coupons thereto attached shall be in substantially the following form: -4- STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY SPECIAL IMPROVEMENT BOND NORTH POINT SPECIAL IMPROVEMENT DISTRICT, WATERMAIN EXTENSION 35-4012 No. $5,000.00 For value received Salt Lake City, Salt Lake County, Utah, (the Issuer), a municipal corporation duly organized and existing under the laws of Utah, hereby promises to pay to bearer hereof, out of special funds available for such purpose, as hereinafter set forth, the principal sum of Five Thousand ($5,000.00) on the 30th day of June, 19 , with interest thereon until maturity at the rate of six and fifteen-hundredths percent (6.15%) per annum according to the coupons hereto attached, payable annually on the 30th day of June in each year, both principal and interest being payable in lawful money of the United States of America at Zions First National Bank, Salt Lake City, Utah, upon presentation and surrender of this Bond and of the annexed coupons as they severally become due. This Bond is one of a series of four hundred thirty-nine (439) Special Improvement Bonds (in denominations of $5,000) numbered consecutively from 1 to 439 both inclusive, issued by the Issuer, all of which are of like date and aggregate the total amount of $2,195,000. Payment of this Bond and the interest thereon shall be made from, and as security for such payment there is pledged, a special fund designated as the Bond and Interest Fund of Salt Lake City, Salt Lake County, North Point Special Improvement District, Watermain Extension 35-4012, containing the receipts derived by said Issuer from the special tax and assessment levied upon the property included in said Special Improvement District of said Municipality, by Salt Lake City Ordinance No. 80 which became effective on June 9, 1979, for the purpose of paying the cost of constructing a watermain consisting of approximately 7,360 feet of 36-inch water pipe, 26,840 feet of 24-inch water pipe, and 7,512 feet of 20-inch water pipe, together with valves, other appurtenances and other miscellaneous work necessary to complete the improvements in a proper and workmanlike manner under, by virtue of, and in full conformity with the Constitution and Laws of the State of Utah and certain ordinances and resolutions of said Issuer duly passed and made law thereof prior to the issuance hereof. The Municipality reserves the right to redeem the Bonds maturing on June 30, 1985, or after, in order of maturity, on June 30, 1984, or on any interest payment date thereafter at a price equal to the principal amount of Bonds redeemed and accrued interest to the date of redemption. It is hereby certified that a Special Improvement Guaranty Fund has been created by ordinance as authorized by Utah statutes, and said Issuer agrees that at all times -5- during the life of this Bond and until payment thereof in full, said fund shall be at all times maintained as therein required. This Bond is not a general obligation of the Issuer but is payable exclusively out of said Bond and Interest Fund and said Special Improvement Guaranty Fund. Said Issuer shall not be held liable for the payment of this Bond, except to the extent of the Funds created and received by said special assessments and to the extent of its Special Improvement Guaranty Fund; but said Issuer shall be held responsible for the lawful levy of all special assessments, for the continued maintenance of the Special Improvement Guaranty Fund as provided by law, and for faithful accounting, collection, settlement, and payment of the assessments and for the monies of said fund. Said special assessment made and levied to defray said cost, with accruing interest thereon, and the cost of collection of the assessment constitute a lien upon and against the property upon which such assessment was made and levied from and after June 9, 1979, the date upon which the ordinance levying such assessment became effective, which lien is superior to the lien of any trust deed, mortgage, mechanic's or materialman's lien, or other encumbrance. Said lien is equal to and on a parity with the lien for general property taxes and shall continue until said assessment and interest thereon are paid, notwithstanding any sale of the property for or on account of a general property tax, special tax, other assessment, or the issuance of an auditor's deed. It is hereby further certified, recited and declared that all acts, conditions and things essential to the validity of the Bond exist, have happened, and have been done in due time, form and manner as required by law, and that the total issue of special improvement Bonds of said Issuer for said District, including this Bond, does not exceed the amount authorized by law nor the special assessment levied to cover the cost of said improvements in said District, and that all of said special assessment has been lawfully levied. This Bond is subject to the conditions, and every holder hereof by accepting the same agrees with the Issuer and every subsequent holder hereof, that (a) delivery of this Bond to any transferee shall vest title in this Bond and in the interest coupons attached hereto in such transferee to the same extent for all purposes as would the delivery under like circumstances of any negotiable instrument payable to Bearer; (b) the Issuer and any agent of the Issuer may treat the bearer of this Bond as the absolute owner hereof for all purposes, and shall not be affected by any notice to the contrary; (c) the principal of and the interest on this Bond shall be paid, and this Bond and each of the coupons appertaining thereto are transferable, free from and without regard to any equities between the Issuer and the original or any intermediate holders hereof, or any setoffs or crossclaims; and (d) the surrender to the Issuer or any agent of the Issuer of this Bond and each of the coupons shall be a good discharge to the obligor for the same. -6- I IN WITNESS WHEREOF, the Issuer has caused this Bond to be signed by the manual signature of its Acting City Treasurer and countersigned by the facsimile signature of its City Recorder, and the annexed coupons to bear the facsimile signature of the Acting City Treasurer and this Bond to be dated as of the 1st day of July, 1979. Acting City Treasurer Countersigned: City Recorder ( S E A L ) -7- (Form of Coupon) Coupon No. $ On the 30th day of June, 19_ unless the hereinafter mentioned Bond has been duly called for redemption and provision for the payment thereof duly made, Salt Lake City, Salt Lake County, Utah, will pay the bearer hereof $ in lawful money of the United States of America, out of a special fund designated the Bond and Interest Fund of Salt Lake City, Salt Lake County North Point Special Improvement District, Watermain Extension 35-4012, and Special Improve- ment Guaranty Fund at Zions First National Bank, Salt Lake City, Utah, one year's interest on its Special Improvement District Bonds, dated July 1, 1979. (Facsimile Signature) Acting City Treasurer Bond No. -8- Section 4. Said Bonds shall be signed by the manual signature of the Acting City Treasurer and countersigned by the facsimile signature of the City Recorder, with the seal of the Municipality affixed, and the annexed coupons shall bear the fascimile signature of the Acting City Treasurer. The City Commission does hereby ratify, approve and confirm the execution of said Bonds by the said officers and the Acting City Treasurer is hereby authorized to issue and deliver the Bonds to the purchasers thereof, their agents or assigns, on receipt of the purchase price therefor. Section 5. The sale of the Bonds to Boettcher and Company of Salt Lake City, Utah, at the price of par and accrued interest to the date of delivery in accordance with the terms of the offer to purchase submitted by said purchaser on this date is hereby in all respects adopted and confirmed; it being the opinion of the City Commission that said offer to purchase is economically beneficial to the City and is the best and most advantageous offer received or that might be received for said Bonds. Said Bonds shall be delivered to the purchaser as soon as they may be legally issued, upon receipt by the Acting City Treasurer of the agreed purchase price therefor. Section 6. The Acting Treasurer shall be and is hereby authorized and empowered, and it shall be his duty to receive and collect all assessments levied to pay the cost of said improvements, the installments thereon, the interest thereon, and the penalties accrued, including without limiting the generality of the foregoing, the whole of the unpaid principal which becomes due and payable immediately because of the failure to pay any installment whether of principal or interest, when due, and to pay and disburse such payments to the person or persons lawfully entitled to receive the same in accordance with the laws of the State of Utah and all the -9- ordinances and resolutions of said Municipality heretofore or to be hereafter adopted. All monies constituting the payment of principal and interest shall be placed in a special fund to be designated "Bond and Interest Fund of Salt Lake City, Salt Lake County, North Point Special Improvement District, Watermain Extension 35-4012, and shall be used for the purpose of paying the principal of and the interest on Special Improvement Bonds of said Special Improvement District and for no other purpose whatsoever, and as security for such payment, said fund is hereby pledged. Section 7. The provisions of Section 5 of Ordinance No. 80 adopted and approved by the City Commission of Salt Lake City, Utah, on the 7th day of June, 1979, in reference to a Special Improvement Guaranty Fund is hereby readopted and the Municipality agrees with the holder of the Bonds herein authorized that it will, until the payment of said Bonds in full and the interest thereon has been paid, provide amounts to be transferred to the Special Improvement Guaranty Fund equal each year to such amount as a tax levy of one mill on all property in the Municipality will produce until the Special Improvement Guaranty Fund is equal to not less than forty percent (40%) of the amount of all outstanding special improvement bonds of all special improvement districts of the Municipality, and thereafter, the Municipality will transfer to such fund such amounts at least yearly as may be required to maintain or replenish such funds to such percentage. The Special Improvement Guaranty Fund shall be maintained separate and apart from other Municipal funds and shall be used and applied only as provided by the laws of the State of Utah. Section 8. Should there be insufficient money in the Bond and Interest Fund to pay all of the interest falling due -10- at one time and the prin,=ipa1 amount thereof due, the said interest and principal shall be paid from said Guaranty Fund to the extent that there is sufficient money in said Guaranty Fund for this purpose, and these Bonds are payable exclusively from the special assessments levied for said purpose and the said Special Improvement Guaranty Fund. Section 9. The assessments and interest thereon shall continue to constitute and are hereby declared to be a lien in the several amounts assessed against every lot or tract of land in said Salt Lake City, Salt Lake County, North Point Special Improvement District, Watermain Extension 35-4012 from and after June 9, 1979, the date on which the ordinance levying the special assessments became effective, which lien shall be superior to the lien of any trust deed, mortgage, mechanic's or materialman's lien, or other encumbrance, and shall be equal to and on a parity with the lien for general property taxes. Such lien shall continue until the assessment and any interest thereon are paid, notwithstanding any sale of the property for or on account of a general property tax, special tax, other assessment, or the issuance of an auditor's deed. Section 10. Said funds hereinabove referred to shall be kept separate and apart from each other and from any other funds of the Municipality and shall, from time to time as they are accumulated, be deposited in such bank or banks as are designated as depositories of public monies for funds of said Municipality under the Depository Laws of the State of Utah for the deposit of public funds. Section 11. Default in the payment of any installment of principal or interest of said assessment when due shall cause the whole of the unpaid principal or interest to become due and payable immediately and the whole amount of the unpaid principal shall thereafter draw interest at the rate -11- of 10% per annum until paid. The Municipality covenants and agrees that it will proceed with due diligence to place in operation the procedure necessary to provide for a tax sale of all delinquent property in accordance with the ordinances of said Municipality and the laws of the State of Utah and that the proceeds from the sale of any property sold will be placed in the Bond and Interest Fund hereinabove referred to. Section 12. This resolution shall be effective immediately upon its passage. ADOPTED AND APPRO 1 this 3rd day of J , 1979. 1440/ i • kL .L(;AIAt1 �-EL Zvi �•or.ry airman A ATTEST:�y iad, /:,/,,,74.,2444., City Recorder (S E A L) • -12- The foregoing resolution, being put to a vote, was unanimously carried by the affirmative vote of all Com- missioners present, the vote being as follows: Those voting AYE: Glen N. Greener Jennings Phillips, Jr. Jess A. Agraz David C. Campbell Those voting NAY: None It appearing that more than a majority of the Commission had voted in favor of the motion, the Temporary Chairman thereupon declared the ,otion carried - d the re-olution adopted. Al- / i /r.IIJ, _id( ui:orav ' airman ATTEST: J/../L. '.. / \ City °ecor.er ( SEAL ) -13- • Other business not pertinent to the foregoing appears in the minutes of the meeting. Upon motion duly ma \ and carried, th ting was adjourned. ttrtaC emporary airman • ATTEST: 7•lki4, 7g C/City Recorder ( SEAL ) -14- STATE OF UTAH ) ss. COUNTY OF SALT LAKE ) I, MILDRED HIGHAM, the duly appointed, qualified and acting City Recorder of Salt Lake City, Utah, do hereby certify that the above and foregoing is a full, true and correct copy of the record of proceedings of the City Commission of Salt Lake City, Utah, at its meeting held on the 3rd day of July, 1979, insofar as the same relates to or concerns Salt Lake City, Salt Lake County North Point Special Improvement District, Watermain Extension 35-4012, and the adoption of a Resolution authorizing the issuance of special improvement bonds as the same appears of record in my office. I further certify that there is on file in my office a permanent record of the foregoing resolution for said Special Improvement District. IN WITNESS WHEREOF, I have hereunto subscribed my official signature and affixed the official seal of said City this ,.3'4--L day of July, 1979. City Recorder J ( SEAL ) -15- STATE OF UTAH ss. CERTIFICATE OF COMPLIANCE COUNTY OF SALT LAKE ) WITH OPEN MEETING LAW I, Mildred V. Higham, the duly qualified and acting City Recorder of Salt Lake City, Salt Lake County, Utah, do hereby July certify that on the end day of imam, 1979, pursuant to Utah Code Annotated Section 52-3-6 (1953), as amended, there was posted (at least 24 hours prior to the meeting time) on the bulletin board provided for such purposes in the Salt Lake City and County Building written notice of the regular meeting of the City Commission held on July 3, 1979, at said Chambers, together with the proposed agenda thereof. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said Municipality this 3rd day of July, 1979. City Recorder ( SEAL ) -16- I- , Resolution No. 16 • By Jennings Phillips. Jr. (I! COMMISSIONER Authorizing the issuance and providing for the sale of$2,195,000 Special Improvement Bonds of Salt Lake City, Salt Lake County, North Point Special Improvement District, Watermain Extension 35-4012;prescribing the form of bond and interest coupons, maturity and denomination of said bonds providing for the continuance of a guaranty fund levy as provided by statute;and providing when this resolu- tion shall be in effect. Presented to the Board of Commissioner% AND PASSED JUL 3 1979 %704.4eiffirmkst • CITY RE C.o"'.