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084 of 1982 - Official Notice of Bond Sale Curb & Gutter Extension NO. 38-622 i 8Z- .-� l RESOLUTION #84, 1982 Q 82-3 Salt Lake City, Utah September 7 , 1982 The City Council of Salt Lake City, Salt Lake County, Utah met in regular session at its regular meeting place in said Municipality at 6 :00 p.m. on the 7th day of September, 1982 , with the following members of the City Council present : Sydney Reed Fonnesbeck Chairperson and Councilmember Palmer A. DePaulis Councilmember Grant Mabey Councilmember Ronald J. Whitehead Councilmember Alice Shearer Councilmember Ione M. Davis Councilmember Edward W. Parker Councilmember Also present : Ted L. Wilson Mayor Albert E. Haines Director of Finance and Administrative Services Roger Cutler City Attorney Absent: Pc'n()LL-t After the meeting had been duly called to order and the minutes of the preceding meeting read and approved, Councilmember Shearer introduced in written form the Official Notice of Bond Sale , $353 , 000 Special Assessment Bonds , Series 1982 of Special Improvement District, Curb and l Gutter Extension No. 38-622 , and moved that the- Notice be approved in all respects and that the City Officials and the financial consultant for the Municipality be authorized and directed to use any appropriate means of notifying prospective investors of the scheduled bond sale. The motion was seconded by Councilmember Parker and adopted by the following vote: YEA: Sydney Reed Fonnesbeck Palmer A. DePaulis Grant Mabey Ronald J. Whitehead Alice Shearer Ione M. Davis Edward W. Parker NAY: None The Official Notice of Bond Sale is as follows : -2- OFFICIAL NOTICE OF BOND SALE $353,000 SPECIAL ASSESSMENT BONDS, SERIES 1982 SPECIAL IMPROVEMENT DISTRICT, CURB b GUTTER EXTENSION NO. 38-622 SALT LAKE CITY SALT LAKE COUNTY, UTAH Public notice is hereby given that on Tuesday, the 28th day of September, 19829 at the hour of 12:00 Noon, M.D.T., at the City Recorder's Office in Room 311 of the City and County Building in Salt Lake City, Utah, the Salt Lake City Council (the "City Council") will receive sealed bids for the purchase of $353,000, Special Assessment Bonds, Series 1982, Special Improvement District, Curb b Guter Extension No. 38-622 (the "Bonds"). It is anticipated that the award of the bid will be made at 6:00 P.M. M.D.T. at a regular meeting of the City Council. The • Bonds are dated November 1, 1982, will be issued in denominations of $5,000 and $1,000, and are not registrable as to principal and interest, and will mature serially in numerical order on November 1 as follows: November 1 Bond Number Maturity Amount , 1983 $35,000 1- 7 1984 359000 8-14 1985 35,000 15-21 1986 359000 22-28 1987 359000 29-35 1988 35,000 36-42 1989 359000 43-49 1990 369000 50 51-57 1991 369000 58 59-65 1992 36,000 66- 67-73 Interest Rates The Bonds will bear interest at any number of different rates not exceeding five. any of which may be repeated, which rates shall be expressed is multiples or one-eighth or one-twentieth of one per cent (1/8th or 1/2Oth -3- of 1%), but the highest rate bid for any of the Bonds shall not of same exceed sthe lowest rate bid by more than two per cent (2%). All maturity must bear a single rate of interest and only one coupon will be attached to each Bond for each installment of interest thereon. A zero rate cannot be named for all or any part of the time from the date of any Bond to its stated maturity, and any premium must be paid in the funds specified for the payment of the Bonds as part of the purchase price. Interest will be payable November 1, 1983 and annually thereafter at the coupon rate or rates fixed at the time the Bonds are sold. Redemption The Bonds maturing after November 1, 1989 are callable for redemption at the option of the City Council on November 1, 1989, or on any interest payment date thereafter prior to maturity, in whole or in part, in inverse numerical order upon not less than thirty (30) - days prior notice, at a price equal to the principal amount thereof, plus accrued interest to the date of redemption and a premium of two per cent (2%) of the principal amount of each Bond so called for redemption prior to maturity.. Place of Payment Both principal of and interest on the Bonds will be payable in lawful money of the United States of America at Lions First National Bank, One South Main Street, Salt Lake City, Utah 84111. Award Award or rejection of bids will be made on the date above-stated for receipt of bids, and the good faith checks of the unsuccessful bidders will be returned immediately. The Bonds will be awarded to the responsible bidder offering to pay the lowest net interest cost to the City, computed from the date of the Bonds to maturity, and taking into consideration the premium, if any, on the purchase price of the Bonds. Form of Bid Each bidder is required to submit an unconditional bid specifying: (a) the lowest coupon rate or rates of interest and the premium, if any, at which the bidder will purchase the Bonds; or (b) the lowest rate or rates of interest at which the bidder will purchase the Bonds at par: Each bid must be in writing for all -'the Bonds herein' offered for sale,* and, together with the bidder's check, must be enclosed in a sealed envelope marked on the outside "Proposal for Bonds" and addressed to the City Recorder of Salt Lake City, Utah at the City and County Building, Room 311, Salt Lake City, Utah 84111. Bidders are requested to state in their bids the net effective interest cost and the net effective interest rate represented by the rates of interest specified in each bid. -4- Bid_ Each bid shall be accompanied by a cashier's or certified check drawn upon an incorporated bank or trust company in the amount of $7,060, payable to the order of the Salt Lake City Corporation. The check of the successful bidder will be held uncashed as evidence of good faith pending the delivery of the Bonds, but which check will be forfeited as liquidated damages if such bid is accepted and the bidder fails to take up and pay for the Bonds when tendered. The check of unsuccessful bidders will be returned to them immediately after the acceptance or rejection of the bids. Sale Reservations The City Council reserves the right: (1) to waive any irregularity or informality in any bid; (2) to reject any and all bids for the Bonds; and (3) to resell the Bonds as provided by law. Manner and Time of Delivery The purchasers will be given at least seven (7) business days advance notice of the proposed date of the delivery of the Bonds when that date has been tentatively determined. It is now estimated that the Bonds will be delivered during the week of November 1, 1982. The City Council will supply the printed Bonds. Delivery of the Bonds will be made in Salt Lake City, Utah, except that the tuccessful bidder may designate some other place of delivery at the bidder's option and expense, said expense to include any costs associated with travel expenses of two City officials or representatives of the City and escrow and closing expenses. The successful bidder must also agree to pay for the Bonds in Federal funds which will be immediately available to the City Council in Salt Lake City, Utah, on the day of delivery. CUSIP Numbers CUSIP numbers may be printed on the Bonds at the option and expense of the purchaser, but neither the failure to print such numbers on any Bond nor any error with respect thereof shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for said Bonds in accordance with terms of the purchase contract. Tax Exempt Status In the opinion• of bond counsel, interest on the Bonds is exempt from Federal income and Utah State personal income and corporate franchise taxes under presently existing law, regulations, decisions and interpretations. The purchaser will not be required to take up and pay for the Bonds if at the time of delivery there has been any federal legislation, decisions or regulations which would affect the tax* exemption on all or any part of the interest on these Bonds. -5- Legal Opinion The approving opinion of Fox, Edwards Z Gardiner covering the' legality of each issue of Bonds will be furnished to the purchasers and will be printed on the backs of the Bonds without charge. There will also be furnished the usual closing certificates, dated as of the date of delivery of and payment for the Bonds, including a statement from the issuer that there is no litigation pending or, to the knowledge of the signer thereof, threatened, affecting the validity of the Bonds. Disclosure Certificate The closing certificates will include a certificate executed by officials of the Issuer confirming to the successful bidder that, to the best of the knowledge and belief of the signers thereof, the descriptions and statements contained in the OFFICIAL STATEMENT circulated with respect to the Bonds were at the time of the acceptance of the bid and are at the time of the closing, true and correct in all material respects and did not at the time of the acceptance of the bid and do not at the time of the closing, contain any untrue statement of a material fact or omit to state a material fact required to be stated where necessary to make the statements, in light of the circumstances under which they were made, not misleading. Should the OFFICIAL STATEMENT be supplemented or amended, the foregoing confirmation to be made at the time of the closing shall be applicable to the OFFICIAL STATEMENT and all supplements and amendments thereto. Official Statement For copies 'of the OFFICIAL STATEMENT, the OFFICIAL NOTICE OF BOND SALE, and bidding forms, contact Burrows Smith/Bache, 250 Valley Tower, 50 West Broadway, Salt Lake City, Utah 84101, (801) 355-6700, the financial consultant to the City. DATED this 7th day of September, 1982. /s/ Sydney Reed Fonnesbeck Chairperson /s/ Kathryn Marshall City Recorder -6- In addition, the City Council authorizes the financial consultant to have published one time in the Salt Lake Tribune the following abbreviated Notice of Bond Sale: -7- NOTICE OF BOND SALE Sealed bids for the purchase of $353 ,000 Special Assessment Bonds , Series 1982 of Special Improvement District , Curb and Gutter Extension No. 38-622 , dated November 1 , 1982 , will be received up to 12: 00 noon, M.D.T. on September 28 , 1982 , at the Office of the City Recorder, Room 311 in the City and County Building in Salt Lake City, Utah 84111 . Copies of the Official Notice of Bond Sale , the Official Statement , and other related information with respect to the Bonds being offered subject to the approval as to the legality of Fox, Edwards and Gardiner, Attorneys at Law, Salt Lake City, Utah, may be obtained from Burrows , Smith/Bache , 50 West Broadway, 250 Valley Tower, Salt Lake City, Utah 84101, the financial consultant to the City, or from the undersigned City Recorder. DATED this 7th day of September, 1982. /s/ SydneX Reed Fonnesbeck Chairman ATTEST: /s/ Kathryn Marshall -amity Recorder -8- (Other business not pertinent to the above -appears in the minutes of the meeting. ) Pursuant to motion duly made and carried, the meeting was adjourned. ' Chairperson ATTEST: ity Recorder ( S E A L ) -9- STATE OF UTAH ) ss . COUNTY OF SALT LAKE ) I , Kathryn Marshall, do hereby certify that I am the duly qualified and acting City Recorder of Salt Lake City, Salt Lake County, Utah. I further certify that the above and foregoing is a true and correct copy of the minutes of a meeting of said City Council held on September 7 , 1982 , wherein the Council adopted an Official Notice of Bond Sale in connection with the $353 ,000 Special Assessment Bonds , Series 1982 of Special Improvement District, Curb and Gutter Extension No. 38-622 , as said minutes are of record in my official possession. IN WITNESS WHEREOF, I have hereunto subscribed my official signature and affixed the seal of said Municipality this l�— - day of September, 1982. � y Borer ( � E A L ) -10- STATE OF UTAH ) CERTIFICATE OF COMPLIANCE SS . WITH OPEN MEETING LAW 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 that on the 3rd day of September, 1982 , pursuant to Utah Code Annotated Section 52-4-6 (1953) , as amended, there was posted (at least 24 hours prior to the meeting time) at the regular meeting place written notice of the regular meeting of the City Council held on September 7 , 1982 at said regular meeting place. I further certify that there was delivered to the local news media, at least 24 hours prior to said meeting , a copy of said Notice of Regular Meeting. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said Municipality on this day of September, 1982. ty or er ( S E A L ) -11-