Loading...
HomeMy WebLinkAbout62 of 1977 - A resolution authorizing the issue and providing or the sale of $7,000,000 Salt Lake City Tax Antici fc Resolution No. 62 S , By Jennings Phillips. Jr. s J '} A _ COMMISSIONER j) Authorizing the issuance and + providing for the sale of $7,000,000 Salt Lake City Tax Anticipation Notes II i tl Presented t.the Surd of Cow AND PASSED j i� I i JUN 8 1977 • X TYcan n oar I 1 I j i 11 ,I I 1 Y I 1 jugs i, Uri Reossaitte j ooloRs Pbtip,js. Csmrt.iosimors of Pottle Attain sst firms 211 City Ng OM*Bad* kit Lake City.t�t+dr Does Carami.drtaee Play* !'ae Boast et City Cesttstissiassas4 st it+: t today. !s.M Reedatiw mi.A of u➢'f. .h«eiaia,t tiro 100111001«N►yrovidill lot taw lade of p.m°.Y1Y skit Lake City Tot Mrotisiyatlew Meter. Yowl tidy. 71/441411 !,t4Loc.i City Rtresades era CCr Ardito r Trearsest Idsvatt Wilmot Cewmisdesot I4as C*r.t#ssiiost Grosoor Creos.is.la..tr salts NOTICE ULAR EMEETII GOOF RTHE BNARO OF COMMISSIONERS OF SALT LAKE CITY,UTAN, T PUBLIC!NOTICE IS HEREBY GIVEN of the follow. Inc aaerda of a regular'resting of the Board of Commissioners Co Sa Lotid Ch lutotth,In be oumy Building, Sett City, Wan cummsnNne at I9:e7OO o'Cloc�[a.m.an June e, 1977. Roll Call. TeX Anticipeflon Nola: ase 147 Df W,W Salt Lake City tea emklcatlon rotes. The *arisingadoption of a resolutau the Isle by Salt Lake City of S7,000J00e tax amlcia- non rota to the a ccossfui bidder,nreecribiro the format the nppoftes and Me provisions ex- ecutionthere and delivery M aid rota and for the execution of documethe nts necessaryt to ato note oic Me lassbsufficien�l seal xas and ,re- venues to pay said notes when dad.,IMA N01of/M al:a0f said notes will be wed by the City. Late y O 6)EMILORE�11V..H RMtehsd June 6,1977 (C•791 NOTICE NOTICE OF REGULAR OFECOMMISSIONERRSAOF SALT LAKE CITY,UTAH PUBLIC NOTICE Is hereby pssefltrI Ilos of Salt Board of CH, Utah,will hold a regular public meeting In Room 301 COY and County Building, Salt Lake City, Utah, commencing of 1090 o'clock a.m.on June B, 1977. The Agenda for the meeting consists of the following: ROLL CALL TAX ANTICIPATION NOTE SALE Sewed bids will be received nd considered by Me CityCommission w to l0:000'cIock A.M., A,0 AW'TOO the Anticipation ma�turedJued ne Jul 1978.m,and to OTHERCICITTYDBUSINESSS Dated May 31 1917. MILDRED Y.HIGHAM City Recorder PublloMd Amok.l977 ICd01 ROLL CALL VOTING _---Aye Nay W.Chairman Agraz 1 Greener Salt Lake City Hogensen Salt Lake County Phillips State of Utah P ll June 8, 1977 Result -The hoard of Commissioners of Salt Lake City, Salt Lake County, Utah, met in regular session at the regular meet- ing place of the Board in the City and County Building, Salt Lake City, Utah, at 10:00 o'clock A.M. on June 8, 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: Greg R. Hawkins Assistant City Attorney Mildred Higham City Recorder Lawrence A. Jones City Auditor Absent: The City Recorder submitted proofs of publication of the Notice of Sale of Tax Anticipation Notes of Salt Lake City, and bids were then opened for the purchase of such Tax Anticipation Notes. Said bids were found to be as follows: -2- The bid of CHEMICAL BANK & TRUST COMPANY was the best bid received for said notes and is, in full, as follows: June 8, 1977 Honorable Mayor and Board of City Commissioners 210 City & County Building Salt Lake City, Utah Gentlemen: In response to your invitation for us to bid for an aggregate of $7,000,000.00 Salt Lake City, Utah Tax Anticipation Bonds, we submit the following: For $7,000,000.00 of your legally issued Tax Anticipation Bonds to be dated July 1, 1977 and to be due June 30, 1978, bearing interest at the rate of 3.30 % per annum, we will pay $2,00_6,282.00 plus accrued interest from date of issue to the date of delivery to us in federal funds. Both principal and interest are to be payable at maturity at a bank or trust company designated by us. Bonds are to be issued in convenient denominations as specified by us. You are to take such action and pass such resolutions and execute and certify all such documents as our attorneys may require to the end that, in their opinion, the bonds may be legally issued. The bonds shall contain a convenant by you that you will comply at all times during the period the bonds are outstanding with all requirements of the Internal Revenue Code of 1954 as amended and in particular Section 103 thereof, and all regulations now or hereafter adopted pursuant to. We will provide the bond forms and furnish the approving legal opinion at our expense. This offer is for immediate acceptance only. The bonds are to be delivered as soon as conveniently possible. Attached is our Cashier's Check for $140,000.00 payable to Salt Lake City Corporation which is evidence of our "good faith" in this transaction. If this is the winning bid, this check should be applied to the purchase price of the bonds when they are delivered to us. If our bid is rejected, the check is to be returned to us promptly. Net Effective Rate: 3.21 % Respectfully submitted, WALKER BANK & TRUST COMPANY, AS AGENT, FOR CHEMICAL BANK & TRUST COMP NY — r ,: / t� Glen V. plargietts Vice Print The above and foregoing offer is hereby accepted on behalf of Salt Lake City, Utah, this 8th day of June, 1977. ATTEST: City Recorder . Mayor -4- Thereupon Commissioner Jennings Phillips, Jr. introduced and moved the adoption of the following Resolution: Resolution No. 62 A Resolution Authorizing the Issuance And Providing for the Sale of $7,000,000 Salt Lake City Tax Anticipation Notes WHEREAS, there is an immediate need for the City to raise funds in the amount of $7,000,000 to be used in payment of the current and necessary expenses and other purposes of the City for which City funds may be expended until the receipt of taxes and other revenues for the fiscal year commencing July 1, 1977; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of Salt Lake City, Utah, as follows: 1. That Salt Lake City for the purpose of meeting the current and necessary expenses of said City for the fiscal year commencing July 1, 1977, and for any other purpose for which funds of the City may be expended, shall borrow the sum of Seven Million Dollars ($7,000,000) and for that purpose as evidence of such indebtedness shall issue One Hundred Thirty Three notes numbered 1 to 133 , both inclusive, said notes to be in the following denominations: FORTY NINE (49) IN ONE HUNDRED THOUSAND DOLLAR ($100,000) DHUCMINATIONS AND EIGHTY FOUR (84) IN TWENTY FIVE THOUSAND DOLLAR ($25,000) DENOMENATIONS each note bearing interest at the rate of Three and Thirty Hundredths percent (3.300) per annum from date until paid. Said notes shall be dated July 1, 1977, and may be designated as "Salt Lake City Tax Anticipation Notes," and shall be due and pay- able June 30, 1978, both principal and interest being payable -5- ' at maturity in lawful money of the United States of America. Said Notes shall be in substantially the following form: UNITED STATES OF .AMERICA STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY No. $ SALT LAKE CITY TAX ANTICIPATION NOTES KNOW ALL MEN BY THESE PRESENTS: That Salt Lake City, Salt Lake County, State of Utah, hereby acknowledges itself to be indebted and for value received, hereby promises to pay to the bearer hereof the sum of DOLLARS ($ in lawful money of the United States of America on the 30th day of June, 1978, at Chemical Bank New York, New York with interest thereon at the rate of Three and Thirty Hundredths percent(3.30'/)per annum, from date until paid, interest payable at maturity. This note is one of a series of notes of like date, tenor and effect, except as to denomination, numbered from one (1) to One Hundred Thirty Three (133 ) , both inclusive, and known as "Salt Lake City Tax Anticipation Notes," for the aggregate sum of Seven Million Dollars ($7,000,000) issued pursuant to Section 10-8-6, Utah Code Annotated, 1953. The Board of City Commissioners shall levy in the fiscal year beginning July 1, 1977, a sufficient tax and shall provide for the imposition and collection of sufficient revenues other than taxes, to pay the principal and interest on this note as the same shall fall due, and this note is issued in anticipation of the payment of such taxes and of the collection of such revenues for the fiscal year beginning July 1, 1977. It is hereby certified, recited and declared that the entire indebtedness of said City hereby incurred is not in excess of the taxes and other revenues of said City levied or to be levied for the current fiscal year, and that said indebtedness was and is contracted for the purpose for which said taxes and other revenues are or are to be levied, imposed and collected. It is further certified, recited and declared that all conditions, acts and things essential to the validity of this note exist, have happened and have been done, and that -6- every requirement of law affecting the issue of this note has been duly complied with, and that this note is within every debt and other limit prescribed by the Constitution and laws of the State of Utah, and that the full faith and credit of Salt Lake City are hereby irrevocably pledged to the punctual payment of the principal of and interest on this note accord- ing to its terms. IN WITNESS WHEREOF, Salt Lake City, by its Board of Commissioners, has caused this note to be signed by its Mayor, duly authorized, and by the City Treasurer, and attested by its City Recorder and the seal of said City to be affixed hereto as of this first day of July, 1977. ( S E A L ) MAYOR CITY TREASURER ATTEST: CITY RECORDER There shall be endorsed on each of said notes a cer- tificate reading as follows: The undersigned Auditor of Salt Lake City, State of Utah, hereby certifies that this note is issued pursuant to law and is within the lawful debt limit of said City. CITY AUDITOR 2. That the sale of said notes to Chemical Bank & Trust Company pursuant to bid heretofore received by the City be and the same is in all respects confirmed, ratified and approved, the said bid being determined to be the best bid submitted for the purchase of said notes and offering the lowest interest rate obtainable. -7- 3. That said notes and each of them shall be signed by the Mayor of Salt Lake City and by the City Treasurer and attested by the City Recorder and sealed with the seal of said City. The Mayor and the City Treasurer are hereby authorized, empowered and directed to sign each of said notes and the City Recorder is hereby authorized, empowered and directed to sign and attest and affix the seal of said City to each of said notes and the City Auditor to endorse each of said notes, and each of the foregoing officials are further authorized to execute such certificates and other documents as are requireu in connection with the issuance of said notes, and the acts of the Mayor, Treasurer, Recorder and Auditor in so doing are and shall be the act and deed of Salt Lake City, Utah. 4. That there shall be levied by the Board of Commissioners in the fiscal year commencing July 1, 1977, a sufficient tax, and there shall be imposed and collected sufficient revenues other than taxes to pay the principal and interest on said notes as the same fall due, and there is hereby appropriated from the collection of taxes and other revenues for the fiscal year commencing July 1, 1977, a sum sufficient to pay both principal of and interest on these notes as the same shall fall due and the full faith credit of Salt Lake City is hereby irrevocably pledged to the punc- tual payment of the principal of and interest on the said notes according to their terms and the Board of Commissioners hereby covenants and agrees with the holders of said notes to levy in the fiscal year commencing July 1, 1977, sufficient taxes and to collect sufficient revenues to provide for the payment of principal and interest on said notes. -8- 5. That the proceeds of said notes shall be used for the purpose of payment of the current and necessary ex- penses of the City for the fiscal year commencing July 1, 1977, and other purposes for which funds of the City may be expended. 6. The Board of Commissioners hereby covenants and agrees with the holders of said notes that so long as any of the notes remain outstanding, all or a major por- tion of the proceeds of said notes will not be used in a man- ner which will cause such notes to be "arbitrage" notes within the meaning of Section 103 of the Internal Revenue Code of 1954, as amended, and any regulations promulgated or pro- posed thereunder, as the same presently exist or may from time to time hereafter be amended, supplemented or revised (herein referred to as the "Code and Regulations") . 7. That said $7,000,000 of Salt Lake City Tax Anti- cipation Notes so issued shall be delivered to the purchaser, its agents or assigns, as per the terms of their agreement to purchase, on July 1, 1977, or at such other time as and when said notes may be and are legally issued, upon receipt of • the purchase price therefor which said price and sale are this day ratified and confirmed. Passed and adopted this 8th day of June, 1977. ATTEST: MAYOR CITY RECORDER (SEAL) -9- Thereupon Commissioner Herman J. Hogensen seconded the adoption of the foregoing Resolution and the same being put to a vote was carried by the unanimous vote of the Commissioners present. It appearing that a majority of the Commission has voted in favor of the motion,the Mayor thereupon declared the motion carried and the Resolution adopted. MAYOR ATTEST: CITY RECORDER /' -10- 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 certify 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 8th day of June, 1977, insofar as the same relates to or concerns Salt Lake City Tax Anticipation Notes for the fiscal year commenc- ing July 1, 1977, 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 City this V day of June, 1977. City Record r ( S E A L )