044 of 2011 - authorizing the issuance and sale of up to $2,000,000 aggregate principal amount of General Obligati R 11-1
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RESOLUTION No.44 OF 2011
A Resolution authorizing the issuance and sale of up to $2,000,000
aggregate principal amount of General Obligation Bonds of Salt Lake
City, Utah,for purposes of acquiring and preserving Open Space,Park and
Recreational Lands, as described herein; fixing the maximum aggregate
principal amount of the bonds, the maximum number of years over which
the bonds may mature, the maximum interest rate that the bonds may bear
and the maximum discount from par at which the bonds may be sold;
providing for the publication of a Notice of Bonds to be Issued; providing
for the running of a contest period; providing for the holding of a public
hearing relative to the City's general obligation bonds for open space;
authorizing the advertisement for sale of the bonds and the circulation of
an Official Statement with respect thereto; and providing for related
matters.
WHEREAS, at the special bond election duly and lawfully called and held in Salt Lake
City, Utah (the "City"), on November 4, 2003 (the "Special Bond Election"), the issuance of
bonds was authorized as follows:
(1) $10,200,000 principal amount of general obligation bonds (the
"Proposition No. 1 Bonds") was authorized for the purpose of paying the costs of
acquiring, improving and renovating facilities for Hogle Zoo located at approximately
2600 East Sunnyside Avenue;
(2) $10,200,000 principal amount of general obligation bonds (the
"Proposition No. 2 Bonds") was authorized for the purpose of paying the costs of
renovating, improving and preserving the old main library building and providing related
facilities located at approximately 5th South Street and 2nd East Street to establish a
science, culture and art education center currently known as The Leonardo at Library
Square;
(3) $5,400,000 principal amount of general obligation bonds (the
"Proposition No. 4 Bonds") was authorized for the purpose of paying the costs of
acquiring and preserving open space, park and recreational lands and amenities (the
"Project");
(4) $15,300,000 principal amount of general obligation bonds (the
"Proposition No. S Bonds") was authorized for the purpose of paying the costs of
acquiring, constructing, furnishing and equipping a multi-purpose regional sports,
recreation and education complex and related roads, parking and improvements;
(5) $1,100,000 principal amount of general obligation bonds (the
"Proposition No. 6 Bonds") was authorized for the purpose of paying the costs of
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improving and renovating Tracy Aviary located at approximately 589 East Street and
1300 South Street; and
WHEREAS, the result of the Special Bond Election was declared by the City Council of
the City (the "Council"), sitting as a Board of Canvassers,on November 10,2003;
WHEREAS, the City has heretofore authorized and issued $22,300,000 of the bonds voted
at the Special Bond Election, consisting of all of the Proposition No. 1 Bonds, the Proposition
No. 2 Bonds and the Proposition No. 6 Bonds and $800,000 of the Proposition No.4 Bonds;
WHEREAS, the City has not heretofore issued any of the Proposition No. 5 Bonds voted at
the Special Bond Election;
WHEREAS, the Council has determined to authorize the issuance and sale at this time of
up to an additional $2,000,000 principal amount of the bonds voted at the Special Bond Election,
consisting of up to $2,000,000 of authorized Proposition No.4 Bonds to finance the Project (the
"Bonds");
WHEREAS, pursuant to the applicable provisions of Title 10 of the Utah Code Annotated
1953, as amended (the "Utah Code"), the Local Government Bonding Act, Chapter 14 of
Title 11 of the Utah Code and the authorization of the Special Bond Election, the City has the
authority to issue the Bonds for the purpose of paying all or a part of the costs of the Project;
WHEREAS, Section 11-14-316 of the Utah Code provides for the publication of a Notice
of Bonds to be Issued, and the City desires to cause the publication of such a Notice at this time
in compliance with said Section with respect to such general obligation 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 as provided by law and, in satisfaction of such requirement, the City desires to publish a
Notice of Public Hearing and Intent to Issue Bonds (the "Notice of Public Hearing") pursuant to
such Section; and
WHEREAS, the City desires to provide for the holding of a public hearing, as required by
law, and to allow for alternative methods for the sale of the Bonds;
Now, THEREFORE, Be It Resolved by the City Council of Salt Lake City, Utah, as
follows:
Section 1. The Council hereby finds and determines that it is in the best interests of the
residents of the City for the City to issue the Bonds as its general obligation bonds in an
aggregate principal amount not to exceed $2,000,000, consisting of up to $2,000,000 of
authorized Proposition No. 4 Bonds, to bear interest at a rate or rates of not to exceed five
percent (5.00%) per annum, to mature over a period not to exceed eleven (11) years from the
date or dates of their issuance, and to be sold at a discount from par, expressed as a percentage of
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principal amount,of not to exceed two percent (2.00%),pursuant to a resolution to be adopted by
the Council authorizing and confirming the issuance and sale of the Bonds (the substantially final
form of which is attached hereto as Exhibit 1 and is herein referred to as the "Final Bond
Resolution"). Therefore, the City hereby declares its intention to issue the Bonds according to
the provisions of this Resolution and the Final Bond Resolution. The Bonds are to be issued for
the purpose of paying all or a part of the costs of the Project. The Bonds may be issued and sold
in a single series or in multiple series. If the Bonds are sold in more than one series, each series
may be sold separately or may be combined with one or more other series of the Bonds.
Section 2. The Council hereby authorizes and approves the issuance and sale of the
Bonds, pursuant to the provisions of this Resolution and the Final Bond Resolution, with such
changes to the Final Bond Resolution as shall be approved by the Council-upon the adoption
thereof,provided that the principal amount, interest rates, maturity and discount, if any, of and
for the Bonds shall not exceed the respective maximums set forth in Section 1 hereof.
Section 3. In accordance with the provisions of Section 11-14-316 of the Utah Code,
the City Recorder shall cause a "Notice of Bonds to be Issued," in substantially the form attached
hereto as Exhibit 2, to be published one time in The Salt Lake Tribune and the Deseret Morning
News, newspapers of general circulation in the City, and shall cause a copy of this Resolution
(together with all exhibits hereto) and of the Final Bond Resolution to be kept on file in the
office of the City Recorder for public examination during the regular business hours of the City
until at least thirty (30) days from and after the date of publication thereof.
For a period of thirty (30) days from and after publication of the Notice of Bonds to be
Issued, any person in interest shall have the right to contest the legality of this Resolution
(including the Final Bond Resolution attached hereto) or the Bonds hereby authorized or any
provisions made for the security and payment of the Bonds. After such time, no one shall have
any cause of action to contest the regularity, formality or legality of this Resolution (including
the Final Bond Resolution) or the Bonds or any provisions made for the security and payment of
the Bonds for any cause.
Section 4. In satisfaction of the requirements of Section 11-14-318 of the Act, a public
hearing shall be held by the Council on Tuesday, November 22,2011, during the regular Council
meeting which begins at 7:00 p.m., at the regular meeting place of the 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 5. The City Recorder or any Deputy City Recorder (the "City Recorder") shall
publish or cause to be published the Notice of Public Hearing and Intent to Issue Bonds (the
"Notice of Public Hearing") in The Salt Lake Tribune and the Deseret News, newspapers having
general circulation in Salt Lake City, Utah, and in which notices relative to the City are
customarily published. Such notice shall be published once a week for two consecutive weeks,
with the first publication being at least 14 days prior to the date set for the public hearing. The
City Recorder shall also post or cause to be posted the Notice of Public Hearing on the Utah
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Public Notice Website no less than 14 days before the public hearing. The Notice of Public
Hearing shall be in substantially the form attached hereto as Exhibit 3.
Section 6. 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 7. All resolutions or parts thereof in conflict herewith are, to the extent of such
conflict,hereby repealed.
Section 8. This Resolution shall take effect immediately upon its adoption.
(Signature page follows.)
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ADOPTED AND APPROVED this 1st day of November,2011.
SALT LAKE CITY,UTAH
��CITY
v' 7
Y ,vcr By
Chair,Cite Council
[SEAL] 4 '
�RnO R AVM"
ATTEST:
By
1 y Recorder
The foregoing ordinance was presented to the
Mayor for his ap �or ' pproval on the
5� ay f1.
Mayor
APPROVED AS TO FORM:
Senior City Attor
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EXHIBIT 1
[ATTACH FORM OF ANAL BOND RESOLUTION]
Exhibit 1-1 '11 Parameters Resolution/Open Space