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47 of 1981 - A RESOLUTION AWARDING THE SALE OF THE $11,700,000 TAX ANTICIPATION NOTES, SERIES 1981, PROVIDING FOR OFFICIAL BID FORM $11,700,000 TAX ANTICIPATION NOTES SERIES 1981 SALT LAKE CITY, UTAH Salt Lake City Council City and County Building Room 301 Salt Lake City, Utah 84111 City Council Members: For $11,700,000 par value, Tax Anticipation Notes, Series 1981, of Salt Lake City, dated July 1, 1981, denomination SZ5 000 or multiples thereof, and maturing on June 30, 1982, we will pay $11,7 1,�66.�5 plus accrued inter- est, to the date of delivery of said Notes to us. The schedule of maturity, coupon rate, total interest cost, the net inter- est cost, and the net effective rate of interest upon which this bid is based, with interest computed from July 1 to the maturity date of the Notes are as follows: Maturity Date Amount Coupon Note Year 6-30-82 $11,700,000 8.05 % 11,667.50 Toter Interest to Maturity $ 939.233.75 Less Premium $ 1,166.75 Net Interest Cost $ 938,067.00 Net Effective Interest Rate 8.04 % This bid is submitted in accordance with and subject to all provisions contained in the OFFICIAL NOTICE OF SALE of these Notes which by this refer- ence is made a part hereof. A cashier's or certified good faith check in the sum of $234,000, drawn upon an incorporated bank or trust company and payable to the order of the Salt Lake City Corporation is enclosed to be retained by said City and applied on the purchase price of these Notes if we are the successful bidder, otherwise to be returned to us. We hereby name Ibrgan Guaranty and Trust Co. of New York as paying agent or will so name the optional paying agent within 48 hours af- ter the award of bid as required in the OFFICIAL NOTICE OF SALE. Respectfully submitted this 2nd day of June, 1981. Morgan Guaranty and Associates by Zions Fi t ai Bank Li ati�n�i W. David Hemingway Accepted for and on behalf of the City Council of Salt Lake City this 2nd day of June, 1981. 6E47e'rallrman,4ty Council ATTEST: A ing City"'ecorder Good faith check # 'a 6?2/1 returned and receipt thereof acknowledged this, NJ day of jape- , 1981. 0 162 OFFICIAL BID FORM $11,700,000 TAX ANTICIPATION NOTES SERIES 1981 SALT LAKE CITY, UTAH Salt Lake City Council City and County Building Room 301 Salt Lake City, Utah 84111 City Council Members: For $11,700,000 par value, Tax Anticipation Notes, Series 1981, of Salt Lake City, dated July 1, 1981, denomination $25,000, or multiples thereof, and maturing on June 30, 1982, we will pay $ 11,702,333.50 plus accrued inter- est, to the date of delivery of said Notes to us. The schedule of maturity, coupon rate, total interest cost, the net inter- est cost, and the net effective rate of interest upon which this bid is based, with interest computed from July 1 to the maturity date of the Notes are as follows: Maturity Date Amount Coupon Note Year 6-30-82 $11,700,000 8.50% 11,667.50 Total Interest to Maturity $ 991.737.50 Less Premium $ 2.333.50 Net Interest Cost $ 989,404.00 Net Effective Interest Rate 8.480 This bid is submitted in accordance with and subject to all provisions contained in the OFFICIAL NOTICE OF SALE of these Notes which by this refer- ence is made a part hereof. A cashier's or certified good faith check in the sum of $234,000, drawn upon an incorporated bank or trust company and payable to the order of the Salt Lake City Corporation is enclosed to be retained by said City and applied on the purchase price of these Notes if we are the successful bidder, otherwise to be returned to us. We hereby name To he fPs{gn tPd as paying agent or will so name the optional paying agent within 48 hours af- ter the award of bid as required in the OFFICIAL NOTICE OF SALE. Respectfully submitted this 2nd day of June, 1981. Bank of Amprira NT & CA The Continental Illinois National Bank and Trust Company of Chinaso Bankers Trust Company Ehrlich-Bober & Co., Inc. Merrill Lynch, White Weld Capital Markets Group By: Bank of Americ. NT & SA By: ,6440 David V. Shanley Senior Account Executive Accepted for and on behalf of the City Council of Salt Lake City this 2nd day of June, 1981. Chairman, City Council ATTEST: Acting City Recorder Good faith chec #31—1 15i1 returned and receipt thereof acknowledged this 2Akk day of - , 1981. OFFICIAL BID FORM $11,700,000 TAX ANTICIPATION NOTES SERIES 1981 SALT LAKE CITY, UTAH Salt Lake City Council City and County Building Room 301 Salt Lake City, Utah 84111 City Council Members: For $11,700,000 par value, Tax Anticipation Notes, Series 1981, of Salt Lake City, dated July 1, 1981, denomination $25,000, or multiples thereof, and maturing on June 30, 1982, we will pay $ 11,700,000.00 plus accrued inter- est, to the date of delivery of said Notes to us. The schedule of maturity, coupon rate, total interest cost, the net inter- est cost, and the net effective rate of interest upon which this bid is based, with interest computed from July 1 to the maturity date of the Notes are as follows: Maturity Date Amount Coupon Note Year 6-30-82 $11,700,000 8.50% 11,667.50 Total Interest to Maturity $ 991,737.50 Less Premium $ - 0 - Net Interest Cost $ 991,737.50 Net Effective Interest Rate 8.50 This bid is submitted in accordance with and subject to all provisions contained in the OFFICIAL NOTICE OF SALE of these Notes which by this refer- ence is made a part hereof. A cashier's or certified good faith check in the sum of $234,000, drawn upon an incorporated bank or trust company and payable to the order of the Salt Lake City Corporation is enclosed to be retained by said City and applied on the purchase price of these Notes if we are the successful bidder, otherwise to be returned to us. We hereby name Chemical Bank as paying agent or will so name the optional paying agent within 48 hours af- ter the award of bid as required in the OFFICIAL NOTICE OF SALE. Respectfully submitted this 2nd day of June, 1981. First Interstate Bank of Utah as Agent for: Chemical Bank - Manager First National Bank of Boston Smith Barney First nterstate Bank of Utah Vice sident Accepted for and on behalf of the City Council of Salt Lake City this 2nd day of June, 1981. Chairman, City Council ATTEST: Acting City Recorder Good faith check #( i?Jf b3 returned and receipt thereof acknowledged this 2?"^day of �uu , 1981. OFFICIAL BID FORM $11,700,000 TAX ANTICIPATION NOTES SERIES 1981 SALT LAKE CITY, UTAH Salt Lake City Council City and County Building Room 301 Salt Lake City, Utah 84111 City Council Members: For $11,700,000 par value, Tax Anticipation Notes, Series 1981, of Salt Lake City, dated July 1, 1981, denomination $25,000, or multiples thereof, and maturing on June 30, 1982, we will pay $ 11,700,000 plus accrued inter- est, to the date of delivery of said Notes to us. The schedule of maturity, coupon rate, total interest cost, the net inter- est cost, and the net effective rate of interest upon which this bid is based, with interest computed from July 1 to the maturity date of the Notes are as follows: Maturity Date Amount Coupon Note Year 6-30-82 $11,700,000 8.68% 11,667.50 Total Interest to Maturity $ 1,012,739.00 Less Premium $ None Net Interest Cost $ 1,012,739.00 Net Effective Interest Rate - A 6R This bid is submitted in accordance with and subject to all provisions contained in the OFFICIAL NOTICE OF SALE of these Notes which by this refer- ence is made a part hereof. A cashier's or certified good faith check in the sum of $234,000, drawn upon an incorporated bank or trust company and payable to the order of the Salt Lake City Corporation is enclosed to be retained by said City and applied on the purchase price of these Notes if we are the successful bidder, otherwise to be returned to us. We hereby name To hp dpsi ❑ated later as paying agent or will so name the optional paying agent within 48 hours af- ter the award of bid as required in the OFFICIAL NOTICE OF SALE. Respectfully submitted this 2nd day of June, 1981. CITIBANK, N.A. THE FIRST BOSTON CORPORATION By: FIRST SECURITY BANK OF UTAH,N.A. as Agent By' l'�clf�T Jt e/ Accepted for and on behalf of the City Council of Salt Lake City this 2nd day of June, 1981. Chairman, City Council ATTEST: - Acting City Recorder Good faith check # 21—1' 9 2 eturned and receipt thereof acknowledged this 210day of ck.mo4, 1981. SAA"Annitv-4 (/�Anu OFFICIAL BID FORM $11,700,000 TAX ANTICIPATION NOTES SERIES 1981 SALT LAKE CITY, UTAH Salt Lake City Council City and County Building Room 301 Salt Lake City, Utah 84111 City Council Members: For $11,700,000 par value, Tax Anticipation Notes, Series 1981, of Salt Lake City, dated July 1, 1981, denomination $25,000, or multiples thereof, and maturing on June 30, 1982, we will pay $11,700,117.00 plus accrued inter- est, to the date of delivery of said Notes to us. The schedule of maturity, coupon rate, total interest cost, the net inter- est cost, and the net effective rate of interest upon which this bid is based, with interest computed from July 1 to the maturity date of the Notes are as follows: Maturity Date Amount Coupon Note Year 6-30-82 $11,700,000 • 8.70% 11,667.50 Total Interest to Maturity $ 1,015,072.50 Less Premium $ 117.00 Net Interest Cost $ 1,014,955.50 Net Effective Interest Rate 8.69899 This bid is submitted in accordance with and subject to all provisions contained in the OFFICIAL NOTICE OF SALE of these Notes which by this refer- ence is made a part hereof. A cashier's or certified good faith check in the sum of $234,000, drawn upon an incorporated bank or trust company and payable to the order of the Salt Lake City Corporation is enclosed to be retained by said City and applied on the purchase price of these Notes if we are the successful bidder, otherwise to be returned to us. We hereby name Bankers Trust Company, New York City, N.Y. as paying agent or will so name the optional paying agent within 48 hours af- ter the award of bid as required in the OFFICIAL NOTICE OF SALE. ti Respectfully submitted this 2nd day of June, 1981. FIRST NATIONAL BANK OF CHICAGO NORTHERN TRUST COMPANY A. G. BECKER, INC. By: FIRST SFCURITY BANK OF UTAN, N A , as Agent By: Accepted for and on behalf of the City Council of Salt Lake City this 2nd day of June, 1981. Chairman, City Council ATTEST: Acting City Recorder Good faith check # 3,-1 1 54turned and receipt thereof acknowledged this 1±24ay of , 1981. OFFICIAL BID FORM $11,700,000 TAX ANTICIPATION NOTES SERIES 1981 SALT LAKE CITY, UTAH Salt Lake City Council City and County Building Room 301 Salt Lake City, Utah 84111 City Council Members: For $11,700,000 par value, Tax Anticipation Notes, Series 1981, of Salt Lake City, dated July 1, 1981, denomination $25,000, or multiples thereof, and maturing on June 30, 1982, we will pay $ 11,100,151.00 plus accrued inter- est, to the date of delivery of said Notes to us. The schedule of maturity, coupon rate, total interest cost, the net inter- est cost, and the net effective rate of interest upon which this bid is based, with interest computed from July 1 to the maturity date of the Notes are as follows: Maturity Date Amount Coupon Note Year 6-30-82 $11,700,000 13.438% 11,667.50 Total Interest to Maturity $ 1,036,0Yl4.00 Less Premium $ 'Nft.00 Net Interest Cost $ 1,0-4Sj 1Z3,60)% Net Effective Interest Rate e.8969 This bid is submitted in accordance with and subject to all provisions contained in the OFFICIAL NOTICE OF SALE of these Notes which by this refer- ence is made a part hereof. A cashier's or certified good faith check in the sum of $234,000, drawn upon an incorporated bank or trust company and payable to the order of the Salt Lake City Corporation is enclosed to be retained by said City and applied on the purchase price of these Notes if we are the successful bidder, otherwise to be returned to us. We hereby name as paying agent or will so name the optional paying agent within 48 hours af- ter the award of bid as required in the OFFICIAL NOTICE OF SALE. Respectfully submitted this 2nd day of June, 1981. f �j'; f' Respectfully submitted, Bache Halsey Stuart Shields, Inc. Accepted for and on behalf of the City Council of Salt Lake City this 2nd day of June, 1981. Chairman, City Council ATTEST: Acting City Recorder Good faith ch #31- 1\50 f returned and receipt thereof acknowledged this Z' day of , 1981. • OFFICIAL BID FORM • $11,700,000 TAX ANTICIPATION NOTES SERIES 1981 SALT LAKE CITY, UTAH Salt Lake City Council City and County Building Room 301 Salt Lake City, Utah 84111 City Council Members: For $11,700,000 par value, Tax Anticipation Notes, Series 1981, of Salt Lake City, dated July 1, 1981, denomination $25,000, or multiples thereof, and maturing on June 30, 1982, we will pay $11,700,000.00 plus accrued inter- est, to the date of delivery of said Notes to us. The schedule of maturity, coupon rate, total interest cost, the net inter- est cost, and the net effective rate of interest upon which this bid is based, with interest computed from July 1 to the maturity date of the Notes are as follows: Maturity Date Amount Coupon Note Year 6-30-82 $11,700,000 8.94% 11,667.50 Total Interest to Maturity $ N/A Less Premium $ -0- Net Interest Cost $ N/A Net Effective Interest Rate N/A This bid is submitted in accordance with and subject to all provisions contained in the OFFICIAL NOTICE OF SALE of these Notes which by this refer- ence is made a part hereof. A cashier's or certified good faith check in the sum of $234,000, drawn upon an incorporated bank or trust company and payable to the order of the Salt Lake City Corporation is enclosed to be retained by said City and applied on the purchase price of these Notes if we are the successful bidder, otherwise to be returned to us. We hereby name Bankers Trust/New York as paying agent or will so name the optional paying agent within 48 hours af- ter the award of bid as required in the OFFICIAL NOTICE OF SALE. Respectfully submitted this 2nd day of June, 1981. The Continental Bank & Trust Co. (of Salt Lake) First InterState Bank of California Crocker National Bank By Shawn K. Jo on Assistant shier/Continental-Bank Accepted for and on behalf of the City Council of Salt Lake City this 2nd day of June, 1981. Chairman, City Council ATTEST: Acting City Recorder Good faith chec�k, #'2>3Z-r5 returned and receipt thereof acknowledged this"7''� day of 0tu` , 1981. a Salt Lake City, Utah June 2, 1981 The City Council of Salt Lake City, Salt Lake County, Utah met in regular session on June 2, 1981, at the office of the City Council 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: Palmer A. DePaulis Chairman & Councilmember Ronald J. Whitehead Councilmember Grant Mabey Councilmember Sydney R. Fonnesbeck Councilmember Alice Shearer Councilmember Ione M. Davis Councilmember Edward W. Parker Councilmember Also present: Ted L. Wilson Mayor Absent: None After the conduct of other business, Ronald J. Whitehead stated that the meeting was called pursuant to notice for the purpose, among other things, of opening sealed bids received up to 5:00 p.m., for the purchase of $11,700,000 Tax Anticipation Notes, Series 1981 of Salt Lake City, Salt Lake County, Utah. Albert E. Haines, the Director of Finance and Administrative Services then presented the sealed bids for the purchase of said Tax Anticipation Notes, Series 1981, which had been received, which bids we opened and found to be as follows: -2- I ' Coupon Interest Premium, Net Name of Bidder Rate If Any Interest Cost 1. Morgan Guaranty and Trust 8.05% $1,166.75 $ 938,067 Company and associates 2. Bank of America NT & SA 8.50% $2,333.50 $ 989,404 Cont. Ill. Bank Chicago Bankers Trust Company Ehrlich Bober & Co. Inc. Merrill Lynch, White, Weld 3. Chemical Bank 8.50% -- $ 991,737.50 First Nat. Bank Boston Smith Barney 4. Citibank N.A. 8.68% -- $1,012,739 The First Boston Corp. 5. 1st Nat. Bank of Chicago 8.70% $ 117 $1,014,955.50 Northern Trust Company A.G. Becker Inc. 6. Bache 8.88% $ 351 $1,035,723 7. Crocker National 8.94% -- $1,043,074.50 First Interstate Bank of Cal. Continental Bank & Trust -3- After due deliberation, it was determined that the bid of Morgan Guaranty and Trust Company of New York and associates was the highest and best bid submitted for the purchase of said Notes, and which bid reads in full as follows: -4- OFFICIAL BID FORM $11,700,000 TAX ANTICIPATION NOTES SERIES 1981 SALT LAKE CITY, UTAH Salt Lake City Council City and County Building Room 301 Salt Lake City, Utah 84111 City Council Members: For $11,700,000 par value, Tax Anticipation Notes, Series 1981, of Salt Lake City, dated July 1, 1981, denomination 25 000 or multiples thereof, and maturing on June 30, 1982, we will pay $1Q1,7 1,166.'75 plus accrued inter- est, to the date of delivery of said Notes to us. The schedule of maturity, coupon rate, total interest cost, the net inter- est cost, and the net effective rate of interest upon which this bid is based, with interest computed from July 1 to the maturity date of the Notes are as follows: Maturity Date Amount Coupon Note Year 6-30-82 $11,700,000 8.05 % 11,667.50 Total Interest to Maturity $ 939.233.75 Less Premium $ 1,166.75 Net Interest Cost $ 938,067.00 Net Effective Interest Rate 8.04 ' This bid is submitted in accordance with and subject to all provisions contained in the OFFICIAL NOTICE OF SALE of these Notes which by this refer- ence is made a part hereof. A cashier's or certified good faith check in the sum of $234,000, drawn upon an incorporated bank or trust company and payable to the order of the Salt Lake City Corporation is enclosed to be retained by said City and applied on the purchase price of these Notes if we are the successful bidder, otherwise to be returned to us. We hereby name Nbrgan Guaranty and Trust Co. of New York as paying agent or will so name the optional paying agent within 48 hours af- ter the award of bid as required in the OFFICIAL NOTICE OF SALE. Respectfully submitted this 2nd day of June, 1981. Morgan Guaranty and Associates by Zions First National Bank I 1. .,k -�T—/� y v W. David Hemingway Accepted for and on behalf of the City Council of Salt Lake City this 2nd day of June, 1981. d641_1411 ,i,(A; hairman, City Council ATTEST: ,,. cting City Recorder Good faith check # /J622, . returned and receipt thereof acknowledged this,?"'� day of ,740F , 1981. Councilmember Alice Shearer thereupon moved the adoption of the following resolution, which motion was seconded by Councilmember Palmer A. DePaulis: RESOLUTION A RESOLUTION AWARDING THE SALE OF THE $11,700,000 TAX ANTICIPATION NOTES, SERIES 1981, PROVIDING FOR THEIR ISSUANCE AND DELIVERY AND SETTING FORTH THE NOTE FORM. WHEREAS, it is necessary to raise the sum of Eleven Million Seven Hundred Thousand Dollars ($11,700,000) for the purpose of meeting the current expenses of Salt Lake City for the fiscal year ending June 30, 1982, 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 this time and the bid of Morgan Guaranty and Trust Company of New York and associates 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 $1,166.75, said Notes to bear interest as hereinafter set out; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF SALT LAKE CITY, SALT LAKE COUNTY, STATE OF UTAH AS FOLLOWS: -6- Section 1. It is hereby found and declared after due investigation of the best offer possible to be made for the purchase of $11,700,000 Tax Anticipation Notes, Series 1981, of Salt Lake City, Salt Lake County, that Morgan Guaranty and Trust Company of New York and associates has agreed to submit and has submitted its offer to purchase the Notes herein authorized at par and accrued interest to the date of delivery, plus a premium of $1,166.75, 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 City Council, the most advantageous offer that might be received for said Notes, and that said offer, being satisfactory to the City Council, is hereby accepted. The City Council agrees to furnish all necessary documents and information required by note 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 profit. Section 2. There shall be issued by the City Council of Salt Lake City, Salt Lake County, Utah, Notes in the amount of $11,700,000 for the purpose of meeting the current expenses of Salt Lake City for the fiscal year ending June 30, 1982, 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, Series 1981", shall be dated July 1, -7- 1981; shall be numbered 1 to 468 inclusive; shall bear interest at the rate of 8.05% per annum from their date until paid, payable at maturity; shall fall due or mature on June 30, 1982, and shall be numbered and be in denominations as follows: NOTE NUMBERED DENOMINATION AMOUNT 1 $25,000 $25,000 2 $25,000 $25,000 3 $25,000 $25,000 468 $25,000 $25,000 Both principal of and interest on said Notes shall be payable in lawful money of the United States of America at Morgan Guaranty and Trust Company of New York, in New York, New York. Said Notes shall be signed by the facsimile signature of the Mayor, attested by the facsimile signature of the Acting City Recorder, verified by the manual signature of the Acting City Treasurer and shall have the corporate seal of the Municipality affixed or imprinted thereon. Section 3. Said Notes and the endorsement to appear on the back thereof shall be in substantially the following form: -8- UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SALT LAKE No. $25,000 SALT LAKE CITY, UTAH TAX ANTI C I PAT I O N NOTE SERIES 1981 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 TWENTY-FIVE THOUSAND DOLLARS ($25,000) in lawful money of the United States of America, on the 30th day of June, 1982, at Morgan Guaranty and Trust Company of New York, in New York, New York, with interest thereon at the rate of eight and five hundredths percent (8.05%) per annum from date until paid, payable at maturity. This Note is one of four hundred sixty-eight (468) notes of like tenor and date, except as to denomination, numbered from one (1) to four hundred sixty-eight (468), inclusive, and known as "SALT LAKE CITY, UTAH, TAX ANTICIPATION NOTES, SERIES 1981" for an aggregate amount of Eleven Million Seven Hundred Thousand Dollars ($11,700,000), issued under and pursuant to the Utah Municipal Bond Act, Utah Code Annotated, Section 11- 14-19.7 (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 and other revenues to be levied and collected for the current fiscal year. in evidence of money borrowed to meet current expenses of the Issuer during said current fiscal year until collection of the taxes and other revenues for such year, that taxes within the limit provided by law and other revenues sufficient to pay principal of and interest on this Note as the -9- same falls due and sufficient to pay all budgeted maintenance and operation and other expenses of said Issuer for such fiscal year have been or will be levied and collected in such fiscal year 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 and other revenues levied and collected, 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 and other revenues are levied and collected. 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 and other revenues 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. -10- IN WITNESS WHEREOF, the Issuer has executed this Note by causing it to be signed by the facsimile signature of its Mayor and attested by the facsimile signature of its Acting City Recorder, verified by the manual signature of its Acting City Treasurer and the seal of the Issuer to be affixed or imprinted hereon as of the 1st day of July, 1981. ATTEST: /s/ (Do not sign) /s/ (Do not sign) Acting City Recorder Mayor ( SEAL ) Verified by: /s/ (Do Not Sign) Acting City Treasurer -11- 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, 1982, 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. The aggregate principal amount of the Notes does not exceed 75% of the tax revenues and other revenues of the City for the fiscal year ended June 30, 1981. Section 6. The City Council shall levy in the fiscal year ending June 30, 1982, 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. Such Notes are issued in anticipation of the collection of all taxes and revenues other than taxes for the fiscal year ending June 30, 1982. Section 7. There is hereby irrevocably appropriated from the first collection of taxes and other revenues a sufficient -12- • 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. Section 8. The offer of said Morgan Guaranty and Trust Company of New York and associates is hereby accepted and the Mayor and the Acting City Recorder are hereby authorized and directed to sign, execute, deliver and issue said Notes as hereinbefore set forth on behalf of the City Council to Morgan Guaranty and Trust Company of New York and associates upon receipt of the purchase price therefor, and the Acting City Recorder is hereby authorized and directed to affix or imprint the seal of said Municipality thereon, and the Acting City Treasurer is hereby authorized to place upon said Notes his verification in the manner and form hereinbefore set forth. The acts of the Mayor, Acting City Recorder and Acting City Treasurer in signing, executing, delivering, verifying 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(c) of the Internal Revenue Code and regulations issued or promulgated thereunder. -13- • Section 10. In accordance with the provisions of Section 11-14-21, Utah Code Annotated (1953), as amended, the Acting City Recorder shall cause the following "Notice of Notes to be Issued" to be published one time in the Salt Lake Tribune, a newspaper having general circulation in Salt Lake City, Utah, and shall cause a copy of this resolution to be kept on file in the office of the Acting City Recorder for public examination during regular business hours until at least thirty (30) days from and after the date thereof. For a period of thirty (30) days after such publication, any person in interest shall have the right to contest the legality of this resolution or of the Notes hereby authorized or any provisions made for the security and payment of such Notes. After such time, no one shall have any cause of action to contest the regularity, formality or legality of this resolution or the Notes herein authorized or any provisions made for the security and payment of such Notes for any cause whatsoever. The "Notice of Notes to be Issued" shall be in substantially the following form: -14- NOTICE OF NOTES TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of Section 11-14-21, Utah Code Annotated (1953), as amended, that on June 2, 1981, the City Council of Salt Lake City, Salt Lake County, Utah, accepted the offer of Morgan Guaranty and Trust Company of New York and associates to purchase $11,700,000 Tax Anticipation Notes, Series 1981, at a price of par and accrued interest to the date of delivery plus a premium of $1,166.75. Said Notes, pursuant to a resolution of the City Council of said Municipality adopted on June 2, 1981, are to be issued in anticipation of the collection of taxes and other revenues for the purpose of meeting the correct expenses of the Municipality for the fiscal year ending June 30, 1982 until the payment of taxes and the receipt of other revenues for said fiscal year. The Notes shall be dated July 1, 1981, shall bear interest at the rate of 8.05% per annum from their date until paid and shall fall due and mature on June 30, 1982. A copy of the resolution adopted on June 2, 1981, by the City Council authorizing the issuance and confirming the sale of the above-described $11,700,000 Tax Anticipation Notes, Series 1981, is on file in the office of the Acting City Recorder of said Municipality in Salt Lake City, Utah, where it -15- may be examined during regular business hours of the Acting City Recorder from 8:00 a.m. to 5:00 p.m. for a period of at least thirty (30) days from and after date of the publication of this notice. NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the publication of this notice is provided by law in which any person in interest shall have the right to contest the legality of the above-described resolution of the City Council adopted on June 2, 1981, or the $11,700,000 Tax Anticipation Notes, Series 1981, of said Municipality authorized thereby, or any provision made for the security and payment of such Notes, and that after such time, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever. DATED this 2nd day of June, 1981. Actin4 City Recorder -16- Section 11. 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 this 2nd day of June, 1981. CITY COUNCIL OF SALT LAKE CITY, UTAH ldf A. DePaulis Chairman ATTEST: Acting City Recorder V&A iy,7fi ( SEAL ) -17- Presentation to the Mayor The foregoing resolution was presented for the Mayor for his approval or disapproval on the 2nd day of lain., , 1981. 0 f4flJ4 ,L1C4J me r A. DePaulis Chairman Mayor's Approval or Disapproval The foregoing resolution is hereby approved this Znd day of +la , 1981. ed ilson Mayor -18- After due consideration of said resolution by the City Council the foregoing resolution was unanimously carried by the affirmative vote of all members present, the vote being as follows: AYE: Palmer A. DePaulis Ronald J. Whitehead Grant Mabey Sydney R. Fonnesbeck Alice Shearer Ione M. Davis Edward W. Parker NAY: None Pa/77.y,4_1444:Z.: lmer A. DePaulis Chairman ATTEST: Acting City Recorder ( SEAL ) -19- • STATE OF UTAH ss. COUNTY OF. SALT LAKE ) I, Kathryn Marshall, the duly chosen and qualified 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 June 2, 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 2nd day of June, 1981. Acting City Recorder ( SEAL ) -20- STATE OF UTAH ) CERTIFICATE OF COMPLIANCE ss. WITH OPEN MEETING LAW COUNTY OF SALT LAKE ) I, Kathryn Marshall, the duly chosen and qualified Acting City Recorder of Salt Lake City, Salt Lake County, Utah, do hereby certify that on the 2q(h day of 9,0(Q , 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 June 2, 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 2nd day of June, 1981. Acting City Recorder ( SEAL ) -21- (Affidavit of Publication of Notice of Notes to be Issued) -22- Resolution No. :1 By City council _ Awarding the sale of$11,700,000 Tax Anticipation Notes, Series 1981, • providing for their issuance and delivery and setting forth the note form. (Morgan Guaranty and Associates, by Zions First National Bank, awarded the bid)