HomeMy WebLinkAbout07/13/2021 - Work Session - Meeting MaterialsSALT LAKE CITY COUNCIL
AGENDA
WORK SESSION
July 13, 2021 Tuesday 2:00 PM
This Meeting Will be an Electronic Meeting Pursuant to the Chair’s
Determination.
SLCCouncil.com
7:00 pm Formal Meeting
(See separate agenda)
Welcome and public meeting rules
The Work Session is a discussion among Council Members and select presenters. The public is welcome to listen. Items
scheduled on the Work Session or Formal Meeting may be moved and / or discussed during a different portion of the Meeting
based on circumstance or availability of speakers.
Please note: Dates not identified in the FYI - Project Timeline are either not applicable or not yet determined. Item start times
and durations are approximate and are subject to change at the Chair’s discretion.
Generated: 16:06:45
This meeting will be an electronic meeting pursuant to the
Chair’s determination.
As Salt Lake City Council Chair, I hereby determine that conducting the Salt Lake City
Council meeting at an anchor location presents a substantial risk to the health and safety
of those who may be present, and that the City and County building has been ordered
closed to the public for health and safety reasons.
Members of the public are encouraged to participate in meetings. We want to make sure
everyone interested in the City Council meetings can still access the meetings how they
feel most comfortable. If you are interested in watching the City Council meetings, they
are available on the following platforms:
•Facebook Live: www.facebook.com/slcCouncil/
•YouTube: www.youtube.com/slclivemeetings
•Web Agenda: www.slc.gov/council/agendas/
•SLCtv Channel 17 Live: www.slctv.com/livestream/SLCtv-Live/2
If you are interested in participating during the Formal Meeting for the Public Hearings or
general comment period, you may do so through the Webex platform. To learn how to
connect through Webex, or if you need call-in phone options, please visit our website or
call us at 801-535-7607 to learn more.
As always, if you would like to provide feedback or comment, please call us or send us an
email:
•24-Hour comment line: 801-535-7654
•council.comments@slcgov.com
More info and resources can be found at: www.slc.gov/council/contact-us/
Upcoming meetings and meeting information can be found
here: www.slc.gov/council/agendas/
We welcome and encourage your comments! We have Council staff monitoring inboxes
and voicemail, as always, to receive and share your comments with Council Members. All
agenda-related and general comments received in the Council office are shared with the
Council Members and added to the public meeting record. View comments by visiting the
Council Virtual Meeting Comments page.
Work Session Items
1.Informational: Updates on Racial Equity and Policing TENTATIVE
The Council will hold a discussion about recent efforts on various projects City staff are
working on related to racial equity and policing in the City. The conversation may include
issues of community concern about race, equity, and justice in relation to law
enforcement policies, procedures, budget, and ordinances. Discussion may include:
•An update or report on the Commission on Racial Equity in Policing; and
•Other project updates or discussion.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Recurring Briefing
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - n/a
2.Informational: Updates from the Administration ~ 2:00 p.m.
30 min.
The Council will receive an update from the Administration on major items or projects,
including but not limited to:
•COVID-19, the March 2020 Earthquake, and the September 2020 Windstorm;
•Updates on relieving the condition of people experiencing homelessness;
•Police Department work, projects, and staffing, etc.; and
•Other projects or updates.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Recurring Briefing
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - n/a
3.Ordinance: Goshen Street Alley Vacation ~ 2:30 p.m.
15 min.
The Council will receive a briefing about a proposal that would close and vacate a portion
of a City-owned alley at approximately 740 South Goshen Street between Goshen Street
and approximately 1075 West as a public right-of-way. The applicant owns the adjacent
lot north of the alley and would like to incorporate the alleyway with that lot.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, July 13, 2021
Set Public Hearing Date - Tuesday, July 13, 2021
Hold hearing to accept public comment - Tuesday, August 17, 2021 at 6 p.m.
TENTATIVE Council Action - Tuesday, August 24, 2021
4.Resolution: Capital Improvement Program Projects Follow-
up ~ 2:45 p.m.
45 min.
The Council will receive a follow-up briefing about the City's Capital Improvement
Program (CIP) which involves the construction, purchase or renovation of buildings,
parks, streets or other physical structures. Generally, projects have a useful life of five or
more years and cost $50,000 or more. The Council approves debt service and overall CIP
funding in the annual budget process, while project-specific funding is approved by
September 1 of the same year.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, June 1, 2021 and Tuesday, July 13, 2021
Set Public Hearing Date - Tuesday, June 8, 2021
Hold hearing to accept public comment - Tuesday, July 13, 2021 at 7 p.m. and Tuesday,
August 17, 2021 at 6 p.m.
TENTATIVE Council Action - Tuesday, August 24, 2021
5.Informational: Simon and Company Briefing ~ 3:30 p.m.
30 min.
The Council will receive an overview from Simon and Company on federal resources that
are newly available during the current administration, both related to Covid-19 recovery,
and then more broadly.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, July 13, 2021
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - n/a
6.Tentative Break ~ 4:00 p.m.
20 min.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - n/a
7.Informational: Mosquito Abatement District Briefing
Follow-up ~ 4:20 p.m.
20 min.
The Council will receive a briefing and later hold a public hearing about the Mosquito
Abatement District’s intent to levy a property tax increase for fiscal year 2022, as well as
information about the District’s abatement activity in the City. Information to be
provided will include the dollar amount of additional tax revenue to be generated by the
proposed increase, the approximate percentage increase in tax revenue, and the intended
purpose of the additional tax revenue. The District is a taxing entity separate from the
City and has its own ability to propose property tax changes within certain parameters.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, June 15, 2021 and Tuesday, July 13, 2021
Set Public Hearing Date - Tuesday, July 13, 2021
Hold hearing to accept public comment - Tuesday, July 20, 2021 at 7 p.m.
TENTATIVE Council Action - TBD
8.Refunding (Refinancing) City and LBA Bonds ~ 4:40 p.m.
20 min.
The Council will receive a briefing regarding the refunding of City and Local Building
Authority (LBA) bonds in order to reduce annual debt service payments. The City’s bonds
were to finance the North Temple Viaduct / Boulevard projects in 2012 and the Sugar
House Streetcar in 2013. The Local Building Authority bonds are related to the
construction of the Glendale and Marmalade Libraries.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, July 13, 2021
Set Public Hearing Date -
Hold hearing to accept public comment -
TENTATIVE Council Action - Tuesday, August 17, 2021
9.Ordinance: Prohibition of Dogs at Allen Park ~ 5:00 p.m.
20 min.
The Council will receive a briefing about an ordinance that would include Allen Park in
the list of Salt Lake City open space areas closed to dogs to mitigate conflicts with
wildlife, protect site amenities, and ensure public safety.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, July 13, 2021
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, July 20, 2021
10.Resolution: Intention to Designate Central Business
Improvement Area 2022 ~ 5:20 p.m.
20 min.
The Council will receive a briefing about a resolution of intention to designate Central
Business Improvement Area 2022 (CBIA-22). The area is made up of about 50 city
blocks and is currently managed by The Downtown Alliance under a contract with the
City that expires April 2022. The resolution is the first step in establishing a funding
tool for downtown marketing, promotion, business advocacy, and initiatives such as
The Blocks, The Farmer’s Market, holiday lighting, and other programs. This resolution
would re-establish a special assessment on commercial property in the boundary area
(same boundaries as 2019) for a three-year period as well as designate a separate
assessment area for holiday lighting.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, July 13, 2021
Set Public Hearing Date - Tuesday, July 20, 2021
Hold hearing to accept public comment - Tuesday, September 7, 2021 at 7 p.m.
TENTATIVE Council Action - Tuesday, July 20, 2021
11.Ordinance: Budget Amendment No.1 for Fiscal Year 2021-
22 ~ 5:40 p.m.
30 min.
The Council will receive a briefing about an ordinance that would amend the final
budget of Salt Lake City, including the employment staffing document, for Fiscal Year
2021-22. Budget amendments happen several times each year to reflect adjustments to
the City’s budgets, including proposed project additions and modifications. The
proposed amendment includes use of federal American Rescue Plan Act (ARPA) dollars
for police officer compensation and salary adjustments for non-represented employees
among other items.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, July 13, 2021
Set Public Hearing Date - Tuesday, July 13, 2021
Hold hearing to accept public comment - Tuesday, July 20, 2021 at 7 p.m.
TENTATIVE Council Action - TBD
12.Board Appointment: Bicycle Advisory Committee – Patrick
Casey ~ 6:10 p.m.
5 min.
The Council will interview Patrick Casey prior to considering appointment to the Bicycle
Advisory Committee for a term ending July 13, 2024.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, July 13, 2021
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, July 13, 2021
13.Board Appointment: Bicycle Advisory Committee – Samantha
Janse ~ 6:15 p.m.
5 min.
The Council will interview Samantha Janse prior to considering appointment to the
Bicycle Advisory Committee for a term ending July 13, 2024.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, July 13, 2021
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, July 13, 2021
Standing Items
14.Report of the Chair and Vice Chair
Report of Chair and Vice Chair.
15.Report and Announcements from the Executive Director
Report of the Executive Director, including a review of Council information items and
announcements. The Council may give feedback or staff direction on any item related to
City Council business, including but not limited to;
•Ranked Choice Voting;
•Council/School Board Leadership Meeting;
•Hybrid Meetings; and
•Scheduling Items.
16.Tentative Closed Session
The Council will consider a motion to enter into Closed Session. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
a. discussion of the character, professional competence, or physical or mental
health of an individual;
b. strategy sessions to discuss collective bargaining;
c. strategy sessions to discuss pending or reasonably imminent litigation;
d. strategy sessions to discuss the purchase, exchange, or lease of real property,
including any form of a water right or water shares, if public discussion of the
transaction would:
(i) disclose the appraisal or estimated value of the property under
consideration; or
(ii) prevent the public body from completing the transaction on the best
possible terms;
e. strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i) public discussion of the transaction would:
(A) disclose the appraisal or estimated value of the property under
consideration; or
(B) prevent the public body from completing the transaction on the best
possible terms;
(ii) the public body previously gave public notice that the property would be
offered for sale; and
(iii) the terms of the sale are publicly disclosed before the public body
approves the sale;
f. discussion regarding deployment of security personnel, devices, or systems; and
g. investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent
requirements of the Utah Open and Public Meetings Act.
CERTIFICATE OF POSTING
On or before 5:00 p.m. on _____________________, the undersigned, duly appointed City
Recorder, does hereby certify that the above notice and agenda was (1) posted on the Utah Public
Notice Website created under Utah Code Section 63F-1-701, and (2) a copy of the foregoing provided
to The Salt Lake Tribune and/or the Deseret News and to a local media correspondent and any
others who have indicated interest.
CINDY LOU TRISHMAN
SALT LAKE CITY RECORDER
Final action may be taken in relation to any topic listed on the agenda, including but
not limited to adoption, rejection, amendment, addition of conditions and variations
of options discussed.
People with disabilities may make requests for reasonable accommodation, which may include
alternate formats, interpreters, and other auxiliary aids and services. Please make requests at least
two business days in advance. To make a request, please contact the City Council Office at
council.comments@slcgov.com, 801-535-7600, or relay service 711.
Administrative
updates
July 13, 2021
Current metrics
COVID-19
update
•Salt Lake County is back in the "moderate transmission"
level, according to state guidelines.
•No SLC zip codes are above the 191/100,000 crude
positivity rate.
•Vaccinations in the Central City and West Side areas are
still behind the east side, which is about 55-64% fully
vaccinated.
West Side vaccination rates
May 25 June 1 June 8 July 13
84101 55.8%full
15.68%partial
58.73%full
13.99% partial
60.80%full
13.11 partial
68.5%full
11.66% partial
84104 28.37%full
9.03% partial
30.31%full
9.03% partial
31.82% full
8.03% partial
37.72% full
6.19% partial
84116 31.05%full
9.06% partial
33.74%full
8.39% partial
35.07%full
8.01% partial
41.26%full
5.96% partial
COVID-19
update
Countywide vaccination demographics
COVID-19
update
May 25 June 1 June 8 July 13
Asian 42.58%44.53%46.14%53.24%
White 40.55%42.19%43.58%49.07%
Black or
African
American
24.99%27.03%28.58%36.30%
American
Indian
27.96%29.86%31.27%37.70%
Native
Hawaiian or
Pacific
Islander
22.08%23.51%24.74%30.09%
Hispanic
ethnicity
24.21%26.14%27.70%34.59%
Non-Hispanic
ethnicity
39.46%40.99%42.28%47.37%
Recent “vaccine attitude” data from the
State DOH
COVID-19
update
•~26% of unvaccinated people are probably not
swayable
•nearly half of those unvaccinated—46%—are
still “very likely” to get vaccinated and 16% are
“somewhat likely.”
•The good news is that ~62% of unvaccinated
Utahns (including about 72% of Salt Lake
County residents) are still interested in being
vaccinated.
Raise Up SLC
COVID-19
update
Total funds distributed -$1,239,500
Total cards distributed –1655
$500 cards distributed and reloaded –723
$500 cards distributed but not reloaded –831
$1000 cards distributed –101
Update on people experiencing homelessness
Men's HRC King HRC Miller HRC Total
Previous Current Previous Current Previous Current Previous Current
Shelter capacity 300 200 200 700
Avg. number of beds occupied each
night 251 240 192 194 171 185 614 619
Avg number of beds unoccupied each
night 49 60 8 6 29 15 86 81
Avg % of beds occupied each night 83.7%80.1%96%97.1%85.7%92.5%87.8%88%
Avg % of beds unoccupied each night 19.9%16.3%4%2.9%14.3%7.5%12.2%12.2%
Resource Fair at Library Square
•YWCA -1 domestic violence survivor was engaged and
placed into the YWCA shelter.
•SLCO Health Department –provided 4 COVID vaccines
•Ruff Haven –provided several pet vaccines and gave out
many supplies.
•SLC Justice Courts –heard 1 WVC case and 2 District Court
cases.
Kayak Court will take its third run down the Jordan River this
Friday.
Homelessness
update
Council and Community Update
July 13, 2021
Recruitment Class #153
Promotions –Salt Lake City Police Dept.
Staffing Update
•June 25, 2021: SLC announces 30% increase in pay for new, entry-
level officers.
•In the first 12 days of July:
•8 people have applied for a lateral position with SLCPD.
•53 people have applied for new, entry-level positions with SLCPD.
•Not all applicants will make it to the Academy.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
COUNCIL STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
TO:City Council Members
FROM: Brian Fullmer
Policy Analyst
DATE:July 13, 2021
RE: Goshen Street Alley Vacation
400-06-05
ISSUE AT-A-GLANCE
The Council will be briefed about a proposal to vacate a City-owned alley at approximately 740 South
Goshen Street between Goshen Street and 1075 West in City Council District Two. The subject alley is
approximately 15’ wide, 138’ long (2,070 square feet) and dead ends in line with the applicant’s western
property boundary as shown in the image below. A former intersecting north-south alley segment along
this boundary was vacated in 1962.
This is an old application on which the Council was initially briefed in 2007. At that time, an adjacent
property owner on the south side of the alley wanted to purchase half the alley. That property is in a
different subdivision from which the alley was created. According to a Salt Lake City Attorney’s Office
interpretation of City code, when alleys are vacated they must be conveyed to abutting property owners
within the subdivision from which it was originally dedicated. Utah court case law supports this position.
In the period since the Council was first briefed on this alley closure, the adjacent property south of the
alley was sold and the current owner is supportive of the alley closure with the applicant receiving the alley
property (see email from adjacent property owner to the south included as attachment A).
Section 14.52.040 Salt Lake City Code outlines the method of disposition for alleys (see pages 4-5 below).
For alleys abutting low density residential areas (single-family, duplex or twin homes), the alley is vacated
and deeded to abutting property owners. Since the applicant is the only abutting property owner within the
subdivision from which the alley was originally created, if the subject alley vacation is approved by the
Council the alley property will be deeded to them.
Item Schedule:
Briefing: July 13, 2021
Set Date: July 13, 2021
Public Hearing: August 17, 2021
Potential Action: August 24, 2021
Page | 2
The previous City Council staff report is included with the Administration’s transmittal. The Planning
Commission forwarded a positive recommendation to the City Council for the alley vacation.
Aerial view with the subject alley highlighted in yellow.
Goal of the briefing: To review the proposed alley closure, address questions Council Members may
have and prepare for a public hearing.
POLICY QUESTION
1. Does the Council agree with the Planning Commission’s recommendation on this alley closure
request?
ADDITONAL INFORMATION
Alley vacation requests receive three phases of review, as outlined in section 14.52.030 Salt Lake City Code
(see pages 3-5 below). Those phases include an administrative determination of completeness; a public
hearing, including a recommendation from the Planning Commission; and a public hearing before the City
Council.
ALLEY DISPOSITION PROCESS
In order for the City to dispose of its interest in an alley, it must be demonstrated at least one of the
following criteria is satisfied:
A.Lack of Use-it is evident from an on-site inspection that the alley does not physically exist or has
been materially blocked in a way that renders it unusable as a public right-of-way.
Page | 3
B.Public Safety-existence of the alley substantially contributes to crime, unlawful activity or unsafe
conditions, public health problems, or blight in the surrounding area.
C.Urban Design-Continuation of the alley does not serve as a positive urban design element.
D.Community Purpose-Petitioners propose to restrict the general public from use of the alley in
favor of a community use, such as a neighborhood play area or garden.
Planning staff evaluated the application and found the alley meets Standard C, and does not serve as a
positive urban design element. They further determined the proposed alley closure complies with all City
Code requirements for an alley closure.
The process for closing or vacating a City-owned alley is outlined in Section 14.52 Salt Lake City Code.
14.52.010: DISPOSITION OF CITY'S PROPERTY INTEREST IN ALLEYS:
The city supports the legal disposition of Salt Lake City's real property interests, in whole or in part,
with regard to city owned alleys, subject to the substantive and procedural requirements set forth
herein.
14.52.020: POLICY CONSIDERATIONS FOR CLOSURE, VACATION OR
ABANDONMENT OF CITY OWNED ALLEYS:
The city will not consider disposing of its interest in an alley, in whole or in part, unless it receives a
petition in writing which demonstrates that the disposition satisfies at least one of the following
policy considerations:
A. Lack Of Use: The city's legal interest in the property appears of record or is reflected on an
applicable plat; however, it is evident from an onsite inspection that the alley does not
physically exist or has been materially blocked in a way that renders it unusable as a public
right of way;
B. Public Safety: The existence of the alley is substantially contributing to crime, unlawful
activity, unsafe conditions, public health problems, or blight in the surrounding area;
C. Urban Design: The continuation of the alley does not serve as a positive urban design element;
or
D. Community Purpose: The petitioners are proposing to restrict the general public from use of
the alley in favor of a community use, such as a neighborhood play area or garden. (Ord. 24-02
§ 1, 2002)
14.52.030: PROCESSING PETITIONS:
There will be three (3) phases for processing petitions to dispose of city owned alleys under this
section. Those phases include an administrative determination of completeness; a public hearing,
including a recommendation from the Planning Commission; and a public hearing before the City
Council.
A. Administrative Determination Of Completeness: The city administration will determine whether
or not the petition is complete according to the following requirements:
1. The petition must bear the signatures of no less than seventy five percent (75%) of the
neighbors owning property which abuts the subject alley property;
2. The petition must identify which policy considerations discussed above support the petition;
3. The petition must affirm that written notice has been given to all owners of property located in
the block or blocks within which the subject alley property is located;
Page | 4
4. A signed statement that the applicant has met with and explained the proposal to the
appropriate community organization entitled to receive notice pursuant to title 2, chapter 2.60
of this code; and
5. The appropriate city processing fee shown on the Salt Lake City consolidated fee schedule has
been paid.
B. Public Hearing and Recommendation From The Planning Commission: Upon receipt of a
complete petition, a public hearing shall be scheduled before the planning commission to
consider the proposed disposition of the city owned alley property. Following the conclusion of
the public hearing, the planning commission shall make a report and recommendation to the
city council on the proposed disposition of the subject alley property. A positive
recommendation should include an analysis of the following factors:
1. The city police department, fire department, transportation division, and all other relevant city
departments and divisions have no reasonable objection to the proposed disposition of the
property;
2. The petition meets at least one of the policy considerations stated above;
3. Granting the petition will not deny sole access or required off street parking to any property
adjacent to the alley;
4. Granting the petition will not result in any property being landlocked;
5. Granting the petition will not result in a use of the alley property which is otherwise contrary
to the policies of the city, including applicable master plans and other adopted statements of
policy which address, but which are not limited to, mid-block walkways, pedestrian paths,
trails, and alternative transportation uses;
6. No opposing abutting property owner intends to build a garage requiring access from the
property, or has made application for a building permit, or if such a permit has been issued,
construction has been completed within twelve (12) months of issuance of the building permit;
7. The petition furthers the city preference for disposing of an entire alley, rather than a small
segment of it; and
8. The alley property is not necessary for actual or potential rear access to residences or for
accessory uses.
C. Public Hearing Before The City Council: Upon receipt of the report and recommendation from
the planning commission, the city council will consider the proposed petition for disposition of
the subject alley property. After a public hearing to consider the matter, the city council will
make a decision on the proposed petition based upon the factors identified above. (Ord. 58-13,
2013: Ord. 24-11, 2011)
14.52.040: METHOD OF DISPOSITION:
If the city council grants the petition, the city owned alley property will be disposed of as follows:
A. Low Density Residential Areas: If the alley property abuts properties which are zoned for low
density residential use, the alley will merely be vacated. For the purposes of this section, "low
density residential use" shall mean properties which are zoned for single-family, duplex or twin
home residential uses.
Page | 5
B. High Density Residential Properties And Other Nonresidential Properties: If the alley abuts
properties which are zoned for high density residential use or other nonresidential uses, the
alley will be closed and abandoned, subject to payment to the city of the fair market value of
that alley property, based upon the value added to the abutting properties.
C. Mixed Zoning: If an alley abuts both low density residential properties and either high density
residential properties or nonresidential properties, those portions which abut the low density
residential properties shall be vacated, and the remainder shall be closed, abandoned and sold
for fair market value. (Ord. 24-02 § 1, 2002)
14.52.050: PETITION FOR REVIEW:
Any party aggrieved by the decision of the city council as to the disposition of city owned alley
property may file a petition for review of that decision within thirty (30) days after the city council's
decision becomes final, in the 3rd district court.
Page | 6
Attachment A
From: Miles Hunter <milesphunter@gmail.com>
Date: Wed, Jul 8, 2020 at 3:25 PM
Subject: Fwd: (EXTERNAL) status of alleyway vacation petition \ alleyway located
between 750 S Goshen St and 740 S Goshen St, 84104
To: <nong000001@gmail.com>
Hi Soulasaith and Tair,
The email below contains the information about the petition status for the alleyway's
vacation. We totally understand that the alleway will be deeded entirely to your property.
I'm sorry that your petition wasn't advanced in the past. If you choose to proceed with
this petition, we will completely support you. Either way, we'll consider this space as
yours.
We will install a fence in the future, but just in the back portion of our yard (to have a
secure place to let the dog out). The markers along our property are a fenceline marker
and were certified to be three inches inside our property. We'll make sure all fencing,
plants, etc. won't encroach on the alleyway property.
Thank you both. And thank you to your family. For being such kind, gracious neighbors.
Your welcome of us and your generosity has been so lovely. Thank you.
Our garden is starting to get going! We have A LOT of chard, arugula, kale, and
spinach right now. Would you and your family like any? I'll happily harvest and stop it
over to you!
Best,
Miles & Isai
750 S Goshen
801-599-4624
milesphunter@gmail.com
SALT LAKE CITY COUNCIL STAFF REPORT
DATE:
SUBJECT:
•I
STAFF REPORT BY:
AFFECTED COUNCIL DISTRICTS:
ADMINISTRATIVE DEPT:
AND CONT ACT PERSON:
NOTICE REQUIREMENTS:
POTENTIAL MOTIONS:
April 10, 2007
Petition No. 400-06-05 -A request by M. Kiphibane, requesting
the vacation and closure of the alley property located at 740
South Goshen Street (approximately 1075 West) in Block 3 of
Seventh South Subdivision as a public right-of way.
Jennifer Bruno, Policy Analyst
District 2
Community Development
Doug Dansie, Principal Planner
Newspaper advertisement once a week for 4 weeks prior to the
Public Hearing
1. ["I move that the Council"] Adopt an ordinance vacating the alley generally located at 740 South
Goshen Street, between Goshen Street and 1075 West.
2. ["I move that the Council"] Not adopt an ordinance vacating the alley generally located at 740
South Goshen Street, between Goshen Street and 1075 West.
And/or
3. ["I further move that the Council"] request that half of the subject alleyway be deeded to each
abutting property owner, pursuant to the advice of the City Attorney.
Or
4. ["I further move that the Council"] request that the full width of the alleyway be deeded to the
petitioner.
FOLLOW-UP INFORMATION:
During the Council work session briefing, the Council discussed the issue of disposition of this
alley property. Council requested that the City Attorney investigate the matter and issue an
opinion on whether the property owner to the south has legal claim to the subject alley, even
though the property is technically outside of the boundaries of the subdivision. The Attorney's
Office has since indicated that they believe the property owner to the south does have legal
claim, as there is no physical barrier between this property owner and the subject alleyway, and
as the property owner to the south has been using the alleyway for secondary access to their
property. The Attorney's Office therefore recommends that the alleyway be disposed of in the
typical fashion, with half of the alleyway being deeded to each abutting property owner.
1
,,
The following information was provided previously for the Council Work Session on February 6,
2007. It is provided again for your reference.
KEY ELEMENTS:
A In this case the major policy issue before the Council, in addition to the alley vacation
decision, is whether or not to deed the entire alleyway to the petitioner, as is requested (and
as is recommended by Planning Staff), or to follow the typical alleyway vacation procedure,
which is to deed half to the alleyway to each abutting property owner.
1. Typically an alleyway that is vacated is divided equally between the two adjacent
property owners. If the property owners wish to deed the entire alley to one
property owner or the other, this is done through a private transaction after the alley
vacation process.
2. It is Planning Staff's position that because the property owner to the south is not a
part of the subdivision in which the subject alleyway is a part, and have access to
their lot through other means than the alleyway, they have no legal claim to the
alleyway.
3. The property owner to the north is technically the only abutting property owner in
the subdivision.
4. The property owner to the South has expressed an interest in splitting the alleyway.
5. Planning Staff indicates in the Council Transmittal that in a subdivision situation (as
this is), it has been City practice to distribute the alleyway to the abutting owners in
the subdivision, and not other abutting owners if they are outside the subdivision.
Council Staff has asked for past examples of this situation, and Planning Staff has
provided an example of this situation, dated May of 1995.
i. The ordinance (no. 32of1995) states "title to the vacated property shall be
quit-claimed to the abutting properties in the Country Club Place
Subdivision from which the alley was dedicated."
ii. The Council may wish to discuss this example further, to determine if there
were factors that made this determination more clear (abutting property
outside of the subdivision may or may not have had access to the alleyway).
6. See Matters at Issue for a further analysis of this situation.
B. Key points in the Administration's transmittal are the following:
1. The petitioner is requesting that Salt Lake City close the alleyway located in Block 3
of the Seventh South Subdivision as a public right-of-way. The subject alley runs
directly south of the petitioner's property, located at 740 South Goshen Street
(approximately 1075 West). The petitioner would like to combine the full alleyway
with his lot in order to expand a single-family residential dwelling.
2. The alley was part of the original Seventh South Subdivision, platted in 1893. The
majority of the alleyway (running north-south) was vacated in 1962. The subject
alleyway runs east-west.
3. The property to the north of the subject alleyway (the petitioner's property) is part of
the original subdivision.
4. The property directly to the south of the subject alleyway is not part of the original
subdivision. The abutting property owner to the south has indicated (in statements
at the Planning Commission hearing and in the letter dated April 6, 2006 in the
2
transmittal) that she has been using the alleyway as an alternate access point for her
back yard.
5. The abutting property owner directly to the South has expressed a desire to either
not vacate the alleyway, or split the alleyway between the abutting north and south
properties. The Planning Commission and staff is recommending that the alleyway
be deeded only to the abutting property owner to the north, as they are the only
abutting property owner inside the subdivision, and are therefore the only abutting·
property owner with a legal claim (see the Matters at Issue section of this staff
report, page 2, for detail).
6. The Planning staff report notes the following findings:
i. Closing the subject alley would not deny sole access to any adjacent property.
11. The applicant is willing to purchase the southern half of the property at fair
market value (see Budget Related Facts, below, for detail).
iii. No abutting property owner, with legal standing, intends to build a garage
requiring access from the alley property.
7. Planning staff evaluated the application per Salt Lake City Code Section 14.52.020
"Method of Disposition" and determined that the alley meets Standard C, which
states that "the continuation of the alley does not serve as a positive urban design
element."
C. The petitioner's property is zoned R-1-5,000 (Single Family Residential). All of the
surrounding properties are also zoned R-1-5,000 (Single Family Residential). The
surrounding land uses in all directions are single-family residential.
D. The street property requested for closure is approximately 15 feet wide and 138 feet long
(2,070 square feet).
E. All necessary City departments and divisions reviewed the petition and no negative
comments were received. Public Utilities did note that it is within the floodplain which will
ultimately affect the development of the property.
F. On March 24, 2006 the Poplar Grove Community Council reviewed the request. They
supported the vacation as long as the adjacent landowners were in support. It was noted in
their letter to Planning that they assumed that Planning would not have submitted the
petition to them for consideration unless all property owners were in support. Information
was provided to the contrary by the abutting property owner to the south (see below), at the
Planning Commission hearing, after the Poplar Grove Community Council heard the
petition.
G. On June 28, 2006, the Planning Commission held a public hearing. The property owner to
the south spoke at the hearing and expressed an interest in obtaining half of the alley to
straighten the property line and provide a secondary access to her property. She stated that
her preference was not to have the alley vacated at all, but that if it is, she would prefer to
receive a part of it to maintain her secondary access. Minutes from the hearing indicate that
Planning staff clarified that the Planning Commission is responsible only to decide whether
or not the alley is needed for public use, and that the disposition issue can be determined at
the time of the City Council Public Hearing. However, the motion adopted by the Planning
Commission did address to whom the alleyway should be deeded. The Planning
Commission voted to forward a favorable recommendation to the City Council to "vacate
and close the subject alley and deed it to the applicant with the following conditions:
3
1. That the proposed method of disposition of the alley property shall be consistent
with the method expressed in Section 14.52.020.
2. That prior to any building permit issuance, the applicant shall formally combine the
parcels owned by the applicant in the Seventy South Subdivision, including the alley
property. "
H. Planning Staff has indicated in subsequent conversations with Gouncil Staff that the intent
of the Planning Commission was not to decide to whom the subject alleyway should be
deeded, even though the motion language does state the intent to deed the alleyway to the
petitioner. The ordinance drafted by the Attorney's Office is deliberately silent on the issue
of to whom the alleyway should be deeded.
I. An ordinance has been prepared by the City Attorney's office subject to conditions of
approval identified by the Planning Commission.
MATTERS AT ISSUE /POTENTIAL QUESTIONS FOR ADMINISTRATION:
1. State Code states the following with regard to alley or street vacations. The Council may
wish to discuss in particular, subsection 2 below, with regard to the potential options for the
eventual deeding of this alleyway, since the Planning Commission's recommendation
appears to be at odds with this statute.
"72-5-105. Highways, streets, or roads once established continue until abandoned --
Temporary closure.
( 1) All public highways, streets, or roads once established shall continue to be highways,
streets, or roads until abandoned or vacated by order of a highway authority having jurisdiction or
by other competent authority.
(2) (a) For purposes of assessment, upon the recordation of an order executed by the proper
authority with the county recorder's office, title to the vacated or abandoned highway, street, or
road shall vest to the adjoining record owners, with 112 of the width of the highway, street, or
road assessed to each of the adjoining owners."
2. Currently neither the City Code (14.52.010), nor the Council's Official Policy on Alley
Vacations and Street Closures defines exactly how an alley is to be divided after vacation in
different situations (abutting residential properties in different subdivisions, abutting
residential properties in the same subdivision, etc.).
a. The Council may wish to discuss and incorporate an official policy statement on the
matter and/ or request that the Attorney's Office provide a draft ordinance or policy
statement for Council consideration.
b. Staff's experience is that typically in the case of an alley vacation, V2 of the alleyway
is deeded to each abutting property owner.
c. Planning Staff has provided an example (Ordinance no. 32 of 1995) in which an
alleyway was vacated and deeded only to the abutting property owners in the
subdivision from which the alleyway was dedicated (see Key Elements, A.5.).
3. The Council may wish to also consider the adopted policy statement below (in section
A.3.iii.3. of the Master Plan and Policy Considerations, Council Policy for Processing Alley
Closure Petitions) "The Council. .. will be sensitive to potential uses of the property for rear
access to residences and for accessory uses ... "
4
4. Should the Council elect to limit the legal claim to receive property to only those within the
same subdivision, this could be further clarified in City ordinance or policy.
5. A letter from the Assistant City Attorney, dated February 8, 1983 (submitted to Council Staff
by the petitioner after the Council received the Administration's Transmittal), addressed to
Property Management regarding a previous petition about the same alleyway, states the
following: ,,
"The alleyway was dedicated as a part of the Seventh South Subdivision ... therefore,
upon vacation of the alley, ownership of the entire alley will revert to the Abbots (staff
note: the previous owners of the petitioner's propertt;) rather than the usual instance of each
abutting owner receiving one-half interest."
• Council Staff notes that State Statue may have been different as of the date of the
letter. Current State Statue appears to support the opposite conclusion.
POTENTIAL OPTIONS FOR COUNCIL CONSIDERATION:
1. Ask the attorney's office for a formal review of the petition and issue a formal legal opinion
with regard to how the alley should be disposed of, in accordance with current State statute.
And/or
2. Close the alley and deed the entire alley to the petitioner (may conflict with current state
statute and may conflict with past practice).
And/or
3. Close the alley and deed 1/2 of the alley to the petitioner and 1/2 of the alley to the
property owner to the south (conflicts with Planning Staff's recommendation and may also
conflict with past practice).
And/or
4. Ask that the Administration incorporate the official City alley disposition practice into City
code.
Or
5. Do not close the alley.
MASTER PLAN AND POLICY CONSIDERATIONS:
A. The Council's adopted alley closure policy (2003) states the following:
1. Modes of Disposition -The City may dispose of its entire legal interest in an alley by
closure and sale or by vacation. It may dispose of less than its entire legal interest
by, for example, revocable permit, license or joint use agreement (referred to as
"partial disposition").
2. Policy Considerations -The City will not consider disposing entirely or partially of
its interest in an alley unless it receives a petition in writing which positively
demonstrates that the disposition satisfies at least one of the following policy
considerations:
5
i. Lack of Use. The City's legal interest in the property, for example, appears of
record or is reflected on an applicable plat, but in fact it is evident from
inspection that the alley does not exist.
11. Public Safety. The property is contributing to crime, or unlawful activity or
unsafe conditions.
m. Urban Design. The property does not serve a positive urban design element.
,, iv. Communitt; Purpose. The petitioners are proposing restricting the general
public from use in favor of a community use such as a community play area
or garden.
3. Processing Petitions -There will be three phases for processing petitions under this
section involving, respectively, the City Administration, the City Planning
Commission, and the City Council.
i. Threshold Determination. The City Administration will determine whether
or not the petition meets the following requirements:
1. procedural: The petition must:
a. bear the signatures of no less than 80% of neighbors owning a
fee simple interest in a property which abuts the subject
property;
b. affirm that written notice has been given to all fee simple
owners of property within and contiguous with the block or
blocks within which the subject property is located;
c. provide documentation that the proposal has been reviewed
by the appropriate Community Council or Neighborhood
organization;
d. show that the necessary City processing fee has been paid.
2. substantizie: If the petition meets the procedural requirements, the
Administration will determine that:
a. The City Police and Fire Departments and the City
Transportation Division and all other relevant City
Departments and Divisions have no objection to the
disposition of the property;
b. The petition meets at least one of the stated policy
considerations;
c. The petition must not deny sole access or required off-street
parking to any property;
d. The petition will not result in any property being land locked;
and
e. The disposition will not result in a use which is otherwise
contrary to the policies of the City, for example, applicable
master plans and other adopted statements of policy which
address, but are not limited to, mid-block walkways,
pedestrian paths, trails, and alternative transportation uses.
ii. City Administration.
1. The Administration will deny the petition if it does not meet the
requirements stated in Policy Considerations section; or
2. The Administration:
a. may for appropriate consideration, grant a partial disposition
if the petition meets the requirements stated in B 1 of this
section; or
6
b. if it concludes that vacation or closure and sale is the
appropriate disposition, refer the petition to the Planning
Commission for review and recommendation to the City
Council for final consideration.
iii. City Council. The City Council will consider petitions for vacation or
closure and sale which have been referred to it by the Administration as
required by law. In addition to the consideration set forth above, the City ''
Council:
1. will not act favorably on a petition if an opposing abutting property
owner intends to build a garage requiring access from the property,
has made application for a building permit anytime before the
Council acts favorably on the petition, and completes construction
within 12 months of issuance of the building permit;
2. is more likely to act favorably on a petition for disposition of an
entire property rather than a small segment of it;
3. will be sensitive to potential uses of the property for rear access to
residences and for accessory uses;
4. will follow the requirements of applicable law with regard to any
requirement for consideration; and
B. The West Salt Lake Master Plan (1995) indicates that unused alleys in residential
neighborhoods are an undesirable neighborhood element and invite burglary and
vandalism, in addition to the problems that lack of maintenance can cause. The Master Plan
further states that unused alleys should be encouraged to be vacated through an initiation of
a petition for vacation by the abutting property owners.
C. The Open Space Master Plan identifies the Jordan River Parkway (which is nearby the
subject alleyway) as an open space corridor, but does not identify the subject alleyway as a
future trail or access point.
D. The Council's adopted growth policy states: It is the policy of the Salt Lake City Council
that growth in Salt Lake City will be deemed the most desirable if it meets the following
criteria:
1. is aesthetically pleasing;
2. contributes to a livable community environment;
3. yields no negative net fiscal impact unless an overriding public purpose is served;
and
4. Forestalls negative impacts associated with inactivity.
BUDGET RELATED FACTS:
A The Administration's transmittal notes that the applicant has stated an intent to purchase
the southern half of the alleyway for fair market value. Typically payment is only required
for vacated and closed alleyways acquired by non-residential abutting property owners. In
this case, the applicant will be deeded the northern half of the alleyway (as per the typical
residential alleyway disposition procedure) and will purchase the southern half. Property
Management has indicated that the reason it was determined that the petitioner would pay
for the southern half is because of the "extra" 7.5 feet that they are receiving because they
are the only abutting property owner within the subdivision, and the added value that this
7
will create for their property. The Administration's transmittal does not indicate how much
the City will receive for this half of the alleyway (approximately 1,000 square feet).
CHRONOLOGY:
Please refer to the Administration's transmittal for a complete chronology of events relating
to the proposed text amendment. '1 ·
• February 13, 2006 Petition submitted by property owner.
• June 28, 2006 Planning Commission Hearing.
• July 19, 2006 Ordinance requested from City Attorney.
• July 20, 2006 Ordinance received from City Attorney.
• January 12, 2007 Transmittal received in City Council Office.
cc: Lyn Creswell, Sam Guevara, DJ Baxter, Rick Graham, LeRoy Hooton, Tim Harpst, Max
Peterson, Louis Zunguze, George Shaw, Doug Wheelwright, Cheri Coffey, Doug Dansie,
Barry Esham, Marge Harvey, Lehua Weaver, Sylvia Jones, Jan Aramaki, Cindy Lou
Rockwood, Janice Jardine
File Location: Community and Economic Development Dept., Planning Division, Street
Closures, Maylaykhone Kiphibane, 740 South Goshen (Block 3 of Seventh South Subdivision)
8
This ad is also being e-mailed
NOTICE OF HEARING
NOTICE IS HEREBY GIVEN THAT ON Tuesday, April 10, 2007 at
7:00 p.m. a public hearing will be held in Room 315, Council
Chambers, City County Building, 451 South State, Salt Lake City,
Utah, before the Salt Lake City Council to receive public comment
and consider adopting an ordinance vacating an alley generally
located at 740 South Goshen Street between Goshen Street and 1075
West pursuant to Petition No. 400-06-05. (M. Kiphibane)
All persons interested and present will be given an opportunity
to be heard in this matter.
Assisted listening devices or interpreting services are available
for all public meetings. Salt Lake City Corporation complies
with the American Disabilities Act (ADA). For further
information, contact the TDD Number 535-6021.
By order of the Salt Lake City Council, this 13th day of March,
2007.
(P 07-4)
KENDRICK COWLEY
CITY RECORDER
Publish: March 19, & 26 & April 2 & 9, 2007
C5357671L07
Sent to NAC 3-14-07
A. LOUIS ZUNGUZE ROSS C. "ROCKY" ANDERSON
DIRECTOR
BRENT B. WILDE
DEPUTY DIRECTOR
TO:
FROM:
RE:
DEPT. OF COMMUNITY DEVELOPMENT
OFFICE OF THE DIRECTOR
CITY COUNCIL TRANSMITTAL
Rocky Fluhart, Chief Administrative Office~
Louis Zunguze, Community Development Dir ctor
Petition 400-06-05 by Maylaykhone Ki phi bane, 7 40 Sou Goshen Street,
requesting that the City vacate and close the alley property ocated in Block 3
of Seventh South Subdivision as a public right-of-way
STAFF CONTACT: Doug Dansie, Principal Planner, at 535-6182 or
doug.dansie@slcgov.com
MAYOR
RECOMMENDATION: That the City Council hold a briefing and schedule a Public
Hearing
DOCUMENT TYPE: Ordinance
BUDGET IMPACT: None
DISCUSSION:
Issue Origin: Maylaykhone Kiphibane, property owner at 740 South Goshen Street, is
requesting that the City vacate the alley located in Block 3 of Seventh South Subdivision
as a public right-of-way. The alley to the rear (west) of the Kiphibane property (740
Goshen) has already been vacated. The subject alley runs along the southeast border of
the Seventh South Subdivision. Maylaykhone Kiphibane owns all of the lot adjacent to
the alley to the north and would like to combine the alleyway with that lot in order to
construct a single-family residential dwelling.
Analysis: Staff evaluated the application per Salt Lake City Code Section 14.52.020
"Method of Disposition" and determined that the alley meets Standard C, which states
that "the continuation of the alley does not serve as a positive urban design element."
Department/Division comments were solicited and no negative recommendations were
received.
Chapter 14.52 of the City Code establishes criteria for evaluating the public's interest in
an alley. Based on the analysis and findings discussed in the Staff Report (see pages 4-7
of Attachment 4b ), Staff recommends that the alley be vacated.
451 SOUTH STATE STREET, ROOM 404, SALT LAKE CITY, UTAH 84111
TELEPHONE: 801-535-7105 FAX: 801-535-6005
WWW.SLCGOV.CDM
City Council policy indicates that should a residentially zoned alley such as the subject
property be vacated, it is divided equally between the two adjacent landowners in
accordance with Utah State Code Section 72-5. Traditionally, ifthe two property owners
wish to further alter the resulting lot lines/alley division (to deed all of the alley to one
property owner or the other), they have done so through private transaction after the alley
has been vacated.
Master Plan Considerations: Two Master Plan documents are applicable to this area.
First, the land use policy document that guides development in this area is the West Salt
Lake Master Plan adopted in 1995. The Plan indicates that unused alleys in residential
neighborhoods are an undesirable element and invite burglary and vandalism. It also
states that a lack of maintenance of alleys is a problem. The Master Plan indicates that
unused alleys should be encouraged to be vacated through an initiation of a petition for
vacation by the abutting property owners (page 8, West Salt Lake Master Plan).
Second, the Open Space Master Plan identifies a system of non-motorized transportation
corridors that would re-establish connections between urban and natural land forms of the
City. The subject alley property has not been designated for a future trail in the Open
Space Master Plan, nor does it provide access to the adjacent Jordan River Parkway,
which is identified as an Open Space corridor.
PUBLIC PROCESS:
This request was reviewed by the Poplar Grove Community Council on March 24, 2006.
They supported the vacation as long as adjacent land owners were amenable. Letters were
mailed to adjacent property owners outlining the alley vacation proposal on March 31,
2006.
In a letter to the Planning Commission (see Attachment 4B, Exhibit 5) and at the
Planning Commission Public Hearing held June 28, 2006, the owner of the property to
the south of the alley, Ms. Gudmundson, expressed an interested in obtaining half of the
alley to straighten out the property line and provide a second access from Goshen A venue
to her property. She stated that she does not want the alley vacated, but if the alley is
vacated, she would prefer to receive part of the vacated land to maintain secondary access
to her property.
The proposed alley closure was reviewed by the Planning Commission at a Public
Hearing on June 28, 2006. The Planning Commission voted to forward a favorable
recommendation to the City Council to vacate the subject alley and to deed it to the
applicant with the following conditions:
1. The proposed method of disposition of the alley property shall be consistent with
the method of disposition expressed in Section 14.52.020 Method of Disposition
and Chapter 2.58 City-Owned Real Property of the Salt Lake City Code.
Petition 400-06-05 -Alley Vacation Request by Maylaykhone Kiphibane, 740 S. Goshen Street
Page 2 of3
2. Prior to building permit issuance, the applicant shall formally combine the parcels
owned by the applicant in the Seventh South Subdivision, including the alley
property. (The combination of lots is not directly related to the alley vacation;
however, the consolidation will be necessary to eliminate lot lines in order to
create the desired lot configuration that will allow the property owners to receive
a building permit for the proposed home.)
RELEVANT ORDINANCES:
Chapter 14.52 of the Salt Lake City Code outlines a procedure for the disposition of City-
owned alleys and establishes criteria for evaluating the public's interest in an alley.
Chapter 2.58 of the Salt Lake City Code defines a process for identification of surplus
real property and provides guidelines for disposal of same based on the highest and best
economic return to the city, stating that sales of city real property shall be based,
whenever possible, on competitive sealed bids.
Section 10-8-8 of Utah State Code indicates that a municipal legislative body may lay
out, establish, open, alter, widen, narrow, extend, grade, pave, or otherwise improve
streets, alleys, avenues, boulevards, sidewalks, parks, airports, parking lots, or other
facilities for the parking of vehicles off streets, public grounds, and pedestrian malls and
may vacate the same or parts thereof, as provided in this title.
Section 10-8-8.5 states that the action of the governing body vacating or narrowing a
street or alley which has been dedicated to public use by the proprietor shall operate to
the extent to which it is vacated or narrowed, upon the effective date of the vacating
ordinance, as a revocation of the acceptance thereof, and the relinquishment of the City's
fee therein by the governing body, but the right of way and easements therein, if any, of
any lot owner and the franchise rights of any public utility shall not be impaired.
Section 72-5 states that title to vacated or abandoned highways, streets, or roads shall vest
to the adjoining record owners, with 112 of the width of the highway, street, or road
assessed to each of the adjoining owners.
Petition 400-06-05 -Alley Vacation Request by Maylaykhone Kiphibane, 740 S. Goshen Street
Page 3 of3
COMMUNITY AND ECONOMIC DEVELOPMENT
COUNCIL SUBMITTAL CHECKLIST
Petition 400-06-05; Maylaykhone Kiphibane, 740 S. Goshen Street, requesting that the
City close the alley property located in Block 3 of Seventh South subdivision, as a public
ri~t-of-wzand declare the alley as surplus property
Date: 2 :2£ ( O b
l
Contact Person: Doug Dansie
Initiated by
D City Council
X Property Owner
D Board I Commission
0Mayor
D Other
Completed Check List attached:
X Alley Vacation
D Planning I Zoning
D Federal Funding
D Condominium Conversion
D Plat Amendment
D Other
Public Process:
X Community Council ( s)
X Public Hearings
X Planning Commission
D Historic Landmark Commission
D HAAB review
D Board of Adjustment
D CityK.iosk
D OpenHouse
D Other
Compatible with ordinance: Section 14.52
Phone No. 535-6182
Contact Person
Maylaykhone Kiphibane
D City Web Site
D Flyers
X Formal Notice
D Newspaper Advertisement
D City Television Station
D On location Sign
D City Newsletter
D Administrative Hearing
Modifications to Ordinance: None
Approvals I Input from Other Departments I Divisions
Division
D Airport:
X Attorney:
D Business Licensing:
X Engineering:
X Fire:
D HAND:
D Management Services:
D Mayor:
D Parks:
X Permits I Zoning:
X Police:
X Property Management:
D Public Services:
X Public Utilities:
X Transportation:
D Zoning Enforcement:
DRDA:
Contact Person
Melanie Reif
Craig Smith
Brad Larson
Ken Brown
J.R. Smith
John Spencer
Brad Stewart
Barry Walsh
CONTENTS
1. Chronology
2. Proposed Ordinance
3. City Council Public Hearing
a. Notice
b. Mailing List
4. Planning Commission Hearing
a. Original Notice and Postmark
b. Staff Report: June 28, 2006
c. Agenda: June 28, 2006
d. Minutes: June 28, 2006
5. Original Petition
Chronology
February 13, 2006 Petition 400-06-05 submitted by property owner.
March 20 -Apr. 4, 2006 Requested department input.
March 24, 2006
March 31, 2006
June 13, 2006
June 28, 2006
July 19, 2006
July 20, 2006
Input requested from the Poplar Grove Community Council.
Letters mailed to adjacent property owners.
Notices mailed.
The Planning Commission held a public hearing and voted to
transmit a favorable recommendation to the City Council.
An ordinance was requested from the City Attorney.
An ordinance was received from the City Attorney.
2. Proposed Ordinance
3. City Council Public Hearing
a. Notice
b. Mailing List
NOTICE OF PUBLIC HEARING
The Salt Lake City Council is currently reviewing Petition 400-06-05, an application by
Maylaykhone Kiphibane, 740 S. Goshen Street, requesting that the City close the
east/west alley property located in Block 3 of Seventh South subdivision, as a public
right-of-way and declare the alley as surplus property.
As part of their study, the City Council is holding an advertised Public Hearing to receive
comments regarding the petition. During this hearing, the Planning staff may present
information on the petition and anyone desiring to address the City Council concerning
this issue will be given an opportunity to speak. The hearing will be held:
DATE: April 10, 2007
TIME: 7:00 P.M.
PLACE: Room 315
City and County Building
451 South State Street
Salt Lake City, Utah
If you have any questions relating to this proposal, please attend the meeting or call Doug
Dansie at 535-6182 between the hours of 8:00 a.m. and 5:00 p.m., Monday through
Friday. If you are the owner of a rental property, please inform your tenants of this
hearing.
People with disabilities may make requests for reasonable accommodation no later than
48 hours in advance in order to attend this public hearing. Accommodations may include
alternate formats, interpreters, and other auxiliary aids. This is an accessible facility. For
questions, requests, or additional information, please contact the ADA Coordinator at
535-7971; TDD 535-6021.
Laser Mailing Labels Use template CEG03208
Jam-Proof
15111340050000
CORNEJO, JAVIER R &
717 s 1100 w
SALT LAKE CITY UT 84104
15111340100000
15111340130000
SALT LAKE CITY
451 S STATE ST# 225
SALT LAKE CITY UT 84111
15111340150000
LONG, RONALD D; ET AL
2719 w 9800 s
SOUTH JORDAN UT 84095
15111340180000
KIPHIBANE, MALAYKONE
2128 w 14400 s
BLUFFDALE UT 84065
15111340190000
GUDMUNDSON, KATHERINE R
752 S GOSHEN ST
SALT LAKE CITY UT 84104
15111340310000
ABBOTT, LAWRENCE L & HELEN N;
726 S GOSHEN ST
SALT LAKE CITY UT 84104
15111340330000
CHADWICK, JOHN L
743 s 1100 w
SALT LAKE CITY UT 84104
~ Corporate j s 1 G N A r u 11 e ~Exoress'"
1v1 Jt. ~ \011fY\C\v1_
j D~LI ll' L/OD 5
SLI ur 10/C'-l
1.888.CE TODAY (238.6329)
4. Planning Commission Hearing
a. Original Notice and Postmark
b. Staff Report: June 28, 2006
c. Agenda: June 28, 2006
d. Minutes: June 28, 2006
a. Original Notice and Postmark
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1. Fill out registration card and indicate if you wish to speak and which agenda item you will address.
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2. After the staff and petitioner presentations, hearing swill be opened for public comment. Community Councils will present their comments at the
beginning of the hearing.
3. In order to be considerate of everyone attending the meeting, public comments are limited to three (3) minutes per person, per item. A spokesper-
son who has already been asked by a group to summarize their concerns will be allowed five (5) minutes to speak. Written comments are wel-
come and will be provided to the Planning Commission in advance of the meeting if they are submitted to the Planning Division prior to noon the
day before the meeting. Written comments should be sent to:
Salt Lake City Planning Commission
451 South State Street, Room 406
Salt Lake City UT 84111
4. Speakers will be called by the Chair.
5. Please state your name and your affiliation to the petition or whom you represent at the beginning of your comments.
6. Speakers should address their comments to the Chair. Planning Commission members may have questions for the speaker. Speakers may not
debate with other meeting attendees.
7. Speakers should focus their comments on the agenda item. Extraneous and repetitive comments should be avoided.
8. After those registered have spoken, the Chair will invite other comments. Prior speakers may be allowed to supplement their previous comments
at this time.
9. After the hearing is closed, the discussion will be limited among Planning Commissioners and Staff. Under unique circumstances, the Planning
Commission may choose to reopen the hearing to obtain additional information.
10. Salt Lake City Corporation complies will all ADA guidelines. People with disabilities may make requests for reasonable accommodation-no later
than 48 hours in advance in order to attend this meeting. Accommodations may include alternate formats, interpreters, and other auxiliary aids.
This is an accessible facility. For questions, requests, or additional information, please contact the Planning Office at 535-7757; TDD 535-6021.
The next Planning Commission meeting will be held on July 12, 2006. For additional information, please visit www.slcgov.com/ced/planning
NOTE: 111e field trip is scheduled to leave at 4:00 p.m.
AGENDA FOR THE
SALT LAKE CITY PLANNING COMMISSION MEETING
In Room 326 of the City & County Building at 451 South State Street
Wednesday, June 28, 2006, at 5:45 p.m.
Dinner will be served to the Planning Commissioners and Staff at 5:00 p.m., in Room 126. During the dinner, Staff may share general
planning information with the Planning Commission. This portion of the meeting is open to the public for observation.
1. APPROVAL OF MINUTES from Wednesday, June 14, 2006.
2. REPORT OF THE CHAIR AND VICE CHAIR
3. REPORT OF THE DIRECTOR
a. Acknowledgement of Commissioner Seelig's service
4. PUBLIC NOTICE AGENDA Salt Lake City Property Conveyance Matters (Staff-Doug Wheelwright at 535-6171 or
doug.wheelwriqht@slcgov.com, Karryn Greenleaf at 483-6769 or karryn.qreenleaf@slcgov.com, or John Spencer at 535-6398 or
john.spencer@slcqov.com)
a. One World Cafe and Sal! Lake City Property Management-Owners of the One World Cafe are requesting ihai Property Management
approve a lease agreement to allow use of a portion of 300 East Street right of way for outside dinning purposes. The property is located
at 41 South 300 East Street, between the building and the sidewalk. The abutting property is zoned R-MU. Property management staff
intends to approve the lease request.
b. Liberty Midtown Partners and Salt Lake City Property Management-Liberty Midtown Partners are requesting that Property Management
approve a lease agreement to allow overhead roof eave encroachments to extend over the street right of way of 300 East Street. The
abutting property located at 225 South 300 East Street is zoned R-MU. The Property Management staff intends to approve the lease
request.
c. Sugar House Coffee and Salt Lake City Property Management-Owners of Sugar House Coffee are requesting that Property
Management approve a lease agreement to allow use of a portion of the street right of way on 2100 South Street to be used for outside
dinning purposes. The abutting property located at 2106 South Highland Drive is zoned CSHBD-1. Property Management staff intends to
approve the lease agreement request.
d. Russell C. and Naoma D. Hansen and Salt Lake City Public Utilities Department-The Hansen's are requesting that Public Utilities
approve the release of a right of way easement which is no longer needed which effects the Hansen property, located at 3596 East Monza
Drive in un-incorporated Salt lake County. Public Utilities staff intends to approve the release of the easement request.
e. RAL, Inc. and Salt Lake City Public Utilities Department-RAL, Inc. is requesting that Public Utilities approve a release of a right of way
easement which is no longer needed which effects the RAL, Inc. owned property located at 6255 Canyon Cove Court in Holladay City.
Public Utilities staff intends to approve the release of easement request.
f. Scott D. Anderson and Salt Lake City Public Utilities Department-Mr. Anderson is requesting that Public Utilities approve a standard use
permit to allow continued encroachment into a Public Utilities owned easement over property located at 3230 East Bengal Blvd., in Sandy
City. Public Utilities staff intends to approve the standard use permit as requested.
5. PUBLIC HEARINGS
a.
b.
c.
d.
e.
f.
h.
Petition 410-06-13 -A request by Rick Graham, Director of Public Services, for Conditional Use Planned Development
approval to develop the Sorenson Unity Center located at approximately 1383 South 900 West in a PL (Public Lands)
Zoning District. This project must be reviewed by the Planning Commission because the development proposes more than
one principal building on a single parcel. (Staff -Marilynn Lewis at 535-6409 or marilynn.lewis@slcgov.com)
Petition 400-06-10 -A petition initiated by Mayor Anderson requesting to amend provisions of the Salt Lake City Zoning
Ordinance to clarify processes and procedures relating to the review of projects subject to the City-wide Compatible
Residential Infill Development standards adopted by Ordinance 90 of 2005 and Ordinance 26 of 2006. (Staff -Joel
Paterson at 535-6141 or joel.paterson@slcgov.com)
Petition 400-04-22 -A petition initiated by Mayor Anderson to amend the Salt Lake City Zoning Ordinance relating to
specialty housing facilities, including group homes, transitional victim homes, transitional treatment homes and residential
substance abuse homes. Specifically, the petition is to amend the definitions of these specialty housing types, and clarify
standards for spacing requirements, criteria approval, and potential revocation of conditional uses once approval is
granted. (Staff-Elizabeth Giraud at 535-7128 or elizabeth.giraud@slcgov.com)
Revisions to Petition No. 410-06-09 (planned development) and 480-06-04 (preliminary condominium) -A request
by Howa Capital to consider revisions to the planned development site plan and preliminary condominium plans that were
approved by the Planning Commission on April 26, 2006, for property located generally on the east and west sides of 300
West Street, between 500 and 600 North Streets. (Staff-Sarah Carroll at 535-6260 or sarah.carroll@slcgov.com)
Petition 410-06-05 -A request by Bruce Manka for a planned development to modify minimum yard requirements to
allow encroachments for proposed second-story balcony structures and the roofs of lower-level patios at approximately
650 North 300 West Street. The property is located in a RMF-35 (Residential Multi-Family) and a MU (Mixed Use) Zoning
District. (Staff-Janice Lew at 535-7625 or janice.lew@slcgov.com)
Petition 410-06-15 -A request by Architectural Nexus, representing ARUP, for conditional use approval to allow
additional building height from 45 feet to 53 feet and 6 Y2 inches for a proposed mechanical building addition located in the
Research Park (RP) Zoning District at approximately 500 South Chipeta Way. (Staff-Ray McCandless at 535-7282 or
ray. mccandless@slcgov.com)
Petition 400-06-05 -A request by Maylaykone Kiphiibane to vacate the remaining easVwest portion of an alley located at
approximately 7 40 South Goshen Street and to declare the property surplus. The property is in an R-1 /5000 Zoning
District. (Staff -Doug Dansie at 535-6182 or doug.dansie@slcgov.com)
Petition 410-06-01 and 490-06-29 -A request by Nathan Anderson representing West Capitol Hill, LLC for Planned
Development and Preliminary Subdivision approval for the construction of an eight-unit residential development located at
701 North 300 West and 314 West 700 North in the MU (Mixed Use) Zoning District. (Staff-Wayne Mills at 535-6173 or
wayne.mills@slcgov.com)
6. UNFINISHFn RI 1c:1t..ii::c:c:
b. Staff Report: June 28, 2006
DATE: June 22, 2006
TO: Salt Lake City Planning Commission
FROM: Doug Dansie, Principal Planner
RE: Staff Report for the June 28, 2006 Planning Commission Meeting
CASE#:
APPLICANT:
STATUS OF APPLICANT:
PROJECT LOCATION:
Staff Report, Petition Number 400-06-05
by the Salt Lake City Planning Division
400-06-05
Maylaykhone Kiphibane
Adjacent land owner
740 S. Goshen Street
June 28, 2006
PROJECT/PROPERTY SIZE:
COUNCIL DISTRICT:
PROPOSED USE(S):
SURROUNDING ZONING
DISTRICTS:
SURROUNDING LAND
USES:
Approximately 0.05 acres
District 2, Council Member Van Turner
Alley vacation
North R-1-5000 Single Family Residential
South R-1-5000 Single Family Residential
East R-1-5000 Single Family Residential
West R-1-5000 and OS Open Space
North Single Family Residential
South Single Family Residential
East Single Family Residential
West Single Family Residential
REQUESTED ACTION/PROJECT DESCRIPTION:
Maylaykhone Kiphibane is requesting that the City close the alley property located in
Block 3 of Seventh South subdivision, as a public right-of-way and declare the alley as
surplus property. (Exhibit 1 ).
The subject right-of-way runs along the southeast comer of the block. Maylaykhone
Kiphibane owns all of the lot adjacent to the alley, and should the alley closure request
receive approval, the alley property would become part of the adjacent lot to the north.
The property owner to the south is not part of the original platted subdivision and has no
legal claim on the alley. The alley to the rear of the property has already been vacated.
Consistent with City Council policy, residential alleys are divided between the two
adjacent landowners, however, since there is only one adjacent land owner in this
instance, half the alley would be deeded to the adjacent landowner to the north and the
other half would be sold to the petitioner at fair market value.
APPLICABLE LAND USE REGULATIONS:
Chapter 14.52 of the Salt Lake City Code outlines a procedure for the disposition of City
owned alleys and establishes criteria for evaluating the public's interest in an alley.
Chapter 2.58 of the code regulates the disposition of surplus City-owned real property.
MASTER PLAN SPECIFICATIONS:
Staff Report, Petition Number 400-06-05
by the Salt Lake City Planning Division
2 June 28, 2006
There are two master plan documents that are applicable to this area. The land use policy
document that guides development in this area is the West Salt Lake Master Plan adopted
in 1995. The plan indicates that unused alleys in residential neighborhoods are an
undesirable element and invite burglary and vandalism. It also states that a lack of
maintenance of alleys is a problem. The master plan indicates that unused alleys should
be encouraged to be closed through an initiation of such action by the abutting property
owners. The Open Space Master Plan identifies a system of non-motorized
transportation corridors that would re-establish connections between urban and natural
land forms of the City. The subject alley property has not been designated for a future
trail in the Open Space Master Plan, nor does it provide access to the adjacent Jordan
River Parkway which is identified as an Open Space corridor.
SUBJECT PROPERTY HISTORY:
The alley was part of the original plat of the Seventh South Subdivision. The majority of
the alley (north south portion) was vacated in 1962. The portion of the alley subject to
this petition, (east-west) is on the south side of the subdivision and there is only one lot
within the original subdivision that is adjacent to the alley.
ACCESS:
The alley as reflected on the plat runs west from Goshen Avenue. Access to the alley
property is accessed from Goshen A venue.
COMMENTS, ANALYSIS AND FINDINGS:
1. COMMENTS
Summary of Comments from City Departments and Community Council(s):
a) Transportation: The Transportation Division has no objections pending
approval of property owners and relocation of an adjacent drive.
b) Building Services: No objection.
c) Police: No objection.
d) City Engineering: No objection.
e) Property Management: Property Management has no objection.
f) Fire: The Fire Department has no objection.
g) Public Utilities has no objection but notes that it is within the flood plain which
will ultimately affect the development of the property.
h) Airport has no objection to the alley closure but will require avigation easement
for new construction.
i) Poplar Grove Community Council supported the petition assuming property
owners were in support.
j) Parks Division: No objections were received.
Staff Report, Petition Number 400-06-05
by the Salt Lake City Planning Division
3 June 28, 2006
In addition, all owners of property located in the block within which the subject alley
property is located were notified of the proposed closure in a letter dated March 28,
2006 (Exhibit 5). One comment in opposition to the proposal was received to date.
2. ANALYSIS AND FINDINGS
Chapter 14.52 of the Salt Lake City Code regulates the disposition of city owned alleys.
When evaluating requests to close or vacate public alleys, the City considers whether or
not the continued use of the property as a public alley is in the City's best interest.
Noticed public hearings are held before both the Planning Commission and City Council
to consider the potential adverse impacts created by a proposal. Once the Planning
Commission has reviewed the request, their recommendation is forwarded to the City
Council for consideration.
The Planning Commission must also make a recommendation to the Mayor regarding the
disposition of the property. If the Commission recommends that the alley property be
declared surplus, the property should be disposed of according to Section 2.58 City-
Owned Real Property of the Salt Lake City Code. If an alley is next to or abuts
properties which are zoned for multi-family (3 or more units) residential use or other non-
residential uses, the City typically retains title to the surplus property until the land is sold
at fair market value or other acceptable compensation is provided. All proceeds or
revenue from the sale of any real property sold by the city is deposited in a surplus
property account within the capital improvements fund of the general fund. City Council
has the authority to allocate disbursements of these funds.
The City Council has final decision authority with respect to alley vacations and closures.
A positive recommendation from the Planning Commission requires an analysis and
positive determination of the following factors:
Section 14.52.02 of Salt Lake City Code: Salt Lake City Council policy
considerations for closure, vacation or abandonment of City owned alleys.
The City will not consider disposing of its interest in an alley, in whole or in part, unless
it receives a petition in writing which demonstrates that the disposition satisfies at least
one of the following policy considerations:
A. Lack of Use. The City's legal interest in the property appears ofrecord or is
reflected on an applicable plat; however, it is evident from an on-site
inspection that the alley does not physically exist or has been materially
blocked in a way that renders it unusable as a public right-of-way.
B. Public Safety. The existence of the alley is substantially contributing to
crime, unlawful activity or unsafe conditions, public health problems, or
blight in the surrounding area.
C. Urban Design. The continuation of the alley does not serve as a positive
urban design element.
Staff Report, Petition Number 400-06-05
by the Salt Lake City Planning Division
4 June 28, 2006
D. Community Purpose. The Petitioners are proposing to restrict the general
public from use of the alley in favor of a community use, such as a
neighborhood play area or garden.
Discussion: The requested alley closure satisfies policy considerations B and
C. The applicant notes in a letter (Exhibit 1, the alley has never been used or
maintained and it becomes a settlement for dangerous insects and rodents
which can become a public health issue. Furthermore, the applicant questions
the validity of the alley to serve a positive public purpose since the land
consists of undisturbed earth and low growing weeds. The neighboring
property owner to the south has been using the alley as a driveway, however,
they have no legal standing to use the alley since their parcel is outside the
original subdivision and they have other forms of access available to their
property. Planning Staff, therefore, is of the opinion that the alley property in
its current condition does not serve as a positive urban design element
(Exhibit 6).
Finding: The alley property is not usable as a public right-of-way nor does it
serve as a positive urban design element. The request satisfies at least one of
the policy considerations listed above, and as required by Section 14.52.02 of
the City Code.
Section 14.52.030 (B) of Salt Lake City Code: Public Hearing and Recommendation
from the Planning Commission.
Upon receipt of a complete petition, a public hearing shall be scheduled before the
Planning Commission to consider the proposed disposition of the City owned alley
property. Following the conclusion of the public hearing, the Planning Commission shall
make a report and recommendation to the City Council on the proposed disposition of the
subject alley property. A positive recommendation should include an analysis of the
following factors:
1. The City police department, fire department, transportation division, and all
other relevant City departments and divisions have no objection to the
proposed disposition of the property;
Discussion: Staff requested input from pertinent City departments and/or
divisions. Comments were received from the Public Utilities, Fire Department,
Building Services, Engineering Division, Division of Transportation, Police
Department, Airport and Property Management. These comments are attached to
this staff report as Exhibit 3.
Finding: The appropriate City departments and divisions have reviewed this
request and have no objections to the proposed disposition of the property.
2. The petition meets at least one of the policy considerations stated above;
Staff Report, Petition Number 400-06-05
by the Salt Lake City Planning Division
5 June 28, 2006
Finding: The petition meets policy consideration C as required in Section
14.52.020 of the Code and as outlined above.
3. The petition must not deny sole access or required off-street parking to any
adjacent property;
Discussion: It has been the City's policy not to close an alley if it would deny a
property owner required access to the rear of their lot. Since the applicant owns
all of the property abutting the alley and the property would become part of the
internal circulation system of the consolidated lot, this consideration would not be
an issue if the alley were vacated. The adjacent property owner to the south has
used the alley, but is not part of the original subdivision and technically has no
claim to use the alley for access to their property. The property owner to the south
has other options for accessing their property. The property to the south is two
separate parcels. A home is on the southern parcel and the northern parcel
(adjacent to the alley) is vacant. Access would be available to the northern parcel
with the creation of a new drive approach. Both parcels share the same street
address.
Finding: Closing the alley will not deny sole access to an owner of property
adjacent to the alley.
4. The petition will not result in any property being landlocked;
Discussion: Should the alley be vacated, the applicant will combine all of their
property, including the alley property by deed.
Finding: The proposed alley closure would not create any landlocked parcels.
5. The disposition of the alley property will not result in a use which is otherwise
contrary to the policies of the City, including applicable master plans and
other adopted statements of policy which address, but which are not limited
to, mid-block walkways, pedestrian paths, trails, and alternative
transportation uses;
Discussion: The alley does not provide access to the adjacent Jordan River
Parkway and may not otherwise be integrated to a city trail system.
Finding: The proposed disposition of the alley property will not result in a use
that is inconsistent with pertinent or applicable policies of the City.
6. No opposing abutting property owner intends to build a garage requiring
access from the property, or has made application for a building permit, or if
such a permit has been issued, construction has been completed within 12
months of issuance of the building permit;
Staff Report, Petition Number 400-06-05
by the Salt Lake City Planning Division
6 June 28, 2006
Discussion: The applicant owns the property abutting the subject alley and there
are no existing or proposed garages that require access from the alley. The
adjacent property owner to the south has no legal standing to use the alley because
their property is outside the original subdivision. The property owner to the south
has other opportunities for access available to their vacant and developed land.
Finding: No abutting property owner, with standing, intends to build a garage
requiring access from the alley property.
7. The petition furthers the City preference for disposing of an entire alley,
rather than a small segment of it; and
Discussion: The larger alley (all other portions) has been vacated. This is the
only portion of the alley remaining that is not vacated.
Finding: The applicant's request is to vacate the entire alley consistent with City
preference.
8. The alley is not necessary for actual or potential rear access to residences or
for accessory uses.
Discussion: The subject alley property will be entirely encompassed by the
applicant's development on this block and integrated into the site plan for the
proposed residential use. The adjacent property owner to the south has been using
the alley but has no legal claim to the alley because they are outside the original
subdivision.
Finding: The alley is not necessary for actual or potential rear access to
residences or for accessory uses other than the petitioner's property.
Section 14.52.040 (B) of Salt Lake City Code: High Density Residential Properties
and Other Nonresidential Properties.
If the alley abuts properties which are zoned for high density residential use or other non-
residential uses, the alley will be closed and abandoned, subject to payment to the City of
the fair market value of that alley property, based upon the value added to the abutting
properties.
Discussion: The property is not zoned commercial or high density residential; the
adjacent properties are zoned for single family homes.
Finding: The applicant is entitled by Council policy to half the alley. It is
proposed that the petitioner be required to pay fair market value for the other half
of the alley property.
Staff Report, Petition Number 400-06-05
by the Salt Lake City Planning Division
7 June 28, 2006
RECOMMENDATION:
Based upon the analysis and findings identified in this report, staff recommends that the
Planning Commission forward a favorable recommendation to the City Council to vacate
and close the subject alley and deed it to the applicant with the following conditions:
1. The proposed method of disposition of the alley property shall be consistent with
the method of disposition expressed in Section 14.52.020 Method of Disposition
and Chapter 2.58 City-Owned Real Property of the Salt lake City Ordinance.
2. Prior to building permit issuance, the applicant shall formally combine the parcels
owned by the applicant in the Seventh South Subdivision, including the alley
property.
Doug Dansie
Principal Planner
Attachments: Exhibit 1 -Petition to Vacate Alley
Exhibit 2 -Description of Alley
Exhibit 3 -Departmental/Division Comments
Exhibit 4 -Community Council
Exhibit 5 -Letter to Property Owners and responses
Exhibit 6 -Photographs
Staff Report, Petition Number 400-06-05
by the Salt Lake City Planning Division
8 June 28, 2006
Exhibit 1
Petition to Vacate Alley
Jul 2005
Petition No. --l--LL~--'-""'-"'~-"""~-----1
Alley Vacation or Closure 75""' Receipt No._____ ~~--j r.
Date Received: --'"'4----'-''+-'~::...,-----l
Reviewed By: _.....__._....__."""--'===-=-~---l
Pro · ect Planner:
VT
Name of Applicant: !'Vi L 1,,. -· ~ \ / • r} · I Phone: --
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Address of Applicant: b 5 (f) i{ Ed·j-Son <Z>--f -MA SLG.
E-mail Address of Applicant: D ~ 0 , ,,,, .-it' :1-~.,'Ii. h Cell/Fax:
, (.1 VJ q IV <ZJ (jJ I tl; C\ (Ji) ( {'L<'J
Name of Property Owner:
Address of Property Owner:
Email Address of Property Owner: 'n o•r. l!_ "' ,-;, ,...l\ll\ '"A e \.l h . Cell/Fax: ) i ,,..., '" r 0 77
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Are there any multi-family residential uses (three or more dwelling units) or non residential uses that abut the alley?
YesD Norn"
If yes, have the property owners been notified about the City's "close and sell" method of disposition (As defined in the at-
tached process information sheet)? Yes D No D
Please include with the application:
1. A response to the questions on the back of this form. If the applicant does not own property adjacent to the al-
ley, please include the applicant's interest in the request.
2. The name, address and Sidwell number of all property owners on the block must be typed or clearly printed on
gummed mailing labels. Please include yourself and the appropriate Community Council Chair. Payment in
the amount to cover first class postage for each address for two mailings is due at time of application.
3. The name, address and signatures of all owners of property abutting the subject alley who support the petition.
You may use the sample petition accompanying this application or provide your own. Please note that the
property owners must sign (not occupants who rent) and the petition must include the signatures of no
less than 80 percent of the abutting property owners.
4. A property ownership map (known as a Sidwell map) showing the area of the subject alley. On the map, please:
a. Highlight the subject alley.
b. Indicate with a colored circle or dot the property owners who support the petition.
5. A legal description of the subject alley may be required.
6. If applicable, a signed, notarized statement of consent from property owner authorizing applicant to act
as an agent.
7. Filing fee of$200.00, due at time of application.
If you have any questions regarding the requirements of this petition, please contact a member of the Salt
Lake City Planning staff (535-7757) prior to submitting the petition
Sidwell maps & names of property owners are
available at:
Salt Lake County Recorder
200 I South State Street, Room N 1600
Salt Lake City, UT 84190-1051
Telephone: (801) 468-3391
File the complete application at:
Salt Lake City Planning
451 South State Street, Room 406
Salt Lake City, UT 84111
Telephone: (801) 535-7757
Signature of Property~~ner ~--~-~----~~---------~~-~----
Or authorized agent
February 08, 2006
To Whom It May Concern:
I, Malaykhone Tair Ki phi bane, am the owner of a property located on 740 South Goshen
Street Salt Lake City, UT 84111. I would like to request to vacate or close the South side
of the property.
I believe that fifteen feet of the alley belongs to the Seventh South subdivision.
Therefore, I submit an application along with the city plat map which shows that the alley
was taken out from property of the 740 South Goshen Street.
My intention is to close the alley for the purpose of making it a private right of way for
continued use. Also, the alley has never been used or maintained. It becomes a
settlement for dangerous insects and rodents, which can become a public health issue.
Therefore, I would like to take care of it in order to maintain a clean neighborhood.
I would like to claim the entire fifteen feet of the alley. Please consider my request and
feel free to contact my husband at 801-347-5077. Thank you so much.
Sincerely,
}-{ °'-t c~ILUtAY~ l,( I -pl1 \' ~cvv'\JL
Malaykhone Kiphibane
REMARKS Petition No. f!00-06-05
By Maylaykhone Kiphihane
Is requesting an Alley Vacation or
Closure located at 740 South Goshen
Street.
Date Filed. ___________ _
Addre.r.r._·-------------
Exhibit 2
Description of Alley
VTDI 15-11-134-018-0000 DIST 13
KIPHIBANE, MALAYKONE TAX CLASS
2128 w 14400 s
UPDATE
LEGAL
PRINT P
TOTAL ACRES
REAL ESTATE
BUILDINGS
TOTAL VALUE
BLUFFDALE UT 84065492128 EDIT 1 FACTOR BYPASS
0.22
27700
0
27700
LOC: 732 S GOSHEN ST EDIT 1 BOOK 9192 PAGE 8517 DATE 09/27/2005
SUB: 7TH SOUTH SUB TYPE UNKN PLAT
02/08/2006 PROPERTY DESCRIPTION FOR TAXATION PURPOSES ONLY
LOT 1 S 1/2 OF LOT 27 & ALL LOT 28 BLK 3 SEVENTH SO SUB
TOGETHER WITH 1/2 OF VACATED ALLEY ABUTTING ON W
9192-8515
PFKEYS: l=VTNH 2=VTOP 4=VTAU 6=NEXT 7=RTRN VTAS 8=RXMU lO=RXBK ll=RXPN 12=PREV
SALT LAKE CITY CORPORATION
GIS Map l lication
Printed on: 6/14/2006
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Exhibit 3
Departmental/Division Comments
Not one bit
From: Dansie, Doug
Sent: Monday, March 20, 2006 1:56 PM
To: Smith, Craig
Subject: RE: Petition 400-06-05: vacation of an alley generally located at 740 South Goshen
Street.
There are no other adjoining property owners in the subdivision (besides the petitioner) -do you
have any objection to all of the alley going to the one property owner (through both vacation and
sale of the property)?
Doug
From: Smith, Craig
Sent: Monday, March 20, 2006 1:51 PM
To: Dansie, Doug
Subject: RE: Petition 400-06-05: vacation of an alley generally located at 740 South Goshen
Street.
Doug, I have reviewed the petition 400-06-05 a petition to vacate an alley located approximately
740 South Goshen Street. Engineering has no interest in this alley and recommends it be split
among the adjoining property owners.
Doug --
I have no concerns
(Larry Wiley)
Doug,
I do not have any concerns with this alley vacation request.
J.R. Smith
SLCPD
Community Action Team
Doug,
Thank you for sending the review request for the above referenced alley vacation at 7 40
South and approximately 1080 West. This location is just inside the Salt Lake City airport
influence zone "H", an area with height restrictions. An avigation easement is required in this
zone only for new construction. There are no known impacts on operations at the Salt Lake City
International Airport.
--Allen McCandless, Planning Manager
Doug,
While SLC Public Utilities has no objections to the vacation of the alley it is important that the Mr.
Kiphibane be aware that this property or the vacant lot adjacent to it may not be developable. It is
solidly in a FEMA flood zone A 1 (100 year frequency). The abbreviated r-_ile is that nothing
habitable or mechanical can be built at or below the flood elevation.
Interestingly, while I was writing you this note Mr. Kiphibane's house plans came to my desk. He
seems to be aware of a flood issue, but it will require a certified survey by a licensed land
surveyor to establish the true property elevation. The FEMA zones are in USGS coordinates, the
house and property will be required to be shown in the same coordinate system.
In addition to the flood zone issue Mr. Kiphibane's plans show a basement. This is an area of
known high groundwater. Basements are only allowed if a professional geotechnical study
demonstrates that the highest expected annual groundwater elevation is a couple of feet below
the lowest finished floor. It is unlikely that this property will have a basement even if the flood
zone elevation issue can be satisfied.
My intent is not to be harsh with proposed house, but to protect this and future owner's of the
property from heavy financial losses associated with wet basements or flooding. Also, SLC has
adopted the FEMA flood management rules as ordinance. Approvals have to meet the guidelines
or it puts all city properties at risk of loosing their subsidized FEMA flood insurance.
I will discuss these issues with Mr. Kiphibane, but will you also mention that these are very large
issues that threaten the viability of this project.
Thanks,
Brad
This is a copy of our GIS map showing the flood zone (the hashed area):
Dear Mr. Dansie and Mr. Stewart,
Salt Lake County's nearest flood control facility is south of the proposed easement vacation.
We also do not show any storm drain mains in this area. The County would not oppose vacating
the easement. I am copying several other people with this reply that may want a better
understanding of these issues.
As stated in Mr. Stewart's response, FEMA requires "the lowest livable space" of residential
structures to be above the 100 year flood elevation. This definition extends to basements or even
garages that could be finished or remodeled into living space. Failure to comply with this, and
other NFIP development requirements could result in suspension of national flood insurance
policies for City residents.
The City should also be made aware of a discrepancy between the currently effective FEMA
Flood Maps and recently produced surveys throughout the county. There is a vertical shift of
approximately 3 feet between the current effective maps and the preliminary revised flood maps
for SL County. This is due to a change in the datum reference. The FEMA Flood Maps issued
through May 15, 2002 use the NAO 1927 -NGVD 1929 datum which is about 3 feet lower than
the preliminary maps (or recent surveys) which use the NAO 1983 -NAVO 1988 datum. The
lowest living space of any residential structure must be above the adjusted flood elevation.
In general, State law requires County Government to mitigate flood hazards and County
Ordinance (Title 17, Chapter 08) lists sixty different creeks, canals and piped systems identified
as "County Wide" flood control facilities. Any activity of any kind that has the potential to interfere
with, damage or destroy these facilities is required to obtain a County Flood Control Permit.
County standards also require a twenty foot setback from the top of the bank (or outside edges of
piped or culvert systems) so that Crews can use heavy equipment to maintain these facilities. To
learn more about the County's Flood Control Permit Program, please visit
http://www.pweng.slco.org/flood/html/permits.html.
sincerely,
Donald "Chris" Springer, Permit Specialist
Salt Lake County Public Works Engineering
2001 South State Street, Suite N3100
Salt Lake City, Utah 84190-4600
(801) 468-2779 (Office)
(801) 468-2586 (FAX)
Doug,
The Fire Department has no objection to the above named petition.
Thank you.
Brad Larson
Deputy Fire Marshal
Salt Lake City Fire Deptartment
801-799-4162 office
801-550-0147
bradley.larson@slcgov.com
----Original Message-----
March 21, 2006
Doug Dansie, Planning
Re: Petition 400-06-05 to vacate an alley at 740 South Goshen Street for Maylaykhone
Kiphibane.
The division of transportation review comments and recommendations are as follows:
We have reviewed this alley closure under another Name and petition. See letter attached.
Sincerely,
Barry Walsh
Cc Kevin Young, P.E.
Craig Smith, Engineering
Scott Weiler, P.E.
John Spencer, Property Management
Lex Traughber, Planning
File
September 21, 2005
Lex Traughber
Planning Division
451 South State St, Rm. 406
Salt Lake City, Utah 84111
Re: Petition# 400-05-28 Alley Closure and Vacation by Helen N. Abbott at 726 So.
Goshen Street.
Dear Lex:
The City Transportation Division has completed its review of Petition# 400-05-28 Alley
Closure and Vacation. Review comments are as follows:
The Transportation Division recommends approval of the proposed alley vacation and
closure subject to the following:
1. The applicant must have approval from all abutting property owner for the alley
vacation and closure. The two properties on the north side 726 and 732 South (Abbott
properties) and the south side of the alley 750 and 752 So.
2. There is an existing drive approach that needs to be removed and relocated in
coordination with future development of this vacant lot.
3. All utilities and utility easements shall remain as required and approved by the
entity concerned.
Please feel free to call me at 535-6630 if you have any questions about these comments.
Sincerely,
Barry D. Walsh
Transportation Engineer Assoc.
cc: Kevin J. Young, P.E.
Scott Weiler, P.E.
Lynn Curt, Surveyor
Craig Smith, Engineering
Brad Larson, Fire
Peggy Garcia, Utilities
File
Exhibit 4
Community Council
Alley Vacation I Closure
Community Council I Citizen Group Input
TO: Mike Harman, Chair Poplar Grove Community Council,
1044 West 300 South SLC, UT 84104
FROM: Doug Dansie, Planning Division Staff
DATE: March 24, 2006
RE: Petition 400-06-05: vacation of an alley generally located at 740 South Goshen
Street.
Maylaykhone Kiphibane is requesting the Salt Lake City approve an Alley Vacation I Closure
for the alley located at approximately 740 South Goshen Street between Goshen and
approximately 1075 West. As part of this process, the applicant is required to solicit comments
from the Poplar Grove Community Council. The purpose of the Community Council review is to
inform the community of the project and solicit comments I concerns they have with the project.
The Community Council may also take a vote to determine whether there is support for the
project, but this is not required. (Please note that the vote in favor or against is not as important
to the City Council as relevant issues that are raised by the Community Council.) I have enclosed
information submitted by the applicant relating to the project to facilitate your review. The
applicant will also present information at the meeting.
If the Community Council
chooses to have a project
presented to them, the applicant
will only be required to meet
with the Community Council
once before the Planning Staff
will begin processing the
application. The Community
Council should submit its
comments to me, as soon as
possible, after the Community
Council meeting to ensure there
is time to incorporate the
comments into the staff report
to the City Council. Comments
submitted too late to be
incorporated into the staff
report, can be submitted directly to the City Council, via the Planning Division, for their review
prior to the City Council Public Hearing .. I will attend the meeting to answer any questions and
listen to the comments made by the Community Council members if so desired.
Following are City adopted criteria that the City Council will use to make their decision. The
City's technical staff will review the project to ensure it complies with adopted policies and
regulations. Input from the Community Council I citizen groups can be more general in nature
and focus on issues of impacts to abutting properties and compatibility with the neighborhood.
Staff is not looking for you to make comments on each of the below listed criteria, but general
comments should pertain to the criteria listed below.
1. The request is made due to one of the following concerns: Lack of Use; Public Safety;
Urban Design; Community Purpose;
2. Vacating the alley will not deny sole access or required off-street parking to any adjacent
property;
3. Vacating the alley will not result in any property being landlocked;
4. Vacating the alley will not result in a use of the alley property which is otherwise
contrary to the policies of the City, including applicable master plans and other adopted
statements of policy which address, but which are not limited to, mid-block walkways,
pedestrian paths, trails, and alternative transportation uses;
5. No opposing abutting property owner (if any) intends to build a garage requiring access
from the property or has made application for a building permit, or if such a permit has
been issued, construction has been completed within 12 months of issuance of the
building permit;
6. Vacating the Alley furthers the City preference for disposing of an entire alley, rather
than a small segment of it;
7. The alley is not necessary for actual or potential rear access to residences or for accessory
uses.
Please submit your written comments to the Planning Division by mail at Salt Lake City Planning
Division, 451 South State Street, Room 406, SLC, UT 84111, by Fax at (801) 535-6174 or via e-
mail to me at doug.dansie@slcgov.com.
If you have any questions, please call me at 535-6182 or via e-mail.
COMMUNITY COUNCIL COMMENTS:
The above referenced applicant, met with the
___________________ Community I Neighborhood Council on
___________________ . Approximately people
attended the meeting. Those in attendance made the following comments relating to the project.
In general, was the group supportive of the project?
Signature of the Chair or Group Representative
Doug,
I apologize for the delay in getting this to you. The Poplar Grove
Community Council did discuss this petition as voted to support the
vacation of the alley generally located at 740 South Goshen Street.
Some of the issues discussed included how alleys are used for criminal
activity, and not maintained properly by the city. Members of the
council were concerned that all property owners that were effected were
in agreement with this petition, and the assumption was that this
petition would not have even been considered if there were property
owners that were not in favor of this action. If that assumption is
incorrect, then the Community Council would want to reconsider their
support.
If you need any additional information, please let me know.
Mike Harman
(801) 521-6908
Exhibit 5
Letter to Property Owners and responses
March 28, 2006
Dear Property Owner:
The Salt Lake City Planning
Commission has received petition
400-06-05 from Maylaykhone
Kiphibane requesting an alley to be
vacated at 740 South Goshen
Street.
The City's formal process for
relinquishing its interest in an alley
next to or abutting single-family
residential property is called an
Alley Vacation. If the City
determines that it should vacate an
alley, the land is typically
distributed to the owners of
property, within the original
subdivision, abutting the alley. In
this instance, there is only one
property owner within the
subdivision adjacent to the alley (the other adjacent property owner is outside the originally platted
subdivision.)
When evaluating requests to vacate public alleys, the City considers whether or not the continued use of the
property as an alley is in the City's best interest. Noticed public hearings are held before both the Planning
Commission and City Council to consider the potential adverse impacts created by the proposed closure.
The applicant and other interested parties will have an opportunity to address the members of the boards
and present any additional information and/or concerns they may have regarding the request. Once the
Planning Commission has reviewed the request, their recommendation will then be forwarded to the City
Council for consideration.
The intent of this letter is to notify you of the proposed disposition of a City owned alley and request initial
comments concerning this issue. Please send any comments you may have in writing to the Planning
Division before April 14, 2004. If you have any questions, feel free to call me at 535-7625.
Thank you,
Doug Dansie
Principal Planner
451 S. State Street, Room 406
Salt Lake City, UT 84111
doug.dansie@slcgov.com
REDDY, KRIS KIPHIBANE, MALA YKONE CORNEJO, JAVIER R &
900 CAROLAN A VE 2128 w 14400 s MARIAA;JT
BURLINGAME, CA BLUFFDALE, UT 717 s 1100 w
94010-2633 84065-4921 SALT LAKE CITY, UT
84104-1441
MONTOYA, GUY PERSEVERE LLC CHADWICK, JOHN L
720 s 1100 w 730 s 1100 w 743S llOOW
SALT LAKE CITY UT SALT LAKE CITY UT SALT LAKE CITY UT
8410-1440 84104-1440 84104-1441
CASIAS, FRANCES; TR WHARFF, DA YID R MILLER, LINDA L
1055 w 700 s 1105 w 700 s 726 S GLENDALE ST
SALT LAKE CITY UT SALT LAKE CITY UT SALT LAKE CITY UT
84104-1414 84104-2409 84104-2412
ABBOTT, LAWRENCE L & JT GUDMUNDSON, KATHERIN HOBBS, CHARLES J & N
726 S GOSHEN ST 752 S GOSHEN ST 756 S GOSHEN ST
SALT LAKE CITY UT SALT LAKE CITY UT SALT LAKE CITY UT
84104 84104 84104
MOSES, JOHN W & ROCIO; JT SALT LAKE CITY PROPERTY SALT LAKE CITY
764 S GOSHEN ST MANAGEMENT CORPORATION
SALT LAKE CITY UT 451 S STATE ST225 451 S STATE ST225
84104 SALT LAKE CITY UT SALT LAKE CITY UT
84111-3102 84111-3102
SALT LAKE CITY LONG, RONALD D; ET A
CO RPO PROPERTY 2719 w 9800 s
MANAGEMENT SOUTH JORDAN UT
451 S STATE ST225 84095-3346
SALT LAKE CITY UT
84111-3102
8013250144 Avalon Health Care 02 ~2 pm 04-12-2006
April 06, 2006
To: Salt Lake City Corporation:
Regarding the petition 400-06-05 requesting the vacating of the alley at 740 South
Goshen St., I would like to voice my opposition.
This alley is used to gain access to my back yard. This alley has been used many times
over the past years and is still in continuous use.
I would like to be informed of any public hearings involving this matter so that I can
attend and have my issues heard.
Thank you,
Kathy Gudmundson
Property Owner at 752 Goshen St.
2 /2
/
/
Exhibit 6
Photographs
740 Goshen 740 Goshen
Entry to alley alley entry behind truck
752 Goshen (vacant portion) 752 Goshen (vacant)
752 Goshen (home and vacant) 752 Goshen home
THIRD AMENDED
AGENDA FOR THE
SALT LAKE CITY PLANNING COMMISSION MEETING
In Room 326 of the City & County Building at 451 South State Street
Wednesday, June 28, 2006, at 5:45 p.m.
Dinner will be served to the Planning Commissioners and Staff at 5:00 p.m., in the Third Floor Break Room. During the
dinner, Staff may share general planning information with the Planning Commission. This portion of the meeting is open to
the public for observation.
1. APPROVAL OF MINUTES from Wednesday, June 14, 2006.
2. REPORT OF THE CHAIR AND VICE CHAIR
3. REPORT OF THE DIRECTOR
a. Acknowledgement of Commissioner Seelig's service
4. PUBLIC NOTICE AGENDA Salt Lake City Property Conveyance Matters (Staff -Doug Wheelwright at 535-6178 or
doug.wheelwright@slcgov.com, Karryn Greenleaf at 483-6769 or karrvn.greenleaf@slcgov.com, or John Spencer at
535-6398 or john.spencer@slcgov.com)
a. One World Cafe and Salt Lake City Property Management-Owners of the One World Cafe are requesting that Property
Management approve a lease agreement to allow use of a portion of 300 East Street right of way for outside dinning
purposes. The property is located at 41 South 300 East Street, between the building and the sidewalk. The abutting
property is zoned R-MU. Property management staff intends to approve the lease request.
b. Liberty Midtown Partners and Salt Lake City Property Management-Liberty Midtown Partners are requesting that
Property Management approve a lease agreement to allow overhead roof eave encroachments to extend over the street
right of way of 300 East Street. The abutting property located at 225 South 300 East Street is zoned R-MU. The Property
Management staff intends to approve the lease request.
c. Sugar House Coffee and Salt Lake City Property Management-Owners of Sugar House Coffee are requesting that
Property Management approve a lease agreement to allow use of a portion of the street right of way on 2100 South Street
to be used for outside dinning purposes. The abutting property located at 2106 South Highland Drive is zoned CSHBD-1.
Property Management staff intends to approve the lease agreement request.
d. Russell C. and Naoma D. Hansen and Salt Lake City Public Utilities Department-The Hansen's are requesting that
Public Utilities approve the release of a right of way easement which is no longer needed which effects the Hansen
property, located at 3596 East Monza Drive in un-incorporated Salt lake County. Public Utilities staff intends to approve
the release of the easement request.
e. RAL, Inc. and Salt Lake City Public Utilities Department-RAL, Inc. is requesting that Public Utilities approve a release of
a right of way easement which is no longer needed which effects the RAL, Inc. owned property located at 6255 Canyon
Cove Court in Holladay City. Public Utilities staff intends to approve the release of easement request.
f. Scott D. Anderson and Salt Lake City Public Utilities Department-Mr. Anderson is requesting that Public Utilities approve
a standard use permit to allow continued encroachment into a Public Utilities owned easement over property located at
3230 East Bengal Blvd., in Sandy City. Public Utilities staff intends to approve the standard use permit as requested.
5. PUBLIC HEARINGS
a. Petition 410-06-13 -A request by Rick Graham, Director of Public Services, for Conditional Use Planned
Development approval to develop the Sorenson Unity Center located at approximately 1383 South 900 West in a
PL (Public Lands) Zoning District. This project must be reviewed by the Planning Commission because the
development proposes more than one principal building on a single parcel. (Staff -Marilynn Lewis at 535-6409 or
marilynn.lewis@slcgov.com)
b. Petition 400-06-10 -A petition initiated by Mayor Anderson requesting to amend provisions of the Salt Lake City
Zoning Ordinance to clarify processes and procedures relating to the review of projects subject to the City-wide
Compatible Residential Infill Development standards adopted by Ordinance 90 of 2005 and Ordinance 26 of 2006.
(Staff -Joel Paterson at 535-6141 or joel.paterson@slcgov.com)
c. Petition 400-04-22 -A petition initiated by Mayor Anderson to amend the Salt Lake City Zoning Ordinance
relating to specialty housing facilities, including group homes, transitional victim homes, transitional treatment
homes and residential substance abuse homes. Specifically, the petition is to amend the definitions of these
specialty housing types, and clarify standards for spacing requirements, criteria approval, and potential revocation
of conditional uses once approval is granted. (Staff -Elizabeth Giraud at 535-7128 or
elizabeth.giraud@slcgov.com)
d. Revisions to Petition No. 410-06-09 (planned development) and 480-06-04 {preliminary condominium) -A
request by Howa Capital to consider revisions to th~QBJOP~f;liHi~ plan and preliminary condominium
plans that were approved by the Planning Commiss'tci~rt-Arfrir'2&,1601f.r'o+-Property located generally on the
east and west sides of 300 West Street, between 500 and 600 North Streets. (Staff -Sarah Carroll at 535-6260 or
sarah.carroll@slcgov.com)
e. Petition 410-06-05-/SSUES ONLY HEARING A request by Bruce Manka for a planned development to modify
minimum yard requirements to allow encroachment1:iQSI5:fflNEtJry balcony structures and the roofs
of lower-level patios at approximately 650 North 300 West Street. The property is located in a RMF-35 (Residential
Multi-Family) and a MU (Mixed Use) Zoning District. (Staff-Janice Lew at 535-7625 or janice.lew@slcgov.com)
f. Petition 410-06-15 -A request by Architectural Nexus, representing ARUP, for conditional use approval to allow
additional building height from 45 feet to 53 feet and 6 Y, inches for a proposed mechanical building addition
located in the Research Park (RP) Zoning District at approximately 500 South Chipeta Way. (Staff -Ray
McCandless at 535-7282 or ray.mccandless@slcgov.com)
g. Petition 400·06·05-A request by Maylaykone Kiphiibane to vacate the remaining east/west portion of an alley
located at approximately 740 South Goshen Street and to declare the property surplus. The property is in an R-
1/5000 Zoning District. (Staff-Doug Dansie at 535-6182 or doug.dansie@slcgov.com)
h. Petition 410·06-01 and 490-06-29 -A request by Nathan Anderson representing West Capitol Hill, LLC for
Planned Development and Preliminary Subdivision approval for the construction of an eight-unit residential
development located at 701 North 300 West and 314 West 700 North in the MU (Mixed Use) Zoning District. (Staff
-Wayne Mills at 535-6173 or wayne.mills@slcgov.com)
6. UNFINISHED BUSINESS
SALT LAKE CITY
PLANNING COMMISSION MEETING
In Room 326 of the City & County Building
451 South State Street, Salt Lake City, Utah
Wednesday, June 28, 2006
Present for the Planning Commission meeting were Laurie Noda (Chairperson), Tim Chambless, Babs De
Lay, John Diamond, Robert Forbis Jr., Prescott Muir, Kathy Scott, Jennifer Seelig and Matthew Wirthlin.
Peggy McDonough was excused from the meeting.
Present from the Planning Division were Alexander lkefuna, Planning Director; Cheri Coffey, Deputy
Planning Director; Doug Wheelwright, Deputy Planning Director; Kevin LoPiccolo, Zoning Administrator;
Doug Dansie, Principal Planner; Elizabeth Giraud, Senior Planner; Marilynn Lewis, Principal Planner;
Ray McCandless, Principal Planner; Wayne Mills, Senior Planner and Cindy Rockwood, Planning
Commission Secretary.
A roll is being kept of all who attended the Planning Commission Meeting. Chairperson Noda called the
meeting to order at 5:46 p.m. Minutes are presented in agenda order and not necessarily as cases were
heard by the Planning Commission. Audio recordings of Planning Commission meetings are retained in
the Planning Office for an indefinite period of time.
A field trip was held prior to the meeting. Planning Commissioners present were Tim Chambless, Prescott
Muir, Kathy Scott and Jennifer Seelig. Planning Division Staff present were Doug Wheelwright, Marilynn
Lewis, Ray McCandless, Doug Dansie, and Wayne Mills.
DINNER
A quorum was present at dinner, but no significant discussion was held.
MEETING
PUBLIC HEARINGS
Petition 400-06-05 -A request by Maylaykone Kiphiibane to vacate the remaining east/west portion of
an alley located at approximately 740 South Goshen Street and to declare the property surplus. The
property is in an R-1 /5000 Zoning District.
{This item was heard at 8:47 p.m.)
Chairperson Noda recognized Doug Dansie as staff representative. Mr. Dansie presented a brief
background to the petition. He displayed the original Seventh South Subdivision which was platted in
1893 with the alley included in the subdivision. Mr. Dansie stated that no department had issues with the
vacation of the alley although some raised concern regarding the existing flood plane. He included that
because the parcel on the south of the subject alley was not originally included in the subdivision, full
rights to the alley belong to the parcel to the north. Staff recommends that the Planning Commission
forward a favorable recommendation to the City Council to vacate and close the subject alley and to deed
it to the applicant with the following conditions:
1 . The proposed method of disposition of the alley property shall be consistent with the method of
disposition expressed in Section 14.52.020 Method of Disposition and Chapter 2.58 City-Owned
Real Property of the Salt Lake City Ordinance.
2. Prior to building permit issuance, the applicant shall formally combine the parcels owned by the
applicant in the Seventh South Subdivision, including the alley property.
Commissioner Diamond requested clarification regarding the position of the land owner to the south of
the subject alley.
Mr. Dansie stated that the land owner to the south is in opposition. Mr. Wheelwright clarified that another
public hearing will be held at the City Council meeting to determine who receives the property, as the
Planning Commission is responsible only to whether or not the alley is needed for public use.
Chairperson Noda recognized the applicant, Maylaykhone Kiphibane. Ms. Kiphibane stated her desire to
vacate the property to eventually build a home with the adjacent lot. She stated that the alley should
belong to the subdivision in order to be efficiently maintained.
Commissioner Forbis requested additional information from the applicant regarding the potential flood
plane on the property.
Ms. Kiphibane stated her awareness of the flood plane.
Chairperson Noda requested comments from community council chairs and the public.
Kathy Gudmundson, property owner of the south lot, stated that she uses the alleyway at times to access
the rear of her property. She stated that when she signed the petition requesting a vacation of the
alleyway, she had the understanding that the alley would be split to straighten out the property line. Ms.
Gudmundson also stated that she would be interested in purchased the property if possible.
Ms. Kiphibane stated that her first option, if they alleyway is divided, would be to buy the alley; as it is part
of the subdivision.
Hearing no further comment, Chairperson Noda closed the public hearing.
Based on the analysis, findings identified in the Staff Report, and the Staff recommendation,
Commissioner Scott made a motion to forward a favorable recommendation to vacate and close
the subject alley and to deed it to the applicant with the following conditions:
1. The proposed method of disposition of the alley property shall be consistent with the
method of disposition expressed in Section 14.52.020 Method of Disposition and Chapter
2.58 City-Owned Real Property of the Salt Lake City Ordinance.
2. Prior to building permit issuance, the applicant shall formally combine the parcels owned
by the applicant in the Seventh South Subdivision, including the alley property.
The motion was seconded by Commissioner Chambless. All voted "Aye". The motion passed.
The meeting adjourned at 9:20 p.m.
Cindy Rockwood, Planning Commission Secretary
Jul 2005
Alley Vacation or Closure
Petition No. ~~~~~2..._~~-~
Receipt No. 7-.J
Date Received: 'Y ->=t'--'"41--..::;_o~---~
Reviewed By: -'-"lvf-'--"'--'L_,· :...::~=""-"-j-"'~L._ __ 1
Pro· ect Planner:
Address of Subject Property: VT (,fy
Name of Applicant: M L ' k' · I Phone: ________ _ ''Y t'\.Y ~,_,'#<-· "--'--·__,,1·-tf""";f_,'""'1_r __ r_._·1_v1,,_1 y.._' ______ ~c ..... ~ .... D"""''_,_1_··_...,-'?_'±-L-17'---· _,'5~c::..·_~..:..1_.7.__ __ _
Address of Applicant: 3' e (!°' ,Cf. r: --1 ,.,-~_> I .LI! CJ-!::'., f::<--JJ--c·v1 :J__,,_Jt:'.I \YT z L-t I ' I
Applicant's Interest in Subject Property:
Name of Property Owner: ··, L . · J Phone:
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Address of Property Owner:
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Email Address of Property Owner: n ,.,... ,.,., n ~ (fi _ h Cell/Fax: :) i "t. ) 0 -7 7 ~on~ ._,.,,. 00 v :A .g Y"' -.Zr· , (...U•11 ..,-
Are there any multi-family residential uses (three or more dwelling units) or non residential uses that abut the alley?
Yes 0 No (;"'
If yes, have the property owners been notified about the City's "close and sell" method of disposition (As defined in the at-
tached process information sheet)? Yes 0 No 0
Please include with the application:
1. A response to the questions on the back of this form. If the applicant does not own property adjacent to the al-
ley, please include the applicant's interest in the request.
2. The name, address and Sidwell number of all property owners on the block must be typed or clearly printed on
gummed mailing labels. Please include yourself and the appropriate Community Council Chair. Payment in
the amount to cover first class postage for each address for two mailings is due at time of application.
3. The name, address and signatures of all owners of property abutting the subject alley who support the petition.
You may use the sample petition accompanying this application or provide your own. Please note that the
property owners must sign (not occupants who rent) and the petition must include the signatures of no
less than 80 percent of the abutting property owners.
4. A property ownership map (known as a Sidwell map) showing the area of the subject alley. On the map, please:
a. Highlight the subject alley.
b. Indicate with a colored circle or dot the property owners who support the petition.
5. A legal description of the subject alley may be required.
6. If applicable, a signed, notarized statement of consent from property owner authorizing applicant to act
as an agent.
7. Filing fee of $200.00, due at time of application.
If you have any questions regarding the requirements of this petition, please contact a member of the Salt
Lake City Planning staff (535-7757) prior to submitting the petition
Sidwell maps & names of property owners are
available at:
Salt Lake County Recorder
2001 South State Street, Room N 1600
Salt Lake City, UT 84190-1051
Telephone: (801) 468-3391
File the complete application at:
Salt Lake City Planning
451 South State Street, Room 406
Salt Lake City, UT 84111
Telephone: (801) 535-7757
Signature of Property Owner -------------------------------
Or authorized agent
Please answer the following questions. Use an additional sheet if necessary.
Please explain why you are requesting this alley vacation or closure and include the expected end
result of the action, such as the alley becoming a private right-of-way for continued use or being
closed off. If the applicant is not a property owner adjacent to the alley, please include the
applicant's interest in the petition.
Please explain how the proposed petition satisfies at least one of the following City policy
considerations:
A Lack of Use. The City's legal interest in the property appears of record or is reflected on an applicable plat,
but in fact it is evident from inspection that the alley does not exist or is unusable as a public right-of-way;
B. Public Safety. The existence of the alley is substantially contributing to crime, unlawful activity, unsafe
conditions, public health problems, or blight in the surrounding area;
C. Urban Design. The continuation of the alley does not serve as a positive urban design element; or
D. Community Purpose. The Petitioners are proposing to restrict the general public from use of the alley in
favor of a community use, such as a neighborhood play area or garden.
REMARKS Petition No. aoo-06-05
By Maylaykhane Kiphihane
Is requesting an Alley Vacation or
Closure located at 740 South Goshen
Street.
Date Filed ___________ _
Addreu_· ____________ _
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PETITION N0./4~ -~~ -~S-
PETITION CHECKLIST
Action R~uired
Petition delivered to Planning
Pet;tlon assigned to: i),gj Awsltr
Planning Staff or Planning Commission Action Date
Return Original Letter and Yellow Petition Cover
Chronology
Property Description (marked with a post it note)
Affected Sidwell Numbers Included
Mailing List for Petition, include appropriate
Community Councils
Mailing Postmark Date Verification
Planning Commission Minutes •
Planning Staff Report
Cover l~tter outlining what the request is and a brief
description of what action the Planning Commission or
Staff is reootnillMlding.
Ordinance Prepared by the Attorney's Office
Ordinance property description is checked, dated and
initialed by the Planner. Ordinance is stamped by
Attorney.
~
Planner responsible for taking calls on the Petition
Date Set for City Council Action -------
Petition filed with City Recorder's Office
Item B5
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
PUBLIC HEARING
MOTION SHEET
CITY COUNCIL of SALT LAKE CITY
TO:City Council Members
FROM: Ben Luedtke
Policy and Budget Analyst
DATE:July 13, 2021
RE: FY 2021-22 Capital Improvement Program (CIP) Budget
Staff Note: The Council previously approved holding a CIP public hearing on July 13 and August 17
which have been publicly advertised. The Council is tentatively scheduled to continue discussing CIP
project-specific funding on July 20 and August 17.
MOTION 1 – CONTINUE PUBLIC HEARING
I move that the Council continue the public hearing to August 17.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
COUNCIL STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
tinyurl.com/SLCFY22Budget
TO:City Council Members
FROM: Ben Luedtke
Budget & Policy Analyst
DATE:July 13, 2021
RE: FY22 Capital Improvement Program (CIP)
BUDGET BOOK PAGES: D-1 to D-6
CIP BUDGET BOOK: Debt Service Overview Section B, General Fund Projects Sections C & D
NEW INFORMATION
Council-added Funding to CIP
As part of the FY22 annual budget adoption, the Council added $3,245,759 to the CIP budget. This additional
funding brought CIP from 6.1% in the Mayor’s Recommended Budget up to 7.2% of ongoing General Fund
revenues. The added funding includes three components:
- $1,879,654 or the upcoming 600 North Corridor Transformation Complete Streets project. Two years in
a row the frequent bus routes contract with UTA was less than budgeted and the Council placed the
excess funds into the Funding Our Future transit holding account. The full amount from the holding
account was appropriated for this project.
- $1,157,124 in General Fund dollars available for any project and these do not have funding
recommendations from the CDCIP Board or the Mayor. The CDCIP Board did recommend the Council
consider the Board’s combined project scoring as a guide for any additional funding. The scoring is
available in Attachment 5. Of this additional funding, $155,709 was recaptured from previously
completed projects.
- $208,981 in Class C (gas tax) funding which was recaptured from previously completed projects. See
Additional Info section for allowable uses of Class C funds are determined by state law.
Updated Funding Log
Project Timeline:
Budget Hearings: May 18 & June 1, 2021
1st Briefing: June 1, 2021
2nd Briefing & Public Hearing: July 13, 2021
3rd Briefing: July 20, 2021
4th Briefing & Public Hearing: August 17, 2021
Potential Action: August 24, 2021
Note: The Council approves debt service and
overall CIP funding in the annual budget. Project
specific funding is approved by September 1.
Page | 2
Attachment 2 has been updated since the June briefing to reflect Council-added funding, the 600 North corridor
transformation project, reformatting the spreadsheet to include the Council’s funding decisions and several
other improvements.
The following might be helpful in navigating the Funding Log:
- The first column on the far left identifies the ID# for every project to allow easier reference.
- The second column has the short-title for each application. Council staff added a note where an
application overlaps with a project proposed in the Mayor’s $58 million bond proposal
- The third column “Scope of Work” provides a project description and often a cost breakdown with
further details.
- The blue heading columns are the CDCIP and Mayor funding recommendations. This year, the two sets
of funding recommendations are identical exception for application #42 on Page 13 which the CDCIP
Board did not recommend funding but the Mayor recommends full funding.
- The green heading columns furthest to the right are the Council’s funding decisions. Staff copied the
Mayor’s funding recommendations into these columns as a starting place for the Council’s deliberations.
- The top right corner shows the “Available Funding” for each funding source. These amounts reflect
funds that have not been appropriated to an application.
- Note that all text in blue on the Funding Log was added by Council staff.
Policy Questions Update
Per Council Members request at the June briefing, staff sent all the policy questions to the Administration.
Responses were forthcoming at the time of publishing this staff report. The Council also identified an additional
policy question during unresolved issues briefings which has been sent to the Administration and is copied
below:
- To what extent, if any, do street reconstruction projects and other public-right-of-way projects including
funding for construction mitigation? The Council expressed interest in funding construction mitigation
as a standard part of all street reconstruction projects similar to the built in contingency percentage. The
Council also asked for clarification on what specific measures will be used with the $200,000
construction mitigation funding.
ISSUE AT-A-GLANCE
Each year, the Council appropriates the overall funding available for the Capital Improvement Program (CIP)
and approves debt payments as part of the annual budget in June. Over the summer, the Council reviews
individual projects and per state law must approve project specific funding by September 1. CIP is an open and
competitive process where residents, local organizations and City departments submit project applications. The
Community Development and Capital Improvement Program (CDCIP) resident advisory board reviews the
applications in public meetings and makes funding recommendations to the Mayor and Council. The Mayor
provides a second set of funding recommendations to the Council which ultimately decides project specific
funding. Note that for FY 21 the Administration conducted an abbreviated CIP process which did not include
outside applications.
As defined in the Council-adopted 2017 Capital and Debt Management Guiding Policies (Attachment 1), a CIP
project must “involve the construction, purchase or renovation of buildings, parks, streets or other physical
structures, … have a useful life of five or more years, … have a cost of $50,000 or more, … or significant
functionality can be demonstrated…such as software.” The Council also set a three-year spending deadline as
part of the guiding policies. CIP accounts older than three years are periodically reviewed for recapture from
projects that finished under budget or were not pursued.
Overview of the FY22 CIP Budget
The total FY22 CIP budget is $34.7 million which is $5.5 million (19%) more than last year. Only looking at the
ongoing General Fund transfer to CIP excluding Funding Our Future shows a decrease of $456,798 (3%) less
than last year.
•$5.5 Million Overall Increase – This is largely due to a $4.9 million increase from the new funding source
County 1/4¢ sales tax for transportation and streets and a $3.2 million increase in impact fees.
Page | 3
•$456,798 Decrease in General Fund Transfer – The proposed ongoing General Fund (excluding Funding
Our Future dollars) transfer is $14.1 million to CIP which is 6.1% of the ongoing FY22 General Fund
budget. If the Council wishes to increase the CIP funding level to 7% an additional $2,775,049 is needed.
The Council would need to identify corresponding cuts in other General Fund expenses or revenue
increases.
•$5.7 Million Unrestricted Funds – The sources of CIP funds are detailed further in the chart below.
$5,705,720 of the ongoing transfer from the General Fund are unrestricted funds available for any new
projects (the most flexible funding available).
•$10.7 Million Debt Payments and Ongoing Commitments – $10.7 million (58%) of the General Fund
transfer to CIP (including Funding Our Future dollars) is needed to cover debt payments. However, it
should be noted that $3,657,667 of this amount is for a first-year payment on a proposed bond that the
Council has not discussed in detail or approved the list of projects. This funding could be used for FY22
project applications if the Council declines to proceed with the bond or approves a smaller bond. Overall,
debt service is 30% of ongoing CIP funding which is a significant improvement over FY21 when the debt
load was 46%. The drop is because a sales tax revenue bond was paid off in FY21.
Comparison of CIP Funding Sources by Fiscal Year
Significant changes to CIP in FY22 and in upcoming years include:
FY22 is the third year with a CIP Budget Book detailing individual projects and debts.
Administration is continuing work on creating a Capital Facilities Plan (10-year comprehensive CIP plan).
Updates to all four sections (fire, parks, police, and streets/transportation) of the Impact Fees Facilities
Plan that was funded by the Council in Budget Amendment #6 of FY19 of which three are pending.
An approximately $80 million bond was paid off in FY21 which removes $5.3 million of annual debt
payments. The Mayor is recommending a new, smaller bond for several capital improvement projects. See
Additional Info section for debt load projections chart and Attachment 4 for a spreadsheet summarizing
the proposed $58 million bond-funded projects.
No constituent applications were considered for funding in FY21 as part of an abbreviated CIP process,
rather they were carried over into FY22 CIP resulting in a higher number competing for limited funds
C I P Fu n di n g So u rc es A do p t ed
2 0 19 -2 0
A do p t ed
2 0 2 0 -2 1
Pro p o sed
2 0 2 1-2 2
FY 2 1 t o FY 2 2
$ C h an ge
FY 2 1 t o FY 2 2
% C h an ge
Ge ne r a l Fund 1 5 ,2 3 9,4 7 9$ 1 4 ,5 82 ,2 6 7$ 1 4 ,1 2 5 ,4 6 9$ (4 5 6 ,7 9 8)$ -3 %
Fund ing Ou r Fu tur e *6 ,1 6 9,3 6 7$ 4 ,880 ,0 0 0$ 3 ,5 80 ,0 0 0$ (1 ,3 0 0 ,0 0 0 )$ -2 7 %
Class C 3 ,0 0 0 ,0 0 0$ 3 ,0 0 0 ,0 0 0$ 3 ,0 2 1 ,7 0 6$ 2 1 ,7 0 6$ 1 %
I m p a c t Fe e **4 ,5 6 7 ,9 1 3$ 5 ,0 5 8,0 1 1$ 8,2 7 6 ,1 0 3$ 3 ,2 1 8,0 9 2$ 6 4 %
CDBG -$ -$ 3 2 2 ,0 0 0$ 3 2 2 ,0 0 0$ ONE-TI ME
Re p u r p o se Old CI P A c c o unts 3 ,5 7 2 ,9 6 8$ 1 ,1 4 9,6 1 6$ PENDI NG -ONE-TI ME
Co u nt y 1 /4 ¢ Sa le s Tax ***N/A N/A 4 ,9 0 0 ,0 0 0$ NEW NEW
Sur p lu s Land Fu nd 2 0 0 ,0 0 0$ 2 0 0 ,0 0 0$ 2 0 0 ,0 0 0$ -$ 0 %
Sm it h 's Nam ing Right s
Re v e nu e 1 5 9,5 85$ 1 5 6 ,0 0 0$ 1 5 4 ,0 0 0$ (2 ,0 0 0 )$ -1 %
SLC Sp o r ts Co m ple x ESCO 1 4 8,5 0 5$ 1 5 4 ,7 0 6$ 1 4 8,5 0 5$ (6 ,2 0 1 )$ -4 %
Me m o r ial Ho u s e Re nt Re v e nu e 6 8,5 5 4$ 6 8,5 5 4$ 6 8,5 5 4$ -$ 0 %
TOTA L 3 3 ,1 2 6,3 7 1$ 2 9 ,2 2 6,2 6 2$ 3 4 ,7 7 3 ,4 4 5$ 5 ,5 4 7 ,1 83$ 1 9 %
TOTA L w it h o ut ONE-TI ME 2 9 ,5 3 0 ,5 1 1$ 2 8,0 7 6,6 4 6$ 3 4 ,4 5 1 ,4 4 5$ 6 ,3 7 4 ,7 9 9$ 2 3 %
*I nc lu d e s % t o CI P "o ff t h e to p ," transit a nd pu b lic rig h t o f w a y infrastru c t ure . A ls o , fund ing so u rc e is o ng o ing
b ut Co u nc il c o u ld c h a ng e th e u s e c ate g o rie s in t h e futu re
**Th e re are fo u r im p a c t fe e ty p e s: fire , p arks, p o lic e a nd s tre e t s
No te : FY 2 1 & FY 2 2 inc lude s a $2 2 ,89 2 d e b t se rv ic e re sc o pe re d u c tio n w h ic h is no t se pa ra t e d o u t in th e t a b le
ab o v e
***Ne w re v e nu e so u rc e in FY 2 1 w h ic h t h e Co u nc il dire c t e d b e inc lude d in CI P fo r FY 2 2 a nd th e re a fte r, lim it e d to
tra nsp o rta tio ni and st re e t infra s truc tu re use s
Page | 4
Three Differences in Advisory Board and Mayoral Funding Recommendations
(See Attachment 2 for Funding Log and Attachment 3 for the CIP Budget Book)
Board and Mayoral funding recommendations are detailed at the bottom of each project page in the CIP Budget
Book and on the CIP Funding Log. The CIP Log is Attachment 2 which first shows projects the Mayor is
recommending for funding and then projects which are not recommended for funding. This year the funding
recommendations from the Community Development and Capital Improvement Program (CDCIP) resident
advisory board and the mayor are nearly identical with three differences listed below.
- The Board did not recommend funding for the Kensington Byway on Andrew Ave. from West Temple to
Main Street and Kensington Ave. from Main Street to 800 East (note that the street has different names
on either side of Main Street). The Mayor recommends fully funding the project using $500,000 from
Funding Our Future Streets. Note that several projects scored higher by the Board but are not
recommended for funding or less than full funding.
- Fully funding the 900 South Signal Improvements project (from 900 West to Lincoln Street) with
slightly different sources. The Mayor proposes to use $100,000 from the County 1/4¢ sales tax for
transportation and streets and $233,500 from Funding Our Future Streets while the Board proposes to
use $333,500 from Funding Our Future Streets.
- Mostly funding Transportation Safety Improvements project with slightly different sources. The Mayor
proposes to use $400,000 from the County 1/4¢ sales tax for transportation and streets while the Board
proposes to use $400,000 from Funding Our Future Streets.
Use Combined Project Scores from CDCIP Board as Guide if Additional Funding is Available
(See Attachment 5 for a summary sheet of Board votes and combined scores)
The CDCIP Board scored and voted on each CIP application. The Board recommends that their combined
scoring be used as a guide for how to spend additional CIP funding if it becomes available for FY22 projects. The
combined scores are shown in the right-most column and votes in the adjacent column. Note that board
members may not have voted on a project because they were unavailable at the time (technical difficulties or not
at the public meeting) or they couldn’t decide.
Over $300 Million Unfunded Capital Needs and the Mayor’s New $58 Million Bond Proposal
(See Attachment 4 pages three and four for a spreadsheet summarizing the proposed bond-funded projects)
Last year, the Council discussed the upcoming opportunity of an approximately $80 million sales tax revenue
bond being paid off in 2021. This removed a $5.3 million annual debt payment from CIP which has been paid
using General Fund dollars. Council Members expressed interest in holding further discussions on how best to
prioritize use of this funding opportunity (assuming available revenues) given that the City’s unfunded capital
needs significantly exceed $5.3 million. The Mayor is proposing a new $58 million bond with an estimated $3.6
million annual debt payment. Note that some of the projects would be issued under a tax-exempt bond while
others would need to be a separate taxable (more expensive) bond. Also, the total cost of the bond is greater than
the sum of the individual projects because it includes the cost of issuance and a contingency up to the $58
million maximum proposed. The proposed capital improvement projects include:
$19.2 Million for Facilities Projects (34% of bond total)
- $2.5 Million for Central Plan electrical transformer upgrade
- $3 Million for Warm Springs historic structure stabilization
- $1.7 Million for an urban wood reutilization equipment and storage additions
- $1.5 Million for Fisher Mansion improvements
- $7.5 Million for Fisher Mansion restoration
- $3 million for improvements to the Ballpark
Note that the City has $47.7 million in total deferred facilities needs
$11.1 Million for Transportation and Streets Projects (19% of bond total)
- $4 Million for 600 North complete street transformation
- $1 Million for cemetery road repairs
- $6.1 Million for railroad quiet zones on the West Side (trains would stop blowing horns at crossings)
Note that the City is about halfway through the 2018 voter-approved $87 Million Streets Reconstruction Bond.
More ongoing funding for street reconstructions and overlays will be needed after the bond funds are gone.
Page | 5
$26.54 Million for Parks and Natural Lands Projects (47% of bond total)
- $1.2 Million public lands multilingual wayfinding signage
- $440,000 for Jordan River Paddle Share Program at Exchange Club Marina 1700 South
- $1.3 Million for Allen Park activation of historic structures
- $3.4 Million for West Side neighborhood parks
- $5 Million for Foothills trail system phases 2 and 3 trailheads and signage
o Note that the Mayor is also recommending $1.7 million in FY22 CIP for this project
- $5.2 Million for improvements to Pioneer Park
- $10 Million for redevelopment of the Glendale Water Park
o Note that the Mayor is also recommending $3.2 million in FY22 CIP for this project
Over $300 Million in Unfunded Capital Needs over the Next Decade
Below is a short list of the City’s unfunded capital needs from large single-site projects to long-term best
management of capital assets like buildings, streets, and vehicles. This list is not comprehensive, and some costs
may be higher since originally estimated. The total unfunded needs of the below list exceed $300 million and
may be closer to $500 million depending on the specifics of new construction projects in the first bullet point.
Note that these estimates for new assets do not include maintenance costs. If the City had a Capital Facilities
Plan, then it would be a mechanism to identify, track, prioritize and schedule unfunded capital needs over a
long-term horizon.
$TBD new construction and major redevelopments: Fleet Block, Eastside Police Precinct, multiple aging
fire stations, The Leonardo (old library), expansion of the S-Line Streetcar, downtown TRAX loop, quiet
zones and undergrounding rail lines that divide the City’s west and east sides, implementing rest of the
9-Line and McClelland urban trails, historic structures like Fisher Mansion and Warm Springs, etc.
$133 million over ten years (in addition to existing funding level) to increase the overall condition index
of the City's street network from poor to fair
$50.9 million above the FY22 recommended funding level over next 10 years to fully fund the City’s
Fleet needs
$47.7 million over ten years to bring all City facilities out of deferred maintenance
$25 million for capital improvements at the City Cemetery, of which $12.5 million is for road repairs
$20 million for a new bridge at approx. 4900 West from 500 South to 700 South
$6 million for planned upgrades to the Regional Athletic Complex
$3.1 million for downtown irrigation system replacement
$1.3 million for solar panels, parking canopy and security upgrade at Plaza 349
Recapture Funds from Completed Projects and Unfinished Projects Older than Three Years
(Attachment 9)
The CIP and Debt Management Resolution (Attachment 1) requests that remaining funds from completed
projects be recaptured and that remaining funds from unfinished projects over three years old also be
recaptured. The table in Attachment 9 is staff’s attempt to follow up on the Council’s policy guidance for CIP
projects. 53 projects are listed most of which received General Fund dollars and are over three years old. Several
projects also received Class C funds, CDBG funds or are old donations. The total funding is just over $4.2
million. Some of this funding could be recaptured by the Council as one-time revenue for General Fund uses,
however, the Class C, CDBG and donations have uses limited by law. The table was sent to the Administration to
identify whether a project is completed and status updates for unfinished projects. A response and potential
funding to recapture by project will be added to one of the Council’s upcoming unresolved issues briefings.
Council Member Rogers’ Proposal
During the Non-Departmental budget briefing on May 25, Council Member Rogers expressed interest in using
some or all the $1,879,654 in the Funding Our Future transit holding account for the 600 North complete street
transformation project. Two years in a row the frequent bus routes contract with UTA was less than budgeted
and the Council placed the excess funds into the holding account. Council staff is meeting with Transportation
Division staff to better understand the project scope, phases, cost estimates and existing funding.
The Mayor’s Series 2021A and 2021B bond proposal (Attachment 4) includes $4 million for the 600 North
complete street transformation project. The description states the total project cost is $8.7 million but with
recent construction inflation costs may already be higher. It also mentions a phase 1 is already funded. In recent
years the Council funding safety improvements at the 600 North and 800 West intersection and funding for a
safety study of the 600 North corridor.
Page | 6
POLICY QUESTIONS
1.$300+ Million Unfunded Capital Needs and $58 Million Bond Proposal – The Council may
wish to discuss if the proposed bond funding by category (listed below) aligns with the Council’s policy
priorities. The Council may also wish to discuss how to balance the City’s $300+ Million unfunded
capital needs including deferred maintenance for existing assets with funding construction of new
assets. The Council is scheduled to review the bond projects in detail over the summer when also
reviewing individual CIP projects.
$19.2 Million for Facilities Projects (34% of bond total)
$11.1 Million for Transportation and Streets Projects (19% of bond total)
$26.54 Million for Parks and Natural Lands Projects (47% of bond total)
2.American Rescue Plan Act (ARPA) Funding for CIP – The Council may wish to ask the
Administration to review all CIP applications for FY22 to determine which, if any project, are eligible for
ARPA funding. The U.S. Treasury release eligibility guidance after the advisory board and Mayor
provided project funding recommendations to the Council. A review for ARPA feasibility could be
completed in time for the Council’s July and August project-specific funding deliberations.
3.Policy Guidance for When to Disqualify an Application – The Council may wish to discuss with
the Administration if it would be helpful for the Council to provide policy guidance on disqualifying an
application such as if it violates a stated City position in an adopted master plan or other policy
document, if the primary beneficiary would not be the public, if the City should no longer allow
constituent street reconstruction applications because the City’s chosen strategy is reconstructing the
worst first based on a data-driven process, etc.
4.Resources to Support Constituent Applications – The Council may wish to discuss with the
Administration the need to address geographic equity issues with additional targeted City resources for
neighborhoods that submit few or no constituent applicants. Some Council Members expressed interest
in being proactive to support constituent applications from neighborhoods with higher poverty rates.
Some constituents and CDCIP Board Members commented at public meetings that they felt like some
projects get more support from departments than others.
5.Move $200,000 Ongoing Property Maintenance Expenses Out of Surplus Land Fund – The
Council may wish to discuss with the Administration how to advance this legislative intent. The Council
may also wish to ask the Administration what challenges exist to provide an accounting of vacant
building maintenance costs and whether a property management contract approach could be more
efficient. See Additional Info section for more on the Surplus Land Fund. In Budget Amendment #1 of
FY20 the Council adopted the following legislative intent:
The Council expresses the intent to fund ongoing property maintenance expenses out of the Public
Services Department and/or Community and Neighborhoods Departments’ (CAN) budget rather than
continuing to use one-time revenues from the Surplus Land Fund. The Council requests the
Administration include this approach based on actual expenses in the Mayor’s Recommended Budget
for FY2021. This approach builds upon the Council’s FY19 decision to shift funding for a CIP-related
FTE away from the Surplus Land Fund and into CAN’s base budget.
6.CIP Project Status Reports – The Council may wish to ask the Administration about mechanisms to
facilitate the up-to-date sharing of information on current CIP projects. In the past, there were a variety
of mechanisms to share information, ranging from topic by topic email requests to consolidated monthly
reports. Council Members could then quickly provide accurate/timely information to interested
constituents.
7.Additional 0.20% County Sales Tax for Transit Option (not currently collected/levied) – The
State Legislature authorized this optional county sales tax for transit capital improvements and services.
The Council may wish to ask the Administration about any discussions with the County or plans
regarding this potential funding source. For example, could partnering with the County help implement
the City’s Transit Master Plan, downtown TRAX loop and/or undergrounding railway lines that divide
the City? Under current state law, the option to enact the additional sales tax expires at the end of FY23.
Page | 7
8.Capital Facilities Plan (CFP) – The Council may wish to ask the Administration for a status update
on the CFP (10-Year Comprehensive CIP Plan). It’s envisioned as a living document that prioritizes
capital needs across City plans and departments within funding constraints. The Council held a briefing
in January 2019 about a draft of the plan. See Attachment 6 for the Council’s potential policy goals,
metrics, and requests.
9.Balancing Funding for Streets and Transportation – The Council may wish to discuss with the
Administration how to balance funding for streets and transportation in coming years between Class C
funds which goes to street reconstructions and overlays with the new County 1/4¢ sales tax which goes
to transportation. Both of those funding sources are eligible for streets and transportation uses but are
only going to one of the two uses. There may be a need for greater ongoing streets funding when the
voter-approved 2018 Streets Reconstruction Bond funds are all spent.
ADDITIONAL & BACKGROUND INFORMATION
Surplus Land Fund (See Policy Question #7)
The Surplus Land Fund receives proceeds from the sale of real property (land and buildings). According to City
policy the Surplus Land Fund can be spent on purchasing real property and some funds may be diverted into the
Housing Trust Fund. The funds are one-time because the real property can only be sold once. The FY22 budget
proposes to continue a $200,000 appropriation to the CAN Department for property maintenance expenses
such as utilities, security, and minor repairs. This is using one-time funding for an ongoing expense.
Cost Overrun Account
The Council established this account for projects that experience costs slightly higher than budgeted. A formula
determines how much additional funding may be pulled from the Cost Overrun account depending on the total
Council-approved budget. See section 11 of Attachment 1 for the formula. This process allows the Administration
to add funding to a project without returning to the Council in a budget amendment. A written notification to
the Council on uses is required. The purpose is to allow projects to proceed with construction instead of delaying
projects until the Council can act in a budget amendment which typically takes a few months.
Impact Fee Unallocated “Available to Spend” Balances and Refund Tracking (See Attachment 7)
The Council approved several million dollars in impact fee projects the past few years. Attachment ??? is the
most recent impact fee tracking report from the Administration. The table below is current as of April 20, 2021.
Available to spend impact fee balances are bank account balances subtracting encumbrances and expired funds.
The Mayor’s recommended CIP budget proposes using $6,800,450 of parks impact fees and $491,520 of streets
/ transportation impact fees.
Type Unallocated Cash
“Available to Spend”Next Refund Trigger Date Amount of Expiring
Impact Fees
Fire $1,002,114 More than a year away -
Parks $8,435,142 More than a year away -
Police $421,062 June 2021 $30,017
Transportation $5,125,188 More than a year away -
Note: Encumbrances are an administrative function when impact fees are held under a contract
Impact Fee Eligibility
Impact fees are one-time charges imposed by the City on new development projects to help fund the cost of
providing infrastructure and services to that new development. This is part of the City’s policy that growth
should pay for growth. A project, or portion of a project, must be deemed necessary to ensure the level of service
provided in the new development area matches what is currently offered elsewhere in the city. As a result, it’s
common for a project to only be partially eligible for impact fee funding (the growth-related portion) so other
funding sources must be found to cover the difference. It is important to note that per state law, the City has six
years from the date of collection to spend or encumber under a contract the impact fee revenue. After six years, if
those fees are not spent then the fees are returned to the developer with interest.
CIP Debt Load Projections through FY26
(Note an $80 million bond was paid off in FY21 and the Mayor proposed a new $58 million bond)
The Administration provided the following chart to illustrate the ratio of ongoing commitments to available
funding for projects over the next six fiscal years. Most of these commitments are debt payments on existing
Page | 8
bonds. Other commitments include, ESCO debt payments, the Crime Lab lease, capital replacement funding for
parks and facilities, contributions to the CIP cost overrun account and the 1.5% for art fund. The CIP Budget
Book includes an overview and details on each of the ongoing commitments. 79% of the General Fund transfer
into CIP was needed for these ongoing commitments in FY21.
The projected debt load significantly decreases in FY22 because Series 2014A Taxable Refunding of 2005 bonds
matures (paid off). It was approximately $80 million when the bond was originally issued (before refunding).
This reduces the debt load from 79% to 45% and removes a $5.3 million annual debt payment. The Mayor is
recommending a new sales tax revenue bond totaling $58 million with an estimated annual debt payment of
almost $3.7 million. Note that General Obligation (G.O.) bonds are not paid from CIP because they are funded
through a separate, dedicated voter-approved property tax increase.
1.5% for Art Fund (for new art and maintenance of existing artworks)
Salt Lake City Code, Chapter 2.30, established the Percent for Art Fund and designates roles for the Art Design
Board and Arts Council related to artist selection, project review and placement. The Public Art Program also
oversees projects with funding from the Airport and RDA. In April 2021 the Council amended Chapter 2.30 to
make several changes to the ordinance including an increase from 1% to 1.5% of ongoing unrestricted CIP
funding for art minimum. There is no ceiling so the Council could approve funding for art above 1.5%.
The ordinance also sets a range of 10%-20% for how much of the 1.5% is allocated to maintenance annually. This
section of the ordinance also states that before funds are deposited into the separate public art maintenance
fund a report from the Administration will be provided to the Council identifying works of art that require
maintenance and estimated costs. This creates the first ongoing dedicated funding for conservation and
maintenance of the City’s public art collection consisting of over 270 pieces. The collection is expected to
0%
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
90 %
1 00%
FY 2020-21 FY 2021 -22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26
Allocation of C IP General Fund Transfer Amount, 6 Year
Projection, assuming 2% revenue growth per year, and
continued allocation of 7% of GF revenue to CIP
Debt Service On Bonds Othe r Debt Servic e Other Commitme nts Pay a s You G o Pro jec ts
Page | 9
continue growing. Note that in Budget Amendment #2 of FY20 the Council made a one-time appropriation of
$200,000 to establish an art maintenance fund. Of that amount, up to $40,000 was authorized for a study to
determine the annual funding need for art maintenance and identify specific repairs for artworks.
Capital Facilities Plan (CFP) (See Attachment 6)
The CFP is a comprehensive 10-year CIP plan. See Attachment 6 for a summary of the Council’s requests and
guidance during the January 2019 briefing from the Administration and discussion. It’s important to note, the
Council expressed interest in identifying a couple measurable goals to accomplish through the CFP and guide
prioritization of project planning.
Regular CIP Project Cost Estimate (See Attachment 8)
Attachment 8 lists cost estimates for various types of projects based on actual costs from recent years. The
document was developed by Council staff in collaboration with the Administration. The figures may not be up to
date cost estimates but provide a ballpark figure when considering project costs. The three categories of project
cost estimates are parks, streets, and transportation. The document was last updated July 2019. Updated cost
estimates will be provided for the Council’s budget deliberations in July and August.
County 1/4¢ Sales Tax for Transportation and Streets Funding
The County fourth quarter-cent transportation funding is a new ongoing sales tax funding source dedicated to
transportation and streets. The City has taken a progressive view of transportation beyond a vehicle-focused
perspective and uses a multi-modal, more inclusive approach (walking, biking, public transit, accessibility and
ADA, ride-share, trails, safety, scooters, etc.). The Wasatch Front Regional Council summarized eligible uses for
this funding as “developing new roads or enhancing (e.g. widening) existing roads; funding active
transportation, including bike and pedestrian projects; or funding transit enhancements. It can also be used for
maintenance and upkeep of existing facilities.” (SB136 of 2018 Fourth Quarter Cent Local Option Sales Tax
Summary June 22, 2018). Revenue from the 0.25% sales tax increase is split 0.10% for UTA, 0.10% for cities and
0.05% for Salt Lake County as of July 1, 2019 and afterwards. Note that there is overlap in eligible uses between
this funding source and Class C funds (next section).
Class C Funds (gas tax)
Class C funds are generated by the Utah State Tax on gasoline. The state distributes these funds to local
governments on a center lane mileage basis. The City’s longstanding practice has been to appropriate Class C
funds for the general purpose of street reconstruction and asphalt overlays. The Roadway Selection Committee
selects specific street segment locations (See next section below). Note that there is overlap in eligible uses
between this funding source and the County 1/4¢ Sales Tax for Transportation and Streets Funding (previous
section). Per state law, Class C funds may be used for:
1. All construction and maintenance on eligible Class B & C roads
2. Enhancement of traffic and pedestrian safety, including, but not limited to: sidewalks, curb and gutter,
safety features, traffic signals, traffic signs, street lighting and construction of bicycle facilities in the
highway right-of-way
3. Investments for interest purposes (interest to be kept in fund)
4. Equipment purchases or equipment leases and rentals
5. Engineering and administration costs
6. Future reimbursement of other funds for large construction projects
7. Rights of way acquisition, fencing and cattle guards
8. Matching federal funds
9. Equipment purchased with B & C funds may be leased from the road department to another
department or agency
10. Construction of road maintenance buildings, storage sheds, and yards. Multiple use facilities may be
constructed by mixing funds on a proportional basis
11. Construction and maintenance of alleys
12. B & C funds can be used to pay the costs of asserting, defending, or litigating
13. Pavement portion of a bridge (non-road portions such as underlying bridge structure are not eligible)
Roadway Selection Committee
The Roadway Selection Committee determines specific projects for street improvement general purpose
appropriations, e.g., reconstruction or overlay. In recent years this Committee guided use of Class C funds and
revenues from the 2018 voter-approved Streets Reconstruction G. O. Bond. The Committee is led by
Engineering and includes representatives of Streets, Transportation, Public Utilities, Public Services, HAND,
Page | 10
Finance, the RDA and Council Staff. Information provided to the committee to consider in their selection
process includes:
Public requests for individual road repair
On-going costs to keep a road safely passable
Existing or planned private development or publicly funded construction activities in a neighborhood
or corridor such as the Sugar House Business District or the 900 South corridor
Safety improvement goals and crash data
Public Utilities’ planned capital projects that would include a variety of underground facilities
replacements, repairs, or upgrades
Private utilities’ existing infrastructure, planned installations or repairs, e.g., fiber, natural gas, power
Neighborhood or transportation master plan considerations
Pavement condition survey data for ideal timing of asphalt overlays to extend useful life of a street
In reviewing the above-mentioned criteria, open deliberations are held between committee members, and roads
are selected for repair by consensus. The number of projects selected is contingent on available funding. Other
City projects and master plans sometimes help in extending funds by combining project funding sources.
CIP Planning Technology Improvements
The Administration reports improvements are ongoing to CIP tracking of projects and applications. The City
currently provides a public interactive construction and permits project information map available here:
http://maps.slcgov.com/mws/projects.htm
ATTACHMENTS
1. Capital and Debt Management Guiding Policies Resolution 29 of 2017
2. FY 22 CIP Funding Log – Note the spreadsheet from the Administration is not formatted for printing
3. FY22 CIP Budget Book – Note an electronic version was pending at the time of publishing this staff
report for the June 1 Council meeting
4. Summary Project Spreadsheet for Proposed Sales Tax Bonds Series 2021A and 2021B
5. FY22 CDCIP Board Project Scores and Votes
6. Capital Facilities Plan (CFP) Council Requests from January 2019
7. Impact Fee “Available to Spend” Balances and Refund Tracking (April 20, 2021)
8. Regular CIP Projects Cost Estimates (July 3, 2019)
9. List of Completed and Unfinished Projects Older than Three Years for Potential Funding Recapture
ACRONYMS
CAN – Community and Neighborhood Development Department
CDCIP – Community Development and Capital Improvement Program Advisory Board
CFP – Capital Facilities Plan
CIP – Capital Improvement Program
ESCO – Energy Service Company
FTE – Full-time Employee
FY – Fiscal Year
G.O. Bond – General Obligation bond
HAND – Housing and Neighborhood Development Division
RDA – Redevelopment Agency
RESOLUTION NO . _29_0F 2017
(Salt Lake City Council capital and debt management policies.)
R 17-1
R 17-13
WHEREAS, the Salt Lake City Council ("City Council" or "Council") demonstrated its
commitment to improving the City's Capital Improvement Program in order to better address the
deferred and long-term infrastructure needs of Salt Lake City; and
WHEREAS, the analysis of Salt Lake City's General Fund Capital Improvement
Program presented by Citygate Associates in February 1999, recommended that the Council
review and update the capital policies of Salt Lake Corporation ("City") in order to provide
direction to the capital programming and budgeting process and adopt and implement a formal
comprehensive debt policy and management plan; and
WHEREAS, the City's Capital Improvement Program and budgeting practices have
evolved since 1999 and the City Council wishes to update the capital and debt management
policies by updating and restating such policies in their entirety to better reflect current
practices; and
WHEREAS, the City Council desires to improve transparency of funding opportunities
across funding sources including General Fund dollars, impact fees, Class C (gas tax) funds,
Redevelopment Agency funds, Public Utilities funds, repurposing old Capital Improvement
Program funds and other similar funding sources.
NOW THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City,
Utah:
That the City Council has determined that the following capital and debt management
policies shall guide the Council as they continue to address the deferred and long-term
infrastructure needs within Salt Lake City:
Capital Policies
1. Capital Project Definition-The Council intends to define a capital project as follows:
"Capital improvements involve the construction, purchase or renovation of
buildings, parks, streets or other physical structures. A capital improvement must
have a useful life of five or more years. A capital improvement is not a recurring
capital outlay item (such as a motor vehicle or a fire engine) or a maintenance
expense (such as fixing a leaking roof or painting park benches). In order to be
considered a capital project, a capital improvement must also have a cost of
$50,000 or more unless such capital improvement's significant functionality can
be demonstrated to warrant its inclusion as a capital project (such as software).
Acquisition of equipment is not considered part of a capital project unless such
acquisition of equipment is an integral part of the cost of the capital project."
2. Annual Capital Budget Based on 10-Year Capital Facilities Plan-The Council requests that
the Mayor's Recommended Annual Capital Budget be developed based upon the 10-Year
Capital Facilities Plan and be submitted each fiscal year to the City Council for consideration
as part of the Mayor 's Recommended Budget no later than the first Tuesday of May.
3. Multiyear Financial Forecasts-The Council requests that the Administration :
a. Prepare multi-year revenue and expenditure forecasts that correspond to the capital
program period;
b . Prepare an analysis of the City's financial condition , debt service levels within the capital
improvement budget, and capacity to finance future capital projects; and
c . Present this information to the Council in conjunction with the presentation of each one-
year capital budget.
4. Annual General Fund Transfer to CIP Funding Goal-Allocation of General Fund revenues
for capital improvements on an annual basis will be determined as a percentage of General
Fund revenue . The Council has a goal that no less than nine percent (9%) of ongoing General
Fund revenues be invested annually in the Capital Improvement Fund.
5. Maintenance Standard-The Council intends that the City will maintain its physical assets at
a level adequate to protect the City's capital investment and to minimize future maintenance
and replacement costs.
6 . Capital Project Prioritization-The Council intends to give priority consideration to projects
that:
a. Preserve and protect the health and safety of the community;
b. Are mandated by the state and/or federal government; and
c. Provide for the renovation of existing facilities resulting in a preservation of the
community's prior investment, in decreased operating costs or other significant cost
savings , or in improvements to the environmental quality of the City and its
neighborhoods.
7. External Partnerships -All other considerations being equal, the Council intends to give fair
consideration to projects where there is an opportunity to coordinate with other agencies ,
establish a public/ private partnership, or secure grant funding .
8. Aligning Project Cost Estimates and Funding-The Council intends to follow a guideline of
approving construction funding for a capital project in the fiscal year immediately following
the project's design wherever possible. Project costs become less accurate as more time
passes. The City can avoid expenses for re-estimating project costs by funding capital
projects in a timely manner.
9. Advisory Board Funding Recommendations-The Council intends that all capital projects be
evaluated and prioritized by the Community Development and Capital Improvement
Program Advisory Board . The resulting recommendations shall be provided to the Mayor ,
and shall be included along with the Mayor 's funding recommendations in conjunction with
the Annual Capital budget transmittal , as noted in Paragraph two above.
10. Prioritize Funding Projects in the 10-Year Plan-The Council does not intend to fund any
project that has not been included in the 10-Year Capital Facilities Plan for at least one (1)
year prior to proposed funding, unless extenuating circumstances are adequately identified.
11. Cost Overrun Process -The Council requests that any change order to any capital
improvement project follow the criteria established in Resolution No. 65 of2004 which
reads as follows:
a. "The project is under construction and all other funding options and/ or methods
have been considered and it has been determined that additional funding is still
required.
b. Cost overrun funding will be approved based on the following formula:
1. 20% or below of the budget adopted by the City Council for project
budgets of $100,000 or less;
ii. 15% or below of the budget adopted by the City Council for project
budgets between $100,001 and $250,000;
iii. 10% or below of the budget adopted by the City Council for project
budgets over $250,000 with a maximum overrun cost of $1oo,ooo.
c. The funds are not used to pay additional City Engineering fees.
d. The Administration will submit a written notice to the City Council detailing the
additional funding awarded to projects at the time of administrative approval.
e. If a project does not meet the above mentioned criteria the request for additional
funding will be submitted as part of the next scheduled budget opening.
However, if due to timing constraints the cost overrun cannot be reasonably
considered as part of a regularly scheduled budget opening, the Administration
will prepare the necessary paperwork for review by the City Council at its next
regularly scheduled meeting."
12. Recapture Funds from Completed Capital Projects-The Council requests that the
Administration include in the first budget amendment each year those Capital Improvement
Program Fund accounts where the project has been completed and a project balance remains.
It is the Council's intent that all account balances from closed projects be recaptured and
placed in the CIP Cost Overrun Contingency Account for the remainder of the fiscal year, at
which point any remaining amounts will be transferred to augment the following fiscal year's
General Fund ongoing allocation.
13. Recapture Funds from Unfinished Capital Projects-Except for situations in which
significant progress is reported to the Council, it is the Council's intent that all account
balances from unfinished projects older than three years be moved out of the specific project
account to the CIP Fund Balance. Notwithstanding the foregoing, account balances for bond
financed projects and outside restricted funds (which could include grants, SAA or other
restricted funds) shall not be moved out of the specific project account.
14. Surplus Land Fund within CIP Fund Balance -Revenues received from the sale of real
property will go to the unappropriated balance of the Capital Projects Fund and the revenue
will be reserved to purchase real property unless extenuating circumstances warrant a
different use. It is important to note that collateralized land cannot be sold.
15 . Transparency of Ongoing Costs Created by Capital Projects-Any long-term fiscal impact to
the General Fund from a capital project creating ongoing expenses such as maintenance,
changes in electricity /utility usage, or additional personnel will be included in the CIP
funding log and project funding request. Similarly, capital projects that decrease ongoing
expenses will detail potential savings in the CIP funding log.
16. Balance Budget without Defunding or Delaying Capital Projects -Whenever possible,
capital improvement projects should neither be delayed nor eliminated to balance the
General Fund budget.
17. Identify Sources when Repurposing Old Capital Project Funds-Whenever the
Administration proposes repurposing funds from completed capital projects the source(s)
should be identified including the project name, balance of remaining funds, whether the
project scope was reduced, and whether funding needs related to the original project exist.
18. Identify Capital Project Details -For each capital project, the capital improvement projects
funding log should identify:
a. The Community Development and Capital Improvement Program Advisory Board's
funding recommendations,
b. The Administration's funding recommendations,
c. The project name and a brief summary of the project,
d . Percentage of impact fee eligibility and type,
e. The project life expectancy,
f. Whether the project is located in an RDA project area,
g. Total project cost and an indication as to whether a project is one phase of a larger
project,
h. Subtotals where the project contains multiple scope elements that could be funded
separately,
1. Any savings derived from funding multiple projects together,
j. Timing for when a project will come on-line,
k. Whether the project implements a master plan,
1. Whether the project significantly advances the City's renewable energy or
sustainability goals,
m . Ongoing annual operating impact to the General Fund,
n. Any community support for the project -such as community councils or petitions,
o. Communities served,
p. Legal requirements/mandates,
q. Whether public health and safety is affected,
r. Whether the project is included in the 10-Year Capital Facilities Plan,
s. Whether the project leverages external funding sources, and
t. Any partner organizations .
Debt Management Policies
1. Prioritize Debt Service for Projects in the 10 -Year Capital Facilities Plan -The Council
intends to utilize long-term borrowing only for capital improvement projects that are
included in the City's 10-Year Capital Facilities Plan or in order to take advantage of
opportunities to restructure or refund current debt. Short-term borrowing might be utilized in
anticipation of future tax collections to finance working capital needs.
2. Evaluate Existing Debt before Issuing a New Debt-The Council requests that the
Administration provide an analysis of the City's debt capacity, and how each proposal meets
the Council's debt policies, prior to proposing any projects for debt financing. This analysis
should include the effect of the bond issue on the City's debt ratios , the City 's ability to
finance future projects of equal or higher priority , and the City's bond ratings.
3. Identify Repayment Source when Proposing New Debt-The Council requests that the
Administration identify the source of funds to cover the anticipated debt service requirement
whenever the Administration recommends borrowing additional funds.
4. Monitoring Debt Impact to the General Fund-The Council requests that the Administration
analyze the impact of debt-financed capital projects on the City's operating budget and
coordinate this analysis with the budget development process.
5. Disclosure of Bond Feasibility and Challenges -The Council requests that the
Administration provide a statement from the City's financial advisor that each proposed bond
issue appears feasible for bond financing as proposed. Such statement from the City's
financial advisor should also include an indication of requirements or circumstances that the
Council should be aware of when considering the proposed bond issue (such as any net
negative fiscal impacts on the City 's operating budget, debt capacity limits , or rating
implications).
6. A void Use of Financial Derivative Instruments -The Council intends to avoid using interest
rate derivatives or other financial derivatives when considering debt issuance.
7 . Maintain Reasonable Debt Ratios-The Council does not intend to issue debt that would
cause the City's debt ratio benchmarks to exceed moderate ranges as indicated by the
municipal bond rating industry .
8. Maintain High Level Bond Ratings-The Council intends to maintain the highest credit
rating feasible and to adhere to fiscally responsible practices when issuing debt.
9. Consistent Annual Debt Payments Preferred -The Council requests that the Administration
structure debt service payments in level amounts over the useful life of the financed
project(s) unless anticipated revenues dictate otherwise or the useful life of the financed
project(s) suggests a different maturity schedule.
10. Sustainable Debt Burden-The Council intends to combine pay-as-you-go strategy with
long-term financing to keep the debt burden sufficiently low to merit continued AAA general
obligation bond ratings and to provide sufficient available debt capacity in case of
emergency.
11. Lowest Cost Options-The City will seek the least costly financing available when evaluating
debt financing options .
12. Avoid Creating Structural Deficits-The City will minimize the use of one-time revenue to
fund programs/projects that require ongoing costs including debt repayments.
13. Aligning Debt and Project Timelines-Capital improvement projects financed through the
issuance of bonded debt will have a debt service that is not longer than the useful life of the
project.
Passed by the City Council of Salt Lake City, Utah, this -~3L.Lr_...d ___ day of
October , 2017.
ATTEST :
HB _A TTY -#64309 -v3-CIP _a nd _ Debt_ Management_Pol icies
SALT LAKE CITY COUNCIL
By 4 = ASL
CHAIRPERSON -=-::::::::____
Salt Lake City
App ed As To Form
By: ~~~~~~~.P
aysen Oldroyd
Da e: lt:>/-:z.../ 17
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
1 1.5% for Art
Required by City ordinance and calculated as 1.5% of the General Fund available to spend revenues in the Mayor's
Recommended Budget. Overseen by the Arts Council. Ordinance allows the Administration to use some of the
funding for maintenance of existing artworks and the rest goes to new artworks.$85,586 $34,500 $85,586 $34,500
2 Cost Overrun
Account
Required and governed by the CIP Resolution 29 of 2017. Provides additional funding for projects with expenses
that come in slightly higher than estimated. $114,114 $46,000 $114,114 $46,000
3
Odyssey House
Annex Facility
Renovation
Requested $500,000 from General Fund; Constituent Engineering Project
Odyssey House is seeking funding from Salt Lake City to complete a significant renovation of the Annex building
rented by the agency located at 623 South 200 East, Salt Lake City, Utah 84102. Currently, the Annex has a
multitude of structural problems that pose life and safety risks for the residential clients who inhabit the facility at
this time.
The roof is deteriorating, and the gutters are becoming unstable. This damage is causing a multitude of different
leaks within the building, harming interior and exterior walls. To fully replace the roof and gutters, it will cost
about $28,000. The building's foundation, primarily in the rear, is beginning to crumble and needs to be repaired,
treated, and braced, which will ultimately cost about $250,000. The roof and foundation must be restored to
complete all other necessary renovations before other workers can be deployed inside the building. Following the
roof and foundation's replacement and repairs, the interior beams, walls, and overall structural skeleton need to
be reinforced and stabilized due to extensive water damage, costing about $33,000. All exterior walls need to be
cleaned, repaired, and repainted, costing about $41,500. Windows and doors within the facility have to be wholly
replaced. Due to structural and foundational problems, all interior doors and windows cannot shut or lock because
their frames are warped and/rotting. To complete an overhaul of the windows and doors, it will cost about
$19,500. Additionally, the electrical and mechanical systems in the building, such as wiring, hardware, plumbing,
etc., will need to be evaluated and repaired or replaced, which will cost about $35,500. Lastly, exterior site work,
such as sidewalk repairs, drainage slope, ADA access, and miscellaneous fees, such as permits, additional
insurance, and project management, will add $42,500 to the total project cost. In total, the renovation of the
Annex will cost about $450,000. However, Odyssey House is looking to build in a contingency of $50,000 to
prepare for any additional work that may appear after beginning construction resulting in an overall cost of
$500,000.
$300,000 $300,000
4
Street
Improvements
2021/2022
Requested $3.5 million from Class C; Engineering Project
Deteriorated city streets will be reconstructed or rehabilitated using funding from this program. This will provide
replacement of street pavement, curb and gutter, sidewalk, drainage improvements as necessary. Where
appropriate, the program will include appropriate bike way and pedestrian access route improvements as
determined by the Transportation Division per the Complete Streets ordinance.
$2,046,329 $2,046,329
5 Pavement
Conditions Survey
Requested $175,000 from General Fund; Engineering Project
Approximately every five years the entire pavement network is surveyed. This condition survey is accomplished by
a third party with state of the art equipment and results in a report summarizing possible options and costs. The
data collected is used by Engineering’s Pavement Management Team to determine the overall street network
condition, provide street rehabilitation and reconstruction recommendations, and prioritize proposed
maintenance activities.
$3,571 $171,429 $3,571 $171,429
6
Public Way
Concrete
2021/2022
Requested $750,000 from General Fund; Engineering Project
This project will address displacements in public way concrete through saw-cutting, slab jacking, and removal and
replacement of deteriorated or defective concrete sidewalks, accessibility ramps, curb and gutter, retaining walls,
etc.
$75,000 $675,000 $75,000 $675,000
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 1
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
7
Bridge
Preservation
2021/2022
Requested $300,000 from General Fund; Engineering Project
There are 23 bridges in Salt Lake City, most crossing either the Jordan River or the Surplus Canal. UDOT inspects
these bridges every two years and provides the city with a basic condition report. The city is responsible for
performing appropriate maintenance activities based on statements in the UDOT report. City Engineering has
prepared an ongoing bridge maintenance strategy with the objective of extending the functional life of these
structures, and extending the time between major repairs. The requested funds will be used to address needed
repairs and routine maintenance.
$21,429 $278,571 $21,429 $278,571
8
Rail Adjacent
Pavement
Improvements
2021/2022
Requested $70,000 from General Fund; Engineering Project
This program addresses uneven pavement adjacent to railway crossings. Engineering designs pavement
improvements and contracts the construction.$70,000 $70,000
9
Capital Asset
Replacement
Program
$19.2 MILLION IN
MAYOR'S
PROPOSED BOND
FOR SIX FACILITIES
PROJECTS
Requested $5,860,449 from General Fund; Facilities Project
The Facilities Division’s Facility Condition Index database categorizes asset renewal projects based on the criticality
of projects starting with Priority 1, Life Safety. Projects in Priority 2 address Structural Integrity, Property Loss, and
Contractual Obligations. To eliminate the $47,733,403 in total deferred capital renewal, Facilities proposes an
annual investment through CIP of $7,000,000. For FY22 CIP funding, Facilities is requesting funding for Projects of
Priority1 and 2 for $5,860,449. (The amount requested is derived from an initial 2017 facility assessment to which
a 3% annual inflationary rate has been applied. It should be noted that the current construction environment is
very heated; with the 10% contingency and 21% Design/Engineering costs Facilities request is $5,860,449.)
$1,252,230 $1,252,230
10 Training Tower
Fire Prop Upgrade
Requested $318,279 from General Fund; Fire Project
The Fire Training Tower Fire Prop Upgrade consist of modernizing the existing natural gas fire props within the
Tower. The scope includes upgrading the fuel control station, PLC5 to the new ControlLogix PLC operating system,
and the bedroom, storage, desk, and car fire props.
Fuel control station: Replace existing assembly whose components are currently obsolete. The upgrade will
replace the existing FCS (fuel control station) to “auto” open style FCS which will have the automatically controlled
main gas safety shut off valve and the latest version of the low- and high-pressure switches.
PLC Upgrade – PLC5 to Logix includes upgrade the existing PLC 5 to new ControlLogix PLC:
*New Allen Bradley PLC ControlLogix, input modules, output modules, analog modules, and Ethernet adapter
modules
* Replacement of control room PC’s with the latest PC hardware available at time of delivery
* Microsoft operating system (currently Windows 10)
* KFT Fire Trainer software
* Ethernet to Data Highway Interface for both systems
* Upgrade Outdoor PLC to New Logics PLC.
Fire prop upgrade: KFT's advanced burner design, AquaMesh, produces increased levels of radiant heat, a more
realistic flame signature, lower levels of unburned gases during fire suppression, and more challenging flames that
cannot be swept off the fire mock-up with hose stream application. Water, used to disperse the propane or
natural gas, is not visible through the fireplace mock-up. AquaMesh fires are capable of withstanding repeated
direct hose line stream attacks, without having any significant amount of water dispelled from the burner
assembly within the fire mock-up.
$318,279 $318,279
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 2
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
11 Single Family/Fire
Behavior Prop
Requested $374,864 from General Fund; Fire Project
Drager Phase V Rambler/Fire-Behavior Prop to include:
One (1) story unit comprised of Five (5) 40’ fire training modules
NFPA 1402 $ OSHA-compliant system
Two (2) high-temperature thermal-insulated burn chamber with emergency exits as required
Burn baffles
High-heat thermal-insulated wall with door(s)
Standard windows
Standard doors
One (1) sliding door
Hallway
Vents with pull cable
Cleanout cargo doors
Freight to customer site
On-site installation & set up to include:
Full Project management support from Drager staff
Pre-installation site surveys and in-process review of the build site
Drager contracted and project-managed installation to ensure that the fire prop system is installed properly,
safely, and with minimal disruption
Insured and bonded installation and crane service
Train-the Trainer Program
Two-day on-site training for up to ten (10) fire department instructors
Complete documentation package on operation and maintenance
$374,864 $374,864
12
Tracy Aviary
Historic Structure
Renovations
Requested $156,078 from General Fund; Constituent Public Lands Project
Two historical elements at Tracy Aviary in Liberty Park are in need of repair and are the subject of this CIP request.
The Bath House (a.k.a.Custodial Storage Building (CSB)) and the East Gate. The CSB needs a new roof. This will
require removing the solar panels, replacing asphalt shingles and re-installing the solar panels. The East Gate was
identified during our 2019 AZA accreditation inspection as an area of concern due to being an insufficient
perimeter barrier. The solution is to re-align the existing fence and add additional fencing to block a gap. Brick
work to repair damaged areas, signage, and landscaping surrounding the space is also included.
$156,078 $156,078
13
Three Creeks West
Bank Trailway
$3.4 MILLION IN
MAYOR'S
PROPOSED BOND
FOR WESTSIDE
PARKS
Requested $490,074 from General Fund; Constituent Public Lands Project
Reconstruct a half-block of the Jordan River Parkway Trail where it’s eroding into the river at 1300 South and 1000
West.
$484,146 $484,146
14
Three Creeks West
Bank New Park
$3.4 MILLION IN
MAYOR'S
PROPOSED BOND
FOR WESTSIDE
PARKS
Requested $150,736 from parks impact fees; Constituent Public Lands Project
This project will create a new multiuse park on 1.4 acres owned by the city at 1050 W 1300 South, along the
Jordan River. Grading and landscaping would need to take place. Park amenities can be determined as the project
moves forward. Pickleball courts have been suggested by the Glendale Community Council.
Note that the Three Creeks Confluence Park on the east side of the Jordan River completed construction and
opened to the public in July 2021.
$150,736 $150,736
15
Sugar House Park
Fabian Lake
Pavilion Remove
and Replace
Requested $183,834 from General Fund; Constituent Public Lands Project
Scope of work is to remove and replace existing Fabian Lakeside Pavilion. SHPA hired Arch Nexus to review,
analyze and recommend solutions for the deteriorating pavilions, and completed the attached report in December
of 2015. Arch Nexus factored in escalation costs through 2020.
$183,834 $183,834
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 3
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
16 Liberty Park
Basketball Court
Requested $99,680 from General Fund; Constituent Public Lands Project
This project is for resurfacing the existing basketball court in the center of the park and the replacement of two
new basketball hoops.
$99,680 $99,680
17
Glendale
Waterpark Master
Plan & Landscape
Rehabilitation &
Active Recreation
Component
$10 MILLION IN
MAYOR'S
PROPOSED BOND
FOR THIS PROJECT
AND
$3.4 MILLION IN
MAYOR'S
PROPOSED BOND
FOR WESTSIDE
PARKS
Requested $3.2 million from parks impact fees; Public Lands Project
This project is Public Lands' highest priority impact fee request. The goal of this project is to provide a new active
recreation amenity at the former Glendale Water Park. This project will build on the results of a City sponsored
community visioning process, planned for 2021, that will determine the program and character for development.
Funds from this request will be allocated for technical drawings and site improvements. Forty years ago, the
Glendale water park was built using Federal Land and Water Conservation Funds (LWCF). LWCF protects funded
sites in perpetuity, to remain active recreation facilities open to the public. Removal of the obsolete water slides
and pools has triggered a three-year clock in which SLC must replace the amenity with another public outdoor,
active recreation facility. It does not have to be water based, but it cannot solely be open fields of grass or natural
area. In the first phase, $3,200,000 will construct a community directed, active recreation amenity on site within
the three-year time limit. The scope of this project will reflect the communities’ priorities and character, resources
allocated and alignment with LWCF requirements. SLC Council and/or designees will be briefed on phase one
project selection prior to design and construction. Full development of the 17-acre site will likely require several
phases and funding cycles.
$3,200,000 $3,200,000
18
A Place for
Everyone: Emerald
Ribbon Master
Plan
$3.4 MILLION IN
MAYOR'S
PROPOSED BOND
FOR WESTSIDE
PARKS
AND
$440,000 FOR
JORDAN RIVER
PADDLE SHARE
Requested $420,000 from General Fund; Public Lands Project
The Jordan River Emerald Ribbon Master Plan is, fundamentally, a placemaking initiative for the Jordan River
corridor, built on creative, diverse and deep community engagement through four Salt Lake City neighborhoods.
Engagement will seek to identify features, improvements, stories, artwork and institutional connections that are
important to individual neighborhoods and communities along the river.
The planning effort will be led by the SLC Public Lands Division with support from an experienced consulting firm,
and extensive involvement of community partner organizations imbedded in the neighborhoods. This approach
will build on the connections made with University Neighborhood Partners to further this collaborative
relationship in the west side communities, and will ensure that creative and diverse engagement tactics produce
public feedback that captures the voices and opinions of groups and community members that have been
traditionally underrepresented.
Placemaking engagement activities will be broken into four distinct but complimentary neighborhood efforts:
Glendale (Hwy 201 to 900 South), Poplar Grove (900 South to North Temple), Fairpark/Jordan Meadows (North
Temple to 700 North), and Rose Park/Westpointe (700 North to I-215). Each engagement effort will draw on
existing Public Land assets along and nearby the river corridor, as well as the direction established by the Blueprint
Jordan River 2.0, the Westside Master Plan, 9Line Master Plan, Northwest Master Plan, North Temple Boulevard
Plan, Rose Park Small Area Plan, Northpointe Small Area Plan, Jordan River Flood Control, Habitat and Green
Infrastructure Plan, the Reimagine Nature SLC Public Lands Master Plan, and other relevant documents. The final
Master Plan will include block-by-block improvement components along with recommended phasing and high-
level cost estimates for implementation that will guide subsequent allocation of CIP and Impact Fee resources,
investments in programming, and strategic partnerships.
$416,667 $416,667
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 4
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
19
Downtown Green
Loop
Implementation:
Design for 200 East
linear Park
Requested $610,000 from parks impact fees; Public Lands Project
Several streets along the Downtown Plan's visionary Green Loop Regional Park project are already under
consideration by the Transportation Division for corridor-wide changes, including improvements for active
transportation. This request from the Public Lands Division would fund the collaborative visioning, public
engagement, and conceptual design of the nontransportation elements of the Green Loop. The design of public
green space, park elements, and stormwater rain gardens / bio-swales will be proposed within the 132' public
way, facilitated by a significant reallocation of space from pavement to park.
Based on the Transportation Division's current and pending work on 200 East, it is anticipated that this funding will
go primarily to 200 East, with some lesser attention to other corridors along the loop. The result of this phase of
the project will be public awareness, interest and excitement about this regionally-significant project; a conceptual
and preliminary design; a construction cost estimate suitable for seeking construction funds; and strategies for
short and long term maintenance approaches and costs. Specific tasks associated with this scope of work include:
• Public engagement for conceptual design and design development of the 200 East leg Green Loop corridor
• Conceptual design for the green space component of the 200 East Corridor/ Segment of the Green Loop.
• Analysis of site opportunities and constraints with special attention to underground utilities and infrastructure
that may impact above ground improvements.
• Design development of the 200 East green space development and amenities. To include full construction cost
estimates with short and long term maintenance cost estimates.
$610,000 $610,000
20
Liberty Park
Cultural Landscape
Report and Master
Plan
Requested $475,000 from General Fund; Public Lands Project
Liberty Park is Salt Lake City’s most iconic – and most popular – park space, with well over one million visitors each
year. The features that draw visitors to Liberty Park – this historic features and mature trees that give Liberty Park
its unique atmosphere – are in a state of accelerating deterioration. The formal tree plantings framing the central
walkway and perimeter of the park are suffering tree loss due to old age and a planting plan to maintain historic
character is desperately needed. The project has three integral components:
1. A Cultural Landscape Report (CLR) is the principal document based on standards established by the National
Park Services. The report documents the history and physical changes of the site, determines periods of historic
significance and develops treatment recommendations for historic features and plantings. The report will build on
previous studies such as the 19XX Historic American Landscape Survey and look to including information on
underrepresented communities for this site. A CLR will include guidance for capital improvements, deferred
maintence projects and maintence.
2. The Liberty Park Master Plan will establish a vision and actionable plan that builds on the CLR recommendations
and provide an orderly framework for consistent planning, development and administration of the park for the
next twenty years. The plan deliverable will include concept level designs and renderings; a prioritized list of
capital improvements with high-level cost estimates; and policy direction for decision makers. The plan will go
though a formal adoption process.
3. This project will also include a study of the Liberty Park Greenhouse adaptive reuse for plant production, visitor
access, sustainability and potential revenue generation. The study will look at significantly expanding capacity for
growth of the City’s rare and native plant propagation program, allowing biodiversity enhancements at more parks
and natural areas citywide.
$354,167 $354,167
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 5
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
21
Historic Structure
Renovation &
Activation at Allen
Park
$1.3 MILLION IN
MAYOR'S
PROPOSED BOND
FOR THIS PROJECT
Requested $420,000 from parks impact fees; Public Lands Project
• Structural and occupancy analysis of the historic structures
• Development of architectural drawings and bid-ready cost estimates for baseline structural, safety and
functional improvements for eleven (11) structures, sufficient to utilize them as twenty-three (23) separate art
studio spaces without plumbing, and the historically-sensitive adaptation of one (1) structure to serve as a
restroom/supplies washroom.
• Development of preliminary architectural plans, renderings and high-level cost analysis for the historic
reconstruction of the George Allen Home to serve as a community education space for art classes and workshops,
and historic reconstruction of the adjoining “Rooster House” duplex to serve as a small café space with outdoor
dining.
• Development of construction documents and cost estimates for demolition of all aging/leaking septic systems
buried on property, and construction of a sewer connection from the adapted restroom structure to the sewer
connection on 1300 East.
• Development of construction documents and cost estimates for replacement of the two broken water meters
that serve the property, water connections to service the adapted restroom structure, fire suppression systems in
the art studios, a fire hydrant on the east side of the property, underground drip irrigation to support trees
throughout the property, and spray irrigation to support select flowerbeds and turf areas, and a replumbed
connection to the decorative fountains.
• Construction documents and cost estimates for repair and stabilization of exterior art pieces on the Allen
Property at risk of collapse or severe deterioration, reconstruction of the lighting along Allen Park Drive,
adaptation of the north and south driveways to include public and ADA accessible parking for Allen Park, resurface
the degraded Allen Park Drive into an ADA-accessible, permeable surface pathway.
• High-level plan drawings and preliminary cost estimates for pedestrian stairway connections to 1400 East and
1500 East.
$420,000 $420,000
22
Replace Poplar
Grove Tennis with
new Sportcourt
$3.4 MILLION IN
MAYOR'S
PROPOSED BOND
FOR WESTSIDE
PARKS
Requested $440,000 from General Fund; Public Lands Project
Poplar Grove Park is currently underutilized and does not have recreation amenities in demand by the community.
This project will remove two failing tennis courts, constructed over forty years ago, and construct either two new
tennis courts or six new pickleball courts in the existing footprint. A brief community survey will be conducted to
determine neighborhood priority. Should pickleball courts be selected, six courts would make the site ideal for
tournament play. There is an existing restroom that was recently updated, and a recently constructed concessions
stand, currently underutilized, that would provide desired support amenities for tournaments. The project
includes:
• Engagement with the community on project preference
• Full demolition of the existing tennis courts and associated pavement
• Development of site design and technical drawings for bidding and construction
• Construction of post-tension court facility
• Installation of associated perimeter fences, gates, nets, and benches
• Replacement of related perimeter sidewalks
• Installation of waterwise use plantings and irrigation in associated landscape areas
$433,333 $433,333
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 6
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
23
SLC Foothills
Trailhead
Development
$5 MILLION IN
MAYOR'S
PROPOSED BOND
Requested $1,304,682 from parks impact fees; Public Lands Project
This project is part of a phased development of trailheads within Salt Lake City Foothills. The Foothill Trails Master
Plan adopted by Council in early 2020 identified key trailhead locations and recommended improvements to
better accommodate the growing trail network.
Phase 1, Conceptual Design: This phase was funded during FY19 and is currently underway. The SLC Public Lands
team has been working with Alta Planning Consulting to develop concept designs for five key trailhead locations
including: Emigration Canyon, Popperton Park, Bonneville Boulevard, Morris Mountain (I-Street) and Victory Road.
Concepts are attached.
Following completion of the conceptual design process and cost estimates, SLC Public Lands is now requesting
funding to implement two of the five trailhead improvement projects. Due to substantial costs associated with all
five locations the remaining locations will be included in FY23
Phase II, construction will implement trailhead improvements at both Bonneville Boulevard and Emigration
Canyon.
Implementation of key trailhead improvements is a fundamental component for sustainability, accessibility, and
functionality of the 100+ mile recreational trail system recommended by the SLC Foothills Trail System Plan and
these two locations will provide a good start to implementation of the master plan recommendations.
If the Council approves this funding, then it would be subject to the FY22 annual budget adoption ordinance
contingency on all foothill trails funding.
$1,304,682 $1,304,682
24
SLC Foothills Land
Acquisitions
$5 MILLION IN
MAYOR'S
PROPOSED BOND
Requested $425,000 from parks impact fees; Public Lands Project
The project scope is limited to the acquisition of property rights for six parcels of undeveloped natural open space
in the north and central Foothills Natural Area, totaling approximately 275 acres, which will allow SLC to
consolidate ownership interest in the subject parcels, putting the City in a position to protect the parcels from
future development, and to guide property management for habitat protection, restoration, and recreational
access.
For three parcels, the proposed acquisitions would give SLC 100% property ownership; for two parcels, the
proposed acquisitions would move SLC from a minority ownership interest to a majority property ownership
interest; an in one case, would move SLC from a slight majority interest to a 90% interest. Increasing the fractional
ownership interest in these parcels substantially improves the City's ability to protect and manage them for
foothill protection, habitat restoration and nonmotorized recreational use.
If the Council approves this funding, then it would be subject to the FY22 annual budget adoption ordinance
contingency on all foothill trails funding. The Council could request a closed session briefing from the
Administration about the proposed property purchases.
$425,000 $425,000
25
Jordan Park
Pedestrian
Pathways
$3.4 MILLION IN
MAYOR'S
PROPOSED BOND
FOR WESTSIDE
PARKS
AND
$1.2 MILLION FOR
PUBLIC LANDS
SIGNAGE
Requested $510,000 from parks impact fees; Public Lands Project
This project will design and construct more than 3000 linear feet of new looped pathways in Jordan Park. New trail
segments will connect to existing sidewalks in order to create new desired pedestrian connections and a looped
network around the multi-use fields. This project builds on a previous request, approved in 2019 for new multi-
use trails in Jordan Park. This funding will be used to develop construction drawings for the pathways and
construction of the new pathways. Site furnishings, wayfinding and orientation signage will also be installed.
$510,000 $510,000
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 7
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
26
RAC Playground
with Shade Sails
$3.4 MILLION IN
MAYOR'S
PROPOSED BOND
FOR WESTSIDE
PARKS
Requested $450,000 from parks impact fees; Public Lands Project
Cost Estimates
$300,000- Playground materials and construction
$150,000- Design, engineering and contingency
This project will add a new playground at the Regional Athletic Complex. The RAC has been open for 5 years and
currently doesn’t have any amenities for children to use while visiting the complex.
The full scope of this project includes:
• Design for a new playground for ages 5-12
• Development of technical drawings
• Grading and surfacing preparations
• Playground Construction
• Walkway and fencing
Note that since FY17, the Council approved $2,421,518 for six RAC capital improvement projects
$180,032 $180,032
27
700 South
Westside Road
Configuration
Requested $514,450 from General Fund; Constituent Transportation Project
A particular area of concern is the intersection of 700 S and 1000 W. 10th west (a massively wide road) intersects
with 700 S (another, even more massively wide road). I propose that 700 S be reconfigured to include a traffic
circle with a pocket park in the center, and include at least two, perhaps 3 medians along 700 South. I picture
these medians planted with large, native trees and plants. I picture clearly defined traffic lanes for pedestrians,
bicyclists, and cars, including clearly marked, perhaps even raised cross walks. I picture a quality, speed controlling
traffic circle with some low maintenance vegetation, benches, maybe even a simple playground. This vision
benefits the community in more ways than we could count. Improving roads, reducing the heat island effect by
the massive asphalt slabs, beautifying our surroundings, creating community gathering places, mitigating crime,
reducing vehicle speeds, and so much more. I have discussed this concern with neighbors, the poplar grove
community council, and had a brief conversation with Councilman Andrew Johnston about my concerns and our
ideas for reconfiguration, and he suggested I submit a CIP grant, which brings me here today. I hope the city will
consider the benefit that this kind of project will offer to our community.
Cost – provided by SLC Engineering
Traffic Circle Construction
Crosswalk Construction
2-3 Planted Medians
Clearly defined traffic lines.
Useful Life – >10 years
Salt Lake City Owned Asset – Roads and sidewalks are all public Salt Lake City Owned Assets
$223,450 $291,000 $223,450 $291,000
28
Highland High
Crosswalk
Enhancements
Requested $85,000 from General Fund; Constituent Transportation Project
The scope of work will include upgrading the crossing to include Rapid Rectangular Flashing Beacons (RRFB) as well
as enhancements to shorten the crosswalk and make it safer (bulbouts on the east and west side of the
intersection and a raised median)
$85,000 $85,000
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 8
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
29
200 South Transit
Complete Street
Supplement
Requested $284,691 from transportation impact fees, $415,800 from Quartercent for transportation and
$2,561,409 from Funding Our Future; Transportation Project
As part of the Funding Our Future program, Salt Lake City will reconstruct 200 South from 400 West to 900 East
beginning in 2022. The current budget allocated to this project is $12,000,000 inclusive of construction and
professional design fees. The Transportation Division is requesting $3,261,900 to supplement the reconstruction
funds that reflects the recommendations from the 200 South Transit Corridor, Complete Street, and Downtown
Transit Hub Study. The preliminary design includes:
• Side-running Business Access and Transit (BAT) priority lanes, which operate as dedicated bus lanes but still
provide access to curbside uses and can be used in mixed traffic conditions.
• In-street bus stop islands will allow buses to stay in the driving lane, which reduces bus travel time and
minimizes conflicts that occur when weaving to curbside bus stops.
• Additional transit access and walkability elements, including mid-block crosswalk upgrades, landscaping,
sidewalk repair, human-scale lighting, traffic signal replacements (3), and bicycle lanes.
The low-end cost estimate for the preliminary design is approximately $15,500,000; the majority of the expense is
going to pavement robust enough handle the amount of bus activity expected on the corridor. Without
supplementary funds the budget shortfall will require removing many of the elements that make this a
transformative multi-modal project. It is expected that the project will need to be implemented in phases,
specifically the East Downtown Transit Hub envisioned in the Salt Lake City Transit Master Plan and WFRC Regional
Transportation Plan. However, there are many elements that are important to build in the initial construction
phase that are structural to the road reconstruction project (e.g. curb extensions that affect flow lines and
drainage inlets); these are the priority elements the supplemental funds will be directed towards.
$37,422 $415,800 $37,422 $415,800
30 900 South 9Line RR
Crossing
Requested $28,000 from transportation impact fees and $172,000 from Quartercent for transportation;
Transportation Project
The 2018 9-Line Trail Extension Study is the basis for recent 9-Line Trail projects’ design and budgeting
approaches. It recommends two very different design options near Interstate 15 and Union Pacific’s (UPRR) and
the Utah Transit Authority’s (UTA) rails. The more expensive, longer-term option is to grade-separate either just
the trail or both the trail and the roadway. The easier, less expensive, and shorter-term option is an improved at-
grade (or ground-level) crossing of the rails and routing the trail under the interstate. The latter is the focus of this
application. More information about the overall project’s timeline (2021-2023), approach, benefits, and robust
past engagement can be found at www.900SouthSLC.com. This funding request seeks additional monies that
would be used to:
• Fund an increase in the coordination and design budgets for the City’s contracted design and engineering
consultants (including multiple field and coordination meetings with UPRR, UTA, and the Utah Department of
Transportation (UDOT); research; and, more in-depth design), around $10,000
• Fund the UPRR consultant’s (RailPros) design review fees, typically up to $20,000.
• Construct three new railroad panels south of the existing panels, which are necessary to accommodate a 9-Line
Trail crossing capable of serving people walking and bicycling perpendicular to the rail corridor, typically around
$30,000 for all three.
• Construct additional improvements and/or new support infrastructure at the at-grade crossing per recent
experience with standard UPRR and UDOT guidance (e.g., back flashers, blankout signs, signage, pavement
markings, detectable warning surfaces and trail delineation, audible devices, fencing, swing arms, gates), typically
around $120,000.
• Fund UPRR and UTA-required training, traffic control, permitting, and miscellaneous other costs related to
construction, typically around $10,000.
• Engineering Division fees, typically about 10% (estimated at $10,000)
$28,000 $172,000 $28,000 $172,000
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 9
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
31 Trails Maintenance
Requested $200,000 from Quartercent for Transportation; Transportation Project
This funding request from 4th Quarter of a Cent Sales Tax for Transportation is requested to be moved from the
capital list into the annual operating budget for the Public Lands Division. Maintenance is an eligible expense of
the state-authorizing legislation for this fund. These funds will be used to fund city staff, equipment and material
to maintain new and recently constructed trails including portions of the 9-Line, McClelland Trail, and the Jordan
River Trail, and other urban trail segments that potentially come online during the course of the fiscal year. The
maintenance of these trails are necessary to keep them safe for all that use them and also so they can be used
year round.
$200,000 $200,000
32 Local Link
Construction
Requested $50,000 from transportation impact fees and $450,000 from Quartercent for transportation;
Transportation Project
The Local Link Circulation Study (adoption pending, summer/fall 2021), prepared as an update to the 2013 Sugar
House Circulation Plan, continues the 2013 plan’s focus on improving conditions for walking, bicycling, and transit
in Sugar House.
This funding request is supplemental construction dollars to implement some of the recommendations of the
Local Link circulation study in the Sugar House area. Many Sugar House streets are planned to be reconstructed as
part of the Funding our Future Streets Bond, which included some Complete Streets funding. However, these
budgets had only limited funding for more extensive Complete Streets elements such as would reconfigure curbs
or intersections. This funding will allow the City to build higher-quality, higher-comfort facilities for walking and
biking in this key area, above and beyond what could be constructed with currently allocated funding. These
roadways include Highland Drive, 1100 East and 2100 South; 1300 East will be reconstructed with a federal grant
allocated through the Wasatch Front Regional Council.
These recommendations of the Local Link study include: providing better walking and biking connections between
Sugar House and Millcreek on Highland Drive and 1300 East, construction of bike facilities around Sugar House
Park, intersection enhancements at various locations around Sugar House (modifying turn movements, shortening
crossing distances).
$50,000 $450,000 $50,000 $450,000
33 Corridor
Transformations
Requested $75,604 from transportation impact fees and $780,438 from Quartercent for transportation;
Transportation Project
This programmatic request will fund the design and construction of significant infrastructure additions to corridors
NOT currently planned for reconstruction -- to include corridor-based complete streets changes to signing, striping
and wayfinding. corridor-long consideration and placement of bus stops with shelters, benches, trash cans, and
other amenities; improved bikeways; reconfigured intersections for improved pedestrian and bicycle safety in the
context of a corridor study; and consideration of business access / on-street parking. Possible corridors include
600/700 North, 2100 South, and corridors on the Downtown Green Loop.
$25,398 $282,200 $25,398 $282,200
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 10
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
34 Area Studies
Requested $14,000 from transportation impact fees and $201,000 from Quartercent for transportation;
Transportation Project
These funds will be used to study and provide recommendations for streets and circulation in the rapidly-
developing Granary area, including the incorporation of bike, pedestrian and rail transit in the area, as well as an
understanding of how the existing streets should be improved. The cost of this study is estimated at $120,000, and
the City has applied for $111,000 in Transportation and Land Use Connection funding. The study will be
complemented by a study work being conducted by UTA in the area.
These funds will also be used to develop design recommendations for selected streets in the Sugar House area,
following on the more general guidance provided by the Local Link Circulation Study. This study (adoption process
anticipated, summer/fall 2021), prepared as an update to the 2013 Sugar House Circulation Plan, continues the
2013 plan’s focus on improving conditions for walking, bicycling, and transit in Sugar House. The purpose of this
funding would be to allow us to design higher-quality, higher-comfort facilities for walking and biking in this key
area, above and beyond what could be constructed with currently allocated funding. These roadways include
Highland Drive, 1100 East and 2100 South; 1300 East will be reconstructed with a federal grant allocated through
the Wasatch Front Regional Council. These recommendations of the Local Link study include: providing better
walking and biking connections between Sugar House and Millcreek on Highland Drive and 1300 East, construction
of bike facilities around Sugar House Park, intersection enhancements at various locations around Sugar House
(modifying turn movements, shortening crossing distances).
$14,000 $201,000 $0 $201,000
35 400 South Viaduct
Trail
Requested $310,000 from General Fund, $90,000 from transportation impact fees and $500,000 from Quartercent
for transportation; Transportation Project
This project will add a low-profile, concrete barricade along with striping changes to create a multi-use trail on the
south side of the 400 South Viaduct, connecting the Poplar Grove Neighborhood with Downtown Salt Lake City for
those walking or bicycling. Construction includes changes to sidewalks and bike / pedestrian ramps, striping
removal and replacement, and minor construction to relocate medians. The multi-use trail will tie into existing
sidewalks on the east and west, and connect to existing and planned bike lanes.
$310,000 $90,000 $500,000 $310,000 $90,000 $500,000
36 Neighborhood
Byways
Requested $104,500 from transportation impact fees and $940,500 from Quartercent for transportation;
Transportation Project
These funds will be used for design and construction of four neighborhood byways, as well as to create a
neighborhood byway conceptual design and guidance document to be used as reference material in the
development of future neighborhood byways. This will make future neighborhood byway development more
streamlined and efficient, and is anticipated to cost $100,000.
Two neighborhood byways -- 800 East Phase 1 ($275,000) and Poplar Grove Phase 2 ($600,000) -- will receive
construction dollars, while the additional two byways -- Sugar House to the U and Rose Park West -- will enter
community collaboration leading to conceptual designs ($35,000 per byway).
$104,500 $940,500 $104,500 $940,500
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 11
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
37 900 South Signal
Improvements
Requested $430,000 from General Fund and $70,000 from transportation impact fees; Transportation Project
The 2021-2023 900 South Reconstruction project runs from 900 West to Lincoln Street (945 East). From 700 East
to 200 West, the proposed design includes reducing the roadway width and cross section from four lanes to three,
improving safety and reducing speeds. The reduction in width also provides space for a separated path (the 9-Line
Trail), from 700 West to Lincoln Street (945 East) on the south side of 900 South. The narrowing and other project
elements will largely be achieved by moving the southern curb line to the north. These improvements are fully
funded and are currently in design, and construction will begin in 2021. For more about timeline, benefits, and the
robust past engagement for this project, visit www.900SouthSLC.com.
The new street design requires updated signal design and some additional infrastructure at most intersections
along the corridor. The layout of the proposed improvements has been designed to reduce the number of signal
poles required to be moved to keep project costs as low as possible.
1. West-facing signal mast arms on the south side of the corridor would generally be lengthened, or the entire
pole and mast arm would be relocated farther north.
2. East-facing signal mast arms on the north side may be shortened.
3. All signal heads would be adjusted to line up with the new lane configuration.
4. The new street design and the introduction of the trail on the south side require relocating or adding new or
relocated pedestrian push buttons to coincide with the new curb ramp locations.
5. The existing signal detection on cross streets (for northbound and southbound traffic) would also be upgraded
with radar or camera sensors at the 200 East, 300 East, 400 East, and 500 East intersections, the only four
intersections where such state-of-the-practice detection technology does not currently exist.
$96,500 $70,000 $100,000 $233,500 $96,500 $70,000 $100,000 $233,500
38 Urban Trails
Requested $6,500 from transportation impact fees and $1,038,500 from Quartercent for transportation;
Transportation Project
This programmatic funding application is for a suite of projects that represent collaborations between
Transportation Division and the Trails & Natural Lands Division of Public Lands. These funds will enable conceptual
development, design, and construction of selected urban trails, including:
• design of the Folsom Trail west of 1000 West
• design of the Grit & Gravel Trail (Beck St.) providing a key connection to Davis County
• design of the Parley's Trail in Sugar House following on the Local Link Circulation Plan
• design and initial quick-build implementation of portions of 200 East and/or other streets
included in the Green Loop linear park recommended in the Downtown Master Plan. Quick-build designs will be
linked to the project’s public engagement process and may be temporary, seasonal, or semi-permanent.
• initial conceptual design of potential west side trails such as Stegner Trail along CWA drain
• neighborhood connections to the Jordan River Trail
• rehabilitation of badly deteriorated sections of the Jordan River Trail
$6,500 $1,038,500 $6,500 $1,038,500
39 Multimodal Street
Maintenance
Requested $200,000 from Quartercent for transportation; Transportation Project
This project provides funding to hire contractors for specialized maintenance of infrastructure for which current in-
house staff doesn’t have the equipment or staff to accomplish. Examples include enhanced crosswalks, bike lanes,
bike racks, colored pavement including downtown green bike lanes, bus shelters, enhanced medians: Snow
plowing, striping, signals, signage, delineators, etc.
$200,000 $200,000
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 12
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
40
Transportation
Safety
Improvements
Requested $450,000 from General Fund and $50,000 from transportation impact fees; Transportation Project
Traffic safety projects include the installation of warranted crossing beacons, traffic signals, or other traffic control
devices and minor reconfiguration of an intersection or roadway to address safety issues. Salt Lake City's program
places a strong emphasis on pedestrian and bicyclist safety, particularly in support of access to and from transit.
This funding will further the City’s on-going effort to reduce injuries to pedestrians and bicyclists citywide and to
improve community health and livability by promoting walking and bicycling. This funding will be used for the
installation of safety improvements throughout the city as described in the Pedestrian & Bicycle Master Plan, and
also to address ongoing needs as safety studies are completed.
Crossing improvements such as HAWKs or TOUCANs, flashing warning lights at crosswalks or intersections, refuge
islands, bulb-outs, improved signalized crossings and new or improved pavement markings are examples of the
safety devices that are installed with this funding. Projects are identified by using data to analyze crash history,
roadway configuration and characteristics, and with citizen input. Identified projects to improve traffic safety
involve conditions that pose a higher relative risk of injury to those traveling within SLC and are therefore deemed
a high priority for implementation.
$44,400 $400,000 $44,400 $400,000
41
1700 South
Corridor
Transformation
Requested $326,835 from General Fund and $36,315 transportation impact fees; Transportation Project
Transformation of 1700 South to provide improved neighborhood connections to Glendale Park, 1700 River Park,
support a possible new regional park replacing the defunct water park, and to create an improved east-west
walking and bicycling corridor at the approximate north-south midpoint between the 9-Line Trail and the Parley’s
Trail. Improvements will also include street crossings to connect the parks on the north (1700 South River Park)
and south (Glendale Water Park and Glendale Park) sides of the street. Funds to be used for design, public
engagement, and construction of curb changes to improve ped/bike safety and street tree planting sites, semi-
permanent quick build linear elements, striping changes, and signage.
$317,792 $35,300 $317,792 $35,300
42 Kensington Byway
Ballpark
Requested $500,000 from General Fund; Constituent Transportation Project
The CDCIP Advisory Board did not recommend funding this project.
The Ballpark Community Council and Liberty Wells Community Council are requesting CIP funds for development
of a neighborhood byway on Kensington Avenue as suggested in the Utah Bicycle & Pedestrian Master Plan
(December 2015).
“Improvements that make a street a neighborhood byway include bicycle and pedestrian crossing improvements
(for example, signals, crosswalks, curb extensions (aka bulb-outs), curb ramps, signage, street markings, and other
traffic calming techniques), wayfinding signage, and connectivity enhancements to existing bicycle and pedestrian
routes.” (source: https://www.slc.gov/transportation/neighborhood-byways/ )
Note the CDCIP Board did not recommend funding this project.
$500,000 $500,000
43 3000 South
Sidewalk and Curb
Requested $449,315 from General Fund; Constituent Engineering Project
Install curb and gutter and adjacent sidewalk and asphalt tie in on the north side of 3000 South
from Highland Drive to 1500 East and an asphalt overlay over the entire street. Installation will
require the removal of trees and landscaping and adjustment of drive approaches and retaining walls.
44 Logan Ave
Reconstruction
Requested $1,405,000 from General Fund; Engineering Project
This project will reconstruct the deteriorated streets affected following the Public Utilities storm drain project. This
will provide replacement of street pavement, curb and gutter, sidewalk, drainage improvements as necessary.
Where appropriate, the program will include appropriate bike way and pedestrian access route improvements as
determined by the Transportation Division per the Complete Streets ordinance.
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 13
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
45
Bridge
Replacement (200
South over Jordan
River)
Requested $3.5 million from General Fund; Engineering Project
This project will include the complete removal and replacement of the existing vehicle bridge for 200 South over
the Jordan River. Design will consider complete streets features, accommodations for the adjacent Jordan River
Trail, and the historic nature of the adjacent Fisher Mansion, and potential art components incorporated into or
around the new bridge.
46
Bridge
Rehabilitation (400
South and 650
North over Jordan
River)
Requested $3 million from General Fund; Engineering Project
The purpose of this project is to rehabilitate the 400 South and 650 North vehicle bridges over the Jordan River. A
bridge inspection performed by UDOT gave these bridges a Health Index score of 48.55 and 46.58, respectively,
out of 100.
Combining the two bridges into one project will result in economies of scale since the rehabilitation work for both
bridges will be similar. The existing asphalt surface will be removed and the underlying deck will be treated for
cracking and delaminated concrete. The deck will receive a waterproofing membrane, a new asphalt overlay, and
deck drains to remove storm water from the deck. The under surface of the bridge will be treated for cracking and
delaminated concrete on the deck, girders, pier caps, and abutments. The steel piles supporting the piers exhibit
heavier than typical corrosion. The piles will be dewatered and treated for corrosion. The existing damaged
parapet wall will be removed and rebuilt which will widen the sidewalk and improve the pedestrian access route.
Additionally, aesthetic enhancements will be incorporated including replacing the chain link fence and railings
mounted on the outside of the sidewalk with decorative railings. A consulting firm with specialized experience will
be used for this project.
47 Wingpointe Levee
Design
Requested $800,000 from General Fund; Engineering Project
The cost estimate includes conceptual design, final design, and geotechnical investigations performed by
Engineering consultants. Current levee conditions will be evaluated, required improvements identified, and
modifications recommended. Typical sections of levee reconstruction determined in order to develop
construction cost estimates and required plans and documents for permitting, then construction. This design
effort will inform future funding construction requests to bring the levee into compliance.
48 Three Creeks West
Bank Roadways
Requested $1,158,422 from General Fund; Constituent Engineering Project
This project calls for reconstructing a little over a block of 1300 South and 1/3 of a block of 1000 West and
installing storm sewers.
49 Delong Salt
Storage
Requested $1,504,427 from General Fund; Facilities Project
This salt storage building would cover 4000 tons of salt during winter months and seasonal remnants of salt the
rest of the year. The salt will be protected from the elements which reduces waste and allows for an overall, more
efficient snow removal process. See attached estimate.
50 Steam Bay
Requested $363,495 from General Fund; Facilities Project
When the new Streets and Fleet facility was built in 2010, one equipment steam bay was installed to clean asphalt
and other heavy equipment. The bay is designed to remove asphalt products, separate oil from water runoff, and
capture the runoff to meet storm water pollution prevention requirements. A single Streets crew could alternate
equipment cleaning and repair, but with the addition of the second crew, all equipment is running simultaneously,
and the steam bay’s capacity has been exceeded to that point of jeopardizing equipment cleaning and the creating
a storm water pollution risk. Additionally, the current pump system is at the end of its expected lifespan. Funds
will go toward a larger, more robust, and better designed system. This additional steam bay will be 22X45 with 4
foot pony walls and tie in to the upgraded pumping system.
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 14
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
51 Mixed-Use Three
Story Prop
Requested $815,895 from General Fund; Fire Project
Drager Phase V Training Gallery (Mixed-use fire prop) to include:
Three (3) story unit with roof top deck/fourth floor comprised of seven (7) 40’ and one (1) 20’ training modules
Three (3) high-temperature thermal-insulated burn chambers with emergency exits (as required)
Two (2) clean out decks for burn chambers
Burn room baffles
Exterior scissor staircase from the ground level to the fourth story/roof with interior access on each floor
Exterior stairs to single container roof
Interior stairs connecting first to second and second to third stories
Fall protection railings around all roofs of containers
Rappelling anchor on top of fourth story/roof
Two bailout windows
Vent/enter/search windows
Eleven (11) exterior doors
Two (2) interior doors
Emergency fire escape stairs
Four (4) training deck containers
On-site installation & set up to include: Full project management support from Drager staff, Pre-installation site
surveys and in-process review of the build site, Drager contracted and project-managed installation to ensures
that the fire prop system is installed properly, safely, and with minimal disruption, Insured and bonded installation
and crane service, Train-the Trainer Program
Two-day on-site training for up to ten (10) fire department instructors Complete documentation package on
operation and maintenance
52 Training Ground
Site Improvements
Requested $694,785 from General Fund; Fire Project
The fire training ground site improvement includes the excavation and construction of paved areas surrounding
fire training props to allow access for firefighters and fire vehicles as they train. Ideally this training ground would
simulate a small cross section of the structures that are in Salt Lake City and the site improvement would resemble
streets and access points like what is in the city. Currently there is approximately 45,000 square feet of
underutilized training ground.
Key components of this project include:
Training ground site design
Site excavation
Drainage and retention system
Site back fill and compaction
Various paved access roads
Reinforced concrete pads for vehicle extrication training
Technical and confined rescue training props
Curb and gutter along Wallace St.
Perimeter landscaping and fencing
53 Sunnyside Park
Sidewalk
Requested $72,740 from General Fund; Constituent Public Lands Project
Construct sidewalk on south side of Valdez Dr. from east gate of Dept. of Veterans Affairs to intersecting sidewalk
inside Sunnyside Park. See map. Sidewalk is approximately 365-ft long by 4-ft wide. Federal funding was explored
but we are prohibited from applying those funds to non-federal property. Costs could include wider surface or
other improvements to meet the minimum spending requirement.
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 15
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
54
Winner on
Wasatch Dee Glan
Tennis Court
Construction
Requested $500,000 from General Fund; Constituent Public Lands Project
A critically important construction project replacing four old asphalt tennis courts at Dee Glen (Wasatch Hills
Tennis Center/formerly Coach Mike's Tennis Academy) inside the current bubble. These new courts would be post-
tension concrete courts (long-lasting compared to asphalt) would be preparatory to a new privately funded year-
round tennis air dome by the Coach Mike's Friends of Public Tennis Foundation (a 501 c3 non-profit whose
mission is to assist the main funding source, Salt Lake City, in supporting Liberty Park & Wasatch Hills Tennis
Centers).
55
Lighting Upgrade
at Liberty Park
Tennis Center
Requested $202,100 from General Fund; Constituent Public Lands Project
LED Energy Efficient Lighting Upgrade of 120 outdated metal halide light fixtures at Liberty Park Tennis Center.
56
Liberty Park &
Wasatch Hills
Tennis Court
Resurfacing
Requested $300,000 from General Fund; Constituent Public Lands Project
26 Tennis Courts resurfacing at Liberty park tennis center and wasatch hills tennis center
57
Harrison Ave and
700 E Community
Garden
Requested $103,500 from General Fund; Constituent Public Lands Project
This community garden would be developed through the Green City Growers Program, a partnership between
Wasatch Community Gardens (WCG) and Salt Lake City’s Parks and Public Lands Division to establish community
gardens on Cityowned and managed land with the primary goals to increase access to fresh, local produce and
reduce barriers to urban food production.
The scope of work to develop a new community garden includes working with community members for 12 to 18
months to develop the interest, support, and design of the project. WCG will work to build the community
support. Our organization will work with stakeholders to create a coalition of gardeners, garden leaders,
volunteers and donors to raise any remaining funds to complete the garden design process, provide the materials
for planting boxes (including ADA accessible raised beds), soil, amendments, and irrigation. WCG will enlist and
provide oversight of volunteer in-kind labor, and oversee services that are contracted out.
The cost estimate of $103,500 is based upon three recent community garden starts in this program; the 9-Line
Community Garden, the Gateway Community Garden, and the Richmond Park Community Garden. The scope of
work includes; soil testing for contaminants to help guide the bed design, landscape design, site demolition and
preparation, water main hook up, fencing, ADA beds and pathways, garden beds, a drip irrigation system, soil,
amendments, and mulch for pathways, tools and supplies, a shade and gathering structure, and signage, benches,
and common area plantings.
58
1300 South
Camping Reisitant
Landscaping
Requested $100,000 from General Fund; Constituent Public Lands Project
The Ballpark Community Council is requesting CIP funds for landscaping improvements for the park strips on 1300
South and the areas immediately surrounding Horizonte. Rather than the lawns and grass that currently exist on
these park strips, we’re asking the City to invest in re-planting these areas with new low- to no-water options such
as combinations of trees with xeriscaping and/or rockscapes. These new park strip designs would have the dual
effect of assisting the City with its goal of reducing nonagricultural use of water and would also serve as a loiter
and camping-resistant landscapes.
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 16
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
59 Wingate Walkway
Requested $286,750 from General Fund; Constituent Public Lands Project
• This budget includes removal and transplanting of trees as requested by constituents. This is quite expensive at
estimated $5000 per tree, and would include using a crane, as well as contracted extra care for 2 years by a
landscaping company to get the trees reestablished. This is not something that can be done in-house. Tree
removal is much less expensive, at $500 per tree. This would mean the removal of 15 mature trees for this project,
but at a construction cost savings of $67,500.
• This budget assumes that the power pole at the eastern end of the corridor, and the power drop to the traffic
signal, will not be relocated. If those do need to be relocated, an additional approximate $30,000 would be added
to the project construction costs, along with associated design and engineering fees. There may also be ROW
acquisition costs to site the pole and its guy-wires.
• This budget does not include 36 parking headers that would need to be purchased by Wingate Condo
Association and placed on Wingate property at an estimated cost of $2,500-3,000 (for all 36). The parking headers
would be needed to protect the fence from regularly being hit and damaged by Wingate residents parking. It is
suggested that this be placed into legal agreement as part of the easement, and that the Condo Association be
responsible for any damage to the fence caused by not having the parking headers in place.
• A less expensive fence could be installed to save costs. This budget is for wrought iron fencing at $48 per linear
foot. Chain link would be half or less of that cost.
• This project has been budgeted as a 10' multi-use path, similar to the photos the constituents included. This also
recongizes the recommended use as both bicycle and pedestrian facility, as referenced in the City's Pedestrian &
Bicycle Master Plan. To save costs, the path could be constructed as a sidewalk, at 6' wide instead of 10'. The
thickness may be able to be reduced to sidewalk standard at 4" thick. However, further discussion should be had
with SLC Police Department about their preferred approach to emergency access.
60 1200 East Median
Requested $500,000 from General Fund; Constituent Public Lands Project
The curbing and irrigation systems for these medians has fallen into serious disrepair. This project seeks to install
new curbing around each island to prevent cars from driving across the turf and will allow the soil to be raised to
match the grade of the top of the root ball of the existing trees, replace the irrigations system and a significant
amount of trees supplementing the urban forest that remains. The tree planting portion of the project is in
support of the “Trillion Tree Campaign” in an effort to aid in enhancing Salt Lake City’s air quality. The cost
estimate is $500,000 to include design, engineering fees, contingency and construction.
61
Parleys Historic
Nature Park
Structure
Preservation
Requested $765,325 from General Fund; Public Lands Project
The proposed CIP project will fund the following work in Parleys Historic Nature Park (PHNP):
1. identify key historic structures and artifacts, assess preservation needs, and create detailed
rehabilitation/protection recommendations for each;
2. develop fully-engineered designs and construction cost estimates for historic structural rehabilitation;
3. if feasible, develop and secure a conservation easement to protect irreplaceable historic and natural features,
per the recommendations of the 2011 PHNP Management Plan.
4. if feasible within project budget, develop a detailed signage & interpretive materials plan to improve public
awareness/appreciation of historic features & structures, and construct/install the recommended interpretive
signage.
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 17
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
62
Enhancement of
the Cemetery for
Visitor Research
and Knowledge
$1.2 MILLION IN
MAYOR'S
PROPOSED BOND
FOR PUBLIC LANDS
SIGNAGE
Requested $790,000 from General Fund; Public Lands Project
Cemetery listed on National Register of Historic Places- $30,000
Website Enhancement, Cemetery GIS data and input- $250,000
Arboretum Accreditation and new planted tree protection- $65,000
Plat Markers- $100,000
Interpretive/Wayfinding Signage Design and 10 Sign placements-$75,000
Two years inflation adjustment - $52,000
Engineering Consultant fees - $208,000
Contingency - $10,000
63
Cemetery
Roadway
Improvements,
Phase 1
$1 MILLION IN
MAYOR'S
PROPOSED BOND
Requested $3,838,000 from General Fund; Public Lands Project
Phase 1a of a 6 phase road repair project identified in the Cemetery Master Plan. With 7.9 miles of roads and an
estimated $12.5 million dollars in repairs. Roadway Repair Priority Cemetery roadways were prioritized for repair
based on the following characteristics: Roads more frequently used for public and maintenance vehicular
circulation. Roads that also serve as main routes as outlined on the Pedestrian and Bicycle Improvements Plan.
Roads in poor condition were prioritized over those in fair or average condition (See Appendix E for detailed
Roadway Condition Analysis). Road width was given some consideration. Total roadway length within a priority
category was considered in an effort to separate roadways into projects that would be of a more manageable size.
-Costs include: full replacement including demo, reconstruction with asphalt, concrete edge/curb and gutter and
storm drainage improvements, 15% estimate contingency and 40% design/engineering fees. Other soft costs such
as project and construction contingencies, City project management, and permits and fees are not included and
should be added to budget requests as appropriate.
Cost Breakout - Full Repair of All Roads (Priority Street Name Length Width Total SF Repair Cost)
1a Main (N) 1,188 22 26,136 Full $701276
1a Main (N) 167 21 3,507 Full $94,099
1a Main (middle) 1,242 19 23,598 Full $ 633,176
1a Main (sexton) 367 17 6,239 Full $ 167,403
1a 240 N 1,090 16 17,440 Full $ 467,947
1a 330 N(Lindsey) 36 27 972 Full $ 26,080
1a 330 N 1,433 25 35,825 Full $ 961,250
1a Hillside 998 25 24,950 Full $ 669,453
Priority 1a Total 1.3 miles 139,000 sf $ 3,838,000
64
9Line and Rose
Park Asphalt Pump
Tracks
$3.4 MILLION IN
MAYOR'S
PROPOSED BOND
FOR WESTSIDE
PARKS
Requested $1,393,600 from General Fund; Public Lands Project
The proposed project incorporates the design and construction of two asphalt bike pump tracks, one at the
existing 9Line Bike Park located at 700 West 900 South and the second near the Day Riverside Library at 871 North
Cornell Avenue.
The proposed pump track at the 9Line Bike Park will reconstruct the small existing pump track at the 9Line Bike
Park. While the 9Line Bike Park will still retain its large signature dirt jumps under the freeway this amenity will
improve the pump track and provide a more accessible riding amenity for users of the bike park. Since the
construction of the 9Line Bike Park in 2016 it has become increasingly popular for families of all ages. This
improvement will provide a safe more durable riding surface for park users. The proposed pump track adjacent to
the Day Riverside Library will construct a new asphalt pump track adjacent to the Rosepark Community Garden. In
2020 SLC Public Utilities began a large storm water improvement project at this location. This project required the
removal of a small dirt pump track that was constructed by local users groups. Construction of the asphalt pump
track will replace this asset with a new community amenity for the Rosepark neighborhood.
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 18
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
65
Richmond Park
Playground and
Park
improvements
Requested $690,000 from General Fund; Public Lands Project
This project will replace the existing playground and pavilion at Richmond Park. Both assets are more than twenty
years old. Redevelopment of these features is an opportunity to build on the recent success of the new
community garden. The project will evaluate the location of the new playground and pavilion so that it can
respond to the community garden to create synergies between the three uses and increase visibility into and out
of the site. The full scope of this project includes:
• Design for a new playground and pavilion
• Engagement with the community on project character and site development
• Development of technical drawings for bidding and negotiation
• Demolition of existing playground and pavilion
• Construction of a playground and pavilion
• Construction of new sidewalk connections
• Planting of new trees and waterwise plantings
• Installation of new site furnishings and park signage
66
Library Square
Feasibility, Civic
Engagement and
Design
Development
Requested $225,000 from General Fund; Public Lands Project
The 2002 Council adopted plan for block 37, Library Square, is to create an asset to the community, that is safe,
well used and attracts new development to the area. Library Square is an underutilized public space with wall and
paving system (uneven surfaces, paver movement and concrete settling), failures that are posing a safety hazard.
This project will fund a feasibility study to identify solutions for the failing paving and wall systems; facilitate
outreach to identify new amenities for positive activation; and develop comprehensive design solutions with
phasing strategies for implementation.
Summary of work:
1. Feasibility study: Library Square has multiple paving and wall system failures due to settling of the parking
structure. A compressive study is needed to determine appropriate solutions to ameliorate safety hazards. Existing
conditions analysis and feasibility studies will determine a critical path to correct site failures and propose
appropriate solutions.
2. Civic engagement: The Public spaces at Library Square are underutilized outside of the four major events that
occur during the summer. Salt Lake City’s rapidly growing and densifying population needs places to be outside. A
civic engagement study would identify desired community elements to be incorporated on the Square that would
increase positive activity throughout the day and week.
3. Design development and implementation strategy: The feasibility study will inform design solutions for the wall
and paving failures on the site. Civic engagement will inform new everyday uses to implement as well as design
moves to incorporate to make the site more functional and desirable for large events, this would include shade,
access and circulation improvements. The design will identify a phasing strategy with estimates of probable costs
and implementation strategies for a multi-year improvement plan.
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 19
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
67
Donner & Rotary
Glen Park
Community Park
Irrigation &
Landscape Design
and Construction
Requested $650,000 from General Fund; Public Lands Project
2018 was the driest year on record for the state of Utah. Public Lands experienced budgetary restrictions on water
use, resulting in significant impacts to our properties. Protecting the trees and living landscape requires carefully
designed and managed landscapes and irrigation systems. Decreasing our water needs is a critical element of
climate adaption and a top priority for Public Lands. Significant water use reduction can be achieved by installing a
water efficient irrigation system and reducing passive use areas of manicured turf by installing regionally
appropriate water wise plant material. Areas of high use such as sport-fields can be isolated on an irrigation zone
while trees, shrubs and low water grasses can be on separate zones. Designed appropriately, these landscapes
require less than half the water to maintain conventional landscapes. In addition to creating a more climate
resilient landscape, Public Lands will work with the community to identify desired new amenities such as fitness
equipment, benches and interpretive signage. Planning and design will also focus on improving the parks
circulation network in order to offer a diversity of loops and difficulty ratings for park users. This project includes:
1) Community engagement to create a vision for Donner and Rotary Park;
2) Design development, best practices, and construction documents for Phase I of site implementation; and
3) Construction of new improvements for a portion of the site (approximately 25% or 3 acres) Two future funding
requests will ask for funding for the rest of the site. Design standards and best practices developed in this project
will be used as a tool for future site redevelopment.
68 Capitol Hill Traffic
Calming
Requested $595,194 from General Fund; Constituent Transportation Project
Mitigate commuter cut-through traffic, chronic speeding and industrial traffic: a) the installation of vertical speed-
reduction elements, (b) striping crosswalks, stop lines and bike lanes, (c) curb extensions, pedestrian refuge
islands, partial barriers and 'road diet' measures
69
Harvard Heights
Residential
Concrete Street
Reconstruction
Requested $1,311,920 from General Fund; Constituent Transportation Project
This project will rehabilitate the existing severely deteriorating street, including concrete pavement replacement,
drive approaches, curb and gutter and sidewalk repairs along Harvard Avenue. This street was initially constructed
in the mid-1920's and has not been replaced in the 90+ years since. Rather, temporary fixes have been employed
continuously by paving over the deteriorating concrete using asphalt. The key flaw with this approach--and the
main issue at play here--is that the asphalt doesn't adhere to the concrete surface below, resulting in severe, year-
round potholing. This is both a serious eye-sore and a real safety concern to residents.
Concurrent with the reconstruction of the street, this project will also install several speed humps, speed tables,
and/or any other traffic measures deemed appropriate by the Transportation Division to reduce traffic speed.
There is an understanding of the need to work with city on a final approved design
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 20
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
70 Liberty Wells
Traffic Calming
Requested $400,000 from General Fund; Constituent Transportation Project
The “Liberty Wells Traffic Calming” project seeks to slow motor vehicles, improve safety near the school and near
homes, encourage more transportation choices, and implement recommendations from several Salt Lake City
master plans. These goals are based on feedback from residents of the sections of 600 East, and Kensington,
Bryan, and Milton Avenues, surrounding Hawthorne Elementary School. The project area was determined by the
project team and the applicants in order to avoid pushing negative traffic conditions “down the road” and to
benefit students, parents, and teachers at Hawthorne as much as the neighbors on adjacent streets.
The project will also enhance the existing 600 East Neighborhood Byway and extend the partially funded,
proposed Kensington Avenue Neighborhood Byway east of 600 East. The intersection of the two neighborhood
byways is a unique and cost-effective opportunity. (Neighborhood byways are traffic-calmed, bicycling and
walking-oriented streets with low traffic volumes and speeds.) To date, neighbors have offered their support for
physical street design elements that would accomplish these goals, including traffic circles, median islands,
signage, improved lighting, bulb-outs, and speed cushions. The exact elements to be constructed, however, will
depend on further community engagement, including discussions with neighbors, Hawthorne Elementary School
administrators and school community council, as well as the Salt Lake City School District.
The project scope will include the following elements:
1. Community engagement of neighbors that live and/or own property on and near the project’s streets
(Kensington, Bryan, and Milton Avenues, and 600 East) in order to determine the most popular, feasible, and
effective traffic calming interventions.
2. Design and construction of the recommended interventions.
71 Stratford Bike
Crossing
Requested $200,000 from General Fund; Constituent Transportation Project
This proposal has not gone through a public process or a formal review and approval process by the city. There is
an understanding of the need to work with the city on an approved final design. I'm requesting a modification to
the current 4 way stop at the intersection of 1700 E. and Stratford Ave. This would include removing the current
stop signs on both the east and west sections of road coming from Stratford Ave., and putting in place some form
of traffic reduction system that only allows bikes to go straight through east/west on Stratford. Then placing
something like what's on the crossing at 1300 E and Stratford, where bikers can press a button and the straight
through N/S traffic on 1700 E would yield to bikers as they cross.
72 Sugar House Safe
Side Streets
Requested $500,000 from General Fund; Constituent Transportation Project
This project is intended to improve the safety and comfort of local, neighborhood streets in Sugar House. It is
made up of two basic parts:
1. A study of (1) existing conditions, constraints, and opportunities; (2) the effectiveness of existing traffic calming
measures on Hollywood Avenue (1990s) and McClelland Street (2010s); and, (3) infrastructure and programmatic
recommendations, including the most effective, cost-efficient, and community-supported methods of improving
neighborhood street livability. This study may also include a series of tests of the recommendations.
2. Design and construction, or implementation, of the above recommendations on the project area’s six local
streets: Hollywood Avenue, Ramona Avenue, Garfield Avenue, Lincoln Street, 1000 East, and McClelland Street.
Initial ideas from the community include curb modifications, striping, stop signs, street narrowing, raised
crosswalks, increased and enforced truck restrictions, and gateway monuments. The project area was determined
by the project team and the applicants in order to avoid pushing negative traffic conditions “down the road”, so to
speak.
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 21
1,157,124$ 208,981$ -$ -$ -$ -$
#Application Title Scope of Work General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
General
Funds
Class C
(gas tax)
Impact
Fees
1/4 ¢
Transportation
FOF
Streets
FOF
Transit
AVAILABLE FUNDING
Mayoral Funding Recommendations COUNCIL Funding Decisions
73 Sunnyside 9Line
Trail Missing Piece
Requested $350,000 from General Fund; Transportation Project
Just before the construction of the Sunnyside Trail between approximately 1400 East and Foothill Drive in 2016-
2017 (part of the soon-to-be-completed 9-Line Trail), the City determined that it was unable to acquire the
property necessary to complete the trail in front of the 1805-1851 East Sunnyside Avenue property owned by the
Church of Jesus Christ of Latter-day Saints.
There is now a roughly 600’ (or one-block) long missing piece of the trail where only a narrow, four-foot wide
sidewalk exists. CIP funding would construct a new section of the 10-12' concrete trail and fill this gap, connecting
to and replicating the look, feel, and impact of the existing segments of the trail to the east (University of Utah
property) and the west (City property).
The City estimates that $350,000 (in 2022 dollars) will be needed to reassess site conditions and constraints,
complete the design (currently at 40%), fund Engineering Division oversight, partially fund property acquisition or
easement, and construct this critical, missing piece of a citywide asset.
Included in the trail construction costs are additional adjustments to slopes, irrigation, fencing, trees and
landscaping, driveways, wet utility inlets and cleanouts, the central walkway leading to the front door of the
chapel, power pole guy wires, and signs that are necessary to ensure appropriate drainage, ADA compliance, and
trail user comfort.
74
Multimodal
Intersections &
Signals
Requested $945,000 from General Fund and $105,000 from transportation impact fees; Transportation Project
• Upgrade five aging traffic signals
• Combine with safety and operational improvements for all modes
• Possible transit-focused signal improvements on key Frequent Transit Network corridors
This project will remove the existing traffic signal equipment that has reached the end of its useful life, including
steel poles, span wire, signal heads, and traffic signal loops and will upgrade the intersections with mast arm poles,
new signal heads, pedestrian signal heads with countdown timers, improved detection, and left turn phasing, as
needed.
Fluctuations in construction pricing are particularly relevant to this project, with steel tariffs, labor costs, and
overall construction costs all affecting price.
75
600 North Corridor
Transformation
$4 MILLION IN
MAYOR'S
PROPOSED BOND
During the FY22 annual budget, the Council approved adding $1,879,654 into CIP for the upcoming 600 North
Corridor Transformation Complete Streets project. Two years in a row the frequent bus routes contract with UTA
was less than budgeted and the Council placed the excess funds into the Funding Our Future transit holding
account. The full amount from the holding account was appropriated for this project.
The Mayor’s Series 2021A and 2021B bond proposal (Attachment 4) includes $4 million for the 600 North
complete street transformation project. The description states the total project cost is $8.7 million but with recent
construction inflation costs may already be higher. It also mentions a phase 1 is already funded. In recent years the
Council funding safety improvements at the 600 North and 800 West intersection and funding for a safety study of
the 600 North corridor.
$1,879,654
$5,705,720 $2,046,329 $7,305,970 $4,900,000 $2,300,000 $0 $5,705,720 $2,046,329 $7,291,970 $4,900,000 $2,300,000 $1,879,654
Note: text in blue is information added by Council staff
Totals by Funding Source:
FY2022 CIP Funding Log
Last Updated July 8, 2021 Page 22
MARY BETH THOMPSON
Chief Financial Officer
ERIN MENDENHALL
Mayor
DEPARTMENT OF FINANCE
451 SOUTH STATE STREET, ROOM 245
SALT LAKE CITY, UTAH 84114
TEL 801-535-6403
CITY COUNCIL TRANSMITTAL
_________________________ Date Received: __________________
Rachel Otto, Chief of Staff Date sent to Council: ______________
TO: Salt Lake City Council DATE: May 20, 2021
Amy Fowler, Chair
FROM: Mary Beth Thompson, Chief Financial Officer ________________________________
SUBJECT: Salt Lake City Sales and Excise Tax Revenue Bonds, Series 2021A and 2021B
STAFF CONTACT: Marina Scott, City Treasurer
801-535-6565
DOCUMENT TYPE: Briefing
RECOMMENDATION: 1) That the City Council hold a discussion on June 15, 2021 in anticipation of
adopting a Bond Resolution for the aforementioned bond issue; 2) That the City Council consider
adopting a Bond Resolution on July 13, 2021 approving the issuance and sale of up to $58,000,000
principal amount of Sales and Excise Tax Revenue Bonds, Series 2021A and 2021B (the “Bonds”), and
give authority to certain officers to approve the final terms and provisions of and confirm the sale of
the Bonds within certain parameters set forth in the attached Bond Resolution.
BUDGET IMPACT:
Tax- Exempt Sales Tax and Excise Tax Revenue Bond, Series 2021A – $22,490,000:
Proceeds from the Bonds will be used to finance the cost of the various capital improvement
projects. The list of the capital improvement projects to be financed by this bond issue is attached.
The City’s Bond Counsel has reviewed the attached list of projects and provided their
recommendations to the tax status of the bonds. The list is color-coded to reflect their responses.
Responses highlighted in green are for projects that are eligible for tax-exempt financing.
Responses highlighted in yellow are for projects that are eligible for tax-exempt financing but have
potential private business use.
rachel otto (May 21, 2021 13:58 MDT)
05/21/2021
05/21/2021
Salt Lake City Sales and Excise Tax Revenue Bonds, Series 2021A and 2021B
Transmittal to City Council
May 11, 2021
Page 2 of 2
Responses highlighted in red are projects that either have or are likely to have private business use.
The Administration proposes to issue tax-exempt bonds for the projects highlighted in green for the
total of $22,490,000.
Based on preliminary estimates and the current interest rate environment, annual debt service costs
would average $1,307,595 per year for 21 years. Attached are preliminary numbers including
estimated sources and uses of funds as well as debt amortization schedules.
Taxable Sales Tax and Excise Tax Revenue Bond, Series 2021B - $34,600,000:
The Administration proposes to issue taxable bonds for the projects highlighted in yellow and red for
the total of $34,600,000.
Based on preliminary estimates and the current interest rate environment, annual debt service costs
would average $2,111,765 per year for 21 years. Attached are preliminary numbers including
estimated sources and uses of funds as well as debt amortization schedules.
BACKGROUND/DISCUSSION:
The table below summarizes the proposed bond issue:
NEW MONEY
New Money Project List $57,090,000
Tax-Exempt (green highlight) $22,490,000
Taxable (red & yellow
highlights) $34,600,000
The current plan calls for the Bonds to be sold on August 25, 2021.
An estimated debt service, a draft copy of the authorizing resolution of the City are included for your
review. Please keep in mind that these are preliminary drafts and are subject to change.
The Certificate of Determination will need to be signed by the Mayor and Council Chair or their
respective designees on the afternoon of the date of pricing and sale of the bonds, which is currently
scheduled for August 25, 2021.
Attachments
cc: Mary Beth Thompson, Boyd Ferguson, Steven Bagley, Lisa Shaffer, Mathew Cassel, Lorna Vogt,
Cory Rushton, Blake Thomas.
Department Project Dollar Amount Description
Facilities CCB Transformer 2,500,000$ CCB Transformer Need square footage of all buildings served by the transformer. May have
private business use of the portion serving the Leonardo. Depending on private
payments and other private business use, consider financing portion relating to
Leonardo on a taxable basis.
CAN Warm Springs historic
structure stabilization
3,000,000$ Full roof, flashing, drain replacement. Chimney stabilization. Lateral force tier 3 seismic
upgrade. Stucco and window treatment.
Since the City is treating the direct and indirect costs of the improvements as a
capital expenditure, entire project is eligible for tax-exempt financing.
PL Urban Wood Reutilization
Equipment and Storage
Additions
1,700,000$ Storage Building, Equipment Awning, Fencing, Lighting, Utilities to develop a fully
functional Urban Wood Reutilization facility $1,700,000. Horizontal Grinder: Primary
piece of equipment, will produce landscape mulch and EWF playground surface
$1,100,000. Wood Mill: Mill will produce lumber products from urban trees $200,000.
Base on project as described, including usage of wood, entire project is eligible
for tax-exempt financing. Wood sales, if any, should be to general public.
PL Public Lands Multilingual
Wayfinding Signage
1,200,000$ This proposal is for Wayfinding signage throughout the City for the Parks, trails and
natural lands system.
Eligible for tax-exempt financing.
PL Jordan River Paddle Share
improvements at Exchange
Club Marina 1700 S 7 JR
440,000$
Bond-funded infrastructure includes paddle share lockers (2 locations) with functional life
of 20+ years, reconstruction of Paddle Share/River Access parking with improved
entryway, signage & crosswalk/RRFB pedestrian crossing to existing restroom at 17th
South River Park. Funding for additional paddle-share stations that would compliment
this project is currently being requested from other sources (grants).
Eligible for tax-exempt financing.
CAN Fisher Mansion
improvements and
1,500,000$
Concrete, masonry and seismic, thermal and moisture protection.
Since the City is treating the direct and indirect costs of the improvements as a
capital expenditure, entire project is eligible for tax-exempt financing.
PL Allen Park Activation Historic
Structures
1,300,000$ Adaptive re-use/restoration of historic residences in Allen Park to allow them to serve as
artist studio spaces similar to Balboa Park Spanish Village model, with more frequent
rotation of artists & art residencies. Improvements to Allen Park site to accommodate
frequent gallery strolls, art & music festivals, etc. Will it include power source to allow
food trucks, events, etc.? Will full utility upgrades be needed as the structures are now on
septic systems.
Based on currently described project and the City's intention to treat the direct
and indirect costs of the improvements as capital expenditures, the project is
eligible for tax-exempt financing; however, there could be private business use
and payments. The City will need to actively monitor to ensure compliance with
short term exceptions and potentially management contracts (see prior email
and memo).
Trans 600 North Complete Street
Transformation
4,000,000$ A low-cost phase 1 is already funded. Our latest cost estimate shows that we only need
$8.7M, but construction prices keep going up, so that doesn't give much wiggle room. Any
construction that impacts PU? Yes. We have been and will continue to coordinate with
them.
Eligible for tax-exempt financing.
PL West Side Neighborhood
Parks
3,400,000$ Early stages of planning. Should be able to finance with tax-exempt financing;
however, repairs could count against 5% working capital limit and there could be
private business use. The City will likely need to actively monitor to ensure
compliance with short term exceptions.
CAN Fisher Mansion restoration 7,500,000$
The full restoration would allow for end uses including community gathering space, venue
for music/art & special events, and potentially a commercial kitchen for food & beverage
service and/or leasable office space.
Leasable office space would create private business use and private payments.
Consider financing office space portion with taxable financing. Other portions of
the project could be financed on a tax-exempt basis since the City will treat the
direct and indirect costs of the improvements as capital expenditures. The City
would need to monitored to ensure compliance with short term exceptions.
PL Cemetery Road Repairs 1,000,000$ Eligible for tax-exempt financing.
PL Foothills Trails System, Phase
II, III, Trailheads & Signage
5,250,000$ See Foothills Trails System Plan for Trails Plan Phase II Scope. Major trailhead project
locations = Victory Road: 670 North Victory Road, Popperton Park: 1375 East Popperton
Park Way, Bonneville Blvd: 675 North Bonneville Boulevard, I Street: 925 Hilltop Road
Emigration: 2755 East Sunnyside. Bathrooms included at Bonneville Blvd, Popperton Park
and Victory Road. No Bathrooms included at Emigration or I Street. Phase III Trails
probably not feasible for construction within 3-year window so are excluded from this
budget and planned for future phase, and very possibly funded through external sources
including grants and private donations.
Eligible for tax-exempt financing.
Ballpark 3,000,000$ 1M-Security & Fencing 1M-Stadium Seating/Stairs Railings 1M Interiors Restrooms &
Elevator Still under evaluation and need additional information, but private business use
is probable as are private payments. Depending on determinations made with
other projects may want to consider taxable financing to provide flexibility.
Quiet Zones 6,100,000$ Eligible for tax-exempt financing.
PL Pioneer Park 5,200,000$ Pioneer Park has impact fee funding to develop new components in the park. This funding
would be utilized to rebuild comfort stations (restrooms), take out existing and build new
playground, tennis/pickleball reconstruction and to rebuild the event power for farmers
market and larger scale events. PL has a consultant preparing to start public engagement
in summer of 2021. This project can easily fit in the 3 year time line.
Based on currently described project and the City's intention to treat the direct
and indirect costs of the improvements as capital expenditures, the project is
eligible for tax-exempt financing; however, there could be private business use
and payments. The City will need to actively monitor to ensure compliance with
short term exceptions and any management contract for the concession stand
would need to be reviewed for compliance. May want to consider taxable
financing for the concession stand portion to provide flexibility.
PL Glendale Water Park 10,000,000$ The community's initial requests include a water feature (splash pad, indoor/outdoor pool
etc.) as well as options for open space use including increasing tree canopy, create natural
buffer zones for the river, community open spaces using the site's hills for viewing sheds
and outdoor classrooms. nostalgia-related public art installations to reflect the site’s
original water park use, a food truck court with eating areas, water sports rentals (in
coordination with the Jordan River), and a variety of meeting and seating areas around
the park. The community also has suggested nostalgia-related public art installations to
reflect the sites original water park use, foot truck court, water sports rentals and meeting
/ seating areas around the park, sports courts, recreation fields, perimeter
walking/running trails and an ADA-accessible playground. Lastly the community sees a
connected regional park, similar in scope to Liberty Park or Sugarhouse, connecting the
existing Glendale Park, 1700 South Park, Glendale Golf Course and the former Raging
waters site.
Early stages of planning. Should be able to finance with tax-exempt financing;
however, there could be private business use. The City needs to actively monitor
to ensure compliance with short term exceptions and management contract
guidelines, if applicable.
Total 57,090,000$
Preliminary; subject to change.
SALT LAKE CITY, UTAH
$53,640,000 SALES AND EXCISE TAX REVENUE BONDS SERIES 2021 A&B
(September 16, 2021 )
($57.09M Projects)
Total Issue Sources And Uses
Dated 09/16/2021 | Delivered 09/16/2021
2021A TAX-
EXEMPT
2021B
TAXABLE
Issue
Summary
Sources Of Funds
Par Amount of Bonds $18,840,000.00 $34,800,000.00 $53,640,000.00
Reoffering Premium 3,759,835.65 -3,759,835.65
Total Sources $22,599,835.65 $34,800,000.00 $57,399,835.65
Uses Of Funds
Total Underwriter's Discount (0.275%)51,810.00 95,700.00 147,510.00
Costs of Issuance 56,520.00 104,400.00 160,920.00
Deposit to Project Construction Fund 22,490,000.00 34,600,000.00 57,090,000.00
Rounding Amount 1,505.65 (100.00)1,405.65
Total Uses $22,599,835.65 $34,800,000.00 $57,399,835.65
2021AB Comb New Money | Issue Summary | 5/20/2021 | 10:12 AM
Stifel
Prepared by Stifel, Nicolaus & Company, Inc. (EJR)Page 1
Preliminary; subject to change.
SALT LAKE CITY, UTAH
$53,640,000 SALES AND EXCISE TAX REVENUE BONDS SERIES 2021 A&B
(September 16, 2021 )
($57.09M Projects)
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
09/16/2021 -----
04/01/2022 --803,666.50 803,666.50 -
06/30/2022 ----803,666.50
10/01/2022 2,080,000.00 1.593%741,846.00 2,821,846.00 -
04/01/2023 --725,277.50 725,277.50 -
06/30/2023 ----3,547,123.50
10/01/2023 2,115,000.00 1.674%725,277.50 2,840,277.50 -
04/01/2024 --707,577.50 707,577.50 -
06/30/2024 ----3,547,855.00
10/01/2024 2,155,000.00 1.899%707,577.50 2,862,577.50 -
04/01/2025 --687,113.50 687,113.50 -
06/30/2025 ----3,549,691.00
10/01/2025 2,200,000.00 2.202%687,113.50 2,887,113.50 -
04/01/2026 --662,893.50 662,893.50 -
06/30/2026 ----3,550,007.00
10/01/2026 2,250,000.00 2.408%662,893.50 2,912,893.50 -
04/01/2027 --635,808.50 635,808.50 -
06/30/2027 ----3,548,702.00
10/01/2027 2,310,000.00 2.644%635,808.50 2,945,808.50 -
04/01/2028 --605,271.00 605,271.00 -
06/30/2028 ----3,551,079.50
10/01/2028 2,370,000.00 2.800%605,271.00 2,975,271.00 -
04/01/2029 --572,091.00 572,091.00 -
06/30/2029 ----3,547,362.00
10/01/2029 2,445,000.00 2.939%572,091.00 3,017,091.00 -
04/01/2030 --536,162.50 536,162.50 -
06/30/2030 ----3,553,253.50
10/01/2030 2,515,000.00 3.024%536,162.50 3,051,162.50 -
04/01/2031 --498,133.50 498,133.50 -
06/30/2031 ----3,549,296.00
10/01/2031 2,590,000.00 2.752%498,133.50 3,088,133.50 -
04/01/2032 --462,497.25 462,497.25 -
06/30/2032 ----3,550,630.75
10/01/2032 2,665,000.00 2.826%462,497.25 3,127,497.25 -
04/01/2033 --424,843.75 424,843.75 -
06/30/2033 ----3,552,341.00
10/01/2033 2,740,000.00 2.895%424,843.75 3,164,843.75 -
04/01/2034 --385,181.25 385,181.25 -
06/30/2034 ----3,550,025.00
10/01/2034 2,820,000.00 2.965%385,181.25 3,205,181.25 -
04/01/2035 --343,369.75 343,369.75 -
06/30/2035 ----3,548,551.00
10/01/2035 2,910,000.00 3.035%343,369.75 3,253,369.75 -
04/01/2036 --299,207.50 299,207.50 -
06/30/2036 ----3,552,577.25
10/01/2036 3,000,000.00 3.104%299,207.50 3,299,207.50 -
04/01/2037 --252,649.50 252,649.50 -
06/30/2037 ----3,551,857.00
10/01/2037 3,095,000.00 3.171%252,649.50 3,347,649.50 -
04/01/2038 --203,584.00 203,584.00 -
06/30/2038 ----3,551,233.50
10/01/2038 3,195,000.00 3.236%203,584.00 3,398,584.00 -
04/01/2039 --151,891.75 151,891.75 -
06/30/2039 ----3,550,475.75
10/01/2039 3,295,000.00 2.920%151,891.75 3,446,891.75 -
04/01/2040 --103,792.75 103,792.75 -
06/30/2040 ----3,550,684.50
10/01/2040 3,395,000.00 2.981%103,792.75 3,498,792.75 -
04/01/2041 --53,182.75 53,182.75 -
06/30/2041 ----3,551,975.50
10/01/2041 3,495,000.00 3.043%53,182.75 3,548,182.75 -
06/30/2042 ----3,548,182.75
Total $53,640,000.00 -$18,166,570.00 $71,806,570.00 -
Yield Statistics
Bond Year Dollars $615,750.00
Average Life 11.479 Years
Average Coupon 2.9503159%
Net Interest Cost (NIC)2.3636613%
True Interest Cost (TIC)2.2524970%
Bond Yield for Arbitrage Purposes 2.1028374%
All Inclusive Cost (AIC)2.2817455%
IRS Form 8038
Net Interest Cost 2.1873941%
Weighted Average Maturity 11.474 Years
2021AB Comb New Money | Issue Summary | 5/20/2021 | 10:12 AM
Stifel
Prepared by Stifel, Nicolaus & Company, Inc. (EJR)Page 2
Preliminary; subject to change.
SALT LAKE CITY, UTAH
$18,840,000 SALES AND EXCISE TAX REVENUE BONDS
SERIES 2021A (September 16, 2021 )
($22.49M New Money, 20-Years Level)
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
09/16/2021 -----
04/01/2022 --422,391.67 422,391.67 -
06/30/2022 ----422,391.67
10/01/2022 585,000.00 5.000%389,900.00 974,900.00 -
04/01/2023 --375,275.00 375,275.00 -
06/30/2023 ----1,350,175.00
10/01/2023 615,000.00 5.000%375,275.00 990,275.00 -
04/01/2024 --359,900.00 359,900.00 -
06/30/2024 ----1,350,175.00
10/01/2024 650,000.00 5.000%359,900.00 1,009,900.00 -
04/01/2025 --343,650.00 343,650.00 -
06/30/2025 ----1,353,550.00
10/01/2025 680,000.00 5.000%343,650.00 1,023,650.00 -
04/01/2026 --326,650.00 326,650.00 -
06/30/2026 ----1,350,300.00
10/01/2026 715,000.00 5.000%326,650.00 1,041,650.00 -
04/01/2027 --308,775.00 308,775.00 -
06/30/2027 ----1,350,425.00
10/01/2027 755,000.00 5.000%308,775.00 1,063,775.00 -
04/01/2028 --289,900.00 289,900.00 -
06/30/2028 ----1,353,675.00
10/01/2028 790,000.00 5.000%289,900.00 1,079,900.00 -
04/01/2029 --270,150.00 270,150.00 -
06/30/2029 ----1,350,050.00
10/01/2029 835,000.00 5.000%270,150.00 1,105,150.00 -
04/01/2030 --249,275.00 249,275.00 -
06/30/2030 ----1,354,425.00
10/01/2030 875,000.00 5.000%249,275.00 1,124,275.00 -
04/01/2031 --227,400.00 227,400.00 -
06/30/2031 ----1,351,675.00
10/01/2031 915,000.00 4.000%227,400.00 1,142,400.00 -
04/01/2032 --209,100.00 209,100.00 -
06/30/2032 ----1,351,500.00
10/01/2032 955,000.00 4.000%209,100.00 1,164,100.00 -
04/01/2033 --190,000.00 190,000.00 -
06/30/2033 ----1,354,100.00
10/01/2033 990,000.00 4.000%190,000.00 1,180,000.00 -
04/01/2034 --170,200.00 170,200.00 -
06/30/2034 ----1,350,200.00
10/01/2034 1,030,000.00 4.000%170,200.00 1,200,200.00 -
04/01/2035 --149,600.00 149,600.00 -
06/30/2035 ----1,349,800.00
10/01/2035 1,075,000.00 4.000%149,600.00 1,224,600.00 -
04/01/2036 --128,100.00 128,100.00 -
06/30/2036 ----1,352,700.00
10/01/2036 1,120,000.00 4.000%128,100.00 1,248,100.00 -
04/01/2037 --105,700.00 105,700.00 -
06/30/2037 ----1,353,800.00
10/01/2037 1,165,000.00 4.000%105,700.00 1,270,700.00 -
04/01/2038 --82,400.00 82,400.00 -
06/30/2038 ----1,353,100.00
10/01/2038 1,210,000.00 4.000%82,400.00 1,292,400.00 -
04/01/2039 --58,200.00 58,200.00 -
06/30/2039 ----1,350,600.00
10/01/2039 1,255,000.00 3.000%58,200.00 1,313,200.00 -
04/01/2040 --39,375.00 39,375.00 -
06/30/2040 ----1,352,575.00
10/01/2040 1,295,000.00 3.000%39,375.00 1,334,375.00 -
04/01/2041 --19,950.00 19,950.00 -
06/30/2041 ----1,354,325.00
10/01/2041 1,330,000.00 3.000%19,950.00 1,349,950.00 -
06/30/2042 ----1,349,950.00
Total $18,840,000.00 -$8,619,491.67 $27,459,491.67 -
Yield Statistics
Bond Year Dollars $225,240.00
Average Life 11.955 Years
Average Coupon 3.8268033%
Net Interest Cost (NIC)2.1805479%
True Interest Cost (TIC)1.9544659%
Bond Yield for Arbitrage Purposes 1.4430546%
All Inclusive Cost (AIC)1.9803279%
IRS Form 8038
Net Interest Cost 1.8125237%
Weighted Average Maturity 11.864 Years
2021AB Comb New Money | 2021A TAX-EXEMPT | 5/20/2021 | 10:12 AM
Stifel
Prepared by Stifel, Nicolaus & Company, Inc. (EJR)Page 4
Preliminary; subject to change.
SALT LAKE CITY, UTAH
$34,800,000 TAXABLE SALES AND EXCISE TAX REVENUE BONDS SERIES
2021B (September 16, 2021 )
($34.6M New Money, 20-Years Level)
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
09/16/2021 -----
04/01/2022 --381,274.83 381,274.83 -
06/30/2022 ----381,274.83
10/01/2022 1,495,000.00 0.260%351,946.00 1,846,946.00 -
04/01/2023 --350,002.50 350,002.50 -
06/30/2023 ----2,196,948.50
10/01/2023 1,500,000.00 0.310%350,002.50 1,850,002.50 -
04/01/2024 --347,677.50 347,677.50 -
06/30/2024 ----2,197,680.00
10/01/2024 1,505,000.00 0.560%347,677.50 1,852,677.50 -
04/01/2025 --343,463.50 343,463.50 -
06/30/2025 ----2,196,141.00
10/01/2025 1,520,000.00 0.950%343,463.50 1,863,463.50 -
04/01/2026 --336,243.50 336,243.50 -
06/30/2026 ----2,199,707.00
10/01/2026 1,535,000.00 1.200%336,243.50 1,871,243.50 -
04/01/2027 --327,033.50 327,033.50 -
06/30/2027 ----2,198,277.00
10/01/2027 1,555,000.00 1.500%327,033.50 1,882,033.50 -
04/01/2028 --315,371.00 315,371.00 -
06/30/2028 ----2,197,404.50
10/01/2028 1,580,000.00 1.700%315,371.00 1,895,371.00 -
04/01/2029 --301,941.00 301,941.00 -
06/30/2029 ----2,197,312.00
10/01/2029 1,610,000.00 1.870%301,941.00 1,911,941.00 -
04/01/2030 --286,887.50 286,887.50 -
06/30/2030 ----2,198,828.50
10/01/2030 1,640,000.00 1.970%286,887.50 1,926,887.50 -
04/01/2031 --270,733.50 270,733.50 -
06/30/2031 ----2,197,621.00
10/01/2031 1,675,000.00 2.070%270,733.50 1,945,733.50 -
04/01/2032 --253,397.25 253,397.25 -
06/30/2032 ----2,199,130.75
10/01/2032 1,710,000.00 2.170%253,397.25 1,963,397.25 -
04/01/2033 --234,843.75 234,843.75 -
06/30/2033 ----2,198,241.00
10/01/2033 1,750,000.00 2.270%234,843.75 1,984,843.75 -
04/01/2034 --214,981.25 214,981.25 -
06/30/2034 ----2,199,825.00
10/01/2034 1,790,000.00 2.370%214,981.25 2,004,981.25 -
04/01/2035 --193,769.75 193,769.75 -
06/30/2035 ----2,198,751.00
10/01/2035 1,835,000.00 2.470%193,769.75 2,028,769.75 -
04/01/2036 --171,107.50 171,107.50 -
06/30/2036 ----2,199,877.25
10/01/2036 1,880,000.00 2.570%171,107.50 2,051,107.50 -
04/01/2037 --146,949.50 146,949.50 -
06/30/2037 ----2,198,057.00
10/01/2037 1,930,000.00 2.670%146,949.50 2,076,949.50 -
04/01/2038 --121,184.00 121,184.00 -
06/30/2038 ----2,198,133.50
10/01/2038 1,985,000.00 2.770%121,184.00 2,106,184.00 -
04/01/2039 --93,691.75 93,691.75 -
06/30/2039 ----2,199,875.75
10/01/2039 2,040,000.00 2.870%93,691.75 2,133,691.75 -
04/01/2040 --64,417.75 64,417.75 -
06/30/2040 ----2,198,109.50
10/01/2040 2,100,000.00 2.970%64,417.75 2,164,417.75 -
04/01/2041 --33,232.75 33,232.75 -
06/30/2041 ----2,197,650.50
10/01/2041 2,165,000.00 3.070%33,232.75 2,198,232.75 -
06/30/2042 ----2,198,232.75
Total $34,800,000.00 -$9,547,078.33 $44,347,078.33 -
Yield Statistics
Bond Year Dollars $390,510.00
Average Life 11.222 Years
Average Coupon 2.4447718%
Net Interest Cost (NIC)2.4692782%
True Interest Cost (TIC)2.4424344%
Bond Yield for Arbitrage Purposes 2.4136979%
All Inclusive Cost (AIC)2.4739105%
IRS Form 8038
Net Interest Cost 2.4447718%
Weighted Average Maturity 11.222 Years
2021AB Comb New Money | 2021B TAXABLE | 5/20/2021 | 10:12 AM
Stifel
Prepared by Stifel, Nicolaus & Company, Inc. (EJR)Page 7
Draft of
5/20/21
Delegating Bond Resolution (new money multiple projects) v3
8709966/RDB/mo
RESOLUTION NO. __ OF 2021
A Resolution authorizing the issuance and the sale of not to exceed
$58,000,000 aggregate principal amount of Sales and Excise Tax
Revenue Bonds, in one or more series, on a taxable or tax-exempt
basis, for the purpose of financing various City capital improvement
projects; authorizing the execution and delivery of one or more
supplemental trust indentures to secure said bonds; giving authority to
certain officials and officers to approve the final terms and provisions
of the bonds within the parameters set forth herein; authorizing the
taking of all other actions necessary for the consummation of the
transactions contemplated by this resolution; and related matters.
*** *** ***
WHEREAS, Salt Lake City, Utah (the “City”), is a duly organized and existing city of the
first class, operating under the general laws of the State of Utah (the “State”);
WHEREAS, the City considers it necessary and desirable and for the benefit of the City to
issue its sales and excise tax revenue bonds, in one or more series, on a taxable or tax-exempt
basis, as hereinafter provided for the purpose of (a) financing all or a portion of the cost of (i)
acquiring, constructing and improving [various City parks, trails, historic structures, roads, streets,
intersections and electrical facilities], as further described in the below defined Supplemental
Indenture, and (ii) acquiring, constructing, improving and remodeling various other capital
improvement program projects (collectively, the “Series 2021 Project”); (b) funding any
necessary reserves and contingencies in connection with the Series 2021 Bonds (defined below)
and (c) paying all related costs authorized by law pursuant to authority contained in the the Local
Government Bonding Act, Chapter 14 of Title 11 (the “Act”), Utah Code Annotated 1953, as
amended (the “Utah Code”), and other applicable provisions of law;
WHEREAS, for the purposes set forth above, the City has determined (a) to issue its Sales
and Excise Tax Revenue Bonds, in one or more series, in an aggregate principal amount not to
exceed $58,000,000 (the “Series 2021 Bonds”) (subject to the further limitations outlined herein)
pursuant to the Master Trust Indenture, dated as of September 1, 2004, as amended and
supplemented to the date hereof (the “Master Indenture”), a copy of which is attached here as
Exhibit A and one or more Supplemental Trust Indentures (the “Supplemental Indenture”),
between the City and Zions Bancorporation, National Association, as trustee (the “Trustee”) (the
Master Indenture and the Supplemental Indenture are sometimes collectively referred to
hereinafter as the “Indenture”), and (b) to cause the proceeds of the sale of the Series 2021 Bonds
to be applied in accordance with the Indenture;
WHEREAS, the City is authorized by the Act to finance the Series 2021 Project, to enter into
the Supplemental Indenture, and to issue the Series 2021 Bonds to finance all or a portion of the
costs of financing the Series 2021 Project, to fund any necessary reserves, and to pay all related
costs authorized by law;
- 2 - Delegating Bond Resolution (new money multiple projects)
WHEREAS, Section 11-14-316 of the Utah Code provides for the publication of a Notice of
Bonds to be Issued (the “Notice of Bonds”) and the running of a 30-day contest period, and the
City desires to cause the publication of such Notice of Bonds at this time in compliance with said
section with respect to the Series 2021 Bonds;
WHEREAS, Section 11-14-318 of the Utah Code requires that a public hearing be held to
receive input from the public with respect to the issuance of the Series 2021 Bonds and the
potential economic impact that the Series 2021 Project will have on the private sector and that
notice of such public hearing be given as provided by law and, in satisfaction of such requirement,
the City desires to publish a Notice of Public Hearing and Intent to Issue Sales and Excise Tax
Revenue Bonds (the “Notice of Public Hearing”) pursuant to such Section;
WHEREAS, Section 11-14-307(7) of the Utah Code requires the City to submit the question
of whether or not to issue the Series 2021 Bonds to voters for their approval or rejection if, within
30 calendar days after the publication of the Notice of Public Hearing, a written petition requesting
an election and signed by at least 20% of the registered voters in the City is filed with the City;
and
WHEREAS, in the opinion of the City, it is in the best interests of the City that (a) the
Designated Officers (defined below) be authorized to approve the final terms and provisions
relating to the Series 2021 Bonds and to execute the Certificate of Determination (defined below)
containing such terms and provisions and to accept the offer of the underwriter for the Series 2021
Bonds (the “Underwriter”) for the purchase of the Series 2021 Bonds; and (b) the Mayor, the
Deputy Mayor or the Mayor’s designee (the “Mayor”), be authorized to execute the Official
Statement with respect to the Series 2021 Bonds, all as provided herein;
NOW, THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah, as follows:
Section 1. Issuance of Bonds. (a) For the purposes set forth above, there is hereby
authorized and directed the execution, issuance, sale and delivery of the Series 2021 Bonds in one
or more series (with such adjustments to the series designation as are necessary), on a taxable or
tax-exempt basis, in the aggregate principal amount not to exceed $58,000,000. The Series 2021
Bonds shall be dated as of the date of the initial delivery thereof. The Series 2021 Bonds shall be
in authorized denominations, shall be payable, and shall be executed and delivered all as provided
in the Indenture. The Series 2021 Bonds shall be subject to redemption prior to maturity as
provided in the Indenture.
(b) The form of the Series 2021 Bonds set forth in the form Supplemental Indenture,
subject to appropriate insertions and revisions in order to comply with the provisions of the
Indenture, is hereby approved.
(c) The Series 2021 Bonds shall be special obligations of the City, payable from and
secured by a pledge and assignment of the Revenues (as defined in the Indenture) received by the
City and of certain other moneys held under the Indenture on a parity with any other Bonds (as
defined in the Indenture) issued from time to time under the Master Indenture, including but not
limited to the City’s (i) Sales Tax Revenue Bonds, Series 2012A, (ii) Sales Tax Revenue Bonds,
- 3 - Delegating Bond Resolution (new money multiple projects)
Series 2013B, (iii) Federally Taxable Sales and Excise Tax Revenue Refunding Bonds, Series
2014A, (iv) Sales and Excise Tax Revenue Bonds, Series 2014B, (v) Sales and Excise Tax
Revenue Refunding Bonds, Series 2016A, (vi) Sales and Excise Tax Revenue Refunding Bonds,
Series 2019A and (vii) Federally Taxable Sales and Excise Tax Revenue Refunding Bonds, Series
2019B. The Series 2021 Bonds shall not be obligations of the State or any other political
subdivision thereof, other than the City, and neither the faith and credit nor the ad valorem taxing
or appropriation power of the State or any political subdivision thereof, including the City, is
pledged to the payment of the Series 2021 Bonds. The Series 2021 Bonds shall not constitute
general obligations of the City or any other entity or body, municipal, state or otherwise.
Section 2. Series 2021 Bond Details; Delegation of Authority. (a) The Series 2021
Bonds shall mature on October 1 (or such other dates as specified in the Certificate of
Determination) of the years and in the principal amounts, and shall bear interest (calculated on the
basis of a year of 360 days consisting of twelve 30-day months) from the Closing Date, payable
semiannually on April 1 and October 1 (or such other dates as specified in the Certificate of
Determination) of each year, and at the rates per annum and commencing on the dates, all as
provided in that certain Certificate of Determination, a form of which is attached hereto as Exhibit
C, of the Designated Officers (defined below) delivered pursuant to this Section 2, setting forth
certain terms and provisions of the Series 2021 Bonds (the “Certificate of Determination”).
(b) There is hereby delegated to the Designated Officers, subject to the limitations
contained in this resolution, the power to determine and effectuate the following with respect to
the Series 2021 Bonds and the Designated Officers are hereby authorized to make such
determinations and effectuations:
(i) the principal amount of each series of the Series 2021 Bonds necessary to
accomplish the purpose of the Series 2021 Bonds set forth in the recitals hereto and the
aggregate principal amount of each series of the Series 2021 Bonds to be executed and
delivered pursuant to the Indenture; provided that the aggregate principal amount of the
Series 2021 Bonds shall not exceed Fifty-eight Million Dollars ($58,000,000);
(ii) the maturity date or dates and principal amount of each maturity of the
Series 2021 Bonds to be issued; provided, however, that the Series 2021 Bonds mature
over a period of not to exceed twenty-two (22) years from their date or dates;
(iii) the interest rate or rates, which may be taxable or tax-exempt rates, of the
Series 2021 Bonds and the date on which payment of such interest commences, provided,
however, that the interest rate or rates to be borne by any Series 2021 Bond shall not exceed
__________ percent (____%) per annum;
(iv) the sale of the Series 2021 Bonds and the purchase price to be paid by the
Underwriter of such Series 2021 Bonds; provided, however, that the discount from par of
each series of the Series 2021 Bonds shall not exceed two percent (2.00%) (expressed as a
percentage of the principal amount);
- 4 - Delegating Bond Resolution (new money multiple projects)
(v) the Series 2021 Bonds, if any, to be retired from mandatory sinking fund
redemption payments and the dates and the amounts thereof;
(vi) the time and redemption price, if any, at which the Series 2021 Bonds may
be called for redemption prior to their maturity at the option of the City; provided, however,
the first optional redemption date shall not be later than ten and a half years from the date
of delivery of the Series 2021 Bonds;
(vii) the amount of reserves necessary to be maintained in connection with each
series of the Series 2021 Bonds, if any;
(viii) the use and deposit of the proceeds of the Series 2021 Bonds; and
(ix) any other provisions deemed advisable by the Designated Officers not
materially in conflict with the provisions of this resolution.
For purposes of this resolution and the Series 2021 Bonds, “Designated Officers” means
(a) the (i) Mayor of the City; or (ii) in the event of the absence or incapacity of the Mayor, the
Mayor’s Chief of Staff; or (iii) in the event of the absence or incapacity of both the Mayor and the
Mayor’s Chief of Staff, the City Treasurer; or (iv) in the event of the absence or incapacity of the
Mayor, the Mayor’s Chief of Staff and the City Treasurer, the Deputy Treasurer of the City and
(b) (i) the Chair of the City Council; or (ii) in the event of the absence or incapacity of the Chair
of the City Council, the Vice Chair of the City Council; or (iii) in the event of the absence or
incapacity of both the Chair and Vice Chair of the City Council, any other member of the City
Council.
Following the sale of the Series 2021 Bonds, the Designated Officers shall obtain such
information as they deem necessary to make such determinations as provided above and shall make
such determinations as provided above and shall execute the Certificate of Determination
containing such terms and provisions of such series of the Series 2021 Bonds, which execution
shall be conclusive evidence of the action or determination of the Designated Officers as to the
matters stated therein. The provisions of the Certificate of Determination shall be deemed to be
incorporated into this Section 2.
Section 3. Approval and Execution of the Supplemental Indenture. One or more
Supplemental Indentures, in substantially the form of the Thirteenth Supplemental Trust Indenture
attached hereto as Exhibit B, is hereby authorized and approved, and the Mayor is hereby
authorized, empowered and directed to execute and deliver each Supplemental Indenture on behalf
of the City, and the City Recorder or any Deputy City Recorder is hereby authorized, empowered
and directed to affix to each Supplemental Indenture the seal of the City and to attest such seal and
countersign each such Supplemental Indenture, with such changes to each Supplemental Indenture
from the form attached hereto as are approved by the Mayor, her execution thereof to constitute
conclusive evidence of such approval. The provisions of each Supplemental Indenture, as
executed and delivered, are hereby incorporated in and made a part of this resolution. The Master
Indenture and the Supplemental Indenture shall constitute a “system of registration” for all
purposes of the Registered Public Obligations Act of Utah.
- 5 - Delegating Bond Resolution (new money multiple projects)
Section 4. Final Official Statement. A final Official Statement of the City in
substantially the form of the Preliminary Official Statement presented at this meeting and in the
form attached hereto as Exhibit D, is hereby authorized with such changes, omissions, insertions
and revisions as the Mayor shall deem advisable, including the completion thereof with the
information established at the time of the sale of any Series 2021 Bonds by the Designated Officers
and set forth in the Certificate of Determination. The Mayor shall sign and deliver a final Official
Statement for distribution to prospective purchasers of each series of the Series 2021 Bonds and
other interested persons. The approval of the Mayor of any such changes, omissions, insertions
and revisions shall be conclusively established by the Mayor’s execution of such final Official
Statement.
Section 5. Preliminary Official Statement to be Deemed Final. The use and distribution
of a Preliminary Official Statement, in substantially the form presented at this meeting and in the
form attached hereto as Exhibit D, is hereby authorized and approved, with such changes,
omissions, insertions and revisions as the Mayor and the City Treasurer, or the Deputy Treasurer
of the City (the “City Treasurer”), shall deem advisable. The Mayor and the City Treasurer 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 any Series 2021 Bonds and to deem final each Preliminary Official
Statement within the meaning and for purposes of paragraph (b)(1) of Rule 15c2-12 of the
Securities and Exchange Commission, subject to completion thereof with the information
established at the time of the sale of any Series 2021 Bonds.
Section 6. Other Certificates and Documents Required to Evidence Compliance with
Federal Tax and Securities Laws. Each of the Mayor, the City Recorder or any Deputy City
Recorder and the City Treasurer is hereby authorized and directed to execute (a) such certificates
and documents as are required to evidence compliance with the federal laws relating to the tax-
exempt status of interest on any Series 2021 Bonds and (b) a Continuing Disclosure Agreement,
in substantially the form attached hereto as Exhibit E, and such other certificates and documents
as shall be necessary to comply with the requirements of Rule 15c2-12 of the Securities and
Exchange Commission and other applicable federal securities laws.
Section 7. Other Actions With Respect to the Series 2021 Bonds. The officers and
employees of the City shall take all action necessary or reasonably required to carry out, give effect
to, and consummate the transactions contemplated hereby and shall take all action necessary in
conformity with the Act to carry out the issuance of the Series 2021 Bonds, including, without
limitation, the execution and delivery of any closing and other documents required to be delivered
in connection with the sale and delivery of the Series 2021 Bonds. If (a) the Mayor, (b) the City
Recorder or (c) the City Treasurer shall be unavailable or unable to execute or attest and
countersign, respectively, the Series 2021 Bonds or the other documents that they are hereby
authorized to execute, attest and countersign, the same may be executed, or attested and
countersigned, respectively, (i) by the Chief of Staff, (ii) by any Deputy City Recorder or (iii) by
the Deputy Treasurer of the City. Without limiting the generality of the foregoing, the officers
and employees of the City are authorized and directed to take such action as shall be necessary and
appropriate to issue the Series 2021 Bonds.
- 6 - Delegating Bond Resolution (new money multiple projects)
Section 8. Notice of Bonds to be Issued; Contest Period. In accordance with the
provisions of Section 11-14-316 of the Utah Code, the City Recorder or any Deputy City Recorder
shall cause the Notice of Bonds, in substantially the form attached hereto as Exhibit F, to be
published one time in The Salt Lake Tribune, a newspaper published and of general circulation
within the City.
For a period of thirty (30) days from and after publication of the Notice of Bonds, any
person in interest shall have the right to contest the legality of this resolution (including the
Supplemental Indenture attached hereto) or the Series 2021 Bonds hereby authorized or any
provisions made for the security and payment of the Series 2021 Bonds. After such time, no one
shall have any cause of action to contest the regularity, formality or legality of this resolution
(including the Supplemental Indenture) or the Series 2021 Bonds or any provisions made for the
security and payment of the Series 2021 Bonds for any cause.
Section 9. Public Hearing. In satisfaction of the requirements of Section 11-14-318 of
the Act, a public hearing shall be held by the Council on Tuesday, August 17, 2021, during the
Council meeting which begins at 7:00 p.m., which, as determined by the Council Chair, shall be
held either virtually, at the regular meeting place of the Council in the Council Chambers, Room
315 in the City and County Building, 451 South State Street, in Salt Lake City, Utah, or any
combination thereof, to receive input from the public with respect to the issuance by the City of
the Bonds and the potential economic impact that the Series 2021 Project will have on the private
sector.
Section 10. Publication of Notice of Public Hearing. The City Recorder or any Deputy
City Recorder (the “City Recorder”) shall publish or cause to be published the Notice of Public
Hearing on the Utah Public Notice Website, created under Section 63F-1-701 of the Utah Code,
no less than 14 days before the public hearing. The Notice of Public Hearing shall be in
substantially the form attached hereto as Exhibit H.
Section 11. Form of Petition. The form of the petition to be used by registered voters in
requesting that an election be called to authorize the Series 2021 Bonds shall be in substantially
the form attached hereto as Exhibit I.
Section 12. Issuance of Bonds After Thirty-Day Period. In accordance with the
provisions of Section 11-14-307(7) of the Act, if within thirty days after the publication of the
Notice of Public Hearing by posting on the Utah Public Notice Website, a petition or petitions, in
the form specified by Section 11 hereof, are filed with the City Recorder, signed by not less than
twenty percent (20%) of the registered voters of the City (as certified by the County Clerk of Salt
Lake County) requesting that an election be called to authorize the Series 2021 Bonds, then the
Council shall proceed to call and hold an election on the Series 2021 Bonds. If such election is
held and a majority of the registered voters of the City voting thereon approve the Series 2021
Bonds, then, in accordance with the provisions of the Act, the City shall thereupon be authorized
to issue the Series 2021 Bonds. If no petition is filed within the thirty-day period after the date of
the final publication of such notice, or if it is determined that the number of signatures on the
petitions filed within the thirty-day period after the date of the final publication of such notice is
less than the required number, the City shall proceed to issue the the Series 2021 Bonds.
- 7 - Delegating Bond Resolution (new money multiple projects)
Section 13. Sale of the Series 2021 Bonds; Purchase Contract. The Series 2021 Bonds
authorized to be issued herein are hereby authorized to be sold and delivered to the Underwriter,
upon the terms and conditions set forth in the Purchase Contract. The Mayor is hereby authorized,
empowered and directed to execute and deliver the Purchase Contract on behalf of the City in
substantially the form attached hereto as Exhibit G, with such changes therein from the form
attached hereto as are approved by the Mayor, her execution thereof to constitute conclusive
evidence of such approval. The City Recorder or any Deputy City Recorder is hereby authorized,
empowered and directed to affix to the Purchase Contract the seal of the City and to attest such
seal and countersign the Purchase Contract.
Section 14. City Recorder to Perform Certain Acts. The City Recorder is hereby directed
to maintain a copy of this Resolution (together with all exhibits hereto), a copy of the Master
Indenture and the form of the Supplemental Indenture on file in the City Recorder’s office (or the
City Recorder’s temporary office, as applicable) during regular business hours 1 for public
examination by registered voters of the City and other interested persons until at least thirty (30)
days from and after the date of publication of the Notice of Bonds and upon request to supply
copies of the form of petition specified in Section 11 hereof.
Section 15. Prior Acts Ratified, Approved and Confirmed. All acts of the officers and
employees of the City in connection with the issuance of the Series 2021 Bonds are hereby ratified,
approved and confirmed.
Section 16. Resolution Irrepealable. Following the execution and delivery of a
Supplemental Indenture, this resolution shall be and remain irrepealable until all of the Series 2021
Bonds and the interest thereon shall have been fully paid, cancelled, and discharged.
Section 17. Severability. If any section, paragraph, clause, or provision of this resolution
shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of
such section, paragraph, clause, or provision shall not affect any of the remaining provisions of
this resolution.
Section 18. Effective Date. This resolution shall be effective immediately upon its
approval and adoption.
(Signature page follows.)
1 Appointments are encouraged as the temporary office is not occupied during business hours due to the COVID-19
pandemic.
- 8 - Delegating Bond Resolution (new money multiple projects)
ADOPTED AND APPROVED by the City Council of Salt Lake City, Utah, this 13th day of July
2021.
SALT LAKE CITY, UTAH
_______________________________________
Chair
Salt Lake City Council
ATTEST:
____________________________________
City Recorder
[SEAL]
APPROVED:
By ____________________________________
Mayor
APPROVED AS TO FORM:
By ____________________________________
Senior City Attorney
F-1 Delegating Bond Resolution (new money multiple projects)
EXHIBIT F
NOTICE OF BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of Section 11-14-316, Utah Code
Annotated 1953, as amended, that on July 13, 2021, the City Council (the “Council”) of Salt Lake
City, Utah (the “City”), adopted a resolution (the “Resolution”) in which it authorized and
approved the issuance of its sales and excise tax revenue bonds in one or more series, on a taxable
or tax-exempt basis (collectively, the “Bonds”), in an aggregate principal amount of not to exceed
$58,000,000, to bear interest at a rate or rates of not to exceed ____% per annum and to mature
not later than 22 years from their date or dates and to be sold at a discount from par not to exceed
2.00%. The Bonds shall be subject to such optional and mandatory redemption and other
provisions as are contained in the Master Trust Indenture, described below, and the final form of
the Bonds and a Supplemental Trust Indenture, described below.
Pursuant to the Resolution, the Bonds are to be issued for the purpose of paying all or part
of the cost of (a) (i) acquiring, constructing and improving [various City parks, trails, historic
structures, roads, streets, intersections and electrical facilities] and (ii) acquiring, constructing,
improving and remodeling various other capital improvement program projects; (b) funding any
necessary reserves and contingencies in connection with the Bonds and (c) paying all related costs
authorized by law. The Bonds are to be issued and sold by the City pursuant to the Resolution,
including as part of the Resolution a draft, in substantially final form, of a Supplemental Trust
Indenture, and a copy of the Master Trust Indenture, dated as of September 1, 2004, as heretofor
amended and supplemented (the “Master Indenture”), between the City and Zions
Bancorporation, National Association, a trustee, that were before the Council and attached to the
Resolution at the time of the adoption of the Resolution. The City will cause one or more
Supplemental Trust Indentures to be executed and delivered in such form and with such changes
thereto as certain designated officers of the City shall approve, provided that the principal amount,
interest rate or rates, maturity and discount, if any, will not exceed the respective maximums
described above.
The repayment of the Bonds will be secured by a pledge of the legally available revenues
from: (a) Local Sales and Use Taxes received by the City pursuant to Title 59, Chapter 12, Part 2,
Utah Code (currently levied and collected pursuant to Chapter 3.04 of the Salt Lake City Code);
(b) Municipal Energy Sales and Use Taxes received by the City pursuant to Title 10, Chapter 1,
Part 3, Utah Code (currently levied and collected pursuant to Chapter 3.06 of the Salt Lake City
Code); (c) the franchise fees for energy and utilities received by the City pursuant to Title 10,
Chapter 1, Part 3, Utah Code (currently levied and collected pursuant to Chapter 3.06 of Salt Lake
City Code); (d) the Municipal Telecommunications License Tax revenues received by the City
pursuant to Title 10, Chapter 1, Part 4, Utah Code (currently levied and collected pursuant to
Chapter 3.10 of Salt Lake City Code); (e) the franchise fees associated with public utilities received
by the City pursuant to Title 10, Chapter 1, Part 3, Utah Code (currently levied and collected
pursuant to Chapter 17.16.070 of Salt Lake City Code); and (f) the franchise fees associated with
cable television received by the City pursuant to Salt Lake City Code Chapter 5.20 (collectively,
the “Pledged Taxes”).
F-2 Delegating Bond Resolution (new money multiple projects)
The City currently has $102,490,000 par amount of bonds or notes currently outstanding
that are secured by the Pledged Taxes. More detailed information relating to the City’s outstanding
bonds can be found in the City’s most recent Comprehensive Annual Financial Report that is
available on the Office of the Utah State Auditor’s website (www.sao.state.ut.us).
Assuming a final maturity for the Bonds of approximately 21 years from the date hereof
and that the Bonds are issued in an aggregate principal amount of $__________ and are held until
maturity, based on the City’s currently expected financing structure and interest rates in effect
around the time of publication of this notice, the estimated total cost to the City of the proposed
Bonds is $__________.
A copy of the Resolution (including the draft of the Supplemental Trust Indenture and a
copy of the Master Indenture attached to the Resolution) may be examined by appointment at the
temporary office of the City Recorder located at Plaza 349, 349 South 200 East in Salt Lake City,
Utah, during regular business hours from 8:00 a.m. to 5:00 p.m. To schedule an appointment
please call (801) 535-7671. Additionally, a protected, pdf copy of the Resolution may be requested
by sending an email to the City Recorder at SLCRecorder@slcgov.com. The Resolution shall be
so available for inspection for a period of at least thirty (30) days from and after the date of the
publication of this notice.
NOTICE IS FURTHER GIVEN that pursuant to law for a period of thirty (30) days from and
after the date of the publication of this notice, any person in interest shall have the right to contest
the legality of the Resolution (including the Supplemental Trust Indenture attached thereto) of the
City or the Bonds authorized thereby or any provisions made for the security and payment of the
Bonds. After such time, no one shall have any cause of action to contest the regularity, formality
or legality of the Resolution, the Bonds or the provisions for their security or payment for any
cause.
DATED this 13th day of July, 2021.
SALT LAKE CITY, UTAH
By ____________________________________
City Recorder
[SEAL]
G-1 Delegating Bond Resolution (new money multiple projects)
EXHIBIT G
[ATTACH FORM OF PURCHASE CONTRACT]
H-1 Delegating Bond Resolution (new money multiple projects)
EXHIBIT H
SALT LAKE CITY, UTAH
NOTICE OF PUBLIC HEARING AND INTENT TO ISSUE
SALES AND EXCISE TAX REVENUE BONDS
PUBLIC NOTICE IS HEREBY GIVEN that on July 13, 2021, the City Council (the “Council”)
of Salt Lake City, Utah (the “City”), adopted a resolution (the “Resolution”), calling for a public
hearing to receive input from the public with respect to the issuance of its Sales and Excise Tax
Revenue Bonds (the “Bonds”) to finance all or a portion of the cost of acquiring, constructing and
improving [various City parks, trails, historic structures, roads, streets, intersections and electrical
facilities] and acquiring, constructing, improving and remodeling various other capital
improvement program projects (collectively, the “Project”) and the potential economic impact
that the Project will have on the private sector, pursuant to the Local Government Bonding Act,
Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the “Act”).
PURPOSE FOR ISSUING BONDS
The City intends to issue the Bonds for the purpose of (1) financing all or a portion of the
costs of the Project, (2) funding any necessary reserves and contingencies in connection with the
Bonds, and (3) paying the costs incurred in connection with the issuance and sale of the Bonds.
MAXIMUM PRINCIPAL AMOUNT OF THE BONDS
The City intends to issue the Bonds in an aggregate principal amount not exceeding Fifty-
eight Million Dollars ($58,000,000) to finance the Project. The Bonds may be issued with other
Sales and Excise Tax Revenue Bonds being issued for other purposes so the principal amount may
exceed the amount listed above to finance the costs of the Project.
SALES TAXES PROPOSED TO BE PLEDGED
The City proposes to pledge to the payment of the Bonds all of the legally available
revenues from: (a) Local Sales and Use Taxes received by the City pursuant to Title 59, Chapter
12, Part 2, Utah Code (currently levied and collected pursuant to Chapter 3.04 of the Salt Lake
City Code); (b) Municipal Energy Sales and Use Taxes received by the City pursuant to Title 10,
Chapter 1, Part 3, Utah Code (currently levied and collected pursuant to Chapter 3.06 of the Salt
Lake City Code); (c) the franchise fees for energy and utilities received by the City pursuant to
Title 10, Chapter 1, Part 3, Utah Code (currently levied and collected pursuant to Chapter 3.06 of
Salt Lake City Code); (d) the Municipal Telecommunications License Tax revenues received by
the City pursuant to Title 10, Chapter 1, Part 4, Utah Code (currently levied and collected pursuant
to Chapter 3.10 of Salt Lake City Code); (e) the franchise fees associated with public utilities
received by the City pursuant to Title 10, Chapter 1, Part 3, Utah Code (currently levied and
collected pursuant to Chapter 17.16.070 of Salt Lake City Code); and (f) the franchise fees
associated with cable television received by the City pursuant to Salt Lake City Code Chapter 5.20.
H-2 Delegating Bond Resolution (new money multiple projects)
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The City will hold a public hearing during its City Council meeting which begins at
7:00 p.m. on August 17, 2021. The public hearing will be held either virtually, at the regular
meeting place of the Council in the Council Chambers, Room 315 in the City and County Building,
451 South State Street, in Salt Lake City, Utah, or any combination thereof, as determined by the
Chair of the City Council. All members of the public are invited to attend and participate in the
public hearing in the manner that will be described in the agenda for the meeting. Written
comments may be submitted to the City, to the attention of the City Recorder, prior to the public
hearing.
PURPOSE FOR HEARING
The purpose of the hearing is to receive input from the public with respect to the issuance
of the Bonds and the potential economic impact that the Project will have on the private sector.
NOTICE OF RIGHT TO FILE PETITION TO HOLD AN ELECTION
NOTICE IS FURTHER GIVEN that pursuant to Section 11-14-307(7), Utah Code, if within 30
calendar days of the publication of this notice on July __, 2021, by posting on the Utah Public
Notice Website, a written petition requesting an election and signed by at least twenty percent
(20%) of the registered voters of the City is filed with the City, then the City shall submit the
question of whether or not to issue the Bonds to the voters of the City for their approval or rejection.
If no written petition is filed or if fewer than 20% of the registered voters of the City sign
a written petition, in either case, within 30 calendar days of the posting of this notice on July __,
2021, the City may proceed to issue the Bonds without an election.
SALT LAKE CITY, UTAH
By ____________________________________
City Recorder
I-1 Delegating Bond Resolution (new money multiple projects)
EXHIBIT I
PETITION
To: City Recorder
Salt Lake City, Utah
We, the undersigned citizens and registered voters of Salt Lake City, Utah, respectfully
request that an election be called by the City Council of Salt Lake City, Utah, pursuant to the
provisions of Section 11-14-307(7), Utah Code Annotated 1953, as amended, to authorize the
issuance by Salt Lake City, Utah, of its Sales and Excise Tax Revenue Bonds, in a maximum
principal amount not exceeding $58,000,000, as to which notice of intention to issue was published
on July __, 2021, by posting on the Utah Public Notice Website, pursuant to the provisions of a
resolution passed by the City Council of Salt Lake City, Utah, at a regular meeting of the City
Council held on July 13, 2021, and each for himself or herself says: I have personally signed this
petition; I am a registered voter of Salt Lake City, Utah; my residence and post office address are
correctly written after my name:
I-2 Delegating Bond Resolution (new money multiple projects)
WARNING
It is a felony for any one to sign any initiative or referendum petition with any other name
than one’s own, or knowingly to sign one’s name more than once for the same measure, or to sign
such petition when one knows that he or she is not a registered voter.
REGISTERED VOTER’S PRINTED
NAME (MUST BE LEGIBLE TO BE
COUNTED)
SIGNATURE OF REGISTERED
VOTER
STREET ADDRESS, CITY, STATE,
ZIP CODE
[The following certification shall appear on the reverse side of each page
[attached to the Petition containing the signature of voters]
I-3 Delegating Bond Resolution (new money multiple projects)
STATE OF UTAH )
: ss.
COUNTY OF SALT LAKE )
I, _________________________, of _____________________, hereby certify that I am a
registered voter of Salt Lake City, Salt Lake County, Utah, that all the names which appear on this
sheet were signed by persons who professed to be the persons whose names appear thereon, and
each of them signed his or her name thereto in my presence, I believe that each has printed and
signed his or her name, and written his or her post office address and residence correctly, and that
each signer is a registered voter of Salt Lake City, Salt Lake County, Utah.
Subscribed and sworn to before me this _____ day of __________, 2021.
Notary Public (or other official title)
Signature:
Email:Garrett.Danielson@slcgov.com
2021‐22 Capital Improvement Program [Grand Totals Only (anonymous)]
Division (Priority) / App Ref Organization Name / Application Title Requested Amount Votes Committee Score
72 displayed 2 not included (Duplicates)60,584,684.35
T7 Division of Transportation / 400 South Viaduct Trail (1/4 Cent)900,000.00 6 to 0 18.17
T13 Division of Transportation / 1700 South Corridor Transformation (Redwood to 300 W)363,150.00 7 to 0 18.14
P2 Public Lands / A Place For Everyone: The Emerald Ribbon Master Plan 420,000.00 6 to 0 17.57
P1 Public Lands / Glendale Water Park Development Phase 1 3,200,000.00 7 to 0 17.07
E5 Engineering / Bridge Preservation 2021/2022 300,000.00 7 to 017
T12 Division of Transportation / Transportation Safety Improvements 500,000.00 7 to 017
E3 Engineering / Public Way Concrete 2021/2022 750,000.00 6 to 0 16.8
C20 Sugar House Community Council / Highland High Crosswalk Enhancements 85,000.00 6 to 0 16.31
T11 Division of Transportation / Street Multi‐Modal Maintenance (1/4 Cent)200,000.00 6 to 0 16.29
F1 Fire / Fire Training Tower Fire Prop Upgrade 318,278.75 7 to 0 16.26
C5 Public Lands / Three Creeks West Park Planning and Design 150,736.00 7 to 0 16.2
T2 Division of Transportation / 900 South & 9‐Line Trail Railroad Crossing (1/4 Cent)200,000.00 6 to 016
E2 Engineering / Pavement Condition Survey 175,000.00 7 to 0 15.85
T3 Division of Transportation / Trail Maintenance (1/4 Cent)200,000.00 6 to 0 15.83
F4 Fire / Fire Training Ground Site Improvements 694,784.80 6 to 0 15.79
P10 Public Lands / Replace Poplar Grove Tennis with new Sportcourt 440,000.00 6 to 0 15.79
T10 Division of Transportation / Urban Trails & Connections (1/4 Cent)1,045,000.00 6 to 0 15.74
C4 Public Lands / Three Creeks West (Jordan River Trail and Bank Stabilization)490,074.00 5 to 0 15.7
T6 Division of Transportation / Area Circulation Studies / Design (1/4 Cent)215,000.00 6 to 0 15.67
F2 Fire / Single‐Family/Fire‐Behavior Prop 374,863.94 6 to 0 15.57
T1 Division of Transportation / 200 South Transit Transformation (Funding Our Future Transit, 1/4 Cent)3,261,900.00 6 to 0 15.33
T4 Division of Transportation / Local Link Construction Fund / Sugar House (1/4 Cent) 500,000.00 6 to 0 15.33
C6 Sugar House Park Authority / Sugar House Park Fabian Lake Pavilion ‐ Remove and Replace 183,834.00 6 to 0 15.31
P5 Public Lands / Liberty Park Master Plan and Cultural Landscape Report 475,000.00 6 to 0 15.29
F3 Fire / Mixed‐Use Three‐Story Fire Training Prop 815,894.86 5 to 0 15.29
C12 Public Lands / SOS Liberty Park Basketball Courts 99,680.00 6 to 0 15.21
T8 Division of Transportation / Neighborhood Byway Design & Construction (1/4 Cent) 1,045,000.00 5 to 0 15.17
E6 Engineering / Rail Adjacent Pavement Improvements 2021/2022 70,000.00 5 to 1 14.8
T9 Division of Transportation / 900 South Signal Improvements (900 South Reconstruction & 9‐Line Trail Project, 2021‐2023 500,000.00 6 to 0 14.67
C17 Poplar Grove Community Member / 700 S Westside Road Reconfiguration 514,450.00 5 to 0 14.67
T14 Division of Transportation / Multi‐Modal Intersection / Traffic Signal Upgrades 1,050,000.00 6 to 0 14.33
T5 Division of Transportation / Corridor Transformations (1/4 Cent) 856,042.00 5 to 1 14.29
P13 Public Lands / Jordan Park Looped Pathways 510,000.00 7 to 0 14.14
P12 Public Lands / Foothills Natural Area ‐ Open Space Acquisition 425,000.00 6 to 1 14.14
P11 Public Lands / Foothills Trailhead Development 1,304,682.00 7 to 0 14.07
C14 Odyssey House ‐ Inc, Utah / Odyssey House’s Annex Facility Renovation 500,000.00 4 to 2 14.03
E8 Engineering / Bridge Rehabilitation (400 South and 650 North over the Jordan River) 3,000,000.00 6 to 014
C22 Ballpark Community Council / Kensington Avenue Neighborhood Byway Capital Improvement Program Constituent Requ 500,000.00 4 to 114
E7 Engineering / Bridge Replacement (200 South over Jordan River) 3,500,000.00 6 to 0 13.87
FA3 Public Services Facilities Division / Streets Steam Bay 363,495.00 6 to 0 13.87
P3 Public Lands / Downtown Green Loop, Phase 1 610,000.00 6 to 1 13.86
C15 Engineering / CR ‐ 3000 South Sidewalk and Curb 449,315.00 5 to 1 13.85
T15 Division of Transportation / Sunnyside / 9‐Line Trail Missing Piece (1850 East)350,000.00 5 to 1 13.6
E1 Engineering / Street Improvements 2021/2022 3,500,000.00 6 to 0 13.4
C1 Tracy Aviary / Renovations to Historic Structures: east gate and bath house.156,078.00 5 to 1 13.31
C21 Public / Liberty Wells Traffic Calming 400,000.00 3 to 2 13.2
P6 Public Lands / Preparing for Historic Structure Renovation & Activation at Allen Park 420,000.00 5 to 1 13.07
C18 Capitol Hill Neighborhood Council / Capitol Hill Traffic Calming 595,194.00 4 to 2 12.9
P14 Public Lands / Richmond Park Playground and Pavilion Replacement 690,000.00 6 to 0 12.86
C11 Wingate Village Townhomes / Wingate Walkway 286,750.00 5 to 1 12.86
C7 Liberty Hills Tennis / Outdoor Lighting Upgrade at Liberty Park Tennis Center 202,100.00 3 to 3 12.83
P9 Public Lands / 9Line and Rosepark Asphalt Pump tracks 1,393,600.00 6 to 0 12.79
C23 N/A / Stratford Bike Crossing ‐ 17th E and Stratford 200,000.00 4 to 2 12.71
C9 Wasatch Community Gardens / Harrison Ave & 700 E. Community Garden 103,500.00 4 to 2 12.43
C24 Citizen / Sugar House Safe Side Streets 500,000.00 5 to 1 12.31
P15 Public Lands / Library Square feasibility study, civic engagement, and design development 225,000.00 3 to 2 12.29
C16 David B. Troester / Three Creeks West 1 – Roadways 1,158,422.00 4 to 1 12.17
C8 Liberty Hills Tennis / Re‐surfacing of all existing tennis courts at Liberty Park & Wasatch Hills Tennis Centers 300,000.00 4 to 2 12.14
C13 Public Lands / 1200 East Median, Raise Curb, New Irrigation, New Tree Planting 500,000.00 4 to 1 12.1
FA1 Public Services Facilities Division / Facilities Capital Asset Replacement Program (6M investment) (Deferred Capital Repla 5,860,449.00 4 to 1 11.83
C3 Liberty Hills Tennis / "Winner on Wasatch" A Four‐Court Total Re‐Construction Project Preparatory to a New Tennis Air D 500,000.00 2 to 3 11.77
P8 Public Lands / Cemetery Multi‐Use Roadway Repair (Phase 1) 3,838,000.00 5 to 1 11.62
C2 Dept of Veterans Affairs / Sunnyside Park Sidewalk 72,739.00 4 to 1 11.43
P17 Public Lands / Donner and Rotary Glen Park Landscape Improvements 650,000.00 4 to 2 11.29
P16 Public Lands / Regional Athletic Complex Playground 450,000.00 5 to 1 11.17
E4 Engineering / Logan Avenue Reconstruction 1,405,000.00 4 to 211
E9 Engineering / Wingpointe Levee Design 800,000.00 5 to 1 10.55
FA2 Public Services Facilities Division / Delong Salt Storage Facility 1,504,427.00 5 to 1 9.43
C19 Streets and Sanitation / Harvard Heights Residential Concrete Street Reconstruction 1,311,920.00 2 to 4 8.43
C10 Ballpark Community Council / 1300 South Camping Resistant Landscaping 100,000.00 1 to 5 7.67
P7 Public Lands / Cemetery Enhancement for Visitor Research and Knowledge 790,000.00 4 to 2 7.43
P4 Public Lands / Parleys Historic Nature Park Structure Preservation 765,325.00 3 to 3 6.86
1
8
2
9
4
ATTACHMENT 6 – Capital Facilities Plan (CFP) Council Requests from January 2019
1.Policy Goals and Metrics – Council Members requested high-level cost estimates for the City
to implement the below policy goals as well as any metrics. The Administration was invited to
recommend policy goals to the Council. Three cost estimates are included based on prior
discussions but may not represent the best currently available information. The table is intended
for discussion purposes and does not represent a comprehensive list of policy goals for Council
consideration.
Potential Policy Goals Potential Metrics High-level Cost
Estimate
Bring all facilities out of
deferred maintenance
Appropriations vs. funding
need identified in Public
Services’ Facilities Dashboard
that tracks each asset
$6.8 million
annually or $68
million over ten
years
Expand the City's urban trail
network with an emphasis on
East-West connections
Total paved/unpaved network
miles; number and funding
for improved trail features;
percentage of 9-Line
completed
$21 million for 9-
Line
implementation
Increase the overall condition
index of the City's street
network from poor to fair
Overall Condition Index
(OCI); pavement condition
survey every five years
$133 million cost
estimate (in addition
to existing funding
level)
Implement the Foothill Trails
Master Plan
Distance of improved trails
completed; number and
funding for improved
trailheads
$TBD
Advance the City's
sustainability goals through
building energy efficiency
upgrades
Energy savings; carbon
emission reductions $TBD
Focus on renewal and
maintenance projects over
creating new assets
Number, funding level and
ratio of renewed assets vs.
new assets
$TBD
2.Project Location Mapping – Council Members requested a map of all CFP projects. The idea
of multiple maps based on dollar value was discussed such as $50,000 - $999,999, $1 million - $5
million, and over $5 million.
3.Measure CFP to CIP Alignment – Council Members expressed support for annually
measuring the alignment of how many CIP Funding Log projects were previously listed in the CFP
and how many CIP projects receiving appropriations were previously listed in the CFP. A high
alignment would indicate the CFP is successfully identifying the City’s capital needs.
4.Council Adoption of CFP – The question arose if the Council should adopt the CFP each year
with the annual budget or potentially in the summer when reviewing project specific funding.
Does the Administration have a preference?
Impact Fees ‐ Summary Confidential
Data pulled 4/20/2021
Unallocated Budget Amounts: by Major Area
Area Cost Center UnAllocated
Cash Notes:
Impact fee - Police 8484001 421,062$ A
Impact fee - Fire 8484002 1,002,114$ B
Impact fee - Parks 8484003 8,435,142$ C
Impact fee - Streets 8484005 5,125,188$ D
14,983,506$
Expiring Amounts: by Major Area, by Month
202007 (Jul2020)2021Q1 -$ -$ -$ -$ -$
202008 (Aug2020)2021Q1 -$ -$ -$ -$ -$
202009 (Sep2020)2021Q1 -$ -$ -$ -$ -$
202010 (Oct2020)2021Q2 -$ -$ -$ -$ -$
202011 (Nov2020)2021Q2 -$ -$ -$ -$ -$
202012 (Dec2020)2021Q2 -$ -$ -$ -$ -$
202101 (Jan2021)2021Q3 -$ -$ -$ -$ -$
202102 (Feb2021)2021Q3 16,273$ ^ 1 -$ -$ -$ 16,273$
202103 (Mar2021)2021Q3 16,105$ ^ 1 -$ -$ -$ 16,105$ Current Month
202104 (Apr2021)2021Q4 1,718$ ^ 1 -$ -$ -$ 1,718$
202105 (May2021)2021Q4 14,542$ ^ 1 -$ -$ -$ 14,542$
202106 (Jun2021)2021Q4 30,017$ ^ 1 -$ -$ -$ 30,017$
202107 (Jul2021)2022Q1 10,107$ ^ 1 -$ -$ -$ 10,107$
202108 (Aug2021)2022Q1 6,804$ ^ 1 -$ -$ -$ 6,804$
202109 (Sep2021)2022Q1 5,554$ ^ 1 -$ -$ -$ 5,554$
202110 (Oct2021)2022Q2 3,106$ ^ 1 -$ -$ -$ 3,106$
202111 (Nov2021)2022Q2 -$ -$ -$ -$ -$
202112 (Dec2021)2022Q2 -$ -$ -$ -$ -$
202201 (Jan2022)2022Q3 -$ -$ -$ -$ -$
202202 (Feb2022)2022Q3 -$ -$ -$ -$ -$
202203 (Mar2022)2022Q3 -$ -$ -$ -$ -$
202204 (Apr2022)2022Q4 -$ -$ -$ -$ -$
202205 (May2022)2022Q4 -$ -$ -$ -$ -$
202206 (Jun2022)2022Q4 -$ -$ -$ -$ -$
202207 (Jul2022)2023Q1 -$ -$ -$ -$ -$
202208 (Aug2022)2023Q1 -$ -$ -$ -$ -$
202209 (Sep2022)2023Q1 -$ -$ -$ -$ -$
202210 (Oct2022)2023Q2 -$ -$ -$ -$ -$
202211 (Nov2022)2023Q2 -$ -$ -$ -$ -$
202212 (Dec2022)2023Q2 -$ -$ -$ -$ -$
202301 (Jan2023)2023Q3 -$ -$ -$ -$ -$
202302 (Feb2023)2023Q3 -$ -$ -$ -$ -$
202303 (Mar2023)2023Q3 -$ -$ -$ -$ -$
202304 (Apr2023)2023Q4 118$ -$ -$ -$ 118$
202305 (May2023)2023Q4 469$ -$ -$ -$ 469$
202306 (Jun2023)2023Q4 276$ -$ -$ -$ 276$
Total, Currently Expiring through June 2021 78,656$ -$ -$ -$ 78,656$
Notes
^1
FY
2
0
2
3
Calendar
Month
1/26/21: We are currently in a refund situation. We will refund $104k in the next 9 months without offsetting expenditures
Fi
s
c
a
l
Y
e
a
r
2
0
2
1
FY
2
0
2
2
Fiscal
Quarter
E = A + B + C + D
Police Fire Parks Streets
Total
Impact Fees Confidential
Data pulled 4/20/2021 AAA BBB CCC DDD = AAA - BBB - CCC
Police
Allocation
Budget Amended
Allocation
Encumbrances YTD Expenditures
Allocation
Remaining
Appropriation
ValuespSum of Police Allocation Sum of Police Allocation
p Sum of Police AllocationCrime lab rent 8417001 -$ 118$ -$ (118)$
Eastside Precint 8419201 21,639$ 21,639$ -$ -$
Sugarhouse Police Precinct 8417016 10,331$ 10,331$ -$ -$
Public Safety Building Replcmn 8405005 14,068$ 14,068$ -$ 0$ A
Police'sConsultant'sContract 8419205 5,520$ 3,507$ 1,955$ 58$
Police Refunds 8418013 539,687$ -$ 69,291$ 470,396$
Police impact fee refunds 8417006 510,828$ -$ -$ 510,828$
PolicePrecinctLandAquisition 8419011 1,410,243$ 239,836$ -$ 1,170,407$
Grand Total 2,512,316$ 289,499$ 71,246$ 2,151,572$
Fire
Allocation
Budget Amended
Allocation
Encumbrances YTD Expenditures
Allocation
Remaining
Appropriation
Values
Fire refunds 8416007 82,831$ -$ -$ 82,831$
Fire Station #14 8415001 6,650$ 6,083$ 567$ -$
Fire Station #14 8416006 52,040$ -$ 7,428$ 44,612$
Fire Station #3 8415002 1,568$ -$ -$ 1,568$
Fire Station #3 8416009 1,050$ 96$ 485$ 469$
Impact fee - Fire 8484002 -$ -$ -$ -$
Impact fee - Parks 8484003 -$ -$ -$ -$
Impact fee - Streets Westside 8484005 -$ -$ -$ -$ B
Study for Fire House #3 8413001 15,700$ -$ -$ 15,700$
FireTrainingCenter 8419012 46,550$ -$ 46,550$ -$
Fire'sConsultant'sContract 8419202 10,965$ 6,966$ 3,941$ 58$
FY20 FireTrainingFac. 8420431 66,546$ -$ 10,516$ 56,031$
Fire Station #3 Debt Service 8421200 541,106$ -$ 541,106$ -$
Grand Total 1,164,177$ 13,145$ 949,764$ 201,268$
Parks
Allocation
Budget Amended
Allocation
Encumbrances YTD Expenditures
Allocation
Remaining
Appropriation
Values
Three Creeks Confluence 8419101 173,017$ 39,697$ 133,320$ -$
Impact fee - Fire 8484002 -$ -$ -$ -$
Impact fee - Parks 8484003 -$ -$ -$ -$
Impact fee - Streets Westside 8484005 -$ -$ -$ -$
Park'sConsultant'sContract 8419204 7,643$ 6,388$ 1,213$ 42$
337 Community Garden, 337 S 40 8416002 277$ -$ -$ 277$
Folsom Trail/City Creek Daylig 8417010 766$ -$ 470$ 296$
Cwide Dog Lease Imp 8418002 24,056$ 23,000$ 270$ 786$ C
Rosewood Dog Park 8417013 16,087$ -$ 14,977$ 1,110$
Jordan R 3 Creeks Confluence 8417018 11,856$ -$ 10,287$ 1,570$
9line park 8416005 86,322$ 19,702$ 64,364$ 2,256$
Jordan R Trail Land Acquisitn 8417017 2,946$ -$ -$ 2,946$
Fairmont Park Lighting Impr 8418004 50,356$ 43,597$ 605$ 6,155$
Parks and Public Lands Compreh 8417008 7,500$ -$ -$ 7,500$
FY Rich Prk Comm Garden 8420138 27,478$ 4,328$ 14,683$ 8,467$
Redwood Meadows Park Dev 8417014 15,939$ -$ 6,589$ 9,350$
ImperialParkShadeAcct'g 8419103 10,830$ -$ -$ 10,830$
Park refunds 8416008 11,796$ -$ -$ 11,796$
Warm Springs Off Leash 8420132 27,000$ -$ 6,589$ 20,411$
JR Boat Ram 8420144 125,605$ 16,546$ 50,034$ 59,025$
Cnty #2 Match 3 Creek Confluen 8420426 515,245$ 407,516$ 37,648$ 70,081$
IF Prop Acquisition 3 Creeks 8420406 350,000$ -$ 257,265$ 92,736$
Parks Impact Fees 8418015 102,256$ -$ 875$ 101,381$
UTGov Ph2 Foothill Trails 8420420 200,000$ 35,506$ 51,934$ 112,560$
FY20 Bridge to Backman 8420430 727,000$ 574,709$ 4,080$ 148,211$
9Line Orchard 8420136 195,045$ -$ -$ 195,045$
Waterpark Redevelopment Plan 8421402 225,000$ -$ -$ 225,000$
Trailhead Prop Acquisition 8421403 275,000$ -$ -$ 275,000$
Bridge to Backman 8418005 350,250$ 10,285$ 57,026$ 282,939$
Parley's Trail Design & Constr 8417012 327,678$ 979$ -$ 326,699$
Cnty #1 Match 3 Creek Confluen 8420424 400,000$ 9,165$ 2,088$ 388,747$
Jordan Prk Event Grounds 8420134 431,000$ -$ -$ 431,000$
Wasatch Hollow Improvements 8420142 490,830$ -$ -$ 490,830$
Fisher House Exploration Ctr 8421401 540,732$ -$ -$ 540,732$
Marmalade Park Block Phase II 8417011 1,145,394$ 46,474$ 33,569$ 1,065,351$
Fisher Carriage House 8420130 1,098,764$ -$ -$ 1,098,764$
Pioneer Park 8419150 3,442,199$ 274,321$ 46,898$ 3,120,981$
Grand Total 11,415,868$ 1,512,215$ 794,781$ 9,108,873$
Streets
Allocation
Budget Amended
Allocation
Encumbrances YTD Expenditures
Allocation
Remaining
Appropriation
Values
Impact fee - Streets Westside 8484005 -$ -$ -$ -$
IF Roundabout 2000 E Parleys 8420122 455,000$ -$ 455,000$ -$
500 to 700 S 8418016 575,000$ 96,637$ 478,363$ -$
LifeOnState Imp Fee 8419009 124,605$ -$ 124,605$ -$
Impact fee - Parks 8484003 -$ -$ -$ -$
Trans Master Plan 8419006 13,000$ 13,000$ -$ -$
Impact fee - Fire 8484002 -$ -$ -$ -$
500/700 S Street Reconstructio 8412001 41,027$ 32,718$ 8,309$ -$ D
700 South Reconstruction 8414001 310,032$ -$ 310,032$ -$
700 South Reconstruction 8415004 1,157,506$ 2,449$ 1,155,057$ -$
Transportation Safety Improvem 8417007 22,360$ -$ 20,821$ 1,539$
Gladiola Street 8406001 16,544$ 13,865$ 435$ 2,244$
Street'sConsultant'sContract 8419203 39,176$ 17,442$ 9,360$ 12,374$
Transp Safety Improvements 8420110 250,000$ 142,326$ 69,591$ 38,083$
1300 S Bicycle Bypass (pedestr 8416004 42,833$ -$ -$ 42,833$
Complete Street Enhancements 8420120 125,000$ 6,020$ 61,182$ 57,798$
Trans Safety Improvements 8419007 210,752$ 69,002$ 56,815$ 84,935$
Indiana Ave/900 S Rehab Design 8412002 124,593$ -$ -$ 124,593$
Transportation Safety Imp 8418007 147,912$ 1,264$ 8,990$ 137,658$
9 Line Central Ninth 8418011 152,500$ -$ -$ 152,500$
Bikeway Urban Trails 8418003 200,000$ -$ -$ 200,000$
TransportationSafetyImprov IF 8421500 375,000$ 72,947$ -$ 302,053$
IF Complete Street Enhancement 8421502 625,000$ -$ -$ 625,000$
Traffic Signal Upgrades 8419008 251,316$ -$ 15,688$ 235,628$
Traffic Signal Upgrades 8420105 300,000$ -$ -$ 300,000$
Traffic Signal Upgrades 8421501 875,000$ -$ -$ 875,000$
Street Improve Reconstruc 20 8420125 2,858,090$ 213,551$ 607,870$ 2,036,669$
Grand Total 9,292,247$ 681,222$ 3,382,117$ 5,228,908$
Total 24,384,609$ 2,496,081$ 5,197,908$ 16,690,620$
E = A + B + C + D
TRUE TRUE TRUE TRUE
8,435,142$
5,125,188$
14,983,506$
8484002
8484003
8484005
421,062$
$1,002,114
8484001
UnAllocated
Budget
Amount
Trailside Pit Toilet $150,000
Portland Loo (each) Existing Sewer Line $200,000
4 Seat Each Gender. Existing Sewer Line $350,000
8 Seat Each Gender. Existing Sewer Line $550K - $600K
Site Master Plan $50K - $75K
City-wide Comprehensive Study $150K - $250K
Installed with sewer connection $15K - $30,000
Playground Improvements $150K - $250K
Native soil field $150,000
Sand-based field $400,000
Softball/Baseball Field Improvements (Each Field)$200,000
Patch, repair and paint $150,000
New post tension court $250,000
Hand-built natural surface single track trail (18"-30"
wide)$6-12/LF
Machine-built natural-surface trail (4-6’ width)$20-25/LF
Asphalt Trail $3.50/SF
Concrete Trail $4.50/SF
Soft Surface - Crushed stone $2.50/SF
Off-leash Dog Parks $250K - $350K
Irrigation Systems Per Acre $52,000+
Tree Replacements (Each 2-inch caliper)$350
Natural Area Restoration Per Acre $100K - $200K
Bike - One Mile Cycle Track/Lane Mile (3 lane miles =
1.5 actual miles)500,000+
Bike - One Lane Mile (2 lane miles = 1 mile actual
mile) 2,000+
Bike - Protected Lane Mile (200 West 2015)$400,000
Traffic Signals - New 250,000$
Traffic Signals - Upgrades 250,000$
HAWK Signals 130,000$
Crosswalk - Flashing 60,000$
Crosswalk - School Crossing Lights 25,000$
Crosswalk - Colored/Stamped varies based on width of
road $15K - $25K
Driver Feedback Sign 8,000$
Asphalt Overlay (Lane Mile)280,000$
Crack Seal (Lane Mile)5,000$
Road Reconstruction - Asphalt (Lane Mile)500,000$
Road Reconstruction - Asphalt to Concrete (Lane Mile)$700k - $1.2 M
Sidewalk slab jacking (per square foot)4$
Sidewalk replacement (per square foot)$ 7 - $10
Streets
Drinking Fountains
Multi-purpose Field Improvements
Tennis Court Improvements (2 Courts)
Path/ Trail Improvements
Transportation
Regular CIP Project Costs
General Rules of Thumb
NOTE: Costs are estimates based on most recent information available (which may be
out of date), vary by project, and do not include on-going maintenance.
Parks
Restrooms (dependent on site and utility work)
Studies
Funding
Source
Cost
Center Description Remaining
Appropriation Complete?If Not Complete, Status?
8317057 Deteriorated Sidewalk 2,237.00$
8318061 900 West Neighborhood nodes an 46,728.00$
8318062 Deteriorated or Missing Concre 5,987.00$
8318063 Jordan River Parkway 181,571.00$
8317359 Gladiola to Indiana 900S Seq C 112,658.00$
8317361 Street Reconstruction Improv 49.00$
8314031 Driver Feedback Signs 86,320.00$
8314033 SugarHouse Circulation 96,736.00$
8317030 Sugar House Park Roadway Maint 24,836.00$
8317032 Bridge Maintenance Program 20,841.00$
8317033 Paver Crosswalks Reconstructio 33,392.00$
8317036 Street Improvements: Reconstru 14,522.00$
8318023 Gladiola 900 S Imp 38,047.00$
8318154 1300 E Class C 443,879.00$
8310077 Regional Sports Complex Donati 3,154.00$
8314094 West Salt Lake Master Plan Imp 8,598.00$
8314100 900 S Oxbow 619.00$
8314103 Warm Springs Park Master Plan 223.00$
8314104 Genesee Trailhead Acquistion 229,927.00$
8314105 Fisher Mansion Carriage House 102,751.00$
8315083 Wakara Way/Arapeen Dr Donation 35,566.00$
8317064 Jordan River Trail - Union P 500,000.00$
8315027 Bikeway - Close the gap 6,989.00$
8315073 City Cemetery Master Plan 25,740.00$
8316026 Six Traffic Signal Upgrades, 9 1,452.00$
8316031 Fairmont Park Pond Restoration 3,097.00$
8316041 PPL Deferred Maintenance, City 2,309.00$
8316046 1300 S Bicycle Bypass (pedestr 104,210.00$
8316070 Warm Springs Park, 840 N 300 W 13,195.00$
8316085 Contingency 100,000.00$
8317017 Recreation/Open Space GO Bond (16,584.00)$ Why is this negative?
8317024 Sorenson Multicultural Center 27,452.00$
8317025 500/700 S Reconstruction 455,159.00$
8317029 Bus Stop Enhancements 17,269.00$
8317043 Parks and Public Lands Compreh 128,823.00$
8317049 UTA TIGER GRANT MATCH 79,995.00$
8317055 Capital Facilities Plan 4,928.00$
8317096 Fire Station #3 2,200.00$ General Fund
Dontions
Class C
CDBG
8318027 Public Way Concrete Restoratio 40,413.00$
8318028 Bridge Maintenance 77,132.00$
8318033 Concrete Rehab 3,431.00$
8318045 Bikeways Urban Trails 109,235.00$
8318046 Warm Springs Restrooms 12,993.00$
8318047 Rose Park Pedestrian Byway 272,091.00$
8318048 Miller Park ADA access 371,369.00$
8318049 Jordan R. Flood Control 7,023.00$
8318050 Artesian Well Park Redevelopme 1,332.00$
8318054 Fairmond Salt Storage 7,111.00$
8318055 9 Line Central Ninth 152,500.00$
8318084 PROPERTY MANAGEMENT - CIP 110,104.00$
8318085 Computer Rm Cooling Units 40,787.00$
8318087 Ball Field Lights 2,979.00$
8318097 Percent for Art 98,161.00$
4,251,536.00$
General Fund
TOTAL of ALL SOURCES
CIP SUMMARY DOCUMENTS
FY 2021-22 PROJECTS OVERVIEW A-1
FY 2021-22 CAPITAL PROJECTS SUMMARY A-2
DEBT SERVICE CIP
DEBT SERVICE CIP B-1
ONGOING COMMITMENTS FROM GENERAL FUND B-4
ONGOING COMMITMENTS FROM OTHER FUNDS B-5
GENERAL FUND MAINTENANCE PROJECTS
GENERAL FUND MAINTENANCE PROJECTS C-1
GENERAL FUND CAPITAL PROJECTS
GENERAL FUND CAPITAL PROJECTS D-1
ENTERPRISE FUND CAPITAL PROJECTS
AIRPORT CAPITAL PROJECTS E-1
GOLF CAPITAL PROJECTS E-17
PUBLIC UTILITIES CAPITAL PROJECTS E-21
REDEVELOPMENT AGENCY CAPITAL PROJECTS E-41
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 TABLE OF CONTENTS
Capital Improvement Program Overview
Salt Lake City’s Capital Improvement Program (CIP) is a multi-year planning program of capital
expenditures needed to replace or expand the City’s public infrastructure. Two elements guide the City in
determining the annual schedule of infrastructure improvements and budgets. This includes the current
fiscal year's capital budget.
Salt Lake City’s FY 2021-22 budget appropriates $703,068,753 for CIP, utilizing General Funds, Class “C”
Funds, Impact Fee Funds, Redevelopment Agency Funds, Enterprise Funds, and other public and private
funds. The Salt Lake City Council considers their input in determining which projects will be
recommended for funding in this budget. The Enterprise Fund recommendations are consistent with
each respective business plan. These plans were developed in cooperation with the respective advisory
boards and endorsed by the Administration. The Redevelopment Agency of Salt Lake City fund
recommendations are consistent with Board policy. All grant-related CIP recommendations are
consistent with applicable federal guidelines and endorsed by the Administration.
Capital Improvement Program Book (CIP Book)
Salt Lake City’s FY2021-22 budget presents all CIP projects in its own document, the CIP book. By creating
and providing City Council a CIP book the City believes it will provide more clarity and transparency
regarding the recommended capital improvement projects. Major General Fund projects Transportation
Infrastructure, Local Street Reconstruction, ADA Improvements and Sidewalk Rehabilitation for the
reconstruction, rehabilitation, and capital improvement of deteriorated streets city-wide, total
appropriation of $11,090,091 is proposed. Of this amount the budget appropriates $3,653,052 general
fund, $2,046,329 of Class “C” fund, $4,900,000 transportation tax, and 491,520 of Impact Fee funds.
Projects include traffic signal upgrades, transportation safety improvements, and pedestrian and
neighborhood byway enhancements.
Parks, Trails and Open Space Parks, Trails, and Open Space capital improvement proposed budget
includes a total appropriation of $7,786,889 from various funding sources. Projects include various
improvements in Jordan Park, Pioneer Park, RAC, Poplar Park, Three Creeks, Sugar House, Glendale Water
park, Foothills trails, and Allen Park. Liberty Park, Pioneer Park, Warm Springs Park, Memory Grove Park,
Poplar Park, Taufer Park, Cottonwood Park, Foothills trails, and Allen Park.
Public Facilities Public Facilities' capital improvement proposed budget includes a total appropriation of
$1,252,230 is for improvements a Facilities Capital Asset Replacement Program to retire deferred capital
replacement projects that are long overdue.
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 CIP SUMMARY DOCUMENTS
A-1
Deb
t
S
e
r
v
i
c
e
Debt Service Projects
Sales Tax Series 2012A Bond 333,514 333,514
Sales Tax Series 2013B Bond 530,801 530,801
Sales Tax Series 2014B Bond 744,951 744,951
Sales Tax Series 2016A Bond 2,009,296 2,009,296
Sales Tax Series 2019 A Bond 366,151 366,151
Sales Tax Series 2022 Bond 3,657,667 3,657,667
B & C Roads Series 2014 975,377 975,377
ESCO Debt Service to Bond 896,500 896,500
ESCO Steiner Debt Service 0
ESCO Parks Debt Service 0
Fire Station #3 483,233 483,233
Fire Station #14 500,900 500,900
Debt Service Projects Total 8,538,880 0 975,377 984,133 0 0 10,498,390
Ong
o
i
n
g
Ongoing Projects
Crime Lab 560,869 560,869
Facilities Maintenance 350,000 350,000
Parks Maintenance 250,000 250,000
Ongoing Projects Total 1,160,869 0 0 0 0 0 1,160,869
Oth
e
r
O
n
g
o
i
n
g
Other Ongoing
Community and Neighborhoods - Surplus Land RES 200,000 200,000
Public Services- Smiths Ballfield 154,000 154,000
Public Services- ESCO County Steiner 148,505 148,505
Public Services - Memorial House 68,554 68,554
Other Ongoing 0 0 0 0 0 571,059 571,059
Maintenance Funded Projects
Mai
n
t
e
n
a
n
c
e
Multimodal Street Maintenance 200,000 200,000
Bridge Preservation 2021/2022 21,429 278,571 300,000
Trails Maintenance 200,000 200,000
Maintenance Funded Projects Total 21,429 278,571 0 0 400,000 0 700,000
Salt Lake City
General Fund / Class C / Impact Fee / Enterprise Fund / Other CIP Summary
Fiscal Year 2022
PROJECT GF GF FOF CLASS C IMPACT FEES ¼¢ SALES TAX OTHER TOTAL
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 CIP SUMMARY DOCUMENTS
A-2
New
C
I
P
New/Maintenance Projects Total
Kensington Byway Ballpark 500,000 500,000
400 South Viaduct Trail 310,000 90,000 500,000 900,000
1700 South Corridor Transformation 317,792 35,300 353,092
A Place for Everyone: Emerald Ribbon Master Plan 416,667 416,667
Glendale Waterpark Master Plan & Landscape Rehabilitation & Active Recreation Component 3,200,000 3,200,000
Transportation Safety Improvements 44,400 400,000 444,400
Public Way Concrete 2021/2022 75,000 675,000 750,000
Highland High Crosswalk Enhancements 85,000 85,000
Training Tower Fire Prop Upgrade 6,223 312,056 318,279
Three Creeks West Bank New Park 150,736 150,736
900 South 9Line RR Crossing 28,000 172,000 200,000
Pavement Conditions Survey 3,571 171,429 175,000
Replace Poplar Grove Tennis with new Sportcourt 349,026 84,307 433,333
Urban Trails 6,500 1,038,500 1,045,000
Three Creeks West Bank Trailway 484,146 484,146
Area Studies 201,000 201,000
Single Family/Fire Behavior Prop 374,864 374,864
200 South Transit Complete Street Supplement 37,422 415,800 453,222
Local Link Construction 50,000 450,000 500,000
Sugar House Park Fabian Lake Pavilion Remove and Replace 183,834 183,834
Liberty Park Cultural Landscape Report and Master Plan 354,167 354,167
Liberty Park Basketball Court 99,680 99,680
Neighborhood Byways 104,500 940,500 1,045,000
Rail Adjacent Pavement Improvements 2021/2022 70,000 70,000
700 South Westside Road Configuration 223,450 291,000 514,450
900 South Signal Improvements 96,500 233,500 70,000 100,000 500,000
Corridor Transformations 25,398 282,200 307,598
Salt Lake City
General Fund / Class C / Impact Fee / Enterprise Fund / Other CIP Summary
Fiscal Year 2022
PROJECT GF GF FOF CLASS C IMPACT FEES ¼¢ SALES TAX OTHER TOTAL
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 CIP SUMMARY DOCUMENTS
A-3
New
P
r
o
j
e
c
t
s
(
C
o
n
t
i
n
u
e
d
)
SLC Foothills Land Acquisitions 425,000 425,000
Jordan Park Pedestrian Pathways 510,000 510,000
SLC Foothills Trailhead Development 1,304,682 1,304,682
Odyssey House Annex Facility Renovation 300,000 300,000
Downtown Green Loop Implementation: Design for 200 East linear Park 610,000 610,000
Street Improvements 2021/2022 2,046,329 2,046,329
Tracy Aviary Historic Structure Renovations 51,700 104,378 156,078
Historic Structure Renovation & Activation at Allen Park 420,000 420,000
Capital Asset Replacement Program 1,252,230 1,252,230
RAC Playground with Shade Sails 180,032 180,032
New Projects Total 4,249,391 3,176,129 2,046,329 7,291,970 4,500,000 0 21,263,819
Cost Overrun 88,514 71,600 160,114
Percent for Art 66,386 53,700 120,086
Total General Fund/Other Fund/Class C Fund/Impact Fee Fund/CDBG Fund/Surplus Land Fund CIP Projects.
14,125,469 3,580,000 3,021,706 8,276,103 4,900,000 571,059 34,474,337
Other Capital Improvement Programs
CDB
G
City Infrastructure Projects ( CIP Engineering/Transportation)
SLC Transportation-route 4 Frequent Transit Route 322,000 322,000
Total CDBG 322,000 322,000
Air
p
o
r
t
Airport CIP Projects
Pump House #5 Renovations 928,000 928,000
Pump Station & Diversion Valve 1,300,000 1,300,000
Gate 39 Reconstruction 165,000 165,000
North Cargo Apron Development 25,605,000 25,605,000
Taxiway F Reconstruction 580,000 580,000
Taxiway P, N, & H3 Pavement 1,620,000 1,620,000
Taxiway Q Pavement Rehabilitation 1,646,000 1,646,000
Bureau of Land Management Access Road 1,660,000 1,660,000
Bureau of Land Management Apron 2,731,000 2,731,000
Landside Lighting Wire Replacement 1,566,000 1,566,000
Salt Lake City
General Fund / Class C / Impact Fee / Enterprise Fund / Other CIP Summary
Fiscal Year 2022
PROJECT GF GF FOF CLASS C IMPACT FEES ¼¢ SALES TAX OTHER TOTAL
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 CIP SUMMARY DOCUMENTS
A-4
Air
p
o
r
t
(
C
o
n
t
i
n
u
e
d
)
Electric Vehicle Charging Stations 219,500 219,500
Roadway Entrance feature and Landscape 250,000 250,000
GA Zone 3 Corporate Hangar Site Develop 1,205,000 1,205,000
Terminal Redevelopment Program 164,849,000 164,849,000
North Concourse Program 186,614,000 186,614,000
Total Airport CIP Projects 390,938,500 390,938,500
Gol
f
Golf CIP Projects
Maintenance Equipment 257,575 257,575
Range Improvements 177,836 177,836
Tee Box Leveling 60,000 60,000
Total Golf CIP Projects 495,411 495,411
Pub
l
i
c
U
t
i
l
i
t
i
e
s
Public Utilities CIP Projects
Water Main Replacements 18,019,000 18,019,000
Treatment Plant Improvements 7,350,000 7,350,000
Deep Pump Wells 1,630,000 1,630,000
Meter Chang-Out Programs 2,500,000 2,500,000
Water Service Connections 2,950,000 2,950,000
Reservoirs 1,650,000 1,650,000
Pumping Plants and Pump Houses 1,550,000 1,550,000
Culverts, Flumes & Bridges 1,533,000 1,533,000
Distribution Reservoirs 2,350,000 2,350,000
Landscaping 68,000 68,000
Treatment Plants 191,045,826 191,045,826
Collection Lines 32,405,000 32,405,000
Lift Stations 2,685,000 2,685,000
Storm Drain Lines 7,362,500 7,362,500
Riparian Corridor Improvements 250,000 250,000
Detention Basins 50,000 50,000
Landscaping 168,000 168,000
Storm Water Lift Stations 700,000 700,000
Street Lighting Projects 2,240,000 2,240,000
Total Public Utilities CIP Projects 276,506,326 276,506,326
Salt Lake City
General Fund / Class C / Impact Fee / Enterprise Fund / Other CIP Summary
Fiscal Year 2022
PROJECT GF GF FOF CLASS C IMPACT FEES ¼¢ SALES TAX OTHER TOTAL
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 CIP SUMMARY DOCUMENTS
A-5
RDA
Redevelopment Agency (RDA) CIP Projects
Station Center Infrastructure 332,179 332,179
Total RDA CIP Projects 332,179 332,179
Sus
t
a
i
n
a
b
i
l
i
t
y
Total Sustainability CIP Projects
No Projects 0
Total Sustainability CIP Projects 0 0
Total Enterprise and Other Fund CIP 668,594,416 668,272,416
GRAND TOTAL 14,125,469 3,580,000 3,021,706 8,276,103 4,900,000 669,165,475 703,068,753
Salt Lake City
General Fund / Class C / Impact Fee / Enterprise Fund / Other CIP Summary
Fiscal Year 2022
PROJECT GF GF FOF CLASS C IMPACT FEES ¼¢ SALES TAX OTHER TOTAL
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 CIP SUMMARY DOCUMENTS
A-6
Salt Lake City
Impact Fee Summary
Fiscal Year 2022
PROJECT Parks Impact Fee Streets Impact Fee Police Impact Fee Fire Impact Fee TOTAL
Imp
a
c
t
F
e
e
s
Impact Fee Projects
Fire Station #3 483,233 483,233
Fire Station #14 500,900 500,900
400 South Viaduct Trail 90000 90,000
1700 South Corridor Transformation 35,300 35,300
Glendale Waterpark Master Plan & Landscape Rehabilitation & Active Recreation Component
3,200,000 3,200,000
Transportation Safety Improvements 44,400 44,400
Three Creeks West Bank New Park 150,736 150,736
900 South 9Line RR Crossing 28,000 28,000
Urban Trails 6,500 6,500
200 South Transit Complete Street Supplement 37,422 37,422
Local Link Construction 50,000 50,000
Neighborhood Byways 104,500 104,500
900 South Signal Improvements 70,000 70,000
Corridor Transformations 25,398 25,398
SLC Foothills Land Acquisitions 425,000 425,000
Jordan Park Pedestrian Pathways 510,000 510,000
SLC Foothills Trailhead Development 1,304,682 1,304,682
Downtown Green Loop Implementation: Design for 200 East linear Park 610,000 610,000
Historic Structure Renovation & Activation at Allen Park 420,000 420,000
RAC Playground with Shade Sails 180,032 180,032
Total Impact Fee by Type 6,800,450 491,520 — 984,133 8,276,103
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 CIP SUMMARY DOCUMENTS
A-7
Salt Lake City Unfunded Projects FY 2022
Organization Name Proposal Title Project Address Location General Fund Impact Fee Total
Unf
u
n
d
e
d
P
r
o
j
e
c
t
s
Constituent 3000 South Sidewalk and Curb 3000 S Highland Dr to 1500 E 449,315 449,315
Engineering Logan Ave Reconstruction Logan Avenue from 1700 East to 2000 East and 2000 East from 1700 South to Bryan Avenue
1,405,000 1,405,000
Engineering Bridge Replacement (200 South over Jordan River)200 South over Jordan River (Approx. 1220 West 200 South)
3,500,000 3,500,000
Engineering Bridge Rehabilitation (400 South and 650 North over Jordan River)
400 South & 650 North over Jordan River 3,000,000 3,000,000
Engineering Wingpointe Levee Design Jordan River Surplus Canal between 3700 West North Temple Drive and Terminal Drive
800,000 800,000
Constituent Three Creeks West Bank Roadways 1300 S. 1000 W.1,158,422 1,158,422
Facilities Delong Salt Storage 719 S Delong St 1,504,427 1,504,427
Facilities Steam Bay 1910 West 500 South 363,495 363,495
Fire Mixed-Use Three Story Prop 1600 South Industrial Rd.815,895 815,895
Fire Training Ground Site Improvements 1600 South Industrial Rd.694,785 694,785
Constituent Sunnyside Park Sidewalk Valdez Drive 72,740 72,740
Constituent Winner on Wasatch Dee Glan Tennis Court Construction
1216 S. Wasatch Drive 500,000 500,000
Constituent Lighting Upgrade at Liberty Park Tennis Center
1105 S Constitution Dr.202,100 202,100
Constituent Liberty Park & Wasatch Hills Tennis Court Resurfacing
1105 S Constitution Dr.300,000 300,000
Constituent Harrison Ave and 700 E Community Garden 1300 S. 700 E.103,500 103,500
Constituent 1300 South Camping Resistant Landscaping 1300 South between Main and West Temple 100,000 100,000
Constituent Wingate Walkway 475 N. Redwood Road 286,750 286,750
Constituent 1200 East Median 1200 East bet. So. Temple & 200 S. and 300 S & 500 S.500,000 500,000
Parks & Public Lands Parleys Historic Nature Park Structure Preservation
2740 South 2700 East 765,325 765,325
Parks & Public Lands Enhancement of the Cemetery for Visitor Research and Knowledge
200 N Street 790,000 790,000
Parks & Public Lands Cemetery Roadway Improvements, Phase 1 200 N Street 3,838,000 3,838,000
Parks & Public Lands 9Line and Rose Park Asphalt Pump Tracks 700 West 900 South & 900 North Cornell Avenue 1,393,600 1,393,600
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 CIP SUMMARY DOCUMENTS
A-8
Unf
u
n
d
e
d
P
r
o
j
e
c
t
s
(
C
o
n
t
i
n
u
e
d
)
Parks & Public Lands Richmond Park Playground and Park improvements
440 East 600 South 690,000 690,000
Parks & Public Lands Library Square Feasibility, Civic Engagement and Design Development
Block 37, bounded by 400 South, 300 East, 500 South and 200 East
225,000 225,000
Parks & Public Lands Donner & Rotary Glen Park Community Park Irrigation & Landscape Design and Construction
2850 East Sunnyside & 2903 E Kennedy Drive 650,000 650,000
Constituent Capitol Hill Traffic Calming Various 595,194 595,194
Constituent Harvard Heights Residential Concrete Street Reconstruction
Harvard Ave bet. 1300 & 1500 East 1,311,920 1,311,920
Constituent Liberty Wells Traffic Calming Kensington, Bryan, and Milton Avenues (600 East to 700 East) and 600 East (Kensington Ave to 1700 South)
400,000 400,000
Constituent Stratford Bike Crossing 1700 E. Stratford 200,000 200,000
Constituent Sugar House Safe Side Streets 900 East on the west, 2100 South on the south, 1100 East on the east, and Garfield Avenue on the north
500,000 500,000
Transportation Sunnyside 9Line Trail Missing Piece 1805 to 1851 East Sunnyside Avenue.350,000 350,000
Transportation Multimodal Intersections & Signals Various 945,000 105,000 1,050,000
Total Unfunded CIP Projects 27,016,868 1,498,600 28,515,468
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 CIP SUMMARY DOCUMENTS
A-9
Sales and Excise Tax Revenue Bonds, Series 2012A
2022 Budget Type of Debt Origination Date Final Payment Funding Source
$333,514 Sales Tax Rev
Bonds
June 2012 10/1/2032 RDA
Sales and Excise Tax Revenue Bonds, Series 2012A, were issued in June 2012 for the purpose of constructing
and improving various City roads, including the replacement of the North Temple Viaduct and improving North
Temple Boulevard. The bonds were issued with a par amount of $15,855,000. As of June 30, 2021,
$10,845,000 in principal remains outstanding.
The debt service is currently mostly funded by tax increment revenue from the RDA. General Fund pays debt
service when the tax increment revenue does not fully cover the debt service.
Principal is due annually on October 1. Interest is due semi-annually on April 1 and October 1. The Series
2012A bonds mature on October 1, 2032.
Sales and Excise Tax Revenue Bonds, Series 2013B
2022 Budget Type of Debt Origination Date Final Payment Funding Source
$530,801 Sales Tax Rev
Bonds
November 2013 10-01-2033 General Fund
Sales and Excise Tax Revenue Bonds, Series 2013B, were issued in November 2013 for the purpose of
financing a portion of the costs of the Sugarhouse Streetcar, and to pay for a portion of various improvements to
create a “greenway” within the corridor. The total par amount of bonds issued was $7,315,000. As of June 30,
2021, $5,470,000 in principal remains outstanding.
Principal is due annually on October 1. Interest is due semi-annually on April 1 and October 1. The bonds
mature on October 1, 2033.
Sales and Excise Tax Revenue Bonds, Series 2014B
2022 Budget Type of Debt Origination Date Final Payment Funding Source
$744,951 Sales Tax Rev
Bonds
September 2014 10-01-2034 General Fund
Sales and Excise Tax Revenue Bonds, Series 2014B, were issued in September 2014 for the purpose of
acquiring, constructing, remodeling, and improving of various City buildings, parks, property and roads.
The Series 2014B bonds were issued with a par amount of $10,935,000. As of June 30, 2021, $8,430,000 in
principal remains outstanding.
Principal is due annually on October 1. Interest is due semi-annually on April 1 and October 1. The bonds
mature on October 1, 2034.
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 DEBT SERVICE CIP
B-1
Sales and Excise Tax Revenue Refunding Bonds, Series 2016A
2022 Budget Type of Debt Origination Date Final Payment Funding Source
$2,009,296 Sales Tax Rev
Bonds
June 2016 10-01-2028 General Fund
Sales and Excise Tax Revenue Refunding Bonds, Series 2016A, were issued in June 2016 to refund a portion of
the Series 2009A Bonds. The Series 2009A Bonds were originally issued to finance all or a portion of the
acquisition, construction, improvement and remodel of the new Public Services maintenance facility, a building
for use as City offices and other capital improvements within the City.
Fleet contributes 13.9%, Refuse contributes 13%, and the general fund contributes 73.1% of the debt service on
the Maintenance Facility Program portion of the bonds.
The Series 2016A bonds were issued with a par amount of $21,715,000. The refunding resulted in a net present
value savings of $2,363,890.47 for the City. As of June 30 2021, $17,910,000 in principal remains outstanding.
Principal is due annually on October 1. Interest is due semi-annually on April 1 and October 1. The bonds
mature on October 1, 2028.
Sales and Excise Tax Revenue Refunding Bonds, Series 2019A
2022 Budget Type of Debt Origination Date Final Payment Funding Source
$366,151 Sales Tax Rev
Bonds
December 2019 04-01-2027 General Fund
Sales and Excise Tax Revenue Refunding Bonds, Series 2019A, were issued in December 2019 to refund a
portion of the Series 2007A Bonds. The Series 2007A Bonds were originally issued to fund the TRAX
Extension to the Intermodal Hub and Grant Tower improvements to realign rail lines near downtown.
The Series 2019A bonds were issued with a par amount of $2,620,000. The refunding resulted in a net present
value savings of $299,661 for the City. As of June 30, 2021, $2,095,000 in principal remains outstanding.
Principal is due annually on April 1. Interest is due semi-annually on April 1 and October 1. The bonds mature
April 1, 2027.
Motor Fuel Excise Tax Revenue Bonds, Series 2014
2022 Budget Type of Debt Origination Date Final Payment Funding Source
$975,377 Sales Tax Rev
Bonds
August 2014 04-01-2024 Class C
The Motor Fuel Excise Tax Revenue Bonds, Series 2014, were issued in August 2014 for the purpose of
constructing and repairing 13th South Street from State Street to 4th West, and from State Street to 5th West,
and 17th South Street from State Street to 700 East.
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 DEBT SERVICE CIP
B-2
The Series 2014 bonds were issued with a par amount of $8,800,000. As of June 30, 2021, $2,820,000 in
principal remains outstanding.
Principal is due annually on April 1. Interest is due semi-annually on April 1 and October 1. The bonds mature
on April 1, 2024.
ESCO Lease Debt Service
2022 Budget Type of Debt Origination Date Final Payment Funding Source
$82,850 Capital Lease December 2019 March 2026 General Fund
This lease provides energy efficient equipment to Public Services Facilities Division.
ESCO Steiner Lease Debt Service
2022 Budget Type of Debt Origination Date Final Payment Funding Source
$148,505 Capital Lease January 2013 July 2029 County
$148,505 Capital Lease January 2013 July 2029 General Fund
This lease was entered into by Public Services to acquire energy efficient equipment for Steiner. Since the costs
of this facility is shared 50% with the County, the County pays 50% of this lease payment.
ESCO Parks Lease Debt Service
2022 Budget Type of Debt Origination Date Final Payment Funding Source
$517,200 Capital Lease August 2012 March 2026 General Fund
This lease was entered into by Public Services to acquire energy efficient equipment for city parks.
Crime Lab Improvements Capital Lease Debt
2022 Budget Type of Debt Origination Date Final Payment Funding Source
$118,300 Capital Lease March 2015 September 2021 General Fund
This capital lease provided the funding for the improvements to the leased space for the Crime Evidence Lab.
Lease Revenue Bonds, Series 2016A
2022 Budget Type of Debt Origination Date Final Payment Funding Source
$500,900 LBA Lease Revenue
Bonds
March 2016 04-15-2037 Impact Fees
The Local Building Authority of Salt Lake City (LBA of SLC) issued the Lease Revenue Bonds, Series
2016A in March 2016 for the purpose of financing a portion of the construction costs of the Fire Station #14
Project.
The Series 2016A bonds were issued with a par amount of $6,755,000. As of June 30, 2021, $5,755,000 in
principal remains outstanding.
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 DEBT SERVICE CIP
B-3
Principal is due annually on April 15. Interest is due semi-annually on April 15 and October 15. The bonds
mature on April 15, 2037.
Lease Revenue Bonds, Series 2017A
2022 Budget Type of Debt Origination Date Final Payment Funding Source
$483,233 LBA Lease Revenue
Bonds
April 2017 04-15-2038 Impact Fees
The Local Building Authority of Salt Lake City (LBA of SLC) issued the Lease Revenue Bonds, Series 2017A
in April 2017 for the purpose of financing a portion of the construction costs of the Fire Station #3 Project.
The Series 2017A bonds were issued with a par amount of $8,115,000. As of June 30, 2021, $7,555,000 in
principal remains outstanding.
ONGOING COMMITMENTS FROM GENERAL FUND
Crime Lab Rental Payments
2022 Budget Origination Date Funding Source
$560,869 General Fund
Yearly Rental payments for Crime Evidence Lab
Facilities Maintenance
2022 Budget Origination Date Funding Source
$350,000 General Fund
The Facilities ongoing CIP funding will be used to replace a variety of capital assets. The purpose is to stop
problems early on and prevent larger catastrophic failures of equipment and systems in the City’s building
stock.
Parks Maintenance
2022 Budget Origination Date Funding Source
$250,000 General Fund
The Parks ongoing CIP funding will be used to replace a variety of capital assets. The purpose is to stop
problems early on and prevent larger failures in the City’s park stock.
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 DEBT SERVICE CIP
B-4
Percent for Art
2022 Budget Origination Date Funding Source
$120,086 General Fund
To provide enhancements such as decorative pavement, railings, sculptures and other works of art. (1% of CIP)
Cost overrun
2022 Budget Origination Date Funding Source
$160,114 General Fund
ONGOING COMMITMENTS FROM OTHER SOURCES
Smith Ballfield Naming Rights
2022 Budget Origination Date Funding Source
$156,000 Other -Donations
Two parts to this request - to establish budget within the 83 fund to accept the revenue received for the naming
rights pertaining to Smith Baseball Field and to establish an expense within the 83 fund to continue addressing
the deferred maintenance backlog in this facility. This building was completed in 1990 and is now 27 yrs. old.
CIP Memorial House
2022 Budget Origination Date Funding Source
$68,554 Other - Rental
A revenue cost center has been established to receive revenue payments from the Utah Heritage Foundation.
Monthly payments are received and are to be re-invested in the facility to maintain the property. Plans for the
use of the funding is to be determined.
Real Estate Services – Surplus Land
2022 Budget Origination Date Funding Source
$200,000 Other – Surplus
Land
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 DEBT SERVICE CIP
B-5
Federally Taxable Sales and Excise Tax Revenue Refunding Bonds, Series 2019B
2021 Budget Type of Debt Origination Date Final Payment Funding Source
Don’t need for CIP Sales Tax Rev
Bonds
October 2019 04-01-20 RDA
Federally Taxable Sales and Excise Tax Revenue Bonds, Series 2013A, were issued in October 2013 for the
purpose of financing a portion of the costs of acquiring, constructing and equipping a performing arts center and
related improvements. The Series 2013A Bonds were refunded with the Federally Taxable Sales and Excise Tax
Revenue Refunding Bonds, Series 2019B.
The RDA pays the full amount of the debt service for the Series 2019B bonds. However, if the RDA is unable
to pay any of the debt service, the City’s General Fund would be responsible for it.
The total par amount of bonds issued was $58,540,000. The refunding resulted in a net present value savings of
$6,396,905. As of June 30, 2021, $57,740,000 in principal remains outstanding.
Principal is due annually on April 1 beginning in 2020. Interest is due semi-annually on April 1 and October 1.
The bonds mature on April 1, 2038.
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 DEBT SERVICE CIP
B-6
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND MAINTENANCE PROJECTS
C-1
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND MAINTENANCE PROJECTS
C-2
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND MAINTENANCE PROJECTS
C-3
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-1
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-2
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-3
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-4
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-5
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-6
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-7
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-8
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-9
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-10
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-11
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-12
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-13
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-14
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-15
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-16
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-17
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-18
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-19
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-20
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-21
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-22
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-23
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-24
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-25
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-26
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-27
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-28
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-29
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-30
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-31
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-32
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-33
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-34
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-35
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-36
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-37
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-38
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 GENERAL FUND CAPITAL PROJECTS
D-39
The Department of Airports
The Department of Airports is an enterprise fund of Salt Lake City Corporation and does not receive any
general fund revenues to support the operation of the City’s system of airports. The Department of
Airports has 610.8 full-time employee positions and is responsible for managing, developing, and
promoting airports that provide quality transportation facilities and services, and a convenient travel
experience.
The Fiscal Year 2022 budget continues to show financial impacts due to COVID-19. The Salt Lake City
International Airport, along with all other airports in the U.S. and abroad, has been acutely impacted by
the broad-based economic shutdown resulting from efforts to stop the spread of COVID-19, including
reductions in flights and declines in passenger volumes. The Airport continues to look for ways to control
costs and provide airline and concession relief through the Coronavirus, Aid, Relief, and Economic
Security (CARES) grant as well as the Coronavirus Response and Relief Supplemental Appropriation ACT
(CRRSAA) grant. These grants will offset operating and maintenance expenses that will lower the landing
fee and terminal rents charged in FY22. While the American Rescue Plan has been passed, no allocations
or awards have been made at this time and are not reflected in the Airports FY22 budget. While
passenger demand continues to increase on a monthly basis, the Department of Airports will act
prudently in managing the FY22 budget and look for ways to continue to save operating and capital
expenses where feasible and look for ways to strengthen our revenues.
The developed FY22 budget continues to provide positive financial benefits while facing challenges of
decreased passengers and revenues. The Department of Airports will continue to fund important capital
projects while deferring non-critical projects to preserve cash and liquidity. These projects include the
Terminal Redevelopment Program (TRP) and the North Concourse Program (NCP), which will improve
ongoing operations, create jobs, and provide economic stimulus to the City’s and State’s economy.
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 AIRPORT CAPITAL PROJECTS
E-1
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 AIRPORT CAPITAL PROJECTS
E-2
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-3
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-4
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-5
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-6
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-7
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-8
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-9
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-10
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-11
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-12
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-13
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-14
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-15
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 AIRPORT CAPITAL PROJECTS
E-16
The Salt Lake City Golf Division
The Golf Division operates seven full-service golf courses at six Salt Lake City locations providing quality
recreational experiences at a competitive price for Salt Lake City residents and visitors from surrounding
cities and various out of state locations. Golf Course Capital Projects are funded, primarily, from excess
revenue generated by user fees. Over the past several years, expenses have outpaced revenues and have
limited Golf’s ability to self-fund most if not all non-emergency Capital Projects. In 2012, a Golf CIP Fund
was established that allocates $1 per every 9 holes played and 9% from all annual pass sales toward
building funds that can be used exclusively for Capital Projects. Until FY 2019, these funds have not been
released for use as the fund balance has been needed to provide a fund balance offset against a fund
deficit. As part of the FY22 budget proposal, the Golf Division has proposed increasing the Golf CIP Fund
from $1 to $2 per every 9 holes played, beginning in January 2022, in order to bring more capital into the
Golf CIP Fund to increase funding from this source for additional future projects. The projected increase
for the final six months of FY22 from the proposed increase is $124,800.
As part of a multi-year plan to upgrade vital maintenance equipment at all courses, the Golf Division will
be using $257,575 in FY 2022 to purchase additional, mostly used equipment (lease-return equipment
from high-end private courses).
The Golf Division will be focusing on making improvements to the driving ranges and practice areas
located at five of our six locations and have allocated $177,866 from the Golf CIP Fund for solid-surface
hitting stations with artificial turf hitting mats along with new dispensers/washers.
The Golf Division will be undergoing a four-year project to improve tee box hitting surfaces by re-leveling
a number of tee boxes at each course and have allocated $60,000 in FY22 from the Golf CIP Fund for
materials and equipment rentals.
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 GOLF CAPITAL PROJECTS
E-17
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 GOLF CAPITAL PROJECTS
E-18
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 GOLF CAPITAL PROJECTS
E-19
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 GOLF CAPITAL PROJECTS
E-20
Salt Lake City Department of Public Utilities
Salt Lake City Department of Public Utilities (SLCDPU) has four distinct utilities, water, sewer, storm water,
and street lighting. Each utility is operated as a separate enterprise fund. Tax money is not used to fund
these activities. Funding for SLCDPU capital expenditures comes from user fees, fund reserves, revenue
bonds, and occasionally a grant. The department is utilizing a Water Infrastructure Financing Innovation
Act (WIFIA) loan to finance a portion of the water reclamation facility construction. Customers pay for the
services they receive through utility rates that have been established for each fund. The rates were
developed on a cost of service basis. Our utilities are infrastructure intensive and administration of these
assets requires long term project and financial planning.
The SLCDPU capital budget is shown by fund with subcategory cost centers under each. In fiscal year
2022, the department has over 150 capital projects between the four funds as well as continuing work on
existing projects. Some planned capital improvement projects initially anticipated for FY2021 were
deferred and reprioritized to FY2022 and beyond. The budget includes projects rated as a high priority in
the Department’s Capital Asset Program (CAP). The replacement of the water reclamation facility is the
largest project undertaken by SLCDPU. Other elements of our systems are also experiencing aging
problems and will require increasing attention in the future. For example, our three water treatment
plants were built in the 1950’s and early 60’s. Alternatives from a recently completed condition
assessment for all three plants are being evaluated. A unique aspect of capital projects in SLCDPU is that
Federal, State, and local regulations affect many of our priorities. Adding to the complexity are water
rights and exchange agreement obligations.
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2020-21 GOLF CAPITAL PROJECTS
E-21
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-22
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-23
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-24
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-25
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-26
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-27
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-28
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-29
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-30
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-31
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-32
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-33
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-34
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-35
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-36
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-37
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-38
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-39
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 PUBLIC UTILITIES CAPITAL PROJECTS
E-40
Salt Lake City Redevelopment Agency
The Redevelopment Agency of Salt Lake City (RDA) works to revitalize neighborhoods and commercial
districts that experience disinvestment. The RDA utilizes a powerful set of financial, planning, and
revitalization tools to support redevelopment projects that encourage economic investment, assist in the
housing for low-and moderate-income households, and help implement Salt Lake City’s Master Plan. The
RDA’s primary source of funds for the projects include property tax increment and program income
revenue, depending on the specific budget account.
The RDA often participates with Salt Lake City in the redevelopment or construction of city owned
infrastructure projects. As part of the RDA Budget Policy, Capital Projects are defined as any project that
anticipates multi-year funding. The allocation of funds for these projects is part of the budget approval
process and is typically contingent on the RDA Board authorizing appropriation once the specific projects
costs and details are known. Depending on the project, the timeline for this process may not follow the
City’s CIP schedule or requirements for approval. The RDA fiscal year 2022 budget proposes only one
potential City public infrastructure project. The Station Center infrastructure project is an allocation for
the construction and upgrading of utilities and infrastructure surrounding the Agency’s properties in the
Depot District. This project is currently being designed in conjunction with the City’s Transportation and
Engineering Departments.
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 RDA CAPITAL PROJECTS
E-41
MAYOR'S
RECOMMENDED
CIP BUDGET
Fiscal Year 2021-22 RDA CAPITAL PROJECTS
E-42
Salt Lake City Mosquito
Abatement District
Neil Vickers, PhD
Salt Lake City Council Work Session
13 July 2021
$3.8 million dollar budget
10 full time staff, ~30 seasonal staff
Salt Lake City Mosquito
Abatement District
Service Area
Integrated Mosquito Management
(IMM)
Comprehensive preventive/control strategy
Knowledge based (bio/ecology of pests)
Surveillance (SCIENCE) driven
Resource ($) & environmentally dictated
Adult Mosquito Surveillance
Carbon Dioxide Traps (37)
Gravid Traps (18)
Rural
Industrial
Urban
Surveillance Zones
U-SURV Utah
Tax Increase Justification
1. Personnel Growth
2. Environmental Accountability and Research
3. Precision Aerial Control
4. Certified Tax Rate and Inflation
Executive Director
Chief
Financial Officer
Assistant Director
IT-GIS
Specialist
Operations
Supervisor
Maintenance
Supervisor
Education
Specialist
Laboratory
Director
Maintenance
Assistant
Seasonal
Mechanics
Assistant
Urban Field
Supervisor
Rural Field
Supervisor
Biologist
Seasonal
Bike Crew
Seasonal
Tree Hole Crew
Seasonal
Fish Crew
Seasonal
ATV Crew
Seasonal
Inspection
Crew
Vector
Control
Technician
Seasonal
Surveillance
Trap Crew
Seasonal
Biology
Interns
Vector
Control
Technician
VACANT
Existing full time positions
Seasonal positions
1 –Personnel: Table of Organization
2 –Environmental Accountability &
Research
Dr. Daniel Mendoza (Univ Utah)
Atmospheric Modeling
Dr. Jay Gan (UCR)
Environmental Monitoring
Audubon Gillmor
Sanctuary
Midge Monitoring
Various Projects
THE UNIVERSITY OF UTAH
ENGINEERING
MECHANICAL
TIKI Torch Studies Non-target Studies Malaria Control
3D Printers and Traps
Various Projects Continued
Spartan Mosquito Eradicator Sugar Alcohols Automated Traps
Unmanned Aerial Systems
Mosquito Dispersal Studies
Aedes aegypti
(Yellow Fever Mosquito)
3 –Precision Aerial Control
4 -Certified Tax Rates
2017 2018 2019 2020 2021
Tax Rate 0.00016 0.000141 0.000133 0.000122 0.000115
Budget $3,027,463 $3,363,270 $3,621,250 $3,684,128 $3,736,002
% Increase from
Previous Year 2.60%3.10%1.4%*1.60%1.40%
CPI 3.20%5.10%3.10%2.90%2.5%**
Annual Cost per
$100k Home Value $7.20 $6.35 $7.32 $5.49 $5.18
* Annexations w/ SSLVMAD/Magna MAD
** as of March 2021
Projected Annual Property Taxes
75%Tax Increase
Current
Rate
(0.000115)
~Proposed
Rate
(0.00020)
Price
Increase
$437,200
House
$1,000,000
Business
$22.63 year
($1.89 month)
$39.35 year
($3.28 month) $16.72
$115.00 year
($9.58 month)
$200.00 year
($16.67 month)
$85.00
Average home value in SLC $437,200 (25 May 2021)
MARY BETH THOMPSON
Chief Financial Officer
ERIN MENDENHALL
Mayor
DEPARTMENT OF FINANCE
451 SOUTH STATE STREET, ROOM 245
SALT LAKE CITY, UTAH 84114
TEL 801-535-6403
CITY COUNCIL TRANSMITTAL
_________________________ Date Received: __________________
Lisa Shaffer, Chief Administrative Officer Date sent to Council: ______________
TO: Salt Lake City Council DATE: May 11, 2021
Amy Fowler, Chair
FROM: Mary Beth Thompson, Chief Financial Officer ________________________________
SUBJECT: Local Building Authority of Salt Lake City, Lease Revenue Bonds, Series 2013A
(Glendale Library) and 2014A (Marmalade Library)
STAFF CONTACT: Marina Scott, City Treasurer
801-535-6565
COUNCIL SPONSOR: Exempt
DOCUMENT TYPE: Briefing
RECOMMENDATION: The Administration recommends that on June 15, 2021, the City Council holds
a discussion in anticipation of the following action related to the refunding of above-mentioned lease
revenue bonds:
• Board of Trustees of the Local Building Authority considers adoption of an Authority
Resolution on July 13, 2021 authorizing the redemption of certain outstanding Lease
Revenue Bonds; authorizing the execution and delivery of one or more escrow agreements;
authorizing the taking of all other actions necessary for the consummation of the
transactions contemplated by this resolution; and related matters.
BUDGET IMPACT: No impact to the General Fund. Salt Lake City Library pays debt service on the
bonds.
Lisa Shaffer (May 13, 2021 13:47 MDT)05/13/2021
05/13/2021
To Refund LBA Lease Rev Bonds Series 2013A and 2014A
Transmittal to City Council
May 11, 2021
Page 2 of 2
BACKGROUND/DISCUSSION:
The Administration proposes to refund the following Local Building Authority Lease Revenue Bonds
as Sales Tax Revenue Bonds:
Local Building Authority of Salt Lake City issued Lease Revenue Bonds, Series 2013A (Glendale Library
Project) to build the new Glendale Library. Local Building Authority Lease Revenue Bonds, Series
2013A (the “LBA Series 2013A Bonds”) could expect to receive on average $23,886 (about 6.7% of
refunded principal) in annual savings in reduced debt costs resulting from the refunding.
Local Building Authority of Salt Lake City issued Lease Revenue Bonds, Series 2014A (Marmalade
Library Project) to build the new Marmalade Library. Local Building Authority Lease Revenue Bonds,
Series 2014A (the “LBA Series 2014A Bonds”) could expect to receive on average $29,340 (about
6.6% of refunded principal) in annual savings in reduced debt costs resulting from the refunding.
The library will continue to make debt service payments on the refunded bonds.
Draft copies of the Authority Resolution, Escrow Agreement, and debt service schedule are attached.
Please keep in mind that these are preliminary drafts and are subject to change.
Attachments
cc: Jace Bunting, Boyd Ferguson, Steven Bagley, Debbie Ehrman, John Spears.
2021 Escrow Resolution
Board of Directors of the Local Building Authority of Salt Lake City, Utah
Agenda Item for July 13, 2021
UNFINISHED BUSINESS:
Suggested Agenda Language relating to the resolution providing for the redemption of certain
lease revenue bonds currently scheduled to be considered by the Board of Directors at its
meeting on July 13, 2021:
Resolution: Authorizing the Redemption of Certain Lease Revenue Bonds
Consider adopting a resolution authorizing the redemption of certain outstanding lease revenue
bonds; authorizing the execution and delivery of certain related documents and providing for
related matters.
Staff Recommendation: Adopt the resolution.
Suggested Motion Language is as follows:
I move that the Board of Directors adopt the resolution authorizing the redemption of lease
revenue bonds and providing for related matters.
Preliminary; subject to change.
SALT LAKE CITY, UTAH
$4,925,000 TAXABLE SALES AND EXCISE TAX REVENUE REFUNDING BONDS
SERIES 2021 (September 16, 2021 )
(Advance Refund 2013A LBA)
Debt Service Schedule
Date Principal Coupon Interest Total P+I
06/30/2022 - - 44,875.73 44,875.73
06/30/2023 65,000.00 0.260% 82,763.00 147,763.00
06/30/2024 65,000.00 0.310% 82,577.75 147,577.75
06/30/2025 405,000.00 0.560% 81,343.00 486,343.00
06/30/2026 410,000.00 0.950% 78,261.50 488,261.50
06/30/2027 415,000.00 1.200% 73,824.00 488,824.00
06/30/2028 420,000.00 1.500% 68,184.00 488,184.00
06/30/2029 425,000.00 1.700% 61,421.50 486,421.50
06/30/2030 435,000.00 1.870% 53,741.75 488,741.75
06/30/2031 440,000.00 1.970% 45,340.50 485,340.50
06/30/2032 445,000.00 2.070% 36,400.75 481,400.75
06/30/2033 460,000.00 2.170% 26,804.00 486,804.00
06/30/2034 465,000.00 2.270% 16,535.25 481,535.25
06/30/2035 475,000.00 2.370% 5,628.75 480,628.75
Total $4,925,000.00 - $757,701.48 $5,682,701.48
Yield Statistics
Bond Year Dollars $39,530.21
Average Life 8.026 Years
Average Coupon 1.9167657%
Net Interest Cost (NIC) 1.9510275%
True Interest Cost (TIC) 1.9419527%
Bond Yield for Arbitrage Purposes 2.2946086%
All Inclusive Cost (AIC) 1.9828932%
IRS Form 8038
Net Interest Cost 1.9167657%
Weighted Average Maturity 8.026 Years
2021B Taxable Ref NM 5.7. | Ref 13A LBA | 5/10/2021 | 2:13 PM
Stifel
Prepared by Stifel, Nicolaus & Company, Inc. (EJR) Page 4
Preliminary; subject to change.
SALT LAKE CITY, UTAH
$5,345,000 TAXABLE SALES AND EXCISE TAX REVENUE REFUNDING BONDS
SERIES 2021 (September 16, 2021 )
(Advance Refund 2014A LBA)
Debt Service Schedule
Date Principal Coupon Interest Total P+I
06/30/2022 - - 46,079.31 46,079.31
06/30/2023 80,000.00 0.260% 84,965.50 164,965.50
06/30/2024 410,000.00 0.310% 84,226.00 494,226.00
06/30/2025 410,000.00 0.560% 82,442.50 492,442.50
06/30/2026 415,000.00 0.950% 79,323.25 494,323.25
06/30/2027 415,000.00 1.200% 74,862.00 489,862.00
06/30/2028 425,000.00 1.500% 69,184.50 494,184.50
06/30/2029 430,000.00 1.700% 62,342.00 492,342.00
06/30/2030 435,000.00 1.870% 54,619.75 489,619.75
06/30/2031 445,000.00 1.970% 46,169.25 491,169.25
06/30/2032 455,000.00 2.070% 37,076.75 492,076.75
06/30/2033 465,000.00 2.170% 27,322.25 492,322.25
06/30/2034 475,000.00 2.270% 16,885.75 491,885.75
06/30/2035 485,000.00 2.370% 5,747.25 490,747.25
Total $5,345,000.00 - $771,246.06 $6,116,246.06
Yield Statistics
Bond Year Dollars $40,802.71
Average Life 7.634 Years
Average Coupon 1.8901835%
Net Interest Cost (NIC) 1.9262075%
True Interest Cost (TIC) 1.9156441%
Bond Yield for Arbitrage Purposes 2.2946086%
All Inclusive Cost (AIC) 1.9585558%
IRS Form 8038
Net Interest Cost 1.8901835%
Weighted Average Maturity 7.634 Years
2021B Taxable Ref NM 5.7. | Ref 14A LBA | 5/10/2021 | 2:13 PM
Stifel
Prepared by Stifel, Nicolaus & Company, Inc. (EJR) Page 5
LBA Resolution
8709966/RDB/mo
RESOLUTION NO. __ OF 2021
A Resolution authorizing the redemption of certain outstanding Lease
Revenue Bonds; authorizing the execution and delivery of one or
more escrow agreements; authorizing the taking of all other actions
necessary for the consummation of the transactions contemplated by
this resolution; and related matters.
*** *** ***
WHEREAS, the Local Building Authority of Salt Lake City, Utah (the “Authority”), has
been duly organized as a Utah nonprofit corporation by Salt Lake City, Utah (the “City”), solely
for the purpose of (a) accomplishing the public purposes for which the City exists by acquiring,
constructing, improving or extending any improvements, facilities or properties (whether real or
personal) and appurtenances to them which the City is authorized or permitted by law to acquire,
including, but not limited to, public buildings or other structures of every nature or any joint or
partial interest in the same, and (b) financing the costs of such projects on behalf of the City in
accordance with the procedures and subject to the limitations of the Local Building Authority Act,
Title 17D, Chapter 2, Utah Code Annotated 1953, as amended (the “Act”), and other applicable
Utah law;
WHEREAS, the Authority has previously issued its (i) Lease Revenue Bonds, Series 2013A
(the “2013A LBA Bonds”) and (ii) Lease Revenue Bonds, Series 2014A (the “2014A LBA Bonds”)
to finance the acquisition and construction of certain library facilities (the “Leased Facilities”)
and has leased such facilities to the City pursuant to that certain Master Lease Agreement, dated
as of June 1, 2013, as heretofore amended and supplemented (the “Lease”), between the Authority
and the City;
WHEREAS, pursuant to Section 14.01 of the Lease, the City has the option to purchase the
Leased Facilities on each Optional Purchase Date (as defined in the Master Lease);
WHEREAS, on the date hereof the City Council of the City adopted a resolution authorizing
the issuance and sale of one or more series of its sales and excise tax revenue bonds (the “City
STR Bonds”), a purpose of the proceeds of which is to pay the Option Price (as defined in the
Master Lease) for the Leased Facilities on the applicable Optional Purchase Date by entering into
an Escrow Agreement (the “Escrow Agreement”) with the Authority and an escrow agent, to hold
such proceeds in escrow to pay the Option Price on the applicable Optional Purchase Date;
WHEREAS, the form of the Escrow Agreement has been prepared and distributed to the
Authority, and the Authority has examined the provisions of the Escrow Agreement and desires at
this time to approve the terms and provisions of the Escrow Agreement and to authorize the
execution and delivery thereof by the Authority’s President, Vice President or the President’s
designee (the “President”) and by the countersignature and attestation thereof by the
Secretary/Clerk, or any assistant or deputy Secretary/Clerk (the “Secretary/Clerk”); and
- 2 - 2021 Authority Resolution
WHEREAS, on the applicable Optional Purchase Date, the Authority desires to redeem the
then outstanding 2013A LBA Bonds and 2014A LBA Bonds (collectively, the “Redeemed
Bonds”);
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Local Building
Authority of Salt Lake City, Utah, as follows:
Section 1. Authorization of Escrow Agreement. One or more Escrow Agreements, in
substantially the form set forth as Exhibit A hereto, with such insertions, changes and additions as
shall be made with the approval of the President, execution by the President thereof to constitute
conclusive evidence of such approval, is hereby in all respects authorized and approved. The
Authority, through the President and the Secretary/Clerk, shall enter into the Escrow Agreement
with an escrow agent establishing one or more escrow accounts from which the redemption price
of, and interest on, the Redeemed Bonds shall be paid when due. After all the Redeemed Bonds
shall have become due and payable pursuant to call for redemption, any investments remaining in
an escrow account shall be liquidated, and any proceeds of liquidation over and above the amount
necessary to be retained for the payment of any Redeemed Bonds not yet presented for payment,
including interest due and payable, shall be paid in accordance with the Escrow Agreement. The
President is hereby authorized and directed to execute and deliver, and the Secretary/Clerk to seal,
countersign and attest, the Escrow Agreement.
Section 2. Notice of Intent to Purchase. The execution by the City of the Escrow
Agreement and the funding of the escrow account created thereunder shall constitute the City’s
written notice of the City’s intent to purchase the applicable Leased Facilities under Section 14.01
of the Lease.
Section 3. Provision for Redemption the Redeemed Bonds. It is hereby found and
determined that, pursuant to the Escrow Agreement and this resolution, moneys and governmental
obligations permitted under the Act, the principal of and the interest on which, when due, will
provide moneys that will be sufficient to pay, when due, pursuant to call for redemption, the
redemption price of and interest due and to become due on, the Redeemed Bonds, will be deposited
with the escrow agent and provision thereby made for the redemption of the Redeemed Bonds.
Section 4. Authorization of Redemption Prior to Maturity of Redeemed Bonds. Upon
the issuance of the City STR Bonds and the funding of the escrow account under the Escrow
Agreement, the Redeemed Bonds are irrevocably called for redemption on October 15, 2023, each
at the redemption price of one hundred percent (100%) of the principal amount of each such
Redeemed Bond so called for redemption plus accrued interest thereon to the date fixed for
redemption. Notice of such redemption shall be given as provided in that certain Indenture of
Trust, Assignment of Lease Agreements and Security Agreement, dated as of June 1, 2013, as
heretofore amended and supplemented, between the Authority and U.S. Bank National
Association, as trustee.
Section 5. Other Certificates and Documents Required to Transfer Title to the City.
Upon satisfaction of any of the conditions listed in Section 14.02(b) of the Lease, each of the
- 3 - 2021 Authority Resolution
President and the Secretary/Clerk is hereby authorized and directed to execute such certificates
and documents as are required to transfer title to the Leased Facilities to the City.
Section 6. Other Actions With Respect to the Redemption of the Redeemed Bonds. The
officers and employees of the Authority shall take all action necessary or reasonably required to
carry out, give effect to, and consummate the transactions contemplated hereby and shall take all
action necessary to carry out the redemption of the Redeemed Bonds, including, without limitation,
the execution and delivery of any closing and other documents required to be delivered in
connection with the issuance and sale of the City STR Bonds and the redemption of the Redeemed
Bonds. If (a) the President or (b) the Secretary/Clerk shall be unavailable or unable to execute or
attest and countersign, respectively, the documents that they are hereby authorized to execute,
attest and countersign, the same may be executed, or attested and countersigned, respectively, (i)
by the Authority’s Vice President or (iii) by any assistant or deputy Secretary/Clerk. Without
limiting the generality of the foregoing, the officers and employees of the Authority are authorized
and directed to take such action as shall be necessary and appropriate to redeem the Redeemed
Bonds.
Section 7. Prior Acts Ratified, Approved and Confirmed. All acts of the officers and
employees of the Authority in connection with the redemption of the Redeemed Bonds are hereby
ratified, approved and confirmed.
Section 8. Resolution Irrepealable. Following the execution and delivery of an Escrow
Agreement, this resolution shall be and remain irrepealable until all of the Redeemed Bonds and
the interest thereon shall have been fully paid, cancelled, and discharged.
Section 9. Severability. If any section, paragraph, clause, or provision of this resolution
shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of
such section, paragraph, clause, or provision shall not affect any of the remaining provisions of
this resolution.
Section 10. Effective Date. This resolution shall be effective immediately upon its
approval and adoption.
(Signature page follows.)
- 4 - 2021 Authority Resolution
ADOPTED AND APPROVED by the Board of Directors of the Local Building Authority of Salt Lake
City, Utah, this 13th day of July, 2021.
LOCAL BUILDING AUTHORITY OF SALT LAKE CITY,
UTAH
By_______________________________
President
[SEAL]
ATTEST:
___________________________________
Secretary/Clerk
APPROVED AS TO FORM:
By_______________________________
Senior City Attorney
Draft of
5/10/21
Escrow Agreement v4
8709966/RDB/mo
ESCROW AGREEMENT
[Between][By and Among]
SALT LAKE CITY, UTAH
[LOCAL BUILDING AUTHORITY OF SALT LAKE CITY, UTAH]
AND
_______________, as Escrow Agent
$__________
SALT LAKE CITY, UTAH
FEDERALLY TAXABLE SALES AND EXCISE TAX REVENUE REFUNDING BONDS
SERIES 2021B
providing for the refunding of all of the __________’s
____________ Revenue Bonds
Series 201__
And
____________ Revenue Bonds
Series 201__
DATED AS OF __________, 2021
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TABLE OF CONTENTS
SECTION PAGE
ARTICLE I DEFINITIONS .................................................................................................1
ARTICLE II RECITALS ......................................................................................................3
ARTICLE III CREATION OF ESCROW ..................................................................................3
ARTICLE IV COVENANTS OF ESCROW AGENT ..................................................................4
ARTICLE V COVENANTS OF CITY ....................................................................................6
ARTICLE VI NOTICE OF REDEMPTION ...............................................................................6
ARTICLE VII AMENDMENTS, REINVESTMENT OF FUNDS, IRREVOCABILITY
OF AGREEMENT .............................................................................................7
ARTICLE VIII NOTICES TO THE CITY, THE CITY TREASURER AND THE
ESCROW AGENT ............................................................................................8
ARTICLE IX TERMINATION OF AGREEMENT .....................................................................9
ARTICLE X COUNTERPARTS ............................................................................................9
ARTICLE XI REPRESENTATION REGARDING ETHICAL STANDARDS FOR
CITY OFFICERS AND EMPLOYEES AND FORM CITY OFFICERS
AND EMPLOYEES ...........................................................................................9
Signatures .......................................................................................................................................10
EXHIBIT A — Escrow SLGS
SCHEDULE 1 — Form of Notice of Redemption
SCHEDULE 2 — Notice of Refunding and Defeasance
Escrow Agreement
ESCROW AGREEMENT
THIS ESCROW AGREEMENT, dated as of __________, 2021, by and [between][among] S ALT
LAKE CITY, UTAH, a body corporate and a political subdivision of the State of Utah, organized and
existing under the laws of the State of Utah (the “City”), [the Local Building Authority of Salt
Lake City, Utah, a Utah nonprofit corporation (the “Authority”)] and _______________, a
national banking association duly organized and existing under the laws of the United States of
America (the “Escrow Agent”), for and in consideration of the mutual covenants herein contained
and in consideration of Five Dollars ($5.00) duly paid by the City to the Escrow Agent, the receipt
whereof is hereby acknowledged,
W I T N E S S E T H:
ARTICLE I
DEFINITIONS
Section 1.01. The following words and terms used in this Escrow Agreement shall have the
following meanings unless the context or use clearly indicates another or different meaning:
“Act” means, collectively, the Utah Refunding Bond Act, Chapter 27 of Title 11 of the
Utah Code, the Registered Public Obligations Act, Chapter 7 of Title 15 of the Utah Code, and
other applicable provisions of law.
“Agreement” means this Escrow Agreement between the City[, the Authority] and the
Escrow Agent.
[“Authority Resolution” means that certain resolution adopted by the Board of Directors
on July 13, 2021, authorizing (a) the refunding the Refunded Bonds and (b) this Agreement.]
[“Board of Directors” means the Board of Directors of the Authority.]
“Bond Resolution” means that certain resolution adopted by the City Council on July 13,
2021, including as apart of such resolution that certain Certificate of Determination, dated
__________, 2021, authorizing (a) the issuance of the Series 2021B Bonds for the purpose of,
among other things, refunding the Refunded Bonds and (b) this Agreement.
“City” means Salt Lake City, Utah.
“City Council” means the City Council of the City.
“City Recorder” means the City Recorder of the City, or in the case of the absence or
disability of the City Recorder, any Deputy City Recorder.
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“City Treasurer” means the City Treasurer of the City or, in the case of the absence or
disability of the City Treasurer, the Deputy Treasurer of the City.
“Code” means the Internal Revenue Code of 1986, as amended.
“Escrow Account” means the irrevocable trust account established under this Agreement
by the deposit of the Escrow Investments.
“Escrow Agent” means _______________, in its capacity as Escrow Agent hereunder or
its successor.
“Escrow Investments” means the Government Securities, purchased with proceeds of the
Series 2021B Bonds in connection with the refunding of the Refunded Bonds and deposited
hereunder, as more particularly described in Exhibit A attached hereto.
“Government Securities” means direct obligations of the United States of America, or
other securities the principal of and interest on which are unconditionally guaranteed by the United
States of America.
“Indenture” means that certain Master Trust Indenture, dated as of September 1, 2004, as
heretofore amended and supplemented, and as further amended and supplemented by that certain
Thirteenth Supplemental Trust Indenture, dated as of July 1, 2021, relating to the Series 2021B
Bonds, each between the City and Zions Bancorporation, National Association, as trustee.
[“LBA Indenture” means that certain Indenture of Trust, Mortgage, Assignment of Lease
Agreements and Security Agreement, dated as of June 1, 2012, between the Authority and U.S.
Bank National Association, as trustee.]
“Mayor” means the Mayor of the City, or in the event of absence or disability of the Mayor,
the Chief of Staff or other person duly authorized to perform the duties of the Mayor.
[“President” means the President of the Board of Directors, or in the event of absence or
disability of the President, the Vice President of the Board of Directors.]
“Refunded Bonds” means __________.
“Report” means the opinion and report of __________, independent Certified Public
Accountants, delivered simultaneously herewith.
[“Secretary/Clerk” means the Secretary/Clerk of the Authority, or in the event of
absence or disability of the Secretary/Clerk, any other person duly authorized to perform
the duties of the Secretary/Clerk.]
“Series 201__ Bonds” means the $__________ aggregate principal amount of
__________ Revenue Bonds, Series 201__, dated __________, 201_.
- 3 - Escrow Agreement
“Series 201__ Bonds” means the $__________ aggregate principal amount of
__________ Revenue Bonds, Series 201__, dated __________, 201_.
“Series 2021B Bonds” means the $__________ Federally Taxable Sales and Excise Tax
Revenue Refunding Bonds, Series 2021B, authorized to be issued by the Bond Resolution and the
Indenture.
ARTICLE II
RECITALS
Section 2.01. This Agreement is entered into pursuant to authority contained in the Act,
[the Authority Resolution,] the Bond Resolution and the Indenture, and is executed by [(a)] the
Mayor, the City Treasurer and the City Recorder pursuant to authority contained in the Bond
Resolution [and (b) the President and the Secretary/Clerk pursuant to authority contained in the
Authority Resolution]. This Agreement is irrevocable and is not subject to amendment except as
otherwise expressly provided in Article VII hereof.
Section 2.02. The City Council adopted the Bond Resolution authorizing the issuance of
the Series 2021B Bonds for the purpose, among other things, of refunding the Refunded Bonds.
A certified copy of the Bond Resolution has been heretofore delivered to the Escrow Agent by the
City. The Series 2021B Bonds have been sold, and it is contemplated that they will be delivered
to the purchasers thereof on or about __________, 2021. The Bond Resolution and the Indenture
provide that a portion of the proceeds from the sale of the Series 2021B Bonds shall,
simultaneously with the delivery of the Series 2021B Bonds, be deposited with the Escrow Agent
in trust in accordance with the provisions of this Agreement.
Section 2.03. The Refunded Bonds are payable at the principal corporate trust office of the
paying agent for the Refunded Bonds.
Section 2.04. The Refunded Bonds were issued pursuant to the [Indenture][LBA
Indenture]. The Refunded Bonds are outstanding in the aggregate principal amount, bear interest
and mature as set forth in the definition of such term. The Refunded Bonds are subject to
redemption on any date on or after __________, 202_, at a redemption price equal to 100%
(expressed as a percentage of the principal amount of the Refunded Bonds so called for
redemption) plus accrued interest thereon to the redemption date. The Refunded Bonds will be
called for redemption on __________, 202_, pursuant to [the Authority Resolution,] the Bond
Resolution[, the LBA Indenture] and the Indenture.
ARTICLE III
CREATION OF ESCROW
Section 3.01. The City by the Bond Resolution and the Indenture has authorized the
issuance and delivery of the Series 2021B Bonds, $__________ of the proceeds of which are to be
- 4 - Escrow Agreement
used to refund the Refunded Bonds by the deposit with the Escrow Agent of moneys that are
sufficient to provide a beginning deposit on demand and to purchase the Escrow Investments on
behalf of the [Authority][City]. As provided in the Report, such beginning deposit and the Escrow
Investments will provide all moneys necessary to pay the principal or redemption price of and
interest on the Refunded Bonds when due pursuant to regularly scheduled interest payments and
calls for redemption.
Section 3.02. The City will deposit $__________ from the proceeds of sale of the Series
2021B Bonds, together with $__________ of funds on deposit in the __________________,
$__________ of which shall be used for the purchase of the Escrow Investments and $__________
of which shall be used for the funding of the beginning cash deposit on demand with the Escrow
Agent. The beginning deposit and the Escrow Investments are to be held in the Escrow Account
for the [Authority][City] for the benefit of the owners and holders of the Refunded Bonds to pay
the principal and redemption price of and interest on the Refunded Bonds as the same fall due on
each interest payment date, at maturity or on the redemption date, as set forth in the cash flow
schedules to the Report, and the same are hereby irrevocably pledged to the payment of the
principal or redemption price of and interest on the Refunded Bonds in accordance herewith.
ARTICLE IV
COVENANTS OF ESCROW AGENT
Section 4.01. The Escrow Agent covenants and agrees with [the Authority] and the City as
follows:
(1) The Escrow Agent will hold the Escrow Investments and all interest income
or profit derived therefrom and all uninvested deposits in an irrevocable segregated and
separate trust fund account solely and exclusively for the purposes for which escrowed.
(2) The Escrow Agent at the written direction of the City Treasurer [(on behalf
of the Authority)] shall invest any uninvested cash in the Escrow Account in Government
Securities to mature when needed as set forth in the cash flow schedules to the Report;
provided, however, that Government Securities shall be purchased only if there is an
established market for such securities and the market price is paid therefor. In the event
moneys cannot be invested as described in the preceding sentence due to the denomination,
price or availability of such investments, such amounts shall be held uninvested, but only
to the minimum extent necessary. The Escrow Agent shall hold balances not so invested
in the Escrow Account on demand and in trust for the purposes hereof and such demand
deposits shall be secured as required by OCC regulations.
(3) The Escrow Agent will promptly collect all principal, interest or profit from
the Escrow Investments and promptly apply the same as necessary to the payment of the
redemption price of and interest on the Refunded Bonds as the same become due on each
interest payment date, maturity date and redemption date, and as will meet the requirements
for the retirement of the Refunded Bonds as set forth in the Cash Flow Schedules to the
- 5 - Escrow Agreement
Report, and such payments shall fully release and discharge the Escrow Agent from any
further duty or obligation thereto under this Agreement.
(4) The Escrow Agent will remit to the paying agent for the Refunded Bonds,
in good funds on or before each interest payment date or redemption date of the Refunded
Bonds, moneys sufficient to pay such interest and redemption price as will meet the
requirements for the retirement of the Refunded Bonds and such remittances shall fully
release and discharge the Escrow Agent from any further duty or obligation thereto under
this Agreement.
(5) No fees of the Escrow Agent, any paying agent on the Refunded Bonds or
the paying agent on the Series 2021B Bonds, or any other charges, may be paid from the
money or Escrow Investments in the Escrow Account prior to retirement of the Refunded
Bonds, and the City agrees that it will pay all such fees as such payments become due.
Neither the Escrow Agent, any paying agent on the Refunded Bonds nor the paying agent
on the Series 2021B Bonds will have any lien on or with respect to the money or Escrow
Investments in the Escrow Account.
(6) The Escrow Agent has all the powers and duties herein set forth with no
liability in connection with any act or omission to act hereunder, except for its own
negligence or willful breach of trust, and shall be under no obligation to institute any suit,
action or other proceeding under this Agreement or to enter any appearance in any suit,
action or proceeding in which it may be defendant or to take any steps in the enforcement
of its, or any, rights and powers hereunder, nor shall be deemed to have failed to take any
such action, unless and until it shall have been indemnified by the City to the Escrow
Agent’s satisfaction against any and all costs and expenses, outlays, counsel fees and other
disbursements, including its own reasonable fees, and if any judgment, decree or recovery
be obtained by the Escrow Agent, payment of all sums due it, as aforesaid, shall be a first
charge against the amount of any such judgment, decree or recovery.
(7) The Escrow Agent will submit to the City Treasurer [(on behalf of the
Authority)] a statement within ten (10) days after June 30 of each year, commencing June
30, 2022, itemizing all moneys received by it and all payments made by it under the
provisions of this Agreement during the preceding 12-month period (or shorter period from
the date of execution hereof to June 30, 2022), and also listing the Escrow Investments on
deposit therewith on the date of said report, including all moneys held by it received as
interest on or profit from the collection of the Escrow Investments.
(8) If at any time it shall appear to the Escrow Agent that the available proceeds
of the Escrow Investments and deposits on demand in the Escrow Account will not be
sufficient to make any payment due to the owners or holders of any of the Refunded Bonds,
the Escrow Agent shall, to the extent possible, notify [the Authority,] the City Treasurer
and the City not less than five (5) days prior to the date such payment is due to the owners
or holders of any of the Refunded Bonds and the City agrees that it will from any funds
legally available for such purpose make up the anticipated deficit so that no default in the
making of any such payment will occur.
- 6 - Escrow Agreement
ARTICLE V
COVENANTS OF CITY [AND THE AUTHORITY]
Section 5.01. The City covenants and agrees with the Escrow Agent as follows:
(a) The Escrow Agent shall have no responsibility or liability whatsoever for (i) any of
the recitals of the City herein, (ii) the performance of or compliance with any covenant, condition,
term or provision of the Bond Resolution and (iii) any undertaking or statement of the City
hereunder or under the Bond Resolution and the Indenture.
(b) Except as herein otherwise expressly provided, all payments to be made by, and all
acts and things required to be done by, the Escrow Agent under the terms and provisions of this
Agreement, shall be made and done by the Escrow Agent without any further direction or authority
of the City.
[Section 5.02. The Authority covenants and agrees with the Escrow Agent as follows:
(a) The Escrow Agent shall have no responsibility or liability whatsoever for (i) any of
the recitals of the Authority herein, (ii) the performance of or compliance with any covenant,
condition, term or provision of the Authority Resolution and (iii) any undertaking or statement of
the Authority hereunder or under the Authority Resolution and the LBA Indenture.
(b) Except as herein otherwise expressly provided, all payments to be made by, and all
acts and things required to be done by, the Escrow Agent under the terms and provisions of this
Agreement, shall be made and done by the Escrow Agent without any further direction or authority
of the Authority.]
ARTICLE VI
NOTICE OF REDEMPTION
Section 6.01. The Escrow Agent, as agent for the [Authority][City] and as trustee for the
Refunded Bonds, shall cause notice of the call for redemption of the Refunded Bonds to be given
by first class mail, postage prepaid, not less than 30 nor more than 60 days prior to the redemption
date, to the registered owner, as of the record date, of each Refunded Bond which is subject to
redemption, at the address of such registered owner as it appears in the registration books of the
[Authority][City] kept by the trustee, or at such other address as is furnished to the trustee in
writing by such registered owner on or prior to the record date. Such notice of redemption shall
specify the date for the redemption of the Refunded Bonds, which shall be __________, 202_.
The Escrow Agent acknowledges receipt of a copy of the form of such notice of redemption. Such
notice shall be in substantially the form set forth in Schedule 1 attached hereto.
Section 6.02. The Escrow Agent shall further give such notice of redemption at least two
(2) business days in advance of the mailed notice to the holders described in Section 6.01 above
as required under DTC’s then-current operating procedures and as required by Section ___ of the
- 7 - Escrow Agreement
__________ and Section ___ of the __________, relating to the Refunded Bonds, to all registered
securities depositories then in the business of holding substantial amounts of obligations of types
comprising the Refunded Bonds.
Section 6.03. The City acknowledges that pursuant to the Continuing Disclosure
Agreements, dated __________, 201_, and __________, 201_ relating to the Refunded Bonds it
is required to provide a notice of defeasance. The City hereby authorizes and directs the Escrow
Agent, and the Escrow Agent agrees, to give such notice in substantially the form attached hereto
as Schedule 2.
ARTICLE VII
AMENDMENTS, REINVESTMENT OF FUNDS,
IRREVOCABILITY OF AGREEMENT
Section 7.01. This Agreement may be amended or supplemented for any one or more of
the following purposes: (a) to make provision for the curing of any ambiguity, or of curing or
correcting any defective provision contained in this Agreement, or of severing any provision of
this Agreement that has been determined to be illegal by a court of competent jurisdiction, and (b)
to add to the covenants and agreements of [the Authority,] the City or the Escrow Agent contained
in this Agreement, other covenants and agreements thereafter to be observed by [the Authority,]
the City or the Escrow Agent or to make any other provision for the purpose of protecting the
rights of the owners and holders of the Refunded Bonds or the Series 2021B Bonds (any such
amendment or supplement to be referred to as a “Subsequent Action”), upon submission to the
Escrow Agent of each of the following:
(i) Certified copy of proceedings of the City Council authorizing the
Subsequent Action and a copy of the document effecting the Subsequent Action signed by
duly designated officers of the City.
(ii) An opinion of nationally recognized bond counsel nationally recognized as
having an expertise in the area of municipal bonds to the effect that the Subsequent Action
is a permitted Subsequent Action under the terms of Section 7.01 hereof and does not
adversely affect the legal rights of the owners or holders of the Series 2021B Bonds or the
Refunded Bonds.
(iii) An opinion of a firm of nationally recognized independent certified public
accountants to the effect that the amounts (which will consist of cash or deposits on demand
held in trust or receipts from direct full faith and credit obligations of the United States of
America, not subject to call and redemption prior to maturity, all of which shall be held
hereunder) available or to be available for payment of the Refunded Bonds will remain
sufficient to pay when due the redemption price of and interest on the Refunded Bonds
after the taking of the Subsequent Action; provided, however, that in no event shall such
direct full faith and credit obligations of the United States of America so on deposit include
money market funds consisting of investments in such obligations.
- 8 - Escrow Agreement
[(iv) Certified copy of proceedings of the Board of Directors authorizing the
Subsequent Action and a copy of the document effecting the Subsequent Action signed by
duly designated officers of the Authority.]
Section 7.02. Except as provided in Section 7.01 hereof, all of the rights, powers, duties
and obligations of the Escrow Agent hereunder shall be irrevocable and shall not be subject to
amendment by the Escrow Agent and shall be binding on any successor to the Escrow Agent during
the term of this Agreement.
Section 7.03. Except as provided in Section 7.01 hereof, all of the rights, powers, duties
and obligations of the City hereunder shall be irrevocable and shall not be subject to amendment
by the City and shall be binding on any successor to the officials now comprising the City Council
or the officials of the City during the term of this Agreement.
[Section 7.04. Except as provided in Section 7.01 hereof, all of the rights, powers, duties
and obligations of the Authority hereunder shall be irrevocable and shall not be subject to
amendment by the Authority and shall be binding on any successor to the officials now comprising
the Board of Directors or the officials of the Authority during the term of this Agreement.]
ARTICLE VIII
NOTICES TO [THE AUTHORITY,] THE CITY, THE CITY TREASURER
AND THE ESCROW AGENT
Section 8.01. All notices and communications to the City shall be addressed in writing to:
Salt Lake City, Attention: City Recorder, 451 South State Street, Salt Lake City, Utah 84111, or
such other address as may be directed by the City from time to time by written instruction.
Section 8.02. All notices and communications to the City Treasurer shall be addressed in
writing to: City Treasurer, Salt Lake City, 451 South State Street, Room 228, Salt Lake City, Utah
84111, or such other address as may be directed by the City Treasurer from time to time by written
instruction.
Section 8.03. All notices and communications to the Escrow Agent shall be addressed in
writing to: Zions Bancorporation, National Association, One South Temple, Twelfth Floor, Salt
Lake City, Utah, 84133, Attention: Corporate Trust Department, or such other address as may be
directed by the Escrow Agent from time to time by written instruction.
[Section 8.04. All notices and communications to the Authority shall be addressed in writing
to: Local Building Authority of Salt Lake City, Attention: Secretary/Clerk, 451 South State Street,
Room 415, Salt Lake City, Utah 84111, or such other address as may be directed by the Authority
from time to time by written instruction.]
- 9 - Escrow Agreement
ARTICLE IX
TERMINATION OF AGREEMENT
Section 9.01. Upon final disbursement of funds sufficient to pay the redemption price of
and interest on the Refunded Bonds as hereinabove provided for, the Escrow Agent will transfer,
with due notice thereof mailed to [the Authority,] the City Treasurer and the City, any balance
remaining in the Escrow Account to the trustee for the Series 2021B Bonds for deposit into the
Principal and Interest Fund established under the Indenture and used to pay interest on the Series
2021B Bonds. Thereupon, this Agreement shall terminate.
ARTICLE X
COUNTERPARTS
Section 10.01. This Agreement may be executed in counterparts, each of which shall
constitute an original.
ARTICLE XI
REPRESENTATION REGARDING ETHICAL STANDARDS FOR CITY OFFICERS AND EMPLOYEES
AND FORMER CITY OFFICERS AND EMPLOYEES
Section 11.01. The Escrow Agent represents that it has not: (a) provided an illegal gift or
payoff to a City officer or employee or former City officer or employee, or his or her relative or
business entity; (b) retained any person to solicit or secure this contract upon an agreement or
understanding for a commission, percentage, or brokerage or contingent fee, other than bona fide
employees or bona fide commercial selling agencies for the purpose of securing business; (c)
knowingly breached any of the ethical standards set forth in the City’s conflict of interest
ordinance, Chapter 2.44, Salt Lake City Code; or (d) knowingly influenced, and hereby promises
that it will not knowingly influence, a City officer or employee or former City officer or employee
to breach any of the ethical standards set forth in the City’s conflict of interest ordinance, Chapter
2.44, Salt Lake City Code.
(Signature page follows.)
- 10 - Escrow Agreement
IN WITNESS WHEREOF, the City has caused this Agreement to be signed in its official name
by its Mayor and City Treasurer and attested and countersigned by the City Recorder and its
official seal to be hereunto affixed[, the Authority has caused this Agreement to be signed in its
official name by the President and attested and countersigned by the Secretary/Clerk and its official
seal to be hereunto affixed] and __________ has caused this Agreement to be signed in its
corporate name by one of its __________, all as of the day and year first above written.
SALT LAKE CITY, UTAH
By ____________________________________
Mayor
By ____________________________________
City Treasurer
[SEAL]
ATTEST AND COUNTERSIGN:
By_________________________________
City Recorder
APPROVED AS TO FORM:
By ____________________________________
Senior City Attorney
[LOCAL BUILDING AUTHORITY OF SALT LAKE
CITY, UTAH
By ____________________________________
President
[SEAL]
ATTEST AND COUNTERSIGN:
By_________________________________
Secretary/Clerk]
________________, as Escrow Agent
Schedule 1-1 Escrow Agreement
SCHEDULE 1
[FORM OF NOTICE OF REDEMPTION]
NOTICE OF REDEMPTION
[LOCAL BUILDING AUTHORITY OF] SALT LAKE CITY, UTAH
__________ REVENUE BONDS
SERIES 201__
NOTICE IS HEREBY GIVEN that [the Local Building Authority of] Salt Lake City, Utah (the
“Issuer”), has called and does hereby call for redemption, on __________, 202_ (the “Date Fixed
for Redemption”), all of the Issuer’s currently outstanding __________ Revenue Bonds, Series
201__, dated __________, 201_ (the “Bonds”), of the Issuer, identified under the caption
“PRINCIPAL AMOUNT REFUNDED” below and numbered, maturing on __________ of the years, in
the principal amount, bearing interest at the rate per annum and with the CUSIP number, all as
follows:
NUMBERED
SCHEDULED
MATURITY
(__________)
PRINCIPAL
AMOUNT
REFUNDED
INTEREST
RATE
CUSIP
NUMBER*
(__________)
at _____________________, in __________, __________ (the “Bond Registrar” or “Paying
Agent”), at a redemption price equal to 100% of the principal amount of the Bonds to be redeemed,
plus accrued interest thereon to the Redemption Date.
The redemption price of each Bond hereby called for redemption shall be paid on and after
the Date Fixed for Redemption upon surrender of such Bond at either of the following addresses:
BY HAND: BY MAIL:
_________________ _________________
* No representation is made as to the correctness of the CUSIP Number either as printed on the Bonds or as
contained in this Notice of Redemption. Reliance may be placed only on the identification numbers contained in
this notice or printed on the Bonds.
Schedule 1-2 Escrow Agreement
_________________ _________________
_________________ _________________
Interest due on the Date Fixed for Redemption on each Bond so called for redemption shall
be paid by check or draft of the Trustee for the Bonds mailed to the registered owner of the Bond
at the address appearing on the bond register of the Issuer maintained by the Trustee on the Record
Date.
NOTICE IS FURTHER GIVEN that funds necessary to pay the redemption price for each such
Bond will be available at the place of payment on the Date Fixed for Redemption and interest on
each such Bond shall cease to accrue from and after such Date Fixed for Redemption and on the
Date Fixed for Redemption there will become due and payable on each of said Bonds the principal
thereof and interest accrued thereon to the Date Fixed for Redemption.
Federal law requires the Paying Agent to withhold taxes at the applicable rate from the
payment if an IRS Form W-9 or applicable IRS Form W-8 is not provided. Please visit
www.irs.gov for additional information on the tax forms and instructions.
GIVEN BY ORDER of [the Local Building Authority of] Salt Lake City, Utah, this _______
day of _______________, ______.
_______________, as Escrow Agent
By ____________________________________
Its _________________________________
Schedule 2-1 Escrow Agreement
SCHEDULE 2
[FORM OF NOTICE OF REFUNDING AND DEFEASANCE]
NOTICE OF REFUNDING AND DEFEASANCE
OF
[LOCAL BUILDING AUTHORITY OF] SALT LAKE CITY, UTAH
$__________
__________ REVENUE BONDS
SERIES 201__
SCHEDULED
MATURITY
(__________)
PRINCIPAL
AMOUNT
INTEREST
RATE
CUSIP
NUMBER
(_________)
TOTAL $
NOTICE IS HEREBY GIVEN that for the payment of the interest on and principal of the bonds
described above (the “Bonds”), there have been deposited in escrow with _______________, Salt
Lake City, Utah (the “Escrow Agent”), moneys which have been invested in direct obligations of
the United States of America, or other securities the principal of and interest on which are
unconditionally guaranteed by the United States of America or held in cash. The projected
principal payments to be received from such securities and the projected interest income therefrom
have been calculated to be sufficient, with such cash, to pay the principal and interest requirements
on such Bonds when due through and including the redemption prior to maturity of the Bonds on
__________, 202_.
DATED this ____ day of ____________, 2021.
________________, as Escrow Agent
Signature:
Email:Garrett.Danielson@slcgov.com
ERIN MENDENHALL
MAYOR
CITY COUNCIL TRANSMITTAL
MARY BETH THOMPSON
CHIEF FINANCIAL OFFICER
Date Received:
Lisa Shaffer, Chief Administrative Officer Date sent to Council:
TO: Salt Lake City Council DATE: June 22, 2021
Amy Fowler, Chair
FROM: Mary Beth Thompson, Chief Financial Officer _
SUBJECT: Salt Lake City Sales and Excise Tax Revenue Refunding Bonds, Series 2021A. This
bond issuance will refund the City’s Sales and Excise Tax Revenue Bonds, Series 2012A and
Sales Tax Revenue Bonds, Series 2013B, and the Local Building Authority’s Lease Revenue
Bonds, Series 2013A and 2014A.
STAFF CONTACT: Marina Scott, City Treasurer 801-535-6565
DOCUMENT TYPE: Briefing
• RECOMMENDATION: 1) That the City Council hold a discussion on July 13, 2021, in
anticipation of adopting a Bond Resolution for the aforementioned bond issue; 2)
That the City Council consider adopting a Bond Resolution on August 17, 2021,
approving the issuance and sale of up to $26,000,000 principal amount of Sales and
Excise Tax Revenue Refunding Bonds, Series 2021A (the “Bonds”), and give authority
to certain officers to approve the final terms and provisions of and confirm the sale of
the Bonds within certain parameters set forth in the attached Bond Resolution; 3)
That Board of Trustees of the Local Building Authority will consider adopting an
Authority Resolution on August 17, 2021, authorizing the redemption of certain
outstanding Lease Revenue Bonds; authorizing the execution and delivery of one or
more escrow agreements; authorizing the taking of all other actions necessary for the
consummation of the transactions contemplated by this resolution; and related
matters.
BUDGET IMPACT: The Administration proposes to refund the following bonds:
Lisa Shaffer (Jun 22, 2021 16:21 MDT)06/22/2021
06/22/2021
Page 2 of 3
Sales and Excise Tax Bonds
Sales and Excise Tax Revenue Bonds, Series 2012A (the “Series 2012A Bonds”). Current
estimates provided by the City’s Financial Advisors indicate that as a result of the refunding
the City could expect to receive on average $57,884 (about 6.2% of refunded principal) in
annual savings in reduced debt costs.
Sales Tax Revenue Bonds, Series 2013B (the “Series 2013B Bonds”). As a result of the
refunding the City could expect to receive on average $29,649 (about 7.8% of refunded
principal) in annual savings in reduced debt costs.
Local Building Authority Bonds
Local Building Authority Lease Revenue Bonds, Series 2013A (the “LBA Series 2013A Bonds”).
As a result of the refunding the City could expect to receive on average $25,724 (about 7.5%
of refunded principal) in annual savings in reduced debt costs.
Local Building Authority Lease Revenue Bonds, Series 2014A (the “LBA Series 2014A Bonds”).
As a result of the refunding the City could expect to receive on average $31,136 (about 7.6%
of refunded principal) in annual savings in reduced debt costs.
The library will continue to make debt service payments on the refunded LBA bonds.
BACKGROUND/DISCUSSION:
The Administration is proposing to refund the following outstanding bond issues:
The City issued Sales and Excise Tax Revenue Bonds, Series 2012A (North Temple Viaduct and
North Temple Boulevard Projects) for the purpose of financing a portion of the cost of
replacing the North Temple Viaduct and reconstructing and improving North Temple
Boulevard between approximately 600 West and 2200 West.
The City issued Sales and Excise Tax Revenue Bonds, Series 2013B (Streetcar and Greenway
Projects) to finance the cost of the Sugarhouse Streetcar that runs in the existing Sugarhouse
spur rail corridor from the 2100 South Central Pointe TRAX Station to the east to McClelland
Street. A portion of the bond funds was used to finance the cost of various improvements to
create a “greenway” within the corridor.
The Local Building Authority of Salt Lake City issued Lease Revenue Bonds, Series 2013A
(Glendale Library Project) to build the new Glendale Library.
The Local Building Authority of Salt Lake City issued Lease Revenue Bonds, Series 2014A
(Marmalade Library Project) to build the new Marmalade Library.
The current plan calls for the Bonds to be sold on September 28, 2021.
Page 3 of 3
An estimated debt service schedule, a draft copy of the authorizing resolution of the City
Council, and a draft copy of the Bond Resolution and most of its attachments are included for
your review. Please keep in mind that these are preliminary drafts and are subject to change.
The Certificate of Determination and the Bond Purchase Agreement will need to be signed by
the Mayor and Council Chair or their respective designees on the afternoon of the date of
pricing and sale of the bonds, which is currently scheduled for September 28, 2021.
Attachments
cc: Mary Beth Thompson, Boyd Ferguson, Steven Bagley, Lisa Shaffer, Sara Montoya
Preliminary; subject to change.
SALT LAKE CITY, UTAH
$25,460,000 TAXABLE SALES AND EXCISE TAX REVENUE REFUNDING BONDS
SERIES 2021A (October 19, 2021 )
(Advance Refund 12A & 13B STR and 13A & 14A LBA)
Total Issue Sources And Uses
Dated 10/19/2021 | Delivered 10/19/2021
Issue
Ref 12A Ref 13B Ref 13A LBA Ref 14A LBA Summary
Sources Of Funds
Par Amount of Bonds $10,385,000.00 $4,830,000.00 $4,910,000.00 $5,335,000.00 $25,460,000.00
Total Sources $10,385,000.00 $4,830,000.00 $4,910,000.00 $5,335,000.00 $25,460,000.00
Uses Of Funds
Total Underwriter's Discount (0.275%) 28,558.75 13,282.50 13,502.50 14,671.25 70,015.00
Costs of Issuance 31,155.00 14,490.00 14,730.00 16,005.00 76,380.00
Deposit to Net Cash Escrow Fund 10,320,828.79 4,804,225.05 4,882,487.95 5,302,490.67 25,310,032.46
Rounding Amount 4,457.46 (1,997.55) (720.45) 1,833.08 3,572.54
Total Uses $10,385,000.00 $4,830,000.00 $4,910,000.00 $5,335,000.00 $25,460,000.00
2021B Taxable Ref only 6. | Issue Summary | 6/16/2021 | 4:03 PM
Stifel
Prepared by Stifel, Nicolaus & Company, Inc. (EJR) Page 1
Preliminary; subject to change.
SALT LAKE CITY, UTAH
$25,460,000 TAXABLE SALES AND EXCISE TAX REVENUE
SERIES 2021A (October 19, 2021 )
(Advance Refund 12A & 13B STR and 13A & 14A LBA)
Debt Service Schedule
REFUNDING
BONDS
Date
Principal
Coupon
Interest
Total P+I
Fiscal Total
10/19/2021 - - - - -
04/01/2022 - - 171,446.40 171,446.40 -
06/30/2022 - - - - 171,446.40
10/01/2022 1,035,000.00 0.260% 190,496.00 1,225,496.00 -
04/01/2023 - - 189,150.50 189,150.50 -
06/30/2023 - - - - 1,414,646.50
10/01/2023 1,370,000.00 0.310% 189,150.50 1,559,150.50 -
04/01/2024 - - 187,027.00 187,027.00 -
06/30/2024 - - - - 1,746,177.50
10/01/2024 2,105,000.00 0.590% 187,027.00 2,292,027.00 -
04/01/2025 - - 180,817.25 180,817.25 -
06/30/2025 - - - - 2,472,844.25
10/01/2025 2,140,000.00 0.940% 180,817.25 2,320,817.25 -
04/01/2026 - - 170,759.25 170,759.25 -
06/30/2026 - - - - 2,491,576.50
10/01/2026 2,175,000.00 1.200% 170,759.25 2,345,759.25 -
04/01/2027 - - 157,709.25 157,709.25 -
06/30/2027 - - - - 2,503,468.50
10/01/2027 2,225,000.00 1.460% 157,709.25 2,382,709.25 -
04/01/2028 - - 141,466.75 141,466.75 -
06/30/2028 - - - - 2,524,176.00
10/01/2028 2,275,000.00 1.660% 141,466.75 2,416,466.75 -
04/01/2029 - - 122,584.25 122,584.25 -
06/30/2029 - - - - 2,539,051.00
10/01/2029 2,330,000.00 1.810% 122,584.25 2,452,584.25 -
04/01/2030 - - 101,497.75 101,497.75 -
06/30/2030 - - - - 2,554,082.00
10/01/2030 2,395,000.00 1.910% 101,497.75 2,496,497.75 -
04/01/2031 - - 78,625.50 78,625.50 -
06/30/2031 - - - - 2,575,123.25
10/01/2031 2,465,000.00 2.010% 78,625.50 2,543,625.50 -
04/01/2032 - - 53,852.25 53,852.25 -
06/30/2032 - - - - 2,597,477.75
10/01/2032 2,540,000.00 2.110% 53,852.25 2,593,852.25 -
04/01/2033 - - 27,055.25 27,055.25 -
06/30/2033 - - - - 2,620,907.50
10/01/2033 1,445,000.00 2.210% 27,055.25 1,472,055.25 -
04/01/2034 - - 11,088.00 11,088.00 -
06/30/2034 - - - - 1,483,143.25
10/01/2034 960,000.00 2.310% 11,088.00 971,088.00 -
06/30/2035 - - - - 971,088.00
Total $25,460,000.00 - $3,205,208.40 $28,665,208.40 -
Yield Statistics
Bond Year Dollars $180,132.00
Average Life 7.075 Years
Average Coupon 1.7793665%
Net Interest Cost (NIC) 1.8182352%
True Interest Cost (TIC) 1.8100615%
Bond Yield for Arbitrage Purposes 1.7681802%
All Inclusive Cost (AIC) 1.8559259%
IRS Form 8038
Net Interest Cost 1.7793665%
Weighted Average Maturity 7.075 Years
2021B Taxable Ref only 6. | Issue Summary | 6/16/2021 | 4:03 PM
Stifel
Prepared by Stifel, Nicolaus & Company, Inc. (EJR) Page 2
Preliminary; subject to change.
SALT LAKE CITY, UTAH
$10,385,000 TAXABLE SALES AND EXCISE TAX REVENUE REFUNDING BONDS
SERIES 2021 (October 19, 2021 )
(Advance Refund 2012A)
Debt Service Schedule
Date Principal Coupon
Interest
Total P+I
Fiscal Total
10/19/2021 - - - - -
04/01/2022 - - 63,626.40 63,626.40 -
06/30/2022 - - - - 63,626.40
10/01/2022 815,000.00 0.260% 70,696.00 885,696.00 -
04/01/2023 - - 69,636.50 69,636.50 -
06/30/2023 - - - - 955,332.50
10/01/2023 825,000.00 0.310% 69,636.50 894,636.50 -
04/01/2024 - - 68,357.75 68,357.75 -
06/30/2024 - - - - 962,994.25
10/01/2024 850,000.00 0.590% 68,357.75 918,357.75 -
04/01/2025 - - 65,850.25 65,850.25 -
06/30/2025 - - - - 984,208.00
10/01/2025 870,000.00 0.940% 65,850.25 935,850.25 -
04/01/2026 - - 61,761.25 61,761.25 -
06/30/2026 - - - - 997,611.50
10/01/2026 900,000.00 1.200% 61,761.25 961,761.25 -
04/01/2027 - - 56,361.25 56,361.25 -
06/30/2027 - - - - 1,018,122.50
10/01/2027 930,000.00 1.460% 56,361.25 986,361.25 -
04/01/2028 - - 49,572.25 49,572.25 -
06/30/2028 - - - - 1,035,933.50
10/01/2028 960,000.00 1.660% 49,572.25 1,009,572.25 -
04/01/2029 - - 41,604.25 41,604.25 -
06/30/2029 - - - - 1,051,176.50
10/01/2029 1,000,000.00 1.810% 41,604.25 1,041,604.25 -
04/01/2030 - - 32,554.25 32,554.25 -
06/30/2030 - - - - 1,074,158.50
10/01/2030 1,035,000.00 1.910% 32,554.25 1,067,554.25 -
04/01/2031 - - 22,670.00 22,670.00 -
06/30/2031 - - - - 1,090,224.25
10/01/2031 1,080,000.00 2.010% 22,670.00 1,102,670.00 -
04/01/2032 - - 11,816.00 11,816.00 -
06/30/2032 - - - - 1,114,486.00
10/01/2032 1,120,000.00 2.110% 11,816.00 1,131,816.00 -
06/30/2033 - - - - 1,131,816.00
Total $10,385,000.00 - $1,094,689.90 $11,479,689.90 -
Yield Statistics
Bond Year Dollars $65,210.75
Average Life 6.279 Years
Average Coupon 1.6786955%
Net Interest Cost (NIC) 1.7224900%
True Interest Cost (TIC) 1.7155058%
Bond Yield for Arbitrage Purposes 1.7681802%
All Inclusive Cost (AIC) 1.7666724%
IRS Form 8038
Net Interest Cost 1.6786955%
Weighted Average Maturity 6.279 Years
2021B Taxable Ref only 6. | Ref 12A | 6/16/2021 | 4:03 PM
Stifel
Prepared by Stifel, Nicolaus & Company, Inc. (EJR) Page 7
Preliminary; subject to change.
SALT LAKE CITY, UTAH
$4,830,000 TAXABLE SALES AND EXCISE
SERIES 2021 (October 19, 2021 )
(Advance Refund 2013B)
Debt Service Schedule
TAX REVENUE
REFUNDING
BONDS
Date Principal Coupon
Interest
Total P+I
Fiscal Total
10/19/2021 - - - - -
04/01/2022 - - 34,147.80 34,147.80 -
06/30/2022 - - - - 34,147.80
10/01/2022 75,000.00 0.260% 37,942.00 112,942.00 -
04/01/2023 - - 37,844.50 37,844.50 -
06/30/2023 - - - - 150,786.50
10/01/2023 75,000.00 0.310% 37,844.50 112,844.50 -
04/01/2024 - - 37,728.25 37,728.25 -
06/30/2024 - - - - 150,572.75
10/01/2024 440,000.00 0.590% 37,728.25 477,728.25 -
04/01/2025 - - 36,430.25 36,430.25 -
06/30/2025 - - - - 514,158.50
10/01/2025 445,000.00 0.940% 36,430.25 481,430.25 -
04/01/2026 - - 34,338.75 34,338.75 -
06/30/2026 - - - - 515,769.00
10/01/2026 445,000.00 1.200% 34,338.75 479,338.75 -
04/01/2027 - - 31,668.75 31,668.75 -
06/30/2027 - - - - 511,007.50
10/01/2027 455,000.00 1.460% 31,668.75 486,668.75 -
04/01/2028 - - 28,347.25 28,347.25 -
06/30/2028 - - - - 515,016.00
10/01/2028 460,000.00 1.660% 28,347.25 488,347.25 -
04/01/2029 - - 24,529.25 24,529.25 -
06/30/2029 - - - - 512,876.50
10/01/2029 465,000.00 1.810% 24,529.25 489,529.25 -
04/01/2030 - - 20,321.00 20,321.00 -
06/30/2030 - - - - 509,850.25
10/01/2030 475,000.00 1.910% 20,321.00 495,321.00 -
04/01/2031 - - 15,784.75 15,784.75 -
06/30/2031 - - - - 511,105.75
10/01/2031 485,000.00 2.010% 15,784.75 500,784.75 -
04/01/2032 - - 10,910.50 10,910.50 -
06/30/2032 - - - - 511,695.25
10/01/2032 500,000.00 2.110% 10,910.50 510,910.50 -
04/01/2033 - - 5,635.50 5,635.50 -
06/30/2033 - - - - 516,546.00
10/01/2033 510,000.00 2.210% 5,635.50 515,635.50 -
06/30/2034 - - - - 515,635.50
Total $4,830,000.00 - $639,167.30 $5,469,167.30 -
Yield Statistics
Bond Year Dollars $35,723.50
Average Life 7.396 Years
Average Coupon 1.7892068%
Net Interest Cost (NIC) 1.8263882%
True Interest Cost (TIC) 1.8195651%
Bond Yield for Arbitrage Purposes 1.7681802%
All Inclusive Cost (AIC) 1.8634910%
IRS Form 8038
Net Interest Cost 1.7892068%
Weighted Average Maturity 7.396 Years
2021B Taxable Ref only 6. | Ref 13B | 6/16/2021 | 4:03 PM
Stifel
Prepared by Stifel, Nicolaus & Company, Inc. (EJR) Page 11
Preliminary; subject to change.
SALT LAKE CITY, UTAH
$4,910,000 TAXABLE SALES AND EXCISE TAX REVENUE REFUNDING BONDS
SERIES 2021 (October 19, 2021 )
(Advance Refund 2013A LBA)
Debt Service Schedule
Date Principal Coupon
Interest
Total P+I
Fiscal Total
10/19/2021 - - - - -
04/01/2022 - - 36,310.05 36,310.05 -
06/30/2022 - - - - 36,310.05
10/01/2022 65,000.00 0.260% 40,344.50 105,344.50 -
04/01/2023 - - 40,260.00 40,260.00 -
06/30/2023 - - - - 145,604.50
10/01/2023 65,000.00 0.310% 40,260.00 105,260.00 -
04/01/2024 - - 40,159.25 40,159.25 -
06/30/2024 - - - - 145,419.25
10/01/2024 405,000.00 0.590% 40,159.25 445,159.25 -
04/01/2025 - - 38,964.50 38,964.50 -
06/30/2025 - - - - 484,123.75
10/01/2025 410,000.00 0.940% 38,964.50 448,964.50 -
04/01/2026 - - 37,037.50 37,037.50 -
06/30/2026 - - - - 486,002.00
10/01/2026 415,000.00 1.200% 37,037.50 452,037.50 -
04/01/2027 - - 34,547.50 34,547.50 -
06/30/2027 - - - - 486,585.00
10/01/2027 415,000.00 1.460% 34,547.50 449,547.50 -
04/01/2028 - - 31,518.00 31,518.00 -
06/30/2028 - - - - 481,065.50
10/01/2028 425,000.00 1.660% 31,518.00 456,518.00 -
04/01/2029 - - 27,990.50 27,990.50 -
06/30/2029 - - - - 484,508.50
10/01/2029 430,000.00 1.810% 27,990.50 457,990.50 -
04/01/2030 - - 24,099.00 24,099.00 -
06/30/2030 - - - - 482,089.50
10/01/2030 440,000.00 1.910% 24,099.00 464,099.00 -
04/01/2031 - - 19,897.00 19,897.00 -
06/30/2031 - - - - 483,996.00
10/01/2031 445,000.00 2.010% 19,897.00 464,897.00 -
04/01/2032 - - 15,424.75 15,424.75 -
06/30/2032 - - - - 480,321.75
10/01/2032 455,000.00 2.110% 15,424.75 470,424.75 -
04/01/2033 - - 10,624.50 10,624.50 -
06/30/2033 - - - - 481,049.25
10/01/2033 465,000.00 2.210% 10,624.50 475,624.50 -
04/01/2034 - - 5,486.25 5,486.25 -
06/30/2034 - - - - 481,110.75
10/01/2034 475,000.00 2.310% 5,486.25 480,486.25 -
06/30/2035 - - - - 480,486.25
Total $4,910,000.00 - $728,672.05 $5,638,672.05 -
Yield Statistics
Bond Year Dollars $38,954.50
Average Life 7.934 Years
Average Coupon 1.8705722%
Net Interest Cost (NIC) 1.9052344%
True Interest Cost (TIC) 1.8970342%
Bond Yield for Arbitrage Purposes 1.7681802%
All Inclusive Cost (AIC) 1.9383521%
IRS Form 8038
Net Interest Cost 1.8705722%
Weighted Average Maturity 7.934 Years
2021B Taxable Ref only 6. | Ref 13A LBA | 6/16/2021 | 4:03 PM
Stifel
Prepared by Stifel, Nicolaus & Company, Inc. (EJR) Page 15
Preliminary; subject to change.
SALT LAKE CITY, UTAH
$5,335,000 TAXABLE SALES AND EXCISE TAX REVENUE REFUNDING BONDS
SERIES 2021 (October 19, 2021 )
(Advance Refund 2014A LBA)
Debt Service Schedule
Date Principal Coupon
Interest
Total P+I
Fiscal Total
10/19/2021 - - - - -
04/01/2022 - - 37,362.15 37,362.15 -
06/30/2022 - - - - 37,362.15
10/01/2022 80,000.00 0.260% 41,513.50 121,513.50 -
04/01/2023 - - 41,409.50 41,409.50 -
06/30/2023 - - - - 162,923.00
10/01/2023 405,000.00 0.310% 41,409.50 446,409.50 -
04/01/2024 - - 40,781.75 40,781.75 -
06/30/2024 - - - - 487,191.25
10/01/2024 410,000.00 0.590% 40,781.75 450,781.75 -
04/01/2025 - - 39,572.25 39,572.25 -
06/30/2025 - - - - 490,354.00
10/01/2025 415,000.00 0.940% 39,572.25 454,572.25 -
04/01/2026 - - 37,621.75 37,621.75 -
06/30/2026 - - - - 492,194.00
10/01/2026 415,000.00 1.200% 37,621.75 452,621.75 -
04/01/2027 - - 35,131.75 35,131.75 -
06/30/2027 - - - - 487,753.50
10/01/2027 425,000.00 1.460% 35,131.75 460,131.75 -
04/01/2028 - - 32,029.25 32,029.25 -
06/30/2028 - - - - 492,161.00
10/01/2028 430,000.00 1.660% 32,029.25 462,029.25 -
04/01/2029 - - 28,460.25 28,460.25 -
06/30/2029 - - - - 490,489.50
10/01/2029 435,000.00 1.810% 28,460.25 463,460.25 -
04/01/2030 - - 24,523.50 24,523.50 -
06/30/2030 - - - - 487,983.75
10/01/2030 445,000.00 1.910% 24,523.50 469,523.50 -
04/01/2031 - - 20,273.75 20,273.75 -
06/30/2031 - - - - 489,797.25
10/01/2031 455,000.00 2.010% 20,273.75 475,273.75 -
04/01/2032 - - 15,701.00 15,701.00 -
06/30/2032 - - - - 490,974.75
10/01/2032 465,000.00 2.110% 15,701.00 480,701.00 -
04/01/2033 - - 10,795.25 10,795.25 -
06/30/2033 - - - - 491,496.25
10/01/2033 470,000.00 2.210% 10,795.25 480,795.25 -
04/01/2034 - - 5,601.75 5,601.75 -
06/30/2034 - - - - 486,397.00
10/01/2034 485,000.00 2.310% 5,601.75 490,601.75 -
06/30/2035 - - - - 490,601.75
Total $5,335,000.00 - $742,679.15 $6,077,679.15 -
Yield Statistics
Bond Year Dollars $40,243.25
Average Life 7.543 Years
Average Coupon 1.8454751%
Net Interest Cost (NIC) 1.8819315%
True Interest Cost (TIC) 1.8723966%
Bond Yield for Arbitrage Purposes 1.7681802%
All Inclusive Cost (AIC) 1.9157255%
IRS Form 8038
Net Interest Cost 1.8454751%
Weighted Average Maturity 7.543 Years
2021B Taxable Ref only 6. | Ref 14A LBA | 6/16/2021 | 4:03 PM
Stifel
Prepared by Stifel, Nicolaus & Company, Inc. (EJR) Page 19
Draft of
6/18/21
RESOLUTION NO. OF 2021
A Resolution authorizing the redemption of certain outstanding Lease
Revenue Bonds; authorizing the execution and delivery of one or
more escrow agreements; authorizing the taking of all other actions
necessary for the consummation of the transactions contemplated by
this resolution; and related matters.
*** *** ***
WHEREAS, the Local Building Authority of Salt Lake City, Utah (the “Authority”), has
been duly organized as a Utah nonprofit corporation by Salt Lake City, Utah (the “City”), solely
for the purpose of (a) accomplishing the public purposes for which the City exists by acquiring,
constructing, improving or extending any improvements, facilities or properties (whether real or
personal) and appurtenances to them which the City is authorized or permitted by law to acquire,
including, but not limited to, public buildings or other structures of every nature or any joint or
partial interest in the same, and (b) financing the costs of such projects on behalf of the City in
accordance with the procedures and subject to the limitations of the Local Building Authority Act,
Title 17D, Chapter 2, Utah Code Annotated 1953, as amended (the “Act”), and other applicable
Utah law;
WHEREAS, the Authority has previously issued its (i) Lease Revenue Bonds, Series 2013A
(the “2013A LBA Bonds”) and (ii) Lease Revenue Bonds, Series 2014A (the “2014A LBA Bonds”)
to finance the acquisition and construction of certain library facilities (the “Leased Facilities”)
and has leased such facilities to the City pursuant to that certain Master Lease Agreement, dated
as of June 1, 2013, as heretofore amended and supplemented (the “Lease”), between the Authority
and the City;
WHEREAS, pursuant to Section 14.01 of the Lease, the City has the option to purchase the
Leased Facilities on each Optional Purchase Date (as defined in the Master Lease);
WHEREAS, on the date hereof the City Council of the City adopted a resolution authorizing
the issuance and sale of one or more series of its sales and excise tax revenue bonds (the “City
STR Bonds”), a purpose of the proceeds of which is to pay the Option Price (as defined in the
Master Lease) for the Leased Facilities on the applicable Optional Purchase Date by entering into
an Escrow Agreement (the “Escrow Agreement”) with the Authority and an escrow agent, to hold
such proceeds in escrow to pay the Option Price on the applicable Optional Purchase Date;
WHEREAS, the form of the Escrow Agreement has been prepared and distributed to the
Authority, and the Authority has examined the provisions of the Escrow Agreement and desires at
this time to approve the terms and provisions of the Escrow Agreement and to authorize the
execution and delivery thereof by the Authority’s President, Vice President or the President’s
designee (the “President”) and by the countersignature and attestation thereof by the
Secretary/Clerk, or any assistant or deputy Secretary/Clerk (the “Secretary/Clerk”); and
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8709966/RDB/mo
- 2 - 2021 Authority Resolution
WHEREAS, on the applicable Optional Purchase Date, the Authority desires to redeem the
then outstanding 2013A LBA Bonds and 2014A LBA Bonds (collectively, the “Redeemed
Bonds”);
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Local Building
Authority of Salt Lake City, Utah, as follows:
Section 1. Authorization of Escrow Agreement. One or more Escrow Agreements, in
substantially the form set forth as Exhibit A hereto, with such insertions, changes and additions as
shall be made with the approval of the President, execution by the President thereof to constitute
conclusive evidence of such approval, is hereby in all respects authorized and approved. The
Authority, through the President and the Secretary/Clerk, shall enter into the Escrow Agreement
with an escrow agent establishing one or more escrow accounts from which the redemption price
of, and interest on, the Redeemed Bonds shall be paid when due. After all the Redeemed Bonds
shall have become due and payable pursuant to call for redemption, any investments remaining in
an escrow account shall be liquidated, and any proceeds of liquidation over and above the amount
necessary to be retained for the payment of any Redeemed Bonds not yet presented for payment,
including interest due and payable, shall be paid in accordance with the Escrow Agreement. The
President is hereby authorized and directed to execute and deliver, and the Secretary/Clerk to seal,
countersign and attest, the Escrow Agreement.
Section 2. Notice of Intent to Purchase. The execution by the City of the Escrow
Agreement and the funding of the escrow account created thereunder shall constitute the City’s
written notice of the City’s intent to purchase the applicable Leased Facilities under Section 14.01
of the Lease.
Section 3. Provision for Redemption the Redeemed Bonds. It is hereby found and
determined that, pursuant to the Escrow Agreement and this resolution, moneys and governmental
obligations permitted under the Act, the principal of and the interest on which, when due, will
provide moneys that will be sufficient to pay, when due, pursuant to call for redemption, the
redemption price of and interest due and to become due on, the Redeemed Bonds, will be deposited
with the escrow agent and provision thereby made for the redemption of the Redeemed Bonds.
Section 4. Authorization of Redemption Prior to Maturity of Redeemed Bonds. Upon
the issuance of the City STR Bonds and the funding of the escrow account under the Escrow
Agreement, the Redeemed Bonds are irrevocably called for redemption on October 15, 2023, each
at the redemption price of one hundred percent (100%) of the principal amount of each such
Redeemed Bond so called for redemption plus accrued interest thereon to the date fixed for
redemption. Notice of such redemption shall be given as provided in that certain Indenture of
Trust, Assignment of Lease Agreements and Security Agreement, dated as of June 1, 2013, as
heretofore amended and supplemented, between the Authority and U.S. Bank National
Association, as trustee.
Section 5. Other Certificates and Documents Required to Transfer Title to the City.
Upon satisfaction of any of the conditions listed in Section 14.02(b) of the Lease, each of the
- 3 - 2021 Authority Resolution
President and the Secretary/Clerk is hereby authorized and directed to execute such certificates
and documents as are required to transfer title to the Leased Facilities to the City.
Section 6. Other Actions With Respect to the Redemption of the Redeemed Bonds. The
officers and employees of the Authority shall take all action necessary or reasonably required to
carry out, give effect to, and consummate the transactions contemplated hereby and shall take all
action necessary to carry out the redemption of the Redeemed Bonds, including, without limitation,
the execution and delivery of any closing and other documents required to be delivered in
connection with the issuance and sale of the City STR Bonds and the redemption of the Redeemed
Bonds. If (a) the President or (b) the Secretary/Clerk shall be unavailable or unable to execute or
attest and countersign, respectively, the documents that they are hereby authorized to execute,
attest and countersign, the same may be executed, or attested and countersigned, respectively, (i)
by the Authority’s Vice President or (iii) by any assistant or deputy Secretary/Clerk. Without
limiting the generality of the foregoing, the officers and employees of the Authority are authorized
and directed to take such action as shall be necessary and appropriate to redeem the Redeemed
Bonds.
Section 7. Prior Acts Ratified, Approved and Confirmed. All acts of the officers and
employees of the Authority in connection with the redemption of the Redeemed Bonds are hereby
ratified, approved and confirmed.
Section 8. Resolution Irrepealable. Following the execution and delivery of an Escrow
Agreement, this resolution shall be and remain irrepealable until all of the Redeemed Bonds and
the interest thereon shall have been fully paid, cancelled, and discharged.
Section 9. Severability. If any section, paragraph, clause, or provision of this resolution
shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of
such section, paragraph, clause, or provision shall not affect any of the remaining provisions of
this resolution.
Section 10. Effective Date. This resolution shall be effective immediately upon its
approval and adoption.
(Signature page follows.)
- 4 - 2021 Authority Resolution
ADOPTED AND APPROVED by the Board of Directors of the Local Building Authority of
Salt Lake City, Utah, this 17th day of August, 2021.
LOCAL BUILDING AUTHORITY OF SALT LAKE CITY,
UTAH
By
President
[SEAL]
ATTEST:
Secretary/Clerk
APPROVED AS TO FORM:
By
Senior City Attorney
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RESOLUTION NO. OF 2021
A Resolution authorizing the issuance and the sale of not to exceed
$26,100,000 aggregate principal amount of Sales and Excise Tax
Revenue Refunding Bonds, in one or more series, on a taxable or tax-
exempt basis, for the purpose of refinancing the projects financed with
certain outstanding Lease Revenue Bonds and refunding certain
outstanding Sales Tax Revenue Bonds of the City; authorizing the
execution and delivery of one or more supplemental trust indentures
to secure said bonds; giving authority to certain officials and officers
to approve the final terms and provisions of the bonds within the
parameters set forth herein; authorizing the taking of all other actions
necessary for the consummation of the transactions contemplated by
this resolution; and related matters.
*** *** ***
WHEREAS, Salt Lake City, Utah (the “City”), is a duly organized and existing city of the
first class, operating under the general laws of the State of Utah (the “State”);
WHEREAS, the City considers it necessary and desirable and for the benefit of the City to
issue its sales and excise tax revenue refunding bonds, in one or more series, on a taxable or tax -
exempt basis, as hereinafter provided for the purpose of (a) refunding a portion of the City’s
currently outstanding (i) Sales Tax Revenue Bonds, Series 2012A (the “Series 2012A Bonds”)
and (ii) Sales Tax Revenue Bonds, Series 2013B (the “Series 2013B Bonds”); (b) refinancing
certain lease obligations of the City by exercising the City’s option to purchase certain leased
property that was financed by the issuance of the Local Building Authority of Salt Lake City,
Utah’s (the “Authority”) (i) Lease Revenue Bonds, Series 2013A (the “2013A LBA Bonds”) and
(ii) Lease Revenue Bonds Bonds, Series 2014A (the “2014A LBA Bonds”), (c) funding any
necessary reserves and contingencies in connection with the Series 2021 Bonds (defined below)
and (d) paying all related costs authorized by law pursuant to authority contained in the the Local
Government Bonding Act, Chapter 14 of Title 11 (the “Government Bonding Act”), Utah Code
Annotated 1953, as amended (the “Utah Code”) and the Utah Refunding Bond Act, Chapter 27
of Title 11 (the “Refunding Bond Act” and, collectively with the Government Bonding Act, the
“Act”), Utah Code, and other applicable provisions of law;
WHEREAS, for the purposes set forth above, the City has determined (a) to issue its Sales
and Excise Tax Revenue Refunding Bonds, in one or more series, in an aggregate principal amount
not to exceed $26,100,000 (the “Series 2021 Bonds”) (subject to the further limitations outlined
herein) pursuant to the Master Trust Indenture, dated as of September 1, 2004, as amended and
supplemented to the date hereof (the “Master Indenture”), a copy of which is attached here as
Exhibit A and one or more Supplemental Trust Indentures (the “Supplemental Indenture”),
between the City and Zions Bancorporation, National Association, as trustee (the “Trustee”) (the
Master Indenture and the Supplemental Indenture are sometimes collectively referred to
Delegating Bond Resolution (refunding) v9 pdf
- 2 - 2021 Refunding Delegating Bond Resolution
hereinafter as the “Indenture”), and (b) to cause the proceeds of the sale of the Series 2021 Bonds
to be applied in accordance with the Indenture;
WHEREAS, the City is authorized by the Act to (a) refinance the projects financed with the
2013A LBA Bonds and the 2014A Bonds (collectively, the “Refunded LBA Bonds”) and (b)
refund the Series 2012A Bonds and Series 2013B Bonds (collectively, the “Refunded STR Bonds”
and, collectively with the Refunded LBA Bonds, the “Refunded Bonds”), to enter into the
Supplemental Indenture, and to issue the Series 2021 Bonds to finance all or a portion of the costs
of financing the Series 2021A Project and refunding the Refunded Bonds, to fund any necessary
reserves, and to pay all related costs authorized by law;
WHEREAS, Sections 11-14-316 and 11-27-4 of the Utah Code provide for the publication
of a Notice of Bonds to be Issued (the “Notice of Bonds”) and the running of a 30-day contest
period, and the City desires to cause the publication of such Notice of Bonds at this time in
compliance with said section with respect to the Series 2021 Bonds;
WHEREAS, Section 11-14-318 of the Government Bonding Act requires that a public
hearing be held to receive input from the public with respect to the issuance of the Series 2021
Bonds and the potential economic impact that the purchase of the library projects financed with
the Refunded LBA Bonds (the “LBA Portion”) will have on the private sector and that notice of
such public hearing be given as provided by law and, in satisfaction of such requirement, the City
desires to publish a Notice of Public Hearing and Intent to Issue Sales and Excise Tax Revenue
Bonds (the “Notice of Public Hearing”) pursuant to such Section;
WHEREAS, Section 11-14-307(7) of the Government Bonding Act requires the City to
submit the question of whether or not to issue the LBA Portion of the Series 2021 Bonds to voters
for their approval or rejection if, within 30 calendar days after the publication of the Notice of
Public Hearing, a written petition requesting an election and signed by at least 20% of the
registered voters in the City is filed with the City;
WHEREAS, in the opinion of the City, it is in the best interests of the City that (a) the
Designated Officers (defined below) be authorized to approve the final terms and provisions
relating to the Series 2021 Bonds and to execute the Certificate of Determination (defined below)
containing such terms and provisions and to accept the offer of the underwriter for the Series 2021
Bonds (the “Underwriter”) for the purchase of the Series 2021 Bonds; and (b) the Mayor (defined
below) be authorized to execute the Official Statement with respect to the Series 2021 Bonds, all
as provided herein;
WHEREAS, the form of an Escrow Agreement (the “Escrow Agreement”) has been prepared
and distributed to the City, and the City has examined the provisions of the Escrow Agreement
and desires at this time to approve the terms and provisions of the Escrow Agreement and to
authorize the execution and delivery thereof by the Mayor, the Deputy Mayor or the Mayor’s
designee (the “Mayor”), and City Treasurer, or the Deputy Treasurer of the City (the “City
Treasurer”), and by the countersignature and attestation thereof by the City Recorder, or any
Deputy City Recorder;
- 3 - 2021 Refunding Delegating Bond Resolution
NOW, THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah, as follows:
Section 1. Issuance of Bonds. (a) For the purposes set forth above, there is hereby
authorized and directed the execution, issuance, sale and delivery of the Series 2021 Bonds in one
or more series (with such adjustments to the series designation as are necessary), on a taxable or
tax-exempt basis, in the aggregate principal amount not to exceed $26,100,000. The Series 2021
Bonds shall be dated as of the date of the initial delivery thereof. The Series 2021 Bonds shall be
in authorized denominations, shall be payable, and shall be executed and delivered all as provided
in the Indenture. The Series 2021 Bonds shall be subject to redemption prior to maturity as
provided in the Indenture.
(b) The form of the Series 2021 Bonds set forth in the form Supplemental Indenture,
subject to appropriate insertions and revisions in order to comply with the provisions of the
Indenture, is hereby approved.
(c) The Series 2021 Bonds shall be special obligations of the City, payable from and
secured by a pledge and assignment of the Revenues (as defined in the Indenture) received by the
City and of certain other moneys held under the Indenture on a parity with any other Bonds (as
defined in the Indenture) issued from time to time under the Master Indenture, including but not
limited to the City’s (i) remaining Series 2012A Bonds, if any, (ii) remaining Series 2013B Bonds,
if any, (iii) Federally Taxable Sales and Excise Tax Revenue Refunding Bonds, Series 2014A, (iv)
Sales and Excise Tax Revenue Bonds, Series 2014B, (v) Sales and Excise Tax Revenue Refunding
Bonds, Series 2016A, (vi) Sales and Excise Tax Revenue Refunding Bonds, Series 2019A and
(vii) Federally Taxable Sales and Excise Tax Revenue Refunding Bonds, Series 2019B. The
Series 2021 Bonds shall not be obligations of the State or any other political subdivision thereof,
other than the City, and neither the faith and credit nor the ad valorem taxing or appropriation
power of the State or any political subdivision thereof, including the City, is pledged to the
payment of the Series 2021 Bonds. The Series 2021 Bonds shall not constitute general obligations
of the City or any other entity or body, municipal, state or otherwise.
Section 2. Series 2021 Bond Details; Delegation of Authority. (a) The Series 2021
Bonds shall mature on October 1 (or such other dates as specified in the Certificate of
Determination) of the years and in the principal amounts, and shall bear interest (calculated on the
basis of a year of 360 days consisting of twelve 30-day months) from the Closing Date, payable
semiannually on April 1 and October 1 (or such other dates as specified in the Certificate of
Determination) of each year, and at the rates per annum and commencing on the dates, all as
provided in that certain Certificate of Determination, a form of which is attached hereto as Exhibit
C, of the Designated Officers (defined below) delivered pursuant to this Section 2, setting forth
certain terms and provisions of the Series 2021 Bonds (the “Certificate of Determination”).
(b) There is hereby delegated to the Designated Officers, subject to the limitations
contained in this resolution, the power to determine and effectuate the following with respect to
the Series 2021 Bonds and the Designated Officers are hereby authorized to make such
determinations and effectuations:
- 4 - 2021 Refunding Delegating Bond Resolution
(i) the principal amount of each series of the Series 2021 Bonds necessary to
accomplish the purpose of the Series 2021 Bonds set forth in the recitals hereto and the
aggregate principal amount of each series of the Series 2021 Bonds to be executed and
delivered pursuant to the Indenture; provided that the aggregate principal amount of the
Series 2021 Bonds shall not exceed Twenty-six Million One Hundred Thousand Dollars
($26,100,000);
(ii) the maturity date or dates and principal amount of each maturity of the
Series 2021 Bonds to be issued; provided, however, that the Series 2021 Bonds mature
over a period of not to exceed fifteen (15) years from their date or dates;
(iii) the interest rate or rates, which may be taxable or tax-exempt rates, of the
Series 2021 Bonds and the date on which payment of such interest commences, provided,
however, that the interest rate or rates to be borne by any Series 2021 Bond shall not exceed
five percent (5.00%) per annum;
(iv) the sale of the Series 2021 Bonds and the purchase price to be paid by the
Underwriter of such Series 2021 Bonds; provided, however, that the discount from par of
each series of the Series 2021 Bonds shall not exceed two percent (2.00%) (expressed as a
percentage of the principal amount);
(v) the Series 2021 Bonds, if any, to be retired from mandatory sinking fund
redemption payments and the dates and the amounts thereof;
(vi) the time and redemption price, if any, at which the Series 2021 Bonds may
be called for redemption prior to their maturity at the option of the City; provided, however,
the first optional redemption date shall not be later than ten and a half years from the date
of delivery of the Series 2021 Bonds;
(vii) the amount of reserves necessary to be maintained in connection with each
series of the Series 2021 Bonds, if any;
(viii) the use and deposit of the proceeds of the Series 2021 Bonds;
(ix) the maturity dates and amounts of the Refunded Bonds to be refunded by
the Series 2021 Bonds;
(x) the amount, use and deposit of any funds of the City legally available to
provide for the refunding of the Refunded Bonds (including monies held by the City for
payment of debt service on the Refunded Bonds); and
(xi) any other provisions deemed advisable by the Designated Officers not
materially in conflict with the provisions of this resolution.
For purposes of this resolution and the Series 2021 Bonds, “Designated Officers” means
(a) the (i) Mayor of the City; or (ii) in the event of the absence or incapacity of the Mayor, the
- 5 - 2021 Refunding Delegating Bond Resolution
Mayor’s Chief of Staff; or (iii) in the event of the absence or incapacity of both the Mayor and the
Mayor’s Chief of Staff, the City Treasurer; or (iv) in the event of the absence or incapacity of the
Mayor, the Mayor’s Chief of Staff and the City Treasurer, the Deputy Treasurer of the City and
(b) (i) the Chair of the City Council; or (ii) in the event of the absence or incapacity of the Chair
of the City Council, the Vice Chair of the City Council; or (iii) in the event of the absence or
incapacity of both the Chair and Vice Chair of the City Council, any other member of the City
Council.
Following the sale of the Series 2021 Bonds, the Designated Officers shall obtain such
information as they deem necessary to make such determinations as provided above and shall make
such determinations as provided above and shall execute the Certificate of Determination
containing such terms and provisions of such series of the Series 2021 Bonds, which execution
shall be conclusive evidence of the action or determination of the Designated Officers as to the
matters stated therein. The provisions of the Certificate of Determination shall be deemed to be
incorporated into this Section 2.
Section 3. Approval and Execution of the Supplemental Indenture. One or more
Supplemental Indentures, in substantially the form of the Supplemental Trust Indenture attached
hereto as Exhibit B, is hereby authorized and approved, and the Mayor is hereby authorized,
empowered and directed to execute and deliver each Supplemental Indenture on behalf of the City,
and the City Recorder or any Deputy City Recorder is hereby authorized, empowered and directed
to affix to each Supplemental Indenture the seal of the City and to attest such seal and countersign
each such Supplemental Indenture, with such changes to each Supplemental Indenture from the
form attached hereto as are approved by the Mayor, her execution thereof to constitute conclusive
evidence of such approval. The provisions of each Supplemental Indenture, as executed and
delivered, are hereby incorporated in and made a part of this resolution. The Master Indenture and
the Supplemental Indenture shall constitute a “system of registration” for all purposes of the
Registered Public Obligations Act of Utah.
Section 4. Final Official Statement. A final Official Statement of the City in
substantially the form of the Preliminary Official Statement presented at this meeting and in the
form attached hereto as Exhibit D, is hereby authorized with such changes, omissions, insertions
and revisions as the Mayor shall deem advisable, including the completion thereof with the
information established at the time of the sale of any Series 2021 Bonds by the Designated Officers
and set forth in the Certificate of Determination. The Mayor shall sign and deliver a final Official
Statement for distribution to prospective purchasers of each series of the Series 2021 Bonds and
other interested persons. The approval of the Mayor of any such changes, omissions, insertions
and revisions shall be conclusively established by the Mayor’s execution of such final Official
Statement.
Section 5. Preliminary Official Statement to be Deemed Final. The use and distribution
of a Preliminary Official Statement, in substantially the form presented at this meeting and in the
form attached hereto as Exhibit D, is hereby authorized and approved, with such changes,
omissions, insertions and revisions as the Mayor and the City Treasurer shall deem advisable. The
Mayor and the City Treasurer 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
- 6 - 2021 Refunding Delegating Bond Resolution
advisable to provide for the issuance, sale and delivery of any Series 2021 Bonds and to deem final
each Preliminary Official Statement within the meaning and for purposes of paragraph (b)(1) of
Rule 15c2-12 of the Securities and Exchange Commission, subject to completion thereof with the
information established at the time of the sale of any Series 2021 Bonds.
Section 6. Other Certificates and Documents Required to Evidence Compliance with
Federal Tax and Securities Laws. Each of the Mayor, the City Recorder or any Deputy City
Recorder and the City Treasurer is hereby authorized and directed to execute (a) such certificates
and documents as are required to evidence compliance with the federal laws relating to the tax -
exempt status of interest on any Series 2021 Bonds and (b) a Continuing Disclosure Agreement,
in substantially the form attached hereto as Exhibit E, and such other certificates and documents
as shall be necessary to comply with the requirements of Rule 15c2-12 of the Securities and
Exchange Commission and other applicable federal securities laws.
Section 7. Other Actions With Respect to the Series 2021 Bonds. The officers and
employees of the City shall take all action necessary or reasonably required to carry out, give effect
to, and consummate the transactions contemplated hereby and shall take all action necessary in
conformity with the Act to carry out the issuance of the Series 2021 Bonds, including, without
limitation, the execution and delivery of any closing and other documents required to be delivered
in connection with the sale and delivery of the Series 2021 Bonds. If (a) the Mayor, (b) the City
Recorder or (c) the City Treasurer shall be unavailable or unable to execute or attest and
countersign, respectively, the Series 2021 Bonds or the other documents that they are hereby
authorized to execute, attest and countersign, the same may be executed, or attested and
countersigned, respectively, (i) by the Chief of Staff, (ii) by any Deputy City Recorder or (iii) by
the Deputy Treasurer of the City. Without limiting the generality of the foregoing, the officers
and employees of the City are authorized and directed to take such action as shall be necessary and
appropriate to issue the Series 2021 Bonds.
Section 8. Notice of Bonds to be Issued; Contest Period. In accordance with the
provisions of Sections 11-14-316 and 11-27-4 of the Utah Code, the City Recorder or any Deputy
City Recorder shall cause the Notice of Bonds, in substantially the form attached hereto as Exhibit
F, to be published one time in The Salt Lake Tribune, a newspaper published and of general
circulation within the City.
For a period of thirty (30) days from and after publication of the Notice of Bonds, any
person in interest shall have the right to contest the legality of this resolution (including the
Supplemental Indenture attached hereto) or the Series 2021 Bonds hereby authorized or any
provisions made for the security and payment of the Series 2021 Bonds. After such time, no one
shall have any cause of action to contest the regularity, formality or legality of this resolution
(including the Supplemental Indenture) or the Series 2021 Bonds or any provisions made for the
security and payment of the Series 2021 Bonds for any cause.
Section 9. Public Hearing. In satisfaction of the requirements of Section 11-14-318 of
the Act, a public hearing shall be held by the Council on Tuesday, September 21, 2021, during the
Council meeting which begins at 7:00 p.m., which, as determined by the Council Chair, shall be
held either virtually, at the regular meeting place of the Council in the Council Chambers, Room
- 7 - 2021 Refunding Delegating Bond Resolution
315 in the City and County Building, 451 South State Street, in Salt Lake City, Utah, or any
combination thereof, to receive input from the public with respect to the issuance by the City of
the Bonds and the potential economic impact that the purchase of the library projects financed with
the Refunded LBA Bonds will have on the private sector.
Section 10. Publication of Notice of Public Hearing. The City Recorder or any Deputy
City Recorder (the “City Recorder”) shall publish or cause to be published the Notice of Public
Hearing on the Utah Public Notice Website, created under Section 63F-1-701 of the Utah Code,
no less than 14 days before the public hearing. The Notice of Public Hearing shall be in
substantially the form attached hereto as Exhibit I.
Section 11. Form of Petition. The form of the petition to be used by registered voters in
requesting that an election be called to authorize the LBA Portion of the Series 2021 Bonds shall
be in substantially the form attached hereto as Exhibit J.
Section 12. Issuance of Bonds After Thirty-Day Period. In accordance with the
provisions of Section 11-14-307(7) of the Act, if within thirty days after the publication of the
Notice of Public Hearing by posting on the Utah Public Notice Website, a petition or petitions, in
the form specified by Section 11 hereof, are filed with the City Recorder, signed by not less than
twenty percent (20%) of the registered voters of the City (as certified by the County Clerk of Salt
Lake County) requesting that an election be called to authorize the LBA Portion of the Series 2021
Bonds, then the Council shall proceed to call and hold an election on the LBA Portion of the Series
2021 Bonds. If such election is held and a majority of the registered voters of the City voting
thereon approve the LBA Portion of the Series 2021 Bonds, then, in accordance with the provisions
of the Act, the City shall thereupon be authorized to issue the LBA Portion of the Series 2021
Bonds. If no petition is filed within the thirty-day period after the date of the final publication of
such notice, or if it is determined that the number of signatures on the petitions filed within the
thirty-day period after the date of the final publication of such notice is less than the required
number, the City shall proceed to issue the LBA Portion of the Series 2021 Bonds.
Section 13. Sale of the Series 2021 Bonds; Purchase Contract. The Series 2021 Bonds
authorized to be issued herein are hereby authorized to be sold and delivered to the Underwriter,
upon the terms and conditions set forth in the Purchase Contract. The Mayor is hereby authorized,
empowered and directed to execute and deliver the Purchase Contract on behalf of the City in
substantially the form attached hereto as Exhibit G, with such changes therein from the form
attached hereto as are approved by the Mayor, her execution thereof to constitute conclusive
evidence of such approval. The City Recorder or any Deputy City Recorder is hereby authorized,
empowered and directed to affix to the Purchase Contract the seal of the City and to attest such
seal and countersign the Purchase Contract.
Section 14. Provision for Refunding the Refunded Bonds. It is hereby found and
determined that, pursuant to the Escrow Agreement and this resolution, moneys and governmental
obligations permitted under the Act, the principal of and the interest on which, when due, will
provide moneys that will be sufficient to pay, when due, pursuant to call for redemption, the
redemption price of and interest due and to become due on, the Refunded Bonds, will be deposited
with the applicable escrow agent and provision thereby made for the refunding of the Refunded
- 8 - 2021 Refunding Delegating Bond Resolution
Bonds. If deemed desirable, the City Treasurer and the Trustee are hereby authorized to transfer
from any moneys previously designated for the payment of principal of or interest on the Refunded
Bonds the amount designated in the Certificate of Determination pursuant to Section 2(b)(x)
hereof.
Section 15. Authorization of Escrow Agreement. One or more Escrow Agreements, in
substantially the form set forth as Exhibit H hereto, with such insertions, changes and additions as
shall be made with the approval of the Mayor, her execution thereof to constitute conclusive
evidence of such approval, is hereby in all respects authorized and approved. The Mayor, on
behalf of the City, and the City Treasurer shall enter into the Escrow Agreement with the applicable
escrow agent establishing one or more escrow accounts from which the redemption price of, and
interest on, the Refunded Bonds shall be paid when due. After all the Refunded Bonds shall have
become due and payable pursuant to call for redemption, any investments remaining in an escrow
account shall be liquidated, and any proceeds of liquidation over and above the amount necessary
to be retained for the payment of any Refunded Bonds not yet presented for payment, including
interest due and payable, shall be paid in accordance with the Escrow Agreement. The Mayor and
City Treasurer, are hereby authorized and directed to execute and deliver, and the City Recorder
to seal, countersign and attest, the Escrow Agreement.
Section 16. Authorization of Redemption Prior to Maturity of Refunded Bonds. Upon the
issuance of the Series 2021 Bonds, the Refunded Bonds are irrevocably called for redemption on
April 1, 2022, for the Series 2012A Bonds, on October 1, 2023 for the Series 2013B Bonds and
on October 15, 2023 for the Refunded LBA Bonds, each at the redemption price of one hundred
percent (100%) of the principal amount of each such Refunded Bond so called for redemption plus
accrued interest thereon to the date fixed for redemption. Notice of such redemption shall be given
as provided in the Indenture or, in the case of the Refunded LBA Bonds, that certain Indenture of
Trust, Assignment of Lease Agreements and Security Agreement, dated as of June 1, 2013, as
heretofore amended and supplemented, between the Authority and U.S. Bank National
Association, as trustee.
Section 17. City Recorder to Perform Certain Acts. The City Recorder is hereby directed
to maintain a copy of this Resolution (together with all exhibits hereto), a copy of the Master
Indenture and the form of the Supplemental Indenture on file in the City Recorder’s office (or the
City Recorder’s temporary office, as applicable) during regular business hours1 for public
examination by registered voters of the City and other interested persons until at least thirty (30)
days from and after the date of publication of the Notice of Bonds and upon request to supply
copies of the form of petition specified in Section 11 hereof.
Section 18. Prior Acts Ratified, Approved and Confirmed. All acts of the officers and
employees of the City in connection with the issuance of the Series 2021 Bonds are hereby ratified,
approved and confirmed.
1 Appointments are encouraged as the temporary office is not occupied during business hours due to the COVID-19
pandemic.
- 9 - 2021 Refunding Delegating Bond Resolution
Section 19. Resolution Irrepealable. Following the execution and delivery of a
Supplemental Indenture, this resolution shall be and remain irrepealable until all of the Series 2021
Bonds and the interest thereon shall have been fully paid, cancelled, and discharged.
Section 20. Severability. If any section, paragraph, clause, or provision of this resolution
shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of
such section, paragraph, clause, or provision shall not affect any of the remaining provisions of
this resolution.
Section 21. Effective Date. This resolution shall be effective immediately upon its
approval and adoption.
(Signature page follows.)
- 10 - 2021 Refunding Delegating Bond Resolution
ADOPTED AND APPROVED by the City Council of Salt Lake City, Utah, this 17th day of
August 2021.
SALT LAKE CITY, UTAH
Chair
Salt Lake City Council
ATTEST:
City Recorder
[SEAL]
APPROVED:
By
Mayor
APPROVED AS TO FORM:
By
Senior City Attorney
F-1 2021 Refunding Delegating Bond Resolution
EXHIBIT F
NOTICE OF BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of Sections 11-14-316 and 11-27-4,
Utah Code Annotated 1953, as amended, that on August 17, 2021, the City Council (the
“Council”) of Salt Lake City, Utah (the “City”), adopted a resolution (the “Resolution”) in which
it authorized and approved the issuance of its sales and excise tax revenue bonds in one or more
series, on a taxable or tax-exempt basis (collectively, the “Bonds”), in an aggregate principal
amount of not to exceed $26,100,000 to bear interest at a rate or rates of not to exceed 5.00% per
annum and to mature not later than 15 years from their date or dates and to be sold at a discount
from par not to exceed 2.00%. The Bonds shall be subject to such optional and mandatory
redemption and other provisions as are contained in the Master Trust Indenture, described below,
and the final form of the Bonds and a Supplemental Trust Indenture, described below.
Pursuant to the Resolution, the Bonds are to be issued for the purpose of paying all or part
of the cost of (a) refunding a portion of the City’s currently outstanding (i) Sales Tax Revenue
Bonds, Series 2012A and (ii) Sales Tax Revenue Bonds, Series 2013B; (b) refinancing certain
lease obligations of the City by exercising the City’s option to purchase certain leased property
that was financed by the issuance of the Local Building Authority of Salt Lake C ity, Utah’s (i)
Lease Revenue Bonds, Series 2013A and (ii) Lease Revenue Bonds Bonds, Series 2014A, (c)
funding any necessary reserves and contingencies in connection with the Bonds and (d) paying all
related costs authorized by law. The Bonds are to be issued and sold by the City pursuant to the
Resolution, including as part of the Resolution a draft, in substantially final form, of a
Supplemental Trust Indenture, and a copy of the Master Trust Indenture, dated as of September 1,
2004, as heretofor amended and supplemented (the “Master Indenture”), between the City and
Zions Bancorporation, National Association, a trustee, that were before the Council and attached
to the Resolution at the time of the adoption of the Resolution. The City will cause one or more
Supplemental Trust Indentures to be executed and delivered in such form and with such changes
thereto as certain designated officers of the City shall approve, provided that the principal amount,
interest rate or rates, maturity and discount, if any, will not exceed the respective maximums
described above.
The repayment of the Bonds will be secured by a pledge of the legally available revenues
from: (a) Local Sales and Use Taxes received by the City pursuant to Title 59, Chapter 12, Part 2,
Utah Code (currently levied and collected pursuant to Chapter 3.04 of the Salt Lake City Code);
(b) Municipal Energy Sales and Use Taxes received by the City pursuant to Title 10, Chapter 1,
Part 3, Utah Code (currently levied and collected pursuant to Chapter 3.06 of the Salt Lake City
Code); (c) the franchise fees for energy and utilities received by the City pursuant to Title 10,
Chapter 1, Part 3, Utah Code (currently levied and collected pursuant to Chapter 3.06 of Salt Lake
City Code); (d) the Municipal Telecommunications License Tax revenues received by the City
pursuant to Title 10, Chapter 1, Part 4, Utah Code (currently levied and collected pursuant to
Chapter 3.10 of Salt Lake City Code); (e) the franchise fees associated with public utilities received
by the City pursuant to Title 10, Chapter 1, Part 3, Utah Code (currently levied and collected
pursuant to Chapter 17.16.070 of Salt Lake City Code); and (f) the franchise fees associated with
F-2 2021 Refunding Delegating Bond Resolution
cable television received by the City pursuant to Salt Lake City Code Chapter 5.20 (collectively,
the “Pledged Taxes”).
The City currently has $ par amount of bonds or notes currently outstanding
that are secured by the Pledged Taxes. More detailed information relating to the City’s outstanding
bonds can be found in the City’s most recent Comprehensive Annual Financial Report that is
available on the Office of the Utah State Auditor’s website (www.sao.state.ut.us).
Assuming a final maturity for the Bonds of approximately years from the date hereof
and that the Bonds are issued in an aggregate principal amount of $ and are held until
maturity, based on the City’s currently expected financing structure and interest rates in effect
around the time of publication of this notice, the estimated total cost to the City of the proposed
Bonds is $ .
A copy of the Resolution (including the draft of the Supplemental Trust Indenture and a
copy of the Master Indenture attached to the Resolution) may be examined by appointment at the
temporary office of the City Recorder located at Plaza 349, 349 South 200 East in Salt Lake City,
Utah, during regular business hours from 8:00 a.m. to 5:00 p.m. To schedule an appointment
please call (801) 535-7671. Additionally, a protected, pdf copy of the Resolution may be requested
by sending an email to the City Recorder at SLCRecorder@slcgov.com. The Resolution shall be
so available for inspection for a period of at least thirty (30) days from and after the date of the
publication of this notice.
NOTICE IS FURTHER GIVEN that pursuant to law for a period of thirty (30) days from and
after the date of the publication of this notice, any person in interest shall have the right to contest
the legality of the Resolution (including the Supplemental Trust Indenture attached thereto) of the
City or the Bonds authorized thereby or any provisions made for the security and payment of the
Bonds. After such time, no one shall have any cause of action to contest the regularity, formality
or legality of the Resolution, the Bonds or the provisions for their security or payment for any
cause.
DATED this 17th day of August, 2021.
SALT LAKE CITY, UTAH
By
City Recorder
[SEAL]
I-1 2021 Refunding Delegating Bond Resolution
EXHIBIT I
SALT LAKE CITY, UTAH
NOTICE OF PUBLIC HEARING AND INTENT TO ISSUE
SALES AND EXCISE TAX REVENUE BONDS
PUBLIC NOTICE IS HEREBY GIVEN that on August 17, 2021, the City Council (the “Council”)
of Salt Lake City, Utah (the “City”), adopted a resolution (the “Resolution”), calling for a public
hearing to receive input from the public with respect to the issuance of its Sales and Excise Tax
Revenue Refunding Bonds (the “Bonds”) to finance all or a portion of the cost of purchasing
certain libraries that were original financed by the Local Building Authority of Salt Lake City,
Utah, as further described in the Resolution (collectively, the “Project”) and the potential
economic impact that the Project will have on the private sector, pursuant to the Local Government
Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the “Act”).
PURPOSE FOR ISSUING BONDS
The City intends to issue the Bonds for the purpose of (1) financing all or a portion of the
costs of the Project, (2) funding any necessary reserves and contingencies in connection with the
Bonds, and (3) paying the costs incurred in connection with the issuance and sale of the Bonds.
MAXIMUM PRINCIPAL AMOUNT OF THE BONDS
The City intends to issue the Bonds in an aggregate principal amount not exceeding Ten
Million Five Hundred Twenty Thousand Dollars ($10,520,000) to finance the Project. The Bonds
may be issued with other Sales and Excise Tax Revenue Refunding Bonds being issued to refund
currently outstanding Sales and Excise Tax Revenue Bonds so the principal amount may exceed
the amount listed above to finance the costs of the Project.
SALES TAXES PROPOSED TO BE PLEDGED
The City proposes to pledge to the payment of the Bonds all of the legally available
revenues from: (a) Local Sales and Use Taxes received by the City pursuant to Title 59, Chapter
12, Part 2, Utah Code (currently levied and collected pursuant to Chapter 3.04 of the Salt Lake
City Code); (b) Municipal Energy Sales and Use Taxes received by the City pursuant to Title 10,
Chapter 1, Part 3, Utah Code (currently levied and collected pursuant to Chapter 3.06 of the Salt
Lake City Code); (c) the franchise fees for energy and utilities received by the City pursuant to
Title 10, Chapter 1, Part 3, Utah Code (currently levied and collected pursuant to Chapter 3.06 of
Salt Lake City Code); (d) the Municipal Telecommunications License Tax revenues received by
the City pursuant to Title 10, Chapter 1, Part 4, Utah Code (currently levied and collected pursuant
to Chapter 3.10 of Salt Lake City Code); (e) the franchise fees associated with public utilities
received by the City pursuant to Title 10, Chapter 1, Part 3, Utah Code (currently levied and
collected pursuant to Chapter 17.16.070 of Salt Lake City Code); and (f) the franchise fees
associated with cable television received by the City pursuant to Salt Lake City Code Chapter 5.20.
I-2 2021 Refunding Delegating Bond Resolution
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The City will hold a public hearing during its City Council meeting which begins at
7:00 p.m. on September 21, 2021. The public hearing will be held either virtually, at the regular
meeting place of the Council in the Council Chambers, Room 315 in the City and County Building,
451 South State Street, in Salt Lake City, Utah, or any combination thereof, as determined by the
Chair of the City Council. All members of the public are invited to attend and participate in the
public hearing in the manner that will be described in the agenda for the meeting. Written
comments may be submitted to the City, to the attention of the City Recorder, prior to the public
hearing.
PURPOSE FOR HEARING
The purpose of the hearing is to receive input from the public with respect to the issuance
of the Bonds and the potential economic impact that the Project will have on the private sector.
NOTICE OF RIGHT TO FILE PETITION TO HOLD AN ELECTION
NOTICE IS FURTHER GIVEN that pursuant to Section 11-14-307(7), Utah Code, if within 30
calendar days of the publication of this notice on August , 2021, by posting on the Utah Public
Notice Website, a written petition requesting an election and signed by at least twenty percent
(20%) of the registered voters of the City is filed with the City, then the City shall submit the
question of whether or not to issue the Bonds to the voters of the City for their approval or rejection.
If no written petition is filed or if fewer than 20% of the registered voters of the City sign
a written petition, in either case, within 30 calendar days of the posting of this notice on August
, 2021, the City may proceed to issue the Bonds without an election.
SALT LAKE CITY, UTAH
By
City Recorder
J-1 2021 Refunding Delegating Bond Resolution
EXHIBIT J
PETITION
To: City Recorder
Salt Lake City, Utah
We, the undersigned citizens and registered voters of Salt Lake City, Utah, respectfully
request that an election be called by the City Council of Salt Lake City, Utah, pursuant to the
provisions of Section 11-14-307(7), Utah Code Annotated 1953, as amended, to authorize the
issuance by Salt Lake City, Utah, of its Sales and Excise Tax Revenue Refunding Bonds, in a
maximum principal amount not exceeding $10,520,000, as to which notice of intention to issue
was published on August , 2021, by posting on the Utah Public Notice Website, pursuant to the
provisions of a resolution passed by the City Council of Salt Lake City, Utah, at a regular meeting
of the City Council held on August 17, 2021, and each for himself or herself says: I have personally
signed this petition; I am a registered voter of Salt Lake City, Utah; my residence and post office
address are correctly written after my name:
J-2 2021 Refunding Delegating Bond Resolution
WARNING
It is a felony for any one to sign any initiative or referendum petition with any other name
than one’s own, or knowingly to sign one’s name more than once for the same measure, or to sign
such petition when one knows that he or she is not a registered voter.
REGISTERED VOTER’S PRINTED
NAME (MUST BE LEGIBLE TO BE
COUNTED)
SIGNATURE OF REGISTERED
VOTER
STREET ADDRESS, CITY, STATE,
ZIP CODE
[The following certification shall appear on the reverse side of each page
[attached to the Petition containing the signature of voters]
J-3 2021 Refunding Delegating Bond Resolution
STATE OF UTAH )
: ss.
COUNTY OF SALT LAKE )
I, , of , hereby certify that I am a
registered voter of Salt Lake City, Salt Lake County, Utah, that all the names which appear on this
sheet were signed by persons who professed to be the persons whose names appear thereon, and
each of them signed his or her name thereto in my presence, I believe that each has printed and
signed his or her name, and written his or her post office address and residence correctly, and that
each signer is a registered voter of Salt Lake City, Salt Lake County, Utah.
Subscribed and sworn to before me this day of , 2021.
Notary Public (or other official title)
CONFORMED COPY
MASTER TRUST INDENTURE
BETWEEN
SALT LAKE CITY, UTAH
AND
ZIONS FIRST NATIONAL BANK
AS TRUSTEE
DATED AS OF SEPTEMBER 1, 2004
PROVIDING FOR THE ISSUANCE OF
SALES AND EXCISE TAX REVENUE BONDS
As Amended by the Fifth Supplemental Trust Indenture, dated as
of January 1, 2012 and the Sixth Supplemental Trust Indenture,
dated as of June 1, 2012, each between Salt Lake City, Utah and
Zions First National Bank, as Trustee
master trust indenture 9-1-04 slc (2).doc
0867929/RJS/RDB/mo Master Trust Indenture
- i - Master Trust Indenture
TABLE OF CONTENTS
SECTION PAGE
Granting Clause ...............................................................................................................................1
ARTICLE I DEFINITIONS, STATUTORY AUTHORITY AND EQUALITY OF BONDS .............................. 2
Section 1.01. Definitions......................................................................................................2
Section 1.02. Construction .................................................................................................19
Section 1.03. Authority for the Indenture ..........................................................................19
Section 1.04. Special Obligations ......................................................................................20
ARTICLE II AUTHORIZATION AND ISSUANCE OF BONDS ...................................................................... 20
Section 2.01. Authorization of Bonds ................................................................................20
Section 2.02. General Provisions for the Issuance of Bonds .............................................20
Section 2.03. Special Provisions for the Issuance of Construction Bonds ........................23
Section 2.04. Special Provisions for the Issuance of Refunding Bonds ............................25
Section 2.05. Provisions Regarding Bonds Secured by a Security Instrument..................27
ARTICLE III TERMS AND PROVISIONS OF BONDS .................................................................................... 27
Section 3.01. Terms of Bonds ............................................................................................27
Section 3.02. Execution of Bonds; Limited Obligations ...................................................29
Section 3.03. Transfer of Bonds ........................................................................................29
Section 3.04. Exchange of Bonds ......................................................................................30
Section 3.05. Form of Bonds .............................................................................................30
Section 3.06. Bond Registration Books .............................................................................31
Section 3.07. Bonds Mutilated, Lost, Destroyed or Stolen ................................................31
ARTICLE IV REDEMPTION OF BONDS.......................................................................................................... 31
Section 4.01. Privilege of Redemption of Bonds ...............................................................31
Section 4.02. Selection of Bonds for Redemption .............................................................31
Section 4.03. Notice of Redemption ..................................................................................32
Section 4.04. Partial Redemption of Bonds; Disposition of Redeemed Bonds .................33
Section 4.05. Effect of Redemption ...................................................................................33
ARTICLE V PLEDGE OF REVENUES; ESTABLISHMENT OF FUNDS AND
APPLICATION THEREOF ........................................................................................... 33
Section 5.01. The Pledge Effected by the Indenture ..........................................................33
Section 5.02. Perfection of Security Interest .....................................................................34
Section 5.03. Establishment of Funds ................................................................................34
Section 5.04. Construction Fund ........................................................................................34
Section 5.05. Revenues; Revenue Fund .............................................................................36
SECTION PAGE
- i - Master Trust Indenture
Section 5.06. Flow of Funds ..............................................................................................36
Section 5.07. Principal and Interest Fund - Bond Service Account...................................39
Section 5.08. Principal and Interest Fund - Debt Service Reserve Account ......................40
Section 5.09. Purchase of Bonds........................................................................................41
ARTICLE VI COVENANTS OF THE CITY ....................................................................................................... 41
Section 6.01. Punctual Payment of Bonds .........................................................................41
Section 6.02. Construction of Projects ...............................................................................41
Section 6.03. No Impairment of Revenues ........................................................................42
Section 6.04. Against Encumbrances; Further Assurances ...............................................42
Section 6.05. Covenant of State of Utah ............................................................................42
Section 6.06. Accounts and Reports ..................................................................................42
Section 6.07. Maintenance of Paying Agents ....................................................................43
Section 6.08. Compliance with Indenture ..........................................................................43
Section 6.09. Power to Issue Bonds and Pledge Revenues and Other Funds ....................44
Section 6.10. General .........................................................................................................44
ARTICLE VII THE TRUSTEE, THE PAYING AGENTS AND THE TRANSFER AGENTS ...................... 45
Section 7.01. Trustee..........................................................................................................45
Section 7.02. Paying Agents; Appointment and Acceptance of Duties;
Removal ...............................................................................................46
Section 7.03. Terms and Conditions of the Trusts .............................................................46
Section 7.04. Intervention by the Trustee ..........................................................................50
Section 7.05. Successor Trustee.........................................................................................50
Section 7.06. Concerning Any Successor Trustee .............................................................50
Section 7.07. Compensation of the Trustee and Its Lien ...................................................50
Section 7.08. Appointment of Co-Trustee .........................................................................51
Section 7.09. Appointment, Duties and Term of Remarketing Agent ...............................51
Section 7.10. Appointment, Duties and Term of Additional Transfer Agents ..................51
ARTICLE VIII MODIFICATION OR AMENDMENT OF INDENTURE ........................................................ 52
Section 8.01. Amendments Permitted ................................................................................52
Section 8.02. Bondholders’ Meetings ................................................................................55
Section 8.03. Amendment by Written Consent .................................................................56
Section 8.04. Disqualified Bonds.......................................................................................56
Section 8.05. Effect of Modification or Amendment ........................................................57
Section 8.06. Endorsement or Replacement of Bonds Issued After
Amendments ........................................................................................57
Section 8.07. Irrevocable Consent .....................................................................................57
ARTICLE IX EVENTS OF DEFAULT AND REMEDIES OF BONDHOLDERS ........................................... 57
Section 9.01. Events of Default .........................................................................................57
Section 9.02. Remedies ......................................................................................................58
Section 9.03. Accounting and Examination of Records After Default ..............................59
SECTION PAGE
Section 9.04. Application of Revenues and Other Moneys after Default ..........................59
- i - Master Trust Indenture
Section 9.05. Rights and Remedies of Bondholders ..........................................................61
Section 9.06. Appointment of Receiver .............................................................................62
Section 9.07. Non-Waiver..................................................................................................62
Section 9.08. Remedies Not Exclusive ..............................................................................63
Section 9.09. Waivers of Events of Default .......................................................................63
ARTICLE X DEPOSITS AND INVESTMENT OF FUNDS ............................................................................... 64
Section 10.01. Deposits......................................................................................................64
Section 10.02. Investment of Funds ...................................................................................65
Section 10.03. Arbitrage Covenant ....................................................................................66
ARTICLE XI DEFEASANCE .............................................................................................................................. 66
Section 11.01. Discharge of Indebtedness .........................................................................66
Section 11.02. Unclaimed Moneys ....................................................................................68
ARTICLE XII MISCELLANEOUS ..................................................................................................................... 68
Section 12.01. Limited Liability of City ............................................................................68
Section 12.02. Benefits of Indenture Limited to Parties ....................................................68
Section 12.03. Successor is Deemed Included in All References to
Predecessor ..........................................................................................68
Section 12.04. Execution of Documents by Bondholders .................................................68
Section 12.05. Waiver of Notice ........................................................................................69
Section 12.06. Cremation or Destruction of Cancelled Bonds ..........................................69
Section 12.07. Payments Due on Other Than Business Days ............................................69
Section 12.08. Governing Law ..........................................................................................69
Section 12.09. System of Registration ...............................................................................69
Section 12.10. Plan of Financing .......................................................................................69
Section 12.11. Article and Section Headings .....................................................................70
Section 12.12. Partial Invalidity .........................................................................................70
Section 12.13. Notices .......................................................................................................70
Section 12.14. Counterparts ...............................................................................................70
Section 12.15. Effective Date ............................................................................................70
Section 12.16. Compliance with Municipal Bond Act and Refunding Bond
Act ........................................................................................................70
Section 12.17. Representation Regarding Ethical Standards for City Officers
and Employees and Former City Officers and Employees ..................71
SIGNATURES ........................................................................................................................................................... 72
Master Trust Indenture
MASTER TRUST INDENTURE
THIS MASTER TRUST INDENTURE, dated as of September 1, 2004, by and between Salt
Lake City, Utah, a municipal corporation and political subdivision of the State of Utah (the
“City”), and Zions First National Bank, a national banking association duly organized and
qualified under the laws of the United States to accept and administer the trust hereby created,
and having a place of business in Salt Lake City, Utah (the “Trustee”):
WITNESSETH:
WHEREAS, the City desires to undertake the acquisition, improvement or extension of
one or more improvements, facilities or property (or interests therein) which the City is
authorized by law to acquire and to finance the cost of such acquisition, improvement or
extension by the issuance of sales and excise tax revenue bonds as authorized by law, all payable
on a parity as to Revenues of the City as provided herein;
NOW, THEREFORE, the City and the Trustee agree as follows for the benefit of the other
and for the benefit of the owners of the Bonds issued pursuant to this Indenture:
NOW, THEREFORE, THIS MASTER TRUST INDENTURE WITNESSETH:
GRANTING CLAUSE
In order to secure the payment of Principal, Redemption Price and interest on the Bonds
and of Repayment Obligations in accordance with their terms and the provisions of the
Indenture, and to secure the observance and performance of all the covenants contained herein,
in the Bonds and in the Repayment Obligations, the City hereby assigns and pledges to the
Trustee and grants to the Trustee a security interest in all right, title and interest of the City in
and to (1) the proceeds of sale of the Bonds, (2) the Revenues, and (3) all Funds established or
confirmed by the Indenture (except for any Rebate Fund), including the investments, if any,
thereof, subject to any required rebate of all or a portion of the earnings on such investments to
the United States of America pursuant to the requirements of Section 148(f) of the Code, and al l
other rights hereinafter granted for the further securing of said Bonds and Repayment
Obligations (collectively, the “Trust Estate”), subject only to the provisions of this Indenture
permitting the application thereof for the purposes and on the terms and conditions set forth
herein; such Trust Estate to be held:
FIRST, for the equal and proportionate benefit, security and protection of all
Bondholders and all Security Instrument Issuers, without preference, priority or
distinction as to security or otherwise of any of the Bonds or Security Instrument
Repayment Obligations over any of the others, except as otherwise expressly provided in
or permitted by the Indenture, by reason of time of issuance, sale, delivery, maturity or
expiration thereof or otherwise for any cause whatsoever; and
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SECOND, for the equal and proportionate benefit, security and protection of all
Reserve Instrument Issuers, without preference, priority or distinction as to security or
otherwise of any Reserve Instrument Repayment Obligations over any of the others by
reason of time of issuance, delivery or expiration thereof or otherwise for any cause
whatsoever.
PROVIDED, HOWEVER, that if the City, its successors or assigns, shall well and truly pay,
or cause to be paid, the principal and premium, if any, on the Bonds and the interest due or to
become due thereon, at the times and in the manner mentioned in the Bonds, all Security
Instrument Repayment Obligations, according to the true intent and meaning thereof and all
Reserve Instrument Repayment Obligations, according to the true intent and meaning thereof, or
shall provide, as permitted by this Indenture, for the payment thereof as provided in Article XI
hereof, and shall pay or cause to be paid to the Trustee all sums of money due or to become due
to it in accordance with the terms and provisions of this Indenture, then upon such final
payments or provisions for such payments by the City, this Indenture, and the rights hereby
granted, shall terminate; otherwise this Indenture shall remain in full force and effect.
The terms and conditions upon which the Bonds are to be executed, authenticated,
delivered, secured and accepted by all persons who from time to time shall be or become
Registered Owners thereof, and the trusts and conditions upon which the Revenues are to be held
and disposed, which said trusts and conditions the Trustee hereby accepts, are as follows:
ARTICLE I
DEFINITIONS, STATUTORY AUTHORITY AND EQUALITY OF BONDS
Section 1.01. Definitions. Unless the context otherwise requires, the terms in this Section
defined shall, for all purposes of the Indenture and of any certificate, opinion or other document
herein mentioned, have the meanings herein specified.
“Accountant’s Certificate” means a certificate signed by an Independent Public
Accountant.
“Accreted Amount” means, with respect to Capital Appreciation Bonds of any Series and
as of the date of calculation, the amount established pursuant to the Supplemental Indenture
authorizing such Capital Appreciation Bonds as the amount representing the initial public
offering price, plus the accumulated and compounded interest on such Bonds.
“Accrued Debt Service” means, as of any date of calculation, the amount of Debt Service
that has accrued with respect to any Series of Bonds and any related Security Instrument
Repayment Obligations, calculating the Debt Service that has accrued with respect to each Series
of Bonds and any related Security Instrument Repayment Obligations as an amount equal to the
sum of (a) the interest on the Bonds of such Series and on any related Security Instrument
Repayment Obligations that has accrued and is unpaid and that will have accrued by the end of
the then-current calendar month, and (b) that portion of all Principal Installments payable within
the 12-month period following the date of calculation for the Bonds of such Series and on any
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related Security Instrument Repayment Obligations that would have accrued, if deemed to accrue
in the same manner as interest accrues, by the end of the then current calendar month.
“Act” means the Utah Municipal Bond Act, Chapter 14 of Title 11, Utah Code Annotated
1953, as amended, and, to the extent applicable, the Registered Public Obligations Act,
Chapter 7 of Title 15, Utah Code Annotated 1953, as amended, and the Utah Refunding Bond
Act, Chapter 27 of Title 11, Utah Code Annotated 1953, as amended, and all laws amendatory
thereof or supplemental thereto.
“Agent” or “Agents” means the Trustee, the Paying Agents, any Transfer Agent, any
Depositary, or any or all of them, as may be appropriate.
“Aggregate Debt Service” means, as of any date of calculation and with respect to any
period, the sum of the amounts of Debt Service for (a) all Series of Bonds then Outstanding and
(b) any Repayment Obligations then outstanding.
“Amortized Value” means par, if an obligation was purchased at par or, when used with
respect to an obligation purchased at a premium above par or at a discount below par, means the
value as of any given date obtained by dividing the total amount of the premium or discount at
which such obligation was purchased by the number of days remaining to the maturity of such
obligation on the date of such purchase and by multiplying the amount thus calculated by the
number of days having passed since the date of such purchase and: (a) in the case of an
obligation purchased at a premium, by subtracting the product thus obtained from the purchase
price to obtain Amortized Value, or (b) in the case of an obligation purchased at a discount, by
adding the product thus obtained to the purchase price to obtain Amortized Value.
“Authorized Amount” means, with respect to a Commercial Paper Program, the
maximum principal amount of commercial paper which is then authorized by the City to be
outstanding at any one time pursuant to such Commercial Paper Program.
“Authorized Officer” means the Mayor, the City Treasurer, the City Recorder and any
other person duly authorized to perform the act or sign the document in question.
“Average Aggregate Debt Service” means, as of any date of calculation, the sum of the
amounts of Aggregate Debt Service for each Fiscal Year during which any Series of Bond s is
Outstanding divided by the number of such Fiscal Years; provided, however, that for purposes of
the debt service coverage test required under Section 11-14-17.5(4) of the Utah Municipal Bond
Act, the City may exclude from such calculation the Debt Service on any Series of Bonds which
are secured, in addition to the pledge of Revenues pursuant to the Indenture, by a pledge of
Special Revenues.
“Balloon Bonds” means Bonds, other than Bonds which mature within one year of the
date of issuance thereof, 25% or more of the Principal Installments on which (a) are due or, (b) at
the option of the Holder thereof may be redeemed, during any period of a Year.
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“Bond Service Account” means the Bond Service Account in the Principal and Interest
Fund established in Section 5.03.
“Bondholder,” “Holder,” “Owner” or “Registered Owner,” or any similar term, means
the owner of any Bond or Bonds. In the case of a fully-registered Bond, Bondholder means the
registered owner of such Bond.
“Bonds” means bonds, notes, commercial paper or other obligations (other than
Repayment Obligations) authorized by and at any time Outstanding pursuant to the Indenture.
The term Bonds includes Construction Bonds and Refunding Bonds.
“Business Day” means a day of the year which is not a Saturday, Sunday or legal holiday
in New York, New York, or a day on which the Trustee, any Depositary and any Security
Instrument Issuer are authorized or obligated to close.
“Calendar Year” means the period commencing on January 1 of each year and
terminating on the next succeeding December 31.
“Capital Appreciation Bonds” means Bonds the interest on which (a) is compounded and
accumulated at the rates and on the dates set forth in the Supplemental Indenture authorizing the
issuance of such Bonds and designating them as Capital Appreciation Bonds, and (b) is payable
upon maturity or redemption of such Bonds.
“City” means Salt Lake City, Utah, a municipal corporation and political subdivision of
the State, and its successors and assigns.
“City Recorder” means the City Recorder of the City, or in the event of his or her
disability or absence, a Deputy City Recorder or other person duly authorized to perform the
duties of the City Recorder.
“City Treasurer” means the City Treasurer of the City, or in the event of his or her
disability or absence, the Cash Manager/Investment Analyst or other person duly authorized to
perform the duties of the City Treasurer.
“Code” means the Internal Revenue Code of 1986, as amended and supplemented from
time to time. Each reference to a section of the Code shall be deemed to include the United
States Treasury Regulations, including temporary and proposed regulations, relating to such
section which are applicable to tax-exempt bonds.
“Commercial Paper Program” means commercial paper obligations with maturities of
not more than one Year from the dates of issuance thereof which are issued and reissued by the
City from time to time pursuant to Article II hereof and are outstanding up to an Authorized
Amount.
“Construction Bonds” means all Bonds, whether issued in one or more Series,
authenticated and delivered pursuant to Section 2.03, and any Bonds thereafter authenticated and
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delivered in lieu thereof or in substitution therefor pursuant to Article III or Section 4.04 or
Section 8.06.
“Construction Fund” means the fund by that name established in Section 5.03.
“Cost of Construction” means the costs of the City properly attributable to the financing,
acquisition, construction, reconstruction, modification or improvement of facilities, property or
improvements (or interests therein) which the City is authorized by law to acquire, as identified
for a particular Project, and all expenses preliminary and incidental thereto incurred by the City
in connection therewith and in the issuance of the Bonds, including all engineering, fiscal and
legal expenses and costs of issuance, printing and advertising for which funds may be disbursed
from the Construction Fund and the establishment of necessary reserves and payment of interest
during construction, including but not limited to:
(1) Payment of the costs of acquiring, constructing, reconstructing, modifying,
or improving a Project.
(2) Payment of the initial or acceptance fee of the Trustee.
(3) Payment to the City of such amounts, if any, as shall be necessary to
reimburse the City in full for advances and payments theretofore made or costs
theretofore incurred by the City for any item of Cost of Construction.
(4) Costs for the obtaining of any insurance policies or surety bonds with
respect to a Project by the City during the acquisition, construction, reconstruction,
modification or improvement of such Project.
(5) Payment of audit fees and expenses for maintenance of construction
records required to be kept with respect to a Project.
(6) Payment of the costs of any necessary litigation and the obtaining of all
necessary permits, licenses and rulings.
(7) Payment of the costs of issuance of the Bonds including legal, accounting,
fiscal agent and underwriting fees and expenses, payments and fees due under any
agreement pursuant to which any Series of Bonds is sold, premiums, fees or other charges
for or under any Security Instrument or Reserve Instrument, bond discount, printing and
engraving costs, and fees of rating agencies, incurred in connection with the
authorization, sale and issuance of the Bonds and preparation of the Indenture and
Supplemental Indenture pursuant to which the Bonds will be issued.
(8) Payment of interest on the Bonds estimated to fall due during the period of
construction of a Project and for up to twelve (12) months thereafter (or such different
period as may then be permitted by law).
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(9) The amount, if any, to be deposited into any Series Subaccount in the Debt
Service Reserve Account pursuant to paragraph (10) of Section 2.02(a).
(10) Working capital determined by the City to be necessary or desirable in
connection with a Project and payment of any other costs and expenses relating to a
Project, including fees and expenses of the Trustee during the acquisition, construction,
reconstruction, modification or improvement of a Project.
“Council” means the City Council of the City, or any other governing body of the City
hereafter provided for pursuant to law.
“Cross-over Date” means with respect to Cross-over Refunding Bonds the date on which
the Principal portion of the related Cross-over Refunded Bonds is to be paid or redeemed from
the proceeds of such Cross-over Refunding Bonds.
“Cross-over Refunded Bonds” means Bonds refunded by Cross-over Refunding Bonds.
“Cross-over Refunding Bonds” means Refunding Bonds if the proceeds of such Cross-
over Refunding Bonds are irrevocably deposited in escrow to secure the payment on an
applicable redemption date or maturity date of the Cross-over Refunded Bonds (subject to
possible use to pay Principal of the Cross-over Refunding Bonds under certain circumstances)
and the earnings on such escrow deposit are required to be applied to pay interest on the Cross -
over Refunding Bonds until the Cross-over Date.
“Current Interest Bonds” means Bonds not constituting Capital Appreciation Bonds.
Interest on Current Interest Bonds shall be payable periodically on the interest payment dates
provided therefor in a Supplemental Indenture.
“Debt Service” means, for any particular Fiscal Year and for any Series of Bonds and
any Repayment Obligations, an amount equal to the sum of:
(a) all interest (net of any amounts deposited with the Trustee from the
proceeds of the sales of a Series of Bonds and any interest subs idy with respect to Bonds
paid or payable to or for the account of the City by any governmental body or agency,
which are available to pay interest on such Series of Bonds) payable during such Fiscal
Year on such Bonds then Outstanding and such Repayment Obligations then outstanding,
plus
(b) the Principal Installments payable during such Fiscal Year on (i) such
Bonds Outstanding, calculated on the assumption that Bonds Outstanding on the day of
calculation cease to be Outstanding by reason of, but only by re ason of, payment either
upon maturity or application of any Sinking Fund Installments required by the Indenture,
and (ii) such Repayment Obligations then outstanding;
provided, however that for purposes of Sections 2.02, 2.03 and 2.04,
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(1) when calculating the Principal Installments payable during such
Fiscal Year, there shall be treated as payable in such Fiscal Year the amount of
Principal Installments which would have been payable during such Fiscal Year
had the Principal of each Series of Balloon Bonds Outstanding been amortized,
from their date of issuance over a period of 30 years, on a level debt service basis
at an interest rate equal to the rate borne by such Balloon Bonds on the date of
calculation, provided (A) that if the date of calculation is within twelve months
before the actual maturity of such Balloon Bonds, the full amount of Principal
payable at maturity shall be included in such calculation, and (B) that if there is
any Security Instrument Repayment Obligation relating to such Balloon Bonds,
the amount of Principal to be taken into account shall be the principal component
of such Security Instrument Repayment Obligation;
(2) when calculating interest payable during such Fiscal Year for any
Series of Variable Rate Bonds or Repayment Obligations bearing interest at a
variable rate that cannot be ascertained for any particular Fiscal Year, (A) it shall
be assumed that such Series of Variable Rate Bonds or Repayment Obligations
will bear interest at the average of the variable rates applicable to such Series of
Variable Rate Bonds or Repayment Obligations during any consecutive 12-month
period during the immediately preceding 24 months (or a shorter period,
commencing on the date of issuance of the Series of Variable Rate Bonds or the
date of incurring such Repayment Obligations and ending within 30 days prior to
the date of computation), or, (B) with respect to any Series of Variable Rate
Bonds or Repayment Obligations for which such an average of variable rates
cannot be determined, (i) at a rate equal to 110% of the most recent Bond Market
Association Municipal Swap Index theretofore published in The Bond Buyer, or
(ii) if The Bond Buyer is no longer published or no longer publishes the Bond
Market Association Municipal Swap Index, at a rate certified by the City’s
financial advisor, underwriter or other agent, including a Remarketing Agent, to
be the rate of interest such Series of Variable Rate Bonds or Repayment
Obligations would bear if issued on the date of computation in the same amount,
with the same maturity or maturities, with the same security, and bearing interest
at a variable rate;
(3) when calculating interest payable during such Fiscal Year for any
Variable Rate Bonds that are issued with an Interest Rate Swap in which the City
has agreed to pay a fixed rate, such Series of Variable Rate Bonds shall be
deemed to bear interest at such fixed rate as a result of such Interest Rate Swap;
provided that such fixed rate may be utilized so long as such Interest Rate Swap is
contracted to remain in full force and effect;
(4) when calculating interest payable during such Fiscal Year for any
Bonds which are issued with a fixed interest rate and with respect to which an
Interest Rate Swap is in effect in which the City has agreed to pay a variable rate,
such Series of Bonds shall be deemed to be Variable Rate Bonds bearing interest
at such variable rate as a result of such Interest Rate Swap; provided that such
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amounts may be utilized only so long as such Interest Rate Swap is contracted to
remain in full force and effect;
(5) when calculating interest payable during such Fiscal Year with
respect to any Commercial Paper Program, “Debt Service” shall mean an amount
equal to the sum of all principal and interest payments that would be payable
during such Fiscal Year assuming that the Authorized Amount of such
Commercial Paper Program is amortized on a level debt service basis over a
period of 30 years beginning on the date of calculation or the period during which
obligations can be issued under such Commercial Paper Program, and bearing
interest (A) at an interest rate equal to the average of the interest rates applicable
to such Commercial Paper Program during any consecutive 12-month period
during the immediately preceding 24 months (or a shorter period, commencing on
the date obligations are first issued under the Commercial Paper Program) ending
within 30 days prior to the date of computation, or (B) with respect to any
Commercial Paper Program for which such an average of the interest rates cannot
be determined, (i) at a rate equal to 110% of the most recent Bond Market
Association Municipal Swap Index theretofore published in The Bond Buyer, or
(ii) if The Bond Buyer is no longer published or no longer publishes the Bond
Market Association Municipal Swap Index, at an interest rate certified by the
City’s financial advisor, underwriter or other agent, including a Remarketing
Agent, to be the rate of interest that obligations of the Commercial Paper Program
would bear if issued on the date of computation in the Authorized Amount, with
the same security, bearing interest at a variable rate and maturing over a period of
30 years beginning on the date of calculation; and
(6) when calculating interest payable on Bonds that are Paired
Obligations, the interest rate on such Bonds shall be the resulting linked rate or
effective fixed interest rate to be paid by the City with respect to such Paired
Obligations;
and further provided, however, that there shall be excluded from “Debt Service” (1) interest on
Bonds (whether Cross-over Refunding Bonds or Cross-over Refunded Bonds) to the extent that
Escrowed Interest is available to pay such interest, (2) Principal on Cross-over Refunded Bonds
to the extent that the proceeds of Cross-over Refunding Bonds are on deposit in an irrevocable
escrow in satisfaction of the requirements of Section 11-27-3, Utah Code Annotated 1953, as
amended, and such proceeds or the earnings thereon are required to be applied to pay such
Principal (subject to the possible use to pay the Principal of the Cross-over Refunding Bonds
under certain circumstances) and such amounts so required to be applied are sufficient to pay
such Principal, (3) Repayment Obligations to the extent that payments on Pledged Bonds relating
to such Repayment Obligations satisfy the City’s obligation to pay such Repayment Obligations,
and (4) any termination payments with respect to an Interest Rate Swap.
“Debt Service Reserve Account” means the Debt Service Reserve Account in the
Principal and Interest Fund established in Section 5.03.
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“Debt Service Reserve Requirement” means, with respect to any Series Subaccount that
has been established in the Debt Service Reserve Account, the amount specified in a
Supplemental Indenture as being required to be on deposit in such Series Subaccount.
“Depositary” means any bank or trust company selected by the City as a depositary of
moneys and securities held under the provisions of the Indenture and may include the Trustee.
“Escrowed Interest” means amounts irrevocably deposited in escrow in accordance with
the requirements of Section 11-27-3, Utah Code Annotated 1953, as amended, in connection
with the issuance of Bonds or Cross-over Refunding Bonds secured by such Cross-over
Refunding Bonds or earnings on such amounts which are required to be applied to pay interest
on such Cross-over Refunding Bonds or the related Cross-over Refunded Bonds.
“Estimated Completion Date” means the estimated date upon which a Project will have
been substantially completed in accordance with the plans and specifications applicable thereto
as that date shall be set forth in a Written Certificate of the City.
“Event of Default” has the meaning specified in Section 9.01.
“Fiscal Year” means the annual accounting period of the City as from time to time in
effect, initially a period commencing on July l of each Calendar Year and ending on the next
succeeding June 30.
“Fitch” means Fitch Ratings, a corporation organized and existing under the laws of the
State of New York, its successors and assigns, and, if such corporation shall no longer perform
the functions of a securities rating agency, “Fitch” shall be deemed to refer to another nationally
recognized securities rating agency, if any, designated by the City.
“Fund” means one of the funds confirmed or established pursuant to Section 5.03,
including the Construction Fund, the Principal and Interest Fund and the Revenue Fund.
“Government Obligations” means:
(i) Direct obligations of or obligations guaranteed by the United States of
America;
(ii) Any other evidences of an ownership interest in obligations or in specified
portions thereof (which may consist of specified portions of the interest thereon) of the
character described in clause (i) above; and
(iii) Any bonds or other obligations of any state of the United States of
America or of any agency, instrumentality or local governmental unit of any such state
(a) which are not callable at the option of the obligor or otherwise prior to maturity or as
to which irrevocable notice has been given by the obligor to call such bonds or
obligations on the date specified in the notice, (b) which are fully secured as to principal
and interest and redemption premium, if any, by a fund consisting only of cash or bonds
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or other obligations of the character described in clause (i) or clause (ii) above, which
fund may be applied only to the payment of interest when due, principal of and
redemption premium, if any, on such bonds or other obligations on the maturity date or
dates thereof or the specified redemption date or dates pursuant to such irrevocable
instructions, as appropriate, and (c) as to which the principal of and interest on the bonds
and obligations of the character described in clause (i) or clause (ii) above, which have
been deposited in such fund along with any cash on deposit in such fund is sufficient to
pay interest when due, principal of and redemption premium, if any, on the bonds or
other obligations described in this clause (iii) on the maturity date or dates thereof or on
the redemption date or dates specified in the irrevocable instructions referred to in
subclause (a) of this clause (iii), as appropriate.
“Indenture” means this Master Trust Indenture, as from time to time amended or
supplemented by Supplemental Indentures.
“Independent Public Accountant” means any certified public accountant or firm of such
accountants appointed and paid by the City, and who, or each of whom: (1) is in fact
independent and not under domination of the City; (2) does not have any substantial interest,
direct or indirect, with the City; and (3) is not connected with the City as an officer or employee
of the City, but who may be regularly retained to make annual or other audits of the books of or
reports to the City. The Trustee shall be entitled to rely on the written statement of a certified
public accountant or firm of such accountants as to his or its compliance with the terms of this
definition.
“Information Services” means Financial Information, Inc.’s “Daily Called Bond
Service,” 30 Montgomery Street, 10th Floor, Jersey City, New Jersey 07302, Attention: Editor;
Standard & Poor’s J. J. Kenny’s “Called Bond Service,” 55 Water Street, 45th Floor, New York,
New York 10041; Mergent’s “Municipal and Government Manual,” 60 Madison Avenue, New
York, New York 10010, Attention: Customer Service and the Municipal Securities Rulemaking
Board, CDI, 1900 Duke Street, Alexandria, Virginia 22314, Attention: MSIL Dept.; or, in
accordance with then-current guidelines of the Securities and Exchange Commission, such other
addresses and/or such other services providing information with respect to called bonds, or no
such services, as may be designated in a Written Certificate of the City delivered to the Trustee.
“Interest Rate Swap” means an “interest rate contract” within the meaning of the State
Money Management Act or other similar agreement related to Bonds of one or more Series,
provided that such agreement satisfies the requirements of the State Money Management Act or
other applicable provision of State law.
“Investment Securities” means any of the following securities, if and to the extent that
the same are at the time legal for investment of City funds:
(i) any investment authorized from time to time by the provisions of the State
Money Management Act, including without limitation the Treasurer’s Investment Fund;
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(ii) The following investments fully insured by the Federal Deposit Insurance
Corporation: (a) certificates of deposit, (b) savings accounts, (c) deposit accounts, or (d)
depository receipts of a bank, savings and loan associations and mutual savings banks;
(iii) Certificates of deposit properly secured at all times by collateral security
consisting of Government Obligations;
(iv) Government Obligations;
(v) Bonds, debentures or notes or other evidence of indebtedness issued by
any one or a combination of any of the following federal agencies: the Export-Import
Bank of the United States; the Government National Mortgage Association; the Federal
Financing Bank; the Farmer’s Home Administration; the Federal Housing
Administration; the Maritime Administration; or the Public Housing Authority;
(vi) Repurchase agreements collateralized by Government Obligations or
obligations described in clause (v) of this definition with any registered broker/dealer
subject to Securities Investors’ Protection Corporation jurisdiction, which has an
uninsured, unsecured and unguaranteed obligation rated “Prime-1” or “A3” or better by
Moody’s and “A-1” or “A” or better by S&P Corporation, or any commercial bank with
the above ratings, provided:
(a) a master repurchase agreement or specific written repurchase
agreement governs the transaction,
(b) the securities are held free and clear of any lien by the Trustee or
an independent third party acting solely as agent for the Trustee, and such third
party is (1) a Federal Reserve Bank, (2) a bank which is a member of the Federal
Deposit Insurance Corporation and which has combined capital, surplus and
undivided profits of not less than $25,000,000, or (3) a bank approved in writing
for such purpose by each Security Instrument Issuer which at the time has a
Security Instrument outstanding on which there is no payment default, and the
Trustee shall have received written confirmation from such third party that it
holds such securities, free and clear of any lien, as agent for the Trustee,
(c) a perfected first security interest under the Uniform Commercial
Code, or book entry procedures prescribed at 31 CFR 306.1 et seq. or 31 CFR
350.0 et seq. (or similar successor provision of law) in such securities is created
for the benefit of the Trustee,
(d) the repurchase agreement has a term of 30 days or less, or the
Trustee will value the collateral securities no less frequently than monthly and
will liquidate the collateral securities if any deficiency in the required collateral
percentage is not restored within two business day of such valuation,
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(e) the repurchase agreement matures at least ten days (or other
appropriate liquidation period) prior to the date when liquidation is required, and
(f) the fair market value of the securities in relation to the amount of
the repurchase obligation is equal to at least 100%;
(vii) Money market funds rated AAA by Fitch or Aaa by Moody’s or AAA by
S&P, including such funds from which the Trustee or its affiliates derive a fee for
investment advisory or other services to the fund;
(viii) Direct and general obligations of any state within the territorial United
States of America, to the payment of the principal of and interest on which the full faith
and credit of such state is pledged, provided that at the time of their purchase under the
Indenture, such obligations are rated in either of the two highest rating categories by a
Rating Agency;
(ix) Commercial paper rated “first tier” by two Ratings Agencies, one of which
must be Moody’s or S&P, and having a remaining term to maturity of 270 days or less;
(x) Refunded municipal obligations rated at the time of purchase in the
highest rating category by a Rating Agency; and
(xi) Investment agreements permitted by the State Money Management Act.
“Issue Date” means (i) the first day of any calendar month, or (ii) any other date,
established in a Supplemental Indenture with respect to a Series of Bonds.
“Mayor” means the Mayor of the City, or in the event of his or her disability or absence,
the Deputy Mayor or other person duly authorized to perform the duties of the Mayor.
“Maximum Annual Debt Service” means the greatest amount of Aggregate Debt Service
coming due in any Fiscal Year, less any adjustments thereto as provided in Section 2.03(d).
“Moody’s” means Moody’s Investors Service Inc., its successors and assigns, and, if
such corporation shall no longer perform the functions of a securities rating agency, “Moody’s”
shall be deemed to refer to another nationally recognized securities rating agency, if any,
designated by the City.
“NRMSIRs” means, as of any date, all Nationally Recognized Municipal Securities
Information Repositories then recognized by the Securities and Exchange Commission.
“Opinion of Bond Counsel” means an Opinion of Counsel from counsel of nationally
recognized standing in the field of law relating to municipal bonds.
“Opinion of Counsel” means a written opinion of counsel selected by the City and
satisfactory to the Trustee. Any Opinion of Counsel may be based, insofar as it relates to factual
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matters, on information with respect to which is in the possession of the City, upon a Written
Certificate of the City, unless such counsel knows, or in the exercise of reasonable care should
have known, that such Written Certificate is erroneous.
“Outstanding” means with respect to the Bonds, as of any date of calculation (subject to
the provisions of Section 8.04), all Bonds which have been duly authenticated and delivered by
the Trustee except: (a) Bonds theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation; (b) Bonds for the payment or redemption of which cash funds or Investment
Securities shall have theretofore been deposited with the Trustee (whether upon or prior to the
maturity or redemption date of any such Bonds), provided that, if such Bonds are to be
redeemed, notice of such redemption has been duly given pursuant to the provisions of the
Indenture or arrangements satisfactory to the Trustee shall have been made therefor, or waiver of
such notice satisfactory in form to the Trustee shall have been filed with the Trustee; (c) Bonds
in exchange for or in lieu of which other Bonds have been authenticated or delivered pursuant to
the terms of Section 3.07 as permitted by the Indenture; and (d) the Principal amount of any
Bond issued pursuant to a Supplemental Indenture authorizing partial payment without
cancellation if payment is noted on a payment record attached to such Bond provided that such
payment has been made and duly noted on the payment record attached to such Bond.
“Paired Obligations” means any Series (or portion thereof) of Bonds designated as
Paired Obligations in the Supplemental Indenture authorizing the issuance or incurrence thereof,
which are simultaneously issued or incurred and (i) the principal of which is of equal amount
maturing and to be redeemed (or cancelled after acquisition thereof) on the same dates and in the
same amounts, and (ii) the interest rates which, taken together, result in an irrevocably fixed
interest rate obligation of the City for the terms of such Bonds.
“Paying Agent” means any bank or trust company designated as paying agent for the
Bonds of any Series, and its successor or successors hereinafter appointed in the manner
provided in Section 7.02 of the Indenture.
“Pledged Bonds” means any Bonds that have been pledged or in which any interest has
otherwise been granted to a Security Instrument Issuer as collateral security for Security
Instrument Repayment Obligations.
“Principal” means (a) with respect to any Capital Appreciation Bond, the Accreted
Amount thereof (the difference between the stated amount to be paid at maturity and the
Accreted Amount being deemed unearned interest), except as used in connection with the
authorization and issuance of Bonds and with the order of priority of payment of Bonds after an
Event of Default, in which case “Principal” means the initial public offering price of a Capital
Appreciation Bond (the difference between the Accreted Amount and the initial public offering
price being deemed interest), and (b) with respect to any Current Interest Bond, the principal
amount of such Bond payable at maturity.
“Principal and Interest Fund” means the fund by that name established in Section 5.03.
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“Principal Installment” means, as of any date of calculation, (a) with respect to any
Series of Bonds, so long as any Bonds thereof are Outstanding, (1) the Principal amount of
Bonds of such Series due on a certain future date for which no Sinking Fund Installments have
been established, or (2) the unsatisfied balance (determined as provided in the definition of
“Sinking Fund Installment” in this Section) of any Sinking Fund Installment due on a certain
future date for Bonds of such Series, plus the amount of the sinking fund redemption premiums,
if any, which would be applicable upon redemption of such Bonds on such future date in a
Principal amount equal to such unsatisfied balance of such Sinking Fund Installment, or (3) if
such future dates coincide as to different Bonds of such Series, the sum of such Principal amount
of Bonds and of such unsatisfied balance of such Sinking Fund Installment due on such future
date plus such applicable redemption premiums, if any, and (b) with respect to any Repayment
Obligations, the principal amount of such Repayment Obligations due on a certain future date.
“Project” means the acquisition, construction, improvement or extension of
improvements, facilities or property (or an interest therein) which the City is authorized by law
to acquire, regardless of whether the City shall hold title thereto, if and to the extent that the
same shall be designated by the City as a Project by a Supplemental Indenture.
“Project Account” means the separate account for each Project in the Construction Fund
pursuant to Section 5.04.
“Put Bond” means any Bond which is part of a Series of Bonds which is subject to
purchase by the City, its agent or a third party from the Holder of the Bond pursuant to
provisions of the Supplemental Indenture authorizing the issuance of the Bond and designating it
as a “Put Bond.”
“Rating Agency” means Fitch, Moody’s or S&P.
“Rating Category” means one or more of the generic rating categories of a Rating
Agency, without regard to any refinement or gradation of such rating category or categories by a
numerical modifier or otherwise.
“Rebate Fund” means any fund established with respect to a Series of Bonds issued
under the Indenture to provide for the payment of arbitrage rebate pursuant to the Code.
“Record Date” means, with respect to any interest payment date for any Series of Bonds,
the date specified as the Record Date in the Supplemental Indenture authorizing the issuance of
such Series of Bonds.
“Redemption Price” means, with respect to any Bond, the Principal thereof plus the
applicable premium, if any, payable upon redemption thereof pursuant to any Supplemental
Indenture.
“Refunded Bonds” means all or a part of the Outstanding Bonds of one or more Series or
all or part of any other bonds, notes or other borrowing or obligations of the City or its Municipal
Building Authority to be refunded or refinanced by the issuance of Refunding Bonds.
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“Refunding Bonds” means all Bonds, whether issued in one or more Series, authenticated
and delivered pursuant to Section 2.04, and any Bonds thereafter authenticated and delivered in
lieu thereof or in substitution therefor pursuant to Article III or Section 4.04 or Section 8.06.
“Remarketing Agent” means a remarketing agent appointed by the City pursuant to
Section 7.09 and its successors under the Indenture.
“Repayment Obligations” means, collectively, all outstanding Security Instrument
Repayment Obligations and Reserve Instrument Repayment Obligations.
“Reserve Instrument” means an instrument or other device issued by a Reserve
Instrument Issuer to satisfy all or any portion of the Debt Service Reserve Requirement, if any,
for a Series of Bonds. The term “Reserve Instrument” includes, by way of example and not of
limitation, letters of credit, bond insurance policies, standby bond purchase agreements, lines of
credit and other security instruments and other devices; provided, however, that no such device
or instrument shall be a “Reserve Instrument” for purposes of this Indenture unless specifically
so designated in the Supplemental Indenture authorizing the use of such device or instrument.
“Reserve Instrument Agreement” means any agreement entered into by the City and a
Reserve Instrument Issuer pursuant to a Supplemental Indenture and providing for the issuance
by such Reserve Instrument Issuer of a Reserve Instrument.
“Reserve Instrument Costs” means, with respect to any Reserve Instrument, any fees,
premiums, expenses and similar costs, other than Reserve Instrument Repayment Obligations,
required to be paid to a Reserve Instrument Issuer pursuant to a Reserve Instrument Agreement
or the Supplemental Indenture authorizing the use of such Reserve Instrument. Such Reserve
Instrument Agreement or Supplemental Indenture shall specify any fees, premiums, expenses
and costs constituting Reserve Instrument Costs.
“Reserve Instrument Coverage” means, as of any date of calculation and with respect to
any Reserve Instrument, the amount available to be paid under such Reserve Instrument into the
related Series Subaccount in the Debt Service Reserve Account to satisfy all or any portion of the
Debt Service Reserve Requirement.
“Reserve Instrument Issuer” means any bank, savings and loan association, savings
bank, thrift institution, credit union, insurance company, surety company or other institution
issuing a Reserve Instrument.
“Reserve Instrument Limit” means, as of any date of calculation and with respect to any
Reserve Instrument, the maximum amount available to be paid under such Reserve Instrument
into the related Series Subaccount in the Debt Service Reserve Account to satisfy all or any
portion of the Debt Service Reserve Requirement, assuming for purposes of such calculation that
the amount initially available under each Reserve Instrument has not been reduced or that the
amount initially available under each Reserve Instrument has only been reduced as a result of the
payment of Principal on the corresponding Series of Bonds.
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“Reserve Instrument Repayment Obligations” means, as of any date of calculation and
with respect to any Reserve Instrument, any outstanding amounts payable by the City under the
Reserve Instrument Agreement or the Supplemental Indenture authorizing the use of such
Reserve Instrument to repay the Reserve Instrument Issuer for payments previously made by it
pursuant to a Reserve Instrument. There shall not be included in the calculation of Reserve
Instrument Repayment Obligations any Reserve Instrument Costs. Each Reserve Instrument
Agreement or the Supplemental Indenture providing for the use of such Reserve Instrument shall
specify any amounts payable under it which, when outstanding, shall constitute Reserve
Instrument Repayment Obligations and shall specify the portions of any such amounts that are
allocable as principal of and as interest on such Reserve Instrument Repayment Obligations.
“Revenue Fund” means the fund by that name established in Section 5.03.
“Revenues” means (a) 100% of the Local Sales and Use Tax revenues received by the
City pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended; (b) 100%
of the Municipal Energy Sales and Use Tax revenues received by the City pursuant to Title 10,
Chapter 1, Part 3, Utah Code Annotated 1953, as amended, and Salt Lake City Code Chapter
3.06; (c) 100% of the franchise fees for energy and utilities received by the C ity pursuant to Title
10, Chapter 1, Part 3, Utah Code Annotated 1953, as amended, and Salt Lake City Code Chapter
3.06; (d) 100% of the Municipal Telecommunications License Tax revenues received by the City
pursuant to Title 10, Chapter 1, Part 4, Utah Code Annotated 1953, as amended, and Salt Lake
City Code Chapter 3.10; (e) 100% of the franchise fees associated with public utilities received
by the City pursuant to Title 10, Chapter 1, Part 3, Utah Code Annotated 1953, as amended, and
Salt Lake City Code Section 17.16.070; and (f) 100% of franchise fees associated with cable
television received by the City pursuant to Salt Lake City Code Chapter 5.20.
“S&P” means Standard & Poor’s Credit Market Services, a division of The McGraw-
Hill Companies, Inc., its successors and assigns, and, if such corporation shall no longer perform
the functions of a securities rating agency, “S&P” shall be deemed to refer to another nationally
recognized securities rating agency, if any, designated by the City.
“Security Instrument” means an instrument or other device issued by a Security
Instrument Issuer to pay, or to provide security or liquidity for, a Series of Bonds. The term
“Security Instrument” includes, by way of example and not of limitation, letters of credit, bond
insurance policies, standby bond purchase agreements, lines of credit and other security
instruments and credit enhancement or liquidity devices; provided, however, that no such device
or instrument shall be a “Security Instrument” for purposes of this Indenture unless specifically
so designated in a Supplemental Indenture authorizing the use of such device or instrument.
“Security Instrument Agreement” means any agreement entered into by the City and a
Security Instrument Issuer pursuant to a Supplemental Indenture providing for the issuance by
such Security Instrument Issuer of a Security Instrument.
“Security Instrument Costs” means, with respect to any Security Instrument, all fees,
premiums, expenses and similar costs, other than Security Instrument Repayment Obligations,
required to be paid to a Security Instrument Issuer pursuant to a Security Instrument Agreement
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or the Supplemental Indenture authorizing the use of such Security Instrument. Such Security
Instrument Agreement or Supplemental Indenture shall specify any fees, premiums, expenses
and costs constituting Security Instrument Costs.
“Security Instrument Issuer” means any bank, savings and loan association, savings
bank, thrift institution, credit union, insurance company, surety company or other institution
issuing a Security Instrument that is in full force and effect with respect to any Series of Bonds
Outstanding.
“Security Instrument Repayment Obligations” means, as of any date of calculation and
with respect to any Security Instrument, any outstanding amounts payable by the City under the
Security Instrument Agreement or the Supplemental Indenture authorizing the use of such
Security Instrument to repay the Security Instrument Issuer for payments previously or
concurrently made by the Security Instrument Issuer pursuant to a Security Instrument. There
shall not be included in the calculation of the amount of Security Instrument Repayment
Obligations any Security Instrument Costs. Each Security Instrument Agreement or the
Supplemental Indenture providing for the use of such Security Instrument shall specify any
amounts payable under it which, when outstanding, shall constitute Security Instrument
Repayment Obligations and shall specify the portions of any such amounts that are allocable as
principal of and as interest on such Security Instrument Repayment Obligations.
“Series” means all of the Bonds designated as being of the same Series authenticated and
delivered on original issuance in a simultaneous transaction, and any Bonds thereafter
authenticated and delivered in lieu thereof or in substitution therefor pursuant to Article III or
Section 4.04 or Section 8.06.
“Series Subaccount” means the separate subaccount created for each Series of Bonds in
the Bond Service Account pursuant to Section 5.07 or in the Debt Service Reserve Account
pursuant to Section 5.08, as appropriate.
“Sinking Fund Installment” means an amount so designated which is established
pursuant to Section 2.02(a)(8). The portion of any such Sinking Fund Installment remaining
after the deduction of any such amounts credited pursuant to Sections 5.08(c) or 5.09 toward the
same (or the original amount of any such Sinking Fund Installment if no such amounts shall have
been credited toward the same) shall constitute the unsatisfied balance of such Sinking Fund
Installment for the purpose of calculation of Sinking Fund Installments due on a future date.
“Special Revenues” means any legally available moneys or income from an enterprise of
the City or any other source available to the City which are pledged to the payment of one or
more Series of the Bonds as provided in a Supplemental Indenture pursuant to Section
8.01(b)(17). Such Supplemental Indenture shall (1) specifically identify the Special Revenues
and pledge the same to the payment of one or more Series of Bonds, and (2) require such Special
Revenues to be transferred and deposited into the Series Subaccount in the Bond Service
Account and, if applicable, the Series Subaccount in the Debt Service Reserve Account for such
Series of Bonds at the same time and in the same manner as provided in Section 5.06.
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“State” means the State of Utah.
“State Money Management Act” means the State Money Management Act, Title 51,
Chapter 7, Utah Code Annotated 1953, as amended, and any applicable regulations and rules
promulgated thereunder.
“Supplemental Indenture” means any indenture supplemental hereto or amendatory
hereof that is in full force and effect and has been duly executed and delivered by the City and
the Trustee in accordance with the provisions hereof.
“Tax Certificate” means any agreement or certificate of the City that the City may
execute in order to establish and maintain the excludability of interest on a Series of Bonds from
gross income of the owners thereof for federal income tax purposes.
“Transfer Agent” means, as the agent of the City, the Trustee and each and every
additional agent appointed from time to time as the agent of the City pursuant to Sec tion 7.10 for
the transfer and authentication of Bonds for so long as such appointment shall continue in effect.
“Treasurer’s Investment Fund” means the fund held by the Treasurer of the State and
commonly known as the Utah State Public Treasurer’s Investment Fund.
“Trust Estate” has the meaning specified in the Granting Clause.
“Trustee” means the trustee identified in the preamble hereof and appointed by the City
pursuant to Section 7.01, its successors and assigns, and any other corporation or association
which may at any time be substituted in its place as provided herein.
“Variable Rate Bonds” means, as of any date of calculation, Bonds the terms of which
on such date of calculation are such that interest thereon for any future period of time is
expressed to be calculated at a rate which is not susceptible of a precise determination.
“Written Certificate of the City,” “Written Request of the City” and “Written Statement
of the City” means an instrument in writing signed on behalf of the City by an Authorized
Officer thereof. Any such instrument and any supporting opinions or certificates may, but need
not, be combined in a single instrument with any other instrument, opinion or certificate, and the
two or more so combined shall be read and construed so as to form a single instrument. Any
such instrument may be based, insofar as it relates to legal, accounting or engineering matters,
upon the opinion or certificate of counsel, consultants, accountants or engineers, unless the
Authorized Officer signing such Written Certificate or Request or Statement knows, or in the
exercise of reasonable care should have known, that the opinion or certificate with respect to the
matters upon which such Written Certificate or Request or Statement may be based, as aforesaid,
is erroneous. The same Authorized Officer, or the same counsel, consultant, accountant or
engineer, as the case may be, need not certify to all of the matters required to be certified under
any provision of the Indenture, but different Authorized Officers, counsel, consultants,
accountants or engineers may certify to different facts, respectively. Every Written Certificate or
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Request or Statement of the City, and every certificate or opinion of counsel, consultants,
accountants or engineers provided for herein shall include:
(a) a statement that the person making such certificate, request, statement or
opinion has read the pertinent provisions of the Indenture to which such certificate,
request, statement or opinion relates;
(b) a brief statement as to the nature and scope of the examination or
investigation upon which the certificate, request, statement or opinion is based;
(c) a statement that, in the opinion of such person, he has made such
examination or investigation as is necessary to enable him to express an informed opinion
with respect to the subject matter referred to in the instrument to which his signature is
affixed; and
(d) with respect to any statement relating to compliance with any provision
hereof, a statement whether or not, in the opinion of such person, such provision has been
complied with.
“Year” means any period of twelve consecutive months.
Section 1.02. Construction. This Indenture, except where the context by clear
implication herein otherwise requires, shall be construed as follows:
(a) The terms “hereby,” “hereof,” “herein,” “hereto,” “hereunder”, and any
similar terms used in this Indenture shall refer to this Indenture in its entirety unless the
context clearly indicates otherwise.
(b) Words importing the singular number shall include the plural number and
vice versa, and words importing persons shall include firms, associations, trusts,
corporations or governments or agencies or political subdivisions thereof.
(c) Words in the masculine gender include the feminine and the neuter, and
when the sense so indicates, words of the neuter gender refer to any gender.
(d) Articles, sections, subsections, paragraphs and subparagraphs mentioned
by number, letter, or otherwise, correspond to the respective articles, sections,
subsections, paragraphs and subparagraphs hereof so numbered or otherwise so
designated.
(e) The titles or leadlines applied to articles, sections and subsections herein
are inserted only as a matter of convenience and ease in reference and in no way define,
limit or describe the scope or intent of any provisions of this Indenture.
Section 1.03. Authority for the Indenture. The Indenture is executed and delivered
pursuant to the provisions of the Act.
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Section 1.04. Special Obligations. The Bonds and the Repayment Obligations are special
obligations of the City payable from and secured by the Revenues, moneys, securities and funds
pledged therefor.
ARTICLE II
AUTHORIZATION AND ISSUANCE OF BONDS
Section 2.01. Authorization of Bonds. Bonds designated as “Sales and Excise Tax
Revenue Bonds” (or “Sales and Excise Tax Revenue Notes” or “Sales and Excise Tax Revenue
Obligations,” as appropriate) are hereby authorized to be issued by the City under the Indenture.
The maximum Principal amount of the Bonds which may be issued hereunder is not limited;
however, the City reserves the right to limit or restrict the aggregate Principal amount of the
Bonds which may at any time be issued or Outstanding hereunder. Bonds may be issued in such
Series as from time to time shall be established and authorized by the City. The Bonds may be
issued in one or more Series pursuant to one or more Supplemental Indentures. The designation
of the Bonds shall include, in addition to the name “Sales and Excise Tax Revenue Bonds” (or
“Sales and Excise Tax Revenue Notes” or “Sales and Excise Tax Revenue Obligations,” as
appropriate), such further appropriate particular designation added to or incorporated in such title
for the Bonds of any particular Series as the City may determine. Each Bond shall bear upon its
face the designation so determined for the Series to which it belongs. Each Bond shall recite in
substance that it, including the interest thereon, is payable solely from the Revenues and other
funds of the City pledged for the payment thereof and that it does not constitute a debt of the
City within the meaning of any constitutional or statutory limitations or provisions.
Section 2.02. General Provisions for the Issuance of Bonds.
(a) Whenever the City shall determine to issue any Series of Bonds, the City shall
execute and deliver a Supplemental Indenture which shall specify the following:
(1) The purpose for which such Series of Bonds is to be issued, which shall be
for a purpose set forth in Section 2.03 or Section 2.04, or a combination of such purposes;
(2) The authorized Principal amount and Series designation of such Series of
Bonds;
(3) The Issue Date and the maturity date or dates of the Bonds of such Series;
(4) The interest rate or rates (including a zero interest rate) of the Bonds of
such Series, or the manner of determining such rate or rates, provided that the
Supplemental Indenture shall specify the maximum rate that the Bonds of such Series
may bear if such Bonds are Variable Rate Bonds, and the interest payment dates of the
Bonds of such Series;
(5) The authorized denominations of the Bonds of such Series;
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(6) Any Paying Agents and the places of payment of the Principal and
Redemption Prices, if any, of, and interest on, the Bonds of such Series, and, if other than
the Trustee, any Transfer Agents and the places where Bonds may be registered for
transfer or exchange;
(7) The Redemption Prices, if any, and subject to Article IV, the redemption
terms, if any, for the Bonds of such Series;
(8) The amount and due date of each Sinking Fund Installment, if any, for the
Bonds of such Series;
(9) The Record Date for the Bonds of such Series;
(10) Any Debt Service Reserve Requirement for such Series of Bonds pursuant
to Section 5.08(a) and the amount, if any, to be deposited from the proceeds of such
Series of Bonds into any Series Subaccount in the Debt Service Reserve Account
established for such Series of Bonds;
(11) The amount, if any, to be deposited from any legally available source into
the Construction Fund;
(12) The forms of the Bonds of such Series;
(13) Unless otherwise identified in the Security Instrument Agreement or
Reserve Instrument Agreement, as applicable, and to the extent applicable, the
obligations payable under any Security Instrument Agreement or Reserve Instrument
Agreement entered into in connection with the issuance of the Bonds of such Series
which, when outstanding, shall constitute Security Instrument Repayment Obligations or
Reserve Instrument Repayment Obligations, as the case may be, and which portions of
such Security Instrument Repayment Obligations or Reserve Instrument Repayment
Obligations, as the case may be, are to be attributed to principal of and to interest on such
Repayment Obligations; and
(14) Any further covenants by the City required by any Security Instrument
Issuer, Reserve Instrument Issuer or purchaser of Bonds deemed necessary or desirable
by the City in connection with the sale of such Series of Bonds.
(b) The Bonds of any Series shall be executed by the City for issuance under the
Indenture and delivered to the Trustee and thereupon shall be authenticated by the Trustee and
by it delivered to the City or upon the Written Request of the City but only upon receipt by the
Trustee of the following documents or moneys or securities, all of such documents dated or
certified, as the case may be, as of the date of such delivery by the Trustee (unless the Trustee
shall accept any of such documents bearing a prior date):
(1) An executed copy of the Supplemental Indenture relating to the issuance
of the Bonds of such Series;
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(2) A Written Request of the City as to the delivery of the Bonds of such
Series;
(3) An Opinion of Bond Counsel to the effect that (i) the City has the power
under the Act, as amended to the date of such Opinion, to issue the Bonds of such Series
and to execute and deliver the Indenture, and the Indenture has been duly and lawfully
executed and delivered by the City, is in full force and effect and is valid and binding
upon the City and enforceable in accordance with its terms, and no other authorization for
the Indenture is required; (ii) the Indenture creates the valid pledge which it purports to
create of the Revenues, Funds, moneys, securities and funds held or set aside under the
Indenture, subject to the application thereof to the purposes and on the conditions
permitted by the Indenture; (iii) the Bonds of such Series are valid and binding special
obligations of the City, enforceable in accordance with their terms and the terms of the
Indenture and are entitled to the benefits of the Indenture and the Act, as amended to the
date of such Opinion; and (iv) the Bonds of such Series have been duly and validly
authorized and issued in accordance with law and the Indenture; provided that such
Opinion of Counsel may contain limitations acceptable to the purchaser of such Series of
Bonds, including limitations as to enforcement by bankruptcy or similar laws, equity
principles, sovereign police powers, and federal powers;
(4) A Written Certificate of the City setting forth (A) the principal amount of
the Bonds, (B) the Debt Service for each Fiscal Year of the Bonds of such Series and (C)
the Aggregate Debt Service for all Outstanding Bonds, including such Series of Bonds
being issued, for each Fiscal Year;
(5) A Written Certificate of the City demonstrating compliance with the
requirements of Section 11-14-17.5(4) of the Utah Municipal Bond Act; provided,
however, that the requirements of this subparagraph (5) shall at all times be deemed to
conform to, and shall without further action by the City be amended or supplemented so
as to conform to, any applicable debt service coverage requirements imposed by the Utah
Municipal Bond Act upon bonds payable from and secured by a pledge of tax revenues
under the Local Sales and Use Tax Act and provided further that if said Section 11-14-
17.5(4) shall be repealed without replacement, it shall not be necessary for the City to
comply with this subparagraph (5);
(6) The amounts, if any, necessary for deposit into the Construction Fund, the
Revenue Fund, and any Series Subaccount in the Debt Service Reserve Account for such
Series of Bonds; and
(7) Such further documents, moneys and securities as are required by the
provisions of Section 2.03 or Section 2.04, or of any Supplemental Indenture.
(c) The City may authorize by Supplemental Indenture the delivery to the Trustee of
one or more Security Instruments with respect to any Series of Bonds and the execution and
delivery of any Security Instrument Agreements deemed necessary in connection therewith.
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(d) The City may authorize by Supplemental Indenture the issuance and delivery to the
Trustee of one or more Reserve Instruments and the execution and delivery of any Reserve
Instrument Agreements deemed necessary in connection therewith.
(e) The City may authorize by Supplemental Indenture the issuance of Put Bonds;
provided that any obligation of the City to pay the purchase price of any such Put Bonds shall not
be secured by a pledge of Revenues on a parity with the pledge contained in Section 5.01. The
City may provide for the appointment of such Remarketing Agents, indexing agents or other
agents as the City may determine.
(f) The City may authorize by Supplemental Indenture such other provisions relating to
a Series of Bonds as are permitted by law and are consistent with the provisions of the Indenture.
(g) After the original issuance of the Bonds of any Series, no Bonds of such Series shall
be issued except in lieu of or in substitution for other Bonds of such Series pursuant to
Article III, Section 4.04 or Section 8.06.
(h) Notwithstanding any provision of this Section 2.02 to the contrary, a Supplemental
Indenture may provide for the delivery of a Series of Bonds, issued in the form of a single Bond,
in installments to be noted by the Trustee in a delivery schedule on the reverse side thereof or
attached thereto.
Section 2.03. Special Provisions for the Issuance of Construction Bonds.
(a) One or more Series of Construction Bonds may be authenticated and delivered upon
original issuance from time to time in such principal amount for each such Series as may be
determined by the City for the purpose of paying or providing for the payment of all or a portion
of the Cost of Construction of a Project. Each such Series shall be in such principal amount
which, when taken together with funds previously used or to be provided by the City for such
Project, will provide the City with sufficient funds to pay the estimated Cost of Construction of
such Project, as set forth in the Written Certificate of the City furnished pursuant to Section
2.03(c).
(b) Each Supplemental Indenture authorizing the issuance of a Series of Construction
Bonds:
(1) shall specify the Project for which the proceeds of such Series of
Construction Bonds will be applied; and
(2) may provide for the deposit of a specified amount of money from the
proceeds of the sale of such Series of Construction Bonds or from other legally available
sources into a Project Account in the Construction Fund to pay when due (together with
any investment earnings available for such purpose) all or a portion of the interest on
such Series of Construction Bonds accrued and to accrue to the Estimated Completion
Date, plus interest to accrue on such Series of Construction Bonds after the Estimated
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Completion Date for up to one Year (or such different period as may then be permitted by
law).
(c) Each Series of Construction Bonds shall be authenticated and delivered by the
Trustee only upon receipt by the Trustee (in addition to the documents required by Section 2.02)
of a Written Certificate of the City which shall:
(1) set forth the then Estimated Completion Date and the then estimated Cost
of Construction of the Project being financed by such Series of Bonds;
(2) state that, upon the authentication and delivery of the Bonds of such
Series, no event will have occurred which, with the passage of time or the giving of
notice, or both, would give rise to an Event of Default under the Indenture;
(3) set forth, for any Year within the twenty-four (24) calendar months next
preceding the authentication and delivery of such Series of Construction Bonds, the
Revenues for such period;
(4) set forth the Maximum Annual Debt Service on all Outstanding Bonds
upon the issuance of the proposed Series of Construction Bonds, together with any
adjustments to the Maximum Annual Debt Service permitted by Section 2.03(d); and
(5) demonstrate that the Revenues set forth in (3) above are equal to or greater
than 200% of the Maximum Annual Debt Service set forth in (4) above.
(d) In determining the Maximum Annual Debt Service on all Outstanding Bonds, the
City may reduce the Debt Service on any Series of Bonds for any Fiscal Year by (1) the amount
of capitalized interest available to pay the interest on such Bonds in such Fiscal Year pursuant to
Section 2.03(b)(2), and (2) the Special Revenues pledged to pay such Debt Service in an amount
equal to either (i) the average annual amount of the Special Revenues for the most recent three
(3) Fiscal Years or (ii) 75% of the Special Revenues for the most recent Fiscal Year, each as
shown in, or calculated on the basis of the information contained in, the applicable audited
financial statements of the City filed with the Trustee as provided in Section 6.06(b), but not
exceeding the Debt Service on such Series of Bonds in any Fiscal Year. If Special Revenues are
to be used in connection with the determination of the Maximum Annual Debt Service, then the
City shall deliver to the Trustee (A) confirmation from each Rating Agency then maintaining a
rating on any Outstanding Bonds that the pledge of Special Revenues will not result in the
reduction or withdrawal of any rating on any Outstanding Bonds, and (B) an Opinion of Counsel
of nationally recognized standing in the field of law relating to municipal bonds to the effect that
such pledge of Special Revenues will not adversely affect the tax -exempt status of any Bonds
then Outstanding.
(e) The proceeds, including accrued interest, of the Construction Bonds of each Series
shall be deposited simultaneously with the delivery of such Bonds into the Construction Fund
and, to the extent permitted by law and the provisions of the Indenture, in any other Funds or
Accounts or such other funds or accounts as may be established by the Supplemental Indenture
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authorizing the issuance of such Series of Construction Bonds in such amounts as may be
provided in such Supplemental Indenture; and
(f) There may also be deposited from any legally available source, to the extent
permitted by law and the provisions of the Indenture, in the Funds and Accounts or such other
funds or accounts as may be established by the Supplemental Indenture, such amounts, if any, as
may be provided in the Supplemental Indenture authorizing the issuance of such Series of
Construction Bonds.
Section 2.04. Special Provisions for the Issuance of Refunding Bonds.
(a) One or more Series of Refunding Bonds may be issued in such principal amount
which, when taken together with other legally available funds, will provide the City with funds
which will be sufficient to accomplish the refunding of the Refunded Bonds including the
payment of all expenses and the establishment of any reserves in connection with such
refunding.
(b) Each Supplemental Indenture authorizing the issuance of a Series of Refunding
Bonds shall specify the Refunded Bonds to be refunded.
(c) Each Series of Refunding Bonds shall be authenticated and delivered by the Trustee
only upon receipt by the Trustee (in addition to the documents required by Section 2.02) of the
following documents or moneys or securities (or if such documents or moneys or securities are
to be delivered to the trustee or debtor for the other borrowings, to such trustee or debtor, with a
copy or other evidence of such delivery to the Trustee):
(1) Either
(A) for Refunded Bonds originally issued pursuant to the provisions of
the Indenture, a Written Certificate of the City which shall:
(i) set forth the Aggregate Debt Service on the Refunded
Bonds for each Fiscal Year to and including the scheduled final maturity
date thereof,
(ii) set forth the Aggregate Debt Service on the Refunding
Bonds for each Fiscal Year to and including the scheduled final maturity
date thereof, and
(iii) demonstrate that the Aggregate Debt Service on the
Refunding Bonds for each such Fiscal Year set forth pursuant to clause (ii)
is no greater than one hundred percent (100%) of the Aggregate Debt
Service on the Refunded Bonds for each such Fiscal Year set forth
pursuant to clause (i), and containing such additional statements as may be
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reasonably necessary to show compliance with the requirements of the
Indenture;
or
(B) A Written Certificate of the City which shall:
(i) set forth, for any Year within the twenty-four (24) calendar
months next preceding the authentication and delivery of such Series of
Refunding Bonds, the Revenues for such period;
(ii) set forth the Maximum Annual Debt Service upon the
issuance of the proposed Series of Refunding Bonds, together with any
adjustments to the Maximum Annual Debt Service permitted by Section
2.03(d); and
(iii) demonstrate that the Revenues set forth in (i) above are
equal to or greater than 200% of the Maximum Annual Debt Service set
forth in (ii) above.
The provisions of this paragraph (c)(1) shall not apply to the first Series of Bonds issued
hereunder.
(2) Irrevocable instructions to the Trustee (or such trustee or lender or its
designee, as appropriate), satisfactory to it, to give due notice of redemption of all the
Refunded Bonds on the redemption date or dates specified in such instructions;
(3) If the Refunded Bonds are not by their terms subject to redemption within
the next succeeding ninety (90) days, irrevocable instructions to the Trustee (or such
trustee or lender or its designee, as appropriate), satisfactory to it, to mail the notice
provided for in Section 11.01(b) (or any similar provision for other borrowings, as
appropriate) to the holders of the Refunded Bonds;
(4) Either (A) moneys in an amount sufficient to effect payment at the
applicable redemption price of the Refunded Bonds, together with accrued interest to the
redemption date, which moneys shall be held by the Trustee or any one or more of the
Paying Agents (or such trustee or lender or its designee, as appropriate) in a separate
account irrevocably in trust for and assigned to the respective holders of the Refunded
Bonds, or (B) Government Obligations (or similar investments as provided for in the
documents relating to other borrowings, as appropriate) in such principal amounts, of
such maturities, bearing such interest, and otherwise having such terms and qualifications
and any moneys, as shall be necessary to comply with the provisions of Section 11.01(b)
(or any similar provision for other borrowings, as appropriate), which Government
Obligations and moneys shall be held in trust and used only as provided in such Section.
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(d) A Series of Refunding Bonds may be combined with a Series of Construction
Bonds.
Section 2.05. Provisions Regarding Bonds Secured by a Security Instrument.
(a) The City may include such provisions in a Supplemental Indenture authorizing the
issuance of a Series of Bonds secured by a Security Instrument as the City deems appropriate,
including:
(1) So long as the Security Instrument is in full force and effect, and payment
on the Security Instrument is not in default, (A) the Security Instrument Issuer shall be
deemed to be the Holder of the Outstanding Bonds of such Series when the approval,
consent or action of the Bondholders for such Series of Bonds is required or may be
exercised under the Indenture and following an Event of Default and (B) the Indenture
may not be amended in any manner which affects the rights of such Security Instrument
Issuer without its prior written consent.
(2) In the event that the Principal and Redemption Price, if applicable, and
interest due on any Series of Bonds Outstanding shall be paid under the provisions of a
Security Instrument, all covenants, agreements and other obligations of the City to the
Bondholders of such Series of Bonds shall continue to exist and such Security Instrument
Issuer shall be subrogated to the rights of such Bondholders in accordance with the terms
of such Security Instrument.
(b) In addition, such Supplemental Indenture may establish such provisions as are
necessary to provide relevant information to the Security Instrument Issuer and to provide a
mechanism for paying Principal Installments and interest on such Series of Bonds from the
Security Instrument.
ARTICLE III
TERMS AND PROVISIONS OF BONDS
Section 3.01. Terms of Bonds.
(a) The Principal and Redemption Price of the Bonds shall be payable in lawful money
of the United States of America at the principal corporate trust operations office of the Trustee,
or at the principal office of any Paying Agent, or otherwise as provided in a Supplemental
Indenture with respect to any Series of Bonds. Unless otherwise provided in a Supplemental
Indenture with respect to a Series of Bonds, payment of interest on any Bond shall be made to
the person who is the registered owner thereof as of the close of business on the Record Date and
shall be paid by check mailed to the registered owner thereof at the address of such registered
owner as it appears on the registration books of the City maintained by the Trustee or at such
other address as is furnished to the Trustee in writing by such registered owner prior to the
Record Date.
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(b) Unless otherwise provided in a Supplemental Indenture authorizing a Series of
Bonds, the Bonds of any Series shall be issued in fully registered form without coupons. Each
Series of Bonds shall be in such denominations as may be authorized by the Supplemental
Indenture authorizing the issuance of the Bonds of such Series. A Supplemental Indenture may
provide for the delivery of a Series of Bonds, issued in the form of a single fully registered Bond,
in installments to be noted by the Trustee in a delivery schedule attached to such Bond.
Anything in this Indenture to the contrary notwithstanding, a Supplemental Indenture may
provide that Bonds issued in such single fully registered form may be submitted to the Trustee
for notation of payment of installments and for notation of transfer, without requiring
cancellation of such single fully registered Bond. Such Supplemental Indenture may provide for
transfer of such Bonds to a new Holder by delivery after such notation, and without cancellation.
(c) The Bonds shall be dated as of the Issue Date specified in the Supplemental
Indenture pursuant to which the Series of Bonds is issued. Unless otherwise provided in a
Supplemental Indenture authorizing a Series of Bonds, each fully-registered Bond of any Series
shall bear interest from the interest payment date next preceding the date of registration and
authentication thereof unless it is registered as of an interest payment date, in which event it shall
bear interest from the date thereof, or unless it is registered prior to the first interest payment
date, in which event it shall bear interest from its date, or unless, as shown by the records of the
Trustee, interest on the Bonds of such Series shall be in default, in which event it shall bear
interest from the date to which interest has been paid in full.
(d) The Bonds of each Series may contain or have endorsed thereon such provisions,
specifications and descriptive words not inconsistent with the provisions of the Indenture as may
be necessary or desirable to comply with the Act, custom, the rules of any securities exchange or
commission or brokerage board, or otherwise, as may be determined by the City prior to the
authentication and delivery thereof.
(e) From and after the issuance of the Bonds of any Series, the findings and
determinations of the Council respecting that Series shall be conclusive evidence of the existence
of the facts so found and determined in any action or proceeding in any court in which the
validity of such Bonds is at issue, and no bona fide purchaser of any such Bonds shall be
required to see to the existence of any fact or to the performance of any condition or to the taking
of any proceeding required prior to such issuance, or to the application of the purchase price paid
for such Bonds. The validity of the issuance of any Series of Bonds shall not be dependent on or
affected in any way by (1) any proceedings taken by the City for the planning, acquisition or
construction of a Project, or (2) any contracts made by the City in connection therewith, or (3)
the failure to complete the planning, acquisition or construction of a Project. The recital
contained in the Bonds that the same are issued pursuant to the Act shall be conclusive evidence
of their validity and of the regularity of their issuance and all the Bonds shall be incontestable
from and after their issuance. Bonds shall be deemed to be issued, within the meaning of the
Indenture, whenever the definitive Bonds, or any temporary Bonds exchangeable therefor, have
been delivered to the purchasers thereof, and the purchase price thereof received, or in the case
of Bonds to be refunded through exchange, whenever such exchange has been made.
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(f) Subject to any limitations contained in a Supplemental Indenture, the City may
provide a Security Instrument for any Series of Bonds (or may substitute one Security Instrument
for another) if the City has provided to the Trustee written evidence satisfactory to the Trustee
from each Rating Agency then having a rating in effect for any Series of Bonds then Outstanding
to the effect that the Rating Agency has reviewed the proposed Security Instrument and that the
use of such Security Instrument (or the substitution of one Security Instrument for another, as
appropriate) will not, by itself result in a reduction or withdrawal of such Rating Agency’s rating
of such Series of Bonds.
Section 3.02. Execution of Bonds; Limited Obligations.
(a) The Bonds shall be signed on behalf of the City by the manual or facsimile
signature of its Mayor and attested and countersigned by the manual or facsimile signature of its
City Recorder, and its seal shall be thereunto affixed by its City Recorder, which may be by a
facsimile of the City’s seal imprinted upon the Bonds. The Bonds shall then be delivered to the
Trustee for manual authentication by it or by any Transfer Agent. In case any officer who shall
have signed or attested any of the Bonds shall cease to be such officer before the Bonds so
signed or attested shall have been authenticated or delivered by the Trustee or by any Transfer
Agent or issued by the City, such Bonds may nevertheless be authenticated, delivered and issued
and, upon such authentication, delivery and issuance, shall be as binding upon the City as though
such person who signed or attested the same had continued to be such officer of the City. Also,
any Bond may be signed, countersigned or attested on behalf of the City by any person who on
the actual date of the execution of such Bond shall be the proper officer of the City, although on
the nominal date of such Bond any such person shall not have been such officer of the City.
(b) Only such of the Bonds as shall bear thereon a certificate of authentication,
executed by the Trustee or by any Transfer Agent, shall be valid or obligatory for any purpose or
entitled to the benefits of the Indenture, and such certificate of the Trustee or of any Transfer
Agent shall be conclusive evidence that the Bonds so authenticated have been duly authenticated
and delivered under, and are entitled to the benefits of, the Indenture and that the Holder thereof
is entitled to the benefits of the Indenture.
(c) The Bonds, together with interest thereon, and all Repayment Obligations shall be
limited obligations of the City payable solely from the Revenues (except to the extent paid out of
moneys attributable to the Bond proceeds or other funds created hereunder o r the income from
the temporary investment thereof) as provided herein. The issuance of the Bonds and delivery of
any Security Instrument Agreement or Reserve Instrument Agreement shall not, directly,
indirectly or contingently, obligate the City or any agency, instrumentality or political
subdivision thereof to levy any form of ad valorem taxation therefore.
(d) The provisions of this Section relating to the execution of Bonds may be changed as
they apply to the Bonds of any Series by the Supplemental Indentu re authorizing such Series of
Bonds.
Section 3.03. Transfer of Bonds. Unless otherwise provided in a Supplemental Indenture
authorizing a Series of Bonds:
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(a) Any Bond may, in accordance with its terms, be transferred, upon the
books required to be kept pursuant to the provisions of Section 3.06, by the person in
whose name it is registered, in person or by his duly authorized attorney, upon surrender
of such Bond for cancellation or, if applicable, notation of the new Holder together with
the signature of the Trustee or any applicable Transfer Agent on the back of such Bond or
on a form of record attached to such Bond for such purpose, accompanied by delivery of
a written instrument of transfer in a form approved by the Trustee, duly executed. No
transfer will be effective until entered upon the books required to be kept pursuant to the
provisions of Section 3.06.
(b) Whenever any Bond shall be surrendered for transfer, the Trustee or any
Transfer Agent shall authenticate and deliver a new fully registered Bond or Bonds duly
executed by the City or, if applicable, shall deliver the same Bond, duly annotated with
the new Holder and signed by the Trustee or any applicable Transfer Agent on the back
of such Bond or on a form of record attached to such Bond for such purpose, for like
aggregate principal amount. The Trustee or any Transfer Agent shall require the payment
by the Bondholder requesting such transfer of any tax or other governmental charge
required to be paid with respect to such transfer.
(c) The City, the Trustee and any Transfer Agent shall not be required (1) to
issue, register the transfer of or exchange any Bond during a period beginning at the
opening of business 15 days before the date of the mailing of a notice of redemption of
Bonds selected for redemption under Article IV and ending at the close of business on the
day of such mailing, or (2) to register the transfer of or exchange any Bond so selected
for redemption in whole or in part, except the unredeemed portion of Bonds being
redeemed in part.
(d) The City, the Trustee and any Transfer Agent may treat and consider the
person in whose name each Bond is registered upon the books required to be kept
pursuant to Section 3.06 as the Holder and absolute owner of such Bond for the purpose
of payment of Principal of and interest on such Bond and for all other purposes
whatsoever.
Section 3.04. Exchange of Bonds. Fully-registered Bonds may be exchanged at the
principal corporate trust operations office of the Trustee or of any Transfer Agent for a like
aggregate Principal amount of fully-registered Bonds of the same Series and maturity of
authorized denominations. The Trustee or any Transfer Agent shall require the payment by the
Bondholder requesting such exchange of any tax or other governmental charge required to be
paid with respect to such exchange. Except as otherwise provided in a Supplemental Indenture
authorizing a Series of Bonds, no such exchange shall be required to be made subsequent to the
Record Date.
Section 3.05. Form of Bonds. The Bonds of each Series of Bonds shall be in
substantially the forms thereof set forth in the Supplemental Indenture authorizing the issuance
of such Bonds, with such omissions, insertions and variations not inconsistent with the terms
hereof as may be necessary, desirable, authorized and permitted hereby.
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Section 3.06. Bond Registration Books. The Trustee will keep or cause to be kept, at its
principal corporate trust operations office, sufficient books for the registration and transfer of
Bonds, which shall at all times be open to inspection by the City; and, upon presentation for such
purpose, the Trustee shall, under such reasonable regulations as it may prescribe, register or
transfer or cause to be registered or transferred, on said books, Bonds as hereinbefore provided.
Section 3.07. Bonds Mutilated, Lost, Destroyed or Stolen. If any Bond shall become
mutilated, the City, at the expense of the Holder of such Bond, shall execute, and the Trustee or
any Transfer Agent shall, at the expense of the Holder of such Bond, thereupon authenticate and
deliver, a new Bond of like tenor in exchange and substitution for the Bond so mutilated, but
only upon surrender to the Trustee or any Transfer Agent of the Bond so mutilated. Every
mutilated Bond so surrendered to the Trustee or to any Transfer Agent shall be cancelled by it
and delivered to, or upon the order of, the City. If any Bond issued hereunder shall be lost,
destroyed or stolen, evidence of such loss, destruction or theft may be submitted to the City and
the Trustee and, if such evidence be satisfactory to both and indemnity as required by the Act or
State law and satisfactory to the Trustee shall be given, the City, at the expense of the Holder of
such Bond, shall execute, and the Trustee shall, at the expense of the Holder of such Bond,
thereupon authenticate and deliver, a new Bond of like tenor in lieu of and in substitution for the
Bond so lost, destroyed or stolen (or if any such Bond shall have ma tured or shall be about to
mature, instead of issuing a substitute Bond the Trustee may pay the same without surrender
thereof). Any Bond issued under the provisions of this Section in lieu of any Bond alleged to be
lost, destroyed or stolen shall constitute an additional contractual obligation of the City, and shall
be equally and proportionately entitled to the benefits of the Indenture with all other Bonds of the
same Series secured by the Indenture. Neither the City nor the Trustee shall be required to treat
both the original Bond and any duplicate Bond as being Outstanding for the purpose of
determining the Principal amount of Bonds which may be issued hereunder or for the purpose of
determining any percentage of Bonds Outstanding hereunder, but both the original and duplicate
Bond shall be treated as one and the same.
ARTICLE IV
REDEMPTION OF BONDS
Section 4.01. Privilege of Redemption of Bonds. Any Series of Bonds subject to
redemption prior to maturity pursuant to a Supplemental Indenture shall be redeemable, upon
notice being given, at such times, at such Redemption Prices and upon such terms as provided in
this Article and (in addition to and consistent with the terms contained in this Article) in the
Supplemental Indenture authorizing the issuance of the Bonds of such Series.
Section 4.02. Selection of Bonds for Redemption. Except as otherwise provided in a
Supplemental Indenture:
(a) If less than all of the Bonds of any Series are called for redemption and if
the Bonds of such Series shall mature on more than one date, the Bonds of such Series
shall be redeemed from the Outstanding Bonds of such Series in inverse order of
maturities.
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(b) If less than all of the Bonds of any Series maturing on any single date are
called for redemption, the Trustee shall select the Bonds to be redeemed, from the
Outstanding Bonds of such Series maturing on that date not previously called for
redemption, in such manner as in the Trustee’s sole discretion it shall deem appropriate
and fair; provided, however, that subject to other applicable provisions of the Indenture or
of any Supplemental Indenture, the portion of any Bond to be redeemed shall be in a
Principal amount equal to a denomination in which Bonds of such Series are authorized
to be issued. In selecting Bonds for redemption the Trustee shall treat each Bond as
representing the number of Bonds which is obtained by dividing the Principal amount of
each Bond by the minimum denomination in which such Series of Bonds is authorized to
be issued. If part but not all of a Bond shall be selected for redemption, the Holder
thereof or his attorney or legal representative shall present and surrender such Bond to the
Trustee for payment of the Principal amount thereof so called for redemption and the
redemption premium, if any, on such Principal amount. The City shall execute and the
Trustee or any Transfer Agent shall authenticate and deliver to or upon the order of such
Holder or his legal representative, without charge therefor, a Bond or Bonds of the s ame
maturity and bearing interest at the same rate as the Bond so surrendered for the
unredeemed portion of the surrendered Bond. The Trustee shall promptly notify the City
in writing of the Bonds or portions thereof selected for redemption.
Section 4.03. Notice of Redemption. Except as otherwise provided in a Supplemental
Indenture authorizing a Series of Bonds:
(a) Notice of redemption shall be given by first class mail, postage prepaid,
not less than 30 nor more than 60 days prior to the redemption date, to the registered
owner of such Bond, 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, but
neither failure to mail any 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. Each notice of
redemption shall state the redemption date, the place of redemption, the source of the
funds to be used for such redemption, the Principal amount and, if less than all of the
Bonds of any like Series and maturity are to be redeemed, the distinctive numbers of the
Bonds to be redeemed, and shall also state that the interest on the Bonds or portions
thereof in such notice designated for redemption shall cease to accrue from and after such
redemption date and that on said date there will become due and payable on each of said
Bonds the Redemption Price thereof and interest accrued thereon to the redemption date.
(b) Notice of redemption shall be given by the Trustee for and on behalf and
at the expense of the City, at the Written Request of the City given to the Trustee at least
60 days prior to the date fixed for redemption. The City shall deposit with, or otherwise
make available to, the Trustee the money required for payment of the Redemption Price
of and the accrued interest to the redemption date on all Bonds then to be called for
redemption at least two Business Days before the date fixed for such redemption.
(c) If at the time of mailing of notice of redemption there shall not have been
deposited with the Trustee moneys sufficient to redeem all Bonds called for redemption,
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such notice may state that it is conditional upon the deposit of moneys sufficient to
redeem all Bonds with the Trustee not later than the redemption date, and such notice
shall be of no effect unless such moneys are so deposited. If the notice contains such
condition and if moneys sufficient to redeem all Bonds called for redemption have not
been deposited with the Trustee by the redemption date, the notice of redemption shall be
rescinded, none of the Bonds described in such notice shall be redeemed, the Redemption
Price shall not be due and payable under the Indenture, and the Trustee shall, as soon as
possible after the redemption date, give notice for and on behalf and at the expense of the
City, by first class mail, postage prepaid, to the registered owners of the Bonds called for
redemption of the rescission of such notice of redemption.
Section 4.04. Partial Redemption of Bonds; Disposition of Redeemed Bonds. Except as
otherwise provided in a Supplemental Indenture authorizing a Series of Bonds:
(a) Upon surrender of any Bond redeemed in part only, the City shall duly
execute and the Trustee or any Transfer Agent shall authenticate and deliver to the
registered owner thereof, at the expense of the City, a new Bond or Bonds of the same
Series and maturity and of authorized denominations equal in aggregate Principal amount
to the unredeemed portion of the Bond surrendered.
(b) All Bonds redeemed in whole or in part pursuant to the provisions of this
Article shall be cancelled by the Trustee or any Transfer Agent and shall thereafter be
delivered to, or upon the order of, the City.
Section 4.05. Effect of Redemption. Except as otherwise provided in a Supplemental
Indenture authorizing a Series of Bonds, if notice of redemption has been duly given as
aforesaid, and moneys for payment of the Redemption Price, together with interest to the
redemption date on the Bonds so called for redemption, are held by the Trustee, then such Bonds
shall, on the redemption date designated in such notice, become due and payable at the
Redemption Price specified in such notice and interest accrued thereon to the redemption dat e;
and from and after the date so designated interest on the Bonds so called for redemption shall
cease to accrue.
ARTICLE V
PLEDGE OF REVENUES; ESTABLISHMENT OF
FUNDS AND APPLICATION THEREOF
Section 5.01. The Pledge Effected by the Indenture. The Bonds and the Repayment
Obligations are special obligations of the City payable from and secured by the Revenues,
moneys, securities and funds pledged therefor. There are hereby pledged for the payment of
Principal, Redemption Price and interest on the Bonds and of Repayment Obligations in
accordance with their terms and the provisions of the Indenture, subject only to the provisions of
the Indenture permitting the application thereof for the purposes and on the terms and conditions
set forth in the Indenture (1) the proceeds of sale of the Bonds, (2) the Revenues, and (3) the
Construction Fund, Principal and Interest Fund, Revenue Fund and any other Funds hereafter
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established or confirmed by the Indenture (except for any Rebate Fund) and pledged for the
payment of Principal, Redemption Price and interest on the Bonds and of Repayment
Obligations, including the investments, if any, thereof, subject to any required rebate of all or a
portion of the earnings on such investments to the United States of America pursuant to the
requirements of Section 148(f) of the Code.
Section 5.02. Perfection of Security Interest.
(a) This Indenture creates a valid and binding pledge and assignment of and security
interest in all of the Revenues pledged under this Indenture in favor of the Trustee as security for
payment of the Bonds, enforceable by the Trustee in accordance with the terms thereof.
(b) Under the laws of the State, such pledge and assignment and security interest is
automatically perfected by Section 11-14-28, Utah Code Annotated 1953, as amended, and
hereafter has priority against all parties having claims of any kind in tort, contract, or otherwise
against the City, regardless of whether or not the parties have notice of the lien created
hereunder.
Section 5.03. Establishment of Funds.
(a) The following Funds are hereby established:
(1) Revenue Fund, to be held by the City;
(2) Construction Fund, to be held by the Trustee, in which the Trustee shall
establish a Project Account for each Project; and
(3) Principal and Interest Fund, to be held by the Trustee, consisting of
(A) a Bond Service Account, in which the Trustee shall establish a
separate Series Subaccount for each Series of Bonds, and
(B) a Debt Service Reserve Account, in which the Trustee may
establish a separate Series Subaccount for one or more Series of Bonds.
(c) The City may, by Supplemental Indenture, establish one or more additional Funds,
accounts or subaccounts, including, but not limited to, a Rebate Fund.
Section 5.04. Construction Fund.
(a) There shall be paid into the Construction Fund the amounts required to be so paid
by the provisions of the Indenture or any Supplemental Indenture.
(b) The Trustee shall establish within the Construction Fund a separate Project Account
for each Project and may establish one or more subaccounts in each Project Account.
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(c) Amounts in each Project Account established for a Project shall be applied to pay
the Cost of Construction of the Project. In the event and to the extent that proceeds of the sale of
Bonds were deposited in a Project Account to provide for the payment of capitalized interest, the
Trustee shall, during the period for which such interest was capitalized, transfer from such
Project Account, to the appropriate Series Subaccount in the Bond Service Account, the amounts
required to pay interest on the Bonds when due, subject to any limitations contained in the
Supplemental Indenture authorizing such Bonds.
(d) Before any payment is made from any Project Account by the Trustee (except for
transfers into Series Subaccounts in the Bond Service Account to pay interest on the Bonds as
contemplated in (c) above), the City shall file with the Trustee a Written Request of the City,
showing with respect to each payment to be made, the name of the person to whom payment is
due and the amount to be paid with payment instructions, and stating that the obligation to be
paid was incurred and is a proper charge against the Project Account. Each such Written
Request shall be sufficient evidence to the Trustee that obligations in the stated amounts have
been incurred by the City and that each item thereof is a proper charge against the applicable
Project Account.
(e) Upon receipt of each such Written Request, the Trustee shall pay the amounts set
forth therein as directed by the terms thereof.
(f) The City shall maintain on file with the Trustee a schedule of dates on which the
City estimates that money in each Project Account will be expended and the amounts estimated
to be required on those dates. The City may revise such schedule at any time to reflect changes
in the estimated dates and amounts. Amounts in the Construction Fund shall be invested and
reinvested by the Trustee, in accordance with instructions received from an Authorized Officer
of the City, to the fullest extent practicable in Investment Securities (or, to the extent permitted
by a Supplemental Indenture executed and delivered pursuant to Section 10.02(a)(3), in other
investments) maturing in such amounts and at such times as may be necessary to make funds
available when needed. The Trustee may, and to the extent required for payments from the
Construction Fund shall, sell any such Investment Securities at any time, and the proceeds of
such sale, and of all payments at maturity and upon redemption of such investments, shall be
held in the applicable Project Account in the Construction Fund.
(g) Unless otherwise provided in a Supplemental Indenture authorizing a Series of
Construction Bonds, all net income earned on any moneys or investments in the Project Account
established in the Construction Fund for a Project shall be held in such Project Account and
applied to pay the Costs of Construction.
(h) The substantial completion of construction of each Project shall be evidenced by a
Written Certificate of the City, which shall be filed with the Trustee. Upon the filing of such
Certificate, the balance in the Project Account in the Construction Fund in excess of the amount,
if any, stated in such Certificate shall, to the extent permitted under applicable law and
covenants, including any covenants contained in any Tax Certificate, regarding the use of
proceeds of the Bonds, and as directed in such Written Certificate or in a Supplemental
Indenture, be (i) used to purchase Bonds as provided in Section 5.09, (ii) deposited into the Debt
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Service Reserve Account to fund any amounts required to be deposited therein, (iii) deposited
into the Bond Service Account, (iv) transferred into another Project Account to pay Costs of
Construction of a Project or (v) used for any other purpose for which proceeds of Bonds may be
used under applicable law and covenants regarding the use of proceeds of Bonds. If subsequent
to the filing of such Certificate, a supplemental Written Certificate of the City is filed with the
Trustee stating that the balance of the money remaining in the Construction Fund is no longer
needed to pay Costs of Construction of such Project, any remaining balance in the Project
Account in the Construction Fund shall, to the extent permitted under applicable law and
covenants, including any covenants contained in any Tax Certificate, regarding the use of
proceeds of the Bonds and as directed in such supplemental Written Certificate or in a
Supplemental Indenture, be (i) used to purchase Bonds as provided in Section 5.09, (ii) deposited
into the Debt Service Reserve Account to fund any amounts required to be deposited therein, (iii)
deposited into the Bond Service Account, (iv) transferred into another Project Account to pay
Costs of Construction of a Project or (v) used for any other purpose for which proceeds of Bonds
may be used under applicable law and covenants regarding the use of proceeds of Bonds.
Section 5.05. Revenues; Revenue Fund.
(a) All Revenues shall be promptly deposited by the City to the credit of the Revenue
Fund. There shall also be deposited into the Revenue Fund all amounts required to be so
deposited by the Indenture, including, but not limited to, Section 10.02.
(b) Following the deposits required by Section 5.06(a), there shall be retained in the
Revenue Fund, to the extent such amounts are not otherwise required to be transferred from the
Revenue Fund pursuant to the provisions of Section 5.06, the amount estimated to be required
for deposit into the Principal and Interest Fund in the next succeeding month; provided, however,
for purposes of calculating the interest payable for the next succeeding month for any Series of
Variable Rate Bonds or Repayment Obligations bearing interest at a variable rate that cannot be
ascertained for any such month, it shall be assumed that such Series of Variable Rate Bonds or
Repayment Obligations will bear interest at the greater of (i) the maximum interest rate permitted
under the applicable Supplemental Indenture authorizing the issuance of such Series of Variable
Rate Bonds, (ii) the maximum interest rate permitted under any Reserve Instrument Agreement
then in effect with respect to such Series of Variable Rate Bonds, or (iii) the maximum interest
rate permitted under any Security Instrument Agreement then in effect with respect to such
Series of Variable Rate Bonds, as applicable.
Section 5.06. Flow of Funds.
(a) On or before the last Business Day prior to the end of each month the City shall
transfer from the Revenue Fund, to the extent of moneys available therein, and deposit, in the
following order:
(1) into the following Funds and Accounts, the amounts set forth below:
(A) Into the Principal and Interest Fund:
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(i) for credit to the Bond Service Account, the amount, if any,
required so that the balance in each of the Series Subaccounts in the Bond
Service Account shall equal the Accrued Debt Service on the Series of
Bonds and, to the extent that the Supplemental Indenture creating such
Series Subaccount authorizes the use of a Security Instrument, on any
Security Instrument Repayment Obligations for which such Series
Subaccount was established; provided that if there are not sufficient
moneys to satisfy the requirements of this subsection (i) with respect to all
Series Subaccounts in the Bond Service Account, all moneys available for
distribution among such Series Subaccounts shall be deposited into the
Bond Service Account and distributed on a pro rata basis to the deficient
Series Subaccounts in the Bond Service Account, such distribution to be
determined by multiplying the amount available for distribution by the
proportion that the deficiency for each Series Subaccount bears to the total
deficiency for all Series Subaccounts; and provided further, that in the
event and to the extent moneys have been deposited in any Project
Account to provide for the payment of capitalized interest, such moneys
shall be transferred from the appropriate Project Account and deposited
into the appropriate Series Subaccount in the Bond Service Account in an
amount sufficient to cause the balance in such Series Subaccount to equal
the interest component of Accrued Debt Service on the Series of Bonds;
and
(ii) for credit to the Debt Service Reserve Account, without
priority or preference as between subsections (A) or (B):
(A) if, after the issuance of a Series of Bonds, an
amount equal to the Debt Service Reserve Requirement is not on
deposit in the Series Subaccount established in the Debt Service
Reserve Account for such Series of Bonds because sufficient
moneys for that purpose were not required by a Supplemental
Indenture to be deposited into the Debt Service Reserve Account
pursuant to the provisions of Section 2.02(a)(10), such amount as
shall be required by the Supplemental Indenture authorizing such
Series of Bonds, in not to exceed sixty (60) approximately equal
monthly installments commencing no later than the Business Day
immediately preceding the first Interest Payment Date of such
Series of Bonds, computed as of the contemplated date of issuance
of such Series of Bonds, necessary to cause the balance in such
Series Subaccount to equal the Debt Service Reserve Requirement;
and
(B) if moneys shall ever have been paid out of any
Series Subaccount in the Debt Service Reserve Account for the
purpose specified in Section 5.08(b) or if for any other reason
moneys in any Series Subaccount in the Debt Service Reserve
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Account shall have been removed and in either case if such
moneys shall not have been replaced from any source, such
amount as shall be necessary to cause either the amount so paid out
of or removed from such Series Subaccount in the Debt Service
Reserve Account to be replaced, or the amount to be on deposit in
such Series Subaccount to be equal to the Debt Service Reserve
Requirement attributable to the corresponding Series of Bonds,
whichever is less;
provided that if there are not sufficient moneys in the Revenue Fund to
satisfy the requirements of this subsection (ii), all moneys available for
distribution among the Series Subaccounts in the Debt Service Reserve
Account shall be deposited into the Debt Service Reserve Account and
distributed pro rata based on the amount of the deficiencies to the deficient
Series Subaccounts in the Debt Service Reserve Account.
provided, however, that so long as there shall be held in the Principal and Interest Fund,
excluding any Reserve Instrument Coverage, an amount sufficient to pay in full all Outstanding
Bonds and all outstanding Repayment Obligations in accordance with their terms (including
Principal or applicable sinking fund Redemption Price and interest thereon), no deposits shall be
required to be made into the Principal and Interest Fund.
(b) Amounts remaining in the Revenue Fund at the end of each month after payment of
the amounts required by subsection (a) of this Section may be applied by the City, free and clear
of the lien of the Indenture, to any one or more of the following, to the extent permitted by law:
(1) the purchase or redemption of any Bonds and payment of expenses in connection therewith;
(2) payments of Principal or redemption price of and interest on any bonds, including general
obligation or junior lien revenue bonds of the City; (3) payments into any Project Account or
Accounts established in the Construction Fund for application to the purposes of such Accounts;
and (4) any other lawful purpose of the City.
(c) Upon any purchase or redemption, pursuant to subsection (b) of this Section, of
Bonds of any Series and maturity for which Sinking Fund Installments shall have been
established, the principal amount of such Bonds shall be credited toward such Sinking Fund
Installments as directed in a Written Certificate or Request of the City, unless the City shall elect
to have the Sinking Fund Installments next due credited as provided in Section 5.07(c).
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Section 5.07. Principal and Interest Fund - Bond Service Account.
(a) Each Supplemental Indenture providing for the issuance of a Series of Bonds shall
establish a separate Series Subaccount in the Bond Service Account for each such Series of
Bonds issued; provided, however, that such a separate Series Subaccount need not be established
in the Principal and Interest Fund for a Series of Bonds if such Series of Bonds is secured by a
Series Subaccount in the Debt Service Reserve Account that also secures one or more other
Series of Bonds as contemplated by Section 5.08(a) (in which case the Supplemental Indenture
may provide for the payment of principal and interest on such Series of Bonds from the same
Series Subaccount in the Principal and Interest Fund as the principal and interest on such other
Series of Bonds are payable from). There shall be deposited into each Series Subaccount the
amounts required to be so deposited pursuant to Section 5.06(a)(1)(A)(i). Any payments made
by a Security Instrument Issuer with respect to a Series of Bonds shall be deposited into the
Series Subaccount in the Bond Service Account relating to such Series of Bonds, subject to the
provisions of the Supplemental Indenture authorizing the issuance of such Series of Bonds.
(b) The Trustee shall pay out of the appropriate Series Subaccount in the Bond Service
Account to the respective Paying Agent (1) on or before each interest payment date for each
Series of Bonds, the amount required for the interest payable on such date; (2) on or before each
Principal Installment due date, the amount required for the Principal Installment payable on such
due date; and (3) on or before any redemption date for each Series of Bonds, the amount required
for the payment of Redemption Price of and accrued interest on such Bonds then to be redeemed.
Such amounts shall be applied by the Paying Agents to pay Principal Installments and
Redemption Price of, and interest on the related Series of Bonds. The Trustee shall pay out of
the appropriate Series Subaccount in the Bond Service Account to the Security Instrument Issuer,
if any, that has issued a Security Instrument with respect to such Series of Bonds an amount
equal to any Security Instrument Repayment Obligation then due and payable to such Security
Instrument Issuer. If payment is so made on Pledged Bonds held for the benefit of the Security
Instrument Issuer, a corresponding payment on the Security Instrument Repayment Obligation
shall be deemed to have been made (without requiring an additional payment by the City) and
the Trustee shall keep its records accordingly.
(c) Except as otherwise provided in a Supplemental Indenture authorizing a Series of
Bonds, amounts accumulated in any Series Subaccount in the Bond Service Account with respect
to any Sinking Fund Installment (together with amounts accumulated therein with respect to
interest on the Bonds for which such Sinking Fund Installment was established) shall, if so
directed by the City in a Written Request not less than 30 days before the due date of such
Sinking Fund Installment, be applied by the Trustee to (1) the purchase of Bonds of the Series
and maturity for which such Sinking Fund Installment was established, (2) the redemption at the
applicable sinking fund Redemption Price of such Bonds, if then redeemable by their terms, or
(3) any combination of (1) and (2). The applicable sinking fund Redemption Price (or Principal
amount of maturing Bonds) of any Bonds so purchased or redeemed shall be deemed to
constitute part of the Bond Service Account until such Sinking Fund Installment date for the
purpose of calculating the amount of such Account. As soon as practicable after the 60th day
preceding the due date of any such Sinking Fund Installment, the Trustee shall proceed to call for
redemption on such due date, by giving notice as required by the Indenture, Bonds of the Series
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and maturity for which such Sinking Fund Installment was established (except in the case of
Bonds maturing on a Sinking Fund Installment date) in such amount as shall be necessary to
complete the retirement of the unsatisfied balance of such Sinking Fund Installment. The
Trustee shall pay out of the appropriate Series Subaccount in the Bond Service Account to the
appropriate Paying Agents, on or before such redemption date (or maturity date), the amount
required for the redemption of the Bonds so called for redemption (or for the payment of such
Bonds then maturing), and such amount shall be applied by such Paying Agents to such
redemption (or payment).
Section 5.08. Principal and Interest Fund - Debt Service Reserve Account.
(a) Each Supplemental Indenture providing for the issuance of a Series of Bonds shall
establish in the Debt Service Reserve Account a separate Series Subaccount for each such Series
of Bonds issued provided, however, that such a separate Series Subaccount need not be
established in the Principal and Interest Fund for a Series of Bonds if such Series of Bonds is
secured by a Series Subaccount in the Debt Service Reserve Account that also serves one or
more other Series of Bonds. Such Supplemental Indenture shall also specify the Debt Service
Reserve Requirement to be on deposit in such Series Subaccount.
(b) If on the third Business Day prior to the end of any month, after the deposit of
moneys required by Section 5.06(a)(1)(A)(i), the amount in any Series Subaccount in the Bond
Service Account shall be less than the amount required to be in such Series Subaccount, the
Trustee shall (1) apply amounts from the corresponding Series Subaccount, if any, in the Debt
Service Reserve Account to the extent necessary to make good the deficiency; and (2) to the
extent that moneys and investments available in the corresponding Series Subaccount, if any, in
the Debt Service Reserve Account are not sufficient to eliminate the deficiency in the Series
Subaccount in the Bond Service Account and Reserve Instruments are in effect for the
corresponding Series of Bonds, immediately make a demand for payment on all such Reserve
Instruments, to the maximum extent authorized by such Reserve Instruments, in the amount
necessary to make up such deficiency, and immediately deposit such payment upon receipt
thereof in the appropriate Series Subaccount in the Bond Service Account.
(c) Whenever the moneys on deposit in a Series Subaccount in the Debt Service
Reserve Account, including investment earnings and Reserve Instrument Coverage with respect
thereto, shall exceed the Debt Service Reserve Requirement for such Series Subaccount, such
excess shall be transferred by the Trustee to the corresponding Series Subaccount in the Bond
Service Account and shall be used to pay Debt Service on the related Bonds, subject to any
limitations contained in the Tax Certificate relating to such Bonds.
(d) Whenever the amount in a Series Subaccount in the Debt Service Reserve Account,
excluding any Reserve Instrument Coverage, together with the amount in the corresponding
Series Subaccount in the Bond Service Account for a Series of Bonds, is sufficient to pay in full
all Outstanding Bonds of such Series and related Repayment Obligations in accordance with
their terms (including Principal or applicable sinking fund Redemption Price and interest
thereon), the funds on deposit in such Series Subaccount in the Debt Service Reserve Account
shall be transferred to the corresponding Series Subaccount in the Bond Service Account and no
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deposits shall be required to be made into such Series Subaccount in the Debt Service Reserve
Account.
(e) Unless otherwise provided in a Supplemental Indenture authorizing a Series of
Bonds, in calculating the amount on deposit in a Series Subaccount in the Debt Service Reserve
Account, the amount of the Reserve Instrument Coverage for the corresponding Series of Bonds
will be treated as an amount on deposit in such Series Subaccount in the Debt Service Reserve
Account. The City may deposit a Reserve Instrument into any Series Subaccount in the Debt
Service Reserve Account to satisfy all or a portion of the Debt Service Reserve Requirement
with respect to the Series of Bonds for which such Series Subaccount was established and upon
such deposit may withdraw any moneys in such Series Subaccount in excess of such Debt
Service Reserve Requirement.
(f) Unless otherwise specified in the Supplemental Indenture authorizing a Series of
Bonds, no Reserve Instrument for such Series of Bonds shall be allowed to expire unless and
until cash has been deposited into the appropriate Series Subaccount in the Debt Service Reserve
Account, or a new Reserve Instrument has been issued in place of the expiring Reserve
Instrument, in an amount or to provide coverage at least equal to the Debt Service Reserve
Requirement for the corresponding Series of Bonds.
Section 5.09. Purchase of Bonds. The City may, to the extent permitted under applicable
law and covenants, including any covenants contained in any Tax Certificate, purchase Bonds of
any Series from any available funds at public or private sale, as and when and at such prices as
the City may in its discretion determine. All Bonds so purchased shall at such times as shall be
selected by the City be delivered to and cancelled by the Trustee or any Registrar and shall
thereafter be delivered to, or upon the order of, the City, and no Bonds shall be issued in place
thereof. In the case of the purchase of Bonds of a Series and maturity for which Sinking Fund
Installments shall have been established, the City shall, by a Written Request of the City
delivered to the Trustee, elect the manner in which the Principal amount of such Bonds shall be
credited toward Sinking Fund Installments, consistent with the procedures of Section 5.07(c).
ARTICLE VI
GENERAL COVENANTS
Section 6.01. Punctual Payment of Bonds. The City will punctually pay or cause to be
paid, solely from the Revenues and funds pledged therefor pursuant to the Indenture, the
principal or Redemption Price and the interest to become due in respect of all the Bonds in strict
conformity with the terms of the Bonds and the City will punctually pay or cause to be paid all
Sinking Fund Installments which may be established for any Series of Bonds.
Section 6.02. Construction of Projects. Once the City has determined to construct a
Project and issued Bonds with respect to such Project, the City will promptly commence, or
cause to be commenced, the construction of such Project and will continue, or cause to be
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continued, the same to completion with all practicable dispatch, and such Project will be
constructed in a sound and economic manner.
Section 6.03. No Impairment of Revenues. Pursuant to Section 11-14-17.5(2)(d) of the
Utah Municipal Bond Act, (i) the ordinances, resolutions or other enactments of the Council
imposing the sales taxes constituting the Revenues and pursuant to which such sales taxes are
being collected and (ii) the obligation of the City to levy, collect and allocate the sales taxes
constituting the Revenues and to apply the Revenues as provided in the Indenture, shall be
irrevocable so long as the Bonds are Outstanding and are not subject to amendment in any
manner which would impair the rights of the Bondholders or which would in any way jeopardize
the timely payment of the principal of or interest on the Bonds when due.
Section 6.04. Against Encumbrances; Further Assurances.
(a) The City will not sell, convey, mortgage, encumber, pledge or otherwise dispose of
any part of the Revenues except as provided in the Indenture.
(b) The City will do, execute, acknowledge and deliver, or cause to be done, executed,
acknowledged and delivered, such Supplemental Indentures and such further accounts,
instruments and transfers as may be reasonably required for the better assuring, pledging and
confirming to the Trustee all and singular the Revenues and the other amounts pledged hereby to
the payment of the principal of, Redemption Price and interest on the Bonds.
Section 6.05. Covenant of State of Utah. Pursuant to Section 11-14-17.5(3) of the Utah
Municipal Bond Act, the State pledges and agrees with the Bondholders, Security Instrument
Issuers and Reserve Instrument Issuers that the State will not alter, impair or limit the Revenues
in a manner that reduces the amounts to be rebated to the City which are devoted or pledged by
the Indenture until the Bonds, together with applicable interest, are fully met and discharged;
provided, however, that nothing shall preclude such alteration, impairment or limitation if and
when adequate provision shall be made by law for the protection of the Bondholders, Security
Instrument Issuers and Reserve Instrument Issuers.
Section 6.06. Accounts and Reports.
(a) The City will at all times keep, or cause to be kept, proper books of record and
accounts, separate and apart from all other records and accounts of the City, in which complete
and accurate entries shall be made of all transactions relating to the Revenues. Such books of
record and accounts shall at all times during business hours be subject to the inspecti on of the
Trustee, the Holders of not less than five percent (5%) of any Series of Bonds then Outstanding,
any Security Instrument Issuer, any Reserve Instrument Issuer, any party specified by a
Supplemental Indenture, or their representatives authorized in writing.
(b) The City will place on file with the Trustee and with any party specified by a
Supplemental Indenture annually within six (6) months after the close of each Fiscal Year, a
financial statement in reasonable detail for the preceding Fiscal Year showing the receipt and
disposition of all Revenues and the balances of all Funds as of the end of each Fiscal Year,
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which financial statement and balance sheet shall be accompanied by an Accountant’s
Certificate. Each such financial statement, in addition to whatever matters may be thought
proper by the Independent Public Accountant to be included therein, shall include the following:
(1) An analysis of all Funds provided for herein, setting out as to each all
deposits and disbursements made during the Fiscal Year and the amount in each Fund at
the end of the Fiscal Year; and
(2) Such other matters as may be required by Supplemental Indenture.
Simultaneously with the filing of such financial statement, there shall be filed with the Trustee
and with any party specified by a Supplemental Indenture a report of indenture compliance
review conducted by the firm of Independent Public Accountants which signed the Accountants’
Certificate accompanying the financial statement.
(c) The reports, statements and other documents required to be furnished to the Trustee
pursuant to any provisions of the Indenture shall be available for inspection of Bondholders,
Security Instrument Issuers and Reserve Instrument Issuers at the principal corporate trust office
of the Trustee and, upon the Written Request of the City, shall be mailed to each Bondholder,
Security Instrument Issuer and Reserve Instrument Issuer who shall file a written request therefor
with the City.
(d) The City shall file with the Trustee and with an y party specified by a Supplemental
Indenture (1) immediately upon becoming aware of any Event of Default or other default in the
performance by the City of any covenant, agreement or condition contained in the Indenture, a
Written Certificate of the City specifying such default; and (2) not later than six (6) months
following the end of each Fiscal Year a Written Certificate of the City stating that, to the best of
the knowledge and belief of the Authorized Officer of the City executing such Written
Certificate, except for any default then existing which shall have been specified in the Written
Certificate of the City referred to in (1) above, the City has kept, observed, performed and
fulfilled each and every one of its covenants and obligations contained in the Indenture and there
does not exist at the date of such Written Certificate any default by the City under the Indenture
or any Event of Default or other event which, with the lapse of time specified in Section 9.0l,
would become an Event of Default, or, if any such default or Event of Default or other event
shall so exist, specifying the same and the nature and status thereof.
Section 6.07. Maintenance of Paying Agents. The Trustee shall pay to each Paying
Agent, to the extent of the moneys held by the Trustee for such payment, funds for the prompt
payment of the principal and Redemption Price of and interest on the Bonds of such Series
presented at any such place of payment.
Section 6.08. Compliance with Indenture. The City will not issue any Bonds in any
manner other than in accordance with the provisions of the Indenture and will not suffer or
permit any default to occur under the Indenture, but will faithfully observe and perform all the
covenants, conditions and requirements hereof. The City will make, execute and deliver any and
all such further resolutions, instruments and assurances as may be reasonably necessary or proper
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to carry out the intention or to facilitate the performance of the Indenture, and for the better
assuring and confirming unto the Holders of the Bonds, the Security Instrument Issuers and the
Reserve Instrument Issuers of the rights, benefits and security provided in the Indenture. The
City for itself, its successors and assigns, represents, covenants and agrees with the Holders of
the Bonds, the Security Instrument Issuers and the Reserve Instrument Issuers as a material
inducement to the purchase of the Bonds and the issuance of the Security Instruments and the
Reserve Instruments, that so long as any of the Bonds shall remain Outstanding and the principal
or Redemption Price thereof or interest thereon shall be unpaid or unprovided for, it will
faithfully perform all of the covenants and agreements contained in the Indenture and the Bonds.
Section 6.09. Power to Issue Bonds and Pledge Revenues and Other Funds . The City is
duly authorized under all applicable laws to create and issue the Bonds and to adopt the
Indenture and to pledge the Revenues and other moneys, securities and funds purported to be
pledged by the Indenture in the manner and to the extent provided in the Indenture. The Bonds
and the provisions of the Indenture are and will be the valid and legally enforceable obligations
of the City in accordance with their terms and the terms of the Indenture. The City shall at all
times, to the extent permitted by law, defend, preserve and protect the pledge of the Revenues
and other moneys, securities and Funds pledged under the Indenture and all the rights of the
Bondholders, the Security Instrument Issuers and the Reserve Instrument Issuers under the
Indenture against all claims and demands of all persons whomsoever.
Section 6.10. General.
(a) The City shall do and perform or cause to be done and performed all acts and things
required to be done or performed by or on behalf of the City under the provisions of the Act and
the Indenture.
(b) The City covenants that upon the date of authentication and delivery of any of the
Bonds, all acts, conditions and things required by law and the Indenture to exist, to have
happened and to have been performed precedent to and in the issuance of such Bonds shall exist,
have happened and have been performed in regular and in due time, form and manner as required
by law and the City will have duly and regularly complied with all applicable provisions of law
and will be duly authorized to issue the Bonds under the Act in the manner and upon the terms as
in the Indenture provided.
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ARTICLE VII
THE TRUSTEE, THE PAYING AGENTS AND THE TRANSFER AGENTS
Section 7.01. Trustee.
(a) The City hereby appoints Zions First National Bank, as the initial Trustee hereunder
to act as the legal depositary of the City for the purpose of receiving all moneys which the City is
required to pay to the Trustee hereunder and to hold, allocate, use and apply the same as
provided in the Indenture. The Trustee hereby accepts and agrees to execute the trusts hereby
created upon the terms set forth herein. The Trustee shall act as the legal depositary of the City
for the purpose of receiving all moneys which the City is required to pay to the Trustee
hereunder, and to hold, allocate, use and apply the same as provided in the Indenture. The
Trustee shall also act as registrar and Transfer Agent for the Bonds, with the duties herein
provided, and shall also act in accordance with the duties specified in Section 3.02(a). In acting
as registrar and Transfer Agent, the Trustee shall be the agent of the City.
(b) The Trustee may at any time resign or be discharged of its duties and obligations
hereby created by giving not less than 60 days’ written notice to the City, specifying the date
when such resignation shall take effect, and mailing notice thereof to the Holders of all Bonds
then Outstanding, and such resignation shall take effect on the day specified in such notice unless
previously a successor shall have been appointed as hereinafter provided, in which event such
resignation shall take effect immediately upon the appointment of such successor; provided,
however, that such resignation of the Trustee shall in no event take effect until such successor
shall have been appointed and accepted the duties of Trustee.
(c) The City may at any time remove the Trustee initially appointed or any successor
thereto by a Written Certificate of the City providing for such removal, for the appointment of a
successor, and for the effective date of the change of Trustee; provided, however, that such
removal of the Trustee shall in no event take effect until such successor shall have been
appointed and accepted the duties of Trustee by the execution of a Supplemental Indenture. A
copy of such Written Certificate of the City shall be mailed by first class mail to the Trustee.
(d) Notice of the resignation or removal of the Trustee and the appointment of a
successor shall be mailed by first class mail to the registered Holders of all Bonds then
Outstanding, the Information Services, the NRMSIRs and to each Security Instrument Issuer and
Reserve Instrument Issuer then having a Security Instrument or Reserve Instrument outstanding,
within 30 days after delivery of the Written Certificate of the City providing for such
appointment. Any successor Trustee appointed by the City subsequent to the issuance of the first
Series of Bonds issued hereunder shall be a bank or trust company with a capital, undivided
profits and surplus of not less than $50,000,000.
(e) If no successor Trustee shall have been appointed and shall have accepted
appointment within 45 days of giving notice of the resignation or removal of the Trustee as
aforesaid, the Trustee or any Bondholder (on behalf of himself and all other Bondholders) may
petition any court of competent jurisdiction for the appointment of a successor Trustee, and such
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court may thereupon, after such notice (if any) as it may deem proper, appoint such successor
Trustee.
Section 7.02. Paying Agents; Appointment and Acceptance of Duties; Removal. The
City shall appoint Paying Agents for the Bonds of each Series pursuant to Supplemental
Indentures. Each Paying Agent shall signify its acceptance of the duties and obligations imposed
upon it by the Indenture by executing and delivering to the City and to the Trustee a written
acceptance thereof. The City may remove any Paying Agent and any successor thereto, and
appoint a successor or successors thereto; provided, however, that any such Paying Agent
designated by the City shall continue to be a Paying Agent of the City for the purpose of paying
the Principal and Redemption Price of and interest on the Bonds until the designation of a
successor as such Paying Agent. Each Paying Agent is hereby authorized to redeem Bonds when
duly presented to it for payment or redemption, which Bonds shall thereafter be delivered to the
Trustee for cancellation.
Section 7.03. Terms and Conditions of the Trusts. Notwithstanding any other provision
of this Indenture to the contrary, the Trustee shall, prior to an Event of Default, and after the
curing of all Events of Default which may have occurred, perform such duties and only such
duties as are specifically set forth in this Indenture, and no implied covenants or obligations of
the Trustee shall be read into this Indenture. Subject to Article IX and Section 7.03(l) hereof, the
Trustee shall, during the existence of any Event of Default (which has not been cured), exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of care and
skill in their exercise, as a prudent person would exercise or use under the circumstances in the
conduct of his own affairs. The Trustee shall perform such duties, rights and powers only upon
and subject to the following express terms and conditions:
(a) The Trustee shall perform such duties and only such duties as are
specifically set forth in the Indenture. The duties and obligations of the Trustee shall be
determined solely by the express provisions of the Indenture, and the Trustee shall not be
liable except for the performance of such duties and obligations as are specifically set
forth in the Indenture, and no implied covenants or obligations shall be read into the
Indenture against the Trustee.
(b) The Trustee may execute any of the trusts or powers hereof and perform
any of its duties by or through attorneys, agents, receivers or employees but shall not be
answerable for the conduct of any of the same who have been selected by it with ordinary
care in accordance with the standard specified above, and shall be entitled to advice of
counsel concerning all matters of trusts hereof and the duties hereunder, and may in all
cases pay such reasonable compensation to all such attorneys, agents, receivers and
employees as may reasonably be employed in connection with the trusts hereof. The
Trustee may act upon the opinion or advice of any attorney for the City or any other
attorneys, if, in the case of such other attorneys, they are approved by the Trustee in the
exercise of reasonable care. The Trustee shall not be responsible for any loss or damage
resulting from any action or non-action in good faith in reliance upon such opinion or
advice. The Trustee shall not be liable for any error of judgment made in good faith by
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any of its officers or employees unless it shall be proved that the Trustee was negligent in
ascertaining pertinent facts.
(c) The Trustee shall not be responsible for any recital herein, or in the Bonds
(except in respect to the certificate of authentication of the Trustee endorsed on the
Bonds), or for the sufficiency of the security for the Bonds issued hereunder or intended
to be secured hereby, and the Trustee shall not be bound to ascertain or inquire as to the
performance or observance of any covenants, conditions or agreements on the part of the
City herein set forth; but the Trustee may require of the City full information and advice
as to the performance of the covenants, conditions and agreements aforesaid. The
Trustee shall have no obligation to perform any of the duties of the City under the
Indenture.
(d) The Trustee shall not be accountable for the use of any Bonds
authenticated or delivered hereunder. The Trustee may become the owner or pledgee of
Bonds secured hereby with the same rights which it would have if not Trustee. To the
extent permitted by law, the Trustee may also receive tenders and purchase in good faith
Bonds from itself, including any department, affiliate or subsidiary, with like effect as if
it were not Trustee.
(e) The Trustee shall be protected in acting upon any notice, request, consent,
certificate, order, affidavit, letter, telegram or other paper or document believed by it to
be genuine and correct and to have been signed or sent by the proper person or persons.
Any action taken by the Trustee pursuant to the Indenture, upon the request or authority
or consent of any person who at the time of making such request or giving such authority
or consent is the owner of any Bond, shall be conclusive and binding upon all future
owners of the same Bond and upon Bonds issued in exchange therefor or in place thereof.
The Trustee shall not be liable with respect to any action taken or omitted to be taken by
it in good faith in accordance with the direction of the Holders of not less than a majority
in Principal amount of the Bonds at the time Outstanding relating to the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under the Indenture.
(f) As to the existence or non-existence of any fact or as to the sufficiency or
validity of any instrument, paper or proceeding, the Trustee shall be entitled to rely upon
a Written Certificate of the City as sufficient evidence of the facts therein contained and
shall also be at liberty to accept a similar Written Certificate to the effect that any
particular dealing, transaction or action is necessary or expedient, but may at its
discretion secure such further evidence deemed necessary or advisable, but shall in no
case be bound to secure the same. The Trustee may accept a certificate of the City
Recorder to the effect that a resolution in the form therein set forth has been adopted by
the City as conclusive evidence that such resolution has been duly adopted, and is in full
force and effect.
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(g) The permissive right of the Trustee to do things enumerated in the
Indenture shall not be construed as a duty and it shall not be answerable for other than its
gross negligence or willful default.
(h) The Trustee shall not be required to take notice or be deemed to have
notice of any default hereunder except:
(1) Failure by the City to cause to be made any of the payments to the
Trustee required to be made pursuant to Article V;
(2) Failure of the City to file with the Trustee any document required
by the Indenture to be so filed prior to or subsequent to the issuance of the Bonds;
or
(3) Any default with respect to a Security Instrument Agreement or a
Reserve Instrument Agreement as to which any of the parties thereto has notified
the Trustee in writing;
provided that the Trustee shall be required to take notice or be deemed to have notice of
any default hereunder if specifically notified in writing of such default by the Holders of
not less than 10% in aggregate Principal amount of Bonds then Outstanding, by any
Security Instrument Issuer or by any Reserve Instrument Issuer, and all notices or other
instruments required by the Indenture to be delivered to the Trustee must, in order to be
effective, be delivered at the principal corporate trust office of the Trustee and in the
absence of such notice, the Trustee may conclusively assume there is no default except as
aforesaid;
(i) At any and all reasonable times the Trustee, and its duly authorized agents,
attorneys, experts, engineers, accountants and representatives, shall have the right fully to
inspect any and all books, papers and records of the City pertaining to the Revenues and
the Bonds, and to take such memoranda from and in regard thereto as may be desired.
(j) The Trustee shall not be required to give any bond or surety in respect of
the execution of the said trusts and powers or otherwise in respect of the premises.
(k) Notwithstanding anything elsewhere in the Indenture contained, the
Trustee shall have the right, but shall not be required, to demand, in respect of the
authentication of any Bonds or any action whatsoever within the purview of the
Indenture, any showings, certificates, opinions, appraisals or other information, or
corporate action or evidence thereof, in addition to that by the terms hereof required, as a
condition of such action by the Trustee reasonably deemed desirable by it for the purpose
of establishing the right of the City to the authentication of any Bonds or the taking of
any other action by the Trustee.
(l) The Trustee shall be under no obligation to exercise any of the trusts or
powers vested in it by the Indenture at the request, order or direction of any of the
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Bondholders, Security Instrument Issuers or Reserve Instrument Issuers pursuant to the
provisions of the Indenture, unless such Bondholders, Security Instrument Issuers or
Reserve Instrument Issuers shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred therein or
thereby.
(m) All moneys received by the Trustee shall, until used or applied or invested
as herein provided, be held in trust for the purposes for which they were received, but
need not be segregated from other funds except to the extent required by mandatory
provisions of law.
(n) The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, appraisal, Bond or other paper or document, unless
requested in writing to do so by (i) the Holders of not less than 25% in aggregate
Principal amount of the Bonds then Outstanding, (ii) any Security Instrument Issuer of a
Security Instrument then in full force and effect and not in default on a payment
obligation or (iii) any Reserve Instrument Issuer of a Reserve Instrument then in full
force and effect and not in default on a payment obligation; provided, that, if the payment
within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be
incurred by it in the making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security afforded to it by the terms of the
Indenture, the Trustee may require reasonable indemnity against such expenses or
liabilities as a condition to so proceeding. The reasonable expense of every such inquiry
or examination shall be paid by the City or, if paid by the Trustee, shall be repaid by the
City.
(o) The Trustee shall not be liable for any action taken by it in good faith and
reasonably believed by it to be authorized or within the discretion, rights or powers
conferred upon it by the Indenture.
(p) None of the provisions contained in the Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur personal financial liability in the
performance of any of its duties or in the exercise of any of its rights or powers, if there is
reasonable ground for believing that the repayment of such funds or liability is not
reasonably assured to it.
(q) The Trustee shall not be obligated to take or omit to take any action
hereunder if, upon the basis of advice of counsel selected by it, the Trustee determines it
would be unlawful to take or omit to take such action.
(r) The Trustee shall have no responsibility with respect to any information,
statement or recital in any offering memorandum or other disclosure material prepared or
distributed with respect to any Series of Bonds.
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(s) The Trustee shall not be liable for actions taken at the direction of
Bondholders or Security Instrument Issuer pursuant to the provisions of Article IX.
Section 7.04. Intervention by the Trustee. In any judicial proceeding to which the City is
a party and which in the opinion of the Trustee has a substantial bearing on the interests of
Holders of the Bonds, the Trustee may intervene on behalf of Bondholders and shall do so if
requested in writing by (i) the Holders of a majority of the aggregate Principal amount of Bonds
then Outstanding or (ii) any Security Instrument Issuer of a Security Instrument then in full force
and effect and not in default on a payment obligation. The rights and obligations of the Trustee
under this Section are subject to the approval of a court of competent jurisdiction.
Section 7.05. Successor Trustee. Any corporation or association into which the Trustee
may be converted or merged, or with which it may be consolidated, or to which it may sell or
transfer its corporate trust business or assets as a whole or substantially as a whole, or any
corporation or association resulting from any such conversion, sale, merger, consolidation or
transfer to which it is a party, shall be and become a successor Trustee hereunder and vested with
all the trusts, powers, discretions, immunities, privileges and all other matters as was its
predecessor, without the execution or filing of any instrument or any further act, deed or
conveyance on the part of the Trustee or the City, anything herein to the contrary
notwithstanding.
Section 7.06. Concerning Any Successor Trustee. Every successor Trustee appointed
hereunder shall execute, acknowledge and deliver to its or his predecessor and also to the City a
Supplemental Indenture accepting such appointment hereunder and thereupon such successor,
without any further act, deed or conveyance, shall become fully vest ed with all the estates,
properties, rights, powers, trusts, duties and obligations of its predecessor; but such predecessor
shall, nevertheless, on the Written Request of the City, or of its successor, execute and deliver an
instrument transferring to such successor Trustee all the estates, properties, rights, powers and
trusts of such predecessor hereunder; and every predecessor Trustee shall deliver all securities
and moneys held by it as Trustee hereunder to its or his successor. Should any instrument in
writing from the City be required by any successor Trustee for more fully and certainly vesting
in such successor the estates, properties, rights, powers, trusts, duties and obligations hereby
vested or intended to be vested in the predecessor, any and all such instruments in writing shall,
on request, be executed, acknowledged and delivered by the City. Any Trustee ceasing to act
shall, nevertheless, retain a lien upon all property or funds held or collected by such Trustee to
secure any amounts then due it pursuant to the provisions of Section 7.07 hereof.
Section 7.07. Compensation of the Trustee and Its Lien. The City covenants and agrees
to pay to the Trustee from time to time and the Trustee shall be entitled to, reasonable
compensation and, except as otherwise expressly provided, the City covenants and agrees to pay
or reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any of the provisions of the
Indenture (including the reasonable compensation and the expenses and disbursements of its
counsel and of all persons not regularly in its employ including but not limited to any Paying
Agent, Transfer Agent or Depository) except any such expense, disbursem ent or advance as may
arise from its negligence or bad faith. The City also covenants to indemnify the Trustee for, and
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to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith
on the part of the Trustee, arising out of or in connection with the acceptance or administration of
this trust, including the costs and expenses of defending itself against any claim of liability in the
premises. The obligations of the City under this Section to compensate and indemnify the
Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall
constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of
the Indenture. Such additional indebtedness shall be secured by a lien prior to that of the Bonds
upon all property and funds held or collected by the Trustee as such, except funds held in trust
for the benefit of the Holders of particular Bonds.
Section 7.08. Appointment of Co-Trustee. It is the purpose of this Indenture that there
shall be no violation of any law of any jurisdiction (including particularly the law of the State)
denying or restricting the right of banking corporations or associations to transact business as
Trustee in such jurisdiction. It is recognized that in case of litigation under the Indenture, and in
particular in case of the enforcement thereof on default, or in the case the Trustee deems that by
reason of any present or future law of any jurisdiction it may not exercise an y of the powers,
rights or remedies herein granted to the Trustee or hold title to the properties, in trust, as herein
granted, or take any action which may be desirable or necessary in connection therewith, it may
be necessary that the Trustee appoint an additional individual or institution as a separate or co-
trustee. The following provisions of this Section are adapted to these ends.
In the event that the Trustee appoints an additional individual or institution as a separate
or co-trustee, each and every remedy, power, right, claim, demand, cause of action, immunity,
estate, title, interest and lien expressed or intended by the Indenture to be exercised by or vested
in or conveyed to the Trustee with respect thereto shall be exercisable by and vest in s uch
separate or co-trustee but only to the extent necessary to enable such separate or co-trustee to
exercise such powers, rights and remedies, and every covenant and obligation necessary to the
exercise thereof by such separate or co-trustee shall run to and be enforceable by either of them.
Should any instrument in writing from the City be required by the separate trustee or co -
trustee so appointed by the Trustee for more fully and certainly vesting in and confirming to him
or it such estates, properties, rights, powers, trusts, duties and obligations, any and all such
instruments in writing shall, on request, be executed, acknowledged and delivered by the City.
In case any separate trustee or co-trustee, or a successor to either of them shall die, become
incapable of acting, resign or be removed, all the estates, properties, rights, powers, trusts, duties
and obligations of such separate trustee or co-trustee, so far as permitted by law, shall vest in and
be exercised by the Trustee until the appointment of a new trustee or successor to such separate
trustee or co-trustee.
Section 7.09. Appointment, Duties and Term of Remarketing Agent. The City may
pursuant to a Supplemental Indenture appoint one or more Remarketing Agents from time to
time to purchase or remarket Put Bonds.
Section 7.10. Appointment, Duties and Term of Additional Transfer Agents. The City
may appoint one or more Transfer Agents from time to time in addition to the Trustee to transfer
and authenticate Bonds. Each appointment of a Transfer Agent other than the Trustee shall be
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made by a Supplemental Indenture which shall, among other things, specify the duties,
qualifications and term of such Transfer Agent and the conditions under which such Transfer
Agent may resign, be removed or be replaced. Each Transfer Agent other than the Trustee shall
signify its acceptance of the duties imposed upon it pursuant to the Indenture by depositing with
the City and the Trustee a written acceptance of such duties, together with a certificate stating
that the Transfer Agent is duly qualified to perform such duties under the terms of the Indenture
and under all applicable local, state and federal laws.
ARTICLE VIII
MODIFICATION OR AMENDMENT OF INDENTURE
Section 8.01. Amendments Permitted.
(a) The Indenture or any Supplemental Indenture and the rights and obligations of the
City and of the Holders of the Bonds may be modified or amended at any time by a
Supplemental Indenture and pursuant to the affirmative vote at a meeting of Bondholders, or
with the written consent without a meeting, (1) of the Holders of at least a majority in Principal
amount of the Bonds then Outstanding, and (2) in case less than all of the several Series of
Bonds then Outstanding are affected by the modification or amendment, of the Holders of at
least a majority in Principal amount of the Bonds of each Series so affected and then
Outstanding, and (3) in case the modification or amendment changes the terms of any Sinking
Fund Installment, of the Holders of at least a majority in Principal amount of the Bonds of the
particular Series and maturity entitled to such Sinking Fund Installment and then Outstanding;
provided, however, that if such modification or amendment will, by its terms, not take effect so
long as any Bonds of any specified Series remain Outstanding, the consent of the Holders of
Bonds of such Series shall not be required and Bonds of such Series shall not be deemed to be
Outstanding for the purpose of any calculation of Outstanding Bonds under this Section.
(b) The Indenture or any Supplemental Indenture and the rights and obligations of the
City, the Holders of the Bonds, the Security Instrument Issuers and the Reserve Instrument
Issuers may also be modified or amended at any time by a Supplement al Indenture, without
notice to or the consent of any Bondholders for any of the following purposes:
(1) to add to the covenants and agreements of the City contained in the
Indenture, to add other covenants and agreements thereafter to be observed, to pledge or
provide additional security hereunder or to surrender any right or power herein reserved
to or conferred upon the City;
(2) to make such provisions for the purpose of curing any ambiguity, or of
curing or correcting any defective provision contained in the Indenture or in regard to
questions arising under the Indenture, as the City may deem necessary or desirable, and
which shall not adversely affect the interests of the Holders of the Bonds;
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(3) to provide for the issuance of a Series of Bonds in accordance with the
provisions of Article II;
(4) to provide for the issuance of the Bonds pursuant to a book-entry system
or as uncertificated registered public obligations pursuant to the provisions of the
Registered Public Obligations Act, Chapter 7 of Title 15 of the Utah Code Annotated
1953, as amended, or any successor provision of law or to modify or eliminate the book-
entry registration system for any of the Bonds;
(5) to confirm, as further assurance, any pledge of or lien on the Revenues or
any other moneys, securities or funds subject or to be subjected to the lien of this
Indenture;
(6) to comply with the requirements of the Trust Indenture Act of 1939, as
from time to time amended;
(7) to modify, alter, amend or supplement this Indenture or any Supplemental
Indenture in any other respect which in the judgment of the Trustee is not materially
adverse to the Holders of the Bonds; provided, however, that any such modification,
alteration, amendment or supplement pursuant to this Section 8.01(b)(7) shall not take
effect until the Security Instrument Issuers at the time providing Security Instruments
which are in full force and effect and not in default on any payment obligation thereunder
shall have consented in writing to such modification, alteration, amendment or
supplement; provided further that in determining whether any such modification,
alteration, amendment or supplement is materially adverse to the Holders of the Bonds,
the Trustee shall consider the effect on the Holders as if there were no Security
Instrument with respect to the Bonds;
(8) to make any change which in the judgment of the Trustee shall not
materially adversely affect the rights or interests of the Holders of any Outstanding
Bonds requested by a Rating Agency in order to obtain or maintain any rating on the
Bonds or by a Security Instrument Issuer or Reserve Instrument Issuer in order to insure
or provide other security for any Bonds;
(9) to make any change necessary (A) to establish or maintain the exemption
from federal income taxation of interest on any Series of Bonds as a result of any
modifications or amendments to Section 148 of the Code (or any successor provision of
law) or interpretations thereof by the Internal Revenue Service, or (B) to comply with the
provisions of Section 148(f) of the Code (or any successor provision of law), including
provisions for the payment of all or a portion of the investment earnings of any of the
Funds established hereunder to the United States of America;
(10) if the Bonds affected by such change are rated by a Rating Agency, to
make any change which does not result in a reduction of the rating applicable to any of
the Bonds so affected, provided that if any of the Bonds so affected are secured by a
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Security Instrument, such change must be approved in writing by the related Security
Instrument Issuer;
(11) if the Bonds affected by such change are secured by a Security Instrument,
to make any change approved in writing by the related Security Instrument Issuer,
provided that if any of the Bonds so affected are rated by a Rating Agency, such change
shall not result in a reduction of the rating applicable to any of the Bonds so affected;
(12) to the extent permitted by a Supplemental Indenture authorizing a Series
of Bonds, the designation of the facilities to constitute a Project by such Supplemental
Indenture may be modified or amended if the City delivers to the Trustee (1) a
Supplemental Indenture designating the facilities to comprise the Project and (2) a
Written Certificate of the City setting forth the costs of the Project and an Estimated
Completion Date and certifying that such amendment will not adversely affect the City’s
ability to comply with the provisions of the Indenture;
(13) to provide for the appointment of a successor Trustee, a Paying Agent, a
separate or co-trustee pursuant to Section 7.08, a Remarketing Agent or a Transfer Agent;
(14) to provide for uncertificated Bonds or for the issuance of coupons and
bearer Bonds or Bonds registered only as to principal, but only to the extent that such
would not adversely affect the Tax-Exempt status of the Bonds;
(15) to provide the procedures required to permit any Holder to separate the
right to receive interest on the Bonds from the right to receive principal thereof and to sell
or dispose of such right as contemplated by Section 1286 of the Code;
(16) to provide for the appointment or replacement of a Security Instrument
Issuer or a Reserve Instrument Issuer or for an additional Security Instrument Issuer or an
additional Reserve Instrument Issuer following the occurrence of an event of default
under the respective Security Instrument or Reserve Instrument, as applicable, or to
provide for an additional Security Instrument Issuer following the withdrawal or
suspension or reduction below the Rating Category of AAA, Aaa or any equivalent rating
by any rating agency of the long-term ratings of the Security Instrument Issuer provided
that the Security Instrument provided by the replacement or additional Security
Instrument Issuer would result in a long-term rating on the Bonds equal to the Rating
Category of AAA, Aaa or any equivalent rating by any Rating Agency;
(17) to provide for the pledge of Special Revenues, additional monies, funds or
other assets to secure payment of one or more Series of Bonds; and
(18) to correct any references contained herein to provisions of the Act, the
Code or other applicable provisions of law that have been amended so that the references
herein are incorrect.
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No modification or amendment shall be permitted pursuant to subparagraph (1), (7), (8),
(10), (11), (12) or (16) unless the City delivers to the Trustee an Opinion of Counsel of
nationally recognized standing in the field of law relating to municipal bonds to the effect that
such modification or amendment will not adversely affect the tax-exempt status or validity of
any Bonds affected by such modification or amendment.
(c) No modification or amendment permitted by this Section shall (1) extend the fixed
maturity of any Bond, or reduce the Principal amount or Redemption Price thereof, or reduce the
rate or extend the time of payment of interest thereon, without the consent of the Holder of each
Bond so affected, or (2) reduce the aforesaid percentage of Bonds required for the affirmative
vote or written consent to an amendment or modification of the Indenture, without the consent of
the Holders of all of the Bonds then Outstanding, or (3) without its written consent thereto,
modify any of the rights or obligations of the Trustee.
(d) Each Supplemental Indenture authorized by this Section shall become effective as
of the date of its execution and delivery or such other date as shall be specified in such
Supplemental Indenture.
(e) No amendment shall be permitted pursuant to this Section 8.01 which shall affect
(1) the rights or duties of a Security Instrument Issuer or Reserve Instrument Issuer of a Security
Instrument or a Reserve Instrument as the case may be, then in full force and effect and not in
default on a payment obligation, or (2) the Series of Bonds for which a Security Instrument
Issuer or Reserve Instrument Issuer provides security, without the consent of such Security
Instrument Issuer or Reserve Instrument Issuer as the case may be.
(f) Notwithstanding any provisions of the Indenture to the contrary, a Supplemental
Indenture providing for the issuance by a Security Instrument Issuer of a Security Instrument in
connection with a Series of Bonds issued under the Indenture may provide, among other
provisions, that the Security Instrument Issuer shall at all times, so long as the Series of Bonds
remains Outstanding, be deemed to be the exclusive owner of all of the Bonds of such Series for
the purpose of consenting to the execution and delivery of a Supplemental Indenture pursuan t to
the provisions of Section 8.01(a).
Section 8.02. Bondholders’ Meetings.
(a) The Trustee may, and upon the Written Request of the City shall, at any time, call a
meeting of the Holders of Bonds, to be held at such place as may be selected by the Trustee and
specified in the notice calling such meeting. Written notice of such meeting, stating the time and
place of the meeting and in general terms the business to be submitted, shall be mailed by the
Trustee, postage prepaid, not less than 30 nor more than 60 days before such meeting, to any
Security Instrument Issuer or Reserve Instrument Issuer that is in full force and effect with
respect to any Series of Bonds Outstanding and to each registered owner of Bonds then
Outstanding at his address, if any, appearing upon the Bond register of the City. The cost and
expense of the giving of such notice shall be borne by the City, and the Trustee shall be
reimbursed by the City for any expense incurred by it.
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(b) Prior to calling any meeting of the Holders of Bonds, the Trustee shall adopt
regulations for the holding and conduct of such meeting, and copies of such regulations shall be
filed at the principal corporate trust office of the Trustee and at the office of the City and shall be
open to the inspection of all Bondholders. The regulations shall include such provisions as the
Trustee may deem advisable for evidencing the ownership of Bonds, for voting in person or by
proxy, for the selection of temporary and permanent officers to conduct the meeting and
inspectors to tabulate and canvass the votes cast thereat, the adjournment of any meeting and the
records to be kept of the proceedings of such meeting, including rules of order for the conduct of
such meeting and such other regulations as, in the opinion of the Trustee, may be necessary or
desirable.
(c) No resolution adopted by such meeting of Bondholders shall be binding unless and
until a valid Supplemental Indenture has been executed and delivered containing the
modifications or amendments authorized by the resolution adopted at such meeting. Such
Supplemental Indenture shall become effective upon the filing with the Trustee of the resolution
adopted at such meeting and such Supplemental Indenture.
Section 8.03. Amendment by Written Consent. The City may at any time execute and
deliver a valid Supplemental Indenture amending the provisions of the Bonds or of the Indenture
or any Supplemental Indenture, to the extent that such an amendment is permitted by this Article,
to become effective when and as approved by written consent of the Bondholders, and any
necessary Security Instrument Issuers and Reserve Instrument Issuers, and as provided in this
Section. Such Supplemental Indenture shall not be effective unless there shall have been filed
with the City or the Trustee the written consents of the necessary number of Holders of the
Bonds then Outstanding and the consents of any necessary Security Instrument Issuers and
Reserve Instrument Issuers, and a notice shall have been published as hereinafter in this Section
provided. It shall not be necessary for any consent under this Section to approve the particular
form of any proposed Supplemental Indenture, but it shall be sufficient if such consent shall
approve the substance thereof. Each consent of a Bondholder shall be effective only if
accompanied by proof of ownership of the Bonds for which such consent is given, which proof
shall be such as is permitted by Section 12.04. Any such consent shall be binding upon the
Holder of the Bonds giving such consent and on any subsequent Holder thereof (whether or not
such subsequent Holder has notice thereof) unless such consent is revoked in writing by the
Holder of the Bonds giving such consent or a subsequent Holder thereof by filing such
revocation with the City and the Trustee prior to the date when the notice hereinafter in this
Section provided for has been mailed. Notice of the execution and delivery of such
Supplemental Indenture shall be mailed by the City to Bondholders (but failure to mail copies of
such notice shall not affect the validity of the Supplemental Indenture when assented to by the
requisite percentage of the Holders of the Bonds as aforesaid) and to each Security Instrument
Issuer and Reserve Instrument Issuer of a Security Instrument or a Reserve Instrument as the
case may be, then in full force and effect and not in default in a payment obligation.
Section 8.04. Disqualified Bonds. Bonds owned or held by or for the account of the City
shall not be deemed Outstanding for the purpose of any vote, consent or other action or any
calculation of Outstanding Bonds in this Article provided for, and neither the City nor any owner
or Holder of such Bonds shall be entitled to vote or consent to, or to take, any other action
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provided for in this Article. Any Pledged Bonds shall be deemed Outstanding and, for the
purposes of any vote, shall be considered to be owned by the appropriate Security Instrument
Issuer.
Section 8.05. Effect of Modification or Amendment. When any Supplemental Indenture
modifying or amending the provisions of the Indenture or any Supplemental Indenture shall
become effective, as provided in this Article, the Indenture or such Supplemental Indenture shall
be and be deemed to be modified and amended in accordance therewith and the respective rights,
duties and obligations under the Indenture or such Supplemental Indenture of the City, the
Trustee, any Security Instrument Issuer, any Reserve Instrument Issuer, and all Holders of Bonds
Outstanding hereunder shall thereafter be determined, exercised and enforced hereunder subject
in all respects to such modification and amendment, and all the terms and conditions of any such
Supplemental Indenture shall be and be deemed to be part of the terms and conditions of the
Indenture or the modified or amended Supplemental Indenture for any and all purposes.
Section 8.06. Endorsement or Replacement of Bonds Issued After Amendments . The
City or the Trustee may determine that Bonds executed and delivered after the effective date of a
Supplemental Indenture executed and delivered as provided in this Article shall bear a notation,
by endorsement or otherwise, in form approved by the City, as to the modification or amendment
provided for by such Supplemental Indenture. In that case, upon demand of the Holder of any
Bond Outstanding at such effective date and presentation of his Bond for the purpose at the
principal corporate trust operations office of the Trustee or at such other office as the Trustee
may select and designate for that purpose, a suitable notation shall be made on such Bond. The
City may determine that new Bonds, so modified as in the opinion of the City is necessary to
conform to such Supplemental Indenture, shall be prepared, executed and delivered. In that case,
upon demand of the Holder of any Bond then Outstanding, such new Bonds shall be exchanged
at the principal corporate trust operations office of the Trustee without cost to any Bondholder,
for Bonds then Outstanding, upon surrender of such Bonds.
Section 8.07. Irrevocable Consent. Subject to Section 8.03, any consent pursuant to the
provisions of this Article by any Holder of a Bond shall be irrevocable, and shall be conclusive
and binding upon all future Holders of the same Bond delivered on transfer thereof or in
exchange therefor or in replacement thereof.
ARTICLE IX
EVENTS OF DEFAULT AND REMEDIES OF BONDHOLDERS
Section 9.01. Events of Default. The occurrence of one or more of the following events
shall constitute an “Event of Default”:
(a) failure by the City to make the due and punctual payment of the Principal
or Redemption Price of any Bond when and as the same shall become due and payable,
whether at maturity as therein expressed, by proceedings for redemption or otherwise;
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(b) failure by the City to make the due and punctual payment of any
installment of interest on any Bond or any Sinking Fund Installment when and as such
interest installment or Sinking Fund Installment shall become due and payable;
(c) failure by the City to observe any of the covenants, agreements or
conditions on its part contained in the Indenture or in the Bonds contained, and failure to
remedy the same for a period of 30 days after written notice thereof, specifying such
failure and requiring the same to be remedied, shall have been given to the City by the
Trustee, or to the City and the Trustee by the Holders of not less than 25% in aggregate
principal amount of the Bonds at the time Outstanding;
(d) bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, including without limitation proceedings under Chapter 9 of Title 11,
United States Code (as the same may from time to time be hereafter amended), or other
proceedings for relief under any federal or state bankruptcy law or similar law for the
relief of debtors are instituted by or against the City and, if instituted against the City,
said proceedings are consented to or are not dismissed within 30 days after such
institution; or
(e) any event specified in a Supplemental Indenture as constituting an Event
of Default under the Indenture;
provided that any failure by the City to make payment as described in subparagraph (a) or (b) of
this Section shall not constitute an Event of Default with respect to any Bond if the Supplemental
Indenture authorizing the issuance of such Bond provides that due and punctual payment by a
Security Instrument Issuer or a Reserve Instrument Issuer shall not give rise to an Event of
Default and such payment is, in fact, duly and punctually made.
The Trustee shall give notice to any Security Instrument Issuer or Reserve Instrument
Issuer of any Event of Default known to the Trustee within 30 days after it has knowledge
thereof.
Section 9.02. Remedies.
(a) Upon the occurrence and continuance of an Event of Default:
(i) the Trustee may proceed, and
(ii) upon the written request of (x) the Holders of a majority of the Principal
amount of the Outstanding Bonds, (y) Security Instrument Issuers at the time providing
Security Instruments which are in full force and effect and not in default on any payment
obligation and which secure a majority in aggregate Principal amount of the Bonds then
Outstanding, or (z) any combination of Bondholders and Security Instrument Issuers
described under clauses (x) and (y) representing a majority in aggregate Principal amount
of the Bonds at the time Outstanding, shall proceed,
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to protect and enforce its rights and the rights under the Indenture of the Bondholders, the
Security Instrument Issuers and the Reserve Instrument Issuers forthwith by any available
remedy, including, without limitation, suit or suits in equity or at law, whether for the payment of
any amount due hereunder or on the Bonds, or for the specific performance of any covenant
herein contained, or in aid of the execution of any power herein granted or any remedy granted
under the Act, or for an accounting against the City, as if the City were the trustee of an express
trust, or in the enforcement of any other legal or equitable right, as the Trustee, being advised by
counsel, shall deem most effectual to enforce any of its rights or to perform any of its duties
under the Indenture.
(b) All rights of action under this Indenture or under any of the Bonds may be enforced
by the Trustee without the possession of any of the Bonds or the production thereof in any trial
or other proceeding relating thereto. Any suit or proceeding instituted by the Trustee shall be
brought in its name as Trustee without the necessity of joining any Holders or other parties as
plaintiffs or defendants.
(c) No delay in exercising or omission to exercise any remedy, right or power accruing
upon any Event of Default shall impair that remedy, right or power or shall be construed to be a
waiver of any default or Event of Default or acquiescence therein. Every remedy, right and
power may be exercised from time to time and as often as may be deemed to be expedient.
(d) In case the Trustee shall have proceeded to enforce any remedy, right or power
under this Indenture in any suit, action or proceedings, and the suit, action or proceedings shall
have been discontinued or abandoned for any reason, or shall have been determined adversely to
the Trustee, then the City, the Trustee, the Bondholders, the Security Instruments Issuers and the
Reserve Instrument Issuers shall be restored to their former positions and rights hereunder,
respectively, and all rights, remedies and powers of the Trustee shall continue as if no suit, action
or proceedings had been taken.
Section 9.03. Accounting and Examination of Records After Default. The City
covenants that if an Event of Default shall have happened and shall not have been remedied, the
books of record and accounts of the City and all other records of the City relating to the
Revenues shall at all times be subject to the inspection and use of the Trustee and of its agents
and attorneys. The City covenants that if an Event of Default shall happen and shall not have
been remedied, the City, upon demand of the Trustee, will account, as if it were the trustee of an
express trust, for all Revenues and other moneys, securities and funds pledged or held under the
Resolution for such period as shall be stated in such demand.
Section 9.04. Application of Revenues and Other Moneys after Default.
(a) During the continuance of an Event of Default, the Trustee shall apply Revenues
and such moneys, securities and funds and the income therefrom as follows and in the following
order, provided that moneys held in any Series Subaccount in the Bond Service Account or in the
Debt Service Reserve Account or received under any Security Instrument shall not be used for
purposes other than payment of the interest and Principal or Redemption Price then due on the
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Series of Bonds corresponding to such Series Subaccount or such Security Instrument in
accordance with paragraph (3) of this Section:
(1) to the payment of the reasonable and proper charges and expenses of the
Trustee and the reasonable fees and disbursements of its counsel;
(2) to the payment of the interest and Principal or Redemption Price then due
on the Bonds and Security Instrument Repayment Obligations, as follows:
FIRST: To the payment to the persons entitled thereto of all
installments of interest then due on the Bonds and the Security
Instrument Repayment Obligations in the order of the maturity of
such installments, and, if the amount available shall not be
sufficient to pay in full any installment or installments maturing
on the same date, then to the payment thereof ratably, according
to the amounts due thereon, to the persons entitled thereto,
without any discrimination or preference; and
SECOND: To the payment to the persons entitled thereto of the
unpaid Principal or Redemption Price of any Bonds and Security
Instrument Repayment Obligations which shall have become due,
whether at maturity or by call for redemption, in the order of their
due dates, and, if the amount available shall not be sufficient to
pay in full all the Bonds and Security Instrument Repayment
Obligations due on an y date, then to the payment thereof ratably,
according to the amounts of Principal or Redemption Price due
on such date, to the persons entitled thereto, without any
discrimination or preference.
(3) to the payment of all obligations owed to all Reserve Instrument Issuers
according to the amounts due without any discrimination or preference.
(b) If and whenever all overdue installments of interest on all Bonds and Repayment
Obligations, together with the reasonable and proper charges and expenses of the Trustee, and all
other sums payable by the City under the Indenture, including the Principal and Redemption
Price of and accrued unpaid interest on all Bonds and Repayment Obligations which shall then
be payable, shall either be paid by or for the account of the City, or provision satisfactory to the
Trustee shall be made for such payment, and all defaults under the Indenture or the Bonds shall
be made good or secured to the satisfaction of the Trustee and the Repayment Obligations shall
be made good or secured to the satisfaction of the Security Instrument Issuers and the Reserve
Instrument Issuers as appropriate, or provision deemed by the Trustee and, in the case of
Repayment Obligations, to the Security Instrument Issuers and the Reserve Instrument Issuers, as
appropriate, to be adequate shall be made therefor, the Trustee shall pay over to the City all such
Revenues then remaining unexpended in the hands of the Trustee (except Revenues deposited or
pledged, or required by the terms of the Indenture to be deposited or pledged, with the Trustee),
and thereupon the City and the Trustee shall be restored, respectively, to their former positions
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and rights under the Indenture, and all Revenues shall thereafter be applied as provided in Article
V. No such payment over to the City by the Trustee or resumption of the application of
Revenues as provided in Article V shall extend to or affect any subsequent default under the
Indenture or impair any right consequent thereon.
Section 9.05. Rights and Remedies of Bondholders.
(a) No Holder of any Bond, any Security Instrument Issuer or Reserve Instrument
Issuer shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless:
(1) such Holder, Security Instrument Issuer or Reserve Instrument Issuer has
previously given written notice to the Trustee of a continuing Event of Default;
(2) either (x) the Holders of not less than 25% in aggregate Principal amount
of the Outstanding Bonds, (y) Security Instrument Issuers at the time providing Security
Instruments which are in full force and effect and not in default on any payment
obligation and which secure 25% in aggregate Principal amount of the Bonds at the time
Outstanding, or (z) any combination of Bondholders and Security Instrument Issuers
described in clauses (x) and (y) representing not less than 25% in aggregate Principal
amount of the Bonds at the time Outstanding, shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as
Trustee hereunder;
(3) such Holders or Security Instrument Issuers have offered to the Trustee
reasonable indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request;
(4) the Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceedings; and
(5) no direction inconsistent with such written request has been given to the
Trustee during such 60 day period by (1) the Holders of a majority in Principal amount of
the Outstanding Bonds, (2) Security Instrument Issuers at the time providing Security
Instruments which are in full force and effect and not in default on any payment
obligation and which secure a majority in aggregate Principal amount of the Bonds then
Outstanding, or (3) any combination of Bondholders and Security Instrument Issuers
described in clauses (1) and (2) representing a majority in aggregate Principal amount of
the Bonds at the time Outstanding;
it being understood and intended that no one or more Holders of Bonds or Security Instrument
Issuers shall have any right in any manner whatever by virtue of, or by availing of, any provisio n
of this Indenture to affect, disturb or prejudice the rights of any other such parties, or to obtain or
to seek to obtain priority or preference over any other such parties or to enforce any right under
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this Indenture, except in the manner herein and therein provided and for the equal and ratable
benefit of all such parties in accordance with the provisions of the Indenture.
(b) Notwithstanding any other provision in this Indenture, the Holder of any Bond shall
have the right which is absolute and unconditional to receive payment of the Principal of,
Redemption Price and interest on such Bond on the respective stated maturities expressed in such
Bond (or, in the case of redemption, on the redemption date of such Bond) and to institute suit
for the enforcement of any such payment, subject only to any conditions of any Security
Instrument Issuer providing a Security Instrument securing such Bond. Such right to receive
payment shall not be impaired without the consent of such Holder.
(c) (i) The Holders of a majority of the Principal amount of the Outstanding Bonds, (ii)
Security Instrument Issuers at the time providing Security Instruments which are in full force and
effect and not in default on any payment obligation and which secure a majority in aggregate
Principal amount of the Bonds then Outstanding, or (iii) any combination of Bondholders and
Security Instrument Issuers described under clauses (i) and (ii) representing a majority in
aggregate Principal amount of the Bonds at the time Outstanding, shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee
or exercising any trust or power conferred on the Trustee, provided that:
(1) such direction shall not be in conflict with any rule of law or this
Indenture,
(2) the Trustee shall not determine that the action so directed would be
unjustly prejudicial to the Holders and Security Instrument Issuers not taking part in such
direction, and
(3) the Trustee may take any other action deemed proper by the Trustee which
is not inconsistent with such direction.
Section 9.06. Appointment of Receiver. Upon the occurrence of an Event of Default, and
upon the filing of a suit or other commencement of judicial proceedings to enforce the rights of
the Trustee and of the Bondholders, the Security Instrument Issuers and the Reserve Instrument
Issuers, the Trustee shall be entitled, as a matter of right, to the appointment of a receiver or
receivers of the trust estate created hereby, including, without li mitation, the proceeds of the sale
of the Bonds, the Revenues and the Funds, including the investments, if any, thereof, pending
such proceedings, with such powers as a court making such appointments shall confer.
Section 9.07. Non-Waiver. Nothing in this Article or in any other provision of the
Indenture or in the Bonds shall affect or impair the obligation of the City, which is absolute and
unconditional, to pay the Principal and Redemption Price of and interest on the Bonds and the
Repayment Obligations to the respective Holders of the Bonds, the Security Instrument Issuers
and the Reserve Instrument Issuers, as appropriate, at the respective dates of maturity, or upon
call for redemption, as herein provided, out of the Revenues, Funds and other moneys, securities
and funds herein pledged for such payment, or affect or impair the right of action, which is also
absolute and unconditional, of such Holders, Security Instrument Issuers or Reserve Instrument
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Issuers, as appropriate, to institute suit to enforce such payment by virtue of the contract
embodied in the Bonds and Repayment Obligations. No delay or omission of the Trustee or of
any Holder of the Bonds or, with respect to Repayment Obligations, of any Security Instrument
Issuer or Reserve Instrument Issuer as appropriate, to exercise any right or power arising upon
the happening of any Event of Default shall impair any such right or power or shall be construed
to be a waiver of any such Event of Default or an acquiescence therein, and every power and
remedy given by this Article to the Trustee or to the Holders of Bonds or, with respect to
Repayment Obligations, to Security Instrument Issuers and Reserve Instrument Issuers, as
appropriate, may be exercised from time to time and as often as shall be deemed expedient by the
Trustee, the Holders of the Bonds, the Security Instrument Issuers and the Reserve Instrument
Issuers.
Section 9.08. Remedies Not Exclusive. No remedy herein conferred upon or reserved to
the Trustee or to the Holders of Bonds or, with respect to Repayment Obligations, to Security
Instrument Issuers and Reserve Instrument Issuers, as appropriate, is intended to be exclusive of
any other remedy, and every such remedy shall be cumulative and shall be in addition to ever y
other remedy given hereunder or now or hereafter existing, at law or in equity or by statute or
otherwise, and may be exercised at any time or from time to time, and as often as may be
necessary, by the Trustee, the Holder of any one or more of the Bonds or, with respect to
Repayment Obligations, by Security Instrument Issuers and Reserve Instrument Issuers, as
appropriate. Nothing herein contained shall permit the levy of any attachment or execution upon
any of the properties of the City, nor shall any properties of the City be subject to forfeiture by
reason of any default hereunder, it being expressly understood and agreed by each and every
Bondholder by the acceptance of any Bond and by each and every Security Instrument Issuer and
Reserve Instrument Issuer by entering into Security Instrument Agreements and Reserve
Instrument Agreements, as appropriate, that the rights of all such Bondholders, Security
Instrument Issuers and Reserve Instrument Issuers are limited and restricted to the use and
application of Revenues, Funds and other moneys, securities and funds pledged under the
Indenture in accordance with the terms of the Indenture.
Section 9.09. Waivers of Events of Default. The Trustee:
(i) may waive, and
(ii) upon the written direction of (x) the Holders of a majority of the Principal
amount of the Outstanding Bonds, (y) Security Instrument Issuers at the time providing
Security Instruments which are in full force and effect and not in default on any payment
obligation and which secure a majority in aggregate Principal amount of the Bonds then
Outstanding, or (z) any combination of Bondholders and Security Instrument Issuers
described under clauses (x) and (y) representing a majority in aggregate Principal amount
of the Bonds at the time Outstanding, shall waive,
any Event of Default hereunder and its consequences; provided, however, that (x) there shall not
be waived any Event of Default specified in Section 9.01(a) or Section 9.01(b) hereof unless
prior to such waiver the City shall have caused to be deposited with the Trustee a sum sufficient
to pay all matured installments of interest upon all Bonds and the Principal of any and all Bonds
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which shall have become due (with interest upon such Principal and, to the extent permissible by
law, on overdue installments of interest, at the rate per annum specified in the Bonds) and (y) no
Event of Default shall be waived unless (in addition to the applicable conditions as aforesaid)
there shall have been deposited with the Trustee such amounts as shall be sufficient to cover
reasonable compensation and reimbursement of expenses payable to the Trustee. No such
waiver shall extend to or shall affect any subsequent default or Event of Default or shall impair
any remedy, right or power consequent thereon.
ARTICLE X
DEPOSITS AND INVESTMENT OF FUNDS
Section 10.01. Deposits.
(a) All moneys held by the Trustee under the provisions of the Indenture shall be
deposited with the Trustee. All moneys held by the City under the Indenture shall be deposited
in the name of the City in the Treasurer’s Investment Fund or in one or more Agents. All
moneys deposited under the provisions of the Indenture with the Trustee or any Agent shall be
held in trust and applied only in accordance with the provisions of the Indenture, and each of the
Funds established by the Indenture shall be a trust fund for the purposes thereof.
(b) Each Agent (other than the Trustee) shall be a bank or trust company organized
under the laws of any state of the United States of America or a national banking association,
having deposits insured by an agency of the United States of America, having capital stock,
undivided profits and surplus aggregating at least $25,000,000, and willing and able to accept the
office on reasonable and customary terms and authorized by law to act in accordance with the
provisions of the Indenture. Each Agent (other than the Trustee) shall signify its acceptance of
the duties imposed upon it pursuant to the Indenture by depositing with the Trustee a written
acceptance of such duties, together with a certificate stating that it is duly qualified to perform
such duties under the terms of the Indenture and under all applicable local, state and federal laws.
(c) All Revenues and other moneys held by any Agent under the Indenture may be
placed on demand or time deposit, if and as directed by the City, provided that such deposits
shall permit the moneys so held to be available for use at the time when needed. The City and
the Trustee shall not be liable for any loss or depreciation in value resulting from any investment
made pursuant to the Indenture. Any such deposit may be made in the commercial banking
department of any Agent which may honor checks and drafts on such deposit with the same force
and effect as if it were not such Agent. All moneys held by any Agent, as such, may be
deposited by such Agent in its banking department on demand or, if and to the extent directed by
the City and acceptable to such Agent, on time deposit, provided that such moneys on deposit be
available for use at the time when needed. Such Agent shall allow and credit on such moneys
such interest, if any, as it customarily allows upon similar funds of similar size and under similar
conditions or as required by law.
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(d) All moneys deposited with the Trustee and each Agent shall be credited to the
particular Fund or account to which such moneys belong; provided, however, nothing herein
contained shall prohibit the City from directing the Trustee or a Agent b y a Written Request of
the City to make inter-Fund or account transfers of investments at the market value of the
investments so transferred, as such market value shall be determined by the City at the time of
transfer and set forth in the Written Request. The Trustee shall be entitled to rely on the
determination set forth in the Written Request.
Section 10.02. Investment of Funds.
(a) Moneys held in any Fund or account shall be invested and reinvested by the City or
the Trustee to the fullest extent practicable in Investment Securities which mature not later than
such times as shall be necessary to provide moneys when needed for payments to be made from
such Fund or account, subject to the following:
(1) the Trustee shall make such investments only in accordance with written
instructions received from an Authorized Officer of the City;
(2) any Supplemental Indenture authorizing a Series of Bonds may impose
additional restrictions on moneys held in any Fund or account; and
(3) any Supplemental Indenture authorizing a Series of Bonds may authorize
the investment of moneys to be held in any Project Account, Series Subaccount in the
Bond Service Account or Series Subaccount in the Debt Service Account created by such
Supplemental Indenture and relating to such Series of Bonds in such other investments as
may be specified by the Supplemental Indenture.
(b) Subject to any required rebate of earnings on investments in any Fund or account to
the United States of America pursuant to Section 148(f) of the Code and except as otherwise
provided in a Supplemental Indenture establishing a Project Account or a Series Subaccount: (i)
all moneys earned as an investment of moneys in the Construction Fund shall be retained therein;
(ii) net income earned on any moneys or investments in the Revenue Fund and the Bond Service
Account shall remain in or be transferred to the Revenue Fund; (iii) whenever a Series
Subaccount in the Debt Service Reserve Account is in its full required amount, net income
earned on any moneys or investments in such Series Subaccount shall be transferred to the
corresponding Series Subaccount in the Bond Service Account as provided in Section 5.08(c),
otherwise, to be retained therein.
(c) The Trustee shall have no liability or responsibility for any loss or for failure to
maximize earnings resulting from any investment made in accordance with the provisions of this
Section 10.02. The Trustee shall be entitled to assume, absent receipt by the Trustee of written
notice to the contrary, that any investment which at the time of purchase is an Investment
Security, remains an Investment Security thereafter.
(d) The Trustee may make any and all investments permitted by the provisions of this
Section 10.02 through its own investment department or that of its affiliates. As and when any
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amount invested pursuant to this Article X may be needed for disbursement, the Trustee may
cause a sufficient amount of such investments to be sold and reduced to cash to the credit of such
funds. The City acknowledges that to the extent that regulations of the Comptroller of the
Currency or other applicable regulatory agency grant the City the right to receive brokerage
confirmations of security transactions, the City waives receipt of such confirmations. The
Trustee shall furnish to the City periodic statements that include detail of all investment
transactions made by the Trustee.
Section 10.03. Arbitrage Covenant. The City covenants that moneys on deposit in any
Fund, whether or not such moneys were derived from proceeds of sales of Bonds or from any
other sources, will not be used in a manner which will cause any Bonds, the interest on which is
to be exempt from federal income taxation under the Code, to be “arbitrage bonds” within the
meaning of Section 148 of the Code; provided, however, that this covenant shall not prevent the
issuance of a Series of Bonds the interest on which is subject to Federal income taxation under
the Code.
ARTICLE XI
DEFEASANCE
Section 11.01. Discharge of Indebtedness.
(a) If the City shall pay or cause to be paid, or there shall otherwise be paid, subject to
any limitations contained in a Supplemental Indenture with respect to a Series of Bonds, to the
Holders of all Bonds the Principal or Redemption Price, if applicable, and interest due or to
become due thereon, at the times and in the manner stipulated therein and in the Indenture and if
all Repayment Obligations owed to Security Instrument Issuers and Reserve Instrument Issuers
shall have been paid in full, then the pledge of any Revenues and other moneys, securities and
Funds pledged under the Indenture and all covenants, agreements and other obligations of the
City to the Bondholders, Security Instrument Issuers and Reserve Instrument Issuers shall
thereupon cease, terminate and become void and be discharged and satisfied. In such event, the
Trustee shall cause an accounting for such period or periods as shall be requested by the City to
be prepared and filed with the City and, upon the request of the City, shall execute and deliver to
the City all such instruments as may be desirable to evidence such discharge and satisfaction, and
the Agents shall pay over or deliver to the City all moneys or securities held by them pursuant to
the Indenture which are not required for the payment of Principal or Redemptio n Price, if
applicable, and interest on Bonds not theretofore surrendered for such payment or redemption. If
the City shall pay or cause to be paid, or there shall otherwise be paid, to the Holders of any
Outstanding Bonds the Principal or Redemption Price, if applicable, and interest due or to
become due thereon, at the times and in the manner stipulated therein and in the Indenture, such
Bonds shall cease to be entitled to any lien, benefit or security under the Indenture, and all
covenants, agreements and obligations of the City to the Holders of such Bonds shall thereupon
cease, terminate and become void and be discharged and satisfied.
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(b) Bonds or interest installments for the payment or redemption of which moneys shall
have been set aside and shall be held in trust by the Trustee (through deposit by the City of funds
for such payment or redemption or otherwise) at the maturity or redemption date thereof shall be
deemed to have been paid within the meaning and with the effect expressed in subsection (a) of
this Section, unless otherwise provided in a Supplemental Indenture with respect to a Series of
Bonds. Subject to any further conditions in a Supplemental Indenture with respect to a Series of
Bonds, all Outstanding Bonds of any Series shall prior to the maturity or redemption date thereof
be deemed to have been paid within the meaning and with the effect expressed in subsection (a)
of this Section if:
(l) in case any of said Bonds are to be redeemed on any date prior to their
maturity, the City shall have given to the Trustee in form satisfactory to it irrevocable
instructions to mail as provided in Article IV notice of redemption of such Bonds on said
date;
(2) there shall have been deposited with the Trustee either moneys in an
amount which shall be sufficient, or noncallable Government Obligations (including any
Government Obligations issued or held in book-entry form on the books of the
Department of the Treasury of the United States of America) the principal of and the
interest on which when due will provide moneys which, together with the moneys, if any,
deposited with the Trustee at the same time, shall be sufficient, to pay when due the
Principal or Redemption Price, if applicable, and interest due and to become due on said
Bonds on and prior to the redemption date or maturity date thereof, as the case may be;
and
(3) in the event said Bonds are not by their terms subject to redemption within
the next succeeding 90 days, the City shall have given the Trustee in form satisfactory to
it irrevocable instructions to mail, first class postage prepaid, a notice to the Holders of
such Bonds that the deposit required by (2) above has been made with the Trustee and
that said Bonds are deemed to have been paid in accordance with this Section and stating
such maturity or redemption date upon which moneys are to be available for the payment
of the Principal or Redemption Price, if applicable, on said Bonds.
Neither Government Obligations nor moneys deposited with the Trustee pursuant to this
Section nor principal or interest payments on any such Government Obligations shall be
withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the
Principal or Redemption Price, if applicable, and interest on said Bonds; provided that any cash
received from such principal or interest payments on such Government Obligations deposited
with the Trustee, if not then needed for such purpose, shall, to the extent practicable, be
reinvested in Government Obligations maturing at times and in amounts sufficient to pay when
due the Principal or Redemption Price, if applicable, and interest to become due on said Bonds
on and prior to such redemption date or maturity date thereof, as the case may be, and interest
earned from such reinvestments shall be paid over to the City, as received by the Trustee, free
and clear of any trust, lien or pledge.
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Section 11.02. Unclaimed Moneys. Anything in the Indenture to the contrary
notwithstanding, any moneys held by an Agent in trust for the payment and discharge of any of
the Bonds which remain unclaimed for four years after the date when such Bonds have become
due and payable, either at their stated maturity dates or by call for earlier redemption, if such
moneys were held by the Agent at such date, or for four years after the date of deposit of such
moneys if deposited with the Agent after the said date when such Bonds become due and
payable, shall, at the Written Request of the City, be repaid by the Agent to the City, as its
absolute property and free from trust, and the Agent shall thereupon be released and discharged
with respect thereto and the Bondholders shall look only to the City for the payment of such
Bonds.
ARTICLE XII
MISCELLANEOUS
Section 12.01. Limited Liability of City. Notwithstanding anything in the Indenture
contained, the City shall not be required to advance any moneys derived from any source of
income other than the Revenues and other moneys, securities and Funds pledged under the
Indenture for the payment of the Principal or Redemption Price of or interest on the Bonds, for
Repayment Obligations. Nevertheless, the City may, but shall not be required to, advance for
any of the purposes hereof any funds of the City which may be available to it for such purposes.
Section 12.02. Benefits of Indenture Limited to Parties. Nothing in the Indenture,
expressed or implied, is intended to give to any person other than the City, the Trustee, any
Paying Agent, any Transfer Agent, any Remarketing Agent, any Depositary, the Holders of the
Bonds, any Security Instrument Issuer or any Reserve Instrument Issuer, any right, remedy or
claim under or by reason of the Indenture. Any covenants, stipulations, promises or agreements
in the Indenture contained by and on behalf of the City shall be for the sole and exclusive benefit
of the Trustee, the Paying Agents, any Transfer Agent, any Remarketing Agent, any Depositary,
the Holders of the Bonds, any Security Instrument Issuer and any Reserve Instrument Issuer.
Section 12.03. Successor is Deemed Included in All References to Predecessor.
Whenever in the Indenture the City, the Trustee, any Paying Agent, any Transfer Agent, any
Remarketing Agent, any Depositary, any Security Instrument Issuer or any Reserve Instrument
Issuer is named or referred to, such reference shall be deemed to include the successors or
assigns thereof, and all the covenants and agreements in the Indenture contained by or on behalf
of the City, the Trustee, any Transfer Agent, any Paying Agent, any Remarketing Agent, any
Depositary, any Security Instrument Issuer or any Reserve Instrument Issuer shall bind and inure
to the benefit of the respective successors and assigns thereof whether so expressed or not.
Section 12.04. Execution of Documents by Bondholders. Any request, declaration or
other instrument which the Indenture may require or permit to be executed by Bondholders may
be in one or more instruments of similar tenor, and shall be executed by Bondholders in person
or by their attorneys appointed in writing.
-69- Master Trust Indenture
Except as otherwise expressly provided, the fact and date of the execution by any
Bondholder or his attorney of such request, declaration or other instrument, or of such writing
appointing such attorney, may be proved by the certificate of any notary public or other officer
authorized to take acknowledgments of deeds to be recorded in the state in which he purports to
act, that the person signing such request, declaration or other instrument or writing
acknowledged to him the execution thereof, or by an affidavit of a witness of such execution,
duly sworn to before such notary public or other officer.
The ownership of the Bonds and the amount, maturity, number and date of holding the
same shall be proved by the Bond register.
Any request, declaration or other instrument or writing of the Holder of any Bond shall
bind all future Holders of such Bond in respect of anything done or suffered to be done by the
City or the Trustee in good faith and in accordance therewith or in reliance thereon.
Section 12.05. Waiver of Notice. Whenever in the Indenture the giving of notice by mail
or otherwise is required, the giving of such notice may be waived in writing by the person
entitled to receive such notice, and in any such case the giving or receipt of such notice shall not
be a condition precedent to the validity of any action taken in reliance upon such waiver.
Section 12.06. Cremation or Destruction of Cancelled Bonds. Whenever in the Indenture
provision is made for the surrender to the City of any Bonds which have been paid or cancelled
pursuant to the provisions of the Indenture, the City may, by a Written Request of the City, but
shall not unless otherwise provided by law be required to, direct the Trustee to cremate or
destroy such Bonds and to furnish to the City a certificate of such cremation or destruction.
Section 12.07. Payments Due on Other Than Business Days. Except as otherwise
provided in a Supplemental Indenture, in any case where the date of payment of principal,
premium, if any, or interest on the Bonds or the date fixed for redemption of any Bonds, on the
date for performing any act or exercising any right, shall be a day other than a Business Day,
then payment of interest or principal and premium, if any, or the performance of such act or
exercise of such right need not be made on such date but may be made on the next succeeding
Business Day with the same force and effect as if it had been made on the date scheduled for
such payment, performance, or exercise.
Section 12.08. Governing Law. The Indenture shall be governed by and construed in
accordance with the laws of the State.
Section 12.09. System of Registration. This Indenture shall constitute a system of
registration within the meaning and for all purposes of the Registered Public Obligations Act,
Chapter 7 of Title 15, Utah Code Annotated 1953, as amended.
Section 12.10. Plan of Financing. This Indenture shall constitute a plan of financing
within the meaning and for all purposes of Section 11-14-14(3), Utah Code Annotated 1953, as
amended.
-70- Master Trust Indenture
Section 12.11. Article and Section Headings. All references herein to “Articles”,
“Sections” and other subdivisions are to the corresponding articles, sections or subdivisions of
the Indenture, and the words “hereby,” “herein”, “hereof,” “hereunder” and other words of
similar import refer to the Indenture as a whole and not to any particular article, section or
subdivision hereof. The headings or titles of the several articles and sections hereof, and any
table of contents appended to copies hereof, shall be solely for convenience of reference and
shall not affect the meaning, construction or effect of the Indenture.
Section 12.12. Partial Invalidity. If any one or more of the covenants or agreements, or
portions thereof, provided in the Indenture to be performed shall be contrary to law, then such
covenant or covenants, such agreement or agreements, or such portions thereof, shall be null and
void and shall be deemed separable from the remaining covenants and agreements or portions
thereof and shall in no way affect the validity of the Indenture or of the Bonds; but the
Bondholders, any Security Instrument Issuer and any Reserve Instrument Issuer shall retain all
the rights and benefits accorded to them under the Act or any other applicable provisions of law.
Section 12.13. Notices. Except as otherwise provided herein, all notices, requests,
demands and other communications required or permitted under this Indenture shall be deemed
to have been duly given if delivered or mailed, first class, postage prepaid, as follows:
(i) IF TO THE CITY:
Salt Lake City
451 South State Street
Salt Lake City, Utah 84111
Attention: City Treasurer
(ii) IF TO THE TRUSTEE:
Zions First National Bank, as Trustee
10 East South Temple, Twelfth Floor
Salt Lake City, Utah 84111
Attention: Corporate Trust Department
or to such other person or addresses as the respective party hereafter designates in writing to the
City and the Trustee.
Section 12.14. Counterparts. This Indenture may be executed in multiple counterparts,
each of which shall be regarded for all purposes as an original; and such counterparts shall
constitute but one and the same instrument.
Section 12.15. Effective Date. This Indenture shall become effective immediately.
Section 12.16. Compliance with Municipal Bond Act and Refunding Bond Act. It is
hereby declared by the Council that it is the intention of the City by the execution of this
Indenture to comply in all respects with the applicable provisions of the Utah Municipal Bond
Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, and the Utah Refunding
-71- Master Trust Indenture
Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended, and other applicable
provisions of law.
Section 12.17. Representation Regarding Ethical Standards for City Officers and
Employees and Former City Officers and Employees. The Trustee represents that it has not:
(a) provided an illegal gift or payoff to a City officer or employee or former City officer or
employee, or his or her relative or business entity; (b) retained any person to solicit or
secure this Indenture upon an agreement or understanding for a commission, percentage,
brokerage or contingent fee, other than bona fide employees or bona fide commercial
selling agencies for the purpose of securing business; (c) knowingly breached any of the
ethical standards set forth in the City’s conflict of interest ordinance, Chapter 2.44, Salt
Lake City Code; or (d) knowingly influenced, and hereby promises that it will not
knowingly influence, a City officer or employee or former City officer or employee to
breach any of the ethical standards set forth in the City’s conflict of interest ordinance,
Chapter 2.44, Salt Lake City Code.
(Signature page follows.)
-72- Master Trust Indenture
IN WITNESS WHEREOF, the City has caused this Indenture to be executed by the Mayor
and countersigned by the City Recorder, and its official seal to be hereunto affixed and attested
by the City Recorder, and to evidence its acceptance of the trusts hereby created, Zions First
National Bank has caused this Indenture to be executed by its Vice President, all as of the date
hereof.
SALT LAKE CITY, UTAH
COUNTERSIGN:
By /s/ Christine Meeker
Deputy City Recorder
By /s/ Ross C. Anderson
Mayor
[SEAL] APPROVED AS TO FORM:
By /s/ Boyd Ferguson
Senior City Attorney
ZIONS FIRST NATIONAL BANK,
as Trustee
By /s/ Dawn Craig
Vice President
Draft of
6/18/21
SUPPLEMENTAL TRUST INDENTURE
BETWEEN
SALT LAKE CITY, UTAH
AND
ZIONS BANCORPORATION, NATIONAL ASSOCIATION,
AS TRUSTEE
DATED AS OF OCTOBER 1, 2021
$
FEDERALLY TAXABLE SALES AND EXCISE TAX
REVENUE REFUNDING BONDS,
SERIES 2021A
Exh B to Deleg Reso - Supplemental Trust Indenture (refunding) v2.docx
8709966/RDB/mo
- i - Supplemental Indenture
TABLE OF CONTENTS
SECTION PAGE
ARTICLE I DEFINITIONS AND AUTHORITY ....................................................................................... 2
Section 101. Definitions ............................................................................................. 2
Section 102. Authority for Thirteenth Supplemental Indenture ................................ 7
ARTICLE II AUTHORIZATION, TERMS AND ISSUANCE OF SERIES 2021A
BONDS .................................................................................................................................... 7
Section 201. Authorization of Series 2021A Bonds, Principal Amount,
Designation and Series .......................................................................... 7
Section 202. Finding and Purpose ............................................................................. 7
Section 203. Issue Date .............................................................................................. 8
Section 204. Series 2021A Bonds .............................................................................. 9
Section 205. Registered Bonds; Denomination and Numbers ................................... 9
Section 206. Paying Agent ......................................................................................... 9
Section 207. Optional Redemption and Redemption Price...................................... 10
Section 208. Execution and Authentication of Series 2021A Bonds ....................... 11
Section 209. Delivery of Series 2021A Bonds ........................................................ 11
Section 210. Book-Entry System ............................................................................. 11
Section 211. Representation Letter .......................................................................... 13
Section 212. Partial Payment of Series 2021A Bonds Held by DTC ...................... 13
Section 213. Payments to Cede ................................................................................ 13
ARTICLE III ESTABLISHMENT OF ACCOUNTS AND APPLICATION OF SERIES
2021A BOND PROCEEDS ............................................................................................... 14
Section 301. Series 2021A Cost of Issuance Fund .................................................. 14
Section 302. Series 2021A Bond Service Subaccounts ........................................... 14
Section 303. Series 2021A Debt Service Reserve Subaccounts .............................. 14
Section 304. Series 2021A Debt Service Reserve Requirements ............................ 14
Section 305. Series 2021A Project Account ............. Error! Bookmark not defined.
Section 306. Application of Proceeds of Series 2021A Bonds ................................ 14
Section 307. Transfer of Moneys in the Prior Bond Service
Subaccounts ........................................................................................ 15
ARTICLE IV REDEMPTION OF REFUNDED BONDS ......................................................................... 15
ARTICLE V COMPLIANCE WITH REBATE AND OTHER REQUIREMENTS OF
THE CODE ........................................................................................................................... 15
Section 501. Authorization and Covenants ............... Error! Bookmark not defined.
Section 502. Creation of Series 2021A Rebate Fund Error! Bookmark not defined.
Section 503. Additional Payments ............................ Error! Bookmark not defined.
Section 504. Investments to be Legal ....................... Error! Bookmark not defined.
- ii - Supplemental Indenture
SECTION PAGE
Section 505. Opinion of Bond Counsel; Amendments ........... Error! Bookmark not
defined.
Section 506. Additional Covenants; Agreements ..... Error! Bookmark not defined.
ARTICLE VI FORM OF SERIES 2021A BONDS ................................................................................. 15
Section 601. Form of Series 2021A Bonds .............................................................. 15
ARTICLE VII MISCELLANEOUS .............................................................................................................. 16
Section 701. System of Registration ........................................................................ 16
Section 702. Authorized Officer .............................................................................. 16
Section 703. Notice to Rating Agencies .................................................................. 16
Section 704. Limitation of Duties of Trustee ........................................................... 16
Section 705. Article and Section Headings .............................................................. 16
Section 706. Amendments to this Thirteenth Supplemental Indenture ................... 16
Section 707. Partial Invalidity .................................................................................. 16
Section 708. Representation Regarding Ethical Standards for City
Officers and Employees and Former City Officers and
Employees ........................................................................................... 17
SIGNATURE PAGE .......................................................................................................................................................... 18
EXHIBIT A — FORM OF BOND
THIS SUPPLEMENTAL TRUST INDENTURE (the “ Supplemental
Indenture”), dated as of October 1, 2021, between Salt Lake City, Utah, a municipal corporation
and political subdivision of the State of Utah (the “City”), and Zions Bancorporation, National
Association, a national banking association duly organized and qualified under the laws of the
United States of America, authorized by law to accept and execute trusts and having an office in
Salt Lake City, Utah (the “Trustee”):
W I T N E S S E T H
WHEREAS, the City has entered into a Master Trust Indenture, dated as of September 1,
2004, as amended and supplemented to the date hereof (the “Master Indenture” and, together with
the Supplemental Indenture, the “Indenture”), with the Trustee;
WHEREAS, the City considers it necessary and desirable and for the benefit of the City and
its residents to issue sales tax revenue bonds pursuant to the Indenture and as hereinafter provided
for the purpose of (a) refunding a portion of the City’s currently outstanding (i) Sales Tax Revenue
Bonds, Series 2012A (the “Series 2012A Bonds”) and (ii) Sales Tax Revenue Bonds, Series 2013B
(the “Series 2013B Bonds”); (c) refinancing certain lease obligations of the City by exercising the
City’s option to purchase certain leased property that was financed by the issuance of the Local
Building Authority of Salt Lake City, Utah’s (i) Lease Revenue Bonds, Series 2013A (the “2013A
LBA Bonds”) and (ii) Lease Revenue Bonds, Series 2014A (the “2014A LBA Bonds”), (b) funding
any necessary reserves and contingencies in connection with the Series 2021 Bonds (defined
below) and (c) paying all related costs authorized by law pursuant to authority contained in the the
Local Government Bonding Act, Chapter 14 of Title 11, Utah Code Annotated 1953, as amended
and the Utah Refunding Bond Act, Chapter 27 of Title 11, Utah Code Annotated 1953, as
amended;
WHEREAS, the $ Federally Taxable Sales and Excise Tax Revenue Refunding
Bonds, Series 2021A (the “Series 2021A Bonds”) will be authorized, issued and secured under the
Indenture on a parity with all other Bonds (as defined in the Indenture) issued and outstanding
from time to time thereunder; and
WHEREAS, the execution and delivery of the Series 2021A Bonds and of this
Supplemental Indenture have in all respects been duly authorized and all things necessary to make
the Series 2021A Bonds, when executed by the City and authenticated by the Trustee, the valid
and binding legal obligations of the City and to make this Supplemental Indenture a
valid and binding agreement have been done;
NOW, THEREFORE, THIS _ SUPPLEMENTAL TRUST INDENTURE WITNESSETH:
The terms and conditions upon which the Series 2021A Bonds are to be executed,
authenticated, delivered, secured and accepted by all persons who from time to time shall be or
become Registered Owners thereof are as follows:
Supplemental Indenture
- 2 - Supplemental Indenture
ARTICLE I
DEFINITIONS AND AUTHORITY
Section 101. Definitions.
(a) Except as provided in Section 101(b), all defined terms contained in the Master
Indenture shall have the same meanings when used in this Supplemental Indenture as
set forth in the Master Indenture.
(b) As used in this Supplemental Indenture, the following terms shall have
the following meanings, unless the context otherwise requires:
“Authority” means the Local Building Authority of Salt Lake City, Utah.
“Beneficial Owner” means, when the Series 2021A Bonds are registered in the Book-Entry
System, any person who acquires a beneficial ownership interest in a Series 2021A Bond held by
the Securities Depository.
“Bond Counsel” means Chapman and Cutler LLP, or other counsel of nationally
recognized standing in matters pertaining to the tax-exempt status of interest on obligations issued
by states and their political subdivisions, duly admitted to the practice of law before the highest
court of any state of the United States.
“Book-Entry System” means the system maintained by the Securities Depository and
described in Section 210.
“Cede” means Cede & Co., the nominee of DTC, and any successor nominee of DTC with
respect to the Series 2021A Bonds pursuant to Section 210 hereof.
“Closing Date” means [October 19], 2021.
“DTC” means The Depository Trust Company, New York, New York, and its successors
and assigns.
“Indenture” means the Master Indenture as amended and supplemented by this
Supplemental Indenture and as from time to time hereafter amended and
supplemented by Supplemental Indentures.
“Issue Date” means the date of initial authentication and delivery of the Series 2021A
Bonds, as designated in Section 203 hereof.
“Lease” means that certain Master Lease Agreement, dated as of June 1, 2013, as
heretofore amended and supplemented, between the Authority and the City.
- 3 - Supplemental Indenture
“2013A LBA Bonds” means the Authority’s Lease Revenue Bonds, Series 2013A,
originally issued in the aggregate principal amount of $7,180,000.
“2014A LBA Bonds” means the Authority’s Lease Revenue Bonds, Series 2014A,
originally issued in the aggregate principal amount of $7,095,000.
“LBA Escrow Account” means that certain Escrow Account relating to the Refunded LBA
Bonds established pursuant to the LBA Escrow Agreement.
“LBA Escrow Agent” means U.S. Bank National Association, as escrow agent under the
LBA Escrow Agreement.
“LBA Escrow Agreement” means that certain Escrow Agreement, dated as of October 1,
2021, between the City, [the Authority] and the LBA Escrow Agent, relating to the escrow of
amounts sufficient to provide for the defeasance and refunding of the Refunded LBA Bonds.
“LBA Indenture” means that certain Indenture of Trust, Assignment of Lease Agreements
and Security Agreement, dated as of June 1, 2013, as heretofore amended and supplemented,
between the Authority and U.S. Bank National Association, as trustee.
“2013A LBA Project” means the Glendale neighborhood library.
“2014A LBA Project” means the Marmalade neighborhood library
“2013A LBA Refunded Bonds” means that portion of the Authority’s currently outstanding
2013A LBA Bonds, in the aggregate principal amount of $4,550,000 and maturing on October 15
of each of the years, in the principal amounts and bearing interest at the rates per annum, as follows:
SCHEDULED
MATURITY
(OCTOBER 15)
PRINCIPAL
AMOUNT
INTEREST
RATE
2024 $ 345,000 3.500%
2025 355,000 3.500
2026 370,000 3.500
2027 380,000 3.500
2028 395,000 3.500
2029 410,000 4.000
2030 425,000 4.000
2031 440,000 4.000
2032 460,000 4.000
2033 475,000 4.000
2034 495,000 4.000
TOTAL: $4,550,000
- 4 - Supplemental Indenture
“2014A Refunded LBA Bonds” means that portion of the Authority’s currently outstanding
Series 2014A Bonds, in the aggregate principal amount of $4,925,000 and maturing on April 15
of each of the years, in the principal amounts and bearing interest at the rates per annum, as follows:
SCHEDULED
MATURITY
(APRIL 15)
PRINCIPAL
AMOUNT
INTEREST
RATE
2024 $ 325,000 5.000%
2025 340,000 5.000
2026 360,000 5.000
2027 375,000 3.250
2028 390,000 3.250
2029 400,000 3.500
2030 415,000 3.500
2031 430,000 3.625
2032 445,000 4.000
2033 465,000 4.000
2034 480,000 4.000
2035 500,000 4.000
TOTAL: $4,925,000
“Master Indenture” means the Master Trust Indenture, dated as of September 1, 2004, as
amended and supplemented to the date hereof, between the City and the Trustee.
“Opinion of Bond Counsel” means an opinion of Bond Counsel experienced in matters
relating to the tax exemption of interest on obligations issued by states and their political
subdivisions.
“Participants” means those broker-dealers, banks and other financial institutions from
time to time for which DTC holds Series 2021A Bonds as securities depository.
“Person” means natural persons, firms, partnerships, associations, corporations, trusts,
public bodies and other entities.
“Principal Corporate Trust Office” means, with respect to the Trustee, the office of the
Trustee at One South Main Street, Suite 1200, Salt Lake City, Utah 84133-1109, Attention:
Corporate Trust Department, or such different or additional offices as may be specified in writing
by the Trustee to the City and the Holders of Series 2021A Bonds.
“Purchase Contract” means the Purchase Contract between the City and the Underwriter,
pursuant to which the Series 2021A Bonds are to be sold by the City to the Underwriter.
“Record Date” means the fifteenth day of the month next preceding any interest payment
date.
- 5 - Supplemental Indenture
“Refunded Bonds” means, collectively, the Refunded STR Bonds and the Refunded LBA
Bonds.
“Refunded STR Bonds” means, collectively, the Series 2012A Refunded Bonds and the
Series 2013B Refunded Bonds.
“Refunded LBA Bonds” means, collectively, the 2013A LBA Refunded Bonds and 2014A
LBA Refunded Bonds.
“Representation Letter” means the Blanket Issuer Letter of Representations, dated
October 16, 2019, between the City and DTC relating to a book-entry system for bonds and other
obligations of the City.
“Securities Depository” means DTC or its nominee, and its successors and assigns.
“Series 2012A Bonds” means the City’s Sales Tax Revenue Bonds, Series 2012A,
originally issued in the aggregate principal amount of $15,855,000.
“Series 2012A Refunded Bonds” means that portion of the City’s currently outstanding
Series 2012A Bonds, in the aggregate principal amount of $10,165,000 and maturing on October 1
of each of the years, in the principal amounts and bearing interest at the rates per annum, as follows:
SCHEDULED
MATURITY
(OCTOBER 1)
PRINCIPAL
AMOUNT
INTEREST
RATE
2022 $ 710,000 4.000%
2023 745,000 3.000
2024 785,000 3.000
2025 825,000 3.000
2026 870,000 3.000
2027 915,000 3.000
2028 960,000 3.000
2029 1,010,000 3.000
2030 1,060,000 3.000
2031 1,115,000 3.000
2032 1,170,000 3.125
TOTAL: $10,165,000
“Series 2013B Bonds” means the City’s Sales Tax Revenue Bonds, Series 2013B,
originally issued in the aggregate principal amount of $7,315,000.
“Series 2013B Refunded Bonds” means that portion of the City’s currently outstanding
Series 2013B Bonds, in the aggregate principal amount of $4,460,000 and maturing on October 1
of each of the years, in the principal amounts and bearing interest at the rates per annum, as follows:
- 6 - Supplemental Indenture
SCHEDULED
MATURITY
(OCTOBER 1)
PRINCIPAL
AMOUNT
INTEREST
RATE
2024 $ 370,000 4.000%
2025 385,000 4.000
2026 400,000 4.000
2027 420,000 4.000
2028 435,000 4.000
2029 450,000 4.000
2030 470,000 4.000
2031 490,000 4.000
2032 510,000 4.000
2033 530,000 4.000
TOTAL: $4,4600,000
“Series 2021A Cost of Issuance Fund” means the Series 2021A Cost of Issuance Fund
established in section 301 hereof.
Series 2021A Bonds” means the City’s Federally Taxable Sales and Excise Tax Revenue
Refunding Bonds, Series 2021A, authorized by this Supplemental Indenture.
“Series 2021A Bond Service Subaccount” means the Series Subaccount for the Series
2021A Bonds in the Bond Service Account established pursuant to Section 302 hereof.
“Series 2021A Debt Service Reserve Requirement” means the amount, if any, required to
be deposited in the Series 2021A Debt Service Reserve Subaccount pursuant to Section 304 hereof.
“Series 2021A Debt Service Reserve Subaccount” means the Series Subaccount for the
Series 2021A Bonds in the Debt Service Reserve Account established in Section 303 hereof.
“Series 2021A Term Bonds” means the Series 2021A Bonds maturing on October 1, 20 .
“State” means the State of Utah.
“STR Escrow Account” means that certain Escrow Account relating to the Refunded STR
Bonds established pursuant to the Escrow Agreement.
“STR Escrow Agent” means Zions Bancorporation, National Association, as escrow agent
under the STR Escrow Agreement.
“STR Escrow Agreement” means that certain Escrow Agreement, dated as of October 1,
2021, between the City and the STR Escrow Agent, relating to the escrow of amounts sufficient
to provide for the defeasance and refunding of the Refunded STR Bonds.
- 7 - Supplemental Indenture
“Trustee” means Zions Bancorporation, National Association, in Salt Lake City, Utah, and
its successors and permitted assigns under the Indenture.
“ Supplemental Indenture” means this Supplemental Trust
Indenture, dated as of October 1, 2021, between the City and the Trustee.
“Underwriter” means .
The terms “hereby,” “hereof,” “hereto,” “herein,” “hereunder,” and any similar terms
as used in this _ Supplemental Indenture, refer to this _ Supplemental
Indenture.
(c) Except as otherwise specified, each reference herein (i) to a time of day is to the time
on such day in New York, New York, and (ii) to a Section is to the referenced Section hereof.
Section 102. Authority for Supplemental Indenture. This
Supplemental Indenture is adopted pursuant to the provisions of the Act and the Indenture.
ARTICLE II
AUTHORIZATION, TERMS AND ISSUANCE OF SERIES 2021A BONDS
Section 201. Authorization of Series 2021A Bonds, Principal Amount, Designation and
Series. In order to provide funds for the refunding and defeasance in advance of their maturity of
the Refunded Bonds and in accordance with and subject to the terms, conditions and limitations
established in the Indenture, including this Supplemental Indenture, a Series of Sales
and Excise Tax Revenue Refunding Bonds, designated “Federally Taxable Sales and Excise Tax
Revenue Refunding Bonds, Series 2021A,” is hereby authorized to be issued in the aggregate
Principal amount of $ .
Section 202. Finding and Purpose.
(a) The City hereby finds, determines and declares that:
(i) The requirements of Sections 2.02, 2.03 and 2.04 of the Indenture will have
been complied with upon the delivery of the Series 2021A Bonds.
(ii) In order to achieve debt service savings with respect to the Refunded LBA
Bonds, it is necessary and desirable and for the benefit of the City and the residents of the
City for the City to exercise its option to purchase the 2013A LBA Project and the 2014A
LBA Project from the Authority pursuant to the Lease and to thereby redeem the Refunded
LBA Bonds as contemplated by this Supplemental Indenture, and as permitted
by the Act and the LBA Indenture.
(iii) In order to achieve debt service savings with respect to the Refunded STR
Bonds and to better match Revenues with Principal and interest payments on the
- 8 - Supplemental Indenture
outstanding Bonds, it is necessary and desirable and for the benefit of the City and the
residents of the City to refund the Refunded Bonds as contemplated by this
Supplemental Indenture, and as permitted by the Act and the Indenture.
(iv) With the exception of the City’s (i) Sales Tax and Revenue Refunding
Bonds, Series 2005A, originally issued in the aggregate Principal amount of $47,355,000
(which have been fully paid and are no longer outstanding), (ii) Sales Tax Revenue Bonds,
Series 2007A, originally issued in the aggregate Principal amount of $8,590,000 (which
have been fully paid and are no longer outstanding), (iii) Sales Tax Revenue Bonds, Series
2009A, originally issued in the aggregate Principal amount of $36,240,000 (which have
been fully paid and are no longer outstanding), (iv) Series 2012A Bonds, (v) Series 2013A
Bonds, (vi) Sales and Excise Tax Revenue Bonds, Series 2013B, originally issued in the
aggregate Principal amount of $7,315,000, (vii) Federally Taxable Sales and Excise Tax
Revenue Refunding Bonds, Series 2014A, originally issued in the aggregate Principal
amount of $26,840,000 (which have been fully paid and are no longer outstanding), (viii)
Sales and Excise Tax Revenue Bonds, Series 2014B, originally issued in the aggregate
Principal amount of $10,935,000, (ix) Sales and Excise Tax Revenue Refunding Bonds,
Series 2016A, originally issued in the aggregate Principal amount of $21,715,000, (x) Sales
and Excise Tax Revenue Refunding Bonds, Series 2019A, originally issued in the
aggregate Principal amount of $2,620,000 and (xi) Federally Taxable Sales and Excise Tax
Revenue Refunding Bonds, Series 2019B, originally issued in the aggregate Principal
amount of $58,540,000, after the issuance of the Series 2021A Bonds, as provided herein,
(A) the City will have no other bonds, notes or other obligations issued or authorized to be
issued or outstanding pursuant to the Indenture, and (B) there will be no other outstanding
bonds, notes or other obligations payable from and secured by a parity pledge of Revenues.
(b) The Series 2021A Bonds are hereby authorized to be issued pursuant to Sections 2.02,
2.03 and 2.04 of the Indenture for the purposes of (i) providing for the purchase of the 2013A LBA
Project and the 2014A LBA Project from the Authority under the Lease and thereby redeeming of
the Refunded LBA Bonds by causing the purchase amount to be deposited in the LBA Escrow
Account and (ii) refunding the Refunded STR Bonds pursuant to the Indenture by depositing into
the STR Escrow Account an amount sufficient to provide for the payment of the interest on and
the Principal or Redemption Price of the Refunded STR Bonds.
Section 203. Issue Date. The Series 2021A Bonds shall be dated as of the date of delivery
thereof.
- 9 - Supplemental Indenture
Section 204. Series 2021A Bonds. The Series 2021 Bonds shall mature on the dates and in
the principal amounts and shall bear interest from the date of delivery thereof, payable semi-
annually thereafter on April 1 and October 1 in each year, beginning April 1, 2022, at the rates
shown below:
MATURITY
(OCTOBER 1)
PRINCIPAL
AMOUNT
INTEREST
RATE
2021 $ %
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
(c) Each Series 2021A Bond shall bear interest from the interest payment date next
preceding the date of registration and authentication thereof unless it is registered as of an interest
payment date, in which event it shall bear interest from the date thereof, or unless it is registered
prior to the first interest payment date, in which event it shall bear interest from its date, or unless,
as shown by the records of the Trustee, interest on the Series 2021A Bonds shall be in default, in
which event it shall bear interest from the date to which interest has been paid in full.
Section 205. Registered Bonds; Denomination and Numbers. The Series 2021A Bonds
shall be issued solely as fully-registered Bonds, without coupons, in the denomination of $5,000
or any whole multiple thereof; provided that no individual Series 2021A Bond shall represent more
than one maturity of Series 2021A Bonds. Each of the Series 2021A Bonds shall be numbered
from one (1) consecutively upwards with the prefix “R” preceding each number.
Section 206. Paying Agent. Zions Bancorporation, National Association, as Trustee, is
hereby appointed the Paying Agent for the Series 2021A Bonds, pursuant and subject to
Section 7.02 of the Indenture. Principal of and Redemption Price on the Series 2021A Bonds when
due shall be payable at the principal corporate trust operations office of the Trustee, or of its
successor as Paying Agent. Payment of interest on the Series 2021A Bonds shall be made to the
registered owner thereof and shall be paid by check or draft mailed on the pa yment date to the
person who is the registered owner of record as of the close of business on the Record Date at his
or her address as it appears on the registration books of the Trustee or at such other address as is
furnished in writing by such registered owner to the Trustee prior to the Record Date. In the
written acceptance of each Paying Agent referred to in Section 7.02 of the Indenture, such Paying
- 10 - Supplemental Indenture
Agent shall agree to take all action necessary for all representations of the City in the Letter of
Representations with respect to the Paying Agent to at all times be complied with.
Section 207. Optional Redemption and Redemption Price. (a) The Series 2021A Bonds
maturing on or after October 1, 203_, are subject to redemption, in whole or in part, at the election
of the City, on any date on or after 1, 203_ (if in part, such Series 2021A Bonds to be
redeemed shall be selected from such maturities as shall be determined by the City in its discretion
and within each maturity as selected by the Trustee), upon notice as provided in Section 4.03 of
the Indenture, and at a Redemption Price equal to the principal amount thereof plus accrued interest
to the redemption date.
(b) The Series 2021A Term Bonds are subject to redemption in part by operation of
Sinking Fund Installments as provided in the Indenture, upon notice as provided in Section 4.03
of the Indenture, at a redemption price equal to the Principal amount of the Series 2021A Term
Bonds or portion thereof to be redeemed, together with accrued interest to the date of redemption.
The amounts and due dates of the Sinking Fund Installments for the Series 2021A Term Bonds are
set forth in the following table:
OCTOBER 1
OF THE YEAR
MANDATORY
REDEMPTION AMOUNT
$
*
* Stated Maturity
In determining the amount of any Sinking Fund Installment due on any date specified above, there
shall be deducted the principal amount of any Series 2021A Term Bonds which have been
redeemed or purchased on a date not less than 30 days preceding the date on which such Sinking
Fund Installment is due from moneys accumulated in the Bond Service Account with respect to
such Sinking Fund Installment. Upon any purchase or redemption of the Series 2021A Term
Bonds, there will be credited toward the Sinking Fund Installments thereafter to become due such
amount as may be designated by the City in a Written Request delivered to the Trustee.
(c) With respect to any notice of optional redemption of Series 2021A Bonds, unless
upon the giving of such notice such Series 2021A Bonds shall be deemed to have been paid within
the meaning of Article XI of the Indenture, such notice may state that such redemption shall be
conditioned upon the receipt by the Trustee on or prior to the date fixed for such redemption of
money sufficient to pay the Redemption Price of and interest on the Series 2021A Bonds to be
redeemed, and that if such money shall not have been so received said notice sha ll be of no force
and effect, and the City shall not be required to redeem such Series 2021A Bonds. In the event
that such notice of redemption contains such a condition and such money is not so received, the
redemption shall not be made and the Trustee shall within a reasonable time thereafter give notice,
- 11 - Supplemental Indenture
in the manner in which the notice of redemption was given, that such money was not so received
and that such redemption was not made.
(d) In addition to the notice described in Section 4.03 of the Indenture, further notice of
any redemption of the Series 2021A Bonds shall be given by the Trustee as set out below, but no
defect in such further notice nor any failure to give all or any portion of such further notice shall
in any manner defeat the effectiveness of a call for redemption if notice thereof is given as
described in Section 4.03 of the Indenture.
(i) Each further notice of redemption given hereunder shall contain (A) the
CUSIP numbers of all Series 2021A Bonds being redeemed; (B) the date of issue of the
Series 2021A Bonds as originally issued; (C) the rate of interest borne by each Series
2021A Bond being redeemed; (D) the maturity date of each Series 2021A Bond being
redeemed; and (E) any other descriptive information needed to identify accurately the
Series 2021A Bonds being redeemed.
(ii) Each further notice of redemption shall be posted on the Electronic
Municipal Market Access System (or any successor thereto) and sent at least 35 days before
the redemption date by registered or certified mail or overnight delivery service to DTC
and to all other registered Securities Depositories then in the business of holding substantial
amounts of obligations of types comprising the Series 2021A Bonds designated to the
Trustee by the City, to the Rating Agencies and to any other nationally recognized
information services as designated by the City to the Trustee.
(iii) Each check or other transfer of funds issued for the payment of the
redemption price of the Series 2021A Bonds being redeemed shall bear the CUSIP number
identifying, by issue and maturity, the Series 2021A Bonds being redeemed with the
proceeds of such check or other transfer.
Section 208. Execution and Authentication of Series 2021A Bonds. Each of the Series
2021A Bonds shall be executed on behalf of the City by the Mayor by manual or facsimile
signature, and attested and countersigned by the City Recorder or, if the City Recorder shall be
unavailable or unable to attest and countersign the Series 2021A Bonds, any Deputy City Recorder
by manual or facsimile signature, and the City’s seal shall be affixed to, or a facsimile thereof shall
be imprinted upon, the Series 2021A Bonds. The Series 2021A Bonds shall then be delivered to
the Trustee (or any Transfer Agent appointed pursuant to Section 7.10 of the Indenture) and
manually authenticated by it.
Section 209. Delivery of Series 2021A Bonds. The Series 2021A Bonds shall be delivered
to the Underwriter, upon compliance with the provisions of Section 3.02 of the Indenture, at such
time and place as provided in, and subject to, the provisions of the Purchase Contract.
Section 210. Book-Entry System. The Series 2021A Bonds shall be initially issued in the
name of Cede, as nominee for DTC as the initial Securities Depository and registered owner of the
Series 2021A Bonds, and held in the custody of the Securities Depository. A single certificate will
be issued and delivered to the Securities Depository for each maturity of the Series 2021A Bonds,
- 12 - Supplemental Indenture
and the Beneficial Owners will not receive physical delivery of Series 2021A Bond certificates
except as provided herein. For so long as the Securities Depository shall continue to serve as
securities depository for the Series 2021A Bonds as provided herein, all transfers of beneficial
ownership interests will be made by book-entry only, and no investor or other party purchasing,
selling or otherwise transferring beneficial ownership of Series 2021A Bonds is to receive, hold
or deliver any Series 2021A Bond certificate.
At the direction of the City, with notice to the Trustee, but without the consent of the Series
2021A Bondholders and the Trustee, the City may appoint a successor Securities Depository and
enter into an agreement with the successor Securities Depository to establish procedures with
respect to a Book-Entry System for the Series 2021A Bonds not inconsistent with the provisions
of the Indenture. Any successor Securities Depository shall be a “clearing agency” registered
under Section 17A of the Securities Exchange Act of 1934, as amended.
The City and the Trustee may rely conclusively upon (a) a certificate of the Securities
Depository as to the identity of the Participants in the Book-Entry System with respect to the Series
2021A Bonds and (b) a certificate of any such Participant as to the identity of and the respective
Principal amount of the Series 2021A Bonds beneficially owned by the Beneficial Owners.
Whenever, during the term of the Series 2021A Bonds, the beneficial ownership thereof is
determined by a book-entry at the Securities Depository, the requirements in the Indenture of
holding, delivering or transferring such Series 2021A Bonds shall be deemed modified to require
the appropriate person to meet the requirements of the Securities Depository as to registering or
transferring the book-entry to produce the same effect. Any provision hereof permitting or
requiring delivery of the Series 2021A Bonds shall, while such Series 2021A Bonds are in the
Book-Entry System, be satisfied by the notation on the books of the Securities Depository in
accordance with applicable state law.
Except as otherwise specifically provided in the Indenture and the Series 2021A Bonds
with respect to the rights of Participants and Beneficial Owners, when a Book-Entry System is in
effect, the City and the Trustee may treat the Securities Depository (or its nominee) as the sole and
exclusive owner of the Series 2021A Bonds registered in its name for the purposes of payment of
the Principal or purchase price of and interest on such Series 2021A Bonds or portion thereof to
be redeemed or purchased, of giving any notice permitted or required to be given to the Series
2021A Bondholders under the Indenture and of voting, and none of the City and the Trustee shall
be affected by any notice to the contrary. None of the City or the Trustee will have any
responsibility or obligations to the Securities Depository, any Participant, any Beneficial Owner
or any other person which is not shown on the bond register, with respect to (i) the accurac y of
any records maintained by the Securities Depository or any Participant; (ii) the payment by the
Securities Depository or by any Participant of any amount due to any Beneficial Owner in respect
of the Principal amount or redemption or purchase price of, or interest on, any Series 2021A Bonds;
(iii) the delivery of any notice by the Securities Depository or any Participant; (iv) the selection of
the Beneficial Owners to receive payment in the event of any partial redemption of any of the
Series 2021A Bonds; or (v) any other action taken by the Securities Depository or any Participant.
The Trustee shall pay all Principal or purchase price of and interest on the Series 2021A Bonds
registered in the name of Cede only to or “upon the order of” the Securities Depository (as that
- 13 - Supplemental Indenture
term is used in the Uniform Commercial Code as adopted in Utah and New York), and all such
payments shall be valid and effective to fully satisfy and discharge the City’s obligations with
respect to the Principal or purchase price of and interest on such Series 2021A Bonds to the extent
of the sum or sums so paid.
The Book-Entry System may be discontinued for the Series 2021A Bonds by the Trustee
and the City, at the direction and expense of the City, and the City and the Trustee will cause the
delivery of Series 2021A Bond certificates to such Beneficial Owners of the Series 2021A Bonds
and registered in the names of such Beneficial Owners as shall be specified to the Trustee by the
Securities Depository in writing, under the following circumstances:
(A) The Securities Depository determines to discontinue providing its service
with respect to the Series 2021A Bonds and no successor Securities Depository is
appointed as described above. Such a determination may be made at any time by giving
30 days’ notice to the City and the Trustee and discharging its responsibilities with respect
thereto under applicable law.
(B) The City determines not to continue the Book-Entry System through a
Securities Depository for the Series 2021A Bonds.
When the Book-Entry System is not in effect, all references herein to the Securities
Depository shall be of no further force or effect.
Section 211. Representation Letter. The City’s execution and delivery of the
Representation Letter shall not in any way limit the provisions of Section 210 hereof or in any
other way impose upon the City any obligation whatsoever with respect to persons having interests
in the Series 2021A Bonds other than the Holders thereof.
Section 212. Partial Payment of Series 2021A Bonds Held by DTC. In the event of a
redemption or any other similar transaction necessitating a reduction in aggregate Principal amount
of any of the Series 2021A Bonds outstanding, DTC in its discretion: (a) may request the Trustee
to issue and authenticate a new Series 2021A Bond certificate, or (b) shall make an appropriate
notation on the Series 2021A Bond certificate indicating the date and amounts of such reduction
in Principal, except in the case of final maturity in which case the certificate must be presented to
the Trustee prior to payment.
Section 213. Payments to Cede. Notwithstanding any other provision of this
Supplemental Indenture to the contrary, so long as any Series 2021A Bond is registered in the
name of Cede, as nominee of DTC, all payments with respect to Principal of and interest on such
Series 2021A Bond and all notices with respect to such Series 2021A Bond shall be made and
given, respectively, in the manner provided in the Representation Letter.
- 14 - Supplemental Indenture
ARTICLE III
ESTABLISHMENT OF ACCOUNTS AND APPLICATION OF
SERIES 2021A BOND PROCEEDS
Section 301. Series 2021A Cost of Issuance Fund. There is hereby established a separate
fund to be held by the Trustee designated as the “Series 2021A Cost of Issuance Fund.” Moneys
in the Series 2021A Cost of Issuance Fund shall, to the extent available, be used for the payment
of costs of issuance of the Series 2021A Bonds. Any moneys remaining in the Series 2021A Cost
of Issuance Fund on the earlier of (a) January 1, 2022, or (b) the date of the full and final payment
of all costs of issuance of the Series 2021A Bonds, shall be transferred promptly by the Trustee
and deposited into the Series 2021A Bond Service Subaccount and applied to the payment of
interest on the Series 2021A Bonds due on the next following Interest Payment Date.
Section 302. Series 2021A Bond Service Subaccounts. Pursuant to Section 5.07(a) of the
Indenture, there is hereby established a subaccount in the Bond Service Account in the Principal
and Interest Fund designated as the “Series 2021A Bond Service Subaccount.” Moneys shall be
deposited into and paid from the Series 2021A Bond Service Subaccount in accordance with
Section 5.07 of the Indenture to pay the Principal of and interest on the Series 2021A Bonds.
Section 303. Series 2021A Debt Service Reserve Subaccounts. In satisfaction of the
requirement of Section 5.08(a) of the Indenture, there is hereby established a separate Series
Subaccount in the Debt Service Reserve Account in the Principal and Interest Fund designated as
the “Series 2021A Debt Service Reserve Subaccount.”
Section 304. Series 2021A Debt Service Reserve Requirements. The Series 2021A Debt
Service Reserve Requirement will be $-0-.
Section 305. Application of Proceeds of Series 2021A Bonds. From the proceeds of the
Series 2021A Bonds there shall be paid to or on behalf of the Trustee for deposit as follows:
(i) $-0- into the Series 2021A Bond Service Subaccount;
(ii) $-0- into the Series 2021A Debt Service Reserve Subaccount;
(iii) $ into the LBA Escrow Account held by the LBA Escrow
Agent to provide for the purchasing of the 2013A LBA Project and the 2014A LBA Project
and the redemption of the Refunded LBA Bonds;
(iv) $ into the STR Escrow Account held by the STR Escrow Agent
to provide for the refunding of the Refunded STR Bonds; and
(v) the balance of the proceeds of the sale of the Series 2021A Bonds shall be
deposited into the Series 2021A Cost of Issuance Fund.
- 15 - Supplemental Indenture
Section 306. Transfer of Moneys in the Prior Bond Service Subaccounts. Any moneys
remaining in the Series 2012A Bond Service Subaccount (consisting of moneys set aside to pay
debt service on the Series 2012A Bonds) following the redemption of the Series 2012A Bonds
shall be transferred to the Series 2021A Bond Service Subaccount and used to pay debt service on
the Series 2021A Bonds. Any moneys remaining in the Series 2013B Bond Service Subaccount
(consisting of moneys set aside to pay debt service on the Series 2013B Bonds) following the
redemption of the Series 2013B Bonds shall be transferred to the Series 2021A Bond Service
Subaccount and used to pay debt service on the Series 2021A Bonds.
ARTICLE IV
REDEMPTION OF REFUNDED BONDS
The Refunded STR Bonds are hereby irrevocably called for redemption on April 1, 2022,
for the Series 2012A Refunded Bonds and October 1, 2023, for the Series 2013B Refunded Bonds,
at the Redemption Price of one hundred percent (100%) of the Principal amount of each such
Refunded Bond so called for redemption plus accrued interest thereon to the date fixed for
redemption. Notice of such redemption shall be given as provided in the Indenture and in
accordance with the provisions of the STR Escrow Agreement.
[The Refunded LBA Bonds are hereby irrevocably called for redemptio n on October 15,
2023 at the Redemption Price of one hundred percent (100%) of the Principal amount of each such
Refunded LBA Bond so called for redemption plus accrued interest thereon to the date fixed for
redemption. Notice of such redemption shall be given as provided in the Lease and the LBA
Indenture and in accordance with the provisions of the LBA Escrow Agreement.]
ARTICLE V
{RESERVED}
ARTICLE VI
FORM OF SERIES 2021A BONDS
Section 601. Form of Series 2021A Bonds. Subject to the provisions of the Indenture, each
Series 2021A Bond shall be in substantially the form attached hereto as Exhibit A, 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 Indenture.
- 16 - Supplemental Indenture
ARTICLE VII
MISCELLANEOUS
Section 701. System of Registration. The Indenture shall constitute a system of registration
within the meaning and for all purposes of the Registered Public Obligations Act, Chapter 7 of
Title 15, Utah Code Annotated 1953, as amended.
Section 702. Authorized Officer. The Mayor, the Chief of Staff, the City Recorder, any
Deputy City Recorder, the City Treasurer, the Deputy Treasurer of the City, or other officers of
the City are each hereby designated as an “Authorized Officer” as that term is defined in Section
1.01 of the Indenture.
Section 703. Notice to Rating Agencies. The Trustee will promptly notify in writing each
Rating Agency then rating the Series 2021A Bonds of the following events:
(a) the redemption, purchase, payment, acceleration of maturity or defeasance
of Outstanding Series 2021A Bonds;
(b) amendments to the Indenture (including this Supplemental
Indenture) of which the Trustee has notice; and
(c) a change in the Trustee.
Notices shall be mailed by first-class mail, postage prepaid, to such address as the Trustee
has been advised in writing by the City or such Rating Agency is appropriate for sending such
notices.
Section 704. Limitation on Duties of Trustee. The Trustee shall not be required to expend,
advance, or risk its own funds or incur any financial liability in the performance of its duties or in
the exercise of any of its rights or powers if it shall have reasonable grounds for believing that
repayment of such funds or satisfactory indemnity against such risk or liability is not assured to it.
Section 705. Article and Section Headings. The headings or titles of the several articles
and sections hereof, and any table of contents appended to copies hereof, shall be solely for
convenience of reference and shall not affect the meaning, construction or effect of this
Supplemental Indenture.
Section 706. Amendments to this Supplemental Indenture. This
Supplemental Indenture may be amended without the consent of the Holders of the Series 2021A
Bonds to make any change necessary to evidence or give effect to, or to facilitate, provide for or
authorize the delivery and administration under this _ Supplemental Indenture of any
Security Instrument.
Section 707. Partial Invalidity. If any one or more of the covenants or agreements, or
portions thereof, provided in this Supplemental Indenture to be performed shall be
- 17 - Supplemental Indenture
contrary to law (other than Section 12.01 of the Indenture and any other provisions of the Indenture
and the Series 2021A Bonds limiting the liability of the City to make payments on such Series
2021A Bonds solely from Revenues and other amounts pledged therefore by the Indenture), then
such covenant or covenants, such agreement or agreements, or such portions thereof, shall be null
and void and shall be deemed separable from the remaining covenants and agreements or portions
thereof and shall in no way affect the validity of this Supplemental Indenture or of
the Series 2021A Bonds; but the Holders of the Series 2021A Bonds shall retain all the rights and
benefits accorded to them under the Act or any other applicable provisions of law.
Section 708. Representation Regarding Ethical Standards for City Officers and
Employees and Former City Officers and Employees. The Trustee represents that it has not:
(a) provided an illegal gift or payoff to a City officer or employee or former City officer or
employee, or his or her relative or business entity; (b) retained any person to solicit or secure
this contract upon an agreement or understanding for a commission, percentage, or
brokerage or contingent fee, other than bona fide employees or bona fide commercial selling
agencies for the purpose of securing business; (c) knowingly breached any of the ethical
standards set forth in the City’s conflict of interest ordinance, Chapter 2.44, Salt Lake City
Code; or (d) knowingly influenced, and hereby promises that it will not knowingly influence,
a City officer or employee or former City officer or employee to breach any of the ethical
standards set forth in the City’s conflict of interest ordinance, Chapter 2.44, Salt Lake City
Code.
(Signature page follows.)
- 18 - Supplemental Indenture
IN WITNESS WHEREOF, the City has caused this Supplemental Indenture to be
executed by the Mayor and attested and countersigned by the City Recorder, and its official seal
to be hereunto affixed and attested by the City Recorder, and to evidence its acceptance of the
trusts hereby created, Zions Bancorporation, National Association has caused this
Supplemental Indenture to be executed by its Trust Officer, all as of the date hereof.
SALT LAKE CITY, UTAH
By
Mayor
ATTEST AND COUNTERSIGN:
By
City Recorder
[SEAL]
APPROVED AS TO FORM:
By
Senior City Attorney
ZIONS BANCORPORATION, NATIONAL
ASSOCIATION, as Trustee
By
Trust Officer
A-1 Supplemental Indenture
EXHIBIT A
[FORM OF BOND]
Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New
York corporation (“DTC”), to the City or its agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of Cede & Co. or in such other n ame as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.
REGISTERED REGISTERED
No. R- $
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY
FEDERALLY TAXABLE SALES AND EXCISE TAX REVENUE REFUNDING BOND
SERIES 2021A
INTEREST RATE MATURITY DATE DATED DATE CUSIP
% October 1, [October 19], 2021
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DOLLARS
KNOW ALL MEN BY THESE PRESENTS that Salt Lake City, Utah (the “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 registered owner identified
above, or registered assigns, on the maturity date identified above, unless this Bond shall have
been called for redemption and payment of the redemption price shall have been duly made or
provided for, upon presentation and surrender hereof, the principal amount identified above, and
to pay, in the manner and from the source hereinafter provided, to the registered owner hereof
interest on the balance of said principal amount from time to time remaining unpaid from the
interest payment date next preceding the date of registration and authentication of this Bond, unless
this Bond is registered and authenticated as of an interest payment date, in which event this Bond
shall bear interest from such interest payment date, or unless this Bond is registered and
A-2 Supplemental Indenture
authenticated prior to the first interest payment date, in which event this Bond shall bear interest
from the dated date specified above, or unless, as shown by the records of the hereinafter referred
to Trustee, interest on the hereinafter referred to Series 2021A Bonds shall be in default, in which
event this Bond shall bear interest from the date to which interest has been paid in full, at the rate
per annum specified above (calculated on the basis of a year of 360 days comprised of twelve 30-
day months), payable in each year on April 1 and October 1, beginning April 1, 2022, until
payment in full of such principal amount, except as the provisions hereinafter set forth with respect
to redemption prior to maturity may become applicable hereto. This Bond, as to principal and
redemption price when due, will be payable at the principal corporate trust operations office of
Zions Bancorporation, National Association, of Salt Lake City, Utah, as paying agent of the City,
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, that payment of the interest hereon shall be made to the registered owner hereof and shall
be paid by check or draft mailed to the person who is the registered owner of record as of the close
of business on the fifteenth day of the month next preceding each interest payment date (the
“Record Date”) at his or her address as it appears on the registration books of the Trustee (as
defined below) or at such other address as is furnished in writing by such registered owner to the
Trustee prior to the Record Date.
THE CITY IS OBLIGATED TO PAY PRINCIPAL OF, 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 INDENTURE (AS DEFINED BELOW). THIS BOND IS NOT A DEBT OF THE
CITY WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY LIMITATIONS OF
INDEBTEDNESS OR PROVISIONS THEREFOR. PURSUANT TO THE INDENTURE, SUFFICIENT REVENUES
HAVE BEEN PLEDGED AND WILL BE SET ASIDE INTO SPECIAL FUNDS BY THE CITY TO PROVIDE FOR
THE PROMPT PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THIS BOND AND ALL BONDS OF THE
SERIES OF WHICH IT IS A PART.
This Bond and the issue of Bonds of which it is a part are issued in conformity with and
after full compliance with the Constitution of the State of Utah and pursuant to the provisions of
the Local Government Bonding Act, Chapter 14 of Title 11, Utah Code Annotated 1953, as
amended, the Utah Refunding Bond Act, Chapter 27 of Title 11, Utah Code Annotated 1953, as
amended, and all other laws applicable thereto (collectively, the “Act”).
This Bond is a special obligation of the City and is one of the Sales and Excise Tax Revenue
Bonds of the City (the “Bonds”) issued under and by virtue of the Act and under and pursuant to
a Master Trust Indenture, dated as of September 1, 2004, as heretofore amended and supplemented
(the “Master Indenture”), between the City and Zions Bancorporation, National Association, as
trustee (said trustee and any successor thereto under the Master Indenture being herein referred to
as the “Trustee”), and as further amended and supplemented by a Supplemental Trust
Indenture, dated as of October 1, 2021 (the “ Supplemental Indenture”), between the
City and the Trustee (such Master Indenture, as amended and supplemented by the
Supplemental Indenture and as hereafter amended and supplemented, being herein referred to as
the “Indenture”), for the purpose of refinancing certain outstanding Bonds of the City and paying
all expenses incident thereto and to the issuance of the Series 2021A Bonds described below.
A-3 Supplemental Indenture
As provided in the Indenture, 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 Indenture, and the aggregate principal amount of Bonds
which may be issued is not limited. All Bonds issued and to be issued under the Indenture 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 Indenture.
This Bond is one of a Series of Bonds designated as “Federally Taxable Sales and Excise
Tax Revenue Refunding Bonds, Series 2021A” (the “Series 2021A Bonds”), limited to the
aggregate principal amount of $ , dated as of the dated date identified above, and duly
issued under and by virtue of the Act and under and pursuant to the Indenture. Copies of the
Indenture are on file at the office of the City Recorder in Salt Lake City, Utah, and at the principal
corporate trust office of the Trustee, in Salt Lake City, Utah, and reference to the Indenture and
the Act is made for a description of the pledge and covenants securing the Series 2021A Bonds,
the nature, manner and extent of enforcement of such pledge and covenants, the terms and
conditions upon which the Series 2021A 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 Indenture may be discharged at
or prior to the maturity or redemption of the Series 2021A Bonds upon the making of provision
for the payment thereof on the terms and conditions set forth in the Indenture.
To the extent and in the respects permitted by the Indenture, the Indenture may be modified,
supplemented or amended by action on behalf of the City taken in the manner and subject to the
conditions and exceptions prescribed in the Indenture. The holder or owner of this Bond shall
have no right to enforce the provisions of the Indenture 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
Indenture or to institute, appear in, or defend any suit or other proceeding with respect thereto,
except as provided in the Indenture.
This Bond is transferable, as provided in the Indenture, 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 or her 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 of the same aggregate principal amount and series,
designation, maturity and interest rate as the surrendered Bond, all as provided in the Indenture
and upon the payment of the charges therein prescribed. The City and the Trustee 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 Series 2021A Bonds are issuable solely in the form of fully registered Bonds, without
coupons, in the denomination of $5,000 or any whole multiple of $5,000.
[The Series 2021A Bonds maturing on or after October 1, 203_, are subject to redemption,
in whole or in part, at the election of the City on any date on or after 1, 203_ (if in
A-4 Supplemental Indenture
part, such Series 2021A Bonds to be redeemed shall be selected from such maturities as shall be
determined by the City in its discretion and within each maturity as selected by the Trustee), upon
notice given as hereinafter set forth, at a redemption price equal to the principal amount thereof
plus accrued interest to the redemption date.
The Series 2021A Bonds maturing on October 1, 20 (the “Series 2021A Term Bonds”),
are subject to redemption in part by operation of Sinking Fund Installments as provided in the
Indenture, upon notice as provided in the Indenture, at a redemption price equal to the Principal
amount of the Series 2021A Term Bonds or portion thereof to be redeemed, together with accrued
interest to the date of redemption. The amounts and due dates of the Sinking Fund Installments
for the Series 2021A Term Bonds are set forth in the following table:
OCTOBER 1
OF THE YEAR
MANDATORY
REDEMPTION AMOUNT
$
*
* Stated Maturity
In determining the amount of any Sinking Fund Installment due on any date specified above, there
shall be deducted the principal amount of any Series 2021A Term Bonds which have been
redeemed or purchased on a date not less than 30 days preceding the date on which such Sinking
Fund Installment is due from moneys accumulated in the Bond Service Account with respect to
such Sinking Fund Installment. Upon any purchase or redemption of the Series 2021A Term
Bonds, there will be credited toward the Sinking Fund Installments thereafter to become due such
amount as may be designated by the City in a Written Request delivered to the Trustee.
With respect to any notice of optional redemption of Series 2021A Bonds, unless upon the
giving of such notice such Series 2021A Bonds shall be deemed to have been paid within the
meaning of Article XI of the Indenture, such notice may state that such redemption shall be
conditioned upon the receipt by the Trustee on or prior to the date fixed for such redemption of
money sufficient to pay the Redemption Price of and interest on the Series 2021A Bonds to be
redeemed, and that if such money shall not have been so received said notice shall be of no force
and effect, and the City shall not be required to redeem such Series 2021A Bonds. In the event
that such notice of redemption contains such a condition and such money is not so received, the
redemption shall not be made and the Trustee shall within a reasonable time thereafter give notice,
in the manner in which the notice of redemption was given, that such money was not so received
and that such redemption was not made.
If less than all of the Series 2021A Bonds are to be redeemed, the particular Series 2021A
Bonds to be redeemed shall be selected as provided in the Indenture.
A-5 Supplemental Indenture
Notice of redemption shall be given by first-class mail, not less than thirty nor more than
sixty days prior to the redemption date, to the registered owner of each Series 2021A Bond being
redeemed, at his or her 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.
If notice of redemption shall have been given as aforesaid, the Series 2021A 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 Series 2021A 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 Series 2021A Bonds shall cease to accrue and become
payable.
Less than all of a Series 2021A Bond in a denomination in excess of $5,000 may be so
redeemed, and in such case, upon the surrender of such Series 2021A Bond, there shall be issued
to the registered owner thereof, without charge therefor, for the unredeemed balance of the
principal amount of such Series 2021A Bond, at the option of such owner, registered Series 2021A
Bonds of any of the authorized denominations, all as more fully set forth in the Indenture.]
Except as otherwise provided herein and unless the context clearly indicates otherwise,
words and phrases used herein shall have the same meanings as such words and phrases in the
Indenture.
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 Indenture 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 Bonds, together with all other indebtedness of the City,
is within every debt and other limit prescribed by said Constitution and statutes.
This Bond shall not be valid until the Certificate of Authentication hereon shall have been
signed by the Trustee.
(Signature page follows.)
A-6 Supplemental Indenture
IN WITNESS WHEREOF, SALT LAKE CITY, UTAH, has caused this Bond to be signed in its
name and on its behalf by the signature of its Mayor, and its corporate seal to be impressed or
imprinted hereon, and attested and countersigned by the signature of its City Recorder, all as of
the dated date specified above.
SALT LAKE CITY, UTAH
By
Mayor
[SEAL]
ATTEST AND COUNTERSIGN:
By
City Recorder
A-7 Supplemental Indenture
[FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION]
This Bond is one of the Bonds described in the within mentioned Indenture and is one of
the Federally Taxable Sales and Excise Tax Revenue Refunding Bonds, Series 2021A, of Salt
Lake City, Utah.
Date of registration and authentication: .
ZIONS BANCORPORATION, NATIONAL
ASSOCIATION, as Trustee
By
Authorized Officer
A-8 Supplemental Indenture
[FORM OF ASSIGNMENT]
The following abbreviations, when used in the inscription on the face of the within Bond,
shall be construed as though they were written out in full according to applicable laws or
regulations.
TEN COM — as tenants in common UNIF TRAN MIN ACT—
TEN ENT — as tenants by the entirety Custodian
JT TEN — as joint tenants with right
of survivorship and not as
(Cust) (Minor)
under Uniform Transfers to Minors Act of
tenants in common
(State)
Additional abbreviations may also be used though not in the above list.
FOR VALUE RECEIVED the undersigned sells, assigns and transfers unto
Insert Social Security or Other
Identifying Number of Assignee
(Please Print or Typewrite Name and Address of Assignee)
the within Bond of SALT LAKE CITY, UTAH, and hereby irrevocably constitutes and appoints
attorney to register the
transfer of the Bond on the books kept for registration thereof, with full power of substitution in
the premises.
DATED:
SIGNATURE GUARANTEED:
SIGNATURE:
NOTICE: Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Bond Registrar, which requirements include membership or participation in
STAMP or such other “signature guarantee program” as may be determined by the Bond Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities and Exchange
Act of 1934, as amended.
NOTICE: The signature to this assignment must correspond with the name as it appears upon the
face of the within Bond in every particular, without alteration or enlargement or any change
whatever.
Draft of
6/18/21
CERTIFICATE OF DETERMINATION
PURSUANT TO
RESOLUTION NO. OF 2021
PROVIDING FOR THE ISSUANCE OF
SALES AND EXCISE TAX REVENUE BONDS
DATED: , 2021
1. Authority; Definitions. Pursuant to Resolution No. of 2021, adopted by the City
Council (the “City Council”) of Salt Lake City, Utah (the “City”) on August 17, 2021 (the
“Resolution”), the City Council has authorized the issuance of the City’s Federally Taxable Sales
and Excise Tax Revenue Refunding Bonds, Series 2021 (the “Series 2021 Bonds”) under and
pursuant to that certain Master Trust Indenture, dated as of September 1, 2004, as heretofore
amended and supplemented, and as further amended and supplemented by that certain
Supplemental Trust Indenture, dated as of October 1, 2021 (collectively, the “Indenture”), each
between the City and the Zions Bancorporation, National Association, as trustee (the “Trustee”).
This certificate is executed pursuant to and in accordance with the delegation of authority
contained in the Resolution, as authorized by law. All terms used herein and not otherwise defined
herein shall have the meanings specified in the Resolution or the Indenture.
2. Acceptance of Offer. The offer of (the “Underwriter”) for
the purchase of the Series 2021 Bonds, which is set out in full in the Bond Purchase Contract,
dated the date hereof (the “Purchase Contract”), between the City and Underwriter, is hereby
accepted, it being hereby found, determined and declared that such offer is in the best interests of
the City. The Series 2021 Bonds shall be issued by the City for the purposes set forth in the
Indenture. The sale of the Series 2021 Bonds to the Underwriter at the price of $
(representing the par amount of the Series 2021 Bonds, plus $ original issue premium
and less $ Underwriter’s discount) is hereby confirmed. The Series 2021 Bonds shall be
delivered to the Underwriter and the proceeds of sale thereof applied as provided in the
Indenture, the Purchase Contract and paragraph 4 hereof.
3. Aggregate Principal Amount and Maturities of Series 2021 Bonds. The Series 2021
Bonds shall be issued in the aggregate principal amount of $ . The Series 2021 Bonds
shall mature on October 1 of the years, and shall bear interest (on a taxable basis) payable
semiannually on April 1 and October 1, commencing 1, 202_, at the rates per annum
as follows:
OCTOBER 1
2021
2022
2023
2024
AMOUNT
MATURING
INTEREST
RATE
Exc C to Deleg Reso - Certificate of Determination (refunding) v2.docx
8709966/RDB/mo
- 2 - 2021 Refunding Certificate of Determination
OCTOBER 1
AMOUNT
MATURING
INTEREST
RATE
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
4. Use of Proceeds. (a) The proceeds of the sale of the Series 2021 Bonds shall be
deposited and used as follows:
(i) $-0- into the Series 2021 Bond Service Subaccount;
(ii) $-0- into the Series 2021 Debt Service Reserve Subaccount;
(iii) $ into LBA Escrow Account held by the LBA Escrow Agent to
provide for the refunding of the Refunded LBA Bonds;
(iv) $ into STR Escrow Account held by the STR Escrow Agent to
provide for the refunding of the Refunded STR Bonds; and
(v) all remaining proceeds shall be deposited into the Series 2021 Cost of
Issuance Fund.
5. Refunded Bonds. (a) The portion of the City’s currently outstanding Series 2012A
Bonds to be refunded as Series 2012A Refunded Bonds pursuant to the Resolution and the
Indenture shall be as follows:
SCHEDULED
MATURITY
(OCTOBER 1)
PRINCIPAL
AMOUNT
INTEREST
RATE
TOTAL:
- 3 - 2021 Refunding Certificate of Determination
(b) The portion of the City’s currently outstanding Series 2013B Bonds to be refunded
as Series 2013B Refunded Bonds pursuant to the Resolution and the Indenture shall be as follows:
SCHEDULED
MATURITY
(OCTOBER 1)
PRINCIPAL
AMOUNT
INTEREST
RATE
TOTAL:
(c) The portion of the Authority’s currently outstanding 2013A LBA Bonds to be
refunded as 2013A LBA Refunded Bonds pursuant to the Resolution and the Indenture shall be as
follows:
SCHEDULED
MATURITY
(OCTOBER 15)
PRINCIPAL
AMOUNT
INTEREST
RATE
TOTAL:
(d) The portion of the Authority’s currently outstanding 2014A LBA Bonds to be
refunded as 2014A LBA Refunded Bonds pursuant to the Resolution and the Indenture shall be as
follows:
SCHEDULED
MATURITY
(APRIL 15)
PRINCIPAL
AMOUNT
INTEREST
RATE
- 4 - 2021 Refunding Certificate of Determination
SCHEDULED
MATURITY
(APRIL 15)
PRINCIPAL
AMOUNT
INTEREST
RATE
TOTAL:
6. Optional Redemption. (a) The Series 2021 Bonds maturing on or after October 1,
203_, are subject to redemption at the election of the City on any date on or after 1,
20 , in whole or in part (if in part, such Series 2021 Bonds to be redeemed will be selected from
such maturities as are determined by the City in its discretion and within each maturity as selected
by the Trustee), upon notice as provided below. Such optional redemption of the Series 2021
Bonds will be at the redemption price equal to the principal amount thereof, but without premium,
plus accrued interest thereon to the redemption date.
(b) The Series 2021_ Bonds maturing on October 1, 20 (the “Series 2021_ Term
Bonds”) are subject to redemption in part by operation of Sinking Fund Installments as provided
in the Indenture, upon notice as provided in Section 4.03 of the Indenture, at a redemption price
equal to the principal amount of the Series 2021_ Term Bonds or portion thereof to be redeemed,
together with accrued interest to the date of redemption. The amounts and due dates of the Sinking
Fund Installments for the Series 2021_ Term Bonds are set forth in the following table:
OCTOBER 1
OF THE YEAR
MANDATORY
REDEMPTION AMOUNT
*
* Stated Maturity
(Signature page follows.)
IN WITNESS WHEREOF, we have hereunto set our hand on the day of _ ,
2021.
By
Mayor
By
Chair
Salt Lake City Council
APPROVED AS TO FORM:
By
Senior City Attorney
2021 Refunding Certificate of Determination
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Draft of 6/18/21
PRELIMINARY OFFICIAL STATEMENT DATED , 2021
NEW ISSUE—Issued in Book-Entry Only Form RATING: S&P “ ”
Moody’s “ ”
See “RATING” herein.
Interest on the Series 2021A Bonds is includible in gross income of the owners thereof for federal income tax purposes.
In the opinion of Chapman and Cutler LLP, Bond Counsel, under the existing laws of the State of Utah, as presently enacted an d
construed, interest on the Series 2021A Bonds is exempt from taxes imposed by the Utah Individual Income Tax Act. See “TAX
TREATMENT” herein for a more complete discussion.
$ *
SALT LAKE CITY, UTAH
FEDERALLY TAXABLE SALES AND
EXCISE TAX REVENUE REFUNDING BONDS
SERIES 2021A
DATED: Date of Delivery DUE: October 1, as shown on inside-cover
The $ * Federally Taxable Sales and Excise Tax Revenue Refunding Bonds, Series 2021A, dated the date of
delivery thereof, are issuable by the City as fully-registered bonds and, when initially issued, will be in book-entry form only,
registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York. DTC will act as
securities depository for the Series 2021A Bonds. See “THE SERIES 2021A BONDS – Book-Entry Only System” herein.
The Series 2021A Bonds are being issued for the purpose of paying all or part of the cost of (a) refunding a portion of
the City’s currently outstanding (i) Sales Tax Revenue Bonds, Series 2012A and (ii) Sales Tax Revenue Bonds, Series 2013B; (b )
refinancing certain lease obligations of the City by exercising the City’s option to purchase certain leased property that was financed
by the issuance of the Local Building Authority of Salt Lake City, Utah’s (i) Lease Revenue Bonds, Series 2013A and (ii) Lease
Revenue Bonds, Series 2014A, (c) funding any necessary reserves and contingencies in connection with the Series 2021A Bonds
and (d) paying all related costs authorized by law.
Principal of and interest on the Series 2021A Bonds (interest payable April 1 and October 1 of each year, commencing
1, 202_) are payable by Zions Bancorporation, National Association, Salt Lake City, Utah, as Trustee, to the registered
owners thereof, initially DTC.
The Series 2021A Bonds are subject to optional and mandatory sinking fund redemption prior to maturity. See “THE
SERIES 2021A BONDS – Redemption Provisions” herein.
The Series 2021A Bonds are special limited obligations of the City payable solely from the Revenues, moneys, securities
and funds pledged therefor under the Indenture on a parity basis with the Bonds, including the Outstanding Parity Bonds, that have
been or may be issued by the City pursuant to the provisions of the Indenture. The Revenues consist of the Pledged Excise Tax es.
No assurance can be given that the Revenues will remain sufficient for the payment of the Principal of or interest on the Series
2021A Bonds, and the City is limited by Utah law in its ability to increase the rate of the Pledged Excise Taxes. See “RISK
FACTORS” herein. The Series 2021A Bonds do not constitute a general obligation indebtedness or a pledge of the ad valorem taxing
power or the full faith and credit of the City, and are not obligations of the State of Utah or any other agency or other pol itical
subdivision or entity of the State of Utah. See “SECURITY FOR THE SERIES 2021A BONDS” herein.
The Series 2021A Bonds are offered when, as and if issued and received by the Underwriter, subject to prior sale and to
the approval of legality by Chapman and Cutler LLP, Bond Counsel, and certain other conditions. Certain legal matters will be
passed upon for the City by Katherine N. Lewis, City Attorney and by Chapman and Cutler LLP, Disclosure Counsel to the City.
The Underwriter is being represented by its counsel, . It is expected that the Series 2021A Bonds will be
available for delivery to DTC or its agent on or about October 19, 2021.
[Underwriter]
This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must
read the entire Official Statement to obtain information essential to the making of an informed investment decision.
This Official Statement is dated , 2021 and the information contained herein speaks only as of that date.
* Preliminary; subject to change.
Exh D to Deleg Reso - Preliminary Official Statement (Refunding) v2.docx—8709966/RDB/mo
MATURITY SCHEDULE*
$
SALT LAKE CITY, UTAH
FEDERALLY TAXABLE SALES AND EXCISE TAX REVENUE REFUNDING BONDS
SERIES 2021A
DUE
OCTOBER 1
PRINCIPAL
AMOUNT
INTEREST
RATE
YIELD
CUSIP†
2021 % %
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
* Preliminary; subject to change.
CITY COUNCIL
$ *
SALT LAKE CITY, UTAH
FEDERALLY TAXABLE SALES AND
EXCISE TAX REVENUE REFUNDING BONDS
SERIES 2021A
Salt Lake City
City and County Building
451 South State Street
Salt Lake City, Utah 84111
(801) 535-7946
Amy Fowler ............................................................................................................................. Council Chair
James Rogers ................................................................................................................... Council Vice Chair
Daniel Dugan ....................................................................................................................... Council Member
Dennis Faris ......................................................................................................................... Council Member
Darin Mano .......................................................................................................................... Council Member
Analia Valdemoros .............................................................................................................. Council Member
Chris Wharton ...................................................................................................................... Council Member
CITY ADMINISTRATION
Erin J. Mendenhall ............................................................................................................................... Mayor
Rachel Otto ............................................................................................................................... Chief of Staff
Katherine N. Lewis ................................................................................................................... City Attorney
Cindy Lou Trishman ................................................................................................................ City Recorder
Marina Scott ............................................................................................................................. City Treasurer
BOND COUNSEL UNDERWRITER’S COUNSEL
Chapman and Cutler LLP
215 South State, Suite 800
Salt Lake City, Utah 84111
(801) 533-0066 ( ) _ -
MUNICIPAL ADVISOR TRUSTEE, REGISTRAR AND PAYING AGENT
Stifel, Nicolaus & Company, Incorporated Zions Bancorporation, National Association
15 West South Temple, Suite 1090 One South Main Street, 12th Floor
Salt Lake City, Utah 84101 Salt Lake City, Utah 84133
(385) 799-7231 (801) 844-7517
INDEPENDENT AUDITORS
Eide Bailly LLP
5 Triad Center, Suite 600
Salt Lake City, Utah 84180
(801) 532-2200
* Preliminary; subject to change.
The information set forth herein has been obtained from Salt Lake City, Utah (the “City”),
The Depository Trust Company and other sources that are believed to be reliable. No dealer,
broker, salesperson or any other person has been authorized by the City or the Underwriter to give
any information or to make any representations other than those contained in this Official
Statement in connection with the offering contained herein, and, if given or made, such information
or representations must not be relied upon as having been authorized by the Underwriter. This
Official Statement does not constitute an offer to sell or solicitation of an offer to buy, nor shall
there be any sale of, the Series 2021A Bonds by any person in any jurisdiction in which it is
unlawful for such person to make such offer, solicitation or sale. The information and expressions
of opinion herein are subject to change without notice, and neither delivery of this Official
Statement nor any sale made thereafter shall under any circumstances create any implication that
there has been no change in the affairs of the City or in any other information contained herein
since the date hereof.
IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY ENGAGE IN TRANSACTIONS
THAT STABILIZE, MAINTAIN OR OTHERWISE AFFECT MARKET PRICES OF THE SERIES 2021A BONDS.
SUCH TRANSACTIONS, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.
THE UNDERWRITER HAS PROVIDED THE FOLLOWING SENTENCE FOR INCLUSION IN THIS
OFFICIAL STATEMENT. THE UNDERWRITER HAS REVIEWED THE INFORMATION IN THIS OFFICIAL
STATEMENT IN ACCORDANCE WITH, AND AS PART OF ITS RESPONSIBILITIES TO INVESTORS UNDER THE
FEDERAL SECURITIES LAWS AS APPLIED TO THE FACTS AND CIRCUMSTANCES OF THIS TRANSACTION ,
BUT THE UNDERWRITER DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF SUCH
INFORMATION.
This Official Statement contains “forward-looking statements” within the meaning of the
federal securities laws. These forward-looking statements include, among others, statements
concerning expectations, beliefs, opinions, future plans and strategies, anticipated events or trends
and similar expressions concerning matters that are not historical facts. The forward-looking
statements in this Official Statement are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed in or implied by such statements.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
The City maintains a website. However, the information presented on that website is not a part of
this Official Statement and should not be relied upon in making an investment decision with respect to the
Series 2021A Bonds.
- i -
TABLE OF CONTENTS
PAGE
INTRODUCTION ................................................................................................................................................................. 1
The City ................................................................................................................................. 1
Authorization and Purpose of the Series 2021A Bonds ......................................................... 2
Security and Source of Payment ............................................................................................ 2
Outstanding Parity Bonds ...................................................................................................... 3
Additional Bonds ................................................................................................................... 3
No Debt Service Reserve ....................................................................................................... 4
Redemption ............................................................................................................................ 4
Registration, Denomination and Manner of Payment ............................................................ 4
Tax Treatment ........................................................................................................................ 4
Conditions of Delivery, Anticipated Date, Manner and Place of Delivery............................ 5
Continuing Disclosure ........................................................................................................... 5
Basic Documentation ............................................................................................................. 5
Contact Person ....................................................................................................................... 6
Additional Information .......................................................................................................... 6
PLAN OF REFUNDING ...................................................................................................................................................... 6
Refunding of Sales Tax Revenue Bonds ................................................................................ 6
Refinancing of LBA Bonds ................................................................................................... 8
SOURCES AND USES OF FUNDS................................................................................................................................. 11
THE SERIES 2021A BONDS ........................................................................................................................................ 11
General ................................................................................................................................. 11
Book-Entry Only System ..................................................................................................... 12
Payment of Principal and Interest ........................................................................................ 12
Redemption Provisions ........................................................................................................ 12
Notice of Redemption .......................................................................................................... 13
Registration, Transfer and Exchange ................................................................................... 14
SECURITY FOR THE SERIES 2021A BONDS ........................................................................................................... 15
Pledged Excise Taxes........................................................................................................... 15
Historical Pledged Excise Taxes .......................................................................................... 18
State Pledge of Nonimpairment ........................................................................................... 18
Flow of Funds ...................................................................................................................... 19
No Debt Service Reserve ..................................................................................................... 19
Outstanding Parity Bonds .................................................................................................... 20
Additional Bonds ................................................................................................................. 20
DEBT SERVICE SCHEDULE ON THE SERIES 2021A BONDS AND THE OUTSTANDING
PARITY BONDS ................................................................................................................................................ 22
RISK FACTORS ............................................................................................................................................................... 23
Uncertainty of Revenues ...................................................................................................... 23
The Series 2021A Bonds are Limited Obligations .............................................................. 23
Limitation on Increasing Rates for Pledged Excise Taxes .................................................. 23
Possible Use of Special Revenues to Meet Additional Bonds Test; Reliance on
Rating Agencies ............................................................................................................. 24
- ii -
THE CITY ......................................................................................................................................................................... 24
City Officials ........................................................................................................................ 24
City Administration ............................................................................................................. 25
City Fund Structure; Accounting Basis ............................................................................... 25
Financial Controls ................................................................................................................ 26
Budget and Appropriation Process ...................................................................................... 26
Insurance Coverage .............................................................................................................. 27
Investment Policy ................................................................................................................. 28
Employee Workforce and Retirement System; Postemployment Benefits ......................... 30
DEBT STRUCTURE ......................................................................................................................................................... 31
Outstanding Debt Issues ...................................................................................................... 31
FUTURE DEBT PLANS .................................................................................................................................................. 32
RECENT DEVELOPMENTS ........................................................................................................................................... 32
FINANCIAL INFORMATION REGARDING THE CITY ............................................................................................. 34
Five Year Financial Summary ............................................................................................. 34
Assessed Taxable and Estimated Fair Market Value of Taxable Property .......................... 38
Principal Property Taxpayers ............................................................................................... 38
TAX TREATMENT .......................................................................................................................................................... 38
Federal Income Taxation ..................................................................................................... 38
Utah Income Taxation .......................................................................................................... 39
NO DEFAULTED BONDS .............................................................................................................................................. 39
CONTINUING DISCLOSURE AGREEMENT ............................................................................................................... 39
UNDERWRITING ............................................................................................................................................................. 40
RATING ............................................................................................................................................................................. 40
ESCROW VERIFICATION .............................................................................................................................................. 41
MUNICIPAL ADVISOR .................................................................................................................................................. 41
LEGAL MATTERS........................................................................................................................................................... 41
Litigation .............................................................................................................................. 41
Approval of Legal Proceedings............................................................................................ 42
INDEPENDENT AUDITORS ........................................................................................................................................... 42
MISCELLANEOUS ........................................................................................................................................................... 42
Additional Information ........................................................................................................ 42
APPENDIX A — SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE FISCAL
YEAR ENDED JUNE 30, 2020
APPENDIX B — MASTER TRUST INDENTURE
APPENDIX C — DEMOGRAPHIC AND ECONOMIC INFORMATION REGARDING THE CITY AND
SALT LAKE COUNTY
APPENDIX D — PROPOSED FORM OF OPINION OF BOND COUNSEL
APPENDIX E — PROVISIONS REGARDING BOOK-ENTRY ONLY SYSTEM
APPENDIX F — FORM OF CONTINUING DISCLOSURE AGREEMENT
OFFICIAL STATEMENT
RELATING TO
$ *
SALT LAKE CITY, UTAH
FEDERALLY TAXABLE SALES AND
EXCISE TAX REVENUE REFUNDING BONDS
SERIES 2021A
INTRODUCTION
This Official Statement, including the cover page, introduction, and appendices, provides
information in connection with the issuance and sale by Salt Lake City, Utah (the “City”), of its
$ * Federally Taxable Sales and Excise Tax Revenue Refunding Bonds, Series 2021A
(the “Series 2021A Bonds”), initially issued in book-entry form only. This introduction is not a
summary of this Official Statement. It is only a brief description of and guide to, and is qualified
by more complete and detailed information contained in the entire Official Statement, including
the cover page and appendices hereto, and the documents summarized or described herein. A full
review should be made of the entire Official Statement. The offering of the Series 2021A Bonds
to potential investors is made only by means of the entire Official Statement.
See also the following appendices attached hereto: “APPENDIX A – SALT LAKE CITY
CORPORATION FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2020;”
“APPENDIX B – MASTER TRUST INDENTURE;” “APPENDIX C – DEMOGRAPHIC AND ECONOMIC
INFORMATION REGARDING THE CITY AND SALT LAKE COUNTY;” “APPENDIX D – PROPOSED FORM
OF OPINION OF BOND COUNSEL;” “APPENDIX E – PROVISIONS REGARDING BOOK-ENTRY ONLY
SYSTEM” and “APPENDIX F – FORM OF CONTINUING DISCLOSURE AGREEMENT.”
Capitalized terms used herein and not otherwise defined are defined in the conformed copy
of the Indenture (defined below) attached hereto as “APPENDIX B – MASTER TRUST INDENTURE.”
THE CITY
The City is a municipal corporation and political subdivision of the State of Utah (the
“State”) and is the capital of the State. The City is the most populous city in the State, with an
estimated 2020 population of approximately 200,831. The City has a council-mayor form of
government. For more information with respect to the City, see “THE CITY,” “DEBT STRUCTURE,”
“FINANCIAL INFORMATION REGARDING THE CITY,” “APPENDIX A – SALT LAKE CITY
CORPORATION FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2020” and
“APPENDIX C – DEMOGRAPHIC AND ECONOMIC INFORMATION REGARDING THE CITY AND SALT
LAKE COUNTY.”
* Preliminary; subject to change.
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AUTHORIZATION AND PURPOSE OF THE SERIES 2021A BONDS
The Series 2021A Bonds are being issued pursuant to (i) the Local Government Bonding
Act, Title 11, Chapter 14, and the Utah Refunding Bond Act, Title 11, Chapter 27, each of the
Utah Code Annotated 1953, as amended (the “Utah Code”), and other applicable provisions of
law (collectively, the “Act”), (ii) a resolution adopted by the City Council of the City on August
17, 2021 (the “Resolution”), that provides for the issuance and delivery of the Series 2021A
Bonds, and (iii) a Master Trust Indenture, dated as of September 1, 2004, as heretofore amended
and supplemented (the “Master Indenture”), and as further amended and supplemented by a
Supplemental Trust Indenture, dated as of October 1, 2021 (the “
Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each between
the City and Zions Bancorporation, National Association, as trustee (the “Trustee”). A conformed
copy of the Master Indenture is attached hereto as APPENDIX B.
The proceeds from the sale of the Series 2021A Bonds will be used for the purpose of (a)
refunding a portion of the City’s currently outstanding (i) Sales Tax Revenue Bonds, Series 2012A
(the “Series 2012A Bonds”) and (ii) Sales Tax Revenue Bonds, Series 2013B (the “Series 2013B
Bonds”); (b) refinancing certain lease obligations of the City by exercising the City’s option to
purchase certain leased property that was financed by the issuance of the Local Building Authority
of Salt Lake City, Utah’s (i) Lease Revenue Bonds, Series 2013A (the “2013A LBA Bonds”) and
(ii) Lease Revenue Bonds Bonds, Series 2014A (the “2014A LBA Bonds”) and (b) paying the costs
incurred in connection with the issuance and sale of the Series 2021A Bonds and the refunding of
the Refunded Bonds (defined below).
SECURITY AND SOURCE OF PAYMENT
The Series 2021A Bonds will be special limited obligations of the City, payable solely
from and secured solely by a pledge of the Revenues and certain funds and accounts pledged
therefor in the Indenture. “Revenues” means, collectively, all of the revenues received by the City
that are produced by:
(a) local sales and use taxes (the “Local Sales Taxes”);
(b) municipal energy sales and use taxes (the “Municipal Energy Taxes”);
(c) municipal telecommunications license taxes (the “Telecommunications
Taxes” and, collectively with the Local Sales Taxes and the Municipal Energy Taxes, the
“Pledged Sales and Use Taxes”);
(d) franchise fees for electric energy (the “Energy Franchise Fees”);
(e) franchise fees charged to the City’s Public Utilities Department (the “Public
Utilities Franchise Fees”); and
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(f) franchise fees associated with cable television (the “Cable Franchise Fees”
and, collectively with the Energy Franchise Fees and the Public Utilities Franchise Fees,
the “Pledged Franchise Fees”).
The term Revenues is used interchangeably herein with the term Pledged Excise Taxes.
No assurance can be given that the Revenues will remain sufficient for the payment of the
Principal or interest on the Series 2021A Bonds and the City is limited by contract or by State law
in its ability to increase the rate of the Pledged Excise Taxes. See “RISK FACTORS” herein. The
Series 2021A Bonds do not constitute a general obligation indebtedness or a pledge of the ad
valorem taxing power or the full faith and credit of the City, and are not obligations of the State or
any other agency or other political subdivision or entity of the State. See “SECURITY FOR THE
SERIES 2021A BONDS” herein.
The City currently levies the Pledged Excise Taxes at the maximum rates permitted by
State law. In general, the Pledged Sales and Use Taxes are collected by the Utah State Tax
Commission (the “Tax Commission”) and distributed to the City and all other counties and
municipalities in the State on a monthly basis. The Pledged Franchise Fees are collected by the
applicable franchisee and distributed to the City as required by contra ct or ordinance. See
“SECURITY FOR THE SERIES 2021A BONDS – Pledged Excise Taxes” and “RISK FACTORS” herein
for additional information.
OUTSTANDING PARITY BONDS
The Series 2021A Bonds will be issued on a parity with any other outstanding Bonds (as
defined below) issued from time to time under the Master Indenture, including*, but not limited
to, the City’s (i) Series 2012A Bonds, currently outstanding in the aggregate principal amount of
$680,000, (ii) Series 2013B Bonds, currently outstanding in the aggregate principal amount of
$1,010,000 (the “Series 2013B Bonds”), (iii) Sales and Excise Tax Revenue Bonds, Series 2014B,
currently outstanding in the aggregate principal amount of $8,430,000 (the “Series 2014B
Bonds”), (iv) Sales and Excise Tax Revenue Bonds, Series 2016A, currently outstanding in the
aggregate principal amount of $17,910,000 (the “Series 2016A Bonds”), (v) Sales and Excise Tax
Revenue Refunding Bonds, Series 2019A, currently outstanding in the aggregate principal amount
of $2,095,000 (the “Series 2019A Bonds”), (vi) Federally Taxable Sales and Excise Tax Revenue
Refunding Bonds, Series 2019B, currently outstanding in the amount of $54,740,000 (the “Series
2019B Bonds” and, collectively with the Series 2012A Bonds, the Series 2013B Bonds, the Series
2014B Bonds, the Series 2016A Bonds, the Series 2019A Bonds and the Series 2019B Bonds, the
“Outstanding Parity Bonds”).
ADDITIONAL BONDS
The Indenture permits the issuance of additional bonds secured by the Revenues, but
requires that the City provide certain certificates relating to certain conditions to the issuance of
Additional Bonds (as defined below). Included in those conditions is the requirement that the
* After giving effect to the refunding of the Refunded Bonds.
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Revenues for any Year within the 24 calendar months next preceding the authentication and
delivery of the Series 2021A Bonds (as defined below) proposed to be issued are equal to or greater
than 200% of the Maximum Annual Debt Service on all Outstanding Bonds upon the issuance of
the Series 2021A Bonds proposed to be issued. See “SECURITY FOR THE SERIES 2021A
BONDS – Additional Bonds” herein.
The Series 2021A Bonds, the Outstanding Parity Bonds and any additional bonds
heretofore or hereafter issued under the Indenture (the “Additional Bonds”) are referred to
collectively herein as the “Bonds.”
NO DEBT SERVICE RESERVE
There is no debt service reserve for either of the Series 2021A Bonds. See “SECURITY FOR
THE SERIES 2021A BONDS — No Debt Service Reserve” herein.
REDEMPTION
The Series 2021A Bonds are subject to optional and mandatory sinking fund redemption
prior to maturity as described herein. See “THE SERIES 2021A BONDS – Redemption Provisions”
herein.
REGISTRATION, DENOMINATION AND MANNER OF PAYMENT
The Series 2021A Bonds will be issued only as fully-registered bonds, and initially, will
be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New
York, New York (“DTC”). DTC will act as a securities depository for the Series 2021A Bonds
and purchases of beneficial interests in the Series 2021A Bonds initially will be made in book-entry
only form through brokers and dealers who are, or who act through DTC participants, and under
certain circumstances are exchangeable as more fully described herein. The Series 2021A Bonds
will be issued in the denomination of $5,000 and any whole multiple thereof.
Principal of and any premium on the Series 2021A Bonds are payable upon surrender
thereof at the principal corporate trust office of the Trustee, as Paying Agent for the Series 2021A
Bonds. Interest on the Series 2021A Bonds is payable on each Interest Payment Date (defined
below) to the registered owners thereof (initially DTC), as described herein. So long as DTC or
its nominee, Cede & Co., is the registered owner of the Series 2021A Bonds, payments of the
Principal of, and interest on such Series 2021A Bonds will be made directly to DTC. See “THE
SERIES 2021A BONDS – Book-Entry Only System” herein.
TAX TREATMENT
Interest on the Series 2021A Bonds is includible in gross income of the owners thereof for
federal income tax purposes. In the opinion of Chapman and Cutler LLP, Bond Counsel, under
the existing laws of the State of Utah, as presently enacted and construed, interest on the Series
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2021A Bonds is exempt from taxes imposed by the Utah Individual Income Tax Act. See “TAX
TREATMENT.”
CONDITIONS OF DELIVERY, ANTICIPATED DATE, MANNER AND PLACE OF DELIVERY
The Series 2021A Bonds are offered, subject to prior sale, when, as and if issued and
received by the Underwriter, subject to the approving legal opinion of Chapman and Cutler LLP,
Bond Counsel, and certain other conditions. Certain legal matters will be passed upon for the City
by the City Attorney and by Chapman and Cutler LLP, as the City’s Disclosure Counsel. The
Underwriter is being represented by its counsel, . It is expected that the Series
2021A Bonds in book-entry only form will be available for delivery through DTC or its a gent on
or about October 19, 2021.
CONTINUING DISCLOSURE
The City will execute a Continuing Disclosure Agreement for the benefit of the beneficial
owners of the Series 2021A Bonds to enable the Underwriter to comply with the requirements of
Rule 15c2-12 under the Securities Exchange Act of 1934. See “CONTINUING DISCLOSURE
AGREEMENT” and “APPENDIX F—FORM OF CONTINUING DISCLOSURE AGREEMENT.”
BASIC DOCUMENTATION
This Official Statement speaks only as of its date, and the information contained herein is
subject to change. Brief descriptions of the City and the Series 2021A Bonds are included in this
Official Statement. Such descriptions do not purport to be comprehensive or definitive. All
references herein to the Indenture are qualified in their entirety by reference to such document,
and references herein to the Series 2021A Bonds are qualified in their entirety by reference to the
form thereof included in the Indenture and the information with respect thereto included in the
aforementioned document, copies of which are available for inspection at the principal office of
the Trustee on or after the delivery of the Series 2021A Bonds. Descriptions of the Indenture and
the Series 2021A Bonds are qualified by reference to bankruptcy1 laws affecting the remedies for
the enforcement of the rights and security provided therein and the effect of the exercise of the
police power by any entity having jurisdiction. During the period of the offering of the Series
2021A Bonds, copies of the preliminary forms of any of the aforementioned documents will be
available from the “contact persons” as indicated herein. Also see “APPENDIX B – MASTER TRUST
INDENTURE” herein. The “basic documentation,” which includes the Resolution, the Indenture and
other documentation authorizing the issuance of the Series 2021A Bonds and establishing the
rights and responsibilities of the City and other parties to the transaction, may be obtained from
the “contact persons” as indicated herein.
1 There is currently no specific authorization under the Utah Code for the City to file bankruptcy under Chapter 9
of the U.S. Bankruptcy Code.
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CONTACT PERSON
is:
The primary contact for the City in connection with the issuance of the Series 2021A Bonds
Marina Scott, City Treasurer
451 South State Street, Room 228
P.O. Box 145462
Salt Lake City, Utah 84114-5462
(801) 535-6565
e-mail: marina.scott@slcgov.com
ADDITIONAL INFORMATION
In preparing this Official Statement, the City has relied upon information furnished by DTC
and others. This Official Statement also includes summaries of the terms of the Series 2021A
Bonds, the Indenture, certain provisions of the Act and the Utah Code. The summaries of and
references to all documents and statutes referred to herein do not purport to be complete,
comprehensive or definitive, and each such summary and reference is qualified in its entirety by
reference to each such document or statute.
Any statements in this Official Statement involving matters of opinion, whether or not
expressly so stated, are intended as such and not as representations of the fact. This Official
Statement is not to be construed as a contract or agreement between the City and the purchasers or
owners of any of the Series 2021A Bonds.
PLAN OF REFUNDING
The Series 2021A Bonds are being issued for the purpose of effecting an advanced
refunding prior to their maturity all of the 2012A Refunded Bonds and 2013B Refunded Bonds
(each as defined below). Proceeds of the Series 2021A Bonds will also be used by the City to
purchase two libraries from the Local Building Authority of Salt Lake City, Utah (the
“Authority”), that were previously financed with the proceeds of the 2013A LBA Bonds and the
2014A LBA Bonds; the purchase price paid for the two libraries will be used by the Authority to
effect an advanced refunding prior to their maturity all of the 2013A Refunded LBA Bonds and
2014A Refunded LBA Bonds (each as defined below)
REFUNDING OF SALES TAX REVENUE BONDS
Proceeds from the Series 2021A Bonds in the aggregate principal amount of $ ,
together with $ of funds on deposit in the bond service subaccount for the Series
2012A Bonds, will be deposited with Zions Bancorporation, National Association, as escrow agent
(the “STR Escrow Agent”), pursuant to an Escrow Agreement, dated as of October 1, 2021 (the
“STR Escrow Agreement”), to establish an irrevocable trust escrow account (the “STR Escrow
Account”), consisting of cash and noncallable direct full faith and credit obligations of the United
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States of America. Funds in the Escrow Account will be used to refund the Series 2012A Bonds
maturing on and after October 1, 2022 (the “2012A Refunded Bonds”). The 2012A Refunded
Bonds will be called for redemption on or about April 1, 2022, at a redemption price of one hundred
percent (100%) of the principal amount thereof plus accrued interest thereon to the redemption
date. The 2012A Refunded Bonds are scheduled to mature on the dates and in the amounts, and
bear interest at the rates, as follows:
SCHEDULED
MATURITY
(OCTOBER 1)
PRINCIPAL
AMOUNT
INTEREST
RATE
2022 $ 710,000 4.000%
2023 745,000 3.000
2024 785,000 3.000
2025 825,000 3.000
2026 870,000 3.000
2027 915,000 3.000
2028 960,000 3.000
2029 1,010,000 3.000
2030 1,060,000 3.000
2031 1,115,000 3.000
2032 1,170,000 3.125
TOTAL: $10,165,000
Proceeds from the Series 2021A Bonds in the aggregate principal amount of $ ,
together with $ of funds on deposit in the bond service subaccount for the Series
2013B Bonds, will be deposited in the STR Escrow Account and will be used to refund the Series
2013B Bonds maturing on and after October 1, 2024 (the “2013B Refunded Bonds” and,
collectively with the 2012A Refunded Bonds, the “Refunded STR Bonds”). The 2013B Refunded
Bonds will be called for redemption on or about October 1, 2023, at a redemption price of one
hundred percent (100%) of the principal amount thereof plus accrued interest thereon to the
redemption date. The 2013B Refunded Bonds are scheduled to mature on the dates and in the
amounts, and bear interest at the rates, as follows:
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SCHEDULED
MATURITY
(OCTOBER 1)
PRINCIPAL
AMOUNT
INTEREST
RATE
2024 $ 370,000 4.000%
2025 385,000 4.000
2026 400,000 4.000
2027 420,000 4.000
2028 435,000 4.000
2029 450,000 4.000
2030 470,000 4.000
2031 490,000 4.000
2032 510,000 4.000
2033 530,000 4.000
TOTAL: $4,4600,000
The cash and investments held in the STR Escrow Account will bear interest and mature
in amounts sufficient to pay the interest falling due on the (a) 2012A Refunded Bonds through
April 1, 2022 and the redemption price of the 2012A Refunded Bonds on April 1, 2022 and (b)
2013B Refunded Bonds through October 1, 2023 and the redemption price of the 2013B Refunded
Bonds on October 1, 2023.
Certain mathematical computations regarding the sufficiency of the investments held in the
STR Escrow Account will be verified by , , ,
independent Certified Public Accountants. See “ESCROW VERIFICATION” below.
REFINANCING OF LBA BONDS
Proceeds from the Series 2021A Bonds in the aggregate principal amount of $ ,
together with $ of funds set aside by the City to make certain base rental payments
associated with the 2013A LBA Bonds, will be used by the City to purchase the library that was
financed by the Authority with the proceeds of the 2013A LBA Bonds. The purchase price paid
by the City will be deposited with U.S. Bank National Association, as escrow agent (the “LBA
Escrow Agent”), pursuant to an Escrow Agreement, dated as of October 1, 2021 (the “LBA Escrow
Agreement”), to establish an irrevocable trust escrow account (the “LBA Escrow Account”),
consisting of cash and noncallable direct full faith and credit obligations of the United States of
America. Funds in the LBA Escrow Account will be used to refund the 2013A LBA Bonds
maturing on and after October 15, 2024 (the “2013A Refunded LBA Bonds”). The 2013A
Refunded LBA Bonds will be called for redemption on or about October 15, 2023, at a redemption
price of one hundred percent (100%) of the principal amount thereof plus accrued interest thereon
to the redemption date. The 2013A Refunded LBA Bonds are scheduled to mature on the dates
and in the amounts, and bear interest at the rates, as follows:
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SCHEDULED
MATURITY
(OCTOBER 15)
PRINCIPAL
AMOUNT
INTEREST
RATE
2024 $ 345,000 3.500%
2025 355,000 3.500
2026 370,000 3.500
2027 380,000 3.500
2028 395,000 3.500
2029 410,000 4.000
2030 425,000 4.000
2031 440,000 4.000
2032 460,000 4.000
2033 475,000 4.000
2034 495,000 4.000
TOTAL: $4,550,000
Proceeds from the Series 2021A Bonds in the aggregate principal amount of $ ,
together with $ of funds set aside by the City to make certain base rental payments
associated with the 2014A LBA Bonds, will be used by the City to purchase the library that was
financed by the Authority with the proceeds of the 2014A LBA Bonds. The purchase price paid
by the City will be deposited in the LBA Escrow Account and will be used to refund the 2014A
LBA Bonds maturing on and after April 15, 2024 (the “2014A Refunded LBA Bonds” and,
collectively with the 2013A Refunded LBA Bonds, the “Refunded LBA Bonds”). The Refunded
STR Bonds and the Refunded LBA Bonds are sometimes collectively referred to herein as the
“Refunded Bonds.” The 2014A Refunded LBA Bonds will be called for redemption on or about
October 15, 2023, at a redemption price of one hundred percent (100%) of the principal amount
thereof plus accrued interest thereon to the redemption date. The 2014A Refunded LBA Bonds
are scheduled to mature on the dates and in the amounts, and bear interest at the rates, as follows:
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SCHEDULED
MATURITY
(APRIL 15)
PRINCIPAL
AMOUNT
INTEREST
RATE
2024 $ 325,000 5.000%
2025 340,000 5.000
2026 360,000 5.000
2027 375,000 3.250
2028 390,000 3.250
2029 400,000 3.500
2030 415,000 3.500
2031 430,000 3.625
2032 445,000 4.000
2033 465,000 4.000
2034 480,000 4.000
2035 500,000 4.000
TOTAL: $4,925,000
The cash and investments held in the LBA Escrow Account will bear interest and mature
in amounts sufficient to pay the interest falling due on the Refunded LBA Bonds through
October 15, 2023 and the redemption price of the Refunded LBA Bonds on October 15, 2023.
Certain mathematical computations regarding the sufficiency of the investments held in the
LBA Escrow Account will be verified by , , ,
independent Certified Public Accountants. See “ESCROW VERIFICATION” below.
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SOURCES AND USES OF FUNDS
The estimated sources and uses of funds for the Series 2021A Bonds are shown below:
SOURCES OF FUNDS
Par Amount of Series 2021A Bonds $
Transfer from Refunded Bonds bond service
Original Issue Premium for Series 2021A Bonds
Total $
USES OF FUNDS
Deposit to STR Escrow Account $
Deposit to LBA Escrow Account
Costs of Issuance(1)
Total $
(1) Costs of Issuance include legal, Municipal Advisor, rating agency, Underwriter’s discount and Trustee fees; and
other costs and expenses related to the issuance of the Series 2021A Bonds.
THE SERIES 2021A BONDS
GENERAL
The Series 2021A Bonds will be dated the date of delivery thereof and will bear interest
from that date (calculated on the basis of a 360-day year consisting of twelve 30-day months),
payable semiannually on April 1 and October 1 of each year (each an “Interest Payment Date”
and, collectively, the “Interest Payment Dates”), commencing 1, 2021. The Series
2021A Bonds will mature on the dates and in the amounts and will bear interest at the rates set
forth on the cover page of this Official Statement.
The Series 2021A Bonds are issuable as fully-registered bonds, without coupons, and when
initially issued will be registered in the name of Cede & Co., as nominee of DTC, which will act
as securities depository for the Series 2021A Bonds. The Series 2021A Bonds will be issued in
the denomination of $5,000 and any whole multiple thereof. So long as the book-entry only system
is in effect, purchases of beneficial ownership interests in the Series 2021A Bonds will be made in
book-entry form only, in the principal amount of $5,000 and any whole multiple thereof. See
“APPENDIX E – PROVISIONS REGARDING BOOK-ENTRY ONLY SYSTEM.”
The Series 2021A Bonds are special limited obligations of the City, payable solely from
the proceeds of the Series 2021A Bonds, the Revenues, moneys, securities and funds pledged
therefor in the Indenture. The Revenues consist of the Pledged Excise Taxes. No assurance
can be given that the Revenues will remain sufficient for the payment of the Principal or interest
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on the Series 2021A Bonds and the City is limited by State law in its ability to increase the rate
of the Pledged Excise Taxes. See “RISK FACTORS” herein. The Series 2021A Bonds do not
constitute a general obligation indebtedness or a pledge of the ad valorem taxing power or the
full faith and credit of the City, and are not obligations of the State or any other agency or other
political subdivision or entity of the State. See “SECURITY FOR THE SERIES 2021A BONDS”
herein.
BOOK-ENTRY ONLY SYSTEM
The Series 2021A Bonds originally will be issued solely in book-entry form to DTC or its
nominee, Cede & Co., to be held in DTC’s book-entry only system. So long as such Series 2021A
Bonds are held in the book-entry only system, DTC or its nominee will be the Registered Owner
or Holder of such Series 2021A Bonds for all purposes of the Indenture, the Series 2021A Bonds
and this Official Statement. For a description of the book-entry only system, see “APPENDIX
E – PROVISIONS REGARDING BOOK-ENTRY ONLY SYSTEM.”
The City may decide to discontinue use of the system of book-entry transfers through DTC
(or a successor securities depository). In that event, the Series 2021A Bonds will be printed and
delivered and will be governed by the provisions of the Indenture with respect to payment of
Principal and interest and rights of exchange and transfer.
The City cannot and does not give any assurances that DTC participants or others will
distribute payments with respect to the Series 2021A Bonds received by DTC or its nominee as
the Registered Owner, or any prepayment or other notices, t o the Beneficial Owners, or that they
will do so on a timely basis, or that DTC will service and act in the manner described in this
Official Statement. For a description of the book-entry only system, see
“APPENDIX E – PROVISIONS REGARDING BOOK-ENTRY ONLY SYSTEM.”
PAYMENT OF PRINCIPAL AND INTEREST
The Principal of, premium, if any, and interest on, the Series 2021A Bonds is payable in
lawful money of the United States of America. In the event that the book-entry only system has
been terminated, Principal of and Redemption Price on the Series 2021A Bonds when due will be
payable at the principal corporate trust operations office of the Trustee, or of its successor as
Paying Agent for the Series 2021A Bonds. In the event that the book-entry only system has been
terminated, payment of interest on the Series 2021A Bonds will be paid by check or draft mailed
on an Interest Payment Date to the Registered Owner of record as of the close of business on the
Record Date at such Owner’s address as it appears on the registration books of the Trustee or at
such other address as is furnished in writing by such Registered Owner to the Trustee prior to the
Record Date.
REDEMPTION PROVISIONS
Optional Redemption. The Series 2021A Bonds maturing on or after October 1, 20 , are
subject to redemption at the election of the City on any date on or after 1, 20 , in
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whole or in part (if in part, such Series 2021A Bonds to be redeemed will be selected from such
maturities as are determined by the City in its discretion and within each maturity, as selected by
the Trustee), upon notice as provided below. Such optional redemption of the Series 2021A Bonds
will be at the Redemption Price equal to the principal amount thereof, but without premiu m, plus
accrued interest thereon to the redemption date.
2021 Mandatory Sinking Fund Redemption. The Series 2021A Bonds maturing on
October 1, 20 are subject to mandatory sinking fund redemption prior to maturity at a price
equal to the principal amount thereof, together with interest thereon accrued to the date of
redemption. The Indenture requires funds to be provided on the dates and in the amounts set forth
in the following table:
OCTOBER 1
OF THE YEAR
MANDATORY
REDEMPTION AMOUNT
$
*
* Stated Maturity
In determining the amount of any mandatory redemption installment due on any date specified
above, there shall be deducted the principal amount of any Series 2021A Bonds which have been
redeemed or purchased on a date not less than 30 days preceding the date on which such mandatory
redemption installment is due from moneys accumulated in the Bond Service Account with respect
to such mandatory redemption installment. Upon any purchase or redemption of the Series 2021A
Bonds, there will be credited toward the mandatory sinking fund redemption installments
thereafter to become due such amount as may be designated by the City in a Written Request
delivered to the Trustee.
Partial Redemption. Upon surrender of a Series 2021A Bond redeemed in part, the City
will execute and the Trustee (or any Transfer Agent) will authenticate and deliver to the Holder
thereof a new Series 2021A Bond or Series 2021A Bonds in the denomination of $5,000 and any
whole multiple thereof equal in Principal amount to the unredeemed portion of the Series 2021A
Bond surrendered. So long as the Series 2021A Bonds are held in the book-entry only system,
Series 2021A Bonds will not be delivered as set forth above; rather transfers of beneficial
ownership of the Series 2021A Bonds to the person indicated will be effected on the registration
books of DTC pursuant to its rules and procedures. See “APPENDIX E – PROVISIONS REGARDING
BOOK-ENTRY ONLY SYSTEM.”
NOTICE OF REDEMPTION
At least 30 but not more than 60 days prior to each redemption date, the Trustee will mail
notice of redemption by first-class mail to each Bondholder at the Holder’s registered address.
Unless moneys sufficient to pay the Principal of, and interest on the Series 2021A Bonds to be
- 14 -
redeemed have been received by the Trustee prior to the giving of such notice of redemption, such
notice may state that said redemption will be conditioned upon the receipt of such moneys by the
Trustee on or prior to the date fixed for redemption. If such moneys are not received, such notice
will be of no force and effect, the City will not redeem such Series 2021A Bonds and the Trustee
will give notice, in the same manner in which the notice of redemption was given, that such moneys
were not so received and that such Series 2021A Bonds will not be redeemed. Neither failure to
give any required notice of redemption as to any particular Series 2021A Bonds nor any defect in
any notice so mailed will affect the validity of the call for redemption of any Series 2021A Bonds.
Any notice mailed as provided in this paragraph will be conclusively presumed to have been given
whether or not actually received by the addressee.
Except as otherwise described in the preceding paragraph with respect to a conditional
notice of redemption, when notice of redemption is required and given, Series 2021A Bonds called
for redemption become due and payable on the redemption date at the applicable redemption price,
and in such case when funds are deposited with the Trustee sufficient for redemption, interest on
the Series 2021A Bonds to be redeemed ceases to accrue as of the date of redemption.
REGISTRATION, TRANSFER AND EXCHANGE
In the event the book-entry system is discontinued, any Series 2021A Bond may, in
accordance with its terms, be transferred, upon the registration books kept by the Trustee, by the
person in whose name it is registered, in person or by his or her duly authorized attorney, upon
surrender of such Series 2021A Bond for cancellation, or, if applicable, notation of the new Holder
together with the signature of the Trustee or any applicable Transfer Agent on the back of such
Series 2021A Bond, or on a form of record attached to such Series 2021A Bond for such purpose,
accompanied by delivery of a duly executed written instrument of transfer in a form approved by
the Trustee. No transfer will be effective until entered on the registration books kept by the
Trustee.
For every such exchange or transfer of the Series 2021A Bonds, the Trustee or the Transfer
Agent will require the payment by the Bondholder requesting such exchange or transfer of any tax
or other governmental charge required to be paid with respect to such exchange or transfer of the
Series 2021A Bonds.
The City, the Trustee and any Transfer Agent are not required (a) to issue, register the
transfer of or exchange any Series 2021A Bond during a period beginning at the opening of
business 15 days before the date of mailing of a notice of redemption of the Series 2021A Bonds
selected for redemption and ending on the close of business on the day of such mailing, or (b) to
register the transfer of or exchange of any Series 2021A Bond so selected for redemption in whole
or in part, except the unredeemed portion of the Series 2021A Bonds being redeemed in part.
The City, the Trustee and the Transfer Agent may treat and consider the person in whose
name each Series 2021A Bond is registered in the registration books kept by the Trustee as the
Holder and absolute owner of such Series 2021A Bond for the purpose of payment of Principal of
and interest on such Series 2021A Bond and for all other purposes whatsoever.
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SECURITY FOR THE SERIES 2021A BONDS
PLEDGED EXCISE TAXES
The Series 2021A Bonds will be special limited obligations of the City, payable solely
from and secured solely by a pledge of the Revenues, or the Pledged Excises Taxes, which consist
of the Local Sales Taxes, the Municipal Energy Taxes, the Telecommunications Taxes, the Energy
Franchise Fees, the Public Utilities Franchise Fees and the Cable Franchise Fees, each of which is
described in more detail below.
Local Sales Taxes. The Local Sales and Use Tax Act, Title 59, Chapter 12, Part 2, Utah
Code (the “Local Sales and Use Tax Act”), provides that each county, city and town in the State
may levy a local sales and use tax of up to 1.00% on the purchase price of taxable goods and
services. The legislative intent contained in the Local Sales and Use Tax Act is to provide an
additional source of revenues to counties and municipalities that is to be used to finance their
capital outlay requirements and to service their bonded indebtedness. The City has levied the
Local Sales Taxes at the maximum legal rate of 1.00%.
Sales tax is imposed on the amount paid or charged for sales of tangible personal property
in the State and for services rendered in the State for the repair, renovation or installation of
tangible personal property. Use tax is imposed on the amount paid or charged for the use, storage
or other consumption of tangible personal property in the State, including services for the repair,
renovation or installation of such tangible personal property. Sales and use taxes also apply to
leases and rentals of tangible personal property if the tangible personal property is in the State, the
lessee takes possession in the State or the tangible personal property is stored, used or otherwise
consumed in the State.
In addition to the Local Sales Taxes levied by the City, the State levies a statewide sales
and use tax (the “Statewide Tax”) which is currently imposed at a rate of 4.85% of the purchase
price of taxable goods and services, excluding unprepared food and food ingredients. Sales of
unprepared food and food ingredients are taxed at a rate of 1.75%. The State also levies a 2.00%
tax on sales of natural gas, electricity and fuel oil for residential use. The Statewide Tax is not
pledged to payment of the Series 2021A Bonds and is paid to the State.
In addition to the sales and use taxes described above, counties and cities in the State are
authorized to impose certain additional sales and use taxes for various purposes as authorized by
State law. As of September 1, 2021, the combined sales and use tax levied on taxable goods and
services within the City’s boundaries by the State, Salt Lake County and the City is [7.75]% and
is comprised of certain of the various sales taxes mentioned in the preceding sentence, the
Statewide Tax and the Local Sales Taxes. However, only the 1.00% portion of the revenues
derived from the collection of these sales and use taxes makes up the Local Sales Taxes pledged
to the payment of the debt service on the Series 2021A Bonds.
Local sales and use taxes, including the Local Sales Taxes, are collected by the Tax
Commission and distributed on a monthly basis to each county, city and town. The distributions
to the City are based on a formula, which provides that (a) 50% of each dollar of sales tax
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collections will be distributed on the basis of the population of the local government and (b) 50%
of each dollar of sales tax collections will be distributed on the basis of the point of sale.
For the Fiscal Year Ended June 30, 2019, the City budgeted Local Sales Tax revenues of
$62,950,961 and the City actually received revenues of $ . For the Fiscal Year Ended
June 30, 2020, the City initially budgeted Local Sales Tax revenues of $ , which was
subsequently revised to be $ , and the City actually received revenues of $ .
The City budgeted Local Sales Tax revenues of $ for the fiscal year ending June 30,
2021; the City is currently projecting Local Sales Tax revenues of approximately $
for the fiscal year ending June 30, 2021 (which is based on actually collections of $
through , 2021).
The City is not legally allowed to provide actual dollar figures of sales and use tax
collections by specific businesses. However, during the Fiscal Year Ended June 30, 2020, of the
top 50 businesses, only [eight] of such businesses generated at least 1% of the total Local Sales
Taxes collected in the City. Together, these [eight] businesses generated _% of the Local Sales
Tax revenues generated in the City. No single business accounted for more than % of the
City’s total Local Sales Tax revenues. The five largest industry segments collecting the sales and
use taxes include automotive, eating and drinking, grocery stores, non-durable goods and
retail/miscellaneous.
Municipal Energy Taxes. The Municipal Energy Sales and Use Tax Act, Title 10,
Chapter 1, Part 3, Utah Code (the “Municipal Energy Tax Act”) authorizes cities or towns to levy
a municipal sales and use tax of up to 6% of the sale or use of taxable energy. The municipal
energy sales and use tax is levied on the value of the sale or use of gas and electricity (including
the value of the energy and the costs typically incurred in providing such energy in usable form to
the customer). Certain limited transactions are exempted from the tax.
The sale or use of all taxable energy within the City is being taxed at the maximum rate of
6% under the Municipal Energy Tax Act.
Municipal energy sales and use taxes, including the Municipal Energy Taxes, are collected
by the Tax Commission and transferred (less certain administrative fees) monthly to each city or
town based on the point of sale or the point of use. Under certain circumstances, municipal energy
sales and use taxes may be collected by the energy supplier and distributed directly to the
applicable city or town. Under the applicable franchise agreement, Energy Franchise Fees are
collected by the applicable energy provider and distributed to the City each month.
For the Fiscal Year Ended June 30, 2019, the City budgeted Municipal Energy Tax
revenues of $6,005,845 and the City actually received $ of such revenues. For the
Fiscal Year Ended June 30, 2020, the City budgeted Municipal Energy Tax revenues of
$ [, which was subsequently revised to be $ ,] and the City actually received
$ of such revenues. The City budgeted Municipal Energy Tax revenues of
$ for the fiscal year ending June 30, 2021; the City is currently projecting Municipal
Energy Tax revenues of approximately $ for the fiscal year ending June 30, 2021
(which is based on actual collections of $ through , 2021).
- 17 -
Telecommunications Taxes. The Municipal Telecommunications License Tax Act, Title
10, Chapter 1, Part 4, Utah Code (the “Municipal Telecommunications Tax Act”), provides that a
city or town may levy on and provide that there is collected from a telecommunications provider
a municipal telecommunications license tax on the telecommunications provider’s gross receipts
that are attributed to such city or town. The gross receipts from a telecommunication service are
attributable to a municipality if the gross receipts are for telecommunication service that is located
within the municipality. The City collects the Telecommunications Taxes at the maximum legal
rate of 3.50%.
Telecommunication license taxes, including the Telecommunication Taxes, are collected
by the Tax Commission and transferred (less certain administrative fees) monthly to each city or
town.
For the Fiscal Year Ended June 30, 2019, the City budgeted Telecommunications Tax
revenues of $5,928,300 and the City actually received $ of such revenues. For the
Fiscal Year Ended June 30, 2020, the City budgeted Telecommunications Tax revenues of
$ [, which was subsequently revised to be $ ,] and the City actually
received $ of such revenues. The City budgeted Telecommunications Tax revenues
of $ for the fiscal year ending June 30, 2021; the City is currently projecting
Telecommunications Tax revenues of approximately $ for the fiscal year ending June
30, 2021 (which is based on actual collections of $_ through , 2021).
Public Utilities Franchise Fees. The City requires the Public Utilities Department of the
City to pay the City a franchise fee equal to 6% of the gross revenues received by the department
from the operation of the public utility. The purpose of the Public Utilities Franchise Fee is to
fairly and equally charge for the department’s use of the City’s streets. The Public Utilities
Department collects the Public Utilities Franchise Fee in its billing for water, sewer and stormwater
services rendered within City limits. The Public Utilities Franchise Fees collected by the Public
Utilities Department are paid to the City’s general fund within 45 days after the close of each
month.
For the Fiscal Year Ended June 30, 2019, the City budgeted Public Utilities Franchise Fee
revenues of $1,500,000 and the City actually received $ of such revenues. For the
Fiscal Year Ended June 30, 2020, the City budgeted Public Utilities Franchise Fee revenues of
$ [, which was subsequently revised to be $ ,] and the City actually
received $ of such revenues. The City budgeted Public Utilities Franchise Fee
revenues of $ _ for the fiscal year ending June 30, 2021; the City is currently projecting
Public Utilities Franchise Fee revenues of approximately $ for the fiscal year ending
June 30, 2021 (which is based on actual collections of $ through , 2021).
Cable Franchise Fees. The City requires that grantees of a cable franchise within the City
pay a franchise fee equal to 5% of the gross revenues received from the operation of the cable
system. Cable Franchise Fees are calculated on a quarterly basis and are due and payable 90 days
after the close of the quarter. Any Cable Franchise Fees that have not been paid when due shall
bear interest at a rate of 18% per year until paid. The City may request an audit of a grantee’s full
billing records.
- 18 -
For the Fiscal Year Ended June 30, 2019, the City budgeted Cable Franchise Fee revenues
of $1,500,000 and the City actually received $ of such revenues. For the Fiscal Year
Ended June 30, 2020, the City budgeted Cable Franchise Fee revenues of $ [, which
was subsequently revised to be $ ,] and the City actually received $ of
such revenues. The City budgeted Cable Franchise Fee revenues of $ for the fiscal
year ending June 30, 2021; the City is currently projecting Cable Franchise Fee revenues of
approximately $ for the fiscal year ending June 30, 2021 (which is based on actual
collections of $ through , 2021).
Unpaid Pledged Sales and Use Taxes. A sales and use tax, including the Pledged Sales
and Use Taxes, due and unpaid constitutes a debt due from the vendor and may be collected,
together with interest, penalty, and costs, by appropriate judicial proceeding within three years
after the vendor is delinquent. Furthermore, if a sales and use tax is not paid when due and if the
vendor has not followed the procedures to object to a notice of deficiency, the Tax Commission
may issue a warrant directed to the sheriff of any county commanding the sheriff to levy upon and
sell the real and personal property of a delinquent taxpayer found within such county for the
payment of the tax due. The amount of the warrant shall have the force and effect of an execution
against all personal property of the delinquent taxpayer and shall become a lien upon the real
property of the delinquent taxpayer in the same manner as a judgment duly rendered by any district
court.
HISTORICAL PLEDGED EXCISE TAXES
The following table shows the amounts of the various taxes and fees comprising the
Pledged Excise Taxes received by the City for the fiscal year indicated.
FOR FISCAL YEARS ENDING,
2016 2017 2018 2019 2020
Local Sales Taxes $53,668,768 $57,119,114 $61,864,444
Municipal Energy Taxes 6,006,857 5,657,134 6,076,010
Energy Franchise Fees 17,276,680 17,199,887 16,268,082
Telecommunications Taxes 4,597,927 4,307,968 3,939,380
Public Utilities Franchise Fees 4,419,967 5,092,648 5,512,325
Cable Franchise Fees 1,577,212 1,561,856 1,482,352
Total Pledged Excise Taxes $87,547,411 $90,938,607 $95,142,593
Percentage Change from Prior Year 1.97% 3.87% 4.62%
(Source: The City.)
STATE PLEDGE OF NONIMPAIRMENT
In accordance with Section 11-14-307, Utah Code, the State pledges and agrees with the
Holders of the Series 2021A Bonds that it will not alter, impair or limit the Pledged Excise Taxes
in a manner that reduces the amounts to be rebated to the City which are devoted or pledged for
the payment of the Series 2021A Bonds until the Series 2021A Bonds, together with applicable
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interest, are fully met and discharged; provided, however, that nothing shall preclude such
alteration, impairment or limitation if and when adequate provision shall be made by law for the
protection of the Holders of the Series 2021A Bonds.
The City notes that this provision has not been interpreted by a court of law and, therefore,
the City cannot predict the extent that such provision would (a) be upheld under constitutional or
other legal challenge, (b) protect the current rates and collection of all Pledged Excise Taxes, or
(c) impact any other aspect of Pledged Excise Taxes.
FLOW OF FUNDS
To secure the timely payment of the Principal of and interest on the Series 2021A Bonds,
the City has pledged and assigned to the Trustee the Revenues and all moneys in the funds and
accounts (except the Rebate Fund, if any) established by the Indenture. The Indenture establishes
a Principal and Interest Fund, to be held by the Trustee and a Revenue Fund to be held by the City
and certain other funds and accounts.
In general, the Indenture requires that all Revenues be deposited into the Revenue Fund
and that the City transfer, on or before the last Business Day of each month, from the Revenue
Fund (a) first, the amount, if any, required so that the balance in each of the Series Subaccounts in
the Bond Service Account equals the Accrued Debt Service on the related Series of Bonds and (b)
second, the amount, if any, required to be deposited into the Series Subaccounts in the Debt Service
Reserve Account. Following such deposits, the City is to retain in the Revenue Fund the amount
estimated to be required for deposits described in (a) and (b) above in the next succeeding month.
Any remaining Revenues may be used by the City, free and clear of the lien of the Indenture. For
a more detailed description of application of Revenues under the Indenture see
“APPENDIX B – MASTER TRUST INDENTURE – Section 5.05. Revenues; Revenue Fund” and
“– Section 5.06. Flow of Funds.”
NO DEBT SERVICE RESERVE
General. The Indenture requires the establishment of a separate Series Subaccount in the
Debt Service Reserve Account for each Series of Bonds, including each Series of the Series 2021A
Bonds. The Supplemental Indenture relating to each Series of Bonds is required to specify the
Debt Service Reserve Requirement for the applicable Series of Bonds that is to be on deposit in
the related Series Subaccount. Each Series Subaccount in the Debt Service Reserve Account
secures only the related Series of Bonds. For more information regarding the Debt Service Reserve
Account see “APPENDIX B – MASTER TRUST INDENTURE – Section 5.08. Principal and Interest
Fund - Debt Service Reserve Account.”
Bonds. Although the _ Supplemental Trust Indenture creates a Series 2021A
Debt Service Reserve Subaccount, the Series 2021A Debt Service Reserve Requirement is equal
to $-0- and no amounts will be on deposit in the Series 2021A Debt Service Reserve Subaccount
as a reserve for the Series 2021A Bonds.
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OUTSTANDING PARITY BONDS
When the Series 2021A Bonds are issued, the Outstanding Parity Bonds will also be
outstanding under the Master Indenture in the aggregate principal amount of $ (which
amount excludes the Refunded Bonds). The Series 2021A Bonds, the Outstanding Parity Bonds
and any Additional Bonds are equally and ratably secured under the terms of the Master Indenture.
ADDITIONAL BONDS
Whenever the City determines to issue any Additional Bonds under the Indenture, the
following requirements must be met:
(a) The City must execute and deliver to the Trustee (among other things) the
following documents:
(i) a Written Certificate of the City setting forth the Principal amount
of the Additional Bonds, the Debt Service for each Fiscal Year of such Additional
Bonds and the Aggregate Debt Service for all Outstanding Bonds, including the
Additional Bonds being issued; and
(ii) a Written Certificate of the City demonstrating (A) in the case of
Additional Bonds issued to finance a Project, that the Revenues for any Year within
the 24 calendar months next preceding the authentication and delivery of the
Additional Bonds proposed to be issued are equal to or greater than 200% of the
Maximum Annual Debt Service on all Outstanding Bonds upon the issuance of the
Additional Bonds proposed to be issued; or (B) in the case of Additional Bonds
issued to refund Bonds issued under the Indenture, either (I) that the Aggregate
Debt Service on the Additional Bonds being issued to refund prior Bonds is no
greater than 100% of the Aggregate Debt Service on the Bonds being refunded for
each Fiscal Year to and including the schedule of final maturity of the Bonds being
refunded, or (II) that the Revenues are equal to or greater than 200% of the
Maximum Annual Debt Service on all Bonds Outstanding upon the issuance of the
refunding Bonds; and
(b) The proceeds of Additional Bonds issued under the Indenture must be used
to (i) refund Bonds issued under the Indenture or other obligations of the City or its Local
Building Authority (including the funding of necessary reserves and the payment of costs
of issuance) and/or (ii) to finance or refinance a Project.
The City may, in determining the Maximum Annual Debt Service on all Outstanding
Bonds and in accordance with the terms of the Indenture, reduce the Debt Service on any Series
of Bonds for any Fiscal Year by (1) the amount of capitalized interest available to pay interest on
such Bonds in such Fiscal Year and (2) the Special Revenues (defined below) pledged to pay such
Debt Service in an amount equal to either (x) the average of the Special Revenues received by the
City for the past three Fiscal Years or (y) 75% of the Special Revenues received by the City for
the immediately preceding Fiscal Year, each as reflected in the applicable audited financial
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statements of the City filed with the Trustee; provided however, the Special Revenues applied in
either (x) or (y) above to reduce the Debt Service on a Series of Bonds for a particular Fiscal Year
are not to exceed the Debt Service on such Series of Bonds for said Fiscal Year. “Special
Revenues,” as defined in the Master Indenture, means any legally available moneys or income
from an enterprise of the City or any other source available to the City that are pledged to the
payment of one or more Series of Bonds as provided in a Supplemental Indenture. If Special
Revenues are to be used in connection with the determination of Maximum Annual Debt Service,
then the City is to deliver to the Trustee (a) confirmation from each Rating Agency then
maintaining a rating on any Outstanding Bonds that the pledge of Special Revenues will not result
in the reduction or withdrawal of any rating on any Outstanding Bonds and (b) an Opinion of Bond
Counsel of nationally recognized standing in the field of law relating to municipal bonds to the
effect that such pledge of Special Revenues will not adversely affect the tax-exempt status of any
Bonds then Outstanding. No Outstanding Bonds are currently secured by a pledge of Special
Revenues.
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DEBT SERVICE SCHEDULE ON THE SERIES 2021A BONDS AND THE
OUTSTANDING PARITY BONDS
The following table sets forth the debt service requirements on the Series 2021A Bonds
and the Outstanding Parity Bonds:
FISCAL
YEARS
ENDING SERIES 2021A BONDS
OUTSTANDING
PARITY
TOTAL
DEBT
JUNE 30 PRINCIPAL* INTEREST BONDS(1) SERVICE
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
TOTAL(2)
* Preliminary; subject to change.
(1) After giving effect to the refunding of the Refunded Bonds. Includes principal and interest.
(2) Totals may not add due to rounding.
Based on the average amount of the Pledged Excise Taxes actually received by the City
over the past 5 fiscal years ($_ ), and the anticipated maximum total debt service shown
above ($ ), the average amount of the Pledged Excise Taxes received by the City is
times the maximum total debt service. See “SECURITY FOR THE SERIES 2021A
BONDS – Pledged Excise Taxes” herein.
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RISK FACTORS
The purchase of the Series 2021A Bonds involves certain investment risks. Accordingly,
each prospective purchaser of the Series 2021A Bonds should make an independent evaluation of
all of the information presented in this Official Statement in order to make an informed investment
decision. Certain of these risks are described below; however, it is not intended to be a complete
representation of all the possible risks involved.
UNCERTAINTY OF REVENUES
The amount of Pledged Excise Taxes to be collected by the City is dependent on a number
of factors beyond the control of either the City or the State, including, but not limited to, current
economic conditions and weather patterns. Any one or more of these factors could result in the
City receiving less Pledged Excise Tax revenues than anticipated. For example, during periods in
which economic activity declines, Local Sales Taxes are likely to decline as compared to an earlier
year. In addition, Pledged Excise Taxes are dependent on the volume of the transactions subject
to the tax. From time to time, proposals have been made by the Utah State Legislature to remove
certain types of purchases from the sales and use taxes or to change the method of distributing the
sales and use taxes. See “SECURITY FOR THE SERIES 2021A BONDS —State Pledge of
Nonimpairment” above. In addition, the State (like many other states) has recognized the potential
reduction in sales tax revenues as a result of purchases made through the internet and other non-
traditional means. The City cannot predict what impact these items may have on the Pledged
Excise Taxes it receives.
THE SERIES 2021A BONDS ARE LIMITED OBLIGATIONS
The Series 2021A Bonds are special limited obligations of the City, payable solely from
the Revenues, moneys, securities and funds pledged therefor in the Indenture. The Series 2021A
Bonds do not constitute general obligation indebtedness or a pledge of the ad valorem taxing power
or the full faith and credit of the City, and are not obligations of the State or any other agency or
other political subdivision or entity of the State. The City will not mortgage or grant any security
interest in the improvements refinanced with the proceeds of the Series 2021A Bonds or any
portion thereof to secure payment of the Series 2021A Bonds.
LIMITATION ON INCREASING RATES FOR PLEDGED EXCISE TAXES
The City currently either levies the maximum tax rate (taking into account any credit for
franchise fees) allowed under State law for all component taxes making up the Pledged Excise
Taxes or is limited by contract and by State law in its ability to increase franchise fees. No
assurance can be given that the Pledged Excise Taxes will remain sufficient for the payment of the
Principal or interest on the Series 2021A Bonds and the City is limited by State law in its ability
to increase the rate of such Pledged Excise Taxes.
- 24 -
POSSIBLE USE OF SPECIAL REVENUES TO MEET ADDITIONAL BONDS TEST; RELIANCE ON RATING
AGENCIES
In determining the Maximum Annual Debt Service for purposes of meeting the coverage
requirements under the Indenture in order to issue Additional Bonds, the City, at its option, may
apply Special Revenues up to a certain amount as an assumed reduction in Debt Service on an
Outstanding Series of Bonds. See “THE SERIES 2021A BONDS – Additional Bonds” herein. As a
condition (among others) to including Special Revenues for this purpose, each Rating Agency then
maintaining a rating on any Outstanding Bonds must confirm the rating on the Outstanding Bonds.
Owners of the Series 2021A Bonds will be relying on Rating Agencies’ approval with respect to
the inclusion by the City of Special Revenues in the determination of Maximum Annual Debt
Service with respect to any future Additional Bonds, if such Special Revenues are pledged to such
Bonds. Additionally, the inclusion of Special Revenues could potentially dilute the coverage ratio
of Pledged Revenues to Maximum Annual Debt Service. The City currently has no plans to apply
Special Revenues for a Series of Bonds.
THE CITY
CITY OFFICIALS
The City has a Council-Mayor form of government. The City Council consists of seven
members, who are elected by voters within seven geographic districts of approximately equal
population. The Mayor is elected at large by the voters of the City and is charged with the
executive and administrative duties of the government.
The seven-member, part-time City Council is charged with the responsibility of performing
the legislative functions of the City. The City Council performs three primary functions: it passes
laws for the City, adopts the City budget and provides administrative oversight by conducting
management and operational audits of City departments.
Term information concerning the Mayor and the members of the City Council is set forth
below:
OFFICE DISTRICT PERSON
YEARS IN
SERVICE
EXPIRATION OF
CURRENT TERM
Mayor — Erin J. Mendenhall 1* January 2024
Council Chair #7 Amy Fowler 3 January 2022
Council Vice Chair #1 James Rogers 7 January 2022
Council Member #6 Daniel Dugan 1 January 2024
Council Member #2 Dennis Faris** 0 January 2022
Council Member #5 Darin Mano 1 January 2022
Council Member #4 Analia Valdemoros 2 January 2024
Council Member #3 Chris Wharton 3 January 2022
* Mayor Mendenhall previously served 6 years as a council member before being elected mayor.
- 25 -
** Council Member Faris was appointed on May 13, 2021 to fill the seat of Andrew Johnston who resigned on
, 2021.
CITY ADMINISTRATION
The offices of Chief of Staff, City Attorney, City Recorder and City Treasurer are
appointive offices.
Rachel Otto, Chief of Staff, before becoming Mayor Mendenhall’s chief of staff in
November 2019, worked as Government Relations Director for the Utah League of Cities and
Towns. In that capacity, she developed policy and advocated for local government at the Utah
State Legislature. Rachel, trained as an attorney, also served as a deputy city attorney for West
Jordan, assistant city attorney for South Jordan, and worked in private practice for several years
after graduating from the University of Utah’s College of Law in 2008.
Katherine N. Lewis, City Attorney, was appointed as the Salt Lake City Attorney in January
2020. Ms. Lewis received her law degree from the University of Utah S.J. Quinney College of
Law in 2007 and received her undergraduate degree from Colorado State University in 2001. Ms.
Lewis was a Senior City Attorney in the Salt Lake City Attorney’s Office fro m 2013-2020 prior
to being appointed the City Attorney. She worked in private practice at Parsons Behle & Latimer
prior to joining the Salt Lake City Attorney’s Office.
Cindy Lou Trishman, City Recorder, was appointed on June 3, 2020. Prior to this position,
Ms. Trishman was employed by the Salt Lake City Council. Her duties included team
management, inauguration and transition of newly elected officials, elected official vacancy
coordination, enhancing government transparency efforts and building process improvements.
Ms. Trishman holds a Bachelor of Science degree in Business and English.
Marina Scott, City Treasurer, was appointed to her position on June 4, 2013. From
December 2006 until her appointment, Ms. Scott was Deputy Treasurer for the City; and from
September 2005 until December 2006 she served as an Accountant III for the Public Services
Department. Ms. Scott holds a Bachelor of Science degree in Accounting, and a Master of
Professional Accountancy from Weber State University. She also holds a Master of Arts in Library
and Information Science from Vilnius State University.
CITY FUND STRUCTURE; ACCOUNTING BASIS
The accounts of the City are organized on the basis of funds, each of which is considered
to be a separate accounting entity. The operations of each fund are accounted for by providing a
separate set of self-balancing accounts that comprise its assets, liabilities, fund balance or net
assets, revenues, and expenditures or expenses. The various funds are grouped by type in the basic
financial statements.
Revenues and expenditures are recognized using the modified accrual basis of accounting
in all governmental funds. Revenues are recognized in the accounting period in which they
become both measurable and available. “Measurable” means that amounts can be reasonably
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determined within the current period. “Available” means that amounts are collectible within the
current period or soon enough thereafter to be used to pay liabilities of the current period. The
City uses 60 days as a cutoff for meeting the available criterion. Property taxes are considered
“measurable” when levied and available when collected and held by Salt Lake County. Any
amounts not available are recorded as deferred revenue. Franchise taxes are considered
“measurable” when collected and held by the utility company, and are recognized as revenue at
that time. Other revenues that are determined to be susceptible to accrual include grants-in-aid
earned and other intergovernmental revenues, charges for services, interest, assessments, interfund
service charges, and proceeds of the sale of property. Property taxes and assessments are recorded
as receivables when assessed; however, they are reported as deferred revenue until the “available”
criterion has been met. Sales and use taxes collected by the State and remitted to the City within
the “available” time period are recognized as revenue. Revenues collected in advance are deferred
and recognized in the period to which they apply.
In proprietary funds, revenues and expenses are recognized using the accrual basis of
accounting. Revenues are recognized in the accounting period in which they are earned and
become measurable and expenses are recognized in the period incurred.
FINANCIAL CONTROLS
The City utilizes a computerized financial accounting system which includes a system of
budgetary controls. State law requires budgets to be controlled by individual departments, but the
City also maintains computerized control by major categories within departments. These
computerized controls are such that a requisition cannot be entered into the purchasing system
unless the appropriated funds are available. The system checks for sufficient funds again, prior to
the purchase order being issued, and again before the payment check is issued. Voucher payments
are also controlled by the computer for sufficient appropriations.
BUDGET AND APPROPRIATION PROCESS
The budget and appropriation process of the City is governed by the Uniform Fiscal
Procedures Act for Utah Cities, Title 10, Chapter 6, of the Utah Code (the “Fiscal Procedures
Act”). Pursuant to the Fiscal Procedures Act, the budget officer of the City is required to prepare
budgets for the General Fund, Special Revenue Funds, Debt Service Funds and Capital
Improvement Fund. These budgets are to provide a complete financial plan for the budget (ensuing
fiscal) year. Each budget is required to specify, in tabular form, estimates of anticipated revenues
and appropriations for expenditures. Under the Fiscal Procedures Act, the total of anticipated
revenues must equal the total of appropriated expenditures.
On or before the first regular meeting of the City Council in May of each year, the budget
officer is required to submit to the City Council tentative budgets for all funds for the Fiscal Year
commencing July 1. Various actual and estimated budget data are required to be set forth in the
tentative budgets. The budget officer may revise the budget request submitted by the heads of City
departments, but must file these submissions with the City Council together with the tentative
budget. The budget officer is required to estimate in the tentative budget the revenue from
nonproperty tax sources available for each fund and the revenue from general property taxes
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required by each fund. The tentative budget is then provisionally adopted by the City Council,
with any amendments or revisions that the City Council deems advisable prior to the public
hearings on the tentative budget. After public notice and hearing, the tentative budget is adopted
by the City Council, subject to further amendment or revisions by the City Council prior to
adoption of the final budget.
Prior to June 30th of each year, the final budgets for all funds are adopted by the City
Council. The Fiscal Procedures Act prohibits the City Council from making any appropriation in
the final budget of any fund in excess of the estimated expendable revenue of such fund. The
adopted final budget is subject to amendment by the City Council during the Fiscal Year.
However, in order to increase the budget total of any fund, public notice and hearing must be
provided. Intra- and inter-department transfers of appropriation balances are permitted upon
compliance with the Fiscal Procedures Act.
The amount set forth in the final budget as the total amount of estimated revenue from
property taxes constitutes the basis for determining the property tax levy to be set by the City
Council for the succeeding tax year.
INSURANCE COVERAGE
The City is largely self-insured for general liability exposures, except for liability incurred
on premises owned, rented, or occupied by the Department of Airports (the “Airport”). The City
carries Commercial Excess Liability Insurance with $1,000,000 self-insured retention per
occurrence. Limits of coverage are as follows: $2,000,000 per occurrence general liability;
$4,000,000 general aggregate; $2,000,000 combined single limit commercial auto liability;
$2,000,000 public officials and employment practices liability; and $2,000,000 law enforcement
liability. The City also carries Cyber Liability insurance with a $5,000,000 limit and $50,000
deductible. The Airport carries Commercial General Liability insurance with a $500,000,000
policy limit and no deductible. The Governmental Immunity Fund (an internal service fund) has
been established to pay liability claims other than those covered by the Airport policy, along with
certain litigation expenses.
The City carries an all risk Property Insurance policy (the “Policy”) with a $500,000,000
aggregate limit and a $100,000 deductible. Sub-limits include: (1) earthquake limit of
$125,000,000 aggregate; (2) flood limit of $100,000,000 aggregate with $250,000 deductible for
facilities located outside the standard report zone and $500,000 deductible for three identified
properties; and (3) dams and appurtenant structures of $30,000,000 aggregate except for Mountain
Dell, which carries a $60,000,000 aggregate limit. Business interruption and extra expense are
covered at $10,000,000. Terrorism loss is covered at $5,000,000. The City is self-insured for
property loss above the limits and below the deductibles. The operating departments of the General
Fund or proprietary funds assume financial responsibility for risk retained by the City for property
damage.
The Airport is covered by a separate all risk Property Insurance policy with a $500,000,000
limit, subject to sub-limits and a $100,000 deductible. Locations covered include Salt Lake City
International Airport, South Valley Regional Airport, and Tooele Valley Airport. Boiler and
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machinery carries a deductible of $100,000. Flood carries a sub-limit of $150,000,000 and Earth
movement carries sub-limit of $100,000,000 with a 2% deductible per unit, subject to a $100,000
minimum and $5,000,000 maximum in any one occurrence (defined as a 168-hour period).
Windstorm or hail carries a $500,000,000 limit, subject to a minimum $100,000 deductible per
occurrence. Time element including business interruption, extra expense, rental value, and rental
income is covered at $200,000,000 with a $100,000 deductible. Sub-limits apply for debris
removal ($25,000,000), valuable papers and records ($25,000,000), errors and omissions
($10,000,000), and named storm ($500,000,000).
The Treasurer, Deputy Treasurer, and Chief Financial Officer are each covered under
$10,000,000 public official bonds. The City also has a Government Crime policy covering (1)
employee theft with a $1,000,000 limit and $20,000 deductible; (2) forgery or alteration with a
$25,000 limit and $1,000 deductible; (3) theft of money and securities with a $50,000 limit and
$2,500 deductible; (4) robbery or safe burglary with a $50,000 limit and $2,500 deductible; (5)
money orders and counterfeit money with a $50,000 limit and $2,500 deductible; and (6) computer
fraud and funds transfer fraud, each carrying $1,000,000 limits and $20,000 deductibles.
The City purchases excess workers’ compensation insurance with a $30,000,000 limit and
a $750,000 self-insured retention per occurrence. The City is self-insured for losses above the
limits and below the deductibles. Further, the City is self-insured for unemployment. The Risk
Management Fund (an internal service fund) has been established to pay these claims along with
health insurance premiums and certain administrative expenses. During the past three fiscal years,
there have been no settlements that exceeded the self-insured retentions.
See “APPENDIX A – SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE
FISCAL YEAR ENDED JUNE 30, 2020 – Notes to Financial Statements – Note 11 – Risk
Management.”
INVESTMENT POLICY
City Policy. It is the policy of the City to invest public funds in accordance with the
principles of sound treasury management and in compliance with State and local laws, regulations,
and other policies governing the investment of public funds, specifically, according to the terms
and conditions of the State Money Management Act of 1974 and Rules of the State Money
Management Council as currently amended (the “Money Management Act”), and the City’s own
written investment policy. The following investment objectives, in order of priority, are met when
investing public funds: safety of principal, need for liquidity, and maximum yield on investments
consistent with the first two objectives.
The City may use investment advisers to conduct investment transactions on its behalf as
permitted by the Money Management Act and local ordinance or policy. Investment advisers must
be certified by the Director of the Utah State Division of Securities of the Department of
Commerce (the “Director”). Broker/dealers and agents who desire to become certified dealers
must be certified by the Director and meet the requirements of the Money Management Act. Only
qualified depositories as certified by Utah’s Commissioner of Financial Institutions are eligible to
receive and hold deposits of public funds. The State Money Management Council issues a
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quarterly list of certified investment advisers, certified dealers, and qualified depositories
authorized by State statute to conduct transactions with public treasurers. Transactions involving
authorized deposits or investments of public funds may be conducted only through issuers of
securities authorized by Section 51-7-11(3) of the Utah Code, qualified depositories included in
the current State list, and certified dealers included in the current State list. The City Treasurer
must take delivery of all investments purchased, including those purchased through a certified
investment adviser. This may be accomplished by the City Treasurer taking physical delivery of
the security or delivering the security to a bank or trust company designated by the City Treasurer
for safekeeping. The City Treasurer may use a qualified depository bank for safekeeping securities
or maintain an account with a money center bank for the purpose of settling investment
transactions and safekeeping and collecting those investments.
City policy provides that not more than 25% of total City funds or 25% of the qualified
depository’s allotment, whichever is less, can be invested in any one qualified depository. Not
more than 20% of total City funds may be invested in any one certified out-of-state depository
institution. However, there is no limitation placed on the amount invested with the Utah Public
Treasurer’s Investment Fund (“PTIF”) and other money market mutual funds, provided that the
overall standards of investments achieve the City’s policy objectives.
All funds pledged or otherwise dedicated to the payment of interest on and principal of
bonds or notes issued by the City are invested in accordance with the terms and borrowing
instruments applicable to such bonds or notes. City policy also provides that the remaining term
to maturity of an investment may not exceed the period of availability of the funds invested. The
investment of City funds cannot be of a speculative nature.
The City’s entire portfolio is currently in compliance with all of the provisions of the
Money Management Act.
The Utah Public Treasurers’ Investment Fund. The PTIF is a local government investment
fund, established in 1981, and managed by the State Treasurer. Currently the City has
approximately $[1.1 billion] on deposit in the PTIF, representing a substantial portion of the City’s
funds. All investments in the PTIF must comply with the Money Management Act and rules of
the State Money Management Council. The PTIF invests primarily in money market securities.
Securities in the PTIF include certificates of deposit, commercial paper, short -term corporate
notes, obligations of the U.S. Treasury and securities of certain agencies of the federal
government. By policy, the maximum weighted average adjusted life of the portfolio is not to
exceed 90 days and the maximum final maturity of any security purchased by the PTIF is limited
to five years. Safekeeping and audit controls for all investments owned by the PTIF must comply
with the Money Management Act.
All securities purchased are delivered versus payment to the custody of the State Treasurer
or the State Treasurer’s safekeeping bank, assuring a perfected interest in the securities. Securities
owned by the PTIF are completely segregated from securities owned by the State. The State has
no claim on assets owned by the PTIF except for any investment of State moneys in the PTIF.
Deposits are not insured or otherwise guaranteed by the State.
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Investment activity of the State Treasurer in the management of the PTIF is reviewed
monthly by the State Money Management Council and is audited by the State Auditor.
The information in this section concerning the current status of the PTIF has been obtained
from sources the City believes to be reliable, but the City takes no responsibility for the accuracy
thereof.
See “APPENDIX A – SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE
FISCAL YEAR ENDED JUNE 30, 2020 – Notes to the Financial Statements – Note 2 – Cash, Cash
Equivalents and Investments” below.
EMPLOYEE WORKFORCE AND RETIREMENT SYSTEM; POSTEMPLOYMENT BENEFITS
Employee Workforce and Retirement System. The City currently employs approximately
[2,954] full-time employees and approximately [387] hourly and part-time employees for a total
employment of approximately [3,341] employees. The City participates in three cost-sharing
multiple-employer public employee retirement systems and one multiple-employer agent system
which are defined benefit retirement plans covering public employees of the State and employees
of participating local governmental entities (the “Systems”). The Systems are administered under
the direction of the Utah State Retirement Board whose members are appointed by the Governor
of the State. See “APPENDIX B – SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE
FISCAL YEAR ENDED JUNE 30, 2019 – Notes to Financial Statements – Note 6 – Long-Term
Obligations,” “– Note 12 – Pension Plans” and “– Note 13 – Defined Contribution Savings Plans.”
Retirement Liability. The City participates with the Utah Retirement System (“URS”).
URS is funded and administered by the State. Each year, as approved by the State Legislature,
URS sets rates, enacts rules, and implements policies related to the pensions and benefits the City
retirees receive. Starting in Fiscal Year 2015, GASB Statement Number 68 requires URS to pass
on pension and retirement liability to public entities it serves, including the City. Working with
the City’s independent auditors and State specialists, this liability has been recorded on the City’s
financial statements for the Fiscal Year ending June 30, 2020 in the amount of $ .
No Other Post-Employment Benefits. The City does not offer other post-employment
benefits.
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DEBT STRUCTURE
For purposes of the information set forth under this section under the heading entitled
“Outstanding Debt Issues” the Series 2021A Bonds are considered issued and outstanding.
OUTSTANDING DEBT ISSUES (EXPECTED AS OF CLOSING DATE OF THE SERIES 2021A BONDS) (1)
AMOUNT OF
ORIGINAL ISSUE
FINAL
MATURITY DATE
PRINCIPAL
OUTSTANDING
General Obligation Bonds:
Series 2010B (Public Safety Facilities)
$100,000,000
6/15/2031
$ 59,280,000
Series 2013 (Refunded a portion of Series 2004A) 6,395,000 6/15/2024 2,755,000
Series 2015A Refunding (Taxable Sports Complex) 14,615,000 6/15/2028 8,835,000
Series 2015B Refunding (Open Space) 4,095,000 6/15/2023 1,100,000
Series 2017B Refunding (Refunded portion of Series 2010A) 12,920,000 6/15/2030 12,920,000
Series 2019 Improvement and Refunding (Refunded a portion of
Series 2017A)
22,840,000
6/15/2039
17,155,000
Series 2020 (Streets) 17,745,000 6/15/2040 17,745,000
Total
Water and Sewer Revenue Bonds:
Series 2009 (Taxable)
$ 6,300,000
2/1/2031
$119,790,000
$ 3,150,000
Series 2010 Revenue Bonds 12,000,000 2/1/2031 6,545,000
Series 2011 Revenue Bonds 8,000,000 2/1/2027 3,300,000
Series 2012 Improvement and Refunding Bonds 28,565,000 2/1/2027 8,865000
Series 2017 Improvement and Refunding Bonds 72,185,000 2/1/2037 66,145,000
Series 2020 Improvement Bonds 157,390,000 2/1/2050 157,390,000
Series 2020B Improvement Bonds (WIFIA loan) (2) 348,635,000 8/1/2058 348,635,000
Total
Sales and Excise Tax Revenue Bonds:
$594,030,000
Series 2012A 15,855,000 10/1/2021 $ 680,000
Series 2013B 7,315,000 10/1/2023 1,010,000
Series 2014B 10,935,000 10/1/2034 8,430,000
Series 2016A 21,715,000 10/1/2028 17,910,000
Series 2019A 2,620,000 4/1/2027 2,095,000
Series 2019B (Federally Taxable) 58,540,000 4/1/2038 57,740,000
Series 2021A (Federally Taxable) (3)
Total
25,905,000* 10/1/2034 *
$ *
Motor Fuel Excise Tax Revenue Bonds:
Series 2014 $8,800,000 4/1/2024 $ 2,820,000
Airport Revenue Bonds:
* Preliminary; subject to change.
(1) The Redevelopment Agency of Salt Lake City, a separate entity, has issued bonds, but such bonds are not obligations of the Ci ty and are therefore not included in this table. See
“APPENDIX B—SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2019—Notes to the Financial Statements—Note 6–Long-Term
Obligations.”
(2) Closed September 15, 2020. The Series 2020B Bonds are a drawdown loan in the maximum principal amount of $348,635,000. Draws will be made over the next 5 years, but
no draws have currently been made. The initial interest payment is on February 1, 2029 and the initial principal payment is on August 1, 2029.
(3) Expected to close [October 19, 2021].
(4) The Local Building Authority of Salt Lake City is a separate entity. Lease Revenue Bonds are not obligations of the City, but are paid from annually appropriated rental payments
made by the City.
(5) After giving effect to the refunding and defeasance of the Refunded Bonds.
Series 2017A $826,210,000 7/1/2047 $ 826,210,000
Series 2017B 173,790,000 7/1/2047 173,790,000
Series 2018A 753,855,000 7/1/2048 753,855,000
Series 2018B 96,695,000 7/1/2048 96,695,000
Total $1,850,550,000
Local Building Authority Lease Revenue Bonds(4):
Series 2013A(5) $7,180,000 10/15/2023 $ 955,000
Series 2014A(5) 7,095,000 4/15/2023 605,000
Series 2016A 6,755,000 4/15/2037 5,755,000
Series 2017A 8,115,000 4/15/2038 7,555,000
Total $14,870,000
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FUTURE DEBT PLANS
A special bond election held on November 6, 2018 gave voter authorization to the City to
issue up to $87 million in general obligation bonds to fund all or a portion of the costs of improving
various streets and roads throughout the City and related infrastructure improvements. The City
currently has approximately $46,700,000 of authorized, but unissued, bonds from the November
6, 2018 voted authorization, which the City anticipates issuing within the next 5-6 years.
The City will issue approximately $1.15 billion in additional general airport revenue bonds
in the future to complete the $4.1 billion airport reconstruction program. The reconstruction
program is currently expected to be completed by 2024.
Public utilities revenue bonds of approximately $406 million are expected to be issued over
the next seven years to fund the Department of Public Utilities capital improvement program. A
major focus of the Department’s budget is the rehabilitation and replacement of aging
infrastructure. The largest planned projects are the new water reclamation facility to meet
regulatory requirements, improvements to three water treatment plants, phased construction of a
new water conveyance line to expand service and provide redundancy, and water, sewer and storm
water utility infrastructure work necessitated by street improvements projects pursuant to the
City’s passage of the general obligation bond for that purpose.
The City analyzes the potential value of refunding bond issues, particularly during periods
of lower than normal interest rates or on an as needed basis and may issue refunding bonds at such
times.
RECENT DEVELOPMENTS {TO BE UPDATED.}
General. Fiscal year 2020 general fund expenses are expected to end very close to budget.
Due to COVID-19 and the March 2020 earthquake (see below) there have been unusual and
unexpected changes in spending. The administration and City Council have provided additional
emergency funding and it is expected that all City departments will be very close to budget at
June 30, 2020.
Overall revenue for fiscal year 2020 is projected to be $5.0 million under budget. Property
tax revenues are expected to be higher than budgeted due to an increase in personal property tax
collections of $1.0 million. Total sales tax revenues are approximately $318,000 under budget.
Franchise tax, interest income and fines are under budget due to the COVID-19 pandemic.
Fund balance for the end of fiscal year 2019 was $67.2 million or 20.85% of total revenues
for the year. The City Council and administration have an internal goal to keep the fund balance
above 14% of total revenue for each fiscal year. In fiscal year 2018 the total fund balance was
$43.5 million (16.0%) and a conservative fund balance estimate for fiscal year 2020 is $47.5
million (14.5%).
Fiscal year 2020 budget grew by approximately 10%, an increase of $28.4 million as
compared to the previous year. Major general fund expense increases were $5.7 million, mostly
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associated with salary and benefit cost increases, 66 new positions at a budgeted cost of $3.4
million, a transfer of 68 police officers from the Salt Lake City International Airport at a cost of
$7.7 million funded by the Airport, $4.7 million of transportation initiatives funded through a new
sales tax and an increase in the transfer to the fleet fund of just over $4.3 million.
COVID-19. As the regional employment center, tourism destination, and entertainment
hub for the State, the City has experienced a significant loss of revenues in the wake of the
COVID-19 pandemic. General fund estimated budget to actual losses from March through
December 31, 2020 exceed $14.1 million. The City will incur an estimated $7.1 million in
unbudgeted local expenses in response to this crisis. City revenue analysts are closely monitoring
economic indicators and revenue receipts to quickly respond should additional shortfalls become
apparent.
In response to the impact of COVID-19, the City implemented a hiring freeze, ceased any
planned raises, and made severe cuts to programs. Many departments have been able to
successfully implement telework with little to no impact on City services. For those departments
with employees who can work remotely, there has been a decrease of expenditures and it is
expected that some departments will have expenditures that are under adopted budget. There has
been an increased need for first responders, specifically police, fire, dispatch and public services
requiring additional costs and overtime.
The City has received an initial installment of $5.9 million from the Coronavirus Aid,
Relief, and Economic Security (CARES) Act funding allocated to the State and/or County and
may receive an additional two equal installments of CARES funding in July and October 2020, if
there is any funding remaining. It has not yet been determined if the State or the County will
provide that support. The maximum subsequent allocations would equate to $11.6 million if the
current formula remains, bringing the total sub -allocation of federal funds to the City to $17.4
million.
See also “INVESTMENT CONSIDERATIONS–Potential Impact of the Coronavirus” below.
March 2020 Earthquake. On March 18, 2020 a 5.7 magnitude earthquake occurred in the
township of Magna (located approximately 15 miles west of the City). This event, as well as
subsequent aftershocks caused significant damage to several City buildings, with total damages
estimated at approximately $10,558,600. This projection could change as adjusters and engineers
complete their damage assessments and the City begins to receive repair bids. Other financial
impacts to the City include unexpected overtime due to increased need for first responders,
specifically police, fire, dispatch and public services. The City expects all earthquake-related
property damages as well as business interruption expenses to be covered by the City’s property
insurance less a $100,000 deductible. See “–Insurance Coverage” above.
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FINANCIAL INFORMATION REGARDING THE CITY
FIVE YEAR FINANCIAL SUMMARY
The summaries contained herein were extracted from the City’s financial statements for
the fiscal years ended June 30, 2016 through June 30, 2020. The summaries are unaudited. See
also “APPENDIX A – SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE FISCAL
YEAR ENDED JUNE 30, 2020.”
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SALT LAKE CITY CORPORATION, UTAH
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE — GENERAL FUND
(FISCAL YEARS ENDED JUNE 30)
Unaudited
Revenues And Expenditures 2020 2019 2018 2017 2016
Revenues:
General property tax $112,588,053 $104,938,706 $101,731,444 $100,322,860 $ 96,359,007
Sales, use and excise taxes 116,199,002 99,403,846 67,940,454 62,776,248 59,927,247
Franchise taxes 26,863,146 27,238,435 27,286,331 28,418,423 27,972,665
Licenses 13,106,709 16,448,180 15,592,788 15,194,896 14,414,308
Permits 19,490,500 20,417,302 15,015,980 19,792,317 14,274,844
Fines and forfeitures 2,567,145 3,316,215 3,457,569 3,524,067 3,632,916
Interest 2,996,417 4,604,973 2,263,772 805,997 1,000,100
Intergovernmental 5,086,254 6,006,496 5,791,774 6,855,998 5,453,584
Interfund service charges 20,574,064 16,363,849 11,413,982 11,450,521 11,051,279
Parking meter collections 2,771,331 3,509,898 3,404,582 3,463,592 3,324,616
Parking tickets 1,186,561 1,824,561 2,110,245 3,204,769 2,844,690
Rental and other income 760,012 4,618,165 916,512 1,035,637 887,017
Charges for services 3,523,747 955,516 4,755,198 4,323,241 4,063,532
Miscellaneous 4,554,707 5,308,035 6,025,249 5,398,235 5,295,397
Total Revenues 332,267,648 314,954,177 267,705,880 266,566,801 250,501,202
Expenditures:
City Council 3,759,472 3,573,889 3,137,125 3,201,795 2,721,621
Mayor 3,862,232 3,121,458 2,856,010 2,752,337 2,456,932
City Attorney 6,788,279 6,643,806 5,896,933 5,549,139 5,442,492
Finance 7,827,573 7,596,941 6,758,236 6,645,796 6,355,798
Fire 42,336,507 42,266,968 39,165,845 38,251,674 38,203,990
Combined Emergency Services 7,953,949 8,066,766 7,377,133 6,861,592 6,919,161
Police 82,368,338 74,956,306 66,609,711 64,158,367 60,822,121
Community and Neighborhoods 23,407,408 22,291,042 21,409,611 19,903,151 21,240,753
Economic Development 1,985,238 1,689,398 1,650,691 1,190,020 -
Justice Court 4,428,065 4,389,467 4,276,010 4,183,738 4,024,112
Human Resources 2,663,132 2,614,565 2,524,603 2,330,599 2,165,444
Public Services 44,472,172 45,525,224 42,344,796 41,871,303 39,890,516
Nondepartmental 35,162,898 29,585,365 27,602,288 26,450,242 27,761,151
Interest and other fiscal charges - 675,866 583,117 371,509 321,134
Total Expenditures 267,015,263 252,997,061 232,192,109 223,721,262 218,325,225
Revenues Over (Under) Expenditures 65,252,385 61,957,116 35,513,771 42,845,539 32,175,977
Other Financing Sources (Uses):
Proceeds from sale of property 6,484 43,697 9,756 47,703 353,121
Transfers in 6,800,493 7,564,419 8,345,810 7,307,161 5,393,054
Transfers out (62,631,195) (45,855,553) (38,436,009) (40,621,305) (39,803,384)
Total Other Financing Sources (Uses) (55,824,218) (38,247,437) (30,080,533) (33,266,441) (34,057,209)
Net Change in Fund Balances 9,428,167 23,709,740 5,433,238 9,579,098 (1,881,232)
Fund Balance Prior Year (July 1) 79,814,009 56,104,269 50,670,995 41,091,897 42,973,129
Fund Balance Year End (June 30) $89,242,176 $79,814,009 $56,104,269 $50,670,995 $41,091,897
(Source: The City’s Comprehensive Annual Financial Report for the indicated years. This summary has not been audited.)
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SALT LAKE CITY CORPORATION, UTAH
BALANCE SHEET — GOVERNMENTAL FUNDS — GENERAL FUND
(FISCAL YEARS ENDED JUNE 30)
Unaudited
2020 2019 2018 2017 2016
ASSETS
Cash and cash equivalents:
Unrestricted $ 81,186,718 $ 66,930,200 $ 49,087,093 $ 41,534,741 $ 41,201,923
Restricted 1,479,040 1,214,680 119,303 794,556 388,056
Receivables
Property, franchise and excise 125,990,575 121,146,223 109,657,724 109,140,970 100,934,400
Accounts Receivable* 410,798 585,327 754,799 1,529,553 821,136
Taxes Receivable 6,508,528 9,637,005 7,282,610 7,687,027 8,041,677
Current portion of loans receivables 91,228 105,658 719,155 143,258 161,371
Other, principally accrued interest 3,595 4,048 3,948 -
Prepaids 2,295,517 2,222,173 2,108,725 2,067,816 1,912,583
Noncurrent assets:
Restricted cash and cash equivalents - - - 457,090 1,048,318
Total Assets 217,962,404 201,844,461 169,733,457 163,358,959 154,509,464
LIABILITIES
Accounts payable 4,422,547 3,804,768 3,947,162 3,834,497 3,745,483
Accrued liabilities 12,859,977 11,173,580 10,428,440 8,892,089 14,743,977
Due to other funds for cash overdraft - 2,033,955 - -
Current deposits and advance rentals 4,478,386 5,016,747 1,823,210 2,702,137 2,429,943
Current portion of long-term
compensated absences 1,975,363 2,243,741 179,411 58,476 2,326,249
Total liabilities 23,736,273 22,238,836 18,412,178 15,487,199 23,245,652
DEFERRED INFLOWS OF RESOURCES
Receivables not meeting available
criterion 104,983,955 99,792,016 95,217,010 97,200,765 90,171,915
Total deferred inflows 104,983,955 99,792,016 95,217,010 97,200,765 90,171,915
FUND BALANCES
Nonspendable 9,302,914 12,550,173 10,865,289 11,427,654 10,936,767
Assigned 9,899,196 15,891,696 8,731,775 7,298,041 7,098,940
Unassigned 70,040,066 51,372,150 36,507,205 31,945,300 23,056,190
Total fund balances 89,242,176 79,814,009 56,104,269 50,670,995 41,091,897
Total Liabilities and Fund Balances $217,962,040 $201,844,861 $169,733,457 $163,358,959 $154,509,464
* Less allowance for 2017 and 2016, of $78,000 and $78,000, respectively.
(Source: The City’s Comprehensive Annual Financial Report for the indicated years. The summary above has not been audited.)
- 37 -
Set forth below are brief descriptions of the various sources of revenues available to the
City’s general fund. The percentage of total general fund revenues represented by each source is
based on the City’s audited June 30, 2020 fiscal year period:
Sales, use and excise taxes – Approximately 34.97% of general fund revenues are from
sales, use and excise taxes.
General property taxes – Approximately 33.88% of general fund revenues are from general
property taxes.
Licenses and Permits – Approximately 9.81% of general fund revenues are from licenses
and permits.
Franchise taxes – Approximately 8.08% of general fund revenues are from franchise taxes.
Interfund service charges – Approximately 6.19% of general fund revenues are from
interfund service charges.
Intergovernmental – Approximately 1.53% of general fund revenues are from other
governmental entities.
Miscellaneous – Approximately 1.37% of general fund revenues are from miscellaneous
revenues.
Charges for Services – Approximately 1.06% of general fund revenues are from charges
for services.
Interest – Approximately 0.90% of general fund revenues are from interest income.
Parking meter – Approximately 0.83% of general fund revenues are from parking meters.
Fines and forfeitures – Approximately 0.77% of general fund revenues are from fines and
forfeitures.
Parking tickets – Approximately 0.36% of general fund revenues are from parking tickets.
Rental and other income – Approximately 0.23% of general fund revenues are from rental
and other income.
- 38 -
ASSESSED TAXABLE AND ESTIMATED FAIR MARKET VALUE OF TAXABLE PROPERTY
(YEARS ENDED JUNE 30, 2016 THROUGH 2020)(1)
2020 2019 2018 2017 2016
Assessed Taxable value (2) $31,537,761 $28,398,219 $25,664,463 $23,932,708 $21,753,175
Estimated fair market value 41,493,433 37,255,666 33,819,886 31,386,040 28,594,182
Ratio of assessed taxable
value to estimated fair
market value
76.0
76.2%
75.9%
76.3%
76.1%
(1) Dollar amounts are in thousands.
(2) Note: All taxable property is assessed and taxed on the basis of its fair market value. State law requires that the
fair market value of property that is assessed by county assessors using a comparable sales or a cost appraisal
method exclude expenses related to property sales transact ions. For tax purposes, the fair market value of primary
residential property is reduced by 45% under current law.
(Source: Salt Lake City Corporation Comprehensive Annual Financial Report, Statistical Section, year ended June 30,
2020.)
PRINCIPAL PROPERTY TAXPAYERS
TAXPAYER
TYPE OF BUSINESS
2019
TAXABLE
VALUE(1)
% OF THE CITY’S
2019 TAXABLE
VALUE
LDS Church (Property Reserve, City
Creek Reserve, Deseret Title) Real Estate Holding $ 979,000,587 3.72%
PacifiCorp Electric Utility 510,504,967 1.94
Delta Airlines Air Transportation 299,937,120 1.14
Wasatch Plaza Holdings LLC Real Estate Holding 224,413,000 0.85
MPLD Husky LLC Manufacturing 210,994,600 0.80
KBSIII, LLC Real Estate Holding 193,465,700 0.74
Questar Gas Natural Gas 167,999,450 0.64
Sky West Airlines Air Transportation 161,657,988 0.62
Verizon Communications Inc. Healthcare research and investments 134,678,945 0.51
AT&T Inc. Telecommunications 128,840,105 0.49
$3,011,492,462
(1) Taxable Value used in this table excludes all tax equivalent property associated with motor vehicles, watercraft, recreational
vehicles, and all other tangible personal property required to be registered with the State. See “FINANCIAL INFORMATION
REGARDING SALT LAKE CITY, UTAH — Taxable and Fair Market Value of Property.”
(Source: Salt Lake City Corporation Comprehensive Annual Financial Report for the year ended June 30, 2020.)
TAX TREATMENT
FEDERAL INCOME TAXATION
Interest on the Series 2021A Bonds is includible in gross income for federal income
purposes. Ownership of the Series 2021A Bonds may result in other federal income tax
- 39 -
consequences to certain taxpayers. Bondholders should consult their tax advisors with respect to
the inclusion of interest on the Series 2021A Bonds in gross income for federal income tax
purposes and any collateral tax consequences.
The City may deposit moneys or securities in escrow in such amount and manner as to
cause the Series 2021A Bonds to be deemed to be no longer outstanding under the Indenture (a
“defeasance”). A defeasance of the Series 2021A Bonds may be treated as an exchange of the
Series 2021A Bonds by the holders thereof and may therefore result in gain or loss to the holders.
Bond holders should consult their own tax advisors about the consequences if any of such a
defeasance. The City is required to provide notice of defeasance of the Series 2021A Bonds as a
material event under the Agreement (defined below). The Trustee is also required to provide notice
of defeasance to holders in accordance with the Indenture.
UTAH INCOME TAXATION
In the opinion of Bond Counsel, under the existing laws of the State of Utah, as presently
enacted and construed, interest on the Series 2021A Bonds is exempt from taxes imposed by the
Utah Individual Income Tax Act. Bond Counsel expresses no opinion with respect to any other
taxes imposed by the State or any political subdivision thereof. Ownership of the Series 2021A
Bonds may result in other state and local tax consequences to certain taxpayers. Bond Counsel
expresses no opinion regarding any such collateral consequences arising with respect to the Series
2021A Bonds. Prospective purchasers of the Series 2021A Bonds should consult their tax advisors
regarding the applicability of any such state and local taxes.
NO DEFAULTED BONDS
The City has never failed to pay principal and interest when due on any of its bonds, notes
or other financial obligations.
CONTINUING DISCLOSURE AGREEMENT
The City will enter into a Continuing Disclosure Agreement (the “Agreement”), in
substantially the form attached hereto as APPENDIX F, for the benefit of the beneficial owners of
the Series 2021A Bonds to send certain information annually and to provide notice of certain
events to the Municipal Securities Rulemaking Board pursuant to the requirements of
Section (b)(5) of Rule 15c2-12 (the “Rule”) adopted by the Securities and Exchange Commission
(the “Commission”) under the Securities Exchange Act of 1934.
A failure by the City to comply with the Agreement will not constitute a default under the
Indenture and beneficial owners of the Series 2021A Bonds are limited to the remedies described
in the Agreement. A failure by the City to comply with the Agreement must be reported in
accordance with the Rule and must be considered by any broker, dealer or municipal securities
dealer before recommending the purchase or sale of the Series 2021A Bonds in the secondary
market. Consequently, such a failure may adversely affect the tr ansferability and liquidity of the
Series 2021A Bonds and their market price. See “FORM OF CONTINUING DISCLOSURE
- 40 -
AGREEMENT” attached hereto as APPENDIX F for the information to be provided, the events which
will be noticed on an occurrence basis and the other terms of the Agreement, including termination,
amendment and remedies.
The City has entered into a number of continuing disclosure undertakings pursuant to the
Rule with respect to the bonds it has issued and has contracted with a number of dissemination
agents to file annual information and notices of certain events on behalf of the City. In the previous
five years the City provided its annual financial information and audited financial statements to
the applicable dissemination agent in advance of the deadline specified in the applicable continuing
disclosure undertaking. Dissemination agents for certain of the City’s bonds filed such information
late; however, the information was filed within 10 days of the deadline. Additionally, with respect
to certain water and sewer bonds, during the previous five years the City filed the audited financial
statements of the City's utilities system, but did not include the audited financial statements of the
City. Corrective filings have been made and the City has taken steps to ensure that in the future
the City's audited financial statements will be filed for such water and sewer revenue bonds as
required.
The City has adopted continuing disclosure policies and procedures to help ensure
compliance with its continuing disclosure undertakings.
UNDERWRITING
, as underwriter (the “Underwriter”), has agreed, subject to certain
conditions, to purchase all of the Series 2021A Bonds from the City at an aggregate price of
$ (being an amount equal to the par amount of the Series 2021A Bonds, plus original
issue premium of $ , less an Underwriter’s discount of $ ) and to make a
public offering of the Series 2021A Bonds.
Although the Underwriter expects to maintain a secondary market in the Series 2021A
Bonds after the initial offering, no guarantee can be given as to the existence of such a secondary
market or its maintenance by the Underwriter or others.
RATING
As of the date of this Official Statement, the Series 2021A Bonds have been rated “ ”
and “ ” by Moody’s Investors Service, Inc. and S&P Ratings, respectively.
Such ratings reflect only the view of such organization and any desired explanation of the
significance of such rating should be obtained from the rating agency furnishing the same.
Generally, a rating agency bases its rating on the information and materials furnished to it and on
investigations, studies and assumptions of its own. There is no assurance such rating will continue
for any given period of time or that such rating will not be revised downward or withdrawn entirely
by the rating agency providing such rating if, in the judgment of the rating agency, circumstances
so warrant. Any such downward revision or withdrawal of such rating may have an adverse effect
on the market price of the Series 2021A Bonds.
- 41 -
ESCROW VERIFICATION
, , , Certified Public Accountants, will verify
the accuracy of the mathematical computations concerning the adequacy of the maturing principal
amounts of and interest earned on the obligations of the United States of America, together with
other escrowed moneys, to pay when due pursuant to prior redemption the Principal and
Redemption Price of, and interest on, the Refunded Bonds. Such verification shall be based in
part upon information supplied by the Underwriter.
MUNICIPAL ADVISOR
The City has entered into an agreement with Stifel, Nicolaus & Company, Incorporated
(the “Municipal Advisor”), whereunder the Municipal Advisor provides financial
recommendations and guidance to the City with respect to preparation for sale of the Series 2021A
Bonds, timing of the sale, tax-exempt bond market conditions, costs of issuance and other factors
related to the sale of the Series 2021A Bonds. The Municipal Advisor has participated in the
preparation of and provided information for certain portions of the Official Statement, but has not
audited, authenticated or otherwise verified the information set forth in the Official Statement, or
any other related information available to the City, with respect to accuracy and completeness of
disclosure of such information, and the Municipal Advisor makes no guaranty, warranty or other
representation respecting accuracy and completeness of the Official Statement or any other matter
related to the Official Statement.
LEGAL MATTERS
LITIGATION
The City Attorney reports the following matters involving potential financial liability of
the City:
Lawsuits are periodically filed against the City and/or its employees, involving tort and
civil rights matters. The City has a statutory obligation to defend and indemnify its officers and
employees in relation to lawsuits arising from acts or failures to act of the officers or employees
while in the scope and course of employment.
The City maintains a governmental immunity fund for claims against the City. In the event
the fund is not sufficient to pay any outstanding judgment or judgments, the City has the ability
under State law to levy a limited ad valorem tax to pay such judgments. This tax levy is separate
and apart from the other taxing powers of the City.
The City also has contract claims, condemnation proceedings and environmental matters,
none of which is expected to materially adversely affect the City’s financial condition.
A non-litigation certificate or opinion executed by the City Attorney, dated the date of
closing, will be provided stating, among other things, that to the best of her knowledge, after due
- 42 -
inquiry, no litigation, with merit, in the State or federal court has been served on the City or is, to
the best of her knowledge, threatened, challenging the creation, organization or existence of the
City, or the titles of its officers to their respective offices, or seeking to restrain or enjoin the
issuance, sale or delivery of the Series 2021A Bonds, or for the purpose of restraining or enjoining
the levy and collection of taxes or assessments by the City, or directly or indirectly contesting or
affecting the proceedings or the authority by which the Series 2021A Bonds are issued, the legality
of the purpose for which the Series 2021A Bonds are issued, or the validity of the Series 2021A
Bonds, or the issuance thereof.
APPROVAL OF LEGAL PROCEEDINGS
The authorization and issuance of the Series 2021A Bonds are subject to the approval of
Chapman and Cutler LLP, Bond Counsel to the City. Certain legal matters will be passed upon
for the City by the City Attorney and by Chapman and Cutler LLP, as the City’s Disclosure
Counsel. The Underwriter is being represented by its counsel, _ . The approving
opinion of Bond Counsel will be delivered with the Series 2021A Bonds in substantially the form
set forth in APPENDIX D of this Official Statement and will be made available upon request from
the contact persons as indicated under “INTRODUCTION—Contact Person.”
INDEPENDENT AUDITORS
The basic financial statements of Salt Lake City Corporation as of and for the Year Ended
June 30, 2020 included in APPENDIX A to this Official Statement, have been audited by Eide Bailly,
independent auditors, as stated in their report appearing herein.
MISCELLANEOUS
ADDITIONAL INFORMATION
All quotations from and summaries and explanations of the Utah Constitution, statutes,
programs, laws of the State, court decisions, and the Indenture, which are contained herein, do not
purport to be complete, and reference is made to said Constitution, statutes, programs, laws, court
decisions, and the Indenture for full and complete statements of their respective provisions.
Any statement in this Official Statement involving matters of opinion, whether or not
expressly so stated, is intended as such and not as representations of fact. This Official Statement
is not to be construed as a contract or agreement between the Underwriter and the p urchasers or
owners of any of the Series 2021A Bonds.
The appendices attached hereto are an integral part of this Official Statement, and should
be read in conjunction with the foregoing material.
This Preliminary Official Statement is in form deemed final for purposes of paragraph
(b)(1) of Rule 15c2-12 of the Securities and Exchange Commission.
- 43 -
The delivery of the Official Statement and its distribution and use has been duly authorized
by the City.
SALT LAKE CITY, UTAH
A-1
APPENDIX A
SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2020
(The remainder of this page intentionally left blank.)
B-1
APPENDIX B
MASTER TRUST INDENTURE
The format of the General Indenture (i.e., font size, paragraph spacing, etc.) has been
changed to allow for the presentation of this Official Statement to be as compact as possible.
(The remainder of this page intentionally left blank.)
C-1
APPENDIX C
DEMOGRAPHIC AND ECONOMIC INFORMATION
REGARDING THE CITY AND SALT LAKE COUNTY
THE CITY
POPULATION
THE
% INCREASE
FROM PRIOR
SALT
LAKE
% INCREASE
FROM PRIOR
THE
% INCREASE
FROM PRIOR
YEAR CITY PERIOD COUNTY PERIOD STATE PERIOD
2020 Estimate 200,831 0.13% 1,164,589 1.01% 3,273,000 1.64%
2019 Estimate 200,567 (0.01) 1,152,960 0.95 3,220,171 1.87
2018 Estimate 200,591 0.02 1,142,081 0.57 3,161,105 1.91
2017 Estimate 200,544 3.51 1,135,649 1.27 3,101,833 1.66
2016 Estimate 193,744 0.56 1,121,354 1.27 3,051,217 1.85
2015 Estimate 192,672 0.94 1,107,314 1.43 2,995,919 1.80
2014 Estimate 190,884 (0.15) 1,091,742 1.01 2,942,902 1.38
2010 Census 186,440 2.58 1,029,655 14.61 2,763,885 23.77
2000 Census 181,743 13.63 898,387 23.75 2,233,169 29.62
1990 Census 159,936 (1.90) 725,956 17.27 1,722,850 17.92
1980 Census 163,034 (7.31) 619,066 34.99 1,461,037 37.93
1970 Census 175,885 (7.16) 458,607 19.73 1,059,273 18.94
(Source: U.S. Census Bureau, as revised and subject to periodic revision and Utah Department of Workforce
Services.)
PROPERTY VALUE OF PRE-AUTHORIZED CONSTRUCTION IN THE CITY
NEW
Non-
ADDITIONS,
ALTERATIONS AND REPAIRS
Non-
TOTAL
CONSTRUCTION
% Change
Year
Number
Dwelling
Units
Residential
Value
($000)
residential
Value
($000)
Residential
Value
($000)
residential
Value
($000)
Value
($000)
from
Prior
Period
2020* 1,129 $171,906.6 $222,463.4 $17,600.1 $209,325.1 $ 621,295.3 NA
2019 3,894 589,888.3 458,798.9 40,935.1 326,724.3 1,416,346.6 72.1%
2018 877 126,957.6 430,249.0 37,989.1 227,906.6 823,102.3 (2.4)
2017 648 99,054.0 428,214.7 35,050.8 280,826.7 843,146.2 (43.1)
2016 3,049 377,547.5 331,676.4 38,680.1 734,678.9 1,482,582.9 155.3
2015 1,343 157,378.5 175,010.4 33,294.6 175,323.8 541,007.3 (4.1)
* Through June 30, 2020.
(Source: Kem C. Gardner Policy Institute, University of Utah—Ivory-Boyer Construction Database.)
C-2
BUSINESS AND INDUSTRY
TAXABLE SALES AND LOCAL OPTION SALES TAX ALLOCATION — THE CITY
YEAR ENDED
JUNE 30
GROSS TAXABLE
SALES
% CHANGE OVER
PRIOR YEAR
NET LOCAL SALES TAX
ALLOCATIONS
% CHANGE OVER
PRIOR YEAR
2018 $8,864,078,553 7.7% $61,012,067 8.5%
2017 8,230,626,156 8.0 56,215,516 5.7
2016 7,622,308,738 3.8 53,175,550 3.1
2015 7,342,163,585 5.4 51,568,729 5.6
2014 6,960,089,276 1.6 48,834,004 2.0
(Source: Utah State Tax Commission.)
THE COUNTY
The following demographic information is provided solely as background information
regarding Salt Lake County (the “County”), the county in which the City is located. The County
is the economic and population center of the State. Based on 2010 Census data, the County has
approximately 37% of the total population of the State.
SALES AND BUILDING IN SALT LAKE COUNTY
SALES AND BUILDING 2019 2018 2017 2016 2015
Gross Taxable Sales $30,078,000 $28,855,617 $27,084,521 $25,415,491 $24,256,515
Permit Authorized Construction $3,820,000.2 $3,015,000.4 $2,852,908.3 $3,266,939.5 $2,096,443.3
New Dwelling Units 9,681 8,150 6,585 8,328 6,077
New Residential Value 1,787,464.1 $1,470,556.5 1,262,359.7 $1,406,216.3 $1,045,161.9
(Source: Utah Department of Workforce Services and Kem C. Gardner Policy Institute, University of Utah—Ivory-Boyer
Construction Database.)
INCOME AND WAGES IN SALT LAKE COUNTY
INCOME AND WAGES 2019 2018 2017 2016 2015
Total Personal Income ($000) NA NA $56,152,594 $52,436,840 $49,871,735
Per Capita Income NA $52,639 $49,445 $46,762 $45,148
Median Household Income Estimates NA $73,619 $71,396 $68,404 $65,549
Average Monthly Nonfarm Wage $4,724 $4,513 $4,337 $4,211 $4,120
(Source: Utah Department of Workforce Services.)
C-3
RATE OF UNEMPLOYMENT — ANNUAL AVERAGE
YEAR SALT LAKE COUNTY THE STATE UNITED STATES
2021* % % 6.3%
2020 4.8 3.6 6.7
2019 2.5 2.4 3.6
2018 3.1 3.2 3.9
2017 3.1 3.2 4.4
2016 3.2 3.4 4.9
* Preliminary; subject to change. As of January 2021 (seasonally adjusted).
(Source: Utah Department of Workforce Services; U.S. Department of Labor.)
LABOR MARKET DATA OF SALT LAKE COUNTY
2019 2018 2017 2016 2015
Civilian Labor Force 634,741 619,396 614,498 601,470 585,345
Employed 618,767 601,161 595,348 582,448 565,532
Unemployed 15,974 18,235 19,150 19,122 19,813
Total Private Sector (average) NA 612,635 595,855 581,825 565,635
Mining 2,647 2,853 2,408 2,428 2,696
Construction 42,776 40,034 38,052 35,760 33,458
Manufacturing 57,848 56,653 55,951 54,487 53,360
Trade, transportation and utilities 145,876 143,262 138,920 136,787 132,656
Information 20,547 20,031 20,204 18,979 17,960
Financial activities 59,904 58,727 56,982 55,414 53,069
Professional and business services 129,869 125,720 122,209 120,654 116,383
Education, health and social services 84,725 82,534 81,174 78,557 75,080
Leisure and hospitality 62,740 60,804 58,811 57,521 55,560
Other services 22,290 21,859 21,295 21,041 20,842
Government 107,455 105,383 102,654 100,223 98,842
(Source: Utah Department of Workforce Services.)
C-4
SEVERAL OF THE LARGEST EMPLOYERS IN SALT LAKE COUNTY
The following is a list of some of the largest employers in Salt Lake County.
FIRM NAME
INDUSTRY
APPROXIMATE NUMBER
OF EMPLOYEES
University of Utah Higher Education, Health Care 20,000+
State of Utah State Government 20,000+
Intermountain Health Care, Inc. Health Care 15,000-19,999
United States Government Federal Government 10,000-14,999
Wal-Mart Associates, Inc. Warehouse Clubs & Supercenters 7,000-9,999
Granite School District Public Education 7,000-9,999
LDS Church Religious Agencies Religious Organizations 7,000-9,999
Zions Bank Financial Services 7,000-9,999
Salt Lake County County Government 5,000-6,999
Jordan School District Public Education 5,000-6,999
The Canyons School District Public Education 4,000-4,999
Delta Air Lines, Inc. Air Transportation 4,000-4,999
ARUP Laboratories Medical Research 3,000-3,999
United Parcel Service Delivery Service 3,000-3,999
Amazon Fulfillment Services Delivery Service 3,000-3,999
Department of Veterans Affairs Health Care 3,000-3,999
Discover Financial Services 3,000-3,999
Salt Lake City School District Public Education 3,000-3,999
Smith’s Marketplace Grocery Stores 3,000-3,999
Salt Lake Community College Higher Education 3,000-3,999
L3 Technologies Manufacturing 3,000-3,999
Wells Fargo Financial Services 3,000-3,999
U.S. Postal Service Postal Service 2,000-2,999
Goldman Sachs Financial Services 2,000-2,999
McDonalds Restaurants 2,000-2,999
Utah Transit Authority Public Transportation 2,000-2,999
C.R. England, Inc. Delivery Service 2,000-2,999
Merit Medical Systems Manufacturing 2,000-2,999
Salt Lake City Corporation Local Government 2,000-2,999
Skywest Airlines Transportation 2,000-2,999
Kennecott Utah Copper Mining 2,000-2,999
Jetblue Airways Transportation 2,000-2,999
(Source: Utah Department of Workforce Services. As of November 2020)
D-1
APPENDIX D
PROPOSED FORM OF OPINION OF BOND COUNSEL
[TO BE PROVIDED.]
E-1
APPENDIX E
PROVISIONS REGARDING BOOK-ENTRY ONLY SYSTEM
The Depository Trust Company (“DTC”), New York, NY, will act as securities depository
for the Series 2021A Bonds. The Series 2021A Bonds will be issued as fully-registered securities
registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be
requested by an authorized representative of DTC. One fully-registered Series 2021A Bond
certificate will be issued for each maturity of the Series 2021A Bonds, each in the aggregate
principal amount of such maturity, and will be deposited with DTC.
DTC, the world’s largest depository, is a limited-purpose trust company organized under
the New York Banking Law, a “banking organization” within the meaning of the New York
Banking Law, a member of the Federal Reserve System, a “clearing corporation” within th e
meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant
to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides
asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and
municipal debt issues, and money market instruments (from over 100 countries) that DTC’s
participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade
settlement among Direct Participants of sales and other securities transactions in deposited
securities, through electronic computerized book-entry transfers and pledges between Direct
Participants’ accounts. This eliminates the need for physical movement of securities certificates.
Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust
companies, clearing corporations, and certain other organizations. DTC is a wholly-owned
subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding
company for DTC, National Securities Clearing Corporation and Fixed Income Clearing
Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its
regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and
non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that
clear through or maintain a custodial relationship with a Direct Participant, either directly or
indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC rules
applicable to its Participants are on file with the Securities and Exchange Commission. More
information about DTC can be found at www.dtcc.com.
Purchases of the Series 2021A Bonds under the DTC system must be made by or through
Direct Participants, which will receive a credit for the Series 2021A Bonds on DTC’s records. The
ownership interest of each actual purchaser of each Series 2021A Bond (“Beneficial Owner”) is
in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not
receive written confirmation from DTC of their purchase. Beneficial Owners are, however,
expected to receive written confirmations providing details of the transaction, as well as periodic
statements of their holdings, from the Direct or Indirect Participant through which the Beneficial
Owner entered into the transaction. Transfers of ownership interests in the Series 2021A Bonds
are to be accomplished by entries made on the books of Direct and Indirect Participants acting on
behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their
ownership interests in the Series 2021A Bonds, except in the event that use of the book-entry
system for the Series 2021A Bonds is discontinued.
E-2
To facilitate subsequent transfers, all Series 2021A Bonds deposited by Direct Participants
with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other
name as may be requested by an authorized representative of DTC. The deposit of the Series
2021A Bonds with DTC and their registration in the name of Cede & Co. or such other DTC
nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual
Beneficial Owners of the Series 2021A Bonds; DTC’s records reflect only the identity of the Direct
Participants to whose accounts such Series 2021A Bonds are credited, which may or may not be
the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping
account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct
Participants to Indirect Participants, and by Direct Participants and Indirect Participants to
Beneficial Owners will be governed by arrangements among them, subject to any statutory or
regulatory requirements as may be in effect from time to time. Beneficial Owners of the Series
2021A Bonds may wish to take certain steps to augment transmission to them of notices of
significant events with respect to the Series 2021A Bonds, such as redemptions, tenders, defaults,
and proposed amendments to the Series 2021A Bond documents. For example, Beneficial Owners
of the Series 2021A Bonds may wish to ascertain that the nominee holding the Series 2021A Bonds
for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative,
Beneficial Owners may wish to provide their names and addresses to the Series 2021A Bond
Registrar and request that copies of notices be provided directly to them.
Redemption notices shall be sent to DTC. If less than all of the Series 2021A Bonds within
an issue are being redeemed, DTC’s practice is to determine by lot the amount of the interest of
each Direct Participant in such issue to be redeemed.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with
respect to the Series 2021A Bonds unless authorized by a Direct Participant in accordance with
DTC’s MMI procedures. Under its usual procedures, DTC mails an omnibus proxy to the City as
soon as possible after the record date. The omnibus proxy assigns Cede & Co.’s consenting or
voting rights to those Direct Participants to whose accounts the Series 2021A Bonds are credited
on the record date (identified in a listing attached to the omnibus proxy).
As long as the book-entry system is in effect, redemption proceeds, distributions, and
dividend payments on the Series 2021A Bonds will be made to Cede & Co., or such other nominee
as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct
Participants’ accounts upon DTC’s receipt of funds and corresponding detailed information from
the City or the Paying Agent, on payable date in accordance with their respective holdings shown
on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing
instructions and customary practices, as is the case with securities held for the accounts of
customers in bearer form or registered in “street name,” and will be the responsibility of such
Participant and not of DTC, the Paying Agent, or the City, subject to any statutory or regulatory
requirements as may be in effect from time to time. Payment of redemption proceeds,
distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested
by an authorized representative of DTC) is the responsibility of the City or the Paying Agent,
disbursement of such payments to Direct Participants will be the responsibility of DTC, and
E-3
disbursement of such payments to Beneficial Owners will be the responsibility of Direct and
Indirect Participants.
DTC may discontinue providing its services as depository with respect to the Series 2021A
Bonds at any time by giving reasonable notice to the City or the Paying Agent. Under such
circumstances, in the event that a successor securities depository is not obtained, Series 2021A
Bond certificates are required to be printed and delivered.
The City may decide to discontinue use of the system of book-entry transfers through DTC
(or a successor securities depository). In that event, Series 2021A Bond certificates will be printed
and delivered to DTC.
The information in this section concerning DTC and DTC’s book-entry system has been
obtained from sources that the City believes to be reliable, but the City takes no responsibility for
the accuracy thereof.
F-1
APPENDIX F
FORM OF CONTINUING DISCLOSURE AGREEMENT
Draft of
6/18/21
CONTINUING DISCLOSURE AGREEMENT
FOR THE PURPOSE OF PROVIDING
CONTINUING DISCLOSURE INFORMATION
UNDER PARAGRAPH (b)(5) OF RULE 15c2-12
DATED: [October 19], 2021
This Continuing Disclosure Agreement (the “Agreement”) is executed and delivered by
Salt Lake City, Utah (the “City”), in connection with the issuance of $__ Federally
Taxable Sales and Excise Tax Revenue Refunding Bonds, Series 2021 (the “Series 2021 Bonds”).
The Series 2021 Bonds are being issued pursuant to (i) the Utah Refunding Bond Act, Title 11,
Chapter 27, Utah Code Annotated 1953, as amended; (ii) a resolution adopted by the City Council
of the City on August 17, 2021, which provides for the issuance and sale of the Series 2021 Bonds;
and (iii) a Master Trust Indenture, dated as of September 1, 2004, as heretofore amended and
supplemented, between the City and Zions Bancorporation, National Association, as trustee (the
“Trustee”), and as further amended and supplemented by a _ Supplemental Trust
Indenture, dated as of October 1, 2021, between the City and the Trustee (collectively, the
“Indenture”).
In consideration of the issuance of the Series 2021 Bonds by the City and the purchase of
such Series 2021 Bonds by the beneficial owners thereof, the City covenants and agrees as follows:
1. PURPOSE OF THIS AGREEMENT. This Agreement is executed and delivered by the City
as of the date set forth below, for the benefit of the beneficial owners of the Series 2021 Bonds
and in order to assist the Participating Underwriters in complying with the requirements of the
Rule (defined below). The City represents that it will be the only obligated person with respect to
the Series 2021 Bonds at the time the Series 2021 Bonds are delivered to the Participating
Underwriters and that no other person is expected to become so committed at any time after
issuance of the Series 2021 Bonds.
2. DEFINITIONS. The terms set forth below shall have the following meanings in this
Agreement, unless the context clearly otherwise requires.
“Annual Financial Information” means the financial information and operating data
described in Exhibit I.
“Annual Financial Information Disclosure” means the dissemination of disclosure
concerning Annual Financial Information and the dissemination of the Audited Financial
Statements as set forth in Section 4.
“Audited Financial Statements” means the audited financial statements of the City
prepared pursuant to the standards and as described in Exhibit I.
“Commission” means the Securities and Exchange Commission.
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- 2 - Continuing Disclosure Agreement
“Dissemination Agent” means any agent designated as such in writing by the City and
which has filed with the City a written acceptance of such designation, and such agent’s successors
and assigns.
“EMMA” means the MSRB through its Electronic Municipal Market Access system for
municipal securities disclosure or through any other electronic format or system prescribed by the
MSRB for purposes of the Rule.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Financial Obligation” means (a) a debt obligation, (b) a derivative instrument entered
into in connection with, or pledged as security or a source of payment for, an existing or planned
debt obligation, or (c) a guarantee of (a) or (b) in this definition; provided however, the term
Financial Obligation shall not include municipal securities as to which a final official statement
has been provided to the MSRB consistent with the Rule.
“MSRB” means the Municipal Securities Rulemaking Board.
“Participating Underwriter” means each broker, dealer or municipal securities dealer
acting as an underwriter in the primary offering of the Series 2021 Bonds.
“Reportable Event” means the occurrence of any of the Events with respect to the Series
2021 Bonds, set forth in Exhibit II.
“Reportable Events Disclosure” means dissemination of a notice of a Reportable Event as
set forth in Section 5.
“Rule” means Rule 15c2-12 adopted by the Commission under the Exchange Act, as the
same may be amended from time to time.
“State” means the State of Utah.
“Undertaking” means the obligations of the City pursuant to Sections 4 and 5.
3. CUSIP NUMBER/FINAL OFFICIAL STATEMENT. The CUSIP Numbers of the Series
2021 Bonds are as follows:
- 3 - Continuing Disclosure Agreement
YEAR OF MATURITY
(OCTOBER 1)
CUSIP
NUMBER
YEAR OF MATURITY
(OCTOBER 1)
CUSIP
NUMBER
The Final Official Statement relating to the Series 2021 Bonds is dated , 2021
(the “Final Official Statement”).
4. ANNUAL FINANCIAL INFORMATION DISCLOSURE. Subject to Section 8 of this
Agreement, the City hereby covenants that it will disseminate its Annual Financial Information
and its Audited Financial Statements (in the form and by the dates set forth in Exhibit I) to EMMA
in such manner and format and accompanied by identifying information as is prescribed by the
MSRB or the Commission at the time of delivery of such information and by such time so that
such entities receive the information by the dates specified. MSRB Rule G-32 requires all EMMA
filings to be in word-searchable PDF format. This requirement extends to all documents to be
filed with EMMA, including financial statements and other externally prepared reports.
If any part of the Annual Financial Information can no longer be generated because the
operations to which it is related have been materially changed or discontinued, the City will
disseminate a statement to such effect as part of its Annual Financial Information for the year in
which such event first occurs.
If any amendment or waiver is made to this Agreement, the Annual Financial Information
for the year in which such amendment or waiver is made (or in any notice or supplement provided
to EMMA) shall contain a narrative description of the reasons for such amendment or waiver and
its impact on the type of information being provided.
5. REPORTABLE EVENTS DISCLOSURE. Subject to Section 8 of this Agreement, the City
hereby covenants that it will disseminate in a timely manner (not in excess of ten business days
after the occurrence of the Reportable Event) Reportable Events Disclosure with respect to the
Series 2021 Bonds to EMMA in such manner and format and accompanied by identifying
information as is prescribed by the MSRB or the Commission at the time of delivery of such
information. MSRB Rule G-32 requires all EMMA filings to be in word-searchable PDF format.
This requirement extends to all documents to be filed with EMMA, including financial statements
and other externally prepared reports. Notwithstanding the foregoing, notice of optional or
unscheduled redemption of any Series 2021 Bonds or defeasance of any Series 2021 Bonds need
not be given under this Agreement any earlier than the notice (if any) of such redemption or
defeasance is given to the Bondholders pursuant to the Indenture.
- 4 - Continuing Disclosure Agreement
6. CONSEQUENCES OF FAILURE OF THE CITY TO PROVIDE INFORMATION. The City shall
give notice in a timely manner to EMMA of any failure to provide Annual Financial Information
Disclosure when the same is due hereunder.
In the event of a failure of the City to comply with any provision of this Agreement, the
beneficial owner of any Series 2021 Bond may seek mandamus or specific performance by court
order, to cause the City to comply with its obligations under this Agreement. The beneficial
owners of 25% or more in principal amount of the Series 2021 Bonds outstanding may challenge
the adequacy of the information provided under this Agreement and seek specific performance by
court order to cause the City to provide the information as required by thi s Agreement. A default
under this Agreement shall not be deemed a default under the Indenture, and the sole remedy under
this Agreement in the event of any failure of the City to comply with this Agreement shall be an
action to compel performance.
7. AMENDMENTS; WAIVER. Notwithstanding any other provision of this Agreement, the
City by resolution or ordinance authorizing such amendment or waiver, may amend this
Agreement, and any provision of this Agreement may be waived, if:
(a) (i) the amendment or waiver is made in connection with a change in
circumstances that arises from a change in legal requirements, including without limitation,
pursuant to a “no-action” letter issued by the Commission, a change in law, or a change in
the identity, nature, or status of the City, or type of business conducted; or
(ii) this Agreement, as amended, or the provision, as waived, would
have complied with the requirements of the Rule at the time of the primary offering,
after taking into account any amendments or interpretations of the Rule, as well as
any change in circumstances; and
(b) the amendment or waiver does not materially impair the interests of the
beneficial owners of the Series 2021 Bonds, as determined by parties unaffiliated with the
City (such as bond counsel).
In the event that the Commission or the MSRB or other regulatory authority shall approve
or require Annual Financial Information Disclosure or Reportable Events Disclosure to be made
to a central post office, governmental agency or similar entity other than EMMA or in lieu of
EMMA, the City shall, if required, make such dissemination to such central post office,
governmental agency or similar entity without the necessity of amending this Agreement.
8. TERMINATION OF UNDERTAKING. The Undertaking of the City with respect to the
Series 2021 Bonds shall be terminated hereunder if the City shall no longer have any legal liability
for any obligation on or relating to repayment of the Series 2021 Bonds under the Indenture. The
City shall give notice in a timely manner if this Section is applicable.
9. DISSEMINATION AGENT. The City may, from time to time, appoint or engage a
Dissemination Agent to assist it in carrying out its obligations under this Agreement, and may
- 5 - Continuing Disclosure Agreement
discharge any such Dissemination Agent, with or without appointing a successor Dissemination
Agent.
10. ADDITIONAL INFORMATION. Nothing in this Agreement shall be deemed to prevent
the City from disseminating any other information, using the means of dissemination set forth in
this Agreement or any other means of communication, or including any other information in any
Annual Financial Information Disclosure or notice of occurrence of a Reportable Event, in addition
to that which is required by this Agreement. If the City chooses to include any information from
any document or notice of occurrence of a Reportable Event in addition to that which is specifically
required by this Agreement, the City shall have no obligation under this Agreement to update such
information or include it in any future disclosure or notice of occurrence of a Reportable Event.
11. BENEFICIARIES. This Agreement has been executed in order to assist the Participating
Underwriters in complying with the Rule; however, this Agreement shall inure solely to the benefit
of the City, the Dissemination Agent, if any, and the beneficial owners of the Series 2021 Bonds,
and shall create no rights in any other person or entity.
12. RECORDKEEPING. The City shall maintain records of all Annual Financial
Information Disclosure and Reportable Events Disclosure, including the content of such
disclosure, the names of the entities with whom such disclosure was filed and the date of filing
such disclosure.
13. ASSIGNMENT. The City shall not transfer its obligations under the Indenture unless
the transferee agrees to assume all obligations of the City under this Agreement or to execute an
Undertaking under the Rule.
14. GOVERNING LAW. This Agreement shall be governed by the laws of the State.
- 6 - Continuing Disclosure Agreement
DATED as of the day and year first above written.
SALT LAKE CITY, UTAH
By
Mayor
Address: 451 South State Street
Salt Lake City, Utah 84111
ATTEST AND COUNTERSIGN:
City Recorder
[SEAL]
APPROVED AS TO FORM:
By
Senior City Attorney
EXHIBIT I Continuing Disclosure Agreement
EXHIBIT I
ANNUAL FINANCIAL INFORMATION AND TIMING
AND AUDITED FINANCIAL STATEMENTS
“Annual Financial Information” means financial information and operating data of the
type contained in the Official Statement under the following captions: “SECURITY FOR THE SERIES
2021 BONDS—Pledged Excise Taxes,” “SECURITY FOR THE SERIES 2021 BONDS—Historical
Pledged Sales and Use Taxes,” “DEBT STRUCTURE” and “FINANCIAL INFORMATION REGARDING
THE CITY,” exclusive of Audited Financial Statements.
All or a portion of the Annual Financial Information may be provided from the City’s
Comprehensive Annual Financial Report or the Audited Financial Statements.
All or a portion of the Annual Financial Information and the Audited Financial Statements
as set forth below may be included by reference to other documents which have been submitted to
EMMA or filed with the Commission. If the information included by reference is contained in a
Final Official Statement, the Final Official Statement must be available on EMMA; the Final
Official Statement need not be available from the Commission. The City shall clearly identify
each such item of information included by reference.
Annual Financial Information exclusive of Audited Financial Statements will be provided
to EMMA, within 185 days after the last day of the City’s fiscal year, beginning with the fiscal
year ending June 30, 2021. Audited Financial Statements as described below should be filed at
the same time as the Annual Financial Information. If Audited Financial Statements are not
available when the Annual Financial Information is filed, unaudited financial statements shall be
included.
Audited Financial Statements will be prepared pursuant to generally accepted accounting
principles applicable to governmental units in general and Utah cities in particular. Audited
Financial Statements will be provided to EMMA within 30 days after availability to City.
If any change is made to the Annual Financial Information as permitted by Section 4 of the
Agreement, the City will disseminate a notice of such change as required by Section 4.
EXHIBIT II
EVENTS WITH RESPECT TO THE SERIES 2021 BONDS
FOR WHICH MATERIAL EVENTS DISCLOSURE IS REQUIRED
1. Principal and interest payment delinquencies
2. Non-payment related defaults, if material
3. Unscheduled draws on debt service reserves reflecting financial difficulties
4. Unscheduled draws on credit enhancements reflecting financial difficulties
5. Substitution of credit or liquidity providers, or their failure to perform
6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final
determinations of taxability, Notices of Proposed Issue (IRS Form 5701 -TEB) or other
material notices or determinations with respect to the tax status of the security, or other
material events affecting the tax status of the security
7. Modifications to the rights of security holders, if material
8. Bond calls, if material, and tender offers
9. Defeasances
10. Release, substitution or sale of property securing repayment of the securities, if material
11. Rating changes
12. Bankruptcy, insolvency, receivership or similar event of the City
13. The consummation of a merger, consolidation, or acquisition involving the City or the sale
of all or substantially all of the assets of the City, other than in the ordinary course of
business, the entry into a definitive agreement to undertake such an action or the
termination of a definitive agreement relating to any such actions, oth er than pursuant to
its terms, if material
14. Appointment of a successor or additional trustee or the change of name of a trustee, if
material
15. Incurrence of a Financial Obligation of the City, if material, or agreement to covenants,
events of default, remedies, priority rights, or other similar terms of a Financial Obligation
of the Issuer, any of which affect security holders, if material
16. Default, event of acceleration, termination event, modification of terms, or other similar
events under the terms of a Financial Obligation of the City, any of which reflect financial
difficulties
* This event is considered to occur when any of the following occur: the appointment of a receiver, fiscal
agent or similar officer for the City in a proceeding u nder the U.S. Bankruptcy Code or in any other
proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction
over substantially all of the assets or business of the City, or if such jurisdiction has been assumed by leaving
the existing governing body and officials or officers in possession but subject to the supervision and orders
of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement
or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all
of the assets or business of the City.
EXHIBIT II Continuing Disclosure Agreement
BOND PURCHASE CONTRACT
SALT LAKE CITY, UTAH
$
FEDERALLY TAXABLE SALES AND EXCISE TAX
REVENUE REFUNDING BONDS
SERIES 2021A
Draft of
6/18/21
, 2021
Salt Lake City
451 South State Street
Salt Lake City, Utah 84111
The undersigned, _ (the “Underwriter”), acting on behalf of itself and not as
fiduciary or agent for you, offers to enter into this Bond Purchase Contract (the “Purchase
Contract”) with Salt Lake City, Utah (the “Issuer”), which, upon the acceptance by the Issuer of
this offer, shall be in full force and effect in accordance with its terms and shall be binding upon
you and the Underwriter.
This offer is made subject to your acceptance and approval on or before [5:00 P.M.], Utah
Time, on , 2021. Terms not otherwise defined herein shall have the same meanings
as are set forth in the hereinafter referred to Preliminary Official Statement.
ARTICLE I
SALE, PURCHASE AND DELIVERY
Section 1.1. Purchase and Sale. On the basis of the representations, warranties and
agreements contained herein and upon the terms and conditions herein set forth, the Underwriter
hereby agrees to purchase, and the Issuer hereby agrees to sell to the Underwriter, all of the Issuer’s
$ Federally Taxable Sales and Excise Tax Revenue Refunding Bonds, Series 2021A
(the “Series 2021A Bonds”), at a purchase price of $
amount of the Series 2021 Bonds, less an Underwriter’s discount of $
(representing the principal
).
Section 1.2. The Bonds. The Series 2021A Bonds will mature on the dates and in the
amounts and bear interest at the rates per annum as set forth in the Indenture (defined herein) and
as summarized in Exhibit A hereto. The Series 2021A Bonds shall be as described in the Official
Statement dated , 2021, of the Issuer relating to the Series 2021A Bonds (together
with all appendices thereto, the “Official Statement”) and shall be issued pursuant to and secured
under a Master Trust Indenture dated as of September 1, 2004, as heretofore amended and
supplemented (the “General Indenture”), and as further amended and supplemented by a
Supplemental Indenture of Trust dated as of October 1, 2021 (the “
Supplemental Indenture” and together with the General Indenture, the “Indenture”), all between
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the Issuer and Zions Bancorporation, National Association, as trustee (the “Trustee”), all as
authorized pursuant to a resolution adopted by the City Council of the Issuer (the “Council”) on
August 17, 2021 (the “Resolution”). The Bonds are payable from and secured by revenues
received by the Issuer from Pledged Excise Taxes on a parity with all Outstanding Parity Bonds
now outstanding under the Indenture and any Additional Bonds hereafter issued under the
Indenture. The Series 2021A Bonds are being issued pursuant to the Resolution, the Indenture,
and the Local Government Bonding Act, Title 11, Chapter 14, and the Utah Refunding Bond Act,
Title 11, Chapter 27, each of the Utah Code Annotated 1953, as amended (collectively, the “Act”).
The proceeds from the sale of the Bonds will be used to (a) refund a portion of the City’s currently
outstanding (i) Sales Tax Revenue Bonds, Series 2012A (the “Series 2012A Bonds”) and (ii) Sales
Tax Revenue Bonds, Series 2013B (the “Series 2013B Bonds” and, collectively with the Series
2012A Bonds, the “Refunded STR Bonds”); (b) refinance certain lease obligations of the City by
exercising the City’s option to purchase certain leased property that was financed by the issuance
of the Local Building Authority of Salt Lake City, Utah’s (i) Lease Revenue Bonds, Series 2013A
(the “2013A LBA Bonds”) and (ii) Lease Revenue Bonds Bonds, Series 2014A (the “2014A LBA
Bonds” and, collectively with the 2013A LBA Bonds, the “Refunded LBA Bonds”) and (c) pay
the costs incurred in connection with the issuance and sale of the Series 2021A Bonds and the
refunding of the Refunded Bonds (defined below). The Refunded STR Bonds and the Refunded
LBA Bonds are sometimes collectively referred to herein as the “Refunded Bonds.”
Section 1.3. Official Statement; Continuing Disclosure. By acceptance and approval of
this Purchase Contract, the Issuer hereby authorizes the use of copies of the following in
connection with the public offering and sale of the Series 2021A Bonds: the Official Statement,
the Indenture, the STR Escrow Agreement (as defined in the _ Supplemental
Indenture), the LBA Escrow Agreement (as defined in the Supplemental Indenture)
and the Continuing Disclosure Undertaking (as hereinafter defined). The Issuer hereby agrees to
provide to the Underwriter within seven (7) business days of the date hereof sufficient copies of
the Official Statement to enable the Underwriter to comply with the requirements of paragraph
(b)(4) of Rule 15c2-12 under the Securities Exchange Act of 1934, as amended (“Rule 15c2-12”),
and with the requirements of Rule G-32 of the Municipal Securities Rulemaking Board (the
“MSRB”).
(a) The Issuer has heretofore “deemed final” the Preliminary Official Statement
dated , 2021, and relating to the Series 2021A Bonds (the “Preliminary
Official Statement”) for purposes of paragraph (b)(1) of Rule 15c2-12 and acknowledges
and ratifies the use by the Underwriter prior to the date hereof, of the Preliminary Official
Statement in connection with the public offering of the Series 2021A Bonds.
(b) In order to assist the Underwriter in complying with paragraph (b)(5) of
Rule 15c2-12, the Issuer will undertake, pursuant to a Continuing Disclosure Agreement
in substantially the form attached to the Official Statement and to be dated as of the Closing
Date (the “Continuing Disclosure Undertaking”), to send certain financial information
annually to the MSRB, and to provide notice of certain material events to the MSRB
pursuant to the requirements of Section (b)(5) of Rule 15c2-12.
- 3 - Purchase Contract (refunding)
Section 1.4. Public Offering. The Underwriter agrees to make a public offering of the
Series 2021A Bonds at the initial offering prices or yields set forth on the inside front cover of the
Official Statement. The Underwriter may, however, change such initial offering prices or yields
as it deems necessary in connection with the marketing of the Series 2021A Bonds and offer and
sell the Series 2021A Bonds to certain dealers (including dealers depositing the Series 2021A
Bonds into investment trusts) and others at prices lower than the initial offering prices or yields
set forth in the Official Statement. The Underwriter also reserves the right (a) to over-allot or
effect transactions which stabilize or maintain the market prices of the Series 2021A Bonds at
levels above those which might otherwise prevail in the open market and (b) to discontinue such
transactions, if commenced, at any time without prior notice.
Section 1.5. Closing. At approximately [9:30 a.m.], Utah time, on October 19, 2021, or
on such later date as shall be agreed upon in writing by the Issuer and the Underwriter (the
“Closing Date”), the Issuer will cause the Series 2021A Bonds to be delivered to the Underwriter
in definitive form, duly executed and authenticated, and will deliver to the Underwriter the other
documents herein mentioned at the offices of Chapman and Cutler LLP, Salt Lake City, Utah, or
such other location as may be mutually agreed upon by the Issuer and the Underwriter. The
Underwriter will accept such delivery and pay the purchase price of the Series 2021A Bonds as
set forth in Section 1.1 hereof by wire transfer, payable in Federal Funds or other immediately
available funds to the order of the Trustee (such delivery and payment are herein called the
“Closing”). The Series 2021A Bonds shall be issued in the form of one fully registered Series
2021A Bond for each maturity of the Series 2021A Bonds and shall be registered in the name of
Cede & Co., as nominee for The Depository Trust Company (“DTC”).
ARTICLE II
REPRESENTATIONS, WARRANTIES AND
AGREEMENTS OF ISSUER
By its acceptance hereof, the Issuer represents and warrants to and covenants with the
Underwriter that:
Section 2.1. The Issuer is a municipality and a public body corporate and politic duly
organized and existing under the laws of the State of Utah (the “State”) with full power and
authority to consummate the transactions contemplated by this Purchase Contract and the Official
Statement, including the execution, delivery and/or approval of all documents and agreements
referred to herein or therein.
Section 2.2. The Council has duly adopted and approved the Resolution in accordance
with all requirements of State law and the Council’s procedural rules, and the Resolution is in full
force and effect on the date hereof.
Section 2.3. The adoption of the Resolution and the execution and delivery of the
Continuing Disclosure Undertaking, the Indenture, the LBA Escrow Agreement, the STR Escrow
Agreement and this Purchase Contract, compliance by the Issuer with the provisions of any or all
of the foregoing documents and the application of the proceeds of the Series 2021A Bonds for the
- 4 - Purchase Contract (refunding)
purposes described in the Preliminary Official Statement do not and will not, to the Issuer’s
knowledge, conflict with or result in the breach of any of the terms, conditions or provisions of, or
constitute a default under, any existing law, court or administrative regulation, decree or order,
agreement, indenture, mortgage, lease or instrument to which the Issuer is a party or by which the
Issuer or any of its property is or may be bound.
Section 2.4. All authorizations, approvals, licenses, permits, consents and orders of any
governmental authority, legislative body, board, agency or commission having jurisdiction of the
matter which are required for the due authorization of, which would constitute a condition
precedent to, or the absence of which would materially adversely affect the approval or adoption,
as applicable, of the Resolution, the Continuing Disclosure Undertaking, the Indenture, this
Purchase Contract, the LBA Escrow Agreement or the STR Escrow Agreement, the issuance of
the Series 2021A Bonds or the due performance by the Issuer of its obligations under the
Continuing Disclosure Undertaking, the Indenture, this Purchase Contract, the LBA Escrow
Agreement, the STR Escrow Agreement and the Series 2021A Bonds, have been duly obtained.
Section 2.5. The Series 2021A Bonds and the Indenture conform to the descriptions
thereof contained in the Preliminary Official Statement and the Official Statement under the
captions “THE SERIES 2021A BONDS” and “SECURITY FOR THE SERIES 2021A BONDS”; the
proceeds of the sale of the Series 2021A Bonds will be applied generally as described in the
Preliminary Official Statement and the Official Statement under the caption “PLAN OF
REFUNDING.”
Section 2.6. By all necessary official action of the Issuer prior to or concurrently with the
acceptance hereof, the Issuer has duly authorized all necessary action to be taken by it for the
adoption of the Resolution; the issuance and sale of the Series 2021A Bonds by the Issuer upon
the terms and conditions set forth herein, in the Official Statement and in the Indenture; and the
execution, delivery and receipt of this Purchase Contract, the Indenture, the LBA Escrow
Agreement, the STR Escrow Agreement and the Continuing Disclosure Undertaking, and any and
all such agreements, certificates and documents as may be required to be executed, delivered and
received by the Issuer in order to carry out, effect and consummate the transactions contemplated
hereby and by the Official Statement, including but not limited to such certifications as may be
necessary to establish and preserve the exemption for State individual tax purposes of interest on
the Series 2021A Bonds.
Section 2.7. This Purchase Contract has been duly authorized, executed and delivered,
and constitutes a legal, valid and binding obligation of the Issuer, enforceable in accordance with
its terms, subject to bankruptcy, insolvency, reorganization, moratorium, and other similar laws
and principles of equity relating to or affecting the enforcement of creditors’ rights; and the
Indenture, the LBA Escrow Agreement, the STR Escrow Agreement and the Continuing
Disclosure Undertaking, when duly executed and delivered, will constitute legal, valid and binding
obligations of the Issuer, enforceable in accordance with their terms, subject to bankruptcy,
insolvency, reorganization, moratorium, and other similar laws and principles of equity relating to
or affecting the enforcement of creditors’ rights.
- 5 - Purchase Contract (refunding)
Section 2.8. Except as described in the Preliminary Official Statement and the Official
Statement, no litigation in State or federal court has been served on the Issuer or is, to the best of
the Issuer’s knowledge, threatened against the Issuer, or to the knowledge of the Issuer, any
meritorious basis therefor, wherein an unfavorable decision, ruling or finding would have a
material adverse effect on the financial condition of the Issuer or the transactions contemplated by
this Purchase Contract and the Preliminary Official Statement, or would have an adverse effect on
the validity or enforceability of the Series 2021A Bonds, the Resolution, the Indenture, the LBA
Escrow Agreement, the STR Escrow Agreement or the Continuing Disclosure Undertaking, or any
such litigation with merit which would in any way adversely affect the existence or any power of
the Issuer or the titles of its officers to their respective positions or which would in any way
adversely affect the exemption for State individual tax purposes of interest on the Series 2021A
Bonds.
Section 2.9. Based on the advice of the City Attorney’s office, when delivered to and paid
by the Underwriter at the Closing in accordance with the provisions of the Resolution and this
Purchase Contract, the Series 2021A Bonds will have been duly authorized, executed, issued and
delivered and will constitute valid and binding special limited obligations of the Issuer (subject to
bankruptcy, insolvency, reorganization, moratorium, and other similar laws and principles of
equity relating to or affecting the enforcement of creditors’ rights) in conformity with, and entitled
to the benefit and security of the Indenture on a parity with the Outstanding Parity Bonds.
Section 2.10. The Issuer is not in material breach of or in material default under any
existing law, court or administrative regulation, decree or order, ordinance, resolution, agreement,
indenture, mortgage, lease, sublease or other instrument to which the Issuer is a party or by which
the Issuer or its property is bound; and the execution and delivery of the Series 2021A Bonds, the
Continuing Disclosure Undertaking, the Indenture, the LBA Escrow Agreement, the STR Escrow
Agreement and this Purchase Contract, and compliance with the provisions thereof, will not
materially conflict with or constitute a material breach or a material default under any law,
administrative regulation, judgment, decree, loan agreement, mortgage, indenture, deed of trust,
note, resolution, agreement or other instrument to which the Issuer or its property is or may be
bound.
Section 2.11. No event has occurred or is continuing which, with the passage of time or the
giving of notice, or both, would constitute a material default or a material event of default under
the Indenture, the Continuing Disclosure Undertaking, the LBA Escrow Agreement, the STR
Escrow Agreement or this Purchase Contract and would have a material adverse effect on the
financial condition of the Issuer, the Pledged Excise Taxes or the transactions contemplated by
this Purchase Contract and the Preliminary Official Statement, or would have a material adverse
effect on the validity or enforceability in accordance with their respective terms of the Series
2021A Bonds, the Resolution, the Indenture, the LBA Escrow Agreement, the STR Escrow
Agreement or the Continuing Disclosure Undertaking or in any way materially adversely affect
the existence or any powers of the Issuer or the titles of its officers to their respective positions or
the exemption for State individual tax purposes of interest on the Series 2021A Bonds.
Section 2.12. The information contained in the Preliminary Official Statement was, as of
its date and as of the date hereof, and the information included in the Official Statement will be as
- 6 - Purchase Contract (refunding)
of its date and as of the Closing Date, true and correct in all material respects. The Preliminary
Official Statement does not contain, and the Official Statement, as of its date and as of the Closing
Date, will not contain any untrue statement of a material fact, and the Preliminary Official
Statement does not omit and the Official Statement, as of its date and as of the Closing Date, will
not omit to state a material fact required to be stated therein or necessary to make the statements
made therein, in the light of the circumstances under which they were made, not misleading;
provided, however, that this representation and warranty shall not be deemed to cover or apply to
(a) information provided to the Issuer in writing by the Underwriter and included on the inside
front cover page of the Preliminary Official Statement or the Official Statement regarding the
principal amount, interest rates, maturities and initial public offering prices of the Series 2021A
Bonds; or (b) statements in the Preliminary Official Statement or the Official Statement relating
to the book-entry system and DTC or the Underwriter.
Section 2.13. If between the date of this Purchase Contract and 25 days following the “end
of the underwriting period” (as defined under Rule 15c2-12), any event shall occur which might
or would cause the Official Statement to contain any untrue statement of a material fact or to omit
to state any material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstance under which they were made, not misleading, the Issuer shall notify
the Underwriter and if, in the opinion of the Underwriter such event requires the preparation and
publication of a supplement or amendment to the Official Statement, the Issuer will supplement or
amend the Official Statement in a form and in a manner approved by the Underwriter. If the
Official Statement is so supplemented or amended prior to the Closing, such approval by the
Underwriter of a supplement or amendment to the Official Statement shall not preclude the
Underwriter from thereafter terminating this Purchase Contract, and if the Official Statement is
amended or supplemented subsequent to the date hereof and prior to the Closing, the Underwriter
may terminate this Purchase Contract by notification to the Issuer at any time prior to the Closing
if, in the reasonable judgment of the Underwriter, such amendment or supplement has or will have
a material adverse effect on the marketability of the Series 2021A Bonds.
Section 2.14. If the Official Statement is supplemented or amended pursuant to Section
2.13 of this Purchase Contract, at the time of each supplement or amendment thereto and (unless
subsequently again supplemented or amended pursuant to such paragraph) at all times subsequent
thereto and prior to 25 days following the end of the underwriting period identified below, the
Official Statement as so supplemented or amended will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which made, not misleading.
Section 2.15. The Issuer will not take or omit to take any action which will in any wa y
cause the proceeds from the sale of the Series 2021A Bonds to be applied or result in such proceeds
being applied in a manner other than as provided in the Indenture.
Section 2.16. The Issuer will furnish such information and execute such instruments and
take such action in cooperation with the Underwriter, at no expense to the Issuer, as the
Underwriter may reasonably request (A) to (i) qualify the Series 2021A Bonds for offer and sale
under the Blue Sky or other securities laws and regulations of such states and other jurisdictions
in the United States as the Underwriter may designate and (ii) determine the eligibility of the Series
- 7 - Purchase Contract (refunding)
2021A Bonds for investment under the laws of such states and other jurisdictions and (B) to
continue such qualifications in effect so long as required for the distribution of the Series 2021A
Bonds (provided, however, that the Issuer will not be required to qualify as a foreign corporation
or to file any general or special consents to service of process under the laws of any jurisdiction)
and will advise the Underwriter immediately of receipt by the Issuer of any written notification
with respect to the suspension of the qualification of the Series 2021A Bonds for sale in any
jurisdiction or the initiation or threat of any proceeding for that purpose.
Section 2.17. The Issuer has complied, and will at the Closing be in compliance in all
respects, with the obligations on its part contained in the Continuing Disclosure Undertaking, this
Purchase Contract, the Indenture, the LBA Escrow Agreement, the STR Escrow Agreement and
any and all other agreements relating thereto.
Section 2.18. Each representation, warranty, or agreement stated in any certificate signed
by any officer of the Issuer and delivered to th e Underwriter at or before the Closing shall
constitute a representation, warranty, or agreement by the Issuer upon which the Underwriter shall
be entitled to rely.
Section 2.19. With the exception of the Outstanding Parity Bonds, the Issuer has not
otherwise pledged or assigned the Pledged Excise Taxes other than to secure and pay the Series
2021A Bonds and the Series 2021A Bonds enjoy a first lien and pledge on the Pledged Excise
Taxes on a parity with the Outstanding Parity Bonds.
Section 2.20. The Council has duly authorized and approved the issuance of the Series
2021A Bonds, the execution and delivery of the Indenture, the Continuing Disclosure Undertaking,
the LBA Escrow Agreement, the STR Escrow Agreement and this Purchase Contract.
Section 2.21. Except as described in the Preliminary Official Statement, the Issuer is, and
for the five years previous to the date hereof has been, in compliance with each undertaking it has
entered into pursuant to Rule 15c2-12 of the Securities Exchange Commission.
Section 2.22. The Issuer agrees and acknowledges that: (i) with respect to the engagement
of the Underwriter by the Issuer, including in connection with the purchase, sale and offering of
the Series 2021A Bonds, and the discussions, conferences, negotiations and undertakings in
connection therewith, the Underwriter (a) is and has been acting as a principal and not an agent or
fiduciary of the Issuer and (b) has not assumed an advisory or fiduciary responsibility in favor of
the Issuer; (ii) the Issuer has consulted its own legal, financial and other advisors to the extent it
has deemed appropriate; and (iii) this Purchase Contract expresses the entire relationship between
the parties hereto.
Section 2.23. The financial statements of, and other financial information regarding the
Issuer in the Preliminary Official Statement and in the Official Statement fairly present the
financial position and results of the Issuer as of the dates and for the periods therein set forth. The
financial statements of the Issuer have been prepared in accordance with generally accepted
accounting principles consistently applied, and except as noted in the Preliminary Official
Statement and in the Official Statement, the other historical financial information set forth in the
- 8 - Purchase Contract (refunding)
Preliminary Official Statement and in the Official Statement has been presented on a basis
consistent with that of the Issuer’s audited financial statements included in the Preliminary Official
Statement and in the Official Statement.
Section 2.24. Prior to the Closing, the Issuer will not take any action within or under its
control that will cause any adverse change of a material nature in such financial position, results
of operations or condition, financial or otherwise, of the Issuer.
Section 2.25. The Issuer will not, prior to the Closing, offer or issue any bonds, notes or
other obligations for borrowed money or incur any material liabilities, direct or contingent, except
in the ordinary course of business, without the prior approval of the Underwriter.
ARTICLE III
UNDERWRITER’S CONDITIONS
Section 3.1. The Underwriter has entered into this Purchase Contract in reliance upon the
performance by the Issuer of its obligations hereunder. The Underwriter’s obligations under this
Purchase Contract are and shall be subject to the following further conditions:
(a) At the time of Closing, (1) the Official Statement, the Indenture, the
Resolution, the Continuing Disclosure Undertaking, the LBA Escrow Agreement, the STR
Escrow Agreement and this Purchase Contract shall be in full force and effect and shall not
have been revoked, rescinded, repealed, amended, modified or supplemented, except as
therein permitted or as may have been agreed to in writing by the Underwriter, and (2) the
Issuer shall have duly adopted and there shall be in full force and effect such resolutions
and ordinances as, in the opinion of Chapman and Cutler LLP, bond counsel to the Issuer
(“Bond Counsel”), shall be necessary in connection with the transactions contemplated
hereby.
(b) The Underwriter may terminate its obligations hereunder by written notice
to the Issuer if, at any time subsequent to the date hereof and on or prior to the Closing
Date:
(i) legislation shall be enacted or any action shall be taken by the
Securities and Exchange Commission which, in the opinion of the Underwriter, has
the effect of requiring the offer or sale of the Series 2021A Bonds to be registered
under the Securities Act or any other “security,” as defined in the Securities Act,
issued in connection with or as part of the issuance of the Series 2021A Bonds to
be so registered or the Indenture to be qualified as an indenture under the Trust
Indenture Act of 1939, as amended;
(ii) the marketability of the Series 2021A Bonds or the market price
thereof, or the ability of the Underwriter to enforce contracts for the sale at the
initial offering prices set forth in the Official Statement, in the opinion of the
Underwriter, have been materially adversely affected by an amendment to the
- 9 - Purchase Contract (refunding)
Constitution of the United States or by any legislation in or by the Congress of the
United States or by the State, or the amendment of legislation pending as of the date
of this Purchase Contract in the Congress of the United States, or the
recommendation to Congress or endorsement for passage (by press release, other
form of notice or otherwise) of legislation by the President of the United States, the
Treasury Department of the United States, the Internal Revenue Service or the
Chairman or ranking minority member of the Committee on Finance of the United
States Senate or the Committee on Ways and Means of the United States House of
Representatives, or the proposal for consideration of legislation by either such
Committee or by any member thereof, or the presentment of legislation for
consideration as an option by either such Committee, or by the staff of the Joint
Committee on Taxation of the Congress of the United States, or the favorable
reporting for passage of legislation to either House of the Congress of the United
States by a Committee of such House to which such legislation has been referred
for consideration, or any decision of any federal or State court or any ruling or
regulation (final, temporary or proposed) or official statement on behalf of the
United States Treasury Department, the Internal Revenue Service or other federal
or State authority;
(iii) in the reasonable judgment of the Underwriter, it is impractical or
inadvisable for the Underwriter to market or sell or enforce agreements to sell the
Series 2021A Bonds because (A) trading in securities generally shall have been
suspended on the New York Stock Exchange, Inc., or a general banking moratorium
shall have been established by federal or the State authorities, or (B) the State shall
have taken any action, whether administrative, legislative, judicial or otherwise,
which would have a material adverse effect on the marketing or sale of the Series
2021A Bonds, including any action relating to the tax-exempt status under State
law of the interest to be received by any owner of the Series 2021A Bonds; or (C)
the United States shall have become engaged in hostilities which have resulted in a
declaration of war or a national emergency or there shall have occurred any other
outbreak or escalation of hostilities or a national or international calamity or crises,
financial or otherwise, (D) any financial rating assigned to the Bonds or the Issuer
by S&P Global Ratings (“S&P”), Fitch Ratings (“Fitch”), or Moody’s Investors
Service, Inc. (“Moody’s”), as the case may be, shall have been downgraded,
withdrawn, or any other action taken, and such action, in the opinion of the
Underwriter, has a material adverse effect on the marketability of the Series 2021A
Bonds;
(iv) any litigation shall be instituted, pending or threatened (1) to restrain
or enjoin the issuance, sale or delivery of the Series 2021A Bonds, (2) in any way
contesting or affecting any authority for or the validity of the Series 2021A Bonds,
any of the proceedings of the Issuer or the Trustee taken with respect to the issuance
or sale thereof, the pledge, appropriation or application of any moneys or securities
provided for the payment of the Series 2021A Bonds, or (3) in any meritorious way
contesting or affecting the existence or powers of the Issuer or the Trustee or the
titles of their officers to their respective offices;
- 10 - Purchase Contract (refunding)
(v) any event shall have occurred or shall exist which, in the reasonable
judgment of the Underwriter, makes or has made untrue or incorrect in any respect
any statement or information contained in the Official Statement or is not or was
not reflected in the Official Statement but should be or should have been reflected
therein in order to make the statements or information contained therein not
misleading in any material respect;
(vi) there shall have occurred since the date of this Purchase Contract
any materially adverse change in the affairs or financial condition of the Issuer,
except for changes which the Official Statement discloses are expected to occur; or
(vii) a material disruption in securities settlement, payment or clearance
services shall have occurred.
(c) At or prior to the Closing, the Underwriter shall receive the following:
(i) the approving opinion of Chapman and Cutler LLP, Bond Counsel,
dated the Closing Date, in substantially the form attached as Appendix D to the
Official Statement and an Opinion and Negative Assurance Letter of Chapman and
Cutler LLP, as disclosure counsel in the forms attached as Exhibit B hereto;
(ii) the approving opinion of Issuer’s Counsel, dated the closing date, in
the form of Exhibit C hereto;
(iii) the Issuer’s certificate, dated the Closing Date, signed by the Mayor
of the Issuer and the City Recorder of the Issuer and in form and substance
satisfactory to the Underwriter and Bond Counsel, to the effect that (1) the
representations of the Issuer herein are true and correct as of the Closing Date as if
made on the Closing Date; (2) no litigation in State or federal court has been served
on the Issuer or is, to the best of their knowledge, threatened against the Issuer (a)
to restrain or enjoin the issuance or delivery of any of the Series 2021A Bonds, or
the collection of Pledged Excise Taxes pledged under the Indenture, (b) in any way
contesting or affecting the authority for the issuance of the Series 2021A Bonds,
the refunding of the Refunded Bonds or the adoption of the Resolution or the
execution and delivery of the Indenture, the Continuing Disclosure Undertaking,
the LBA Escrow Agreement, the STR Escrow Agreement or this Purchase
Contract, the validity or enforceability of the Bonds, the Indenture, the Continuing
Disclosure Undertaking, the LBA Escrow Agreement, the STR Escrow Agreement
or this Purchase Contract or the exemption for State individual tax purposes of
interest on the Series 2021A Bonds, (c) in any meritorious way contesting the
organization, existence or powers of the Issuer or the titles of its officers to their
respective offices, or (d) contesting or attempting to restrain or enjoining the
application of the proceeds of the Series 2021A Bonds or the payment, collection
or application of Pledged Excise Taxes or the pledge of Pledged Excise Taxes, or
of other moneys, rights and interests pledged pursuant to the Indenture or the
adoption of the Resolution; (3) the descriptions and information contained in the
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Official Statement relating to the Issuer, its organization and financial and other
affairs, and the application of the proceeds of sale of the Series 2021A Bonds are
correct in all material respects, as of the date of the Official Statement and as of the
Closing Date; (4) such descriptions and information, as of the date of the Official
Statement did not, and as of the Closing Date do not, contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements made therein, in the light of the circumstances
under which they were made, not misleading; (5) no event affecting the Issuer has
occurred since the date of the Official Statement that should be disclosed in the
Official Statement for the purpose for which it is to be used or that is necessary to
be disclosed therein in order to make the statements and information therein not
misleading in any material respect; (6) the Indenture, the Continuing Disclosure
Undertaking, the LBA Escrow Agreement, the STR Escrow Agreement and this
Purchase Contract have been duly authorized, executed and delivered by the Issuer
and, assuming due authorization, execution and delivery by the other parties
thereto, based upon the advice of the City Attorney’s office, the Indenture, the
Continuing Disclosure Undertaking, the LBA Escrow Agreement, the STR Escrow
Agreement and this Purchase Contract constitute legal, valid and binding
agreements of the Issuer enforceable in accordance with their respective terms
except as enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights and by the availability
of equitable remedies; (7) the Resolution authorizing the execution and delivery of
the Indenture, the Continuing Disclosure Undertaking, the LBA Escrow
Agreement, the STR Escrow Agreement and this Purchase Contract has been duly
adopted and has not been modified, amended or repealed except as described in the
Official Statement; and (8) the execution and delivery of the Indenture, Continuing
Disclosure Undertaking, the LBA Escrow Agreement, the STR Escrow Agreement
and this Purchase Contract and compliance with the provisions thereof, under the
circumstances contemplated thereby, do not and will not in any material respect
conflict with or constitute on the part of the Issuer a breach of or default under any
indenture, mortgage, deed of trust, agreement or other instrument to which the
Issuer is a party or any law, public administrative rule or regulation, court order or
consent decree to which the Issuer is subject;
(iv) copies of each of the Resolution, the Indenture, the LBA Escrow
Agreement, the STR Escrow Agreement and the Continuing Disclosure
Undertaking, duly executed by each of the parties thereto;
(v) copies of the Official Statement executed on behalf of the Issuer by
the Mayor of the Issuer;
(vi) the opinion of , as counsel to the Underwriter;
(vii) evidence satisfactory to the Underwriter that the Bonds have
received ratings of “ ” and “ ” by S&P and Moody’s, respectively;
- 12 - Purchase Contract (refunding)
(viii) all documents, certificates and opinions required by the Indenture;
and
(ix) such additional legal opinions, certificates, instruments and other
documents as the Underwriter or Bond Counsel may reasonably request.
All the opinions, letters, certificates, instruments, and other documents mentioned above
or elsewhere in this Purchase Contract shall be deemed to be in compliance with the provisions
hereof if, but only if, they are in form and substance satisfactory to the Underwriter and the
Underwriter shall have the right to waive any condition set forth in this Section.
ARTICLE IV
EXPENSES
All expenses and costs in connection with the authorization, issuance and sale of the Series
2021A Bonds to the Underwriter, including rating agency fees, the costs of printing of the Series
2021A Bonds, the costs of preparing the Preliminary Official Statement, the Official Statement,
the initial fees of the Trustee in connection with the issuance of the Series 2021A Bonds, the fees
and expenses of Bond Counsel, counsel to the Issuer, counsel to the Underwriter, and the Issuer’s
financial advisor, if any, and travel and other expenses shall be costs and expenses of the Issuer
and shall be paid by the Issuer.
The Underwriter shall pay its travel and other customary costs in connection with the sale
of the Series 2021A Bonds to the Underwriter.
ARTICLE V
{RESERVED}
ARTICLE VI
GENERAL
Any notice or other communication to be given to the Underwriter under this Purchase
Contract may be given by delivering the same in writing to , ,
, , Attention: . Any notice or other communication to
be given to the Issuer under this Purchase Contract may be given by delivering the same in writing
to Salt Lake City Corporation, Attention: City Treasurer, 451 South State Street, Salt Lake City,
Utah 84111. The approval or other action or exercise of judgment by the Underwriter shall be
evidenced by a writing signed on behalf of the Underwriter and delivered to the Issuer.
This Purchase Contract is made solely for the benefit of the Issuer and the Underwriter
(including its successors or assigns) and no other person shall acquire or have any right hereunder
or by virtue hereof. All the representations, warranties, covenants and agreements contained
- 13 - Purchase Contract (refunding)
herein shall remain operative and in full force and effect and shall survive delivery of and payment
of the Series 2021A Bonds hereunder and regardless of any investigation made by the Underwriter
or on their behalf.
This Purchase Contract shall be governed by the laws of the State of Utah.
This Purchase Contract may be executed in several counterparts, each of which shall be an
original and all of which shall constitute but one and the same instrument.
REPRESENTATION REGARDING ETHICAL STANDARDS FOR ISSUER OFFICERS AND
EMPLOYEES AND FORMER ISSUER OFFICERS AND EMPLOYEES. The Underwriter represents that it
has not: (i) provided an illegal gift or payoff to an Issuer officer or employee or former Issuer
officer or employee, or his or her relative or business entity; (ii) retained any person to solicit or
secure this Purchase Contract upon an agreement or understanding for a commission, percentage,
or brokerage or contingent fee, other than bona fide employees or bona fide commercial selling
agencies for the purpose of securing business; (iii) knowingly breached any of the ethical standards
set forth in the Issuer’s conflict of interest ordinance, Chapter 2.44, Salt Lake City Code; or (iv)
knowingly influenced, and hereby promises that it will not knowingly influence, an Issuer officer
or employee or former Issuer officer or employee to breach any of the ethical standards set forth
in the Issuer’s conflict of interest ordinance, Chapter 2.44, Salt Lake City Code.
(Signature page follows.)
S-1 Purchase Contract (refunding)
This Purchase Contract shall become effective upon the execution by
and the acceptance hereof by the Issuer.
Very truly yours,
By:
Title:
SALT LAKE CITY, UTAH
[SEAL]
ATTEST:
By:
City Recorder
Time of acceptance:
By:
Mayor
APPROVED AS TO FORM:
By:
Senior City Attorney
A-1 Purchase Contract (refunding)
EXHIBIT A
MATURITY SCHEDULE FOR THE SERIES 2021A BONDS
DUE
(OCTOBER 1)
PRINCIPAL
AMOUNT
INTEREST
RATE
2021 $ %
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
B-1 Purchase Contract (refunding)
EXHIBIT B
FORMS OF SUPPLEMENTAL OPINION AND
NEGATIVE ASSURANCE LETTER OF BOND COUNSEL
, 2021
Re: $
Salt Lake City, Utah
Federally Taxable Sales and Excise
Tax Revenue Refunding Bonds
Series 2021A
Ladies and Gentlemen:
We have acted as disclosure counsel to Salt Lake City, Utah (the “Issuer”) in connection
with the issuance of $ , aggregate principal amount of the Issuer’s Federally Taxable
Sales and Excise Tax Revenue Refunding Bonds, Series 2021A (the “Series 2021A Bonds”) issued
on this date by the Issuer. The Bonds are issued pursuant to a Master Trust Indenture, dated as of
September 1, 2004, as heretofore amended and supplemented (the “Master Indenture”), between
the City and Zions Bancorporation, National Association, as trustee (the “Trustee”), and as further
amended and supplemented by a Supplemental Trust Indenture, dated as of October
1, 2021 (the “ Supplemental Indenture” and, collectively with the Master Indenture,
the “Indenture”), between the Issuer and the Trustee.
Capitalized terms used herein without definition shall have the meanings specified in the
Official Statement, dated , 2021, relating to the Bonds (the “Official Statement”).
Based upon our examination of such documents and questions of law as we have deemed
relevant in connection with the offering and sale of the Bonds under the circumstances described
in the Preliminary Official Statement dated _ , 2021, (the “Preliminary Official
Statement”) and in the Official Statement relating to the Bonds, we are of the opinion that, under
existing law, the Series 2021A Bonds are not required to be registered under the Securities Act of
1933, as amended, and the Indenture is not required to be qualified under the Trust Indenture Act
of 1939, as amended.
In rendering this opinion, we have relied upon certifications of the Issuer with respect to
certain material facts within the knowledge of the Issuer. Our opinion represents our legal
B-2 Purchase Contract (refunding)
judgment based upon our review of the laws and the facts that we deem relevant to render such
opinion, and is not a guarantee of result. This opinion is solely for your benefit as purchaser of
the Series 2021A Bonds. This opinion is given as of the date hereof and we assume no obligation
to revise or supplement this opinion to reflect any facts or circumstances that may hereafter come
to our attention or any changes in law that may hereafter occur.
This opinion is furnished by us as bond counsel. No attorney-client relationship has existed
or exists between our firm and yourselves in connection with the Series 2021A Bonds or by virtue
of this opinion. This opinion is not intended to be relied upon by owners of the Series 2021A
Bonds or by any other party to whom it is not specifically addressed.
Respectfully submitted,
B-3 Purchase Contract (refunding)
[NEGATIVE ASSURANCE LETTER]
, 2021
Re: $
Salt Lake City, Utah
Federally Taxable Sales and Excise
Tax Revenue Refunding Bonds
Series 2021A
Ladies and Gentlemen:
We have acted as disclosure counsel to Salt Lake City, Utah (the “Issuer”) in connection
with the issuance of $ , aggregate principal amount of the Issuer’s Federally Taxable
Sales and Excise Tax Revenue Refunding Bonds, Series 2021A (the “Series 2021A Bonds”),
issued on this date by the Issuer. The Bonds are issued pursuant to a Master Trust Indenture, dated
as of September 1, 2004, as heretofore amended and supplemented (the “Master Indenture”),
between the City and Zions Bancorporation, National Association, as trustee (the “Trustee”), and
as further amended and supplemented by a Supplemental Trust Indenture, dated as of
October 1, 2021 (the “__ Supplemental Indenture” and, collectively with the Master
Indenture, the “Indenture”), between the Issuer and the Trustee. The Series 2021A Bonds are
being issued pursuant to the terms of the Bond Purchase Contract, dated _ , 2021 (the
“Purchase Contract”), between the Issuer and (the “Underwriter”).
In accordance with our understanding with the Issuer, we have reviewed the official
statement of the Issuer with respect to the Series 2021A Bonds, dated , 2021 (the
“Official Statement”), certificates of officers of the Issuer and other appropriate persons, our
opinions as bond counsel, and such other records, reports, opinions and documents, and we have
made such investigations of law, as we have deemed appropriate as a basis for the conclusion
hereinafter expressed. Capitalized terms not otherwise defined herein shall have the meanings
ascribed thereto in the Official Statement. As to facts material to the views expressed herein, we
have, with your consent, relied upon oral or written statements and representations of officers or
other representatives of the Issuer, including the representations and warranties of the Issuer in the
Purchase Contract.
In arriving at the conclusion hereinafter expressed, we are not expressing any opinion or
view on, and with your permission are assuming and relying on, the validity, accuracy and
sufficiency of the records, reports, documents, certificates and opinions referred to above
B-4 Purchase Contract (refunding)
(including the accuracy of all factual matters represented and legal conclusions contained therein,
including, without limitation, any representations and legal conclusions regarding the due
authorization, issuance, delivery, validity and enforceability of the Series 2021A Bonds, the tax
treatment of interest on the Series 2021A Bonds for federal income tax purposes, and the
application of Series 2021A Bond proceeds in accordance with the authorization therefor). We
have assumed that all records, reports, documents, certificates and opinions that we have reviewed,
and the signatures thereto, are genuine.
We are not passing upon, and do not assume any responsibility for, the accuracy,
completeness or fairness of any of the statements contained in the Official Statement and make no
representation that we have independently verified the accuracy, completeness or fairness of any
such statements. In our capacity as disclosure counsel to the Issuer, to assist it in discharging its
responsibility with respect to the Official Statement, we participated in conferences and
correspondence with your representatives, representatives of the Issuer and other persons involved
in the preparation of information for the Official Statement, during which the contents of the
Official Statement and related matters were discussed and revised. The purpose of our professional
engagement was not to establish or confirm factual matters set forth in the Official Statement, and
we have not undertaken any obligation to verify independently any of the factual matters set forth
therein. Moreover, many of the determinations required to be made in the preparation of the
Official Statement involve matters of a non-legal nature. Based on our participation in the above-
mentioned conferences and correspondence, and in reliance thereon and on our limited review of
the records, reports, documents, certificates, statements, representations, warranties, opinions and
matters mentioned above, without independent verification, we advise you as a matter of fact and
not opinion that, during the course of our role as disclosure counsel to the Issuer with respect to
the Bonds, no facts have come to the attention of the attorneys in our firm rendering legal services
in connection with such role which caused us to believe that the Official Statement (apart from
(i) CUSIP numbers, (ii) the information relating to The Depository Trust Company and its book-
entry only system, and (iii) the financial statements or other financial, operating, statistical,
numerical or accounting data contained or incorporated therein, as to all of which we do not
express any conclusion or belief) contained as of its date or contains as of the date hereof any
untrue statement of a material fact or omitted or omits to state a material fact required to be stated
therein or necessary in order to make the statements made therein, in the light of the circumstances
under which they were made, not misleading. No responsibility is undertaken or statement
rendered with respect to any other disclosure document, materials or activity, or as to any
information from another document or source referred to by or incorporated by reference in the
Official Statement.
By acceptance of this letter you recognize and acknowledge that: (i) the preceding
paragraph is not a legal opinion but is rather in the nature of negative observations based on certain
limited activities performed by specific lawyers in our firm in our role as disclosure counsel to the
Issuer; (ii) the scope of those activities performed by us for purposes of delivering this letter was
inherently limited and does not purport to encompass all activities necessary for compliance with
applicable securities laws; (iii) those activities performed by us rely on third party representations,
warranties, certifications, statements and opinions, including and primarily, representations,
warranties and certifications made by the Issuer, and are otherwise subject to the conditions set
forth herein; (iv) we have not been engaged to act, and have not acted, as your counsel for any
B-5 Purchase Contract (refunding)
purpose in connection with the issuance of the Series 2021A Bonds; (v) no attorney-client
relationship exists or has at any time existed between us in connection with the Series 2021A
Bonds or by virtue of this letter; and (vi) this letter is based upon our review of proceedings and
other documents undertaken as part of our engagement with the Issuer, and in order to deliver this
letter we neither undertook any duties or responsibilities to you nor conducted any activities in
addition to those undertaken or conducted for the benefit of, and requested by, the Issuer.
Consequently, we make no representation that our review has been adequate for your purposes.
In further accordance with our understanding with the Issuer, we express herein no opinion
or belief with respect to the validity of the Series 2021A Bonds or the taxation thereof or of the
interest thereon, and our expression of belief with respect to the Official Statement assumes the
validity of the Series 2021A Bonds, as set forth in our separate opinion as bond counsel.
This letter is solely for the benefit of the Underwriter and may not be used, quoted, relied
upon or otherwise referred to for any other purpose or by any other person (including any person
purchasing any of the Series 2021A Bonds from the Underwriter) without our prior written
consent. This letter is given as of the date hereof and we assume no obligation to revise or
supplement this letter to reflect any facts or circumstances that may hereafter come to our attention.
Respectfully submitted,
C-1 Purchase Contract (refunding)
EXHIBIT C
FORM OF OPINION OF ISSUER’S COUNSEL
, 2021
Zions Bancorporation, National Association
One South Main Street, 12th Floor
Salt Lake City, Utah 84133
Chapman and Cutler LLP
215 South State Street, Suite 800
Salt Lake City, Utah 84111
Re: $
Salt Lake City, Utah
Federally Taxable Sales and Excise
Tax Revenue Refunding Bonds
Series 2021A
Ladies and Gentlemen:
I am the City Attorney of Salt Lake City, Utah (the “City”), in connection with the
issuance, sale and delivery of the City’s Federally Taxable Sales and Excise Tax Revenue
Refunding Bonds, Series 2021A (the “Series 2021A Bonds”). For purposes of this opinion,
capitalized terms used herein and not defined have the meanings assigned to them in the Master
Trust Indenture, dated as of September 1, 2004, as heretofore amended and supplemented (the
“Master Indenture”), between the City and Zions Bancorporation, National Association, as trustee
(the “Trustee”), and as further amended and supplemented by a _ Supplemental Trust
Indenture, dated as of October 1, 2021 (the “ Supplemental Indenture” and,
collectively with the Master Indenture, the “Indenture”).
I, or others in this office under my supervision, have examined Resolution No. of 2021
adopted by the City Council of the City (the “City Council”) on August 17, 2021 (the
“Resolution”) providing for the issuance of the Series 2021A Bonds, that certain Certificate of
Determination, dated , 2021, and such other documents and records of the City and
any other papers as I or they have deemed relevant and necessary as the basis for the opinions
hereinafter set forth. In this connection, I or they have examined fully executed counterparts of
such documents, original or photostatic or certified copies of records of the City, certificates or
letters of officers of the City and certificates of certain public officials. In such examination, I or
C-2 Purchase Contract (refunding)
they have assumed the genuineness and authenticity of all documents submitted to me or us as
originals and the conformity to original documents of documents submitted to me or us as certified
or photostatic copies. I or they have relied upon such certificates of public officials and such
certificates of officers of the City with respect to the accuracy of factual matters contained therein
as I or they have deemed relevant and necessary as a basis for the opinions hereinafter set forth
and I or they know of no reason why I or they should not rely thereon. All references herein to
agreements, instruments, documents, laws, statutes, regulations, orders, writs, decrees and
injunctions are as of the date hereof. Based upon the foregoing, I am of the opinion that:
1. The City has been duly and validly created as a municipality and public body
corporate and politic existing under the laws of the State of Utah, with full power and authority
(a) to enter into, execute and deliver the Indenture, the Continuing Disclosure Agreement of the
City dated as of the date hereof (the “Continuing Disclosure Agreement”); the Escrow Agreement,
dated as of October 1, 2021 (the “LBA Escrow Agreement”), between the City [, the Local
Building Authority of Salt Lake City, Utah] and U.S. Bank National Association, as escrow agent;
the Escrow Agreement, dated as of October 1, 2021 (the “STR Escrow Agreement”), between the
City and Zions Bancorporation, National Association, as escrow agent; and the Bond Purchase
Contract, dated , 2021, entered into by and between the City and
(the “Purchase Contract”); and (b) to perform its obligations under the Indenture, the Continuing
Disclosure Agreement, the LBA Escrow Agreement, the STR Escrow Agreement and the Purchase
Contract and to authorize and issue, sell and deliver the Series 2021A Bonds.
2. The officials of the City named in the Preliminary Official Statement relating to the
Series 2021A Bonds, dated , 2021 (the “Preliminary Official Statement”) and the
Official Statement relating to the Series 2021A Bonds, dated , 2021 (the “Official
Statement”), have been duly elected or appointed and are as of the date hereof, qualified to serve
in their respective positions.
3. The City Council has duly adopted the Resolution authorizing the execution, issuance
and delivery of the Series 2021A Bonds, the Indenture, the Continuing Disclosure Agreement, the
LBA Escrow Agreement, the STR Escrow Agreement and the Purchase Contract, and the Series
2021A Bonds, the Indenture, the Purchase Contract, LBA Escrow Agreement, the STR Escrow
Agreement and the Continuing Disclosure Agreement have each been duly authorized, executed
and delivered by the City and assuming due authorization, execution and delivery by the other
parties, if any, thereto, all such instruments constitute valid and binding limited obligations of the
City enforceable in accordance with their respective terms except as the enforceability thereof may
be limited by bankruptcy, insolvency, moratorium, or other laws affecting creditors’ rights
generally or usual equity principles in the event equitable remedies are sought.
4. The Indenture creates a valid lien and charge against the Revenues and other funds
and accounts created under the Indenture and pledged for the benefit of the payment of the Series
2021A Bonds.
5. The execution and delivery of the Indenture, the Series 2021A Bonds, the Continuing
Disclosure Agreement, the LBA Escrow Agreement, the STR Escrow Agreement and the Purchase
Contract by the City and compliance with the provisions thereof will not conflict with or constitute
C-3 Purchase Contract (refunding)
a material breach or material default under any applicable law, administrative regulation, court
order or consent decree of the State of Utah or, to my knowledge, of the United States of America
or of any department, division, agency or instrumentality of either or any ordinance, agreement,
note, resolution, indenture or other instrument of which I have knowledge to which the City is a
party or by which it is bound.
6. To the best of my knowledge, after due inquiry, there is no amendment or proposed
amendment certified for placement on a statewide ballot to the Constitution of the State of Utah
that would materially adversely affect the Series 2021A Bonds or any holder thereof in his capacity
as such or the ability of the City to perform its obligations under the Indenture, the Continuing
Disclosure Agreement, the LBA Escrow Agreement, the STR Escrow Agreement or the Purchase
Contract.
7. All approvals, consents and orders of any governmental entity, authority, board,
agency or commission having jurisdiction that would constitute conditions precedent to the
performance by the City of its obligations under the Indenture, the Series 2021A Bonds, the
Continuing Disclosure Agreement, the LBA Escrow Agreement, the STR Escrow Agreement or
the Purchase Contract have been obtained.
8. To the best of my knowledge after due inquiry, except as disclosed in the Preliminary
Official Statement and the Official Statement, no litigation in the State of Utah or federal court has
been served on the City or is threatened: (a) in any way affecting the existence of the City or
contesting or affecting the validity or authority for the issuance of the Series 2021A Bonds or the
refunding of the Refunded Bonds or seeking to restrain or enjoin the issuance or delivery of the
Series 2021A Bonds or the transactions contemplated in the Official Statement and the Indenture;
(b) contesting the validity of the Indenture, the Series 2021A Bonds, the Continuing Disclosure
Agreement, the LBA Escrow Agreement, the STR Escrow Agreement or the Purchase Contract;
(c) contesting or affecting or seeking to restrain or enjoin the collection of Revenues or other
moneys pledged or to be pledged to pay the principal of and interest on the Series 2021A Bonds
or otherwise under the Indenture or the pledge thereof; (d) contesting in any way the completeness
or accuracy of the Official Statement; or (e) contesting the power of the officials of the City or its
authority with respect to the Indenture, the Series 2021A Bonds, the Official Statement, the
Continuing Disclosure Agreement, the LBA Escrow Agreement, the STR Escrow Agreement or
the Purchase Contract.
9. While not passing upon, and not assuming responsibility for, the accuracy,
completeness or fairness of the statements contained in the Preliminary Official Statement and the
Official Statement, no facts have come to my attention which lead me to believe that (apart from
the financial information, statistical data and forecasts contained therein, and information
concerning The Depository Trust Company, the Trustee and the Financial Advisor, as to which no
opinion or belief is expressed) the Preliminary Official Statement, as of its date and as of the date
of the Purchase Contract, and the Official Statement, as of its date and as of the date hereof,
contained or contains any untrue statement of a material fact or omitted to state at its date or omits
at the date hereof to state any material fact necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading.
C-4 Purchase Contract (refunding)
This opinion is furnished solely for the benefit of its addressees and may not be relied upon
by any other person.
Very truly yours,
City Attorney
Salt Lake City, Utah
Draft of
6/18/21
ESCROW AGREEMENT
[Between][By and Among]
SALT LAKE CITY, UTAH
[LOCAL BUILDING AUTHORITY OF SALT LAKE CITY, UTAH]
AND
, as Escrow Agent
$
SALT LAKE CITY, UTAH
FEDERALLY TAXABLE SALES AND EXCISE TAX REVENUE REFUNDING BONDS
SERIES 2021
providing for the refunding of all of the ’s
Revenue Bonds
Series 201
And
Revenue Bonds
Series 201
DATED AS OF _, 2021
Exh H to Deleg Reso Escrow Agreement v5.docx
8709966/RDB/mo
TABLE OF CONTENTS
SECTION PAGE
ARTICLE I DEFINITIONS ......................................................................................................................... 1
ARTICLE II RECITALS ............................................................................................................................... 3
ARTICLE III CREATION OF ESCROW ...................................................................................................... 3
ARTICLE IV COVENANTS OF ESCROW AGENT .................................................................................. 4
ARTICLE V COVENANTS OF CITY ......................................................................................................... 6
ARTICLE VI NOTICE OF REDEMPTION .................................................................................................. 6
ARTICLE VII AMENDMENTS, REINVESTMENT OF FUNDS, IRREVOCABILITY
OF AGREEMENT ................................................................................................................... 7
ARTICLE VIII NOTICES TO THE CITY, THE CITY TREASURER AND THE
ESCROW AGENT .................................................................................................................. 8
ARTICLE IX TERMINATION OF AGREEMENT ...................................................................................... 9
ARTICLE X COUNTERPARTS ................................................................................................................... 9
ARTICLE XI REPRESENTATION REGARDING ETHICAL STANDARDS FOR
CITY OFFICERS AND EMPLOYEES AND FORM CITY OFFICERS
AND EMPLOYEES .................................................................................................................. 9
Signatures ...................................................................................................................................... 10
EXHIBIT A — Escrow SLGS
SCHEDULE 1 — Form of Notice of Redemption
SCHEDULE 2 — Notice of Refunding and Defeasance
- i - Escrow Agreement
ESCROW AGREEMENT
THIS ESCROW AGREEMENT, dated as of , 2021, by and [between][among] SALT
LAKE CITY, UTAH, a body corporate and a political subdivision of the State of Utah, organized and
existing under the laws of the State of Utah (the “City”), [the Local Building Authority of Salt
Lake City, Utah, a Utah nonprofit corporation (the “Authority”)] and , a
national banking association duly organized and existing under the laws of the United States of
America (the “Escrow Agent”), for and in consideration of the mutual covenants herein contained
and in consideration of Five Dollars ($5.00) duly paid by the City to the Escrow Agent, the receipt
whereof is hereby acknowledged,
W I T N E S S E T H:
ARTICLE I
DEFINITIONS
Section 1.01. The following words and terms used in this Escrow Agreement shall have the
following meanings unless the context or use clearly indicates another or different meaning:
“Act” means, collectively, the Utah Refunding Bond Act, Chapter 27 of Title 11 of the
Utah Code, the Registered Public Obligations Act, Chapter 7 of Title 15 of the Utah Code, and
other applicable provisions of law.
“Agreement” means this Escrow Agreement between the City[, the Authority] and the
Escrow Agent.
[“Authority Resolution” means that certain resolution adopted by the Board of Directors
on August 17, 2021, authorizing (a) the refunding the Refunded Bonds and (b) this Agreement.]
[“Board of Directors” means the Board of Directors of the Authority.]
“Bond Resolution” means that certain resolution adopted by the City Council on August
17, 2021, including as apart of such resolution that certain Certificate of Determination, dated
, 2021, authorizing (a) the issuance of the Series 2021B Bonds for the purpose of,
among other things, refunding the Refunded Bonds and (b) this Agreement.
“City” means Salt Lake City, Utah.
“City Council” means the City Council of the City.
“City Recorder” means the City Recorder of the City, or in the case of the absence or
disability of the City Recorder, any Deputy City Recorder.
Escrow Agreement
- 2 - Escrow Agreement
“City Treasurer” means the City Treasurer of the City or, in the case of the absence or
disability of the City Treasurer, the Deputy Treasurer of the City.
“Code” means the Internal Revenue Code of 1986, as amended.
“Escrow Account” means the irrevocable trust account established under this Agreement
by the deposit of the Escrow Investments.
“Escrow Agent” means , in its capacity as Escrow Agent hereunder or
its successor.
“Escrow Investments” means the Government Securities, purchased with proceeds of the
Series 2021B Bonds in connection with the refunding of the Refunded Bonds and deposited
hereunder, as more particularly described in Exhibit A attached hereto.
“Government Securities” means direct obligations of the United States of America, or
other securities the principal of and interest on which are unconditionally guaranteed by the United
States of America.
“Indenture” means that certain Master Trust Indenture, dated as of September 1, 2004, as
heretofore amended and supplemented, and as further amended and supplemented by that certain
Supplemental Trust Indenture, dated as of October 1, 2021, relating to the Series 2021
Bonds, each between the City and Zions Bancorporation, National Association, as trustee.
[“LBA Indenture” means that certain Indenture of Trust, Mortgage, Assignment of Lease
Agreements and Security Agreement, dated as of June 1, 2012, between the Authority and U.S.
Bank National Association, as trustee.]
“Mayor” means the Mayor of the City, or in the event of absence or disability of the Mayor,
the Chief of Staff or other person duly authorized to perform the duties of the Mayor.
[“President” means the President of the Board of Directors, or in the event of absence or
disability of the President, the Vice President of the Board of Directors.]
“Refunded Bonds” means .
“Report” means the opinion and report of , independent Certified Public
Accountants, delivered simultaneously herewith.
[“Secretary/Clerk” means the Secretary/Clerk of the Authority, or in the event of
absence or disability of the Secretary/Clerk, any other person duly authorized to perform
the duties of the Secretary/Clerk.]
“Series 201 Bonds” means the $ aggregate principal amount of
Revenue Bonds, Series 201 , dated , 201_.
- 3 - Escrow Agreement
“Series 201 Bonds” means the $ aggregate principal amount of
Revenue Bonds, Series 201 , dated , 201_.
“Series 2021 Bonds” means the $ Federally Taxable Sales and Excise Tax
Revenue Refunding Bonds, Series 2021, authorized to be issued by the Bond Resolution and the
Indenture.
ARTICLE II
RECITALS
Section 2.01. This Agreement is entered into pursuant to authority contained in the Act,
[the Authority Resolution,] the Bond Resolution and the Indenture, and is executed by [(a)] the
Mayor, the City Treasurer and the City Recorder pursuant to authority contained in the Bond
Resolution [and (b) the President and the Secretary/Clerk pursuant to authority contained in the
Authority Resolution]. This Agreement is irrevocable and is not subject to amendment except as
otherwise expressly provided in Article VII hereof.
Section 2.02. The City Council adopted the Bond Resolution authorizing the issuance of
the Series 2021 Bonds for the purpose, among other things, of refunding the Refunded Bonds. A
certified copy of the Bond Resolution has been heretofore delivered to the Escrow Agent by the
City. The Series 2021 Bonds have been sold, and it is contemplated that they will be delivered to
the purchasers thereof on or about , 2021. The Bond Resolution and the Indenture
provide that a portion of the proceeds from the sale of the Series 2021 Bonds shall, simultaneously
with the delivery of the Series 2021 Bonds, be deposited with the Escrow Agent in trust in
accordance with the provisions of this Agreement.
Section 2.03. The Refunded Bonds are payable at the principal corporate trust office of the
paying agent for the Refunded Bonds.
Section 2.04. The Refunded Bonds were issued pursuant to the [Indenture][LBA
Indenture]. The Refunded Bonds are outstanding in the aggregate principal amount, bear interest
and mature as set forth in the definition of such term. The Refunded Bonds are subject to
redemption on any date on or after _, 202_, at a redemption price equal to 100%
(expressed as a percentage of the principal amount of the Refunded Bonds so called for
redemption) plus accrued interest thereon to the redemption date. The Refunded Bonds will be
called for redemption on , 202_, pursuant to [the Authority Resolution,] the Bond
Resolution[, the LBA Indenture] and the Indenture.
ARTICLE III
CREATION OF ESCROW
Section 3.01. The City by the Bond Resolution and the Indenture has authorized the
issuance and delivery of the Series 2021 Bonds, $ of the proceeds of which are to be
- 4 - Escrow Agreement
used to refund the Refunded Bonds by the deposit with the Escrow Agent of moneys that are
sufficient to provide a beginning deposit on demand and to purchase the Escrow Investments on
behalf of the [Authority][City]. As provided in the Report, such beginning deposit and the Escrow
Investments will provide all moneys necessary to pay the principal or redemption price of and
interest on the Refunded Bonds when due pursuant to regularly scheduled in terest payments and
calls for redemption.
Section 3.02. The City will deposit $_ from the proceeds of sale of the Series
2021 Bonds, together with $ of funds on deposit in the ,
$ of which shall be used for the purchase of the Escrow Investments and $
of which shall be used for the funding of the beginning cash deposit on demand with the Escrow
Agent. The beginning deposit and the Escrow Investments are to be held in the Escrow Account
for the [Authority][City] for the benefit of the owners and holde rs of the Refunded Bonds to pay
the principal and redemption price of and interest on the Refunded Bonds as the same fall due on
each interest payment date, at maturity or on the redemption date, as set forth in the cash flow
schedules to the Report, and the same are hereby irrevocably pledged to the payment of the
principal or redemption price of and interest on the Refunded Bonds in accordance herewith.
ARTICLE IV
COVENANTS OF ESCROW AGENT
Section 4.01. The Escrow Agent covenants and agrees with [the Authority] and the City as
follows:
(1) The Escrow Agent will hold the Escrow Investments and all interest income
or profit derived therefrom and all uninvested deposits in an irrevocable segregated and
separate trust fund account solely and exclusively for the purposes for which escrowed.
(2) The Escrow Agent at the written direction of the City Treasurer [(on behalf
of the Authority)] shall invest any uninvested cash in the Escrow Account in Government
Securities to mature when needed as set forth in the cash flow schedules to the Report;
provided, however, that Government Securities shall be purchased only if there is an
established market for such securities and the market price is paid therefor. In the event
moneys cannot be invested as described in the preceding sentence due to the denomination,
price or availability of such investments, such amounts shall be held uninvested, but only
to the minimum extent necessary. The Escrow Agent shall hold balances not so invested
in the Escrow Account on demand and in trust for the purposes hereof and such demand
deposits shall be secured as required by OCC regulations.
(3) The Escrow Agent will promptly collect all principal, interest or profit from
the Escrow Investments and promptly apply the same as necessary to the payment of the
redemption price of and interest on the Refunded Bonds as the same become due on each
interest payment date, maturity date and redemption date, and as will meet the requirements
for the retirement of the Refunded Bonds as set forth in the Cash Flow Schedules to the
- 5 - Escrow Agreement
Report, and such payments shall fully release and discharge the Escrow Agent from any
further duty or obligation thereto under this Agreement.
(4) The Escrow Agent will remit to the paying agent for the Refunded Bonds,
in good funds on or before each interest payment date or redemption date of the Refunded
Bonds, moneys sufficient to pay such interest and redemption price as will meet the
requirements for the retirement of the Refunded Bonds and such remittances shall fully
release and discharge the Escrow Agent from any further duty or obligation thereto under
this Agreement.
(5) No fees of the Escrow Agent, any paying agent on the Refunded Bonds or
the paying agent on the Series 2021 Bonds, or any other charges, may be paid from the
money or Escrow Investments in the Escrow Account prior to retirement of the Refunded
Bonds, and the City agrees that it will pay all such fees as such payments become due.
Neither the Escrow Agent, any paying agent on the Refunded Bonds nor th e paying agent
on the Series 2021 Bonds will have any lien on or with respect to the money or Escrow
Investments in the Escrow Account.
(6) The Escrow Agent has all the powers and duties herein set forth with no
liability in connection with any act or omission to act hereunder, except for its own
negligence or willful breach of trust, and shall be under no obligation to institute any suit,
action or other proceeding under this Agreement or to enter any appearance in any suit,
action or proceeding in which it may be defendant or to take any steps in the enforcement
of its, or any, rights and powers hereunder, nor shall be deemed to have failed to take any
such action, unless and until it shall have been indemnified by the City to the Escrow
Agent’s satisfaction against any and all costs and expenses, outlays, counsel fees and other
disbursements, including its own reasonable fees, and if any judgment, decree or recovery
be obtained by the Escrow Agent, payment of all sums due it, as aforesaid, shall be a first
charge against the amount of any such judgment, decree or recovery.
(7) The Escrow Agent will submit to the City Treasurer [(on behalf of the
Authority)] a statement within ten (10) days after June 30 of each year, commencing June
30, 2022, itemizing all moneys received by it and all payments made by it under the
provisions of this Agreement during the preceding 12-month period (or shorter period from
the date of execution hereof to June 30, 2022), and also listing the Escrow Investments on
deposit therewith on the date of said report, including all moneys held by it received as
interest on or profit from the collection of the Escrow Investments.
(8) If at any time it shall appear to the Escrow Agent that the available proceeds
of the Escrow Investments and deposits on demand in the Escrow Account will not be
sufficient to make any payment due to the owners or holders of any of the Refunded Bonds,
the Escrow Agent shall, to the extent possible, notify [the Authority,] the City Treasurer
and the City not less than five (5) days prior to the date such payment is due to the owners
or holders of any of the Refunded Bonds and the City agrees that it will from any funds
legally available for such purpose make up the anticipated deficit so that no default in the
making of any such payment will occur.
- 6 - Escrow Agreement
ARTICLE V
COVENANTS OF CITY [AND THE AUTHORITY]
Section 5.01. The City covenants and agrees with the Escrow Agent as follows:
(a) The Escrow Agent shall have no responsibility or liability whatsoever for (i) any of
the recitals of the City herein, (ii) the performance of or compliance with any covenant, condition,
term or provision of the Bond Resolution and (iii) any undertaking or statement of the City
hereunder or under the Bond Resolution and the Indenture.
(b) Except as herein otherwise expressly provided, all payments to be made by, and all
acts and things required to be done by, the Escrow Agent under the terms and provisions of this
Agreement, shall be made and done by the Escrow Agent without any further direction or authority
of the City.
[Section 5.02. The Authority covenants and agrees with the Escrow Agent as follows:
(a) The Escrow Agent shall have no responsibility or liability whatsoever for (i) any of
the recitals of the Authority herein, (ii) the performance of or compliance with any covenant,
condition, term or provision of the Authority Resolution and (iii) any undertaking or statement of
the Authority hereunder or under the Authority Resolution and the LBA Indenture.
(b) Except as herein otherwise expressly provided, all payments to be made by, and all
acts and things required to be done by, the Escrow Agent under the terms and provisions of this
Agreement, shall be made and done by the Escrow Agent without any further direction or authority
of the Authority.]
ARTICLE VI
NOTICE OF REDEMPTION
Section 6.01. The Escrow Agent, as agent for the [Authority][City] and as trustee for the
Refunded Bonds, shall cause notice of the call for redemption of the Refunded Bonds to be given
by first class mail, postage prepaid, not less than 30 nor more than 60 days prior to the redemption
date, to the registered owner, as of the record date, of each Refunded Bond which is subject to
redemption, at the address of such registered owner as it appears in the r egistration books of the
[Authority][City] kept by the trustee, or at such other address as is furnished to the trustee in
writing by such registered owner on or prior to the record date. Such notice of redemption shall
specify the date for the redemption of the Refunded Bonds, which shall be , 202_.
The Escrow Agent acknowledges receipt of a copy of the form of such notice of redemption. Such
notice shall be in substantially the form set forth in Schedule 1 attached hereto.
Section 6.02. The Escrow Agent shall further give such notice of redemption at least two
(2) business days in advance of the mailed notice to the holders described in Section 6.01 above
as required under DTC’s then-current operating procedures and as required by Section of the
- 7 - Escrow Agreement
and Section of the , relating to the Refunded Bonds, to all registered
securities depositories then in the business of holding substantial amounts of obligations of types
comprising the Refunded Bonds.
Section 6.03. The City acknowledges that pursuant to the Continuing Disclosure
Agreements, dated , 201_, and , 201_ relating to the Refunded Bonds it
is required to provide a notice of defeasance. The City hereby authorizes and directs the Escrow
Agent, and the Escrow Agent agrees, to give such notice in substantially the form attached hereto
as Schedule 2.
ARTICLE VII
AMENDMENTS, REINVESTMENT OF FUNDS,
IRREVOCABILITY OF AGREEMENT
Section 7.01. This Agreement may be amended or supplemented for any one or more of
the following purposes: (a) to make provision for the curing of any ambiguity, or of curing or
correcting any defective provision contained in this Agreement, or of severing any provision of
this Agreement that has been determined to be illegal by a court of competent jurisdiction, and (b)
to add to the covenants and agreements of [the Authority,] the City or the Escrow Agent contained
in this Agreement, other covenants and agreements thereafter to be observed by [the Authority,]
the City or the Escrow Agent or to make any other provision for the purpose of protecting the
rights of the owners and holders of the Refunded Bonds or the Series 2021 Bonds (any such
amendment or supplement to be referred to as a “Subsequent Action”), upon submission to the
Escrow Agent of each of the following:
(i) Certified copy of proceedings of the City Council authorizing the
Subsequent Action and a copy of the document effecting the Subsequent Action signed by
duly designated officers of the City.
(ii) An opinion of nationally recognized bond counsel nationally recognized as
having an expertise in the area of municipal bonds to the effect that the Subsequent Action
is a permitted Subsequent Action under the terms of Section 7.01 hereof and does not
adversely affect the legal rights of the owners or holders of the Series 2021 Bonds or the
Refunded Bonds.
(iii) An opinion of a firm of nationally recognized independent certified public
accountants to the effect that the amounts (which will consist of cash or deposits on demand
held in trust or receipts from direct full faith and credit obligations of the United States of
America, not subject to call and redemption prior to maturity, all of which shall be held
hereunder) available or to be available for payment of the Refunded Bonds will remain
sufficient to pay when due the redemption price of and interest on the Refunded Bonds
after the taking of the Subsequent Action; provided, however, that in no event shall such
direct full faith and credit obligations of the United States of America so on deposit include
money market funds consisting of investments in such obligations.
- 8 - Escrow Agreement
[(iv) Certified copy of proceedings of the Board of Directors authorizing the
Subsequent Action and a copy of the document effecting the Subsequent Action signed by
duly designated officers of the Authority.]
Section 7.02. Except as provided in Section 7.01 hereof, all of the rights, powers, duties
and obligations of the Escrow Agent hereunder shall be irrevocable and shall not be subject to
amendment by the Escrow Agent and shall be binding on any successor to the Escrow Agent during
the term of this Agreement.
Section 7.03. Except as provided in Section 7.01 hereof, all of the rights, powers, duties
and obligations of the City hereunder shall be irrevocable and shall not be subject to amendment
by the City and shall be binding on any successor to the officials now comprising the City Council
or the officials of the City during the term of this Agreement.
[Section 7.04. Except as provided in Section 7.01 hereof, all of the rights, powers, duties
and obligations of the Authority hereunder shall be irrevocable and shall not be subject to
amendment by the Authority and shall be binding on any successor to the officials now comprising
the Board of Directors or the officials of the Authority during the term of this Agreement.]
ARTICLE VIII
NOTICES TO [THE AUTHORITY,] THE CITY, THE CITY TREASURER
AND THE ESCROW AGENT
Section 8.01. All notices and communications to the City shall be addressed in writing to:
Salt Lake City, Attention: City Recorder, 451 South State Street, Salt Lake City, Utah 84111, or
such other address as may be directed by the City from time to time by written instruction.
Section 8.02. All notices and communications to the City Treasurer shall be addressed in
writing to: City Treasurer, Salt Lake City, 451 South State Street, Room 228, Salt Lake City, Utah
84111, or such other address as may be directed by the City Treasurer from time to time by written
instruction.
Section 8.03. All notices and communications to the Escrow Agent shall be addressed in
writing to: Zions Bancorporation, National Association, One South Temple, Twelfth Floor, Salt
Lake City, Utah, 84133, Attention: Corporate Trust Department, or such other address as may b e
directed by the Escrow Agent from time to time by written instruction.
[Section 8.04. All notices and communications to the Authority shall be addressed in writing
to: Local Building Authority of Salt Lake City, Attention: Secretary/Clerk, 451 South State Street,
Room 415, Salt Lake City, Utah 84111, or such other address as may be directed by the Authority
from time to time by written instruction.]
- 9 - Escrow Agreement
ARTICLE IX
TERMINATION OF AGREEMENT
Section 9.01. Upon final disbursement of funds sufficient to pay the redemption price of
and interest on the Refunded Bonds as hereinabove provided for, the Escrow Agent will transfer,
with due notice thereof mailed to [the Authority,] the City Treasurer and the City, any balance
remaining in the Escrow Account to the trustee for the Series 2021 Bonds for deposit into the
Principal and Interest Fund established under the Indenture and used to pay interest on the Series
2021 Bonds. Thereupon, this Agreement shall terminate.
ARTICLE X
COUNTERPARTS
Section 10.01. This Agreement may be executed in counterparts, each of which shall
constitute an original.
ARTICLE XI
REPRESENTATION REGARDING ETHICAL STANDARDS FOR CITY OFFICERS AND EMPLOYEES
AND FORMER CITY OFFICERS AND EMPLOYEES
Section 11.01. The Escrow Agent represents that it has not: (a) provided an illegal gift or
payoff to a City officer or employee or former City officer or employee, or his or her relative or
business entity; (b) retained any person to solicit or secure this contract upon an agreement or
understanding for a commission, percentage, or brokerage or contingent fee, other than bona fide
employees or bona fide commercial selling agencies for the purpose of securing business; (c)
knowingly breached any of the ethical standards set forth in the City’s conflict of interest
ordinance, Chapter 2.44, Salt Lake City Code; or (d) knowingly influenced, and hereby promises
that it will not knowingly influence, a City officer or employee or former City officer or employee
to breach any of the ethical standards set forth in the City’s conflict of interest ordinance, Chapter
2.44, Salt Lake City Code.
(Signature page follows.)
- 10 - Escrow Agreement
IN WITNESS WHEREOF, the City has caused this Agreement to be signed in its official name
by its Mayor and City Treasurer and attested and countersigned by the City Recorder and its
official seal to be hereunto affixed[, the Authority has caused this Agreement to be signed in its
official name by the President and attested and countersigned by the Secretary/Clerk and its official
seal to be hereunto affixed] and has caused this Agreement to be signed in its
corporate name by one of its , all as of the day and year first above written.
SALT LAKE CITY, UTAH
By
Mayor
[SEAL]
ATTEST AND COUNTERSIGN:
By
City Recorder
By
City Treasurer
APPROVED AS TO FORM:
By
Senior City Attorney
[LOCAL BUILDING AUTHORITY OF SALT LAKE
CITY, UTAH
[SEAL]
ATTEST AND COUNTERSIGN:
By
Secretary/Clerk]
By
President
, as Escrow Agent
Schedule 1-1 Escrow Agreement
SCHEDULE 1
[FORM OF NOTICE OF REDEMPTION]
NOTICE OF REDEMPTION
[LOCAL BUILDING AUTHORITY OF] SALT LAKE CITY, UTAH
REVENUE BONDS
SERIES 201
NOTICE IS HEREBY GIVEN that [the Local Building Authority of] Salt Lake City, Utah (the
“Issuer”), has called and does hereby call for redemption, on , 202_ (the “Date Fixed
for Redemption”), all of the Issuer’s currently outstanding Revenue Bonds, Series
201 , dated , 201_ (the “Bonds”), of the Issuer, identified under the caption
“PRINCIPAL AMOUNT REFUNDED” below and numbered, maturing on _ of the years, in
the principal amount, bearing interest at the rate per annum and with the CUSIP number, all as
follows:
NUMBERED
SCHEDULED
MATURITY
( )
PRINCIPAL
AMOUNT
REFUNDED
INTEREST
RATE
CUSIP
NUMBER*
( )
at , in , __ (the “Bond Registrar” or “Paying
Agent”), at a redemption price equal to 100% of the principal amount of the Bonds to be redeemed,
plus accrued interest thereon to the Redemption Date.
The redemption price of each Bond hereby called for redemption shall be paid on and after
the Date Fixed for Redemption upon surrender of such Bond at either of the following addresses:
BY HAND: BY MAIL:
_
* No representation is made as to the correctness of the CUSIP Number either as printed on the Bonds or as
contained in this Notice of Redemption. Reliance may be placed only on the identification numbers contained in
this notice or printed on the Bonds.
Schedule 1-2 Escrow Agreement
_
_
Interest due on the Date Fixed for Redemption on each Bond so called for redemption shall
be paid by check or draft of the Trustee for the Bonds mailed to the registered owner of the Bond
at the address appearing on the bond register of the Issuer maintained by the Trustee on the Record
Date.
NOTICE IS FURTHER GIVEN that funds necessary to pay the redemption price for each such
Bond will be available at the place of payment on the Date Fixed for Redemption and interest on
each such Bond shall cease to accrue from and after such Date Fixed for Redemption and on the
Date Fixed for Redemption there will become due and payable on each of said Bonds the principal
thereof and interest accrued thereon to the Date Fixed for Redemption.
Federal law requires the Paying Agent to withhold taxes at the applicable rate from the
payment if an IRS Form W-9 or applicable IRS Form W-8 is not provided. Please visit
www.irs.gov for additional information on the tax forms and instructions.
GIVEN BY ORDER of [the Local Building Authority of] Salt Lake City, Utah, this
day of _, .
, as Escrow Agent
By
Its _
Schedule 2-1 Escrow Agreement
SCHEDULE 2
[FORM OF NOTICE OF REFUNDING AND DEFEASANCE]
NOTICE OF REFUNDING AND DEFEASANCE
OF
[LOCAL BUILDING AUTHORITY OF] SALT LAKE CITY, UTAH
SCHEDULED
$
REVENUE BONDS
SERIES 201
CUSIP
MATURITY
( )
PRINCIPAL
AMOUNT
INTEREST
RATE
NUMBER
( )
TOTAL $
NOTICE IS HEREBY GIVEN that for the payment of the interest on and principal of the bonds
described above (the “Bonds”), there have been deposited in escrow with , Salt
Lake City, Utah (the “Escrow Agent”), moneys which have been invested in direct obligations of
the United States of America, or other securities the principal of and interest on which are
unconditionally guaranteed by the United States of America or held in cash. The projected
principal payments to be received from such securities and the projected interest income therefrom
have been calculated to be sufficient, with such cash, to pay the principal and interest requirements
on such Bonds when due through and including the redemption prior to maturity of the Bonds on
, 202_.
DATED this day of , 2021.
, as Escrow Agent
Signature:
Email:Garrett.Danielson@slcgov.com
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
COUNCIL STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
www.slc.gov/council/
TO:City Council Members
FROM: Jan Aramaki
Council staff policy analyst
DATE:Tuesday, July 13, 2021
RE: PROPOSED ORDINACE TO PROHIBIT DOGS IN ALLEN PARK
Ordinance: Prohibition of Dogs at Allen Park
ISSUE AT-A-GLANCE
Public Services requests the Council adopt proposed ordinance amendments that would:
1. Add Allen Park, 7.5 acres, to list of City parks in Salt Lake City Code, Section 15.04.350; and
2. Add Allen Park to the list of open space areas where domesticated animals are prohibited, on leash or
off-leash, for reasons of habitat and nature preservation and/or public safety issues1. The Parks, Natural
Lands, Urban Forestry & Trails Advisory (PNUT) Board supports this recommendation with service
dogs being exempt.
Other open space areas in City code where domesticated animals are prohibited:
a. Wasatch Hollow Preserve - North gate entry and trails on the north end of the Preserve;
b. I Street Bike Park;
c. 900 South Bike Park;
d. Fred & Ila Rose Fife Wetlands Preserve - 952 South 1100 West;
e. BMX Bike Park at Parleys Historic Nature Park; and
f. Parleys Historic Nature Park as described in section 15.10.060 of this Code.
This proposed ordinance amendment will give Allen Park security guards the authority to enforce by informing
the public who show up with their dogs that only service dogs are allowed into the park.
Goal of the briefing:
The Administration requests Council’s approval as soon as possible to protect the wildlife habitat and historical
features of the park. A public hearing is not required by State statute.
Unless the Council raises questions or requests additional information, this proposed amendment will be
scheduled for July 20th Council action.
1 Salt Lake City Code, 8.04.390(c)2
Page | 2
POLICY QUESTIONS
1. The Council may wish to ask the Administration how these changes will be communicated to the public.
2. At the time of the purchase of Allen Park property, community fundraising was part of the conversation
to invest in the land as open space. The Council may wish to ask the Administration if there has been
any progress with community fundraising, or to share a status report if there is a “friends of Allen Park”
type organization that is continuing this conversation.
ADDITIONAL & BACKGROUND INFORMATION
In the early 1900s, Allen Park was established as a bird sanctuary housing more than 700 bird and wildlife
species from around the world and countless artifacts were implemented. In May of 2020, Salt Lake City
purchased Allen Park, which still houses peafowl, turkey, trout, and many other wildlife habitat. Since October
2020 when the City opened Allen Park to the public, the volume of visitors has well exceeded the City’s
expectations. Currently, on-leash dogs are allowed, however the Administration’s transmittal reports challenges
that involve dogs impacting public safety, preservation of fenced off artifacts, and the protection of wildlife.
Erin J. Mendenhall
Mayor
DEPARTMENT of PUBLIC SERVICES
SALT LAKE CITY CORPORATION
451 SOUTH STATE, ROOM 138
P.O.BOX 145470, SALT LAKE CITY, UTAH 84114-5470
WWW.SLCGOV.COM
TEL:801-535-7773
Page 1 of 18
CITY COUNCIL TRANSMITTAL
Date Received:
Lisa Shaffer, Chief Administrative Officer Date sent to Council:
TO: Salt Lake City Council DATE: April 5, 2021
Amy Fowler, Chair
FROM: Lorna Vogt, Director, Public Services Department ___________________________
SUBJECT: Prohibition of Dogs at Allen Park
STAFF CONTACTS: Kristin Riker, Public Services Deputy Director, Public Lands
kristin.riker@slcgov.com
Lewis Kogan, Director – Trails & Natural Lands Division
lewis.kogan@slcgov.com
Boyd Ferguson, Senior City Attorney, boyd.ferguson@slcgov.com
DOCUMENT TYPE: Ordinance
RECOMMENDATION: It is recommended that the City Council pass this ordinance to include
Allen Park in the list of Salt Lake City properties closed to dogs to reduce conflicts with wildlife,
protect site amenities, and ensure public safety.
BUDGET IMPACT: None.
BACKGROUND/DISCUSSION:
Allen Park was established in the early 1900’s by Dr. George Allen and his wife Ruth as a bird
sanctuary. Across three decades, Dr. Allen collected more than 700 bird and wildlife specimens
from around the world and housed them in Allen Park, opening the bird sanctuary to the public
every Sunday up until his death in the early 1960’s. Within Allen Park, Dr. Allen installed and
displayed countless artifacts, sculptures, lamps, fountains, and other folk-inspired art that he
personally created.
In order to financially sustain Allen Park, Dr. Allen began incorporating several rental
residences into the neighborhood. In exchange for free medical care, many of the homes were
relocated by miners into Allen Park from around the Salt Lake Valley in the 1930s and 1940s.
Presently, many of these homes are in very deteriorated condition with unstable foundations,
vandalized exteriors, and large holes in the ground leading to septic systems or cellars.
Lisa Shaffer (May 12, 2021 13:57 MDT)
05/12/2021
05/12/2021
Page 2 of 18
In the spring of 2020, Salt Lake City purchased Allen Park. This 7.5-acre jewel is home to a
vibrant and mature urban forest, resident peafowl, turkey, trout, and many other forms of
wildlife. Emigration Creek runs the entire length of the property offering a peaceful natural
sanctuary within the City. There are views of Dr. Allen’s original mosaic artwork as well as the
historic buildings that had been relocated to the park from across the valley.
Upon gaining control of the property, the City’s Trails and Natural Lands Division put in place a
short-term plan to open a portion of Allen Park to the public. In order to offer protection to its
natural, artistic, and historic assets, a short 4-ft chain link fence was installed along the internal
perimeter of the Allen Park Drive. On opening day, well over 2,000 visitors came through the
Park to experience it for the first time. Since then visitation has continued to surpass all
expectations. Currently, there is a on-leash requirement for all dogs; however, within just the
first few weeks, multiple incidents have occurred that have jeopardized public safety, raised
extreme concern for the Park’s fenced off artifacts, and have very nearly resulted in the death of
the peafowl within the Park. A selection of incidences includes:
• Dogs escaping leashes and harnesses to chase peacocks and other wildlife
• Dogs scaling fences, climbing on to building and structures in order to lunge after and
reach wildlife
• Owners following their pets into dangerous/closed off areas in order to retrieve them off
roofs and sensitive stone and artwork.
• Increasing risk of public injury near unstable buildings, steep embankments, and unseen
ground holes
• Dogs biting visitors and security guards when becoming agitated in the narrow, enclosed
and highly trafficked space.
Increasing canine presence in Allen Park is already having detrimental impacts, including those
mentioned above, along with the physical and temporal displacement of wildlife. Trails &
Natural Lands Division staff believe that prohibiting dogs in Allen Park is warranted for the
preservation of public safety, the security of artifacts , and most urgently to ensure that the
peafowl population will survive and continue to use Allen Park as their home. Prohibiting dogs
from entering Allen Park would allow the security guards to turn away people who arrive with
dogs or have them secure their pets at the entrance gate. While most people do comply with the
leash requirements, in the first month of the Park’s public opening, this has proven insufficient
to adequately protect the wildlife, the public, and the assets within the Park.
The proposed prohibition of dogs in Allen Park is not expected have a significant impact on dog-
walking opportunities in the city as Allen Park is a new amenity just added to our public lands
inventory. Other nearby dog walking opportunities abound, including Sugarhouse Park and off-
leash hours at Wasatch Hollow Park. Enforcement of a prohibition would be relatively simple to
implement due to the staffed security presence at Allen Park, and CBI guards could easi ly
enforce the prohibition without causing SLC to incur additional costs.
TIMELINE:
May 4, 2020 – Allen Park acquired by Salt Lake City. Between May 4 and October 4, staff with
the Trails & Natural Lands Division invest in clean-up of the property, stabilization of structures
and artworks, signage and fencing to provide for safe access for visitors. A population of resident
Page 3 of 18
peafowl, turkeys, and numerous hawks and other wildlife reside on the property and are
observed daily.
October 4, 2020 – Allen Park opened to public access with on-leash requirements posted and
supported by park greeter at entrance gate. Between October 4 and November 4, Allen Park
hosts 500 to 2,000+ visitors per day. Incidents occur on a near-daily basis involving leashed
dogs threatening other visitors in the tight, enclosed space of Allen Park Drive, attacking
peafowl and wildlife, and escaping from leashes and threatening structures and the safety of
their owners as they are retrieved.
November 5, 2020 – The Parks, Natural Lands, Urban Forestry and Trails Board (PNUT)
reviews and unanimously recommends ordinance change proposal to close Allen Park to access
by dogs (service dogs excluded), for the protection of the public, park artifacts, and wildlife, in
particular the resident peafowl population
ATTACHMENTS:
A. Ordinance Redline
B. Clean Ordinance
C. Minutes of PNUT Board Meeting, November 5, 2020
D. Letter of Recommendation from Save Allen Park Citizen’s Committee
E. Letter of Recommendation from Allen Park Neighbor and Public Lands Steward
Page 4 of 18
SALT LAKE CITY ORDINANCE
No. ______ of 2021
(Animals running at large and other parks)
An ordinance amending Sections 8.04.390 and 15.04.350 of the Salt Lake City Code,
relating to animals running at large and other parks, respectively.
WHEREAS, the City Council of Salt Lake City, Utah, desires to amend Sections
8.04.390 and 15.04.350 of the Salt Lake City Code, relating to animals running at large and other
parks, respectively.
NOW, THEREFORE, be it ordained by the City Council of Salt Lake City, Utah that:
SECTION 1. Section 8.04.390 of the Salt Lake City Code, relating to animals running at
large, is amended as follows:
8.04.390: ANIMALS RUNNING AT LARGE:
A. With the exception set forth in subsection B of this section, it is unlawful for the owner or
person having charge, care, custody, or control of any animal to allow such animal at any
time to run at large. The owner or person charged with responsibility for an animal found
running at large shall be strictly liable for a violation of this section, regardless of the
precautions taken to prevent the escape of the animal and regardless of whether or not such
owner or person knows that the animal is running at large. Any violation of this section shall
constitute a civil violation and will be penalized pursuant to the criteria set forth in sections
8.15.020, 8.15.025, and 8.15.027 of this title.
B. 1. Dogs shall be permitted to run off leash only in areas of parks and public spaces
specifically designated in City ordinance as "off leash areas" or "off leash trails", and clearly
identified by signage as such. Said areas shall be as follows:
a. Designated areas of Memory Grove Park known as the Freedom Trail section;
b. The Municipal ballpark, also known as Herman Franks Park, except for the fenced
youth baseball diamonds and playground area;
c. Designated areas of Jordan Park;
d. Designated areas of Lindsey Gardens;
e. Designated areas of Parleys Historic Nature Park, as set forth in title 15, chapter 15.10
of this Code, or its successor;
f. Designated areas of Pioneer Park;
g. Designated areas of Cottonwood Park;
h. Designated areas of Fairmont Park;
i. Designated areas of Rotary Glen Park;
Page 5 of 18
j. Designated areas and hours at Wasatch Hollow Park;
k. Designated areas and hours at Warm Springs Park;
l. Designated areas and hours at Parley's Way Park; and
m. Designated areas and hours at Jefferson Park.
2. While in such areas dogs shall at all times remain under control of the dog's owner or
custodian. "Under control" means that a dog will respond on command to its owner or custodian.
C. 1. The foregoing notwithstanding, the relevant department may conduct additional
experiments in other areas of the City for possible future legislative enactment designating such
areas as "off leash areas" or "off leash trails". The process must be a community friendly process
directed at serving the interests of Salt Lake City residents. If the location is in an area
represented by an active recognized neighborhood organization, the request must be forwarded
to that organization for comment and recommendation. Each new off-leash site must pass
through a 12-month test period before it can be permanently established. At the conclusion of the
test period, the relevant department director will review public and administration input and
make a final recommendation to the Mayor or the Mayor's designee and the Council on whether
to make the off-leash designation official by ordinance. Within thirty (30) days after it receives
the department director's recommendation, the Council may take any of the following actions: a)
request and review any additional information from the administration; b) consider objections to
the proposed off-leash site; or c) convene to receive additional public input. If the Council does
not take any of those actions within that 30-day period, the Mayor or the Mayor's designee may,
without further Council involvement, designate the proposed off- leash site as an off leash area.
If, after taking any of those actions, the Council determines that the proposed off leash area
should not be designated, the Council Chair shall promptly direct the Mayor not to designate that
area as off leash, and the Mayor shall not designate that area as off leash unless the City
successfully repeats the designation process described in this subsection C1. Any off leash areas
designated in the future under this process will not be codified in this Code.
2. No domesticated animal, on or off-leash, shall be permitted inside areas of parks and
public spaces specifically prohibited by City ordinance. The areas identified below will be closed
for habitat and nature preservation and/or public safety issues and must be clearly identified by
signage as closed. Said areas shall be as follows:
a. Wasatch Hollow Preserve - North gate entry and trails on the north end of the Preserve;
b. I Street Bike Park;
c. 900 South Bike Park;
d. Fred & Ila Rose Fife Wetlands Preserve - 952 South 1100 West;
e. BMX Bike Park at Parleys Historic Nature Park; and
f. Parleys Historic Nature Park as described in section 15.10.060 of this Code; and.
g. Allen Park.
3. From time to time, and for reasons of public safety or the protection of wildlife or other
sensitive resources, the relevant department director may specifically designate certain areas as
closed to domesticated animals, for up to a maximum of fourteen (14) days, by clearly
identifying the area by signage as closed. It is unlawful for any person to take domesticated
animals into such areas whether loose, on a leash, or in arms. The relevant department director
Page 6 of 18
will provide notice of this closure to the City Council in writing in advance of the closure or, in
cases of emergency, within a reasonable time after the closure.
SECTION 2. Section 15.04.350 of the Salt Lake City Code, relating to other parks, is
amended as follows:
15.04.350: OTHER PARKS:
The following properties are "parks" for the purposes of this title and are named and described.
Some parcels may be associated with multiple parks:
11th Ave Park:
Parcels: 09-32-130-001-0000
17th S River Park:
Parcels: 15-14-159-009-0000
4th E Community Garden:
Parcels: 16-06-454-006-0000
5th Ave Park:
Parcels: 09-31-408-001-0000
6th E Park:
Parcels: 16-06-279-017-0000
9 Line Oxbow Preserve:
Parcels: 15-11-180-004-0000, 15-11-180-009-0000, 15-11-180-010-0000, 15-11-180-011-0000,
15-11-180-012-0000, 15-11-180-014-0000, 15-11-180-015-0000, 15-11-180-016-0000, 15-11-
181-001-0000, 15-11-181-002-0000, 15-11-181-003-0000, 15-11-181-004-0000, 15-11-181-005-
0000, 15-11-183-001-0000, 15-11-186-017-0000, 15-11-186-018-0000, 15-11-503-023-0000,
15-11-503-024-0000, 15-11-503-025-0000, 15-11-503-026-0000, 15-11-503-027-0000, 15-11-
503-028-0000, 15-11-503-029-0000, 15-11-503-030-0000, 15-11-503-031-0000, 15-11-503-032-
0000, 15-11-503-033-0000, 15-11-503-034-0000, 15-11-503-035-0000, 15-11-503-036-0000,
15-11-503-010-0000
9 Line Trail:
Parcels: 15-11-503-037-0000, 15-11-280-015-0000, 15-11-260-020-0000, 15-12-154-002-0000,
15-12-154-003-0000, 15-11-178-009-0000, 15-11-154-009-0000, 15-11-178-009-0000, 15-11-
154-008-0000, 15-10-281-011-0000, 15-10-281-011-0000, 15-10-281-011-0000, 15-10-281-011-
0000, 15-10-281-011-0000, 15-10-255-016-0000
9th S River Park:
Parcels: 15-11-136-001-0000, 15-11-181-006-0000, 15-11-181-007-0000, 15-11-181-008-0000,
15-11-181-010-0000, 15-11-182-001-0000, 15-11-253-001-0000, 15-11-253-012-0000, 15-11-
253-013-0000, 15-11-253-014-0000
Page 7 of 18
Allen Park:
Parcels 16-16-307-017-0000
Alzheimers Wildlife Grove:
Parcels: 15-02-155-009-0000, 15-02-155-010-0000, 15-02-155-011-0000, 15-02-155-012-0000,
15-02-155-015-0000, 15-02-156-001-0000, 15-02-156-002-0000, 15-02-156-003-0000, 15-02-
156-004-0000, 15-02-156-006-0000, 15-02-156-007-0000, 15-02-156-011-0000, 15-02-156-012-
0000, 15-02-156-013-0000, 15-02-156-014-0000, 15-02-156-015-0000, 15-02-176-011-0000,
15-02-176-012-0000
Artesian Well Park:
Parcels: 16-07-253-025-0000
Beatrice Evans Park:
Parcels: 16-08-280-016-0000
Beldon Park:
Parcels: 16-06-452-019-0000
Bend in the River:
Parcels: 15-11-330-003-0000, 15-11-331-004-0000, 15-11-331-005-0000, 15-11-331-012-0000,
15-11-332-004-0000, 15-11-332-005-0000, 15-11-333-004-0000, 15-11-333-005-0000, 15-11-
334-001-0000, 15-11-377-006-0000, 15-11-377-007-0000, 15-11-377-008-0000, 15-11-377-011-
0000, 15-11-378-001-0000, 15-11-378-002-0000, 15-11-378-006-0000, 15-11-378-007-0000,
15-11-378-008-0000, 15-11-378-009-0000, 15-11-378-014-0000, 15-11-378-015-0000, 15-11-
382-001-0000, 15-11-382-002-0000, 15-11-405-012-0000, 15-11-405-013-0000, 15-11-405-015-
0000, 15-11-405-016-0000, 15-11-405-017-0000, 15-11-405-018-0000, 15-11-405-019-0000,
15-11-451-001-0000, 15-11-451-003-0000, 15-11-451-005-0000, 15-11-451-006-0000, 15-11-
453-008-0000, 15-11-453-009-0000, 15-11-453-010-0000, 15-11-453-011-0000, 15-11-453-012-
0000, 15-11-453-013-0000, 15-11-453-014-0000, 15-11-453-015-0000, 15-11-454-001-0000,
15-11-454-002-0000, 15-11-454-003-0000, 15-11-454-004-0000, 15-11-454-005-0000, 15-11-
454-006-0000, 15-11-454-007-0000, 15-11-454-008-0000, 15-11-454-009-0000, 15-11-454-010-
0000, 15-11-454-011-0000, 15-11-454-012-0000, 15-11-454-013-0000, 15-11-457-001-0000,
15-11-457-002-0000, 15-11-457-003-0000, 15-11-457-004-0000, 15-11-457-005-0000, 15-11-
457-006-0000, 15-11-457-007-0000, 15-11-457-008-0000, 15-11-457-009-0000, 15-11-457-010-
0000, 15-11-457-011-0000
Blaine Preserve:
Parcels: 16-16-327-018-0000
Bonneville Shoreline Preserve:
Parcels: 08-13-300-011-0000, 08-13-300-015-0000, 08-24-100-004-0000
Bonneville Shoreline Trail:
Parcels: associated with other parks identified herein
Page 8 of 18
Cannon Greens Community Garden:
Parcels: 15-11-480-001-0000, 15-11-480-028-0000, 15-11-480-003-0000, 15-11-480-029-0000,
15-11-480-012-0000, 15-11-480-033-0000, 15-11-480-032-0000
City Creek Park:
Parcels: 09-31-353-029-0000
Columbus Hillside Preserve:
Parcels: 09-30-351-040-0000
Cotten Park:
Parcels: 16-18-339-005-0000
Cottonwood Park:
Parcels: 08-34-252-041-0000, 08-34-252-042-0000, 08-34-252-048-0000, 08-34-251-032-0000
Curtis Park:
Parcels: 16-15-126-019-0000
Dry Creek Detention Basin:
Parcels: 09-33-403-008-0000
Dee Glen Smith Tennis Courts:
Parcels: portion of 16-10-401-002-0000
East Bench Preserve:
Parcels: 16-14-306-021-0000, 16-14-306-027-0000, 16-14-306-030-0000, 16-14-306-046-0000,
16-14-326-016-0000, 16-14-352-002-0000, 16-14-352-003-0000, 16-14-352-026-0000, 16-14-
353-018-0000, 16-14-353-020-0000, 16-14-353-022-0000, 16-14-378-001-0000
Elizabeth Sherman Park:
Parcels: 16-20-255-006-0000, 16-20-426-001-0000
Ensign Peak Nature Park:
Parcels: 16-20-229-053-0000, 16-20-229-057-0000, 16-20-229-059-0000, 16-20-229-062-0000,
16-20-229-072-0000
Hillcrest Park:
Parcels: 16-21-426-017-0000
Imperial Neighborhood Park:
Parcels: 16-28-131-001-0000
Inglewood Park:
Parcels: 16-08-452-001-0000
Page 9 of 18
International Peace Gardens:
Parcels: portion of 15-11-259-001-0000
Jackson Park:
Parcels: 08-35-276-002-0000, 08-35-276-008-0000
Jake Garn Park:
Parcels: 15-02-380-025-0000
Jefferson Park:
Parcels: 15-12-428-005-0000, 15-12-428-006-0000, 15-12-428-007-0000, 15-12-428-017-0000,
15-12-428-018-0000, 15-12-428-019-0000, 15-12-428-020-0000, 15-12-428-021-0000, 15-12-
428-022-0000, 15-12-428-023-0000, 15-12-428-024-0000, 15-12-428-025-0000, 15-12-428-026-
0000, 15-12-428-027-0000, 15-12-428-028-0000, 15-13-276-005-0000
Jordan River Parkway:
Parcels: 15-14-129-013-0000, 15-14-155-003-0000, 15-14-176-001-0000, 15-14-177-001-0000,
15-14-177-002-0000, 15-14-177-003-0000, 15-14-177- 004-0000, 15-14-180-001-0000, 15-14-
180-017-0000, 15-14-180-019-0000, 15-14-180-023-0000, 15-14-180-024-0000, 15-14-180-025-
0000, 15-14-329-001-0000, 15-14-329-002-0000, 15-14-329-003-0000, 15-14-353-001-0000,
15-14-376-003-0000, 08-16-276-004-0000, 08-34-201-010-0000, 08-34-202-022-0000, 08-34-
202-023-0000, 08-34-202-024-0000, 08-34-202-027-0000, 08-34-202-028-0000, 08-34-202-032-
0000, 08-34-203-005-0000, 08-34-203-006-0000, 08-34-203-007-0000, 08-34-203-008-0000,
08-34-203-010-0000, 08-34-203-011-0000, 08-34-203-012-0000, 08-34-203-013-0000, 08-34-
203-016-0000, 08-34-203-032-0000, 08-34-251-014-0000, 08-34-251-015-0000, 08-34-251-016-
0000, 08-34-251-017-0000, 08-34-251-018-0000, 08-34-251-019-0000, 08-34-251-020-0000,
08-34-251-021-0000, 15-02-181-002-0000, 15-02-181-003-0000, 15-02-326-002-0000, 15-02-
326-004-0000, 15-02-327-008-0000, 15-02-327-010-0000, 15-02-327-011-0000, 15-02-327-012-
0000, 08-35-376-001-0000, 15-11-129-001-0000, 15-11-129-003-0000, 15-11-129-004-0000,
15-11-129-009-0000, 15-11-129-010-0000, 15-11-130-001-0000, 15-11-130-002-0000, 15-11-
130-003-0000, 15-11-130-004-0000, 15-11-130-009-0000, 15-11-134-010-0000, 15-11-134-011-
0000, 15-11-134-012-0000, 15-11-134-013-0000, 15-11-134-014-0000, 15-11-134-023-0000,
15-11-134-025-0000, 15-11-134-027-0000, 15-11-134-028-0000, 15-02-376-015-0000, 15-02-
376-017-0000, 15-02-382-002-0000, 15-02-384-008-0000, 15-02-384-009-0000, 15-02-384-010-
0000, 15-11-126-013-0000, 15-11-126-019-0000, 15-11-126-020-0000, 15-11-132-001-0000,
15-11-132-005-0000, 08-34-251-030-0000, 08-34-428-001-0000, 08-34-428-002-0000, 08-34-
428-003-0000, 08-35-301-011-0000, 15-11-258-015-0000, 15-11-258-016-0000, 15-11-258-004-
0000, 15-11-259-002-0000, 15-11-258-003-0000, 15-02-332-009-0000, 15-02-333-011-0000,
15-02-334-001-0000, 15-02-334-008-0000, 15-02-334-012-0000, 15-02-334-015-0000, 15-02-
334-019-0000, 15-02-334-023-0000, 15-02-334-024-0000, 08-27-402-002-0000, 08-27-402-003-
0000, 08-27-402-004-0000, 08-27-403-006-0000, 08-27-405-004-0000, 08-27-405-005-0000,
08-27-405-007-0000, 08-27-452-041-0000, 08-27-452-044-0000, 08-34-252-043-0000, 08-34-
252-044-0000, 08-34-252-045-0000, 08-34-252-046-0000, 08-34-252-047-0000, 08-34-278-010-
0000, 08-15-100-011-0000, 08-15-100-016-0000, 08-15-326-001-0000, 08-15-327-001-0000,
08-15-327-002-0000, 08-15-351-005-0000, 08-15-376-002-0000, 08-15-376-003-0000, 08-15-
376-007-0000, 08-15-376-009-0000, 08-22-100-002-0000, 08-22-100-004-0000, 08-22-100-005-
Page 10 of 18
0000, 08-22-100-009-0000, 08-22-452-007-0000, 15-14-126-008-0000, 15-14-126-009-0000,
15-14-126-010-0000, 15-14-126-024-0000, 15-14-126-025-0000, 15-14-126-026-0000, 15-14-
126-027-0000, 15-14-126-028-0000, 15-14-129-001-0000, 15-14-129-004-0000, 15-14-129-006-
0000, 15-14-129-007-0000, 15-14-129-008-0000, 15-14-129-009-0000, 15-14-129-011-0000,
15-14-326-001-0000, 15-14-327-002-0000, 15-14-327-003-0000, 15-14-327-004-0000, 15-14-
327-011-0000, 15-14-328-002-0000, 15-14-328-011-0000, 15-02-152-003-0000, 08-22-252-001-
0000
Kay Rees Park:
Parcels: 09-30-476-022-0000
Kletting Park:
Parcels: 09-31-411-017-0000
Meadows Park:
Parcels: 08-34-151-022-0000
Memory Grove Park and Natural Area:
Parcels: 09-30-330-014-0000, 09-30-376-021-0000, 09-30-402-002-0000, 09-30-453-013-0000,
09-30-454-016-0000, 09-31-126-009-0000, 09-31-201-001-0000, 09-31-326-002-0000, 09-31-
328-001-0000, 09-31-328-002-0000, 09-30-376-022-0000, 09-30-376-023-0000, 09-30-454-016-
0000, 09-31-201-001-0000
Miami Park:
Parcels: 08-22-326-012-0000, 08-22-326-014-0000, 08-22-326-021-0000
Modesto Nature Park:
Parcels: portion of 15-11-453-015-0000
Nelli Jack Park:
Parcels: 15-10-453-029-0000
North Bonneville Preserve:
Parcels: 09-29-403-018-0000
North Gateway Park:
Parcels: portion of 08-25-403-001-0000
Oak Hills Ball Diamonds:
Parcels: portion of 16-10-401-002-0000
Parley Pratt Plaza:
Parcels: Approximately 2300 E 2100 S
Parleys Way Park:
Parcels: 16-23-327-008-0000
Page 11 of 18
Peace Tree Bend:
Parcels: 15-14-129-013-0000, 15-14-155-003-0000, 15-14-176-001-0000, 15-14-177-001-0000,
15-14-177-002-0000, 15-14-177-003-0000, 15-14-177-004-0000, 15-14-180-001-0000, 15-14-
180-017-0000, 15-14-180-019-0000 ,15-14-180-023-0000, 15-14-180-024-0000, 15-14-180-025-
0000
Peoples Freeway Park:
Parcels: 15-13-276-007-0000, 15-13-276-008-0000, 15-13-276-009-0000
Perrys Hilltop Preserve:
Parcels: 09-28-100-002-0000, 09-28-100-004-0000, 09-28-100-006-0000
Perrys Hollow Preserve:
Parcels: 09-32-226-016-0000, 09-29-476-003-0000, 09-32-202-017-0000, 1028 E Chandler Dr.
Popperton Park & Preserve:
Parcels: 09-33-154-010-0000
Post Street Park:
Parcels: 15-02-405-014-0000, 15-02-405-015-0000
Pugsley Ouray Park:
Parcels: 08-36-177-025-0000
Redwood Meadows Park:
Parcels: 08-34-177-004-0000
Roberta Laconia Park:
Parcels: 16-07-130-009-0000
Ron Heaps Memorial Park:
Parcels: 16-07-329017-0000
Rosewood Park:
Parcels: 08-23-353-005-0000, 08-23-353-006-0000, 08-23-353-007-0000, 08-23-353-011-0000,
08-23-378-001-0000, 08-23-378-002-0000, 08-23-379-001-0000, 08-23-380-001-0000, 08-23-
381-001-0000, 08-23-382-004-0000, 08-23-383-001-0000, 08-26-126-001-0000, 08-26-126-002-
0000, 08-26-126-003-0000, 08-26-126-004-0000, 08-26-126-005-0000, 08-26-126-006-0000,
08-26-126-007-0000, 08-26-126-008-0000, 08-26-126-009-0000, 08-26-126-010-0000, 08-26-
126-011-0000, 08-26-126-012-0000, 08-26-126-013-0000, 08-26-126-014-0000, 08-26-126-015-
0000, 08-26-203-001-0000
Rotary Glen Park & Preserve:
Parcels: 16-11-177-002-0000
Rotary Park:
Page 12 of 18
Parcels: portion of 09-30-402-003-2000
Salt Lake City Cemetery:
Parcels: 09-32-181-007-0000, 09-32-204-001-0000, 09-32-251-001-0000, 09-32-277-001-0000,
09-32-332-001-0000, 09-32-401-001-0000, 09-32-426-002-0000, 09-32-203-002-0000
Salt Lake City Regional Athletic Complex:
Parcels: 08-15-351-003-0000, 08-15-351-004-4001, 08-15-351-004-4002
Shipp Park:
Parcels: 09-32-309-011-0000
Silver Park:
Parcels: 08-36-234-019-0000, 08-36-234-020-0000, 08-36-234-021-0000
Spring Gulch Preserve:
Parcels: 09-28-200-002-1001, 09-28-376-001-0000, 09-28-400-008-0000, 09-33-126-014-0000,
09-33-202-026-0000
Stansbury Shoreline Preserve:
Parcels: 08-25-428-001-0000, 08-25-200-010-0000, 08-24-400-002-1001, 08-25-200-002-0000,
08-25-200-003-1001, 08-24-300-013-1001, 08-25-278-001-0000, 08-24-300-011-1001, 08-24-
300-002-1001
Stanton Park:
Parcels: 16-06-451-011-0000
Steenblick Park:
Parcels: 08-26-380-004-0000
Swede Town Park:
Parcels: 08-23-477-005-0000
Taufer Park:
Parcels: 16-07-127-027-0000
Van Ness Park:
Parcels: 16-07-255-009-0000
Victory Park:
Parcels: portion of 16-05-254-002-0000
Wasatch Hollow Park:
Parcels: portion of 16-16-179-030-0000
Wasatch Hollow Preserve:
Page 13 of 18
Parcels: 16-16-209-011-0000, 16-16-251-008-0000, 16-16-252-002-0000, 16-16-252-004-0000,
16-16-179-032-0000, portion of 16-16-179-030-0000
Wesemen Park:
Parcels: approximately 1335 S 900 W
Westminster Park:
Parcels: 16-17-183-012-0000, 16-17-183-013-0000
Westpointe Park:
Parcels: 08-27-107-014-0000, 08-27-107-015-0000, 08-27-107-016-0000, 08-27-151-019-0000
SECTION 3. This ordinance shall take effect immediately upon the date of its first
publication.
Passed by the City Council of Salt Lake City, Utah, this ______ day of __________,
2021.
____________________________
CHAIRPERSON
ATTEST AND COUNTERSIGN:
___________________________
CITY RECORDER
Transmitted to Mayor on ______________________.
Mayor’s Action: __________ Approved. ___________ Vetoed.
____________________________
MAYOR
___________________________
CITY RECORDER
(SEAL)
Bill No. ______ of 2021.
Published: _____________________.
Salt Lake City Attorney’s
Office
Approved As To Form
By:
_______________________
Boyd Ferguson
Date: __________________
SALT LAKE CITY ORDINANCE
No. ______ of 2021
(Animals running at large and other parks)
An ordinance amending Sections 8.04.390 and 15.04.350 of the Salt Lake City Code,
relating to animals running at large and other parks, respectively.
WHEREAS, the City Council of Salt Lake City, Utah, desires to amend Sections
8.04.390 and 15.04.350 of the Salt Lake City Code, relating to animals running at large and other
parks, respectively.
NOW, THEREFORE, be it ordained by the City Council of Salt Lake City, Utah that:
SECTION 1. Section 8.04.390 of the Salt Lake City Code, relating to animals running at
large, is amended as follows:
8.04.390: ANIMALS RUNNING AT LARGE:
A. With the exception set forth in subsection B of this section, it is unlawful for the owner or
person having charge, care, custody, or control of any animal to allow such animal at any
time to run at large. The owner or person charged with responsibility for an animal found
running at large shall be strictly liable for a violation of this section, regardless of the
precautions taken to prevent the escape of the animal and regardless of whether or not such
owner or person knows that the animal is running at large. Any violation of this section shall
constitute a civil violation and will be penalized pursuant to the criteria set forth in sections
8.15.020, 8.15.025, and 8.15.027 of this title.
B. 1. Dogs shall be permitted to run off leash only in areas of parks and public spaces
specifically designated in City ordinance as "off leash areas" or "off leash trails", and clearly
identified by signage as such. Said areas shall be as follows:
a. Designated areas of Memory Grove Park known as the Freedom Trail section;
b. The Municipal ballpark, also known as Herman Franks Park, except for the fenced
youth baseball diamonds and playground area;
c. Designated areas of Jordan Park;
d. Designated areas of Lindsey Gardens;
e. Designated areas of Parleys Historic Nature Park, as set forth in title 15, chapter 15.10
of this Code, or its successor;
f. Designated areas of Pioneer Park;
g. Designated areas of Cottonwood Park;
h. Designated areas of Fairmont Park;
i. Designated areas of Rotary Glen Park;
j. Designated areas and hours at Wasatch Hollow Park;
k. Designated areas and hours at Warm Springs Park;
l. Designated areas and hours at Parley's Way Park; and
m. Designated areas and hours at Jefferson Park.
2. While in such areas dogs shall at all times remain under control of the dog's owner or
custodian. "Under control" means that a dog will respond on command to its owner or custodian.
C. 1. The foregoing notwithstanding, the relevant department may conduct additional
experiments in other areas of the City for possible future legislative enactment designating such
areas as "off leash areas" or "off leash trails". The process must be a community friendly process
directed at serving the interests of Salt Lake City residents. If the location is in an area
represented by an active recognized neighborhood organization, the request must be forwarded
to that organization for comment and recommendation. Each new off-leash site must pass
through a 12-month test period before it can be permanently established. At the conclusion of the
test period, the relevant department director will review public and administration input and
make a final recommendation to the Mayor or the Mayor's designee and the Council on whether
to make the off-leash designation official by ordinance. Within thirty (30) days after it receives
the department director's recommendation, the Council may take any of the following actions: a)
request and review any additional information from the administration; b) consider objections to
the proposed off-leash site; or c) convene to receive additional public input. If the Council does
not take any of those actions within that 30-day period, the Mayor or the Mayor's designee may,
without further Council involvement, designate the proposed off- leash site as an off leash area.
If, after taking any of those actions, the Council determines that the proposed off leash area
should not be designated, the Council Chair shall promptly direct the Mayor not to designate that
area as off leash, and the Mayor shall not designate that area as off leash unless the City
successfully repeats the designation process described in this subsection C1. Any off leash areas
designated in the future under this process will not be codified in this Code.
2. No domesticated animal, on or off-leash, shall be permitted inside areas of parks and
public spaces specifically prohibited by City ordinance. The areas identified below will be closed
for habitat and nature preservation and/or public safety issues and must be clearly identified by
signage as closed. Said areas shall be as follows:
a. Wasatch Hollow Preserve - North gate entry and trails on the north end of the Preserve;
b. I Street Bike Park;
c. 900 South Bike Park;
d. Fred & Ila Rose Fife Wetlands Preserve - 952 South 1100 West;
e. BMX Bike Park at Parleys Historic Nature Park;
f. Parleys Historic Nature Park as described in section 15.10.060 of this Code; and
g. Allen Park.
3. From time to time, and for reasons of public safety or the protection of wildlife or other
sensitive resources, the relevant department director may specifically designate certain areas as
closed to domesticated animals, for up to a maximum of fourteen (14) days, by clearly
identifying the area by signage as closed. It is unlawful for any person to take domesticated
animals into such areas whether loose, on a leash, or in arms. The relevant department director
will provide notice of this closure to the City Council in writing in advance of the closure or, in
cases of emergency, within a reasonable time after the closure.
SECTION 2. Section 15.04.350 of the Salt Lake City Code, relating to other parks, is
amended as follows:
15.04.350: OTHER PARKS:
The following properties are "parks" for the purposes of this title and are named and described.
Some parcels may be associated with multiple parks:
11th Ave Park:
Parcels: 09-32-130-001-0000
17th S River Park:
Parcels: 15-14-159-009-0000
4th E Community Garden:
Parcels: 16-06-454-006-0000
5th Ave Park:
Parcels: 09-31-408-001-0000
6th E Park:
Parcels: 16-06-279-017-0000
9 Line Oxbow Preserve:
Parcels: 15-11-180-004-0000, 15-11-180-009-0000, 15-11-180-010-0000, 15-11-180-011-0000,
15-11-180-012-0000, 15-11-180-014-0000, 15-11-180-015-0000, 15-11-180-016-0000, 15-11-
181-001-0000, 15-11-181-002-0000, 15-11-181-003-0000, 15-11-181-004-0000, 15-11-181-005-
0000, 15-11-183-001-0000, 15-11-186-017-0000, 15-11-186-018-0000, 15-11-503-023-0000,
15-11-503-024-0000, 15-11-503-025-0000, 15-11-503-026-0000, 15-11-503-027-0000, 15-11-
503-028-0000, 15-11-503-029-0000, 15-11-503-030-0000, 15-11-503-031-0000, 15-11-503-032-
0000, 15-11-503-033-0000, 15-11-503-034-0000, 15-11-503-035-0000, 15-11-503-036-0000,
15-11-503-010-0000
9 Line Trail:
Parcels: 15-11-503-037-0000, 15-11-280-015-0000, 15-11-260-020-0000, 15-12-154-002-0000,
15-12-154-003-0000, 15-11-178-009-0000, 15-11-154-009-0000, 15-11-178-009-0000, 15-11-
154-008-0000, 15-10-281-011-0000, 15-10-281-011-0000, 15-10-281-011-0000, 15-10-281-011-
0000, 15-10-281-011-0000, 15-10-255-016-0000
9th S River Park:
Parcels: 15-11-136-001-0000, 15-11-181-006-0000, 15-11-181-007-0000, 15-11-181-008-0000,
15-11-181-010-0000, 15-11-182-001-0000, 15-11-253-001-0000, 15-11-253-012-0000, 15-11-
253-013-0000, 15-11-253-014-0000
Allen Park:
Parcels 16-16-307-017-0000
Alzheimers Wildlife Grove:
Parcels: 15-02-155-009-0000, 15-02-155-010-0000, 15-02-155-011-0000, 15-02-155-012-0000,
15-02-155-015-0000, 15-02-156-001-0000, 15-02-156-002-0000, 15-02-156-003-0000, 15-02-
156-004-0000, 15-02-156-006-0000, 15-02-156-007-0000, 15-02-156-011-0000, 15-02-156-012-
0000, 15-02-156-013-0000, 15-02-156-014-0000, 15-02-156-015-0000, 15-02-176-011-0000,
15-02-176-012-0000
Artesian Well Park:
Parcels: 16-07-253-025-0000
Beatrice Evans Park:
Parcels: 16-08-280-016-0000
Beldon Park:
Parcels: 16-06-452-019-0000
Bend in the River:
Parcels: 15-11-330-003-0000, 15-11-331-004-0000, 15-11-331-005-0000, 15-11-331-012-0000,
15-11-332-004-0000, 15-11-332-005-0000, 15-11-333-004-0000, 15-11-333-005-0000, 15-11-
334-001-0000, 15-11-377-006-0000, 15-11-377-007-0000, 15-11-377-008-0000, 15-11-377-011-
0000, 15-11-378-001-0000, 15-11-378-002-0000, 15-11-378-006-0000, 15-11-378-007-0000,
15-11-378-008-0000, 15-11-378-009-0000, 15-11-378-014-0000, 15-11-378-015-0000, 15-11-
382-001-0000, 15-11-382-002-0000, 15-11-405-012-0000, 15-11-405-013-0000, 15-11-405-015-
0000, 15-11-405-016-0000, 15-11-405-017-0000, 15-11-405-018-0000, 15-11-405-019-0000,
15-11-451-001-0000, 15-11-451-003-0000, 15-11-451-005-0000, 15-11-451-006-0000, 15-11-
453-008-0000, 15-11-453-009-0000, 15-11-453-010-0000, 15-11-453-011-0000, 15-11-453-012-
0000, 15-11-453-013-0000, 15-11-453-014-0000, 15-11-453-015-0000, 15-11-454-001-0000,
15-11-454-002-0000, 15-11-454-003-0000, 15-11-454-004-0000, 15-11-454-005-0000, 15-11-
454-006-0000, 15-11-454-007-0000, 15-11-454-008-0000, 15-11-454-009-0000, 15-11-454-010-
0000, 15-11-454-011-0000, 15-11-454-012-0000, 15-11-454-013-0000, 15-11-457-001-0000,
15-11-457-002-0000, 15-11-457-003-0000, 15-11-457-004-0000, 15-11-457-005-0000, 15-11-
457-006-0000, 15-11-457-007-0000, 15-11-457-008-0000, 15-11-457-009-0000, 15-11-457-010-
0000, 15-11-457-011-0000
Blaine Preserve:
Parcels: 16-16-327-018-0000
Bonneville Shoreline Preserve:
Parcels: 08-13-300-011-0000, 08-13-300-015-0000, 08-24-100-004-0000
Bonneville Shoreline Trail:
Parcels: associated with other parks identified herein
Cannon Greens Community Garden:
Parcels: 15-11-480-001-0000, 15-11-480-028-0000, 15-11-480-003-0000, 15-11-480-029-0000,
15-11-480-012-0000, 15-11-480-033-0000, 15-11-480-032-0000
City Creek Park:
Parcels: 09-31-353-029-0000
Columbus Hillside Preserve:
Parcels: 09-30-351-040-0000
Cotten Park:
Parcels: 16-18-339-005-0000
Cottonwood Park:
Parcels: 08-34-252-041-0000, 08-34-252-042-0000, 08-34-252-048-0000, 08-34-251-032-0000
Curtis Park:
Parcels: 16-15-126-019-0000
Dry Creek Detention Basin:
Parcels: 09-33-403-008-0000
Dee Glen Smith Tennis Courts:
Parcels: portion of 16-10-401-002-0000
East Bench Preserve:
Parcels: 16-14-306-021-0000, 16-14-306-027-0000, 16-14-306-030-0000, 16-14-306-046-0000,
16-14-326-016-0000, 16-14-352-002-0000, 16-14-352-003-0000, 16-14-352-026-0000, 16-14-
353-018-0000, 16-14-353-020-0000, 16-14-353-022-0000, 16-14-378-001-0000
Elizabeth Sherman Park:
Parcels: 16-20-255-006-0000, 16-20-426-001-0000
Ensign Peak Nature Park:
Parcels: 16-20-229-053-0000, 16-20-229-057-0000, 16-20-229-059-0000, 16-20-229-062-0000,
16-20-229-072-0000
Hillcrest Park:
Parcels: 16-21-426-017-0000
Imperial Neighborhood Park:
Parcels: 16-28-131-001-0000
Inglewood Park:
Parcels: 16-08-452-001-0000
International Peace Gardens:
Parcels: portion of 15-11-259-001-0000
Jackson Park:
Parcels: 08-35-276-002-0000, 08-35-276-008-0000
Jake Garn Park:
Parcels: 15-02-380-025-0000
Jefferson Park:
Parcels: 15-12-428-005-0000, 15-12-428-006-0000, 15-12-428-007-0000, 15-12-428-017-0000,
15-12-428-018-0000, 15-12-428-019-0000, 15-12-428-020-0000, 15-12-428-021-0000, 15-12-
428-022-0000, 15-12-428-023-0000, 15-12-428-024-0000, 15-12-428-025-0000, 15-12-428-026-
0000, 15-12-428-027-0000, 15-12-428-028-0000, 15-13-276-005-0000
Jordan River Parkway:
Parcels: 15-14-129-013-0000, 15-14-155-003-0000, 15-14-176-001-0000, 15-14-177-001-0000,
15-14-177-002-0000, 15-14-177-003-0000, 15-14-177- 004-0000, 15-14-180-001-0000, 15-14-
180-017-0000, 15-14-180-019-0000, 15-14-180-023-0000, 15-14-180-024-0000, 15-14-180-025-
0000, 15-14-329-001-0000, 15-14-329-002-0000, 15-14-329-003-0000, 15-14-353-001-0000,
15-14-376-003-0000, 08-16-276-004-0000, 08-34-201-010-0000, 08-34-202-022-0000, 08-34-
202-023-0000, 08-34-202-024-0000, 08-34-202-027-0000, 08-34-202-028-0000, 08-34-202-032-
0000, 08-34-203-005-0000, 08-34-203-006-0000, 08-34-203-007-0000, 08-34-203-008-0000,
08-34-203-010-0000, 08-34-203-011-0000, 08-34-203-012-0000, 08-34-203-013-0000, 08-34-
203-016-0000, 08-34-203-032-0000, 08-34-251-014-0000, 08-34-251-015-0000, 08-34-251-016-
0000, 08-34-251-017-0000, 08-34-251-018-0000, 08-34-251-019-0000, 08-34-251-020-0000,
08-34-251-021-0000, 15-02-181-002-0000, 15-02-181-003-0000, 15-02-326-002-0000, 15-02-
326-004-0000, 15-02-327-008-0000, 15-02-327-010-0000, 15-02-327-011-0000, 15-02-327-012-
0000, 08-35-376-001-0000, 15-11-129-001-0000, 15-11-129-003-0000, 15-11-129-004-0000,
15-11-129-009-0000, 15-11-129-010-0000, 15-11-130-001-0000, 15-11-130-002-0000, 15-11-
130-003-0000, 15-11-130-004-0000, 15-11-130-009-0000, 15-11-134-010-0000, 15-11-134-011-
0000, 15-11-134-012-0000, 15-11-134-013-0000, 15-11-134-014-0000, 15-11-134-023-0000,
15-11-134-025-0000, 15-11-134-027-0000, 15-11-134-028-0000, 15-02-376-015-0000, 15-02-
376-017-0000, 15-02-382-002-0000, 15-02-384-008-0000, 15-02-384-009-0000, 15-02-384-010-
0000, 15-11-126-013-0000, 15-11-126-019-0000, 15-11-126-020-0000, 15-11-132-001-0000,
15-11-132-005-0000, 08-34-251-030-0000, 08-34-428-001-0000, 08-34-428-002-0000, 08-34-
428-003-0000, 08-35-301-011-0000, 15-11-258-015-0000, 15-11-258-016-0000, 15-11-258-004-
0000, 15-11-259-002-0000, 15-11-258-003-0000, 15-02-332-009-0000, 15-02-333-011-0000,
15-02-334-001-0000, 15-02-334-008-0000, 15-02-334-012-0000, 15-02-334-015-0000, 15-02-
334-019-0000, 15-02-334-023-0000, 15-02-334-024-0000, 08-27-402-002-0000, 08-27-402-003-
0000, 08-27-402-004-0000, 08-27-403-006-0000, 08-27-405-004-0000, 08-27-405-005-0000,
08-27-405-007-0000, 08-27-452-041-0000, 08-27-452-044-0000, 08-34-252-043-0000, 08-34-
252-044-0000, 08-34-252-045-0000, 08-34-252-046-0000, 08-34-252-047-0000, 08-34-278-010-
0000, 08-15-100-011-0000, 08-15-100-016-0000, 08-15-326-001-0000, 08-15-327-001-0000,
08-15-327-002-0000, 08-15-351-005-0000, 08-15-376-002-0000, 08-15-376-003-0000, 08-15-
376-007-0000, 08-15-376-009-0000, 08-22-100-002-0000, 08-22-100-004-0000, 08-22-100-005-
0000, 08-22-100-009-0000, 08-22-452-007-0000, 15-14-126-008-0000, 15-14-126-009-0000,
15-14-126-010-0000, 15-14-126-024-0000, 15-14-126-025-0000, 15-14-126-026-0000, 15-14-
126-027-0000, 15-14-126-028-0000, 15-14-129-001-0000, 15-14-129-004-0000, 15-14-129-006-
0000, 15-14-129-007-0000, 15-14-129-008-0000, 15-14-129-009-0000, 15-14-129-011-0000,
15-14-326-001-0000, 15-14-327-002-0000, 15-14-327-003-0000, 15-14-327-004-0000, 15-14-
327-011-0000, 15-14-328-002-0000, 15-14-328-011-0000, 15-02-152-003-0000, 08-22-252-001-
0000
Kay Rees Park:
Parcels: 09-30-476-022-0000
Kletting Park:
Parcels: 09-31-411-017-0000
Meadows Park:
Parcels: 08-34-151-022-0000
Memory Grove Park and Natural Area:
Parcels: 09-30-330-014-0000, 09-30-376-021-0000, 09-30-402-002-0000, 09-30-453-013-0000,
09-30-454-016-0000, 09-31-126-009-0000, 09-31-201-001-0000, 09-31-326-002-0000, 09-31-
328-001-0000, 09-31-328-002-0000, 09-30-376-022-0000, 09-30-376-023-0000, 09-30-454-016-
0000, 09-31-201-001-0000
Miami Park:
Parcels: 08-22-326-012-0000, 08-22-326-014-0000, 08-22-326-021-0000
Modesto Nature Park:
Parcels: portion of 15-11-453-015-0000
Nelli Jack Park:
Parcels: 15-10-453-029-0000
North Bonneville Preserve:
Parcels: 09-29-403-018-0000
North Gateway Park:
Parcels: portion of 08-25-403-001-0000
Oak Hills Ball Diamonds:
Parcels: portion of 16-10-401-002-0000
Parley Pratt Plaza:
Parcels: Approximately 2300 E 2100 S
Parleys Way Park:
Parcels: 16-23-327-008-0000
Peace Tree Bend:
Parcels: 15-14-129-013-0000, 15-14-155-003-0000, 15-14-176-001-0000, 15-14-177-001-0000,
15-14-177-002-0000, 15-14-177-003-0000, 15-14-177-004-0000, 15-14-180-001-0000, 15-14-
180-017-0000, 15-14-180-019-0000 ,15-14-180-023-0000, 15-14-180-024-0000, 15-14-180-025-
0000
Peoples Freeway Park:
Parcels: 15-13-276-007-0000, 15-13-276-008-0000, 15-13-276-009-0000
Perrys Hilltop Preserve:
Parcels: 09-28-100-002-0000, 09-28-100-004-0000, 09-28-100-006-0000
Perrys Hollow Preserve:
Parcels: 09-32-226-016-0000, 09-29-476-003-0000, 09-32-202-017-0000, 1028 E Chandler Dr.
Popperton Park & Preserve:
Parcels: 09-33-154-010-0000
Post Street Park:
Parcels: 15-02-405-014-0000, 15-02-405-015-0000
Pugsley Ouray Park:
Parcels: 08-36-177-025-0000
Redwood Meadows Park:
Parcels: 08-34-177-004-0000
Roberta Laconia Park:
Parcels: 16-07-130-009-0000
Ron Heaps Memorial Park:
Parcels: 16-07-329017-0000
Rosewood Park:
Parcels: 08-23-353-005-0000, 08-23-353-006-0000, 08-23-353-007-0000, 08-23-353-011-0000,
08-23-378-001-0000, 08-23-378-002-0000, 08-23-379-001-0000, 08-23-380-001-0000, 08-23-
381-001-0000, 08-23-382-004-0000, 08-23-383-001-0000, 08-26-126-001-0000, 08-26-126-002-
0000, 08-26-126-003-0000, 08-26-126-004-0000, 08-26-126-005-0000, 08-26-126-006-0000,
08-26-126-007-0000, 08-26-126-008-0000, 08-26-126-009-0000, 08-26-126-010-0000, 08-26-
126-011-0000, 08-26-126-012-0000, 08-26-126-013-0000, 08-26-126-014-0000, 08-26-126-015-
0000, 08-26-203-001-0000
Rotary Glen Park & Preserve:
Parcels: 16-11-177-002-0000
Rotary Park:
Parcels: portion of 09-30-402-003-2000
Salt Lake City Cemetery:
Parcels: 09-32-181-007-0000, 09-32-204-001-0000, 09-32-251-001-0000, 09-32-277-001-0000,
09-32-332-001-0000, 09-32-401-001-0000, 09-32-426-002-0000, 09-32-203-002-0000
Salt Lake City Regional Athletic Complex:
Parcels: 08-15-351-003-0000, 08-15-351-004-4001, 08-15-351-004-4002
Shipp Park:
Parcels: 09-32-309-011-0000
Silver Park:
Parcels: 08-36-234-019-0000, 08-36-234-020-0000, 08-36-234-021-0000
Spring Gulch Preserve:
Parcels: 09-28-200-002-1001, 09-28-376-001-0000, 09-28-400-008-0000, 09-33-126-014-0000,
09-33-202-026-0000
Stansbury Shoreline Preserve:
Parcels: 08-25-428-001-0000, 08-25-200-010-0000, 08-24-400-002-1001, 08-25-200-002-0000,
08-25-200-003-1001, 08-24-300-013-1001, 08-25-278-001-0000, 08-24-300-011-1001, 08-24-
300-002-1001
Stanton Park:
Parcels: 16-06-451-011-0000
Steenblick Park:
Parcels: 08-26-380-004-0000
Swede Town Park:
Parcels: 08-23-477-005-0000
Taufer Park:
Parcels: 16-07-127-027-0000
Van Ness Park:
Parcels: 16-07-255-009-0000
Victory Park:
Parcels: portion of 16-05-254-002-0000
Wasatch Hollow Park:
Parcels: portion of 16-16-179-030-0000
Wasatch Hollow Preserve:
Parcels: 16-16-209-011-0000, 16-16-251-008-0000, 16-16-252-002-0000, 16-16-252-004-0000,
16-16-179-032-0000, portion of 16-16-179-030-0000
Wesemen Park:
Parcels: approximately 1335 S 900 W
Westminster Park:
Parcels: 16-17-183-012-0000, 16-17-183-013-0000
Westpointe Park:
Parcels: 08-27-107-014-0000, 08-27-107-015-0000, 08-27-107-016-0000, 08-27-151-019-0000
SECTION 3. This ordinance shall take effect immediately upon the date of its first
publication.
Passed by the City Council of Salt Lake City, Utah, this ______ day of ____________,
2021.
____________________________
CHAIRPERSON
ATTEST AND COUNTERSIGN:
___________________________
CITY RECORDER
Transmitted to Mayor on ______________________.
Mayor’s Action: __________ Approved. ___________ Vetoed.
____________________________
MAYOR
___________________________
CITY RECORDER
(SEAL)
Bill No. ______ of 2021.
Published: _____________________.
SALT LAKE CITY ATTORNEY’S OFFICE
APPROVED AS TO FORM
BY: _______________________
BOYD FERGUSON
DATE: __________________ 5-12-21
Page 14 of 18
MINUTES
PARKS, NATURAL LANDS, URBAN FORESTRY AND TRAILS ADVISORY BOARD OF SALT LAKE CITY
FORMAL MEETING NOVEMBER 5, 2020
5:00 P.M. – 6:30 P.M.
WEBEX – VIRTUAL MEETING
HTTPS://MEETINGSAMER11.WEBEX.COM/MEET/PARKS
DUE TO THE INCOMPLETE RECORDING SOME PORTIONS OF THE MINUTES MAY BE INCOMPLETE.
1. CONVENING THE MEETING
a. CALL TO ORDER
a. ELLIOTT MOTT
b. SAMANTHA FINCH
c. POLLY HART
d. GWEN SPRINGMEYER
e. BRIANNA BINNEBOSE
f. FRED FIFE
g. KATIE DAVIS
h. JENNY HEWSON
b. CHAIR COMMENTS
2. APPROVAL OF MINUTES
A. APPROVE AUGUST 6, 2020 AND JUNE 4, 2020 MEETING MINUTES
MS. BINNEBOSE MOTIONED TO APPROVE THE MINUTES AND MS. SPRINGMEYER SECONDED THE MOTION. ALL BOARD MEMBERS
UNANIMOUSLY AGREED TO APPROVE THE AUGUST 6, 2020 AND JUNE 4, 2020 MINUTES.
3. PUBLIC COMMENT PERIOD
A. VERBAL COMMENTS ARE LIMITED TO NO MORE THAN 3 MINUTES; 15 MINUTES TOTAL. WRITTEN COMMENTS ARE WELCOME.
4. DISCUSSION ITEMS
a. 501(C)(3) OPPORTUNITIES – MICHAEL HUGHES, FRIENDS OF GILGAL GARDENS
MS. HEWSON INTRODUCED MR. MICHAEL HUGHES, TREASURER OF THE FRIENDS OF GILGAL
GARDENS AND BOARD MEMBER OF THE GREATER AVENUES COMMUNITY COUNCIL. MR.
HUGHES PROVIDED AN OVERVIEW ON HOW TO SET UP A FOUNDATION OR A NON-PROFIT
ORGANIZATION. HE EXPLAINED WHAT A FOUNDATION IS AND DISCUSSED THE BENEFITS OF
CREATING A FOUNDATION. HE ALSO REVIEWED THE TAX-EXEMPT APPLICATION FORM FOR
CREATING A FOUNDATION AND EXPLAINED THE RULES AND RESTRICTIONS FOR A FOUNDATION.
MR. HUGHES ALSO REVIEWED THE PROCESS FOR CREATING A NON-PROFIT ORGANIZATION AND
TAX-EXEMPT APPLICATION PROCESS. HE DISCUSSED LIMITATIONS OF A NON-PROFIT
ORGANIZATION AS WELL AS THE BENEFITS. HE ANSWERED QUESTIONS FROM BOARD MEMBERS
REGARDING THE RESTRICTIONS OF THIS OPTION.
Page 15 of 18
b. REIMAGINE NATURE COMMUNITY ENGAGEMENT – DR. IVIS GARCIA & UNIVERSITY
OF UTAH
STUDENTS, CITY & METROPOLITAN PLANNING DEPARTMENT
MS. MONTEITH INTRODUCED DR. IVIS GARCIA AND THE UNIVERSITY OF UTAH STUDENTS. MS. MONTEITH EXPLAINED SHE PARTNERED WITH
DR. GARCIA AND HER STUDENTS TO ASSIST WITH COMMUNITY OUTREACH FOR THE PUBLIC LANDS MASTER PLAN PROJECT. DR. GARCIA
EXPLAINED HER STUDENTS VISITED EACH PARK, PUBLIC LAND AND TRAIL IN SALT LAKE CITY TO INTERACT AND SURVEY PARK AND TRAIL
USERS. EACH STUDENT PRESENTED ON DIFFERENT TOPICS AND DISCUSSED THEIR OVERALL EXPERIENCE WITH THIS PROJECT. THEY
DISCUSSED THEIR PUBLIC PARTICIPATION THROUGH INTERCEPT INTERVIEWS ONSITE IN PARKS, TRAILS AND AT LOCAL BUSINESSES AND
ORGANIZATIONS, AND THROUGH ONLINE ENGAGEMENT. THEY DISCUSSED THE GIS AND DATA THEY COMPILED AND PROVIDED A
DEMOGRAPHIC COMPARISON AND DISCUSSED THEIR FINDINGS FROM THE FOCUS GROUPS WHICH THEY HELD. MS. MONTEITH THANKED THE
STUDENTS FOR THEIR WORKED AND EXPLAINED THEIR DATA WOULD BE INCLUDED A SYNTHESIS REPORT IN JANUARY AND ANSWERED
QUESTIONS FROM BOARD MEMBERS REGARDING THE OUTREACH EFFORT THROUGH THE COVID-19 PANDEMIC.
c. 2020 WIND DAMAGE UPDATE – TONY GLIOT
MR. GLIOT PROVIDED AN UPDATE ON THE DAMAGE FROM THE WINDSTORM EVENT ON SEPTEMBER 9, 2020. HE INFORMED THE BOARD
THERE WERE 1,500 TREES WHICH UPROOTED OR SUSTAINED ENOUGH DAMAGE REQUIRING REMOVAL AND APPROXIMATELY 3,000 TREES
SUSTAINED BROKEN LIMBS AND BRANCHES REQUIRING ADDITIONAL TRIMMING. MR. GLIOT EXPLAINED THE LOCATIONS WITHIN THE CITY THAT
SUSTAINED THE MOST DAMAGE WERE ROSE PARK, THE SOUTH EAST QUADRANT OF THE CITY AND THE SALT LAKE CITY CEMETERY HE
EXPLAINED THE COMBINED EFFORTS OF DIFFERENT CITY DEPARTMENTS TO ASSIST WITH CLEAN UP THROUGHOUT THE CITY AS WELL AS
CHALLENGES WITH THE COORDINATED EFFORT. HE ADVISED MOST OF THE TREE DEBRIS FROM CITY TREES HAS BEEN CLEARED AND HIS
TEAM WILL CONTINUE TO WORK THROUGH THE WINTER TO TRIM DAMAGED TREES.
d. SLC CEMETERY ARBORETUM GOVERNING DUTIES (ACTION ITEM) – TONY GLIOT
MR. GLIOT PROVIDED A BRIEF RECAP OF THE GOVERNING DUTIES FROM THE SEPTEMBER 3, 2020 MEETING. HE EXPLAINED FOR THE SALT
LAKE CITY CEMETERY TO BE APPROVED AS AN ARBORETUM A GOVERNING BOARD MUST AGREE TO OVERSEE THE DUTIES. HE EXPLAINED HE
DOESN’T FORESEE ANY ADDITIONAL TIME COMMITMENT OUTSIDE OF THESE BOARD MEETINGS AND ANSWERED QUESTIONS FROM BOARD
MEMBERS. A MOTION WAS MADE AND SECONDED BY ANOTHER BOARD MEMBER TO APPROVE ACCEPTING GOVERNING DUTIES FOR THE SLC
CEMETERY ARBORETUM. ALL BOARD MEMBERS UNANIMOUSLY AGREED TO APPROVE THIS ACTION ITEM.
e. ALLEN PARK DOG ORDINANCE AMENDMENT (ACTION ITEM) – KATIE RISER
MS. KATIE RISER, VOLUNTEER AND OUTREACH COORDINATOR FOR THE TRAILS AND NATURAL LANDS DIVISION, PROVIDED AN OVERVIEW OF
THE PROPOSED AMENDMENT TO THE DOG ORDINANCE FOR ALLEN PARK. SHE PROVIDED A BRIEF OVERVIEW OF THE HISTORY OF THE PARK
AND SHARED INFORMATION OF THE NATURAL WILDLIFE THAT CAN BE FOUND AT THIS LOCATION. SHE DISCUSSED THE CURRENT CHALLENGES
OF ALLOWING DOGS INSIDE THE PARK AND EXPLAINED THE HARM TO THE LOCAL WILDLIFE AS WELL AS THE DANGERS TO DOG OWNERS WHEN
THEIR ANIMALS RUN AND JUMP PAST FENCES.
SHE EXPLAINED THE RECOMMENDATION OF THE PUBLIC LANDS DIVISION IS TO AMEND THE DOG ORDINANCE TO PROHIBIT DOGS AT ALLEN
PARK FOR THE PROTECTION OF LOCAL WILDLIFE AND SAFETY OF PARK USERS. SHE ANSWERED QUESTIONS FROM BOARD MEMBERS
REGARDING THEIR CONCERNS AND ADVISED SHE CAN ADD A CLAUSE TO THE AMENDMENT DISCUSSING COMPLIANCE WITH ADA REGULATIONS
REGARDING SERVICE ANIMALS. MS. HART MOTIONED TO APPROVE THE AMENDMENT AND MS. SPRINGMEYER SECONDED THE MOTION. ALL
BOARD MEMBERS UNANIMOUSLY AGREED TO APPROVE THE AMENDMENT.
5. PROGRAM HIGHLIGHTS
A. EACH PROGRAM WILL SHARE AN UPDATE (TIME PERMITTING)
SEVERAL STAFF MEMBERS PROVIDED UPDATES ON PROJECTS AND EVENTS IN THEIR PROGRAMS AND PARKS.
6. BOARD COMMENTS & FUTURE AGENDA ITEMS
a. BOARD COMMENT PERIOD
A. REQUEST FOR FUTURE AGENDA ITEM
I. MR. MOTT REQUESTED AN UPDATE REGARDING THE JORDAN RIVER BOAT RAMP PROJECT.
b. PNUT BOARD FIELD TRIP
c. UPCOMING INVOLVEMENT OPPORTUNITIES
Page 16 of 18
7. CONFIRMATION OF NEXT MEETING
A. DECEMBER 3, 2020
8. ADJOURN
MS. BINNEBOSE MOTIONED TO ADJOURN THE MEETING AND MS. SPRINGMEYER SECONDED THE
MOTION. ALL BOARD MEMBERS UNANIMOUSLY AGREED TO ADJOURN.
Page 17 of 18
Page 18 of 18
Office of the Mayor
Room 300
451 S. State Street
Salt Lake City, UT 84111
Office of the City Council
Room 304
451 S. State Street
Salt Lake City, UT 84111
11/10/2020
RE: Allen Park LOI. Endorsement to change dog ordinance.
Dear Mayor Mendenhall and members of the City Council,
We have lived next to Allen Park for the past 21 years. We have always considered ourselves to be
friends of the park and active in our local community. We marvel at what the park will be when it is
restored and are excited to help in any capacity. We currently volunteer and are stewards of the park. We
feed the peacocks, landscape, patrol the park & help where needed. We understand that this park is a gift
and we do our best to keep it a safe place for everyone to visit.
Since the park opened to the public, October 4th 2020, dogs have been allowed. Unfortunately, we have
had two guards bitten and several very close incidences of dogs (both on leash and off) going after the
peacocks and wildlife. There have been several close calls and it has gotten to the point where the birds,
wildlife and harmony of the park are being greatly affected.
Since its inception in 1931, Allen Park has been a bird sanctuary on the Emigration Creek riparian
corridor. Dogs have never been allowed in the park! Even though we love dogs and are dog people, we
feel that this long-standing policy of ‘no dogs’ was put in place for a reason to protect the birds and
provide a serene and safe environment for them to flourish.
We would ask the Public Lands Advisory Board to pass the endorsement that will change the policy to “no
dogs allowed” in the park. This will help to ease the stress in the park that has been put on the birds and
wildlife and reinstate the former policy that has been a long standing rule. Wasatch Hollow is only a few
blocks away and even though it might not be as convenient for some, it is an established ‘dog-park’ and is
much better suited to accommodate dogs for walking/socialization.
We are extremely grateful for the investment you have made in Allen Park and we will keep doing what
we can, where we can to help keep the park a unique, beautiful and safe place for all to enjoy! We are
grateful for your time and thoughtful consideration of this matter. Thank you! Please call or write with any
questions or concerns!
Respectfully,
Patrick & Tracie DePaulis
Public Lands Stewards
pdepaulis@me.com
801-910-9709
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
COUNCIL STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
TO:City Council Members
FROM: Russell Weeks
Senior Policy Analyst
DATE:October 31, 2022 at 10:07 PM
RE: RESOLUTION OF INTENTION TO DESIGNATE A DOWNTOWN ASSESSMENT AREA
ISSUE AT-A-GLANCE
Goal of the briefing: To hear the process for the proposed renewal of a special
assessment area on commercial properties that would fund the economic promotion
of downtown Salt Lake City and activities within the downtown for the benefit of
business and commercial property owners, and to discuss any issues the City Council
may find relevant to the proposed area renewal.
o The briefing is the first in a series of steps the Administration and City Council must
take to renew an assessment area that has existed since 1991 to promote the economic
development of downtown Salt Lake City and economic promotion activities within it.
o The current assessment area is scheduled to expire April 21, 2022. The Administration
plans to have the renewed area – with the same borders as the current assessment area
– in place by April 22, 2022.
o The assessment will have two components: (1) a base assessment, based on taxable
commercial property values, and (2) a smaller assessment on downtown commercial
properties where winter holiday lighting is placed on streets. That assessment will be
based on linear footage. It should be noted that properties under $20,000 in valuation
Item Schedule:
Briefing: July 13, 2021
Set Date:
Public Hearing: September
7, 2021
Potential Action: July 20,
2021
Page | 2
as well as residential, ecclesiastical and government owned properties are exempt from
the assessments, except those whose owners agree in writing to be assessed.1
o If the assessment area receives enough support from downtown property owners, the
total assessment revenue over three years would be $5,251,285.2 That compares to
projected revenue for the current area of $4,884,454.3 It might be noted that the total
figures both respectively include $177,378 in revenue for the smaller holiday lighting
assessment. The holiday lighting assessment is based on 13,870 linear feet times $12.79
per linear foot.4
o Minus the holiday lighting assessment, the annual projected assessment revenue for
the proposed assessment area would be $1,691,300 in each of the three years. The
proposed assessment rate for the property is .00142. It might be noted that the
proposed rate in the year 2000 was .001425.5
o The proposed resolution also is notable because the City will seek proposals on
managing the contract to promote the downtown. Since the assessment area’s inception
in 1991 the City traditionally has awarded contracts every six years. The contract has
contained an optional renewal clause after three years. It might be noted that the
Downtown Alliance has been awarded the contract every time the City has sought
requests for proposals.
o Under Utah Law, if 40 percent or more of property owners representing the aggregate
taxable value of the property within the assessment area object to the assessment area’s
creation, the assessment area cannot be created. Similarly, if 40 percent of the total
linear footage identified for the holiday lighting district object to its creation, the
lighting district cannot be created.
▪Written objections or protests to the assessment area or the lighting district, or
both, must be filed by 5 p.m. November 8 with the City Recorder to count as an
objection or protest.6 Oral protests or objections at the September 7 public
hearing will not count unless people protesting or objecting also file their
protests or objections in writing.
▪It might be noted that for the holiday lighting district owners of corner
properties would be assessed for the linear footage of one of the two streets
fronting their properties instead of for both streets.
POLICY QUESTIONS
1. As the transmittal notes, “Parcels under $20,000 in valuation as well as residential,
ecclesiastical, and government owned properties are exempt from the assessment, except those
whose owners agree in writing to be assessed.” Is there any deadline for owners of exempt
properties to notify the City in writing that they would like to be assessed?
2. The boundaries of the proposed assessment area have remained relatively static for several
years. Given the development climate downtown, when might there be an appropriate time to
expand the assessment area? Would expanding the assessment area dilute promotion activities
in the existing assessment area?
ADDITIONAL & BACKGROUND INFORMATION
The downtown assessment area has been a key component of the economic development of
the downtown for several City Councils.
Page | 3
The process for determining the area’s creation follows steps established in Utah law for
special assessment areas. The most immediate steps include the scheduled July 13, 2021, briefing at
the City Council’s work session, and the Council’s formal consideration July 20 of a resolution
declaring the Council’s intent to designate parts of downtown Salt Lake City as an assessment area. If
the Council adopts the resolution, it would trigger a public hearing date of September 7, 2021, to hear
objections related to the assessment area.
Again, only property owners’ written protests count toward the success or failure of
establishing the assessment area. The written protests must be filed with the City Recorder either in
person or by mail on or before 5 p.m. November 8, 2021.
The protests are then tabulated based on the taxable value of property. If the aggregate
taxable value of the protests equals at least 40 percent of proposed assessment area, the assessment
cannot go forward. Similarly, in the smaller holiday street lighting assessment area if at least 40
percent of property owners’ linear street frontage protest the assessment, the assessment cannot be
imposed.
According to the Administration, the 2020 value of nonexempt taxable property in the
assessment area is $3.573 billion.7 That compares to a 2018 taxable property valuation of $ 3.314
billion.8
The boundaries of the proposed Central Business Improvement Area are:
▪North Temple Street from State Street to the east right-of-way line of
Interstate 15 (includes parcels on both sides of North Temple)
▪East right-of-way line of I-15 from North Temple Street to 400 South
Street
▪400 South Street from the east right-of-way line of I-15 to 300 East
Street (includes parcels on both sides of 400 South Street)
▪300 East Street from 400 South Street to South Temple Street (includes
parcels on both sides of 300 East Street)
▪South Temple Street from 300 East Street to State Street (includes
parcels on both sides of South Temple Street)
▪State Street from South Temple Street to North Temple Street (includes
parcels on both sides of State Street)9
The holiday street lighting assessment applies to the following streets:
▪200 South Street between 300 West and 400 West streets
▪200 South Street between West Temple and 200 West streets (south side only)
▪Pierpont Street between West Temple and 200 West streets
▪West Temple Street between 400 South and 200 South streets
▪Main Street between 400 South and South Temple streets
▪Market Street between West Temple and Main streets (north side only)
▪State Street between 400 South and South Temple streets.10
Page | 4
1 Administration Transmittal, Ben Kolendar, June 22, 2021, Page 3.
2 Administration Transmittal, Ben Kolendar, June 22, 2021, Page 2.
3 City Council staff report, Notice of Intention to Create Central Business Improvement Area, Russell Weeks, Page 2.
4 Administration Transmittal, Ben Kolendar, June 22, 2021, Page 2.
5 Memo, Motion Options for Proposed Renewal of Central Business Economic Improvement District DA-CBID-00,
November 30, 2000.
6 Proposed Notice of Intent, Page 7.
7 Administration Transmittal, Ben Kolendar, June 22, 2021, Page 2.
8 City Council staff report, Notice of Intention to Create Central Business Improvement Area, Russell Weeks, August 9,
2018, Page 3.
9 Please see map in Administration transmittal, Page 5.
10 Please see map in Administration transmittal, Page 6.
DEPARTMENT of ECONOMIC DEVELOPMENT
ERIN MENDENHALL
MAYOR
BEN KOLENDAR
DIRECTOR
CITY COUNCIL TRANSMITTAL
________________________________ Date Received: ___________
Lisa Schaffer, Chief Administrative Officer Date sent to Council: ____________
_______________________________________________________________________________
TO: Salt Lake City Council DATE: June 22, 2021
Amy Fowler, Chairperson
FROM: Benjamin Kolendar, Director of the Department of Economic Development
SUBJECT: Resolution of Intention to Designate Central Business Improvement Area – 22
(CBIA-22)
STAFF CONTACT: Lorena Riffo Jenson, Deputy Director, Department of Economic
Development, lorena.riffojenson@slcgov.com; William Wright, Project
Coordinator, william.wright@slcgov.com; Jolynn Walz, Office Manager,
jolynn.walz@slcgov.com
801.535.7200
DOCUMENT TYPE: Resolution
RECOMMENDATION: Administration recommends City Council adopt the Resolution of
Intention to designate the Central Business Improvement Area 2022 (CBIA-22). This continues a
funding mechanism for downtown promotions, marketing, and advocacy established in 1991. It
re-establishes a special assessment on property in the boundary area map attached (same
boundaries as 2019) for a three-year period as well as breaks out a second assessment for Holiday
lighting, map attached.
BUDGET IMPACT: The budget summary for the City is detailed starting on page 2 under the section
“Financial Summary for CBIA–22.”
BACKGROUND/DISCUSSION: Salt Lake City established the Central Business Improvement
Area (CBIA) in 1991 as a mechanism to fund marketing, promotions, advocacy, and other
initiatives in Downtown Salt Lake City through a special assessment on property within a
designated area.
Lisa Shaffer (Jun 28, 2021 16:30 MDT)
06/28/2021
06/28/2021
The current assessment area, CBIA-19, expires April 21, 2022. The Administration wishes to
initiate another assessment area, CBIA-22, by April 22, 2022 to continue the collection of
assessment funds within a defined downtown boundary area. This allows for the continuation of
marketing, promotion, advocacy, and other benefits that have and will accrue to the City and
downtown property owners and businesses through services provided by the RFP recipient
contractor (currently the Downtown Alliance). The special assessment also funds an ambassador’s
program in Downtown Salt Lake City. The goal of the program is to promote economic growth by
increasing local business activity through in-person wayfinding assistance for visitors and
connecting the City’s homeless population with available resources. If approved, the
Administration would like to continue this program and use the downtown special assessment area
as a continued funding source.
Since the inception of the CBIA, commonly known as a Business Improvement District, the funds
collected for the Area have been used to fund the Downtown Alliance under a contract with Salt
Lake City Corporation. The contract with the Downtown Alliance will expire with the current
CBIA-19 and the Administration will announce an RFP which will use the proceeds of this
assessment for a contractor to do the work the Downtown Alliance currently does. The Downtown
Alliance will be able to submit for the RFP.
The creation of the CBIA is a lengthy and complex process that is governed by State law, has
numerous noticing provisions, public hearings, and other requirements that involve a variety of
City Council actions over the next nine months in order to meet the deadline for continuous
funding from the Area.
The Department of Economic Development, in cooperation with Engineering, City Attorney’s
Office, City Treasurer’s Office, Bonneville Research, and the Downtown Alliance, would like to
brief the City Council on the “Resolution of Intention to Designate the Central Business
Improvement Area” on July 13, 2021, with a formal action item on July 20, 2021. The action by
the City Council allows the notification of property owners to begin and keeps the process on
target to meet the April 2022 deadline for expiration of the current.
Ben Kolendar & Lorena Riffo Jenson (Department of Economic Development), and Jonathan
Springmeyer (Bonneville Research) plan to be at the table for the discussion.
Financial Summary for CBIA-22
Revenue for CBIA-22
2020 Taxable Property Valuation $3,573,174,176
Proposed Taxable Value Assessment Rate .00142
Taxable Value Assessment Subtotal $5,073,907
2018 Linear Footage for Holiday Lights $13,870
Proposed Holiday Light Rate per Foot $12.79
Holiday Light Assessment Subtotal $177,378
Total Assessment Revenue $5,251,285
Budget for CBIA-22
Salt Lake City Expenses
DED Management $ 120,000
Reserve withheld (3%) $ 157,539
Professional and Technical $ 30,000
Legal Fees $ 20,000
Printing $ 5,000
Postage Fees $ 3,000
Contingency $ 18,5000
Salt Lake City Subtotal $ 354,039
RFP Recipient Budget
Economic Development Activities (27%) $ 1,293,000
Marketing and Events (16%) $ 776,000
Administration (24%) $ 1,164,000
Ambassador Program Homeless Services (33%) $ 1,512,000
RFP Recipient Subtotal $ 4,745,000
Total Use of Funds $ 5,099,039
Adoption Process and Timeline
If the City Council adopts the proposed “Resolution of Intention to Designate CBIA-22,” the
additional steps toward final implementation are:
●Property owners in the Area are mailed a Notice of Intention with a description of the
boundaries and an assessment rate
●Property owners have opportunities to protest (in writing) the creation of the Area or
inclusion in it
●Public hearings and informational meetings are held
●Board of Equalization hearings are held to hear factual issues on the amount of benefit
received and the amount of the proposed assessment
●City Council adopts an ordinance to create CBIA-22
●CBIA-22 takes effect April 22, 2022
Special Stipulations
Parcels under $20,000 in valuation as well as residential, ecclesiastical and government owned
properties are exempt from the assessment, except those whose owners agree in writing to be
assessed. By State law, properties that are not included in the initial Notice of Intent cannot be
added at a later date unless the property owner consents. However, properties may be removed
from the Area at the Council’s discretion prior to assessment. Property owners are assessed the full
amount but may pay the assessment in three annual installments. If owners of 40% or more of the
valuation in the Area boundaries protest the creation of the CBIA- 22, the Area cannot be created.
No more than 30% of the assessment funds can be spent on administrative expenses.
Public Process
If the City Council adopts the Notice of Intention as recommended, copies of the notice will be
mailed to all property owners in the Area, as well as to the physical property address (if it differs
from the address of the property owner), along with a notice of an open house/hearing. Written
protests may then be filed with the City, and a protest hearing should be scheduled by the City
Council before the adoption of the ordinance creating the CBIA-22.
If the City Council creates the Area, it would appoint a Board of Equalization that may recommend
adjusting the assessment rate higher or lower from that indicated in the Notice of Intention. The
City Council then may accept, reject, or modify that recommendation before adoption of the
Assessment Ordinance.
Relevant Statutes and Ordinances
The definition of "economic promotion activities" in the SAA statute, Utah Code Section 11-42-
102(18) is as follows:
(18) "Economic promotion activities" means activities that promote economic growth in a
commercial area of a local entity, including:
(a) sponsoring festivals and markets;
(b) promoting business investment or activities;
(c) helping to coordinate public and private actions; and
(d) developing and issuing publications designed to improve the economic well-being of
the commercial area.
ATTACHMENTS:
A.Boundary Map & Holiday Lighting Map
B.Timeline
C.Resolution
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CBIA 16: Holiday Lighting Parcels (Preliminary)July 29, 2015Salt Lake City Geographic Information Systems OHoliday Lighting Streets Included Parcels
CBIA ‐ 22 Tentative Timeline
Step Action Description Group/Lead Deadlines
1 Consultant Contract Contract with a consultant to provide guidance
throughout process.DED 2/1/21 ‐ 4/30/2021
2 Technical Description of the CBIA
Technical Description of the CBIA provided to
Engineering. Engineering prepares tax roll based on this
data.
Consultant 3/12/2021
3 Develop assessment methodology that conforms to
Assessment Area Act.
Develop assessment methodology concerning
Economic Promotion & Lighting Assessment.DED 3/24/2021
4 Salt Lake County Property Tax Information. Numbers should be available by May 22, 2021. Consultant 5/28/2021
5 Bond Counsel Description & Improvement Review Bond Counsel reviews the description of Improvements
and Areas to be Improved.DED 6/1/2021
6 Resolution of intent to designate. Bond Counsel drafts resolution of Intent to Designate. Bond Counsel 6/15/2021
7 Resolution of Intent to Designate and Justification
transmittal. (Mayor)
Resolution of Intent to Designate and justification
documentation transmitted to Mayor’s Office. DED 6/22/2021
8 Resolution of Intent to Designate and Justification
transmittal. (Council Office)
Resolution of Intent to Designate and justification
documentation transmitted to Council Office. Mayor’s Office 6/29/2021
9 City Council Meeting DED will brief the City Council on CBIA‐22 Information. DED 7/13/2021
10 Property Owner Letter
Property Owner letter includes verbiage of preliminary
estimate, rate, notice of intent to designate, common
question and map finalized.
DED 7/17/2021
11 Tax roll prepared for DED approval. Assess County Data. Engineering 7/17/2021
12 DED approval of tax roll. DED approves county data. DED 7/17/2021
13 City Council Meeting City Council adopts the resolution of Intent to
Designate the assessment area.City Council 7/20/2021
14 Draft/Create Notice of Intent to Designate Letter Engineering 7/22/2021
15 Post Notice of Intent to Designate Post notice of intent to designate in at least three
public places within boundaries of jurisdiction DED 8/16/2021
16 Mail out Notice of Intent to Designate Mail out Notice of Intent to Designate to go out within
10 days of notice posting.
DED sends via State
Mail 8/19/2021
17 Minutes prepared for use at protest hearing Distribute to team SAA. Bond Counsel 8/30/2021
18 City Council Meeting City Council Protest Hearing City Council 9/7/2021
19 Draft Resolution to Designate the Assessment Area and
appoint the Board of Equalization (BOE).Bond Counsel 9/14/2021
20
Resolution to Designate the Assessment Area and
appoint the Board of Equalization Transmittal (Mayor’s
Office)
Resolution to Designate the Assessment Area and
appoint the Board of Equalization Transmited to
Mayor’s Office.
DED 9/21/2021
21 Resolution to Designate the Assessment Area and
appoint the Board of Equalization (City Council).
Resolution to Designate the Assessment Area and
appoint the Board of Equalization Transmited to the
Council Office.
Mayor’s Office 9/28/2021
22 Publish Notice of Intent to Designate Publish Notice of Intent to Designate on the Utah Public
Notice Website DED 10/4/2021
23 Property Owners Written Protests Filing Deadline Property owners who are protesting the assessment
area. Also, the end of 60‐day written protest period.Engineering 11/8/2021
24 Compile Written Protests.Engineering 11/9/2021
25 RFP: Center Business Improvement Assessment Area
Management Request For Propsal (RFP)
Solisitation to find a vendor to manage the assessment
area once approved. DED 11/9/2022
26 Delivery of Compilation of Protests Compilation of protests sent to City Council. Engineering 11/9/2021
27 Publishing of Written Protests Publishing of Written Protests on City & State public
notice website.DED 11/9/2021
28 City Council Meeting City Council announces the protest tally and if it
exceeds 40% threshold.City Council 11/16/2021
29 City Council Meeting
City Council adopts the Resolution to Designate the
Assessment Area and appoints the Board of
Equalization.
City Council 11/16/2021
30 Recording of the Resolution to Designate the
Assessment Area & Notice of Proposed Assesment
Record Resolution to Designate the Assessment Area
and Notice of Proposed Assessment with Salt Lake
County Recorder, within 15 days of adoption.
Salt Lake City
Recorders 11/16/2021 ‐ 12/1/2021
31 BOE Notice and Dates of BOE Meetings.Finalize Verbiage for BOE notice and dates of BOE
meetings.Bond Counsel 11/24/2021
32 Mailing process for the BOE notice. Begins 2 weeks before mailing date. Engineering 12/3/2021
33 RFP: Center Business Improvement Assessment Area
Management submissions Proposals/submission due from interested vendors DED 12/7/2021
34 Publication of the BOE hearings.
Publication and posting of time and location of the 3
consecutive meetings. Posted in at least 3 public places
at least 20 days, but not more than 35 days from the
first BOE hearings dates. Published on the Utah Public
Notice Website.
DED 12/7/2021
35 Mailing due to Recorder’s Office for review. Due 1 week before mailing date. Engineering 12/10/2021
36 Mailing of preliminary assessment & notice of BOE
hearings
Mailing sent to each property owner and each street
address. DED 12/17/2021
37 BOE hearings 9:00 am to 10:00 am (public meeting). Held on consecutive days by statute.Salt Lake City
Recorders 1/11/2022
38 BOE hearings 10:00 am to 11:00 am (public meeting). Held on consecutive days by statute.Salt Lake City
Recorders 1/12/2022
39 BOE hearings 1:00 pm to 2:00 pm (public meeting). Held on consecutive days by statute.Salt Lake City
Recorders 1/13/2022
40 Finalization of BOE Hearings Finalize the report DED 1/18/2022
41 RFP: Center Business Improvement Assessment Area
Management Selection Selection is made from the proposals submitted DED 1/21/2022
42 BOE Report Completion BOE report completed, signed, and forwarded to City
Council and Bond Counsel.DED 1/21/2022
43 Mailing of BOE Final Report BOE report mailed to objecting property owners. Begins
15 day appeal period. Engineering 1/21/2022
44 Assessment Ordinance Bond Counsel Draft Assessment Ordinance Bond Counsel 1/28/2022
45 Assessment Ordinance Transmittal (Mayor’s Office).Assessment Ordinance transmitted to the Mayor's
Office. DED 2/1/2022
46 Assessment Ordinance Transmittal (Council Office).Assessment Ordinance transmitted to the Council
Office. Mayor’s Office 2/8/2022
47 City Council Meeting City Council accepts or modifies BOE recommendations
and adopts or rejects Assessment Ordinance.City Council 3/1/2022
48 RFP: Center Business Improvement Assessment Area
Management Contract drafting and Execution
Agreement between Salt Lake City and the vendor to
manage the assesment area. DED 3/4/2022
49 Budget or budget amendment submittion for CBIA Submit budget to SLC Finance Department DED 3/17/2022
50 Transfer properties into billing status.Engineering 3/17/2022
51 Assessment Invoices and Billing Mail assessment notices and invoices to Property
Owners by April 5, 2022 the latest.Treasurer 3/18/2022
52 Publication & Posting of the Assessment Ordinance
1. Publication of the Assessment Ordinance on the Utah
Public Notice Website.
2. Post a copy of the Assessment Ordinance in at least
three public places within the jurisdiction boundaries.
For at least 21 days
Bond Council 3/20/2022
53 Certificate of Project Engineer Certificate of Project Engineer Signed by DED DED 3/25/2022
54 Record Notice of Assessment Interest with Salt Lake
County Recorder.
I note that Utah Code 11‐42‐404(4)(b)(iii) requires the
notice of assessment interest to “describe the property
assessed by legal description and tax identification
number.” Metes and Bounds legal description provided
by Recorder’s Office.
Salt Lake City
Recorders 4/21/2022
55 Effective start date of the Assessment Ordinance Must be specified in the Assessment Ordinance DED 4/21/2022
56 Assessment Payments Due Invoice Payments due from property owners [15 days
after effective date of Assessment Ordinance]Treasurer 5/6/2022
Notice of Intent Resolution
Salt Lake City, Utah
July 20, 2021
A regular meeting of the City Council of Salt Lake City, Utah, was held on Tuesday,
July 20, 2021, at the hour of 7:00 p.m. via electronic means, at which meeting there were
present and answering to roll call the following members who constituted a quorum:
Amy Fowler Chair
James Rogers Vice-Chair
Dan Dugan Councilmember
Ana Valdemoros Councilmember
Dennis Faris Councilmember
Darin Mano Councilmember
Chris Wharton Councilmember
Also present:
Erin Mendenhall Mayor
Katherine Lewis City Attorney
Cindy Lou Trishman City Recorder
Absent:
Thereupon the following proceedings, among others, were duly had and taken:
The following resolution was introduced in writing, was read by title, and
Councilmember ____________ moved its adoption:
2 Notice of Intent Resolution
4839-8274-5316, v. 4
RESOLUTION NO. ___ of 2021
A Resolution of intention of the City Council of Salt Lake City, Utah (the
“City”), to designate an Assessment Area for the purpose of levying
assessments against properties within the Assessment Area to continue to
promote business activity and economic development in the central
business area of downtown Salt Lake City by assessing benefited properties
within the Assessment Area for the costs of such economic promotion
activities for a period of three years (the “Assessments”); and to fix a time
and place for protests against the Assessment Area and its assessments, and
related matters.
BE IT RESOLVED by the City Council of Salt Lake City, Utah, as follows:
Section 1. The City Council (the “Council”) of Salt Lake City, Utah (the
“City”), hereby determines that it will be in the best interest of the City to continue to
promote economic growth activities in the central business area of downtown Salt Lake
City. The proposed activities are more specifically described hereafter, but generally will
include, but will not be limited to, advertising, marketing, special events, festivals,
transportation, newsletters, publications, banners, Christmas lighting, homeless services,
security, special projects, housing, town meetings, government policy, cultural promotion,
reports, surveys and other promotional activities (the “Economic Promotion Activities”) in
the downtown area as described hereafter and more specifically identified on maps and
plans on file in the Office of the City Recorder of the City. In order to accomplish the
Economic Promotion Activities, the City proposes to designate the Salt Lake City, Utah
Central Business Improvement Assessment Area No. DA-CBIA-22 (the “Assessment
Area”) pursuant to Title 11, Chapter 42, Utah Code Annotated 1953, as amended (the
“Act”), the area of which is more particularly described in the Notice of Intention to
Designate Assessment Area set out hereafter.
Section 2. A portion of the cost of the Economic Promotion Activities shall be
paid by a special assessment to be levied against business and commercial properties
situated within the Assessment Area that are specially benefited by the Economic
Promotion Activities. The assessment will have two components: (i) an assessment based
on the 2021 taxable property values (the “Base Assessment”), plus (ii) an assessment on
certain properties by linear feet for special holiday lights (the “Holiday Lighting
Assessment” and together with the Base Assessment, the “Assessment”). Attached hereto
as Exhibit A is a list of the properties within the Assessment Area and the proposed
Assessment related to each property. The Assessment may be paid when assessed or, at
the option of the property owner, in three (3) annual installments with interest on any
delinquent installment until paid.
Section 3. The Council shall hold a public hearing on September 7, 2021 at
7:00 p.m. via electronic means or, as determined by the City Council Chair, at the physical
location of the Council Chambers at 451 South State Street in Salt Lake City, Utah to hear
all objections related to the Assessment Area as set forth in the Act. Thereafter, written
protests from property owners against the proposed assessments may be filed in the Office
3 Notice of Intent Resolution
4839-8274-5316, v. 4
of the City Recorder of the City, whose permanent address is 451 South State Street, Room
415; however, due to the emergency circumstances, is temporarily located at 349 South
200 East and by appointment only, for a period of 60 days after the date of the public
hearing. On Tuesday, November 16, 2021 (such date being within 15 days after the date
the protest period expires), at 7:00 p.m. via electronic means or, as determined by the City
Council Chair, at the physical location of the Council Chambers at 451 South State Street
in Salt Lake City, Utah, the Council shall count the written protests filed and calculate
whether adequate protests have been filed and hold a public meeting to announce the
protest tally and whether adequate protests have been filed. The Council may thereafter
adopt a resolution abandoning or creating the proposed Assessment Area depending on
whether adequate protests have been filed. The City Recorder is hereby directed to give
notice of intention to designate the Assessment Area (the “Notice of Intention”) to finance
and support the Economic Promotion Activities. The Notice of Intention shall specify the
date of the public hearing and the time within which protests against the proposed
assessments may be filed. The Notice of Intention shall be (a) posted in at least three public
places within the City’s boundaries at least 20 but not more than 35 days prior to the public
hearing date and (b) published on the Utah Public Notice Website described in Utah Code
section 63A-16-601 for four consecutive weeks before the deadline for filing protests. In
addition, the City Recorder shall mail a copy of the Notice of Intention by United States
Mail, postage prepaid, to each owner of property to be assessed within the Assessment
Area at the last known mailing address of such owner, using for such purpose the names
and addresses of said owners appearing on the last completed real property assessment rolls
of Salt Lake County, Utah, and, in addition, a copy of the Notice of Intention shall be
mailed, postage prepaid, addressed to “Owner” at the street number of each piece of
improved property to be affected by the assessment, said Notices to be so mailed not later
than ten (10) days after the first publication or posting of the Notice of Intention. If a street
number has not been so assigned, then the post office box, rural route number, or any other
mailing address of the improved property shall be used for the mailing of the Notice of
Intention. Said Notice of Intention shall be in substantially the following form:
4 Notice of Intent Resolution
4839-8274-5316, v. 4
NOTICE OF INTENTION TO DESIGNATE ASSESSMENT AREA
PUBLIC NOTICE IS HEREBY GIVEN that on July 20, 2021, the City Council of
Salt Lake City, Utah, adopted a resolution (the “Resolution”) declaring its intention to
designate the Salt Lake City, Utah Central Business Improvement Assessment Area No.
DA-CBIA-22 (the “Assessment Area”) to finance a portion of the cost of economic
promotion activities, which are more specifically described hereafter (the “Economic
Promotion Activities”) in the area of downtown Salt Lake City within the Assessment Area
and to levy a special assessment (the “Assessment” or “Assessments”) for a period of three
years as provided in Title 11, Chapter 42, Utah Code Annotated 1953, as amended (the
“Act”), on real property situated within the Assessment Area for the benefit of which such
assessments are to be expended in the management and costs of the Economic Promotion
Activities.
DESCRIPTION OF ASSESSMENT AREA
The Assessment Area is described by reference to the following streets (the
“Reference Streets”):
A – North Temple from State Street to the East right-of-way line of I-15 (includes
parcels on both sides of the street)
B – East right-of-way line of I-15 from North Temple to 400 South
C – 400 South from the East right-of-way line of I-15 to 300 East
(includes parcels on both sides of the street)
D – 300 East from 400 South to South Temple (includes parcels on both
sides of the street)
E – South Temple from 300 East to State Street (includes parcels on both
sides of the street)
F – State Street from South Temple to North Temple (includes parcels on both
sides of the street)
The area of the Assessment Area shall include all property bounded by Reference
Streets A through F described above. In addition, it shall include parcels of property,
subject to the exceptions set out hereafter, which abut the Reference Streets plus all corner
parcels which have a corner touching any of the Reference Streets.
The Holiday Lighting Assessment (as described herein) shall apply to the following
streets (collectively, the “Holiday Lighting Streets”):
A – 200 South between 300 West and 400 West
B – 200 South between West Temple and 200 West (South side only)
C – Pierpont Street between West Temple and 200 West
D – West Temple between 400 South and 200 South
E – Main Street between 400 South and South Temple
F – Market Street between West Temple and Main Street (North side only)
G – State Street between 400 South and South Temple
5 Notice of Intent Resolution
4839-8274-5316, v. 4
The Resolution, maps, and other information about the Assessment Area are
available for examination during business hours in the offices of the Salt Lake City
Recorder, whose permanent address is 451 South State Street, Room 415, Salt Lake City,
Utah or, if such offices are closed, the temporary location of 349 South 200 East, Salt Lake
City, Utah.
ACTIVITIES AND MANAGEMENT OF THE ASSESSMENT AREA
The Economic Promotion Activities shall include advertising, marketing, special
events, festivals, transportation, newsletters, publications, banners, Christmas lighting,
homeless services, security, special projects, housing, town meetings, government policy,
cultural promotion, reports, surveys and other promotional activities. The Economic
Promotion activities will take place within the boundaries of the Assessment Area for the
benefit of business and commercial property owners within the Assessment Area.
Since 1992, the Downtown Alliance has managed promotional activities for Central
Business Improvement Assessment Areas (or districts) Numbers DA-8690-A, DA-8690-
B, DA-8690-97, DA-CBID-00, DA-CBID-03, DA-CBID-06, DA-CBIA-10, DA-CBID-
13, DA-CBID-16 and DA-CBID-19. The City intends to solicit proposals for a
management contract to manage the Assessment Area through April 2025, subject to the
creation of the Assessment Area.
The Downtown Alliance has submitted a proposed budget estimating the costs (the
“Estimated Costs”) of Economic Promotion Activities within the Assessment Area.
Information from the proposed budget is included in the following section.
ASSESSMENT RATE, FINANCIAL PLAN AND
SOURCES AND USES OF FUNDS
Funding from Assessments provides only a portion of the total budget for the
Assessment Area’s programs and activities. The City anticipates that the manager of the
Assessment Area will secure non-assessment funds from other sources such as grants,
foundations, promotions, contributions, earned income, and sponsorships. In addition, the
City anticipates that sponsors and contributors will pay directly to third-party providers a
portion of the costs of some Economic Promotion Activities. These supplemental third-
party payments are not reflected in the projected budget of the Assessment Area. Most, if
not all, of these other sources of funds would not be available without the funding from the
Assessments or the Economic Promotion Activities of the Assessment Area. Funds
received from the Assessments and the estimated cost of the Economic Promotion
Activities, as determined by a project engineer, are as follows:
6 Notice of Intent Resolution
4839-8274-5316, v. 4
Sources of Funds (for 3-year period)
Base Assessment Revenue $5,073,907
Holiday Lighting Assessment Revenue 177,378
Total
$5,251,285
Uses of Funds (annual basis)
Contractor:
Marketing and Events $776,000
Economic Development 1,293,000
Ambassador Program Homeless Services 1,512,000
General and Administrative 1,164,000
Contractor Total $4,745,000
Salt Lake City Administrative Costs and Reserve 354,039
Total $5,099,039
The Assessment is proposed to be levied on benefited property within the
Assessment Area to pay for a portion of the Economic Promotion Activities according to
the estimated benefits to the property from such activities. The Economic Promotion
Activities will not be financed with bonds.
PROPERTIES EXCLUDED FROM ASSESSMENT AREA ASSESSMENTS
Residential, ecclesiastical, and government-owned properties shall be excluded
from Assessments unless otherwise agreed to in writing by the City and the owners of such
properties. Subject to the foregoing sentence, only business and commercial properties
shall be assessed. In addition, any properties having a taxable value of less than $20,000
based upon the most recent real property assessment roll of Salt Lake County shall be
excluded from Assessments. The determination of qualification for exclusion for
ecclesiastical and government-owned property shall be based upon exemptions from ad
valorem real property taxes for properties used by churches for non-commercial purposes
and for properties owned and operated by governmental agencies. Inasmuch as the
Assessment is intended to fund economic promotion activities, the City does not find any
benefits for residential, ecclesiastical and/or governmental property excluded from the
Assessment.
BASIS FOR ASSESSMENT
It is proposed to levy a one-time Assessment for a three-year period on property in
the Assessment Area to pay all or a portion of the Estimated Costs of the Economic
Promotion Activities. The Assessment shall not exceed the benefits derived by the
properties within the Assessment Area. There shall be two assessment components: (i) an
assessment based on the 2021 taxable property values (the “Base Assessment”), plus (ii)
an assessment based on linear feet (except that corner lots will not be assessed for both
frontages as applicable, only one) on certain properties with frontage on the Holiday
Lighting Streets for special holiday lights (the “Holiday Lighting Assessment” and together
with the Base Assessment, the “Assessment”). The City anticipates that, in addition to
7 Notice of Intent Resolution
4839-8274-5316, v. 4
revenues from the Assessment, the manager of the Assessment Area will utilize other
funding resources, including revenues from grants, promotions, contributions, foundations,
earned income, and sponsorships.
PAYMENT OF ASSESSMENTS
Assessments shall be payable in full or in three (3) annual installments (the
“Assessment Installment” or “Installments”). If payable in three (3) Installments, the first
Installment will fall due fifteen (15) days after the effective date of the ordinance levying
the Assessment (the “Assessment Ordinance”). The total Assessment for the benefited
property related to this notice is detailed in the cover letter accompanying this notice. The
first Installment is currently estimated to be due on approximately May 6, 2022. The
second and third Installments will fall due on the first and second anniversary dates of the
first Installment. If any Installment is not paid by the due date, the unpaid Installment(s)
will accumulate delinquent interest and/or charges in accordance with the Assessment
Ordinance and State law. The Assessments will be collected by directly billing property
owners. The City doesn’t currently expect any adjustments to the Assessments for changes
in costs associated with Economic Promotion Activities. The City will ensure that no
Assessments will be collected and used for purposes other than those described in this
Notice.
PUBLIC HEARING
The City Council shall hold a public hearing on September 7, 2021 at 7:00 p.m. via
electronic means or, as determined by the City Council Chair, at the physical location of
the Council Chambers at 451 South State Street in Salt Lake City, Utah to hear all
objections related to the Assessment Area and all persons desiring to be heard, as set forth
in the Act.
TIME FOR FILING PROTESTS
PROTESTS FROM PROPERTY OWNERS OBJECTING TO THE
ASSESSMENT AREA DESIGNATION OR OBJECTING TO BEING ASSESSED FOR
THE PROPOSED ECONOMIC PROMOTION ACTIVITIES MUST BE FILED IN
WRITING WITH THE CITY RECORDER OF SALT LAKE CITY EITHER IN PERSON
BY APPOINTMENT AT THE TEMPORARY OFFICE OF 349 SOUTH 200 EAST, OR
BY MAIL (PO BOX 145515) ON OR BEFORE 5:00 P.M. ON NOVEMBER 8, 2021.
To be counted against the creation of the Assessment Area, protests or objections
MUST BE IN WRITING, signed by the owners of the property proposed to be assessed.
The written protest must describe or otherwise identify said property. If the aggregate
taxable value of property that is the subject of timely filed written protests represents at
least 40% of the aggregate taxable value of all property within the Assessment Area, the
City Council will not impose the Base Assessment and if the linear feet frontage of the
Holiday Lighting Streets (except that corner lots will not apply for both frontages as
applicable, only one) that is the subject of timely filed written protests represents at least
40% of the aggregate linear feet frontage of Holiday Lighting Streets assessed within the
8 Notice of Intent Resolution
4839-8274-5316, v. 4
Assessment Area, the City Council will not impose the Holiday Lighting Assessment.
Protests withdrawn prior to the expiration of the protest period and protests from areas
deleted from the Assessment Area will not be counted against the creation of the
Assessment Area.
On Tuesday, November 16, 2021 (such date being within 15 days after the date the
protest period expires), at 7:00 p.m. via electronic means or, as determined by the City
Council Chair, at the physical location of the Council Chambers at 451 South State Street
in Salt Lake City, Utah, the City Council shall count the written protests filed and calculate
whether adequate protests have been filed and hold a public meeting to announce the
protest tally and whether adequate protests have been filed. To stay informed on the
electronic means or physical location of the City Council’s hearings and meetings, please
visit www.slc.gov/council/agendas. The City shall post the total and percentage of the
written protests it has received on its website at least five days before such meeting.
BY RESOLUTION OF THE CITY COUNCIL OF SALT LAKE CITY, UTAH
/s/ Cindy Lou Trishman
City Recorder
9 Notice of Intent Resolution
4839-8274-5316, v. 4
Councilmember __________ seconded the motion to adopt the foregoing
resolution. The motion and resolution were unanimously adopted on the following
recorded vote:
AYE:
NAY:
10 Notice of Intent Resolution
4839-8274-5316, v. 4
After the conduct of other business not pertinent to the above, the meeting was, on
motion duly made and seconded, adjourned.
(SEAL)
By:_________________________________
Chair
ATTEST:
By:
City Recorder
11 Notice of Intent Resolution
4839-8274-5316, v. 4
PRESENTATION TO THE MAYOR
The foregoing resolution was presented to the Mayor for her approval or
disapproval on July ___, 2021.
By:
Chair
MAYOR’S APPROVAL OR DISAPPROVAL
The foregoing resolution is hereby approved on this July ___, 2021.
By:
Mayor
12 Notice of Intent Resolution
4839-8274-5316, v. 4
STATE OF UTAH )
: ss.
COUNTY OF SALT LAKE )
I, Cindy Lou Trishman, the duly chosen, qualified, and acting City Recorder of Salt
Lake City, Utah, do hereby certify as follows:
(a) That the foregoing typewritten pages constitute a full, true, and
correct copy of the record of proceedings of the City Council at a regular meeting
thereof held in Salt Lake City on July 20, 2021, at 7:00 p.m., insofar as said
proceedings relate to the consideration and adoption of a resolution declaring the
intention of the City Council to designate the Salt Lake City, Utah Central Business
Improvement Assessment Area No. DA-CBIA-22 to provide economic promotion
activities therein described as the same appears of record in my office; that I
personally attended said meeting, and that the proceedings were in fact held as in
said minutes specified.
(b) That due, legal, and timely notice of said meeting was served upon
all members as required by law and the rules and ordinances of Salt Lake City.
(c) That the above resolution was provided to my office on July 20,
2021, has been recorded by me, and is a part of the permanent records of Salt Lake
City, Utah.
IN WITNESS WHEREOF, I have hereunto subscribed my official signature and
affixed the seal of Salt Lake City, Utah, this ___________, 2021.
(SEAL)
By:
City Recorder
13 Notice of Intent Resolution
4839-8274-5316, v. 4
STATE OF UTAH ) AFFIDAVIT OF MAILING
: ss. NOTICE OF INTENTION
COUNTY OF SALT LAKE )
I, Cindy Lou Trishman, the duly chosen, qualified, and acting City Recorder of Salt
Lake City, Utah (the “City”), do hereby certify that a Notice of Intention to Designate
Assessment Area (the “Notice of Intention”) was approved and adopted in the proceedings
of the City Council held on Tuesday, July 20, 2021.
I further certify that the Notice of Intention was posted in at least three public places
within the City’s boundaries at least 20 but not more than 35 days prior to the date of the
public hearing (September 7, 2021).
I further certify that the Notice of Intention was published on the Utah Public Notice
Website for four weeks before the deadline for filing protests (November 8, 2021).
I further certify that on August ___, 2021 (a date not later than ten (10) days after
the first publication or posting of the Notice of Intention), I mailed a true copy of the Notice
of Intention by United States Mail, postage prepaid to each owner of land to be assessed
within the proposed Assessment Area at the last known address of such owner, using for
such purpose the names and addresses appearing on the last completed real property
assessment rolls of Salt Lake County, and in addition I mailed on the same date a copy of
said Notice of Intention addressed to “Owner” addressed to the street number, post office
box, rural route number, or other mailing address of each piece of improved property to be
affected by the assessment.
I further certify that a certified copy of said Notice of Intention, together with
profiles of the improvements or economic promotion activities and a map of the proposed
Assessment Area, was on file in my office for inspection by any interested parties.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate
seal of Salt Lake City, Utah, this ___________, 2021.
(SEAL)
By:
City Recorder
14 Notice of Intent Resolution
4839-8274-5316, v. 4
CERTIFICATE OF COMPLIANCE WITH OPEN MEETING LAW
I, Cindy Lou Trishman, the undersigned City Recorder of Salt Lake City, Utah, do
hereby certify, according to the records of the City Council of Salt Lake City, Utah (the
“City Council”) in my official possession, and upon my own knowledge and belief, that in
accordance with the requirements of Section 52-4-202, Utah Code Annotated 1953, as
amended, I gave not less than twenty-four (24) hours public notice of the agenda, date,
time, and place of the July 20, 2021, public meeting held by the City Council as follows:
(a) By causing a copy of such Notice, in the form attached hereto as
Schedule 1, to be delivered to the Salt Lake Tribune on July ___, 2021, at least
twenty-four (24) hours prior to the convening of the meeting; and
(b) By causing a copy of such Notice to be posted on the Utah Public
Notice Website (http://pmn.utah.gov) at least twenty-four (24) hours prior to the
convening of the meeting.
In addition, the Notice of 2021 Annual Meeting Schedule for the City Council
(attached hereto as Schedule 2) was given specifying the date, time, and place of the regular
meetings of the City Council to be held during the year, by causing said Notice to be (a)
provided to at least one newspaper of general circulation within Salt Lake City, Utah, on
___________, 2021, and (b) published on the Utah Public Notice Website
(http://pmn.utah.gov) during the current calendar year.
IN WITNESS WHEREOF, I have hereunto subscribed my official signature this
July 20, 2021.
(SEAL)
By:
City Recorder
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
COUNCIL BUDGET
STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
council.slcgov.com/budget
TO:City Council Members
FROM:Council Budget Staff
DATE:July 13, 2021
RE:Budget Amendment #1 for Fiscal Year 2022
ISSUE AT-A-GLANCE
The City Administration has received guidance that American Rescue Plan Act (ARPA) funds from the federal
government can be used by cities to pay salaries of personnel such as police officers. Other city funds are being
requested as part of the first budget amendment as well, including rental assistance dollars from grant sources
and funds for other non-represented city employee pay increases.
-The Administration has requested that the Council “straw poll” (take an informal signal
vote) to indicate its position on the ARPA-related compensation elements of this
proposal.
-A straw poll has also been requested for the proposed 4.5% pay increase for non-
represented employees citywide to facilitate more streamlined processing in the City’s
payroll system.
KEY ITEMS
Grant dollars totaling $10,427,551 would be transferred to the City’s grant fund, and made available for the
following uses:
Emergency Rental Assistance Program (ERAP)$1,920,233
Police Department salary changes for represented employees $6,684,665
Police Department salary changes for non-represented employees (e.g.
Sergeants, Lieutenants and Captains)
$1,642,653
As noted in the last row above, grant funds would be used to bring non-represented Police Department
employees up to the same percentage increase as is being proposed for “top out” salary for represented officers.
Item Schedule:
Set Date: July 13, 2021
1st Briefing: July 13, 2021
Public Hearing: July 20, 2021
Potential Action: July 20, 2021
Page | 2
Furthermore, non-represented employees Citywide would receive a 4.5% pay increase to help address
compression issues related to compensation changes for represented employees. The proposed increase would
total an estimated $1,726,430. The budget amendment would leave the city’s general fund up an estimated
$5,138,235 relative to the adopted FY22 budget.
OTHER BACKGROUND
The City was involved in union negotiations for represented City employees such as police officers and fire
fighters late into June 2021. As part of those negotiations, the City Council approved a budget increase for police
officer salaries. Pay increases for fire union members and American Federation of State, County and Municipal
Employees (AFSCME) were also advanced as part of this negotiation process.
With recent guidance from the United States Treasury that ARPA dollars can be made available for pay increases
such as the ones adopted for police officers this year, the proposal before the Council involves identifying those
federal grant funds as the source of the police department salary increases. The Administration has requested
informal signal votes to streamline the inclusion of these changes in the City’s payroll system. If the changes are
made after July 20th, the process is essentially manual for roughly 1,000 employees to receive that pay effective
from the start of the fiscal year.
Impact Fees Update
The Administration provided a summary of impact fee tracking, details on refunding amounts and dates and
lists of unfinished projects with impact fee funding. The information is current as of June 23, 2021. $10,107 of
police impact fees are scheduled to expire in July. The Administration reports work is nearing completion to
update the fire and parks sections of the impact fee plan. Eligible projects for police impact fees are being
identified.
Type Unallocated Cash
“Available to Spend”Next Refund Trigger Date Amount of Expiring
Impact Fees
Fire $1,076,784 More than a year away -
Parks $9,145,705 More than a year away -
Police $450,551 July 2021 $10,107
Transportation $5,573,359 More than a year away -
Note: Encumbrances are an administrative function when impact fees are held under a contract
POLICY QUESTIONS
1.Council Members might wish to request a dedicated briefing or series of briefings on the topic of
remaining anticipated ARPA disbursements, and the highest and best use of those funds in the context
of city budget priorities.
2.Council Members might request more information from the Administration about planning and best
practices related to the pay difference between represented and non-represented employees in the Police
Department. The Administration has indicated open availability to discuss this with Council Members in
smaller meetings.
Attachments:
1. Administration transmittal
Page | 3
Appendix 1, projected impact of revenues and expenditures requests in Budget Amendment #1
CITY COUNCIL TRANSMITTAL
___________________________________ Date Received: ________________
Lisa Shaffer, Chief Administrative Officer Date sent to Council: ___________
______________________________________________________________________________
TO: Salt Lake City Council DATE: June 30, 2021
Amy Fowler, Chair
FROM: Mary Beth Thompson, Chief Financial Officer
SUBJECT: Budget Amendment #1 for Fiscal Year 2022
SPONSOR: NA
STAFF CONTACT: John Vuyk, Budget Director (801) 535-6394 or
Mary Beth Thompson (801) 535-6403
DOCUMENT TYPE: Budget Amendment Ordinance
RECOMMENDATION: The Administration recommends that, subsequent to a public hearing,
the City Council adopt the following amendments to the FY 2021 – 22 adopted budget.
Lisa Shaffer (Jul 1, 2021 15:58 MDT)
BUDGET IMPACT:
REVENUE EXPENSE
GENERAL FUND $ 0.00 ($ 5,138,235.00)
MISC GRANT FUND 10,427,551.76 10,427,551.76
FLEET FUND 18,999.00 18,999.00
GOVERNMENTAL IMMUNITY FUND 24,843.00 24,843.00
IMS FUND 219,193.00 219,193.00
RISK FUND 19,705.00 19,705.00
AIRPORT FUND 0.00 1,350,949.00
STREET LIGHTING FUND 0.00 7,098.00
WATER FUND 0.00 460,716.00
SEWER FUND 0.00 221,826.00
STORM WATER FUND 0.00 19,705.00
REFUSE FUND 36,538.00 36,538.00
GOLF FUND 19,649.00 19,649.00
TOTAL $ 10,766,478.76 $ 7,688,537.76
BACKGROUND/DISCUSSION:
Revenue for FY 2021-22 Budget Adjustments
The following chart shows a current projection of General Fund Revenue for fiscal year 2022.
The Fiscal Year has just started. The projections are as found in the adopted budget.
FY21-22 Variance
Annual Revised Favorable
Revenue Budget Forecast (Unfavorable)
Property Taxes 112,726,044 112,726,044 -
Sales and Use Tax 73,956,475 73,956,475 -
Franchise Tax 27,702,126 27,702,126 -
PILOT Taxes 1,562,041 1,562,041 -
TOTAL TAXES 215,946,686 215,946,686 -
License and Permits 29,904,360 29,904,360 -
Intergovernmental 4,644,018 4,644,018 -
Interest Income 1,271,153 1,271,153 -
Fines & Forfeiture 3,474,455 3,474,455 -
Parking Meter Collection 2,693,555 2,693,555 -
Charges and Services 3,934,570 3,934,570 -
Miscellaneous Revenue 3,372,272 3,372,272 -
Interfund Reimbursement 22,032,892 22,032,892 -
Transfers 19,181,103 19,181,103 -
TOTAL W/OUT SPECIAL TAX 306,455,064 306,455,064 -
Sales and Use Tax - 1/2 cent 35,600,001 35,600,001 -
Sales and Use Tax - County Option - - -
TOTAL GENERAL FUND 342,055,065 342,055,065 -
Given the available information fund balance would be projected as follows:
Fund Balance projections are adjusted based on the proposed budget amendment and increase to 13.48% for the General Fund.
TOTAL FOF GF Only TOTAL FOF GF Only TOTAL
Beginning Fund Balance 79,814,009 6,625,050 82,617,126 89,242,176 7,018,483 50,124,619 57,143,102
Budgeted Change in Fund Balance (1,510,094) 2,924,682 (7,810,302) (4,885,620) (4,759,137) (19,471,917) (24,231,054)
Prior Year Encumbrances (9,671,834) (3,733,743) (6,165,453) (9,899,196) - - -
Estimated Beginning Fund Balance 68,632,081 5,815,989 68,641,371 74,457,360 2,259,346 30,652,702 32,912,048
Beginning Fund Balance Percent 20.35%16.62%23.32%22.61%5.60%9.64%9.18%
Year End CAFR Adjustments
Revenue Changes - - - - - - -
Expense Changes (Prepaids, Receivable, Etc.) (4,127,838) - (5,676,583) (5,676,583) 4,759,137 5,477,037 10,236,174
Fund Balance w/ CAFR Changes 64,504,243 5,815,989 62,964,788 68,780,777 7,018,483 36,129,739 43,148,222
Final Fund Balance Percent 19.13%16.62%21.39%20.88%17.39%11.36%12.04%
Budget Amendment Use of Fund Balance (15,370,734)
BA#1 Revenue Adjustment - - - - - -
BA#1 Expense Adjustment - - - - 5,138,235 5,138,235
BA#2 Revenue Adjustment - - - - - -
BA#2 Expense Adjustment - (288,488) (288,488) - - -
BA#3 Revenue Adjustment - - - - - -
BA#3 Expense Adjustment - (6,239,940) (6,239,940) - - -
BA#4 Revenue Adjustment - - - - - -
BA#4 Expense Adjustment - - - - - -
BA#5 Revenue Adjustment - (242,788) (242,788) - - -
BA#5 Expense Adjustment - (2,783,685) (2,783,685) - - -
BA#6 Revenue Adjustment - - - - - -
BA#6 Expense Adjustment - (63,673) (63,673) - - -
BA#7 Revenue Adjustment - 540,744 540,744 - - -
BA#7 Expense Adjustment - (6,582,824) (6,582,824) - - -
BA#8 Revenue Adjustment - - - - - -
BA#8 Expense Adjustment (1,000,000) (1,000,000) (2,000,000) - - -
BA#9 Revenue Adjustment - 439,809 439,809 - - -
BA#9 Expense Adjustment - 362,532 1,555,532 - - -
Change in Revenue 6,827,370 2,202,494 3,018,144 5,220,638 - - -
Fund Balance Budgeted Increase 900,000 - - - - - -
- - Adjusted Fund Balance 56,860,879 7,018,483 50,124,619 58,336,102 7,018,483 41,267,974 48,286,457
Adjusted Fund Balance Percent 16.86%20.05%17.03%17.71%17.39%12.98%13.48%
Projected Revenue 337,251,407 35,000,000 294,345,168 329,345,168 40,359,137 317,980,599 358,339,736
2021 Projection2020
Fund Balance Projections
2022 Projection
The Administration is requesting a budget amendment totaling $10,766,478.76 of revenue and
expense of $7,688,537.76. The amendment proposes changes in the 13 funds increases General
Fund fund balance by $5,138,235.00. The proposal includes four initiatives for Council review.
No positions are being requested.
A summary spreadsheet document, outlining proposed budget changes is attached. The
Administration requests this document be modified based on the decisions of the Council.
The budget opening is separated in eight different categories:
A. New Budget Items
B. Grants for Existing Staff Resources
C. Grants for New Staff Resources
D. Housekeeping Items
E. Grants Requiring No New Staff Resources
F. Donations
G. Council Consent Agenda Grant Awards
I. Council Added Items
PUBLIC PROCESS: Public Hearing
SALT LAKE CITY ORDINANCE
No. ______ of 2021
First amendment to the Final Budget of Salt Lake City, including
the employment staffing document, for Fiscal Year 2021-22)
In June of 2021, the Salt Lake City Council adopted the final budget of Salt Lake City
Corporation, including the employment staffing document, effective for the fiscal year beginning
July 1, 2021 and ending June 30, 2022, in accordance with the requirements of Section 10-6-118
of the Utah Code.
The City’s Budget Director, acting as the City’s Budget Officer, prepared and filed with
the City Recorder proposed amendments to said duly adopted budget, including the amendments
to the employment staffing document necessary to effectuate the staffing changes specifically
stated herein, copies of which are attached hereto, for consideration by the City Council and
inspection by the public.
All conditions precedent to amend said budget, including the employment staffing
document as provided above, have been accomplished.
Be it ordained by the City Council of Salt Lake City, Utah:
SECTION 1. Purpose. The purpose of this Ordinance is to amend the final budget of Salt
Lake City Corporation, including the employment staffing document, as approved, ratified and
finalized by Salt Lake City Ordinance No. 32 of 2021.
SECTION 2. Adoption of Amendments. The budget amendments, including amendments
to the employment staffing document necessary to effectuate the staffing changes specifically
stated herein, attached hereto and made a part of this Ordinance are hereby adopted and
incorporated into the budget of Salt Lake City Corporation, for the fiscal year beginning July 1,
2
2021 and ending June 30, 2022, in accordance with the requirements of Section 10-6-128 of the
Utah Code.
SECTION 3. Filing of copies of the Budget Amendments. The said Budget Officer is
authorized and directed to certify and file a copy of said budget amendments, including
amendments to the employment staffing document, in the office of said Budget Officer and in the
office of the City Recorder which amendments shall be available for public inspection.
SECTION 4. Effective Date. This Ordinance shall take effect upon adoption.
Passed by the City Council of Salt Lake City, Utah, this _____ day of __________, 2021.
________________________
Amy Fowler, Council Chair
ATTEST:
______________________________
CITY RECORDER
Transmitted to the Mayor on __________________
Mayor’s Action: ____ Approved ____ Vetoed
_________________________
MAYOR
ATTEST:
_______________________________
CITY RECORDER
(SEAL)
Bill No. _________ of 2021.
Published: ___________________.
Salt Lake City Attorney’s Office
Approved As To Form
Jaysen Oldroyd
Senior City Attorney
Initiative Number/Name Fund
Revenue
Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or
One-time FTEs
1 Police Department Salary Changes (See
item E-2)
GF - (6,864,665.00)
2 Non-Represented Salary Changes (GF)GF - 1,387,503.00
2 Non-Represented Salary Changes (GF Txr
Out)
GF - 338,927.00
2 Non-Represented Salary Changes (Fleet)Fleet 18,999.00 18,999.00
2 Non-Represented Salary Changes (Govt
Immunity)
Govt Immunity 24,843.00 24,843.00
2 Non-Represented Salary Changes (IMS)IMS 219,193.00 219,193.00
2 Non-Represented Salary Changes (Risk)Risk 19,705.00 19,705.00
2 Non-Represented Salary Changes (Airport)Airport - 1,350,949.00
2 Non-Represented Salary Changes (PU:
Street Lighting)
Street Lighting - 7,098.00
2 Non-Represented Salary Changes (PU:
Water)
Water - 460,716.00
2 Non-Represented Salary Changes (PU:
Sewer)
Sewer - 221,826.00
2 Non-Represented Salary Changes (PU:
Storm Water)
Storm Water - 19,705.00
2 Non-Represented Salary Changes (Refuse)Refuse 36,538.00 36,538.00
2 Non-Represented Salary Changes (Golf)Golf 19,649.00 19,649.00
Fiscal Year 2021-22 Budget Amendment #1
Council ApprovedAdministration Proposed
Section A: New Items
Section C: Grants for New Staff Resources
Section B: Grants for Existing Staff Resources
1
Fiscal Year 2021-22 Budget Amendment #1
Initiative Number/Name Fund
Revenue
Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or
One-time FTEs
1 US Department of the Treasury; Emergency
Rental Assistance 2
Misc Grants 1,920,233.76 1,920,233.76
2 Police Department Salary Changes (See
item E-2)
Misc Grants 6,864,665.00 6,864,665.00
2 Police Department Salary Changes (See
item E-2)
Misc Grants 1,642,653.00 1,642,653.00
-
Council Approved
Section D: Housekeeping
Section F: Donations
Section E: Grants Requiring No New Staff Resources
Administration Proposed
2
Fiscal Year 2021-22 Budget Amendment #1
Initiative Number/Name Fund
Revenue
Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or
One-time FTEs
Consent Agenda #5
Total of Budget Amendment Items 10,766,478.76 7,688,537.76 - - -
Total by Fund Class, Budget Amendment #9:
General Fund GF - (5,138,235.00) - - -
Miscellaneous Grants Fund Misc Grants 10,427,551.76 10,427,551.76 - - -
Fleet Fund Fleet 18,999.00 18,999.00 - - -
Governmental Immunity Fund Govt Immunity 24,843.00 24,843.00 - - -
IMS Fund IMS 219,193.00 219,193.00 - - -
Risk Fund Risk 19,705.00 19,705.00 - - -
Airport Airport - 1,350,949.00 - - -
Street Lighting Fund Street Lighting - 7,098.00 - - -
Water Fund Water - 460,716.00 - - -
Sewer Fund Sewer - 221,826.00 - - -
Storm Water Fund Storm Water - 19,705.00 - - -
Refuse Fund Refuse 36,538.00 36,538.00 - - -
Golf Fund Golf 19,649.00 19,649.00 - - -
- - -
Total of Budget Amendment Items 10,766,478.76 7,688,537.76 - - -
Administration Proposed Council Approved
Section I: Council Added Items
Section G: Council Consent Agenda -- Grant Awards
3
Fiscal Year 2021-22 Budget Amendment #1
Current Year Budget Summary, provided for information only
FY 2021-22 Budget, Including Budget Amendments
FY 2021-22
Adopted Budget BA #1 Total BA #2 Total BA #3 Total BA #4 Total BA #5 Total
^^ Total Through
BA#5 ^^
General Fund (FC 10)367,582,070 (5,138,235.00) 362,443,835.00
Curb and Gutter (FC 20)3,000 3,000.00
DEA Task Force Fund (FC 41)2,033,573 2,033,573.00
Misc Special Service Districts (FC 46)1,550,000 1,550,000.00
Street Lighting Enterprise (FC 48)5,699,663 7,098.00 5,706,761.00
Water Fund (FC 51)127,365,555 460,716.00 127,826,271.00
Sewer Fund (FC 52)268,213,796 221,826.00 268,435,622.00
Storm Water Fund (FC 53)19,201,013 19,705.00 19,220,718.00
Airport Fund (FC 54,55,56)706,792,500 1,350,949.00 708,143,449.00
Refuse Fund (FC 57)24,713,505 36,538.00 24,750,043.00
Golf Fund (FC 59)9,697,417 19,649.00 9,717,066.00
E-911 Fund (FC 60)4,056,856 4,056,856.00
Fleet Fund (FC 61)28,090,576 18,999.00 28,109,575.00
IMS Fund (FC 65)24,302,487 219,193.00 24,521,680.00
County Quarter Cent Sales Tax for
Transportation (FC 69)
5,307,142 5,307,142.00
CDBG Operating Fund (FC 71)5,341,332 5,341,332.00
Miscellaneous Grants (FC 72)18,684,617 10,427,551.76 29,112,168.76
Other Special Revenue (FC 73)273,797 273,797.00
Donation Fund (FC 77)2,752,565 2,752,565.00
Housing Loans & Trust (FC 78)16,121,000 16,121,000.00
Debt Service Fund (FC 81)31,850,423 31,850,423.00
CIP Fund (FC 83, 84 & 86)29,503,216 29,503,216.00
Governmental Immunity (FC 85)2,933,913 24,843.00 2,958,756.00
Risk Fund (FC 87)52,939,489 19,705.00 52,959,194.00
Total of Budget Amendment Items 1,755,009,505 7,688,537.76 - - - - 1,762,698,042.76
4
Fiscal Year 2021-22 Budget Amendment #1
Current Year Budget Summary, provided for information only
FY 2021-22 Budget, Including Budget Amendments
^^ FY 2021-22
Adopted Budget
through BA#5 ^^ BA #6 Total BA #7 Total BA #8 Total BA #9 Total Total To-Date
General Fund (FC 10)362,443,835 362,443,835
Curb and Gutter (FC 20)3,000 3,000
DEA Task Force Fund (FC 41)2,033,573 2,033,573
Misc Special Service Districts (FC 46)1,550,000 1,550,000
Street Lighting Enterprise (FC 48)5,706,761 5,706,761
Water Fund (FC 51)127,826,271 127,826,271
Sewer Fund (FC 52)268,435,622 268,435,622
Storm Water Fund (FC 53)19,220,718 19,220,718
Airport Fund (FC 54,55,56)708,143,449 708,143,449
Refuse Fund (FC 57)24,750,043 24,750,043
Golf Fund (FC 59)9,717,066 9,717,066
E-911 Fund (FC 60)4,056,856 4,056,856
Fleet Fund (FC 61)28,109,575 28,109,575
IMS Fund (FC 65)24,521,680 24,521,680
County Quarter Cent Sales Tax for
Transportation (FC 69)
5,307,142 5,307,142
CDBG Operating Fund (FC 71)5,341,332 5,341,332
Miscellaneous Grants (FC 72)29,112,169 29,112,169
Other Special Revenue (FC 73)273,797 273,797
Donation Fund (FC 77)2,752,565 2,752,565
Housing Loans & Trust (FC 78)16,121,000 16,121,000
Debt Service Fund (FC 81)31,850,423 31,850,423
CIP Fund (FC 83, 84 & 86)29,503,216 29,503,216
Governmental Immunity (FC 85)2,958,756 2,958,756
Risk Fund (FC 87)52,959,194 52,959,194
Total of Budget Amendment Items 1,762,698,043 - - - - - 1,762,698,043
Budget Manager
Analyst, City Council
Contingent Appropriation
5
Salt Lake City FY 2021-22 Budget Amendment #1
Initiative Number/Name Fund Amount
1
Section A: New Items
A-1: Police Department Salary Changes (See item E-2 ) GF -$6,684,665.00
Department: Finance Prepared By: John Vuyk
US Department of the Treasury issued the further guidance for the American Rescue Plan Act (ARPA), which allows Cities
to use funding to pay for recruitment and retention of police officers. The Administration is proposing shifting funding
already in the budget for police officers to the grant funds and using additional grant dollars to address compression issues
within the Police Department between Officers and Administrative personnel.
The administration is requesting the increased salaries for the Police Officers of $6,864,665 be transferred from the
General Fund to the Grant Fund, funded through ARPA. The Administration is also proposing a salary increase that would
match the top-level police officer for all Sergeants, Lieutenants and Captains within the police department. The total of this
proposed salary increase is $1,642,653. The total salary increases of $8,507,318 would be funded through the ARPA.
The General Fund would see a decrease for the $6,864,665 originally budgeted for the Police Officer increases. The
Administration is seeking a straw poll to allow for payroll processing of these proposed changes.
A-2: Non-Represented Salary Changes GF $1,387,503.00
GF $338,927.00
Fleet $18,999.00
Govt Immunity $24,843.00
IMS $219,193.00
Risk $19,705.00
Airport $1,350,949.00
Street Lighting $7,098.00
Water $460,716.00
Sewer $221,826.00
Storm Water $19,705.00
Refuse $36,538.00
Golf $19,649.00
Department: Finance Prepared By: John Vuyk
US Department of the Treasury issued the further guidance for the American Rescue Plan Act, which allows Cities to use
funding to pay for recruitment and retention of police officers. The Administration is proposing shifting funding already in
the budget for police officers to the grant funds which will free up dollars within the General Fund. The Administration is
proposing to use some of those funds to increase the salary adjustment for non -represented employees to 4.5%.
Negotiations with the unions created compression issues between union employees a nd non-represented employees. This
proposal reduces those compression issues. The proposal includes all departments across the City. The Airport and Public
Utilities will fund the salary increases within their Departments through their respective funds. The General Fund, Internal
Services Funds, and smaller Enterprise Funds will be funded by the General Fund. This will use $1,726,430 of General
Fund fund balance.
The Administration requests a straw poll to allow for processing of these pay increases moving forward.
Section B: Grants for Existing Staff Resources
Salt Lake City FY 2021-22 Budget Amendment #1
Initiative Number/Name Fund Amount
2
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
E-1: US Department of the Treasury; Emergency Rental
Assistance 2
Grant $1,920,233.76
Department: Community and Neighborhoods Prepared By: Tony Milner / Brent Beck
US Department of the Treasury deposited $1,920,233.76 into the City's bank account on June 3, 2021. These Emergency
Rental Assistance Program (ERAP) 2 funds were made available in the American Rescue Pla n Act.
These funds represent 40% of the City's total allocation ($4,800,599.40), with the remaining 60% to be deposited in
December 2021.
The Department of Treasury Emergency Rental Assistance Program (ERAP) 2 makes funds available to assist households
who are unable to pay rent and utilities due to the COVID-19 pandemic. Funding is targeted to households that are at or
below 80% of the Area Median Income, demonstrates a risk of experiencing homelessness or housing instability, and has
experienced a reduction in household income and/or incurred significant costs and/or experienced financial hardship due
to COVID-19.
The Department of Treasury regulations set forth that 85% of the funds ($1,632,198.70) must be used for direct financial
assistance, including rent, rental arrears, utilities and home energy costs, utilities and home energy costs arrears, and other
expenses related to housing. The remaining 15% ($288,035.06) may be used for housing stability services, including case
management and other services intended to keep households stably housed, and administrative costs. See Accounting &
Fund Detail tab for more financial information.
This budget amendment will create the ability for the City to accept the allocation from the Department of Trea sury and
create appropriate expense and revenue budgets for the direct financial assistance and housing stability/administration
budgets.
It is the intent of the administration to deploy these funds in conjunction with the State (DWS) and County via the Rent
Relief program being administered via the State. This is the same deployment strategy that was used with the first traunche
of emergency rent assistance funding.
HAND will not be requesting any staff positions as the required administrative work can be covered with existing
resources.
Salt Lake City FY 2021-22 Budget Amendment #1
Initiative Number/Name Fund Amount
3
E-2: Police Department Salary Changes (See item A-1) Grant $6,684,665.00
Grant $1,642,653.00
Department: Prepared By: John Vuyk
US Department of the Treasury issued the furhter guidance for the American Rescue Plan Act (ARPA), which allows Cities
to use funding to pay for recruitment and retention of police officers. The Administration is propo sing shifting funding
already in the budget for police officers to the grant funds and using additional grant dollars to address compression issues
within the Police Department between Officers and Administrative personnel.
The administration is requesting the increased salaries for the Police Officers of $6,864,665 be transferred from the
General Fund to the Grant Fund, funded through ARPA. The Administration is also proposing a salary increase that would
match the top-level police officer for all Sergeants, Lieutenants and Captains within the police department. The total of this
proposed salary increase is $1,642,653. The total salary increases of $8,507,318 would be funded through the ARPA.
The General Fund would see a decrease for the $6,864,665 originally budgeted for the Police Officer increases. The
Administration is seeking a straw poll to allow for payroll processing of these proposed changes.
Section F: Donations
Section G: Consent Agenda
Consent Agenda
Section I: Council Added Items
Impact Fees ‐ Summary Confidential
Data pulled 6/23/2021
Unallocated Budget Amounts: by Major Area
Area Cost Center UnAllocated
Cash Notes:
Impact fee - Police 8484001 450,551$ A
Impact fee - Fire 8484002 1,076,784$ B
Impact fee - Parks 8484003 9,145,705$ C
Impact fee - Streets 8484005 5,573,359$ D
16,246,399$
Expiring Amounts: by Major Area, by Month
202007 (Jul2020)2021Q1 -$ -$ -$ -$ -$
202008 (Aug2020)2021Q1 -$ -$ -$ -$ -$
202009 (Sep2020)2021Q1 -$ -$ -$ -$ -$
202010 (Oct2020)2021Q2 -$ -$ -$ -$ -$
202011 (Nov2020)2021Q2 -$ -$ -$ -$ -$
202012 (Dec2020)2021Q2 -$ -$ -$ -$ -$
202101 (Jan2021)2021Q3 -$ -$ -$ -$ -$
202102 (Feb2021)2021Q3 16,273$ -$ -$ -$ 16,273$
202103 (Mar2021)2021Q3 16,105$ -$ -$ -$ 16,105$
202104 (Apr2021)2021Q4 1,836$ -$ -$ -$ 1,836$
202105 (May2021)2021Q4 14,542$ -$ -$ -$ 14,542$ Current Month
202106 (Jun2021)2021Q4 30,017$ ^ 1 -$ -$ -$ 30,017$
202107 (Jul2021)2022Q1 10,107$ ^ 1 -$ -$ -$ 10,107$
202108 (Aug2021)2022Q1 6,804$ ^ 1 -$ -$ -$ 6,804$
202109 (Sep2021)2022Q1 5,554$ ^ 1 -$ -$ -$ 5,554$
202110 (Oct2021)2022Q2 3,106$ ^ 1 -$ -$ -$ 3,106$
202111 (Nov2021)2022Q2 -$ -$ -$ -$ -$
202112 (Dec2021)2022Q2 -$ -$ -$ -$ -$
202201 (Jan2022)2022Q3 -$ -$ -$ -$ -$
202202 (Feb2022)2022Q3 -$ -$ -$ -$ -$
202203 (Mar2022)2022Q3 -$ -$ -$ -$ -$
202204 (Apr2022)2022Q4 -$ -$ -$ -$ -$
202205 (May2022)2022Q4 -$ -$ -$ -$ -$
202206 (Jun2022)2022Q4 -$ -$ -$ -$ -$
202207 (Jul2022)2023Q1 -$ -$ -$ -$ -$
202208 (Aug2022)2023Q1 -$ -$ -$ -$ -$
202209 (Sep2022)2023Q1 -$ -$ -$ -$ -$
202210 (Oct2022)2023Q2 -$ -$ -$ -$ -$
202211 (Nov2022)2023Q2 -$ -$ -$ -$ -$
202212 (Dec2022)2023Q2 -$ -$ -$ -$ -$
202301 (Jan2023)2023Q3 -$ -$ -$ -$ -$
202302 (Feb2023)2023Q3 -$ -$ -$ -$ -$
202303 (Mar2023)2023Q3 -$ -$ -$ -$ -$
202304 (Apr2023)2023Q4 118$ -$ -$ -$ 118$
202305 (May2023)2023Q4 469$ -$ -$ -$ 469$
202306 (Jun2023)2023Q4 276$ -$ -$ -$ 276$
Total, Currently Expiring through June 2021 78,774$ -$ -$ -$ 78,774$
Notes
^1
FY
2
0
2
3
Calendar
Month
6/23/21: We are currently in a refund situation. We will refund $56k in the next 5 months without offsetting expenditures
Fi
s
c
a
l
Y
e
a
r
2
0
2
1
FY
2
0
2
2
Fiscal
Quarter
E = A + B + C + D
Police Fire Parks Streets
Total
Impact Fees Confidential
Data pulled 6/23/2021 AAA BBB CCC DDD = AAA - BBB - CCC
Police
Allocation
Budget Amended
Allocation
Encumbrances YTD Expenditures
Allocation
Remaining
Appropriation
Values
Description Cost Center
Sum of Police Allocation
Budget Amended
Sum of Police Allocation
Encumbrances Sum of Police Allocation YTD Expenditures
Sum of Police Allocation
Remaining Appropriation
Impact fee - Streets Westside 8484005 -$ -$ -$ -$
Police'sConsultant'sContract 8419205 5,520$ 3,507$ 1,955$ 58$
Police Refunds 8418013 539,687$ -$ 69,291$ 470,396$
Police impact fee refunds 8417006 510,828$ -$ -$ 510,828$ A
PolicePrecinctLandAquisition 8419011 1,410,243$ 239,836$ -$ 1,170,407$
Grand Total 2,512,316$ 289,381$ 71,246$ 2,151,690$
Fire
Allocation
Budget Amended
Allocation
Encumbrances YTD Expenditures
Allocation
Remaining
Appropriation
Values
Fire refunds 8416007 82,831$ -$ -$ 82,831$
Fire Station #14 8415001 6,650$ 6,083$ 567$ -$
Fire Station #14 8416006 52,040$ -$ 7,428$ 44,612$
Fire Station #3 8415002 1,568$ -$ -$ 1,568$
Fire Station #3 8416009 1,050$ 96$ 485$ 469$
Impact fee - Fire 8484002 -$ -$ -$ -$
Impact fee - Streets Westside 8484005 -$ -$ -$ -$
Study for Fire House #3 8413001 15,700$ -$ -$ 15,700$ B
FireTrainingCenter 8419012 46,550$ -$ 46,550$ -$
Fire'sConsultant'sContract 8419202 10,965$ 4,883$ 6,024$ 58$
FY20 FireTrainingFac. 8420431 66,546$ -$ 10,516$ 56,031$
Fire Station #3 Debt Service 8421200 541,106$ -$ 541,106$ -$
Fire Station #14 Debt Service 8421201 339,172$ -$ 339,172$ -$
Grand Total 1,164,177$ 11,063$ 951,846$ 201,268$
Parks
Allocation
Budget Amended
Allocation
Encumbrances YTD Expenditures
Allocation
Remaining
Appropriation
Values
Impact fee - Parks 8484003 -$ -$ -$ -$
JR Boat Ram 8420144 125,605$ 42,546$ 83,059$ -$
Three Creeks Confluence 8419101 173,017$ -$ 173,017$ -$
Cnty #2 Match 3 Creek Confluen 8420426 515,245$ 303,578$ 211,667$ -$
Park'sConsultant'sContract 8419204 7,643$ 4,815$ 2,786$ 42$
Folsom Trail/City Creek Daylig 8417010 766$ -$ 470$ 296$
Cwide Dog Lease Imp 8418002 24,056$ 23,000$ 270$ 786$ C
Rosewood Dog Park 8417013 16,087$ -$ 14,977$ 1,110$
Jordan R 3 Creeks Confluence 8417018 11,856$ -$ 10,287$ 1,570$
9line park 8416005 86,322$ 19,702$ 64,364$ 2,256$
Jordan R Trail Land Acquisitn 8417017 2,946$ -$ -$ 2,946$
Warm Springs Off Leash 8420132 27,000$ 15,811$ 6,589$ 4,600$
Fairmont Park Lighting Impr 8418004 50,356$ 43,597$ 605$ 6,155$
FY Parks and Public Lands Compreh 8417008 7,500$ -$ -$ 7,500$
Rich Prk Comm Garden 8420138 27,478$ 4,328$ 14,683$ 8,467$
Redwood Meadows Park Dev 8417014 15,939$ -$ 6,589$ 9,350$
ImperialParkShadeAcct'g 8419103 10,830$ -$ -$ 10,830$
Park refunds 8416008 11,796$ -$ -$ 11,796$
IF Prop Acquisition 3 Creeks 8420406 350,000$ 21,375$ 272,516$ 56,109$
Parks Impact Fees 8418015 102,256$ -$ 875$ 101,381$
UTGov Ph2 Foothill Trails 8420420 200,000$ 22,524$ 64,916$ 112,560$
FY20 Bridge to Backman 8420430 727,000$ 574,709$ 4,080$ 148,211$
9Line Orchard 8420136 195,045$ -$ -$ 195,045$
Waterpark Redevelopment Plan 8421402 225,000$ -$ -$ 225,000$
Trailhead Prop Acquisition 8421403 275,000$ -$ -$ 275,000$
Bridge to Backman 8418005 350,250$ 10,285$ 57,026$ 282,939$
Parley's Trail Design & Constr 8417012 327,678$ -$ -$ 327,678$
Cnty #1 Match 3 Creek Confluen 8420424 400,000$ 7,790$ 11,523$ 380,688$
Jordan Prk Event Grounds 8420134 431,000$ -$ -$ 431,000$
Wasatch Hollow Improvements 8420142 490,830$ -$ -$ 490,830$
Fisher House Exploration Ctr 8421401 540,732$ 1,883$ 1,556$ 537,293$
Marmalade Park Block Phase II 8417011 1,145,394$ 38,922$ 41,121$ 1,065,351$
Fisher Carriage House 8420130 1,098,764$ -$ -$ 1,098,764$
Pioneer Park 8419150 3,442,199$ 239,284$ 81,934$ 3,120,981$
Grand Total 11,415,591$ 1,374,148$ 1,124,909$ 8,916,534$
Streets Allocation
Budget Amended
Allocation
Encumbrances YTD Expenditures
Allocation
Remaining
AppropriationValues
9 Line Central Ninth 8418011 152,500$ 152,500$ -$ -$
Impact fee - Streets Westside 8484005 -$ -$ -$ -$
500 to 700 S 8418016 575,000$ 96,637$ 478,363$ -$
Transportation Safety Imp 8418007 147,912$ 29,197$ 118,715$ -$
700 South Reconstruction 8414001 310,032$ -$ 310,032$ -$
700 South Reconstruction 8415004 1,157,506$ 2,449$ 1,155,057$ -$
Trans Safety Improvements 8419007 210,752$ 141,623$ 69,130$ -$
500/700 S Street Reconstructio 8412001 41,027$ 32,718$ 8,309$ -$ D
Trans Master Plan 8419006 13,000$ 13,000$ -$ -$
IF Roundabout 2000 E Parleys 8420122 455,000$ -$ 455,000$ -$
LifeOnState Imp Fee 8419009 124,605$ -$ 124,605$ -$
Transportation Safety Improvem 8417007 22,360$ -$ 20,821$ 1,539$
Gladiola Street 8406001 16,544$ 13,865$ 435$ 2,244$
Street'sConsultant'sContract 8419203 39,176$ 17,442$ 9,360$ 12,374$
Complete Street Enhancements 8420120 125,000$ -$ 87,005$ 37,995$
Transp Safety Improvements 8420110 250,000$ 121,917$ 90,000$ 38,083$
1300 S Bicycle Bypass (pedestr 8416004 42,833$ -$ -$ 42,833$
Indiana Ave/900 S Rehab Design 8412002 124,593$ -$ -$ 124,593$
Bikeway Urban Trails 8418003 200,000$ -$ -$ 200,000$
TransportationSafetyImprov IF 8421500 375,000$ 72,947$ -$ 302,053$
IF Complete Street Enhancement 8421502 625,000$ -$ -$ 625,000$
Street Improve Reconstruc 20 8420125 2,858,090$ 1,216,451$ 607,870$ 1,033,769$
Traffic Signal Upgrades 8419008 251,316$ -$ 21,448$ 229,868$
Traffic Signal Upgrades 8420105 300,000$ 300,000$ -$ -$
Traffic Signal Upgrades 8421501 875,000$ -$ -$ 875,000$
Grand Total 9,292,247$ 2,210,747$ 3,556,149$ 3,525,351$
Total 24,384,332$ 3,885,339$ 5,704,150$ 14,794,843$
E = A + B + C + D
TRUE TRUE TRUE TRUE
9,145,705$
5,573,359$
16,246,399$
8484002
8484003
8484005
450,551$
$1,076,784
8484001
UnAllocated
Budget
Amount
ERIN MENDENHALL
Mayor
OFFICE OF THE MAYOR
P.O. BOX 145474
451 SOUTH STATE STREET, ROOM 306
SALT LAKE CITY, UT 84114-5474 WWW.SLCMAYOR.COM
TEL 801-535-7704
CITY COUNCIL TRANSMITTAL
______________________________ Date Received: 5/18/2021
Rachel Otto, Chief of Staff
Date Sent to Council: 5/18/2021
TO: Salt Lake City Council DATE: 5/18/2021
Amy Fowler, Chair
FROM: Rachel Otto, Chief of Staff
Office of the Mayor
SUBJECT: Board Appointment Recommendation: Bicycle Advisory Committee.
STAFF CONTACT: Jessi Eagan
jessi.eagan@slcgov.com
DOCUMENT TYPE: Board Appointment Recommendation: Bicycle Advisory Committee.
RECOMMENDATION: The Administration recommends the Council consider the
recommendation in the attached letter from the Mayor and appoint Patrick Casey as a member of
the Bicycle Advisory Committee.
ERIN MENDENHALL
Mayor
OFFICE OF THE MAYOR
P.O. BOX 145474
451 SOUTH STATE STREET, ROOM 306
SALT LAKE CITY, UT 84114-5474 WWW.SLCMAYOR.COM
TEL 801-535-7704
May 18, 2021
Salt Lake City Council
451 S State Street Room 304
PO Box 145476
Salt Lake City, Utah 84114
Dear Councilmember Fowler,
Listed below is my recommendation for membership appointment to the Bicycle Advisory
Committee:
Patrick Casey– to be appointed for a term ending in exactly three years starting the date of City
Council advice and consent.
I respectfully ask your consideration and support for this appointment.
Respectfully,
Erin Mendenhall, Mayor
Cc: File
ERIN MENDENHALL
Mayor
OFFICE OF THE MAYOR
P.O. BOX 145474
451 SOUTH STATE STREET, ROOM 306
SALT LAKE CITY, UT 84114-5474 WWW.SLCMAYOR.COM
TEL 801-535-7704
CITY COUNCIL TRANSMITTAL
______________________________
Rachel Otto, Chief of Staff
Date Received: 5/21/2021 Date
Sent to Council: 5/21/2021
TO: Salt Lake City Council DATE: 5/21/2021
Amy Fowler, Chair
FROM: Rachel Otto, Chief of Staff
Office of the Mayor
SUBJECT: Board Appointment Recommendation: Bicycle Advisory Committee.
STAFF CONTACT: Jessi Eagan
jessi.eagan@slcgov.com
DOCUMENT TYPE: Board Appointment Recommendation: Bicycle Advisory Committee.
RECOMMENDATION: The Administration recommends the Council consider the
recommendation in the attached letter from the Mayor and appoint Samantha Janse as a member of
the Bicycle Advisory Committee.
ERIN MENDENHALL
Mayor
OFFICE OF THE MAYOR
P.O. BOX 145474
451 SOUTH STATE STREET, ROOM 306
SALT LAKE CITY, UT 84114-5474 WWW.SLCMAYOR.COM
TEL 801-535-7704
May 21, 2021
Salt Lake City Council
451 S State Street Room 304
PO Box 145476
Salt Lake City, Utah 84114
Dear Councilmember,
Listed below is my recommendation for membership appointment to the Bicycle Advisory
Committee:
Samantha Janse– to be appointed for a term ending in exactly three years starting the date of City
Council advice and consent.
I respectfully ask your consideration and support for this appointment.
Respectfully,
Erin Mendenhall, Mayor
Cc: File
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Revised City Council Announcements
July 13, 2021
Information Needed By Staff
A. Ranked Choice Voting
The Council voted this year to conduct the 2021 municipal elections using the ranked choice
voting (RCV) method, without a primary. Because of the change in method and timing, existing
campaign finance reporting requirements were rendered partially obsolete. The Council has an
option to amend City ordinance to update reporting requirements.
The Recorder’s office has proposed a specific date that would combine two no longer applicable
reports to be in the middle of the two existing reports – due September 9, 2021. Council
Members might wish to deliberate on the date itself and other details of the ordinance during a
subsequent work session.
➢Does the Council wish to request a draft of this reporting
requirements amendment from the Attorney's Office? The Council
would anticipate discussing the draft as soon as one of its August 2021
meetings.
B. Council School Board Leadership Meeting
The Council/School Board leadership is scheduled to meet on Tuesday, July 27th from 2:00-
3:30 pm.
➢Please let Council staff know if you have any topics you wish to have
on the agenda for leadership to discuss.
C.NEW: 2020 Emergency Management Performance (EMPG) Grant – Utah State
Department of Public Safety
The following grant will be expiring soon and the Administration has requested a straw poll
from the Council, which would allow the grant to move forward. (Note: This grant will also be
listed on the July 20th formal meeting agenda in order for the public to provide public
comment.)
Purpose/Goal of the Grant: If awarded, the grant monies will be used to help offset the
costs of planning and updating emergency preparedness plans, conducting exercises, and
producing materials for public education and outreach pertaining to emergency preparedness.
Grant Amount: $30,000
Requested by: Emergency Management Services Division of the Fire Department
Funding Agency: State of Utah Division of Emergency Management/FEMA
Match Requirement: 50% or $15,000 cash match – Source: a portion of the Community
Preparedness Coordinator’s existing salary
➢Does the Council support the grant moving forward?
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For Your Information
A. Hybrid Meetings
As Council Members know, staff has been working with IMS and the Recorder’s office to
prepare for hybrid meetings. As other cities and entities have experienced, there have been
some technology hurdles to ensure that people connecting remotely (through Webex) and
people attending in-person are both able to completely participate in the meeting. In order to
test out the technology / audio quality, Council Members and some staff are attending this
meeting (July 13) in person. Staff is also working with Facilities staff to prepare the room for
members of the public to also attend. Based on the outcome of the July 13th test run and room
preparations, the Council may begin hybrid meetings for the July 20th meeting.