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77 of 1979 - Resolution authorizing the issuance and directing sale of $9,000,000 Airport Revenue Bonds, Series 1 CORRECTED LETTER r. ;aul i . ;;af:es, Director of Airports ity ir•t,,rnt:ttcnal Airport --,: LUX Lity, I: Le::r Sir; Upon r ctr,;ar:endation of the Airport Authority Board. the Salt Like City ,.oicllc ii at its ir.ceting this day. approved cancellation of the t.:venue:hood issue for certain expansion to the South Support area at the • alt Lake City International i:irport. Litigation was anticipated as the City Comtuisaioo approved sale of these revenue bonds without an election. 'The litigation that resulted has been dispensed with and on March 26. 1980. the Airport Authority Board recommended this projeot be deferred at this time. Inasmuch as the project was originally approved by the City Commission on October 18. 1979. by Resolution 77 of 1979. it was necessary to have the City Council take action to cancel the project. Yours truly. r ,n City i:ecorder i�y Council City Attorney Finance Measurer ieayor Wilson Burrows Smith&Co. Phillip H. Holm Files-9 Resolution 77/79 Attorney Report 811/79 r;einek,, Director of Airports S.'. a!.i City intrnational Airport I Pox 22084 Like City, Utah Dear Sir: Upon rcco?nmendaticn of the Airport Authority Sward, th;-2 Salt 'lake City Council at its meeting this day, approved cancellation of the$9.0 million revenue bond issue for certain expansion to the South Support area at the Salt Lake City International Airport. Yours truly, M1 Y City Recorder cc City Council Attorney Finance Treasurer Mayor Wilson Burrows Smith&Co. Phillip H. Hoha Files-2 —Resolution 77/79 Attorney Report 511/79 HENRY • LAW OPP1OES OF 43, E CUT`ER1e's-I9ess;ly CHAPMAN AND CUTLERRANDALL URKE ROBERT E. ,,,s AREA 312 726-EEEx.613 3�6 a, ,G zz,z,G3 • HoMPsoR February 14, 1980 ROBERT P. ,,s MANLY W. oRG soN WILFRED A. .,AKEw Ec.WILSON FESSW PETER P.COLADARCI HARRY P wsow FOREST R.LOPIBAER. w. PHLLLIF H.HOLM EARL T.BYRON STT E.,Aw Ew CrHiAARLES W.NALITS ANTHONY J. G RICHARD Mildred V. Higham "wAE`G"`GEE RIERARDA.wG„EEEwER " City Recorder 200 City and County Building Salt Lake City, Utah 84111 Dear Mrs. Higham: Richard Smolev of our office spoke to Wally Earl last week concerning your question with respect to the necessity of including monies in the City budget for election purposes relative to a proposed water revenue bond issue of Salt Lake City, Utah. We have indicated to the City Attorney that we would be willing to rely on the recent airport litigation as to the question of whether or not an election need be held on the issuance of air- port revenue bonds. We have concluded that as a result of the case we will no longer require the holding of a bond election where the revenue bonds are payable solely from the revenues of the utility system such as an airport or the water system of the City. There- fore, we would suggest that you discuss with Mr. Cutler the question of elimination from the budget of any provision for election expenses in connection with the proposed water revenue issue. Please let us know if you have any further questions along these lines. Very truly yours, / /,. C" PHHolm:gp �„ ��1 cc: Roger Cutler 0. Wallace Earl Nicholas G. Smith V • RECEIVE © IN THE SUPREME COURT OF THE STATE OF UTAH J JAN 2 61''$r oo0oo Wo; 7/7G L. ,-1 Regular October Term, 1979 January 25, 1980 CITY RECORDER Salt Lake City Corporation, a Municipal Corporation of the State of Utah; Ted Wilson, Mayor of Salt Lake City Corporation; Glen Greener, Public Utilities Commissioner of Salt Lake City Corporation; ORDER Jennings Phillips, Jr., Finance No. 16825 Commissioner of Salt Lake City Corporation; Jess A. Agraz, Public Works Commissioner of Salt Lake City Corporation; and David C. Campbell, Public Safety Commissioner of Salt Lake City Corporation, Plaintiffs and Appellants, v. Mildred V. Higham, individually and as City Recorder of Salt Lake City Corporation, Defendant and Respondent. In regard to the resolution of the Board of City Commissioners of Salt Lake City (Resolution No. 77 of 1979, adopted October 18, 1979) relating to the issuance of airport improvement revenue bonds, it is made to appear that any and all obligations of the plaintiff Salt Lake City are to be paid solely and exclusively from revenues derived from the operation of the airport, and that no other resort is to be had to the credit, or the taxing power, or to the taxpayers of Salt Lake City. Accordingly, the petition to direct the defendant Mildred V. Higham as city recorder to go forward with the procedure for the issuance of the bonds is granted. Salt Lake City, Utah Ortober 18 , 1979 The Board of Commissioners of Salt Lake City, Salt Lake County, Utah, met in regular public session at its regular meeting place in room 30] , in the City and County Building in Salt Lake City, Utah, at 10:00 o'clock A.M. on the ]8th day of October, 1979, with Ted L. Wilson, Mayor, presiding. At the direction of the Mayor, the roll of the hoard was called with the following present: Ted. L. Wilson, Mayor Jess A. Agraz, Commissioner Glen N. Greener, Commissioner David C. Campbell, Commissioner 21k/MtitaMSOCRIVACILtaEXAMIXXXX Comimaikuuen Absent: Jennings Phillips. Jr. Also present were Mildred V. Higham, City Recorder., and O. Wallace Earl, Assistant City Attorney. After the meeting had been duly called to order the City Recorder presented to the hoard an affidavit evidencing the giving of not less than twenty-four (24) hours public notice of the agenda, date, time and place of the October, 1979, meeting in compliance with the requirements of Section 52-4-6(2), Utah Code Annotated, 1953, as amended by (1) posting written notice of the ' r meeting in the City Recorder's office, and (2) providing notice to at least one newspaper of general circulation within the geographic jurisdiction of Salt Lake City, Dtah, or to a local media correspondent by posting a written notice in the press room adjacent to the Commission chambers. The affidavit was ordered recorded in the minutes of the meeting and is as follows: -2- STATE OF UTAF County of Salt Lake) I, the undersigned, 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, and upon my own knowledge and belief, that in accordance with the requirements of Section 52-4-5(2), Utah Code Annotated, 1953, as amended, I gave not less than twenty-four (24) hours public notice of agenda, date, time and place of the October 18, 1979, regular public meeting held by the Board of Commissioners of Salt Lake City, Salt Lake County, Utah, by: (a) causing a Notice of Public Meeting to be posted in the City Recorder's office at Room 200 in the City and County Buldinq in Salt Lake City, Utah, on October 17, 1979, at least twenty- four (24) hours before the convening of the meeting, in th 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 board 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 posted in the News Room adjacent to the Commission Chambers on October 17, 1979, at least twenty-four (24) hours before the convening of the meeting. IN WITNESS WHEREOF, I have hereunto subscribed by official signature and impressed hereon the official seal of Salt Lake -3- City, Salt Lake County, Utah, this 18th day of October, 197Q. CITY RECORDER, Salt ake City Salt Lake County, ah [AFFIX SEAL HERE] -4- EXHIBIT A [Attach Notice of Public Meeting) -5- NOTICE OF REGULAR MEETING OF THE BOARD OF COMMISSIONERS OF SALT LAKE CITY, UTAH PUBLIC NOTICE is hereby given that the Board of Commissioners of Salt Lake City, Utah, will hold a regular public meeting in Room 301 City and County Building, Salt Lake City, Utah, commencing at 10:00 o'clock a.m., on Thursday, October 18, 1979 The agenda for the meeting consists of the following: I. ROLL CALL II. ANNOUNCEMENTS BY CITY COMMISSIONERS III. PROTESTS 1. CITY RECORDER - Submitting protests received in response to Curb and Gutter Extension No. 38-535 in the area between 100 and 3080 South Streets and ZOO East and Highland Drive. IV. BID OPENINGS 2. CITY RECORDER - for the installation of a sprinkler system at the Nibley Park Golf Course, Project No. 19-T-3. 3. CITY RECORDER - for Water Main Extension No. 35-4019 to Burn-Pit facility, Project No. 19-A-126-1. 4. CITY RECORDER - for the construction of Princeton-MeClelland Mini Park, site preparation and concrete work, Project No. 19-Y-58-1, a Community Development Project. V. HEARINGS 5. CITY RECORDER - to consider amending Section 51-24A-2 of the Salt Lake City Zoning Ordinance for Special Provisions in Commercial "C-4" Districts clarifying parking for existing buildings, allowing joint use of parking for apart- ments and commercial buildings, allowing offsite parking for a portion of new commercial and office buildings. 6. CITY RECORDER - to consider adoption of an annexation policy declaration. VI. DISCUSSIONS WITH CITIZENS PRESENT AND RELATED ACTION 7. HAL LINKE, et al of the Salt Lake Jaycees - to present a singing Santa Claus Parade Permit application. VII. BONDS b INSURANCE - REQUISITIONS - BILLS - AUTHORIZED LIST 8. FINANCE - Approving Bonds i Insurance. 9. PUBLIC UTILITIES - Requisitions. 10. PUBLIC SAFETY - Requisitions. 11. PUBLIC WORKS - Requisitions. 12. AUTHORIZED LIST 13. BILLS VIII. PETITIONS 14. PETITION NO. 796, By Equity Development - Requesting permission to change the status of apartment units located at 751 North Irving Circle to condominium units. • X. PERSONNEL ITEMS 15. FINANCE - Appointing Amber Cristine Voute. 16. FINANCE - Merit increases for Loa G. Lawson, Lola May Cardwell, Pat M. Cleghorn, David R. Olorenshaw, Barbara L. Russo, and Sharyn H. Cook. 17. PUBLIC PLANNING & DEVELOPMENT - Merit increases for Robert J. Burgess, Lee J. Terry, Steven R. Williams, and Ruth H. Mays. 18. CHIEF OF FIRE - Promotion for Ronald G. Maestas. 19. CHIEF OF FIRE - Merit increase for Charles L. Quick. 20. CHIEF OF FIRE - Merit increase for Harold W. Hanson. 21. CHIEF OF FIRE - Merit increase for Ronald B. Mills. 22. DIRECTOR OF AIRPORTS - Title Change for June Newman. 23. HIRING COMMITTEE (Personnel) - Submitting letter of recommendation for job openings and salary adjustments. 24. DIRECTOR OF AIRPORTS - Tool Allowance for Douglas O. Jones. 25. DIRECTOR OF AIRPORTS - Uniform Allowance for Lon Mackay. 26. BHS - Classification and salary change for Mary A. Neville. 27. DEVELOPMENT SERVICES - Payroll change for Holly S. Espinosa. 27a. PERSONNEL - Reclassification of Becke S. Jones. X. TRAVEL RELATED ITEMS 28. CITY ATTORNEY - Req. permission for Roger R. Cutler to attend the National Institute of Municipal Law Officers Conference in Los Angeles, California, on November 11-14, 1979. XI. CONTRACTS & AGREEMENTS & RELATED ITEMS 29. PUBLIC UTILITIES - Change Order No. 1 to the contract with ICM for 3 pole fuseable disconnect switch for the standby power at the Waste Water Pump Station, which is to be mounted on a 76 inch cabinet with fuses in another 76 inch cabinet. 30. PUBLIC PLANNING & DEVELOPMENT - Payment of $1,049. 75 to Phil Riesen for services performed for the design and production of the Wild Wave Radio and Television advertisements. 31. CITY ATTORNEY - Interlocal Cooperation Agreement between Salt Lake City and Salt Lake County regarding Community Development. 32. CITY ENGINEERING - Recommending reimbursement to Prudential Service Corporation in the amount of $77,600.00 for right of way acquisition of property needed for construction of Detention Basin No. 1-A of the 11th Avenue Flood Control Project, Phase II. 33. CITY ENGINEERING - Payment of $76,ZOO to SaltLake County for right-of-way acquisition for Detention Basin 1-A of the llth Avenue Flood Control Project Phase II, Project No. 47-N-180-2. 34. CITY ENGINEERING - Sub. the Fourth Partial Estimate of $20,068.00 payable to J. D. McNeil Construction Company for construction of Curb & Gutter Extension No. 38-533, Fourth Avenue & East Avenue Streets. 34a. PERSONNEL-Sub. CETA Title VI agreement between the City and the County. 34b. PERSONNEL -Sub. CETA Title II D agreement between the City and the County. XII. LICENSES 35. LICENSE ASSESSOR - Recommending approval of business licenses. XIII. OTHER CITY BUSINESS 36. PUBLIC WORKS - Req. to delay the public hearing on the Central Business District Parking which was scheduled for October 25, 1979, and requesting to reschedule the hearing for December 6, 1979. 37. CITY AUDITOR - Approving payment of $4,276.33 to Salt Lake County for the City's share of the 911 Emergency System Services for September, 1979. 38. CITY AUDITOR - Approving payment of $5,000.00 to Salt Lake Area Chamber of Commerce covering the second quarter contribution. 39. CITY ATTORNEY - Cancelling Dump Permit Bond No. 82 67 06 issued to Rocky Mountain Contractors, Inc. 40. CITY ATTORNEY - Cancelling Burglar Alarm System Sales Bond No. 231 83 87 issued to J. L. K. Enterprises. 41. CITY ATTORNEY - Accepting the payment of $39.00 from Jerome Yazzie for damages to a Salt Lake City Police Department vehicle. 42. CITY ATTORNEY - Requesting $45.50 refund to Ali Baqheri Jafari - Hamid Rezaiel Pour on impounding fees. 43. OPC - Req. that the sidewalk replacement budgets be amended and the Engineer- ingDepartment be authorized to conduct the additional work in the Neighborhood Housing Services and South Central areas of Salt Lake City. XIV. ORDINANCES 44. CITY ATTORNEY - Sub,an ordinance changing the Brewery Mall at 1100 West and 200 South and surrounding area from a District "B" classification of liquor license districts to a District "A" classification. 45. ORDINANCE XV. RESOLUTIONS 46. CITY ATTORNEY - Submitting a Resolution for the issuance of $9,000,000 in revenue bonds for project at the Salt Lake City International Airport. 47. RESOLUTION DATED October 17, 1979 i VERIFICATION OF NOTICE STATE OF UTAH ss. COUNTY OF SALT LAKE) On Wednesday, October 17, 1979 , I personally posted copies of the foregoing notice in conspicuous view, at the following times and locations within the City and County Building, Salt Lake City, Utah: 1. At 9:55 a.m., in Room 200 (Salt Lake City Recorder's Office). 2. At 10:00 a.m., in the newsroom in Room 301. City Recorder Subscribed and sworn to before me this 17th day of October, 1979 • NOTARY PUBLIC residing in Salt Lake City, Utah My Commission Expires: 1-8-83 • The Director of Airports of the City, on August 14, 1979, presented a resolution adopted by the Salt Lake City Airport Authority on July 11, 1979, approving and recommending a construction and expansion project at Salt Lake City International Airport and recommending the issuance and sale of S9,000,000 Airport Revenue Bonds, Series 1979, of the City in order to finance the costs of such project. The Airport Authority resolution was ordered filed in the records of the City Recorder and the City Attorney was directed to prepare the necessary resolution for the issuance of S9,000,000 Airport Revenue Bonds, Series 1979. Said resolution was prepared and the Director of Airports at the meeting on October 18, 1979 requested that the Board of Commissioners proceed to adopt said resolution, in accordance with the provisions of Section 2.02(a) of Resolution No. 81 of the City providing for the issuance of Airport Revenue Bonds adopted October 17, 1978, authorizing the issuance of S9,000,000 Airport Revenue Bonds, Series 1979, of the City, directing the advertisement of a notice of bond sale, and directing the Mayor and City Recorder to do all things necessary in connecton with the issuance and sale of the bonds authorized in such resolution. After discussion, the following resolution was introduced in written form by Mayor Ted L. Wilson , was read in full, and pursuant to motion made by Com. Jess A. Agraz and seconded -6- by Com. David C. Campbell, was adopted by the following vote: Aye: Ted L. Wilson, Ma}or Jess A. Agraz, Commissioner David C. Campbell, Commissioner Glen N. Greener, Commissioner Nay: None. The resolution was then signed by the Mayor in open meeting and was thereupon presented to the City Recorder for recordation as required by law. The resolution is as follows: -7- • RESOLUTION NO. 77 A RESOLUTION Authorizing The Issuance and Directing Sale of S9,000,000 Airport Revenue Bonds, Series 1979 of Salt Lake City, Utah * * * * * * WHEREAS, on October 17, 1978, the Board of Commissioners of Salt Lake City, Salt Lake County, Utah ("City") adopted a Resolution Providing for the Issuance of Airport Revenue Bonds ("Resolution"); and WHEREAS, in order to obtain funds with which to construct a project consisting of improvements and extensions to the City Airports, it is deemed necessary and advisahle to issue a series of Airport Revenue Bonds of the City as hereinafter provided; NOW, THEREFORE, Be It Resolved by the Board of Commissioners of Salt Lake City, Salt Lake County, Utah, as follows: ARTICLE I Definitions 101. Definitions. (a) Except as provided in subparagraph (b) of this Section, all defined terms contained in the Resolution when used in this Series 1979 Supplemental Resolution shall have the same meanings as set forth in the Resolution. (b) As used in this Series 1979 Supplemental Resolution, unless the context shall otherwise require, the following terms shall have the following meanings: "Series 1979 Bonds" means the Series of Bonds of the City authorized by this Series 1.979 Supplemental. Resolution. "Series 1979 Project" means expansion to the South Support Area, including site preparation, roads and auto narking, aircraft aprons and connection to the west parallel taxiway. "Series 1979 Supplemental Resolution" means this Supplemental Resolution of the City adopted on October 18, 1979 authorizing the Series 1979 Bonds. Serial Bond" means any of the Series 1979 Bonds. The terms "hereby," "hereof," "hereto," "herein," -8- • "hereunder," and any similar terms as used in this Series 1979 Resolution, refer to this Series 1979 Supplemental Resolution. 102. Authority for Series 1979 Supplemental Resolution. This Series 1979 Supplemental Resolution is adopted pursuant to the provision of the Utah Municipal Rond Act, Cahpter 14 of Title 11, Utah Code Annotated, 1973, as amended and the Resolution. ARTICLE II AUTHORIZATION, TERMS AND ISSUANCE OF SERIES 1979 BONDS 201. Authorization of Bonds, Principal Amount, Designation and Series. In order to provide sufficient funds to construct the Series 1979 Project and in accordance with and subject to the terms, conditions and limitations established in the Resolution and this Series 1979 Supplemental Resolution, a series of Airport Revenue Bonds is hereby authorized to he issued in the aaareaate principal amount of 89,000,000. Such Series of Bonds shall be designated "Airport Revenue Bonds, Series 1979." The Series 1979 Bonds may be issued in coupon form registrable as to principal only or in fully registered form. 202. Purpose. The purpose for which the Series 1979 Bonds are being issued is to pay the cost of the construction of the Series 1979 Project. 203. Issue Date. The Series 1979 Ponds shall be dated November 1, 1979. 204. Series 1979 Bonds. The Series 1979 Bonds shall mature on the dates and in the principal amounts as follows, and shall bear interest from November 1, 1979, payable May 1, 1980, and semiannually thereafter on May 1 and November 1 in each year at the rates to be hereafter determined by resolution to he adopted upon the sale of the Series 1979 Bonds: November 1 Principle of the Year Amount 1980 S - 1981 - 1982 - 1983 130,000 1984 140,000 1985 150,000 1986 165,000 1987 175,000 -9- 1988 190,000 1989 205,000 1990 220,000 1991 235,000 1992 255,000 1993 275,000 1994 290,000 1995 315,000 1996 340,000 1997 365,000 1998 390,000 1999 420,000 2000 450,000 2001 485,000 2002 520,000 2003 560,000 2004 605,000 2005 650,000 2006 700,000 2007 770,000 89,000,000 The s4,noo,onn aggregate principal amount of Series 1979 Bonds maturing in the years 1980 through 2007 are hereby designated Serial Bonds. 205. Denominations, Numbers and Letters. The Series 1979 Bonds shall be issued in the denomination of 55,000 in the case of coupon Bonds, and in the denomination of S5,nn0, or any integral multiple thereof, not exceeding the aggregate principal amount of Series 1979 Bonds maturing in the year of maturity of the Bonds for which the denomination is to he specified, in the case of fully registered Bonds without coupons. The coupon Bonds shall be numbered from one (1) consecutively upwards in order of maturity, and the fully registered Bonds without coupons shall he numbered consecutively from one (1) upwards with the prefix "R" preceding each number. 206. Paying Agents. Zions First National Bank, of Salt Lake City, Utah and Chemical Bank of New York, New York, are hereby appointed the Paying Agents for the Series 1979 Bonds, subject to Section 7.02 of the Resolution. Principal, interest and Redemption Price on the Series 1979 Bonds shall be payable at the principal corporate trust office of Zions First National Bank, or of its successor as Paying Agent or, at the option of the holder of a coupon Bond unregistered as to principal, or coupon, entitled thereto, at the principal office of Chemical Bank, or of any successor as Paying Agent. -10- 207. Optional Redemption and Redemption Prices. The Series 1979 Bonds are subject to redemption at the election of the City on or after November 1, 1989, in inverse order of maturities (and within each maturity as selected by the Trustee) on any interest payment date, upon notice as provided in Seaton 4.03 of the Resolution, and at Redemption Prices (expressed as percentages of the principal amount of such Series 1979 Bonds to be so redeemed) of 100% of the principal amount of each Series 1979 Bond to he so redeemed, plus a premium eoual to 1/4th of 1% of the principal amount of each Series 1979 Bond so called for redeption prior to maturity for each twelve-month period, or fraction thereof, remaining from the date fixed for redemption to the stated date of maturity of the Series 1979 Pond or Bonds t he redeemed, but in no event shall the Redemption Price exceed 102-1/2% of the principal amount of any Series 1979 Bond. 208. Sale of Series 1979 Bonds. 1. Sealed bids shall be received for the purchase of the Series 1979 Bonds and shall be opened at a regular public meeting of the Board at 10:30 o'clock A.M., M.D.T., at the regular meeting place of the Board in Room 301, City and County Building, in Salt Lake City, Utah, on a date to be fixed by the City Recorder. 2. The City Recorder is hereby ordered and directed to fix a date for the receipt of sealed bids for the purchase of the Series 1979 Bonds and to sign and to cause a notice of sale, in substantially the following form, to he published one time in The Daily Bond Buyer, a financial newspaper published in New York, New York, said publicaton to be made not less than seven (7) days prior to the date of sale to be fixed by the City Recorder: NOTICE OF BOND SALE Sealed bids for the purchase of 8o,000,000 Airport Revenue Bonds, Series 1979, of Salt Lake City, Utah, will be received up to 10:30 o'clock A.M., M.D.T., on , 197Q, at the regular meeting place of the Board of Commissioners in Room 301, City and County Building, in Salt Lake City, Utah. Pertinent information with respect to the bonds may be obtained from Burrows, Smith and Company, ]003 Kearns Building, Salt Lake City, Utah, 84101, the Financial Consultant to the City. -11- Dated this 18th day of October, 1979. City Recorder, Salt Lake City, Utah 3. The City Recorder of the City is hereby ordered and directed to do or perform all such acts and to execute all such certificates, documents and other instruments as may be necessary or advisable to provide for the sale of the Series 1979 Bonds. 209. Delivery of Series 1979 Bonds. The Series 1979 Bonds shall be delivered to the purchasers thereof, upon compliance with the provisions of Section 3.02 of the Resolution. 210. Execution of Series 1979 Bonds. The Series 1979 Bonds shall be signed on behalf of the City by the facsimile signature of the Mayor and, in accordance with the requirements of Section 10-10-61, Utah Code Annotated, 1953, as amended, in order to evidence the contract of the City represented by the Series 1979 Bonds, the Series 1979 Bonds shall be attested by the manual signature of the City Recorder and the seal of the City shall he affixed thereunto by the City Recorder by causing a facsimile of the official seal of the City to be imprinted thereon. ARTICLE III ESTABLISHMENT OF SERIFS 1979 PROJECT ACCOUNT AND APPLICATION OF SERIES 1979 BOND PROCEEDS AND OTHER MONEYS 301. Establishment of Series 1979 Project Account. There is hereby established a Project Account in the Construction Fund designated as the "Series 1979 Project Account", moneys in which shall be used for the purposes and as authorized by Section 5.03 of the Resolution. 302. Application of Proceeds of Series 1979 Bonds. From the amount of proceeds of the Series 1979 Bonds there shall be paid to the Trustee for deposit as follows: (1) Into the Bond Service Account in the Principal and Interest Fund, the amount of interest accrued from November 1, 1979 to the date of delivery of the Series 1979 Bonds. (2) Into the Series 1979 Project Account in the Construction Fund the balance of the proceeds of the Series 1979 -12- • Bonds. ARTICLE IV FORM OE SERIES 1979 BONDS 401. Form of Coupon Bonds and Coupons. Subject to the provisions of the Resolution, each coupon Series 1979 Bond, the coupons to be attached thereto, and the provisions for registration to be endorsed thereon, shall be, respectively, in substantially the following form, with such insertions or variations as to any redemption or amortization provisions and such other insertions or omissions, endorsements and variations as may be required or permitted by the Resolution,: [FORM OF COUPON BOND] STATE OF UTAH COUNTY OF SALT LAKE SALT LAKE CITY AIRPORT REVENUE BOND, SERIES 1979 $5,000 No. KNOW ALL MEN BY THESE PRESENTS that Salt Lake City ("City") a duly organized and existing municipal corporation and political subdivision of the State of Utah, located in Salt Lake County, Utah, acknowledges itself indebted and for value received hereby promises to pay, in the manner and from the source hereinafter provided, to the hearer or, if this bond be registered as herein provided, to the registered owner hereof, on the first day of November, 19 , upon presentation and surrender hereof, the principal sum of Five Thousand Dollars ($5,000), and to pay interest on such principal sum from the date hereof until the City's obligation with respect to the payment of such principal sum shall he discharged as provided in the Bond Resolution hereinafter mentioned, at the rate of per cent ( g) per annum, payable on , 1980, and thereafter in each year on the first days of May and November, but only in the case of interest due at or before maturity of this bond, according to the tenor of the respective coupons annexed hereto and upon presentation and surrender of said coupons as they severally become due. This bond, as to principal, interest and redemption price when due, will be payable at the principal corporate trust office of Zions First National Bank, in Salt Lake -13- City, Utah, a paying agent of the City, or its successor as such paying agent, or, at the option of the holder of this bond or coupon entitled thereto, at the principal office of Chemical Bank in New York, New York, a paying agent, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. This bond is a special obligation of the City and is one of the Airport Revenue Bonds of the City ("Bonds") issued under and by virtue of the Utah Municipal Bond Act, Chapter 14 of Title 11, Utah Code Annotated, 1953, as amended ("Act") and under and pursuant to the Resolution Providing For the Issuance of Airport Revenue Bonds of the City adopted on October 17, 1978 ("Resolution") as the same from time to time may be amended or supplemented by further resolutions of the City, including the Supplemental Resolution authorizing the issuance of this Series of Bonds (such Resolution and Supplemental Resolution and any and all such further resolutions being herein collectively called the "Bond Resolution"), for the purpose of paving the costs of constructing a Project consisting of improvements and extensions to th City Airports of the City, together with all necessary appurtenant facilities. The City is obligated to pay principal, redemption price of, and interest on this Bond solely from the revenues and other funds of the City pledged therefor under the terms of the Bond Resolution. This bond is not a debt or obligation of the City within the meaning of any Constitutional or statutory limitation of indebtedness. As provided in the Resolution, Bonds may be issued from time to time in one or more series in various principal amounts, may mature at different times, may bear interest at different rates, and may otherwise vary as provided in the Resolution, and the aggregate principal amount of Bonds which may be issued is not limited. All Bonds issued and to be issued under the Resolution are and will be equally and ratably secured by the pledge and covenants made therein, except as otherwise expressly provided or permitted in or pursuant to the Resolution. This Bond is one of a Series of Bonds designated as "Airport Revenue Bonds, Series 1979" (herein called the "Series 1979 Bonds"), limited to the aggregate principal amount of $9,000,000, dated 1, 1979, and duly issued under and by virtue of the Act and under and pursuant to the Bond Resolution. Copies of the Bond Resolution are on file at the office of the City in Salt Lake City, Utah, and at the principal corporate trust office of Zions First National Bank, in Salt Lake City, Utah, as trustee under the Resolution (said trustee ad any successors thereto under the Resolution being herein called the -14- "Trustee"), and reference to the Bond Resolution and to the Act is made for a description of the pledge and covenants securing the Bonds, the nature, manner and extent of enforcement of such pledge and covenants, the terms and conditions upon which the Bonds are issued and additional Bonds may be issued thereunder, and a statement of the rights, duties, immunities, and obligations of the City and of the Trustee. Such pledge and other obligations of the City under the Bond Resolution may be discharged at or prior to the maturity or redemption of the Bonds upon the making of provision for the payment thereof on the terms and conditions set forth in the Bond Resolution. To the extent and in the respects permitted by the Resolution, the Pond Resolution may be modified or amended by action on behalf of the City taken in the manner and subiect to the conditions and exceptions prescribed in the Resolution. The holder or owner of this Bond shall have no right to enforce the provisions of the Bond Resolution or to institute action to enforce the pledge or covenants made therein or to take any action with respect to an event of default under the Bond Resolution or to institute, appear in, or defend any suit or other proceeding with respect thereto, except as provided in the Bond Resolution. This Bond is transferable by delivery, unless registered as to principal other than to bearer. It may be registered as to principal in the name of the bearer on the books of the City kept for that purpose at the principal corporate trust office of the Trustee, such registration to he noted hereon, after which no transfer hereof shall be valid unless made on said books by the registered owner hereof in person or by his attorney duly authorized in writing, and similarly noted hereon; but this Bond may be discharged from registration by being in like manner registered to bearer, after which it shall again become transferable by delivery. This Bond may again from time to time, be registered or discharged from registration in the same manner. Such registration as to principal, however, shall not affect the negotiability by delivery of the coupons appertaining hereto, which shall continue to pass by delivery merely and shall remain payable to bearer. The City, the Trustee and any paying agent of the City may tret and consider the bearer of this Bond or, if it be registered as to principal as herein provided, the person in whose name it is registered, as the holder and absolute owner of this Bond for the purpose of receiving payment of, or on account of, the principal or redemption price hereof and coupon appertaining hereto as the holder and absolute owner thereof for the purpose of receiving payment thereof and for all other purposes whatsoever. The Bonds are issuable in the form of coupon Bonds in the -15- • denomination of $5,000, and in the form of registered Bonds without coupons in the denomination of S5,000 or any integral multiple of S5,000. Coupon Bonds, upon surrender thereof at the principal corporate trust office of the Trustee, with all unmatured coupons and all matured coupons for which no payment or only partial payment has been provided attached, may, at the option of the bearer thereof, be exchanged for an equal aggregate principal amount of registered Bonds of the same series, designation, maturity and interest rate of any of the authorized denominations, in the manner, subject to the conditions and upon the payment of the charges provided in the Bond Resolution. In like manner, subject to such conditions and upon the payment of such charges, registered Bonds may, upon surrender thereof at said principal corporate trust office with a written instrument of transfer satisfactory to the Trustee duly executed by the registered owner thereof, he exchanged for an equal aggregate principal amount either of coupon Bonds of the same series, designation, maturity and interest rate with appropriate coupons attached or of registered Bonds of the same series, designation, maturity and interest rate of any of the authorized denominations. The Series 1979 Bonds are subject to redemption at the election of the City on or after November 1, 1989, in inverse order of maturities on any interest payment date, upon notice given as hereinafter set forth, at a redemption price equal to the principal amount of each Series 1979 bond or portion thereof to be redeemed plus redemption premiums (expressed as a percentage of such principal amount) of 1/4th of 1% of the principal amount of each Series 1979 Bond so called for redemption prior to maturity for each twelve-month period, or fraction thereof, remaining from the date fixed for redemption to the stated date of maturity of the Series 1979 Bond or Bonds to be redeemed, but n no event shall the redemption price exceed 102-1/2% of the principal amount of any series 1979 Bond. If less than all of the Series 1979 Bonds are to be redeemed, the particular. Bonds to be redeemed shall be selected as provided in the Bond Resolution. Notice of redemption shall he given by the Trustee by publication at least once prior to the redemption date in a financial newspaper or journal of general circulation in New York, New York, and in the same or a similar financial newspaper or journal of general circulation in San Francisco, California, and in the same or a similar financial newspaper or journal of general circulation in Chicago, Illinois, each such publication to be not less than thirty nor more than forty-five days before such redemption date and shall he sent by registered mail to the member whose name appears first in the underwriting syndicate -16- • purchasing the Series of Bonds from which any Bonds are to be redeemed. If any Bond called for redemption is registered as to principal or is fully registered, notice of redemption thereof shall also be mailed, not less than thirty nor more than forty- five days prior to the redemption date, to the registered owner of such Bond, but neither failure to mail such notice nor any defect in any notice so mailed shall affect the sufficiency of the proceedings for the redemption of any of the Bonds. If at the time of giving notice of redemption no Bonds are outstanding except Bonds registered as to principal or fully registered Bonds, purlication of such notice shall he deemed to have been waived if such notice shall have been mailed to each registered owner of such Bonds at his address as it appears on the bond registration books of the Trustee, or at such address as he may have filed with the Trustee for that purpose, or otherwise as provided in the Bond Resolution, all in the manner and upon the terms and conditions set forth in the Bond Resolution. If_ notice of redemption shall have been given as aforesaid, the Bonds or portions thereof specified in said notice shall become due and payable at the applicable redemption price on the redemption date therein designated, and if, on the redemption date, moneys for the payment of the redemption price of all the Bonds to he redeemed, together with interest to the redemption date, shall he available for such payment on said date, then from and after the redemption date interest on such Bonds shall cease to accrue and become payable and the coupons for interest appertaining thereto maturing subseauent to the redemption date shall he void. Less than all of a registered Bond without coupons in a denomination in excess of $5,000 may be so redeemed, and in such case, upon the surrender of such Bond, there shall be issued to the registered owner thereof, without charge therefor, for the unredeemed balance of the principal amount of such Bond, at the option of such owner, either coupon Bonds or registered Bonds of like series, designation, maturity and interest rate in any of the authorized denominations, all as more fully set forth in the Bond Resolution. It is hereby certified and recited that all conditions, acts and things required by the Constitution or statutes of the State of Utah or by the Act or the Bond Resolution to exist, to have happened or to have been performed precedent to or in the issuance of this bond exist, have happened and have been performed and that the issue of the Series 1979 Bonds, together with all other indebtedness of the City, is within every debt and other limit prescribed by said Constitution and statutes. Neither this bond nor any of the attached coupons shall he -17- • valid until the Certificate of Authentication hereon shall have been signed by the Trustee. IN WITNESS WHEREOF, Salt Lake City, Salt Lake County, Utah, has caused this bond to be signed in its name and on its behalf by the facsimile signature of its Mayor, and a facsimile of its corporate seal to be imprinted hereon and attested by the manual signature of its City Recorder and coupons for interest, bearing and authenticated by the facsimile signature of its Mayor and City Recorder to be hereunto attached, all as of the 1st day of , 1979. SALT LAKE CITY, UTAH (FACSIMILE SEAL) By (Facsimile Signature) MAYOR ATTEST: CITY RECORDER [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION] This bond is one of the Bonds described in the within mentioned Bond Resolution and is one of the Airport Revenue Bonds, Series 1979, of Salt Lake City, Utah. ZIONS FIRST NATIONAL BANK, Trustee By Authorized Officer -18- • [FORM OF PROVISIONS FOR REGISTPATION] Notice: No Writing Below Except by the Trustee: Signature of Date of Name of Authorized Officer Registration Registered Owner of Trustee [FORM OF COUPON] No. On the day of , (unless the bond hereinafter mentioned shall have been duly called for previous redemption and payment of the redemption price made or duly provided for) Salt Lake City, Salt Lake County, Utah will pay to bearer at the principal corporate trust office of Zions First National Bank, in Salt Lake City, Utah, a paying agent of the City, or of its successor as such paying agent, or, at the option of the holder, at the principal office of Chemical Bank in New York, New York, a paying agent of the City, or of any successor paying agent, upon surrender of this coupon, the amount specified hereon in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts, being the interest then due on its Airport Revenue Bond, Series 1979, No. (Facsimile Signature) MAYOR ATTEST: (Facsimile Signature) CITY RECORDER -19- 402. Form of Registered Bonds. Subject to the provisions of the Bond Resolution, each registered Series 1979 Bond shall he identical with the form of coupon Series 197Q Bonds, except that the first, seventh, fifteenth and sixteenth paragraphs and the form of interest coupon of the form of coupon Bond shall he omitted, and there shall he substituted in the form of the registered Bond in lieu of the corresponding paragraphs of the coupon Bond the following paragraphs, with such insertions or variations as to any redemption or amortization provisions and such other insertions or omissions, endorsements and variations as may he required or permitted by the Bond Resolution: [the following paragraph to be inserted to replace the first paragraph of the coupon Bond form] [FORM OF REGISTPRED BOND] $ No. R- KNOW ALL MEN BY THESE PRESENTS that Salt Lake City ("City") a duly organized and existing municipal corporation and political subdivision of the State of Utah, located in Salt Lake County, Utah, acknowledges itself indebted and for value received hereby promises to pay, in the manner and from the source hereinafter provided, to , or registered assigns, on the day of , , upon presentation and surrender hereof, the principal sum of Dollars ($ ), and to pay to the registered owner hereof interest on such principal sum from the date hereof until the City's obligation with respect to the payment of such principal sum shall be discharged as provided in the Bond Resolution hereinafter mentioned, at the rate of per cent ( %) per annum, payable on , 1980 and thereafter in each year on the first days of May and November. This Bond, as to principal, interest and redemption price when due, will be payable at the principal corporate trust office of Zions First National Bank, in Salt Lake City, Utah, a paying agent of the Board, or its successor as such paying agent, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts; provided, however, payment of the semiannual interest hereon shall be made to the registered owner hereof and shall be paid by check or draft mailed to such registered owner at his address as it appears on the Registration Books of the Bond Registrar. -20- • • [the following paragraph to be inserted to replace the seventh paragraph of the Coupon Bond forms This bond is transferable, as provided in the Bond Resolution, only upon the books of the City kept for that purpose at the principal corporate trust office of the Trustee, by the registered owner hereof in person or by his attorney duly authorized in writing, upon surrender hereof together with a written instrument of transfer satisfactory to the Trustee, duly executed by the registered owner or such duly authorized attorney, and thereupon the City shall issue in the name of the transferee a new registered Bond or Bonds or, at the option of the transferee, a coupon Bond or. Bonds with appropriate coupons attached, of the same aggregate principal amount and series, designation, maturity and interest rate as the surrendered bond all, as provided in the Bond Resolution and upon the payment of the charges therein prescribed. The City, the Trustee and any paying agent of the City may treat and consider the person in whose name this bond is registered as the holder and absolute owner hereof for the purpose of receiving payment of, or on account of, the principal or redemption price hereof and interest due hereon and for all other purposes whatsoever. [the following two paraaraphs to be inserted to replace the fifteenth and sixteenth paragraphs of the coupon Bond form] This bond shall not be valid until the Certificate of Authentication hereon shall have been signed by the Trustee. IN WITNESS WHEREOF, Salt Lake City, Salt Lake County, Utah, has caused this bond to be signed in its name and on its behalf by the facsimile signature of its Mayor, and its facsimile corporate seal to he affixed hereto or imprinted hereon and attested by the manual signature of its City Recorder all as of the first day of , 1979 SALT LAKE CITY By (Facsimile Signature) MAYOR ATTEST: CITY RECORDER -21- [FORM OF ASSIGNMENT] FOR VALUE RECEIVED the undersigned sells, assigns and transfers unto the within bond of Salt Lake City and hereby irrevocably constitutes and appoints attorney to transfer the said bond on the hooks kept for registration thereof, with full power of substitution in the premises. Dated Witness: ARTICLE V MISCELLANEOUS 501. Arbitrage Covenant. The Mayor, City Treasurer and Director of airports are hereby authorized and directed to execute such certificates as shall be necessary to establish that the Series 1979 Bonds are not "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, and the regulations promulgated or proposed thereunder. The City covenants and certifies to and for the benefit of the purchasers of the Series 1979 Bonds that no use will be made of the proceeds of the issue and sale of the Series 1979 Bonds, or any funds or accounts of the City which may be deemed to he available proceeds of the Series 1979 Bonds, pursuant to Section 103(c)(2) of the Internal Revenue Code of 1954, as amended, and applicable regulations (proposed or promulgated) under which, if such use had been reasonably expected on the date of issuance of the Series 1979 Bonds, would have caused the Series 1979 Bonds to he classified as "arbitrage bonds" within the meaning of Section 103 of the Internal Revenue Code of 1954, as amended. Pursuant to this covenant, the City obligates itself to comply throughout the term of the issue of the Series 1979 Bonds with the requirement of Section 103 of the Internal Revenue Code of. 1954, as amended, and the regulations proposed or promulgated thereunder. 502. Effective Date. This Series 1979 Supplemental ' Resolution shall be signed by the Mayor and City Recorder, as required by law, shall be recorded by the City recorder in a book kept for that purpose and shall take effect immediately. -22- ADOPTED AND APPROVED this 18th day of October, 1979. MAYOR ATTEST: CITY RECORDER / (SEAL) Approved as to form: CITY ATTORNEY (Here follows other business not pertinent to the above.) Pursuant to motion duly made and seconded, the Board of Commissioners adjourned. MAYOR ATTEST: %/'.Gi%(( 4// J CITY RECORDER t STATE OF UTAH . ss. County of Salt Lake) I, Mildred V. Higham, 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 regular public meeting of the Board of Commissioners of Salt Lake City, includina a resolution adopted at said meeting, held on October 18, 1979, as said minutes and resolution are officially of record in my possession. IN WITNESS WHEREOF, I have hereunto subscribed my official signature and affixed the seal of said city this / ' ^ day of October, 1979. CITY RECORDER [SEAL] CCC/// -24- —1 +-1 r REMARKS w' .. .. Reno Li:lion o. ' EY Ted L. Wilson I!if Authorizing the issuance and directing I:. sale of$9,000,000 Airport Revenue 11 Bonds, Series 1979 of Salt Lake City, j Utah. 1I1 J AND PA55ED i1 11 11 li 11 1 II 1 •1' 1 a.