105 of 1987 - Authorization of Issuance and sale of Special Assessment Bonds 05 12J-
Saltta225 � /(�Lake City, Utah
August 11, 1987
A regular meeting of the City Council of Salt Lake
City, Salt Lake County, Utah was held at the temporary
offices of the City Council at 324 South State Street, Salt
Lake City, Utah, on August 11, 1987, at the hour of 6:00
o'clock p.m. , at which meeting there was present and
answering roll call the following members who constituted a
quorum:
Roselyn N. Kirk Chairperson
Florence Bittner Councilmember
Grant Mabey Councilmember
Tom Godfrey Councilmember
Earl F. Hardwick Councilmember
W. M. "Willie" Stoler Councilmember
Sydney Reed Fonnesbeck Councilmember
Also present:
Palmer A. DePaulis Mayor
Roger Cutler City Attorney
Kathryn Marshall City Recorder
Absent: None
After the meeting had been duly called to order and the
minutes of the preceding meeting read and approved, and
after other matters not pertinent to this resolution had
been discussed, the City Recorder presented to the City
Council a Certificate of Compliance With Open Meeting Law
with respect to this August 11, 1987 meeting, a copy of
which is attached hereto as Exhibit "A" .
Councilmember Bittner then introduced the adoption of
the following resolution:
RESOLUTION NO. 105 of 1987
A RESOLUTION AUTHORIZING THE ISSUANCE AND
PROVIDING FOR THE SALE OF $344,000 SPECIAL
ASSESSMENT BONDS, SERIES 1987 (THE "BONDS" ) OF
SALT LAKE CITY, SALT LAKE COUNTY, UTAH, SPECIAL
IMPROVEMENT DISTRICT, PUBLIC UTILITIES WATER AND
SEWER NO. 50-1313, FIXING THE INTEREST RATES TO BE
BORNE THEREBY, PRESCRIBING THE FORM OF BOND AND
INTEREST RATES, MATURITY AND DENOMINATION OF SAID
BONDS; PROVIDING FOR THE CONTINUANCE OF A GUARANTY
FUND AS PROVIDED BY STATUTE; AND RELATED MATTERS.
WHEREAS, the City Council of Salt Lake City, Utah (the
"Issuer" ) , has heretofore adopted proceedings for the
construction of improvements in Salt Lake City, Salt Lake
County, Utah, Special Improvement District, Public Utilities
Water and Sewer No. 50-1313 (the "District" ) , and has
adopted and approved the Ordinance of the District
confirming the assessment roll for such improvements on the
2nd day of June, 1987; and
WHEREAS, notice of assessments to property owners in
the District has been published in accordance with the
requirements of the laws of the State of Utah and the
ordinances of the Issuer, and notice of assessment has been
mailed by the City Treasurer to all the owners of property
assessed in the District; and
WHEREAS, the total cost of the improvements was
$440,427.57, of which the Issuer' s portion was $71, 542 .89;
that during the fifteen-day period following the effective
date of the Ordinance levying the assessment, property
owners in the District have paid or have committed to pay
$24,884. 68 on the principal of their assessments, leaving an
amount to be paid through the issuance of bonds or from
funds provided by the Issuer of $344,000;
ta225 2 081387
r
WHEREAS, Kirchner-Moore & Co. of Salt Lake City, Utah,
has submitted its offer to purchase the Bonds upon the terms
and conditions as set forth herein; and
WHEREAS, the City Council has determined that it is in
the best interest of the Issuer to accept the offer of
Kirchner-Moore & Co. of Salt Lake City, Utah, and it has
awarded the sale of the Bonds to Kirchner-Moore & Co. of
Salt Lake City, Utah:
NOW, THEREFORE, Be It Resolved by the City Council of
Salt Lake City, Utah:
ta225 3 081387
r
ARTICLE I
DEFINITIONS; AUTHORITY
I. I . Definitions. As used in this Bond Resolution,
unless the context shall otherwise require, the following
terms shall have the following meanings:
"Act" means the Utah Municipal Improvement
District Act, Chapter 16, Title 10, Utah Code Annotated,
1953, as amended.
"Allocable Portion" means the amount of the
Guaranty Fund that is allocable to the Bonds according to
the proportion that the original face amount of the Bonds
bears to the aggregate of the original face amounts of the
Bonds and all other outstanding Special Improvement Bonds.
"Bondholder" or "Holder" means the registered
owner of any Bond as shown in the registration books of the
Issuer kept by the Bond Registrar for such purpose.
"Bond Registrar" means each Person appointed by
the Issuer as bond registrar and agent for the transfer,
exchange and authentication of the Bonds. Pursuant to
Section 2 :5 hereof the initial Bond Registrar is Zions First
National Bank, One South Main Street, Salt Lake City, Utah
84111, or its successors.
"Bond Resolution" means this Resolution of the
Issuer adopted on August 11, 1987, authorizing the issuance
and sale of the Bonds.
"Bonds" means the $344,000 Salt Lake City, Salt
Lake County, Utah Special Assessment Bonds, Series 1987,
Special Improvement District, Public Utilities Water and
Sewer No. 50-1313 of the Issuer authorized by this Bond
Resolution.
"Code" means the Internal Revenue Code of 1986, as
amended.
"District" means the Salt Lake City, Salt Lake
County, Utah Special Improvement District, Public Utilities
Water and Sewer No. 50-1313 .
"Government Obligations" 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.
ta225 4 081387
"Gross Proceeds" means the gross proceeds of the
Bonds as described in Section 148(f) (6) (B) of the Code.
"Guaranty Fund" means the Special Improvement
Guaranty Fund established by the Issuer created pursuant to
Section 10-16-31 of the Act to secure timely payment of all
special assessment bonds issued by the Issuer pursuant to
the Act.
"Issuer" means Salt Lake City, Salt Lake County,
Utah.
"Mayor" means the Mayor of the Issuer.
"Paying Agent" means each Person appointed by the
Issuer as paying agent with respect to the Bonds. Pursuant
to Section 2 .5 hereof the initial Paying Agent is Zions
First National Bank, One South Main Street, Salt Lake City,
Utah 84111 or its successors or assigns.
"Person" means natural persons, firms,
partnerships, associations, corporations, trusts, public
bodies and other entities.
"Purchaser" means Kirchner-Moore & Co. of Salt
Lake City, Utah.
"Qualified Investments" means any of the
following:
(i) demand deposits and time certificates of
deposit of federally insured depositories of the
State of Utah,
(ii) Government Obligations, or
(iii ) repurchase agreements with any federally
insured bank or savings and loan association in
the State of Utah, acting as principal or agent,
for securities of the United States of America or
other evidences of indebtedness of like quality.
"Record Date" means in the case of each interest
payment date, the Bond Registrar' s close of business on the
fifteenth day immediately preceding such interest payment
date.
"Recorder" means the City Recorder of the Issuer.
"Special Assessment Fund" means the Special
Assessment Fund defined in Section 4.3 hereof.
ta225 5 081387
"Special Assessment Fund Matching Amount" means
the amount on deposit in the Special Assessment Fund which
will be depleted at. least once each year to pay debt service
on the Bonds plus a reasonable carryover amount not to
exceed the greater of (i) one year' s earnings on such amount
of the Special Assessment Fund, or (ii) one-twelfth of the
annual debt service on the Bonds.
"Special Improvement Bonds" means bonds issued by
the Issuer pursuant to the Act, and as defined in Section
10-16-3(5) of the Act.
"Special Improvement Districts" means districts
created within the Issuer pursuant to the Act and as defined
in Section 10-16-3(3) of the Act.
"Tax-Exempt Obligations" means obligations of any
state, territory or possession of the United States, or any
political subdivision of any of the foregoing, or of the
District of Columbia, which are described in, and the
interest on which is excludible from gross income for
federal income tax purposes under, Section 103(a) of the
Code, and stock of any qualified regulated investment
company investing in tax-exempt bonds, which stock is not
treated as investment property according to the terms of
Internal Revenue Service Notice 87-22 or any successor
thereto.
"Treasurer" means the City Treasurer of the
Issuer.
- "Unrestricted Portion of Bond Proceeds" means an
amount of Gross Proceeds of the Bonds equal to the sum of
(i) 10% of the proceeds of the Bonds, plus (ii) the lesser
of (A) 5% of the proceeds of the Bonds, or (B) $100,000.
The terms "hereby, " "hereof, " "hereto, " "herein, "
"hereunder, " and any similar terms as used in this Bond
Resolution, refer to this Bond Resolution.
1.2 . Authority for Bond Resolution. This Bond
Resolution is adopted pursuant to the provisions of the Act.
ta225 6 081387
ARTICLE II
AUTHORIZATION, TERMS AND
ISSUANCE OF BONDS
2.1. Authorization of Bonds, Principal Amount
Designation and Series. In accordance with and subject to
the terms, conditions and limitations established in this
Bond Resolution, a series of Special Assessment Bonds of the
Issuer is hereby authorized to be issued in the aggregate
principal amount of $344,000. Such series of bonds shall be
designated "Salt Lake City, Salt Lake County, Utah Special
Assessment Bonds, Series 1987 Special Improvement District,
Public Utilities Water and Sewer No. 50-1313." The Bonds
shall be issued in fully registered form only, without
coupons.
2.2. Purpose. The Bonds are hereby authorized to be
issued for the purpose of (a) reimbursing the Issuer for
costs advanced in the construction of improvements acquired,
constructed for and/or installed within the District,
including related interest costs and administrative costs,
(b) retiring any outstanding interim warrants, and (c)
paying issuance expenses incurred in connection with the
issuance of the Bonds.
2.3. Bond Details. The Bonds will fall due on
September 1, in the following years and amounts:
Maturity Amount Interest
(September 1)
1988 . . . . . . 34,000 . . . . 8.50%
1989 . . . . . . 34,000 . . . . 8.50%
1990 . . . . . . 34,000 . . . . 8.00%
1991 . . . . . . 34,000 . . . . 8.00%
1992 . . . . . . 34,000 . . . . 8.007.
1993 . . . . . . 34,000 . . . . 6.60%
1994 . . . . . . 35,000 . . . . 6.80%
1995 . . . . . . 35,000 . . . . 7.00%
1996 . . . . . . 35,000 . . . . 7.20%
1997 . . . . . . 35,000 . . . . 7.40%
TOTAL $344,000
The Bonds shall bear interest payable on September 1,
1988 and annually thereafter on September 1 of each year by
check or draft mailed to the registered owners of record of
the Bonds.
ta225 7 081387
Each Bond shall bear interest from the interest payment
date next preceding the date on which it is authenticated,
unless (a) any Bond is authenticated before the first
interest payment date following the initial delivery of
Bonds, in which case it shall bear interest from
September 1, 1987, or (b) any Bond is authenticated upon an
interest payment date, in which case it shall bear interest
from such interest payment date; provided that if at the
time of authentication of any Bond, interest is in default,
such Bond shall bear interest from the date to which
interest has been paid. The Bonds shall bear interest on
overdue principal at the aforesaid respective rates.
2 .4. Denominations and Numbers. Subject to the
provisions of Section 4. 1 hereof, the Bonds shall be issued
as fully registered bonds, without coupons, in the
denomination of $1,000 or $5,000, or any integral multiples
thereof, not exceeding the amount of each maturity. The
Bonds shall be numbered with the letter prefix "R" and shall
be numbered from one (1) consecutively upwards in order of
issuance.
2 .5. Paving Agent and Bond Registrar. The Issuer may
remove any Paying Agent and any Bond Registrar, and appoint
a successor or successors thereto. The Issuer shall submit
to the Paying Agent or Bond Registrar, as the case may be, a
notice of such removal at least 30 days prior to the
effective date of such removal, and shall specify the date
on which such removal shall take effect. Such removal shall
take effect on the date that each successor Paying Agent and
Bond Registrar shall signify its acceptance of the duties
and obligations imposed upon it by the Bond Resolution by
executing and delivering to the Issuer a written acceptance
thereof. The principal of, premium, if any, and interest on
the Bonds shall be payable in any coin or currency of the
United States of America which, at the respective dates of
payment thereof, is legal tender for the payment of public
and private debts. Principal of and premium, if any, on the
Bonds shall be payable when due to the Holder of each Bond
at the principal office of the Paying Agent. Payment of
interest on each Bond shall be made to the person which, as
of the Record Date, is the Holder of the Bond and shall be
made by check or draft mailed to the Person which, as of the
Record Date, is the Holder of the Bond, at the address of
such Holder as it appears on the registration books of the
Issuer kept by the Bond Registrar, or at such other address
as is furnished to the Bond Registrar in writing by such
Holder on or prior to the Record Date.
2 . 6. Optional Redemption and Redemption Price. The
Bonds maturing after September 1, 1994 are callable for
redemption at the option of the City Council on September 1,
ta225 8 081387
1994 or on any interest payment date thereafter prior to
maturity, in whole or in part, in inverse order of maturity
upon not less than thirty (30) days prior to notice, at a
price equal to the principal amount thereof, plus accrued
interest to the date of redemption and a premium of one per
cent (1%) of the principal amount of each bond so called for
redemption prior to maturity.
2 . 7. Sale and Delivery of Bonds. The sale of the
Bonds to Kirchner-Moore & Co. of Salt Lake City, Utah, at
the price of $344,000 in accordance with the terms of the
bid submitted by the Purchaser on August 11, 1987 is hereby
in all respects ratified and confirmed. The Bonds shall be
delivered to the Purchaser as soon as they may be legally
issued, upon receipt by the Director for Finance for the
Issuer of the agreed purchase price therefor.
2 .8. Execution of Bonds. The Bonds shall be executed
on behalf of the Issuer by the Mayor of the Issuer and
attested by the Recorder of the Issuer (the signatures of
said Mayor and Recorder being either manual and/or by
facsimile) and the corporate seal of the Issuer or a
facsimile thereof shall be impressed or imprinted thereon.
The use of such facsimile signatures of said Mayor and
Recorder and such facsimile of the seal of the Issuer on the
Bonds are hereby authorized, approved and adopted by the
Issuer as the authorized and authentic execution, attesta-
tion and sealing of the Bonds by said officials. The Bonds
shall then be delivered to the Bond Registrar for manual
authentication by it. The Certificate of Authentication
shall be substantially in the form provided in Section 5. 1
hereof. _ Only such of the Bonds as shall bear thereon a
Certificate of Authentication, manually executed by the Bond
Registrar, shall be valid or obligatory for any purpose or
entitled to the benefits of this Bond Resolution, and such
certificate of the Bond Registrar shall be conclusive
evidence that the Bonds so certified have been duly
registered and delivered under, and are entitled to the
benefits of, this Bond Resolution and that the Holder
thereof is entitled to the benefits of this Bond Resolution.
The Certificate of Authentication of the Bond Registrar on
any Bond shall be deemed to have been executed by it if (a)
such Bond is signed by an authorized officer of the Bond
Registrar, but it shall not be necessary that the same
officer sign the Certificate of Authentication on all of the
Bonds issued hereunder or that all of the Bonds hereunder be
certified as registered by the same Bond Registrar, and (b)
the date of authentication of the Bond is inserted in the
place provided therefor on the Certificate of Authentica-
tion.
ta225 9 081387
2 .9. Further Authority. The Mayor and the Recorder of
the Issuer and other officers of the Issuer 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, registration and delivery of the Bonds.
ta225 10 081387
ARTICLE III
TRANSFER AND EXCHANGE OF
BONDS; BOND REGISTRAR
3 . 1. Transfer of Bonds.
(a) Any Bond, may, in accordance with its terms,
be transferred, upon the registration books kept by the
Bond Registrar pursuant to Section 3 .3 hereof, by the
person in whose name it is registered, in person or by
his duly authorized attorney, upon surrender of such
Bond for cancellation, accompanied by delivery of a
written instrument of transfer in a form approved by
the Bond Registrar, duly executed. No transfer shall
be effective until entered on the registration books
kept by the Bond Registrar. The Issuer, the Bond
Registrar and the Paying Agent may treat and consider
the person in whose name each Bond is registered in the
registration books kept by the Bond Registrar as the
holder and absolute owner thereof for the purpose of
receiving payment of, or on account of, the principal
or redemption price thereof and interest due thereon
and for all other purposes whatsoever.
(b) Whenever any Bond or Bonds shall be
surrendered for transfer, the Bond Registrar shall
authenticate and deliver a new fully registered Bond or
Bonds of the same series, designation, maturity and
interest rate and of authorized denominations duly
executed by the Issuer, for a like aggregate principal
amount. The Bond Registrar 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. With respect to each Bond,
no such transfer shall be required to be made (i) after
the Record Date with respect to any interest payment
date to and including such interest payment date, or
(ii) after the Record Date with respect to any
redemption of such Bond.
3 .2 . Exchange of Bonds. Bonds may be exchanged at the
principal corporate trust office of the Bond Registrar for a
like aggregate principal amount of fully registered Bonds of
the same series, designation, maturity and interest rate of
other authorized denominations. The Bond Registrar 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. With respect to each
Bond, no such exchange shall be required to be made (i)
after the Record Date with respect to any interest payment
ta225 11 081387
date to and including such interest payment date, or (ii)
after the Record Date with respect to any redemption of such
Bond.
3 .3 . Bond Registration Books. This Bond Resolution
shall constitute a system of registration within the meaning
and for all purposes of the Registered Public Obligations
Act, Chapter 7, Title 15, Utah Code Annotated 1953 , as
amended. The Bond Registrar shall keep or cause to be kept,
at its principal office, sufficient books for the
registration and transfer of the Bonds, which shall at all
times be open to inspection by the Issuer; and, upon
presentation for such purpose, the Bond Registrar shall,
under such reasonable regulations as it may prescribe,
register or transfer or cause to be registered or
transferred, on said books, Bonds as herein provided.
3 .4. List of Bondholders. The Bond Registrar shall
maintain a list of the names and addresses of the Holders of
all Bonds and upon any transfer shall add the name and
address of the new Bondholder and eliminate the name and
address of the transferor Bondholders.
3 .5. Duties of Bond Registrar. If requested by the
Bond Registrar, the Mayor and Recorder of the Issuer are
authorized to execute the Bond Registrar' s standard form of
agreement between the Issuer and the Bond Registrar with
respect to the compensation, obligations and duties of the
Bond Registrar hereunder which may include the following:
(a) to act as bond registrar, authenticating
agent, paying agent, and transfer agent as provided
herein;
(b) to maintain a list of Bondholders as set
forth herein and to furnish such list to the Issuer
upon request, but otherwise to keep such list
confidential;
(c) to cancel and/or destroy Bonds which have
been paid at maturity or upon earlier redemption or
submitted for exchange or transfer;
(d) to furnish the Issuer at least annually a
certificate with respect to Bonds canceled and/or
destroyed; and
(e) to furnish the Issuer at least annually an
audit confirmation of Bonds paid, Bonds outstanding and
payments made with respect to interest on the Bonds.
ta225 12 081387
ARTICLE IV
COVENANTS AND UNDERTAKINGS
4. 1. Covenants of Issuer. All covenants, statements,
representations and agreements contained in the Bonds, and
all recitals and representations in this Bond Resolution are
hereby considered and understood and it is hereby resolved
that all said covenants, statements, representations and
agreements of the Mayor and Recorder, are the covenants,
statements, representations and agreements of the Issuer- .
4.2 . Ratification of Prior Proceedings. All the
proceedings heretofore taken and adopted for the creation of
the District and for the construction of improvements
therein and the assessment of a part of the cost of
constructing such improvements on and against the private
properties in the District shall be and the same are hereby
ratified, approved, and confirmed. No assessment will
exceed the benefit to be derived from the improvements by
the piece of property assessed, and no parcel of property
will bear more than its proportionate share of the cost of
the improvements to be made.
4. 3 . Levy and Collection of Assessments. The
Treasurer shall be and is hereby authorized and empowered,
and it shall be his/her duty to receive and collect all
assessments levied to pay the cost of said improvements of
the District, the installments thereon, the interest
thereon, and the penalties accrued, including without
limiting- the generality of the foregoing, the whole of the
unpaid principal, interest and penalties accrued which
become due and payable immediately because of the failure to
pay any installment whether of principal or interest, when
due, and to pay and disburse such payments to the person or
persons lawfully entitled to receive the same in accordance
with the laws of the State of Utah and all the ordinances
and resolutions of the Issuer heretofore or to be hereafter
adopted.
All moneys constituting the payment of principal and
interest shall be placed in a regular fund to be designated
"Special Assessment Fund of Salt Lake City, Salt Lake
County, Utah, Special Improvement District, Public Utilities
Water and Sewer No. 50-1313 ( "Special Assessment Fund" ) , and
shall be used for the purpose of paying the principal of and
the interest on the Bonds of the District and for no other
purpose whatsoever, and as security for such payment, said
fund is hereby pledged.
ta225 13 081387
4.4. Guaranty Fund. The provisions of Section 6 of
the Assessment Ordinance adopted and approved by the Issuer,
on the 2nd day of June, 1987, in reference to the Guaranty
Fund is hereby readopted and the Issuer agrees with the
holder of the Bonds herein authorized that it will, until
the payment of the Bonds in full and the interest thereon
has been paid, provide amounts to be transferred to the
Guaranty Fund equal each year to such amount as a tax levy
of .0002 on all property within the Issuer will produce
until the Guaranty Fund is equal to not less than forty
percent (40%) of the amount of all outstanding Improvement
Bonds of all Special - Improvement Districts of the Issuer
issued prior to March 30, 1981, and twenty-five percent
(25%) of the amount of all outstanding Improvement Bonds of
all Special Improvement Districts of the Issuer issued on or
after March 30, 1981, and thereafter, the Issuer will
transfer to such fund such amounts at least yearly as may be
required to maintain or replenish such Fund to such
percentage. The Guaranty Fund shall be maintained separate
and apart from other municipal funds and shall be used and
applied only as provided by the laws of the State of Utah.
4.5. Insufficiencies in Assessment Fund. Should there
be insufficient money in the Special Assessment Fund to pay
all of the interest falling due at one time and the
principal amount thereof due, the interest and principal
shall be paid from the Guaranty Fund to the extent that
there is sufficient money in the Guaranty Fund for this
purpose, and the Bonds are payable exclusively from the
regular assessments levied for said purpose and the Guaranty
Fund.
4. 6. Lien of Assessment. The assessments, any
interest accruing on the assessments and the penalties and
costs of collection of the assessment shall continue to
constitute and are hereby declared to be a lien against the
properties upon which the assessment is levied within the
District from and after June 2, 1987, the date on which the
ordinance levying the regular assessments became effective,
which lien shall be superior to the lien of any trust deed,
mortgage, mechanic' s or materialman' s lien, or other
encumbrance, and shall be equal to and on a parity with the
lien for general property taxes. Such lien shall continue
until the assessment and any interest, penalties, and costs
thereon are paid, notwithstanding any sale of the property
for or on account of a general property tax, regular tax,
other assessment, or the issuance of a tax deed, an
assignment of interest by the county, or a sheriff' s
certificate of sale or deed.
4. 7. Deposit of Funds. The Funds hereinabove referred
to shall be kept separate and apart from each other and from
ta225 14 081387
any other funds of the Issuer and shall, from time to time
as they are accumulated, be deposited in such bank or banks
as are designated as depositories of public monies for funds
of the Issuer under the depository laws of the State of Utah
for the deposit of public funds.
4.8. Default in Payment of Assessments. Default in
the payment of any installment of principal or interest of
the assessments levied pursuant to the Assessment Ordinance
adopted by the Issuer on June 2, 1987 when due shall cause
the whole of the unpaid principal or interest to become due
and payable immediately and the whole amount of the unpaid
principal shall thereafter draw interest at the rate of 15%
per annum until paid. The Issuer covenants and agrees that
it will proceed with due diligence to place in operation the
procedure necessary to provide for a tax sale of all
delinquent property in accordance with the ordinances of the
Issuer or in the manner provided by Chapter 10, Title 59,
Utah Code Annotated 1953, as amended, for the sale of
property for delinquent general property taxes as provided
in Section 10-16-24, Utah Code Annotated 1953, as amended.
The Issuer may also provide for the summary sale of any
property assessed after a delinquency shall have occurred in
the payment of any assessment or part or installment of it.
The sale shall be in the manner provided for actions to
foreclose mortgage liens or trust deeds, except that if at
the sale no person or entity shall bid and pay the Issuer
the amount due on the assessment plus interest and costs,
the property shall be deemed sold to the Issuer for these
amounts. The Issuer shall be permitted to bid at the sale.
The proceeds from the sale of any property sold will be
placed in the Special Assessment Fund.
The remedies provided in this section for the
collection of assessments and the enforcement of liens shall
be deemed and construed to be cumulative and the use of any
one method or means of collection or enforcement shall not
deprive the Issuer of the use of any other method or means
and that the proceeds from the sale of any property sold
will be placed in the Special Assessment Fund hereinabove
referred to.
4.9. Bonds in Registered Form. The Issuer recognizes
that Section 149(a) of the Code requires the Bonds to be
issued and to remain in fully registered form in order that
interest thereon is exempt from federal income taxation
under laws in force at the time the Bonds are delivered. In
this connection, the Issuer agrees that it will not take any
action to permit the Bonds to be issued in, or converted
into, bearer or coupon form.
ta225 15 081387
4. 10. Tax Covenants.
(a) The Mayor and the Recorder are hereby
authorized and directed to execute such certificates as
shall be necessary to establish that the Bonds are not
"arbitrage bonds" within the meaning of Section 148 of
the Code and the Treasury Regulations promulgated or
proposed thereunder, including Treasury Regulation
Sections 1. 103-13, 1 . 103-14, 1. 103-15 and 1. 103-15AT as
the same presently exist, or may from time to time
hereafter be amended, supplemented or revised. The
Issuer covenants and certifies to and for the benefit
of the Bondholders and the Beneficial Owners of the
Bonds that no use will be made of the proceeds of the
issue and sale of the Bonds, or any funds or accounts
of the Issuer which may be deemed to be Gross Proceeds
of the Bonds, which use, if it had been reasonably
expected on the date of issuance of the Bonds, would
have caused the Bonds to be classified as "arbitrage
bonds" within the meaning of Section 148 of the Code.
Pursuant to this covenant, the Issuer obligates itself
to comply throughout the term of the Bonds with the
requirements of Sections 103 through 150 of the Code
and the regulations proposed or promulgated thereunder.
The Issuer further represents and covenants that no
bonds or other evidences of indebtedness of the Issuer
have been or will be issued, sold or delivered within a
period beginning 31 days prior to the sale of the Bonds
and ending 31 days following the delivery of the Bonds.
(b) The Issuer hereby covenants and agrees to
determine the Allocable Portion of the Guarantee Fund
allocable to the Bonds upon the occurrence of each of
the following events:
(i) upon the date of issuance of the Bonds;
(ii) when the size of the Guaranty Fund
increases as a result of either (A) deposits into
the Guaranty Fund, or (B) earnings credited to the
Guaranty Fund;
(iii ) when the last bond of any outstanding
issue of Special Improvement Bonds is retired; and
(iv) when new Special Improvement Bonds are
issued by the Issuer.
The amount of such Allocable Portion, if any, which
exceeds the Unrestricted Portion of Bond Proceeds will,
immediately upon such determination of such Allocable
Portion, be invested at a yield not exceeding the yield
ta225 16 081387
on the Bonds or in Tax-Exempt Obligations. For this
purpose, proceeds of and yield on the Bonds shall be
based upon the first price at which a substantial
amount (not less than 10%) of the principal amount of
the Bonds are sold to the public or final purchasers
(not including bond houses or brokers or similar
persons or organizations acting in the capacity of
underwriters or wholesalers) . Yield on the Bonds and
on the investment of proceeds thereof shall be
calculated in the manner provided in Treasury
Regulation Section 1 . 103-13(c) and Section 148(h) of
the Code, and the provisions- therein will be complied
with in all respects. Thus, generally, yield means
that percentage rate which when used in computing the
present value of payments of principal of an interest
on the Bonds or investments of proceeds thereof
produces an amount equal to the purchase price thereof.
(c) (i) There is hereby created and
established a fund designated the "Rebate Fund of
Salt Lake City, Salt Lake County, Utah, Special
Improvement District, Public Utilities Water and
Sewer No. 50-1313" (the "Rebate Fund" ) for the
purpose of compliance with the rebate requirements
of Section 148(f) of the Code. The requirements
of this subsection (c) are subject to, and shall
be interpreted in accordance with, Section 148 of
the Code and the Treasury Regulations promulgated
in connection therewith.
(ii) The Issuer shall account for the
investment of the Gross Proceeds of the Bonds
comprised of , and make the
required arbitrage rebate payments to the federal
government from the earnings from said Gross
Proceeds of the Bonds or from any other legally
available source (provided, however, that this
obligation shall not be construed as constituting
a debt or liability of the Issuer within the
meaning of any constitutional or statutory
limitation upon the incurrence of indebtedness by
the Issuer) at the times, upon the terms and
conditions, and in the manner specified in Section
148(f) of the Code and the Treasury Regulations
promulgated in connection therewith.
(iii ) The Issuer shall compute the amount of
"Excess Earnings, " if any, as required by
Section 148(f) of the Code and the Treasury
Regulations promulgated in connection therewith
(notwithstanding any provision or requirement in
this Resolution to the contrary) , and shall
ta225 17 081387
transfer into the Rebate Fund such amount from the
accounts established hereunder or from the other
legally available moneys of the Issuer. Amounts
held in 'the Rebate Fund shall be invested and
reinvested by the Treasurer, in Qualified
Investments which mature or are subject to
redemption by the holder or owner prior to the
date such funds are expected to be needed.
Notwithstanding anything contained herein to the
contrary, interest accruing on and profit realized
from funds on deposit in the Rebate Fund shall be
deposited into the Rebate Fund.
If at any time the amount in the Rebate Fund
exceeds the amount that would be required to be
paid to the United States under paragraph (v)
below if the Bonds had been paid in full, such
excess shall promptly be transferred to the Bond
Fund.
(iv) In general, "Excess Earnings" for any
period of time means the sum of
(A) the excess of --
( I ) the aggregate amount earned
from the date of issue of the Bonds on all
"Nonpurpose Investments" (including gains on
the disposition of such obligations) in which
Gross Proceeds of the Bonds are invested
(other than amounts attributable to an excess
described in this subparagraph (iv) ( I ) ) , over
( II ) the amount that would have
been earned during such period of time if the
yield on such Nonpurpose Investments had been
equal to the yield on the Bonds, plus
(B) any income during such period of
time attributable to the excess described in
subparagraph (iv) (A) above.
"Excess Earnings" will not include amounts
which need not be taken into account under the
special rules of Section 148 of the Code or any
successor thereof relating to bona fide debt
service funds.
The term "Nonpurpose Investments" shall have
the meaning prescribed by Section 148 of the Code
or any successor thereof and shall be applied in
the manner prescribed in such section.
ta225 18 081387
(v) The Issuer shall make the payments to
the United States required in this subsection in
installments. The first payment shall be made no
later than 29 days after the fifth anniversary of
the date of issuance of the Bonds and the payment
of each subsequent installment (except the last
installment) shall be made not later than five
years after the preceding payment was due.
Each installment (except the last
installment) shall be in an amount which, when
added to all prior installments, is not less than
90% of the Excess Earnings computed as of the
anniversary of the date of issuance of the Bonds
nearest to the date of payment. Payment of the
last installment shall be made not later than 60
days after the date on which the last Bond has
been discharged, in an amount which, when added to
all prior installments, equals 100% of the Excess
Earnings determined as of the payment date of the
last installment.
Each payment shall be filed with the Internal
Revenue Service Center, Philadelphia, Pennsylvania
19255, accompanied by a statement summarizing the
Issuer' s determination of the amount required to
be paid to the United States together with a copy
of the Form 8038-G filed with respect to the
Bonds.
(vi) The Treasurer will keep and retain or
cause to be kept and retained, until the date six
years after the retirement of the last Bond,
adequate records with respect to the Bonds and the
investment and expenditure of Gross Proceeds
thereof to comply with the aforementioned
arbitrage rebate requirements, including without
limitation a complete list of all investments and
reinvestments of Gross Proceeds of the Bonds
including (A) purchase price, (B) purchase date,
(C) type of security or investment, (D) accrued
interest paid (if any) , (E) interest rate (if
applicable) , (F) dated date (if applicable) , (G)
principal amount, (H) date of maturity, ( I )
interest payment dates (if applicable) , (J) date
of liquidation, (K) amounts received upon
liquidation, and (L) the market value of such
security or investment on the date it became Gross
Proceeds of the Bonds and on the date of the
retirement of the last Bond if then held by the
Issuer.
ta225 19 081387
(d) The Issuer hereby covenants and agrees that
it will not enter into any transaction or cause any
transaction to be entered into with respect to the
investment of Gross Proceeds of the Bonds, or
otherwise, which reduces the amount which may be
required to be paid to the United States pursuant to
the arbitrage rebate requirements specified
hereinabove, because such transaction results in a
smaller profit or a larger loss than would have
resulted if the transaction had been at arm' s length
and had the yield on the Bonds not been relevant to
either party._
(e) The Issuer further covenants and agrees to
and for the benefit of the Bondholders that the Issuer
(i ) will not take any action that would cause interest
on the Bonds to become subject to federal income
taxation, (ii) will not omit to take or cause to be
taken, in timely manner, any action, which omission
would cause the interest on the Bonds to become subject
to federal income taxation, and (iii) will, to the
extent possible, comply with any other requirements of
federal tax law applicable to the Bonds in order to
preserve the exemption from federal income taxation of
interest on the Bonds
4. 11. Nondesignation of Bonds. The Issuer has not
designated the Bonds, and the Bonds are not qualified, as
qualified tax-exempt obligations under Section 265(b) (3 ) of
the Code, relating to the deductibility of a financial
institution' s interest expenses allocable to tax-exempt
interest-
4. 12 . Investment of Funds. Moneys deposited in the
Guaranty Fund may be invested in Qualified Investments.
Moneys deposited in the Special Assessment Fund may be
invested in Qualified Investments or in Tax-Exempt
Obligations; provided, however, that any amount in the
Special Assessment Fund which exceeds the sum of (i) the
Special Assessment Fund Matching Amount, plus (ii) the
excess, if any, of (A) the Unrestricted Portion of Bond
Proceeds, over (B) the Allocable Portion of the Guaranty
Fund (as a result, for example, of prepayment of assessment
installments) , shall be invested at a yield not to exceed
the yield on the Bonds or in Tax-Exempt Obligations.
ta225 20 081387
ARTICLE V
FORM OF BONDS
5. 1. Form of Bonds. Each fully registered Bond shall
be, respectively, in substantially the following form, with
such insertions or variations as to any redemption or
amortization provisions and such other insertions or
omissions, endorsements and variations as may be required:
ta225 21 081387
[FORM OF BOND]
Registered Registered
UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE CITY
SALT LAKE COUNTY
SPECIAL IMPROVEMENT DISTRICT
PUBLIC UTILITIES WATER AND SEWER NO. 50-1313
SPECIAL ASSESSMENT BOND
SERIES 1987
Number R- $
INTEREST MATURITY ORIGINAL ISSUE
RATE: DATE: DATE: CUSIP:
September 1, 1987
Registered Owner:
Principa1 Amount: DOLLARS
Salt Lake City, Salt Lake County, Utah (the "Issuer" ) ,
a duly organized and existing political subdivision of the
State of Utah, acknowledges itself indebted and for value
received hereby promises to pay to the Registered Owner
identified above, or registered assigns, on the Maturity
Date identified above, upon presentation and surrender
hereof, the Principal Amount identified above, and to pay
the Registered Owner hereof interest on the balance of said
Principal Amount from time to time remaining unpaid
specified below at the interest rate per annum (calculated
on the basis of a year of 360 days and twelve 30-day months)
identified above (the "Interest Rate" ) , payable on
September 1, 1988, and thereafter in each year on the 1st
day of September, until payment in full of said Principal
Amount. This Bond shall bear interest from the interest
payment date next preceding the date on which it is
authenticated, unless (a) this Bond is authenticated before
the first interest payment date following the initial
ta225 22 081387
delivery of Bonds, in which case it shall bear interest from
September 1, 1987, or (b) this Bond is authenticated upon an
interest payment date, in which case it shall bear interest
from such interest payment date; provided that if at the
time of authentication of any Bond interest is in default,
such Bond shall bear interest from the date to which
interest has been paid. This Bond shall bear interest on
overdue principal at the Interest Rate. Principal of and
premium, if any, on this Bond shall be payable at the
principal office of Zions First National Bank, Salt Lake
City, Utah, as 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;
and payment of the annual 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 Bond Registrar' s close of business on the
fifteenth day immediately preceding each interest payment
date at the address of such Registered Owner as it appears
on the registration books kept by the hereinafter defined
Bond Registrar, or at such other address as is furnished in
writing by such Registered Owner to the Bond Registrar as
provided in the hereinafter defined Bond Resolution.
This Bond is one of the Special Assessment Bonds of the
Issuer (the "Bonds" ) limited to the aggregate principal
amount of $344,000 issued under and by virtue of the Utah
Municipal Improvement District Act, Chapter 16, Title 10,
Utah Code Annotated 1953, as amended (the "Act" ) , and under
and pursuant to a resolution of the Issuer adopted on
August 11, 1987 (the "Bond Resolution" ) , for the purpose of
(a) reimbursing the Issuer for costs advanced in the
construction of improvements acquired, constructed for
and/or installed within the District, including related
interest costs and administrative costs, (b) retiring any
outstanding interim warrants, and (c) paying issuance
expenses incurred in connection with the issuance of the
Bonds.
Zions First National Bank in Salt Lake City, Utah is
the initial bond registrar and paying agent with respect to
the Bonds. Said bond registrar and paying agent, together
with any successor bond registrar or paying agent,
respectively, is referred to herein as the "Bond Registrar"
and the "Paying Agent. "
Payment of this Bond and the interest thereon shall be
made from, and as security for such payment there is pledged
the Special Assessment Fund of Salt Lake City, Salt Lake
County, Utah Special Improvement District, Public Utilities
Water and Sewer No. 50-1313 (the "District" ) , containing the
receipts derived by the Issuer from the regular assessments
ta225 23 081387
levied upon the property included in the District by the
Assessment Ordinance adopted by the Issuer which ordinance
became effective on June 2, 1987, for the purpose of paying
the cost of constructing improvements that include new
12 inch and 8 inch main sewer pipelines and 8 inch and
6 inch water pipelines and other improvements and
modifications necessary to complete the improvements in a
proper and workmanlike manner in the District under, by
virtue of, and in full conformity with the Constitution and
laws of the State of Utah and certain ordinances and
resolutions of the Issuer duly passed and made law thereof
prior to the issuance hereof.
It is hereby certified that a Special Improvement
Guaranty Fund has been created by ordinance as authorized by
Utah statutes, and the Issuer agrees that at all times
during the life of this Bond and until payment thereof in
full, said fund shall be at all times maintained as therein
required. This Bond is not a general obligation of the
Issuer but is payable exclusively out of said Special
Assessment Fund and said Special Improvement Guaranty Fund.
The Issuer shall not be held liable for the payment of this
Bond, except to the extent of the Funds created and received
by said regular assessments and to the extent of its Special
Improvement Guaranty Fund; but the Issuer shall be held
responsible for the lawful levy of all regular assessments,
for the creation and maintenance of the Special Improvement
Guaranty Fund as provided by law, and for faithful
accounting, collection, settlement, and payment of the
assessments and for the monies of said fund.
The special assessments made and levied to defray said
cost, with accruing interest thereon, and the cost of
collection of the assessments constitute a lien upon and
against the property upon which such assessments were made
and levied from and after June 2, 1987, the date upon which
the ordinance levying such assessments became effective,
which lien is superior to the lien of any trust deed,
mortgage, mechanic' s or materialman' s lien, or other
encumbrance. Said lien is equal to and on a parity with the
lien for general property taxes and shall continue until the
assessments and interest thereon are paid, notwithstanding
any sale of the property for or on account of a general
property tax, regular tax, other assessment, or the issuance
of an auditor' s deed.
This Bond is transferable, as provided in the Bond
Resolution, only upon the books of the Issuer kept for that
purpose at the principal office of the Bond Registrar, by
the Registered Owner hereof in person or by his attorney
duly authorized in writing, upon surrender hereof together
with a written instrument of transfer satisfactory to the
ta225 24 081387
Bond Registrar, duly executed by the Registered Owner or
such duly authorized attorney, and thereupon the Issuer
shall issue in the name of the transferee a new registered
Bond or Bonds of authorized denominations of the same
aggregate principal amount, series, designation, maturity
and interest rate as the surrendered Bond, all as provided
in the Bond Resolution and upon the payment of the charges
therein prescribed. No transfer of this Bond shall be
effective until entered on the registration books kept by
the Bond Registrar. The Issuer, the Bond Registrar and the
Paying Agent may treat and consider the person in whose name
this Bond- is- registered on the -registration- books kept by
the Bond Registrar 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, and neither
the Issuer, nor the Bond Registrar nor the Paying Agent
shall be affected by any notice to the contrary.
The Bonds are issuable solely in the form of registered
Bonds without coupons in the denomination of $1,000 or
$5,000 or any integral multiples thereof.
The Bonds maturing after September 1, 1994 are callable
for redemption at the option of the City Council on
September 1, 1994 or on any interest payment date thereafter
prior to maturity, in whole or in part, in inverse order of
maturity upon not less than thirty (30) days prior to
notice, at a price equal to the principal amount thereof,
plus accrued interest to the date of redemption and a
premium of one per cent (1%) of the principal amount of each
bond so called for redemption prior to maturity.
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 Bond Resolution.
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 Act and all other laws applicable thereto.
It is hereby certified and recited that all conditions, acts
and things required by the Constitution or statutes of the
State of Utah and by the Act and the Bond Resolution to
exist, to have happened or to have been performed precedent
to _ or in connection with 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 Issuer,
is within every debt and other limit prescribed by said
Constitution and statutes, and that the aggregate amount of
special assessment bonds of the Issuer for the District,
ta225 25 081387
including this Bond, does not exceed the amount authorized
by law nor the special assessment levied to cover the cost
of improvements in the District, and that all of said
special assessment has been lawfully levied.
This Bond shall not be valid until the Certificate of
Authentication hereon shall have been manually signed by the
Bond Registrar.
IN WITNESS WHEREOF, THE CITY COUNCIL OF SALT LAKE CITY,
SALT LAKE COUNTY, UTAH, has caused this Bond to be signed in
its name and on -its behalf by its Mayor and attested by its
City Recorder (the signatures of said Mayor and City
Recorder being by facsimile or manual signature) , and has
caused the facsimile of its corporate seal to be printed
hereon, and said officials by the execution hereof to adopt
as and for their own proper signatures their facsimile
signatures appearing on each of the Bonds.
(Do Not Sign)
Mayor
ATTEST:
(Do Not Sign)
City Recorder
[ S E A L ] ,
ta225 26 081387
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds described in the within
mentioned Bond Resolution and is one of the Special
Assessment Bonds, Series 1987, of Salt Lake City, Salt Lake
County, Utah.
ZIONS FIRST NATIONAL BANK,
as Bond Registrar
By
Authorized Officer
Date of Authentication:
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
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and
not as tenants in common
UNIF GIFT MIN ACT - Custodian
(Cust) (Minor)
under Uniform Gifts to Minors Act
(State)
Additional abbreviations may also be used though not in
the above list.
ta225 27 081387
ASSIGNMENT
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 and hereby irrevocably constitutes and
appoints
attorney to register the transfer of said Bond on the books
kept for registration thereof, with full power of
substitution in the premises.
Dated: Signature:
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.
SIGNATURE GUARANTEED:
NOTICE: Signature(s) must be
guaranteed by a member firm of
the New York Stock Exchange or
a commercial bank or trust
company.
ta225 28 081387
ARTICLE VI
MISCELLANEOUS
6. 1. Ratification. All proceedings, resolutions and
actions of the Issuer and its officers taken in connection
with the sale and issuance of the Bonds are hereby ratified,
confirmed and approved.
6.2 . Severability. It is hereby declared that all
parts of this Bond Resolution are severable, and if any
section, paragraph, clause or provision of this Bond
Resolution shall, for any reason, be held to be invalid or
unenforceable, the invalidity or unenforceability of any
such section, paragraph, clause or provision shall not
affect the remaining provisions of this Bond Resolution.
6.3 . Conflict. All resolutions, orders and
regulations or parts thereof heretofore adopted or passed
which are in conflict with any of the provisions of this
Bond Resolution are, to the extent of such conflict, hereby
repealed.
6.4. Captions. The table of contents or headings
herein are for convenience of reference only and in no way
define, limit or describe the scope or intent of any
provisions or sections of this Bond Resolution.
6.5. Effective Date. This Bond Resolution shall take
effect immediately.
ADOPTED AND APPROVED this 11th day of August, 1987.
r
\ Chairperson
A
e��— . I-b ,
Uty'R'.-7rder
[ S E A L ]
ta225 29 081387
After due consideration of said resolution by the City
Council, Councilmember Godfrey moved to adopt the
resolution. The motion was seconded by Councilmember Kirk
and the same was put to a vote and was unanimously carried
by the affirmative vote of all members present, the vote
being as follows:
AYE: Roselyn N. Kirk
Florence Bittner
Grant Mabey
Tom Godfrey
Earl F. Hardwick
W. M. "Willie" Stoler
Sydney Reed Fonnesbeck
NAY: None
ta225 30 081987
(Other business not pertinent to the foregoing appears
in the minutes of the meeting. )
The meeting was then adjourned.
Chairperson
ATTEST:
14
UVRecorder
( S E A L )
ta225 31 081387
STATE OF UTAH )
SS.
COUNTY OF UTAH )
I , Kathryn Marshall, the duly qualified and acting
Recorder of Salt Lake City, Salt Lake County, Utah, do
hereby certify according to the records of said City in my
official possession that the foregoing constitutes a true
and correct copy of the minutes of the meeting of the City
Council held on August 11, 1987, including a resolution
adopted at said meeting as said minutes and resolution are
officially of record in my possession.
IN WITNESS WHEREOF, I have hereunto subscribed my
official signature and impressed hereon the official seal of
said City this llth day of August, 1987 .
ty Recorder
( S E A L )
ta225 32 081387
Exhibit "A"
STATE OF UTAH ) CERTIFICATE OF COMPLIANCE
: ss WITH OPEN MEETING LAW
COUNTY OF SALT LAKE )
I , Kathryn Marshall, the duly qualified Recorder of
Salt Lake City, Salt Lake County, Utah, do hereby certify:
1. 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;
2 . 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 August 11,
ta225 33 081387
J
1
•I
1987, was given by. specifying in a Notice of Regular Meeting
the agenda, date, time and place of the August 11, 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 7th
day of August, 1987, a date not less than 24 hours prior to
the date and time of the August 11, 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 August 11, 1987 regular Council
meeting; and causing a copy of the Notice of Regular Meeting
to be provided on August 7, 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 llth day of
August, 1987.
ty Recorder
[ S E A L
ta225 34 081387