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106 of 1987 - Acceptance of Bids and Award of Special Assessment Bonds 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 for the purchase of $143,000 Special Assessment Bonds, Series 1987 (the "Bonds") of Salt Lake City, Salt Lake County, Utah Special Improvement District, Concrete Replacement No. 40-R-10 (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. $30,494.00 7.058796 Prudential-Bache Capital Funding $31,277.50 7.2401 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 Mabey, was adopted by the following vote: ta224 2 081987 v 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. 106 OF 1987 A RESOLUTION ACCEPTING BIDS AND AWARDING THE SALE OF $143,000 SPECIAL ASSESSMENT BONDS, SERIES 1987 FOR SALT LAKE CITY, SALT LAKE COUNTY, UTAH SPECIAL IMPROVEMENT DISTRICT, CONCRETE REPLACEMENT NO. 40-R-10 DATED SEPTEMBER 1, 1987, FIXING THE INTEREST RATES TO BE BORNE THEREBY. WHEREAS, sealed bids have been received for the purchase of $143 ,000 Special Assessment Bonds, Series 1987, for Salt Lake City, Salt Lake County, Utah Special Improvement District, Concrete Replacement No. 40-R-10; 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: ta224 3 081387 r (Attach Copy of Bid) ta224 4 081387 BID FORM SALT LAKE CITY Salt Lake County, Utah $143,000 SPECIAL ASSESSMENT BONDS, SERIES 1987 SPECIAL IMPROVEMENT DISTRICT, CONCRETE REPLACEMENT NO. 40-R-10 a` J v Salt Lake City Corporation Director of Finance, 5th Floor 324 South State Street Salt Lake City, Utah 84111 Honorable Mayor and City Council : For $143,000 Special Improvement District, Concrete Replacement, No. 40-R-10 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 , 1992; in the amounts shown herein, with interest payable September 1 , 1988, and annually thereafter on the first day of September of each year at the rate or rates specified herein until said Bonds are paid, we will pay $ o-1�-co 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 . . . . $28,000 3•10% 1989 . . . . 28,000 1990 . . . . 29,000 Lti 1991 . . . . 29,000 1992 . . . . 29,000 C Total Interest to Maturity. . . . . . . . . . . . . . . $ � Less Premium. . . . . . . . . • • . . . . . . . . . . . . . $ : Net Interest Cost . . . . . . . . . . . . . . . . . . . . . $ 1 %Net Effective Interest Rate . `�.p S �� A 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.. A cashier's or certified good faith check in the sum of $2,860, 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 llth day of August, 1987. -yPM r z - Accepted for and on behalf of the City Council of Salt Lake City this llth . G day of August, 1987. . Mayor ' ATTEST: : . City Recorder Good faith check # returned and receipt thereof acknowledged this llth day of August, 1987. ,t I ' For bidders convenience the following information is provided. Principal Bond Cumulative w: Year Amount Year Bond Years 1988 . . . $ 28,000 28 28 1989 . . . 28,000 56 84 1990 . . . 29,000 87 171 1991 . . . 29,000 116 287 {` 1992 . . . 29.000 145 432 Totals 5143.000 Bond Years . . . . 432.000 Average Life . . . . . 3.021 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 $143,000 Special Assessment Bonds, Series 1987 for Salt Lake City, Salt Lake County, Utah Special Improvement District, Concrete Replacement No. 40-R-10, 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. ta224 5 081387 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 7.058796% per annum until due. Thereafter, all delinquent payments shall bear interest at the rate of eighteen percent (18%) per annum. ADOPTED and approved this llth day of August, 1987. Chairperson ATTEST Recorder ( S E A L ) ta224 6 081387 Other business not pertinent to the foregoing appears in the minutes of the meeting. Upon motion duly made and carried, the meeting was adjourned. r , Cilairperson AT TES . C y Recorder ( S E A L ) ta224 7 081387 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, Concrete Replacement No. 40-R-10 and the adoption of Resolution No. 106 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, Concrete Replacement No. 40-R-10. IN WITNESS WHEREOF, I have hereunto subscribed my official signature and affixed the official seal of said Municipality this llth day of August, 1987. Cit Re er ( S E A L ) ta224 8 081387 a i 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 ta224 9 081387 .1 1 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. C' y Recorder f S E A L l ta224 10 081387