HomeMy WebLinkAbout74 of 1981 - A RESOLUTION OF THE CITY COUNCIL OF SALT LAKE CITY, UTAH, ADDING A PROCEDURE WHEREBY PARTIAL RELEASE Resolution No. f. ,
By City Council
An addendum to bond resolution
Watermain Extension 35-4012.
Salt Lake City, Utah
September 1, 1981
The City Council of Salt Lake City, Salt Lake County,
State of Utah, met in regular public session on the 1st day of
September , 1981, at the hour of 5: 00 p.m. at its regular meet-
ing place in Salt Lake City , Salt Lake County, Utah .
On roll call, the following members were determined
present:
Palmer DePaulis Chairman
Alice Shearer Council Member
Sydney Fonnesbeck Council Member
Grant Mabey Council Member
Ronald J. Whitehead Council Member
Ione M. Davis Council Member
Edward W. Parker Council Member
There were also present:
Ted L. Wilson Mayor
Kathryn Marshall City Recorder
Roger Cutler City Attorney
Absent: None.
After the meeting had been duly called to order , the
City Recorder presented to the City Council an affidavit evi-
dencing the giving of not less than twenty-four (24 ) hours pub-
lic notice of the agenda, date, time and place of the September
1, 1981 meeting in compliance with the requirements of Section
52-4-6 (2) , Utah Code Annotated, 1953, as amended, by (1 ) post-
ing written notice of the meeting at the principal office of
the City Council and ( 2 ) providing notice to at least one news-
paper of general circulation within the geographic jurisdiction
of Salt Lake City, Utah, or to a local media correspondent.
The affidavit was ordered recorded in the minutes of the meet-
ing and is as follows:
STATE OF UTAH
:ss.
COUNTY OF Salt Lake)
I , the undersigned, the duly qualified and acting
Recorder of Salt Lake City, Salt Lake County, State of Utah, do
hereby certify , according to the records of said City Council
in my official possession, and upon my own knowledge and
belief , that in accordance with the requirements of Section
52-4-6 ( 2) , Utah Code Annotated, 1953 , as amended, I gave not
less than tenty-four (24 ) hours public notice of the agenda,
date, time and place of the September 1, 1981 public meeting
held by the City Council of Salt Lake City, Utah, by:
(a) Causing a Notice of Public Meeting to be posted
at the principal office of the City Council in Salt Lake
City, Utah, on the 28th day of August, 1981 , at least
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twenty-four (24 ) hours before the convening of the meeting,
in the form attached hereto as Exhibit A; said Notice of
Public Meeting having continuously remained so posted and
available for public inspection during the regular office
hours of the Salt Lake City Offices until the convening of
the meeting; and
(b ) Causing a copy of the Notice of Public Meeting in
the form attached hereto as Exhibit A to be provided on the
28th day of August, 1981, at least twenty-four (24 ) hours
before the convening of the meeting, to the Deseret News, a
newspaper of general circulation within the geographical
jurisdiction of Salt Lake City, and to each local media
correspondent, newspaper , radio station, or television
station which has requested notification of meetings of the
Salt Lake City Council.
IN WITNESS WiEREGF, I have hereunto subscribed my
official signature and impressed hereon the official seal of
Salt Lake City , Utah, as of the 1st day of September , 1981.
6'� .c2La
Cit Reco er
Thereupon, a proposed addition . to Section 9 of the
Authorizing Resolution for the North Point Special Improvement
District Watermain Extension 35-4012 , dated July 3 , 1979 , which
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addition will establish a procedure whereby partial releases
from the special improvement district lien may be granted upon
the payment of specified amounts of money into the special
improvement district bond fund, was introduced in written form
by Alice Shearer and was considered in full and in detail.
After due discussion to the matters contained therein, a call
for a vote of approval thereof was made by Alice Shearer and
seconded Ll Sydney Fonnesbeck, whereupon the resolution was
approved and adopted by the following vote.
Aye: Palmer DePaulis
Alice Shearer
Sydney Fonnesbeck
Grant Mabey
Ronald J. Whitehead
Ione M. Davis
Edward W. Parker
Nay: None
At the conclusion of the meeting the Resolution was
signed by Palmer DePaulis, attested by the City Recorder and
recorded in the official records of Salt Lake City . The Reso-
lution is as follows:
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RESOLUTION NO. 74 ADOPTED: September 1 , 1981
A RESOLUTION OF THE CITY COUNCIL OF SALT
LAKE CITY, UTAH, ADDING A PROCEDURE WHEREBY
PARTIAL RELEASES FROM THE ASSESSMENT LIEN OF
THE NORTH POINT SPECIAL IMPROVEMENT DIS-
TRICT, WATER!•,AIN EXTENSION 35-4012 MAY BE
GRANTED UPON THE PAYMENT OF SPECIFIED
AMOUNTS OF MONEY INTO THE BOND AND INTEREST
FUND OF SALT LAKE CITY, SALT LAKE COUNTY,
NORTH POINT SPECIAL IMPROVEMENT DISTRICT,
WATERMAIN EXTENSION 35-4012.
WHEREAS , the payment of certain special improvement
bonds of Salt Lake City , Utah, which were authorized and issued
pursuant to Salt Lake City Resolution No. 46 adopted July 3 ,
1979 for the North Point Special Improvement District, Water-
main Lxt€:nsiori 35-4012 , is secured by a lien assessed and
levied on all real property within said Improvement District;
and
WHEREAS , the original Bond Resolution does not provide
for any partial release of the lien levied upon the real prop-
erty within the prescribed boundaries of the North Point Spe-
cial Improvement District, Watermain Extension #35-4012 , upon
the payment of the amount of the assessment levied against in-
dividual parcels of real property within said Improvement Dis-
trict; and
WHEREAS , it was the original understanding of the
property owners at the time the North Point Special Improvement
District, Watermain Extension 35-4012 was created that partial
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releases would be granted upon payment of the full amount of
the assessment levied against any individual parcels; and
WHEREAS, all of the property owners within the Special
Improvement District desire the right to have partial releases
as set forth herein; and
WHEREAS , to date each and every Bond as it has
matured, along with all interest accrued thereon, has been
redeemed timely by the parties holding title to the property
within the boundaries of the North Point Special Improvement
District, Watermain Extension 35-4012 upon which the special
improvement tax has been assessed; and
WHEREAS, the fair-market value of each and every par-
cel of land within the boundaries of the North Point Special
Improvement District, Watermain Extension 35-4012 greatly ex-
ceeds the amount of the special improvement tax assessed upon
each parcel, resulting in more than adequate security for the
Bondholders; and
WHEREAS , it is a restraint on the free transferability
of real property not to release the special improvement tax
lien on portions of said real property when full payment (prin-
cipal and interest) is made of the amount of the assessment
levied against said portions.
NOW THEREFORE, Be it Resolved by the City Council of
Salt Lake City, Salt Lake County, Utah, that Section 9 of Salt
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Lake City Resolution No. 46 adopted July 3, 1979, for the North
Point Special Improvement District, 44atermain Extension 35-4012
is hereby amended by adding the following paragraph to the end
of the present Section 9 and before the beginning of Section 10:
Notwithstanding the foregoing, the lien
levied against every lot or tract of land in
Salt Lake City, Salt Lake County, North
Point Special Improvement District,
Watermain Extension 35-4012 , for the payment
of the assessed special improvement district
tax shall be released, at any time, upon the
remittance into the Bond and Interest Fund
of Salt Lake City, Salt Lake Count}, North
Point Special Improvement District,
Watermain Extension 35-4012 (the "Fund" ) of
an amount per acre calculated as follows:
(TA - AP) = Amount of Remittance into
(A - AR) Fund for each one (1 ) acre
of land released
Where:
TA = Total North Point Special Improve-
ment District tax assessment of the
property owner;
AP = Amount of total North Point Spe-
cial Improvement District tax assess-
ment of the property owner paid to
present date;
A = Total assessed acres of the prop-
erty owner within the boundaries of the
North Point Special Improvement Dis-
trict;
AR = Number of acres of the property
owner within the boundaries of the
North Point Special Improvement Dis-
trict released from the date of the
assessment lien to the present date.
Upon the remittance into the Fund of the requi-
site monies, as determined by the formula above,
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Salt Lake City shall prepare or cause to be pre-
pared according to their normal special improve-
ment district release procedures, a release from
the North Point Special Improvement District,
Watermain Extension 35-4012 assessment and lien
of the acreage to be released from the assess-
ment lien, which acreage shall be designated by
the property owner entitled to such release.
Subject to the consent of substantially all of the
Bondholders, in such form and manner as is acceptable to the
Salt Lake City Attorney, and such other consents as the Salt
Lake City Attorney may require, the proposed addition to Sec-
tion 9 of the Bond Authorizing Resolution No. 46 dated July 3 ,
1979 , as specified above, will become effective.
Approved and adopted this 1st day of September , 1981 .
(CITY SEAL) CITY COUNCIL OF
SALT LAKE CITY, UTAH
By
ATTEST:
a t Lak City Recorder
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STATE OF UTAH
: ss.
COUNTY OF SALT LAKE
I , Kathryn Marshall, the duly qualified and acting
City Recorder of Salt Lake City, Salt Lake County, Utah, do
hereby certify , according to the records of said City in my
official possession, that the above and foregoing is a true and
correct copy of the minutes of a public meeting of the City
Council of Salt Lake City, Utah, held on September 1, 1981 , in-
sofar as said minutes pertain to the matters therein set out,
and attached hereto is a true and correct copy of a resolution
adopted at said meetings.
IN 64ITNESS hURLOF , I have hereunto subscribed my
official signature and impressed hereon the seal of Salt Lake
City, Utah, this 1st day of September , 1981.
al Lake / ity Recorder
(CITY SEAL)
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1
•
EXHIBIT A
NOTICE OF REGULAR MEETING
OF THE
CITY COUNCIL OF
SALT LAKE CITY, UTAH
PUBLIC NOTICE is hereby given that the City Council of
Salt Lake City, Utah, will hold a regular meeting at its regu-
lar place of meeting in Salt Lake City, Utah , commencing at
5: 00 p.m. , on Tuesday, the 1st day of September , 1981.
At the meeting a matter concerning the addition of a
procedure for the granting of partial releases from a Special
Improvement District assessment lien will be considered as an
item of the agenda of said meeting, as follows:
A Resolution of the City Council of Salt
Lake City, Utah, adding a procedure whereby
partial releases from the assessment lien of
the North Point Special Improvement Dis-
trict, Watermain Extension #35-4012 may be
granted upon the payment of specified
amounts of money into the Bond and Interest
Fund of Salt Lake City, Salt Lake County,
North Point Special Improvement District,
Watermain Extension #35-4012.
CITY COUNCIL OF SALT LAKE
CITY, SALT LAKE COUNTY, UTAH
By
Salt Lake ity Recorder
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