49 of 1981 - A RESOLUTION AUTHORIZING THE ISSUANCE OF INTERIM WARRANTS FOR THE PURPOSE OF FINANCING ON AN INTERIM RESOLUTION
A RESOLUTION AUTHORIZING THE ISSUANCE OF INTERIM WARRANTS
FOR THE PURPOSE OF FINANCING ON AN INTERIM BASIS THE
CONSTRUCTION OF IMPROVEMENTS AND THE FURNISHING OF
SERVICES PERFORMED IN CONNECTION WITH SALT LAKE CITY,
UTAH, SPECIAL IMPROVEMENT DISTRICT NOS. 535and684 AND
AUTHORIZING THE EXECUTION AND DELIVERY OF SUCH WARRANTS
BY THE CITY TREASURER
WHEREAS, Section 10-16-10, Utah Code Annotated, 1953, as
amended, permits the City Council to authorize the issuance of
warrants for the interim financing of improvement districts
within Salt Lake City; and
WHEREAS, the City Council is desirous of defining the
procedures for the issuance of interim warrants pending
permanent financing after assessments have been levied;
NOW, THEREFORE, BE IT RESOLVED by the Salt Lake City
Council as follows:
1. The City Treasurer is authorized to execute and issue
interim warrants for the interim financing of improvements
constructed under Salt Lake City Special Improvement District
Nos. 535and684 providing the following procedures and
conditions are met:
(a) A written determination from the office of the
City Engineer is received by the City Treasurer
certifying that the aggregate total of interim warrants
outstanding for this Special Improvement District
including the amount of the interim warrant to be issued,
does not exceed 90% of the estimated value of the work and
improvements completed to the date of certification.
(b) Bids for an interim warrant or a series of
interim warrants shall be received by the Director of
Finance and Administrative Services after notice of the
bidding has been given in writing to three or more banks
and after five business days not counting the date of
notice or the date of receiving bids have passed after the
notice of bidding and before the date and time set for the
receipt of such bids by the Director of Finance and
Administrative Services.
2. When the above procedures have been followed, the City
Treasurer is authorized to execute on behalf of Salt Lake City
and to issue an interim warrant or interim warrants at such
interest rate or rates as may be established by the lowest
responsible bid.
Passed by the Council of Salt Lake City, Utah, this 9th
day of June , 1981 .
4
CHAIRMAN
ATTEST:
A T NG C RECORDER
Resolution No. VJ
By City Council
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Authorizing the issuance of interim
warrants for the purpose of financing
construction of improvements in
connection with Special Improvement
Districts 535 and 684, and authorizing
the execution and delivery of such
warrants by the City Treasurer.
111166,..