144 of 1986 - Special Assessment Bonds Series 1986 Curb & Gutter 38-760, the District Salt Lake City, Utah
December 2, 1986
A regular meeting of the City Council of Salt Lake City,
Salt Lake County, Utah, was held on Tuesday, the 2nd day of
December, 1986, at the hour of 6 : 00 o' clock p.m. at the
regular meeting place of said City Council, at which meeting
there were present and answering roll call the following
members who constituted a quorum:
Earl F. Hardwick Chairperson
Grant Mabey Vice Chairperson
Florence Bittner Councilmember
Tom Godfrey Councilmember
W. M. "Willie" Stoler Councilmember
Sydney Reed Fonnesbeck Councilmember
Roselyn Kirk Councilmember
Also present :
Mike Zuhl Chief of Staff
Roger F. Cutler City Attorney
Kathryn Marshall City Recorder
Absent:
Palmer A. DePaulis Mayor
After the meeting had been duly called to
order, and the minutes of the preceding meeting approved, the
acting Chairperson stated that the meeting was called for the
purpose, among other things, of considering bids received for
the purchase of $94,000 Special Assessment Bonds Series 1986
(the "Bonds" ) of Salt Lake City, Utah Special Improvement
District, Curb and Gutter No. 38-760 (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 City Recorder . 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
Boettcher & Company 6 . 569943 $34,755 .00
Prudential Bache Securities 6 .783554 $35.885. 00
Merrill Lynch 6 .8133 $36,042 . 50
After due deliberation, it was determined that the bid
of Boettcher & Company, Inc. 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 Godfrey, 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: Earl F. Hardwick
Grant Mabey
Florence Bittner
Tom Godfrey
W. M. "Willie" Stoler
Sydney Reed Fonnesbeck
Roselyn Kirk
NAY: None
The Resolution was thereupon signed by the Chairperson
in open meeting and is as follows :
RESOLUTION NO. 144
A RESOLUTION ACCEPTING BIDS AND AWARDING THE SALE
OF $94,000 SPECIAL ASSESSMENT BONDS SERIES 1986 FOR
SALT LAKE CITY, UTAH SPECIAL IMPROVEMENT DISTRICT,
CURB AND GUTTER NO. 38-760 DATED DECEMBER 1, 1986,
FIXING THE INTEREST RATES TO BE BORNE THEREBY.
WHEREAS, sealed bids have been received for the purchase
of $94,000 Special Assessment Bonds Series 1986, for Salt
Lake City, Utah Special Improvement District, Curb and Gutter
No. 38-760; and
WHEREAS, the bid of Boettcher & Company, Inc. 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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BID FORM
SALT LAKE CITY
Salt Lake County, Utah
$94,000
SPECIAL ASSESSMENT BONDS, SERIES 1986
SPECIAL IMPROVEMENT DISTRICT, CURB AND GUTTER
NO. #38-760
Salt Lake City Corporation
City Recorder' s Office, 5th Floor
324 South State Street
Salt Lake City, Utah 84111
Honorable Mayor and City Council :
For $94,000 Special Improvement District, Curb & Gutter No. 38-760 Bonds
of Salt Lake City, dated December 1 , 1986, in denominations of $1 ,000 and
$5,000' and maturing serially on December 1 , 1987 through December 1 , 1996; in
the amounts shown herein, with interest payable December 1 , 1987, and annually
thereafter on the first day of December of each year at the rate or rates
specified herein until said Bonds are paid,' we will pay $ 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 December 1 , 1986 to the
maturity date of the Bonds are as follows:
Maturity Date
December 1 Amount Coupon
1987 . . . . $ 9,000 %
1988 . . . . 9,000 g�
1989 . . . . 91000 1�•kS-
1990 . . . . 9,000 �
1991 . . . . 91000
1992 . . . . 9,000
1993 . . . . 10,000 r �
1994 . . . . 10,000
1995 . . . . 10,000
1996 . . . . 10,000 ` ^
Total Interest to Maturity. . . . . . . . . . . . . . . . . $ ? "-
Less Premium. . . . . . . . . . . . . . . . . . . . . . . . $ U—
Net Interest Cost . . . . . . . . . . . . . . . . . . . .
Net Effective Interest Rate . . . . . . . . . . . . . . . . ����`'t`�Lk 3 %
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 $1 ,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 2nd day of December, 1986.
Boettcher & Company, Inc.
828 17th Street
ver, CO 8 M
elelzoe-
Charles u` i e—Vice/ e dent
Accepted for and on behalf of the City Council !Salt Lak ity this 2nd
day of December, 1986.
Mayor
ATTEST:
City Recorder
Good faith check # returned and receipt thereof acknowledged
this 2th day of December, 1986.
For bidders convenience the following information is provided.
Principal Bond Cumulative
Year Amount Year Bond Years
1987 . . . $ 9,000 9 9
1988 . . . 9,000 18 27
1989 . . . 9,000 27 54
1990 . . . 9,000 36 90
1991 . . . 9,000 45 135
1992 . . . 9,000 54 189
1993 . . . 10,000 70 259
1994 . . . 10,000 80 339
1995 . . . 10,000 90 429
1996 . . . 10.000 100 529
Totals . . 4 Q M?
Bond Years . . . . . . . . 529.000
Average Life . . . . . . . 5.628 years
PURCHASED BY 37-5
Cood Faith Deposit by Boettcher & Co.-Curb & Cutter iliproveamt Bonds***** IZ40
I
e r' CASHIE s CIircK DeceRber 2, 86 N2 2645673
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OFFICE
I'A =Tll OF "*'`` �t Lake City Corporation ** $**�*1,880.00 r
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MONS
FIRST NATIONAL BANK
SALT LAKE CITY, UTAH
( A HORIZED SIGNATURE
1(•264 Sr.730 1:121.0000 SIX 612000 0 20 20 s
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WHEREAS, in the opinion of the City Council , it is in
the best interest of said Municipality that said bid be
accepted and sale of the Bonds to said Boettcher & Company,
Inc. 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 Boettcher & Company, Inc. of Salt
Lake City, Utah, for the purchase of $94,000 Special
Assessment Bonds for Salt Lake City, Utah Special Improvement
District, Curb and Gutter No. 38-760, 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 August 5, 1986, 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 6 . 569943% per annum until
due. Thereafter, all delinquent payments shall bear interest
at the rate of eighteen percent (18% ) per annum.
ADOPTED and approved this 2nd day of December, 1986.
Ch it ers n
ATTEST:
Ci y 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.
C?ialirpe son
ATTEST:
C7 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
2nd day of December, 1986, insofar as the same relates to or
concerns Salt Lake City, Utah Special Improvement District,
Curb and Gutter No. 38-760 and the adoption of Resolution No.
144 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, Curb and Gutter No. 38-760.
IN WITNESS WHEREOF, I have hereunto subscribed my
official signature and affixed the official seal of said
Municipality this 2nd day of December, 1986.
NOW F
y Recorder
( S E A L ]
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STATE OF UTAH )
ss. CERTIFICATE OF COMPLIANCE
COUNTY OF SALT LAKE ) WITH OPEN MEETING LAW
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 1986 Annual Meeting
Schedule of the City Council of Salt Lake City ( the
"Council" ) was given, specifying the date, time and
place of the regular meeting of the Council scheduled to
be held during the year 1986, by causing a Notice of
Annual Meeting Schedule for the Council to be posted on
January 3, 1986, and as amended on November 25, 1986 at
the principal office of the Council at City Hall, 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 City
Hall until the date hereof; and causing a copy of the
Notice of Annual Meeting Schedule to be provided on
January 3, 1986, and as amended on November 25, 1986 to
at least one newspaper of general circulation within the
geographic jurisdiction of the Municipality or to a
local media correspondent;
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(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 December 21 1986, was given, specifying the
date, time and place of the December 2, 1986 Council
meeting and by causing the Notice of Regular Meeting to
be posted at the principal office of the Council at City
Hall in Salt Lake City, Utah, on the 26th day of
November, 1986, a date not less than 24 hours prior to
the date and time of the December 2, 1986 regular
meeting; said Notice of Special Meeting having
continuously remained so posted and available for public
inspection during regular office hours at City Hall
until the date of the December 2, 1986 regular Council
meeting; and causing a copy of the Notice of Regular
Meeting to be provided on November 26, 1986 to at least
one newspaper of general circulation within the
geographic jurisdiction of the Municipality or to a
local media correspondence.
IN WITNESS WHEREOF, I have hereunto set my and and
affixed the official seal of said City this 2nd day of
December, 1986.
ity Recorder
( S E A L )
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EXHIBIT "A"
Notice of Meeting
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