68 of 1981 - Resolution to issue $30,000,000.00 of revenue bonds and approve a rate increase for repayment of sai Resolution No. 68
By City Council
Purpose of proposed water and sewer
rate increase.
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RESOLUTION NO. 68 OF 1981
(Purpose of proposed water
and sewer rate increase)
WHEREAS, Salt Lake City's Department of Public Utilities is
in need of several extensive capital improvements and has
insufficient funds to finance them from departmental sources; and
WHEREAS, it is necessary to prepare and issue up to
$30,000,000.00 worth of bonds for improvements, $25,000,000.00 of
which are needed for water projects and $5,000,000.00 of which
are needed for improvements to the City's wastewater treatment
plant; and
WHEREAS, in order to finance said bonds, it shall be neces-
sary to increase the rates charged water and sewer customers; and
WHEREAS, it is the intent of the Salt Lake City Council that
these revenues generated by the rate increase associated herewith
shall be used exclusively for authorized capital improvements and
debt retirement of said bonds unless otherwise approved by
subsequent Council Resolution; and
WHEREAS, at least $5,000,000.00 of said bonds will be sold
to the State at a 6-5/8% interest rate and other bond issues may
also be sold to the State, and the remainder will be sold to the
public.
NOW, THEREFORE, BE IT RESOLVED by the Salt Lake City Council
that a bond issue of up to $30,000,000.00 for revenue bonds is
hereby approved, and:a rate increase which will be authorized by
the Council for repayment of said revenue bonds, shall be used by
the Department of Public Utilities only for the authorized
capital improvement projects and debt retirement of said bonds,
unless otherwise approved by Council Resolution, and that the
bonds, as issued, may be sold either to the State or to the
public, at the most reasonable rates obtainable.
Passed by the City Council of Salt Lake City, Utah,
this 18th day of August , 1981 .
SALT LAKE CITY COUNCIL
By Per.-04.64, /,,,.1AXig✓
CHAIRMAN
ATTEST:
I 'Y REC L
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