042 of 2011 - issuance of up to $18 million in subordinate excise tax revenue notes for the purpose of financing a R 11-1
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RESOLUTION No.42 OF 2011
A Resolution providing for the publication of a Notice of Public
Hearing and Intent to Issue Subordinate Excise Tax Revenue Notes
and holding of a public hearing relative to the City's subordinate
excise tax revenue notes; expressing official intent regarding
certain capital expenditures to be reimbursed from proceeds of
such notes;and providing for 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 its residents to issue its
subordinate excise tax revenue notes,in one or more series,in an aggregate principal amount not
to exceed $18,000,000 (the "Notes"), for the purpose of financing a portion of the cost of
acquiring,constructing and equipping a performing arts center and related improvements (the
"Project")and paying all related costs authorized by law pursuant to authority contained in the
Local Government Bonding Act,Chapter 14 of Title 11(the "Act"),of the Utah Code Annotated
1953,as amended,and other applicable provisions of law;
WHEREAS,pursuant to the applicable provisions of the Act,the City has the authority to
issue its subordinate excise tax revenue notes for the foregoing purposes;
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 Notes 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 Subordinate Excise Tax Revenue Notes (the "Notice of Public Hearing")
pursuant hereto;
WHEREAS,Section 11-14-307(7) of the Act requires the City to submit the question of
whether or not to issue the Notes to voters for their approval or rejection if,within 30 calendar
days after the publication of the Notice of Public Hearing, a written petition requesting an
election and signed by at least 20%of the registered voters in the City is filed with the City;
WHEREAS,a portion of the expenditures relating to the initial phase of the Project(the
"Expenditures")(i) have been paid from one,both or either of the City's capital improvement
program fund or the central business district project fund of the Redevelopment Agency of the
City (collectively,the "Funds")within the sixty days prior to the passage of this Resolution or
(ii)will be paid from one,both or either of the Funds on or after the passage of this Resolution
and prior to the issuance of the Notes,which Notes shall be in the maximum principal amount of
$19,000,000;and
WHEREAS,the City desires to provide for the holding of a public hearing,as required by
law;
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8704074/RDB/mo ITAC Public Hearing Re,dm-
NOW, THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah, as
follows:
Section 1. Findings and Determinations. The Council hereby finds, determines and
declares that the financing of the Project with proceeds of the Notes is in the public interest and
is in the best interest of the City and the businesses,residents and consumers within the City.
Section 2. 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, November 22, 2012,
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 Notes and the potential economic impact that the Project will have on
the private sector.
Section 3. Publication of Notice of Public Hearing. In accordance with the
requirements of Section 11-14-318, the City Recorder or any Deputy City Recorder (the "City
Recorder") shall cause a Notice of Public Hearing in substantially the form attached hereto as
Annex 1, to be (a) published in The Salt Lake Tribune and the Deseret News, 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 4. Form of Petition. The form of the petition to be used by registered voters in
requesting that an election be called to authorize the Notes shall be in substantially the form
attached hereto as Annex 2.
Section S. City Recorder to Perform Certain Acts. The City Recorder is hereby
directed to maintain a certified copy of this Resolution on file in office of the City Recorder
during regular business hours for inspection by registered voters of the City, and other interested
persons. The City Recorder is hereby directed to, upon request, supply copies of the form of
petition specified in Section 4 hereof.
Section 6. Reimbursement of Expenditures. The City reasonably expects to reimburse
one, both or either of the Funds for the Expenditures from the proceeds of the Notes.
Section 7. Severability. 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 8. Repealer. All resolutions or parts thereof in conflict herewith are, to the
extent of such conflict, hereby repealed.
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Section 9. Effective Immediately. This Resolution shall take effect immediately upon
its adoption.
ADOPTED by the City Council and APPROVED by the Mayor of Salt Lake City, Utah, this
1st day of November,2011.
SALT LAKE CITY,UTAH
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r1 By
•is �:�.�,; eye
Chair, ity Council
[SEAL] { v
ATTEST:
B
y Recorder
APPROVED:
By —;o —
Mayor
APPROVED AS TO FORM:
By
Senior Ci y Attorney
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