115 of 1985 - Acceptance of Bids and Award of Special Assessment Bonds Fps o (u4
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Salt Lake City, Utah
September 10, 1985
A regular meeting of the City Council of Salt Lake City,
Salt Lake County, Utah, was held on Tuesday, the loth day of
September , 1985, at the hour of 6 : 00 o'clock p.m. at the
regular meeting place of said City Council, at which meeting
there were present and answering roll call the following
members who constituted a quorum:
Sydney Reed Fonnesbeck Chairperson
Grant Mabey Vice Chairperson
Ronald J. Whitehead Councilmember
Tom Godfrey Councilmember
Edward W. Parker Councilmember
Earl F. Hardwick Councilmember
Roselyn Kirk Councilmember
Also present :
Palmer A. DePaulis Mayor
Albert E. Haines Chief Administrative
Officer
Roger F. 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 approved, the acting
Chairperson stated that the meeting was called for the
purpose, among other things, of considering bids received for
the purchase of $80,000 Special Assessment Bonds Series 1985
( the "Bonds" ) of Salt Lake City, Utah Special Improvement
District, Curb and Gutter No. 38-728 (the "District" ) .
The Chief Administrative Officer then reported that
pursuant to public notice, sealed bids had been received
earlier in the day in the Office of the City Recorder . Prior
to the meeting of the City Council the bids were examined to
determine compliance with the Notice of Sale.
The qualifying bids are as follows :
Name of Bidder Net Interest Cost Premium
Prudential Bache Securities, Inc. 9 . 390909 -0-
After due deliberation, it was determined that the bid
of Prudential Bache Securities, Inc. of Salt Lake City, Utah,
was the best and most advantageous bid submitted for the
purchase of said Bonds, whereupon the following Resolution
was introduced in written form by Councilmember Fonnesbeck,
was fully discussed and pursuant to motion made by
Councilmember Godfrey, and seconded by Councilmember Kirk,
was adopted by the following vote:
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AYE: Sydney Reed Fonnesbeck
Grant Mabey
Ronald J. Whitehead
Tom Godfrey
Edward W. Parker
Earl F. Hardwick
Roselyn Kirk
NAY: None
The Resolution was thereupon signed by the Chairperson
in open meeting and is as follows:
RESOLUTION NO. 115
A RESOLUTION ACCEPTING BIDS AND AWARDING THE SALE
OF $80,000 SPECIAL ASSESSMENT BONDS SERIES 1985 FOR
SALT LAKE CITY, UTAH SPECIAL IMPROVEMENT DISTRICT,
CURB AND GUTTER NO. 38-728 DATED OCTOBER 1, 1985,
FIXING THE INTEREST RATES TO BE BORNE THEREBY.
WHEREAS, sealed bids have been received for the purchase
of $80,000 Special Assessment Bonds Series 1985, for Salt
Lake City, Utah Special Improvement District, Curb and Gutter
No. 38-728; and
WHEREAS, the bid of Prudential Bache Securities, Inc. of
Salt Lake City, Utah, has been determined to be the best and
most advantageous bid for the purchase of said Bonds, said
bid being in full as follows:
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(Attach Copy of Bid)
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07D FORM
S",'_T LAKE CITY
salt Lake County, Utah
;K,000
S�CC:rL I+SSESSi'�'r;, T BOrrDS, SERIES 1505
SPECIa,L I"'PRO;'Ell%T DISTRICT, CURB & GUTTER
N0. 38-728
City a^d County Building
City Recorder's Office
Room 311
Salt Lake City, Utah 84111
Honorable F:ayor and City Council :
For $809000 Special Improvement District, Curb & Gutter No. 38-728 Bonds
of Salt Lake City, dated October 1 , 1985, in denominations of $1 ,000 and
$5,000 and maturing serially on October 1 , 1986 through October 1 , 1995; in
the amounts shown herein, with interest payable October 1 , 1986 and annually
thereafter on the first day of October of each year at the rate or rates
specified herein until said Bonds are paid, we will pay $ (�(') rTID plus
accrued interest, to the date of delivery of said Bonds to us.
The schedule of maturities, coupon rate or rates, total interest to
maturity, the net interest cost, and the net effective interest rate upon
which this bid is based, with interest computed from October 1 ; 1985 to the
maturity date of the Bonds are as follows:
Maturity Date Amount Coupon
1986 $8,000 fL, �
�1987 . . . . 8,000 10
1988 . . . . 8,000 n, _
1989 . . . . 8,000
1990 , , . . 8,000 O,cc:?
• 1991 8,000
1992 . . . . 8,000
1993 8,000 q n0
1994 . . . . 8,000 q 1c;
1995 . . . . 8,000
Total Interest to Maturity. . . . . . . . . . . . . . . . . $ v` ()
Less Premium. . . . . . . . . . . . . . . . . . . . . . . . S Net Interest Cost . . . . . . . . . . . . . . . . . . . . . sL4yr�=-Q �j-�
Net Effective Interest Rate. . . . . . . . . . . . . . . . . q1`1-itM %
C_c_ ;:, ft and s-`_, c" al cv
ihj L uF b�t.0 SALE of these 5c .�s r.hich by t`�is
r,' r, iS .uc a part hereof.
A case'^r's or certified c ,d faith check in the sum of $1 ,600, drawn upon
an i ncor(. s -e,� yank or trust cc-,.�-:y and payable to the order of the Salt
La�:e Cit; '� =�s`_;c.n is er:c'osec' t^ `e retained by said C,ty rott H and
d
appl ied' o, :{:e , •,rchase price of if we are the successful bidder,
other.;ise r---t:irn,ed to us.
Respectfully submitted this loth day of September, 1985.
t
A.=cepted for and on behalf of the City Council of Salt Lake City this loth
day of Septe,,ber, 1985.
ATTEST:
City Recorder
Good faith check # returned and receipt thereof acknowledged
this loth day of September, 1985.— .
For bidders convenience the following information is provided.
i Principal Bond Cumulative
i Year Amount Year Bond Years
1986 . . . f; 8,000 8 8
1987 . . . 8,000 16 24
1988 . . . 8,000 24 48
1989 . . . 8,000 32 80
1990 . 8,000 40 120
7991 . . . 8,000 48 168
1992 . . . 8,000 56 224
1993 . . . 8,000 64 288
1994 . . . 8,000 72 360
1995 . . . 8,000 80 440
Totals $80,000 440
Bond Years . . . . . . . . 440.00
Average Life . . . . . . . 5.50
WHEREAS, in the opinion of the City Council, it is in
the best interest of said Municipality that said bid be
accepted and sale of the Bonds to said Prudential Bache
Securites, Inc. of Salt Lake City, Utah, be confirmed:
NOW, THEREFORE, It Is Hereby Resolved by the City
Council of Salt Lake City, Salt Lake County, Utah, as
follows:
Section 1 . The bid of Prudential Bache Securities,
Inc. of Salt Lake City, Utah, for the purchase of $80 , 000
Special Assessment Bonds for Salt Lake City, Utah Special
Improvement District, Curb and Gutter No. 38-728, which
qualifying bid is set out in full in the preamble hereto, is
hereby accepted, it being hereby found, determined and
declared, after public advertisement for bids for the
purchase of said Bonds, that said bid is the best and most
advantageous bid received and that the Bonds, when issued at
the interest rates stated in the bid, will bear interest at
the lowest rate now obtainable.
Section 2. Said Bonds shall be delivered to said
purchaser as soon as may be after the adoption of this
Resolution, pursuant to due payment therefor in accordance
with the terms of sale.
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Section 3. All resolutions or parts thereof in
conflict herewith are to the extent of such conflict hereby
repealed and that this Resolution shall be in full force and
effect immediately upon its adoption. Since the interest
imposed by the Assessment Ordinance of June 4, 1985, to
accrue on unpaid assessment installments is the net effective
rate of the Bonds, it is herein determined that the rate of
interest to be paid on unpaid assessments is 9 .390909% per
annum until due. Thereafter, all delinquent payments shall
bear interest at the rate of eighteen percent ( 18%) per
annum.
ADOPTED and approved this loth day of September , 1985 .
Chairpersor\
on
ATTEST:
i
j Olty Recorder
( S E A L )
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Other business not pertinent to the foregoing appears in
the minutes of the meeting.
Upon motion duly made and carried, the meeting was
adjourned.
T
Chairperson
VATTE
!t%city Recorder
t�
( S E A L )
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STATE OF UTAH )
. SS.
COUNTY OF SALT LAKE )
I, Kathryn Marshall, the duly appointed, qualified and
acting City Recorder of Salt Lake City, Utah, do hereby
certify that the above and foregoing is a full, true and
correct copy of the record of proceedings of the City Council
of Salt Lake City, Utah, at its regular meeting held on the
loth day of September , 1985, insofar as the same relates to
or concerns Salt Lake City, Utah Special Improvement
District, Curb and Gutter No. 38-728 and the adoption of
Resolution No. 115 as the same appear of record in my office.
I further certify that there is on file in my office a
permanent record of the foregoing resolutions for Special
Improvement District, Curb and Gutter No. 38-728.
IN WITNESS WHEREOF, I have hereunto subscribed my
official signature and affixed the official seal of said
Municipality this loth day of September, 1985 .
j' 'City Recorder
( S E A L )
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STATE OF UTAH )
ss. CERTIFICATE OF COMPLIANCE
COUNTY OF SALT LAKE ) WITH OPEN MEETING LAW
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 1985 Annual Meeting
Schedule of the City Council of Salt Lake city (the
"Council" ) was given, specifying the date, time and
place of the regular meeting of the Council scheduled to
be held during the year 1985, by causing a Notice of
Annual Meeting Schedule for the Council to be posted on
January 4, 1985, at the principal office of the Council
at City Hall, 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 City Hall until the date hereof;
and causing a copy of the Notice of Annual Meeting
Schedule to be provided on January 4, 1985, to at least
one newspaper of general circulation within the
geographic jurisdiction of the Municipality or to a
local media corespondent;
(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
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Council on September 10, 1985, was given, specifying the
date, time and place of the September 10, 1985 Council
meeting and by causing the Notice of Regular Meeting to
be posted at the principal office of the Council at City
Hall in Salt Lake City, Utah, on the 6th day of
September, 1985, a date not less than 24 hours prior to
the date and time of the September 10, 1985 regular
meeting; said Notice of Regular meeting having
continuously remained so posted and available for public
inspection during regular office hours at City Hall
until the date of the September 10, 1985 regular Council
meeting; and causing a copy of the Notice of Regular
meeting to be provided on September 6, 1985 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 and and
affixed the official seal of said City this loth day of
September, 1985.
City Recorder
( S E A L )
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EXHIBIT "A"
Notice of Meeting
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