Loading...
025 of 2022 - Sales and Excise Tax Revenue Bonds, Series 2022B and 2022C STRB Delegating Bond Resolution_8_16_22.docx 8711020/RDB/mo RESOLUTION NO. 25 OF 2022 A Resolution authorizing the issuance and the sale of not to exceed $67,500,000 aggregate principal amount of Sales and Excise Tax Revenue Bonds, in one or more series, on a taxable or tax exempt basis, for the purpose of financing capital improvement projects, including city-owned historic properties and infrastructure upgrades; authorizing the execution and delivery of a supplemental trust indenture to secure said bonds; giving authority to certain officials and officers to approve the final terms and provisions of the bonds within the parameters set forth herein; authorizing the taking of all other actions necessary for the consummation of the transactions contemplated by this resolution; and related matters. *** *** *** WHEREAS, Salt Lake City, Utah (the “City”), is a duly organized and existing city of the first class, operating under the general laws of the State of Utah (the “State”); WHEREAS, the City considers it necessary and desirable and for the benefit of the City to issue its sales and excise tax revenue bonds, in one or more series, on a taxable or tax-exempt basis, as hereinafter provided for the purpose of (a) financing all or a portion of the cost of (i) acquiring, constructing and improving capital improvement projects, including (A) City Cemetery irrigation and road repairs and reconstruction; (B) improvements to Pioneer Park; (C) 600 North Corridor transformation; (D) new radio towers for City communication; (E) an upgrade of the electrical transformer at the Central Plant and emergency backup generators; (F) Westside railroad quiet zones; (G) Warm Spring Plunge structure stabilization and improvements; (H) Smith’s Ballpark improvements; (I) urban wood reutilization equipment and storage additions; and (J) Fisher Mansion stabilization and improvements, as further described in the below defined Supplemental Indenture, and (ii) acquiring, constructing, improving and remodeling various other capital improvement program projects (collectively, the “Project”); (b) funding any necessary reserves and contingencies in connection with the Bonds (defined below) and (c) paying all related costs authorized by law pursuant to authority contained in the the Local Government Bonding Act, Chapter 14 of Title 11 (the “Act”), Utah Code Annotated 1953, as amended (the “Utah Code”), and other applicable provisions of law; WHEREAS, for the purposes set forth above, the City has determined (a) to issue its Sales and Excise Tax Revenue Bonds, in one or more series, on a taxable or tax-exempt basis, in an aggregate principal amount not to exceed $67,500,000 (the “Bonds”) (subject to the further limitations outlined herein) pursuant to the Master Trust Indenture, dated as of September 1, 2004, as amended and supplemented to the date hereof (the “Master Indenture”), a copy of which is attached here as Exhibit A and one or more Supplemental Trust Indentures (the “Supplemental Indenture”), between the City and Zions Bancorporation, National Association, as trustee (the “Trustee”) (the Master Indenture and the Supplemental Indenture are sometimes collectively - 2 - 2022B Delegating Bond Resolution referred to hereinafter as the “Indenture”), and (b) to cause the proceeds of the sale of the Bonds to be applied in accordance with the Indenture; WHEREAS, the City is authorized by the Act to finance the Project, to enter into the Supplemental Indenture, and to issue the Bonds to finance all or a portion of the costs of financing the Project, to fund any necessary reserves, and to pay all related costs authorized by law; WHEREAS, Section 11-14-316 of the Utah Code provides for the publication of a Notice of Bonds to be Issued (the “Notice of Bonds”) and the running of a 30-day contest period, and the City desires to cause the publication of such Notice of Bonds at this time in compliance with said section with respect to the Bonds; WHEREAS, Section 11-14-318 of the Utah Code 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 Sales and Excise Tax Revenue Bonds (the “Notice of Public Hearing”) pursuant to such Section; WHEREAS, Section 11-14-307(7) of the Utah Code requires the City to submit the question of whether or not to issue the Bonds 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; and WHEREAS, in the opinion of the City, it is in the best interests of the City that (a) the Designated Officers (defined below) be authorized to approve the final terms and provisions relating to each series of the Bonds and to execute the Certificate of Determination (defined below) containing such terms and provisions and to accept the offer of the underwriter for each series of the Bonds (the “Underwriter”) for the purchase of one or more series of the Bonds; and (b) the Mayor, the Deputy Mayor or the Mayor’s designee (the “Mayor”), be authorized to execute one or more Official Statements with respect to the Bonds, all as provided herein; NOW, THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah, as follows: Section 1. Issuance of Bonds. (a) For the purposes set forth above, there is hereby authorized and directed the execution, issuance, sale and delivery of the Bonds in one or more series, on a taxable or tax-exempt basis and in the aggregate principal amount not to exceed $67,500,000. Each series of the Bonds shall be dated as of the date of the initial delivery thereof. The Bonds shall be in authorized denominations, shall be payable, and shall be executed and delivered all as provided in the Indenture. The Bonds shall be subject to redemption prior to maturity as provided in the Indenture. (b) The form of the Bonds set forth in the form Supplemental Indenture, subject to appropriate insertions and revisions in order to comply with the provisions of the Indenture, is hereby approved. - 3 - 2022B Delegating Bond Resolution (c) The Bonds shall be special obligations of the City, payable from and secured by a pledge and assignment of the Revenues (as defined in the Indenture) received by the City and of certain other moneys held under the Indenture on a parity with any other bonds issued from time to time under the Master Indenture, including but not limited to the City’s outstanding (i) Sales and Excise Tax Revenue Bonds, Series 2013B, (ii) Sales and Excise Tax Revenue Bonds, Series 2014B, (iii) Sales and Excise Tax Revenue Refunding Bonds, Series 2016A, (iv) Sales and Excise Tax Revenue Refunding Bonds, Series 2019A, (v) Federally Taxable Sales and Excise Tax Revenue Refunding Bonds, Series 2019B, (vi) Federally Taxable Sales and Excise Tax Revenue Refunding Bonds, Series 2021 and (vii) Sales and Excise Tax Revenue Refunding Bonds, Series 2022A. The Bonds shall not be obligations of the State or any other political subdivision thereof, other than the City, and neither the faith and credit nor the ad valorem taxing or appropriation power of the State or any political subdivision thereof, including the City, is pledged to the payment of the Bonds. The Bonds shall not constitute general obligations of the City or any other entity or body, municipal, state or otherwise. Section 2. Bond Details; Delegation of Authority. (a) The Bonds shall mature on October 1 (or such other date as specified in the applicable Certificate of Determination (defined below)) of the years and in the principal amounts, and shall bear interest (calculated on the basis of a year of 360 days consisting of twelve 30-day months) from the Closing Date, payable semiannually on April 1 and October 1 (or such other dates as specified in the applicable Certificate of Determination) of each year, and at the rates per annum and commencing on the dates, all as provided in the applicable Certificate of Determination, a form of which is attached hereto as Exhibit C, of the Designated Officers (defined below) delivered pursuant to this Section 2, setting forth certain terms and provisions of each series of the Bonds (the “Certificate of Determination”). (b) There is hereby delegated to the Designated Officers, subject to the limitations contained in this resolution, the power to determine and effectuate the following with respect to each series of the Bonds and the Designated Officers are hereby authorized to make such determinations and effectuations: (i) the principal amount of each series of the Bonds necessary to accomplish the purposes of the Bonds set forth in the recitals hereto and the aggregate principal amount of such series Bonds to be executed and delivered pursuant to the Indenture; provided that the aggregate principal amount of the Bonds shall not exceed Sixty-seven Million Five Hundred Thousand Dollars ($67,500,000); (ii) the maturity date or dates and principal amount of each maturity of each series of the Bonds to be issued; provided, however, that the Bonds mature over a period of not to exceed twenty-one (21) years from their date or dates; (iii) the interest rate or rates of each series of the Bonds, whether such interest was taxable or tax-exempt for federal income tax purposes, and the date on which payment of such interest commences, provided, however, that the interest rate or rates to be borne by any Bond shall not exceed six percent (6.00%) per annum; - 4 - 2022B Delegating Bond Resolution (iv) the sale of each series of the Bonds and the purchase price to be paid by the applicable Underwriter of such Bonds; provided, however, that the discount from par of each series of the Bonds shall not exceed two percent (2.00%) (expressed as a percentage of the principal amount); (v) the Bonds of each series, if any, to be retired from mandatory sinking fund redemption payments and the dates and the amounts thereof; (vi) the time and redemption price, if any, at which a series of the Bonds may be called for redemption prior to their maturity at the option of the City; provided, however, the first optional redemption date shall not be later than ten and a half years from the date of delivery of the applicable series of the Bonds; (vii) the amount of reserves necessary to be maintained in connection with a series of the Bonds, if any; (viii) the use and deposit of the proceeds of each series of the Bonds; and (ix) any other provisions deemed advisable by the Designated Officers not materially in conflict with the provisions of this resolution. For purposes of this resolution and the Bonds, “Designated Officers” means (a) the (i) Mayor of the City; or (ii) in the event of the absence or incapacity of the Mayor, the Mayor’s Chief of Staff; or (iii) in the event of the absence or incapacity of both the Mayor and the Mayor’s Chief of Staff, the City Treasurer; or (iv) in the event of the absence or incapacity of the Mayor, the Mayor’s Chief of Staff and the City Treasurer, the Deputy Treasurer of the City and (b) (i) the Chair of the City Council; or (ii) in the event of the absence or incapacity of the Chair of the City Council, the Vice Chair of the City Council; or (iii) in the event of the absence or incapacity of both the Chair and Vice Chair of the City Council, any other member of the City Council. Following the sale of each series of the Bonds, the Designated Officers shall obtain such information as they deem necessary to make such determinations as provided above and shall make such determinations as provided above and shall execute a Certificate of Determination containing such terms and provisions of such series of the Bonds, which execution shall be conclusive evidence of the action or determination of the Designated Officers as to the matters stated therein. The provisions of each Certificate of Determination shall be deemed to be incorporated into this Section 2. Section 3. Approval and Execution of the Supplemental Indenture. One or more Supplemental Indentures, in substantially the form of the Fourteenth Supplemental Trust Indenture attached hereto as Exhibit B, are hereby authorized and approved, and the Mayor is hereby authorized, empowered and directed to execute and deliver each Supplemental Indenture on behalf of the City, and the City Recorder or any Deputy City Recorder is hereby authorized, empowered and directed to affix to each Supplemental Indenture the seal of the City and to attest such seal and countersign each Supplemental Indenture, with such changes to each Supplemental Indenture from the form attached hereto as are approved by the Mayor, her execution thereof to constitute - 5 - 2022B Delegating Bond Resolution conclusive evidence of such approval. The provisions of each Supplemental Indenture, as executed and delivered, are hereby incorporated in and made a part of this resolution. The Master Indenture and each Supplemental Indenture shall constitute a “system of registration” for all purposes of the Registered Public Obligations Act of Utah. Section 4. Final Official Statement. One or more final Official Statements of the City in substantially the form of the Preliminary Official Statement presented at this meeting and in the form attached hereto as Exhibit D, are hereby authorized with such changes, omissions, insertions and revisions as the Mayor shall deem advisable, including the completion thereof with the information established at the time of the sale of any series of the Bonds by the Designated Officers and set forth in the applicable Certificate of Determination. The Mayor shall sign and deliver a final Official Statement for distribution to prospective purchasers of each series of the Bonds (or more than one series) and other interested persons. The approval of the Mayor of any such changes, omissions, insertions and revisions shall be conclusively established by the Mayor’s execution of such final Official Statement. Section 5. Preliminary Official Statement to be Deemed Final. The use and distribution of one or more Preliminary Official Statements, in substantially the form presented at this meeting and in the form attached hereto as Exhibit D, are hereby authorized and approved, with such changes, omissions, insertions and revisions as the Mayor and the City Treasurer, or the Deputy Treasurer of the City (the “City Treasurer”), shall deem advisable. The Mayor and the City Treasurer are, and each of them is, hereby authorized to do or perform all such acts and to execute all such certificates, documents and other instruments as may be necessary or advisable to provide for the issuance, sale and delivery of any Bonds and to deem final each Preliminary Official Statement within the meaning and for purposes of paragraph (b)(1) of Rule 15c2-12 of the Securities and Exchange Commission, subject to completion thereof with the information established at the time of the sale of any Bonds. Section 6. Other Certificates and Documents Required to Evidence Compliance with Federal Tax and Securities Laws. Each of the Mayor, the City Recorder or any Deputy City Recorder and the City Treasurer is hereby authorized and directed to execute (a) such certificates and documents as are required to evidence compliance with the federal laws relating to the tax- exempt status of interest on any Bonds and (b) a Continuing Disclosure Agreement, in substantially the form attached hereto as Exhibit E, and such other certificates and documents as shall be necessary to comply with the requirements of Rule 15c2-12 of the Securities and Exchange Commission and other applicable federal securities laws. Section 7. Other Actions With Respect to the Bonds. 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 and shall take all action necessary in conformity with the Act to carry out the issuance of the Bonds, including, without limitation, the execution and delivery of any closing and other documents required to be delivered in connection with the sale and delivery of the Bonds. If (a) the Mayor, (b) the City Recorder or (c) the City Treasurer shall be unavailable or unable to execute or attest and countersign, respectively, the Bonds or the other documents that they are hereby authorized to execute, attest and countersign, the same may be executed, or attested and countersigned, respectively, (i) by the Chief of Staff, (ii) by any - 6 - 2022B Delegating Bond Resolution Deputy City Recorder or (iii) by the Deputy Treasurer of the City. Without limiting the generality of the foregoing, the officers and employees of the City are authorized and directed to take such action as shall be necessary and appropriate to issue the Bonds. Section 8. Notice of Bonds to be Issued; Contest Period. In accordance with the provisions of Section 11-14-316 of the Utah Code, the City Recorder or any Deputy City Recorder shall cause the Notice of Bonds, in substantially the form attached hereto as Exhibit F, to be published one time in The Salt Lake Tribune, a newspaper published and of general circulation within the City. For a period of thirty (30) days from and after publication of the Notice of Bonds, any person in interest shall have the right to contest the legality of this resolution (including the Supplemental Indenture 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 Supplemental Indenture) or the Bonds or any provisions made for the security and payment of the Bonds for any cause. Section 9. Public Hearing. In satisfaction of the requirements of Section 11-14-318 of the Act, a public hearing shall be held by the Council on Tuesday, September 6, 2022, during the Council meeting which begins at 7:00 p.m., which, as determined by the Council Chair, shall be held either virtually, at the regular meeting place of the Council, Room 326 in the City and County Building, 451 South State Street, in Salt Lake City, Utah, or any combination thereof, 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 10. Publication of Notice of Public Hearing. The City Recorder or any Deputy City Recorder (the “City Recorder”) shall publish or cause to be published the Notice of Public Hearing on the Utah Public Notice Website, created under Section 63F-1-701 of the Utah Code, no less than 14 days before the public hearing. The Notice of Public Hearing shall be in substantially the form attached hereto as Exhibit H. Section 11. Form of Petition. The form of the petition to be used by registered voters in requesting that an election be called to authorize the Bonds shall be in substantially the form attached hereto as Exhibit I. Section 12. Issuance of Bonds After Thirty-Day Period. In accordance with the provisions of Section 11-14-307(7) of the Act, if within thirty days after the publication of the Notice of Public Hearing by posting on the Utah Public Notice Website, a petition or petitions, in the form specified by Section 11 hereof, are filed with the City Recorder, signed by not less than twenty percent (20%) of the registered voters of the City (as certified by the County Clerk of Salt Lake County) requesting that an election be called to authorize the Bonds, then the Council shall proceed to call and hold an election on the Bonds. If such election is held and a majority of the registered voters of the City voting thereon approve the Bonds, then, in accordance with the provisions of the Act, the City shall thereupon be authorized to issue the Bonds. If no petition is filed within the thirty-day period after the date of the final publication of such notice, or if it is - 7 - 2022B Delegating Bond Resolution determined that the number of signatures on the petitions filed within the thirty-day period after the date of the final publication of such notice is less than the required number, the City shall proceed to issue the Bonds. Section 13. Sale of the Bonds; Purchase Contract. The Bonds authorized to be issued herein are hereby authorized to be sold and delivered to the applicable Underwriter thereof, upon the terms and conditions set forth in the related Purchase Contract. The Mayor is hereby authorized, empowered and directed to execute and deliver one or more Purchase Contracts on behalf of the City in substantially the form attached hereto as Exhibit G, with such changes therein from the form attached hereto as are approved by the Mayor, her execution thereof to constitute conclusive evidence of such approval. The City Recorder or any Deputy City Recorder is hereby authorized, empowered and directed to affix to each Purchase Contract the seal of the City and to attest such seal and countersign each Purchase Contract. Section 14. City Recorder to Perform Certain Acts. The City Recorder is hereby directed to maintain a copy of this Resolution (together with all exhibits hereto), a copy of the Master Indenture and the form of the Supplemental Indenture on file in the City Recorder’s office (or the City Recorder’s temporary office, as applicable) during regular business hours for public examination by registered voters of the City and other interested persons until at least thirty (30) days from and after the date of publication of the Notice of Bonds and upon request to supply copies of the form of petition specified in Section 11 hereof. Section 15. Prior Acts Ratified, Approved and Confirmed. All acts of the officers and employees of the City in connection with the issuance of the Bonds are hereby ratified, approved and confirmed. Section 16. Resolution Irrepealable. Following the execution and delivery of the Supplemental Indenture, this resolution shall be and remain irrepealable until all of the Bonds and the interest thereon shall have been fully paid, cancelled, and discharged. Section 17. 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 18. Effective Date. This resolution shall be effective immediately upon its approval and adoption. (Signature page follows.) - 8 - 2022B Delegating Bond Resolution ADOPTED AND APPROVED by the City Council of Salt Lake City, Utah, this 16th day of August, 2022. SALT LAKE CITY, UTAH _______________________________________ Chair Salt Lake City Council ATTEST: ____________________________________ City Recorder [SEAL] APPROVED: By ____________________________________ Mayor APPROVED AS TO FORM: By ____________________________________ City Attorney Katherine Lewis (Aug 17, 2022 17:32 MDT) Dan Dugan (Aug 17, 2022 20:33 MDT) Dan Dugan Erin Mendenhall (Aug 18, 2022 10:23 MDT) A-1 2022B Delegating Bond Resolution EXHIBIT A [ATTACH COPY OF MASTER TRUST INDENTURE] B-1 2022B Delegating Bond Resolution EXHIBIT B [ATTACH FORM OF SUPPLEMENTAL TRUST INDENTURE] C-1 2022B Delegating Bond Resolution EXHIBIT C [ATTACH FORM OF CERTIFICATE OF DETERMINATION] D-1 2022B Delegating Bond Resolution EXHIBIT D [ATTACH FORM OF PRELIMINARY OFFICIAL STATEMENT] E-1 2022B Delegating Bond Resolution EXHIBIT E [ATTACH FORM OF CONTINUING DISCLOSURE AGREEMENT] F-1 2022B Delegating Bond Resolution EXHIBIT F NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of Section 11-14-316, Utah Code Annotated 1953, as amended, that on August 16, 2022, the City Council (the “Council”) of Salt Lake City, Utah (the “City”), adopted a resolution (the “Resolution”) in which it authorized and approved the issuance of its sales and excise tax revenue bonds, in one or more series, on a taxable or tax-exempt basis (the “Bonds”), in an aggregate principal amount of not to exceed $67,500,000, to bear interest at a rate or rates of not to exceed 6.00% per annum and to mature not later than 21 years from their date or dates and to be sold at a discount from par not to exceed 2.00%. The Bonds shall be subject to such optional and mandatory redemption and other provisions as are contained in the Master Trust Indenture, described below, and the final form of the Bonds and one or more Supplemental Trust Indentures, described below. Pursuant to the Resolution, the Bonds are to be issued for the purpose of paying all or part of the cost of (a) (i) acquiring, constructing and improving capital improvement projects, including (A) City Cemetery irrigation and road repairs and reconstruction; (B) improvements to Pioneer Park; (C) 600 North Corridor transformation; (D) new radio towers for City communication; (E) an upgrade of the electrical transformer at the Central Plant and emergency backup generators; (F) Westside railroad quiet zones; (G) Warm Spring Plunge structure stabilization and improvements; (H) Smith’s Ballpark improvements; (I) urban wood reutilization equipment and storage additions; and (J) Fisher Mansion stabilization and improvements, as further described in the below defined Supplemental Indenture, and (ii) acquiring, constructing, improving and remodeling various other capital improvement program projects; (b) funding any necessary reserves and contingencies in connection with the Bonds and (c) paying all related costs authorized by law. The Bonds are to be issued and sold by the City pursuant to the Resolution, including as part of the Resolution a draft, in substantially final form, of a Supplemental Trust Indenture (the “Supplemental Indenture”), and a copy of the Master Trust Indenture, dated as of September 1, 2004, as heretofor amended and supplemented (the “Master Indenture”), between the City and Zions Bancorporation, National Association, a trustee, that were before the Council and attached to the Resolution at the time of the adoption of the Resolution. The City will cause one or more Supplemental Indentures to be executed and delivered in such form and with such changes thereto as certain designated officers of the City shall approve, provided that the principal amount, interest rate or rates, maturity and discount, if any, will not exceed the respective maximums described above. The repayment of the Bonds will be secured by a pledge of the legally available revenues from: (a) Local Sales and Use Taxes received by the City pursuant to Title 59, Chapter 12, Part 2, Utah Code (currently levied and collected pursuant to Chapter 3.04 of the Salt Lake City Code); (b) Municipal Energy Sales and Use Taxes received by the City pursuant to Title 10, Chapter 1, Part 3, Utah Code (currently levied and collected pursuant to Chapter 3.06 of the Salt Lake City Code); (c) the franchise fees for energy and utilities received by the City pursuant to Title 10, Chapter 1, Part 3, Utah Code (currently levied and collected pursuant to Chapter 3.06 of Salt Lake City Code); (d) the Municipal Telecommunications License Tax revenues received by the City pursuant to Title 10, Chapter 1, Part 4, Utah Code (currently levied and collected pursuant to Chapter 3.10 of Salt Lake City Code); (e) the franchise fees associated with public utilities received F-2 2022B Delegating Bond Resolution by the City pursuant to Title 10, Chapter 1, Part 3, Utah Code (currently levied and collected pursuant to Chapter 17.16.070 of Salt Lake City Code); (f) the franchise fees associated with cable television received by the City pursuant to Salt Lake City Code Chapter 5.20; and and (g) 100% of the sales and use tax revenues received by the City pursuant to Title 59, Chapter 12, Part 4, Utah Code Annotated 1953, as amended and Salt Lake City Ordinance No. 18 of 2018 (collectively, the “Pledged Taxes”). The City currently has $107,335,000 par amount of bonds or notes currently outstanding that are secured by the Pledged Taxes. More detailed information relating to the City’s outstanding bonds can be found in the City’s most recent Comprehensive Annual Financial Report that is available on the Office of the Utah State Auditor’s website (www.sao.state.ut.us). Assuming a final maturity for the Bonds of approximately 20 years from the date hereof and that the Bonds are issued in an aggregate principal amount of $61,535,000 and are held until maturity, based on the City’s currently expected financing structure and interest rates in effect around the time of publication of this notice, the estimated total cost to the City of the proposed Bonds is $95,899,007. A copy of the Resolution (including the draft of the Supplemental Indenture and a copy of the Master Indenture attached to the Resolution) may be examined during regular business hours (8:30 am – 5:00 pm) at the office of the City Recorder, City and County Building, 451 South State Street, Room 415, Salt Lake City, Utah. To request a protected, pdf copy of the Resolution please call (801) 535-7671 or email slcrecorder@slcgov.com. The Resolution shall be so available for inspection for a period of at least thirty (30) days from and after the date of the publication of this notice. NOTICE IS FURTHER GIVEN that pursuant to law for a period of thirty (30) days from and after the date of the publication of this notice, any person in interest shall have the right to contest the legality of the Resolution (including the Supplemental Indenture attached thereto) of the City or the Bonds authorized thereby 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 the Resolution, the Bonds or the provisions for their security or payment for any cause. DATED this 16th day of August, 2022. SALT LAKE CITY, UTAH By ____________________________________ City Recorder [SEAL] G-1 2022B Delegating Bond Resolution EXHIBIT G [ATTACH FORM OF PURCHASE CONTRACT] H-1 2022B Delegating Bond Resolution EXHIBIT H SALT LAKE CITY, UTAH NOTICE OF PUBLIC HEARING AND INTENT TO ISSUE SALES AND EXCISE TAX REVENUE BONDS PUBLIC NOTICE IS HEREBY GIVEN that on August 16, 2022, the City Council (the “Council”) of Salt Lake City, Utah (the “City”), adopted a resolution (the “Resolution”), calling for a public hearing to receive input from the public with respect to the issuance of its sales and excise tax revenue bonds (the “Bonds”) to finance all or a portion of the cost of (a) (i) acquiring, constructing and improving capital improvement projects, including (A) City Cemetery irrigation and road repairs and reconstruction; (B) improvements to Pioneer Park; (C) 600 North Corridor transformation; (D) new radio towers for City communication; (E) an upgrade of the electrical transformer at the Central Plant and emergency backup generators; (F) Westside railroad quiet zones; (G) Warm Spring Plunge structure stabilization and improvements; (H) Smith’s Ballpark improvements; (I) urban wood reutilization equipment and storage additions; and (J) Fisher Mansion stabilization and improvements, as further described in the below defined Supplemental Indenture, and (ii) acquiring, constructing, improving and remodeling various other capital improvement program projects (collectively, the “Project”) and the potential economic impact that the Project will have on the private sector, pursuant to the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the “Act”). PURPOSE FOR ISSUING BONDS The City intends to issue the Bonds for the purpose of (1) financing all or a portion of the costs of the Project, (2) funding any necessary reserves and contingencies in connection with the Bonds, and (3) paying the costs incurred in connection with the issuance and sale of the Bonds. MAXIMUM PRINCIPAL AMOUNT OF THE BONDS The City intends to issue the Bonds in one or more series and in an aggregate principal amount not exceeding Sixty-seven Million Five Hundred Thousand Dollars ($67,500,000) to finance the Project. The Bonds may be issued with other sales and excise tax revenue bonds being issued for other purposes so the principal amount may exceed the amount listed above to finance the costs of the Project. SALES TAXES PROPOSED TO BE PLEDGED The City proposes to pledge to the payment of the Bonds all of the legally available revenues from: (a) Local Sales and Use Taxes received by the City pursuant to Title 59, Chapter 12, Part 2, Utah Code (currently levied and collected pursuant to Chapter 3.04 of the Salt Lake City Code); (b) Municipal Energy Sales and Use Taxes received by the City pursuant to Title 10, Chapter 1, Part 3, Utah Code (currently levied and collected pursuant to Chapter 3.06 of the Salt Lake City Code); (c) the franchise fees for energy and utilities received by the City pursuant to Title 10, Chapter 1, Part 3, Utah Code (currently levied and collected pursuant to H-2 2022B Delegating Bond Resolution Chapter 3.06 of Salt Lake City Code); (d) the Municipal Telecommunications License Tax revenues received by the City pursuant to Title 10, Chapter 1, Part 4, Utah Code (currently levied and collected pursuant to Chapter 3.10 of Salt Lake City Code); (e) the franchise fees associated with public utilities received by the City pursuant to Title 10, Chapter 1, Part 3, Utah Code (currently levied and collected pursuant to Chapter 17.16.070 of Salt Lake City Code); (f) the franchise fees associated with cable television received by the City pursuant to Salt Lake City Code Chapter 5.20; and and (g) 100% of the sales and use tax revenues received by the City pursuant to Title 59, Chapter 12, Part 4, Utah Code Annotated 1953, as amended and Salt Lake City Ordinance No. 18 of 2018. TIME, PLACE AND LOCATION OF PUBLIC HEARING The City will hold a public hearing during its City Council meeting which begins at 7:00 p.m. on September 6, 2022. The public hearing will be held either virtually, at the regular meeting place of the Council, Room 326 in the City and County Building, 451 South State Street, in Salt Lake City, Utah, or any combination thereof, as determined by the Chair of the City Council. All members of the public are invited to attend and participate in the public hearing in the manner that will be described in the agenda for the meeting. Written comments may be submitted to the City, to the attention of the City Recorder, prior to the public hearing. PURPOSE FOR HEARING The purpose of the hearing is 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. NOTICE OF RIGHT TO FILE PETITION TO HOLD AN ELECTION NOTICE IS FURTHER GIVEN that pursuant to Section 11-14-307(7), Utah Code, if within 30 calendar days of the publication of this notice on August 17, 2022, by posting on the Utah Public Notice Website, a written petition requesting an election and signed by at least twenty percent (20%) of the registered voters of the City is filed with the City, then the City shall submit the question of whether or not to issue the Bonds to the voters of the City for their approval or rejection. If no written petition is filed or if fewer than 20% of the registered voters of the City sign a written petition, in either case, within 30 calendar days of the posting of this notice on August 17, 2022, the City may proceed to issue the Bonds without an election. SALT LAKE CITY, UTAH By ____________________________________ City Recorder I-1 2022B Delegating Bond Resolution EXHIBIT I PETITION To: City Recorder Salt Lake City, Utah We, the undersigned citizens and registered voters of Salt Lake City, Utah, respectfully request that an election be called by the City Council of Salt Lake City, Utah, pursuant to the provisions of Section 11-14-307(7), Utah Code Annotated 1953, as amended, to authorize the issuance by Salt Lake City, Utah, of its sales and excise tax revenue bonds, in a maximum principal amount not exceeding $67,500,000 as to which notice of intention to issue was published on August 17, 2022, by posting on the Utah Public Notice Website, pursuant to the provisions of a resolution passed by the City Council of Salt Lake City, Utah, at a regular meeting of the City Council held on August 16, 2022, and each for himself or herself says: I have personally signed this petition; I am a registered voter of Salt Lake City, Utah; my residence and post office address are correctly written after my name: I-2 2022B Delegating Bond Resolution WARNING It is a felony for any one to sign any initiative or referendum petition with any other name than one’s own, or knowingly to sign one’s name more than once for the same measure, or to sign such petition when one knows that he or she is not a registered voter. REGISTERED VOTER’S PRINTED NAME (MUST BE LEGIBLE TO BE COUNTED) SIGNATURE OF REGISTERED VOTER STREET ADDRESS, CITY, STATE, ZIP CODE [The following certification shall appear on the reverse side of each page [attached to the Petition containing the signature of voters] I-3 2022B Delegating Bond Resolution STATE OF UTAH ) : ss. COUNTY OF SALT LAKE ) I, _________________________, of _____________________, hereby certify that I am a registered voter of Salt Lake City, Salt Lake County, Utah, that all the names which appear on this sheet were signed by persons who professed to be the persons whose names appear thereon, and each of them signed his or her name thereto in my presence, I believe that each has printed and signed his or her name, and written his or her post office address and residence correctly, and that each signer is a registered voter of Salt Lake City, Salt Lake County, Utah. Subscribed and sworn to before me this _____ day of __________, 2022. Notary Public (or other official title)