HomeMy WebLinkAbout005 of 2026 - General Obligation (Parks, Trails, and Open Space) Bonds, Series 2026Minutes to Delegating Bond Resolution (2-17-26) 4903-9635-3313 v3.docx
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Salt Lake City, Utah
February 17, 2026
The City Council (the “City Council”) of Salt Lake City, Utah (the “City”), met in regular
public session on February 17, 2026, at the regular meeting place of the City Council in Room 326
in the City and County Building, 451 South State Street, in Salt Lake City, Utah, at 7:00 p.m., due,
legal and timely notice of the meeting having been given to all members as required by law.
Members of the public are allowed to participate in the meeting via electronic means if
they do not attend in person as shown in the formal meeting meeting agenda attached as Exhibit A.
The meeting was duly called to order by Councilmember Petro who was conducting the
meeting, with the following members of the City Council being present, a quorum of the City
Council:
Chris Wharton Council Chair
Alejandro Puy Council Vice Chair
Erika Carlsen Councilmember
Eva Lopez Chavez Councilmember
Dan Dugan Councilmember
Victoria Petro Councilmember
Sarah Young Councilmember
Absent: None.
There were also present:
Rachel Otto Mayor’s Deputy Chief of Staff
Mark E. Kittrell City Attorney
Keith Reynolds City Recorder
The City Recorder presented to the City Council an affidavit evidencing the giving of not
less than twenty-four (24) hours’ public notice of the agenda, date, time, and place of the
February 17, 2026 regular meeting of the City Council (which was held as an electronic meeting
without an anchor location) in compliance with the requirements of Section 52-4-202, Utah Code
Annotated 1953, as amended, by (1) posting written notice of the meeting on the Utah Public
Notice Website, (2) posting written notice of the meeting on the City’s website and (3) posting
written notice of the meeting in a public location in the City. The affidavit was ordered recorded
in the minutes of the meeting and is as follows:
State of Utah
County of Salt Lake
[Seal]
-2-Delegating Bond Resolution Minutes (2-17-26)
anndtts
USES
)
)
)
I, Keith Reynolds, the duly qualified and acting City Recorder of Salt Lake City, Utah (the
“City ”), do hereby certify, according to the records of the City in my official possession, and upon
my own knowledge and belief, that in accordance with the requirements of Section 52-4-202, Utah
Code Annotated 1953, as amended, I gave not less than twenty-four (24) hours’ public notice of
the agenda, date, time, and place of the February 17, 2026, regular public meeting held by the City
Council of the City (the “City Council") (which was held as an electronic meeting without an
anchor location), by:
In Witness Whereof, I have hereunto subscribed my official signature and impressed
hereon the official seal of Salt Lake City, Utah, this 17th day of February, 2026.
an City Recorder
V Salt Lake City, Utah
(a) causing a Notice of Public Meeting in the form attached hereto as Exhibit A
to be posted on the Utah Public Notice Website on February 13,2026, at least twenty-four
(24) hours before the convening of the meeting;
(c) causing a Notice of Public Meeting in the form attached hereto as Exhibit C
to be posted in a public location in the City that is reasonably likely to be seen by the
residents of the City, on February 13, 2026, at least twenty-four (24) hours before the
convening of the meeting, the Notice of Public Meeting having continuously remained so
posted and available for public inspection until the convening of the meeting.
(b) causing a Notice of Public Meeting in the form attached hereto as Exhibit B
to be posted on the City’s website on February 13, 2026, at least twenty-four (24) hours
before the convening of the meeting; and
EXHIBIT A
[ ATTACH COPY OF NOTICE OF PUBLIC MEETING ON UTAH PUBLIC NOTICE WEBSITE]
A-1 Delegating Bond Resolution Minutes (2-17-26)
A-1 Delegating Bond Resolution Minutes (2-17-26)
EXHIBIT A
[ATTACH COPY OF NOTICE OF PUBLIC MEETING ON UTAH PUBLIC NOTICE WEBSITE]
2/13/26, 11:02 AMNotice | Public Notice Website
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Salt Lake City Council FormalSession Agenda
Government Type:
Municipality
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Public Body:
Salt Lake City Council
General Information
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Salt Lake City Council Formal Session Agenda
Notice Tags:
Business, Meeting
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Notice Information
Add Notice to Calendar
2/13/26, 11:02 AMNotice | Public Notice Website
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Notice, Meeting
Event Start Date & Time:
February 17, 2026 07:00 PM
Description/Agenda:
SALT LAKE CITY COUNCIL AGENDA
FORMAL MEETING
February 17, 2026 Tuesday 7:00 PM
Council meetings are held in a hybrid meeting
format. Hybrid meetings allow people to join online
or in person at the City & County Building. Learn
more at tinyurl.com/SLCCouncilMeetings.
Council Chambers
451 South State Street, Room 315 Salt Lake City, UT
84111 SLCCouncil.com
CITY COUNCIL MEMBERS:
Alejandro Puy, Chair
District 2
Erika Carlsen, Vice Chair
District 5
Victoria Petro
District 1
Dan Dugan
District 6
Chris Wharton
District 3
Eva Lopez Chavez
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District 4
Sarah Young
District 7
Please note: Dates not identified in the FYI - Project
Timeline are either not applicable or not yet
determined.
WELCOME AND PUBLIC MEETING RULES
A. OPENING CEREMONY:
1. Council Member Victoria Petro will conduct the
formal meeting.
2. Pledge of Allegiance.
3. Welcome and Public Meeting Rules.
4. The Council will approve the work session
meeting minutes of August 12, 2025, November 25,
2025, and January 27, 2026, and the formal meeting
minutes of July 1, 2025, and August 12, 2025, as well
as the January 5, 2026 Oath of O!ce minutes.
B. PUBLIC HEARINGS:
Items B1 - B5 will be heard as one public hearing.
1. Grant Application: Transportation Alternatives
Program 2025 for Fiscal Year 2028 - GREENBike
Capital Care
The Council will accept public comment for a grant
application request from the Community and
Neighborhoods Transportation Department to the
U.S. Department of Transportation administered by
Utah Department of Transportation and Wasatch
Front Regional Council. If awarded, the grant would
fund the addition of six more stations and 58 e-bikes.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - n/a
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Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday,
February 17, 2026 at 7 p.m. TENTATIVE Council
Action - n/a
Sta" Recommendation - Close and refer to future
consent agenda.
2. Grant Application: Carbon Reduction Program
2025 for Fiscal Year 2032 - GREENBike Expansion
The Council will accept public comment for a grant
application request from the Community and
Neighborhoods Transportation Department to the
U.S. Department of Transportation administered by
Utah Department of Transportation and Wasatch
Front Regional Council. If awarded, the grant would
fund four new stations stocked with eBikes, expand
the system and link the east and west sides of the
City.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday,
February 17, 2026 at 7 p.m. TENTATIVE Council
Action - n/a
Sta" Recommendation - Close and refer to future
consent agenda.
3. Grant Application: Transportation Alternative
Program 2025 for Fiscal Year 2028 - Red Butte Creek
Trail
The Council will accept public comment for a grant
application request from the Community and
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Neighborhoods Transportation Department to the
U.S. Department of Transportation administered by
Utah Department of Transportation and Wasatch
Front Regional Council. If awarded, the grant would
fund a conceptual design and preliminary cost
estimate for the Red Butte Creek Trail, which would
bridge a gap between employment, current and
planned housing, and existing networks of trails.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday,
February 17, 2026 at 7 p.m. TENTATIVE Council
Action - n/a
Sta" Recommendation - Close and refer to future
consent agenda.
4. Grant Application: Rocky Mountain Power
Foundation - Public Safety Wellness Grant
The Council will accept public comment for a grant
application request from SLC911 to the Rocky
Mountain Power Foundation. If awarded, the grant
would fund durable, commercial-grade massage
chairs for their break room to improve mental and
physical health and enhance focus, and reduce
absenteeism.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday,
February 17, 2026 at 7 p.m. TENTATIVE Council
Action - n/a
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Sta" Recommendation - Close and refer to future
consent agenda.
5. Grant Application: Rocky Mountain High
Intensity Drug Tra!cking Area Fiscal Year 2026
The Council will accept public comment for a grant
application request from the Police Department to
the O!ce of National Drug Control Policy. If
awarded, the grant would fund salary and benefits
for an existing Police Department K9 o!cer and
financial manager assigned to the task force. The
grant would also fund travel, training, supplies,
administrative costs and obtaining evidence.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday,
February 17, 2026 at 7 p.m. TENTATIVE Council
Action - n/a
Sta" Recommendation - Close and refer to future
consent agenda.
6. Resolution: Northwest Pipeline Building and New
Construction Public Benefits Analysis
The Council will accept public comment and consider
approving a resolution that would authorize the sales
price and term sheet for The Grove Project at 321
East 200
South. The proposed development, which would
include the historic Northwest Pipeline building as
well as new construction, would provide 196
a"ordable housing units, plus commercial space, a
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parking structure, a public plaza, and more. The City
would sell the 2.42-acre property at a below-market
sales price of $1 million, paid over a 55-year period.
The public benefit analysis finds that this
development project would promote City goals of
increasing a"ordable housing, elimination of a
development impediment, and preservation of
historic structures and property, among others.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - Tuesday, February 3, 2026
Set Public Hearing Date - Tuesday, February 3, 2026
Hold hearing to accept public comment - Tuesday,
February 17, 2026 at 7 p.m. TENTATIVE Council
Action - Tuesday, February 17, 2026
Sta" Recommendation - Refer to motion sheet(s).
7. Ordinance: Disposition of Alleys and Street Text
Amendment
The Council will accept public comment and consider
adopting an ordinance that would amend sections
14.52 and 20.16.050 of the Salt Lake City Code to
establish a consistent process for requests to close
or vacate City-owned public streets or alleys. The
proposal would also make the disposition process
consistent in the context of a subdivision application
and update the polices and standards that must be
adhered to. Petition No.:PLNPCM2025-00423.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - Tuesday, February 3, 2026
Set Public Hearing Date - Tuesday, February 3, 2026
Hold hearing to accept public comment - Tuesday,
February 17, 2026 at 7 p.m. TENTATIVE Council
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Action - Tuesday, March 10, 2026
Sta" Recommendation - Refer to motion sheet(s).
C. POTENTIAL ACTION ITEMS:
1. Ordinance: Budget Amendment No.4 for Fiscal
Year 2025-26
The Council will consider adopting an ordinance
amending the final budget of Salt Lake City, including
the employment sta!ng document for Fiscal Year
2025-26 Budget.
Budget amendments happen several times each year
to reflect adjustments to the City's budgets, including
proposed project additions and modifications. The
proposed amendment includes the rescoping of
Open Streets funds, a mobile command center
purchase, Old Library (formerly known as the
Leonardo) capital improvements, a pedestrian
bridge, and Fleet purchases, among other items.
For more information visit tinyurl.com/SLCFY26.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - Tuesday, January 13, 2026, Tuesday,
January 20, 2026, and Tuesday, February 3, 2026
Set Public Hearing Date - Tuesday, January 13, 2026
Hold hearing to accept public comment - Tuesday,
February 3, 2026 at 7 p.m. TENTATIVE Council Action
- Tuesday, February 3, 2026 and Tuesday, February
17, 2026
Sta" Recommendation - Refer to motion sheet(s).
D. NEW BUSINESS:
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1. Resolution: Alley Vacation Near 300 West
and Paxton Avenue Extension The Council will
consider adopting a resolution extending the time
period for satisfying the conditions set forth in
Ordinance No.13 of 2025 vacating an L-shaped City-
owned alley that begins at approximately 268 West
Paxton Avenue. The deadline extension would give
the property owner an additional 12 months to
satisfy the conditions of the ordinance.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, February 17,
2026
Sta" Recommendation - Suspend the rules and
consider motions.
E. UNFINISHED BUSINESS:
1. Resolution: Second Issuance of General
Obligation Bond for Parks, Trails, and Open Space
Improvements
The Council will consider adopting a resolution
authorizing up to $51,000,000 in Federally Taxable
General Obligation Bonds for the purpose of
acquiring, improving, renovating and upgrading
various parks, trails, open space and related facilities
and recreational amenities in the City, delegating
authority to certain o!cials and o!cers of the City,
and providing for related matters.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
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Briefing - Tuesday, February 3, 2026
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, February 17,
2026
Sta" Recommendation - Refer to motion sheet(s).
2. Motion: Approval of Conference Travel per
Council Policy Manual
The Council will consider a motion approving
attendance at this year's National Association of
Latino Elected and Appointed O!cials Conference in
Los Angeles from Tuesday, July 14, 2026 - Thursday,
July 16, 2026.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - Tuesday, January 20, 2026
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, February 17,
2026
Sta" Recommendation - Refer to motion sheet(s).
F. CONSENT:
1. Ordinance: Rio Grande Master Plan and Zoning
Map Amendment
The Council will set the date of Tuesday, March 10,
2026 at 7 p.m. to accept public comment and
consider adopting an ordinance that would amend
the zoning for 32 properties located in the Rio
Grande District, between 200 South and 400 South,
and 500 West and 600 West, from G-MU (Gateway-
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Mixed Use District) to D-4 (Downtown Secondary
Central Business District). The proposal would allow
for additional building height. The proposal would
also amend the Downtown Plan to include the mid-
block walkways within the Rio Grande District and
update the Implementation Plan. Consideration may
be given to rezoning the property to another zoning
district with similar characteristics. The project is
within Council District 2. Petition
No.: PLNPCM2025-00180 and PLNPCM2025-00181.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - Tuesday, February 3, 2026
Set Public Hearing Date - Tuesday, February 17, 2026
Hold hearing to accept public comment - Tuesday,
March 10, 2026 at 7 p.m.
TENTATIVE Council Action - Tuesday, March 24, 2026
Sta" Recommendation - Set date.
2. Ordinance: Fence and Hedge Height Text
Amendment
The Council will set the date of Tuesday, March 10,
2026 at 7 p.m. to accept public comment and
consider adopting an ordinance that would amend
multiple sections of Title 21A of the Salt Lake City
Code. The first proposal would increase the fence
height of front yard fences (between the front lot line
and the primary façade of the principal structure)
from the required four feet to a maximum of six feet
in all M-1 (Light Manufacturing) and M-1A
(Northpoint Light Industrial) zoning districts City-
wide. A second proposal would clarify the height and
location of fences, walls, and hedges in residential
districts, in accordance with the defined clear view
standards. Currently, fences, walls, and hedges are
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all regulated the same in the ordinance. Planning
sta" has recommended removing the word 'hedges'
to be replaced with the word 'landscaping' in the
fencing ordinance and the ground mounted utility
boxes ordinance. They have also recommended
increasing the rear and side yard fence height to a
maximum of seven feet. Other sections of Title 21A
may also be amended as part of this petition.
Petition No.: PLNPCM2025-00045 and PLNPCM2025-
00138.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - Tuesday, February 10, 2026
Set Public Hearing Date - Tuesday, February 17, 2026
Hold hearing to accept public comment - Tuesday,
March 10, 2026 at 7 p.m.
TENTATIVE Council Action - Tuesday, March 24, 2026
Sta" Recommendation - Set date.
3. Ordinance: Master Plan and Zoning Map
Amendment at Approximately 527, 537, and 539
South 400 East
The Council will set the date of Tuesday, March 10,
2026 at 7 p.m. to accept public comment and
consider adopting an ordinance that would amend
the zoning of properties at approximately 527, 537
and 539 South 400 East from RMF-45 (Moderate/High
Density Multi-Family Residential District) to MU-5
(Mixed-Use 5 District). The proposal would also
amend the Central Community Master Plan Future
Land Use Map from Medium-High Density
Residential to High-Density Mixed-Use. The proposed
amendments would allow the developer to build a
five-story residential building with ground-floor
commercial space to complement the neighboring
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property to the north under the same ownership.
Consideration may be given to rezoning the property
to another zoning district with similar characteristics.
The project is within Council District
4. Petitioner: Russ Poulsen with Thrive
Development, the property owner. Petition No.:
PLNPCM2025-00704 and PLNPCM2025-00984.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - Tuesday, February 17, 2026
Set Public Hearing Date - Tuesday, February 17, 2026
Hold hearing to accept public comment - Tuesday,
March 10, 2026 at 7 p.m.
TENTATIVE Council Action - Tuesday, March 24, 2026
Sta" Recommendation - Set date.
4. Ordinance: Recurring Nuisance Properties
The Council will set the date of Tuesday, March 10,
2026 at 7 p.m. to accept public comment and
consider adopting an ordinance that would amend
Title 11 of the Salt Lake City Code pertaining to
nuisance private property. The proposal is intended
to address persistent nuisance activity occurring on
private properties and at commercial businesses
where owners have failed to take proactive steps to
curb illegal or disruptive conduct, including unruly
parties, gatherings, and events on their premises.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - Tuesday, September 9, 2025, Tuesday,
October 14, 2025, and Tuesday, February 17, 2026
Set Public Hearing Date - Tuesday, February 17, 2026
Hold hearing to accept public comment - Tuesday,
March 10, 2026 at 7 p.m.
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TENTATIVE Council Action - Tuesday, March 24, 2026
Sta" Recommendation - Set date.
5. Grant Holding Account Items (Batch No.2) for
Fiscal Year 2025-26
The Council will consider approving Grant Holding
Account Items (Batch No.2) for Fiscal Year 2025-26.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, February 17,
2026
Sta" Recommendation - Approve.
6. Board Appointment: Planning Commission -
Anna Sullivan
The Council will consider approving the appointment
of Anna Sullivan, resident of District 1, to the
Planning Commission for a term ending February 17,
2030.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - Tuesday, February 17, 2026
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, February 17,
2026
Sta" Recommendation - Approve.
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7. Board Reappointment: Arts Council - Matthew
Coles
The Council will consider approving the
reappointment of Matthew Coles, resident of District
7, to the Arts Council for a term ending February 17,
2029.
FYI - Project Timeline: (subject to change per Chair
direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, February 17,
2026
Sta" Recommendation - Approve.
G. COMMENTS:
1. Questions to the Mayor from the City Council.
2. Comments to the City Council. (This is a one-
hour time slot for the public to comment on any City
business not scheduled for a public hearing. Each
person will have two minutes to talk. General
comment registration closes at 7:30 p.m.)
H. ADJOURNMENT:
CERTIFICATE OF POSTING
On or before 5:00 p.m. on Friday, February 13, 2026,
the undersigned, duly appointed City Recorder, does
hereby certify that the above notice and agenda was
(1) posted on the Utah Public Notice Website created
under Utah Code Section 63F-1-701, and (2) a copy of
the foregoing provided to The Salt Lake Tribune
and/or the Deseret News and to a local media
correspondent and any others who have indicated
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interest.
KEITH REYNOLDS
SALT LAKE CITY RECORDER
Final action may be taken in relation to any topic
listed on the agenda, including but not limited to
adoption, rejection, amendment, addition of
conditions and variations of options discussed.
The City & County Building is an accessible facility.
People with disabilities may make requests for
reasonable accommodation, which may include
alternate formats, interpreters, and other auxiliary
aids and services. Please make requests at least two
business days in advance. To make a request, please
contact the City Council O!ce at
council.comments@slc.gov, 801-535-7600, or relay
service 711.
Notice of Special Accommodations (ADA):
People with disabilities may make requests for
reasonable accommodation, which may include
alternate formats, interpreters, and other auxiliary
aids and services. Please make requests at least two
business days in advance. To make a request, please
contact the City Council O!ce at
council.comments@slc.gov, 801-535-7600, or relay
service 711.
Notice of Electronic or Telephone Participation:
The public will be able to provide comments in-
person in Room 315 of the City Hall or online through
Zoom. For more information, including Zoom
connection information, please visit
www.slc.gov/council/agendas.
EXHIBIT B
[ATTACH COPY OF NOTICE OF PUBLIC MEETING ON CITY’S WEBSITE]
B-1 Delegating Bond Resolution Minutes (2-17-26)
B-1 Delegating Bond Resolution Minutes (2-17-26)
EXHIBIT B
[ATTACH COPY OF NOTICE OF PUBLIC MEETING ON CITY’S WEBSITE]
Show Video
SALT LAKE CITY COUNCIL
AGENDA
FORMAL MEETING
February 17, 2026
Tuesday 7:00 PM
Council meetings are held in a hybrid meeting format. Hybrid meetings allow people to join online or in
person at the City & County Building. Learn more at tinyurl.com/SLCCouncilMeetings.
Council Chambers
451 South State Street, Room 315
Salt Lake City, UT 84111
SLCCouncil.com
CITY COUNCIL MEMBERS:
Alejandro Puy, Chair
District 2
Erika Carlsen, Vice Chair
District 5
Victoria Petro
District 1
Chris Wharton
District 3
Eva Lopez Chavez
District 4
3/20/26, 1:08 PM Meeting
https://slc.primegov.com/Portal/Meeting?meetingTemplateId=4020 1/13
Dan Dugan
District 6
Sarah Young
District 7
Generated: 09:40:39
3/20/26, 1:08 PM Meeting
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O P E N
O P E N
O P E N
O P E N
Please note: Dates not identified in the FYI - Project Timeline are either not applicable or not
yet determined.
WELCOME AND PUBLIC MEETING RULES
A.
OPENING CEREMONY:
1.
Council Member Victoria Petro will conduct the formal meeting.
2.
Pledge of Allegiance.
3.
Welcome and Public Meeting Rules.
4.
The Council will approve the work session meeting minutes of August 12, 2025, November
25, 2025, and January 27, 2026, and the formal meeting minutes of July 1, 2025, and
August 12, 2025, as well as the January 5, 2026 Oath of Office minutes.
B.
PUBLIC HEARINGS:
Items B1 – B5 will be heard as one public hearing.
1.
Grant Application: Transportation Alternatives Program 2025 for Fiscal
Year 2028 – GREENBike Capital Care
The Council will accept public comment for a grant application request from the
Community and Neighborhoods Transportation Department to the U.S. Department of
Transportation administered by Utah Department of Transportation and Wasatch
Front Regional Council. If awarded, the grant would fund the addition of six more
stations and 58 e-bikes.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday, February 17, 2026 at 7 p.m.
TENTATIVE Council Action - n/a
📎
📎
3/20/26, 1:08 PM Meeting
https://slc.primegov.com/Portal/Meeting?meetingTemplateId=4020 3/13
O P E N
O P E N
Staff Recommendation - Close and refer to future consent agenda.
2.
Grant Application: Carbon Reduction Program 2025 for Fiscal Year 2032 –
GREENBike Expansion
The Council will accept public comment for a grant application request from the
Community and Neighborhoods Transportation Department to the U.S. Department of
Transportation administered by Utah Department of Transportation and Wasatch
Front Regional Council. If awarded, the grant would fund four new stations stocked
with eBikes, expand the system and link the east and west sides of the City.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday, February 17, 2026 at 7 p.m.
TENTATIVE Council Action - n/a
Staff Recommendation - Close and refer to future consent agenda.
3.
Grant Application: Transportation Alternative Program 2025 for Fiscal
Year 2028 – Red Butte Creek Trail
The Council will accept public comment for a grant application request from the
Community and Neighborhoods Transportation Department to the U.S. Department of
Transportation administered by Utah Department of Transportation and Wasatch
Front Regional Council. If awarded, the grant would fund a conceptual design and
preliminary cost estimate for the Red Butte Creek Trail, which would bridge a gap
between employment, current and planned housing, and existing networks of trails.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday, February 17, 2026 at 7 p.m.
TENTATIVE Council Action - n/a
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O P E N
Staff Recommendation - Close and refer to future consent agenda.
4.
Grant Application: Rocky Mountain Power Foundation – Public Safety
Wellness Grant
The Council will accept public comment for a grant application request from SLC911 to
the Rocky Mountain Power Foundation. If awarded, the grant would fund durable,
commercial-grade massage chairs for their break room to improve mental and physical
health and enhance focus, and reduce absenteeism.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday, February 17, 2026 at 7 p.m.
TENTATIVE Council Action - n/a
Staff Recommendation - Close and refer to future consent agenda.
5.
Grant Application: Rocky Mountain High Intensity Drug Trafficking Area
Fiscal Year 2026
The Council will accept public comment for a grant application request from the Police
Department to the Office of National Drug Control Policy. If awarded, the grant would
fund salary and benefits for an existing Police Department K9 officer and financial
manager assigned to the task force. The grant would also fund travel, training, supplies,
administrative costs and obtaining evidence.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday, February 17, 2026 at 7 p.m.
TENTATIVE Council Action - n/a
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O P E N
Staff Recommendation - Close and refer to future consent agenda.
6.
Resolution: Northwest Pipeline Building and New Construction Public
Benefits Analysis
The Council will accept public comment and consider approving a resolution that
would authorize the sales price and term sheet for The Grove Project at 321 East 200
South. The proposed development, which would include the historic Northwest Pipeline
building as well as new construction, would provide 196 affordable housing units, plus
commercial space, a parking structure, a public plaza, and more. The City would sell the
2.42-acre property at a below-market sales price of $1 million, paid over a 55-year
period. The public benefit analysis finds that this development project would promote
City goals of increasing affordable housing, elimination of a development impediment,
and preservation of historic structures and property, among others.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, February 3, 2026
Set Public Hearing Date - Tuesday, February 3, 2026
Hold hearing to accept public comment - Tuesday, February 17, 2026 at 7 p.m.
TENTATIVE Council Action - Tuesday, February 17, 2026
Staff Recommendation - Refer to motion sheet(s).
7.
Ordinance: Disposition of Alleys and Street Text Amendment
The Council will accept public comment and consider adopting an ordinance that would
amend sections 14.52 and 20.16.050 of the Salt Lake City Code to establish a consistent
process for requests to close or vacate City-owned public streets or alleys. The proposal
would also make the disposition process consistent in the context of a subdivision
application and update the polices and standards that must be adhered to. Petition
No.:PLNPCM2025-00423.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, February 3, 2026
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O P E N
Set Public Hearing Date - Tuesday, February 3, 2026
Hold hearing to accept public comment - Tuesday, February 17, 2026 at 7 p.m.
TENTATIVE Council Action - Tuesday, March 10, 2026
Staff Recommendation - Refer to motion sheet(s).
C.
POTENTIAL ACTION ITEMS:
1.
Ordinance: Budget Amendment No.4 for Fiscal Year 2025-26
The Council will consider adopting an ordinance amending the final budget of Salt Lake
City, including the employment staffing document for Fiscal Year 2025-26 Budget.
Budget amendments happen several times each year to reflect adjustments to the City’s
budgets, including proposed project additions and modifications. The proposed
amendment includes the rescoping of Open Streets funds, a mobile command center
purchase, Old Library (formerly known as the Leonardo) capital improvements, a
pedestrian bridge, and Fleet purchases, among other items.
For more information visit tinyurl.com/SLCFY26.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, January 13, 2026, Tuesday, January 20, 2026, and Tuesday, February
3, 2026
Set Public Hearing Date - Tuesday, January 13, 2026
Hold hearing to accept public comment - Tuesday, February 3, 2026 at 7 p.m.
TENTATIVE Council Action - Tuesday, February 3, 2026 and Tuesday, February 17, 2026
Staff Recommendation - Refer to motion sheet(s).
D.
NEW BUSINESS:
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O P E N
1.
Resolution: Alley Vacation Near 300 West and Paxton Avenue Extension
The Council will consider adopting a resolution extending the time period for satisfying
the conditions set forth in Ordinance No.13 of 2025 vacating an L-shaped City-owned
alley that begins at approximately 268 West Paxton Avenue. The deadline extension
would give the property owner an additional 12 months to satisfy the conditions of the
ordinance.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, February 17, 2026
Staff Recommendation - Suspend the rules and consider motions.
E.
UNFINISHED BUSINESS:
1.
Resolution: Second Issuance of General Obligation Bond for Parks, Trails,
and Open Space Improvements
The Council will consider adopting a resolution authorizing up to $51,000,000 in
Federally Taxable General Obligation Bonds for the purpose of acquiring, improving,
renovating and upgrading various parks, trails, open space and related facilities and
recreational amenities in the City, delegating authority to certain officials and officers of
the City, and providing for related matters.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, February 3, 2026
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, February 17, 2026
Staff Recommendation - Refer to motion sheet(s).
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O P E N
2.
Motion: Approval of Conference Travel per Council Policy Manual
The Council will consider a motion approving attendance at this year's National
Association of Latino Elected and Appointed Officials Conference in Los Angeles from
Tuesday, July 14, 2026 – Thursday, July 16, 2026.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, January 20, 2026
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, February 17, 2026
Staff Recommendation - Refer to motion sheet(s).
F.
CONSENT:
1.
Ordinance: Rio Grande Master Plan and Zoning Map Amendment
The Council will set the date of Tuesday, March 10, 2026 at 7 p.m. to accept public
comment and consider adopting an ordinance that would amend the zoning for 32
properties located in the Rio Grande District, between 200 South and 400 South, and
500 West and 600 West, from G-MU (Gateway-Mixed Use District) to D-4 (Downtown
Secondary Central Business District). The proposal would allow for additional building
height. The proposal would also amend the Downtown Plan to include the mid-block
walkways within the Rio Grande District and update the Implementation Plan.
Consideration may be given to rezoning the property to another zoning district with
similar characteristics. The project is within Council District 2. Petition
No.: PLNPCM2025-00180 and PLNPCM2025-00181.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, February 3, 2026
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O P E N
Set Public Hearing Date - Tuesday, February 17, 2026
Hold hearing to accept public comment - Tuesday, March 10, 2026 at 7 p.m.
TENTATIVE Council Action - Tuesday, March 24, 2026
Staff Recommendation - Set date.
2.
Ordinance: Fence and Hedge Height Text Amendment
The Council will set the date of Tuesday, March 10, 2026 at 7 p.m. to accept public
comment and consider adopting an ordinance that would amend multiple sections of
Title 21A of the Salt Lake City Code. The first proposal would increase the fence height
of front yard fences (between the front lot line and the primary façade of the principal
structure) from the required four feet to a maximum of six feet in all M-1 (Light
Manufacturing) and M-1A (Northpoint Light Industrial) zoning districts City-wide. A
second proposal would clarify the height and location of fences, walls, and hedges in
residential districts, in accordance with the defined clear view standards. Currently,
fences, walls, and hedges are all regulated the same in the ordinance. Planning staff has
recommended removing the word “hedges” to be replaced with the word “landscaping”
in the fencing ordinance and the ground mounted utility boxes ordinance. They have
also recommended increasing the rear and side yard fence height to a maximum of
seven feet. Other sections of Title 21A may also be amended as part of this petition.
Petition No.: PLNPCM2025-00045 and PLNPCM2025-00138.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, February 10, 2026
Set Public Hearing Date - Tuesday, February 17, 2026
Hold hearing to accept public comment - Tuesday, March 10, 2026 at 7 p.m.
TENTATIVE Council Action - Tuesday, March 24, 2026
Staff Recommendation - Set date.
3.
Ordinance: Master Plan and Zoning Map Amendment at Approximately
527, 537, and 539 South 400 East
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The Council will set the date of Tuesday, March 10, 2026 at 7 p.m. to accept public
comment and consider adopting an ordinance that would amend the zoning of
properties at approximately 527, 537 and 539 South 400 East from RMF-45
(Moderate/High Density Multi-Family Residential District) to MU-5 (Mixed-Use 5
District). The proposal would also amend the Central Community Master Plan Future
Land Use Map from Medium-High Density Residential to High-Density Mixed-Use.
The proposed amendments would allow the developer to build a five-story residential
building with ground-floor commercial space to complement the neighboring property
to the north under the same ownership. Consideration may be given to rezoning the
property to another zoning district with similar characteristics. The project is within
Council District 4. Petitioner: Russ Poulsen with Thrive Development, the property
owner. Petition No.: PLNPCM2025-00704 and PLNPCM2025-00984.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, February 17, 2026
Set Public Hearing Date - Tuesday, February 17, 2026
Hold hearing to accept public comment - Tuesday, March 10, 2026 at 7 p.m.
TENTATIVE Council Action - Tuesday, March 24, 2026
Staff Recommendation - Set date.
4.
Ordinance: Recurring Nuisance Properties
The Council will set the date of Tuesday, March 10, 2026 at 7 p.m. to accept public
comment and consider adopting an ordinance that would amend Title 11 of the Salt
Lake City Code pertaining to nuisance private property. The proposal is intended to
address persistent nuisance activity occurring on private properties and at commercial
businesses where owners have failed to take proactive steps to curb illegal or disruptive
conduct, including unruly parties, gatherings, and events on their premises.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, September 9, 2025, Tuesday, October 14, 2025, and Tuesday, February
17, 2026
Set Public Hearing Date - Tuesday, February 17, 2026
Hold hearing to accept public comment - Tuesday, March 10, 2026 at 7 p.m.
TENTATIVE Council Action - Tuesday, March 24, 2026
Staff Recommendation - Set date.
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O P E N
5.
Grant Holding Account Items (Batch No.2) for Fiscal Year 2025-26
The Council will consider approving Grant Holding Account Items (Batch No.2) for
Fiscal Year 2025-26.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, February 17, 2026
Staff Recommendation - Approve.
6.
Board Appointment: Planning Commission – Anna Sullivan
The Council will consider approving the appointment of Anna Sullivan, resident of
District 1, to the Planning Commission for a term ending February 17, 2030.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - Tuesday, February 17, 2026
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, February 17, 2026
Staff Recommendation - Approve.
7.
Board Reappointment: Arts Council – Matthew Coles
The Council will consider approving the reappointment of Matthew Coles, resident of
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District 7, to the Arts Council for a term ending February 17, 2029.
FYI – Project Timeline: (subject to change per Chair direction or Council discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, February 17, 2026
Staff Recommendation - Approve.
G.
COMMENTS:
1.
Questions to the Mayor from the City Council.
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EXHIBIT C
[ ATTACH COPY OF NOTICE OF PUBLIC MEETING TO BE POSTED IN THE CITY |
C-1 Delegating Bond Resolution Minutes (2-17-26)
C-1 Delegating Bond Resolution Minutes (2-17-26)
EXHIBIT C
[ATTACH COPY OF NOTICE OF PUBLIC MEETING TO BE POSTED IN THE CITY]
Notice of Bonds to be Issued
Dated this 18th day of February, 2026.
PLEASE KEEP POSTED UNTIL MARCH 23, 2026
kitti
Notice is Hereby Given pursuant to the provisions of Sections 11-14-316, 45-1-101 and
63G-30-102, Utah Code Annotated 1953, as amended, that on February 17, 2026, the City Council
of Salt Lake City, Utah (the “City ”), adopted a resolution (the “Resolution ”) in which it authorized
and approved the issuance of its federally taxable general obligation bonds (the “Bonds ”), in an
aggregate principal amount of not to exceed $51,000,000, to bear interest at a rate or rates of not
to exceed 6.50% per annum, to mature over a period not to exceed 21 years from their date or dates
and to be sold at a discount from par, expressed as a percentage of the principal amount, of not to
exceed 2.00%.
The Bonds are to be issued and sold by the City pursuant to the Resolution. A copy of 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 30 days from and after the date of the publication of this notice.
Pursuant to the Resolution, the Bonds are to be issued for the purpose of raising money for
paying all or a portion of the costs to acquire, improve, renovate and upgrade various parks, trails,
open space and related facilities and recreational amenities.
The Bonds will be secured by the full faith and credit of the City. The City currently has
$125,130,000 par amount of bonds currently outstanding that are secured by the full faith and
credit of the City. More detailed information relating to the City’s outstanding bonds can be found
in the City’s most recent Comprehensive Financial Reports that are available on the Office of the
Utah State Auditor’s website (www.auditor.utah.gov).
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 $49,720,000 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 $79,517,967.
Notice is Further Given that pursuant to law for a period of 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 above-described Resolution of the City Council 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.
3
Salt Lake City, UtahBy Jo.44—
Deputy City Recorder
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- 3 - Delegating Bond Resolution Minutes (2-17-26)
It was noted that, as required by Section 52-4-203, Utah Code Annotated 1953, as
amended, written minutes and a recording of this meeting are being kept.
Thereupon, the following resolution was introduced and after due consideration of the
resolution by the City Council, Councilmember Chris Wharton made a motion to adopt the
resolution, and Councilmember Sarah Young seconded the motion. On being put to a vote, the
motion was carried by the following vote:
AYE: Chris Wharton
Alejandro Puy
Erika Carlsen
Eva Lopez Chavez
Dan Dugan
Sarah Young.
NAY: Victoria Petro.
The resolution was subsequently presented to and approved and signed by the Mayor, was
approved as to form and signed by the Senior City Attorney, was signed by the Chair of the City
Council, and was attested and recorded by the City Recorder in the official records of said City.
The resolution is as follows:
Delegating Bond Resolution 4922-0835-8177 v9.docx
10001523/RDB/mo
SALT LAKE CITY, UTAH
Resolution No. 5 of 2026
Authorizing the Issuance and Sale of up to
$51,000,000
Federally Taxable General Obligation Bonds, Series 2026
Adopted February 17, 2026
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TABLE OF CONTENTS
SECTION HEADING PAGE
ARTICLE I DEFINITIONS .................................................................................................2
Section 101. Definitions ..............................................................................................2
Section 102. Rules of Construction ............................................................................5
Section 103. Authority for Bond Resolution ..............................................................5
ARTICLE II AUTHORIZATION, TERMS AND ISSUANCE OF BONDS .....................................5
Section 201. Authorization of Bonds, Principal Amount, Designation and Series ....5
Section 202. Purpose ...................................................................................................5
Section 203. Issue Date ...............................................................................................6
Section 204. Bond Details; Delegation of Authority ..................................................6
Section 205. Denominations and Numbers .................................................................7
Section 206. Paying Agent and Bond Registrar ..........................................................7
Section 207. Redemption and Redemption Price; Notice of Redemption ..................8
Section 208. Issuance, Sale and Delivery of Bonds ..................................................10
Section 209. Execution of Bonds ..............................................................................10
Section 210. Delivery of the Bonds; Application of Proceeds .................................11
Section 211. Disclosure Agreements ........................................................................11
Section 212. Further Authority .................................................................................11
Section 213. Establishment of Accounts ..................................................................12
ARTICLE III TRANSFER AND EXCHANGE OF BONDS; BOND REGISTRAR .........................12
Section 301. Transfer of Bonds ................................................................................12
Section 302. Exchange of Bonds ..............................................................................13
Section 303. Bond Registration Books .....................................................................13
Section 304. List of Bondowners ..............................................................................13
Section 305. Duties of Bond Registrar .....................................................................13
ARTICLE IV BOOK-ENTRY SYSTEM; LIMITED OBLIGATION OF ISSUER; LETTER OF
REPRESENTATIONS ......................................................................................14
Section 401. Book-Entry System; Limited Obligation of Issuer ..............................14
Section 402. Letter of Representations .....................................................................15
Section 403. Transfers Outside Book-Entry System ................................................15
Section 404. Payments to Cede .................................................................................15
ARTICLE V COVENANTS AND UNDERTAKINGS ..............................................................15
Section 501. Covenants of Issuer ..............................................................................15
Section 502. Levy of Taxes; Bond Account .............................................................15
ARTICLE VI FORM OF BONDS .........................................................................................16
SECTION HEADING PAGE
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Section 601. Form of Bonds .....................................................................................16
ARTICLE VII MISCELLANEOUS ........................................................................................23
Section 701. Final Official Statement .......................................................................23
Section 702. Preliminary Official Statement Deemed Final .....................................23
Section 703. Notice of Bonds to be Issued ...............................................................23
Section 704. Ratification ...........................................................................................24
Section 705. Severability ..........................................................................................24
Section 706. Conflict ................................................................................................24
Section 707. Captions ...............................................................................................24
Section 708. Effective Date ......................................................................................24
EXHIBIT 1 — Form of Continuing Disclosure Undertaking
EXHIBIT 2 — Form of Official Statement, including Official Notice of Bond Sale
EXHIBIT 3 — Form of Certificate of Determination
EXHIBIT 4 — Notice of Bonds to be Issued
EXHIBIT 5 — Form of Dissemination Agency Agreement
Delegating Bond Resolution
RESOLUTION NO. 5 OF 2026
A Resolution authorizing the issuance of up to $51,000,000 of
Federally Taxable general obligation 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 that the Bonds may bear and the maximum
discount from par at which the Bonds may be sold; providing for the
levy of taxes to pay principal of and interest on the Bonds;
authorizing the circulation of an Official Statement; giving authority
to certain officers to approve the final terms and provisions of the
Bonds within the parameters set forth herein; and providing for
related matters.
*** *** ***
WHEREAS, at the Bond Election, the issuance of $85,000,000 principal amount of general
obligation bonds was authorized for the purpose of acquiring, improving, renovating and
upgrading various parks, trails, open space and related facilities and recreational amenities
throughout Salt Lake City, Utah;
WHEREAS, the Issuer has previously issued $24,765,000 aggregate principal amount of the
bonds voted at the Bond Election and the Issuer has determined to authorize the issuance and sale
at this time of up to $51,000,000 principal amount of the bonds voted at the Bond Election;
WHEREAS, (a) if the Bonds are sold pursuant to a competitive bid a notice inviting
electronic bids for the purchase of the Bonds will be advertised by electronic dissemination
through the PARITY® electronic bid submission system and (b) if the Bonds are sold pursuant to
a negotiated sale or a direct purchase, a formal or informal request for proposals will be distributed;
WHEREAS, in the opinion of the Issuer, it is in the best interests of the Issuer that (a) the
Designated Officers be authorized to (i) determine the method of sale for the Bonds, which may
be by competitive sale, negotiated underwriting or direct purchase; (ii) accept or reject the bids or
proposals received for the Bonds and determine the best bid or proposal received that conforms to
the parameters, deadlines and procedures set forth herein and in the applicable sale document
prepared in connection with the solicitation of bids or proposals for the Bonds; and (iii) approve
the final principal amount, maturity amounts, interest rates, dates of maturity and other terms and
provisions relating to the Bonds and to execute the Certificate of Determination containing such
terms and provisions and (b) if necessary, the Mayor be authorized to execute the Official
Statement with respect to the Bonds;
WHEREAS, based upon current municipal bond market conditions, the Issuer believes it will
receive more bids for the purchase of the Bonds and the most favorable cost of capital and is
therefore in the best interests of the Issuer if the Issuer does not restrict the amount of premium
bidders may pay for the Bonds;
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WHEREAS, Section 11-14-316 of the Utah Code provides for the publication of a Notice of
Bonds to be Issued, and the Issuer desires to cause the publication of such a notice at this time with
respect to the Bonds; and
WHEREAS, the Issuer deems it necessary and advisable that it take such action as may be
required to authorize and issue the Bonds to finance the cost of the project to be financed with the
proceeds of the Bonds;
NOW, THEREFORE, Be It Resolved by the City Council of Salt Lake City, Utah, as follows:
ARTICLE I
DEFINITIONS
Section 101. Definitions. As used in this Bond Resolution (including the preambles
hereto), unless the context shall otherwise require, the following terms shall have the following
meanings:
“Act” means, collectively, the Local Government Bonding Act, Chapter 14 of Title 11 of
the Utah Code and the Registered Public Obligations Act, Chapter 7 of Title 15 of the Utah Code.
“Bond Account” means the Bond Account established in Section 213 hereof.
“Bond Counsel” means Chapman and Cutler LLP or another attorney or a firm of attorneys
of nationally recognized standing in matters pertaining to the tax-exempt status of interest on
obligations issued by states and their political subdivisions, duly admitted to the practice of law
before the highest court of any state of the United States.
“Bond Election” means the special bond election duly and lawfully called and held in the
Issuer on November 8, 2022, at which the issuance and sale by the Issuer of $85,000,000 principal
amount of general obligation bonds was authorized for the purpose of acquiring, improving,
renovating and upgrading various parks, trails, open space and related facilities and recreational
amenities throughout Salt Lake City, the results of which election were declared by the City
Council, sitting as a Board of Canvassers, on November 22, 2022.
“Bond Registrar” means each Person appointed by the Issuer as bond registrar and agent
for the transfer, exchange and authentication of the Bonds. Pursuant to Section 206 hereof, the
initial Bond Registrar is U.S. Bank Trust Company, National Association of Salt Lake City, Utah.
“Bond Resolution” means this Resolution of the Issuer adopted on February 17, 2026,
authorizing the issuance and sale of the Bonds.
“Bondowner” or “owner” means the registered owner of any Bond as shown in the
registration books of the Issuer kept by the Bond Registrar for such purpose.
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“Bonds” means the Issuer’s Federally Taxable General Obligation Bonds, Series 2026,
authorized by the Bond Resolution.
“Cede” means Cede & Co., the nominee of DTC, and any successor nominee of DTC with
respect to the Bonds pursuant to Section 401 hereof.
“Certificate of Determination” means the Certificate of Determination, a form of which is
attached hereto as Exhibit 3, of the Designated Officers delivered pursuant to Article II of this
Bond Resolution, setting forth certain terms and provisions of the Bonds.
“City Council” means the City Council of the City, as the governing body of the Issuer.
“City Recorder” means the City Recorder or any Deputy City Recorder of the Issuer.
“City Treasurer” means the City Treasurer of the Issuer or, in the absence or disability of
the City Treasurer, the Deputy City Treasurer, the Acting Deputy City Treasurer or such other
official as shall be duly authorized to act in the City Treasurer’s stead.
“Closing Date” means the date of the initial issuance of the Bonds.
“Code” means the Internal Revenue Code of 1986, as amended.
“Continuing Disclosure Undertaking” means the Continuing Disclosure Agreement of the
Issuer, in substantially the form attached hereto as Exhibit 1, dated the Closing Date, for the
purpose of providing continuing disclosure information under Rule 15c2-12 adopted by the
Securities and Exchange Commission under the Securities Exchange Act of 1934, as may be
amended from time to time.
“Depository Account” means the Depository Account established in Section 213 hereof.
“Designated Officers” means (a) the (i) Mayor of the Issuer; 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 Issuer 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.
“Dissemination Agency Agreement” means the Dissemination Agency Agreement, dated
the Closing Date, between the Issuer and the Dissemination Agent, in substantially the form
attached hereto as Exhibit 5.
“Dissemination Agent” means each Person appointed by the Issuer as dissemination agent
with respect to the Continuing Disclosure Undertaking and the Dissemination Agency Agreement.
The initial Dissemination Agent is U.S. Bank Trust Company, National Association.
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“DTC” means The Depository Trust Company, New York, New York, and its successors
and assigns.
“Exchange Bond” means any Exchange Bond as defined in Section 209 hereof.
“Fitch” means Fitch Ratings, Inc., its successors and their assigns, and, if such corporation
shall be dissolved or liquidated or shall no longer perform the functions of a securities rating
agency, “Fitch” shall be deemed to refer to any other nationally recognized securities rating agency
designated by the Issuer to the Paying Agent.
“Issuer” means Salt Lake City Utah.
“Letter of Representations” means the Blanket Issuer Letter of Representations from the
Issuer to DTC, dated October 16, 2019.
“Mayor” means the Mayor of the City, or in the absence or disability of the Mayor, such
other official as shall be duly authorized to act in the Mayor’s stead.
“Moody’s” means Moody’s Investors Service, Inc., its successors and their assigns, and,
if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a
securities rating agency, “Moody’s” shall be deemed to refer to any other nationally recognized
securities rating agency designated by the Issuer to the Paying Agent.
“Official Statement” means the Official Statement with respect to the Bonds, in
substantially the form of the Preliminary Official Statement attached hereto as Exhibit 2.
“Participants” means those broker dealers, banks and other financial institutions from time
to time for which DTC holds Bonds as securities depository.
“Paying Agent” means each Person appointed by the Issuer as paying agent with respect
to the Bonds. Pursuant to Section 206 hereof, the initial Paying Agent is U.S. Bank Trust
Company, National Association of Salt Lake City, Utah.
“Person” means natural persons, firms, partnerships, associations, corporations, trusts,
public bodies and other entities.
“Project Account” means the Project Account established in Section 213 hereof.
“Purchaser” means the initial purchaser or purchasers of the Bonds from the Issuer,
including, if applicable, the Best Bidder (defined below).
“Rating Agencies” means Moody’s, if the Bonds are then rated by Moody’s, Fitch, if the
Bonds are then rated by Fitch, and S&P, if the Bonds are then rated by S&P.
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“Record Date” means the day that is fifteen (15) days preceding each interest payment
date, or if such day is not a business day for the Bond Registrar, the next preceding day that is a
business day for the Bond Registrar.
“Regulations” means United States Treasury Regulations dealing with the tax-exempt
bond provisions of the Code.
“S&P” means S&P’s Global Ratings, its successors and their assigns, and, if such
corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities
rating agency, “S&P” shall be deemed to refer to any other nationally recognized securities rating
agency designated by the Issuer to the Paying Agent.
“United States” means the government of the United States of America.
“Utah Code” means Utah Code Annotated 1953, as amended.
Section 102. Rules of Construction. Unless the context otherwise requires:
(a) references to Articles and Sections are to the Articles and Sections of this
Bond Resolution;
(b) the singular form of any word, including the terms defined in Section 101,
includes the plural, and vice versa, and a word of any gender includes all genders; and
(c) the terms “hereby,” “hereof,” “hereto,” “herein,” “hereunder” and any
similar terms as used in this Bond Resolution refer to this Bond Resolution.
Section 103. Authority for Bond Resolution. This Bond Resolution is adopted pursuant to
the provisions of the Act.
ARTICLE II
AUTHORIZATION, TERMS AND ISSUANCE OF BONDS
Section 201. Authorization of Bonds, Principal Amount, Designation and Series. In
accordance with and subject to the terms, conditions and limitations established by the Act and in
the Bond Resolution, a series of federally taxable general obligation bonds of the Issuer is hereby
authorized to be issued in the aggregate principal amount of $51,000,000, which shall be
designated “Federally Taxable General Obligation Bonds, Series 2026”. If the Designated
Officers determine pursuant to Sections 204(b)(i) and 209 hereof that the principal amount to be
issued shall be less than $51,000,000, then the principal of such series of bonds shall be limited to
the amount so determined by the Designated Officers.
Section 202. Purpose. Up to $51,000,000 aggregate principal amount of the Bonds are
hereby authorized to be issued under authority of the Act for the purpose of raising money for
paying all or a portion of the costs to acquire, improve, renovate and upgrade various parks, trails,
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open space and related facilities and recreational amenities throughout Salt Lake City and related
infrastructure improvements, as authorized at the Bond Election, and paying certain costs related
to the issuance and sale of the Bonds.
Section 203. Issue Date. The Bonds shall be dated as of the Closing Date.
Section 204. Bond Details; Delegation of Authority. (a) The Bonds shall mature on
June 15 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 June 15 and December 15 of each year at the rates per annum as provided in the
Certificate of Determination.
(b) There is hereby delegated to the Designated Officers, subject to the limitations
contained in the Bond Resolution, the power to determine and effectuate the following with respect
to the Bonds and the Designated Officers are hereby authorized to make such determinations and
effectuations:
(i) the principal amount of the Bonds necessary to accomplish the purposes of
the Bonds set forth in Section 202 herein and the aggregate principal amount of the Bonds
to be executed and delivered pursuant to Section 209 herein; provided that the aggregate
principal amount of the Bonds shall not exceed Fifty-one Million dollars ($51,000,000);
(ii) the maturity date or dates and principal amount of each maturity of the
Bonds to be issued; provided, however, that the final maturity of all Bonds shall not be
more than twenty-one (21) years after the issuance of the Bonds;
(iii) the initial interest payment date and the interest rate or rates of the Bonds,
provided, however, that the interest rate or rates to be borne by any Bond shall not exceed
six and a half percent (6.50%) per annum;
(iv) the sale of the Bonds to the Purchaser and the purchase price to be paid by
the Purchaser for the Bonds; provided, however, that the discount from par of the Bonds
shall not exceed two percent (2.00%) (expressed as a percentage of the principal amount);
(v) the Bonds, if any, to be retired from mandatory sinking fund redemption
payments and the dates and the amounts thereof;
(vi) the optional redemption date of the Bonds; provided, however, the first
optional redemption date shall not be later than ten and a half years from the Closing Date;
(vii) the use and deposit of the proceeds of the Bonds;
(viii) the method of sale for the Bonds, which sale may be by competitive sale,
negotiated underwriting or direct purchase;
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(ix) if different than those set forth in Section 205, the denominations for the
Bonds and the related provisions regarding a partial redemption; and
(x) any other provisions deemed advisable by the Designated Officers not
materially in conflict with the provisions of the Bond Resolution.
Immediately following (a) the date and time specified in an Official Notice of Bond Sale
(attached to the form of the Official Statement attached hereto as Exhibit 2) for the receipt of bids
for the purchase of the Bonds or (b) the pricing of the Bonds, the Designated Officers shall obtain
such information as they deem necessary to make such determinations as provided above and, in
the case the Bonds are sold pursuant to competitive bids, to determine the bid of the responsible
bidder that results in the lowest effective interest rate to the Issuer (the “Best Bidder”). Thereupon,
the Designated Officers shall make such determinations as provided above, shall (i) award the bid
to the Best Bidder or (ii) execute a bond purchase contract, a continuing covenant agreement, term
sheet or similar document selling the Bonds or agreeing to sell the Bonds to the Purchaser thereof,
as applicable, and shall execute the Certificate of Determination containing such terms and
provisions of the Bonds, which execution shall be conclusive evidence of the awarding of such bid
to the Best Bidder or selling such Bonds to the Purchaser thereof and the action or determination
of the Designated Officers as to the matters stated therein. The provisions of the Certificate of
Determination shall be deemed to be incorporated herein. In the case that the Bonds are sold
pursuant to competitive bid, if the Designated Officers determine that it is in the best interest of
the Issuer, the Designated Officers may (a) waive any irregularity or informality in any bid or in
the electronic bidding process; and (b) reject any and all bids for the Bonds.
(c) Each Bond shall bear interest from the interest payment date next preceding the date
of registration and authentication thereof unless (i) it is registered and authenticated as of an
interest payment date, in which event it shall bear interest from the date thereof, or (ii) it is
registered and authenticated prior to the first interest payment date, in which event it shall bear
interest from its date, or (iii) as shown by the records of the Bond Registrar, interest on the Bonds
shall be in default, in which event it shall bear interest from the date to which interest has been
paid in full. The Bond Registrar shall insert the date of registration and authentication of each
Bond in the place provided for such purpose in the form of Bond Registrar’s certificate of
authentication on each Bond. The Bonds shall bear interest on overdue principal at the respective
rates provided in the Certificate of Determination.
Section 205. Denominations and Numbers. Except as otherwise set forth in the Certificate
of Determination, the Bonds shall be issued as fully-registered bonds, without coupons, in the
denomination of $5,000 or any whole multiple thereof, not exceeding the amount of each maturity.
The Bonds shall be numbered with the letter prefix “R-” and from one (1) consecutively upwards
in order of issuance.
Section 206. Paying Agent and Bond Registrar. U.S. Bank Trust Company, National
Association of Salt Lake City, Utah, is hereby appointed the initial Paying Agent and Bond
Registrar for the Bonds. The Issuer may remove any Paying Agent and any Bond Registrar, and
any successor thereto, and appoint a successor or successors thereto. The Mayor and the City
Recorder are hereby authorized and directed to enter into an agreement or agreements with each
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Paying Agent (a “Paying Agent Agreement”), which may establish certain duties and obligations
of the Paying Agent and the Issuer, including, without limitation those duties and obligations set
forth in Section 502 hereof. Each Paying Agent and Bond Registrar shall signify its acceptance of
the duties and obligations imposed upon it by the Bond Resolution by executing and delivering to
the Issuer a written acceptance thereof, which written acceptance may be contained in a Paying
Agent Agreement. The principal of, and premium, if any, and interest on the Bonds shall be
payable in any coin or currency of the United States of America that, at the respective dates of
payment thereof, is legal tender for the payment of public and private debts. Principal of and
premium, if any, on the Bonds shall be payable when due to the owner of each Bond upon
presentation and surrender thereof at the principal corporate trust office of the Paying Agent.
Payment of interest on each Bond shall be made to the Person that, as of the Record Date, is the
owner of the Bond and shall be made by check or draft mailed to the Person that, as of the Record
Date, is the owner of the Bond, at the address of such owner as it appears on the registration books
of the Issuer kept by the Bond Registrar, or at such other address as is furnished to the Bond
Registrar in writing by such owner on or prior to the Record Date.
Section 207. Redemption and Redemption Price; Notice of Redemption. (a) The Bonds
shall be subject to redemption prior to maturity, at the election of the Issuer, on the date specified
in the Certificate of Determination (the “First Redemption Date”), and on any date thereafter, in
whole or in part, from such maturities or parts thereof as shall be selected by the Issuer, upon notice
given as provided below, at a redemption price equal to 100% of the principal amount of the Bonds
to be redeemed, plus accrued interest thereon to the date fixed for redemption. Bonds maturing on
or prior to the First Redemption Date are not subject to optional redemption.
(b) The Bonds may be subject to mandatory redemption by operation of sinking fund
installments as provided in the Certificate of Determination. If the Bonds are subject to mandatory
sinking fund redemption and less than all of the Bonds then outstanding are redeemed in a manner
other than pursuant to a mandatory sinking fund redemption, the principal amount so redeemed
shall be credited at 100% of the principal amount thereof by the Bond Registrar against the
obligation of the Issuer on such mandatory sinking fund redemption dates for the Bonds in such
order as directed by the Issuer.
(c) If less than all of the Bonds of any maturity are to be redeemed, the particular Bonds
or portion of Bonds of such maturity to be redeemed shall be selected at random by the Bond
Registrar in such manner as the Bond Registrar in its discretion may deem fair and appropriate.
Except as otherwise set forth in the Certificate of Determination, the portion of any registered
Bond of a denomination of more than $5,000 to be redeemed will be in the principal amount of
$5,000 or a whole multiple thereof, and in selecting portions of such Bonds for redemption, the
Bond Registrar will treat each such Bond as representing that number of Bonds of $5,000
denomination that is obtained by dividing the principal amount of such Bond by $5,000.
(d) Notice of redemption shall be given by the Bond Registrar by registered or certified
mail, not less than thirty (30) nor more than forty-five (45) days prior to the redemption date, to
the owner of each Bond that is subject to redemption, at the address of such owner as it appears in
the registration books of the Issuer kept by the Bond Registrar, or at such other address as is
furnished to the Bond Registrar in writing by such owner. Each notice of redemption shall state
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the principal amount, the redemption date, the place of redemption, the redemption price and, if
less than all of the Bonds are to be redeemed, the distinctive numbers of the Bonds or portions of
Bonds to be redeemed, and shall also state that the interest on the Bonds in such notice designated
for redemption shall cease to accrue from and after such redemption date and that on the
redemption date there will become due and payable on each of the Bonds to be redeemed the
principal thereof and interest accrued thereon to the redemption date. Each notice of optional
redemption may further state that such redemption shall be conditional upon the receipt by the
Paying Agent, on or prior to the date fixed for such redemption, of moneys sufficient to pay the
principal of and premium, if any, and interest on such Bonds to be redeemed and that if such
moneys shall not have been so received said notice shall be of no force and effect and the Issuer
shall not be required to redeem such Bonds. In the event that such notice of redemption contains
such a condition and such moneys are not so received, the redemption shall not be made and the
Bond Registrar shall within a reasonable time thereafter give notice, in the manner in which the
notice of redemption was given, that such moneys were not so received. Any notice mailed as
provided in this Section shall be conclusively presumed to have been duly given, whether or not
the owner receives such notice. Failure to give such notice or any defect therein with respect to
any Bond shall not affect the validity of the proceedings for redemption with respect to any other
Bond.
(e) In addition to the foregoing notice under subsection (d) above, further notice of such
redemption shall be given by the Bond Registrar as set out below, but no defect in such further
notice nor any failure to give all or any portion of such further notice shall in any manner affect
the validity of a call for redemption if notice thereof is given as prescribed above.
(i) Each further notice of redemption given hereunder shall contain the
information required above for an official notice of redemption plus (A) the CUSIP
numbers of all Bonds being redeemed; (B) the date of issue of the Bonds as originally
issued; (C) the rate of interest borne by each Bond being redeemed; (D) the maturity date
of each Bond being redeemed; and (E) any other descriptive information needed to identify
accurately the Bonds being redeemed.
(ii) Each further notice of redemption shall be sent at least thirty-five (35) days
before the redemption date to DTC in accordance with the operating procedures then in
effect for DTC, and to all other registered securities depositories then in the business of
holding substantial amounts of obligations of types comprising the Bonds designated to the
Bond Registrar by the Issuer, to the Rating Agencies and to any other nationally recognized
information services as designated by the Issuer to the Bond Registrar.
(f) If notice of redemption shall have been given as described above and the condition
described in Section 207(d) hereof, if any, shall have been met, the Bonds or portions thereof
specified in said notice shall become due and payable at the applicable redemption price on the
redemption date therein designated, and if, on the redemption date, moneys for the payment of the
redemption price of all the bonds to be redeemed, together with interest to the redemption date,
shall be available for such payment on said date, then from and after the redemption date interest
on such bonds shall cease to accrue and become payable.
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(g) Upon the payment of the redemption price of Bonds being redeemed, each check or
other transfer of funds issued for such purpose shall bear the CUSIP number or numbers
identifying, by issue and maturity, the Bonds being redeemed with the proceeds of such check or
other transfer.
(h) The Bond Registrar shall also give any notice of the “defeasance” or redemption of
the Bonds that may be required by the Continuing Disclosure Undertaking provided that the Issuer
shall provide to the Bond Registrar any documents or other information that the Bond Registrar
requests to provide such notice.
Section 208. Issuance, Sale and Delivery of Bonds. Under authority of the Act, the Bonds
shall be issued by the Issuer for the purposes set forth in Section 202 hereof. The Bonds shall be
delivered to the Purchaser and the proceeds of sale thereof applied as provided in Section 210
hereof.
Section 209. Execution of Bonds. The Bonds shall be executed on behalf of the Issuer by
the Mayor and attested and countersigned by the City Recorder (the signatures of the Mayor and
City Recorder being either manual or by facsimile, including electronic signatures) and the official
seal of the Issuer or a facsimile thereof shall be impressed or printed thereon in an aggregate
principal amount necessary to accomplish the purpose of the Bonds specified in Section 202
herein; provided that the aggregate principal amount of the Bonds shall not exceed $51,000,000.
The use of such manual or facsimile signatures, including electronic signatures, of the Mayor and
the City Recorder and such facsimile or impression of the official seal of the Issuer on the Bonds
are hereby authorized, approved and adopted by the Issuer as the authorized and authentic
execution, attestation, countersignature and sealing of the Bonds by said officials on behalf of the
Issuer. The Bonds shall then be delivered to the Bond Registrar for manual authentication by it.
Only such of the Bonds as shall bear thereon a certificate of authentication, manually executed by
the Bond Registrar, shall be valid or obligatory for any purpose or entitled to the benefits of the
Bond Resolution, and such certificate of the Bond Registrar shall be conclusive evidence that the
Bonds so authenticated have been duly authenticated and delivered under, and are entitled to the
benefits of, this Bond Resolution and that the owner thereof is entitled to the benefits of this Bond
Resolution. The certificate of authentication of the Bond Registrar on any Bond shall be deemed
to have been executed by it if (i) such Bond is signed by an authorized officer of the Bond
Registrar, but it shall not be necessary that the same officer sign the certificate of authentication
on all of the Bonds issued hereunder or that all of the Bonds hereunder be authenticated by the
same Bond Registrar, and (ii) the date of registration and authentication of the Bond is inserted in
the place provided therefor on the certificate of authentication.
The Mayor and the City Recorder are authorized to execute, countersign, attest and seal
from time to time, in the manner described above, Bonds (the “Exchange Bonds”) to be issued
and delivered for the purpose of effecting transfers and exchanges of Bonds pursuant to Article III
hereof. At the time of the execution, countersigning, attestation and sealing of the Exchange Bonds
by the Issuer, the payee, principal amount, maturity and interest rate may be in blank. Upon any
transfer or exchange of Bonds pursuant to Article III hereof, the Bond Registrar shall cause to be
inserted in appropriate Exchange Bonds the appropriate payee, principal amount, maturity and
interest rate. The Bond Registrar is hereby authorized and directed to hold the Exchange Bonds
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and to complete, authenticate and deliver the Exchange Bonds for the purpose of effecting transfers
and exchanges of Bonds; provided that any Exchange Bonds authenticated and delivered by the
Bond Registrar shall bear the same series, maturity and interest rate as Bonds delivered to the Bond
Registrar for exchange or transfer and shall bear the name of such payee as the Bondowner
requesting an exchange or transfer shall designate; and provided further that upon the delivery of
any Exchange Bonds by the Bond Registrar a like principal amount of Bonds submitted for transfer
or exchange, and of like series and having like maturity dates and interest rates, shall be canceled.
The execution, countersignature, attestation and sealing by the Issuer and delivery to the Bond
Registrar of any Exchange Bond shall constitute full and due authorization of such Bond
containing such payee, principal amount, maturity and interest rate as the Bond Registrar shall
cause to be inserted, and the Bond Registrar shall thereby be authorized to authenticate and deliver
such Exchange Bond in accordance with the provisions hereof.
In case any officer whose signature or a facsimile of whose signature shall appear on any
Bond (including any Exchange Bond) shall cease to be such officer before the issuance or delivery
of such Bond, such signature or such facsimile shall nevertheless be valid and sufficient for all
purposes, the same as if such officer had remained in office until such issuance or delivery,
respectively.
Section 210. Delivery of the Bonds; Application of Proceeds. The City Treasurer is hereby
authorized and instructed to make delivery of the Bonds to the Purchaser and to receive payment
therefor in accordance with the terms of sale and to set the proceeds of sale of the Bonds aside for
deposit into the Project Account to be used for the purpose for which the Bonds are issued as set
forth in Section 202 hereof.
Section 211. Disclosure Agreements. If necessary, the Mayor is hereby authorized,
empowered and directed to execute and deliver, and the City Recorder to seal, countersign and
attest, the Continuing Disclosure Agreement and the related Dissemination Agency Agreement
(collectively, the “Disclosure Agreements”) in substantially the same form as now before the
Issuer and attached hereto as Exhibits 1 and 5, or with such changes therein as the Mayor shall
approve, with the execution thereof by the Mayor to constitute conclusive evidence of the approval
of such changes. When the Disclosure Agreements are executed and delivered on behalf of the
Issuer as herein provided, the Disclosure Agreements will be binding on the Issuer and the officers,
employees and agents of the Issuer, and the officers, employees and agents of the Issuer are hereby
authorized, empowered and directed to do all such acts and things and to execute all such
documents as may be necessary to carry out and comply with the provisions of the Disclosure
Agreements as executed. Notwithstanding any other provision of this Bond Resolution, the sole
remedies for failure to comply with the Continuing Disclosure Undertaking shall be the ability of
the beneficial owner of any Bond to seek mandamus or specific performance by court order, to
cause the Issuer to comply with its obligations under the Continuing Disclosure Undertaking.
Section 212. Further Authority. The Mayor, the City Treasurer and the City Recorder and
other officers of the Issuer 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, registration and delivery of the Bonds and to fulfill the
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obligations of the Issuer hereunder and thereunder, including any documents or agreement selling
the Bonds or agreeing to sell the Bonds to the Purchaser.
Section 213. Establishment of Accounts. (a) The following accounts on the accounting
records of the Issuer are hereby created, which are to be held as follows:
(i) Bond Account, to be held by the Issuer;
(ii) Depository Account, to be held by the Paying Agent; and
(iii) Project Account, to be held by the Paying Agent.
(b) Pending application for the purposes contemplated hereby, moneys on deposit in the
Bond Account, Depository Account and Project Account shall be invested as permitted by law in
investments approved by the City Treasurer or other authorized officer of the Issuer.
(c) Amounts held in the Project Account shall be held by the Paying Agent and shall be
disbursed by the Paying Agent to the Issuer upon receipt of a written request of the City Treasurer
or any other authorized officer of the Issuer.
ARTICLE III
TRANSFER AND EXCHANGE OF BONDS; BOND REGISTRAR
Section 301. Transfer of Bonds. (a) Any Bond may, in accordance with its terms, be
transferred, upon the registration books kept by the Bond Registrar pursuant to Section 303 hereof,
by the Person in whose name it is registered, in person or by such owner’s duly authorized attorney,
upon surrender of such Bond for cancellation, accompanied by delivery of a duly executed written
instrument of transfer in a form approved by the Bond Registrar. No transfer shall be effective
until entered on the registration books kept by the Bond Registrar. The Issuer, the Bond Registrar
and the Paying Agent may treat and consider the Person in whose name each Bond is registered in
the registration books kept by the Bond Registrar as the holder and absolute owner thereof for the
purpose of receiving payment of, or on account of, the principal or redemption price thereof and
interest due thereon and for all other purposes whatsoever.
(b) Whenever any Bond or Bonds shall be surrendered for transfer, the Bond Registrar
shall authenticate and deliver a new fully-registered Bond or Bonds (which may be an Exchange
Bond or Bonds pursuant to Section 209 hereof) of the same series, designation, maturity and
interest rate and of authorized denominations duly executed by the Issuer, for a like aggregate
principal amount. The Bond Registrar shall require the payment by the Bondowner requesting
such transfer of any tax or other governmental charge required to be paid with respect to such
transfer. With respect to each Bond, no such transfer shall be required to be made after the Record
Date or after notice of redemption has be given by the Bond Registrar.
(c) The Bond Registrar shall not be required to register the transfer of or exchange any
Bond selected for redemption, in whole or in part, except the unredeemed portion of Bonds being
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redeemed in part. Upon surrender of any Bond redeemed in part only, the Issuer shall execute,
and the Bond Registrar shall authenticate and deliver to the Bondowner at the expense of the Issuer,
a new Bond or Bonds (which may be an Exchange Bond or Bonds pursuant to Section 209 hereof)
of the same series, designation, maturity and interest rate and of authorized denominations equal
in aggregate principal amount to the unredeemed portion of the Bond surrendered.
Section 302. Exchange of Bonds. Bonds may be exchanged at the principal corporate trust
office of the Bond Registrar for a like aggregate principal amount of fully-registered Bonds (which
may be an Exchange Bond or Bonds pursuant to Section 209 hereof) of the same series,
designation, maturity and interest rate of other authorized denominations. The Bond Registrar
shall require the payment by the Bondowner requesting such exchange of any tax or other
governmental charge required to be paid with respect to such exchange. With respect to each
Bond, no such exchange shall be required to be made after the Record Date or after notice of
redemption has be given by the Bond Registrar.
Section 303. Bond Registration Books. This Bond Resolution shall constitute a system of
registration within the meaning and for all purposes of the Registered Public Obligations Act,
Chapter 7 of Title 15 of the Utah Code. The Bond Registrar shall keep or cause to be kept, at its
principal corporate trust office, sufficient books for the registration and transfer of the Bonds,
which shall at all times be open to inspection by the Issuer; and, upon presentation for such
purpose, the Bond Registrar shall, under such reasonable regulations as it may prescribe, register,
or transfer or cause Bonds to be registered or transferred on those books as herein provided.
Section 304. List of Bondowners. The Bond Registrar shall maintain a list of the names
and addresses of the owners of all Bonds and upon any transfer shall add the name and address of
the new Bondowner and eliminate the name and address of the transferor Bondowner.
Section 305. Duties of Bond Registrar. If requested by the Bond Registrar, the Mayor and
the City Recorder are authorized to execute the Bond Registrar’s standard form of agreement
between the Issuer and the Bond Registrar with respect to the compensation, obligations and duties
of the Bond Registrar hereunder, which may include the following:
(a) to act as bond registrar, authenticating agent, paying agent and transfer
agent as provided herein;
(b) to maintain a list of Bondowners as set forth herein and to furnish such list
to the Issuer upon request, but otherwise to keep such list confidential;
(c) to give notice of redemption of Bonds as provided herein;
(d) to cancel and/or destroy Bonds that have been paid at maturity or upon
earlier redemption or submitted for exchange or transfer;
(e) to furnish the Issuer at least annually a certificate with respect to Bonds
cancelled and/or destroyed;
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(f) to furnish to the Issuer, at its request, at least annually an audit confirmation
of Bonds paid, Bonds outstanding and payments made with respect to interest on the
Bonds; and
(g) to comply with all applicable provisions of DTC’s operational
arrangements, as provided in Section 402 hereof.
ARTICLE IV
BOOK-ENTRY SYSTEM; LIMITED OBLIGATION OF ISSUER;
LETTER OF REPRESENTATIONS
Section 401. Book-Entry System; Limited Obligation of Issuer. (a) The Bonds shall be
initially issued in the form of a separate, single, certificated, fully-registered Bond for each of the
maturities set forth in the Certificate of Determination. If the Bonds are publicly offered the
provisions relating to DTC’s book-entry system shall apply and upon initial issuance, the
ownership of each such Bond shall be registered in the registration books kept by the Bond
Registrar in the name of Cede, as nominee of DTC. Except as provided in Section 403 hereof, all
of the outstanding Bonds shall be registered in the registration books kept by the Bond Registrar
in the name of Cede, as nominee of DTC.
(b) With respect to Bonds registered in the registration books kept by the Bond Registrar
in the name of Cede, as nominee of DTC, the Issuer, the Bond Registrar and the Paying Agent
shall have no responsibility or obligation to any Participant or to any Person on behalf of which
such a Participant holds an interest in the Bonds. Without limiting the immediately preceding
sentence, the Issuer, the Bond Registrar and the Paying Agent shall have no responsibility or
obligation with respect to (i) the accuracy of the records of DTC, Cede or any Participant with
respect to any ownership interest in the Bonds, (ii) the delivery to any Participant or any other
Person, other than a Bondowner, as shown in the registration books kept by the Bond Registrar, of
any notice with respect to the Bonds, including any notice of redemption, or (iii) the payment to
any Participant or any other Person, other than a Bondowner, as shown in the registration books
kept by the Bond Registrar, of any amount with respect to the principal of or premium, if any, or
interest on the Bonds. The Issuer, the Bond Registrar and the Paying Agent may treat and consider
the Person in whose name each Bond is registered in the registration books kept by the Bond
Registrar as the holder and absolute owner of such Bond for the purpose of payment of principal,
premium and interest with respect to such Bond and other matters with respect to such Bond, for
the purpose of registering transfers with respect to such Bond, for the purpose of giving notices of
redemption and for all other purposes whatsoever. The Paying Agent shall pay all principal of and
premium, if any, and interest on the Bonds only to the respective Bondowners, as shown in the
registration books kept by the Bond Registrar, or their respective attorneys duly authorized in
writing, as provided in Section 206 hereof, and all such payments shall be valid and effective to
fully satisfy and discharge the Issuer’s obligations with respect to payment of principal of and
premium, if any, and interest on the Bonds to the extent of the sum or sums so paid. No Person
other than a Bondowner, as shown in the registration books kept by the Bond Registrar, shall
receive a certificated Bond evidencing the obligation of the Issuer to make payments of principal,
premium, if any, and interest pursuant to the Bond Resolution.
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(c) Upon delivery by DTC to the Issuer of written notice to the effect that DTC has
determined to substitute a new nominee in place of Cede, and subject to the provisions herein with
respect to Record Dates, the word “Cede” in this Bond Resolution shall refer to such new nominee
of DTC; and upon receipt of such a notice the Issuer shall promptly deliver a copy of the same to
the Bond Registrar and the Paying Agent.
Section 402. Letter of Representations. The Issuer’s prior execution and delivery of the
Letter of Representations shall not in any way limit the provisions of Section 401 hereof or in any
other way impose upon the Issuer any obligation whatsoever with respect to Persons having
interests in the Bonds other than the Bondowners, as shown on the registration books kept by the
Bond Registrar. In the written acceptance of each Paying Agent and Bond Registrar referred to in
Section 206 hereof, such Paying Agent and Bond Registrar, respectively, shall agree to take all
action necessary for all of DTC’s operational arrangements pertaining to the Paying Agent and
Bond Registrar, respectively, to at all times be complied with.
Section 403. Transfers Outside Book-Entry System. If the Bonds are sold pursuant to a
direct placement, at the option of the Issuer or upon receipt by the Issuer of written notice from
DTC that DTC is unable or unwilling to discharge its responsibilities, and no substitute depository
willing to undertake the functions of DTC hereunder can be found that is willing and able to
undertake such functions upon reasonable and customary terms, the Bonds shall no longer be
restricted to being registered in the registration books kept by the Bond Registrar in the name of
Cede, as nominee of DTC, but may be registered in whatever name or names Bondowners
transferring or exchanging Bonds shall designate, in accordance with the provisions of Article III
hereof.
Section 404. Payments to Cede. Notwithstanding any other provision of this Bond
Resolution to the contrary, so long as any Bond is registered in the name of Cede, as nominee of
DTC, all payments with respect to principal of and premium, if any, and interest on such Bond and
all notices with respect to such Bond shall be made and given, respectively, in the manner provided
in the Letter of Representations.
ARTICLE V
COVENANTS AND UNDERTAKINGS
Section 501. Covenants of Issuer. All covenants, statements, representations and
agreements contained in the Bonds and all recitals and representations in the Bond Resolution are
hereby considered and understood, and it is hereby confirmed that all such covenants, statements,
representations and agreements are the covenants, statements, representations and agreements of
the Issuer.
Section 502. Levy of Taxes; Bond Account. The Issuer covenants and agrees that to pay
the interest falling due on the Bonds as the same becomes due, and also to provide a sinking fund
for the payment of the principal of the Bonds at maturity, there shall be levied on all taxable
property in the Issuer in addition to all other taxes, a direct annual tax sufficient to pay the interest
on the Bonds and to pay and retire the same. These taxes when collected shall be applied solely
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for the purpose of the payment of the interest on and principal of the Bonds, respectively, and for
no other purpose whatsoever until the indebtedness so contracted under the Bond Resolution,
principal and interest, shall have been fully paid, satisfied and discharged, but nothing herein
contained shall be so construed as to prevent the Issuer from applying any other funds that may be
in the Issuer’s treasury and available for that purpose to the payment of such interest and principal
as the same respectively become due and mature. The levy or levies herein provided for may
thereupon be diminished to that extent. The sums herein provided for to meet the interest on the
Bonds and to discharge the principal thereof when due are hereby appropriated for that purpose,
and the required amount for each year shall be included by the Issuer in its annual budget and its
statement and estimate as certified to the County Council of Salt Lake County, Utah, in each year.
Principal or interest falling due at any time when there shall not be available from the proceeds of
the levies described in this Section money sufficient for the payment thereof shall, to the extent of
such deficiency, be paid from other funds of the Issuer available for such purpose, and such other
funds shall be reimbursed when the proceeds of such levies become available.
The taxes or other funds that are referenced in the foregoing paragraph and that are to be
used to pay the principal of or interest on the Bonds shall be deposited into the Bond Account. On
or prior to the business day next preceding each principal or interest payment date for the Bonds,
the Issuer shall transfer from the Bond Account to the Paying Agent for deposit into the Depository
Account an amount sufficient to pay principal of and interest on the Bonds on such payment date.
On each principal or interest payment date, the Paying Agent shall pay out of the Depository
Account the principal of or interest on the Bonds then coming due. Moneys remaining on deposit
in the Bond Account immediately after each such payment date, including any investment earnings
thereon earned during the period of such deposit, shall be immediately withdrawn from the Bond
Account by the Issuer and commingled with the general funds of the Issuer. Moneys remaining
on deposit in the Depository Account immediately after each such payment date, including any
investment earnings thereon earned during the period of such deposit, shall be immediately
withdrawn from the Depository Account by the Paying Agent and paid to the Issuer and
commingled with the general funds of the Issuer. The Bond Account and the Depository Account
have been established primarily to achieve a proper matching of revenues and debt service on the
Bonds. The Bond Account and the Depository Account shall be depleted at least once each year
by the Issuer, except for a reasonable carryover amount not to exceed the greater of one year’s
earnings on the Bond Account or one-twelfth of the annual debt service on the Bonds.
ARTICLE VI
FORM OF BONDS
Section 601. Form of Bonds. Each fully-registered Bond shall be, respectively, in
substantially the following form, with such insertions or variations as to any redemption or
amortization provisions and such other insertions or omissions, endorsements and variations as
may be required (including, but not limited to, such changes as may be necessary if the Bonds at
any time are no longer held in book-entry form as permitted by Section 403 hereof:
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[FORM OF BOND]
_______________________________________
[Unless this certificate is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer,
exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.]
_______________________________________
Registered Registered
UNITED STATES OF AMERICA
STATE OF UTAH
SALT LAKE COUNTY
SALT LAKE CITY, UTAH
FEDERALLY TAXABLE GENERAL OBLIGATION BOND
SERIES 2026
Number R-____ $___________
INTEREST RATE: MATURITY DATE: DATED DATE: CUSIP:
________% June 15, ____ __________, 2026 _________
REGISTERED OWNER: _________________________
PRINCIPAL AMOUNT: ------------------------------------- DOLLARS ------------------------------------------
KNOW ALL MEN BY THESE PRESENTS that Salt Lake City, Utah (the “Issuer”), a duly
organized and existing municipal corporation and a political subdivision of the State of Utah,
acknowledges itself indebted and for value received hereby promises to pay to the registered owner
identified above, or registered assigns, on the maturity date identified above, upon presentation
and surrender hereof, the principal amount identified above (the “Principal Amount”), and to pay
the registered owner hereof interest on the balance of the Principal Amount from time to time
remaining unpaid from the interest payment date next preceding the date of registration and
authentication of this Bond, unless this Bond is registered and authenticated as of an interest
payment date, in which event this Bond shall bear interest from such interest payment date, or
unless this Bond is registered and authenticated prior to the first interest payment date, in which
event this Bond shall bear interest from the dated date identified above (the “Dated Date”), or
unless, as shown by the records of the hereinafter referred to Bond Registrar, interest on the
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hereinafter referred to Bonds shall be in default, in which event this Bond shall bear interest from
the date to which interest has been paid in full, at the interest rate per annum (calculated on the
basis of a year of 360 days consisting of twelve 30-day months) identified above (the “Interest
Rate”), payable semiannually on June 15 and December 15 in each year, commencing
December 15, 2026, until payment in full of the Principal Amount, except as the provisions set
forth in the hereinafter defined Bond Resolution with respect to redemption prior to maturity may
become applicable hereto. This Bond shall bear interest on overdue principal at the Interest Rate.
Principal of and premium, if any, on this Bond shall be payable upon presentation and surrender
hereof at the principal corporate trust office of U.S. Bank Trust Company, National Association,
of Salt Lake City, Utah, as Paying Agent for the Bonds, or at the principal corporate trust office of
any successor who is at the time the Paying Agent of the Issuer, in any coin or currency of the
United States of America that at the time of payment is legal tender for the payment of public and
private debts; and payment of the interest hereon shall be made to the registered owner hereof and
shall be paid by check or draft mailed to the person who is the registered owner of record on the
Record Date.
This Bond is one of the Federally Taxable General Obligation Bonds, Series 2026 of the
Issuer (the “Bonds”), limited to the aggregate principal amount of $__________, dated as of the
Dated Date, issued under and by virtue of the Local Government Bonding Act, Chapter 14 of
Title 11, Utah Code Annotated 1953, as amended (the “Utah Code”) and the Registered Public
Obligations Act, Chapter 7 of Title 15 of the Utah Code (collectively, the “Act”), and under and
pursuant to a resolution of the Issuer adopted on February 17, 2026, including as a part of such
resolution that certain Certificate of Determination, dated __________, 2026 (the “Bond
Resolution”), after having been authorized at an election held on November 8, 2022, in Salt Lake
City, Utah by a vote of the qualified electors thereof, for the purpose of, among other things, paying
all or a portion of the costs to acquire, improve, renovate and upgrade various parks, trails, open
space and related facilities and recreational amenities.
U.S. Bank Trust Company, National Association of Salt Lake City, Utah, is the initial bond
registrar and paying agent of the Issuer with respect to the Bonds. This bond registrar and paying
agent, together with any successor bond registrar or paying agent, are referred to herein,
respectively, as the “Bond Registrar” and the “Paying Agent.”
The Issuer covenants and is by law required to levy annually a sufficient tax to pay interest
on this Bond as it falls due and also to constitute a sinking fund for the payment of the principal
hereof as the same falls due.
This Bond is transferable, as provided in the Bond Resolution, only upon the books of the
Issuer kept for that purpose at the principal corporate trust office of the Bond Registrar, by the
registered owner hereof in person or by such owner’s attorney duly authorized in writing. Such
transfer shall be made upon surrender of this Bond, together with a written instrument of transfer
satisfactory to the Bond Registrar, duly executed by the registered owner or such duly authorized
attorney and upon the payment of the charges prescribed in the Bond Resolution, and thereupon
the Issuer shall issue in the name of the transferee a new registered Bond or Bonds of authorized
denominations of the same aggregate principal amount, series, designation, maturity and interest
rate as the surrendered Bond, all as provided in the Bond Resolution. No transfer of this Bond
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shall be effective until entered on the registration books kept by the Bond Registrar. The Issuer,
the Bond Registrar and the Paying Agent may treat and consider the person in whose name this
Bond is registered on the registration books kept by the Bond Registrar as the holder and absolute
owner hereof for the purpose of receiving payment of, or on account of, the principal or redemption
price hereof and interest due hereon and for all other purposes whatsoever, and neither the Issuer,
the Bond Registrar nor the Paying Agent shall be affected by any notice to the contrary.
The Bonds are issuable solely in the form of registered Bonds in the denomination of
$5,000 or any whole multiple thereof.
The Bonds are subject to redemption prior to maturity as further described in the Bond
Resolution.
Except as otherwise provided herein and unless the context clearly indicates otherwise,
words and phrases used herein shall have the same meanings as such words and phrases in the
Bond Resolution.
This Bond and the issue of Bonds of which it is a part are issued in conformity with and
after full compliance with the Constitution of the State of Utah and pursuant to the provisions of
the Act and all other laws applicable thereto. It is hereby certified and recited that all conditions,
acts and things required by the Constitution or laws of the State of Utah and by the Act and the
Bond Resolution to exist, to have happened or to have been performed precedent to or in
connection with the issuance of this Bond exist, have happened and have been performed and that
the issue of Bonds, together with all other indebtedness of the Issuer, is within every debt and other
limit prescribed by the Constitution and laws referenced above, and that the full faith and credit of
the Issuer are hereby irrevocably pledged to the punctual payment of the principal of and interest
on this Bond according to its terms.
This Bond shall not be valid until the Certificate of Authentication hereon shall have been
manually signed by the Bond Registrar.
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IN WITNESS WHEREOF, SALT LAKE CITY, UTAH, has caused this Bond to be signed in its
name and on its behalf by its Mayor and countersigned and attested by its City Recorder and has
caused its official seal or a facsimile thereof to be impressed or imprinted hereon, all as of the
Dated Date.
SALT LAKE CITY, UTAH
By ____________________________________
Mayor
[SEAL]
ATTEST AND COUNTERSIGN:
By__________________________________
City Recorder
APPROVED AS TO FORM
By ____________________________________
Senior City Attorney
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[FORM OF BOND REGISTRAR’S CERTIFICATE OF AUTHENTICATION]
This Bond is one of the Bonds described in the within-mentioned Bond Resolution and is
one of the Federally Taxable General Obligation Bonds, Series 2026 of Salt Lake City, Utah.
U.S. Bank Trust Company, National
Association,
as Bond Registrar
By ____________________________________
Authorized Officer
Date of registration and authentication: __________, 2026.
Bond Registrar and Paying Agent:
U.S. Bank Trust Company, National
Association
170 South Main Street, Suite 200
Salt Lake City, Utah 84101
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[FORM OF ASSIGNMENT]
The following abbreviations, when used in the inscription on the face of the within Bond,
shall be construed as though they were written out in full according to applicable laws or
regulations.
TEN COM — as tenants in common
TEN ENT — as tenants by the entirety
JT TEN — as joint tenants with right
of survivorship and not as
tenants in common
UNIF TRAN MIN ACT—
_______ Custodian _______
(Cust) (Minor)
under Uniform Transfers to Minors Act of
_________________________________
(State)
Additional abbreviations may also be used though not in the above list.
FOR VALUE RECEIVED the undersigned sells, assigns and transfers unto
Insert Social Security or Other
Identifying Number of Assignee
____________________
(Please Print or Typewrite Name and Address of Assignee)
the within Bond of SALT LAKE CITY, UTAH, and hereby irrevocably constitutes and appoints ___
______________________________________________________________________________
attorney to register the transfer of the Bond on the books kept for registration thereof, with full
power of substitution in the premises.
DATED: ______________________ SIGNATURE: ____________________________
SIGNATURE GUARANTEED:
_______________________________
NOTICE: Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Bond Registrar, which requirements include membership or participation in
STAMP or such other “signature guarantee program” as may be determined by the Bond Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities and Exchange
Act of 1934, as amended.
NOTICE: The signature to this assignment must correspond with the name as it appears upon the
face of the within Bond in every particular, without alteration or enlargement or any change
whatever.
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ARTICLE VII
MISCELLANEOUS
Section 701. Final Official Statement. The Official Statement of the Issuer is hereby
authorized in substantially the form attached hereto as Exhibit 2, 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 the Bonds by the Designated Officers and set
forth in the Certificate of Determination. The Mayor shall sign and deliver such Official Statement
to the Purchaser for distribution to prospective purchasers of the Bonds 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 the Official Statement.
Section 702. Preliminary Official Statement Deemed Final. The use and distribution of
the Official Statement in preliminary form (the “Preliminary Official Statement”), in substantially
the form presented at this meeting and in the form attached hereto as Exhibit 2, is hereby authorized
and approved, with such changes, omissions, insertions and revisions as the City Treasurer shall
deem advisable. The Mayor, the City Treasurer and the City Recorder 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 deem final the 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 the Bonds. The Mayor, the City Treasurer and the City
Recorder 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 the Bonds, and any actions taken thereby for purposes of
deeming the Official Statement to be final for purposes of Rule 15c2-12 of the Securities and
Exchange Commission are hereby authorized, ratified and confirmed.
Section 703. Notice of Bonds to be Issued. In accordance with the provisions of
Sections 11-14-316 and 45-1-101 of the Utah Code and as a Class A notice under the provisions
of Section 63G-30-102 of the Utah Code, the City Recorder shall publish a “Notice of Bonds to
be Issued,” in substantially the form attached hereto as Exhibit 4, by (a) publishing a copy of the
Notice of Bonds on (i) the Utah Public Notice Website, (ii) the Salt Lake City Public Notice
Webpage and (iii) the Utah Legal Notices website (www.utahlegals.com) described in Section 45-
1-101 of the Utah Code; and (b) posting the Notice of Bonds in a public location within the City
& County Building, Plaza 349 and the Main Library. The City Recorder shall cause a copy of this
Resolution (together with all exhibits) to be kept on file electronically and at 451 South State
Street, Room 415, Salt Lake City, Utah, in the City Recorder’s office for public examination during
the regular business hours of the Issuer 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 Bond Resolution or
the Bonds hereby authorized or any provision 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
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of this Bond Resolution or the Bonds or any provision made for the security and payment of the
Bonds for any cause.
Section 704. Ratification. All proceedings, resolutions and actions of the Issuer and its
officers taken in connection with the sale and issuance of the Bonds are hereby ratified, confirmed
and approved, including, without limitation, the publication of the notice of sale for the Bonds as
set out in the preambles hereto.
Section 705. Severability. It is hereby declared that all parts of this Bond Resolution are
severable, and if any section, paragraph, clause or provision of this Bond 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 Bond Resolution.
Section 706. Conflict. All resolutions, orders and regulations or parts thereof heretofore
adopted or passed that are in conflict with any of the provisions of this Bond Resolution are, to the
extent of such conflict, hereby repealed.
Section 707. Captions. The table of contents and captions or headings herein are for
convenience of reference only and in no way define, limit or describe the scope or intent of any
provisions or sections of this Bond Resolution.
Section 708. Effective Date. This Bond Resolution shall take effect immediately.
(Signature page follows.)
Adopted and Approved February 17, 2026.
Salt Lake City, Utah
By
[Seal]
Attest and Countersign:
Approved:
Approved as to Form
By
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ByDey
x
By COA/dal0
Mayor \
AS
(*5.74 “orrork
EXHIBIT 1
[ATTACH FORM OF CONTINUING DISCLOSURE UNDERTAKING]
Exhibit 1 Delegating Bond Resolution
Exhibit 1 Delegating Bond Resolution
EXHIBIT 1
[ATTACH FORM OF CONTINUING DISCLOSURE UNDERTAKING]
Draft
1/17/26
Continuing Disclosure Agreement 4934-5019-9841 v5.docx
10001523/RDB/mo
CONTINUING DISCLOSURE AGREEMENT
FOR THE PURPOSE OF PROVIDING
CONTINUING DISCLOSURE INFORMATION
UNDER PARAGRAPH (b)(5) OF RULE 15C2-12
DATED: [CLOSING DATE], 2026
This Continuing Disclosure Agreement (the “Agreement”) is executed and delivered by
Salt Lake City, Utah (the “Issuer”) in connection with the issuance of $[Principal Amount]
Federally Taxable General Obligation Bonds, Series 2026 (the “Bonds”). The Bonds are being
issued pursuant to a resolution adopted by the City Council of the Issuer on February 17, 2026 (the
“Resolution”).
In consideration of the issuance of the Bonds by the Issuer and the purchase of such Bonds
by the beneficial owners thereof, the Issuer covenants and agrees as follows:
Section 1. PURPOSE OF THIS AGREEMENT. This Agreement is executed and delivered by
the Issuer as of the date set forth below, for the benefit of the beneficial owners of the Bonds and
in order to assist the Participating Underwriter in complying with the requirements of the Rule (as
defined below). The Issuer represents that it will be the only obligated person with respect to the
Bonds at the time the Bonds are delivered to the Participating Underwriter and that no other person
is expected to become so committed at any time after issuance of the Bonds.
Section 2. DEFINITIONS. The terms set forth below shall have the following meanings
in this Agreement, unless the context clearly otherwise requires.
“Annual Financial Information” means the financial information and operating data
described in Exhibit I.
“Annual Financial Information Disclosure” means the dissemination of disclosure
concerning Annual Financial Information and the dissemination of the Audited Financial
Statements as set forth in Section 4.
“Audited Financial Statements” means the audited financial statements of the Issuer
prepared pursuant to the standards and as described in Exhibit I.
“Commission” means the Securities and Exchange Commission.
“Dissemination Agent” means any agent designated as such in writing by the Issuer and
which has filed with the Issuer a written acceptance of such designation, and such agent’s
successors and assigns.
- 2 - Continuing Disclosure Agreement
“EMMA” means the MSRB through its Electronic Municipal Market Access system for
municipal securities disclosure or through any other electronic format or system prescribed by the
MSRB for purposes of the Rule.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Financial Obligation” means (a) a debt obligation, (b) a derivative instrument entered
into in connection with, or pledged as security or a source of payment for, an existing or planned
debt obligation, or (c) a guarantee of (a) or (b) in this definition; provided however, the term
Financial Obligation shall not include municipal securities as to which a final official statement
has been provided to the MSRB consistent with the Rule.
“MSRB” means the Municipal Securities Rulemaking Board.
“Participating Underwriter” means each broker, dealer or municipal securities dealer
acting as an underwriter in the primary offering of the Bonds.
“Reportable Event” means the occurrence of any of the Events with respect to the Bonds
set forth in Exhibit II.
“Reportable Events Disclosure” means dissemination of a notice of a Reportable Event as
set forth in Section 5.
“Rule” means Rule 15c2-12 adopted by the Commission under the Exchange Act, as the
same may be amended from time to time.
“State” means the State of Utah.
“Undertaking” means the obligations of the Issuer pursuant to Sections 4 and 5.
Section 3. CUSIP NUMBER/FINAL OFFICIAL STATEMENT. The CUSIP Numbers of the
Bonds are as follows:
JUNE 15
OF THE YEAR
CUSIP
NUMBER
JUNE 15
OF THE YEAR
CUSIP
NUMBER
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The Final Official Statement relating to the Bonds is dated [Sale Date], 2026 (the “Final Official
Statement”). The Issuer will include the CUSIP Number in all disclosure described in Sections 4
and 5 of this Agreement.
Section 4. ANNUAL FINANCIAL INFORMATION DISCLOSURE. Subject to Section 8 of this
Agreement, the Issuer hereby covenants that it will disseminate its Annual Financial Information
and its Audited Financial Statements (in the form and by the dates set forth in Exhibit I) to EMMA
in such manner and format and accompanied by identifying information as is prescribed by the
MSRB or the Commission at the time of delivery of such information and by such time so that
such entities receive the information by the dates specified. MSRB Rule G-32 requires all EMMA
filings to be in word-searchable PDF format. This requirement extends to all documents to be
filed with EMMA, including financial statements and other externally prepared reports.
If any part of the Annual Financial Information can no longer be generated because the
operations to which it is related have been materially changed or discontinued, the Issuer will
disseminate a statement to such effect as part of its Annual Financial Information for the year in
which such event first occurs.
If any amendment or waiver is made to this Agreement, the Annual Financial Information
for the year in which such amendment or waiver is made (or in any notice or supplement provided
to EMMA) shall contain a narrative description of the reasons for such amendment or waiver and
its impact on the type of information being provided.
Section 5. REPORTABLE EVENTS DISCLOSURE. Subject to Section 8 of this Agreement,
the Issuer hereby covenants that it will disseminate in a timely manner (not in excess of ten
business days after the occurrence of the Reportable Event) Reportable Events Disclosure to
EMMA in such manner and format and accompanied by identifying information as is prescribed
by the MSRB or the Commission at the time of delivery of such information. MSRB Rule G-32
requires all EMMA filings to be in word-searchable PDF format. This requirement extends to all
documents to be filed with EMMA, including financial statements and other externally prepared
reports. Notwithstanding the foregoing, notice of optional or unscheduled redemption of any
Bonds or defeasance of any Bonds need not be given under this Agreement any earlier than the
notice (if any) of such redemption or defeasance is given to the Bondholders pursuant to the
Resolution.
Section 6. CONSEQUENCES OF FAILURE OF THE ISSUER TO PROVIDE INFORMATION. The
Issuer shall give notice in a timely manner to EMMA of any failure to provide Annual Financial
Information Disclosure when the same is due hereunder.
In the event of a failure of the Issuer to comply with any provision of this Agreement, the
beneficial owner of any Bond may seek mandamus or specific performance by court order, to
cause the Issuer to comply with its obligations under this Agreement. The beneficial owners of
25% or more in principal amount of the Bonds outstanding may challenge the adequacy of the
information provided under this Agreement and seek specific performance by court order to cause
the Issuer to provide the information as required by this Agreement. A default under this
Agreement shall not be deemed a default under the Resolution, and the sole remedy under this
- 4 - Continuing Disclosure Agreement
Agreement in the event of any failure of the Issuer to comply with this Agreement shall be an
action to compel performance.
Section 7. AMENDMENTS; WAIVER. Notwithstanding any other provision of this
Agreement, the Issuer by resolution authorizing such amendment or waiver, may amend this
Agreement, and any provision of this Agreement may be waived, if:
(a) (i) the amendment or waiver is made in connection with a change in
circumstances that arises from a change in legal requirements, including without limitation,
pursuant to a “no-action” letter issued by the Commission, a change in law, or a change in
the identity, nature, or status of the Issuer, or type of business conducted; or
(ii) this Agreement, as amended, or the provision, as waived, would
have complied with the requirements of the Rule at the time of the primary offering,
after taking into account any amendments or interpretations of the Rule, as well as
any change in circumstances; and
(b) the amendment or waiver does not materially impair the interests of the
beneficial owners of the Bonds, as determined by parties unaffiliated with the Issuer (such
as Bond Counsel).
In the event that the Commission or the MSRB or other regulatory authority shall approve
or require Annual Financial Information Disclosure or Reportable Events Disclosure to be made
to a central post office, governmental agency or similar entity other than EMMA or in lieu of
EMMA, the Issuer shall, if required, make such dissemination to such central post office,
governmental agency or similar entity without the necessity of amending this Agreement.
Section 8. TERMINATION OF UNDERTAKING. The Undertaking of the Issuer shall be
terminated hereunder if the Issuer shall no longer have any legal liability for any obligation on or
relating to repayment of the Bonds under the Resolution. The Issuer shall give notice to EMMA
in a timely manner if this Section is applicable.
Section 9. DISSEMINATION AGENT. The Issuer may, from time to time, appoint or engage
a Dissemination Agent to assist it in carrying out its obligations under this Agreement, and may
discharge any such Dissemination Agent, with or without appointing a successor Dissemination
Agent.
Section 10. ADDITIONAL INFORMATION. Nothing in this Agreement shall be deemed to
prevent the Issuer from disseminating any other information, using the means of dissemination set
forth in this Agreement or any other means of communication, or including any other information
in any Annual Financial Information Disclosure or notice of occurrence of a Reportable Event, in
addition to that which is required by this Agreement. If the Issuer chooses to include any
information from any document or notice of occurrence of a Reportable Event in addition to that
which is specifically required by this Agreement, the Issuer shall have no obligation under this
Agreement to update such information or include it in any future disclosure or notice of occurrence
- 5 - Continuing Disclosure Agreement
of a Reportable Event. If the Issuer is changed, the Issuer shall disseminate such information to
EMMA.
Section 11. BENEFICIARIES. This Agreement has been executed in order to assist the
Participating Underwriter in complying with the Rule; however, this Agreement shall inure solely
to the benefit of the Issuer, the Dissemination Agent, if any, and the beneficial owners of the
Bonds, and shall create no rights in any other person or entity.
Section 12. RECORDKEEPING. The Issuer shall maintain records of all Annual Financial
Information Disclosure and Reportable Events Disclosure, including the content of such
disclosure, the names of the entities with whom such disclosure was filed and the date of filing
such disclosure.
Section 13. ASSIGNMENT. The Issuer shall not transfer its obligations under the Resolution
unless the transferee agrees to assume all obligations of the Issuer under this Agreement or to
execute an Undertaking under the Rule.
Section 14. GOVERNING LAW. This Agreement shall be governed by the laws of the State.
(Signature page follows.)
- 6 - Continuing Disclosure Agreement
DATED as of the day and year first above written.
SALT LAKE CITY, UTAH
By ____________________________________
Mayor
Address: 451 South State Street
Salt Lake City, Utah 84111
ATTEST AND COUNTERSIGN:
By______________________________
City Recorder
APPROVED AS TO FORM:
By ____________________________________
Senior City Attorney
EXHIBIT I Continuing Disclosure Agreement
EXHIBIT I
ANNUAL FINANCIAL INFORMATION AND TIMING AND AUDITED FINANCIAL STATEMENTS
“Annual Financial Information” means financial information and operating data of the
type contained in the Official Statement under the following captions:
CAPTION PAGE
DEBT STRUCTURE OF SALT LAKE CITY, UTAH ...........................................................
— Outstanding Debt Issues .....................................................................................
— Overlapping General Obligation Debt ...............................................................
— General Obligation Legal Debt Limit and Additional Debt Incurring Capacity
FINANCIAL INFORMATION REGARDING SALT LAKE CITY, UTAH ..........................
— Sources of General Fund Revenues ...................................................................
— Five-Year Financial Summaries .........................................................................
— Taxable and Fair Market Value of Property ......................................................
— Tax Collection Record .......................................................................................
— Some of the Largest Taxpayers in the City ........................................................
All or a portion of the Annual Financial Information and the Audited Financial Statements
as set forth below may be included by reference to other documents which have been submitted to
EMMA or filed with the Commission. If the information included by reference is contained in a
Final Official Statement, the Final Official Statement must be available on EMMA; the Final
Official Statement need not be available from the Commission. The Issuer shall clearly identify
each such item of information included by reference.
Annual Financial Information exclusive of Audited Financial Statements will be submitted
to EMMA, not later than 210 days after the end of each fiscal year of the Issuer, beginning with
the fiscal year ended June 30, 2026. Audited Financial Statements as described below should be
filed at the same time as the Annual Financial Information. If Audited Financial Statements are
not available when the Annual Financial Information is filed, unaudited financial statements shall
be included.
Audited Financial Statements will be prepared pursuant to generally accepted accounting
principles applicable to governmental units in general and Utah cities, in particular. Audited
Financial Statements will be submitted to EMMA within 30 days after availability to Issuer.
If any change is made to the Annual Financial Information as permitted by Section 4 of the
Agreement, the Issuer will disseminate a notice of such change as required by Section 4.
EXHIBIT II Continuing Disclosure Agreement
EXHIBIT II
EVENTS WITH RESPECT TO THE BONDS
FOR WHICH REPORTABLE EVENTS DISCLOSURE IS REQUIRED
1. Principal and interest payment delinquencies
2. Non-payment related defaults, if material
3. Unscheduled draws on debt service reserves reflecting financial difficulties
4. Unscheduled draws on credit enhancements reflecting financial difficulties
5. Substitution of credit or liquidity providers, or their failure to perform
6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final
determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other
material notices or determinations with respect to the tax status of the security, or other
material events affecting the tax status of the security
7. Modifications to the rights of security holders, if material
8. Bond calls, if material, and tender offers
9. Defeasances
10. Release, substitution or sale of property securing repayment of the securities, if material
11. Rating changes
12. Bankruptcy, insolvency, receivership or similar event of the Issuer*
13. The consummation of a merger, consolidation, or acquisition involving the Issuer or the
sale of all or substantially all of the assets of the Issuer, other than in the ordinary course
of business, the entry into a definitive agreement to undertake such an action or the
termination of a definitive agreement relating to any such actions, other than pursuant to
its terms, if material
14. Appointment of a successor or additional trustee or the change of name of a trustee, if
material
15. Incurrence of a Financial Obligation of the Issuer, if material, or agreement to covenants,
events of default, remedies, priority rights, or other similar terms of a Financial Obligation
of the Issuer, any of which affect security holders, if material
16. Default, event of acceleration, termination event, modification of terms, or other similar
events under the terms of a Financial Obligation of the Issuer, any of which reflect financial
difficulties
* This event is considered to occur when any of the following occur: the appointment of a receiver, fiscal
agent or similar officer for the Issuer in a proceeding under the U.S. Bankruptcy Code or in any other
proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction
over substantially all of the assets or business of the Issuer, or if such jurisdiction has been assumed by
leaving the existing governing body and officials or officers in possession but subject to the supervision and
orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization,
arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over
substantially all of the assets or business of the Issuer.
EXHIBIT 2
[ATTACH FORM OF OFFICIAL STATEMENT]
Exhibit 2 Delegating Bond Resolution
Exhibit 2 Delegating Bond Resolution
EXHIBIT 2
[ATTACH FORM OF OFFICIAL STATEMENT]
Draft of 2/17/26
PRELIMINARY OFFICIAL STATEMENT DATED [POS DATE], 2026
____________________
* Preliminary; subject to change.
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NEW ISSUE — Issued in Book-Entry Form Only RATINGS: Moody’s “____”
Fitch “____”
See “BOND RATINGS” herein.
Interest on the Bonds is includible in gross income of the owners thereof for federal income tax purposes. In
the opinion of Bond Counsel, under the existing laws of the State of Utah, as presently enacted and construed, interest
on the Bonds is exempt from taxes imposed by the Utah Individual Income Tax Act. See “TAX TREATMENT” herein for
a more complete discussion.
$[PRELIMINARY PRINCIPAL AMOUNT]*
SALT LAKE CITY, UTAH
FEDERALLY TAXABLE GENERAL OBLIGATION BONDS
SERIES 2026
DATED: Date of Original Issuance and Delivery DUE: June 15, as shown below
The $__________ Federally Taxable General Obligation Bonds, Series 2026 (the “Bonds”), dated the date
of original issuance and delivery thereof, are issuable by Salt Lake City, Utah (the “City”) as fully-registered bonds
and, when initially issued, will be in book-entry form only, registered in the name of Cede & Co., as nominee for The
Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds.
Principal of and interest on the Bonds (interest payable June 15 and December 15 of each year, commencing
December 15, 2026) are payable by U.S. Bank Trust Company, National Association, Salt Lake City, Utah, as Paying
Agent, to the registered owners thereof, initially DTC. See “THE BONDS — Book-Entry System” herein.
The Bonds are subject to optional redemption prior to maturity as described more fully under the heading
“THE BONDS — Redemption Provisions” herein.
The Bonds will be general obligations of the City payable from the proceeds of ad valorem taxes to be levied
without limitation as to rate or amount on all of the taxable property in the City, fully sufficient to pay the Bonds as
to both principal and interest.
Maturity Schedule
(see inside cover)
The Bonds will be awarded pursuant to competitive bidding to be held via the PARITY® electronic bid
submission system on __________, __________, 2026, as set forth in the Official Notice of Bond Sale (dated the
date of this Preliminary Official Statement).
Stifel, Nicolaus & Company, Incorporated, Salt Lake City, Utah, is acting as Municipal Advisor.
The Bonds are offered when, as and if issued and received by the successful bidder(s), subject to the approval
of legality by Chapman and Cutler LLP, Bond Counsel to the City, and certain other conditions. Certain legal matters
will be passed upon for the City by Mark E. Kittrell, City Attorney. Certain legal matters regarding this Official
Statement will be passed upon for the City by Chapman and Cutler LLP, Disclosure Counsel. It is expected that the
Bonds will be available for delivery, in book-entry form only, through the facilities of DTC on or about [Closing
Date], 2026.
This cover page contains certain information for quick reference only. It is not a summary of this issue.
Investors must read the entire Official Statement to obtain information essential to the making of an informed
investment decision.
This Official Statement is dated [Sale Date], 2026 and the information contained herein speaks only as of
that date.
MATURITY SCHEDULE
$[PRELIMINARY PRINCIPAL AMOUNT]*
SALT LAKE CITY, UTAH
FEDERALLY TAXABLE GENERAL OBLIGATION BONDS
SERIES 2026
DUE
JUNE 15
PRINCIPAL
AMOUNT
INTEREST
RATE
YIELD
CUSIP
795574
$ % %
____________________
* Yield to par call on __________ 15, 203_.
- i -
$[PRELIMINARY PRINCIPAL AMOUNT]*
SALT LAKE CITY, UTAH
FEDERALLY TAXABLE GENERAL OBLIGATION BONDS
SERIES 2026
Salt Lake City
City and County Building
451 South State Street
Salt Lake City, Utah 84111
(801) 535-7946
CITY COUNCIL
Alejandro Puy ........................................................................................................................... Council Chair
Erika Carlsen .................................................................................................................... Council Vice Chair
Eva Lopez Chavez ............................................................................................................... Council Member
Dan Dugan ........................................................................................................................... Council Member
Victoria Petro ....................................................................................................................... Council Member
Chris Wharton ...................................................................................................................... Council Member
Sarah Young ......................................................................................................................... Council Member
CITY ADMINISTRATION
Erin J. Mendenhall ................................................................................................................................ Mayor
Rachel Otto ................................................................................................................................ Chief of Staff
Mark E. Kittrell ......................................................................................................................... City Attorney
Keith Reynolds .......................................................................................................................... City Recorder
Marina Scott ............................................................................................................................. City Treasurer
BOND COUNSEL INDEPENDENT AUDITORS
Chapman and Cutler LLP Eide Bailly LLP
215 South State, Suite 560 5 Triad Center, Suite 600
Salt Lake City, Utah 84111 Salt Lake City, Utah 84180
(801) 533-0066 (801) 532-2200
MUNICIPAL ADVISOR BOND REGISTRAR AND PAYING AGENT
Stifel, Nicolaus & Company, Incorporated U.S. Bank Trust Company, National Association
15 West South Temple, Suite 1090 170 South Main Street, Suite 200
Salt Lake City, Utah 84101 Salt Lake City, Utah 84101
(385) 799-7231 (801) 534-6083
* Preliminary; subject to change.
- ii -
This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there
be any sale of, the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer,
solicitation or sale. No dealer, broker, salesman or other person has been authorized to give any information or to
make any representations other than those contained herein, and if given or made, such other information or
representations must not be relied upon as having been authorized by either the City or the successful bidder(s). All
information contained herein has been obtained from the City, DTC and from other sources which are believed to be
reliable. The information and expressions of opinion herein are subject to change without notice and neither the
delivery of this Official Statement nor the issuance, sale, delivery or exchange of the Bonds, shall under any
circumstance create any implication that there has been no change in the affairs of the City or in any other information
contained herein since the date hereof.
The Bonds have not been registered under the Securities Act of 1933, as amended, or any state securities
laws in reliance upon exemptions contained in such act and laws. Any registration or qualification of the Bonds in
accordance with applicable provisions of the securities laws of the states in which the Bonds have been registered or
qualified and the exemption from registration or qualification in other states cannot be regarded as a recommendation
thereof. Neither the Securities and Exchange Commission nor any state securities commission has passed upon the
accuracy or adequacy of this Official Statement. Any representation to the contrary is unlawful.
The yields at which the Bonds are offered to the public may vary from the initial offering yields on the inside
cover page of this Official Statement. In addition, the successful bidder(s) may allow concessions or discounts from
the initial offering prices of the Bonds to dealers and others. In connection with the offering of the Bonds, the
successful bidder(s) may engage in transactions that stabilize, maintain, or otherwise affect the price of the Bonds.
Such transactions may include overallotments in connection with the purchase of Bonds, the purchase of Bonds to
stabilize their market price and the purchase of Bonds to cover the successful bidder(s)’s short positions. Such
transactions, if commenced, may be discontinued at any time.
Cautionary Statements Regarding Forward–Looking Statements. Certain statements included in this Official
Statement constitute “forward–looking statements” within the meaning of the federal securities laws. Such statements
are generally identifiable by the terminology used, such as “plan,” “project,” “forecast,” “expect,” “estimate,”
“budget” or other similar words. The achievement of certain results or other expectations contained in such forward-
looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results,
performance or achievements described to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Except as required by its Continuing
Disclosure Agreement for the Bonds, the City does not plan to issue any updates or revisions to those forward-looking
statements if or when its expectations change or events, conditions or circumstances on which such statements are
based occur.
The CUSIP (the Committee on Uniform Securities Identification Procedures) identification numbers are
provided on the cover page of this Official Statement and are being provided solely for the convenience of bondholders
only, and the Board does not make any representation with respect to such numbers or undertake any responsibility
for their accuracy. The CUSIP numbers are subject to being changed after the issuance of the Bonds as a result of
various subsequent actions including, but not limited to, a refunding in whole or in part of the Bonds.
The information available at the internet sites referenced in this Official Statement has not been reviewed for
accuracy or completeness. Such information is not incorporated by reference into this Official Statement and may not
be relied upon by investors in determining whether to purchase the Bonds and is not a part of this Official Statement.
- iii -
TABLE OF CONTENTS
PAGE
INTRODUCTION .................................................................................................................................1
The Bonds ...............................................................................................................................1
The City ..................................................................................................................................1
Security and Source of Payment .............................................................................................1
Authority and Purpose ............................................................................................................1
Redemption Provisions ...........................................................................................................2
Registration, Denominations and Manner of Payment ...........................................................2
Tax Status ................................................................................................................................3
Conditions of Delivery, Anticipated Date, Manner and Place of Delivery ............................3
Basic Documentation ..............................................................................................................3
Contact Persons .......................................................................................................................3
Public Sale/Electronic Bid ......................................................................................................4
THE BONDS .......................................................................................................................................4
General ....................................................................................................................................4
Sources and Uses of Funds .....................................................................................................5
Security and Sources of Payment ...........................................................................................5
Redemption Provisions ...........................................................................................................5
Registration and Transfer ........................................................................................................6
Book-Entry System .................................................................................................................7
Debt Service Requirements ...................................................................................................10
SALT LAKE CITY, UTAH .................................................................................................................10
City Officials .........................................................................................................................10
City Administration ..............................................................................................................11
Employee Workforce and Retirement System; Postemployment Benefits ..........................12
POPULATION ..........................................................................................................................13
Property Value of Pre-Authorized Construction in the City .................................................13
Sales and Building in Salt Lake County ...............................................................................13
Income and Wages in Salt Lake County ...............................................................................13
Business and Industry ...........................................................................................................14
Labor Market Data of Salt Lake County ...............................................................................16
Rate of Unemployment — Annual Average .........................................................................16
DEBT STRUCTURE OF SALT LAKE CITY, UTAH ...............................................................................17
Outstanding Debt Issues .......................................................................................................17
Debt Service Schedule of Outstanding General Obligation Bonds ......................................20
Future Debt Plans ..................................................................................................................20
Overlapping General Obligation Debt ..................................................................................21
Debt Ratios ............................................................................................................................22
General Obligation Legal Debt Limit and Additional Debt Incurring Capacity ..................22
No Defaulted Obligations .....................................................................................................23
FINANCIAL INFORMATION REGARDING SALT LAKE CITY, UTAH ....................................................23
PAGE
- iv -
Fund Structure; Accounting Basis ........................................................................................23
Financial Controls .................................................................................................................23
Budget and Appropriation Process .......................................................................................24
Insurance Coverage ...............................................................................................................24
Investment Policy ..................................................................................................................25
Property Tax Matters ............................................................................................................27
Tax Levy and Collection .......................................................................................................29
Public Hearing on Certain Tax Increases ..............................................................................30
Sources of General Fund Revenues ......................................................................................31
Five-Year Financial Summaries ...........................................................................................32
Historical City Tax Rates ......................................................................................................37
Comparative Property Tax Rates Within Salt Lake County .................................................37
Taxable and Fair Market Value of Property .........................................................................38
Historical Summaries of Taxable Values of Property ..........................................................39
Tax Collection Record ..........................................................................................................40
Some of the Largest Taxpayers in the City ...........................................................................40
Recent Developments ...........................................................................................................40
INVESTMENT CONSIDERATIONS ......................................................................................................41
Climate Change .....................................................................................................................41
Cybersecurity ........................................................................................................................41
TAX TREATMENT ............................................................................................................................42
Federal Income Taxation ......................................................................................................42
Utah Income Taxation ...........................................................................................................42
LITIGATION .....................................................................................................................................42
CONTINUING DISCLOSURE ..............................................................................................................43
APPROVAL OF LEGAL PROCEEDINGS ...............................................................................................44
BOND RATINGS ...............................................................................................................................44
MUNICIPAL ADVISOR ......................................................................................................................44
INDEPENDENT AUDITORS ................................................................................................................45
MISCELLANEOUS ............................................................................................................................45
APPENDIX A — SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE
FISCAL YEAR ENDED JUNE 30, 2025 ............................................................ A-1
APPENDIX B — FORM OF CONTINUING DISCLOSURE AGREEMENT .........................................B-1
APPENDIX C — PROPOSED FORM OF OPINION OF BOND COUNSEL .........................................C-1
$[PRELIMINARY PRINCIPAL AMOUNT]*
SALT LAKE CITY, UTAH
FEDERALLY TAXABLE GENERAL OBLIGATION BONDS
SERIES 2026
INTRODUCTION
This introduction is only a brief description of the Bonds, as hereinafter defined, the
security and source of payment for the Bonds and certain information regarding Salt Lake City,
Utah (the “City”). The information contained herein is expressly qualified by reference to the
entire Official Statement. Investors should make a full review of the entire Official Statement.
See the following appendices that are attached hereto: “APPENDIX A — SALT LAKE CITY
CORPORATION FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2025;”
“APPENDIX B — FORM OF CONTINUING DISCLOSURE AGREEMENT” and “APPENDIX C —
PROPOSED FORM OF OPINION OF BOND COUNSEL.”
THE BONDS
This Official Statement, including the cover page, introduction and appendices, provides
information in connection with the issuance and sale by the City of its $[Preliminary Principal
Amount]* Federally Taxable General Obligation Bonds, Series 2026 (the “Bonds”), each dated
the date of original issuance and delivery thereof, initially issued in book-entry form only.
THE CITY
The City is a municipal corporation and political subdivision of the State of Utah (the
“State”) and is the capital of the State. The City is the most populous city in the State with the
2024 estimated population of 217,783 residents. The City has a council-mayor form of
government. For more information with respect to the City see “SALT LAKE CITY, UTAH.”
SECURITY AND SOURCE OF PAYMENT
The Bonds will be general obligations of the City, payable from the proceeds of ad valorem
taxes to be levied, without limitation as to rate or amount, on all of the taxable property in the City,
fully sufficient to pay the Bonds as to both principal and interest. See “THE BONDS — Security
and Sources of Payment” and “FINANCIAL INFORMATION REGARDING SALT LAKE CITY, UTAH —
Tax Levy and Collection.”
AUTHORITY AND PURPOSE
The Bonds are being issued pursuant to (a) the Local Government Bonding Act, Chapter 14
of Title 11 (the “Local Government Bonding Act”) of the Utah Code Annotated 1953, as amended
* Preliminary; subject to change.
- 2 -
(the “Utah Code”), the Registered Public Obligations Act, Chapter 7 of Title 15 of the Utah Code,
and the applicable provisions of Title 10 of the Utah Code (collectively, the “Act”), (b) Resolution
No. __-2026 of the City adopted on February 17, 2026 (the “Resolution”), which provides for the
issuance of the Bonds, and (c) other applicable provisions of law.
The Bonds were authorized by an affirmative vote of 71.32% of the voters at a special bond
election held for that purpose on November 8, 2022. The proposition submitted to the voters was
as follows:
City Proposition Number 1
Shall Salt Lake City, Utah, be authorized to issue General Obligation Bonds in a
principal amount not to exceed $85,000,000 and to mature in no more than 21 years
from the date or dates of issuance; such bonds will be issued in accordance with
Utah law solely to pay all or a portion of the costs to acquire, improve, renovate and
upgrade various parks, trails, open space and related facilities and recreational
amenities?
The Bonds are the second block of bonds to be issued from the November 8, 2022 voted
authorization.
The Bonds are also being issued for the purpose of paying certain costs of issuance. See
“THE BONDS — Sources and Uses of Funds.”
REDEMPTION PROVISIONS
The Bonds are subject to optional redemption prior to maturity as described more fully
under the heading “THE BONDS — Redemption Provisions” herein.
REGISTRATION, DENOMINATIONS AND MANNER OF PAYMENT
The Bonds are issuable only as fully-registered bonds and, when initially issued, will be
registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York,
New York (“DTC”), which will act as securities depository of the Bonds. Purchases of Bonds
will be made in book-entry form only, in the principal amount of $5,000 or any whole multiple
thereof, through brokers and dealers who are, or who act through, DTC participants. Beneficial
owners of the Bonds will not be entitled to receive physical delivery of bond certificates so long
as DTC or a successor securities depository acts as the securities depository with respect to the
Bonds.
Principal of and interest on the Bonds (interest payable June 15 and December 15 of each
year, commencing December 15, 2026) are payable by U.S. Bank Trust Company, National
Association, Salt Lake City, Utah, as Paying Agent (the “Paying Agent”), to the registered owners
of the Bonds. So long as DTC is the registered owner, it will, in turn, remit such principal and
interest to its participants, for subsequent disbursements to the beneficial owners of the Bonds, as
described in “THE BONDS — Book-Entry System.”
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[TAX STATUS
Interest on the Bonds is includible in gross income of the owners thereof for federal income
tax purposes.
In the opinion of Bond Counsel, under the existing laws of the State, as presently enacted
and construed, interest on the Bonds is exempt from taxes imposed by the Utah Individual Income
Tax Act. See “TAX TREATMENT” for a more complete discussion.]
CONDITIONS OF DELIVERY, ANTICIPATED DATE, MANNER AND PLACE OF DELIVERY
The Bonds are offered when, as and if issued and received by the successful bidder(s),
subject to the approval of legality of the Bonds by Chapman and Cutler LLP, Bond Counsel, and
certain other conditions. Certain legal matters will be passed upon for the City by the City
Attorney. Certain legal matters regarding this Official Statement will be passed upon for the City
by Chapman and Cutler LLP, Disclosure Counsel. It is expected that the Bonds, in book-entry
form only, will be available for delivery through the facilities of DTC on or about [Closing Date],
2026.
BASIC DOCUMENTATION
The “basic documentation,” which includes the Resolution, the closing documents and
other documentation authorizing the issuance of the Bonds and establishing the rights and
responsibilities of the City and other parties to the transaction, may be obtained from the “contact
persons” listed below.
CONTACT PERSONS
As of the date of this Official Statement, the chief contact person for the City concerning
the Bonds is:
Marina Scott, City Treasurer
451 South State Street, Room 228
P.O. Box 145462
Salt Lake City, Utah 84114-5462
(801) 535-6565
marina.scott@slc.gov
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Additional requests for information may be directed to the City’s Municipal Advisor as
follows:
John Crandall, Managing Director
Elizabeth Read, Director
Stifel, Nicolaus & Company, Incorporated
15 West South Temple, Suite 1090
Salt Lake City, Utah 84101
(385) 799-7231
crandallj@stifel.com
reade@stifel.com
PUBLIC SALE/ELECTRONIC BID
The Bonds were awarded pursuant to competitive bidding held via the PARITY®
electronic bid submission system on [Long Sale Date], 2026, as set forth in the Official Notice of
Bond Sale (dated [POS Date], 2026) to _______________ of __________, __________ (the
“Purchaser”), at a “true interest rate” of ________%.
THE BONDS
GENERAL
The Bonds will be dated the date of original issuance and delivery thereof and will mature
on June 15 of the years and in the amounts as set forth on the inside cover page of this Official
Statement.
The Bonds will bear interest from their date at the rates set forth on the cover page of this
Official Statement. Interest on the Bonds is payable semiannually on each June 15 and
December 15, commencing December 15, 2026. Interest on the Bonds will be computed on the
basis of a 360-day year of twelve 30-day months. U.S. Bank Trust Company, National
Association, Salt Lake City, Utah, is the Bond Registrar for the Bonds under the Resolution (the
“Bond Registrar”).
The Bonds will be issued as fully-registered bonds, initially in book-entry form only, in the
denomination of $5,000 or any whole multiple thereof, not exceeding the amount of each maturity.
The Bonds are being issued within the constitutional debt limit imposed on the City. See
“DEBT STRUCTURE OF SALT LAKE CITY, UTAH — General Obligation Legal Debt Limit and
Additional Debt Incurring Capacity.”
- 5 -
SOURCES AND USES OF FUNDS
The sources and uses of funds in connection with the issuance of the Bonds are estimated
to be as follows:
SOURCES:
Par amount of Bonds $
Original issue premium
TOTAL $
USES:
Purchaser’s Discount $
Project Construction Account
Costs of issuance(1)
TOTAL $
_________________________
(1) Includes Municipal Advisor fees, legal fees, rating agency fees, registrar and paying agent fees, printing and other
miscellaneous costs of issuance.
SECURITY AND SOURCES OF PAYMENT
The Bonds will be general obligations of the City, payable from the proceeds of ad valorem
taxes to be levied without limitation as to rate or amount on all of the taxable property in the City,
fully sufficient to pay the Bonds as to both principal and interest. See “FINANCIAL INFORMATION
REGARDING SALT LAKE CITY, UTAH — Property Tax Matters.”
REDEMPTION PROVISIONS
Optional Redemption. The Bonds maturing on or after June 15, 20__, are subject to
redemption prior to maturity, at the election of the City, on __________ 15, 20__ (the “First
Redemption Date”), and on any date thereafter, in whole or in part, from such maturities or parts
thereof as will be selected by the City, upon notice given as provided in the Resolution and
described below, at a redemption price equal to 100% of the principal amount of the Bonds to be
redeemed plus accrued interest thereon to the date fixed for redemption. Bonds maturing on or
prior to the First Redemption Date are not subject to optional redemption.
Selection for Redemption. If less than all of the Bonds of any maturity are to be redeemed,
the particular Bonds or portion of Bonds of such maturity to be redeemed will be selected at
random by the Bond Registrar in such manner as the Bond Registrar in its discretion may deem
fair and appropriate. The portion of any registered Bond of a denomination of more than $5,000
to be redeemed will be in the principal amount of $5,000 or a whole multiple thereof, and in
selecting portions of such Bonds for redemption, the Bond Registrar will treat each such Bond as
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representing that number of Bonds of $5,000 denomination that is obtained by dividing the
principal amount of such Bond by $5,000.
Notice of Redemption. Notice of redemption will be given by the Bond Registrar by
registered or certified mail, not less than 30 nor more than 45 days prior to the redemption date, to
the owner thereof, as of the Record Date, as defined in “THE BONDS — Registration and Transfer,”
of each Bond that is subject to redemption, at the address of such owner as it appears in the
registration books of the City kept by the Bond Registrar, or at such other address as is furnished
to the Bond Registrar in writing by such owner on or prior to the Record Date. Each notice of
redemption will state the Record Date, the principal amount, the redemption date, the place of
redemption, the redemption price and, if less than all of the Bonds are to be redeemed, the
distinctive numbers of the Bonds or portions of Bonds to be redeemed, and will also state that the
interest on the Bonds in such notice designated for redemption will cease to accrue from and after
such redemption date and that on the redemption date there will become due and payable on each
of the Bonds to be redeemed the principal thereof and interest accrued thereon to the redemption
date. Each notice of optional redemption may further state that such redemption will be
conditioned upon the receipt by the Paying Agent, on or prior to the date fixed for such redemption,
of moneys sufficient to pay the principal of and premium, if any, and interest on such Bonds to be
redeemed and that if such moneys have not been so received said notice will be of no force and
effect and the City will not be required to redeem such Bonds. In the event that such notice of
redemption contains such a condition and such moneys are not so received, the redemption will
not be made and the Bond Registrar will within a reasonable time thereafter give notice, in the
manner in which the notice of redemption was given, that such moneys were not so received. Any
notice mailed as described above will be conclusively presumed to have been duly given, whether
or not the Bondowner receives such notice. Failure to give such notice or any defect therein with
respect to any Bond will not affect the validity of the proceedings for redemption with respect to
any other Bond.
In addition to the foregoing notice, further notice of such redemption will be given by the
Bond Registrar to certain registered national securities depositories and national information
services as provided in the Bond Resolution, but no defect in such further notice or any failure to
give all or any portion of such further notice will in any manner affect the validity of a call for
redemption if notice thereof is given as prescribed above and in the Bond Resolution.
For so long as a book-entry system is in effect with respect to the Bonds, the Bond Registrar
will mail notices of redemption to DTC or its successor. Any failure of DTC to convey such notice
to any DTC participants or any failure of the DTC participants or indirect participants to convey
such notice to any beneficial owner will not affect the sufficiency of the notice or the validity of the
redemption of the Bonds. See “THE BONDS — Book-Entry System.”
REGISTRATION AND TRANSFER
In the event the book-entry system is discontinued, any Bond may, in accordance with its
terms, be transferred, upon the registration books kept by the Bond Registrar, by the person in
whose name it is registered, in person or by such owner’s duly authorized attorney, upon surrender
of such Bond for cancellation, accompanied by delivery of a duly executed written instrument of
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transfer in a form approved by the Bond Registrar. No transfer will be effective until entered on
the registration books kept by the Bond Registrar. Whenever any Bond is surrendered for transfer,
the Bond Registrar will authenticate and deliver a new fully-registered Bond or Bonds of the same
series, designation, maturity and interest rate and of authorized denominations duly executed by
the City, for a like aggregate principal amount.
Bonds may be exchanged at the principal corporate trust office of the Bond Registrar for a
like aggregate principal amount of fully-registered Bonds of the same series, designation, maturity
and interest rate of other authorized denominations.
For every such exchange or transfer of the Bonds, the Bond Registrar must make a charge
sufficient to reimburse it for any tax or other governmental charge required to be paid with respect
to such exchange or transfer of the Bonds.
The Bond Registrar will not be required to transfer or exchange any Bond (a) after the
Record Date, as defined below, with respect to any interest payment date to and including such
interest payment date, or (b) after the Record Date with respect to any redemption of such Bond.
“Record Date” means the day that is 15 days preceding each interest payment date, or if such day
is not a business day for the Bond Registrar, the next preceding day that is a business day for the
Bond Registrar.
The City, the Bond Registrar and the Paying Agent may treat and consider the person in
whose name each Bond is registered in the registration books kept by the Bond Registrar as the
holder and absolute owner thereof for the purpose of receiving payment of, or on account of, the
principal or redemption price thereof and interest due thereon and for all other purposes
whatsoever.
BOOK-ENTRY SYSTEM
The Depository Trust Company (“DTC”), New York, NY, will act as securities depository
for the Bonds. The Bonds will be issued as fully-registered securities registered in the name of
Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized
representative of DTC. One fully-registered Bond certificate will be issued for each maturity of
the Bonds, each in the aggregate principal amount of such maturity, and will be deposited with
DTC.
DTC, the world’s largest depository, is a limited-purpose trust company organized under
the New York Banking Law, a “banking organization” within the meaning of the New York
Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the
meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant
to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides
asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and
municipal debt issues, and money market instruments (from over 100 countries) that DTC’s
participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade
settlement among Direct Participants of sales and other securities transactions in deposited
securities, through electronic computerized book-entry transfers and pledges between Direct
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Participants’ accounts. This eliminates the need for physical movement of securities certificates.
Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust
companies, clearing corporations, and certain other organizations. DTC is a wholly-owned
subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding
company for DTC, National Securities Clearing Corporation and Fixed Income Clearing
Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its
regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and
non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that
clear through or maintain a custodial relationship with a Direct Participant, either directly or
indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC rules
applicable to its Participants are on file with the Securities and Exchange Commission. More
information about DTC can be found at www.dtcc.com.
Purchases of the Bonds under the DTC system must be made by or through Direct
Participants, which will receive a credit for the Bonds on DTC’s records. The ownership interest
of each actual purchaser of each Bond (“Beneficial Owner”) is in turn to be recorded on the Direct
and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from
DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations
providing details of the transaction, as well as periodic statements of their holdings, from the Direct
or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers
of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct
and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not
receive certificates representing their ownership interests in the Bonds, except in the event that use
of the book-entry system for the Bonds is discontinued.
To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are
registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be
requested by an authorized representative of DTC. The deposit of the Bonds with DTC and their
registration in the name of Cede & Co. or such other DTC nominee do not effect any change in
beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds;
DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds
are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants
will remain responsible for keeping account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct
Participants to Indirect Participants, and by Direct Participants and Indirect Participants to
Beneficial Owners will be governed by arrangements among them, subject to any statutory or
regulatory requirements as may be in effect from time to time. Beneficial Owners of the Bonds
may wish to take certain steps to augment transmission to them of notices of significant events
with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the
Bond documents. For example, Beneficial Owners of the Bonds may wish to ascertain that the
nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial
Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to
the Bond Registrar and request that copies of notices be provided directly to them.
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Redemption notices shall be sent to DTC. If less than all of the Bonds within an issue are
being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct
Participant in such issue to be redeemed.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with
respect to the Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI
procedures. Under its usual procedures, DTC mails an omnibus proxy to the City as soon as
possible after the record date. The omnibus proxy assigns Cede & Co.’s consenting or voting
rights to those Direct Participants to whose accounts the Bonds are credited on the record date
(identified in a listing attached to the omnibus proxy).
As long as the book-entry system is in effect, redemption proceeds, distributions, and
dividend payments on the Bonds will be made to Cede & Co., or such other nominee as may be
requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’
accounts upon DTC’s receipt of funds and corresponding detailed information from the City or the
Paying Agent, on payable date in accordance with their respective holdings shown on DTC’s
records. Payments by Participants to Beneficial Owners will be governed by standing instructions
and customary practices, as is the case with securities held for the accounts of customers in bearer
form or registered in “street name,” and will be the responsibility of such Participant and not of
DTC, the Paying Agent, or the City, subject to any statutory or regulatory requirements as may be
in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments
to Cede & Co. (or such other nominee as may be requested by an authorized representative of
DTC) is the responsibility of the City or the Paying Agent, disbursement of such payments to
Direct Participants will be the responsibility of DTC, and disbursement of such payments to
Beneficial Owners will be the responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as depository with respect to the Bonds at any
time by giving reasonable notice to the City or the Paying Agent. Under such circumstances, in
the event that a successor securities depository is not obtained, Bond certificates are required to be
printed and delivered.
The City may decide to discontinue use of the system of book-entry transfers through DTC
(or a successor securities depository). In that event, Bond certificates will be printed and delivered
to DTC.
The information in this section concerning DTC and DTC’s book-entry system has been
obtained from sources that the City believes to be reliable, but the City takes no responsibility for
the accuracy thereof.
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DEBT SERVICE REQUIREMENTS
The following table shows the debt service requirements for the Bonds for each fiscal year:
FISCAL
YEAR ENDING FISCAL YEAR
JUNE 30 PRINCIPAL* INTEREST TOTAL
$ $ $
TOTAL**: $ $ $
____________________
* Preliminary; subject to change.
** Amounts may not add due to rounding.
SALT LAKE CITY, UTAH
CITY OFFICIALS
The City has a Council-Mayor form of government. The City Council consists of seven
members, who are elected by voters within seven geographic districts of approximately equal
population. The Mayor is elected at large by the voters of the City and is charged with the
executive and administrative duties of the government.
The seven-member, part-time City Council is charged with the responsibility of performing
the legislative functions of the City. The City Council performs three primary functions: it passes
laws for the City, adopts the City budget and provides administrative oversight by conducting
management and operational audits of City departments.
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Term information concerning the Mayor and the members of the City Council is set forth
below:
OFFICE DISTRICT PERSON
YEARS IN
SERVICE
EXPIRATION OF
CURRENT TERM
Mayor — Erin J. Mendenhall 6 January 2028
Council Chair #2 Alejandro Puy 4 January 2028
Council Vice Chair #5 Erika Carlsen - January 2030
Council Member #4 Eva Lopez Chavez 2 January 2028
Council Member #6 Dan Dugan 6 January 2028
Council Member #1 Victoria Petro 4 January 2030
Council Member #3 Chris Wharton 8 January 2030
Council Member #7 Sarah Young 2 January 2030
CITY ADMINISTRATION
The offices of Chief of Staff, City Attorney, City Recorder and City Treasurer are
appointed offices.
Rachel Otto, Chief of Staff, was appointed to her position in November 2019. Before
becoming Mayor Mendenhall’s chief of staff Ms. Otto worked as Government Relations Director
for the Utah League of Cities and Towns. In that capacity, she developed policy and advocated
for local government at the State Legislature. Ms. Otto, trained as an attorney, also served as a
deputy city attorney for West Jordan, assistant city attorney for South Jordan, and worked in
private practice for several years after graduating from the University of Utah’s College of Law in
2008.
Mark E. Kittrell, City Attorney, was appointed as City Attorney on February 18, 2025.
Mr. Kittrell served as Deputy City Attorney from January 2020 until his appointment, and as
Senior City Attorney from May 2014 to January 2020. Mr. Kittrell received his law degree from
the University of Utah S.J. Quinney College of Law in 2003 and received his undergraduate degree
from Northwestern University in 1998. Mr. Kittrell was a shareholder at Fabian & Clendenin (now
Fabian VanCott) prior to joining the Salt Lake City Attorney’s office.
Keith Reynolds, City Recorder, was appointed as City Recorder on January 22, 2025. Prior
to this position, Mr. Reynolds was the Deputy City Recorder where he oversaw records
management and GRAMA requests for the City. Mr. Reynolds has worked as a records manager
for the City in various capacities for over 10 years and prior to that worked as an archivist at the
University of Wyoming. Mr. Reynolds received his undergraduate degree from Northern Arizona
University in 2004 and completed a Master of Arts degree in public history from the University of
Wyoming in 2011.
Marina Scott, City Treasurer, was appointed to her position on June 4, 2013. From
December 2006 until her appointment, Ms. Scott was Deputy Treasurer for the City; and from
September 2005 until December 2006 she served as an Accountant III for the Public Services
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Department. Ms. Scott holds a Bachelor of Science degree in Accounting, and a Master of
Professional Accountancy from Weber State University. She also holds a Master of Arts in Library
and Information Science from Vilnius State University.
EMPLOYEE WORKFORCE AND RETIREMENT SYSTEM; POSTEMPLOYMENT BENEFITS
Employee Workforce and Retirement System. The City currently employs approximately
3,564 full-time employees and approximately 641 hourly and part-time employees for a total
employment of approximately 4,205 employees. Through the Utah Retirement System (“URS”),
the City participates in six separate pension trust funds consisting of (a) three multiple employer
public employees retirement systems or funds, (b) one multiple-employer agent system or fund
and (c) two multiple employer cost sharing public employees retirement systems or funds, each of
which is a defined benefit retirement plan covering public employees of the State and employees
of participating local governmental entities (the “Funds”). The Funds are administered under the
direction of the Utah State Retirement Board whose members are appointed by the Governor of
the State. The City also participates in four defined contribution savings plans with URS, including
a 401(k) plan, a 457(b) plan, a Roth IRA plan and a traditional IRA plan. See “APPENDIX B – SALT
LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,
2025 – Notes to Financial Statements – Note 6 – Long-Term Obligations,” “– Note
14 – Retirement Plans” and “– Note 15 – Defined Contribution Savings Plans.”
Retirement Liability. URS is funded and administered by the State. Each year, as approved
by the State Legislature, URS sets rates, enacts rules, and implements policies related to the
pensions and benefits the City retirees receive through each of the Funds. Starting in Fiscal Year
2015, GASB Statement Number 68 requires URS to pass on pension and retirement liability to
public entities it serves, including the City. Working with the City’s independent auditors and
State specialists, the City’s financial statements for the Fiscal Year ending June 30, 2025 show a
net pension asset in the amount of $42,824,173 for one of the Funds and total net pension liabilities
in the other five Funds of $103,726,433. As each Fund is a separate trust fund, the assets in one
Fund cannot be used to cover the liabilities in another. See “APPENDIX B – SALT LAKE CITY
CORPORATION FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2025 – Notes to
Financial Statements– Note 14 – Retirement Plans.”
No Other Post-Employment Benefits. The City does not offer post-employment benefits;
however, the City’s library system (the “Library”) provides certain employees with post-
employment health care benefits through a single employer defined benefit plan. The benefits are
paid on a “pay-as-you-go” basis from the Library’s general fund and can be amended or terminated
at any time. See “APPENDIX B – SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE
FISCAL YEAR ENDED JUNE 30, 2025 – Notes to Financial Statements– Note 16 – Other Post-
employment Benefits.”
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POPULATION
YEAR
THE
CITY
% INCREASE
FROM PRIOR
PERIOD
SALT
LAKE
COUNTY
% INCREASE
FROM PRIOR
PERIOD
THE
STATE
% INCREASE
FROM PRIOR
PERIOD
2024 Estimate 217,783 3.91% 1,216,274 2.62% 3,503,613 7.10%
2023 Estimate 209,593 2.41 1,185,813 (0.04) 3,417,734 1.09
2022 Estimate 204,657 2.08 1,186,257 (0.01) 3,380,800 1.28
2021 Estimate 200,478 0.38 1,186,421 0.10 3,337,975 2.03
2020 Census 199,723 7.12 1,185,238 15.11 3,271,616 18.37
2010 Census 186,440 2.58 1,029,655 14.61 2,763,885 23.77
2000 Census 181,743 13.63 898,387 23.75 2,233,169 29.62
_________________________
(Source: U.S. Census Bureau, as revised and subject to periodic revision.)
PROPERTY VALUE OF PRE-AUTHORIZED CONSTRUCTION IN THE CITY
NEW
ADDITIONS,
ALTERATIONS AND REPAIRS
TOTAL
CONSTRUCTION
Year
Number
Dwelling
Units
Residential
Value
($000)
Non-
residential
Value
($000)
Residential
Value
($000)
Non-
residential
Value
($000)
Value
($000)
% Change
from
Prior
Period
2025* 2,630 $571,866.7 $336,434.7 $ 47,426.3 $ 456,727.4 $1,412,455.1 (24.4)%
2024 1,300 237,776.7 154,465.2 365,442.9 1,109,256.6 1,866,941.4 (11.9)
2023 3,279 863,805.2 502,542.9 71,594.5 680,233.1 2,118,175.7 18.8
2022 2,679 518,120.9 740,274.3 51,594.8 472,957.5 1,782,947.5 (10.8)
2021 4,131 765,117.5 467,325.4 48,870.3 717,998.4 1,999,311.7 37.6
2020 2,282 309,034.0 418,296.0 105,562.2 620,532.8 1,453,425.0 --
____________________
* Through October 2024
(Source: Kem C. Gardner Policy Institute, University of Utah—Ivory-Boyer Construction Database.)
SALES AND BUILDING IN SALT LAKE COUNTY
SALES AND BUILDING 2024 2023 2022 2021 2020
Gross Taxable Sales (in $1,000s) $42,782,132 $41,950,608 $41,687,264 $37,173,705 $31,377,749
Local Sales and Use Tax Distribution $392,461,570 $361,431,047 $362,410,072 $319,489,062 $272,758,294
____________________
(Source: Utah State Tax Commission.)
INCOME AND WAGES IN SALT LAKE COUNTY
INCOME AND WAGES 2024 2023 2022 2021 2020
Total Personal Income ($000) NA $85,126,342 $80,481,119 $76,747,291 $67,958,404
Per Capita Income NA $71,787 $67,827 $64,694 $57,253
Median Household Income Estimates NA $94,013 $91,713 $80,676 $79,294
Average Monthly Nonfarm Wage $6,399 $6,085 $5,812 $5,467 $5,150
____________________
(Source: Utah Department of Workforce Services.)
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BUSINESS AND INDUSTRY
LOCAL OPTION SALES TAX ALLOCATION — THE CITY
YEAR ENDED
JUNE 30
LOCAL OPTION SALES
TAXES RECEIVED
% CHANGE OVER
PRIOR YEAR
2024 $91,016,172* 0.84%
2023 90,254,122 4.30
2022 86,532,634 17.28
2021 73,780,199 11.18
2020 66,363,398 --
____________________
* Source: Utah State Tax Commission.
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SEVERAL OF THE LARGEST EMPLOYERS IN SALT LAKE COUNTY
The following is a list of some of the largest employers in Salt Lake County.
RANK
COMPANY
INDUSTRY
ANNUAL
AVERAGE
EMPLOYMENT
1 University Of Utah Higher Education 20,000+
2 Intermountain Medical Center Hospitals 20,000+
3 State Of Utah State Government 10,000-14,999
4 Granite School District Public Education 7,000-9,999
5 Jordan School District Public Education 7,000-9,999
6 Amazon.com Local Messengers and Delivery 7,000-9,999
7 Salt Lake County Local Government 5,000-6,999
8 Wal-Mart Associates Warehouse Clubs and Supercenters 5,000-6,999
9 Delta Air Lines Passenger Air Transportation 5,000-6,999
10 Canyons School District Public Education 4,000-4,999
11 ARUP Laboratories Medical Laboratories 4,000-4.999
12 Salt Lake City Local Government 3,000-3,999
13 VA Salt Lake City Health Care Hospitals 3,000-3,999
14 Smith’s Supermarkets 3,000-3,999
15 United Parcel Service Couriers and Express Delivery 3,000-3,999
16 Salt Lake City School District Public Education 3,000-3,999
17 U.S. Postal Service Postal Service 3,000-3,999
18 Salt Lake Community College Junior Colleges 3,000-3,999
19 Biofire Diagnostics LLC Biotechnology R&D 2,000-2,999
20 Zions Bancorporation, N.A. Commercial Banking 2,000-2,999
21 L3 Technologies Manufacturing 2,000-2,999
22 Kennecott Utah Copper Mining 2,000-2,999
23 Fidelity Brokerage Services Investment Banking 2,000-2,999
24 Utah Transit Authority Mixed Mode Transit 2,000-2,999
25 Harmons Supermarkets 2,000-2,999
26 Costco Wholesale Warehouse Clubs 2,000-2,999
27 Northrop Grumman Aerospace Manufacturing 2,000-2,999
28 Mountain America Credit Union Credit Unions 2,000-2,999
29 Merit Medical Systems Medical Instrument Manufacturing 2,000-2,999
30 SkyWest Airlines Passenger Air Transportation 2,000-2,999
31 Select Health Medical Insurance Carriers 2,000-2,999
_____________________
(Source: Utah Department of Workforce Services. As of October 2025.)
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LABOR MARKET DATA OF SALT LAKE COUNTY
2024 2023 2022 2021 2020
Civilian Labor Force 693,444 693,701 678,077 683,817 642,357
Employed 671,267 675,303 662,608 635,656 609,766
Unemployed 22,177 18,398 15,468 18,161 32,591
Total private sector (average) 695,039 691,570 678,514 647,118 616,236
Agriculture, forestry, fishing and hunting 571 600 505 433 350
Mining 3,476 3,418 3,101 2,711 2,704
Utilities 1,460 1,425 1,406 1,331 1,422
Construction 54,868 53,863 52,027 49,157 45,874
Manufacturing 60,976 61,937 61,232 58,412 56,542
Wholesale trade 40,141 38,401 36,865 34,826 33,576
Retail trade 72,702 73,491 75,406 75,543 71,584
Transportation and warehousing 43,588 43,769 41,708 39,748 38,483
Information 23,085 23,953 24,250 21,275 20,175
Finance and insurance 51,115 50,456 50,915 51,178 49,823
Real estate and rental and leasing 12,889 12,594 12,329 11,964 11,559
Professional scientific & technical services 75,844 75,832 73,775 67,599 62,121
Management of companies and enterprises 16,896 16,777 16,336 16,041 16,543
Admin., support, waste mgmt., remediation 49,860 51,158 52,343 50,571 50,310
Education services 17,330 17,195 17,330 17,016 15,645
Health care and social assistance 78,178 76,103 72,299 70,187 67,650
Arts, entertainment, and recreation 11,837 10,932 10,133 8,609 7,150
Accommodation and food services 57,269 56,740 53,964 48,396 44,593
Other services 22,906 22,807 22,509 22,040 20,469
Unclassified establishments 48 60 80 82 17
Total public sector (average) 112,178 108,728 105,017 103,006 103,548
Federal 11,906 11,434 11,154q 11,444 11,689
State 53,094 50,727 48,847 47,882 48,830
Local 48,003 46,568 45,016 43,679 43,029
Total payroll (in millions) $62,019 $58,443 $54,649 $49,206 $44,452
Average monthly wage $6,396 $6,086 $5,812 $5,467 $5,146
Average employment 808,038 800,299 783,531 750,123 719,784
Establishments 67,102 65,056 69,744 62,346 50,584
____________________
RATE OF UNEMPLOYMENT — ANNUAL AVERAGE
YEAR SALT LAKE COUNTY THE STATE UNITED STATES
2025 3.8% 3.6% 4.4%
2024 3.2 3.3 4.1
2023 2.7 2.6 3.8
2022 2.4 2.4 3.5
2021 2.8 2.7 5.3
____________________
* As of December 2025 (seasonally adjusted).
(Source: Utah Department of Workforce Services; U.S. Department of Labor.)
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DEBT STRUCTURE OF SALT LAKE CITY, UTAH
For purposes of the information set forth under this section under the headings entitled “Outstanding Debt
Issues,” “Debt Service Schedule of Outstanding General Obligation Bonds,” “Overlapping General Obligation
Debt,” “Debt Ratios,” and “General Obligation Legal Debt Limit and Additional Debt Incurring Capacity,” the
Bonds are considered issued and outstanding.
OUTSTANDING DEBT ISSUES (EXPECTED AS OF CLOSING DATE OF THE BONDS) (1)
AMOUNT OF
ORIGINAL ISSUE
FINAL
MATURITY DATE
PRINCIPAL
OUTSTANDING
General Obligation Bonds:
Series 2010B (Public Safety Facilities) $100,000,000 6/15/2031 $ 34,705,000
Series 2015A Refunding (Federally Taxable Sports Complex) 14,615,000 6/15/2028 3,540,000
Series 2017B Refunding (Refunded portion of Series 2010A) 12,920,000 6/15/2030 7,175,000
Series 2019 Improvement and Refunding (Refunded a portion of
Series 2017A)
22,840,000
6/15/2039
12,445,000
Series 2020 (Streets) 17,745,000 6/15/2040 11,175,000
Series 2021 (Streets) 20,660,000 6/15/2041 14,980,000
Series 2022 (Streets) 21,785,000 6/15/2042 18,045,000
Series 2023 (Federally Taxable) 24,765,000 6/15/2043 23,065,000
Series 2026 [(Federally Taxable)] __________ 6/15/20__ *
Total $ *
Water and Sewer Revenue Bonds:
Series 2009 (Federally Taxable) $ 6,300,000 2/1/2031 $ 1,890,000
Series 2010 Revenue Bonds 12,000,000 2/1/2031 4,135,000
Series 2011 Revenue Bonds 8,000,000 2/1/2027 1,150,000
Series 2012 Improvement and Refunding Bonds 28,565,000 2/1/2027 1,170,000
Series 2017 Improvement and Refunding Bonds 72,185,000 2/1/2026 3,350,000
Series 2020 Improvement Bonds 157,390,000 2/1/2050 154,215,000
Series 2020B Improvement Bonds (WIFIA loan) (2) 348,635,000 8/1/2058 236,068,951
Series 2022A Improvement Bonds 329,025,000 2/1/2052 323,195,000
Series 2024A Improvement Bonds (3) 39,525,000 2/1/2064 20,175,000
Series 2025 Improvement Bonds 184,455,000 2/1/2055 184,455,000
Series 2025B Improvement Notes 50,000,000 2/1/2031 50,000,000
Series 2025C Refunding Bonds 43,210,000 2/1/2037 43,210,000
Total $1,023,013,951
Sales and Excise Tax Revenue Bonds:
Series 2014B $10,935,000 10/1/2034 $ 5,855,000
Series 2016A 21,715,000 10/1/2028 7,315,000
Series 2019A 2,620,000 4/1/2027 665,000
Series 2019B (Federally Taxable) 58,540,000 4/1/2038 55,800,000
Series 2021 (Federally Taxable) 15,045,000 10/1/2034 11,810,000
Series 2022A 8,900,000 10/1/2032 6,350,000
Series 2022B 40,015,000 10/1/2042 40,015,000
Series 2022C (Federally Taxable) 24,240,000 10/1/2032 18,175,000
Total $145,985,000
Airport Revenue Bonds:
Series 2017A $826,210,000 7/1/2047 $ 790,870,000
Series 2017B 173,790,000 7/1/2047 166,725,000
Series 2018A 753,855,000 7/1/2048 705,645,000
Series 2018B 96,695,000 7/1/2048 94,520,000
Series 2021A 776,925,000 7/1/2051 753,030,000
Series 2021B 127,645,000 7/1/2051 123,680,000
Series 2023 600,000,000 7/1/2053 593,040,000
Series 2025A 553,870,000 7/1/2055 553,870,000
Series 2025B 50,640,000 7/1/2055 50,640,000
Total $3,832,020,000
Local Building Authority Lease Revenue Bonds(4):
Series 2016A $6,755,000 4/15/2037 $ 4,650,000
Series 2017A 8,115,000 4/15/2038 6,290,000
Total $10,940,000
-------------------------
* Preliminary; subject to change.
(1) The Redevelopment Agency of Salt Lake City, a separate entity, has issued bonds, but such bonds are not obligations of the City and are therefore not included in this table. See
“APPENDIX B—SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024—Notes to the Financial Statements—Note 6–Long-Term
Obligations.”
(2) Amount shown is the amount drawn down and received from the WIFIA Loan as of the date of this Official Statement.
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(3) The Series 2024A Bonds are outstanding in the aggregate principal amount of $39,525,000; however, $19,350,000 will be forgiven by the bondholder. See “—Recent System
Debt” below.
(4) The Local Building Authority of Salt Lake City is a separate entity. Lease Revenue Bonds are not obligations of the City, but are paid from annually appropriated rental payments
made by the City.
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In addition to the outstanding debt listed in the table above, in 2021 the City received a
$7,000,000 infrastructure loan to finance a portion of the cost of a neighborhood parking structure
through a revolving fund called the Utah State Infrastructure Bank Fund. The loan bears interest
at rate of 1.96%, and the term is 15 years. To secure the repayment of the loan, the City pledged
the funds allocated by the State of Utah by Section 72-2-121(4) of the Utah Code and the City’s
innkeepers tax if the State of Utah fails to make its annual payments to the City.
Additionally, the City issued its Public Utilities Revenue Bonds, Series 2024A (the “Series
2024A Bonds”) in the aggregate principal amount of $39,525,000; however, $19,350,000 will be
treated as a grant and forgiven for work performed in certain census tracts. The Series 2024A
Bonds secure a loan under that State’s Revolving Loan Fund and, instead of bearing interest, are
charged a 1.5% per annum assessment fee. Proceeds from the Series 2024A Bonds will be used
by the Department of Public Utilities (“Public Utilities”) to assist with meeting regulatory
requirements, in particular lead service line identification and replacement and water main
replacement as needed. Line replacements will focus on, among other things, known lead service
lines or galvanized lines requiring replacement, addressing vulnerable populations to lead
exposure and sample results and customer participation. The Series 2024A Bonds are secured by
and payable from revenues of the City’s public utilities system.
The City issued $604.5 million in additional general airport revenue bonds on August 5,
2025. This was expected to be the last bond issuance to fully complete funding for the $5.1 billion
airport reconstruction program. The reconstruction program is currently expected to be completed
by the Fall of 2026. These bonds are secured by and payable from revenues of the City’s airport
system.
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DEBT SERVICE SCHEDULE OF OUTSTANDING GENERAL OBLIGATION BONDS
(As of __________, 2026)
Fiscal Outstanding
General Obligation Bonds
Totals Year Bonds
Ending Total Total Total
June 30 Principal* Interest Principal Interest Principal Interest Debt Service
2026 $ $ $ 11,645,000 $ 4,997,283 $ $ $
2027 12,100,000 4,543,908
2028 12,560,000 4,069,873
2029 11,810,000 3,574,923
2030 11,610,000 3,100,550
2031 10,410,000 2,646,092
2032 4,375,000 2,262,548
2033 4,570,000 2,074,398
2034 4,750,000 1,890,826
2035 4,940,000 1,699,078
2036 5,145,000 1,498,749
2037 5,350,000 1,289,002
2038 5,570,000 1,069,816
2039 5,800,000 853,088
2040 5,060,000 625,938
2041 4,300,000 428,188
2042 3,260,000 251,088
2043 1,875,000 98,438
2044 -- --
2045 -- --
2046 -- --
Total** $ $ $125,130,000 $36,976,783 $ $ $
____________________
* Preliminary; subject to change.
** Amounts may not add due to rounding.
FUTURE DEBT PLANS
The City anticipates issuing the remaining bonds authorized at the November 8, 2022
election in several series over the next few years.
Public utilities revenue bonds of approximately $356 million are expected to be issued over
the next five years to fund the Public Utilities capital improvement program. A major focus of
Public Utilities’ budget is the rehabilitation and replacement of aging infrastructure. The
additional bonds are currently expected to fund improvements to three water treatment plants,
phased construction of a new water conveyance line to expand service and provide redundancy,
and water, sewer and stormwater utility infrastructure upgrades and replacements including work
necessitated by street improvement projects.
City administration continuously evaluates the City’s funding of its Capital Improvement
Program, and the proceeds of lease revenue bonds and sales tax revenue bonds will be considered
as one of the sources for funding the City’s capital infrastructure.
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The City analyzes the potential value of refunding bond issues, particularly during periods
of lower than normal interest rates or on an as needed basis and may issue refunding bonds at such
times.
OVERLAPPING GENERAL OBLIGATION DEBT
TAXING ENTITY (1)
2024 TAXABLE
VALUE (2)
CITY’S
PORTION OF
TAXABLE VALUE (2)
CITY’S
PERCENTAGE
ENTITY’S
GENERAL
OBLIGATION DEBT (3)
CITY’S
PORTION OF
G.O. DEBT
CUWCD(4) ...................... $329,537,585,070 $56,932,846,081 17.28% $103,975,000 $ 17,963,331
Salt Lake City School
District ........................... 56,698,200,704 56,698,200,704 100.00 142,730,000 142,730,000
Salt Lake County ............ 206,395,201,576 56,932,846,081 27.58 84,278,000 23,247,568
Total Overlapping General Obligation Debt ............................................................................................................. $183,940,898
Total Direct General Obligation Bonded Indebtedness ............................................................................................ $ *
Total Direct and Overlapping General Obligation Debt ........................................................................................... $ *
_________________________
* Preliminary; subject to change.
(1) The State’s general obligation debt is not included in overlapping debt because the State currently levies no property tax for payment of its
general obligation bonds.
(2) Taxable Value used in this table excludes the taxable value used to determine uniform fees on tangible personal property. See “FINANCIAL
INFORMATION REGARDING SALT LAKE CITY, UTAH — Property Tax Matters — Uniform Fees” and “FINANCIAL INFORMATION REGARDING
SALT LAKE CITY, UTAH — Taxable and Fair Market Value of Property.”
(3) Entity’s General Obligation Debt used in this table is as of June 30, 2024 in the case of CUWCD, June 30, 2024 in the case Salt Lake City
School District, and December 31, 2024 in the case of Salt Lake County.
(4) Central Utah Water Conservancy District (“CUWCD”) encompasses all or a portion of eight State counties, including, among others, Salt
Lake County. CUWCD’s outstanding general obligation bonds are limited ad valorem tax bonds. By law, CUWCD may levy a tax rate of
up to 0.000400 to pay for operation and maintenance expenses and any outstanding general obligation indebtedness.
(Source: Property Tax Division, Utah State Tax Commission (as to Taxable Value) and entity financial information (as to outstanding general
obligation debt).)
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DEBT RATIOS
The following table sets forth the ratios of general obligation debt of the City and the taxing
entities listed in the table above entitled “Overlapping General Obligation Debt” that is expected
to be paid from taxes levied specifically for such debt (and not from other revenues) on the taxable
value of property within Salt Lake City, the estimated fair market value of such property and the
population of Salt Lake City. The State’s general obligation debt is not included in the debt ratios
because the State currently levies no property tax for payment of general obligation debt.
COMPARED
TO 2024
TAXABLE
VALUE (1)
COMPARED
TO 2024
ESTIMATED FAIR
MARKET VALUE (2)
COMPARED TO 2024
POPULATION
ESTIMATE
PER CAPITA (3)
Direct General Obligation Debt* .......
Direct and Overlapping General
Obligation Debt* ...........................
_________________________
* Preliminary; subject to change.
(1) Based on 2024 Taxable Value of $56,932,846,081, which value excludes the taxable value used to determine uniform fees on tangible personal
property.
(2) Based 2024 Fair Market Value of $74,738,376,606, which value excludes motor vehicle values.
(3) Based on a 2024 estimated population of 217,783 persons.
See “FINANCIAL INFORMATION REGARDING SALT LAKE CITY, UTAH — Property Tax
Matters — Uniform Fees” and “FINANCIAL INFORMATION REGARDING SALT LAKE CITY, UTAH —
Taxable and Fair Market Value of Property.”
GENERAL OBLIGATION LEGAL DEBT LIMIT AND ADDITIONAL DEBT INCURRING CAPACITY
The general obligation indebtedness of the City is limited by State law to 8% of taxable
property in the City (4% for general purposes and an additional 4% for sewer, water and electric
purposes†) as computed from the last equalized assessment rolls for State or County purposes prior
to incurring the debt. The legal debt limit and additional debt incurring capacity of the City are
based on the estimated fair market value for 2021 and are calculated as follows:
2024 Fair Market Value (1) .................................................................................................... $75,049,953,441
LEGAL
DEBT
MARGIN
GENERAL
PURPOSES
4%
WATER, SEWER,
AND LIGHTING
4%
TOTAL
8%
General Obligation Debt Limit*
Less: Outstanding General Obligation
Bonds*
Legal Debt Margin*
_________________________
* Preliminary; subject to change.
† The full 8% may be used for water, sewer and electric purposes but if it is so used, then no general obligation bonds may be issued in excess
of 8% for any purpose.
(1) For debt incurring capacity only, in computing the fair market value of taxable property in the City, the fair market value of all tax equivalent
property (which value includes the taxable value used to determine uniform fees on tangible personal property) has been included as a part of
the fair market value of the taxable property in the City.
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NO DEFAULTED OBLIGATIONS
The City has never failed to pay principal of and interest on its financial obligations when
due.
FINANCIAL INFORMATION REGARDING SALT LAKE CITY, UTAH
FUND STRUCTURE; ACCOUNTING BASIS
The accounts of the City are organized on the basis of funds, each of which is considered
to be a separate accounting entity. The operations of each fund are accounted for by providing a
separate set of self-balancing accounts that comprise its assets, liabilities, fund balance or net
assets, revenues, and expenditures or expenses. The various funds are grouped by type in the basic
financial statements.
Revenues and expenditures are recognized using the modified accrual basis of accounting
in all governmental funds. Revenues are recognized in the accounting period in which they
become both measurable and available. “Measurable” means that amounts can be reasonably
determined within the current period. “Available” means that amounts are collectible within the
current period or soon enough thereafter to be used to pay liabilities of the current period. The
City uses 60 days as a cutoff for meeting the available criterion. Property taxes are considered
“measurable” when levied and available when collected and held by Salt Lake County. Any
amounts not available are recorded as deferred revenue. Franchise taxes are considered
“measurable” when collected and held by the utility company, and are recognized as revenue at
that time. Other revenues that are determined to be susceptible to accrual include grants-in-aid
earned and other intergovernmental revenues, charges for services, interest, assessments, interfund
service charges, and proceeds of the sale of property. Property taxes and assessments are recorded
as receivables when assessed; however, they are reported as deferred revenue until the “available”
criterion has been met. Sales and use taxes collected by the State and remitted to the City within
the “available” time period are recognized as revenue. Revenues collected in advance are deferred
and recognized in the period to which they apply.
In proprietary funds, revenues and expenses are recognized using the accrual basis of
accounting. Revenues are recognized in the accounting period in which they are earned and
become measurable and expenses are recognized in the period incurred.
FINANCIAL CONTROLS
The City utilizes a computerized financial accounting system which includes a system of
budgetary controls. State law requires budgets to be controlled by individual departments, but the
City also maintains computerized control by major categories within departments. These
computerized controls are such that a requisition cannot be entered into the purchasing system
unless the appropriated funds are available. The system checks for sufficient funds again, prior to
the purchase order being issued, and again before the payment check is issued. Voucher payments
are also controlled by the computer for sufficient appropriations.
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BUDGET AND APPROPRIATION PROCESS
The budget and appropriation process of the City is governed by the Uniform Fiscal
Procedures Act for Utah Cities, Title 10, Chapter 6, of the Utah Code (the “Fiscal Procedures
Act”). Pursuant to the Fiscal Procedures Act, the budget officer of the City is required to prepare
budgets for the General Fund, Special Revenue Funds, Debt Service Funds and Capital
Improvement Fund. These budgets are to provide a complete financial plan for the budget (ensuing
fiscal) year. Each budget is required to specify, in tabular form, estimates of anticipated revenues
and appropriations for expenditures. Under the Fiscal Procedures Act, the total of anticipated
revenues must equal the total of appropriated expenditures.
On or before the first regular meeting of the City Council in May of each year, the budget
officer is required to submit to the City Council tentative budgets for all funds for the Fiscal Year
commencing July 1. Various actual and estimated budget data are required to be set forth in the
tentative budgets. The budget officer may revise the budget request submitted by the heads of City
departments, but must file these submissions with the City Council together with the tentative
budget. The budget officer is required to estimate in the tentative budget the revenue from
nonproperty tax sources available for each fund and the revenue from general property taxes
required by each fund. The tentative budget is then provisionally adopted by the City Council,
with any amendments or revisions that the City Council deems advisable prior to the public
hearings on the tentative budget. After public notice and hearing, the tentative budget is adopted
by the City Council, subject to further amendment or revisions by the City Council prior to
adoption of the final budget.
Prior to June 30th of each year, the final budgets for all funds are adopted by the City
Council. The Fiscal Procedures Act prohibits the City Council from making any appropriation in
the final budget of any fund in excess of the estimated expendable revenue of such fund. The
adopted final budget is subject to amendment by the City Council during the Fiscal Year.
However, in order to increase the budget total of any fund, public notice and hearing must be
provided. Intra- and inter-department transfers of appropriation balances are permitted upon
compliance with the Fiscal Procedures Act.
The amount set forth in the final budget as the total amount of estimated revenue from
property taxes constitutes the basis for determining the property tax levy to be set by the City
Council for the succeeding tax year.
INSURANCE COVERAGE
The City is largely self-insured for general liability exposures, except for liability incurred
on premises owned, rented, or occupied by the Department of Airports (the “Airport”) and cyber
liability insurance. The Airport carries commercial general liability insurance with a $500,000,000
policy limit and no deductible. The Governmental Immunity Fund (an internal service fund) has
been established to pay liability claims other than those covered by the Airport policy, along with
certain litigation expenses.
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The City carries an all risk property insurance policy (the “Policy”) with a $500,000,000
aggregate limit and a $100,000 deductible, except for earthquake, which carries a 1% deductible
per location; and flood, which carries a $250,000 or $500,000 deductible, depending on location.
Sub-limits include: (1) earthquake limit of $125,000,000 aggregate; (2) flood limit of
$100,000,000 aggregate; (3) dams and appurtenant structures limit of $30,000,000 aggregate
except for Mountain Dell, which carries a $60,000,000 aggregate limit; (4) business interruption
and extra expense are covered at $10,000,000; and (5) terrorism loss is covered at $5,000,000. The
City is self-insured for property loss above the limits and below the deductibles. The operating
departments of the General Fund or proprietary funds assume financial responsibility for risk
retained by the City for property damage.
The Airport is covered by a separate all risk property insurance policy with a
$1,000,000,000 limit, subject to sub-limits and a $100,000 deductible. Locations covered include
Salt Lake City International Airport, South Valley Regional Airport, and Tooele Valley Airport.
Boiler and machinery carry a deductible of $100,000. Flood carries a sub-limit of $150,000,000
and Earth movement carries sub-limit of $100,000,000 with a 2% deductible per unit, subject to a
$100,000 minimum and $5,000,000 maximum in any one occurrence (defined as a 168-hour
period). Windstorm or hail carries a $1,000,000,000 limit, subject to a minimum $100,000
deductible per occurrence. Time element including business interruption, extra expense, rental
value, and rental income is covered at $200,000,000 with a $100,000 deductible. Sub-limits apply
for debris removal ($25,000,000), valuable papers and records ($25,000,000), errors and omissions
($10,000,000), and named storm ($1,000,000,000).
The Treasurer, Deputy Treasurer, and Chief Financial Officer are each covered under
$10,000,000 public official bonds. The City also has a government crime policy covering (1)
employee theft with a $1,000,000 limit and $20,000 deductible; (2) forgery or alteration with a
$25,000 limit and $1,000 deductible; (3) theft of money and securities with a $50,000 limit and
$2,500 deductible; (4) robbery or safe burglary with a $50,000 limit and $2,500 deductible; (5)
money orders and counterfeit money with a $50,000 limit and $2,500 deductible; and (6) computer
fraud and funds transfer fraud, each carrying $1,000,000 limits and $20,000 deductibles.
The City purchases workers’ compensation insurance with statutory limits for all City
employees. Further, the City is self-insured for unemployment. The Risk Management Fund (an
internal service fund) has been established to pay these claims along with health insurance
premiums and certain administrative expenses.
See “APPENDIX A – SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE
FISCAL YEAR ENDED JUNE 30, 2025 – Notes to Financial Statements – Note 11 – Risk
Management.”
INVESTMENT POLICY
City Policy. It is the policy of the City to invest public funds in accordance with the
principles of sound treasury management and in compliance with State and local laws, regulations,
and other policies governing the investment of public funds, specifically, according to the terms
and conditions of the State Money Management Act, Title 51, Chapter 7 of the Utah Code (the
- 26 -
“Money Management Act”)and Rules of the State Money Management Council as currently
amended (the “Money Management Act”), and the City’s own written investment policy. The
following investment objectives, in order of priority, are met when investing public funds: safety
of principal, need for liquidity, and maximum yield on investments consistent with the first two
objectives.
The City may use investment advisers to conduct investment transactions on its behalf as
permitted by the Money Management Act and local ordinance or policy. Investment advisers must
be certified by the Director of the Utah State Division of Securities of the Department of
Commerce (the “Director”). Broker/dealers and agents who desire to become certified dealers
must be certified by the Director and meet the requirements of the Money Management Act. Only
qualified depositories as certified by Utah’s Commissioner of Financial Institutions are eligible to
receive and hold deposits of public funds. The State Money Management Council issues a
quarterly list of certified investment advisers, certified dealers, and qualified depositories
authorized by State statute to conduct transactions with public treasurers. Transactions involving
authorized deposits or investments of public funds may be conducted only through issuers of
securities authorized by Section 51-7-11(3) of the Utah Code, qualified depositories included in
the current State list, and certified dealers included in the current State list. The City Treasurer
must take delivery of all investments purchased, including those purchased through a certified
investment adviser. This may be accomplished by the City Treasurer taking physical delivery of
the security or delivering the security to a bank or trust company designated by the City Treasurer
for safekeeping. The City Treasurer may use a qualified depository bank for safekeeping securities
or maintain an account with a money center bank for the purpose of settling investment
transactions and safekeeping and collecting those investments.
City policy provides that not more than 25% of total City funds or 25% of the qualified
depository’s allotment, whichever is less, can be invested in any one qualified depository. Not
more than 20% of total City funds may be invested in any one certified out-of-state depository
institution. However, there is no limitation placed on the amount invested with the Utah Public
Treasurer’s Investment Fund (“PTIF”) and other money market mutual funds, provided that the
overall standards of investments achieve the City’s policy objectives.
All funds pledged or otherwise dedicated to the payment of interest on and principal of
bonds or notes issued by the City are invested in accordance with the terms and borrowing
instruments applicable to such bonds or notes. City policy also provides that the remaining term
to maturity of an investment may not exceed the period of availability of the funds invested. The
investment of City funds cannot be of a speculative nature.
The City’s entire portfolio is currently in compliance with all of the provisions of the
Money Management Act.
The Utah Public Treasurers’ Investment Fund. The PTIF is a local government investment
fund, established in 1981, and managed by the State Treasurer. Generally, substantial portion of
the City’s funds are on deposit in the PTIF (currently approximately $1.6 billion). All investments
in the PTIF must comply with the Money Management Act and rules of the State Money
Management Council. The PTIF invests primarily in money market securities. Securities in the
- 27 -
PTIF include certificates of deposit, commercial paper, short-term corporate notes, obligations of
the U.S. Treasury and securities of certain agencies of the federal government. By policy, the
maximum weighted average adjusted life of the portfolio is not to exceed 90 days and the
maximum final maturity of any security purchased by the PTIF is limited to five years.
Safekeeping and audit controls for all investments owned by the PTIF must comply with the
Money Management Act.
All securities purchased are delivered versus payment to the custody of the State Treasurer
or the State Treasurer’s safekeeping bank, assuring a perfected interest in the securities. Securities
owned by the PTIF are completely segregated from securities owned by the State. The State has
no claim on assets owned by the PTIF except for any investment of State moneys in the PTIF.
Deposits are not insured or otherwise guaranteed by the State.
Investment activity of the State Treasurer in the management of the PTIF is reviewed
monthly by the State Money Management Council and is audited by the State Auditor.
The information in this section concerning the current status of the PTIF has been obtained
from sources the City believes to be reliable, but the City takes no responsibility for the accuracy
thereof.
See “APPENDIX A – SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE
FISCAL YEAR ENDED JUNE 30, 2025 – Notes to the Financial Statements – Note 2 – Cash, Cash
Equivalents and Investments” below.
PROPERTY TAX MATTERS
The Property Tax Act, Chapter 2, Title 59 of the Utah Code (the “Property Tax Act”),
provides that all taxable property is required to be assessed and taxed at a uniform and equal rate
on the basis of its “fair market value” as of January 1 of each year, unless otherwise provided by
law. “Fair market value” is defined in the Property Tax Act as “the amount at which property
would change hands between a willing buyer and a willing seller, neither being under any
compulsion to buy or sell and both having reasonable knowledge of the relevant facts.” Pursuant
to an exemption for residential property provided for under the Property Tax Act and Article XIII
of the State Constitution, the “fair market value” of residential property is reduced by 45%. The
residential exemption is limited to one acre of land per residential unit and to one primary residence
per household, except that an owner of multiple residential properties may exempt his or her
primary residence and each residential property that is the primary residence of a tenant.
The Property Tax Act provides that the Utah State Tax Commission (the “State Tax
Commission”) shall assess certain types of property (“centrally-assessed property”), including (a)
properties that operate as a unit across county lines that must be apportioned among more than one
county or state, (b) public utility (including railroad, but, effective January 1, 2023, excluding a
telecommunications service provider) properties, (c) airline operating properties, (d) geothermal
resources and (e) mines, mining claims and appurtenant machinery, facilities and improvements.
All other taxable property (“locally-assessed property”) is required to be assessed by the county
assessor of the county in which such locally-assessed property is located. Each county assessor
- 28 -
must update property values annually based upon a systematic review of current market data by
using a mass appraisal system and must also complete a detailed review of property characteristics
for each parcel of property at least once every five years. The Property Tax Act requires that the
State Tax Commission conduct an annual investigation in each county to determine whether all
property subject to taxation is on the assessment rolls and whether the property is being assessed
at its “fair market value.”
The State Tax Commission and the county assessors utilize various valuation methods, as
determined by statute, administrative regulation or accepted practice, to determine the “fair market
value” of taxable property.
Uniform Fees. An annual statewide uniform fee is levied on tangible personal property in
lieu of the ad valorem tax. The uniform fee is based on the value of motor vehicles, watercraft,
recreational vehicles, and all other tangible personal property required to be registered with the
State. The current uniform fee is established at 1.5% of the fair market value of motor vehicles
that weigh 14,001 pounds or more; watercraft; motorcycles, recreational vehicles and all other
tangible personal property required to be registered with the State, excluding exempt property such
as aircraft, commercial vehicles and property subject to a fixed age-based fee. Motor vehicles
weighing 14,000 pounds or less are subject to an age-based fee that is due each time the vehicle is
registered. The age-based fee is for passenger type vehicles and ranges from $7.75 to $150,
depending on the age of the vehicle. Recreation vehicles, motorcycles, watercraft1 (except large
watercraft), snowmobiles, certain small motor vehicles and motor homes required to be registered
with the State are also subject to an aged-based fee that ranges from $4.00 to $350, depending on
the age of the vehicle.2 The revenues collected from the various uniform fees are distributed by
the county to the taxing entity in which the property is located in the same proportion in which
revenue collected from ad valorem real property tax is distributed.
Property Tax Valuation Agency Fund. The State Legislature requires each county to
annually impose a multicounty assessing and collecting levy to fund a Property Tax Valuation
Fund (the “PTVF”) and a Multicounty Appraisal Trust (the “Multicounty Trust”).3
Disbursements to counties from the PTVF are to be used to offset costs of assessing and collecting
property taxes; improve the accurate valuation and uniform assessment levels of property and
improve the efficiency of the property tax system and are based on various administrative rules.
Funds deposited into the Multicounty Trust are to be used to provide funding for a statewide
property tax system that is intended to promote, among other things, the accurate valuation of
property, the establishment and maintenance of uniform assessment levels within and among
counties, and the efficient administration of the property tax system, including the costs of
1 Beginning January 1, 2024, 50% of the revenue collected from certain watercraft shall be deposited into the Utah
Boating Grant Account.
2 The fees for certain trailers, electric motor vehicles, off-highway vehicles and street-legal all-terrain vehicles may
be paid for a 24-month period, in which case the fees are double those described herein.
3 Effective January 1, 2026 the multicounty assessing and collecting levy will only be allocated to the Multicounty
Trust and the legislation regarding the PTVF has been repealed, effective July 1, 2030.
- 29 -
assessment, collection and distribution of property taxes. A county may levy an additional tax to
(a) promote the accurate valuation and uniform assessment levels of property, (b) promote the
efficient administration of the property tax system, including the costs of assessment, collection
and distribution of property taxes, (c) fund state mandated actions and (d) establish reappraisal
programs.
TAX LEVY AND COLLECTION
The State Tax Commission must assess all centrally-assessed property by May 1 of each
year. County assessors must assess all locally-assessed property before May 22 of each year. The
State Tax Commission apportions the value of centrally-assessed property to the various taxing
entities within each county and reports such values to county auditors before June 8. The
governing body of each taxing entity must adopt a proposed tax rate or, if the tax rate is not more
than the certified tax rate, a final tax rate, before June 22; provided if the governing body has not
received the taxing entity’s certified tax rate at least seven days prior to June 22, the governing
body of the taxing entity must, no later than 14 days after receiving the certified tax rate from the
county auditor, adopt a proposed tax rate or, if the tax rate is not more than the certified tax rate, a
final tax rate. County auditors must forward to the State Tax Commission a statement prepared
by the legislative body of each taxing entity showing the amount and purpose of each levy. Upon
determination by the State Tax Commission that the tax levies comply with applicable law and do
not exceed maximum permitted rates, the State Tax Commission notifies county auditors to
implement the levies. If the State Tax Commission determines that a tax levy established by a
taxing entity exceeds the maximum levy permitted by law, the State Tax Commission must lower
the levy to the maximum levy permitted by law, notify the taxing entity that the rate has been
lowered and notify the county auditor (of the county in which the taxing entity is located) to
implement the rate established by the State Tax Commission.
On or before July 22 of each year, the county auditors must mail to all owners of real estate
shown on their assessment rolls notice of, among other things, the value of the property, itemized
tax information for all taxing entities and the date their respective county boards of equalization
will meet to hear complaints. Taxpayers owning property assessed by a county assessor may file
an application within statutorily defined time limits based on the nature of the contest with the
appropriate county board of equalization for the purpose of contesting the assessed valuation of
their property. The county board of equalization must render a decision on each appeal in the time
frame prescribed by the Property Tax Act. Under certain circumstances, the county board of
equalization must hold a hearing regarding the application, at which the taxpayer has the burden
of proving that the property sustained a decrease in fair market value. Decisions of the county
board of equalization may be appealed to the State Tax Commission, which must decide all appeals
relating to real property by March 1 of the following year. Owners of centrally-assessed property,
or any county with a showing of reasonable cause, may, on or before the later of August 1 or a day
within 90 days of the date the notice of assessment is mailed by the State Tax Commission, apply
to the State Tax Commission for a hearing to contest the assessment of centrally-assessed property.
The State Tax Commission must render a written decision within 120 days after the hearing is
completed and all post-hearing briefs are submitted. The county auditor makes a record of all
changes, corrections and orders, and delivers before November 1 the corrected assessment rolls to
the county treasurers. On or before November 1, each county treasurer furnishes each taxpayer a
- 30 -
notice containing, among other things, the kind and value of the property assessed to the taxpayer,
the street address of the property, where applicable, the amount of the tax levied on the property
and that the property may be subject to a detailed review in the next year.
Without an extension by a county legislative body, taxes are due November 30, or if a
Saturday, Sunday or holiday, the next business day. Each county treasurer is responsible for
collecting all taxes levied on real property within that county. There are no prior claims to such
taxes. As taxes are collected, each county treasurer must pay to the State and each taxing entity
within the county its proportionate share of the taxes, on or before the tenth day of each month.
Delinquent taxes are subject to a penalty of 2.5% (or 1% if paid on or before the January 31
immediately following the delinquency date) of the amount of the taxes or $10, whichever is
greater. Unless the delinquent taxes and penalty are paid before January 31 of the following year,
the amount of delinquent taxes and penalty bears interest at the federal funds rate target established
by the Federal Open Market Committee plus 6% from the January 1 following the delinquency
date until paid (provided that said interest may not be less than 7% or more than 10%) If delinquent
taxes have not been paid by March 15 following the lapse of four years from the delinquency date,
the affected county advertises and sells the property at a final tax sale held in May or June of the
fifth year after assessment.
The process described above changes if a county or other taxing entity proposes a tax rate
in excess of the certified tax rate (as described under “FINANCIAL INFORMATION REGARDING SALT
LAKE CITY, UTAH — Public Hearing on Certain Tax Increases” below). If such an increase is
proposed, the taxing entity must adopt a proposed tax rate before June 22. In addition, the county
auditor must include certain information in the notices to be mailed by July 22, as described above,
including information concerning the tax impact of the proposed increase on the property and the
time and place of the public hearing described in “FINANCIAL INFORMATION REGARDING SALT
LAKE CITY, UTAH — Public Hearing on Certain Tax Increases” below. In most cases, notice of
the public hearing must also be advertised by publication and by posting on certain websites. After
the public hearing is held, the taxing entity may adopt a resolution levying a tax in excess of the
certified tax rate. The final tax notice is then mailed by November 1.
PUBLIC HEARING ON CERTAIN TAX INCREASES
Each taxing entity that proposes to levy a tax rate that exceeds the “certified tax rate” may
do so, by resolution, only after holding a properly noticed public hearing. Generally, the certified
tax rate is the rate necessary to generate the same property tax revenue that the taxing entity
budgeted for the prior year, with certain exclusions. For purposes of calculating the certified tax
rate, county auditors are to use the taxable value of property on the assessment rolls, exclusive of
eligible new growth. With certain exceptions, the certified tax rate for the minimum school levy,
debt service voted on by the public and certain state and county assessing and collecting levies are
the actual levies imposed for such purposes and no hearing is required for these levies.
AmoSng other requirements, on or before July 22 of the year in which such an increase is
proposed, the county auditor must mail to all property owners a notice of the public hearing. In
most cases, the taxing entity must also advertise the notice of the public hearing as required by
statute. Such notices must state, among other things, the value of the property, the taxable value
- 31 -
of the property, the deadline to make application to appeal the valuation or equalization of the
property, and the tax impact of the proposed increase.
SOURCES OF GENERAL FUND REVENUES
Set forth below are brief descriptions of the various sources of revenues available to the
City’s general fund. The percentage of total general fund revenues represented by each source is
based on the City’s audited June 30, 2025 fiscal year period:
Sales, use and excise taxes – Approximately 39.6% of general fund revenues are from sales,
use and excise taxes.
General property taxes – Approximately 31.0% of general fund revenues are from general
property taxes.
Licenses and Permits – Approximately 9.7% of general fund revenues are from licenses
and permits.
Interfund service charges – Approximately 7.1% of general fund revenues are from
interfund service charges.
Franchise taxes – Approximately 3.5% of general fund revenues are from franchise taxes.
Interest income – Approximately 2.9%1 of general fund revenues are from interest income.
Intergovernmental – Approximately 1.5% of general fund revenues are from other
governmental entities.
Charges for Services – Approximately 1.5% of general fund revenues are from charges for
services.
Miscellaneous – Approximately 0.9% of general fund revenues are from miscellaneous
revenues.
Fines and forfeitures – Approximately 0.7% of general fund revenues are from fines and
forfeitures.
Parking meter – Approximately 0.6% of general fund revenues are from parking meters.
Parking tickets – Approximately 0.6% of general fund revenues are from parking tickets.
Rental and other income – Approximately 0.3% of general fund revenues are from rental
and other income.
1 Net after a marked-to-market adjustment of the investments that offset interest earnings.
- 32 -
FIVE-YEAR FINANCIAL SUMMARIES
The summaries contained herein were extracted from the City’s financial statements for
the fiscal years ended June 30, 2020 through June 30, 2025. The summaries are unaudited. See
also “APPENDIX A – SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS FOR THE FISCAL
YEAR ENDED JUNE 30, 2025.”
- 33 -
SALT LAKE CITY CORPORATION, UTAH
STATEMENT OF NET POSITION — GOVERNMENTAL ACTIVITIES
(FISCAL YEARS ENDED JUNE 30)
Unaudited
FISCAL YEAR ENDED JUNE 30
2025 2024 2023 2022 2021
ASSETS:
Current assets:
Cash and cash equivalents
Unrestricted(1) ......................................... $ 204,206,454 $ 38,218,289 $ 451,421,134 $ 403,489,013 $ 297,001,895
Restricted ............................................... 328,222,622 152,527,278 126,174,378 48,323,097 39,665,829
Investmen3ts .......................................... - 388,982,305 - - -
Receivables:
Property, franchise and excise taxes ...... 182,858,230 175,562,809 165,627,534 161,055,275 142,366,046
Assessments ........................................... 19,645,754 7,390,502 4,008,802 1,738,401(2) 1,599,173(3)
Loans and other receivables ................... 213,992 164,100 326,298 971,274 196,292
Due from other governments .................... 3,174,465 6,621,398 4,207,308 2,804,600 2,001,577
Due from other governments for cash
overdraft ...................................................
76,262,530
-
-
-
-
Other, principally accrued interest ........... 78,390 83,589 - - 363,028
Prepaid Expenses ...................................... 397,697 4,253,991 3,046,924 2,874,719 2,752,662
Inventories ................................................ 1,102,149 1,109,827 1,102,691 1,024,271 869,627
Internal balances ....................................... 15,723,905 12,486,405 10,357,524 10,592,031 10,736,114
Total current assets ..................... 831,886,188 787,400,493 766,272,593 632,872,681 497,552,243
Noncurrent assets:
Capital assets not being depreciated or
amortized .............................................
275,128,243
107,065,665
238,951,338
-
-
Land and water rights ............................. 217,485,101 - 214,433,778 214,979,203
Infrastructure .......................................... 466,312,863 571,554,833 400,289,075 373,331,989 348,923,890
Buildings ................................................ 420,912,002 424,290,668 424,290,668 422,599,690 422,133,087
Right to use assets – building ................. - - 7,537,679 -
Improvements other than buildings ........ 137,997,924 137,461,649 127,356,927 120,938,298 116,303,900
Machinery and equipment ...................... 155,537,043 149,691,119 135,204,730 153,020,478 147,970,756
Lease assets ............................................ 8,319,366 8,319,367 8,319,367 - -
Subscription assets ................................. 11,776,688 10,405,776 10,405,778 - -
Construction in progress ........................ 57,643,142 - 16,809,894 15,885,212
Accumulated depreciation ...................... (530,967,084) (505,589,210) (467,727,046) (457,487,989) (427,457,704)
Investment in joint venture ....................... 1,596,369 1,125,273 961,427 966,339 929,006
Net pension asset ...................................... 42,824,173 42,605,189 32,243,802 111,844,314 36,379,901
Total noncurrent assets ............... 989,437,587 946,930,330 910,296,066 963,994,470 876,047,251
Total assets ......................... 1,821,323,775 1,734,330,823 1,676,568,659 1,596,867,151 1,373,599,494
Deferred Outflows of Resources:
Deferred gain on the refunding of debt . 5,367,541 5,792,007 5,981,276 6,386,774 6,439,819
Deferred outflows – Pension ................ . 67,942,031 68,797,386 53,857,735 36,339,342 28,310,693
Total deferred outflows .............. 73,309,572 74,589,393 59,839,011 42,726,116 34,750,512
Total assets and deferred
outflows of resources….
$1,894,633,348
$1,808,920,216
$1,736,407,671
$1,639,593,266
$1,408,350,006
_________________________
(1) The changes in unrestricted and restricted cash and cash equivalents are due, for the most part, to the timing of the release of bond proceeds from
restricted accounts until such proceeds are actually spent.
(Source: Information is taken from the City’s audited financial statements. This summary itself has not been audited.)
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SALT LAKE CITY CORPORATION, UTAH
STATEMENT OF NET POSITION — GOVERNMENTAL ACTIVITIES
(FISCAL YEARS ENDED JUNE 30) (continued)
Unaudited
FISCAL YEAR ENDED JUNE 30
2025 2024 2023 2022 2021
LIABILITIES:
Current liabilities:
Accounts payable ................................... $ 51,549,529 $ 32,804170 $ 18,936,216 $ 22,358,289 $ 18,596,608
Accrued liabilities .................................. 32,504,176 21,558,225 29,006,651 17,638,787 16,098,048
Due to other funds for cash overdraft .... 76,272,530 - - - -
Current portion of long-term
compensated absences .........................
5,973,549
23,833,839
23,886,825
22,318,014
3,132,026
Current portion of estimated claims
payable .................................................
-
-
-
982,232
19,592,573
Current portion of right to use leased
assets ....................................................
869,397
834,270
801,855
757,896
-
Current portion of subscription liability . 1,360,687 1,492,995 1,400,076 -
Current portion of long-term debt:
payable from restricted assets ..............
22,116,529
22,015,772
22,682,513
20,250,963
-
Accrued interest, payable from
unrestricted assets ................................
1,977,916
2,033,910
-
-
-
Other liabilities payable from restricted
assets ....................................................
4,097,930
569,215
2,102,069
485,209
766,878
Current deposits and advance rentals ..... 3,077,403 4,895,321 5,031,499 4,604,024 5,434,989
Total current liabilities ................ 199,799,646 110,037,717 103,847,704 89,395,414 63,621,122
Noncurrent liabilities:
Long-term compensation absences
liability .................................................
26,783,346
1,793,941
1,797,933
1,679,850
20,709,179
Other liabilities payable from restricted
assets ....................................................
9,086,193
-
-
-
-
Estimated claims payable ....................... 14,641,453 15,087,064 3,507,055 11,133,858 12,927,192
Revenues collected in advance .............. 2,234,016 20,768,949 23,499,843 61,301,132 46,428,092
Bonds payable ........................................ 281,892,798 307,126,806 305,101,522 233,571,447 240,097,483
Notes payable ......................................... - 9,175,745 11,977,970 20,958,943 7,259,226
Net pension liability ............................... 83,151,991 80,431,311 75,481,918 19,818,161 63,037,523
Lease liability ......................................... 4,335,093 5,204,265 6,026,314 6,840,390 63,037,523
Subscription liability .............................. 5,901,764 6,182,218 7,675,214 - -
Total noncurrent liabilities .......... 428,026,654 445,770,299 435,067,769 355,303,781 390,458,695
Total liabilities ................... 627,826,300 555,808,016 538,915,473 444,699,195 454,079,817
Deferred Inflows of Resources:
Deferred property tax revenues…… 137,507,882 132,998,798 126,760,348 122,354,376 106,291,546
Deferred Inflows-revenue collected in
advance ...............................................
3,427,359
650
650
272,118
5,000
Deferred Inflows-refundings ................. 176,956 - - - -
Deferred Inflows-pension ...................... 472,008 493,484 834,602 141,139,987 68,431,541
Total deferred inflows ................. 141,584,205 133,492,932 127,595,600 263,766,381 174,728,087
NET POSITION:
Net investment in capital assets ............. 699,523,685 536,577,886 692,661,082 639,082,527 579,048,288
Restricted for:
Debt service ......................................... - - - - 19,592,573
Capital projects .................................... 176,796,845 210,681,808 194,726,575 101,246,582 82,484,787
Unrestricted ............................................ 248,902,313 329,753,385 182,508,938 190,798,582 98,416,454
Total net position ........................ 1,125,222,843 1,119,619,268 1,069,896,595 931,127,691 779,542,102
Total liabilities and net position .. $1,894,633,348 $1,808,920,216 $1,736,407,671 $1,639,593,266 $1,408,350,006
_________________________
(Source: Information is taken from the City’s audited financial statements. This summary itself has not been audited.)
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SALT LAKE CITY CORPORATION, UTAH
BALANCE SHEET — GOVERNMENTAL FUNDS — GENERAL FUND
(FISCAL YEARS ENDED JUNE 30)
Unaudited
2025 2024 2023 2022 2021
ASSETS
Cash and cash equivalents:
Unrestricted $ - $166,302,960 $192,780,479 $146,739,493 $102,997,255
Restricted 221,874,161 25,337 1,109,044 486,015 1,445,291
Receivables
Property, franchise and excise 174,865,377 168,236,116 158,718,584 154,709,657 136,947,857
Accounts Receivable 2,344,869 2,391,723 1,902,676 740,437 680,170
Taxes Receivable 5,357,020 5,056,015 4,544,047 5,558,037 4,643,313
Current portion of loans receivables 61,675 39,636 48,097 170,990 78,027
Other, principally accrued interest - - - 708 4,091
Prepaids 15,024 3,188,435 2,484,423 2,257,746 2,212,414
Total Assets $404,518,126 $345,240,222 $361,587,350 $310,663,083 $249,008,418
LIABILITIES
Accounts payable $ 8,743,509 $ 11,940,896 $ 6,819,317 $ 5,911,271 $ 5,313,254
Accrued liabilities 32,307,567 21,267,062 18,438,543 15,758,821 14,406,745
Due to other funds for cash overdraft 75,899,683 - - -
Current deposits and advance rentals 806,518 2,969,080 3,393,141 3,124,542 4,005,053
Current portion of long-term compensated
absences 4,144,488 3,154,636 3,600,260 3,390,391 2,705,850
Revenues collected in advance 2,240,800 - - - -
Total liabilities 124,142,565 39,331,674 32,251,261 28,185,025 26,430,902
DEFERRED INFLOWS OF RESOURCES
Receivables not meeting available criterion 137,507,882 132,998,798 126,760,348 122,354,376 106,291,546
Total deferred inflows 137,507,882 132,998,798 126,760,348 122,354,376 106,291,546
FUND BALANCES
Nonspendable 15,024 3,188,435 2,484,423 2,257,746 2,212,414
Restricted 18,919,920 22,204,934 21,157,932 20,423,209 12,139,443
Unassigned 123,932,735 147,516,381 178,933,386 137,442,727 101,934,113
Total fund balances 142,867,679 172,909,750 202,575,741 160,123,682 116,285,970
Total Liabilities and Fund Balances $404,518,126 $345,240,222 $361,587,350 $310,663,083 $249,008,418
(Source: The City’s Annual Comprehensive Financial Report for the indicated years. The summary above has not been audited.)
- 36 -
SALT LAKE CITY CORPORATION, UTAH
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE — GENERAL FUND
(FISCAL YEARS ENDED JUNE 30)
Unaudited
Revenues And Expenditures 2025 2024 2023 2022 2021
Revenues:
General property tax $139,533,212 $139,801,077 $128,801,500 $119,319,206 $113,495,125
Sales, use and excise taxes 177,979,491 172,015,265 172,197,418 160,262,167 122,654,953
Franchise taxes 15,632,037 14,345,434 12,756,615 11,750,309 23,952,168
Licenses 22,299,456 21,123,023 17,599,344 15,913,519 11,418,021
Permits 21,380,154 21,024,471 26,347,166 27,400,103 25,004,393
Fines and forfeitures 3,143,492 2,900,359 2,339,387 1,920,006 1,837,591
Interest and investment income (loss) 13,154,752 12,916,113 12,352,550 (5,764,384) 1,141,861
Intergovernmental 6,865,782 6,211,734 5,936,560 5,960,591 4,781,753
Interfund service charges 31,969,538 27,065,875 25,857,520 21,717,361 20,971,348
Parking meter collections 2,790,111 3,008,803 2,616,329 2,997,333 1,915,888
Parking tickets 2,567,348 2,057,827 1,180,128 1,797,865 1,701,881
Rental and other income 1,330,967 1,204,532 697,203 833,338 816,715
Charges for services 6,722,833 6,556,077 5,114,484 5,007,262 4,026,186
Miscellaneous 4,227,398 3,817,519 4,655,041 7,784,653 2,800,718
Total Revenues 449,596,571 434,048,109 418,451,245 376,899,329 336,518,601
Expenditures:
City Council 5,566,029 5,316,524 4,725,621 4,178,561 3,910,937
Mayor 6,268,200 5,963,765 5,120,100 4,158,916 3,495,653
City Attorney 11,736,245 10,515,213 8,683,519 7,195,428 6,840,902
Finance 12,213,691 11,495,948 10,039,270 8,519,579 7,872,632
Fire 55,823,595 50,621,507 47,959,663 45,657,909 40,360,501
Combined Emergency Services 10,679,338 10,288,938 10,109,426 8,819,337 7,557,911
Police 123,538,679 115,639,676 103,022,906 82,260,107 80,751,205
Community and Neighborhoods 35,131,218 34,260,751 30,936,834 21,508,923 23,616,595
Economic Development 4,312,810 4,060,682 3,220,279 2,652,403 2,243,608
Justice Court 5,701,821 5,351,866 4,928,656 4,642,516 4,340,743
Human Resources 4,860,981 4,323,420 3,722,452 3,153,725 2,576,008
Public Services 45,747,506 41,278,890 61,802,283 51,980,254 44,240,773
Public Lands 30,381,051 27,258,939 - - -
Nondepartmental 64,376,008 53,352,139 52,459,130 43,892,793 37,572,779
Debt Service:
Principal - - - 513,205 -
Interest and other fiscal charges - - - 105,066 -
Total Expenditures 416,337,172 379,728,258 346,730,139 289,238,722 265,380,247
Revenues Over (Under) Expenditures 33,259,399 54,319,851 71,721,106 87,660,607 71,138,354
Other Financing Sources (Uses):
Proceeds from sale of property 74,154 8,421 25,554 87,044 38,996
Transfers in 9,748,624 12,976,848 51,822,655 19,920,935 8,447,676
Transfers out (73,124,246) (96,971,111) (81,11,256) (63,830,875) (52,581,232)
Total Other Financing Sources (Uses) (63,301,468) (83,985,842) (29,269,047) (43,822,896) (44,094,560)
Net Change in Fund Balances (30,042,069) (29,665,991) 42,452,059 43,837,711 27,043,794
Fund Balance Prior Year (July 1) 172,909,748 202,575,741 160,123,682 116,285,971 89,242,176
Fund Balance Year End (June 30) $142,867,679 $172,909,749 $202,575,741 $160,123,682 $116,285,970
(Source: The City’s Annual Comprehensive Financial Report for the indicated years. This summary has not been audited.)
- 37 -
HISTORICAL CITY TAX RATES
TAX RATE
PURPOSE 2025 2024 2023 2022 2021
General Purposes 0.002130 0.002299 0.002456 0.002584 0.002854
Interest & Sinking Fund 0.000328 0.000365 0.000424 0.000460 0.000556
Library 0.000630 0.000646 0.000587 0.000618 0.000652
Tort Liability 0.000081 0.000088 0.000095 0.000100 0.000000
Judgment Recovery 0.000011 0.000003 0.000037 0.000014 0.000014
Total Levy 0.003180 0.003401 0.003599 0.003776 0.004076
COMPARATIVE PROPERTY TAX RATES WITHIN SALT LAKE COUNTY
T A X R A T E
Tax Levying Entity 2025 2024 2023 2022 2021
Alta Town 0.000990 0.001043 0.000682 0.000760
Bluffdale City 0.000923 0.000976 0.001161 0.001519
Cottonwood Heights City 0.001357 0.001422 0.001442 0.001740
Draper City 0.001022 0.000896 0.000927 0.001141
Herriman City 0.000187 0.000194 0.000194 0.001997
Holladay (City of) 0.001436 0.001322 0.001330 0.001605
Midvale City 0.000948 0.000892 0.000870 0.000987
Millcreek City 0.001344 0.001431 0.001453 0.001699
Murray City 0.001792 0.001844 0.001855 0.002026
Riverton City 0.000000 0.000000 0.000000 0.000000
Salt Lake City 0.002755 0.0003012 0.003158 0.003424
Sandy City 0.001091 0.001057 0.000942 0.001174
South Jordan City 0.001367 0.001425 0.001440 0.001628
South Salt Lake City 0.002667 0.002381 0.002565 0.001536
Taylorsville (City of) 0.000851 0.000731 0.000741 0.000825
West Jordan City 0.001428 0.001499 0.001476 0.001788
West Valley City 0.002586 0.002758 0.002800 0.002995
____________________
(Source: Property Tax Division, Utah State Tax Commission.)
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- 38 -
TAXABLE AND FAIR MARKET VALUE OF PROPERTY
SALT LAKE CITY, UTAH
Excluding Fee-In-Lieu/Age Based Valuation
YEAR
TAXABLE
VALUE
% CHANGE OVER
PRIOR YEAR
FAIR MARKET
VALUE
% CHANGE OVER
PRIOR YEAR
2024 $56,932,846,081 11.44% $74,738,376,606 10.82%
2023 51,090,264,209 12.35 67,444,015,248 10.09
2022 45,473,564,309 21.32 61,263,585,394 22.93
2021 37,481,061,604 7.81 49,835,269,718 8.57
2020 34,767,046,397 10.24 45,901,481,982 10.62
Including Fee-In-Lieu/Age Based Valuation
YEAR
TAXABLE
VALUE
% CHANGE OVER
PRIOR YEAR
FAIR MARKET
VALUE
% CHANGE OVER
PRIOR YEAR
2024 $57,244,422,916 11.37% $75,049,953,441 10.77%
2023 51,398,860,356 12.32 67,752,611,396 10.08
2022 45,759,266,797 21.18 61,549,287,882 20.41
2021 37,760,823,363 7.84 50,115,031,477 10.75
2020 35,017,043,338 10.02 46,151,478,923 10.45
_________________________
Source: Property Tax Division, Utah State Tax Commission.
See “FINANCIAL INFORMATION REGARDING SALT LAKE CITY, UTAH — Historical
Summaries of Taxable Values of Property.”
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- 39 -
HISTORICAL SUMMARIES OF TAXABLE VALUES OF PROPERTY
SALT LAKE CITY, UTAH
HISTORICAL SUMMARIES OF TAXABLE VALUES OF PROPERTY
TAX CALENDAR YEARS 2020 THROUGH 2024
2024 2023 2022 2021 2020
TAXABLE
VALUE
% OF
T.V.
TAXABLE
VALUE
TAXABLE
VALUE
TAXABLE
VALUE
TAXABLE
VALUE
Set by State Tax Commission—
Centrally Assessed
Total centrally assessed .......... $ 2,258,934,641 3.9% $ 1,947,387,915 $ 2,411,081,642 $ 2,419,066,942 $ 2,422,315,180
Set by County Assessor—Locally
Assessed
Real property:
Primary residential ...................... 21,757,316,642 38.0 19,985,359,626 19,296,323,875 15,096,889,577 13,605,944,285
Secondary residential .................. 337,886,740 0.6 310,602,750 324,325,220 253,010,810 233,713,080
Commercial and industrial .......... 27,230,951,050 47.6 24,149,057,180 19,788,465,340 16,263,210,490 15,289,711,240
Unimproved Non-FAA-Vacant .. 2,667,870 0.0 317,360 331,330 2,662,640 2,529,190
Agricultural ................................. 157,650 0.0 170,830 179,140 179,140 157,940
Total real property ..................... 49,328,979,952 86.2 44,445,507,746 39,409,625,805 31,615,952,657 29,132,055,735
Personal property:
Primary mobile homes ................ 4,998,444 0.0 2,558,311 2,590,784 2,698,118 2,810,319
Secondary mobile homes ............ 12,247,950 0.0 8,809,921 8,641,732 6,997,215 7,231,872
Other business personal property 5,327,485,071 9.1 4,685,935,076 3,641,551,973 3,436,311,697 3,201,589,833
SCME (1) ...................................... 200,023 0.0 65,240 72,373 34,975 1,043,458
Total personal property ............. 5,344,931,488 9.3 4,697,368,548 3,652,856,862 3,446,042,005 3,212,675,482
Fee in lieu/age based property (2) ..... 311,576,635 0.5 308,596,147 285,702,488 279,761,759 249,996,942
Total locally assessed ................ 54,985,488,275 96.1 49,451,472,441 43,348,185,155 35,341,756,421 32,594,728,158
Total taxable value .................... 57,244,422,916 100.0 51,398,860,356 $45,759,266,797 $37,760,823,363 $35,017,043,338
Total taxable value (less
fee in lieu/age based property) .. $56,932,846,281 99.5% $51,090,264,209 $45,473,564,309 $37,481,061,604 $34,767,046,397
_________________________
(1) Semiconductor Manufacturing Equipment.
(2) See “FINANCIAL INFORMATION REGARDING SALT LAKE CITY, UTAH — Property Tax Matters.”
(Source: Property Tax Division, Utah State Tax Commission.)
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- 40 -
TAX COLLECTION RECORD
FISCAL
YEAR
TOTAL TAX
LEVY FOR
COLLECTED WITHIN THE
FISCAL YEAR OF THE LEVY(1)
COLLECTION IN
SUBSEQUENT
TOTAL COLLECTIONS
TO DATE
ENDED
JUNE 30
FISCAL YEAR
($000)
AMOUNT
($000)
PERCENTAGE
OF LEVY
YEARS
($000)
AMOUNT
($000)
PERCENTAGE
OF LEVY
2025 $136,759 $133,763 97.81% $1,711 $135,474 99.06%
2024 154,968 151,900 98.02 2,472 154,372 99.62
2023 144,867 141,598 97.74 3,013 144,611 99.82
2022 129,171 126,400 97.85 2,695 129,095 99.94
2021 124,272 121,630 97.87 2,615 124,244 99.98
_________________________
* Amounts expressed in thousands. (1) Property taxes are assessed January 1 and due by November 30. Payments are not considered delinquent until after November 30.
(Source: Salt Lake City Corporation Annual Comprehensive Financial Report for the year ended June 30, 2025.)
SOME OF THE LARGEST TAXPAYERS IN THE CITY {TO BE UPDATED.}
TAXPAYER TYPE OF BUSINESS
2023
TAXABLE
VALUE(1)
% OF THE CITY’S
2021 TAXABLE
VALUE
LDS Church (Property Reserve, City
Creek Reserve, Deseret Title)
Real Estate Holding
$1,512,867,449
3.27%
Landmark LLC Real Estate holding 800,305,791 1.73
PacifiCorp Electric Utility 492,167,246 1.06
Delta Airlines Air Transportation 437,953,290 0.95
Questar Gas Natural Gas 256,979,273 0.56
Wasatch Plaza Holdings LLC Real Estate Holding 256,979,273 0.56
Oakmont Properties Real Estate Holding 250,104,260 0.54
ATP SLC LLC Education (Flight and training) 231,935,300 0.50
MPLD Husky LLC Machining, Fabrication 230,291,000 0.50
Grand America Hotel Hospitality 229,351,500 0.50
$4,698,934,382
_________________________
(1) Taxable Value used in this table excludes all tax equivalent property associated with motor vehicles, watercraft, recreational
vehicles, and all other tangible personal property required to be registered with the State. See “FINANCIAL INFORMATION
REGARDING SALT LAKE CITY, UTAH — Taxable and Fair Market Value of Property.”
(Source: Salt Lake City Corporation Annual Comprehensive Financial Report for the year ended June 30, 2025.)
RECENT DEVELOPMENTS
General Fund. Overall revenue for fiscal year 2025 is projected to be $16.3 million over
budget. All tax categories were higher than expected by $3.2 million (personal property tax $1.4
million, sales and use tax $578,000, and franchise tax $1.1 million). Higher market interest rates
are increasing interest income which is expected to exceed budget by $5.1 million. License
revenue is over budget by $2.1 million due to an increase in new licenses and permit revenue is
projected to be $2.5 million over budget as construction activity begins to improve.
Fiscal year 2025 budget increased by approximately 7.1%, an increase of $31.8 million as
compared to the previous year. Major changes to expenses include salary, pension and benefit
- 41 -
increases totaling $24.9 million. The budget included the addition of 34.5 FTEs at an anticipated
cost of approximately $3.2 million. Fiscal year 2025 general fund expenses are expected to end
close to budget. General Fund expense budget for fiscal year 2026 increased by $32.0 million, a
6.67% increase over fiscal year 2025.
The City Council and Administration have an internal goal to keep the fund balance above
13% of total revenue for each fiscal year. For fiscal year 2023, fund balance was $179 million or
38.05% of total revenues for the year. For fiscal year 2024, fund balance was $149 million or
33.35% of total revenues for the year. In fiscal year 2025, the estimated fund balance is $93.8
million or 19.52% of total revenues for the year. The fiscal year 2026 adopted budget in the general
fund is $512,471,524.
INVESTMENT CONSIDERATIONS
CLIMATE CHANGE
Climate change caused by human activities may have adverse effects on the City. As
greenhouse gas emissions continue to accumulate in the atmosphere as a result of economic
activity, climate change is expected to intensify, increasing the frequency, severity and timing of
extreme weather events such as coastal storm surges, drought, wildfires, floods and heat waves,
and rising sea levels. The future fiscal impact of climate change on the City is difficult to predict,
but it could be significant and it could have a material adverse effect on the City’s finances by
requiring greater expenditures to counteract the effects of climate change or by changing the
business and activities of City residents. The City considers the potential effects of climate change
in its planning.
CYBERSECURITY
The risk of cyberattacks against enterprises, including those operated for a governmental
purpose, has become more prevalent in recent years. At least one of the rating agencies factors
the risk of such an attack into its ratings analysis, recognizing that a cyberattack could affect
liquidity, public policy and constituent confidence, and ultimately credit quality. A cyberattack
could cause the informational systems of the City to be compromised and could limit operational
capacity, for short or extended lengths of time and could bring about the release of sensitive and
private information. Additionally, other potential negative consequences include data loss or
compromise, diversion of resources to prevent future incidences and reputational damage. The
City believes it has made all reasonable efforts to ensure that any such attack is not successful and
that the information systems of the City are secure. The City monitors cyberthreat activity through
a combination of enterprise-wide security programs, intelligence briefings, and industry
collaborations, including sector-specific information-sharing organizations. For instance, the
Russian-Ukrainian conflict has resulted in increased national and statewide cyberthreat
monitoring. The City routinely checks system security and conduct regular employee training to
help protect against cyberattacks and have participated in two CISA cybersecurity assessments in
the last year. The City recently updated its cybersecurity incident response plan. However, there
can be no assurance that a cyberattack will not occur in a manner resulting in damage to the City’s
- 42 -
information systems or other challenges. The City has insurance coverage for cyber liability and
has a company on retainer for incident response.
In mid-December 2024, the City’s Department of Airports became aware of a limited
network incident. Steps have been taken to address and investigate the incident. The City is not
aware of any other recent incidents.
[TAX TREATMENT
FEDERAL INCOME TAXATION
Interest on the Bonds is includible in gross income for federal income purposes. Ownership
of the Bonds may result in other federal income tax consequences to certain taxpayers.
Bondholders should consult their tax advisors with respect to the inclusion of interest on the Bonds
in gross income for federal income tax purposes and any collateral tax consequences.
The City may deposit moneys or securities in escrow in such amount and manner as to
cause the Bonds to be deemed to be no longer outstanding for purposes of calculating outstanding
debt under State law (a “defeasance”). A defeasance of the Bonds may be treated as an exchange
of the Bonds by the holders thereof and may therefore result in gain or loss to the holders. Bond
holders should consult their own tax advisors about the consequences if any of such a defeasance.
The City is required to provide notice of defeasance of the Bonds as a material event under its
Continuing Disclosure Agreement.]
UTAH INCOME TAXATION
In the opinion of Bond Counsel, under the existing laws of the State of Utah, as presently
enacted and construed, interest on the Bonds is exempt from taxes imposed by the Utah Individual
Income Tax Act. Bond Counsel expresses no opinion with respect to any other taxes imposed by
the State or any political subdivision thereof. Ownership of the Bonds may result in other state
and local tax consequences to certain taxpayers. Bond Counsel expresses no opinion regarding
any such collateral consequences arising with respect to the Bonds. Prospective purchasers of the
Bonds should consult their tax advisors regarding the applicability of any such state and local
taxes.
LITIGATION
The City Attorney reports the following matters involving potential financial liability of
the City:
Lawsuits are periodically filed against the City and/or its employees, involving tort and
civil rights matters. The City has a statutory obligation to defend and indemnify its officers and
employees in relation to lawsuits arising from acts or failures to act of the officers or employees
while in the scope and course of employment.
- 43 -
The City maintains a governmental immunity fund for claims against the City. In the event
the fund is not sufficient to pay any outstanding judgment or judgments, the City has the ability
under State law to levy a limited ad valorem tax to pay such judgments. This tax levy is separate
and apart from the other taxing powers of the City.
The City also has contract claims, condemnation proceedings and environmental matters,
none of which is expected to materially adversely affect the City’s financial condition.
CONTINUING DISCLOSURE
The City will enter into a Continuing Disclosure Agreement (the “Agreement”), in
substantially the form attached hereto as APPENDIX B, for the benefit of the beneficial owners of
the Bonds to send certain information annually and to provide notice of certain events to the
Municipal Securities Rulemaking Board pursuant to the requirements of Section (b)(5) of
Rule 15c2-12 (the “Rule”) adopted by the Securities and Exchange Commission (the
“Commission”) under the Securities Exchange Act of 1934.
The City has entered into a number of Continuing Disclosure Undertakings pursuant to the
Rule with respect to the bonds it has issued and has contracted with a number of dissemination
agents to file annual information and notices of certain events on behalf of the City. With respect
to certain bonds of the City, for its Fiscal Year ended June 30, 2024, the City initially filed certain
required information with respect to certain taxes and the City’s largest property taxpayers by the
required deadline in draft format as the City didn’t have the updated information at that time. The
City subsequently filed the updated information, but the information was filed after the applicable
deadlines.
Additionally, with respect to certain water and sewer bonds, during the previous five years
the City filed the audited financial statements of the City’s utilities system, but did not include the
audited financial statements of the City. Corrective filings have been made and the City has taken
steps to ensure that in the future the City’s audited financial statements will be filed for such water
and sewer revenue bonds as required. At the time of the initial corrective filings the City
determined that such filings were immaterial with respect to certain maturities of the water and
sewer revenue bonds that had already matured, and corrective filing were not made for such
maturities. In connection with a prior purchase of certain of the City’s general obligation bonds,
the purchaser requested that corrective filings be made for such previously matured water and
sewer revenue bonds. The City complied with such request despite having determined that such
filings were not material.
The City has an ongoing program of financing its fleet vehicles through capital leases. In
continuation of that program, following the expiration of a master lease agreement, on August 2,
2021, the City entered into a new Municipal Master Lease Agreement (the “Master Lease”) to
finance the City vehicles for the next five (5) years. The City recently determined that, although
the Master Lease was a continuation of the City’s longstanding vehicle financing program, notice
of the Master Lease should have been posted on EMMA as a material financial obligation for
certain of its bonds. Subsequent to such determination, notice of the Master Lease was posted on
EMMA.
- 44 -
The City has adopted continuing disclosure policies and procedures to help ensure
compliance with its continuing disclosure undertakings.
A failure by the City to comply with the Agreement will not constitute a default under the
Resolution and beneficial owners of the Bonds are limited to the remedies described in the
Agreement. A failure by the City to comply with the Agreement must be reported in accordance
with the Rule and must be considered by any broker, dealer or municipal securities dealer before
recommending the purchase or sale of the Bonds in the secondary market. Consequently, such a
failure may adversely affect the transferability and liquidity of the Bonds and their market price.
See “FORM OF CONTINUING DISCLOSURE AGREEMENT” attached hereto as APPENDIX B for the
information to be provided, the events which will be noticed on an occurrence basis and the other
terms of the Agreement, including termination, amendment and remedies.
APPROVAL OF LEGAL PROCEEDINGS
The authorization and issuance of the Bonds are subject to the approval of Chapman and
Cutler LLP, Bond Counsel to the City. Certain legal matters will be passed upon for the City by
the City Attorney and by Chapman and Cutler LLP, as the City’s Disclosure Counsel. The
approving opinion of Bond Counsel will be delivered with the Bonds in substantially the form set
forth in APPENDIX C of this Official Statement and will be made available upon request from the
contact persons as indicated under “INTRODUCTION — Contact Persons.”
The various legal opinions to be delivered concurrently with the delivery of the Bonds
express the professional judgment of the attorneys rendering the opinions as to the legal issues
explicitly addressed therein. By rendering a legal opinion, the opinion giver does not become an
insurer or guarantor of that expression of professional judgment, of the transaction opined upon,
or of the future performance of parties to the transaction. Nor does the rendering of an opinion
guarantee the outcome of any legal dispute that may arise out of the transaction.
BOND RATINGS
As of the date of this Official Statement, the Bonds have been rated “___” and “___” by
Fitch Ratings, Inc. and by Moody’s Investors Service, Inc., respectively.
Any explanation of the significance of the ratings may only be obtained from the rating
service furnishing the same. There is no assurance that the ratings given will be maintained for
any period of time or that the ratings will not be revised downward or withdrawn entirely by the
rating agency if, in its judgment, circumstances so warrant. Any such downward revision or
withdrawal of such ratings may have an adverse effect on the market price of the Bonds.
MUNICIPAL ADVISOR
The City has entered into an agreement with Stifel, Nicolaus & Company, Incorporated
(the “Municipal Advisor”), whereunder the Municipal Advisor provides financial
recommendations and guidance to the City with respect to preparation for sale of the Bonds, timing
- 45 -
of the sale, tax-exempt bond market conditions, costs of issuance and other factors related to the
sale of the Bonds. The Municipal Advisor has participated in the preparation of and provided
information for certain portions of the Official Statement, but has not audited, authenticated or
otherwise verified the information set forth in the Official Statement, or any other related
information available to the City, with respect to accuracy and completeness of disclosure of such
information, and the Municipal Advisor makes no guaranty, warranty or other representation
respecting accuracy and completeness of the Official Statement or any other matter related to the
Official Statement.
INDEPENDENT AUDITORS
The basic financial statements of Salt Lake City Corporation as of and for the Year Ended
June 30, 2025 included in APPENDIX A to this Official Statement, have been audited by Eide Bailly
LLP, independent auditors, as stated in their report appearing herein.
MISCELLANEOUS
All quotations contained herein from and summaries and explanations of the State
Constitution, statutes, programs and laws of the State, court decisions and the Resolution, do not
purport to be complete, and reference is made to the State Constitution, statutes, programs, laws,
court decisions and the Resolution for full and complete statements of their respective provisions.
Any statements in this Official Statement involving matters of opinion, whether or not
expressly so stated, are intended as such and not as representation of fact.
The appendices attached hereto are an integral part of this Official Statement and should
be read in conjunction with the foregoing material.
This Preliminary Official Statement is in form deemed final for purposes of paragraph
(b)(1) of Rule 15c2-12 of the Securities and Exchange Commission.
This Official Statement and its distribution and use have been duly authorized by the City.
SALT LAKE CITY, UTAH
APPENDIX A
SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
A-l
A-1
APPENDIX A
SALT LAKE CITY CORPORATION FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
APPENDIX B
FORM OF CONTINUING DISCLOSURE AGREEMENT
B-1
B-1
APPENDIX B
FORM OF CONTINUING DISCLOSURE AGREEMENT
APPENDIX C
PROPOSED FORM OF OPINION OF BOND COUNSEL
C-1
C-1
APPENDIX C
PROPOSED FORM OF OPINION OF BOND COUNSEL
EXHIBIT 3
[ATTACH FORM OF CERTIFICATE OF DETERMINATION |
Exhibit 3 Delegating Bond Resolution
Exhibit 3 Delegating Bond Resolution
EXHIBIT 3
[ATTACH FORM OF CERTIFICATE OF DETERMINATION]
Draft
1/17/26
Certificate of Determination 4933-6552-7329 v6.docx
10001523/RDB/mo
CERTIFICATE OF DETERMINATION
PURSUANT TO
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF
FEDERALLY TAXABLE GENERAL OBLIGATION BONDS, SERIES 2026
DATED: [SALE DATE], 2026
1. Authority; Definitions. Pursuant to Resolution No. __ of 2026 Authorizing the
Issuance and Sale of up to $51,000,000 Federally Taxable General Obligation Bonds, Series 2026,
adopted by the City Council of Salt Lake City, Utah (the “Issuer”), on February 17, 2026 (the
“Resolution”), the Issuer has authorized the issuance of its Federally Taxable General Obligation
Bonds, Series 2026 (the “Bonds”). This certificate is executed pursuant to and in accordance with
the delegation of authority contained in the Resolution, as authorized by law. All terms used herein
and not otherwise defined herein shall have the meanings specified in the Resolution.
2. Acceptance of Bid. The bid of __________, (the “Purchaser”), conforms to the
parameters, deadlines and procedures set forth in the notice of sale prepared in connection with
the advertisement for sale of the Bonds and is the best bid received for the purchase of the Bonds,
resulting in the sale of the Bonds at the lowest obtainable interest rate (a copy of the bid, together
with a list of bids received for the Bonds, is attached hereto as Exhibit A). The bid of the Purchaser
for the purchase of the Bonds, which is set out in full in Exhibit A hereto, is hereby accepted, it
being hereby found, determined and declared that the Bonds bear interest at the lowest obtainable
interest rate. The Bonds shall be issued by the Issuer for the purpose set forth in the Resolution.
The sale of the Bonds to the Purchaser at the price of $__________ (representing the par amount
of the Bonds, plus $__________ net original issue premium and less $__________ Purchaser’s
discount) is hereby confirmed. The Bonds shall be delivered to the Purchaser and the proceeds of
sale thereof applied as provided in the Resolution and as set forth below.
3. Aggregate Principal Amount and Maturity of Bonds. The Bonds shall be issued for
the purpose specified in Section 202 of the Resolution in the aggregate principal amount of
$__________. The Bonds shall mature on the dates and in the principal amounts, and shall bear
interest payable semiannually on June 15 and December 15, commencing December 15, 2026 at
the respective rates per annum, shown below:
- 2 - Certificate of Determination
JUNE 15
AMOUNT
MATURING
INTEREST
RATE
4. Use of Proceeds and Legally Available Funds of the Issuer. All of the proceeds of
the sale of the Bonds shall be deposited in the Project Account established pursuant to the
Resolution.
5. Authorized Denominations. The Bonds shall be issued in the Authorized
Denomination of $5,000 or any whole multiple thereof.
6. Redemption Provisions. The Bonds maturing on or after June 15, __, shall be subject
to redemption prior to maturity, at the election of the Issuer, on __________ 15, __ (the “First
Redemption Date”), and on any date thereafter, in whole or in part, from such maturities or parts
thereof as shall be selected by the Issuer, upon notice given as provided in the Resolution, at a
redemption price equal to 100% of the principal amount of the Bonds to be redeemed plus accrued
interest thereon to the date fixed for redemption. Bonds maturing on or prior to the First
Redemption Date shall not be subject to optional redemption.
7. Book-Entry Bonds. The Bonds shall be initially issued as Book-Entry Bonds.
(Signature page follows.)
- 3 - Certificate of Determination
IN WITNESS WHEREOF, I have hereunto set my hand as of the day and year first above
written.
By ____________________________________
Mayor
By ____________________________________
Chair,
Salt Lake City Council
APPROVED AS TO FORM:
By ____________________________________
Senior City Attorney
EXHIBIT A
Copies of Winning Bid and List of Bids Received for the Bonds
Exhibit A Certificate of Determination
Exhibit A Certificate of Determination
EXHIBIT A
Copies of Winning Bid and List of Bids Received for the Bonds
Notice of Bonds to be Issued
Dated this 18th day of February, 2026.
PLEASE KEEP POSTED UNTIL MARCH 23, 2026
kitti
Notice is Hereby Given pursuant to the provisions of Sections 11-14-316, 45-1-101 and
63G-30-102, Utah Code Annotated 1953, as amended, that on February 17, 2026, the City Council
of Salt Lake City, Utah (the “City ”), adopted a resolution (the “Resolution ”) in which it authorized
and approved the issuance of its federally taxable general obligation bonds (the “Bonds ”), in an
aggregate principal amount of not to exceed $51,000,000, to bear interest at a rate or rates of not
to exceed 6.50% per annum, to mature over a period not to exceed 21 years from their date or dates
and to be sold at a discount from par, expressed as a percentage of the principal amount, of not to
exceed 2.00%.
The Bonds are to be issued and sold by the City pursuant to the Resolution. A copy of 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 30 days from and after the date of the publication of this notice.
Pursuant to the Resolution, the Bonds are to be issued for the purpose of raising money for
paying all or a portion of the costs to acquire, improve, renovate and upgrade various parks, trails,
open space and related facilities and recreational amenities.
The Bonds will be secured by the full faith and credit of the City. The City currently has
$125,130,000 par amount of bonds currently outstanding that are secured by the full faith and
credit of the City. More detailed information relating to the City’s outstanding bonds can be found
in the City’s most recent Comprehensive Financial Reports that are available on the Office of the
Utah State Auditor’s website (www.auditor.utah.gov).
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 $49,720,000 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 $79,517,967.
Notice is Further Given that pursuant to law for a period of 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 above-described Resolution of the City Council 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.
3
Salt Lake City, UtahBy Jo.44—
Deputy City Recorder
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EXHIBIT 5
[ATTACH FORM OF DISSEMINATION AGENCY AGREEMENT]
Exhibit 5 Delegating Bond Resolution
Exhibit 5 Delegating Bond Resolution
EXHIBIT 5
[ATTACH FORM OF DISSEMINATION AGENCY AGREEMENT]
Draft
1/17/26
Dissemination Agency Agreement 4931-6439-7345 v5.docx
10001523/RDB/mo
DISSEMINATION AGENCY AGREEMENT
with respect to the
CONTINUING DISCLOSURE UNDERTAKING
OF SALT LAKE CITY, UTAH
(as an “Obligated Person”)
for the purpose of providing
continuing disclosure information
under Section (b)(5) of Rule 15c2-12
DATED: [CLOSING DATE], 2026
This Dissemination Agency Agreement (the “Agency Agreement”) is executed and
delivered by Salt Lake City, Utah (the “Issuer”), and U.S. Bank Trust Company, National
Association (the “Dissemination Agent”) in connection with the issuance of $[Principal Amount]
Federally Taxable General Obligation Bonds, Series 2026 (the “Bonds”). The Bonds are being
issued pursuant to Resolution No. __ of 2026, Authorizing the Issuance and Sale of the the Bonds,
adopted by the City Council of the City on February 17, 2026, including as a part of such resolution
that certain Certificate of Determination, dated [Sale Date], 2026 (collectively, the “Resolution”).
Simultaneously with the execution and delivery of this Agency Agreement, the Issuer has
executed and delivered its Continuing Disclosure Agreement dated as of the date hereof (as it may
be amended from time to time, the “Undertaking”), a copy of which is attached hereto as Exhibit I.
The Issuer and the Dissemination Agent covenant and agree as follows:
SECTION 1. PURPOSE OF THIS AGREEMENT. This Agency Agreement is executed and
delivered by the Issuer and the Dissemination Agent as of the date hereof in order to assist the
Issuer in complying with the filing requirements contained in the Undertaking.
SECTION 2. DEFINITIONS. The terms set forth below shall have the following meanings
in this Agency Agreement, unless the context clearly otherwise requires.
“Annual Financial Information” means the financial information and operating data
described in Exhibit I to the Undertaking.
“Annual Financial Information Disclosure” means the dissemination of disclosure
concerning Annual Financial Information and the dissemination of the Audited Financial
Statements as set forth in Section 4.
“Audited Financial Statements” means the audited financial statements of the Issuer
prepared pursuant to the standards and as described in Exhibit I to the Undertaking.
“Authorized Issuer Official” means the Mayor, the Chief of Staff, the City Recorder, any
Deputy City Recorder, the City Treasurer or the Deputy Treasurer of the City.
- 2 - Dissemination Agency Agreement
“Commission” means the Securities and Exchange Commission.
“Dissemination Agent” means any person from time to time acting as the Dissemination
Agent under this Agency Agreement, initially U.S. Bank Trust Company, National Association.
“EMMA” means the MSRB through its Electronic Municipal Market Access system for
municipal securities disclosure or through any other electronic format or system prescribed by the
MSRB for purposes of the Rule.
“Event” means the occurrence of any of the events set forth in Exhibit II to the
Undertaking.
“MSRB” means the Municipal Securities Rulemaking Board.
“Reportable Event” means the occurrence of an Event with respect to the Bonds that
should be disclosed as provided in the Undertaking and Section 5 hereof.
“Reportable Events Disclosure” means dissemination of disclosure concerning a
Reportable Event as set forth in Section 5.
“Rule” means 15c2-12 adopted by the Commission under the Securities Exchange Act of
1934, as the same may be amended from time to time.
“State” means the State of Utah.
SECTION 3. CUSIP NUMBER/FINAL OFFICIAL STATEMENT. The CUSIP Numbers of the
Bonds are as follows:
JUNE 15
OF THE YEAR
CUSIP
NUMBER
JUNE 15
OF THE YEAR
CUSIP
NUMBER
The Final Official Statement relating to the Bonds is dated [Sale Date], 2026 (the “Final
Official Statement”), and a true and complete copy of the Final Official Statement is attached
hereto as Exhibit II.
- 3 - Dissemination Agency Agreement
SECTION 4. ANNUAL FINANCIAL INFORMATION DISCLOSURE. Subject to Section 12 of this
Agency Agreement, the Issuer hereby covenants that it will deliver its Annual Financial
Information and its Audited Financial Statements (in the form and by the dates set forth in Exhibit I
to the Undertaking), as further described in Section 4 of the Undertaking, signed by an Authorized
Issuer Official, to the Dissemination Agent for dissemination as set forth in Section 6.
SECTION 5. EVENTS NOTIFICATION; REPORTABLE EVENTS DISCLOSURE. Subject to
Section 12 of this Agency Agreement, the Issuer hereby covenants that it will provide a written
description to the Dissemination Agent of Reportable Events Disclosure in a timely manner, signed
by an Authorized Issuer Official. The Dissemination Agent shall have no duty or responsibility to
review the determination of the Issuer that such Event is a Reportable Event or the written
description of such Reportable Event.
The Dissemination Agent will disseminate Reportable Events Disclosure as set forth in
Section 7 herein.
SECTION 6. MANNER AND TIME BY WHICH ANNUAL FINANCIAL INFORMATION DISCLOSURE IS
TO BE DISSEMINATED BY THE DISSEMINATION AGENT; DUTY OF DISSEMINATION AGENT. Annual
Financial Information will be provided by the Issuer to the Dissemination Agent at least fifteen
(15) days prior to the date such information must be delivered to EMMA. Audited Financial
Statements will be provided by the Issuer as soon as practicable after the Audited Financial
Statements are available to the Issuer, to the Dissemination Agent. Thirty (30) days prior to the
date the Issuer is required to provide information to the Dissemination Agent, the Dissemination
Agent shall notify the Issuer that such information is due, and shall inform the Issuer in writing of
any changes known to the Dissemination Agent in the form or media requirements of EMMA,
which have occurred since the date of the last filing by the Issuer (or since the date hereof, as the
case may be). MSRB Rule G-32 currently requires all EMMA filings to be in word-searchable
PDF format. This requirement extends to all documents to be filed with EMMA, including
financial statements and other externally prepared reports.
The Dissemination Agent is hereby directed by the Issuer to cause the Annual Financial
Information and the Audited Financial Statements to be delivered to EMMA in such manner so
that such entity receives the information within two (2) business days after receipt of such
information by the Dissemination Agent.
The Dissemination Agent agrees to so disseminate such information in the form delivered
to it by the Issuer. The Dissemination Agent is acting hereunder solely in an agency capacity, as
more fully described in this Agency Agreement, and as such is merely a conduit for the Issuer, and
shall have no liability or responsibility for the form, accuracy or completeness of any information
furnished hereunder. Any information furnished by the Dissemination Agent hereunder may
contain a legend to such effect.
The Dissemination Agent shall promptly file a report with the Issuer stating the date the
Annual Financial Information Disclosure was filed and where such information was filed.
- 4 - Dissemination Agency Agreement
In the event that the Dissemination Agent has not received the Annual Financial
Information Disclosure by the dates on which such information is required to be filed with EMMA,
the Issuer hereby instructs the Dissemination Agent to promptly notify EMMA of such failure, and
the Dissemination Agent shall promptly deliver to the Issuer a copy of its notification to EMMA
of such failure.
SECTION 7. MANNER AND TIME BY WHICH REPORTABLE EVENTS DISCLOSURE IS TO BE MADE
PUBLIC BY THE DISSEMINATION AGENT. The Dissemination Agent is hereby directed by the Issuer
to cause the Reportable Events Disclosure to be delivered to EMMA in such manner so that such
entity receives the information no later than ten (10) business days after the occurrence of such
Reportable Event (as such date of occurrence is specified in the Reportable Events Disclosure) or,
if received after such ten (10) business days, not more than one (1) business days after receipt of
such information by the Dissemination Agent.
The Dissemination Agent agrees to so disseminate such information in the form delivered
to it by the Issuer. The Dissemination Agent is acting hereunder solely in an agency capacity, as
more fully described in Section 14 of this Agency Agreement, and as such is merely a conduit for
the Issuer, and shall have no liability or responsibility for the accuracy or completeness of any
information furnished hereunder. Any information furnished by the Dissemination Agent
hereunder may contain a legend to such effect.
The Dissemination Agent shall promptly file a report with the Issuer stating the date the
Reportable Events Disclosure was filed and where such information was filed.
SECTION 8. TRANSMITTAL MEDIA. Subject to Section 10 hereof, all such Annual Financial
Information Disclosure or any written description of a Reportable Event shall be furnished by the
Issuer to the Dissemination Agent in word-searchable PDF format or in such other form or format
as may be subsequently agreed upon by the Issuer and the Dissemination Agent in order to
accommodate filing requirements of EMMA. Such filing shall be made to the following address,
or to such other address (including any electronic mail address) as may be specified in writing to
the Issuer by the Dissemination Agent from time to time:
U.S. Bank Trust Company, National Association
Attn: Laurel Bailey
170 South Main Street, Suite 200
Salt Lake City, Utah 84101
One business day prior to the date the Dissemination Agent is required to notify the Issuer
that Annual Financial Information is due or upon receipt of a Reportable Events Disclosure, the
Dissemination Agent shall determine, in the manner it deems appropriate, the manner and medium
by which continuing disclosure information is to be transmitted and filed with EMMA.
SECTION 9. CONSEQUENCES OF FAILURE OF THE ISSUER TO PROVIDE INFORMATION. In the
event that the Issuer shall fail to provide Annual Financial Information Disclosure when the same
is due to EMMA pursuant to the Undertaking, the Issuer has instructed the Dissemination Agent
in Section 6 of this Agency Agreement to notify EMMA.
- 5 - Dissemination Agency Agreement
A default hereunder (a) shall not be deemed an Event of Default under the Resolution and
(b) shall not, in and of itself, constitute a violation of any of the Issuer’s obligations set forth in the
Undertaking.
SECTION 10. AMENDMENTS; WAIVER. Notwithstanding any other provision of this Agency
Agreement, the Issuer and the Dissemination Agent may amend this Agency Agreement, and any
provision of this Agency Agreement may be waived, if such amendment or waiver is supported by
a certified resolution or ordinance of the Issuer authorizing such amendment or waiver.
In the event that the Commission or the MSRB or other regulatory authority shall approve
or require Annual Financial Information Disclosure or Reportable Events Disclosure to be made
to a central post office, governmental agency or similar entity other than EMMA or in lieu of
EMMA, the Dissemination Agent shall, if required, make such dissemination to such central post
office, governmental agency or similar entity in the form required by such entity without the
necessity of amending this Agency Agreement.
SECTION 11. TERMINATION OF THIS AGENCY AGREEMENT. Either party to this Agency
Agreement may terminate this Agency Agreement by giving written notice to the other party at
least 30 days prior to such termination. The Dissemination Agent shall be fully discharged at the
time any such termination is effective. The Issuer is not required to appoint a successor
Dissemination Agent. The absence of a Dissemination Agent shall not relieve the Issuer of its
responsibilities pursuant to the Undertaking.
SECTION 12. ADDITIONAL INFORMATION. Nothing in this Agency Agreement shall be
deemed to prevent the Issuer from delivering any other information to the Dissemination Agent,
using the means of dissemination set forth in this Agency Agreement or any other means of
communication, or including any other information in any Annual Financial Information
Disclosure or notice of occurrence of a Reportable Event, in addition to that which is required by
this Agency Agreement. If the Issuer includes any information from any document or notice of
occurrence of a Reportable Event in addition to that which is specifically required by this Agency
Agreement, the Issuer shall have no obligation under this Agency Agreement to update such
information or include it in any future disclosure or notice of occurrence of a Reportable Event.
SECTION 13. INDEMNIFICATION. The Issuer hereby agrees to hold harmless and to
indemnify the Dissemination Agent, its employees, officers, directors, agents and attorneys from
and against any and all claims, damages, losses, liabilities, reasonable costs and expenses
whatsoever (including attorneys’ fees and expenses) which may be incurred by the Dissemination
Agent by reason of, or in connection with the performance of its duties, the exercise of any of its
powers or rights, or the disclosure of information in accordance with this Agency Agreement, it
being expressly understood that such indemnification does not extend to such claims, damages,
losses, liabilities, costs or expenses resulting directly from the negligence or willful misconduct of
the Dissemination Agent in the performance of its express duties under this Agency Agreement.
- 6 - Dissemination Agency Agreement
SECTION 14. RIGHTS, DUTIES AND LIMITATIONS WITH RESPECT TO THE DISSEMINATION AGENT.
(a) The Dissemination Agent undertakes to perform such duties and only such duties as
are specifically set forth in this Agency Agreement, and no implied covenants or obligations shall
be read into this Agency Agreement against the Dissemination Agent.
(b) In the absence of bad faith on its part, the Dissemination Agent may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Dissemination Agent and conforming to the requirements
of this Agency Agreement.
(c) In the case of any Annual Financial Information Disclosure or any Reportable Events
Disclosure, or any opinions which by any provision hereof are specifically required to be furnished
to the Dissemination Agent, the Dissemination Agent shall be under a duty to examine the same
to determine whether or not they conform to the requirements of this Agency Agreement, but shall
be under no duty to verify independently or investigate the accuracy or completeness of any
information contained therein or the correctness of any opinion furnished hereunder.
(d) No provision of this Agency Agreement shall require the Dissemination Agent to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers.
(e) The Dissemination Agent may rely and shall be protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, or other paper or document believed by it to be genuine and to have been
signed or presented by the proper party or parties, including without limitation any written
direction signed by an Authorized Issuer Official.
(f) Any information, including the Annual Financial Information Disclosure or a
description of a Reportable Event of the Issuer mentioned herein shall be sufficiently authenticated
for purposes of dissemination hereunder if it is accompanied by a written instrument signed by the
Authorized Issuer Official.
(g) The Dissemination Agent may consult with counsel of its choice and the written
advice of such counsel or any opinion of counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon, it being understood for purposes of this provision that such counsel may, with
the consent of the Issuer, be counsel to the Issuer.
(h) The Dissemination Agent shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order or other paper or document.
SECTION 15. COMPENSATION. The Issuer hereby agrees to compensate the Dissemination
Agent for the services provided and the expenses incurred pursuant to this Agency Agreement, in
an amount to be agreed upon from time to time hereunder and to reimburse the Dissemination
- 7 - Dissemination Agency Agreement
Agent upon its request for all reasonable expenses, disbursements and advances incurred by the
Dissemination Agent hereunder (including any reasonable compensation and expenses of
counsel), except any such expense, disbursement or advance that may be attributable to its
negligence, willful misconduct, or bad faith.
SECTION 16. BENEFICIARIES. This Agency Agreement shall inure solely to the benefit of
the Issuer and the Dissemination Agent, and shall create no rights in any other person or entity.
SECTION 17. RECORDKEEPING. The Dissemination Agent shall maintain records of all
Annual Financial Information Disclosure and Reportable Events Disclosure including the content
of such disclosure, the names of the entities where such disclosure was filed and the date of filing
such disclosure, and any return receipts and copies of such information shall be available to the
Issuer upon reasonable request and upon the payment of reasonable copying and delivery charges.
Nothing herein shall require or permit delivery of any Annual Financial Information, Audited
Financial Statements or Reportable Events Disclosure to any Bondholder, broker, prospective
investor or any other third party by the Dissemination Agent.
SECTION 18. GOVERNING LAW. This Agency Agreement shall be governed by the laws of
the State of Utah.
SECTION 19. COUNTERPARTS. This Agency Agreement may be executed in multiple
counterparts, each of which shall be regarded for all purposes as an original; and such counterparts
shall constitute but one and the same instrument.
SECTION 20. REPRESENTATION REGARDING ETHICAL STANDARDS FOR ISSUER OFFICERS
AND EMPLOYEES AND FORMER ISSUER OFFICERS AND EMPLOYEES. The Dissemination Agent
represents that it has not: (a) provided an illegal gift or payoff to an Issuer officer or
employee or former Issuer officer or employee, or his or her relative or business entity; (b)
retained any person to solicit or secure this contract upon an agreement or understanding
for a commission, percentage, or brokerage or contingent fee, other than bona fide employees
or bona fide commercial selling agencies for the purpose of securing business; (c) knowingly
breached any of the ethical standards set forth in the Issuer’s conflict of interest ordinance,
Chapter 2.44, Salt Lake City Code; or (d) knowingly influenced, and hereby promises that
it will not knowingly influence, an Issuer officer or employee or former Issuer officer or
employee to breach any of the ethical standards set forth in the Issuer’s conflict of interest
ordinance, Chapter 2.44, Salt Lake City Code.
- 8 - Dissemination Agency Agreement
DATED as of the day and year first above written.
SALT LAKE CITY, UTAH
By: ____________________________________
Mayor
Address: 451 South State Street
Salt Lake City, Utah 84111
COUNTERSIGN AND ATTEST:
By_________________________________
City Recorder
[SEAL]
APPROVED AS TO FORM:
By: ____________________________________
Senior City Attorney
- 9 - Dissemination Agency Agreement
U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION
By: ____________________________________
Vice President
Address: Attn: Laurel Bailey
170 South Main Street, Suite 200
Salt Lake City, Utah 84101
EXHIBIT I
[ATTACH FORM OF UNDERTAKING |
EXHIBIT-I Dissemination Agency Agreement
EXHIBIT-I Dissemination Agency Agreement
EXHIBIT I
[ATTACH FORM OF UNDERTAKING ]
EXHIBIT IT
[ATTACH FINAL OFFICIAL STATEMENT]
EXHIBIT-II Dissemination Agency Agreement
EXHIBIT-II Dissemination Agency Agreement
EXHIBIT II
[ATTACH FINAL OFFICIAL STATEMENT]
(Other business not pertinent to the above appears in the minutes of the meeting.)
Salt Lake City, Utah
hair.
[Seal]
Attest:
PNCity Recor
-4-Delegating Bond Resolution Minutes (2-17-26)
Annow
Upon the conclusion of all business and upon motion duly made and carried, the meeting
of the City Council was adjourned.
—S
2(Nmy d.... Xo
er
- 5 - Delegating Bond Resolution Minutes (2-17-26)
STATE OF UTAH )
)
COUNTY OF SALT LAKE )
I, Keith Reynolds, the duly qualified and acting City Recorder of Salt Lake City, Utah (the
“City”), do hereby certify, according to the records of said City in my official possession, that the
foregoing is a full, true and correct copy of the extracts of minutes of a regular public meeting of
the City Council of the City (the “City Council”) held on February 17, 2026, including a resolution
adopted at the meeting, as recorded in the regular official book of minutes of the proceedings of
the City Council kept in my office, that all members were given due, legal and timely notice of
said meeting, that the meeting therein shown was in all respects called, held and conducted in
accordance with law and in full conformity therewith, and that the persons therein named were
present at the meeting, as therein shown.
IN WITNESS WHEREOF, I have hereunto subscribed my official signature and impressed
hereon the official seal of Salt Lake City, Utah, this 17th day of February, 2026.
_______________________________________
City Recorder
Salt Lake City, Utah
[SEAL]