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Home My WebLink About48 of 1979 - A resolution of official Notice of Bond Sale, $78,000 Special Improvement Bonds of Salt Lake City, U July 11, 1979 Honorable Jennings Phillips, Jr. Commissioner of Public Affairs and Finance 211 City and County Building Salt L,ke City, Utah Dear Commissioner Phillips: The Board of City Commissioners, at its meeting today, passed Resolution No. 48 of 1979, submitting the Official Notice of Bond Sale, $78,000 Special Improvement Bonds of Salt Lake City. Utah Sanitary Sewer District No.50- 1058-1, $120,000 Special Improvement Bonds of Salt Lake City. Utah Sanitary Sewer District No. 50-1058-2, and$193.000 Special Improvement Bonds of Salt Lake City, Utah Sanitary Sewer Extension No. 50-1119, each issue dated September 1, 1979. Yours truly, ,.4 City Recorder 4f ms CC: Auditor Attorney Engineering Public Works Treasurer Files-4 ROLL CALL Y/ L VOTING Aye Nay Mr.Chairman Agraz Greener Campbell• .riY Phillips Result Salt Lake City, Utah July 11, 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 the llth day of July, 1979, with the following members of the Commission present: Ted Wilson Mayor Glen N. Greener Commissioner Jennings Phillips, Jr. Commissioner Jess A. Agraz Commissioner libmk.lxroixfigtmbgici GOMM635/000M Also present: Mildred Higham City Recorder Absent: David C. Campbell Commissioner After the meeting had been duly called to order and the minutes of the preceding meeting read and approved, Commissionerjennings Phillips, Jrintroduced in written form the Official Notice of Bond Sale, $78,000 Special Improvement Bonds of Salt Lake City, Utah Sanitary Sewer District No. 50- 1056-1, $120,000 Special Improvement Bonds of Salt Lake City, Utah, Sanitary Sewer District No. 50-1056-2 and $193,000 Special Improvement Bonds of Salt Lake City, Sanitary Sewer Extension No. 50-1119, each issue dated September 1, 1979, and moved that the Notice be approved in all respects and that the City Officials and the fiscal agent for the Municipality be authorized and directed to use any appropriate means of notifying prospective investors of the scheduled bond sale. The motion was adopted by the following vote: YEA: Ted Wilson Glen N. Greener Jennings Phillips, Jr. Jess A. Agraz DffithiXtUOCOMAXIXELl. ABSENT NAY: None The Official Notice of Bond Sale is as follows: -2- OFFICIAL NOTICE OF BOND SALE SALT LAKE CITY, SALT LAKE COUNTY, UTAH $78,000 SPECIAL IMPROVEMENT BONDS, SALT LAKE CITY, UTAH, SANITARY SEWER DISTRICT NO. 50-1056-1 $120,000 SPECIAL IMPROVEMENT BONDS, SALT LAKE CITY, UTAH SANITARY SEWER DISTRICT NO. 50-1056-2 $193,000 SPECIAL IMPROVEMENT BONDS, SALT LAKE CITY, UTAH SANITARY SEWER EXTENSION NO. 50-1119 Public notice is hereby given that on Tuesday, the 31st day of July, 1979, at the hour of 10:00 a.m. , M.D.T. , at the office of the City Commission in Room 301 in the City and County Building in Salt Lake City, Utah, the City Commission will receive sealed bids for the purchase of each of the above-referenced bond issues. Each issue of said Bonds is to be dated September 1, 1979, is not registrable as to principal and/or interest, and will mature serially in numerical order on September 1, as follows: $ 78,000 SPECIAL IMPROVEMENT BONDS SALT LAKE CITY, UTAH SANITARY SEWER DISTRICT NO. 50-1056-1 Bond Numbers Year Amount $5,000 Denomination $1,000 Denomination 1980 $11,000 1- 2 3 1981 $11,000 4- 5 6 1982 $11,000 7- 8 9 1983 $11,000 10-11 12 1984 $11,000 13-14 15 1985 $11,000 16-17 18 1986 $12,000 19-20 21-22 -3- $120,000 SPECIAL IMPROVEMENT BONDS, SALT LAKE CITY, UTAH SANITARY SEWER DISTRICT NO. 50-1056-2 Bond Number Year Amount $5,000 Denomination 1980 $15,000 1- 3 1981 $15,000 4- 6 1982 $15,000 7- 9 1983 $15,000 10-12 1984 $15,000 13-15 1985 $15,000 16-18 1986 $15,000 19-21 1987 $15,000 22-24 $193,000 SPECIAL IMPROVEMENT BONDS SALT LAKE CITY, UTAH SANITARY SEWER EXTENSION NO. 50-1119 Bond Numbers Year Amount $5,000 Denomination $1,000 Denomination 1980 $19,000 1- 3 4- 7 1981 $19,000 8-10 11-14 1982 $19,000 15-17 18-21 1983 $19,000 22-24 25-28 1984 $19,000 29-31 32-35 1985 $19,000 36-38 39-42 1986 $19,000 43-45 46-49 1987 $20,000 50-53 --- 1988 $20,000 54-57 --- 1989 $20,000 58-61 --- -4- Interest Rates The bonds of each issue will bear interest at any number of different rates not exceeding five, any of which may be • repeated, expressed in multiples of one-eighth or one- twentieth of one percent (1/8th or 1/20th of 1%), but the highest rate bid for any of the bonds shall not exceed the lowest rate by more than two percent (2%). All bonds of each issue of the same maturity must bear a single rate of interest and only one coupon will be attached to each bond for each installment of interest thereon. A zero rate cannot be named for all or any part of the time from the date of any bond to its stated maturity, and any premium must be paid in the funds specified for the payment of the bonds as part of the purchase price. Interest will be payable on each issue beginning September 1, 1980, and annually thereafter at a rate or rates not greater than eight percent (8%) per annum to be fixed at the time the bonds of each issue are sold. Redemption The bonds for Sanitary Sewer District No. 50-1056-1 and Sanitary Sewer District No. 50-1056-2 will not be subject to redemption prior to maturity. The bonds of the Sanitary Sewer Extension No. 50-1119 maturing prior to September 1, 1985, are not callable for redemption prior to maturity. The bonds maturing on or after September 1, 1986, are callable for redemption at the option of the City Commission on September 1, 1985, and on any interest payment date thereafter prior to maturity, in whole or in part, in inverse numerical order upon not less than thirty (30) days prior notice, at a price equal to the prin- cipal amount thereof, plus accrued interest to the date of -5- redemption and a premium of three percent (3%) of the prin- cipal amount of each bond so called for redemption prior to maturity. Place of Payment Both principal of and interest on the bonds of each issue will be payable in lawful money of the United States of America at the Walker Bank & Trust Co., Salt Lake City, Utah , Utah. Award Award or rejection of bids will be made on the date above-stated for receipt of bids, and the good faith checks of the unsuccessful bidders will be returned immediately. The bonds of each issue will be awarded to the responsible bidder offering to pay par and accrued interest and specifying a rate or rates which result in the lowest net interest cost to the City Commission, computed from the date of the bonds to maturity, after the deduction of premium, if any. Form of Bid Separate bids must be offered for each issue of bonds and must be for the entire amount of the bonds of the parti- cular issue. Each bidder is required to submit an unconditional bid specifying: (a) the lowest rate or rates of interest and premium, if any, above par at which the bidder will purchase the bond issue; or (b) the lowest rate or rates of interest at which the bidder will purchase the bond issue at par. Each bid must be in writing and, together with the bidder's check, must be enclosed in a sealed -6- envelope marked on the outside "Proposal for Bonds" and addressed to the City Recorder of Salt Lake City, Utah at the City and County Building, Room 200, Salt Lake City, Utah 84111. For informational purposes only, the bidders are requested to state in their bids the net effective interest cost and the net effective interest rate represented by the rates of interest specified in each bid for each issue. Bid Check Each bid shall be accompanied by a cashier's or certi- fied check drawn upon an incorporated bank or trust company in the amount of two percent (2%) of the amount of the issue of bonds bid for, payable to the order of the Salt Lake City Corporation. The check of the successful bidder will be held uncashed as evidence of good faith pending the delivery of the bond issue, but which check will be forfeited as liquidated damages if such bid is accepted and the bidder fails to take up and pay for the bond issue when tendered. The checks of unsuccessful bidders will be returned to them immediately. Sale Reservations The City Commission reserves the right: (1) to waive any irregularity or informality in any bid, (2) to reject any and all bids for the bond issues; and (3) to resell the bond issues as provided by law. Manner and Time of Delivery The purchasers will be given at least seven (7) business days advance notice of the proposed date of the delivery of the bonds when that date has been tentatively determined. It -7- is now estimated that the bonds will be delivered on or about September 3, 1979. The City Commission will supply the printed bonds. Delivery of the bonds will be made in Salt Lake City, Utah, except that the successful bidder may at his option and expense designate some other place of delivery. The successful bidder must also agree to pay for the bonds in Federal funds which will be immediately available to the City Commission in Salt Lake City, Utah, on the day of delivery. Tax Exempt Status In the opinion of bond counsel, interest on these bonds is exempt from Federal income taxes under presently existing law, regulations, decisions and interpretations and from taxation in the State of Utah. The purchaser will not be required to take up and pay for the bonds if at the time of delivery there has been any Federal legislation, decisions or regulations which would affect the tax exemption on all or any part of the interest on these bonds. Legal Opinion The approving opinion of Fox, Edwards & Gardiner covering the legality of each issue of bonds will be furnished to the purchasers and will be printed on the backs of the bonds without charge. There will also be furnished the usual closing certificates dated as of the date of delivery of and payment for the bonds, including a statement from the issuer that there is no litigation pending or, to the knowledge of the signer thereof, threatened, affecting the validity of the bonds. -8- Disclosure Certificate The closing certificates will include a certificate executed by officials of the issuer confirming to the successful bidder that, to the best of the knowledge and belief of the signers thereof, the descriptions and statements contained in the Official Statement circulated with respect to the bonds were at the time of the acceptance of the bid and are at the time of the closing, true and correct in all material respects and did not at the time of the acceptance of the bid and do not at the time of the closing, contain any untrue statement of a material fact or omit to state a material fact required to be stated where necessary to make the statements, in light of the circumstances under which they were made, not misleading. Should the official statement be supplemented or amended, the foregoing confirmation to be made at the time of the closing shall be applicable to the official statement and all supplements and amendments thereto. Official Statement For copies of the Official Statement, the Official Notice of Bond Sale and bidding forms, contact the undersigned City Recorder, or Burrows, Smith and Company, Suite 1003, Kearns Building, Salt Lake City, Utah 84101, the financial adviser to the City Commission, or from the undersigned City Recorder. DATED this 11th day of July, 1979. /s/ Ted Wilson Mayor /s/ Mildred V. Higham City Recorder -9- In addition, the City Commission authorizes the fiscal agent to have published one time in the Salt Lake Tribune the r following abbreviated Notice of Bond Sale: AAdd ADM.35 rI1 M I Affidavit of Publication STATE OF UTAH, ss. County of Salt Lake fflgtiFra., Shan* D. Comity ,,,,4.a,,,,a,a Being first duly sworn,deposes and says that he is legal advertising 5.oM�, ,,,. clerk of THE SALT LAKE TRIBUNE,a daily newspaper printed in ;r`,tiJ y gw" the English language with general circulation in Utah, and 10a�" "c published in Salt Lake City,Salt Lake County,in the State of Utah. a NI.mid&Make n.a Ms O 1 p.M. ebpN�rro�aMb W I"by a Fty, Eaweri i A.�.� L.,.. That the legal notice of which a copy is attached hereto c u�.mayor avn eurroxe,smm py, s.Me ,ow. Pub..Mkt ics....a..b0nd..sale eayt..I b11r 1011 the finenckd hom M7.YpeW IMa 1,a1 aer of July. /e/T.a Wllann MOIOr ATTI!$T: /e/11NIana y.Mi Owo "my 9rlm (A-1a) was published in said newspaper on July 13r 1979 Legal AdvertisiJlork Subscribed and sworn to before me this 13th day of AJl1XY A.D.19.79 Notary ublic My Commission Expires ✓✓✓ June 1, 1981 NOTICE OF BOND SALE Sealed bids for the purchase of $78,000 Special Improvement Bonds of Salt Lake City, Utah Sanitary Sewer District No. 50-1056-1, $120,000 Special Improvement Bonds of Salt Lake City, Utah Sanitary Sewer District No. 50-1056-2, and $193,000 Special Improvement Bonds, of Salt Lake City, Utah Sanitary Sewer Extension No. 50-1119, each issue dated September 1, 1979 will be received up to 10:00 a.m. , M.D.T., on July 31, 1979, at the offices of the City Commission in Room 301 in the City and County Building in Salt Lake City, Utah. Copies of the Official Notice of Bond Sale, the Official Statement, and other related information with respect to said Bond issues being offered subject to the approval as to the legality of Fox, Edwards & Gardiner, Attorneys at Law, Salt Lake City, Utah, may be obtained from Burrows, Smith and Company, Suite 1003, Kearns Building, Salt Lake City, Utah 84101, the financial advisor to the City Commission, or from the undersigned City Recorder. DATED this 11th day of July, 1979. /s/ Ted Wilson Mayor ATTEST: /s/ Mildred V. Higham City Recorder Published — July 13, 1979 -11- (Other business not pertinent to the above appears in the minutes of the meeting.) Pursuant to motion duly made and carried, the meeting was adjourned. ayor ATTEST: ity ecorder , ( SEAL ) -12- STATE OF UTAH COUNTY OF SALT LAKE ss. I, Mildred Higham, do hereby certify that I am the duly qualified and acting City Recorder of Salt Lake City, Salt Lake County, Utah. I further certify that the above and foregoing is a true and correct copy of the minutes of a meeting of the Salt Lake City Commission held on July 11, 1979, wherein the Commission adopted an Official Notice of Bond Sale in connection with the $78,000 Special Improvement Bonds, Salt Lake City, Utah Sanitary Sewer District No. 50-1056-1, $120,000 Special Improvement Bonds, Salt Lake City, Utah Sanitary Sewer District No. 50-1056-2, and $193,000 Special Improvement Bonds, Salt Lake City, Utah Sanitary Sewer Extension No. 50- 1119, as said minutes are of record in my official possession. IN WITNESS WHEREOF, I have hereunto subscribed my official signature and affixed the seal of said Municipality this llth day of July, 1979. ity ecorde J ( SEAL ) c/ -13- 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 County, Utah, do hereby certify that on the iorh day of July , 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) 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 11, 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 11th day of July , 1979. City Recorder (S E A L) -14- FIV \ Resolution No. � � • • By Jennings Phillips, Jr. COMMISSIONER Official Notice of Bond Sale, $78,000 Special Improvement Bonds of Salt Lake City, Utah Sanitary Sewer District No. 50-1056-1, $120,000 Special Improve- ment Bonds of Salt Lake City, Utah Sanitary Sewer District No. 50-1056-2, and$193,000 Special Improvement Bond. of Salt Lake City, Utah Sanitary Sewer Extension No. 50-1119. Presented to the Board of Commissioners AND PASSED JUL11 1979 V- v - ti • • Ii