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Home My WebLink About6 of 1962 - A resolution authorizing the Notice of Sale for General Obligation Bonds — $3,500,000.00 Public Buil PlIV ; U Resolution No. 6 I By Mayor J. Bracken Lee ' • Authorizing the Notice of Sale for General Obligation Bonds — $3,500,000.00 Public Building Bonds, Series 1962. $1,000,000.00 Public Library Bonds, Series 1962. $7,000,000.00 Sanitary Sewer Facility Bonds, Series 1962. Bids to be opened May 15, 1962 at 10:30 a.m. in the Commission ' Chambers. Presented to the Board of Commissioners ' AND PASSED APR 1 61962 . CITY RECORDER F 9 i i Iliki M # 4. • April it ROLL CALL 2p Salt Lake City, Utah, , 1.9t, ... VOTING Aye Nay I move that the Resolution be adstcd. / Christensen . . / Harrison Smart , 7/ Romney . . . RESOLUTION Mr. Chairman . Result . . . . The Board of City Commissioners of Salt Lake City, Stalt Lake County, Utah, met in regular session at its regular meeting place in the City Hall in said City at five o'clock P.M. on the 16th day of April , 1962, with the following members of the Board of Commissioners present, to-wit: J. Bracken Lee, Mayor L. C. Romney, Commissioner Joe L. Christensen, Commissioner Conrad B. Harrison, Commissioner Herbert F. Smart, Commissioner There was absent: None There was also present Herman J. Hogensen, City Recorder, Homer Holmgren, City Attorney, and Louis E. Holley, City Auditor. After the meeting had been called to order, the following resolution was introduced in writing, was read in full, and, pursuant to motion duly made by Commissioner L. C. romrev and seconded by Commissioner Joe L. Christensen , was adopted by the following vote: YEA: J. Bracken Lee L. C. Romney Herbert F. Smart Joe L. Christensen Conrad B. Harrison NAY: None The Resolution was then signed by the Mayor in open meeting and recorded by the City Recorder and is as follows: RESOLUTION NUMBER F_ WHEREAS, the qualified voters of Salt Lake City on September 12, 1961, approved the issuance of general obligation bonds of Salt Lake City for the purposes and in favor of the propositions set forth in said election; and, -2- WHEREAS, the Board of Commissioners of Salt Lake City deems it advisable to issue certain of the bonds authorized in said election in such amounts and for such purposes as hereinafter set forth; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF SALT LAKE CITY, UTAH: That sealed bids for the sale of $7,000,000 Sanitary Sewer Facility Bonds, Series 1962, $1 ,000,000 Public Library Bonds, Series 1962, and $3,500,000 Public Building Bonds, Series 1962, be received by the Board of Commissioners until May 15, 1962 at 10:30 A.M. and be opened at about that time at a public meeting of said Board. That the "Notice of Sale" attached hereto is by the Board of Commissioners hereby adopted and approved. i %/e44Y ti 2 t;(, A' /// Mayor ATTEST: C t ty /V\ (Here follows other business not pertinent to the above) Pursuant to motion duly made and seconded, the Board of Commissioners adjourned. ‘/:/ ( i( (. Mayor ATTEST: kVKAOCeililri STATE OF UTAH ss. COUNTY OF SALT LAKE) I, Herman J. Hogensen, 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 constitutes a true and correct copy of the minutes of a meeting of the Board of Commissioners of • -3- Salt Lake City, Utah, including a resolution adopted at said meeting, held on April 16, 1962, insofar as said minutes pertain to the matters above set out, as said minutes and resolution are officially of record in my possession. I further certify that the aforesaid resolution has been duly signed by the Mayor and City Recorder and was deposited in my office and recorded on April 16, 1962. IN WITNESS WHEREOF, I have hereunto subscribed my official signature and affixed the seal of said City this 16th day of April, 1962. r d NOTICE OF SALE $3,500,000 Public Building Bonds, Series 1962 $1,000,000 Public Library Bonds, Series 1962 $7,000,000 Sanitary Sewer Facility Bonds, Series 1962 SALT LAKE CITY, UTAH Sealed bids will be received by the Board of Commissioners of Salt Lake City, Salt Lake County, Utah, at the regular meeting place of said Board in the City Hall in Salt Lake City until 10:30 A.M., Mountain Standard Time, on May 15, 1962, for the purchase of $3,500,000 Public Building Bonds, Series 1962, $1,000,000 Public Library Bonds, Series 1962, and $7,000,000 Sanitary Sewer Facility Bonds, Series 1962, of said City. At that time and place, said bids will be opened at a public meeting of said Board. Award or rejection of bids will be made on said date and the checks of the unsuccessful bidders will be returned immediately. The bonds will be in denominations of $1,000; provided however, that the successful bidder may at any time within seven days following the award direct that an amount of the bonds be issued in denominations of $5,000 or multiples thereof (consistent with the maturity schedule prescribed for the bonds), in which case, he will notify the Treasurer of the City of the denominations desired and the amount of the bonds of each such denomination of each maturity. The bonds are dated April 1, 1962, will bear interest at a maximum rate of five per cent (5%) per annum, first coupon payable January 1, 1963, for nine months interest and semi-annually thereafter on July 1 and January 1 of each year, are registrable as to principal, and mature serially on January 1 of each year as follows: Year $3,500,000 $1,000 ,000 $7,000,000 Public Public Sanitary Building Library Sewer Facility Bonds Bonds Bonds Total 1965 200,000 100,000 535,000 835,000 1966 220,000 60,000 220,000 500,000 1967 220,000 60,000 250,000 530,000 1968 220,000 60,000 280,000 560,000 1969 220,000 60,000 310,000 590,000 1970 220,000 60,000 350,000 630,000 1971 220,000 60,000 390,000 670,000 1972 220,000 60,000 430,000 710,000 1973 220,000 60,000 470,000 750,000 1974 220,000 60,000 510,000 790,000 1975 220,000 60,000 550,000 830,000 1976 220,000 60,000 590,000 870,000 1977 220,000 60,000 630,000 910,000 1978 220,000 60,000 670,000 950,000 1979 220,000 60,000 710,000 990,000 1980 220,000 60,000 105.000 385,000 3,500,000 1,000,000 7,000,000 11,500,000 The bonds may bear interest at any number of rates in multiples of 1/8 or 1/20 of 1% but all interest maturing on each bond on each interest payment date is to be represented by a single coupon, all bonds maturing on the same date bear interest at the same rate and each bond must bear interest at one rate only. The bonds will not be callable for redemption prior to maturity. The bonds will be payable at a bank to be selected by the purchasers. The bonds, part of $19,500,000 various purpose bonds authorized at an election held on September 12, 1961, will be full general obligations of the City payable from the proceeds of ad valorem taxes to be levied without limitations as to rate or amount. The bonds will be awarded to the responsible bidder whose bid results in the lowest net interest cost to the City after the deduction of premium, if any. The three issues will be sold as one and each bid must be for the purchase of all issues. No bid for less than par and accrued interest will be considered and each bidder is asked to state in his bid or to submit with his bid (for infor- mative purposes only) a tabulation showing his computation of the total interest cost, together with the net effective interest rate. In determining the winning bid, interest will be assumed to run from the first day of the month following the sale of the bonds to their respective maturities. -2- A certified or cashier's check in the amount of $150,000 drawn upon an incorporated bank or trust company and payable to the order of the City must accompany each bid as a guarantee of good faith on the part of the bidder, which check will be forfeited as liquidated damages if such bid is accepted and the bidder fails to accept and pay for the bonds when tendered. The bonds will be delivered in Salt Lake City, Utah, or elsewhere at the purchaser's.ex- pense. The purchasers will be given at least seven business days advance notice of the proposed delivery date when that date has been tentatively de- termined. The unqualified approving opinion of Chapman and Cutler covering the legality of the bonds will be furnished without cost to the purchasers. 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 that there is no litigation pending or, to the knowledge of the signer thereof, threatened, affecting the validity of the bonds. The right is reserved to reject any or all bids and waive all informalities. Envelopes containing the bids should be plainly marked " Proposal for Bonds ". Additional information may be obtained from Edward L. Burton & Company, 174 South Main Street, Salt Lake City 1, Utah, the City's fiscal agent. J. BRACKEN JEF HERMAN J. HOCENSEN Mayor City Recorder