57 of 1980 - A resolution of Official Notice of Bond Sale for Special Improvement Districts 38-517, 38-545, and 3 ! ;;,"" .
The City Council of Salt Lake City, Salt Lake
County, Utah, met in regular session at the regular meeting
place of the Council in the City and County Building, Salt
Lake City, Utah, at 5:00 o'clock p.m. on Tuesday, Sept. 2,
1980, with the following members present:
TED L. WILSON Mayor
NALD . W$ITEH
zi.,„X-) L/ --e c--t/ Council MEMBER
GRANT MABEY Council MEMBER
EDWARD W. PARKER Council MEMBER
PALMER DEPAULIS (ABSENT) Council MEMBER
ALICE SHEARER Council MEMBER
LONE M. DAVIS Council MEMBER
SYDNEY R. FONNESBECK Council MEMBER
Also present:
ROGER F. CUTLER, CITY ATTORNEY
ALBERT E. HAINES DIRECTOR OF FINANCE
AND ADMINISTRATIVE SERVICES
Absent:
PALMER DEPAULIS
Albert E. Haines reported to the
Council concerning the proposed bond issues for Salt Lake
City Special Improvement Districts #38-517, #38-545, and
#38-596, and submitted to the Council an Official Notice of
Bond Sale for said Districts.
After discussion, CouncilMember Shearer
made the following motion, which was seconded by
Council Member Whitehead , and being put to a
vote, such motion was passed by the following vote:
Voting Aye
Council Member Ronald J. Whitehead
Council Member Grant Mabey
Council Member Edward W. Parker
Council Member Alice Shearer
Council Member Ione M. Davis
Council Member Sydney Reed Fonnesbeck
Voting Nay
NONE
The motion was declared, passed and is in full as follows:
That bonds for Salt Lake City Special Improvement
Districts #38-517, #38-545 and #38-596 be put out for
bid, setting the bid opening for Sept. 23. , 1980.
That the sale of said bonds be in accordance with the
following Official Notice of Sale:
OFFICIAL NOTICE OF BOND SALE
SALT LAKE CITY, UTAH
SPECIAL IMPROVEMENT DISTRICT BONDS
$209,000 SPECIAL IMPROVEMENT DISTRICT #38-517
$ 85,000 SPECIAL IMPROVEMENT DISTRICT #38-545
$406,000 SPECIAL IMPROVEMENT DISTRICT #38-596
Notice is hereby given that Salt Lake City, Utah,
will until 5:00 o'clock p.m., M.D.T., on September 23
, in the City Council Chambers, Room 301,
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City and County Building, 400 South State Street, Salt Lake
City, Utah, receive sealed bids for the purchase of its
Special Improvement District Bonds in the amounts, to be
dated and mature and to be issued as three separate issues
for the separate districts as follows:
Special Improvement District #38-517 Dated July 1,
1980, Principal and Interest Payable July 1
Year Amount
1981 $ 20,000
1982 21,000
1983 21,000
1984 21,000
1985 21,000
1986 21,000
1987 21,000
1988 21,000
1989 21,000
1990 21,000
Total $209,000
Special Improvement District #38-545 Dated July 1,
1980, Principal and Interest Payable July 1
Year Amount
1981 $ 8,000
1982 8,000
1983 8,000
1984 8,000
1985 8,000
1986 9,000
1987 9,000
1988 9,000
1989 9,000
1990 9,000
Total $ 85,000
Special Improvement District #38-596 Dated July 1,
1980, Principal and Interest Payable July 1
Year Amount
1981 $ 40,000
1982 40,000
1983 40,000
1984 40,000
1985 41,000
1986 41,000
1987 41,000
1988 41,000
1989 41,000
1990 41,000
Total $406,000
Bonds maturing prior to July 1, 1986, are not
callable for redemption prior to maturity. Bonds maturing
on or after July 1, 1987, are callable for redemption on
July 1, 1986, and on any interest payment date thereafter at
a 3% premium.
The bonds of each issue will bear interest at not
to exceed nine percent (9%) per annum. There will be
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permitted no more than five (5) different coupon rates with
repeat rates permitted. The highest rate of interest shall
not exceed the lowest by more than two percent (2%).
- A bidder may bid for one or more issues, but
separate bids must be offered for each issue; must be
without qualifications; must be for the entire amount of
bonds of the issue; and must be accompanied by a good-faith
check (cashier's or certified) payable to the Salt Lake City
Corporation for at least two percent (2%) of the par value
of each issue of bonds for which a bid is submitted, such a
check to be promptly returned if the bid is not accepted and
held if the bid is accepted and credited against the
purchase price of the bonds at their delivery. The check
shall be forfeited if the successful bidder shall fail or
refuse to accept delivery of the bonds when offered. It is
anticipated that the bonds will be available for delivery
about 35 days from the date of acceptance of the bid.
No bid for less than the par value of the bonds will be
considered.
The bonds, together with the written, unqualified,
approving legal opinion of Jones, Waldo, Holbrook &
McDonough, attorneys of Salt Lake City, Utah, will be
delivered at the expense of the City at a bank in Salt Lake
City or elsewhere at the exepnse of the purchaser.
Sealed bids may be submitted to the Salt Lake City
Council at the City Council Chambers, City and County
Building, 400 South State Street, Salt Lake City, Utah, at
any time prior to the above-stated time for opening the
bids. The City reserves the right to accept or reject any
or all bids or waive any informality therein.
It is requested, not as part of any bid but for
informational purposes only, that the bidder indicate total
net interest cost as an amount in dollars and the net annual
interest rate as a percentage.
Additional information may be obtained from Salt
Lake City, or from Burrows, Smith and Company, Suite 1003,
Kearns Building, Salt Lake City, Utah, financial consultants
to the City.
Dated this 2nd day of September , 1980.
SALT LA CITY, UTAH
By
M O
ATTEST:
CITY RECORDER
and,
Notice be published by Burrows, Smith and Company
That theheuearcpcalsobratt in The Salt Lake Tribune, a
newspaper published and having general circulation in Salt
Lake City, Utah, the following:
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NOTICE OF SALE
OF
SPECIAL IMPROVEMENT DISTRICT BONDS
OF
SALT LAKE CITY
SALT LAKE COUNTY
STATE OF UTAH
Sealed bids for the purchase of $209,000 Special
Improvement District #38-517 bonds, $85,000 Special
Improvement District #38-545 bonds, and $406,000 Special
Improvement District #38-596 bonds of Salt Lake City, Utah,
will be received up to 5:00 o'clock p.m. on September
, 1980, in the Chambers of the Salt Lake
City Council, Room 301, City and County Building, 400 South
State Street, Salt Lake City, Utah 84111.
Copies of the official Notice of Bond Sale and the
official statement, with respect to the bonds being offered
for sale subject to the approval as to legality of Jones,
Waldo, Holbrook and McDonough of Salt Lake Ctiy, 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 2nd day of September , 1980.
CITY COUNCIL OF SALT LAKE CITY
and,
That the Preliminary Official Statement as
presented to the City Council at this meeting is approved.
STATE OF UTAH
. ss.
County of Salt Lake)
I, MILDRED V. 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 had by the Salt
Lake City Council at its meeting held on the 2nd day
of September , 1980, insofar as the same relates to or
concerns Salt Lake City Special Improvement District bonds
for Special Improvement Districts #38-517, #38-545 and
#38-596, 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
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City this 2nd day of September , 1980.
CITY RECORDER
( S E A L )
•
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Resolution No.
By City Council
Official Notice of Bond Sale for Special
Improvement Districts 38-517, 38-545,
and 38-596. Bid opening for sale of
said bonds set for September 23, 1980.
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