032 of 2011 - authorizing the issuance and sale of up to $10,000,000 aggregate principal amount of the City's wate R 11-1
Q 11-5
RESOLUTION No.32 OF 2011
A Resolution authorizing the issuance of not more than
$10,000,000 aggregate principal amount of Water and Sewer
Revenue Bonds of Salt Lake City, Utah, fixing the maximum
aggregate principal amount of the bonds, the maximum number of
years over which the bonds may mature,the maximum interest rate
which the bonds may bear and the maximum discount from par at
which the bonds may be sold; authorizing the publication of a
Notice of Bonds to Be Issued; providing for the publication of a
Notice of Public Hearing and the holding of a public hearing; and
related matters.
WHEREAS, the City Council (the "City Council") of Salt Lake City, Utah (the "City")
considers it desirable and necessary and for the benefit of the City and the users of the water,
sewer and stormwater system of the City (the "S'ystern") to issue its water and sewer revenue
bonds, in one or more series (the "Bonds"), for the purpose of (a) financing certain
improvements,facilities and property that will be part of the System, including, but not limited to
the construction of a new stormwater line on Folsom Avenue (the "Project"), (b) funding any
necessary reserves and (c) paying all related costs authorized by law;
WHEREAS, pursuant to the applicable provisions of the Local Government Bonding Act,
Title 11 , Chapter 14 (the "Act"), Utah Code Annotated 1953, as amended (the "Utah Code"),
the City has the authority to issue its water and sewer revenue bonds for the foregoing purposes;
WHER►-;AS, Section 11-14-316 of the Act provides for the publication of a Notice of
Bonds to Be Issued (the "Notice of Bonds to Be Issued") and the running of a 30-day contest
period, and the City desires to cause the publication of such Notice of Bonds to be Issued at this
time in compliance with said section with respect to the Bonds;
WHEREAS, Section 11-14-318 of the Act requires that a public hearing be held to receive
input from the public with respect to the issuance of the Bonds and the potential economic
impact that the Project will have on the private sector, and that notice of such public hearing be
given, and, in satisfaction of such requirement, the City desires to publish a Notice of Public
Hearing and Intent to Issue Water and Sewer Revenue Bonds (the "Notice of Public Hearing")
pursuant thereto;
WHEREAS, all or a portion of the expenditures relating to the Project (the
"Expenditures") (a) have been paid from the water, sewer and stormwater enterprise fund (the
"Fund") within the sixty days prior to the passage of this Resolution or (b) will be paid from the
Fund on or after the passage of this Resolution; and
3053274.02.02.13.doc
8704025IRDB,mo S1,C Water& Sewer Parameters Resolution
(including the Bond Resolution and the Supplemental Indenture),or the Bonds hereby authorized
or any provisions made for the security and payment of the Bonds. After such titne,no one shall
have any cause of action to contest the regularity, formality or legality of this Resolution
(including the Bond Resolution and the Supplemental Indenture)or the Bonds or any provisions
made for the security and payment of the Bonds for any cause.
.Section 3. Public Hearing. In satisfaction of the requirements of Section 11-14-318 of
the Act, a public hearing shall be held by the City Council on Tuesday,September 27.2011,
during the regular City Council meeting which begins at 7:00 p.m.,at the regular meeting place
of the City Council,in the Council Chambers,Room 315 in the City and County Building,451
South State Street,in Salt Lake City,Utah,to receive input from the public with respect to the
issuance by the City of the Bonds and the potential economic impact that the Project will have on
the private sector.
Section 4. Publication of Notice of Public Hearing. In accordance with the
requirements of Section I I-14-318 of the Act,the City Recorder shall cause a Notice of Public
Hearing and Intent to Issue Water and Sewer Revenue Bonds,in substantially the form attached
hereto as Anne.z 5, to be (a) published in The Salt Lake Tribune and the Deseret Ne"s,each a
newspaper having general circulation in the City and in which notices relative to the City are
customarily published,once a week for two consecutive weeks,with the first publication being at
least fourteen days prior to the date set for the public hearing,and(b)posted on the Utah Public
Notice Website,at least fourteen days before the date set for the public hearing.
Section 5. Reimbursement of Expenditures. The City reasonably expects to reimburse
the Fund for the Expenditures from the proceeds of the Bonds.
Section 6. Ratification. All proceedings, resolutions and actions of the City and its
officers taken in connection with the sale and issuance of the Bonds are hereby ratified.
confirmed and approved.
Section 7. Appointment of Bond Counsel. Chapman and Cutler LLP is hereby
appointed as bond counsel for the Bonds.
Section 8. Severabilirv. It is hereby declared that all parts of this Resolution are
severable, and 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 any such
section, paragraph, clause or provision shall not affect the remaining sections, paragraphs,
clauses or provisions of this Resolution.
Section 9. Conflict. All resolutions,orders and regulations or parts thereof in conflict
herewith are,to the extent of such conflict,hereby repealed.
Section 10. Effective Date. This Resolution shall be in full force and effect immediately
upon its adoption.
-3- M'U Watcr&ScncrP:uamc;cr�krs„lu,i�n
ADOPTED and APPROVED by the City Council and Mayor of Salt Lake City, Utah, this
6th day of September,2011.
SALT' LAKE CITY,UTAH
By
Chair
Salt Lake City Council
ATTEST AND COUNTERSIGN:
Cit Recorder
[S F-%�LL-
APPROVED:
2.1TY S �J By ('
Mayor
APPROVED AS TO FORM:
By
Senior C y Attorne
- 4- SLC Water&Se%�er Parameters Resolution