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003 of 1987 - Tax Levy for Utah Curb and Gutter -7 -1 Salt Lake City, Utah January 13, 1987 A regular meeting of t City Council of Salt Lake City, Salt Lake County, Utah, was held on Tuesday, January 13, 1987, at the hour of 6:00 p.m. at its regular meeting place of said Council, at which meeting there was present and answering to roll call the following members who constituted a quorum: Roselyn N. Kirk Chairperson Grant Mabey Vice Chairperson Tom Godfrey Councilmember W. M. "Willie" Stoler Councilmember Earl F. Hardwick Councilmember Florence Bittner Councilmember Sydney Reed Fonnesbeck Councilmember Also present: Palmer A. DePaulis Mayor Roger Cutler City Attorney Kathryn Marshall City Recorder Absent: The City Council reviewed the October 30, 1986 Report, Findings, Recommendation and Decision of the Board of Equalization and Review for Salt Lake City, Utah Curb & Gutter Extension No. 38-685. It noted the reported responses r to complaints and inquiries concerning construction aspects of improvements within the District. The Council further considered the Recommendation and Decision of the Board of Equalization and Review that the assessment rolls should be adopted and .confirmed as modified and equalized. The following ordinance was then introduced in writing, read by title, and pursuant to motion duly made by Councilmember Fonnesbeck, and seconded by Councilmember Stoler adopted by the following vote: YEA: Earl F. Hardwick Grant Mabey W. M. "Willie" Stoler Roselyn N. Kirk Florence Bittner Sydney Reed Fonnesbeck NAY: None Tom Godfrey was absent at the time of the vote The ordinance was then signed by the Chairperson and recorded by the City Recorder in the official records of Salt Lake City, Utah. The ordinance is as follows: -2- ORDINANCE NO. 3 of 1987 AN ORDINANCE CONFIRMING THE EQUALIZED ASSESSMENT ROLLS AND LEVYING A TAX IN THE AGGREGATE AMOUNT OF $244,058. 59 PROVIDING FOR THE ASSESSMENT OF PROPERTY IN SALT LAKE CITY, UTAH CURB AND GUTTER EXTENSION NO. 38-685 FOR THE PURPOSE OF PAYING THE COSTS OF ROADWAY IMPROVEMENTS, THE CONSTRUCTION OF CURB AND GUTTER, DRAINING FACILITIES AND ALL OTHER MISCELLANEOUS WORK, NECESSARY TO COMPLETE THE IMPROVEMENTS IN A PROPER AND WORKMANLIKE MANNER; REAFFIRMING THE ESTABLISHMENT OF A SPECIAL IMPROVEMENT GUARANTY FUND; AND ESTABLISHING THE EFFECTIVE DATE OF THIS ORDINANCE. BE IT ORDAINED BY THE CITY COUNCIL OF SALT LAKE CITY, SALT LAKE COUNTY, UTAH: Section 1. The City Council of Salt Lake City, Utah, hereby confirms the assessment roll as modified, equalized and approved by the Board of Equalization and Review for Salt Lake City, Utah Curb & Gutter Extension No. 38-685 (the "District" ) , and hereby confirms the findings of the Board of Equalization and Review that the proposed list of assessments as equalized by the Board of Equalization and Review for the District is just and equitable; that each piece of property within the District will be benefited in an amount not less than the assessment to be levied against said property; and that no piece of property listed in the assessment list will bear more than its proportionate share of the cost of such improvements. Section 2. The City Council of Salt Lake City, Utah, does hereby levy a tax to be assessed upon the real property described in the assessment list for the District. The -3- assessments levied upon each block, lot, part of block or lot, tract or parcel of property therein described shall be in the amount set forth in the assessment list, which is hereby incorporated by reference and made a part of this ordinance. The assessments hereby levied are for the purpose of paying the cost of constructing improvements on certain streets within the District consisting of the paving with bituminous surface course placed on gravel base; construction of a drainage system, curb and gutter, sidewalk where it does not now exist; removal of all existing non-conforming improvements in the way of new improvements, construction of . driveways from the new curb and gutter to the edge of sidewalks and miscellaneous work necessary to complete the improvements in a proper and workmanlike manner. Said improvements are more particularly described in the assess- ment list for the District which list has been incorporated herein by reference and made a part of this ordinance. Said assessments are hereby levied and assessed upon each of the blocks, lots, parts of block and lots, tracts or parcels of real property described in the assessment list according to the extent that they are specially benefited by the improvements thereon. Said assessments are levied upon the land and lots in the District at equal and uniform rates. -4- The total cost of the improvements in the District is $2,686,118.08, of which total cost the City's portion is $2,442,059.49. The balance to be assessed to the owners of property affected or benefited by the improvements in the District is $244,058.59, which is the total_ amount of the assessment hereby levied for the District and which does not exceed the aggregate sum of: (a) the total contract price for the improvements under contract duly let to the lowest and best responsible bidders therefor; (b) the reasonable cost of utility services, maintenance, labor, materials, or equipment, if any; (c) the property price, if any; (d) connection fees, if any; (e) the interest on any interim warrants issued against the District; and (f) overhead costs not to exceed fifteen percent (15%) of the sum of (a) , (b) , (c) and (d) . The interim warrants issued to finance the cost of construction were purchased by the City from the District in the form of advances from pooled cash of the City paid as construction progress installments became payable. The amount of the advances were determined by the negative cash balance of the District. The interest which has been included in the amount to be assessed has accrued on the negative cash balance. The rate of interest charged for this interim warrant financing has been the City' s investment rate which has been significantly less than the market rate for interim warrants sold on the open market. -5- Section 3. The assessment list made by the City Treasurer for the property in the District as approved, equalized and completed by the Board of Equalization and Review, is hereby confirmed and the assessments made and returned in said completed list and the report, recommendation and decision of the Board of Equalization and Review to the City Council of Salt Lake City, Utah, are hereby ratified, approved and confirmed. Section 4. This tax is levied and assessed at equal and uniform rates on such property. Section 5. The whole or any part of the assessments for the District may be paid without interest within fifteen (15) days after this ordinance becomes effective. Any part of the assessment not paid within such fifteen (15) day period shall be payable over a period not to exceed ten (10) years from the effective date of this Ordinance in ten (10) substantially equal annual installments with interest on the unpaid balance of the assessment at the rate of the net effective rate of the assessment bonds to be issued. Interest from the effective date of this Ordinance shall be paid in addition to the amount of each such installment annually at the time each installment becomes due. After said fifteen (15) day period, all unpaid installments of an assessment levied against any piece of property (but only in their entirety) may be paid prior to the dates on which they become due, but any such prepayment must include an -6- additional amount equal to the interest which would accrue on the assessment to the next succeeding date on which interest is payable on any special assessment bonds issued in anticipation of the collection of the assessments plus such additional amount as, in the opinion of the City Treasurer, is necessary to assure the availability of money to pay interest on the special assessment bonds as interest becomes due and any premiums which may become payable on redeemable bonds which may be called in order to utilize the assessments thus paid in advance. Default in the payment of any installment of principal or interest when due shall cause the whole of the unpaid principal and interest to become due and payable immediately, and the whole amount of the unpaid principal shall thereafter draw interest at the rate of eighteen percent (18%) per annum until paid, but at any time prior to the date of sale or foreclosure the owner may pay the amount of all unpaid installments past due, with interest at the rate of 18% per annum to date of payment on the delinquent installments, and all approved costs, and shall thereupon be restored to the right thereafter to pay in installments in the same manner as if default had not occurred. Section 6. The City Council of Salt Lake City, Utah does hereby reaffirm the creation of a special improvement guaranty fund and shall at the time of each annual appropriation ordinance, so long as any special assessment -7- .bonds of Salt Lake City remain outstanding, transfer to said fund each year such amount as a tax levy of one mill will produce, either through a levy of a tax of not to exceed one mill in any one year or by the issuance of general obligation bonds or by appropriation from other available sources, for the purpose of guaranteeing to the extent of such fund the payment of special assessment bonds and interest thereon issued against local improvement districts for the payment of local improvements therein, all in the manner and to the extent provided by the laws of the State of Utah. Section 7. The officials of Salt Lake City, Utah, are hereby authorized and directed to take all action necessary and appropriate to effectuate the provisions of this ordinance. Section 8. All ordinances or parts thereof in conflict with this ordinance are hereby repealed. Section 9. An emergency is hereby declared, the preservation of peace, health and safety of Salt Lake City and the inhabitants thereof so requiring. Immediately after its adoption, this ordinance shall be signed by the Chairperson and City Recorder and shall be recorded in the ordinance book kept for that purpose. Said ordinance shall be published once in the Deseret News, a newspaper published and having general circulation in Salt Lake City, Utah, and shall take effect immediately upon its passage, approval and publication as required by law. -8- Section 10. The City Recorder is hereby authorized and directed to file a copy of the assessment ordinance and final assessment list within five (5) days from the date hereof in the Salt Lake County Recorder ' s office. If the assessment ordinance incorporates the assessment list by reference, the City Recorder is further directed to file a copy of the final assessment list with the Salt Lake County Recorder . Section 11. The City Treasurer is hereby authorized and directed to give notice of assessment by mail to the property owners in the District. Said notice shall, among other things, state the amount of the assessment and the terms of payment, a copy of the form of notice of assessment is available for examination upon request at the office of the City Recorder. ADOPTED AND APPROVED by the City Council of Salt Lake City, Utah, this/Aay of January, 1987 . Chairperson ATTES = ty Recorder ( S E A L ) -9- After conduct of other business not pertinent to the above, on motion duly made, seconded and carried, the meeting was adjourned. hairperson ATTEST: Recorder ( S E A L -10- STATE OF UTAH ) ss. COUNTY OF SALT LAKE ) I, Kathryn Marshall, the duly appointed, qualified and acting City Recorder of Salt Lake City, Salt Lake County, Utah, do hereby certify as follows: That the foregoing pages constitute a full, true and correct copy of the record of the proceedings of the City Council of Salt Lake City, Utah, at its regular meeting held on January 13, 1987 insofar as said proceedings relate to or concern Salt Lake City, Utah Curb & Gutter Extension No. 38- 685 as the same appears of record in my office. I personally attended said meeting and the proceedings were in fact held as specified in said minutes. If further certify that the Ordinance levying the special assessments was recorded by me in the official records of said City on the 13th day of January, 1987 . I further certify that said Ordinance was published one time in the Deseret News, the publication affidavit of which is attached hereto. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said City as of thiscgday of January, 1987. i y Recorder S E A L ) -11- STATE OF UTAH ) ss. AFFIDAVIT OF MAILING COUNTY OF SALT LAKE ) NOTICE OF ASSESSMENT I, Cheryl D. Cook, the duly appointed, qualified and acting City Treasurer of Salt \\Lake City, Utah, do hereby certify that on the � day of�a 1987, I caused to be mailed a Notice of Assessment to each property owner in Salt Lake City, Utah Curb and Gutter Extension No. 38-685, by United States Mail, postage prepaid, at the last known address of such owner. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said City as of this day r ' , 1987. City`Treasu eer ( S E A L ) -12- PROOF OF PUBLICATION Attached to this page is the Proof of Publication, indicating by the affidavit of the publisher that the said Ordinance levying the special assessments which was contained in the Ordinance adopted by the Salt Lake City Council on the 13th day of January, 1987, was published one time in the Deseret News. -13- STATE OF UTAH ) ss. CERTIFICATE OF FILING COUNTY OF SALT' LAKE ) I, Kathryn Marshall, the duly qualified City Recorder of Salt Lake City, Salt Lake County, Utah, do hereby certify Ah that on the -t)' day of 19 pursuant to Utah Code Annotated, Section 10-16-7 1953, as amended, a copy of the Notice of Intention and resolution creating Salt Lake City, Utah Curb & Gutter Extension No. 38-685, as finally approved, was filed in the Salt Lake County Recorder ' s Office. I further certify that on the 4 day of 14 , 1986, pursuant to Utah Code Annotated, Section 10-16-18 19 3, as amended, a copy of the assessment ordinance and final assessment list was filed in the Salt Lake County Recorder ' s Office. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Municipality as of this day o , 1987 . City Recorder -14- STATE OF UTAH ) CERTIFICATE OF COMPLIANCE ss WITH OPEN MEETING LAW COUNTY OF SALT LAKE ) I, Kathryn Marshall, the duly qualified City Recorder of Salt Lake City, Salt Lake County, Utah, do hereby certify: (a) that in accordance with the requirements of Section 52-4-6(1) , Utah Code Annotated 1953, as amended, public notice of the 1987 Annual Meeting Schedule of the City Council of Salt Lake City (the "Council" ) was given, specifying the date, time and place of the regular meetings of the Council scheduled to be held during the year 1987, by causing a Notice of Annual Meeting Schedule for the Council to be posted on _January 2, 1987, at the temporary office of the Council at 324 South State Street, Salt Lake City, Utah; said Notice of Annual Meeting Schedule having continuously remained so posted and available for public inspection during regular office hours at 324 South State Street until the date hereof; and causing a copy of the Notice of Annual Meeting Schedule to be provided on January 2, 1987, to at least one newspaper of general circulation within the geographic jurisdiction of the Municipality or to a local media correspondent; (b) that in accordance with the requirements of Section 52-4-6( 2) , Utah Code Annotated 1953, as amended, public notice of the regular meeting of the Council on January 13, 1987, was given by specifying in a Notice of Regular Meeting -15- the agenda, date, time and place of the January 13, 1987 Council Meeting and by causing the Notice of Regular Meeting to be posted at the temporary office of the Council at 324 South State Street in Salt Lake City, Utah, on the 9th day of January, 1987, a date not less than 24 hours prior to the date and time of the January 13, 1987 regular meeting; said Notice of Regular Meeting having continuously remained so posted and available for public inspection during the regular office hours at 324 South State Street until the date and time of the January 13, 1987 regular Council meeting; and causing a copy of the Notice of Regular Meeting to be provided on January 9th, 1987, to at least one newspaper of .general circulation within the geographic jurisdiction of the Municipality or to a local media correspondent. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said City this �v-day of January, 1987. (7 r.WL I)IadzC ty Recorder [ S E A L S -16-