103 of 1987 - Acceptance of Special Assessment Bonds Bid and Award 7 /C
Salt Lake City, Utah
August 11, 1987
A regular meeting of the City Council of Salt Lake
City, Salt Lake County, Utah was held at the temporary
offices of the City Council at 324 South State Street, Salt
Lake City, Utah, on August 11, 1987, at the hour of 6: 00
o'clock p.m. , at which meeting there was present and
answering roll call the following members who constituted a
quorum:
Roselyn N. Kirk Chairperson
Florence Bittner Councilmember
Grant Mabey Councilmember
Tom Godfrey Councilmember
Earl F. Hardwick Councilmember
W. M. "Willie" Stoler Councilmember
Sydney Reed Fonnesbeck Councilmember
Also present:
Palmer A. DePaulis Mayor
Roger Cutler City Attorney
Kathryn Marshall City Recorder
Absent: None
After the meeting had been duly called to order, and
the minutes of the preceding meeting approved, the
Chairperson stated that the meeting was called for the
purpose, among other things, of considering bids received
r
for the purchase of $344,000 Special Assessment Bonds,
Series 1987 (the "Bonds" ) of Salt Lake City, Salt Lake
County, Utah Special Improvement District, Public Utilities
Water and Sewer No. 50-1313 (the "District" ) .
The City Council was then advised that pursuant to
public notice, sealed bids had been received earlier in the
day in the Office of the Director of Finance. Prior to the
meeting of the City Council the bids were examined to
determine compliance with the Notice of Sale.
On reopening of the bids, the qualifying bids are
determined to be as follows:
Name of Bidder Net Interest Cost Premium
Kirchner-Moore & Co. $139, 614.00 7.332668
Prudential-Bache
Capital Funding $142,255.00 7.4713
After due deliberation, it was determined that the bid
of Kirchner-Moore & Co. of Salt Lake City, Utah, was the
best and most advantageous bid submitted for the purchase of
said Bonds, whereupon the following Resolution was
introduced in written form by Councilmember Bittner, was
fully discussed and pursuant to motion made by Councilmember
Godfrey, and seconded by Councilmember Kirk, was adopted by
the following vote:
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AYE: Roselyn N. Kirk
Florence Bittner
Grant Mabey
Tom Godfrey
Earl F. Hardwick
W. M. "Willie" Stoler
Sydney Reed Fonnesbeck
NAY: None
The Resolution was thereupon signed by the Chairperson
in open meeting and is as follows:
RESOLUTION NO. 103 OF 1987
A RESOLUTION ACCEPTING BIDS AND AWARDING THE SALE OF
$344,000 SPECIAL ASSESSMENT BONDS, SERIES 1987 FOR SALT
LAKE CITY, SALT LAKE COUNTY, UTAH SPECIAL IMPROVEMENT
DISTRICT, PUBLIC UTILITIES WATER AND SEWER NO. 50-1313
DATED SEPTEMBER 1, 1987, FIXING THE INTEREST RATES TO
BE BORNE THEREBY.
WHEREAS, sealed bids have been received for the
purchase of $344,000 Special Assessment Bonds, Series 1987,
for Salt Lake City, Salt Lake County, Utah Special
Improvement District, Public Utilities Water and Sewer No.
50-1313 ; and
WHEREAS, the bid of Kirchner-Moore & Co. of Salt Lake
City, Utah, has been determined to be the best and most
advantageous bid for the purchase of said Bonds, said bid
being in full as follows:
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(Attach Copy of Bid)
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0
BID FORM
SALT LAKE CITY
Salt Lake County, Utah
$344,000
SPECIAL ASSESSMENT BONDS, SERIES 1987
SPECIAL IMPROVEMENT DISTRICT, PUBLIC UTILITIES WATER AND SEWER
NO. 50-1313
Salt Lake City Corporation
Director of Finance, 5th Floor
4:} 324 South State Street
r ' Salt Lake City, Utah 84111
Honorable Mayor and City Council :
For $344,000 Special Improvement District, Public Utilities Water and
Sewer No. 50-1313 Bonds of Salt Lake City, dated September 1 , 1987, in
denominations of $1 ,000 and $5,000 and maturing serially on September 1 , 1988
through September 1 , 1997; in the amounts shown herein, with interest payable
September 1 , 1988, and annually thereafter on the first day of September of
each p p
year a� tie rate or rates specified fi ed herein until said Bonds are aid, we
will pay _$ 'F`{ plus accrued interest, to the date of delivery of said
Bonds to us.
The schedule of maturities, coupon rate or rates, total interest to
maturity, the net interest cost, and the net effective interest rate upon
_ which this bid is based, with interest computed from September 1 , 1987 to the
maturity date of the Bonds are as follows:
Maturity Date
September 1 Amount ' Coupon
1988 . $34,000 %
y A 1989 . . . . 34,000 FS`o
1990 . . . . 34,000 3; •0—
_ 1991 . . . . 34,000 o
1992 . . . . 34,000 ^�v
1993 34,000
_ 1994 . 35,000 -
t+F 1995 . 35,000 01•00
1996 . 35,000 h• Zo
1997 . 35,000 7 'L4-c,
.r
Total Interest to Maturity.
LessPremium. . . . . . . . . . . . . . . . . . . . . $ r o
Net Interest Cost $
Net Effective Interest Rate . . . . . . . . . . . . . . . . � 7-&4-0, %
This bid is submitted in accordance with and subject to all provisions
contained in the OFFICIAL NOTICE OF BOND SALE of these Bonds which by this
reference is made a part hereof.
A cashier's or certified good faith check in the sum of $6,880, drawn upon
an incorporated bank or trust company and payable to the order of the Salt
Lake City Corporation is enclosed to be retained by said City Council and
applied on the purchase price of these Bonds if we are the successful bidder,
otherwise to be returned to us.
Respectfully submitted this 11th day of August, 1987.
bAelzatc), L Inc
Accepted for and on behalf of the City Council of Salt Lake City this 11th
r day of August, 1987.
Mayor
ATTEST:
'R
City Recorder
Good faith check # returned and receipt thereof acknowledged
this llth day of August, 1987.
r For bidders convenience the following information is provided.
Principal Bond Cumulative
Year Amount Year Bond Years
1988 . . . $ 34,000 34 34
1989 . . . 34,000 68 102
1990 . . . 34,000 102 204
1991 . . . 34,000 136 340
1992 . . . 34,000 170 510
1993 . . . 34,000 204 714
1994 . . . 35,000 245 959
-: 1995 . . . 35,000 280 1 ,239
1996 . . . 35,000 315 1 ,554
1997 . . 35,000 350 1 ,904
i Totals . . $34 j Q2
Bond Years . . . . . . . . 1 ,904.000
Average Life . . . . . . . 5.535 years
WHEREAS, in the opinion of the City Council, it is in
the best interest of the Municipality that the bid be
accepted and sale of the Bonds to Kirchner-Moore & Co. of
Salt Lake City, Utah, be confirmed:
NOW, THEREFORE, It Is Hereby Resolved by the City
Council of Salt Lake City, Salt Lake County, Utah, as
follows:
Section 1. The bid of Kirchner-Moore & Co. of Salt
Lake City, Utah, for the purchase of $344,000 Special
Assessment Bonds, Series 1987 for Salt Lake City, Salt Lake
County, Utah Special Improvement District, Public Utilities
Water and Sewer No. 50-1313, which qualifying bid is set out
in full in the preamble hereto, is hereby accepted, it being
hereby found, determined and declared, after public
advertisement for bids for the purchase of said Bonds, that
said bid is the best and most advantageous bid received and
that the Bonds, when issued at the interest rates stated in
the bid, will bear interest at the lowest rate now
obtainable.
Section 2 . The Bonds shall be delivered to the
purchaser as soon as possible after the adoption of this
Resolution, upon payment in full therefor by the purchaser.
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Section 3 . All resolutions or parts thereof in
conflict herewith are to the extent of such conflict hereby
repealed and that this Resolution shall be in full force and
effect immediately upon its adoption. Since the interest
imposed by the Assessment Ordinance of June 2, 1987, to
accrue on unpaid assessment installments is the net
effective rate of the Bonds, it is herein determined that
the rate of interest to be paid on unpaid assessments is
7. 332668% per annum until due. Thereafter, all delinquent
payments shall bear interest at the rate ofeighteen percent
(18%) per annum.
ADOPTED and approved this llth day of August, 1987.
Chairperson
ATTEST
A4 Al
i Recorder
( S E A L )
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Other business not pertinent to the foregoing appears
in the minutes of the meeting.
Upon motion duly made and carried, the meeting was
adjourned.
'*'�haArperson
ATTEST:
Ci Recorder
( S E A L )
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STATE OF UTAH )
ss.
COUNTY OF SALT LAKE )
I , Kathryn Marshall, the duly appointed, qualified and
acting City Recorder of Salt Lake City, Utah, do hereby
certify that the above and foregoing is a full, true and
correct copy of the record of proceedings of the City
Council of Salt Lake City, Utah, at its regular meeting held
on the llth day of August, 1987, insofar as the same relates
to or concerns Salt Lake City, Salt Lake County, Utah
Special Improvement District, Public Utilities Water and
Sewer No. 50-1313 and the adoption of Resolution No. 103 as
the same appear of record in my office.
I further certify that there is on file in my office a
permanent record of the foregoing resolutions for Special
Improvement District, Public Utilities Water and Sewer No.
50-1313 -
IN WITNESS WHEREOF, I have hereunto subscribed my
official signature and affixed the official seal of said
Municipality this llth day of August, 1987.
C?�
Cit Rect�cfer
( S E A L )
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STATE OF UTAH ) CERTIFICATE OF COMPLIANCE
ss WITH OPEN MEETING LAW
COUNTY OF SALT LAKE )
I , Kathryn Marshall, the duly qualified City Recorder
of Salt Lake City, Salt Lake County, Utah, do hereby
certify:
(a) that in accordance with the requirements of
Section 52- 4-6( 1) , Utah Code Annotated 1953, as amended,
public notice of the 1987 Annual Meeting Schedule of the
City Council of Salt Lake City (the "Council" ) was given,
specifying the date, time and place of the regular meetings
of the Council scheduled to be held during the year 1987, by
causing a Notice of Annual Meeting Schedule for the Council
to be posted on January 2, 1987, at the temporary office of
the Council at 324 South State Street, Salt Lake City, Utah;
said Notice of Annual Meeting Schedule having continuously
remained- so posted and available for public inspection
during regular office hours at 324 South State Street until
the date hereof; and causing a copy of the Notice of Annual
Meeting Schedule to be provided on January 2, 1987, to at
least one newspaper of general circulation within the
geographic jurisdiction of the Municipality or to a local
media correspondent;
(b) that in accordance with the requirements of
Section 52- 4-6(2) , Utah Code Annotated 1953, as amended,
public notice of the regular meeting of the Council on
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August 11, 1987, was given by specifying in a Notice of
Regular Meeting the agenda, date, time and place of the
August 11, 1987 Council Meeting and by causing the Notice, of
Regular Meeting to be posted at the temporary office of the
Council at 324 South State Street in Salt Lake City, Utah,
on the 7th day of August, 1987, a date not less than 24
hours prior to the date and time of the August 11, 1987
regular meeting; said Notice of Regular Meeting having
continuously remained so posted and available for public
inspection during the regular office hours at 324 South
State Street until the date and time of the August 11, 1987
regular Council meeting; and causing a copy of the Notice of
Regular Meeting to be provided on August 7, 1987, to at
least one newspaper of general circulation within the
geographic jurisdiction of the Municipality or to a local
media correspondent.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of said City this llth day of
August, 1987.
CAH Recorder
[ S E A L ]
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