Show 1 THE SHEET GREEN Thursday NOTICES LEGAL August 29 1 I ! J I 1985 LEGAL LEGAL NOTICES LEGAL LEGAL I NOTICES NOTICES LEGAL LEGAL NOTICES LEGAL LEGAL LEGAL NOTICES LEGAL NOTICES LEGAL LEGAL of Redevelopment Agency Murray terest payment date (whether or not a business day) (a “Record Date”) regardleu of any transfer or exchange of a Bond subsequent to such Record Date and prior to such interest payment date The Agency may to Ito discretion appoint one or more successor or additional paying agents for the Bonds In accordance with the Paying Agency Agreement REDEVELOPMENT AGENCY MURRAY CITY O MURRAY CITY UTAH of of is Board Directon the Redevelopment Agency of Murray hereby given that the NOTICE City adopted the following Resolution at its regularly scheduled meeting held August 20 at 1985 at 5:00 the Murray City Offices 5025 South State Street Murray City Utah 9: Execution of Bonds The Bonds shall be executed to the name of the Agency signed by the facsimile signature of the Agency's Chief Administrative Officer shall countersigned by the facsimile signature of the Agency's Executive Director and shall bear the facsimile of the seal of the Agency impressed imprinted or reproduced thereon The Chief Administrative Officer and the Executive Director by the execution of a signature relating to the Bonds shall adopt as and for their signatures the facsimilesthereof The foregoing officers are hereby authorized and directedto sign the on the Bonds Bonds in accordance herewith pm SECTION shall be RESOLUTION NO 86-2 be O THE BOARD O THE REDEVELOPMENT RESOLUTION DIRECTORS O CITY O MURRAY CITY UTAH AUTHORIZING THE AGENCY MURRAY O REDEVELOPMENT PROJECT TAX CBD NEIGHBORHOOD SAID AGENCY IN THE ALLOCATION BONDS SERIES 1985 O AGGREGATE NOT TO PRINCIPAL O EXCEED 83750000: PRESCRIBING THE AMOUNT O O OR THE MANNER EXECUTION ORM BONDS PROVIDING AND THE BONDS DELIVERY REGISTRATION O PROVIDING HOW THE PROCEEDS BONDS WILL BE AND HOW O THE BONDS O THE USED PAYMENT WILL BE MADE: APPROVING THE BOND PURCHASE AGREEMENT AND STATEMENT AND RELATED MATTERS A ISSUANCE appearing Is hereby authorized to authenticate each Bond by manually signing the Authentication on such Bond upon receipt by the Agency of the purchase price of the Underwriter No Bond Bonds from the shall be valid or become obligatoryfor any purpose nor of Authentication be entitledto any securityor benefit until the Registrar has signed such Certificate on such Bond of the Redevelopment Agency of Murray City Murray City Utah (the “Agency") redevelopment public body corporate and politic) duly created agency (a established and authorized to transact business and exercise Its powers all under and to the Utah Neighborhood Development Act Chapter It Title 11 Utah Code Annotated (the “Act”) and the powers of the Agency Include the power to issue bonds 1953 as amended for any of its corporate purposes and pursuant of IS: Beads The Bonds shall be to substantially the following form with orm modifications or omissions as are authorized or permitted by this Resolutionor which otherwise be may necessary to carry out the purposes of this Resolution SECTION such redevelopment plan known and designated as the “CBD Neighborhood Plan") has heretofore been adopted ana approved Development Plan" (the “Redevelopment and all requirements of law for and precedent to the adoption and approval of said plan have been duly complied with and a WHEREAS Agency the (ORM Projects of are to benefit COUNTY It NOW THEREORE AGENCY O MURRAY THE CITY BOARD DIRECTORS O MURRAY CITY STATES UTAH DOES HEREBY furnish to the Agency evidence to Its satisfaettouof the mutilation daotructloa toes or of the applicants Bond and of the ownership thereof In the event any Bond which has matured or to about to mature shall become mutilated or be destroyed lost or stolen the Agnecy may Instead of issuing a substitutedBond pay or authorise the payment of the same (without surrender thereof except In the ease of a mutilated Bond) if the applicant for such it payment shall furnish to the Agency such security or indemnity as It may require to save harmless and shall evidence to the satisfactionof the Agency the mutilation destruction tom and the ownership thereof The Agency may charge the Registered or theft of such Bond Owner of any such Bond for the reasonable fees and expenses for such service also theft RESOLVE SECTION 12: Transfer and Exchange of Bonds The Bonds are transferableonly upon the registrationbooks maintained by the Registrar at the principal office of the Registrarto Salt Lake City Utah by the Registered Owner thereof to person or by its attorney duly authorized to writing but only to the manner subject to the limitations and won payment of the charges providedhereto and upon surrender mid cancellation of the Bond to be so transferred Upon such transfera new registered Bond or Bonds of the same series and the same maturity and rate of Interest for the same aggregate principal amount will be issued to authorized denominations to the transfereeto exchange therefor principal Bonds may be exchanged at the principal officeof the Registrar for a like aggregate amount of Bonds of authorized denominations and of the same aeries and the same maturity and rate of interest The Agency shall execute and the Registrar shall authenticate and deliver Bonds which the Registered Owner making the exchange to entitled to receive bearing numbers not contemporaneously then outstanding The execution by the Agency of of denomination any Bond of any denomination shall constitute full and due authorization such and the Registrar shall thereby be authorized to authenticate and deliver such Bond SALT Registrar shall not be required to transfer or exchange any Bond during the period of (15) days next preceding any interestpayment date of such Bond nor to transfer or any Bond after the mailtog of notice catling such Bond or portion thereof for redemption has been given as hereto provided nor during the period of fifteen (15) days next preceding the giving of such notice of redemption The LAKE AGENCY In each case the Registrar shall require the payment by the Registered Owner requesting exchange or transfer of any tax or other governmental charge required to be paid with respect to such exchange or transfer fifteen UTAH 1994 are SECTION 13: Redemption of Bonds The Bonds maturing on or after October subject to redemption prior to maturity at the election of the Agency on any interest payment to date on or after October inverse order of maturity and by lot 1993 in whole or to part within each maturity as selected by the Registrar at the redemption prices (expressed as a percentage of principal amount to oe redeemed) as set forth below plus accrued Interestto the date of redemption 1 BOND 1 SERIES 1985 R- Number ALLOCATION TAX PROJECT 8 Interest Rate Maturity Date Original Issue AS CUSIP Date Redemption October October October October October OLLOWS: Definitions SECTION following meanings: i As : “Act" “Agency" und" following terms the have shall the Development Utah Neighborhood the means Act Agency Murray established pursuant to Murray City Utah City Salt Section 19 hereof means the authorized “Bond CBD by this Neighborhood Resolution Year" means the twelve month following September 30 the next Redevelopment Project Tax period beginning October each 1 (8 ) Redevelopment Agency of Murray City Utah (the “Issuer”) a public Murray City body corporate and politic duly organized and existing under the Constitutionand laws of the State of Utah for value received hereby acknowledges itself to be Indebted and promises to pay to the Registered Owner named above or registeredassigns the PrincipalSum specified above on the Maturity Date specified above with interest thereon from the date hereof until Said at the per annum interest rate specified above payable April 1986 and semiannually lereafter on the first days of April and October of each year until said Principal Sum is paid except as the provisions hereinafter set forth with respectto redemption of this Bond prior to maturity may become applicable hereto Principal snail be payable upon surrender of this Bond at the principal offices of Zions irst National Bank One South Main Street Salt Lake City Utah (the “Paying Agent”) or Its successors Intereston this Bond shall be payable by check or draft mailed to the Registered Owner hereof at its address as appears on the registration books of the Paying Agent who shall also act as the Registrar for the Issuer at the close of business on the fifteenth day of the month prior to each interest payment date whether or not a business day the ‘Record Date’ regardless of any transfer or exchange of this Bond subsequent to such Record Date and prior to such interestpayment date Interest hereon shall be deemed to be paid by the Paying Agent when mailed Both principal and shall be payable in lawful money of the United Statesof America 1 amended “Bond Purchase Agreement" as means the Bond Purchase Agreement modified pursuant hereto between the Agency and the Underwriter providing for the sale Bonds by the Agency and the purchase of the Bonds by the Underwriter “Bonds" SUM: The or of the series 1985 AllocationBonds ending and year It on ( ) ( ‘ ' ) interest “Code" InternalRevenue the means Code of 1954 amended as “ederal Securities" means United States Treasury notes bonds bills or certificates of indebtedness or those for which the faith and credit of the United States are pledged for the obligations issued by federal banks for cooperatives payment of principal and Interest ederal federal land banks federal intermediate credit banks federal home loan banks the Home Loan Bank Board the Tennessee Valley Authority all as and to the extent that such securitiesare eligiblefor the legal investment of Agency funds “Implementation Program” means the Sixth Neighborhood Development Plan) dated November “Investment of monies held Year Implementation Income" means the sum of the interest and in the unds created by this Resolution “Paying Program derived from gain of the Agency “Official Statement" means the Official Statement in substantially the same form as that presented at the meeting Directors at which this Resolution was adopted This Bond the interest thereon or any premium payable upon the redemption thereof do constitute a debt of Murray City the State of Utah or any of Its political subdivisionsand neither said city said state nor any of its political subdivisions is liable thereon nor In any event shall this Bond or said interest or premium give rise to a general obligation or liability of said city said state or any of its political subdivisions or a charge against their general of credit or taxing powers or be payable out any funds or properties other than the Pledged Revenues of the Issuer hereinabove mentioned This Bond does not constitute an indebtedness of within the meaning any constitutionalor statutory debt limitation or restriction of the Issuer Neither the members nor any persons executing this Bond are liable personally on this Bond by reason of its issuance (CBD the investment of O THIS BOND HEREBY MADE TO THE URTHER PROVISIONS REVERSE SIDE AND SUCH URTHER PROVISIONS HEREO ON THE THE SAME AS SET ORTH PURPOSES HAVE EECT HEREO REERENCEON SET SHALL respectto the Bonds the Agency’s Board of with Agency Agreement" means the Registration and Paying Agency Agreement Agency and the Paying Agent in substantiallythesame form as that presented at the Agency’s Board of Directors at which this Resolution was adopted the meeting ORTH OR IS RONTSIDE I This Bond shall not be valid or become obligatoryfor any purpose nor be entitled to any security or benefit until the Registrar’s Certificateof Authentication on this Bond shall have been signed by the Registrar between the things It hereby recited certified and declared that any and acts to exist to happen and to be performed precedent to and in the issuanceof this Bond have happened and have been performed to due time form and manner as required by the Constitution and statutesof the State of Utah is Pledged ’ means any paying agent appointed and this Resolution Revenues" means the sum of by Tax Revenues the Agency the and the pursuant to Paying the Investment Income IN “Project" the acquisitionof property and demolition of existing structures and means expenditures in connection with the redevelopment of approximately 26 acres located Murray within the Redevelopment Project Area near downtown und" the special means fund established pursuant “Redevelopment Plan" means the amended and Redevelopment Project Area approved and adopted Utah on November 1981 pursuant to Ordinance No 1981 and includes any amendment on November made 5 6 Section21 to WITNESS WHEREO signed on its behalf by Executive Director and the be to hereof redevelopment “Registered Owner" registrationbooks for “Registrar” Paying Agency means the person in the Bonds maintained und” und” means the special the special means fund REGISTRAR’S ) acquisition O CERTIICATE Bond name Registrar is a appointed by registered upon last City Agency pursuant Authorized the the to fund referred to in to Section 20 hereof Officer Employee or ) part are issued pursuant to authoritycontained Bond and the issue of which it forms in the Utah Utah Code Annotated 1953 Neighborhood Development Act Chapter 19 Title 11 the Issuer on August 20 1985 (the “Resolution”) amended and a resolution duly adopted by as all to which Resolution copies of which are on file to the offices of the Issuer including of the nature and is a statement resolutions supplemental thereto reference hereby made for extent of the securityfor the Bonds the rights of the Issuer and the Registered Owner hereof to all of which the holder hereof by acceptance of this Bond assents In the manner provided in said Resolution and the rights and obligations of the Issuer and of the the Resolution Registered Owners of the Bonds may with certain exceptions as stated to the Resolution be to aggregate principal of modified or amended with the consent the Registered Owners of 60 amount of outstanding Bonds exclusive of Bonds owned by the Issuer or Murray City subject it forms a part are Issued to certain additional requirements This Bond and the issue of which in full conformity with the Constitution and laws of the State of Utah This Section18 hereof 11-19-29 hereafter a ) ( “Tax Increment Area" means the designated portion of the Redevelopment Area specified by resolutionof the Board adopted In July of 1983 for the purpose of allocable and when collected payable to the Special und the amounts 100-acre Prudential-Bache Securities Inc 50 West Broadway Salt Lake Project computing The principal this Bond the interest thereon and any thereof are secured by an irrevocable and first pledge of Pledged Revenues of the Issuer as such term Is defined to as more particularly set forth to the Resolution of 2: ( 3: Nature of Bonds The Bonds shall be and are special obligationsof the Agency secured by an irrevocable and first pledge of and are payable as to principal if premium any and interest solely from the Pledged Revenues and other funds as hereinafter provided The Bonds the interestthereon and any premiums payable upon the redemption of debt of Murray City Utah tne State of Utah or any of its political any thereof are not subdivisions and neither said city said slate or any of Ito political subdivisionsis liable on them and in no event shall said Bonds interestor premiums be payable out of any funds or properties other than those of the Agency as in this Resolution set forth The Bonds do not an indebtedness withinthe meaning of any constitutionalor statutory debt limitationor restriction Neither the members of the Agency nor any person executing the Bonds are liable personally on the Bonds by reason of their issuance constitute be by dependent any person upon of its will be Issued 3 fifteen to the transferee to exchange therefor completion of the obligationsrelativeto required to transferor exchange any Bond (1) during the period preceding any interest payment date thereof (11) after the mailing of Bono or a portion thereof for redemption or (ill) during the period of preceding the giving of such notice of redemption shall not be days (15) notice calling such (15) days next the Administrative including contravene 18: Tax Revenues and Speeinl und As provided to the Redevelopment Plan and and pursuant to the Agreement taxes levied upon taxable property to the Tax Increment Area each year by or for the benefit of the State of Utah any city county district or called “taxing agencies") shall be divided other public corporation (hereinaftersometimes SECTION (ID that portion of such levied taxes each year to excess of the amount allocatedto and when collectedpaid into the funds of the respective taxing agencies under (1) above (the “Tax Revenues") shaU be allocated to and when coUected shall be paid Into special fund (the “Special und ”) but may not exceed the foUowing percentages: a from 1985 (being the first tax year to (a) for a period of the first five tax years commencing which the Agency will accept an amount allocated to and when coUected paid Into the Special of und to pay principal of or Interest on the Bonds) 100 that portionof the levied taxes each of the amount allocatedto and when coUected paid into the funds of the respective year in excess taxing agencies under subparagraph above in this Resolution shall preclude the payment of the Bonds at maturity from the refunding bonds Issued pursuant to law Nothing In this Resolution shall prevent of its to Agency from making advances any of the uses and own funds howsoever derived mentioned in this Resolution g the Paying Agent may deem and treat the person to whose name this Bond to registered upon the registrationbooks maintained by the Registrar as the absolute owner this hereof (whether or not Bond shall be overdue) for the purpose of receiving payment of or of and for all other principalhereof premium on account any and Interestdue hereon and all such payments so made to such personor upon its order shall be valid and effective to satisfy and discharge the liability upon this Bond to the extent of the sum or sums so paid and neither the Issuer nor the Paying Agent shall be affected by any notice to the the purposes con-Irary Description of Bonds The Bonds shall be issued in the aggregate principal exceed 83756000 shall be fully registered as to both principalana interest and shall be numbered upwards in denominations of 85000 or Integral multiples thereof The Bonds shall be designated Redevelopment Agency of Murray City CBD Neighborhood Redevelopment Project Tax Allocation Bonds Series 1985 shall bear Interestfrom their date in the Bond until paid at the interest rate or rates to exceed 12 set forth not per annum agreement and shall mature on or before October 2005 in the principal amounts and years as set forth in the Bond Purchase Agreement 4: of the issue of which this Bond is one maturing on or after October 1 1994 are subject prior to maturity at the optionof the Issuer on October 1 1993 and on any of maturity and by lot paymem date thereafter in whole or to part to inverse order a maturity at the redemption prices (expressed as a percentage of the principal Bonds to to interest redemption R-l within amount 1 each Bond shall be the interest payment date next preceding the date on which authenticated unless (a) any Bond is authenticated before tne first Interest payment date 1985 or (b) following the initial deliveryof the Bonds in which case it shall be dated October in which case shall be dated such any Bond Is authenticated upon an Interest payment date Interestpayment date provided however that if at the time of authenticationof any Bond interest is in default such Bond shall be dated the date to which Interesthas been paid to be redeemed ) set forth as below plus accrued interestto of the date ) (d) October October October October October is 1 it Interest The Bonds shall bear Interest at the rate or rates set forth in the Bond 1988 and semiannually Purchase Agreement from the date thereof payable first on April thereafter on April and October of each year Each Bond shall bear interest until the if at the maturity date of any Bond sum thereof has been paid provided however that or the same has been duly called for redemption then at the date fixed for redemption funds are available for the payment or redemption thereofin full in accordance with the terms of this Resolution said Bond shall thereupon cease to bear Interest SECTION 5 : 1 1 1 principal if Paying Agent Zions irst National Bank One South Main Street Salt Lake Utah hereby designated and has consented to act as the Paying Agent Transfer Agent and Registrar for and in respectto the Bonds pursuant to the Paying Agency Agreement SECTION City 6 : Registration of Beads The Agency shall cause pursuant to the Paying Agency SECTION Agreement books for the registration and transferof the Bonds to be maintained by the Registrar The Bonds shall be subject to registration transfer and exchange In the manner andsubject to the terms and conditions set forth herein and in the Paying Agency Agreement Bond shall last have been registered upon the registrationbooks The person in whose name maintained by the Registrar (herein referred to as the "Registered Owner”) shall be deemed of or on account of and regarded as the absolute owner thereof for all purposes and payment Bond shall be made only to or upon the if principalof or premium any or intereston any such written order of the Registered Owner thereof or Ito legal representative All such payments shall be valid and effectualto satisfy and discharge the liability upon such Bond to the extent : a of the sum or sums ' 1 the Bonds Place shall 1 1 of paid that coUected portionof paid funds of a of that portion of the levied years 80 and when coUected paid into the fundsof above five to i ( each year in respective taxing the levied taxes into the the taxes each year to excess the respective taxing taxes each year to excess the respective taxing ) Agency hereby covenants to allocateto the Special und or to provide for the allocation Special und of the amount specified to (U) above for each Bond Year which covenant aUocate shaU constitute an indebtedness of the Agency withintile meaning of Section of the Act payable solely from moneys held to the special und 11-19-29 The of foregoing provisions of this Section are a portion of the provisionsof said Section Act as applied to the Bonds and shaU be interpreted m accordance with said Section of the Act and the further provisions and definitionscontained to said Section Act are hereby incorporated herein by reference to the extent applicable 11-19-29 the the SECTION 19: Bond "CBD Neighborhood und The Agency hereby establishes with the Paying Agent the Redevelopment Plan Tax AUocation Bonds Series 1985 Bond und” (the “Bond und" be used solely for the payment of principalof premium any and at which there deposited the Bonds maturity or prior redemption into shaU be on upon by the Agency from the Special und not less than fifteen (15) days prior to any interest or principal payment date for the Bonds monies sufficient when added to monies already on deposit In the Bond to if und premium and interest due any pay the principal of any at whether maturity or upon redemption on the Bonds on the next such Interest or principal date Accrued interest received upon the sale of the Bonds shaU also be deposited und The Bond und shaU be maintained with the Paying Agent as set forth to the Paying Agency Agreement Monies on deposit to the Bond und shaU be Invested and reinvestedin the manner set forth to the Paying Agency Agreement and income from such to and reinvestment shaU remain on deposit the Bond und to ) it interest if Kent inBond 20: Reserve uad The Agency hereby establishes with SECTION Neighborhood Redevelopment Project Tax AUocation Bonds “CBD und" of ollowing deposits from procsods of the Bonds into the Bond und” (the “Project und”) und and Reserve und of the amounts specified to Section 19 and Section20 hereof respectively remaining Bond proceeds are to be deposited into the Project und and disbursed at the request of the Agency for the payment of costaof issuance of the Bonds and for the purpose of paying the costaof completing the project Price 22: Pledged Revenues Except as otherwise provided to this Resolution Investment Income and Tax Revenues (the “Pledged Revenues1’) are hereby pledged by the Agency und and Reserve together with funds deposited to the Bond und to secure the payment of principal of premium any and Interest on the Bonds as the same become due and payable Such pledge to for the exclusive benefit of the Registered Owners of the Bonds and shall be irrevocable During any Bond Year the Agency may utilize all monies to the Special und to excess of the deposits Into the Bond und and Reserve und required during that lawful Bond Year for any purpose authorized by the Act including but not limited to the of Bonds then outstanding SECTION 100 O If purchase Purchases of Bonds on the open market may be made by the Agency at public or private sale as and when and at such prices aa the Agency may to its discretiondetermine provided that purchases of Bonds may be made only at prices Including brokerage or other expenses) of not than their principalamount plus accrued interest Any accrued Interest payable more of Bonds may be paid from the amount reserved to the Bond upon the purchase und for the ( payment TRANSER) shall the undersigned hereby sells (Tax Identification or within Bond and all righto thereunder assigns and transfers unto Social Security No the and hereby irrevocably constitutesand appoints attorney to transfer the within Bond on the books kept for registration thereof of substitution in the premises ) - with fuU NOTICE: The signature to this assignment must the orm of elly Registered Bead) Obligations purchased as an Investment of monies to any of said funds shaU be deemed nt aU times to be a part of such fund and any toes resulting from any such authorised Investment shall be charged to such fund without liability to the Agency or the members and officers thereof or to the Paying Agent The interest accruing on such Investments and except as II: Indemnity It not be uads Monies to the Special und SECTION 23: Deposit sad Investment of Mantee la may and monies to the Bond from time to time be Invested by the Agency und and the Reserve und may and upon written request of the Agency shall be Invested to ederal Securities Invested to Brovided however that such monies shall be only obligationswhich will by their mature on such dates as to Insure that before each interestand principalpayment date inns there will be to the Bond und from matured obligations and other monies already to such fund cash equal to the Interest and orinctoal payable on such date with respectto correspond registration In Sabatitute Beads the event Bond shaU become mutilated or be SECTION any destroyed toot or stolen the Agency upon the written request of the Registered Owner thereof shall execute and deliver a new Bend of the same senes to exchange and substitution for the mutilated Bond or to lieu of and to substitutionfor the Bond so destroyed tost or stolen The applicant tor a substituted Bond shall furnish to the Agency such security or to as may be required by save harmless from all risks and the applicant shall purchased snail Until all of the Bonds and all interest thereon have been paid (or until monies for that purpose have been irrevocably set aside)the Pledged Revenues (exceptaa otherwise specifically provided to this Resolution) shall be applied solelyto the jMymenf of said Bonds the Interest thereon and premiums if In thb Reaolution provided any as power name as it appears on form to every particular without alterationor enlargement or any change whatever with the of interest on the next following interest payment date Any Bonds so cancelled by the Registrar forthwith and surrendered to the Agency and be reissued DATE: it if SECTION 21: Project ond The Agency hereby establishes with the Paying Agent the Neighborhood Redevelopment Project Tax Allocation Bond Series IMS Project “CBD 100-12 RECEIVED of (the 101 (ORM (End Agreement Bonds the Paying Agent the Series 1985 Reserve und”) The Agency shaU deposit the amount specified in the Bond Purchase “Reserve und Requirement") into the Reserve und from proceeds monies deposited to the Reserve und shall be applied solely for the purpose of paying principalof premium any and interest on the Bonds as the same become due and provided payable however that such monies may only be so utilised to the event that the und are insufficientfor such purpose In the event that monies held monies held to the Bond to the Reserve und are utilized as hereinabove provided the Agency shall at the earliest time practicable deposit into the Reserve und such amount from amounts legally available to therefor when added to any amounto then remaining to the Reserve undequal the Reserve und Requirement forty-five VALUE ’’Reserve All the Bonds In the event any of the Bonds are called for redemption notice thereof Identifying portions thereof to be redeemed will be given by the Paying Agent by mailtoga copy of the redemption notice by first class mail no more than (45) nor less than thirty (SOIdays at prior to the date fixed for redemption to the Registered Owner of each Bond to be redeemed such the address shown on the registration books provided however that failure to give notice by mailtog or any defect therein shall not affect the validityof any proceeding for the redemption of any Bond with respect to which no such failure has occurred Any notice mailed to been duly given shall be conclusively presumed have as provided to this paragraph whether or not the Registered Owner receives the notice AU Bonds so called for redemption to Interest provided funds for their will cease bear after the specified redemption date redemption are on deposit at the place of payment at that time OR the (the the or be Interest 75 the levied taxes each year in into the funds of the respective taxin portionof that the to 101-12 1 of it of coUected The to 102 1 1993 and April 1994 and April 11995 and April 11996 1996 and April 1997 1997 and thereafter 11994 11995 so paid In if Payment The principal of and premium cumec any due payable to lawful money of the United States of America wit " of at the print surrender each Bond deduction for exchange or collectionchargee upon of interest corporate trust officeof the Paying Agent or any successor thereto The payment and shall be paid by the shall be made to the Registered Owner of such Bond on each Bond mailed to such of by of the Paying Agent Agent behalf the Agency chock or draft Paying on appears on the registrationbooks maintained by the Registrar owner at his address as Bond shall be payable to the Registered Owner thereof as set forth on such on each registration books as of the close of business on tne fifteenth day of the month prior to each in SECTION with 8: 80 the (e) for a period of the next of the amount aUocated agencies under subparagraph is 7 ) of period of the next five years 70 that portion of the levied amount allocatedto and when coUected paid into the fundsof agencies under subparagraph (i) above for of redemption Redemption Redemption Date it of period of the next five tax years amount allocatedto ana when ies under subp a ra graph (i) above the (c for a period of the next five tax years excess of the amount allocatedto ana when agencies under subparagraph (i) above Purchase date i a gene a The Issuer and purposes The for excess of fifteen last proceeds of b ( ) next if Nothing principal investment The Registrar of the not SECTION 17: Sale of Bonds The sale of the Bonds to the Underwriter at a price equal to the of such aggregate principal amount thereof leu a discount not to exceed aggregate amount plus accrued interest to the date of delivery to accordance with the terms of the Bond Purchase Agreement as amended or modified as provided hereto is hereby to all respects approved and confirmed The Agency hereby authorizes and directs its Chief Officer at his discretionto amend and modify the Bond Purchase Agreement but not limited to any provisions thereof setting forth the interest rate or rates on the Bonds the maturity date or dates of the Bonds the total principal amount of the Bonds to be Issued hereunder and the discountat which the Bonds shaU be sold to the Underwriter provided however that such amendments or modifications shaU be subject to and shall not the terms and conditionsof this Resolution The Bonds ShaU be delivered to the Underwriter as soon as they may be legaUy Issued upon receipt by the Agency of the agreed purchase price therefor 11-19-29 principal amount The Bonds shall be and are equally secured by an Irrevocable and first pledge of Pledged Revenues and other funds as hereinafter provided without priority for number date of sale date of execution or date of delivery except as expressly provided herein SECTION SECTION 16: Cancellatioa of Bonds All Bonds surrendered to the Registrar or Paying Agent for payment upon maturity or for redemption shall upon payment therefor be cancelled immediately and forthwith transmitted to tne Agency or destroyed at the directionof the Agency 11-19-29 at This Bond is transferableonly upon the registrationbooks maintained by the Registrar to the principal office of the Registrar in Salt Lake City Utah by the Registered Owner 'hereof to its the attorney duly authorized In writing but only to the manner subject person or by of and surrender and the provided to the Resolution upon limitations charges upon payment and cancellation of this Bond Upon such transfera new registered Bond or Bonds of the same series and the same maturity and of authorized demonimation for the same aggregate a amount II discontinuation of are The validity of the Bonds is not and shall not Redevelopment Projects nor upon the performance Redevelopment Projects Prior to the time noticeof redemption is given as hereinabove prescribed funds sufficientto called for redemption together with the premium pay the Bonds or portions of the Bonds any and the accrued interestto the redemption date shall first have been deposited with the Registrar The giving of notice and the depositof funds for redemption shell cause the of accrual of interest on the Bonos called after the date fixed for redemption payable upon redemption premium and are payable solely from the the Resolution) and other funds all The Bonds are Issued as fully registered Bonds to denominations of 85000 or Integral multiples thereof Subjectto the limitations and upon payment of the charges provided to the Resolution registered Bonds may be exchangeci for a like aggregate principal amount of registered Bonds of authorized denomination and of the same senes and the same maturity SECTION and identifying Bonds the City Amount Issuance and Purpose of Bonds Under and pursuant to the Act and this Resolution Bonds of the Agency in the aggregate principal amount not to exceed 83750000 shall be issued by the Agency for the purpose of providing funds for the completion of the Project SECTION Notice and Effectof Redemption Notice of the call for any redemption Is to be given by the Registrar by mailing or portions thereof to be redeemed a copy of the redemption notice by first class mall to the Registered Owner of each Bond to at be redeemed the address shown on the registration books maintained by the Registrar not (45) nor leu than thirty (80) days prior to the redemption date ailureto more than forty-five mail noticeto the Registered Owner of any Bond designated for redemption or any defect to of for of notice given shall not affect the validity proceedings the redemption the any any Bonds to be redeemed as to which no such failure shall have occurred Any notice mailed as to whether provided hereto shaU be conclusivelypresumed have been duly given or not the Registered Owner actually receives tne notice Each notice of redemption shall specify the of that payment date fixed for redemption the redemption price the place or places payment will be made upon presentation and fbe surrender of the Bonds to be redeemed that interest accrued to the date fixed for redemption will be paid as specifiedto said notice and that on and after said date interestthereon will cease to accrue If leu than all the outstanding Bonds the notice of redemption shall specify the series end numbers of the are to be redeemed Bonds or portions thereofof such series to be redeemed 15: SECTION of ( established pursuant be AUTHENTICATION 8 the to (I) that portion of the taxes which would be produced by the rate upon which the tax is levied each year by or for each of said taxing agencies upon the total sum of the assessed Project Area described to value of the taxable property to that portionof the Redevelopment Ordinance No 508 as shown upon the assessment roll used to connection with the taxation of to August 11 1977 (being the effective such property by such taxing agencies last equalized prior date of Ordinance No 508) shaU be allocated to and when collected paid to said taxing agencies and Bond) This Bond is one of an authorized issue of Bonds of like date tenor and effect except as to issuedfor the purpose maturity and interestrate in the aggregate principal amount of of acquiring property and the demolition of existing structures and related expenditures In with redevelopment of 26 located downtown Murray the approximately near connection acres within the Redevelopment Project Area the “Project” (Reverse Revenues" means that portionof taxes levied upon taxable property in the Tax Increment which is allocatedto and paid Into the Special Area and received by the Agency und of herein created pursuant to Section the Act all as more particularlyset forth in this Resolution means In as follows: City By “Tax “Underwriter” Utah 100 redeemed to Partial Redemption Bonds the event the Bonds are SECTION part the Bonds or portions of Bonds to be redeemed shall be selected and redeemed by lot to of to be redeemed shall such manner as the Registrar shall determine The portion any Bonds be in the principal amount of 85000 or any integral multiple thereof and to selectingBonds the Registrar shall treat each Bond as representing that number of Bonds for redemption which is obtained by dividing the principalamount of that Bond by 85 000 of ( whose by the the acsimile Signature) acquired properties means any registrarfor the Bonds Agreement and this Resolution “Reserve "Special of of Murray This is one of the Bonds described to the within mentioned Resolution and this Bond has been duly registered on the registration books kept by the undersigned as Registrar for such Bonds ZIONS IRST NATIONAL BANK as Registrar I a of Executive Directorof the Redevelopment Agency of Murray to ( Officer (SEAL) ( : Signature) Chief Administrative Redevelopment Agency Projects" means the following projects for carrying out pursuant the Act portions of the mplementaton Program for the Redevelopment Project Area the by purchase or condemnation of all or part of certain parcels of real property previously declared to be blighted as more particularlydescribed in the Implementation Program (b) demolition of structures and improvements acquired by the Agency as provided in (c) the Implementation Program completion of the Vine Street Extension (d) planning and development of a river walk along Little Cottonwood Creek and (e) planning and studies with the 101 100-12 1 the Act restated redevelopment plan for the by the legislativebody of Murray City 724 which ordinance became effective or restatement of said plan thereafter "Redevelopment required Redevelopment Agency of Murray City has caused this Bond facsimile signaturesof its Chief Administrative officer and Its of said Agency impressed imprinted or reproduced hereon the the seal (acsimile “Redevelopment Project Area" means the redevelopment project area described and defined in the Redevelopment Plan which project area is known and designated as the Neighborhood Redevelopment Project Area" and includes any amendment of said "CBD project area hereafter made pursuant to law which expands or enlarges said project area respect to conditionsand all exist related “Project 1998 1997 THE ALL of “Paying Agent" Agency Agreement 1 102 101-12 not 1981 5 1 Priee Redemption and April 11994 and April 11995 and April 11996 and April 1997 and thereafter OWNER: ' of Date 11993 11994 11995 14: PRINCIPAL the fund means REGISTERED in cited as inancing between means the Agreement for Payment of Tax Increment the Agency as the same may be amended or modified “Agreement" Lake County and “Bond Act" Redevelopment the means Resolution this in ' "Redevelopment hereof or the recitals used exchange CITY MURRAY O REDEVELOPMENT NEIGHBORHOOD CBD REDEVELOPMENT THE O AMERICA O O O REDEVELOPMENT to be Neighborhood Agency does hereby determine advisable to Issue its CBD WHEREAS Redevelopment Project Tax Allocation Bonds Series 1985 In the principalamount of of not to “bonds”) of for exceed 83750000 (the for the purpose providing funds the acquisition property and demolition of existingstructures and related expenditures in connection with the of downtown Murray within the redevelopment approximately 26 acres located near Redevelopment Project Area the BOND) ULLY REGISTERED O UNITED undertaken has City : STATE Agency has determined that the Redevelopment Project Area (as hereinafter defined) and the Redevelopment the Plan on the Bonds cease to be manual or facsimile such Should any officer whose manual or facsimile signature appears such officer before deliveryof the Bonds to the purchaser thereof signature shall neverthelessbe valid and sufficient for all purposes a in accordance with the Redevelopment WHEREAS Projects”) and several projects (the “Redevelopment Certificate The Registrar WHEREAS WHEREAS NOTICES LEGAL LEGAL NOTICES certificate OICIAL is LEGAL LEGAL ( Continued on Next Page ) |