76 of 1981 - A RESOLUTION CONFIRMING THE SALE OF $38,000 SPECIAL ASSESSMENT BONDS FOR SALT LAKE CITY, UTAH CURB & Resolution Not (6
By City Council
Confirming the sale of $38,000
Special Assessment Bonds for SLC,
UT curb & gutter Extension #38-576.
F
•
Salt Lake City, Utah
August 18, 1981
The City Council of Salt Lake City, Salt Lake County,
Utah, met in regular session at its regular meeting place in
said Municipality at 5:00 p.m. M.D.T. on Tuesday the 18th day
of August, 1981, with the following members present:
Palmer A. DePaulis Chairman and Councilmember
Grant Mabey Councilmember
Sydney Reed Fonnesbeck Councilmember
Ronald J. Whitehead Councilmember
Alice Shearer Councilmember
Ione M. Davis Councilmember
Edward W. Parker Councilmember
Also present:
Albert E. Haines Director of Finance and
Administrative Services
Roger Cutler City Attorney
Absent:
Ted L. Wilson Mayor
After the meeting had been duly called to order and the
minutes of the preceding meeting read and approved, the
Chairman stated that the meeting was called for the purpose,
among other things, of opening sealed bids received for the
purchase of $38,000 Special Assessment Bonds for Salt Lake
City, Utah Curb & Gutter Extension No. 38-576.
The Director of Finance and Administrative Services then
presented the sealed bids for the purchase of said Special
Assessment Bonds which had been received, which bids were
opened and found to be as follows:
Name of Bidder Net Interest Cost Premium
Continental Bank and
Trust Company $22,555 $100
Bache Halsey Stuart
Shields, Incorporated $24,428 None
After due deliberation, it was determined that the bid of
Continental Bank and Trust Company of Salt Lake City was the
best and most advantageous bid submitted for the purchase of
said Bonds, whereupon the following Resolution was read in full
and, pursuant to motion made by Alice Shearer and seconded by
Grant Mabey was adopted by the following vote:
AYE: Palmer A. DePaulis
Grant Mabey
Sydney Reed Fonnesbeck
Ronald J. Whitehead
Alice Shearer
Ione M. Davis
Edward W. Parker
NAY: None
The Resolution was thereupon signed by the Chairman in
open meeting and is as follows:
A RESOLUTION CONFIRMING THE SALE OF $38,000 SPECIAL
ASSESSMENT BONDS FOR SALT LAKE CITY, UTAH CURB &
GUTTER EXTENSION NO. 38-576, DATED SEPTEMBER 1, 1981,
FIXING THE INTEREST RATES TO BE BORNE THEREBY, AND
RATIFYING THE PUBLICATION OF THE NOTICE OF SALE WITH
RESPECT THERETO.
WHEREAS, sealed bids have been received for the purchase
of $38,000 Special Assessment Bonds, for Salt Lake City, Utah
Curb & Gutter Extension No. 38-576, dated September 1, 1981;
and
WHEREAS, the bid of Continental Bank and Trust Company of
Salt Lake City has been determined to be the best and most
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advantageous bid for the purchase of said Bonds, said bid being
in full as follows:
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WHEREAS, in the opinion of the Council, it is in the best
interest of said Municipality that said bid be accepted and
sale of the Bonds to said Continental Bank and Trust Company of
Salt Lake City, be ratified and confirmed:
NOW, THEREFORE, It Is Hereby Resolved by the City Council
of Salt Lake City, Salt Lake County, Utah, as follows:
Section 1. The bid of Continental Bank and Trust Company
of Salt Lake City for the purchase of $38,000 Special
Assessment Bonds for Salt Lake City, Utah Curb & Gutter
Extension No. 38-576, dated September 1, 1981, which bid is set
out in full in the preamble hereto, is hereby accepted, it
being hereby found, determined and declared, after public
advertisement for bids for the purchase of said Bonds, that
said bid is the best and most advantageous bid received and
that the Bonds, when issued at the interest rates stated in the
bid, will bear interest at the lowest rate now obtainable.
Section 2. Said Bonds shall be delivered to said
purchasers as soon as may be after the adoption of this
Resolution, pursuant to due payment therefor in accordance
with the terms of sale at the price of par and accrued interest
to the date of delivery, plus a premium of $100.00.
Section 3. All resolutions or parts thereof in conflict
herewith are to the extent of such conflict hereby repealed and
that this Resolution shall be in full force and effect
immediately upon its adoption.
Adopted and approved this 18th day of August, 1981.
/4.6„,,,} e4„..4:
Chairman
ATTES
1
C' Recor er
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Councilmember Shearer then introduced and moved the
adoption of the following resolution:
RESOLUTION
A RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING
FOR THE SALE OF $38,000 SPECIAL ASSESSMENT BONDS OF
SALT LAKE CITY, UTAH CURB & GUTTER EXTENSION NO. 38-
576, PRESCRIBING THE FORM OF BOND AND INTEREST
COUPONS, MATURITY AND DENOMINATION OF SAID BONDS;
PROVIDING FOR THE CONTINUANCE OF A GUARANTY FUND LEVY
AS PROVIDED BY STATUTE; AND PROVIDING WHEN THIS
RESOLUTION SHALL BE IN EFFECT.
WHEREAS, the City Council of Salt Lake City, Utah, has
heretofore adopted proceedings for the construction of
improvements in Salt Lake City, Utah, Curb & Gutter Extension
No. 38-576, and the Ordinance of said Municipality confirming
the assessment roll for such improvements having been duly
adopted and approved on the 3rd day of June, 1980; and
WHEREAS, notice of assessments to property owners in said
District has been published in accordance with the
requirements of the laws of the State of Utah and the
ordinances of said Municipality, and notice of assessment has
been mailed by the City Treasurer to all the owners of property
assessed in said District; and
WHEREAS, the total cost of the project was $342,222.05 of
which the Municipality's portion was $285,502.25, that during
the fifteen-day period following the effective date of the
ordinance levying the assessment, property owners in said
District have paid or have committed to pay $18,719.80 on the
principal of their assessments, leaving an amount to be paid
through the issuance of bonds or from funds provided by the
Municipality of $38,000.
NOW, THEREFORE, Be It Resolved by the City Council of Salt
Lake City, Utah:
Section 1. All the proceedings heretofore taken and
adopted for the creation of Salt Lake City, Utah Curb & Gutter
Extension No. 38-576 and for the construction of improvements
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therein and the assessment of a part of the cost of
constructing such improvements on and against the private
properties in said District shall be and the same are hereby
ratified, approved, and confirmed. No assessment will exceed
the benefit to be derived from the improvements by the piece of
property assessed, and no parcel of property will bear more
than its proportionate share of the cost of the improvements to
be made.
Section 2. For the purpose of payment of the cost and
expense of such improvements against the funds created and to
be collected from such special assessments, there shall be
issued $38,000 Special Assessment Bonds of Salt Lake City, Utah
Curb & Gutter Extension No. 38-576. Said Bonds are to be dated
as of the 1st day of September, 1981, will be issued in
denominations of $1,000 and $5,000, are not registrable as to
principal and/or interest, will mature serially in numerical
order on September 1 as follows:
Bond Number
Maturity Amount $1,000 $5,000
1982 $4,000 1- 4
1983 $4,000 5- 8
1984 $4,000 9-12
1985 $4,000 13-16
1986 $4,000 17-20
1987 $4,000 21-24
1988 $4,000 25-28
1989 $5,000 29
1990 $5,000 30
The Bonds maturing on September 1, 1990 or thereafter are
callable for redemption at the option of the City Council on
September 1, 1989, or on any interest payment date thereafter
prior to maturity, in whole or in part, in inverse numerical
order upon not less than thirty (30) days prior notice, at a
price equal to the principal amount thereof, plus accrued
interest to the date of redemption and a premium of two percent
(2%) of the principal amount of each Bond so called for
redemption prior to maturity.
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Both principal and interest shall be payable at Zions
First National Bank, One South Main, Salt Lake City, Utah.
Section 3. Said Bonds and the coupons thereto attached
shall be in substantially the following form:
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•
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY.
CURB & GUTTER EXTENSION NO. 38-576
SPECIAL ASSESSMENT BOND
No. $
For value received Salt Lake City, Salt Lake County, Utah,
(the Issuer), a municipal corporation duly organized and
existing under the laws of Utah, hereby promises to pay to
bearer hereof, out of special funds available for such purpose,
as hereinafter set forth, the principal sum of
DOLLARS ($
ON THE 1ST DAY OF SEPTEMBER, 19
TOGETHER WITH INTEREST THEREON UNTIL MATURITY
AT THE RATE OF PERCENT ( %) PER ANNUM
according to the coupons hereto attached, payable annually on
the 1st day of September in each year, both principal and
interest being payable in lawful money of the United States of
America at Zions First National Bank, One South Main, Salt Lake
City, Utah, upon presentation and surrender of this Bond and of
the annexed coupons as they severally become due.
This Bond is one of a series of thirty (30) Special
Assessment Bonds (in denominations of $1,000 and $5,000)
numbered consecutively from 1 to 30 both inclusive, issued by
the Issuer, all of which are of like date and aggregate the
total amount of $38,000.
Payment of this Bond and the interest thereon shall be
made from, and as security for such payment there is pledged, a
special fund designated as the Bond and Interest Fund of Salt
Lake City, Utah Curb & Gutter Extension No. 38-576, containing
the receipts derived by said Issuer from the special tax and
assessment levied upon the property included in Salt Lake City,
Utah Curb and Gutter Extension No. 38-576 (the "District") by
an ordinance which became effective on June 11, 1980, for the
purpose of defraying part of the cost of the construction of
combination curb and gutter, sidewalks, and concrete drive
strips, and other miscellaneous work necessary to complete the
improvements in a workmanlike manner in said District under, by
virtue of, and in full conformity with the Constitution and
Laws of the State of Utah and certain ordinances and
resolutions of said Issuer duly passed and made law thereof
prior to the issuance hereof.
It is hereby certified that a Special Improvement
Guaranty Fund has been created by ordinance as authorized by.
Utah statutes, and said Issuer agrees that at all times during
the life of this Bond and until payment thereof in full, said
fund shall be at all times maintained as therein required.
This Bond is not a general obligation of the Issuer but is
payable exclusively out of said Bond and Interest Fund and said
Special Improvement Guaranty Fund. Said Issuer shall not be
held liable for the payment of this Bond, except to the extent
of the Funds created and received by said special assessments
and to the extent of its Special Improvement Guaranty Fund; but
said Issuer shall be held responsible for the lawful levy of
all special assessments, for the creation and maintenance of
the Special Improvement Guaranty Fund as provided by law, and
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for faithful accounting, collection, settlement, and payment
of the assessments and for the monies of said fund.
Said special assessment made and levied to defray said
cost, with accruing interest thereon, and the cost of
collection of the assessment constitute a lien upon and against
the property upon which such assessment was made and levied
from and after June 11, 1980, the date upon which the ordinance
levying such assessment became effective, which lien is
superior to the lien of any trust deed, mortgage, mechanic's or
materialman's lien, or other encumbrance. Said lien is equal
to and on a parity with the lien for general property taxes and
shall continue until said assessment and interest thereon are
paid, notwithstanding any sale of the property for or on
account of a general property tax, special tax, other
assessment, or the issuance of an auditor's deed.
It is hereby further certified, recited and declared that
all acts, conditions and things essential to the validity of
the Bond exist, have happened, and have been done in due time,
form and manner as required by law, and that the total issue of
special improvement bonds of said Issuer for said District,
including this Bond, does not exceed the amount authorized by
law nor the special assessment levied to cover the cost of said
improvements in said District, and that all of said special
assessment has been lawfully levied.
This Bond is subject to the conditions, and every holder
hereof by accepting the same agrees with the Issuer and every
subsequent holder hereof, that (a) the delivery of this Bond to
any transferee shall vest title in this Bond and in the
interest coupons attached hereto in such transferee to the same
extent for all purposes as would the delivery under like
circumstances of any negotiable instrument payable to bearer;
(b) the Issuer and any agent of the Issuer may treat the bearer
of this Bond as the absolute owner hereof for all purposes, and
shall not be affected by any notice to the contrary; (c) the
principal of and the interest on this Bond shall be paid, and
this Bond and each of the coupons appertaining thereto are
transferable, free from and without regard to any equities
between the Issuer and the original or any intermediate holders
hereof, or any setoffs or cross-claims; and (d) the surrender
to the Issuer or any agent of the Issuer of this Bond and each
of the coupons shall be a good discharge to the obligor for the
same.
IN WITNESS WHEREOF, the Issuer has caused this Bond to be
signed by the facsimile signature of its Mayor and
countersigned by the manual signature of its City Recorder,
with the imprinted or facsimile seal of the Issuer affixed
hereto, and the annexed coupons to bear the facsimile signature
of the City Treasurer and this Bond to be dated as of the 1st
day of September, 1981.
(facsimile signature)
Mayor
Countersigned:
(manual signature)
City Recorder
( S E A L )
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(Form of Coupon)
Coupon No. $
On the 1st day of September, 19 , unless the hereinafter
mentioned Bond has been duly called for redemption and
provision for the payment thereof duly made, Salt Lake City,
Salt Lake County, Utah will pay the bearer hereof
Dollars in lawful money
of the United States of America, out of a special fund
designated the Bond and Interest Fund of Salt Lake City, Utah
Curb & Gutter Extension No. 38-576, and Special Improvement
Guaranty Fund at Zions First National Bank, One South Main,
Salt Lake City, Utah, being one year's interest on its Special
Assessment Bonds, dated September 1, 1981.
(Facsimile Signature)
City Treasurer
Bond No.
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•
Section 4. Said Bonds shall be signed by the facsimile
signature of the Mayor and countersigned by the manual
signature of the City Recorder, with the imprinted or facsimile
seal of the Municipality affixed, and the annexed coupons shall
bear the fascimile signature of the City Treasurer. The City
Council does hereby ratify, approve and confirm the execution
of said Bonds by the said officers and the City Treasurer is
hereby authorized to issue and deliver the Bonds to the
purchasers thereof, their agents or assigns, on receipt of the
purchase price therefor.
Section 5. The sale of the Bonds to Continental Bank and
Trust Company of Salt Lake City at the price of par and accrued
interest to the date of delivery plus a premium of $100.00 in
accordance with the terms of the sealed bid submitted by said
purchaser on this date at the advertised public sale of said
Bonds is hereby in all respects ratified and confirmed. Said
Bonds shall be delivered to the purchaser as soon as they may be
legally issued, upon receipt by the City Treasurer of the
agreed purchase price therefor.
Section 6. The City Treasurer shall be and is hereby
authorized and empowered, and it shall be her duty to receive
and collect all assessments levied to pay the cost of said
improvements, the installments thereon, the interest thereon,
and the penalties accrued, including without limiting the
generality of the foregoing, the whole of the unpaid principal
which becomes due and payable immediately because of the
failure to pay any installment whether of principal or
interest, when due, and to pay and disburse such payments to
the person or persons lawfully entitled to receive the same in
accordance with the laws of the State of Utah and all the
ordinances and resolutions of said Municipality heretofore or
to be hereafter adopted.
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All monies constituting the payment of principal and
interest shall be placed in a special fund to be designated
"Bond and Interest Fund of Salt Lake City, Utah Curb & Gutter
Extension No. 38-576, and shall be used for the purpose of
paying the principal of and the interest on Special Assessment
Bonds of the District and for no other purpose whatsoever, and
as security for such payment, said fund is hereby pledged.
Section 7. The Municipality agrees with the holder of the
Bonds herein authorized that it will, until the payment of said
Bonds in full and the interest thereon has been paid, provide
amounts to be transferred to the Special Improvement Guaranty
Fund equal each year to such amount as a tax levy of one mill on
all property in the Municipality will produce until the Special
Improvement Guaranty Fund is equal to not less than forty
percent (40%) of the amount of all outstanding special
improvement bonds of all special improvement districts issued
prior to March 30, 1981, and twenty-five percent (25%) of the
amount of all outstanding special improvement bonds of all
special improvement districts of the Municipality issued on or
after March 30, 1981, and thereafter, the Municipality will
transfer to such fund such amounts at least yearly as may be
required to maintain or replenish such funds to such
percentage. The Special Improvement Guaranty Fund shall be
maintained separate and apart from other Municipal funds and
shall be used and applied only as provided by the laws of the
State of Utah.
The funds on deposit in the guaranty fund shall be
invested either in (i) demand deposits and time certificates of
deposit of federally insured depositories of the State of Utah,
(ii) bonds or other evidence of indebtedness of the United
States of America or any of its agencies or instrumentalities
when these obligations are guaranteed as to principal and
interest by the United States of America, or (iii) repurchase
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agreements with any federally insured bank or savings and loan
association in the State of Utah, acting as principal or agent,
for securities of the United States of America or other
evidences of indebtedness of like quality.
Section 8. Should there be insufficient money in the Bond
and Interest Fund to pay all of the interest falling due at one
time and the principal amount thereof due, the said interest
and principal shall be paid from said Guaranty Fund to the
extent that there is sufficient money in said Guaranty Fund for
this purpose, and these Bonds are payable exclusively from the
special assessments levied for said purpose and the Special
Improvement Guaranty Fund.
Section 9. The assessments and interest thereon shall
continue to constitute and are hereby declared to be a lien in
the several amounts assessed against every lot or tract of land
in said Salt Lake City, Utah Curb & Gutter Extension No. 38-576
from and after June 11, 1980, the date on which the ordinance
levying the special assessments became effective, which lien
shall be superior to the lien of any trust deed, mortgage,
mechanic's or materialman's lien, or other encumbrance, and
shall be equal to and on a parity with the lien for general
property taxes. Such lien shall continue until the assessment
and any interest thereon are paid, notwithstanding any sale of
the property for or on account of a general property tax,
special tax, other assessment, or the issuance of an auditor's
deed.
Section 10. Said funds hereinabove referred to shall be
kept separate and apart from each other and from any other
funds of the Municipality and shall, from time to time as they
are accumulated, be deposited in such bank or banks as are
designated as depositories of public monies for funds of said
Municipality under the Depository Laws of the State of Utah for
the deposit of public funds.
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Section 11. Default in the payment of any installment of
principal or interest of the assessments when due shall cause
the whole of the unpaid principal or interest to become due and
payable immediately and the whole amount of the unpaid
principal shall thereafter draw interest at the rate of 10%per
annum until paid. The Municipality covenants and agrees that
it will proceed with due diligence to place in operation the
procedure necessary to provide fora tax sale of all delinquent
property in accordance with the ordinances of said
Municipality and the laws of the State of Utah and that the
proceeds from the sale of any property sold will be placed in
the Bond and Interest Fund hereinabove referred to.
Section 12. This resolution shall be effective
immediately upon its passage.
ADOPTED AND APPROVED this 18th day of August, 1981.
/i2gAgi,G14% Lait;
Chairman
ATTEST:
C t ecor er
( S E A L )
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Thereupon, Councilmember Mabey seconded the
adoption of the foregoing resolution and the same upon being
put to a vote was unanimously carried by the affirmative vote
of all councilmembers present, the vote being as follows:
Those voting AYE: Palmer A. DePaulis
Grant Mabey
Sydney Reed Fonnesbeck
Ronald J. Whitehead
Alice Shearer
Ione M. Davis
Edward W. Parker
Those voting NAY: None
It appearing that more than a majority of the Council had
voted in favor of the motion, the Chairman thereupon declared
the motion carried and the resolution adopted.
/9(-411LIA) etAAA;
Chairman
ATTEST:
y Recor er
( S E A L )
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Other business not pertinent to the foregoing appears in
the minutes of the meeting.
Upon motion duly made and carried, the meeting was
adjourned.
Chairman
ATTEST:
Ci y ecorder
( S E A L )
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STATE OF UTAH )
) ss.
COUNTY OF SALT LAKE )
I, Kathryn Marshall, 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 of the City Council of Salt Lake
City, Utah, at its meeting held on the 18th day of August, 1981,
insofar as the same relates to or concerns Salt Lake City, Utah
Curb & Gutter Extension No. 38-576 and the adoption of
Resolution No. 7(G 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 resolution for Curb & Gutter
Extension No. 38-576.
IN WITNESS WHEREOF, I have hereunto subscribed my
official signature and affixed the official seal of said City
this 18th day of August, 1981.
C ty ecorder
( S E A L )
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r
STATE OF UTAH ) CERTIFICATE OF COMPLIANCE
ss. WITH OPEN MEETING LAW
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 that on the 14th day of August, 1981, pursuant to Utah
Code Annotated Section 52-4-6 (1953), as amended, there was
posted (at least 24 hours prior to the meeting time) at the
Council's regular meeting place written notice of the regular
meeting of the City Council held on August 18, 1981 at said
regular meeting place. I further certify that there was
delivered to the local news media, at least 24 hours prior to said
meeting, a copy of said Notice of Regular Meeting.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
41
the official seal of said Municipality this 1? day of August,
1981.
*titgil7Y1Recorcc4" fx1(. 44-4.11----
( SEAL )
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