HomeMy WebLinkAbout131 of 1987 - Sale of United States Government Obligations held in EscrowVESt6J-ilon i 1 1) m(-7
Salt Lake City, Utah
November 10, 1987
The Municipal Council of Salt Lake City, Salt Lake County, Utah (the
"Municipal Council"), pursuant to due notice met in regular public session on November 10,
1987, at the hour of 6:00 o'clock P.M., at the regular meeting place of the Municipal
Council in Suite 300 in the City Hall, 324 South State Street, in Salt Lake City, Utah.
The meeting was duly called to order by the Chairperson of the Municipal
Council with the following members being present, constituting a quorum of the Municipal
Council:
Roselyn Kirk Chairperson
Florence Bittner Vice Chairperson
Sydney R. Fonnesbeck Councilmember
Grant Mabey Councilmember
Thomas M. Godfrey Councilmember
Earl F. Hardwick Councilmember
W. M. Stoler Councilmember
Absent: Palmer A. DePaulis Mayor
Kathryn Marshall City Recorder
There were also present:
Michael B. Zuhl Acting Mayor
Linda Domino Chief Deputy City Recorder
Roger F. Cutler City Attorney.
After the minutes of the preceding meeting had been duly read and approved,
the City Recorder presented to the Municipal Council an affidavit evidencing the giving of
not less than twenty-four (24) hours public notice of the agenda, date, time, and place of
the November 10, 1987, regular meeting of the Municipal Council in compliance with the
requirements of Section 52-4-6(2), Utah Code Annotated 1953, as amended, by (1) posting
written notice of the meeting at the principal office of the Municipal Council, and (2)
providing notice to at least one newspaper of general circulation within the geographic
jurisdiction of Salt Lake City, Utah (the "City"), or to a local media correspondent. The
affidavit was ordered recorded in the minutes of the meeting and is as follows:
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STATE OF UTAH )
COUNTY OF SALT LAKE )
I, Kathryn Marshall, the duly qualified and acting City Recorder of Salt Lake
City, Salt Lake County, Utah, do hereby certify, according to the records of said City in my
official possession, and upon my own knowledge and belief, that in accordance with the
requirements of Section 52-4-6(2), 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
November 10, 1987, regular public meeting held by the Municipal Council of Salt Lake City,
Salt Lake County, Utah, by:
(a) causing a Notice of Public Meeting to be posted at the principal office of
the Municipal Council at Suite 300, City Hall, 324 South State Street, in Salt Lake City,
Utah, on November 6, 1987, at least twenty-four (24) hours before the convening of the
meeting, in the form attached hereto as Annex A; said Notice of Public Meeting having
continuously remained so posted and available for public inspection during regular office
hours until the convening of the meeting; and
(b) causing a copy of the Notice of Public Meeting in the form attached hereto
as Annex A to be provided on November 6, 1987, at least twenty-four (24) hours before the
convening of the meeting, to The Salt Lake Tribune and the Deseret News, newspapers of
general circulation within the geographic jurisdiction of Salt Lake City, Utah, and to each
local media correspondent, newspaper, radio station, or television station which has
requested notification of meetings of the Municipal Council.
IN WITNESS WHEREOF, I have hereunto subscribed my official signature and
impressed hereon the official seal of Salt Lake City, Salt Lake County, Utah, this loth day
of November, 1987.
[SEAL]
f, i/h
at 4 yn s
City Ree. :er
Salt Lake C'ty,
Salt Lake County, Utah
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aihki,4taa'
ANNEX A
[Attach Copy of Meeting Notice]
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SALT LAKE CITY COUNCIL AGENDA
CITY COUNCIL CHAMBERS
SUITE 300, CITY HALL
324 SOUTH STATE STREET
Tuesday, November 10, 1987
6:00 p.m.
A. BRIEFING SESSION: 5:00 - 5:55 p.m., Suite 300 City Hall, 324 South State.
1. Report of the Executive Director.
2. The City Council will interview Elma Jean E. Scott -Palmer prior to her
appointment to the Housing Advisory and Appeals Board, Ronald Weber prior to his
appointment to the Board of Appeals and Examiners, and Bernette Murphy and Norma
D. Campbell to their appointments to the Community Development Advisory
Committee.
B. OPENING CEREMONIES:
1. Pledge of Allegiance.
2. Approval of the Minutes.
3. The City Council will present the National Institute for Automotive Service
Excellence with a proclamation of recognition.
4. The City Council will present a plaque to David Johnson for his top score on the
National Institute for Automotive Service Excellence tests.
C. COMMENTS:
D.
1. Questions to the Mayor.
2. Citizen Comments.
CONSENT:
1. Petition No. 400-455, LDS Church.
Set a date for a public hearing to be held Tuesday, November 17, 1987, at 6:20
p.m. to obtain public comment concerning Petition No. 400-455 submitted by the
LDS Church requesting Salt Lake City to vacate a 10 foot alley right of way
located north of the LDS Church at 1078 McClelland.
(P 87-299)
STAFF RECOMMENDATION: Set date.
2. Housing Advisory and Appeals Board, Appointments.
Consider approving the appointments of Elma Jean E. Scott -Palmer, Elizabeth
Haslam, and Maj-Greth H. Holmberg to the Housing Advisory and Appeals Board.
(I 87-2)
STAFF RECOMMENDATION: Approve.
3. Board of Adjustment, Reappointment.
Consider approving the reappointment of I. J. Wagner to the Board of Adjustment.
(I 87-1)
STAFF RECOMMENDATION: Approve.
D: CONSENT AGENDA Cont'd.
E.
4. Board of Appeals and Examiners, Appointment.
Consider approving the appointment of Ronald H. Weber to the Board of Appeals
and Examiners.
(I 87-17)
STAFF RECOMMENDATION: Approve.
5. Community Development Advisory Committee, Appointments.
Consider approving the appointments of Bernette Murphy and Norma Campbell to the
Community Development Advisory Committee.
(I 87-20)
STAFF RECOMMENDATION: Approve.
6. Planning and Zoning Commission, Reappointment.
Consider approving the reappointment of Keith Stepan to the Planning and Zoning
Commission.
(I 87-8)
STAFF RECOMMENDATION: Approve.
7. Parking Meter Fee Waiver.
Consider adopting ordinances amending Sections 46-8-157 and 28-3-157 of the
Revised Ordinances of Salt Lake City, Utah, 1965, relating to exceptions in the
charging of parking meter fees under certain conditions.
(0 87-35)
STAFF RECOMMENDATION: Adopt.
NEW COUNCIL BUSINESS:
1. Section 46-6-105, Users of Drugs and Intoxicants.
Consider adopting an ordinance amending Section 46-6-105 of the Revised
Ordinances of Salt Lake City, Utah, 1965, as amended, relating to Users of Drugs
and Intoxicants.
(0 87-34)
STAFF RECOMMENDATION: Suspend the Rules and Adopt on First Reading.
2. Water and Sewer Improvement Bonds.
Consider adopting a resolution authorizing the restructuring of the escrow
accounts relating to the City's $31,385,000 Water and Sewer Improvement and
Refunding Revenue Bonds, Series 1986.
(Q 86-12)
STAFF RECOMMENDATION: Suspend the Rules and Adopt on First Reading.
E.
NEW COUNCIL BUSINESS Cont'd.
3. Apartment Regulatory Fees.
Consider adopting an ordinance amending Section 20-36-3 of the Revised
Ordinances of Salt Lake City, Utah, 1965, revising business regulatory fees for
apartment houses.
(0 87-36)
STAFF RECOMMENDATION: Suspend the Rules and Adopt on First Reading.
F. UNFINISHED COUNCIL BUSINESS:
1. Lease Revenue Bonds, Public Safety Building
Consider adopting a resolution approving the organization of the Municipal
Building Authority of Salt Lake City, Salt Lake County, Utah and the forms of
Articles of Incorporation and By -Laws relating thereto, and authorizing the
appropriate officers of said City to take all necessary action in connection
therewith; authorizing and directing the publication of this resolution
approving the selection of an underwriter and bond counsel for certain Lease
Revenue Bonds, Series 1987, to be issued by the Municipal Building Authority.
(Q 87-11)
STAFF RECOMMENDATION: Adopt.
2. Board of Canvassers.
Consider adopting a motion to convene as the Board of Canvassers and adopt a
motion approving and certifying the abstract of votes constituting the canvass
of the Municipal Election held Tuesday, November 3, 1987, for Mayor and Council
Members in Districts 2, 4, and 6; and adjourn as the Board of Canvassers.
(U 87-2)
STAFF RECOMMENDATION: Adopt.
G. PUBLIC HEARINGS:
1. Budget Amendment No. 1.
6:20 p.m.
Obtain public comment concerning a resolution amending budgets of Salt Lake
City, Utah, for the fiscal year beginning July 1, 1987, and ending June 30,
1988.
(B 87-5)
STAFF RECOMMENDATION: Close hearing and adopt with exception of
allocation for 15 additional firefighters.
2. Petition No. 400-552, UNISYS.
6:30 p.m.
Obtain public comment concerning Petition No. 400-552 submitted by UNISYS
requesting that Sperry Way be changed to 2200 West Street.
(P 87-298)
STAFF RECOMMENDATION: Close hearing and adopt.
H. ADJOURNMENT:
** ORDINANCES PERTAINING TO ANY ITEM ON THIS AGENDA MAY BE ADOPTED**
DATED: November 6, 1987
BY:
STATE OF UTAH )
COUNTY OF SALT LAKE ) ss.
On the 6th day of November, 1987, I personally delivered a copy of the foregoing
notice to the Mayor and City Council and posted copies of the same in conspicuous
view, at the following times and locations within City Hall, 324 South State Street,
Salt Lake City, Utah:
1. At 5:00 p.m. in the City Recorder's Office, 5th Floor; and
2. At 5:00 p.m. in the Newsroom, Room 325.
Subscribed and sworn to before me this 6th day of November, 1987.
My Commission Expires:
to(art 1 ccci
4 i
Notary Publ 'siding in the
State of Utah
APPROVAL:
ECUTIVE DIRECTOR
Thereupon, after the conduct of other business not pertinent to the following,
the following resolution was introduced by the Chairperson in written form and, pursuant to
motion duly made by Councilmember Kirk and seconded by Councilmember Mabey was
adopted and approved by the following vote:
Aye: Roselyn Kirk
Florence Bittner
Sydney R. Fonnesbeck
Grant Mabey
Thomas M. Godfrey
Earl F. Hardwick
W. M. Stoler
Nay: None
Absent: None.
The resolution was approved as to form and signed by the City Attorney, was
signed by the Chairperson of the Municipal Council, and was attested and recorded by the
City Recorder in the official records of said City. The resolution is as follows:
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RESOLUTION NO. 131 OF 1987
A RESOLUTION APPROVING THE SALE OF CERTAIN UNITED
STATES GOVERNMENT OBLIGATIONS HELD IN AN ESCROW
ACCOUNT PURSUANT TO THE ESCROW AGREEMENT DATED AS
OF AUGUST 1, 1986, BY AND BETWEEN SALT LAKE CITY, SALT
LAKE COUNTY, UTAH, AND MOORE TRUST COMPANY, AS
ESCROW AGENT; PROVIDING FOR THE APPLICATION OF SUCH
SALE PROCEEDS AND APPROVING THE PURCHASE OF CERTAIN
OTHER UNITED STATES GOVERNMENT OBLIGATIONS TO BE
DEPOSITED AND HELD IN SUCH ESCROW ACCOUNT BY THE
ESCROW AGENT; AUTHORIZING THE EXECUTION AND DELIVERY
OF A FIRST SUPPLEMENTAL ESCROW AGREEMENT; AND
RELATED MATTERS.
WHEREAS, Salt Lake City, Salt Lake County, Utah (the "City"), has entered
into an Escrow Agreement dated as of August 1, 1986 (the "Escrow Agreement"), by and
between the City and Moore Trust Company, of Salt Lake City, Utah, as Escrow Agent (the
"Escrow Agent"), in connection with the issuance by the City of $31,385,000 Water and
Sewer Improvement and Refunding Revenue Bonds, Series 1986 (the "Bonds"), and providing
for the deposit of certain moneys and securities in an Escrow Account held by the Escrow
Agent under the Escrow Agreement, and specifying the duties of the Escrow Agent; and
WHEREAS, there has been presented to the Municipal Council the form of a
First Supplemental Escrow Agreement dated as of November 16, 1987 between the City and
the Escrow Agent (the "First Supplemental Escrow Agreement"), a copy of which is
attached hereto as Exhibit B, providing for the sale of certain United States government
obligations, the application of the proceeds of such sale, and the purchase of certain other
United States government obligations, all as more fully described in the First Supplemental
Escrow Agreement (said sale, application, and purchase hereinafter sometimes referred to
as "Subsequent Action"); and
WHEREAS, Article VIII of the Escrow Agreement provides that the rights,
powers, duties and obligations of the Escrow Agent, the City and the City Treasurer shall be
irrevocable and shall not be subject to amendment during the term of the Escrow
Agreement except as provided in Article VIII thereof; and
WHEREAS, a report of Ernst & Whinney, Certified Public Accountants (the
"Report"), containing an opinion to the effect that the amounts to be available in the
Escrow Account for the payment of the Refunded Bonds (as defined in the Escrow
Agreement) will remain sufficient to pay when due all principal of and interest on the
Refunded Bonds after the Subsequent Action has been taken, and verifying the
mathematical computations of the yield on the obligations in the Escrow Account after the
Subsequent Action has been taken, is to be made available to the Escrow Agent prior to
giving effect to the Subsequent Action in satisfaction of the requirements of Section 8.1(3)
of the Escrow Agreement; and
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WHEREAS, an opinion of Chapman and Cutler, bond attorneys, to the effect (A)
that the Subsequent Action will not (i) cause the interest on the Bonds or the Refunded
Bonds to become taxable under the laws of the United States of America providing for
taxation of income, or (ii) violate the covenants of the City not to cause the Bonds or
Refunded Bonds to become "arbitrage bonds" under Section 148 of the Internal Revenue
Code of 1986 (the "Code"), as the successor provision to Section 103(c) of the Internal
Revenue Code of 1954, as amended, the provisions of H.R. 3838 not being retroactively
applicable to the Bonds by the adoption of the Code and (B) that the Subsequent Action does
not materially adversely affect the legal rights of the holders of the Bonds or the Refunded
Bonds, is to be made available to the Escrow Agent prior to giving effect to the Subsequent
Action in satisfaction of the requirement of Section 8.1(2) of the Escrow Agreement; and
WHEREAS, it is the opinion of the Municipal Council that the Subsequent
Action is in the best interests of the City and that the requirements of Article VIII of the
Escrow Agreement will have been met prior to the taking of the Subsequent Action;
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF
SALT LAKE CITY, SALT LAKE COUNTY, UTAH, AS FOLLOWS:
SECTION 1. Approval of Escrow Restructuring. In accordance with the
provisions of Article VIII of the Escrow Agreement, the proposed sale of certain of the
Escrow Investments (as defined in the Escrow Agreement) held by the Escrow Agent in the
Escrow Account (as defined in the Escrow Agreement), the application of the proceeds of
such sale, and the purchase of the United States Treasury Obligations of the State and Local
Government Series to be held in the Escrow Account, all as provided for in the First
Supplemental Escrow Agreement, are hereby authorized, confirmed and approved. By this
reference, the provisions of the Escrow Agreement are hereby incorporated in this
Resolution.
SECTION 2. Approval of First Supplemental Escrow Agreement. The form of
the First Supplemental Escrow Agreement attached hereto as Exhibit B is hereby
approved. The Acting Mayor (the Mayor being absent from the State) is authorized to
execute and deliver the First Supplemental Escrow Agreement in substantially the form
thereof which is before the Municipal Council at the meeting at which this Resolution is
being adopted, with such changes therein as are not inconsistent with this Resolution and as
are approved by the person executing such document, his execution to constitute conclusive
evidence of such approval and approval of the Municipal Council. The City Recorder is
hereby authorized to affix the official seal of the City to the First Supplemental Escrow
Agreement, and to countersign and attest said seal and the execution of the First
Supplemental Escrow Agreement.
SECTION 3. Delivery of Resolution to Escrow Agent. The City Recorder is
hereby directed to supply to the Escrow Agent a copy of this Resolution and the exhibit
hereto and to deliver or cause to be delivered to the Escrow Agent all other certifications,
opinions and documents required by Article VIII of the Escrow Agreement.
SECTION 4. Other Actions With Respect to the Subsequent Action. 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 including,
without limitation, the execution and delivery of any closing and other documents required
to be delivered in connection with the Subsequent Action.
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SECTION 5. Ratification. Any and all actions heretofore taken by officials of
the City and the Escrow Agent in connection with the Subsequent Action are hereby
approved, ratified and confirmed.
SECTION 6. 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 7. Effective Date. This Resolution shall be effective immediately
upon its approval and adoption.
ADOPTED AND APPROVED by the Municipal Council of Salt Lake City, Salt
Lake County, Utah, this loth day of November, 1987.
SALT LAKE CITY,
SALT LAKE COUNTY, UTAH
[SEAL] By
ATTEST:
By
Kat M
City Reco
Salt Lake
hal
r, Salt Lake City,
ounty, Utah
Rosen Kit
Chairperson of the Municipal
Council, Salt Lake City,
Salt Lake County, Utah
APPROVED as
By
form:
oger F-lCutler
City Attorney
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meeting.)
(Other business not pertinent to the above appears in the minutes of the
Upon the conclusion of all business and upon motion duly made and carried, the
meeting of the Municipal Council was adjourned.
ATTEST:
Kati yyL Mars
City Record
[SEAL]
Roselyn dirk
Chairperson
-9-
STATE OF UTAH )
COUNTY OF SALT LAKE )
I, Kathryn Marshall, the duly qualified and acting City 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 above and foregoing constitutes a true and correct copy of
excerpts from the minutes of a regular public meeting of the Municipal Council of Salt Lake
City, Salt Lake County, Utah, held on November 10, 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 corporate seal of Salt Lake City, Salt Lake County, Utah, this loth
day of November, 1987.
[SEAL]
rf'rt%. ...._P
all
Kat
City Reco.. -
Salt Lake ty, Salt Lake
County, Utah
-10-
Exhibit B
[Attach First Supplemental Escrow Agreement]
RJS/jgl/855890Proc
EXHIBIT B
FIRST SUPPLEMENTAL ESCROW AGREEMENT
Dated as of November 16, 1987
BETWEEN
SALT LAKE CITY, SALT LAKE COUNTY, UTAH
and
MOORE TRUST COMPANY
Supplementing and Amending
the Escrow Agreement
dated as of August 1, 1986
between
Salt Lake City, Salt Lake County, Utah
and
Moore Trust Company
FIRST SUPPLEMENTAL ESCROW AGREEMENT
THIS FIRST SUPPLEMENTAL ESCROW DEPOSIT AGREEMENT (the "First
Supplemental Escrow Agreement"), entered into as of November 16, 1987 between Salt Lake
City, Salt Lake County, Utah (the "Issuer"), and Moore Trust Company, as Escrow Agent
(the "Escrow Agent"), supplementing and amending the Escrow Agreement dated as of
August 1, 1986 between the Issuer and the Escrow Agent (the "Original Escrow
Agreement"):
WITNESSETH:
WHEREAS, the Issuer and the Escrow Agent have entered into the Original
Escrow Agreement in connection with the issuance by the Issuer of $31,385,000 Water and
Sewer Improvement and Refunding Revenue Bonds, Series 1986 (the "Bonds"), and providing
for the deposit of certain moneys and securities and specifying the duties of the Escrow
Agent; and
WHEREAS, Article VIII of the Escrow Agreement provides that the rights,
powers, duties and obligations of the Escrow Agent and the Issuer shall be irrevocable and
shall not be subject to amendment during the term of the Escrow Agreement except as
provided in Article VIII thereof; and
WHEREAS, the Issuer has authorized the execution and delivery of this First
Supplemental Escrow Agreement providing for the sale of certain United States government
obligations, the reinvestment of a portion of the proceeds of such sale in certain other
United States government obligations, and the application of the balance of such sale
proceeds (said sale, reinvestment and application hereinafter sometimes referred to as
"Subsequent Action"); and
WHEREAS, there has been provided to the Escrow Agent, in satisfaction of the
requirement of Section 8.1(2) of the Original Escrow Agreement an opinion of Chapman and
Cutler, bond attorneys, to the effect (A) that the Subsequent Action will not (i) cause the
interest on the Bonds or the Refunded Bonds to become taxable under the laws of the
United States of America providing for taxation of income, or (ii) violate the covenants of
the Board not to cause the Bonds or Outstanding Bonds to become "arbitrage bonds" under
Section 148 of the Internal Revenue Code of 1986 (the "Code"), as the successor provision to
Section 103(c) of the Internal Revenue Code of 1954, as amended, the provisions of H.R.
3838 not being retroactively applicable to the Bonds by the adoption of the Code and (B)
that the Subsequent Action does not materially adversely affect the legal rights of the
holders of the Refunded Bonds; and
WHEREAS, there has been provided to the Escrow Agent, in satisfaction of the
requirement of Section 8.1(3) of the Original Escrow Agreement, a report of Ernst &
Whinney, Certified Public Accountants (the "Report"), containing an opinion to the effect
that the amounts to be available in the Escrow Account for the payment of the Refunded
Bonds (as defined in the Escrow Agreement) will remain sufficient to pay when due all
principal of and interest on the Refunded Bonds after the Subsequent Action has been taken,
and verifying the mathematical computations of the yield on the obligations in the Escrow
Account after the Subsequent Action has been taken; and
WHEREAS, the Escrow Agent is authorized and empowered to enter into this
First Supplemental Escrow Agreement, and all things necessary to make this First
Supplemental Escrow Agreement a valid and binding agreement have been done;
NOW, THEREFORE, THIS FIRST SUPPLEMENTAL ESCROW AGREEMENT
WITNESSETH:
ARTICLE I
DEFINITIONS
SECTION 1.1. Definitions in Original Agreement. Except as otherwise
provided in this First Supplemental Escrow Agreement, words and terms defined in the
Original Escrow Agreement shall have the same meanings ascribed to them therein when
used herein, unless the context or use indicates a different meaning or intent.
SECTION 1.2. New Definitions. The following terms as used in this First
Supplemental Escrow Agreement shall have the following meanings:
"First Supplemental Escrow Agreement" means these presents.
"Original Escrow Agreement" means the Escrow Agreement, dated as of August
1, 1986, between the Issuer and the Escrow Agreement.
"Substitute Escrow Investments" means the United States Treasury Securities
of the State and Local Government Series deposited with the Escrow Agent in connection
with the Subsequent Action provided for herein and more particularly described in Exhibit B
hereto.
ARTICLE II
Substitution of Government Securities Held in
the Escrow Fund
SECTION 2.1. Substitution of United States Government Obligations.
Notwithstanding anything contained in the Original Escrow Agreement to the contrary, the
Escrow Account portfolio will be revised and restructured as follows:
(A) The Escrow Investments described in Exhibit A hereto shall be sold
to and purchased by Goldman, Sachs & Co., or its designee, at the price of
$20,583,960.35;
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(B) Concurrently with such sale, a portion of the proceeds thereof
($101,170.68) shall be disbursed by the Escrow Agent to the Issuer, deposited in
the Issuer's City of Salt Lake Water and Sewer System Revenue Fund and
immediately applied by the Issuer to pay expenses incurred by the Issuer in
connection with the Subsequent Action and to pay costs and expenses of the
Issuer's water and sewer system; and
(C) Concurrently with such sale, the balance of the proceeds thereof
($20,482,789.67), together with $28,710.33 of cash on deposit in the Escrow
Account, shall be applied by the Escrow Agent to the purchase of the Substitute
Escrow Investments described in Exhibit B hereto at a price of $20,511,500.00;
and
(D) A cash balance of $21,657.05 shall be retained in the Escrow Fund
and applied to the payment of the next succeeding debt service payment due on
the Refunded Bonds.
Thereupon, the securities held by the Escrow Agent under the Original Escrow
Agreement, as supplemented and amended hereby, shall consist of the Substitute Escrow
Investments described in Exhibit C hereto.
SECTION 2.2. Ratification and Confirmation of Substitution. All actions taken
by the Escrow Agent, and the Issuer and the City Treasurer in connection with the sale of
the Government Securities and the purchase of the Substitute Escrow Investments are
hereby ratified and confirmed by the Escrow Agent and the Issuer. The Escrow Agent and
the Issuer agree that the holders of the Outstanding Bonds have a beneficial and vested
interest in the Escrow Account as provided in the Original Escrow Agreement, as
supplemented and amended hereby.
SECTION 2.3. Replacement of Exhibit A to the Original Escrow Agreement.
Exhibit A to the Original Escrow Agreement is hereby deleted in its entirety and replaced
by Exhibit C attached hereto and made a part hereof and thereof. The Escrow Agent
represents that as of the date hereof it holds the Government Securities described in
Exhibit C hereto.
ARTICLE III
MISCELLANEOUS
SECTION 3.1. Amendments. This First Supplemental Escrow Agreement may
be amended to the extent and in the manner permitted by Article VIII of the Original
Escrow Agreement.
SECTION 3.2. Execution of Counterparts. This First Supplemental Escrow
Agreement may be simultaneously executed in several counterparts, each of which shall be
an original and all of which shall constitute but one and the same instrument.
SECTION 3.3. Applicability of Original Escrow Agreement. Except as
supplemented and amended by this First Supplemental Escrow Agreement, all of the
provisions of the Original Escrow Agreement shall remain in full force and effect.
-3-
SECTION 3.4. Severability. In case any one or more of the provisions of this
First Supplemental Escrow Agreement shall, for any reason, be held to be illegal or invalid,
such illegality or invalidity shall not affect any other provisions of this First Supplemental
Escrow Agreement, and this First Supplemental Escrow Agreement shall be construed and
enforced as if such illegal or invalid provisions had not been contained herein.
IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental
Escrow Agreement to be duly executed as of the day and year first above written.
SALT LAKE CITY, SALT LAKE COUNTY, UTAH
[SEAL] By
Countersign and Attest:
City Recorder
Acting Mayor
MOORE TRUST COMPANY,
as Escrow Agent
By
[SEAL] Authorized Officer
Attest:
Authorized Officer
-4-
EXHIBIT A
DESCRIPTION OF ESCROW INVESTMENTS TO BE SOLD
U.S. Treasury Securities
Maturity Principal Interest Sale
Description Date Amount Rate Price
Notes 2/15/91 $ 365,000 9.125% $ 379,804.57
Notes 2/15/92 995,000 14.625% 1,240,725.12
Notes 2/15/93 12,740,000 10.875% 14,161,089.87
Notes 8/15/93 80,000 11.875% 93,175.82
Notes 3/31/88 785,000 7.125% 792,182.43
Notes 3/31/89 816,000 11.250% 862,978.52
Notes 3/31/90 905,000 7.250% 895,325.65
Notes 2/15/91 609,000 0.000% 461,146.98
Notes 2/15/93 2,180,000 0.000% 1,342,880.00
Notes 2/15/94 639,000 0.000% 354,651.39
TOTAL $20,583,960.35
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EXHIBIT B
DESCRIPTION OF SUBSTITUTE ESCROW INVESTMENTS TO BE PURCHASED
Description
Principal Interest Maturity Purchase
Amount Rate Date Price
SLG $ 1,072,700 0.000% April 1, 1988 $ 1,072,700
SLG 68,400 0.000% October 1, 1988 68,400
SLG 905,800 0.000% April 1, 1989 905,800
SLG 40,000 0.000% October 1, 1989 40,000
SLG 927,500 0.000% April 1, 1990 927,500
SLG 5,700 0.000% October 1, 1990 5,700
SLG 971,500 3.667% April 1, 1991 971,500
SLG 993,100 9.220% April 1, 1992 993,100
SLG 14,863,800 9.340% April 1, 1993 14,863,800
SLG 53,200 9.410% October 1, 1993 53,200
SLG 609,800 9.500% April 1, 1994 609,800
SLG = United States Treasury Obligation of the State and Local Government Series
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EXHIBIT C
ESCROW INVESTMENTS HELD IN ESCROW ACCOUNT
FOLLOWING "SUBSEQUENT ACTION"
U.S. Treasury Securities
Maturity Principal Interest
Description Date Amount Rate
Notes 8/15/94 $ 36,000 12.625%
Notes 2/15/95 1,314,000 11.250%
STRIP 2/15/94 621,000 0.000%
STRIP 8/15/95 59,000 0.000%
STRIP 2/15/96 1,434,000 0.000%
STRIP = United States Treasury Obligation of the State and Local Government Series
Description
Principal Interest Maturity Purchase
Amount Rate Date Price
SLG $ 1,072,700 0.000% April 1, 1988 $ 1,072,700
SLG 11,900 9.100% May 1, 1988 11,900
SLG 68,400 0.000% October 1, 1988 68,400
SLG 12,000 9.100% May 1, 1989 12,000
SLG 905,800 0.000% April 1, 1989 905,800
SLG 40,000 0.000% October 1, 1989 40,000
SLG 927,500 0.000% April 1, 1990 927,500
SLG 15,000 9.100% May 1, 1990 15,000
SLG 5,700 0.000% October 1, 1990 5,700
SLG 971,500 3.667% April 1, 1991 971,500
SLG 14,900 9.100% May 1, 1991 14,900
SLG 993,100 9.220% April 1, 1992 993,100
SLG 415,300 9.100% May 1, 1992 415,300
SLG 14,863,800 9.340% April 1, 1993 14,863,800
SLG 53,200 9.410% October 1, 1993 53,200
SLG 609,800 9.500% April 1, 1994 609,800
SLG = United States Treasury Obligation of the State and Local Government Series
Restructured Escrow Beginning Cash Balance = $21,657.05
RJS/jgl/855890-ea
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