088 of 1982 - Sale of Curb and Gutter Extension NO. 38-622 Special Assessment Bond CAL- F�•-''
. RESOLUTION #88, 1982 Q 82_3
Salt Lake City, Utah
September 28 , 1982
The City Council of Salt Lake City, Salt Lake County,
Utah, met in regular session at the Glendale Intermediate
School , 1430 Andrew Avenue , Salt Lake City, Utah, at 6 : 00
p .m. M.D.T. on Tuesday the 28th day of September, 1982 , with
the following members present :
Sydney Reed Fonnesbeck Chairperson and Councilmember
Palmer A. DePaulis Councilmember
Grant Mabey Councilmember
Ione M. Davis Councilmember
Also present :
Ted Wilson Mayor
Absent:
Ronald J. Whitehead Councilmember
Alice Shearer Councilmember
Edward W. Parker Councilmember
After the meeting had been duly called to order and the
minutes of the preceding meeting read and approved, the
Chairperson stated that the meeting was called for the
purpose, among other things , of opening sealed bids received
for the purchase of $353 ,000 Special Assessment Bonds ,
Series 1982, for Salt Lake City, Utah Curb & Gutter
Extension No. 38-622.
The Director of Finance and Administrative Services
then reported 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. The qualifying bids are as follows:
Name of Bidder Net Interest Cost Premium
Bache Group $ 194,000.00 $ 1,200
Continental Bank &
Trust Company 201,917.50 -0-
E. F. Hutton & Co. ,
Inc. 204,150.00 -0-
A nonqualifying bid was received from Dain Bosworth,
Incorporated for a net interest cost of $193,772.50. The
bid was not accompanied by a good faith check when submitted
at the 12:00 noon bid opening. The bid was submitted with
an explanation that the good faith check had been mailed to
an incorrect address. Upon recommendation of bond counsel
concurred in by the Director of Finance and Administrative
Services and the City Treasurer, the bid was disqualified
and it was agreed that the staff recommendation should be
that the City Council award the sale of the bonds to the
second bidder.
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After due deliberation, it was determined that the bid
of the Bache Group of Salt Lake City , Utah,' was the best and
most advantageous qualifying bid submitted for the purchase
of said Bonds , whereupon the following Resolution was read
by Title and, pursuant to motion made by Councilmember
Grant Mabey and seconded by Councilmember Palmer DePaulis
was adopted by the following vote:
AYE: Sydney Reed Fonnesbeck
Palmer A. DePaulis
Grant Mabey
Ione M. Davis
NAY: None
The Resolution was thereupon signed by the Chairperson
in open meeting and is as follows :
RESOLUTION NO. 88
A RESOLUTION CONFIRMING THE SALE OF $353 , 000
SPECIAL ASSESSMENT BONDS FOR SALT LAKE CITY, UTAH
CURB & GUTTER EXTENSION NO. 38-622 , DATED NOVEMBER
1 , 1982 , FIXING THE INTEREST RATES TO BE BORNE
THEREBY.
WHEREAS , sealed bids have been received for the
purchase of $353 ,000 Special Assessment Bonds , for Salt Lake
City, Utah Curb & Gutter Extension No. 38-622 , dated
November 1 , 1982 ; and
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WHEREAS, the bid of the Bache Group of Salt Lake City,
has been determined to be the best and most advantageous
qualifying bid for the purchase of said Bonds, said bid
being in full as follows:
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C;D FORM
$353,000 SPECViV "c`SS'IENT BONDS, SERIES 1982
SPECIAL IMPROVEMENT DISTF.IC-, CURB AND GUTTER EXTENSION NO. 38-622
City and County Building
City Recorder's Office
Room 311
Salt Lake City, Utah 84111
Honorable Mayor and City Council:
For $353,000 par value Special Improvement District Extension No. 38-622
Bonds of Salt Lake City, dated November 1, 1982, denomination $1,000 and
$5,000 and maturing serially on November 1, 1983 through November 1, 1992; in
the amounts shown herein, with interest payable November 1, 1983, and annually
thereafter on the first day of November of each year at the rate or rates
specified herein until said Bonds are paid, we will pay $ W plus
accrued interest, to the date of delivery of said Bonds to us. if,a D0 fo0
The schedule of maturities, coupon rate or rates, total interest cost, the
net interest cost, and the effective rate of interest upon which this bid is
based, with interest computed from November 1, 1982 to the maturity date of
the Bonds are as follows:
November 1 Annual Cumulative
Maturity Date Amount Coupon Bond Years Bond Years
1983 $35,000 /0 % 35 35
1984 35,000 /0 70 105
1985 35,000 _ 105 210
1986 35,000 /17 140 350
1987 35,000 �,` 175 525
1988 35,000 1rj 210 735
1989 35,000 245 980
1990 36,000 /0 288 1,268
1991 36,000 -1745— 324 1,592
1992 36,000 L0_ 360 1,952
np
Total Interest to Maturity. $ �GD______
Less Premium. . . . . . . . . . . . . . . . . . . . . . . $_ LAC-C----
Net Interest Cost . . . . . . . . . . . . . . . . . . . —
Net Effective Interest Rate . . . . . . . . . . . . . . . $
This bid is sL,' itted in accordance wit'i c., subject to all provisions
contained in the 07FICIAL NOTICE OF BOND SALE of these bonds which by this
reference is made a part hereof.
A cashier's or certified good faith check i,. sum of $7,060.00, drawn
upon an incorporated bank or trust company and payable to the order of the
Salt Lake City Corporation is enclosed to be rci;i:u d 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 28th day of September, 1982.
ZI
Accepted for and on behalf of the City Council of Salt Lake City this 28th
day of September, 1982.
ATTEST:
City Recorder-----------------
Good faith check 8 returned and receipt thereof acknowledged
this day of 1982.
WHEREAS , in the opinion of the Council , it is in the
best interest of said Municipality that said bid be accepted
and sale of the Bonds to the Bache Group of Salt Lake City,
be ratified and 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 the Bache Group of Salt Lake
City for the purchase of $353 ,000 Special Assessment Bonds
for Salt Lake City , Utah Curb & Gutter Extension No . 38-622 ,
dated November 1 , 1982 , 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 qualifying 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 . Said Bonds shall be delivered to said
purchasers as soon as may be after the adoption of this
Resolution, pursuant to due payment therefor in accordance
with the terms of sale at the price of par and accrued
interest to the date of delivery , plus a premium of $1 ,200 .
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
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effect immediately upon its adoption. It is herein
specifically provided that unpaid assessments shall bear
interest at the rate of seven percent (70) per annum until
due. Thereafter, all delinquent payments shall bear
interest at the rate of eighteen percent (18%) per annum.
Adopted and approved this 28th day of September, 1982 .
Chairperson
A TES
C y ecorder
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