HomeMy WebLinkAbout82 of 1978 - A resolution authorizing Issuance and Sale of $37,000,000 Airport Revenue Bonds, Series. 1 i
ROLL CALL 1 V -9 Salt Lake City,Utah, October 17 1978
\ VOTING Aye Nay
I move that Supplemental Resolution No. 82 of 1978, authorizing
Mr.Chairman '
Agraz i (:/,t7. the issuance and Sale of$37,000,000 Airport Revenue Bonds, Series
Greener 1978, be passed.
ltdErg i3Il HALL •'
Phillips 7
Result
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Commi of Pub 'c Affairs and Finance •
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' -ner o OCT.17.1 ' 8
Passed by the Board of Cc m;nissioners of alt Lake City,Utal: /• 1
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City Recorder t�� Mayor
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SALT LAKE CITY, UTAH
Supplemental Resolution/Authorizing the
Issuance and Sale of $37,000,000
Airport Revenue Bonds, Series 1978
Adopted October 17, 1978
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Section Page
101. Definitions 1
102. Authority for Series 1978 Supplemental
Resolution 2
ARTICLE II
AUTHORIZATION, TERMS AND ISSUANCE
OF SERIES 1978 BONDS
201. Authorization of Bonds, Principal Amount,
Designation and Series 2
202. Purpose 2
203. Issue Date 2
204. Series 1978 Bonds 2
205. Denominations, Numbers and Letters 3
206. Paying Agents 3
207. Optional Redemption and Redemption Prices 3
208. Sale of Series 1978 Bonds 4
209. Delivery of Series 1978 Bonds 4
210. Further Authority 4
ARTICLE III
ESTABLISHMENT OF SERIES 1978 PROJECT ACCOUNT AND
APPLICATION OF SERIES 1978 BOND PROCEEDS AND OTHER MONEYS
301. Interest During Construction 4
302. Debt Service Reserve Account 5
303. Deposit into Revenue Fund 5
304. Deposit into Renewal and Replacement Fund 5
305. Establishment of Series of 1978 Project
Account 5
306. Application of Proceeds of Series 1978 Bonds 5
ARTICLE IV
FORM OF SERIES 1978 BONDS
401. Form of Coupon Bonds and Coupons 5
402. Form of Registered Bonds 12
Section Page
ARTICLE V
APPOINTMENT OF THE TRUSTEE
501. Appointment of the Trustee 14
ARTICLE IV
MISCELLANEOUS
601. Arbitrage Covenants 14
602. Effective Date 15
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82
RESOLUTION NO.
A RESOLUTION Authorizing The Issuance and Sale of
$37,000,000 Airport Revenue Bonds, Series 1978 of
Salt Lake City, Utah
* * * * * *
WHEREAS, on October 17, 1978, the of Board Commissioners of
Salt Lake City, Salt Lake County, Utah ("City") adopted a Resolu-
tion Providing for the Issuance of Airport Revenue Bonds ("Resolu-
tion"); and
WHEREAS, in order to obtain funds with which to acquire a
project consisting of improvements and extensions to the City Air-
ports, it is deemed necessary and advisable 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 1978 Supplemental Resolution shall have the same
meanings as set forth in the Resolution.
(b) As used in this Series 1978 Supplemental Resolution,
unless the context shall otherwise require, the following terms
shall have the following meanings:
"Series 1978 Bonds" means the Series of Bonds of the
City authorized by this Series 1978 Supplemental Resolution.
"Series 1978 Project" means: (1) expansion and modifi-
cation of existing Terminal Unit No. 1; (2) provision for
second level loading facilities in the concourses of Terminal
Unit No. 1; (3) providing a connector between Terminal Unit
No. 1 and new Terminal Unit No. 2; (4) constructing an entrance
roadway system to connect with Interstate 80; (5) providing
storage hangars for general aviation at the City Airports;
and (6) acquiring and constructing for airline use a fuel
system consisting of fuel storage facilities and fuel lines
under the aprons of Terminal Units No. 1 and No. 2. Any
funds remaining after completion of the above items will be
devoted, together with other available funds of the City,
for the acquisition or construction of additional parking
facilities at the City Airports.
"Series 1978 Supplemental Resolution" meansthisSupple-
mental Resolution of the City adopted on October 17, 1978
authorizing the Series 1978 Bonds.
"Serial Bond" means any of the Series 1978 Bonds.
The terms "hereby," "hereof," "hereto," "herein," "here-
under," and any similar terms as used in this Series 1978
Resolution, refer to this Series 1978 Supplemental Resolution.
102. Authority for Series 1978 Supplemental Resolution.
This Series 1978 Supplemental Resolution is adopted pursuant to
the provision of the Act and the Resolution.
ARTICLE II
AUTHORIZATION, TERMS AND ISSUANCE
OF SERIES 1978 BONDS
201. Authorization of Bonds, Principal Amount, Designation
and Series. In order to provide sufficient funds to acquire the
Series 1978 Project and in accordance with and subject to the
terms, conditions and limitations established in the Resolution
and this Series 1978 Supplemental Resolution, a series of Airport
Revenue Bonds is hereby authorized to be issued in the aggregate
principal amount of $37,000,000. Such Series of Bonds shall be
designated "Airport Revenue Bonds, Series 1978." The Series 1978
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 1978 Bonds
are being issued is to pay the cost of the acquisition of the
Series 1978 Project.
203. Issue Date. The Series 1978 Bonds shall be dated
November 1, 1978.
204. Series 1978 Bonds. The Series 1978 Bonds shall mature
on the dates and in the principal amounts and shall bear interest
from November 1 , 1978, payable May 1, 1979, and semi-annually
thereafter on May 1 and November 1 in each year at the rates
shown below:
November 1 Amount Interest November 1 Amount Interest
of the Year Maturing Rate of the Year Maturing Rate
1982 $ 755,000 1993 $1 ,590,000
1983 810,000 1994 1,700,000
1984 865,000 1995 1,820,000
1985 925,000 1996 1,950,000
1986 990,000 1997 2,085,000
1987 1,060,000 1998 2,230,000
1988 1,135,000 1999 2,385,000
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I November 1 Amount Interest November 1 Amount Interest
of the Year Maturing Rate of the Year Maturing Rate
1989 1,215,000 2000 2,555,000
1990 1,300,000 2001 2,725,000
1991 1,390,000 2002 2,925,000
1992 1,485,000 2003 3,105,000
The $37,000,000 aggregate principal amount of Series 1978 Bonds
maturing in the years 1982 through 2003 are hereby designated
Serial Bonds.
205. Denominations, Numbers and Letters. The Series 1978 Bonds
shall be issued in the denomination of $5,000 in the case of coupon
Bonds, and in the denomination of $5,000, or any integral multiple
thereof, not exceeding the aggregate principal amount of Series
1978 Bonds maturing in the year of maturity of the Bonds for
which the denomination is to be 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 be numbered con-
secutively 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 1978 Bonds, subject
to Section 7.02 of the Resolution. Principal, interest and Redemp-
tion Price on the Series 1978 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.
207. Optional Redemption and Redemption Prices. The Series
1978 Bonds are subject to redemption at the election of the City
on or after November 1, 1988, in inverse order of maturities (and
within each maturity as selected by the Trustee) on any interest
payment date, upon notice as provided in Section 4.03 of the
Resolution, and at Redemption Prices (expressed as percentages
of the principal amount of such Series 1978 Bonds to be so re-
be so redeemed) of 100% of the principal amount of each Series
1978 Bond to be so redeemed, plus a premium equal to (1/4th of
1%) of the principal amount of each Series 1978 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 1978 Bond or Bonds
to be redeeemed, butin no event shall the Redemption Price exceed
102-1/2% of the principal amount of any Series 1978 Bond.
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208. Sale of Series 1978 Bonds. 1. The Series 1978 Bonds
authorized to be issued herein shall be sold to
and associates at an aggregate price of $ , plus
accrued interest on the Series 1978 Bonds from November 1, 1978,
to the date of delivery of and payment for the Series 1978 Bonds
on the terms and conditions set forth in the Bid Form dated October
17, 1978, and upon the basis of the representations therein set
forth. The Mayor is hereby authorized to execute and deliver
the Bid Form evidencing the acceptance thereof by the City.
2. The final Official Statement of the City in the form
presented at this meeting, with such changes, omissions, insertions
and revisions as the Mayor shall deem advisable, is hereby author-
ized, and the Mayor shall sign and deliver such final Official
Statement to and associates for
distribution to prospective purchasers of the Bonds and other inter-
ested persons.
3. The Mayor and City Recorder of the City are, and each of
them is, hereby authorized to do or perform all such acts and to
execute all such certificates, documents and other instruments as
may be necessary or advisable to comply with the Bid Form and
to carry the same into effect.
209. Delivery of Series 1978 Bonds. The Series 1978 Bonds
shall be delivered to the purchasers named in Section 208 hereof,
upon compliance with the provisions of Section 3.02 of the Resolu-
tion, at such time and place as provided in, and subject to,
the provisions of the Official Notice of Bond Sale and the Bid
Form referred to in Section 208 hereof.
210. Further Authority. The Mayor and City Recorder of the
City are, and each of them is, hereby authorized 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 issuance, sale and delivery of the Series 1978 Bonds.
ARTICLE III
ESTABLISHMENT OF SERIES 1978 PROJECT ACCOUNT AND APPLICATION OF
SERIES 1978 BOND PROCEEDS AND OTHER MONEYS
301. Interest During Construction. The amount to be deposited
from the proceeds of the Series 1978 Bonds into the Construction
Fund to pay interest on the Series 1978 Bonds estimated to fall
due during the period of construction of the Series 1978 Project,
as set forth in the Airport Consultant's Certificate estimating
the cost of construction of the Series 1978 Project and the estimated
date of completion thereof as required by Section 2.03(c)(1) of
the Resolution, is $
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302. Debt Service Reserve Account. The amount to be deposited
from the proceeds of the Series 1978 Bonds into the Debt Service
Reserve Account, is $
303. Deposit into Revenue Fund. Simultaneously with the
delivery of the Series 1978 Bonds, there shall be deposited into the
Revenue Fund from any legally available moneys of' the City an
amount not less than $
304. Deposit into Renewal and Replacement Fund. Simul-
taneously with the delivery of the Series 1978 Bonds, there shall
be deposited into the Renewal and Replacement Fund from any legally
available moneys of the City an amount not less than $
being the amount set forth in the Engineer's Certificate filed
pursuant to the provisions of Section 203(f)(2) of the Resolution.
305. Establishment of Series 1978 Project Account. There
is hereby established a Project Account in the Construction Fund
designated as the "Series 1978 Project Account", moneys in which
shall be used for the purposes and as authorized by Section 5.03
of the Resolution.
306. Application of Proceeds of Series 1978 Bonds. From the
amount of proceeds of the Series 1978 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, 1978 to the date of delivery of the Series 1978 Bonds;
(2) Into the Series 1978 Project Account in the Con-
struction Fund, $ , representing capitalized interest;
(3) Into the Debt Service Reserve Account in the Principal
and Interest Fund $
(4) Into the Series 1978 Project Account in the Con-
struction Fund the balance of the proceeds of' the Series 1978
Bonds.
ARTICLE IV
FORM OF SERIES 1978 BONDS
401. Form of Coupon Bonds and Coupons. Subject to the provisions
of the Resolution, each coupon Series 1978 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 amorti-
zation provisions and such other insertions or omissions, endorsements
and variations as may be required or permitted by the Resolution:
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[FORM OF COUPON BOND)
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY
AIRPORT REVENUE BOND, SERIES 1978
$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 the 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 bearer or, if this bond be registered as herein
provided, to the registered owner hereof, on the first day of
November, 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 be discharged
as provided in the Bond Resolution hereinafter mentioned, at the
rate of per cent ( %) per annum, payable on May 1,
1979, 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 princi-
pal, 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 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 Board 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 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 Resolu-
tion"), for the purpose of paying the costs of' acquiring a Project
consisting of improvements and extensions to the City Airports
of the City, together with all necessary appurtenant facililties.
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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 of the City within the meaning of any
Constitutional or statutory limitations 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 1978" (herein called the "Series 1978 Bonds"),
limited to the aggregate principal amount of $37,000,000, dated
November 1, 1978, 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 and any successors thereto under the Resolution being
herein called the "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 Bond Resolution may be modified or amended by action on behalf
of the City taken in the manner and subject 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 be noted hereon, after which no transfer hereof
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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 regis-
tration in the same manner. Such registration as to principal,
however, shall not affect the negotiablility 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 treat 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
denomination of $5,000, and in the form of registered Bonds without
coupons in the denomination of $5,000 or any integral multiple of
$5,000. 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, be 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 1978 Bonds are subject to redemption at the election
of the City on or after November 1 , 1988, in inverse order of
maturities on any interest payment date, upon notice given as
hereinafter set forth, at a redemption price equal to the princi-
pal amount of each Series 1978 Bond or portion thereof to be re-
deemed plus, redemption premiums (expressed as a percentage of such
principal amount) of 1/4th of 1% of the principal amount of each
Series 1978 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 1978 Bond or Bonds to be redeemed, but in no event shall
the redemption price exceed 102-1/2% of the principal amount of
any Series 1978 Bond.
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If less than all of the Series 1978 Bonds are to be redeemed,
the particular Bonds to be redeemed shall be selected as provided
in the Bond Resolution.
Notice of redemption shall be given by the Trustee by publica-
tion 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 cir-
culation in Chicago, Illinois, each such publication to be not
less than thirty nor more than forty-five days before such redemp-
tion date and shall be sent by registered mail to the member
whose name appears first in the underwriting syndicate 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 regis-
tered as to principal or fully registered Bonds, publication of
such notice shall be 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 be redeemed,
together with interest to the redemption date, shall be 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 subse-
quent to the redemption date shall be void.
Less than all of a registered Bond without coupons in a denomin-
ation 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 reg-
istered 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.
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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 1978 Bonds, together with all other indebtedness of
the City, is within every debt and other limit prescribed by said
Constitution and statutues.
Neither this bond nor any of the attached coupons shall 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 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 authenti-
cated by the facsimile signature of its Mayor and City Recorder
to be hereunto attached, all as of the 1st day of November, 1978.
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
1978, of Salt Lake City, Utah.
ZIONS FIRST NATIONAL BANK, Trustee
By
Authorized Officer
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[FORM OF PROVISIONS FOR REGISTRATION]
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 1978,
No.
(Facsimile Signature)
Mayor
Attest:
(Facsimile Signature)
City Recorder
_11_
402. Form of Registered Bonds. Subject to the provisions
of the Bond Resolution, each registered Series 1978 Bond shall be
identical with the form of coupon Series 1978 Bonds, except that
the first, seventh, fifteenth and sixteenth paragraphs and the form
of interest coupon of the form of coupon Bond shall be omitted,
and there shall be 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 be 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 REGISTERED 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
theCity's obligation with respect to the payment of such principal
sum shall be discharged as provided in the Bond Resolution herein-
after mentioned, at the rate of per cent ( %) per
annum, payable on May 1, 1979 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.
[the following paragraph to be inserted to replace
the seventh paragraph of the Coupon Bond form]
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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 paragraphs 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 Authenti-
cation 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 be affixed hereto or imprinted hereon and attested by the
manual signature of its City Recorder all as of the first day of
November, 1978.
SALT LAKE CITY
ATTEST: By (Facsimile Signature)
Mayor
City Recorder
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[FORM OF ASSIGNMENT]
FOR VALUE RECEIVED the undersigned sells, assigns and trans-
fers unto the within bond of SALT LAKE CITY
and hereby irrevocably constitutes and appoints
attorney to transfer the said bond on the books kept for registration
thereof, with full power of substitution in the premises.
Dated
Witness:
ARTICLE V
APPOINTMENT OF THE TRUSTEE
501. Appointment of the Trustee.
(a) For the benefit and protection of the Bonds and the holders
of the Bonds and coupons from time to time, Zions First National
Bank, a bank having the powers of a trust company, doing business
and having its principal corporate trust office in Salt Lake City,
Utah, is hereby appointed as Trustee. The Trustee shall signify
acceptance of the duties and obligations imposed upon it by the
Resolution by executing and delivering to the Board a written
acceptance thereof prior to the delivery of the Series 1978 Bonds.
(b) The Trustee shall, by written agreement approved by the
Board, designate the principal corporate trust office of the Trustee
as the registry for the Bonds.
ARTICLE VI
MISCELLANEOUS
601. 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
1978 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 1978 Bonds that no use will be made of the proceeds of
the issue and sale of the Series 1978 Bonds, or any funds or accounts
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of the City which may be deemed to be available proceeds of the
Series 1978 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 1978
Bonds, would have caused the Series 1978 Bonds to be 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 1978 Bonds with the requirement of Section
103 of the Internal Revenue Code of 1954, as amended, and the
regulations proposed or promulgated thereunder.
602. Effective Date. This Series 1978 Supplemental Reso-
lution shall take effect immediately.
ADOPTED AND APPROVED this 17th day of October, 1978.
Mayor
ATTEST:
City Recorder
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I, Wad/al (�,‘It, b.r...�y City Recorder of Salt Lake City,
Utah, HEREBY CERTIFY t t the foregoing resolution entitled
"Supplemental Resolution Authorizing the Issuance and Sale of
$37,000,000 Airport Revenue Bonds, Series 1978" was duly adopted
by the Board of Commissioners of Salt Lake City on October 17,
1978 and became effective as of said date, that said resolution
has been compared by me with the original thereof, recorded in
the minute book of the City and that it is a correct transcript
of the whole thereof, and that said resolution has not been altered,
amended or repealed but is in full force and effect.
IN WITNESS WHEREOF, I have hereunto set my ha d and
affixed the seal of said City this /7 - day of (5,). ,
11146lrh/i& �vllw l
City Recor r
(SEAL)
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SUPPLEMENTAL RESOLUTION 82 .• — -�
Authorizing issuance & sale
of $37,000,000 Airport Revenu
Bonds
J
I
Presented to Commissioners
AND PASSED
OCT 17 1978
?Oita' /' sir ROC