HomeMy WebLinkAbout52 of 1977 - A resolution setting June 8, 1977, for bid opening for tax anticipation notes of Salt Lake City in t Pr:. ,
4. Resolution No. 52
By leaning's PhW,ips�3 Jr. 1
COMMMMOMM
Setting June 8, 1977, for bid opening "1
1 for'tax anticipation notes for Salt
Lake City in the sum of $7,000,000;
notes to be delivered July 1, 1977, to
successful bidder,
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freseeteififlue hard ofCee sissioeeirs i`
AND PASSED 1
MAY 18 1977
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City and LAUnry 01 Bern I v►n,j.,.._
ALEKSANDRA DONCHENKO,being duly sworn,says
that she is the Advertising Clerk of THE BOND BUYER,
a daily and weekly newspaper printed and published at
One State Street Plaza, in the City of New York,
County of New York, State of New York; and the
Copy notice, of which the annexed is a printed copy, was
• regularly published in said THE DAILY BOND BUYER on
of
MAY 2 5 1917
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Advertising Clerk
Subscribed and sworn to before me this
cN 7.... day of ...GC�C ...... 197i
HELEN C.DAVIS
Notary Public, State of New York
No. 24-5937140
Qualified in Kings County
Commission expires March 30,1978
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May 25,1977 THE DAILY BOND BUYER 9 789
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Notice of Sale of
• Tax Anticipation Notes
$7.000.000
SALT LAKE CITY
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STATE OF 11411
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NOTICE
NOTICE OF REGULAR
MEETING OF THE BOARD
SALT LAKE CITY UTAH OF
PUBLIC NOTICE Is hereby
trcwSlr of C�mlssbs of Salt LON
Utah,will told a regular public
meeting In Room 001 City and
County
ai neatIUt ncin
10:00 o'clock a.m.an June B.
1977.
The Agenda for the meeting
consists M the IORolylng:
ROLL CALL
TAX ANTICIPATION NOTE
SALE
and co onWdMadillen theCity
Commission uP to 10:00 O'clock
A.M.,M.D.T.,for the purchase
of a7A00J100 Tax Anticlwtion
Notes,dated July 1,1977,end to
lure June00,1970.
INFORMAL
NFORMAL DISCUSSIONS
OTHER CITY BUSINESS
Dated ay .MILRED V HIGNAM
City Recorder
PUNlshed Jun a.1977 ICd01
NOTICE
OF THE NDA OF A REF
BRBOARDEE77 COMMISSIIONERS
TOT BE HELD LAKE
CITY.1997rAH,
7.
PUBLIC NOTICE IS
IVEN of the follow
Ins agendaYof a regular meeting
of the Baird ofCanmla issrws
helof d IIn RoannN 70t,CRUtY and
County Building, Sett Lake
City, Ut.h ummenCiro H
10:00 o'clock e.m,on June I,
1977.
Roll can.
OosnIng,00f bids for the ourch-
fail deNmltdkIpation Self Lake
The
adootlon of a resolution au-
thorising the sale by Salt Lake
City
notes to the a anticipa-
tion
bidderten notes and the orovribing the�Man
thereof,proyMbq for the eo•
action end deIMry of Mid
rotes and for the execution of
the sale doc Mdocuments 0(necessarytosaid notes to closee
Ion.� oroyldthe
for Me .and collection a1
Witched taxes end other re-
venues to apay said notes i otes when
ocwde of 1M sash h
�CaiiiddArobs wugilll1l A�be used by the
r 1 MILDRE�1977 Vy NIGNAM
Published June 6,1917 IC•ltl
NOTICE OF REGULAR MEETING OF THE
BOARD OF COMMISSIONERS OF
SALT LAKE CITY,UTAH
PUBLIC NOTICE hereby ve that the Board of
Commissioners of Salt Lake City,Utah,will hold a regular public
meeting in Room 301 City and County Building.Salt Lake City,
Utah,commencing at 10:00 o'clock a.m.on May 18,1977.
The Agenda for the meeting consists of the following:
ROLL CALL
HEARINGS
Public Hearing to consider establishing sanitary sewer
utility fund and increase in sewer service charge rates.
INFORMAL DISCUSSIONS
NOTICE OF SALE
Consideration by City Commission and adoption of Notice of
Sale calling for sealed bids for the purchase of S7.000,000.00 of
City Tax Anticipation Notes for Fiscal Year 1978.
OTHER CITY BUSINESS
Dated—May 12,1079
MILDRED V.HIGHAM
City Recorder
Published:May 16,1977 IA-]al
ROLL CALL
VOTING Aye Nay
Mr.Chairman . . .
Agraz
Greener _
Hogensen 1 Salt Lake City
Salt Lake County
Phillips 1 State of Utah
May 18, 1977
Result
The Board of Commissioners of Salt Lake City, Salt
Lake County, Utah, met in regular session at the regular meeting
place of the Board in the City and County Building, Salt Lake
City, Utah, at 10:00 o'clock A.M. on May 18, 1977, with the
following members present:
Ted L. Wilson Mayor
Jess A. Agraz Commissioner
Glen N. Greener Commissioner
Herman J. Hogensen Commissioner
Jennings Phillips, Jr.
Commissioner
Also present:
Joseph L. Fakler City Treasurer
Lawrence A. Jones City Auditor
Walter R. Miller Assistant City Attorney
Absent:
Joseph L. Fakler, City Treasurer reported to the Commis-
sion concerning the cash flow requirements of the City for the
fiscal year 1977-1978. He recommended that the Board take
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such action as is necessary to obtain appropriate bids for
the placement of tax anticipation notes of the City in the
principal sum of $7,000,000.
After discussion, Commissioner Jennings Phillips, Jr.
made the following motion, which was seconded by Commissioner
Herman J. Hogensen , and being put to a vote, such
motion was passed by the affirmative vote of all of the Commis-
sioners, and was declared passed. The motion was as follows:
That tax anticipation notes for Salt
Lake City in the sum of $7,000,000 be put
out for bid, setting the bid opening for
June 8, 1977, and setting July 1, 1977, as
the date for delivery of the notes to the
successful bidder. That the sale of said
notes will be in accordance with the follow-
ing Official Notice of Sale.
OFFICIAL NOTICE OF SALE
Notice is hereby given that sealed bids
will be opened on Wednesday, June 8, 1977,
. at the hour of Ten O'clock A.M., in the
Chambers of the City Commission of Salt
Lake City, Room 301, City and County Building,
Salt Lake City, Utah, for the purchase of
$7,000,000 Salt Lake City Tax Anticipation
Notes. Said Notes shall be dated July 1,
1977, and become due June 30, 1978. '
The Notes are to be issued in anticipation
of the payment and collection of taxes and
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other revenues by the City in the fiscal
year 1977-1978, and the entire indebtedness
of the City incurred by the issuance of said
Notes is not in excess of the taxes and other
revenues of said City to be levied in said
fiscal year. The full faith and credit of
Salt Lake City will be irrevocably pledged to
the punctual payment of the principal and
interest on said Notes according to their
terms.
All Notes are to be printed at the bidder's
expense. Denominations of the Notes may be
designated by the successful bidder. Other
than the payment of interest and principal
when due, Salt Lake City will not pay any
fees or charges of any kind in connection
with the servicing of these Notes.
Delivery of the Notes will be made at a
bank or trust company in Salt Lake City, Utah,
or elsewhere at the option and expense of
successful bidder. The paying agent for said
Notes may be an incorporated bank or trust
company designated by the successful bidder.
The successful bidder must also agree to pay
for the Notes in federal funds which will be
immediately available in Salt Lake City, Utah
on the day of delivery of the Notes.
Legal opinion as to the validity of said
Notes and that interest on the Notes is exempt
from Federal Income Taxes under presently
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existing law is to be furnished by Jones,
Waldo, Holbrook & McDonough of Salt Lake
City, Utah. The legal fees for such opinion
will be paid for by the successful bidder.
In addition, all legal matters and necessary
proceedings in connection with the issuance
of the notes are to be paid for by the success-
ful bidder. It is estimated that the legal
fees in connection with the issuance of said
Notes will be $4,i50.00.
Salt Lake City reserves the right to reject
any and all bids. Bid price is to be expressed
on an interest basis, and a total net effec-
tive cost to maturity including premium, if
any. Salt Lake City is to receive par value,
or better, for said Notes, with no deductions
of any kind whatsoever. All bids must be
without condition or qualification for the
total issue and must be accompanied by a certi-
fied check, or a bank cashier's check, in the
sum of $140,000.00, which check is to be made
payable directly to Salt Lake City and is to
be forfeited to Salt Lake City in case the
successful bidder shall neglect or refuse to
take up and pay for said Notes when same are
presented to it by the City.
Bids are to be forwarded to the Salt Lake
City Recorder, City and County Building,
-5-
Salt Lake City, Utah 84111.
An Official Statement will be prepared which
will be examined in detail by the Mayor and City
Treasurer. On the date the bonds are delivered,
the Mayor and City Treasurer will execute a cer-
tificate confirming to the successful bidder
that, to the best of the knowledge and belief of
the Mayor and City Treasurer, the descriptions
and statements contained in the Official Statement
with respect to the bonds were at the time of
the acceptance of the bid and, at the time of
the closing, are true and correct in all mater-
ial respects and did not at the time of the
acceptance of the bid and, at the time of the
closing, do not contain an 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; pro-
vided, however, should the Official Statement
be supplemented or amended, the foregoing confir-
mation to be made at the time of closing shall
be with respect to the Official Statement and
all supplements and amendments thereto.
DATED this 18th day of May, 1977.
SALT LAKE CITY COMMISSION
By
Mayor
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That the City publish in The Bond Buyer, a financial
journal published in New York, the following:
NOTICE OF SALE
OF
TAX ANTICIPATION NOTES
OF
SALT LAKE CITY
SALT LAKE COUNTY
STATE OF UTAH
Sealed bids for the purchase of Seven Million
Dollars ($7,000,000) Tax Anticipation Notes of Salt Lake
City, Utah, will be received up to Ten O'clock A.M., on
Wednesday, June 8, 1977, in the Chambers of the Salt Lake
City Commission, Room 301, City and County Building, 400
South State Street, Salt Lake City, Utah 84111.
Copies of the official Notice of Sale and the
official statement, with respect to the Notes being offered
for sale subject to the approval as to legality of Jones,
Waldo, Holbrook and McDonough of Salt Lake City, Utah, may
be obtained from Burrows, Smith and Company, 1003 Kearns
Building, Salt Lake City, Utah 84101, the financial consultant
to the City.
DATED this 18th day of May, 1977.
BOARD OF COMMISSIONERS OF
SALT LAKE CITY
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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 cer-
tify that the above and foregoing is a full, true and correct
copy of the record of proceedings had by the Salt Lake City
Commission, at its meeting held on the 18th day of May, 1977,
insofar as the same relates to or concerns Salt Lake City
Tax Anticipation Notes for the fiscal year 1977-1978 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 proceedings.
IN WITNESS WHEREOF, I have hereunto subscribed
my official signature and affixed the official seal of said
18th
City this day of May, 1977.
City Recorde
(S E A L)