On the agenda: Bluffdale meeting — data center (Apr 8)

BLUFFDALE CITY

CITY COUNCIL,
LOCAL BUILDING AUTHORITY &
REDEVELOPMENT AGENCY BOARD
COMBINED MEETING AGENDA
City Council Chambers
Wednesday, April 08, 2026, at 6:00 p.m.

Mayor Natalie Hall
Councilmember Steve Austin
Councilmember Wendy Aston
Councilmember Greg Wilding
Councilmember Mackey Smith
Councilmember Alan Lord

Notice is hereby given that the Bluffdale City Council, Local Building Authority and Redevelopment Agency will hold a
meeting on Wednesday, April 08, 2026, at Bluffdale City Hall, 2222 West 14400 South, Bluffdale, Utah. The meeting will begin
at 6:00 PM or as soon thereafter as possible. This meeting will also be broadcast live to the public at: www.bluffdale.gov.
The public may comment at the meeting or by emailing comments to [email protected] by 4:00 PM
the day of the meeting. Emailed comments will be submitted to the City Council but will not be read at the meeting. Notice
is further given that access to this meeting by the City Council may be by electronic means.
In the event the meeting is disrupted in any way that the City in its sole discretion deems inappropriate, the City reserves the
right to immediately remove the individual(s) from the meeting and, if needed, end virtual access to the meeting. Reasons
for removing an individual or ending virtual access to the meeting include but are not limited to the posting of offensive
pictures, remarks, or making offensive statements, disrespectful statements or actions, and any other action deemed
inappropriate.

BLUFFDALE CITY COUNCIL REGULAR BUSINESS MEETING 6:00 P.M.
1.

Call to Order: (Roll Call, Invocation, Pledge of Allegiance*).

2.

Minute and Agenda Approval:

3.

2.1

March 25, 2026, City Council Meeting Minutes.

2.2

Approval of this meeting’s agenda.

Presentation Items:
3.1

4.

Miss Bluffdale 2026 report. (Presenter, Adalee Brown)

Public Comment: (This is a time and place for any person who wishes to comment on items not scheduled on the
agenda for public hearing. Any person or group wishing to comment on any item not otherwise scheduled for public
hearing on the agenda may address the City Council at this point by stepping to the microphone and giving his or her
name for the record or by emailing [email protected]. Comments should be limited to not more
than three (3) minutes, unless additional time is authorized by the Chair. Groups wishing to comment will be asked to
appoint a spokesperson. Items brought forward to the attention of the City Council will be turned over to staff to
provide a response outside of the City Council meeting.)

5.

Consent Agenda: (These items are considered by the City Council to be routine and will be enacted by a single
motion. If discussion is desired on any particular consent item, that item may be removed from the consent agenda
and considered separately. No public comment will be permitted.)

6.

5.1

Resolution 2026-20- A Resolution adopting restrictions on the use of fireworks within certain areas
of the City.

5.2

Resolution 2026-13- Proclaiming April 26, 2026, as Arbor Day in the City of Bluffdale.

Action or Discussion Items; Items Continued from Previous Meeting: (These items are considered by the
City Council individually. No public comment will be permitted.)

6.1

Resolution 2026-21- Consideration and adoption of a resolution authorizing the issuance and sale of
not more than $30,000,000 aggregate principal amount of Sales Tax Revenue Bond Anticipation
Notes, and related matters. (Bruce Kartchner, Matt Dugdale).

City Council Meeting – April 08, 2026

Page 1 of 3

7.

Public Hearing Items: (Public comments must abide by the requirements listed above).
7.1

Resolution 2026-17- Adopting the Tentative Budget for the 2026-2027 Fiscal Year and establishing
the Time and Place for the Public Hearing on the Final Budget for the 2026-2027 Fiscal Year. (Staff
Presenters, Stephanie Thayer and Bruce Kartchner) [LBA & RDA Public Hearing held in conjunction
with the Budget Hearing]

LOCAL BUILDING AUTHORITY OF THE CITY OF BLUFFDALE BOARD MEETING
1.

Call to Order: (Roll Call)

2.

Public Hearing Items: (Public comments must abide by the requirements listed above).
2.1

Resolution 2026-18 LBA- Adopting the Tentative Budget for the 2026-2027 Fiscal Year and
establishing the Time and Place for the Public Hearing on the Final Budget for the 2026-2027 Fiscal
Year. (Staff Presenters, Stephanie Thayer and Bruce Kartchner) [LBA Public Hearing held in
conjunction with the Budget Hearing]

3.

LBA Discussion:

4.

Adjournment.

BLUFFDALE CITY REDEVELOPMENT AGENCY BOARD MEETING
1.

Call to Order: (Roll Call)

2.

Public Hearing Items: (Public comments must abide by the requirements listed above).
2.1

Resolution 2026-19 RDA- Adopting the Tentative Budget for the 2026-2027 Fiscal Year and
establishing the Time and Place for the Public Hearing on the Final Budget for the 2026-2027 Fiscal
Year. (Staff Presenters, Stephanie Thayer and Bruce Kartchner) [RDA Public Hearing held in
conjunction with the Budget Hearing]

3.

RDA Discussion:

4.

Adjournment.

BLUFFDALE CITY COUNCIL REGULAR BUSINESS MEETING- continued:
9.

Staff Reports, Additional Council Discussion, and Calendaring Items:

10.

Closed Meetings - if any: (This meeting will be closed to the public for one of the stated purposes found in Utah Code
§ 52-4-205(1), which is usually for one of the following purposes: discussion of the character, professional competence,
or physical or mental health of an individual; discuss collective bargaining; discuss pending or reasonably imminent
litigation; discuss the purchase, exchange, sale, or lease of real property, including water rights or water shares).

11.

Adjournment.
CERTIFICATE OF POSTING

I hereby certify that the foregoing notice and agenda was posted at the Bluffdale City Hall and on the City’s website
(www.bluffdale.gov), and posted on the Utah State Public Notice website (www.utah.gov.pmn).
Published and posted on April 03, 2026.

Tami Timothy
City Recorder

City Council Meeting – April 08, 2026

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In compliance with the American with Disabilities Act, individuals needing assistance or other services or accommodation
for this meeting should contact Bluffdale City Hall at least 24 hours in advance of this meeting at 801-254-2200. TTY 7-1-1.
*Contact the City Recorder if you desire to give the Invocation or lead the Pledge of Allegiance.

City Council Meeting – April 08, 2026

Page 3 of 3

DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
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Present:

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Agenda, as presented. Council Member Aston seconded the motion. The motion passed with

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the unanimous consent of the Council.

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3.

City Council:

Natalie Hall, Mayor
Wendy Aston
Steve Austin
Alan Lord
Mackey Smith
Greg Wilding

Staff:

Bruce Kartchner, City Manager
Fred Donaldson, City Attorney
Tami Timothy, City Recorder
Stephanie Thayer, Administrative Services Director
Grant Crowell, Community and Economic Development Director
Caitlyn Tubbs, Planning Manager
Ellen Oakman, Associate Planner
Amanda Luker, Communications Specialist
Courtney Peterson, Audio Visual Tech
Shane Paddock, Public Works Director

BLUFFDALE CITY COUNCIL REGULAR BUSINESS MEETING
1.

Call to Order.

Mayor Hall called the meeting to order at 6:00 PM.
All members of the City Council were present.
Pastor Nate Ray offered the invocation and led the Pledge of Allegiance.
2.

Minutes and Agenda Approval.
2.1

March 11, 2026, City Council Meeting Minutes.

2.2

Approval of this Meeting’s Agenda.

Council Member Lord moved to APPROVE the City Council Meeting Minutes and meeting

Presentation Items.

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DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
3.1

Recognition of Exemplary Students from Hidden Valley Middle School.
(Presenter, Mayor Hall)

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Mayor Hall thanked the students and invited them to introduce themselves and then read their

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teachers’ comments.

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Elizabeth Bagnell is in the ninth grade, and her favorite class is biology. “Elizabeth is the kind of

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student who makes everything she does look effortless. Balancing online and in-person classes, she

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consistently demonstrates the initiative and motivation that will put her on track to graduate early.

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Her self-starting spirit positions her for success in any future career she chooses. Beyond academics,

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Elizabeth has a gift for making everyone around her feel seen and valued, and her positive energy

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brings a smile to those around her.”

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Oz Rees is in the ninth grade, and his favorite class is math. “Oz Rees is an outstanding student and

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a valued member of our Hawk family at Hidden Valley Middle School. He consistently works

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towards high grades and active engagement in his classes. Oz carefully plans ahead, as he considers

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his future when choosing classes. Oz is passionate about basketball and continually works to improve

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his skills, whether with the Riverton High School basketball team or his club team. What we admire

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most is Oz's commitment to kindness and compassion; he strives to be a thoughtful, supportive

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presence for his peers.”

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Macie Griffiths is in the ninth grade, and her favorite class is geography. “Macie is a student who

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consistently wears a smile and brings a bubbly, cheerful, and genuinely friendly presence to everyone

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she meets. She demonstrates outstanding attendance and excels in challenging, high-level classes.

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As a member of our National Junior Honor Society leadership group, Macie contributes with

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enthusiasm and maturity, setting a positive example for her peers. Fun fact: she has been diligently

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learning Spanish and is approaching two years of study.”

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Isaac Jones is in the ninth grade, and his favorite class is biology. “Isaac Jones has been an absolute

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standout at Hidden Valley Middle School. He is always ready to lend a hand, whether welcoming

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our new seventh graders and getting them excited about middle school, stepping in at the last minute

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to create posters for College and Career Week, or helping classmates whenever they need it. In
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DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
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addition to his contributions, Isaac is excelling in ninth grade with a 4.0 GPA, excellent attendance,

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and outstanding citizenship. He truly sets a positive example for everyone around him.”

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Mayor Hall congratulated the students on their achievements and invited them to join the Bluffdale

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Youth Council. Photographs were taken with the City Council.

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Mayor Hall asked Isabel Flynn, Keeley Henderson, and Madison Simpson to speak about their

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experience on the Youth Council.

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Youth Council Mayor, Isabel Flynn, stated that the Youth Council had a huge impact on her life.

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When she joined four years ago, she did not expect how much she would change and grow as a person.

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She was much more reserved and would never speak in public. However, through her participation

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in events like the Youth Council Dance and Santa and the Lights, she had grown into a leader who

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can talk to others, lead meetings, and get to know the community around her. She loves that the

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Youth Council has grown into a collaborative one where activities are youth-run and adult-supported.

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Ms. Flynn especially loved being part of the rodeo, Old West Days, Love Where You Live, and Day

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of Legislation. She will never forget helping little children get on sheep for mutton busting, even

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when they were crying their eyes out. Conferences were fun and educational, and she will always

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remember those trips where the Youth Council grew closer together and she learned skills she can

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use for the rest of her life. The honor of being Youth Council Mayor had given her more than she

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could imagine. She got to really engage and network with all members of the Youth Council and

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learn skills to lead meetings and oversee events. She also loved growing closer to the adult advisors

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and appreciated all the work they do. She would never forget the amazing experiences, memories,

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and friends she created, and those memories will stick with her. She loved being part of the Bluffdale

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Youth Council and will never forget its impact.

3.2

Recognition of Isabel Flynn, Keeley Henderson and Madison Simpson,
Graduating Four- Year Youth Council Members and Youth Council Advisors,
Kristal Flynn and Melissa Henderson. (Presenter, Mayor Hall)

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DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
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Keeley Henderson stated that during her four years, she learned a lot about leadership and helped plan

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many events, including the third annual Bingo Night. The Youth Council puts on and helps with

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many City events, but her personal favorites were the rodeo and Old West Days. She loves helping

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children get ready to mutton bust and tossing candy in the parade. Last year, she had the opportunity

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to be Council Communications. Her favorite aspect of the position was writing the Youth Council’s

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section of the City newsletters with help from the historian. She loved informing the community

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about all the awesome activities and opportunities.

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The Youth Council goes on a few trips each year to overnight conferences and one-day events like

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Day of Legislation at the Capitol. These trips were amazing and fun ways to connect with her fellow

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Youth Council members and youth from many other cities. She learned a lot about leadership,

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teamwork, communication, responsibility, community involvement, and substance use prevention

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through these trips. She made many great memories with the council, learned so much, and built

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traditions around the trips. She met many amazing individuals, and being part of the Youth Council

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was definitely a highlight of her high school career. She thanked the City Council and Youth Council

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advisors for their dedication and support.

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Madison Simpson stated that over the past four years, being part of the Youth Council was more than

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just meetings and service hours. It was a place where she grew, learned, and found purpose. When

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she first joined, she did not fully understand the impact she could make. Through every project, event,

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and moment of dedication, she had seen how powerful it is to serve with people when they come

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together. The experience had taught her responsibility, leadership, and the importance of giving back

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to your community. It was not always easy, but every challenge helped shape who she is today. She

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was grateful for the people she worked with, the memories they made, and the differences they were

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able to create. She will carry those lessons forward and continue to serve wherever she goes. She

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thanked the City for the opportunity to be bigger than herself.

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Mayor Hall presented graduation cords to the Youth Council members. She thanked Youth Council

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advisors Kjersti Jarman, Kristal Flynn, and Melissa Henderson for their time and commitment.

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Photographs were taken with the City Council.
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DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
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Mayor Hall remarked that volunteers are vital to the City. The Youth Council advisors put in

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hundreds of hours each year, and the Youth Council members also volunteer their time and talents to

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the City.

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City Attorney, Fred Donaldson, updated the Council on bills that were passed in the last Legislative

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Session. A record 1,016 bills were introduced, and 542 were passed. A $31 billion budget was also

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approved.

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HB 425: Local Government Fee Amendments established implementation requirements for

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transportation utility fees and prohibited broadband fees and many public safety fees. However,

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Bluffdale’s Public Safety Fee would not be affected as long as the City continues to contract for police

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services.

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3.3

Presentation of 2026 Legislative Update. (Staff Presenter, Fred Donaldson).

SB 284: Local Land Use Modifications specified that:
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A fee and application checklist must be posted on the City website.

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Additional Planning Commissioner training is required related to ethics and bias.

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Third parties are disallowed from receiving certain remedies.

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The burden of proof for challenging certain land use laws has been increased.

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The City Council is not allowed to be an appeal authority for land use decision.

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Cities cannot regulate model homes.

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Cities must allow for detached accessory dwelling units (“ADU”).

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Mayor Hall stated that the City is in compliance with several new requirements, including external

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ADUs.

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HB 492: Transportation, Infrastructure, and Housing Amendments consolidated several programs

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intended to provide grants and loans to municipalities for infrastructure projects into the State Housing

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DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
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Infrastructure Partnership Program, which is a $100 million revolving loan fund for infrastructure. It

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also provides up to $140 million in bonding for housing grants in Salt Lake County.

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SB 197: Transportation Governance Amendments addressed changes in Utah Transit Authority

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("UTA") governance from a three-member board to a seven-member commission. The Senate and

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House will each appoint two members, and the Governor will appoint three. No elected officials are

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allowed to serve on the commission.

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HB 436: Moderate-Income Housing Infrastructure Amendments removed the reporting requirement

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for 2026. Reporting will resume in 2027.

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HB 65: Construction Code Amendments specified that certain building codes will not apply to

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elements that are not altered. If only one portion of a building is being updated, the remainder of the

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building does not have to be updated.

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HB 597: Alcohol License Amendments addressed minimum distances from community locations

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and created a path for restaurants with alcohol licenses to be located within 300 feet of libraries,

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playgrounds, and parks. However, the minimum distance from schools and churches had not changed.

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SB 242: Transportation Tax Amendments modified the “5th of the 5th” local sales tax option, defined

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the trail network, made technical changes related to transportation funding, and increased bonding

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capacity for FrontRunner double tracking.

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HB 481: Transportation Authority Modifications gave the Utah Department of Transportation

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("UDOT") authority over UTA projects and removed control over stations, double tracking, and

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parking lots from land use authorities.

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Mr. Donaldson reported that a number of failed bills may come back in the next legislative session,

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including ones related to preferred land use regulations, impact fees, and the flight park.

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Changes were made to noticing and meeting requirements for Truth in Taxation hearings and budget

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reporting related to tax increases. Hearings must be held on a standalone date; no other meetings of
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DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
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the public body can be held on that date. Specific items must be posted for Truth in Taxation hearings,

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and the County must be informed. Mayor Hall asked if another agency was having their Truth and

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Taxation hearing, we would not be able to have ours on the same night? Mr. Donaldson clarified that

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a regular City Council meeting cannot be held on the same date as a Truth in Taxation hearing.

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HB 77: Tax Amendments requires notification of reauthorization of Zoo, Arts, and Parks (“ZAP”)

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tax.

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HB 575: Fuel and Tax Supply Amendments passed a temporary gas tax reduction. Bills proposing a

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5% cap on property tax increases and requiring voter approval for increased spending did not pass.

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SB 206: Tax Increment Transparency Bill specified regulations related to disclosure and reporting

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and provided a new tool to assist with those requirements.

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HB 507: State Coordination and Local Economic Development Projects Amendments regulated

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funding for large-load data centers and regionally significant development zones.

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SB 321: Municipal Election Amendments requires municipal candidates to file a campaign finance

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report by January 10 of each year until their account balance is zero. It also specifies where campaign

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funds can be donated.

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HB 33: Political Signs Amendments allows political signs in parking strips, provided the person has

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permission from the adjacent property owner and if that owner is required to maintain the parking

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strip. Most property owners in Bluffdale are required to do so.

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HB 79: Governmental Immunity Amendments specified that EMS services are covered under the

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Governmental Immunity Act.

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SB 120: Towing Modifications prohibits vehicles from being towed outside of the county except in

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specific circumstances.

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DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
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SB 68: Disability Litigation Amendments was in response to lawsuits against governments related to

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Americans with Disabilities Act (“ADA”) requirements for websites and will allow municipalities to

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bring their websites into compliance without having to pay damages. It also allows cities to counter

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sue for abusive litigation.

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HB 215: Landscaping Restrictions Amendments states that land use regulations cannot prohibit

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property owners from removing vegetation except in Wildland Urban Interface (“WUI”) areas. The

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2024 WUI Code was also adopted.

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HB 535: Disposition of Public Property Modifications requires signage for certain dispositions.

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HB 147: Government Form Submission Amendments requires cities to allow electronic form

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submission.

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SB 32: Regulatory Impacts on Families requires local legislative bodies to consider the impacts of

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ordinance changes on families, but failure to comply does not invalidate the ordinance or create a

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cause of action.

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Mayor Hall asked for more details on the requirement. Mr. Donaldson reported that the impact of

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families would be a discussion item only. Community and Economic Development Director, Grant

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Crowell, remarked that the Millcreek City Attorney recommended that “Whereas we have considered

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the impacts to families” be included in all ordinances. Mr. Donaldson noted that the information

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could also be included in Staff Reports. Mayor Hall preferred that it be included in Staff Reports

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rather than added to City Code.

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HB 450: Data Privacy Amendments specified changes related to data privacy.

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Mr. Donaldson reported that other bills that may be reintroduced in the next Legislative Session

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include bills on the homeless campus, tort reform, phantom damages, charter schools, private rights

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of action for nuisances, and flag regulations.

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DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
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Mayor Hall stated that the City Council was frequently at the Capitol and very involved in the process.

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She thanked Staff and the City’s lobbyists for their support.

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4.

Public Comment.

Mayor Hall opened the Public Comment period.
Isaac Paxman lives in Provo but knows several members of the City Council from the Utah League

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of Cities and Towns ("ULCT") Legislative Policy Committee meetings. Mr. Paxman is a candidate

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for Utah County Commissioner Seat B. The seat was currently occupied by Commissioner Gordon,

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who encouraged him to run. They worked together on several initiatives, including the Utah County

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Winter Response Task Force. Mr. Paxman will focus on engaging with cities, not stepping on their

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toes. He currently works at the State Attorney General’s office and is driven to make the world a

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better place.

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Maddy Clements introduced herself as the Community Outreach Representative for Congressman

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Burgess Owens and stated that she looked forward to working with the City Council and serving the

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citizens of Bluffdale.

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Council Member Aston moved to APPROVE the Consent Agenda, as presented. Council

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Member Wilding seconded the motion. The motion passed with the unanimous consent of the

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Council.

There were no further comments. The Public Comment period was closed.
5.

Consent Agenda.
5.1

Resolution 2026-15- A Resolution adopting amendments to the Bluffdale City
Policies and Procedures Manual related to Holidays.

5.2

Resolution 2026-16- A Resolution of the City Council of the City of Bluffdale,
Utah, authorizing surplus of City-owned property.

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DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
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6.

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specifies that internal and detached ADUs must be rented for 30 consecutive days or more, which

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prohibits ADUs from being operated as short-term rentals (“STR”).

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elsewhere in City Code. Mayor Hall remarked that many cities allow STRs, but only once per month.

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Cities that allow STRs include St. George, Hurricane, Provo, Washington, Cottonwood Heights, Lehi,

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Riverton, South Jordan, South Salt Lake, Herriman, and Lindon. These cities regulate STRs through

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business licensing and charge a license fee, and many also charge Transient Room Tax (“TRT”).

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Many require initial, annual, or complaint-based inspections. Saratoga Springs, Draper, Orem,

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American Fork, Layton, and Eagle Mountain do not allow STRs, and Salt Lake City only allows them

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in commercial zones.

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Action or Discussion Items; Continued from Previous Meeting.
6.1

Discussion- Short-Term Rental Research. (Staff Presenter, Ellen Oakman).

Associate Planner, Ellen Oakman, reported that Bluffdale City Code (“BCC”) § 11.340.040.F
STRs are not addressed

Ms. Oakman reviewed the potential benefits and challenges of allowing STRs.
Benefits

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Business license revenue

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TRT revenue

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Visitor spending at local businesses

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Easier regulation and tracking of licensed properties

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Property owner flexibility

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Challenges

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Noise, parking, and traffic concerns

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Increased complaint response

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Additional enforcement workload

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Perception of commercial activity in residential areas

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Potential housing availability concerns

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DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
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A possible initial approach would be to add a definition of short-term rental and clarify whether they

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are a permitted residential or commercial use. Advantages of this approach include:

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Clarity for residents and Staff

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Minimal code amendment required

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No licensing program needed

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Can be revisited later if conditions change

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Ms. Oakman provided examples of STR ordinances. Provo has a simple zoning and licensing model

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with limited administrative steps, and Cottonwood Heights has a clear structure but a more robust

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approval and enforcement process.

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recommended first step was to define the term and clarify the City’s position.

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Mayor Hall and Council Member Austin stated that they had searched online to determine how many

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STRs are currently operating in Bluffdale. City Manager, Bruce Kartchner stated that the City collects

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TRT on STRs operated through VRBO and Airbnb. Other cities have tightened regulations due to

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complaints, but he was not aware of similar issues in Bluffdale. TRT is not collected on Person-to-

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person STRs. Mayor Hall remarked that those transaction would be hard to regulate.

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Because Bluffdale did not currently address STRs, the

Mayor Hall asked for the Council’s thoughts on STRs and any potential changes to City Code.
Council Member Wilding stated that he does not have strong feelings on the topic. He was hesitant

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to fix something that is not broken, but saw a benefit to better defining the term. He was in favor of

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laxer regulation because STRs were currently operating in the City without causing problems.

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Council Member Lord expressed concern that adding STRs to City Code may create more of a

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problem than doing nothing. He asked how any complaints would be addressed if they are not

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defined. Mr. Kartchner reported that it would depend on the type of complaint, but it would be

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addressed either criminally or through Code Enforcement.

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Bluffdale is not a resort-type city, so it attracts a different type of STR. He was not in favor of making

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any changes.

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Council Member Lord stated that

DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
1

Council Member Smith asked where the existing STRs are located. Mayor Hall stated that they are

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in every neighborhood in Bluffdale. Council Member Smith stated that he would not want to see a

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lot of starter homes in Independence suddenly become Airbnbs, but he also did not see that as a short-

4

term risk. He agreed that the term should be defined and indicated that the Council should discuss

5

whether ADUs should be allowed to operate as STRs. Council Member Aston provided background

6

on the decision. When the ADU ordinance was adopted, allowing them to be operated as STRs was

7

a point of contention for some residents. The City Council decided to disallow that use both in

8

response to those comments and because the purpose of allowing ADUs was to create more housing.

9

STRs are no longer as scary for people, but if the goal is to create more housing, the restriction should

10

likely remain.

11
12

Council Member Austin stated that he owns an STR in Idaho. A major concern with them is partying,

13

and allowing ADUs to operate as STRs can mitigate that risk because the homeowner is there to

14

ensure that it does not happen. Other cities typically require a permit, and the permit number must

15

be included in all online advertising. His is renewed every two years and a safety inspection is

16

required at that time. They also have to perform a water test, but that would not be applicable to

17

Bluffdale. He was not opposed to requiring a permit and inspection. Two citizens had spoken to him

18

about isolated issues with STRs. It is not a major problem, but it may be advisable to get ahead of

19

the issue before the Olympics.

20
21

Council Member Wilding asked about permitting and inspection costs. Council Member Austin

22

stated the fee is approximately $100.

23
24

Mayor Hall expressed concern about the City’s ability to add resources to the matter. The City’s

25

Business Licensing Official, Code Enforcement Officer, and other staff members are already very

26

busy.

27
28

Council Member Aston stated that the City does not have a problem with STRs, but it would be

29

beneficial to at least define them. Other cities handle STRs through a business license and she would

30

be in favor of requiring one with minimal additional regulations. She was concerned about not

31

addressing them at all because that means they will not be addressed until they become a problem.
12

DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
1

She believes the City can create a good balance by simply requiring a business license, which will

2

require minimal Staff involvement.

3
4

Staff was directed to create a definition for short-term rentals, research potential licensing

5

requirements, and present the item to the Planning Commission for feedback.

6
7

Council Member Lord asked how the potential change would affect families in the City. Mayor Hall

8

remarked that it would support families by providing clearly defined expectations and protecting their

9

personal property.

10
11
12
13
14
15
16
17

7.

Public Hearing Items.
7.1

Resolution 2026-14 - A Resolution Authorizing the Lease of the Vacated Public
Works Yard at 14175 South and 14185 South Redwood Road. (Presenter, Fred
Donaldson).

Mr. Donaldson reported that the resolution would allow the vacated Public Works yard to be leased

18

to Google Fiber to use as a staging area for their installation contractors. The lines are being installed

19

through the City, and work was scheduled to continue for approximately six months. There had been

20

issues with staging in residential neighborhoods so they moved to a vacant lot, but the parcel is not

21

zoned for the use.

22
23

Mayor Hall stated that the residents are very excited about the availability of fiber, and the City is in

24

need of it as well. She thanked Staff for thinking outside the box on this issue. It is a unique solution

25

that will generate income for the City.

26
27
28
29

Mayor Hall opened the public hearing. There were no comments. The public hearing was closed.
Council Member Austin asked about the lease amount. Mr. Donaldson reported that negotiations had

30

not yet begun. Mr. Kartchner added that the City has internal needs for fiber in the new Parks

31

Department building, so a trade for services may be arranged rather than a cash lease payment.

32
33

Council Member Austin moved to APPROVE Resolution 2026-14 - A Resolution Authorizing

34

the Lease of the Vacated Public Works Yard at 14175 South and 14185 South Redwood Road.
13

DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
1

Council Member Aston seconded the motion. Vote on Motion: Council Member Wilding-Yes,

2

Council Member Smith-Yes, Council Member Lord-Yes, Council Member Austin-Yes, Council

3

Member Aston-Yes. The motion passed with the unanimous consent of the Council.

4
5
6
7
8
9
10

Planning Manager, Caitlyn Tubbs, presented the Staff Report. The two-acre parcel was identified on

11

the Vicinity Map at 16332 South Bringhurst Boulevard in the Bringhurst Station Special Development

12

Zone. Within the zone, commercial uses are split into retail and non-retail categories as denoted by

13

a diagram in BCC § 11.110.100.050(E). Retail-based uses are focused in Area A of the development,

14

and non-retail-based uses are in Area B. The applicant proposed to modify the diagram to incorporate

15

their parcel into Area B.

16
17
18
19

7.2

Ordinance 2026-02 - An Ordinance Amending the Bringhurst Station
Commercial Sub-Districts Diagram within Section 11.110.100.050(E) of the City
Code to Allow Non-Retail Businesses in Certain Areas. (Presenter, Caitlyn
Tubbs).

The request would permit the following new uses in the applicant’s building:
•

Automotive Service

20

•

Construction Sales and Service

21

•

Data Center

22

•

General Manufacturing

23

•

Printing Shops

24

•

Wholesale and Warehousing

25
26
27
28
29

The following uses would be prohibited:
•

Preschools

•

Daycare Centers

30
31

The applicant currently had a tenant, and the request was made for future planning purposes to attract

32

a wide variety of potential future tenants.

33
14

DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
1

The Planning Commission held a public hearing on March 4, 2026 and unanimously forwarded a

2

positive recommendation for approval of the proposal. No public comments were received in

3

response to the application.

4
5

Josh Hunt spoke on behalf of the applicant. The building contains a large storage-oriented space that

6

is difficult to lease to tenants who both need that type of square footage and operate a viable retail

7

storefront. In today’s market, most tenants seeking substantial storage or operational spaces are

8

typically service, office, or logistics-oriented users that do not rely on street-level retail traffic.

9

Moving the property to Area B will allow for greater tenant flexibility, reduce vacancy risks, and

10

support sustainable economic activity for his client. Mr. Hunt noted that two parcels to the south had

11

been incorporated into Area B within the last year.

12
13

Council Member Lord asked if the building was currently leased. Mr. Hunt stated that Groundworks

14

has a multi-year lease for the entire building, but his client wanted to expand the potential future

15

tenant base.

16
17
18
19

Mayor Hall opened the public hearing. There were no comments. The public hearing was closed.
Mayor Hall asked for clarification on the allowed uses. Ms. Tubbs reported that if the Council elected

20

to move forward with the proposed change, they would be exchanging the currently allowed uses for

21

Area A for those allowed in Area B. Mr. Donaldson clarified that the use table would not change;

22

only the diagram indicating which buildings are in Areas A and B. Preschools and Daycares would

23

be disallowed because they are permitted in Area A only. Mayor Hall asked if the City Council could

24

disallow some uses such as Automotive Service. Ms. Tubbs reported that the Council could either

25

deny the request to modify the diagram or change the table of uses.

26
27

Council Member Aston stated that she was on the City Council when Bringhurst Station was

28

approved. The City only has small retail areas, and the Council worked with the property owner to

29

ensure that this building had a retail component. In exchange, they were allowed to build 200

30

townhomes. Removing the retail would undo all that work by Staff and the City Council and

31

essentially turn the development into 100% warehousing. She does not believe more warehousing is
15

DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
1

needed anywhere in Bluffdale, especially in this area. She was in favor of adjusting the use table to

2

allow uses such as printing, for example, but believed it was important to retain the retail component.

3
4

Council Member Wilding agreed with Council Member Aston and remarked that there was no rush

5

because the applicant had a long-term tenant in place. The matter needed further consideration. He

6

would be willing to modify code to add additional uses, but some of the proposed uses did not fit in

7

that area of the project.

8
9

Council Member Smith stated that many cities are discussing the topic of data centers, specifically

10

their energy and water usage. He was in favor of discussing adjusting the code but noted that there is

11

a risk associated with opening it up to all the proposed uses, especially data centers.

12
13

Council Member Lord asked about existing retail in the development. Ms. Tubbs did not have a list

14

of current tenants in all Area A buildings but confirmed that the existing tenant of the subject property

15

does have items available for sale. Council Member Lord asked if the development was intended to

16

generate sales tax revenue for the City. Council Member Aston stated that when it was approved, the

17

Council expected sales tax revenue. They knew it would not generate a significant amount, but

18

wanted to encourage retail in all viable areas of the City. The building placement was chosen by the

19

developer, and the use table was created jointly by the City and the developer. Her concern was that

20

if the retail requirement is removed, it will never come back.

21
22

Mayor Hall remarked that if the applicant has a potential tenant in the future, they can approach the

23

City about allowing the use. Council Member Aston agreed and noted that the City Council had

24

approved use changes on other properties to accommodate tenants.

25
26

Council Member Lord asked if the matter should be revisited after denial. Mayor Hall stated that it

27

was not necessary, as the property owner could apply to add specific uses in the future.

28
29

Council Member Aston moved to APPROVE Ordinance 2026-02 - An Ordinance Amending

30

the Bringhurst Station Commercial Sub-Districts Diagram within Section 11.110.100.050(E) of

31

the City Code to Allow Non-Retail Businesses in Certain Areas. Council Member Austin
16

DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
1

seconded the motion. Vote on Motion: Council Member Smith-No, Council Member Lord-No,

2

Council Member Austin-No, Council Member Aston-No, Council Member Wilding-No. The

3

motion failed with the unanimous consent of the Council.

4
5

Mayor Hall thanked Mr. Hunt for attending and extended the City Council’s support for any future

6

requests by the applicant. The Council was pleased with the current tenant and concerned with some

7

of the proposed uses.

8
9
10
11
12
13

8.

Staff Reports, Additional Council Discussion, and Calendaring Items.

City Manager, Bruce Kartchner, reported on the following:
•

14

It was the final day to sign up for a community garden plot. Those who sign up must attend
the initial meeting.

15

•

Dog licensing will be on April 1 from 2:00 p.m. to 4:00 p.m. in the community room.

16

•

Bluffdale Arts will hold auditions on April 3 from 7:00 p.m. to 9:00 p.m. in the community

17
18

room.
•

The Bluffdale Lions Club Easter Egg Hunt will be on April 4 from 10:00 a.m. to 12:00 p.m.

19

at Bluffdale City Park. Mayor Hall added that the Lions Club needed volunteers to stuff eggs

20

on March 26 at 6:00 p.m.

21

•

22
23

Several recent events had highlighted the value of the City’s Emergency Management Team
section leaders. The next meeting will be on April 7, and he encouraged residents to volunteer.

•

Weekly Community Emergency Response Team (“CERT”) classes will begin on April 9 at

24

6:30 p.m. at Station 92. The program is five to six weeks long, and classes are held from 6:30

25

p.m. to 9:30 p.m. Council Member Lord remarked that at the last meeting, they indicated that

26

there had not been enough signups to begin the class. Mr. Kartchner stated that it was still

27

scheduled, and he hoped that enough people would sign up.

28

•

29
30
31

As part of the City’s America250 celebration, the Ben Franklin Fly a Kite Day will be held on
April 27 from 6:00 p.m. to 8:00 p.m. at Day Ranch Park.

•

The Utah League of Cities and Towns conference will be held on April 22 in St. George.
There is no City Council meeting that evening.
17

DRAFT – FOR DISCUSSION PURPOSES ONLY
BLUFFDALE CITY COUNCIL
MEETING MINUTES
Wednesday, March 25, 2026
1

•

The Tentative Budget will be presented at the April 8 City Council meeting.

2
3

Mayor Hall requested that all Council Members set an appointment to meet with Administrative

4

Services Director, Stephanie Thayer, to review the budget prior to the April 8 meeting.

5
6
7
8

Other upcoming events include:

9

•

The Miss Bluffdale Pageant will be held on April 18.

•

The Healthy Bluffdale Coalition Key Leader Orientation will be held on Friday, March 27 at

10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

8:30 a.m.
9.

Closed Meeting, if Needed.

None.
10.

Adjournment.

Council Member Aston moved to ADJOURN.

Council Member Wilding seconded the

motion. The motion passed with the unanimous consent of the Council.
The meeting adjourned at 7:32 PM.

_________________________________
Tami Timothy, UCC
City Recorder
Approved: _________________________

18

RESOLUTION NO. 2026-20
A RESOLUTION OF THE CITY OF BLUFFDALE ADOPTING CERTAIN RESTRICTIONS ON THE
USE OF FIREWORKS WITHIN CERTAIN AREAS OF THE CITY
WHEREAS, current and forecasted prolonged drought, coupled with extremely dry
vegetation throughout Salt Lake County, have created hazardous fire conditions demanding
extreme caution; and
WHEREAS, minimizing the threat of wildfires and brush fires in the City of Bluffdale is
critical to maintaining public health, safety, welfare, and economic well-being for our citizens;
and
WHEREAS, the Bluffdale City Fire Department recently completed wildfire hazard
mitigation surveys through the city; and
WHEREAS, those surveys identified portions of the city that are at the greatest risk to
fast moving fires impacting structures; and
NOTWITHSTANDING, the 4TH of July celebrates the founding of America, of which the
celebration typically involves launching of fireworks.
NOW, THEREFORE, BE IT RESOLVED, by the Bluffdale City Council that the use of any
fireworks in the following areas are restricted:
1. East of and south of the current and proposed Porter Rockwell Blvd including all lands
bordering the Camp W G Williams Military Reservation.
2. East of the UTA/Union Pacific Railroad Tracks and north of 14400 South.
3. Within 50 yards of the Jordan River or any canal within the boundaries of Bluffdale is
also restricted.
APPROVED BY THE CITY COUNCIL OF THE CITY OF BLUFFDALE, UTAH, ON THIS 08TH DAY OF
APRIL, 2026 BY THE FOLLOWING VOTE:
YES
Councilmember Austin
Councilmember Aston
Councilmember Wilding
Councilmember Smith
Councilmember Lord
Mayor Hall (tie only)

NO

ABSTAIN

ABSENT

Mayor:

Natalie C. Hall

Attest:

City Recorder

THE CITY OF BLUFFDALE, UTAH
RESOLUTION 2026-13
ARBOR DAY
PROCLAMATION
WHEREAS, in 1872 J. Sterling Morton proposed to the Nebraska Board of Agriculture that a
special day be set aside for the planting of trees;
WHEREAS, this holiday called Arbor Day was first observed with the planting of more than a
million trees in Nebraska;
WHEREAS, Arbor Day is now observed throughout the nation and the world; and
WHEREAS, the City of Bluffdale desires to promote the importance of trees for the benefits
they provide for our citizens;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BLUFFDALE,
WE HEREBY PROCLAIM FRIDAY, APRIL 26, 2026, AS ARBOR DAY IN BLUFFDALE, UTAH, AND
ENCOURAGE ALL RESIDENTS AND VISITORS TO BECOME ACTIVE IN PLANTING,
PROMOTING, AND PRESERVING TREES WITHIN THE CITY OF BLUFFDALE.
PASSED, ADOPTED AND APPROVED on April 08, 2026. This Resolution shall become
effective immediately upon its passage and the City Council authorizes and directs the Mayor
to execute and cause to be delivered the same.

______________________________________
Mayor

ATTEST:
_____________________________________
City Recorder

Voting by the Council:
Councilmember Austin
Councilmember Aston
Councilmember Wilding
Councilmember Smith
Councilmember Lord

Yes

No

_____
_____
_____
_____
_____

_____
_____
_____
_____
_____

RESOLUTION NO. 2026-21
A RESOLUTION OF THE CITY COUNCIL OF BLUFFDALE CITY, UTAH (THE
“CITY”), AUTHORIZING THE ISSUANCE AND SALE OF NOT MORE THAN
$30,000,000 AGGREGATE PRINCIPAL AMOUNT OF SALES TAX REVENUE BOND
ANTICIPATION NOTES, SERIES 2026 (THE “SERIES 2026 NOTES”) AND
SETTING PARAMETERS THEREFORE; DELEGATING TO CERTAIN OFFICERS OF
THE CITY THE AUTHORITY TO APPROVE THE FINAL TERMS AND PROVISIONS
OF THE SERIES 2026 NOTES; PROVIDING FOR THE PUBLICATION OF A NOTICE
OF BONDS TO BE ISSUED; PROVIDING FOR THE RUNNING OF A CONTEST
PERIOD; AUTHORIZING AND APPROVING THE EXECUTION OF A GENERAL
INDENTURE OF TRUST AND A SUPPLEMENTAL INDENTURE OF TRUST, A
NOTE PURCHASE AGREEMENT, AND OTHER DOCUMENTS REQUIRED IN
CONNECTION THEREWITH; EXPRESSING AN INTENT TO REIMBURSE; AND
RELATED MATTERS.
WHEREAS, the City Council (the “Council”) of the City desires to (a) finance all or a
portion of the costs of construction of a railroad underpass and all related improvements (the
“Project”) and (b) pay costs of issuance with respect to the Series 2026 Notes herein described;
and
WHEREAS, to accomplish the purposes set forth in the preceding recital, and subject to
the limitations set forth herein, the City desires to issue its Sales Tax Revenue Bond
Anticipation Notes, Series 2026 (the “Series 2026 Notes”) (to be issued from time to time, as
one or more series and with such other series or title designation(s) as may be determined by
the City) in anticipation of receiving pledged grant monies from the State of Utah, and in the
event that such monies aren’t timely received by the City, the issuance of its sales tax revenue
bonds (the “Anticipated Bonds”), pursuant to (a) Local Government Bonding Act, Title 11,
Chapter 14, Utah Code Annotated 1953, as amended (the “Act”), (b) this Resolution, and (c) a
General Indenture of Trust (the “General Indenture”), between the City and U.S. Bank Trust
Company, National Association, as trustee (the “Trustee”) as further supplemented by a First
Supplemental Indenture of Trust (the “First Supplemental Indenture” and together with the
General Indenture, the “Indenture”) between the City and Trustee, in substantially the forms
presented to the meeting at which this Resolution was adopted and which are attached hereto
as Exhibit A; and
WHEREAS, the Council desires to approve and authorize the preparation and use of a
Note Purchase Agreement (the “Note Purchase Agreement”), to be entered into between the
City and the purchaser selected by the City for the Series 2026 Notes (the “Purchaser”), in
substantially the form attached hereto as Exhibit B; and
WHEREAS, in order to allow the City flexibility in setting the pricing date or dates of the
Series 2026 Notes to optimize debt service costs to the City, the Council desires to grant to any

one of the Mayor or the Mayor Pro Tem or the City Manager (collectively the “Designated
Officers”), the authority to (a) approve the principal amounts, interest rates, terms, maturities,
redemption features, and purchase price at which the Series 2026 Notes shall be sold; (b) select
the Purchaser of the Series 2026 Notes and (c) make any changes with respect to the terms
which were before the Council at the time of adoption of this Resolution, provided such terms
do not exceed the parameters set forth for such terms in this Resolution (the “Parameters”);
and
WHEREAS, the Act provides that prior to issuing bonds, an issuing entity must give
notice of its intent to issue such bonds which notice initiates a 30-day contestability period in
which any person of interest may contest the issuance of the Series 2026 Notes; and
WHEREAS, pursuant to Section 11-14-316, the Notice of Bonds to Be Issued (the
“Notice”) attached as Exhibit C shall (a) constitute the notice of the City’s intent to issue bonds
or notes, and (b) initiate such 30-day contestability period; and
NOW, THEREFORE, it is hereby resolved by the City Council of Bluffdale City, Utah,
as follows:
Section 1.
For the purpose of (a) financing the Project and (b) paying costs of
issuance of the Series 2026 Notes, the City hereby authorizes the issuance of the Series 2026
Notes which shall be designated “Bluffdale City, Utah Sales Tax Revenue Bond Anticipation
Notes, Series 2026” in the aggregate principal amount of not to exceed $30,000,000. The Series
2026 Notes shall mature in not more than four (4) years from their date or dates, shall be sold
at a price not less than ninety-eight percent (98%) of the total principal amount thereof, and
shall bear interest at a rate or rates of not to exceed six and one half percent (6.5%) per annum,
all as shall be approved by a Designated Officer, within the Parameters set forth herein.
Section 2.
The Designated Officers are each hereby authorized to select the
Purchaser, determine the final principal amounts, terms, discounts, maturities, interest rates,
redemption features, and purchase price with respect to the Series 2026 Notes for and on
behalf of the City, provided that such terms are within the Parameters set by this Resolution.
The selection of the Purchaser and the determination of the final terms and provisions for the
Series 2026 Notes by a Designated Officer shall be evidenced by the execution of the Note
Purchase Agreement in substantially the form attached hereto as Exhibit B. The form of the
Note Purchase Agreement is hereby authorized, approved and confirmed.
Section 3.
The Indenture, in substantially the form presented to this meeting and
attached hereto as Exhibit A is hereby authorized, approved, and confirmed. The Mayor or any
Mayor Pro Tem (the “Mayor”) and the City Recorder or any Deputy City Recorder (the “City
Recorder”) are hereby authorized to execute and deliver the General Indenture, the First
Supplemental Indenture and the Note Purchase Agreement in substantially the form and with
substantially the content as the form presented at this meeting for and on behalf of the City,
with final terms as may be established by the Designated Officers, within the Parameters set

4912-6625-4237, v. 6

forth herein, and with such alterations, changes or additions as may be necessary or as may be
authorized by Section 4 hereof.
Section 4.
The Designated Officers or other appropriate officials of the City are
authorized to make any alterations, changes or additions to the Indenture, the Series 2026
Notes and the Note Purchase Agreement or any other document herein authorized and
approved which may be necessary to conform the same to the final terms of the Series 2026
Notes (within the Parameters set by this Resolution), to conform to any applicable bond
insurance or reserve instrument or to remove the same, to correct errors or omissions therein,
to complete the same, to remove ambiguities therefrom, or to conform the same to other
provisions of said instruments, to the provisions of this Resolution or any resolution adopted
by the Council or the provisions of the laws of the State of Utah or the United States. The
execution thereof by any of the Designated Officers on behalf of the City shall conclusively
establish such necessity, appropriateness, and approval with respect to all such additions,
modifications, deletions, and changes incorporated therein.
Section 5.
The form, terms, and provisions of the Series 2026 Notes and the
provisions for the signatures, authentication, payment, registration, transfer, exchange,
redemption, and number shall be as set forth in the Indenture. The Mayor and the City
Recorder are hereby authorized and directed to execute and seal the Series 2026 Notes and to
deliver said Series 2026 Notes to the Purchaser. The signatures of the Mayor and the City
Recorder may be by facsimile or manual execution. The Series 2026 Notes shall recite that the
Series 2026 Notes are issued under the authority of the Constitution of the State of Utah, the
Act, and other applicable law.
Section 6.
Upon their issuance, the Series 2026 Notes will constitute special limited
obligations of the City payable solely from and to the extent of the sources set forth in the Series
2026 Notes and the Indenture including the sale proceeds of the Anticipated Bonds. It is
expected that the principal of such obligations will be fully paid from legally available monies
pledged to the City by the State of Utah which have not yet been received. No provision of this
Resolution, the Indenture, the Series 2026 Notes or any other instrument, shall be construed
as creating a general obligation of the City, or of creating a general obligation of the State of
Utah or any political subdivision thereof, or as incurring or creating a charge upon the general
credit of the City or its taxing powers.
Section 7.
The Designated Officer and other appropriate officials of the City, and
each of them, are hereby authorized and directed to execute and deliver for and on behalf of
the City any or all additional certificates, documents and other papers (including, without
limitation, any disclosure/tax compliance policies or reserve instrument guaranty agreements
permitted by the Indenture) and to perform all other acts they may deem necessary or
appropriate in order to implement and carry out the matters authorized in this Resolution and
the documents authorized and approved herein.

4912-6625-4237, v. 6

Section 8.
After the Series 2026 Notes are delivered to the Purchaser, and upon
receipt of payment therefor, this Resolution shall be and remain irrepealable until the principal
of, premium, if any, and interest on the Series 2026 Notes are deemed to have been duly
discharged in accordance with the terms and provisions of the Indenture.
Section 9. In accordance with the provisions of the Act, the City directs its officers and
staff to cause the Notice, to be published in substantially the form attached hereto as Exhibit C
as (a) a Class A notice under Section 63G-30-102 Utah Code Annotated 1953, as amended (“Utah
Code”) (i) on the Utah Public Notice Website created under Section 63A-16-601, Utah Code, (ii)
on the City’s official website, and (iii) in a public location within the City that is reasonably likely
to be seen by residents of the City, and (b) required in Section 45-1-101, Utah Code. The City
Recorder shall cause a copy of this Resolution (together with all exhibits hereto) to be kept on
file in the office of the City Recorder, for public examination during the regular business hours
of the City until at least thirty (30) days from and after the initial date of publication thereof.
Section 10. The City hereby reserves the right to opt not to issue the Series 2026
Notes for any reason, including without limitation, consideration of the opinions expressed at
the public hearing.
Section 11. The City hereby declares its intention and reasonable expectation to use
proceeds of tax-exempt bonds or notes to reimburse itself for initial expenditures for costs of
the Project. The Series 2026 Notes are to be issued, and the reimbursements made, by the later
of 18-months after the payment of the costs or after the Project is placed in service, but in any
event, no later than three years after the date the original expenditure was paid. The maximum
principal amount of the Series 2026 Notes which will be issued to finance the reimbursed costs
of the Project is not expected to exceed $30,000,000.
Section 12. All resolutions or parts thereof in conflict herewith are, to the extent of
such conflict, hereby repealed and this Resolution shall be in full force and effect immediately
upon its approval and adoption.

4912-6625-4237, v. 6

PASSED, ADOPTED AND APPROVED:

April 8, 2026.

______________________________
Mayor Natalie Hall
ATTEST:

[seal]

___________________________________
City Recorder
Voting by the Council:

Councilmember Aston
Councilmember Austin
Councilmember Lord
Councilmember Smith
Councilmember Wilding
Mayor Hall (tie only)

4912-6625-4237, v. 6

YES

NO

ABSTAIN

_____ _____ _____
_____ _____ _____
_____ _____ _____
_____ _____ _____
_____ _____ _____
_____ _____ _____

ABSENT
_____
_____
_____
_____
_____
_____

EXHIBIT A
FORM OF GENERAL INDENTURE AND SUPPLEMENTAL INDENTURE

4912-6625-4237, v. 6

EXHIBIT B
FORM OF NOTE PURCHASE AGREEMENT

EXHIBIT C
NOTICE OF BONDS TO BE ISSUED

NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding
Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, (the “Act”), that on April 8,
2026, the City Council (the “Council”) of Bluffdale City, Utah (the “City”), adopted a resolution
(the “Resolution”) in which it authorized the issuance of the City’s Sales Tax Revenue Bond
Anticipation Notes, Series 2026 (the “Notes”) (to be issued in one or more series and with
such other series or title designation(s) as may be determined by the City). .
PURPOSE FOR ISSUING THE NOTES

The Notes will be issued for the purpose of (a) financing all or a portion of the costs of
construction of a railroad underpass and all related improvements (collectively, the
“Project”) and (b) paying costs of issuance of the Notes.
PARAMETERS OF THE NOTES

The City intends to issue the Notes in the aggregate principal amount of not more than
Thirty Million Dollars ($30,000,000), to mature in not more than four (4) years from their date
or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal
amount thereof and bearing interest at a rate or rates not to exceed six and one-half percent
(6.5%) per annum. The Notes are to be issued and sold by the City pursuant to the
Resolution, including as part of said Resolution, a General Indenture of Trust and a First
Supplemental Indenture of Trust (together, the “Indenture”) which was before the Council in
substantially final form at the time of the adoption of the Resolution and said Indenture is to
be executed by the City in such form and with such changes thereto as shall be approved by
the City; provided that the principal amount, interest rate or rates, maturity, and discount of
the Notes will not exceed the maximums set forth above. The City reserves the right to not
issue the Notes for any reason and at any time up to the issuance of the Notes.
REVENUES OR PROCEEDS PROPOSED TO BE PLEDGED
The Notes are special limited obligations of the City payable as to interest solely from
100% of the Local Sales and Use Tax revenues received by the City pursuant to Title 59,
Chapter 12, Part 2, Utah Code Annotated 1953, as amended and up to 100% of any other sales
or excise taxes of the City legally available to be pledged as finalized by the officers of the City

(the “Revenues”), and payable as to principal solely from the proceeds of the sale of excise
tax revenue bonds secured by the Revenues to be issued at some future date.
OUTSTANDING BONDS SECURED BY REVENUES
The City currently has $0 of bonds outstanding secured by the Revenues.
OTHER OUTSTANDING BONDS OF THE CITY
Additional information regarding the City’s outstanding bonds may be found in the
City’s financial report (the “Financial Report”) at:
https://reporting.auditor.utah.gov/searchreport. For additional information, including any
information more recent than as of the date of the Financial Report, please contact the City
Manager at (801) 254-2200.
TOTAL ESTIMATED COST OF NOTES
Based on the City’s current plan of finance and a current estimate of interest rates, the
interest cost of the Notes to be issued under the Act to finance the Project, if held until
maturity, is $3,965,937, and the principal cost of the Notes to be issued under the Act to
finance the Project, if held until maturity, is $30,000,000, for a total principal and interest cost
of $33,965,937. (The City expects to refinance the $30,000,000 principal amount of the Notes
prior to the maturity of the Notes through the issuance of a longer term bond.)
A copy of the Resolution and the Indenture are on file in the office of City Recorder,
2222 West 14400 South, Bluffdale, Utah where they may be examined during regular business
hours of the City Recorder from 8:30 a.m. to 5:00 p.m. Monday through Friday, for a period of
at least thirty (30) days from and after the date of publication of this notice.
NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of
the publication of this notice is provided by law during which any person in interest shall have
the right to contest the legality of the Resolution, the Indenture or the Notes, or any provision
made for the security and payment of the Notes, and that after such time, no one shall have
any cause of action to contest the regularity, formality, or legality thereof for any cause
whatsoever.
DATED this April 8, 2026.

/s/ Tami Timothy___ ___
City Recorder

4912-6625-4237, v. 6

SALES TAX REVENUE BONDS
GENERAL INDENTURE OF TRUST
Dated as of __________, 2026
between
BLUFFDALE CITY, UTAH,
as Issuer
and
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
as Trustee

4924-0743-4909, v. 2

Table of Contents
Page
ARTICLE I
DEFINITIONS
Definitions................................................................................................................3
Indenture to Constitute Contract ............................................................................15
Construction ...........................................................................................................16
ARTICLE II
THE BONDS
Authorization of Bonds ..........................................................................................16
Description of Bonds; Payment .............................................................................16
Execution; Limited Obligation ..............................................................................17
Authentication and Delivery of Bonds ..................................................................18
Mutilated, Lost, Stolen or Destroyed Bonds ..........................................................20
Registration of Bonds; Persons Treated as Owners ...............................................20
Redemption Provisions ..........................................................................................21
Notice of Redemption ............................................................................................22
Partially Redeemed Fully Registered Bonds .........................................................23
Cancellation ...........................................................................................................23
Nonpresentation of Bonds......................................................................................24
Initial Bonds ...........................................................................................................24
Issuance of Additional Bonds ................................................................................24
Form of Bonds .......................................................................................................25
Covenant Against Creating or Permitting Liens ....................................................25
ARTICLE III
CREATION OF FUNDS AND ACCOUNTS
Creation of Construction Fund...............................................................................25
Creation of Bond Fund...........................................................................................25
Creation of Sinking Fund Account ........................................................................25
Creation of Debt Service Reserve Fund.................................................................26
Creation of Reserve Instrument Fund ....................................................................26
Creation of Rebate Fund ........................................................................................26
Creation of Revenue Fund .....................................................................................26
Creation of Funds and Accounts ............................................................................26
ARTICLE IV
APPLICATION OF BOND PROCEEDS

4924-0743-4909, v. 2

i

ARTICLE V
USE OF FUNDS
Use of Construction Fund ......................................................................................26
Application of Revenues ........................................................................................27
Use of Bond Fund ..................................................................................................29
Use of Sinking Fund Account ................................................................................30
Use of Debt Service Reserve Fund ........................................................................31
Use of Reserve Instrument Fund............................................................................31
Use of Rebate Fund ................................................................................................32
Investment of Funds ...............................................................................................33
Trust Funds ............................................................................................................34
Method of Valuation and Frequency of Valuation ................................................34
ARTICLE VI
GENERAL COVENANTS
General Covenants .................................................................................................34
First Lien Bonds; Equality of Liens .......................................................................35
Payment of Principal and Interest ..........................................................................35
Performance of Covenants; Issuer .........................................................................35
List of Bondholders................................................................................................36
Designation of Additional Paying Agents .............................................................36
Tax Exemption of Bonds and Direct Payments .....................................................36
Expeditious Construction .......................................................................................37
Instruments of Further Assurance ..........................................................................37
Covenant of State of Utah ......................................................................................37
ARTICLE VII
EVENTS OF DEFAULT; REMEDIES
Events of Default ...................................................................................................37
Remedies; Rights of Registered Owners ...............................................................39
Right of Registered Owners to Direct Proceedings ...............................................40
Application of Moneys ..........................................................................................40
Remedies Vested in Trustee...................................................................................41
Rights and Remedies of Registered Owners ..........................................................41
Termination of Proceedings ...................................................................................42
Waivers of Events of Default .................................................................................42
Cooperation of Issuer .............................................................................................43
ARTICLE VIII
THE TRUSTEE
Acceptance of the Trusts ........................................................................................43
Fees, Charges and Expenses of Trustee .................................................................45
Notice to Registered Owners if Event of Default Occurs ......................................45

4924-0743-4909, v. 2

ii

Intervention by Trustee ..........................................................................................45
Successor Trustee...................................................................................................46
Resignation by the Trustee.....................................................................................46
Removal of the Trustee ..........................................................................................46
Appointment of Successor Trustee by Registered Owners; Temporary Trustee ...46
Concerning Any Successor Trustee .......................................................................47
Trustee Protected in Relying Upon Indenture, Etc. ...............................................47
Successor Trustee as Trustee of Funds; Paying Agent and Bond Registrar ..........47
Trust Estate May Be Vested in Separate or Co-Trustee ........................................47
Annual Accounting ................................................................................................48
Indemnification ......................................................................................................48
Trustee’s Right to Own and Deal in Bonds ...........................................................48
Direct Payment Authorization ...............................................................................48
ARTICLE IX
SUPPLEMENTAL INDENTURES
Supplemental Indentures Not Requiring Consent of Registered Owners, Security
Instrument Issuers and Reserve Instrument Providers ...........................................49
Supplemental Indentures Requiring Consent of Registered Owners and Reserve
Instrument Providers; Waivers and Consents by Registered Owners ...................50
ARTICLE X
DISCHARGE OF INDENTURE
ARTICLE XI
MISCELLANEOUS
Consents, Etc., of Registered Owners ....................................................................53
Limitation of Rights ...............................................................................................53
Severability ............................................................................................................53
Notices ...................................................................................................................54
Trustee as Paying Agent and Registrar ..................................................................54
Counterparts ...........................................................................................................54
Applicable Law ......................................................................................................54
Immunity of Officers and Directors .......................................................................54
Holidays .................................................................................................................54
Effective Date ........................................................................................................54
Compliance with Act .............................................................................................54
EXHIBIT A

FORM OF REQUISITION ................................................................................. A-1

4924-0743-4909, v. 2

iii

THIS GENERAL INDENTURE OF TRUST, dated as of __________, 2026, by and
between Bluffdale City, Utah, political subdivision, municipal corporation and body politic duly
organized and existing under the Constitution and laws of the State of Utah (the “Issuer”), and
U.S. Bank Trust Company, National Association, a national banking association duly organized
and existing under the laws of the United States of America, authorized by law to accept and
execute trusts and having its principal corporate trust office in Salt Lake City, Utah, as trustee (the
“Trustee”),
W I T N E S S E T H:
WHEREAS, the Issuer desires to finance and/or refinance all or a portion of the costs of
facilities, equipment and improvements for the benefit of the Issuer pursuant to the Local
Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended and/or
the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended
(collectively, the “Act”); and
WHEREAS, the Issuer is authorized under the Act to issue its bonds secured by a pledge
of and payable from the Revenues described herein; and
WHEREAS, the Issuer desires to pledge said Revenues toward the payment of the Principal
and interest on Bonds issued hereunder:
NOW, THEREFORE, THIS INDENTURE OF TRUST WITNESSETH:
For and in consideration of the premises, the mutual covenants of the Issuer and the
Trustee, the purchase from time to time of the Bonds by the Registered Owners thereof, the
issuance by Security Instrument Issuers from time to time of Security Instruments and the issuance
by Reserve Instrument Providers from time to time of Reserve Instruments, and in order to secure
the payment of the Principal of and premium, if any, and interest on the Bonds, of all Repayment
Obligations according to their tenor and effect and the performance and observance by the Issuer
of all the covenants expressed or implied herein, in the Bonds, in all Security Instrument
Agreements and in all Reserve Instrument Agreements, the Issuer does hereby convey, assign and
pledge unto the Trustee and unto its successors in trust forever all right, title and interest of the
Issuer in and to (i) the Revenues, (ii) all moneys in funds and accounts held by the Trustee
hereunder (except the Rebate Fund), and (iii) all other rights hereinafter granted, first, for the
further securing of the Bonds and all Security Instrument Repayment Obligations, and second, for
the further security of all Reserve Instrument Repayment Obligations, subject only to the
provisions of this Indenture permitting the application thereof for the purposes and on the terms
and conditions set forth in this Indenture;
TO HAVE AND TO HOLD all the same with all privileges and appurtenances hereby and
hereafter conveyed and assigned, or agreed or intended so to be, to the Trustee and its respective
successors and assigns in such trust forever;
IN TRUST NEVERTHELESS, upon the terms and trust set forth in this Indenture, FIRST,
with respect to the Revenues, for the equal and proportionate benefit, security and protection of all
Registered Owners of the Bonds issued pursuant to and secured by this Indenture and all Security
Instrument Issuers without privilege, priority or distinction as to the lien or otherwise of any Bond
4924-0743-4909, v. 2

or Security Instrument Issuer over any other by reason of time of issuance, sale, delivery or
maturity or expiration thereof or otherwise for any cause whatsoever, except as expressly provided
in or permitted by this Indenture; and SECOND, for the equal and proportionate benefit, security
and protection of all Reserve Instrument Providers, without privilege, priority or distinction as to
the lien or otherwise of any Reserve Instrument Repayment Obligation over any of the others by
reason of time of issuance, delivery or expiration thereof or otherwise for any cause whatsoever;
PROVIDED, HOWEVER, that if the Issuer, its successors or assigns, shall well and truly
pay, or cause to be paid, the Principal and premium, if any, on the Bonds and the interest due or to
become due thereon, at the times and in the manner mentioned in the Bonds, all Security
Instrument Repayment Obligations, according to the true intent and meaning thereof, and all
Reserve Instrument Repayment Obligations, according to the true intent and meaning thereof, or
shall provide, as permitted by this Indenture, for the payment thereof as provided in Article X
hereof, and shall pay or cause to be paid to the Trustee all sums of money due or to become due to
it in accordance with the terms and provisions of this Indenture, then upon such final payments or
provisions for such payments by the Issuer, this Indenture, and the rights hereby granted, shall
terminate; otherwise this Indenture shall remain in full force and effect.
The terms and conditions upon which the Bonds are to be executed, authenticated,
delivered, secured and accepted by all persons who from time to time shall be or become
Registered Owners thereof, and the trusts and conditions upon which the Revenues are to be held
and disposed, which said trusts and conditions the Trustee hereby accepts, are as follows:

4924-0743-4909, v. 2

2

ARTICLE I
DEFINITIONS
Definitions. As used in this Indenture, the following terms shall have the
following meanings unless the context otherwise clearly indicates:
“Accreted Amount” means, with respect to Capital Appreciation Bonds of any Series and
as of the date of calculation, the amount representing the initial public offering price, plus the
accumulated and compounded interest on such Bonds, as established pursuant to the Supplemental
Indenture authorizing such Capital Appreciation Bonds.
“Act” means, the Local Government Bonding Act, Title 11, Chapter 14, Utah Code and
the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code, each to the extent applicable.
Bonds.

“Additional Bonds” means all Bonds issued under this Indenture other than the Initial

“Administrative Costs” means all Security Instrument Costs, Reserve Instrument Costs and
Rebatable Arbitrage.
“Aggregate Annual Debt Service Requirement” means the total Debt Service (including
any Repayment Obligations) for any one Bond Fund Year (or other specific period) on all Series
of Bonds Outstanding or any specified portion thereof.
“Authorized Amount” means, with respect to a Commercial Paper Program, the maximum
Principal amount of commercial paper which is then authorized by the Issuer to be outstanding at
any one time pursuant to such Commercial Paper Program.
“Authorized Representative” means the Mayor, Mayor Pro Tem, City Recorder, City
Manager, Treasurer or any other officer of the Issuer so designated in writing by an Authorized
Representative of the Issuer to the Trustee.
“Average Aggregate Annual Debt Service Requirement” means the total of all Aggregate
Annual Debt Service Requirements divided by the total Bond Fund Years of the Bonds
Outstanding or any specified portion thereof.
“Balloon Bonds” means, unless otherwise provided in the related Supplemental Indenture,
Bonds (and/or Security Instrument Repayment Obligations relating thereto), other than Bonds
which mature within one year of the date of issuance thereof, 25% or more of the Principal
Installments on which (a) are due or, (b) at the option of the Owner thereof may be redeemed,
during any period of twelve consecutive months; provided, however, that to constitute Balloon
Bonds, the Issuer must so designate such Bonds.
“Bond Fund” means Bluffdale City, Utah Sales Tax Revenue Bond Fund created in Section
3.2 hereof to be held by the Trustee and administered pursuant to Section 5.3 hereof.

4924-0743-4909, v. 2

3

“Bond Fund Year” means the 12-month period beginning July 1 of each year and ending
on the next succeeding June 30, except that the first Bond Fund Year shall begin on the date of
delivery of the Initial Bonds and shall end on the next succeeding June 30.
“Bondholder,” “Bondowner,” “Registered Owner” or “Owner” means the registered owner
of any Bonds herein authorized according to the registration books of the Issuer maintained by the
Trustee as Registrar.
“Bonds” means bonds, notes, commercial paper or other obligations (other than Repayment
Obligations) authorized by and at any time Outstanding pursuant to this Indenture, including the
Initial Bonds and any Additional Bonds.
“Build America Bonds” means the interest subsidy bonds issuable by the Issuer under
Sections 54AA and 6431 of the Code and a “qualified bond” under Section 54AA(g)(2) of the
Code or such other tax credit bonds of substantially similar nature which may be hereafter
authorized.
“Business Day” means any day (i)(a) on which banking business is transacted, but not
including any day on which banks are authorized to be closed in New York City or in the city in
which the Trustee has its Principal Corporate Trust Office or, with respect to a related Series of
Bonds, in the city in which any Security Instrument Issuer has its principal office for purposes of
such Security Instrument and (b) on which the New York Stock Exchange is open, or (ii) as
otherwise provided in a Supplemental Indenture.
“Capital Appreciation Bonds” means Bonds, the interest on which (i) is compounded and
accumulated at the rates and on the dates set forth in the Supplemental Indenture authorizing the
issuance of such Bonds and designating them as Capital Appreciation Bonds, and (ii) is payable
upon maturity or prior redemption of such Bonds.
“City Recorder” means the City Recorder of the Issuer and any deputy to the City Recorder
or any successor to the duties of such office.
“Code” means the Internal Revenue Code of 1986, as amended.
“Commercial Paper Program” means commercial paper obligations with maturities of not
more than two hundred seventy (270) days from the dates of issuance thereof which are issued
and reissued by the Issuer from time to time pursuant to Article II hereof and are outstanding up
to an Authorized Amount.
“Construction Fund” means Bluffdale City, Utah Sales Tax Revenue Construction Fund
created in Section 3.1 hereof to be held by the Trustee and administered pursuant to Section 5.1
hereof.
“Cost” or “Costs” or “Cost of Completion”, or any phrase of similar import, in connection
with a Project or with the refunding of any bonds, means all costs and expenses which are properly
chargeable thereto under generally accepted accounting principles or which are incidental to the
financing, acquisition and construction of a Project, or the refunding of any bonds, including,
without limiting the generality of the foregoing:
4924-0743-4909, v. 2

4

(a)

amounts payable to contractors and costs incident to the award of contracts;

(b)
cost of labor, facilities and services furnished by the Issuer and its
employees or others, materials and supplies purchased by the Issuer or others and permits
and licenses obtained by the Issuer or others;
(c)
engineering, architectural, legal, planning, underwriting, accounting and
other professional and advisory fees;
(d)
premiums for contract bonds and insurance during construction and costs
on account of personal injuries and property damage in the course of construction and
insurance against the same;
(e)
Project;

interest expenses, including interest on the Series of Bonds relating to a

(f)
printing, engraving and other expenses of financing, including fees of
financial rating services and other costs of issuing the Series of Bonds (including costs of
interest rate caps and costs related to Interest Rate Swaps (or the elimination thereof));
(g)
costs, fees and expenses in connection with the acquisition of real and
personal property or rights therein, including premiums for title insurance;
(h)
costs of furniture, fixtures, and equipment purchased by the Issuer and
necessary to construct a Project;
(i)
amounts required to repay temporary or bond anticipation loans or notes
made to finance the costs of a Project;
(j)
Project;
(k)

cost of site improvements performed by the Issuer in anticipation of a
moneys necessary to fund the Funds created under this Indenture;

(l)
costs of the capitalization with proceeds of a Series of Bonds issued
hereunder of any operation and maintenance expenses and other working capital
appertaining to any facilities to be acquired for a Project and of any interest on a Series of
Bonds for any period not exceeding the period estimated by the Issuer to effect the
construction of a Project plus one year, as herein provided, of any discount on bonds or
other securities, and of any reserves for the payment of the Principal of and interest on a
Series of Bonds, of any replacement expenses and of any other cost of issuance of a Series
of Bonds or other securities, Security Instrument Costs and Reserve Instrument Costs;
(m)
costs of amending any indenture or other instrument authorizing the
issuance of or otherwise appertaining to a Series of Bonds;

4924-0743-4909, v. 2

5

(n)
all other expenses necessary or desirable and appertaining to a Project, as
estimated or otherwise ascertained by the Issuer, including costs of contingencies for a
Project; and
(o)
payment to the Issuer of such amounts, if any, as shall be necessary to
reimburse the Issuer in full for advances and payments theretofore made or costs
theretofore incurred by the Issuer for any item of Costs.
In the case of refunding or redeeming any bonds or other obligations, “Cost” includes, without
limiting the generality of the foregoing, the items listed in (c), (e), (f), (i), (k), (l), (m) and (o)
above, advertising and other expenses related to the redemption of such bonds to be redeemed and
the redemption price of such bonds (and the accrued interest payable on redemption to the extent
not otherwise provided for).
“Cross-over Date” means, with respect to Cross-over Refunding Bonds, the date on which
the Principal portion of the related Cross-over Refunded Bonds is to be paid or redeemed from the
proceeds of such Cross-over Refunding Bonds.
“Cross-over Refunded Bonds” means Bonds or other obligations refunded by Cross-over
Refunding Bonds.
“Cross-over Refunding Bonds” means Bonds issued for the purpose of refunding Bonds
or other obligations if the proceeds of such Cross-over Refunding Bonds are irrevocably deposited
in escrow in satisfaction of the requirements of Section 11-27-3, Utah Code, to secure the payment
on an applicable redemption date or maturity date of the Cross-over Refunded Bonds (subject to
possible use to pay Principal of the Cross-over Refunding Bonds under certain circumstances) and
the earnings on such escrow deposit are required to be applied to pay interest on the Cross-over
Refunding Bonds until the Cross-over Date.
“Current Interest Bonds” means all Bonds other than Capital Appreciation Bonds. Interest
on Current Interest Bonds shall be payable periodically on the Interest Payment Dates provided
therefor in a Supplemental Indenture.
“Debt Service” means, for any particular Bond Fund Year and for any Series of Bonds and
any Repayment Obligations, an amount equal to the sum of (i) all interest payable during such
Bond Fund Year on such Series of Bonds plus (ii) the Principal Installments payable during such
Bond Fund Year on (a) such Bonds Outstanding, calculated on the assumption that Bonds
Outstanding on the day of calculation cease to be Outstanding by reason of, but only by reason of,
payment either upon maturity or application of any Sinking Fund Installments required by the
Indenture, and (b) such Repayment Obligations then outstanding;
provided, however, for purposes of Section 2.13 hereof,
(1)
when calculating interest payable during such Bond Fund Year for any Series of
Variable Rate Bonds or Repayment Obligations bearing interest at a variable rate which cannot be
ascertained for any particular Bond Fund Year, it shall be assumed that such Series of Variable
Rate Bonds or related Repayment Obligations will bear interest at such market rate of interest
applicable to such Series of Variable Rate Bonds or related Repayment Obligations, as shall be
4924-0743-4909, v. 2

6

established for this purpose in the opinion of the Issuer’s financial advisor, underwriter or similar
agent (which market rate of interest may be based upon a recognized comparable market index, an
average of interest rates for prior years or otherwise);
(2)
when calculating interest payable during such Bond Fund Year for any Series of
Variable Rate Bonds which are issued with a floating rate and with respect to which an Interest
Rate Swap is in effect in which the Issuer has agreed to pay a fixed interest rate, such Series of
Variable Rate Bonds shall be deemed to bear interest at the effective fixed annual rate thereon as
a result of such Interest Rate Swap; provided that such effective fixed annual rate may be utilized
only if such Interest Rate Swap does not result in a reduction or withdrawal of any rating then in
effect with respect to the Bonds and so long as such Interest Rate Swap is contracted to remain in
full force and effect;
(3)
when calculating interest payable during such Bond Fund Year for any Series of
Bonds which are issued with a fixed interest rate and with respect to which an Interest Rate Swap
is in effect in which the Issuer has agreed to pay a floating amount, Debt Service shall include the
interest payable on such Series of Bonds, less fixed amounts to be received by the Issuer under
such Interest Rate Swap plus the amount of the floating payments (using the market rate in a
manner similar to that described in (1) above, unless another method of estimation is more
appropriate, in the opinion of the Issuer’s financial advisor, underwriter or similar agent with the
approval of each Rating Agency, for such floating payments) to be made by the Issuer under the
Interest Rate Swap; provided that the above described calculation of Debt Service may be utilized
only if such Interest Rate Swap does not result in a reduction or withdrawal of any rating then in
effect with respect to the Bonds and so long as such Interest Rate Swap is contracted to remain in
full force and effect;
(4)
when calculating interest payable during such Bond Fund Year with respect to any
Commercial Paper Program, Debt Service shall include an amount equal to the sum of all Principal
and interest payments that would be payable during such Bond Fund Year assuming that the
Authorized Amount of such Commercial Paper Program is amortized on a level debt service basis
over a period of 30 years beginning on the date of calculation or, if later, the last day of the period
during which obligations can be issued under such Commercial Paper Program, and bearing
interest at such market rate of interest applicable to such Commercial Paper Program as shall be
established for this purpose in the opinion of the Issuer’s financial advisor, underwriter or similar
agent (which market rate of interest may be based upon a recognized comparable market index,
an average of interest rates for prior years or otherwise);
(5)
when calculating interest payable on Bonds that are Paired Obligations, the interest
rate on such Bonds shall be the resulting linked rate or effective fixed interest rate to be paid by
the Issuer with respect to such Paired Obligations; and
(6)
amortization of Balloon Bonds may be assumed on a level debt service basis over
a twenty-year period at the interest rate based on the Revenue Bond Index as last published in The
Bond Buyer, provided that the full amount of Balloon Bonds shall be included in the calculation
if the calculation is made within twelve (12) months of the actual maturity of such Balloon Bonds
and no credit facility exists;

4924-0743-4909, v. 2

7

and further provided, that there shall be excluded from Debt Service (a) interest on Bonds
(including Cross-over Refunding Bonds or Cross-over Refunded Bonds) to the extent that
Escrowed Interest or capitalized interest is available to pay such interest, (b) Principal on Crossover Refunded Bonds to the extent that the proceeds of Cross-over Refunding Bonds are on deposit
in an irrevocable escrow in satisfaction of the requirements of Section 11-27-3, Utah Code, as
amended, and such proceeds or the earnings thereon are required to be applied to pay such
Principal (subject to the possible use to pay the Principal of the Cross-over Refunding Bonds under
certain circumstances) and such amounts so required to be applied are sufficient to pay such
Principal, (c) Repayment Obligations to the extent that payments on Pledged Bonds relating to
such Repayment Obligations satisfy the Issuer’s obligation to pay such Repayment Obligations
and (d) all interest on Bonds to the extent of Direct Payments attributable to Debt Service on
Outstanding Bonds or Additional Bonds proposed to be issued.
“Debt Service Reserve Fund” means Bluffdale City, Utah Sales Tax Revenue Debt Service
Reserve Fund created in Section 3.4 hereof to be held by the Trustee and administered pursuant
to Section 5.5 hereof.
“Debt Service Reserve Requirement” means, with respect to each Series of Bonds issued
pursuant to this Indenture, unless otherwise provided in the related Supplemental Indenture, an
amount equal to the least of (a) ten percent (10%) of the proceeds of such Series of Bonds
determined on the basis of original Principal amount (unless original issue premium or original
issue discount exceeds two percent (2%) of original Principal, then determined on the basis of
initial purchase price to the public), (b) the maximum annual Debt Service during any Bond Fund
Year for such Series of Bonds, and (c) one hundred twenty-five percent (125%) of the average
annual Debt Service for such Series of Bonds; provided, however, that in the event any Series of
Refunding Bonds is issued to refund only a portion and not all of the then Outstanding Bonds of
any other Series issued pursuant to this Indenture (the “Prior Bonds”), then the portion of such
Series of Prior Bonds that remain Outstanding immediately after the issuance of such Refunding
Bonds and the portion of such Refunding Bonds that is allocable to the refunding of such Series
of Prior Bonds may be combined and treated as a single Series for purpose of determining the
Debt Service Reserve Requirement relating to such combined Series and the resulting requirement
shall be allocated among the two (2) Series pro rata based upon the total Principal amount
remaining Outstanding for each Series. The Debt Service Reserve Requirement may be funded
by proceeds from the sale of such Series of Bonds, by a Reserve Instrument as herein provided or,
if provided in the related Supplemental Indenture, may be accumulated over time. Each account
of the Debt Service Reserve Fund shall only be used with respect to the related Series of Bonds.
“Direct Obligations” means noncallable Government Obligations.
“Direct Payments” means the interest subsidy payments received by the Issuer from the
Internal Revenue Service pursuant to Section 6431 of the Code or other similar programs with
respect to Bonds issued hereunder.
“Escrowed Interest” means amounts irrevocably deposited in escrow in accordance with
the requirements of Section 11-27-3, Utah Code, in connection with the issuance of refunding
bonds or Cross-over Refunding Bonds secured by such amounts or earnings on such amounts

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which are required to be applied to pay interest on such Cross-over Refunding Bonds or the related
Cross-over Refunded Bonds.
“Event of Default” means with respect to any default or event of default hereunder any
occurrence or event specified in and defined by Section 7.1 hereof.
“Fitch” means Fitch Ratings, Inc.
“Governing Body” means the City Council of the Issuer.
“Government Obligations” means solely one or more of the following:
(a)
(“SLGS”);

State and Local Government Series issued by the United States Treasury

(b)

United States Treasury bills, notes and bonds, as traded on the open market;

(c)

Zero Coupon United States Treasury Bonds; and

(d)
Any other direct obligations of or obligations fully and unconditionally
guaranteed by, the United States of America (including, without limitation, obligations
commonly referred to as “REFCORP strips”).
“Indenture” means this General Indenture of Trust as from time to time amended or
supplemented by Supplemental Indentures in accordance with the terms of this Indenture.
“Initial Bonds” means the first Series of Bonds issued under this Indenture.
Bonds.

“Interest Payment Date” means the stated payment date of an installment of interest on the

“Interest Rate Swap” means an agreement between the Issuer or the Trustee and a Swap
Counterparty related to a Series of Bonds whereby (i) a variable rate cash flow (which may be
subject to any interest rate cap) on a principal or notional amount is exchanged for a fixed rate of
return on an equal principal or notional amount or (ii) a fixed rate cash flow on a principal or
notional amount is exchanged for a variable rate of return (which may be subject to any interest
rate cap) on an equal principal or notational amount. If the Issuer or the Trustee enters into more
than one Interest Rate Swap with respect to a Series of Bonds, each Interest Rate Swap shall specify
the same payment dates.
“Issuer” means Bluffdale City, Utah and its successors.
“Mayor” means the Mayor of the Issuer or any successor to the duties of such office.
“Moody’s” means Moody’s Investors Service, Inc.
“MSRB” means the Municipal Securities Rulemaking Board.

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“Outstanding” or “Bonds Outstanding” means at any date all Bonds which have not been
canceled which have been or are being authenticated and delivered by the Trustee under this
Indenture, except:
(a)
Any Bond or portion thereof which at the time has been paid or deemed
paid pursuant to Article X of this Indenture; and
(b)
Any Bond in lieu of or in substitution for which a new Bond shall have been
authenticated and delivered hereunder, unless proof satisfactory to the Trustee is presented
that such Bond is held by a bona fide holder in due course.
“Owner(s)” or “Registered Owner(s)” means the registered owner(s) of the Bonds
according to the registration books of the Issuer maintained by the Trustee as Registrar for the
Bonds pursuant to Sections 2.6, 6.5, and 11.5 hereof.
“Paired Obligations” means any Series (or portion thereof) of Bonds designated as Paired
Obligations in the Supplemental Indenture authorizing the issuance or incurrence thereof, which
are simultaneously issued or incurred (i) the Principal of which is of equal amount maturing and
to be redeemed (or cancelled after acquisition thereof) on the same dates and in the same amounts,
and (ii) the interest rates of which, when taken together, result in an irrevocably fixed interest rate
obligation of the Issuer for the terms of such Bonds.
“Paying Agent” means the Trustee, appointed as the initial paying agent for the Bonds
pursuant to Sections 6.6 and 11.5 hereof, and any additional or successor paying agent appointed
pursuant hereto.
“Pledged Bonds” means any Bonds that have been (i) pledged or in which any interest has
otherwise been granted to a Security Instrument Issuer as collateral security for Security
Instrument Repayment Obligations or (ii) purchased and held by a Security Instrument Issuer
pursuant to a Security Instrument.
“Principal” means (i) with respect to any Capital Appreciation Bond, the Accreted Amount
thereof (the difference between the stated amount to be paid at maturity and the Accreted Amount
being deemed unearned interest), except as used in connection with the authorization and issuance
of Bonds and with the order of priority of payment of Bonds after an Event of Default, in which
case “Principal” means the initial public offering price of a Capital Appreciation Bond (the
difference between the Accreted Amount and the initial public offering price being deemed
interest), and (ii) with respect to any Current Interest Bond, the Principal amount of such Bond
payable at maturity.
“Principal Corporate Trust Office” means, with respect to the Trustee, the office of the
Trustee at 170 South Main Street, 2nd Floor, Salt Lake City, Utah, or such other or additional
offices as may be specified by the Trustee.
“Principal Installment” means, as of any date of calculation, (i) with respect to any Series
of Bonds, so long as any Bonds thereof are Outstanding, (a) the Principal amount of Bonds of such
Series due on a certain future date for which no Sinking Fund Installments have been established,
or (b) the unsatisfied balance of any Sinking Fund Installment due on a certain future date for
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Bonds of such Series, plus the amount of the sinking fund redemption premiums, if any, which
would be applicable upon redemption of such Bonds on such future date in a Principal amount
equal to such unsatisfied balance of such Sinking Fund Installment and (ii) with respect to any
Repayment Obligations, the Principal amount of such Repayment Obligations due on a certain
future date.
“Project” means the acquisition, construction, and/or improvement of capital facilities,
equipment and/or improvements financed or refinanced with a Series of Bonds that qualifies as an
appropriate use for the Revenues.
“Put Bond” means any Bond which is part of a Series of Bonds which is subject to purchase
by the Issuer, its agent or a third party from the Owner of the Bond pursuant to provisions of the
Supplemental Indenture authorizing the issuance of the Put Bond and designating it as a “Put
Bond”.
“Qualified Investments” means any of the following securities:
(a)

Government Obligations;

(b)
Obligations of any of the following federal agencies which obligations
represent full faith and credit obligations of the United States of America including: the
Export-Import Bank of the United States; the Government National Mortgage Association;
the Federal Financing Bank; the Farmer’s Home Administration; the Federal Housing
Administration; the Maritime Administration: General Services Administration, Small
Business Administration; or the Department of Housing and Urban Development (PHA’s);
(c)
Money market funds rated “AAAm” or “AAAm-G” or better by S & P
and/or the equivalent rating or better of Moody’s (if so rated), including money market
funds from which the Trustee or its affiliates derive a fee for investment advisory services
to such funds;
(d)
Commercial paper which is rated at the time of purchase in the single
highest classification, “P-1” by Moody’s or “A-1+” by S&P, and which matures not more
than 270 days after the date of purchase;
(e)
Bonds, notes or other evidences of indebtedness rated “AAA” by S&P and
“Aaa” by Moody’s issued by the Federal National Mortgage Association or the Federal
Home Loan Mortgage Corporation with remaining maturities not exceeding three years;
(f)
U.S. dollar denominated deposit accounts, federal funds and banker’s
acceptances with domestic commercial banks, including the Trustee and its affiliates,
which have a rating on their short-term certificates of deposit on the date or purchase of
“A-1” or “A-1+” by S&P and “P-1” by Moody’s and maturing no more than 360 days after
the date of purchase (ratings on holding companies are not considered as the rating of the
bank);
(g)
The fund held by the Treasurer for the State of Utah and commonly known
as the Utah State Public Treasurer’s Investment Fund; and
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(h)
Any other investments or securities permitted for investment of public funds
under the State Money Management Act of 1974, Title 51, Chapter 7, Utah Code,
Annotated 1953, as amended, including investments contracts permitted by Section 51-717(2)(d) thereof.
“Rating Agency” means Fitch, Moody’s or S&P and their successors and assigns, but only
to the extent such rating agency is then providing a rating on a Series of Bonds issued hereunder
at the request of the Issuer. If any such Rating Agency ceases to act as a securities rating agency,
the Issuer may designate any nationally recognized securities rating agency as a replacement.
“Rating Category” or “Rating Categories” mean one or more of the generic rating
categories of a Rating Agency, without regard to any refinement or gradation of such rating
category or categories by a numerical modifier or otherwise.
“Rebatable Arbitrage” means with respect to any Series of Bonds where (i) the interest
thereon is intended to be excludable from gross income for federal income tax purposes or (ii)
Direct Payments are applicable, the amount (determinable as of each Rebate Calculation Date) of
rebatable arbitrage payable to the United States at the times and in the amounts specified in Section
148(f)(3) of the Code and Section 1.148-3 of the Regulations.
“Rebate Calculation Date” means, with respect to any Series of Bonds where (i) the interest
thereon is intended to be excludable from gross income for federal income tax purposes or (ii)
Direct Payments are applicable, the Interest Payment Date next preceding the fifth anniversary of
the issue date of such Series of Bonds, each fifth anniversary of the initial rebate calculation date
for such Series of Bonds, and the date of retirement of the last Bond for such Series.
“Rebate Fund” means Bluffdale City, Utah Sales Tax Revenue Rebate Fund created in
Section 3.6 hereof to be held by the Trustee and administered pursuant to Section 5.7 hereof.
“Registrar” means the Trustee (or other party designated as Registrar by Supplemental
Indenture), appointed as the registrar for the Bonds pursuant to Sections 2.6 and 11.5 hereof, and
any additional or successor registrar appointed pursuant hereto.
“Regular Record Date” means, unless otherwise provided by Supplemental Indenture for
a Series of Bonds, the fifteenth day immediately preceding each Interest Payment Date.
“Regulations,” and all references thereto means the applicable final, proposed and
temporary United States Treasury Regulations promulgated with respect to Sections 103 and 141
through 150 of the Code, including all amendments thereto made hereafter.
“Remarketing Agent” means the remarketing agent or commercial paper dealer appointed
by the Issuer pursuant to a Supplemental Indenture.
“Repayment Obligations” means, collectively, all outstanding Security Instrument
Repayment Obligations and Reserve Instrument Repayment Obligations.
“Reserve Instrument” means a device or instrument issued by a Reserve Instrument
Provider to satisfy all or any portion of the Debt Service Reserve Requirement applicable to a
4924-0743-4909, v. 2

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Series of Bonds. The term “Reserve Instrument” includes, by way of example and not of
limitation, letters of credit, bond insurance policies, surety bonds, standby bond purchase
agreements, lines of credit and other devices.
“Reserve Instrument Agreement” means any agreement entered into by the Issuer and a
Reserve Instrument Provider pursuant to a Supplemental Indenture (including the applicable
portions of a Supplemental Indenture) and providing for the issuance by such Reserve Instrument
Provider of a Reserve Instrument.
“Reserve Instrument Costs” means all fees, premiums, expenses and similar costs, other
than Reserve Instrument Repayment Obligations, required to be paid to a Reserve Instrument
Provider pursuant to a Reserve Instrument Agreement. Each Reserve Instrument Agreement shall
specify the fees, premiums, expenses and costs constituting Reserve Instrument Costs.
“Reserve Instrument Coverage” means, as of any date of calculation, the aggregate amount
available to be paid to the Trustee pursuant hereto under all Reserve Instruments.
“Reserve Instrument Fund” means Bluffdale City, Utah Sales Tax Revenue Reserve
Instrument Fund created in Section 3.5 hereof to be held by the Trustee and administered pursuant
to Section 5.6 hereof.
“Reserve Instrument Limit” means, as of any date of calculation and with respect to any
Reserve Instrument, the maximum aggregate amount available to be paid under such Reserve
Instrument into the Debt Service Reserve Fund assuming for purposes of such calculation that the
amount initially available under each Reserve Instrument has not been reduced or that the amount
initially available under each Reserve Instrument has only been reduced as a result of the payment
of Principal of the applicable Series of Bonds.
“Reserve Instrument Provider” means any bank, savings and loan association, savings
bank, thrift institution, credit union, insurance company, surety company or other institution
issuing a Reserve Instrument.
“Reserve Instrument Repayment Obligations” means, as of any date of calculation and
with respect to any Reserve Instrument Agreement, those outstanding amounts payable by the
Issuer under such Reserve Instrument Agreement to repay the Reserve Instrument Provider for
payments previously made by it pursuant to a Reserve Instrument. There shall not be included in
the calculation of Reserve Instrument Repayment Obligations any Reserve Instrument Costs.
“Revenue Fund” means Bluffdale City, Utah Sales Tax Revenue Fund created in Section
3.7 hereof to be held by the Issuer and administered pursuant to Section 5.2 hereof.
“Revenues” means (i) 100% of the Sales and Use Tax and (ii) Direct Payments.
“S&P” means S&P Global Ratings.
“Sales and Use Tax” means 100% of the sales and use tax revenues received by the Issuer
pursuant to the Local Sales and Use Tax Act, Title 59, Chapter 12, Part 2 of the Utah Code.

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“Security Instrument” means an instrument or other device issued by a Security Instrument
Issuer to pay, or to provide security or liquidity for, a Series of Bonds. The term “Security
Instrument” includes, by way of example and not of limitation, letters of credit, bond insurance
policies, standby bond purchase agreements, lines of credit and other security instruments and
credit enhancement or liquidity devices (but does not include a Reserve Instrument); provided,
however, that no such device or instrument shall be a “Security Instrument” for purposes of this
Indenture unless specifically so designated in a Supplemental Indenture authorizing the use of
such device or instrument.
“Security Instrument Agreement” means any agreement entered into by the Issuer and a
Security Instrument Issuer pursuant to a Supplemental Indenture (including the applicable portions
of a Supplemental Indenture) providing for the issuance by such Security Instrument Issuer of a
Security Instrument.
“Security Instrument Costs” means, with respect to any Security Instrument, all fees,
premiums, expenses and similar costs, other than Security Instrument Repayment Obligations,
required to be paid to a Security Instrument Issuer pursuant to a Security Instrument Agreement
or the Supplemental Indenture authorizing the use of such Security Instrument. Such Security
Instrument Agreement or Supplemental Indenture shall specify any fees, premiums, expenses and
costs constituting Security Instrument Costs.
“Security Instrument Issuer” means any bank or other financial institution, insurance
company, surety company or other institution issuing a Security Instrument.
“Security Instrument Repayment Obligations” means, as of any date of calculation and
with respect to any Security Instrument Agreement, any outstanding amounts payable by the Issuer
under the Security Instrument Agreement or the Supplemental Indenture authorizing the use of
such Security Instrument to repay the Security Instrument Issuer for payments previously or
concurrently made by the Security Instrument Issuer pursuant to a Security Instrument. There
shall not be included in the calculation of the amount of Security Instrument Repayment
Obligations any Security Instrument Costs.
“Series” means all of the Bonds authenticated and delivered on original issuance and
identified pursuant to the Supplemental Indenture authorizing such Bonds as a separate Series of
Bonds, and any Bonds thereafter authenticated and delivered in lieu thereof or in substitution
therefor.
“Sinking Fund Account” means Bluffdale City, Utah Sales Tax Revenue Sinking Fund
Account of the Bond Fund created in Section 3.3 hereof to be held by the Trustee and administered
pursuant to Section 5.4 hereof.
“Sinking Fund Installment” means the amount of money which is required to be deposited
into the Sinking Fund Account in each Bond Fund Year for the retirement of Term Bonds as
specified in the Supplemental Indenture authorizing said Term Bonds (whether at maturity or by
redemption), and including the redemption premium, if any.
“Special Record Date” means such date as may be fixed for the payment of defaulted
interest on the Bonds in accordance with this Indenture.
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“State” means the State of Utah.
“Supplemental Indenture” means any supplemental indenture between the Issuer and the
Trustee entered into pursuant to and in compliance with the provisions of Article IX hereof.
“Swap Counterparty” means a member of the International Swap Dealers Association
rated in one of the three top Rating Categories by at least one of the Rating Agencies and meeting
the requirements of applicable laws of the State.
“Swap Payments” means as of each payment date specified in an Interest Rate Swap, the
amount, if any, payable to the Swap Counterparty by the Issuer. Swap Payments do not include
any Termination Payments.
“Swap Receipts” means as of each payment date specified in an Interest Rate Swap, the
amount, if any, payable for the account of the Issuer by the Swap Counterparty. Swap Receipts
do not include amounts received with respect to the early termination or modification of an Interest
Rate Swap.
“Term Bonds” means the Bonds which shall be subject to retirement by operation of
mandatory sinking fund redemptions from the Sinking Fund Account.
“Termination Payments” means the amount payable to the Swap Counterparty by the Issuer
with respect to the early termination or modification of an Interest Rate Swap. Termination
Payments may only be payable from and secured by Revenues after payment of all amounts then
due pursuant to the Indenture.
“Trustee” means U.S. Bank Trust Company, National Association, or any successor
corporation resulting from or surviving any consolidation or merger to which it or its successors
may be a party and any successor trustee at any time serving as successor trustee hereunder.
“Utah Code” means Utah Code Annotated 1953, as amended.
“Variable Rate Bonds” means, as of any date of calculation, Bonds, the interest on which
for any future period of time, is to be calculated at a rate which is not susceptible to a precise
determination.
Indenture to Constitute Contract. In consideration of the purchase and
acceptance from time to time of any and all of the Bonds authorized to be issued hereunder by the
Registered Owners thereof, the issuance from time to time of any and all Security Instruments by
the Security Instrument Issuers, and the issuance from time to time of any and all Reserve
Instruments by Reserve Instrument Providers pursuant hereto, this Indenture shall be deemed to
be and shall constitute a contract between the Issuer and the Owners from time to time of the
Bonds, the Security Instrument Issuers and the Reserve Instrument Providers; and the pledge made
in this Indenture and the covenants and agreements herein set forth to be performed by or on behalf
of the Issuer shall be, FIRST, for the equal benefit, protection and security of the Owners of any
and all of the Bonds and the Security Instrument Issuers of any and all of the Security Instruments
all of which, regardless of the time or times of their issuance and delivery or maturity or expiration,
shall be of equal rank without preference, priority or distinction of any of the Bonds or Security
4924-0743-4909, v. 2

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Instrument Repayment Obligations over any others, except as expressly provided in or permitted
by this Indenture, and SECOND, for the equal benefit, protection and security of the Reserve
Instrument Providers of any and all of the Reserve Instruments which, regardless of the time or
times of their issuance, delivery or termination, shall be of equal rank without preference, priority
or distinction of any Reserve Instrument over any other thereof.
Construction. This Indenture, except where the context by clear implication
herein otherwise requires, shall be construed as follows:
(a)
The terms “hereby,” “hereof,” “herein,” “hereto,” “hereunder”, and any
similar terms used in this Indenture shall refer to this Indenture in its entirety unless the
context clearly indicates otherwise.
(b)
Words in the singular number include the plural, and words in the plural
include the singular.
(c)
Words in the masculine gender include the feminine and the neuter, and
when the sense so indicates, words of the neuter gender refer to any gender.
(d)
Articles, sections, subsections, paragraphs and subparagraphs mentioned by
number, letter, or otherwise, correspond to the respective articles, sections, subsections,
paragraphs and subparagraphs hereof so numbered or otherwise so designated.
(e)
The titles or leadlines applied to articles, sections and subsections herein are
inserted only as a matter of convenience and ease in reference and in no way define, limit
or describe the scope or intent of any provisions of this Indenture.
ARTICLE II
THE BONDS
Authorization of Bonds. There is hereby authorized for issuance hereunder
Bonds which may, if and when authorized by Supplemental Indenture, be issued in one or more
separate Series. Each Series of Bonds shall be authorized by a Supplemental Indenture, which
shall state the purpose or purposes for which each such Series of Bonds is being issued. The
aggregate Principal amount of Bonds which may be issued shall not be limited except as provided
herein or as may be limited by law provided that the aggregate Principal amount of Bonds of each
such Series shall not exceed the amount specified in the Supplemental Indenture authorizing each
such Series of Bonds.
Description of Bonds; Payment.
(a)
Each Series of Bonds issued under the provisions hereof may be issued only
as registered bonds. Unless otherwise specified in the Supplemental Indenture authorizing
such Series of Bonds, each Series of Bonds shall be in the denomination of Five Thousand
Dollars ($5,000) each or any integral multiple thereof, shall be numbered consecutively
from R-1 upwards and shall bear interest payable on each Interest Payment Date.

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(b)
Each Series of Bonds issued under the provisions hereof shall be dated, shall
bear interest at a rate or rates not exceeding the maximum rate permitted by law on the date
of initial issuance of such Series, shall be payable on the days, shall be stated to mature on
the days and in the years and shall be subject to redemption prior to their respective
maturities, all as set forth in the Supplemental Indenture authorizing such Series of Bonds.
Each Series of Bonds shall be designated “Sales Tax Revenue [Refunding] Bonds, Series
____ [Federally Taxable],” in each case inserting the year in which the Bonds are issued
and, if necessary, an identifying Series letter.
(c)
Both the Principal of and the interest on the Bonds shall be payable in lawful
money of the United States of America. Payment of the interest on any Bond shall be made
to the person appearing on the Bond registration books of the Registrar hereinafter provided
for as the Registered Owner thereof by check or draft mailed on the Interest Payment Date
to the Registered Owner at his address as it appears on such registration books or to owners
of $1,000,000 or more in aggregate Principal amount of Bonds (or owners of 100% of any
Series then Outstanding) by wire transfer to a bank account located in the United States of
America designated by the Registered Owner in written instructions furnished to the
Trustee no later than the Regular Record Date for such payment. Unless otherwise
specified in the related Supplemental Indenture, the interest on Bonds so payable and
punctually paid and duly provided for on any Interest Payment Date will be paid to the
person who is the Registered Owner thereof at the close of business on the Regular Record
Date for such interest immediately preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for shall forthwith cease to be payable to
the registered owner of any Bond on such Regular Record Date, and may be paid to the
person who is the Registered Owner thereof at the close of business on a Special Record
Date for the payment of such defaulted interest to be fixed by the Trustee, notice thereof to
be given to such Registered Owner not less than ten (10) days prior to such Special Record
Date. The Principal of and premium, if any, on Bonds are payable upon presentation and
surrender thereof at the Principal Corporate Trust Office of the Trustee as Paying Agent,
except as otherwise provided by Supplemental Indenture. All such payments shall be valid
and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum
or sums so paid.
(d)
The Bonds of each Series may contain or have endorsed thereon such
provisions, specifications and descriptive words not inconsistent with the provisions hereof
as may be necessary or desirable to comply with custom, the rules of any securities
exchange or commission or brokerage board or otherwise, as may be specified in the
Supplemental Indenture authorizing such Series of Bonds.
Execution; Limited Obligation. Unless otherwise specified in the related
Supplemental Indenture, the Bonds of any Series shall be executed on behalf of the Issuer with the
manual or official facsimile signature of its Mayor, countersigned with the manual or official
facsimile signature of the City Recorder, and shall have impressed or imprinted thereon the
corporate seal or facsimile thereof of the Issuer. In case any officer, the facsimile of whose
signature shall appear on the Bonds, shall cease to be such officer before the delivery of such
Bonds, such facsimile shall nevertheless be valid and sufficient for all purposes, the same as if he
had remained in office until delivery.
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The Bonds, together with interest thereon, and all Repayment Obligations shall be limited
obligations of the Issuer payable solely from the Revenues (except to the extent paid out of moneys
attributable to the Bond proceeds or other funds created hereunder (except the Rebate Fund) or
the income from the temporary investment thereof). The Bonds shall be a valid claim of the
Registered Owners thereof only against the Revenues and other moneys in funds and accounts
held by the Trustee hereunder (except the Rebate Fund) and the Issuer hereby pledges and assigns
the same for the equal and ratable payment of the Bonds and all Repayment Obligations, and the
Revenues shall be used for no other purpose than to pay the Principal of, premium, if any, and
interest on the Bonds and to pay the Repayment Obligations, except as may be otherwise expressly
authorized herein or by Supplemental Indenture. The issuance of the Bonds and delivery of any
Security Instrument Agreement or Reserve Instrument Agreement shall not, directly, indirectly or
contingently, obligate the Issuer or any agency, instrumentality or political subdivision thereof to
levy any form of ad valorem taxation therefor.
Authentication and Delivery of Bonds.
(a)
The Issuer shall deliver executed Bonds of each Series to the Trustee for
authentication. Subject to the satisfaction of the conditions for authentication of Bonds set
forth herein, the Trustee shall authenticate such Bonds and deliver them upon the order of
the Issuer to the purchasers thereof (or hold them on their behalf) upon the payment by the
purchasers of the purchase price therefor to the Trustee for the account of the Issuer.
Delivery by the Trustee shall be full acquittal to the purchasers for the purchase price of
such Bonds, and such purchasers shall be under no obligation to see to the application of
said purchase price. The proceeds of the sale of such Bonds shall, however, be disposed
of only as provided herein and in the related Supplemental Indenture.
(b)
No Bond shall be valid or obligatory for any purpose or entitled to any
security or benefit hereunder, unless and until a certificate of authentication on such Bond
substantially in the form set forth in the Supplemental Indenture authorizing such Bond
shall have been duly executed by the Trustee, and such executed certificate of the Trustee
upon any such Bond shall be conclusive evidence that such Bond has been authenticated
and delivered hereunder. The Trustee’s certificate of authentication on any Bond shall be
deemed to have been executed by it if signed by an authorized officer of the Trustee, but it
shall not be necessary that the same officer sign the certificate of authentication on all of
the Bonds issued hereunder.
(c)
Prior to the authentication by the Trustee of each Series of Bonds there shall
have been filed with the Trustee:
(i)
A copy of this Indenture (to the extent not theretofore so filed) and
the Supplemental Indenture authorizing such Series of Bonds;
(ii)
A copy, certified by the City Recorder, of the proceedings of the
Issuer’s City Council approving the execution and delivery of the instruments
specified in Section 2.4(c)(i) above and the execution and delivery of such Series
of Bonds, together with a certificate, dated as of the date of authentication of such

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Series of Bonds, of the City Recorder that such proceedings are still in force and
effect without amendments except as shown in such proceedings;
(iii) A request and authorization of the Issuer to the Trustee to
authenticate such Series of Bonds in the aggregate Principal amount therein
specified and deliver them to purchasers therein identified upon payment to the
Trustee for account of the Issuer of the sum specified therein;
(iv)
An opinion of bond counsel dated the date of authentication of such
Series of Bonds to the effect that (a) the Issuer has authorized the execution and
delivery of this Indenture and such Series of Bonds and this Indenture has been
duly executed and delivered by the Issuer and is a valid, binding and enforceable
agreement of the Issuer; (b) this Indenture creates the valid pledge which it purports
to create of the Revenues; and (c) the Bonds of such Series are valid and binding
obligations of the Issuer, entitled to the benefits and security hereof, provided that
such opinion may contain limitations acceptable to the purchaser of such Series of
Bonds;
(d)
The Issuer may provide by Supplemental Indenture for the delivery to the
Trustee of one or more Security Instruments with respect to any Series of Bonds and the
execution and delivery of any Security Instrument Agreements deemed necessary in
connection therewith;
(e)
Subject to any limitations contained in a Supplemental Indenture, the Issuer
may provide a Security Instrument for any Series of Bonds (or may substitute one Security
Instrument for another);
(f)
The Issuer may provide by Supplemental Indenture for the issuance and
delivery to the Trustee of one or more Reserve Instruments and the execution and delivery
of any Reserve Instrument Agreements deemed necessary in connection therewith;
(g)
The Issuer may authorize by Supplemental Indenture the issuance of Put
Bonds; provided that any obligation of the Issuer to pay the purchase price of any such Put
Bonds shall not be secured by a pledge of Revenues on a parity with the pledge contained
in Section 6.2 hereof. The Issuer may provide for the appointment of such Remarketing
Agents, indexing agents, tender agents or other agents as the Issuer may determine;
(h)
The Issuer may include such provisions in a Supplemental Indenture
authorizing the issuance of a Series of Bonds secured by a Security Instrument as the Issuer
deems appropriate, including:
(i)
So long as the Security Instrument is in full force and effect, and
payment on the Security Instrument is not in default, (I) the Security Instrument
Issuer shall be deemed to be the Owner of the Outstanding Bonds of such Series (a)
when the approval, consent or action of the Bondowners for such Series of Bonds
is required or may be exercised under the Indenture and (b) following an Event of
Default and (II) the Indenture may not be amended in any manner which affects the
rights of such Security Instrument Issuer without its prior written consent; and
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(ii)
In the event that the Principal and redemption price, if applicable,
and interest due on any Series of Bonds Outstanding shall be paid under the
provisions of a Security Instrument, all covenants, agreements and other obligations
of the Issuer to the Bondowners of such Series of Bonds shall continue to exist and
such Security Instrument Issuer shall be subrogated to the rights of such
Bondowners in accordance with the terms of such Security Instrument; and
(iii) In addition, such Supplemental Indenture may establish such
provisions as are necessary to provide relevant information to the Security
Instrument Issuer and to provide a mechanism for paying Principal Installments and
interest on such Series of Bonds from the Security Instrument.
(i)
The Issuer may provide for the execution of an Interest Rate Swap in
connection with any Series of Bonds issued hereunder. The obligation of the Issuer to pay
Swap Payments may be secured with (A) a lien on the Revenues on a parity with the lien
thereon of Debt Service on the related Bonds (as more fully described in Section 5.2 herein)
and may be net of Swap Receipts or (B) a subordinate lien on the Revenues and may be
net of Swap Receipts. Such obligations may also be secured by other legally available
moneys of the Issuer, all as established in the Supplemental Indenture for the related Series
of Bonds. Termination Payments may only be payable from and secured by Revenues after
payment of all amounts then due pursuant to the Indenture.
Mutilated, Lost, Stolen or Destroyed Bonds. In the event any Bond is
mutilated, lost, stolen or destroyed, the Issuer may execute and the Trustee may authenticate a new
Bond of like date, Series, maturity and denomination as that mutilated, lost, stolen or destroyed;
provided that, in the case of any mutilated Bond, such mutilated Bond shall first be surrendered to
the Trustee, and in the case of any lost, stolen or destroyed Bond, there shall be first furnished to
the Trustee evidence of such loss, theft or destruction satisfactory to the Trustee, together in all
cases with indemnity satisfactory to the Trustee and the Issuer. In the event any such Bond shall
have matured, instead of issuing a duplicate Bond, the Trustee may pay the same without surrender
thereof upon compliance with the foregoing. The Trustee may charge the Registered Owner of
such Bond with its reasonable fees and expenses in connection therewith. Any Bond issued
pursuant to this Section 2.5 shall be deemed part of the Series of Bonds in respect of which it was
issued and an original additional contractual obligation of the Issuer.
Registration of Bonds; Persons Treated as Owners. The Issuer shall cause
the books for the registration and for the transfer of the Bonds to be kept by the Trustee which is
hereby constituted and appointed the Registrar of the Issuer with respect to the Bonds, provided,
however, that the Issuer may by Supplemental Indenture select a party other than the Trustee to
act as Registrar with respect to the Series of Bonds issued under said Supplemental Indenture.
Upon the occurrence of an Event of Default which would require any Security Instrument Issuer
to make payment under a Security Instrument Agreement, the Registrar shall make such
registration books available to the Security Instrument Issuer. Any Bond may, in accordance with
its terms, be transferred only upon the registration books kept by the Registrar, by the person in
whose name it is registered, in person or by his duly authorized attorney, upon surrender of such
Bond for cancellation, accompanied by delivery of a written instrument of transfer in a form
approved by the Registrar, duly executed. No transfer shall be effective until entered on the

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registration books kept by the Registrar. Upon surrender for transfer of any Bond at the Principal
Corporate Trust Office of the Trustee, duly endorsed by, or accompanied by a written instrument
or instruments of transfer in form satisfactory to the Trustee and duly executed by, the Registered
Owner or his attorney duly authorized in writing, the Issuer shall execute and the Trustee shall
authenticate and deliver in the name of the transferee or transferees, a new Bond or Bonds of the
same Series and the same maturity for a like aggregate Principal amount as the Bond surrendered
for transfer. Bonds may be exchanged at the Principal Corporate Trust Office of the Trustee for a
like aggregate Principal amount of Bonds of the same Series and the same maturity. The execution
by the Issuer of any Bond of any authorized denomination shall constitute full and due
authorization of such denomination, and the Trustee shall thereby be authorized to authenticate
and deliver such Bond. Except as otherwise provided in a Supplemental Indenture with respect to
a Series of Bonds, the Issuer and the Trustee shall not be required to transfer or exchange any Bond
(i) during the period from and including any Regular Record Date, to and including the next
succeeding Interest Payment Date, (ii) during the period from and including the day fifteen days
prior to any Special Record Date, to and including the date of the proposed payment pertaining
thereto, (iii) during the period from and including the day fifteen days prior to the mailing of notice
calling any Bonds for redemption, to and including the date of such mailing, or (iv) at any time
following the mailing of notice calling such Bond for redemption.
The Issuer, the Registrar and the Paying Agent may treat and consider the person in whose
name each Bond is registered on the registration books kept by the Registrar as the holder and
absolute owner thereof for the purpose of receiving payment of, or on account of, the Principal or
redemption price thereof and interest due thereon and for all other purposes whatsoever, and
neither the Issuer, nor the Registrar nor the Paying Agent shall be affected by any notice to the
contrary. Payment of or on account of either Principal of or interest on any Bond shall be made
only to or upon order of the Registered Owner thereof or such person’s legal representative, but
such registration may be changed as hereinabove provided. All such payments shall be valid and
effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so
paid.
The Trustee shall require the payment by the Bondholder requesting exchange or transfer
of Bonds of any tax or other governmental charge and by the Issuer of any service charge of the
Trustee as Registrar which are required to be paid with respect to such exchange or transfer and
such charges shall be paid before such new Bond shall be delivered.
Redemption Provisions. The Term Bonds of each Series of Bonds shall be
subject, to the extent provided in the Supplemental Indenture authorizing each such Series of
Bonds, to redemption prior to maturity by operation of Sinking Fund Installments required to be
made to the Sinking Fund Account. The Bonds of each Series shall further be subject to
redemption prior to maturity at such times and upon such terms as shall be fixed by such
Supplemental Indenture. Except as otherwise provided in a Supplemental Indenture, if fewer than
all Bonds of a Series are to be redeemed, the particular maturities of such Bonds to be redeemed
and the Principal amounts of such maturities to be redeemed shall be selected by the Issuer. If
fewer than all of the Bonds of any one maturity of a Series shall be called for redemption, the
particular units of Bonds, as determined in accordance with Section 2.9 herein, to be redeemed
shall be selected by the Trustee by lot in such manner as the Trustee, in its discretion, may deem
fair and appropriate.
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Notice of Redemption.
(a)
In the event any of the Bonds are to be redeemed, the Registrar shall cause
notice to be given as provided in this Section 2.8. Unless otherwise specified in the
Supplemental Indenture authorizing the issuance of the applicable Series of Bonds, notice
of such redemption (i) shall be filed with the Paying Agent designated for the Bonds being
redeemed; and (ii) shall be mailed by first class mail, postage prepaid, to all Registered
Owners of Bonds to be redeemed at their addresses as they appear on the registration books
of the Registrar at least thirty (30) days but not more than sixty (60) days prior to the date
fixed for redemption. Such notice shall state the following information:
(i)
the complete official name of the Bonds, including Series, to be
redeemed, the identification numbers of Bonds and the CUSIP numbers, if any, of
the Bonds being redeemed, provided that any such notice shall state that no
representation is made as to the correctness of CUSIP numbers either as printed on
such Bonds or as contained in the notice of redemption and that reliance may be
placed only on the identification numbers contained in the notice or printed on such
Bonds;
(ii)
any other descriptive information needed to identify accurately the
Bonds being redeemed, including, but not limited to, the original issue date of, and
interest rate on, such Bonds;
(iii) in the case of partial redemption of any Bonds, the respective
Principal amounts thereof to be redeemed;
(iv)

the date of mailing of redemption notices and the redemption date;

(v)

the redemption price;

(vi)
that on the redemption date the redemption price will become due
and payable upon each such Bond or portion thereof called for redemption, and that
interest thereon shall cease to accrue from and after said date; and
(vii) the place where such Bonds are to be surrendered for payment,
designating the name and address of the redemption agent with the name of a
contact person and telephone number.
(b)
In addition to the foregoing, further notice of any redemption of Bonds
hereunder shall be given by the Trustee, simultaneously with or shortly after the mailed
notice to Registered Owners, by posting such notice to the MSRB’s Electronic Municipal
Market Access website or its successors. Failure to give all or any portion of such further
notice shall not in any manner defeat the effectiveness of a call for redemption.
(c)
Upon the payment of the redemption price of Bonds being redeemed, each
check or other transfer of funds issued for such purpose shall bear the CUSIP number
identifying, by issue and maturity, the Bonds being redeemed with the proceeds of such
check or other transfer.
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(d)
If at the time of mailing of any notice of optional redemption there shall not
be on deposit with the Trustee moneys sufficient to redeem all the Bonds called for
redemption, such notice shall state that such redemption shall be conditioned upon receipt
by the Trustee on or prior to the date fixed for such redemption of moneys sufficient to pay
the Principal of and interest on such Bonds to be redeemed and that if such moneys shall
not have been so received said notice shall be of no force and effect and the Issuer shall
not be required to redeem such Bonds. In the event that such moneys are not so received,
the redemption shall not be made and the Trustee shall within a reasonable time thereafter
give notice, one time, in the same manner in which the notice of redemption was given,
that such moneys were not so received.
(e)
A second notice of redemption shall be given, not later than ninety (90) days
subsequent to the redemption date, to Registered Owners of Bonds or portions thereof
redeemed but who failed to deliver Bonds for redemption prior to the 60th day following
such redemption date.
(f)
Any notice mailed shall be conclusively presumed to have been duly given
whether or not the owner of such Bonds receives the notice. Receipt of such notice shall
not be a condition precedent to such redemption, and failure so to receive any such notice
by any of such Registered Owners shall not affect the validity of the proceedings for the
redemption of the Bonds.
(g)
In case any Bond is to be redeemed in part only, the notice of redemption
which relates to such Bond shall state also that on or after the redemption date, upon
surrender of such Bond, a new Bond in Principal amount equal to the unredeemed portion
of such Bond will be issued.
Partially Redeemed Fully Registered Bonds. Unless otherwise specified in
the related Supplemental Indenture, in case any registered Bond shall be redeemed in part only,
upon the presentation of such Bond for such partial redemption, the Issuer shall execute and the
Trustee shall authenticate and shall deliver or cause to be delivered to or upon the written order of
the Registered Owner thereof, at the expense of the Issuer, a Bond or Bonds of the same Series,
interest rate and maturity, in aggregate Principal amount equal to the unredeemed portion of such
registered Bond. Unless otherwise provided by Supplemental Indenture, a portion of any Bond of
a denomination of more than the minimum denomination of such Series specified herein or in the
related Supplemental Indenture to be redeemed will be in the Principal amount of such minimum
denomination or an integral multiple thereof and in selecting portions of such Bonds for
redemption, the Trustee will treat each such Bond as representing that number of Bonds of such
minimum denomination which is obtained by dividing the Principal amount of such Bonds by such
minimum denomination.
Cancellation. All Bonds which have been surrendered for payment,
redemption or exchange, and Bonds purchased from any moneys held by the Trustee hereunder or
surrendered to the Trustee by the Issuer, shall be canceled and cremated or otherwise destroyed by
the Trustee and shall not be reissued; provided, however, that one or more new Bonds shall be
issued for the unredeemed portion of any Bond without charge to the Registered Owner thereof.

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Nonpresentation of Bonds. Unless otherwise provided by Supplemental
Indenture, in the event any Bond shall not be presented for payment when the Principal thereof
becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof, if funds
sufficient to pay such Bond shall have been made available to the Trustee, all liability of the Issuer
to the Registered Owner thereof for the payment of such Bond shall forthwith cease, terminate and
be completely discharged, and thereupon it shall be the duty of the Trustee to hold such fund or
funds, without liability to the Registered Owner of such Bond for interest thereon, for the benefit
of the Registered Owner of such Bond who shall thereafter be restricted exclusively to such fund
or funds for any claim of whatever nature on his part hereunder or on, or with respect to, said
Bond. If any Bond shall not be presented for payment within four years following the date when
such Bond becomes due, whether by maturity or otherwise, the Trustee shall, to the extent
permitted by law, repay to the Issuer the funds theretofore held by it for payment of such Bond,
and such Bond shall, subject to the defense of any applicable statute of limitation, thereafter be an
unsecured obligation of the Issuer, and the Registered Owner thereof shall be entitled to look only
to the Issuer for payment, and then only to the extent of the amount so repaid, and the Issuer shall
not be liable for any interest thereon and shall not be regarded as a trustee of such money. The
provisions of this Section 2.11 are subject to the provisions of Title 67, Chapter 4a, Utah Code.
Initial Bonds. Subject to the provisions hereof, the Initial Bonds may be
authenticated and delivered by the Trustee upon satisfaction of the conditions specified in Section
2.4(c) hereof and any additional conditions specified in the Supplemental Indenture authorizing
such Series of Bonds.
Issuance of Additional Bonds. No additional indebtedness, bonds or notes
of the Issuer secured by a pledge of the Revenues senior to the pledge of Revenues for the payment
of the herein authorized Bonds or Security Instrument Repayment Obligations shall be created or
incurred without the prior written consent of the Owners of 100% of the Outstanding Bonds and
the Security Instrument Issuers. In addition, no Additional Bonds or other indebtedness, bonds or
notes of the Issuer payable out of Revenues on a parity with the herein authorized Bonds or
Security Instrument Repayment Obligations shall be created or incurred, unless the following
requirements have been met:
(a)
No Event of Default shall have occurred and be continuing hereunder on
the date of authentication of any Additional Bonds. This Section 2.13(a) shall not preclude
the issuance of Additional Bonds if (i) the issuance of such Additional Bonds otherwise
complies with the provisions hereof and (ii) such Event of Default will cease to continue
upon the issuance of Additional Bonds and the application of the proceeds thereof; and
(b)
A certificate shall be delivered to the Trustee by an Authorized
Representative to the effect that the Revenues, less any Direct Payments, for any
consecutive 12-month period in the 24 months immediately preceding the proposed date
of issuance of such Additional Bonds were at least equal to 200% of the sum of (x) the
maximum Aggregate Annual Debt Service Requirement on all Bonds and Additional
Bonds to be Outstanding following the issuance of the Additional Bonds plus (y) the
average annual installments due on all Reserve Instrument Repayment Obligations to be
outstanding following the issuance of such Additional Bonds; provided, however, that such
Revenue coverage test set forth above shall not apply to the issuance of any Additional

4924-0743-4909, v. 2

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Bonds to the extent (i) they are issued for the purpose of refunding Bonds issued hereunder
and (ii) the maximum Aggregate Annual Debt Service for such Additional Bonds does not
exceed the then remaining maximum Aggregate Annual Debt Service for the Bonds being
refunded therewith; and
(c)
All payments required by this Indenture to be made into the Bond Fund
must have been made in full, and there must be on deposit in each account of the Debt
Service Reserve Fund (taking into account any Reserve Instrument coverage) the full
amount required to be accumulated therein at the time of issuance of the Additional Bonds;
and
(d)
The proceeds of the Additional Bonds must be used (i) to refund Bonds
issued hereunder or other obligations of the Issuer (including the funding of necessary
reserves and the payment of costs of issuance), (ii) to finance or refinance a Project
(including the funding of necessary reserves and the payment of costs of issuance) and/or
(iii) any other lawful purpose of the Issuer.
Form of Bonds. The Bonds of each Series and the Trustee’s Authentication
Certificate shall be in substantially the forms thereof set forth in the Supplemental Indenture
authorizing the issuance of such Bonds, with such omissions, insertions and variations as may be
necessary, desirable, authorized and permitted hereby.
Covenant Against Creating or Permitting Liens. Except for the pledge of
Revenues to secure payment of the Bonds and Repayment Obligations hereunder, the Revenues
are and shall be free and clear of any pledge, lien, charge or encumbrance thereon or with respect
thereto; provided, however, that nothing contained herein shall prevent the Issuer from issuing, if
and to the extent permitted by law, indebtedness having a lien on Revenues subordinate to that of
the Bonds and Repayment Obligations.
ARTICLE III
CREATION OF FUNDS AND ACCOUNTS
Creation of Construction Fund. There is hereby created and ordered
established in the custody of the Trustee the Construction Fund. There is hereby created and
ordered established in the custody of the Trustee a separate account within the Construction Fund
for each Project to be designated by the name of the applicable Project or Series of Bonds and, if
applicable, a separate account for each Series of Bonds and for all grant moneys or other moneys
to be received by the Issuer for deposit in the Construction Fund.
Creation of Bond Fund. There is hereby created and ordered established in
the custody of the Trustee the Bond Fund.
Creation of Sinking Fund Account. There is hereby created and ordered
established in the custody of the Trustee as a separate account within the Bond Fund the Sinking
Fund Account.

4924-0743-4909, v. 2

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Creation of Debt Service Reserve Fund. There is hereby created and
ordered established in the custody of the Trustee the Debt Service Reserve Fund.
Creation of Reserve Instrument Fund. There is hereby created and ordered
and established in the custody of the Trustee the Reserve Instrument Fund.
Creation of Rebate Fund. There is hereby created and ordered established
in the custody of the Trustee the Rebate Fund.
Creation of Revenue Fund. There is hereby created and ordered established
in the custody of the Issuer the Revenue Fund. For accounting purposes, the Revenue Fund may
be redesignated by different account names by the Issuer from time to time.
Creation of Funds and Accounts. Notwithstanding anything contained
herein to the contrary, the Trustee need not create any of the funds or accounts referenced in this
Article III until such funds or accounts shall be utilized as provided in a Supplemental Indenture.
The Issuer may, by Supplemental Indenture, authorize the creation of additional funds and
additional accounts within any fund.
ARTICLE IV
APPLICATION OF BOND PROCEEDS
Upon the issuance of each Series of Bonds, the proceeds thereof shall be deposited as
provided in the Supplemental Indenture authorizing the issuance of such Series of Bonds.
ARTICLE V
USE OF FUNDS
Use of Construction Fund.
(a)
So long as an Event of Default shall not have occurred and be continuing,
and except as otherwise provided by Supplemental Indenture, moneys deposited in the
appropriate account in the Construction Fund shall be disbursed by the Trustee to pay the
Costs of a Project, in each case within three (3) Business Days (or within such longer period
as is reasonably required to liquidate investments in the Construction Fund if required to
make such payment) after the receipt by the Trustee of a written requisition approved by
an Authorized Representative of the Issuer in substantially the form as Exhibit A attached
hereto, stating that the Trustee shall disburse sums in the manner specified by and at the
direction of the Issuer to the person or entity designated in such written requisition, and
that the amount set forth therein is justly due and owing and constitutes a Cost of a Project
based upon itemized claims substantiated in support thereof.
(b)
Upon receipt of such requisition, the Trustee shall pay the obligation set
forth in such requisition out of moneys in the applicable account in the Construction Fund.
In making such payments the Trustee may rely upon the information submitted in such
requisition. Such payments shall be presumed to be made properly and the Trustee shall
4924-0743-4909, v. 2

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not be required to verify the application of any payments from the Construction Fund or to
inquire into the purposes for which disbursements are being made from the Construction
Fund.
(c)
The Issuer shall deliver to the Trustee, within 90 days after the completion
of a Project, a certificate executed by an Authorized Representative of the Issuer stating:
(i)
that such Project has been fully completed in accordance with the
plans and specifications therefor, as amended from time to time, and stating the
date of completion for such Project; and
(ii)
that the Project has been fully paid for and no claim or claims exist
against the Issuer or against such Project out of which a lien based on furnishing
labor or material exists or might ripen; provided, however, there may be excepted
from the foregoing certification any claim or claims out of which a lien exists or
might ripen in the event the Issuer intends to contest such claim or claims, in which
event such claim or claims shall be described to the Trustee.
(d)
In the event the certificate filed with the Trustee pursuant to Section 5.1(c)
above shall state that there is a claim or claims in controversy which create or might ripen
into a lien, an Authorized Representative of the Issuer shall file a similar certificate with
the Trustee when and as such claim or claims shall have been fully paid or otherwise
discharged.
(e)
The Trustee and the Issuer shall keep and maintain adequate records
pertaining to each account within the Construction Fund and all disbursements therefrom.
(f)
Unless otherwise specified in a Supplemental Indenture, upon completion
of a Project and payment of all costs and expenses incident thereto and the filing with the
Trustee of documents required by this Section 5.1, any balance remaining in the applicable
account in the Construction Fund relating to such Project shall, as directed by an
Authorized Representative of the Issuer, be deposited in the Bond Fund to be applied
toward the redemption of the Series of Bonds issued to finance such Project or to pay
Principal and/or interest next falling due with respect to the Bonds.
(g)
The Trustee shall, to the extent there are no other available funds held under
the Indenture, use the remaining funds in the Construction Fund to pay Principal and
interest on the Bonds at any time in the event of a payment default hereunder.
Application of Revenues. All Revenues shall be accounted for by the Issuer
separate and apart from all other moneys of the Issuer.
(a)
So long as any Bonds are Outstanding, as a first charge and lien on the
Revenues, the Issuer shall, at least semi-annually and at least fifteen (15) days before each
Interest Payment Date, transfer from the Revenue Fund to the Trustee for deposit into the
Bond Fund an amount equal to:

4924-0743-4909, v. 2

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(i)
the interest falling due on the Bonds on the next succeeding Interest
Payment Date established for the Bonds (provided, however, that so long as there are
moneys representing capitalized interest on deposit with the Trustee to pay interest
on the Bonds next coming due, the Issuer need not allocate to the Revenue Fund to
pay interest on the Bonds); plus
(ii)
one-half of the Principal and premium, if any, falling due in the current
fiscal year, and in any event, an amount sufficient to pay the Principal and premium
on the next succeeding Principal payment date established for the Bonds; plus
(iii) one-half of the Sinking Fund Installments, if any, falling due in the
current fiscal year, and in any event, an amount sufficient to pay the Sinking Fund
Installments on the next succeeding Sinking Fund Installment payment date (for
deposit to the Sinking Fund Account within the Bond Fund);
the sum of which shall be sufficient, when added to the existing balance in the Bond Fund,
to pay the principal of, premium, if any, and interest on the Bonds promptly on each such
date as the same become due and payable. The foregoing provisions may be revised by a
Supplemental Indenture for any Series of Bonds having other than semiannual Interest
Payment Dates.
(b)
As a second charge and lien on the Revenues (on a parity basis), the Issuer
shall make the following transfers to the Trustee on or before the fifteenth day prior to each
Interest Payment Date:
(i)
To the extent the Debt Service Reserve Requirement, if any, is not
funded with a Reserve Instrument or Instruments, (A) to the accounts in the Debt
Service Reserve Fund any amounts required hereby, and by any Supplemental
Indenture to accumulate therein the applicable Debt Service Reserve Requirement
with respect to each Series of Bonds at the times and in the amounts provided herein,
and in any Supplemental Indenture and (B) if funds shall have been withdrawn from
an account in the Debt Service Reserve Fund, or any account in the Debt Service
Reserve Fund is at any time funded in an amount less than the applicable Debt Service
Reserve Requirement, the Issuer shall deposit Revenues in such account(s) in the
Debt Service Reserve Fund sufficient in amount to restore such account(s) within one
year with twelve (12) substantially equal payments during such period (unless
otherwise provided for by the Supplemental Indenture governing the applicable Debt
Service Reserve Requirement); or a ratable portion (based on the amount to be
transferred pursuant to Section 5.2(b)(ii) hereof) of remaining Revenues if less than
the amount necessary; and
(ii)
Equally and ratably to the accounts of the Reserve Instrument Fund,
with respect to all Reserve Instruments which are in effect and are expected to
continue in effect after the end of an interest payment period, such amount of the
remaining Revenues, or a ratable portion (based on the amount to be transferred
pursuant to Section 5.2(b)(i) hereof) of the amount so remaining if less than the
amount necessary, that is required to be paid, on or before the next such interest

4924-0743-4909, v. 2

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payment period transfer or deposit of Revenues into the Reserve Instrument Fund, to
the Reserve Instrument Provider pursuant to any Reserve Instrument Agreement,
other than Reserve Instrument Costs, in order to cause the Reserve Instrument
Coverage to equal the Reserve Instrument Limit within one year from any draw date
under the Reserve Instrument.
(c)
Subject to making the foregoing deposits, the Issuer may use the balance of
the Revenues accounted for in the Revenue Fund for any of the following:
(i)

redemption of Bonds;

(ii)

refinancing, refunding, or advance refunding of any Bonds; or

(iii)

for any other lawful purpose.

Use of Bond Fund The Issuer may direct the Trustee, pursuant to a
Supplemental Indenture, to create an account within the Bond Fund for a separate Series of Bonds
under the Indenture.
(a)
as follows:

hereof;

The Trustee shall make deposits to the Bond Fund, as and when received,
(i)

accrued interest received upon the issuance of any Series of Bonds;

(ii)

all moneys payable by the Issuer as specified in Section 5.2 (a)

(iii) any amount in the Construction Fund to the extent required by or
directed pursuant to Section 5.1(f) hereof upon completion of a Project or pursuant
to Section 5.1(g) hereof;
(iv)
all moneys transferred from the Debt Service Reserve Fund or from
a Reserve Instrument or Instruments then in effect as provided in Section 5.5
hereof; and
(v)
all other moneys received by the Trustee hereunder when
accompanied by directions from the person depositing such moneys that such
moneys are to be paid into the Bond Fund.
(b)
Except as provided in Section 7.4 hereof and as provided in this Section 5.3
and except as otherwise provided by Supplemental Indenture, moneys in the Bond Fund
shall be expended solely for the following purposes and in the following order of priority:
(i)
on or before each Interest Payment Date for each Series of Bonds,
the amount required to pay the interest due on such date;
(ii)
on or before each Principal Installment due date, the amount
required to pay the Principal Installment due on such due date; and

4924-0743-4909, v. 2

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(iii) on or before each redemption date for each Series of Bonds, the
amount required to pay the redemption price of and accrued interest on such Bonds
then to be redeemed.
Such amounts shall be applied by the Paying Agent to pay Principal Installments and
redemption price of, and interest on the related Series of Bonds.
The Trustee shall pay out of the Bond Fund to the Security Instrument Issuer, if any, that
has issued a Security Instrument with respect to such Series of Bonds an amount equal to any
Security Instrument Repayment Obligation then due and payable to such Security Instrument
Issuer. Except as otherwise specified in a related Supplemental Indenture all such Security
Instrument Repayment Obligations shall be paid on a parity with the payments to be made with
respect to Principal and interest on the Bonds; provided that amounts paid under a Security
Instrument shall be applied only to pay the related Series of Bonds. If payment is so made on
Pledged Bonds held for the benefit of the Security Instrument Issuer, a corresponding payment on
the Security Instrument Repayment Obligation shall be deemed to have been made (without
requiring an additional payment by the Issuer) and the Trustee shall keep its records accordingly.
The Issuer hereby authorizes and directs the Trustee to withdraw sufficient funds from the
Bond Fund to pay Principal of and interest on the Bonds and on Security Instrument Repayment
Obligations as the same become due and payable and to make said funds so withdrawn available
to the Trustee and any Paying Agent for the purpose of paying said Principal and interest.
(c)
After payment in full of the Principal of and interest on (i) all Bonds issued
hereunder (or after provision has been made for the payment thereof as provided herein so
that such Bonds are no longer Outstanding), (ii) all agreements relating to all outstanding
Security Instrument Repayment Obligations and Reserve Instrument Repayment
Obligations in accordance with their respective terms, and (iii) all fees, charges and
expenses of the Trustee, the Paying Agent and any other amounts required to be paid
hereunder or under any Supplemental Indenture and under any Security Instrument
Agreement and under any Reserve Instrument Agreement, all amounts remaining in the
Bond Fund shall be paid to the Issuer.
Use of Sinking Fund Account.
(a)
The Trustee shall apply moneys in the Sinking Fund Account to the
retirement of any Term Bonds required to be retired by operation of the Sinking Fund
Account under the provisions of and in accordance with the Supplemental Indenture
authorizing the issuance of such Term Bonds, either by redemption in accordance with
such Supplemental Indenture or, at the direction of the Issuer, purchase of such Term
Bonds in the open market prior to the date on which notice of the redemption of such Term
Bonds is given pursuant hereto, at a price not to exceed the redemption price of such Term
Bonds (plus accrued interest which will be paid from moneys in the Bond Fund other than
those in the Sinking Fund Account).
(b)
On the maturity date of any Term Bonds, the Trustee shall apply the moneys
on hand in the Sinking Fund Account for the payment of the Principal of such Term Bonds.

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Use of Debt Service Reserve Fund. Except as otherwise provided in this
Section 5.5 and subject to the immediately following sentence, moneys in each account in the Debt
Service Reserve Fund shall at all times be maintained in an amount not less than the applicable
Debt Service Reserve Requirement, if any. In calculating the amount on deposit in each account
in the Debt Service Reserve Fund, the amount of any Reserve Instrument Coverage will be treated
as an amount on deposit in such account in the Debt Service Reserve Fund. Each Supplemental
Indenture authorizing the issuance of a Series of Bonds shall specify the Debt Service Reserve
Requirement, if any, applicable to such Series which amount shall be (i) deposited immediately
upon the issuance and delivery of such Series from (a) proceeds from the sale thereof or from any
other legally available source, or (b) by a Reserve Instrument or Instruments, or (c) any
combination thereof or (ii) deposited from available Revenues over the period of time specified
therein, or (iii) deposited from any combination of (i) and (ii) above; provided however, the
foregoing provisions shall be subject to the requirements of any bond insurer or other Security
Instrument Issuer set forth in any Supplemental Indenture. If at any time the amount on deposit in
any account of the Debt Service Reserve Fund is less than the minimum amount to be maintained
therein under this Section 5.5, the Issuer is required, pursuant to Section 5.2(b) hereof and the
provisions of any Supplemental Indenture, to make payments totaling the amount of any such
deficiency directly to the Trustee for deposit into the Debt Service Reserve Fund.
In the event funds on deposit in an account of the Debt Service Reserve Fund are needed
to make up any deficiencies in the Bond Fund as aforementioned, and there is insufficient cash
available in such account of the Debt Service Reserve Fund to make up such deficiency and
Reserve Instruments applicable to such Series are in effect, the Trustee shall immediately make a
demand for payment on such Reserve Instruments, to the maximum extent authorized by such
Reserve Instruments, in the amount necessary to make up such deficiency, and immediately
deposit such payment upon receipt thereof into the Bond Fund. Thereafter, the Issuer shall be
obligated to reinstate the Reserve Instrument as provided in Section 5.2(b)(ii) herein.
No Reserve Instrument shall be allowed to expire or terminate while the related Series of
Bonds are Outstanding unless and until cash has been deposited into the related account of the
Debt Service Reserve Fund, or a new Reserve Instrument has been issued in place of the expiring
or terminating Reserve Instrument, or any combination thereof in an amount or to provide
coverage, as the case may be, at least equal to the amount required to be maintained in the related
account of the Debt Service Reserve Fund.
Moneys at any time on deposit in the account of the Debt Service Reserve Fund in excess
of the amount required to be maintained therein (taking into account the amount of related Reserve
Instrument Coverage) shall be transferred by the Trustee to the Bond Fund at least once each year.
Moneys on deposit in any account of the Debt Service Reserve Fund shall be used to make
up any deficiencies in the Bond Fund only for the Series of Bonds secured by said account and
any Reserve Instrument shall only be drawn upon with respect to Bonds for which such Reserve
Instrument was obtained.
Use of Reserve Instrument Fund. There shall be paid into the Reserve
Instrument Fund the amounts required hereby and by a Supplemental Indenture to be so paid. The
amounts in the Reserve Instrument Fund shall, from time to time, be applied by the Trustee on

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behalf of the Issuer to pay the Reserve Instrument Repayment Obligations which are due and
payable to any Reserve Instrument Provider under any applicable Reserve Instrument Agreement.
The Issuer may, upon obtaining an approving opinion of bond counsel to the effect that such
transaction will not adversely affect the tax-exempt status of any outstanding Bonds, replace any
amounts required to be on deposit in the Debt Service Reserve Fund with a Reserve Instrument
and use such amounts for the related Project or to pay Principal on the related Bonds.
Use of Rebate Fund.
(a)
If it becomes necessary for the Issuer to comply with the rebate
requirements of the Code and the Regulations, the Trustee shall establish and thereafter
maintain, so long as the Bonds which are subject to said rebate requirements are
Outstanding, a Rebate Fund, which shall be held separate and apart from all other funds
and accounts established under this Indenture and from all other moneys of the Trustee.
(b)
All amounts in the Rebate Fund, including income earned from investment
of the fund, shall be held by the Trustee free and clear of the lien of the Indenture. In the
event the amount on deposit in the Rebate Fund exceeds the aggregate amount of Rebatable
Arbitrage for one or more Series of Bonds, as verified in writing by an independent public
accountant or other qualified professional at the time the Rebatable Arbitrage is
determined, the excess amount remaining after payment of the Rebatable Arbitrage to the
United States shall, upon the Issuer’s written request accompanied by the determination
report, be paid by the Trustee to the Issuer.
(c)
The Issuer shall determine the amount of Rebatable Arbitrage and the
corresponding Required Rebate Deposit with respect to each Series of Bonds on each
applicable Rebate Calculation Date and take all other actions necessary to comply with the
rebate requirements of the Code and the Regulations. The Issuer shall deposit into the
Rebate Fund the Required Rebate Deposit, if any, with respect to each Series of Bonds (or
instruct the Trustee to transfer to the Rebate Fund moneys representing such Required
Rebate Deposit from the Funds and Accounts held under the Indenture other than the
Rebate Fund) or shall otherwise make payment of the rebate to be paid to the United States
at the times required by the Code and the Regulations. If applicable, the Issuer shall instruct
in writing the Trustee to withdraw from the Rebate Fund and pay any rebate over to the
United States. The determination of Rebatable Arbitrage made with respect to each such
payment date and with respect to any withdrawal and payment to the Issuer from the Rebate
Fund pursuant to the Indenture must be verified in writing by an independent public
accountant or other qualified professional. The Trustee may rely conclusively upon and
shall be fully protected from all liability in relying upon the Issuer’s determinations,
calculations and certifications required by this Section 5.7 and the Trustee shall have no
responsibility to independently make any calculations or determination or to review the
Issuer’s determinations, calculations and certifications required by this Section 5.7.
(d)
The Trustee shall, at least 60 days prior to each Rebate Calculation Date,
notify the Issuer of the requirements of this Section 5.7. By agreeing to give this notice,
the Trustee assumes no responsibility whatsoever for compliance by the Issuer with the
requirements of Section 148 of the Code or any successor. The Issuer expressly agrees that

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(notwithstanding any other provision of the Indenture) any failure of the Trustee to give
any such notice, for any reason whatsoever, shall not cause the Trustee to be responsible
for any failure of the Issuer to comply with the requirements of said Section 148 or any
successor thereof.
(e)
The provisions of this Section 5.7 may be amended or deleted without
Bondowner consent or notice, upon receipt by the Issuer and the Trustee of an opinion of
nationally recognized bond counsel that such amendment or deletion will not adversely
affect the excludability from gross income of interest on the Bonds or the status of the
Bonds as Build America Bonds.
Investment of Funds. Any moneys in the Bond Fund, the Construction
Fund, the Rebate Fund, the Reserve Instrument Fund and the Debt Service Reserve Fund shall, at
the discretion and authorization of the Issuer, be invested by the Trustee in Qualified Investments;
provided, however, that moneys on deposit in the Bond Fund and the Reserve Instrument Fund
may only be invested in Qualified Investments having a maturity date one year or less. If no
written authorization is given to the Trustee, moneys shall be held uninvested. Such investments
shall be held by the Trustee, and when the Trustee determines it necessary to use the moneys in
the Funds for the purposes for which the Funds were created, it shall liquidate at prevailing market
prices as much of the investments as may be necessary and apply the proceeds to such purposes.
All income derived from the investment of the Construction Fund, Bond Fund, the Reserve
Instrument Fund and Rebate Fund shall be maintained in said respective Funds and disbursed along
with the other moneys on deposit therein as herein provided. All income derived from the
investment of the Debt Service Reserve Fund shall be disbursed in accordance with Section 5.5
hereof. All moneys in the Revenue Fund may, at the discretion of the Issuer, be invested by the
Issuer in Qualified Investments.
The Trustee shall have no liability or responsibility for any loss resulting from any
investment made in accordance with the provisions of this Section 5.8. The Trustee shall be
entitled to assume that any investment, which at the time of purchase is a Qualified Investment,
remains a Qualified Investment thereafter, absent receipt of written notice or information to the
contrary.
The Trustee may, to the extent permitted by the State Money Management Act of 1974,
Title 51, Chapter 7, Utah Code make any and all investments permitted by the provisions of the
Indenture through its own or any of its affiliate’s investment departments.
The Issuer acknowledges that to the extent regulations of the comptroller of the currency
or any other regulatory entity grants the Issuer the right to receive brokerage confirmations of the
security transactions as they occur, the Issuer specifically waives receipt of such confirmations to
the extent permitted by law. The Trustee shall furnish the Issuer periodic cash transaction
statements which include the detail for all investment transactions made by the Trustee hereunder.
In the event the Issuer shall be advised by nationally recognized municipal bond counsel
that it is necessary to restrict or limit the yield on the investment of any moneys paid to or held by
the Trustee in order to avoid the Bonds, or any Series thereof, being considered “arbitrage bonds”
within the meaning of the Code or the Treasury Regulations proposed or promulgated thereunder,

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or to otherwise preserve the excludability of interest payable or paid on any Bonds from gross
income for federal income tax purposes, the Issuer may require in writing the Trustee to take such
steps as it may be advised by such counsel are necessary so to restrict or limit the yield on such
investment, irrespective of whether the Trustee shares such opinion, and the Trustee agrees that it
will take all such steps as the Issuer may require.
Trust Funds. All moneys and securities received by the Trustee under the
provisions of this Indenture shall be trust funds under the terms hereof and shall not be subject to
lien or attachment of any creditor of the State or any political subdivision, body, agency, or
instrumentality thereof or of the Issuer and shall not be subject to appropriation by any legislative
body or otherwise. Such moneys and securities shall be held in trust and applied in accordance
with the provisions hereof. Except as provided otherwise in Section 5.7 hereof, unless and until
disbursed pursuant to the terms hereof, all such moneys and securities (and the income therefrom)
shall be held by the Trustee as security for payment of the Principal of, premium, if any, and
interest on the Bonds and the fees and expenses of the Trustee payable hereunder.
Method of Valuation and Frequency of Valuation. In computing the amount
in any fund or account, Qualified Investments shall be valued at market, exclusive of accrued
interest. With respect to all funds and accounts, valuation shall occur annually, except in the event
of a withdrawal from the Debt Service Reserve Fund, whereupon securities shall be valued
immediately after such withdrawal.
ARTICLE VI
GENERAL COVENANTS
General Covenants. The Issuer hereby covenants and agrees with each and
every Registered Owner of the Bonds issued hereunder and Reserve Instrument Provider as
follows:
(a)
Pursuant to Section 11-14-307(2)(d) of the Act, while any of the Bonds
remain outstanding and unpaid, or any Repayment Obligations are outstanding, the
ordinance, resolution or other enactment of the Issuer imposing the taxes described in the
definition of Revenues and pursuant to which said taxes are being collected, the obligation
of the Issuer to continue to levy, collect, and allocate such taxes, and to apply such
Revenues in accordance with the provisions of the authorizing ordinance, resolution or
other enactment, shall be irrevocable until the Bonds and/or any Repayment Obligations
have been paid in full as to both Principal and interest, and is not subject to amendment in
any manner which would impair the rights of the holders of those Bonds or Repayment
Obligations which would in any way jeopardize the timely payment of Principal or interest
when due. The Issuer covenants to take all actions necessary to continue the Sales and Use
Tax included in the Revenues.
(b)
The outstanding Bonds to which the Revenues (less Direct Payments) of the
Issuer have been pledged as the sole source of payment shall not at any one time exceed an
amount for which the Average Aggregate Annual Debt Service Requirement of the Bonds
will exceed eighty percent (80%) of the Revenues (less Direct Payments) to be received by

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the Issuer during the Bond Fund Year immediately preceding the Bond Fund Year in which
the resolution authorizing the applicable Series of Bonds is adopted.
(c)
Each Registered Owner, Security Instrument Issuer and Reserve Instrument
Provider, or any duly authorized agent or agents thereof shall have the right at all
reasonable times to inspect all records, accounts and data relating to the receipt and
disbursements of the Revenues. Except as otherwise provided herein, the Issuer further
agrees that it will within one hundred eighty (180) days following the close of each Bond
Fund Year cause an audit of such books and accounts to be made by an independent firm
of certified public accountants, showing the receipts and disbursements of the Revenues,
and that such audit will be available for inspection by each Registered Owner, Security
Instrument Issuer and Reserve Instrument Provider.
First Lien Bonds; Equality of Liens. The Bonds and any Security
Instrument Repayment Obligations constitute an irrevocable first lien upon the Revenues. The
Issuer covenants that the Bonds and Security Instrument Repayment Obligations hereafter
authorized to be issued and from time to time outstanding are equitably and ratably secured by a
first lien on the Revenues and shall not be entitled to any priority one over the other in the
application of the Revenues regardless of the time or times of the issuance of the Bonds or delivery
of Security Instruments, it being the intention of the Issuer that there shall be no priority among
the Bonds or the Security Instrument Repayment Obligations regardless of the fact that they may
be actually issued and/or delivered at different times.
Any assignment or pledge from the Issuer to a Reserve Instrument Provider of (i) proceeds
of the issuance and sale of Bonds, (ii) Revenues, or (iii) Funds established hereby, including
investments, if any, thereof, is and shall be subordinate to the assignment and pledge effected
hereby to the Registered Owners of the Bonds and to the Security Instrument Issuers.
Payment of Principal and Interest. The Issuer covenants that it will
punctually pay or cause to be paid the Principal of and interest on every Bond issued hereunder,
any Security Instrument Repayment Obligations and any Reserve Instrument Repayment
Obligations, in strict conformity with the terms of the Bonds, this Indenture, any Security
Instrument Agreement and any Reserve Instrument Agreement, according to the true intent and
meaning hereof and thereof. The Principal of and interest on the Bonds, any Security Instrument
Repayment Obligations and any Reserve Instrument Repayment Obligations are payable solely
from the Revenues (except to the extent paid out of moneys attributable to Bond proceeds or other
funds created hereunder or the income from the temporary investment thereof), which Revenues
are hereby specifically pledged and assigned to the payment thereof in the manner and to the extent
herein specified, and nothing in the Bonds, this Indenture, any Security Instrument Agreement or
any Reserve Instrument Agreement should be considered as pledging any other funds or assets of
the Issuer for the payment thereof.
Performance of Covenants; Issuer. The Issuer covenants that it will
faithfully perform at all times any and all covenants, undertakings, stipulations and provisions
contained herein, and in any and every Bond, Security Instrument Agreement and Reserve
Instrument Agreement. The Issuer represents that it is duly authorized under the Constitution of
the State to issue the Bonds authorized hereby and to execute this Indenture, that all actions on its

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part for the issuance of the Bonds and the execution and delivery of this Indenture have been duly
and effectively taken, and that the Bonds in the hands of the Registered Owners thereof are and
will be valid and enforceable obligations of the Issuer according to the import thereof.
List of Bondholders. The Trustee will keep on file at its Principal Corporate
Trust Office a list of the names and addresses of the Registered Owners of all Bonds which are
from time to time registered on the registration books in the hands of the Trustee as Registrar for
the Bonds. At reasonable times and under reasonable regulations established by the Trustee, said
list may be inspected and copied by the Issuer or by the Registered Owners (or a designated
representative thereof) of 10% or more in Principal amount of Bonds then Outstanding, such
ownership and the authority of any such designated representative to be evidenced to the
reasonable satisfaction of the Trustee.
Designation of Additional Paying Agents. The Issuer hereby covenants and
agrees to cause the necessary arrangements to be made through the Trustee and to be thereafter
continued for the designation of alternate paying agents, if any, and for the making available of
funds hereunder, but only to the extent such funds are made available to the Issuer from Bond
proceeds or other Funds created hereunder or the income from the temporary investment thereof,
for the payment of such of the Bonds as shall be presented when due at the Principal Corporate
Trust Office of the Trustee, or its successor in trust hereunder, or at the principal corporate trust
office of said alternate Paying Agents.
Tax Exemption of Bonds and Direct Payments. The Issuer recognizes that
Section 149(a) of the Code requires bonds to be issued and to remain in fully registered form in
order that interest thereon is excluded from gross income for federal income tax purposes under
laws in force at the time the bonds are delivered. Bonds issued pursuant to this Indenture, the
interest on which is excludable from gross income for federal income tax purposes, are referred to
in this Section 6.7 as “tax-exempt Bonds”. Pursuant to the provisions thereof, the Issuer agrees
that it will not take any action to permit tax-exempt Bonds issued hereunder to be issued in, or
converted into, bearer or coupon form, unless the Issuer first receives an opinion from nationally
recognized bond counsel that such action will not result in the interest on any Bonds becoming
includible in gross income for purposes of federal income taxes then in effect.
The Issuer’s Mayor and City Recorder are hereby authorized and directed to execute such
certificates as shall be necessary to establish that tax-exempt Bonds or Build America Bonds issued
hereunder are not “arbitrage bonds” within the meaning of Section 148 of the Code and the
Regulations promulgated or proposed thereunder, including Treasury Regulation Sections 1.1481 through 1.148-11, 1.149 and 1.150-1 through 1.150-2 as the same presently exist, or may from
time to time hereafter be amended, supplemented or revised. The Issuer covenants and certifies to
and for the benefit of the Registered Owners of such Bonds that no use will be made of the proceeds
of the issue and sale of such Bonds, or any funds or accounts of the Issuer which may be deemed
to be available proceeds of such Bonds, pursuant to Section 148 of the Code and applicable
regulations (proposed or promulgated) which use, if it had been reasonably expected on the date
of issuance of such Bonds, would have caused the Bonds to be classified as “arbitrage bonds”
within the meaning of Section 148 of the Code. Pursuant to this covenant, the Issuer obligates
itself to comply throughout the term of such Bonds with the requirements of Section 148 of the
Code and the regulations proposed or promulgated thereunder.

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The Issuer further covenants and agrees to and for the benefit of the Registered Owners
that the Issuer (i) will not take any action that would cause interest on tax-exempt Bonds issued
hereunder to become includible in gross income for purposes of federal income taxation, (ii) will
not take any action that would jeopardize the Direct Payments on Build America Bonds issued
under this Indenture, (iii) will not omit to take or cause to be taken, in timely manner, any action,
which omission would cause the interest on the tax-exempt Bonds to become includible in gross
income for purposes of federal income taxation, (iv) will not omit to take or cause to be taken, in
timely manner, any action, which omission would jeopardize the Direct Payments on Build
America Bonds issued under this Indenture, and (v) to the extent possible, comply with any other
requirements of federal tax law applicable to the Bonds in order to preserve the excludability from
gross income for purposes of federal income taxation of interest on tax-exempt Bonds and the
Direct Payments on Build America Bonds issued under this Indenture.
Expeditious Construction. The Issuer shall complete the acquisition and
construction of each Project with all practical dispatch and will cause all construction to be effected
in a sound and economical manner.
Instruments of Further Assurance. The Issuer and the Trustee mutually
covenant that they will, from time to time, each upon the written request of the other, or upon the
request of a Security Instrument Issuer or a Reserve Instrument Provider, execute and deliver such
further instruments and take or cause to be taken such further actions as may be reasonable and as
may be required by the other to carry out the purposes hereof; provided, however, that no such
instruments or action shall involve any personal liability of the Trustee or members of the
governing body of the Issuer or any official thereof.
Covenant of State of Utah. In accordance with Section 11-14-307(3), Utah
Code Annotated 1953, as amended, the State of Utah hereby pledges and agrees with the Owners
of the Bonds and all Reserve Instrument Providers that it will not alter, impair or limit the taxes
included in the Revenues in a manner that reduces the amounts to be rebated to the Issuer which
are devoted or pledged herein until the Bonds, together with applicable interest, and all Reserve
Instrument Repayment Obligations, are fully met and discharged; provided, however, that nothing
shall preclude such alteration, impairment or limitation if and when adequate provision shall be
made by law for the protection of the Owners of the Bonds.
ARTICLE VII
EVENTS OF DEFAULT; REMEDIES
“Event of Default”:

Events of Default. Each of the following events is hereby declared an

(a)
if payment of any installment of interest on any of the Bonds shall not be
made by or on behalf of the Issuer when the same shall become due and payable, or
(b)
if payment of the Principal of or the redemption premium, if any, on any of
the Bonds shall not be made by or on behalf of the Issuer when the same shall become due

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and payable, either at maturity or by proceedings for redemption in advance of maturity or
through failure to fulfill any payment to any fund hereunder or otherwise; or
(c)
if the Issuer shall for any reason be rendered incapable of fulfilling its
obligations hereunder; or
(d)
if an order or decree shall be entered, with the consent or acquiescence of
the Issuer, appointing a receiver or custodian for any of the Revenues of the Issuer, or
approving a petition filed against the Issuer seeking reorganization of the Issuer under the
federal bankruptcy laws or any other similar law or statute of the United States of America
or any state thereof, or if any such order or decree, having been entered without the consent
or acquiescence of the Issuer shall not be vacated or discharged or stayed on appeal within
30 days after the entry thereof; or
(e)
if any proceeding shall be instituted, with the consent or acquiescence of the
Issuer, for the purpose of effecting a composition between the Issuer and its creditors or
for the purpose of adjusting the claims of such creditors pursuant to any federal or state
statute now or hereafter enacted, if the claims of such creditors are or may be under any
circumstances payable from Revenues; or
(f)
if (i) the Issuer is adjudged insolvent by a court of competent jurisdiction,
or (ii) an order, judgment or decree be entered by any court of competent jurisdiction
appointing, without the consent of the Issuer, a receiver, trustee or custodian of the Issuer
or of the whole or any part of the Issuer’s property and any of the aforesaid adjudications,
orders, judgments or decrees shall not be vacated or set aside or stayed within 60 days from
the date of entry thereof; or
(g)
if the Issuer shall file a petition or answer seeking reorganization, relief or
any arrangement under the federal bankruptcy laws or any other applicable law or statute
of the United States of America or any state thereof; or
(h)
if, under the provisions of any other law for the relief or aid of debtors, any
court of competent jurisdiction shall assume custody or control of the Issuer or of the whole
or any substantial part of the property of the Issuer, and such custody or control shall not
be terminated within 30 days from the date of assumption of such custody or control; or
(i)
if the Issuer shall default in the due and punctual performance of any other
of the covenants, conditions, agreements and provisions contained in the Bonds or herein
or any Supplemental Indenture hereof on the part of the Issuer to be performed, other than
as set forth above in this Section 7.1, and such Event of Default shall continue for 30 days
after written notice specifying such Event of Default and requiring the same to be remedied
shall have been given to the Issuer by the Trustee, which may give such notice in its
discretion and shall give such notice at the written request of the Registered Owners of not
less than 25% in aggregate Principal amount of the Bonds then Outstanding hereunder; or
(j)
the occurrence of any event specified in a Supplemental Indenture as
constituting an Event of Default.

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Remedies; Rights of Registered Owners. Upon the occurrence of an Event
of Default, the Trustee, upon being indemnified pursuant to Section 8.1 hereof, may pursue any
available remedy by suit at law or in equity to enforce the payment of the Principal of, premium,
if any, and interest on the Bonds then Outstanding or to enforce any obligations of the Issuer
hereunder including the right to require the Issuer to make monthly deposits to the Bond Fund in
the amounts set forth in Sections 5.2(a)(i) through 5.2(a)(iii).
If an Event of Default shall have occurred, and if requested so to do by
(i) Registered Owners of not less than 25% in aggregate Principal amount of the Bonds then
Outstanding, (ii) Security Instrument Issuers at that time providing Security Instruments which are
in full force and effect and not in default on any payment obligation and which secure not less than
25% in aggregate Principal amount of Bonds at the time Outstanding, or (iii) any combination of
Registered Owners and Security Instrument Issuers described in (i) and (ii) above representing not
less than 25% in aggregate Principal amount of Bonds at the time Outstanding, and indemnified
as provided in Section 8.1 hereof, the Trustee shall be obligated to exercise such one or more of
the rights and powers conferred by this Section 7.2 as the Trustee, being advised by counsel, shall
deem most expedient in the interest of the Registered Owners and the Security Instrument Issuers.
No remedy by the terms hereof conferred upon or reserved to the Trustee (or to the
Registered Owners or to the Security Instrument Issuers) is intended to be exclusive of any other
remedy, but each and every such remedy shall be cumulative and shall be in addition to any other
remedy given to the Trustee, the Registered Owners or the Security Instrument Issuers or now or
hereafter existing at law or in equity or by statute.
No delay or omission to exercise any right or power accruing upon any Event of Default
shall impair any such right or power or shall be construed to be a waiver of any Event of Default
or acquiescence therein; and every such right and power may be exercised from time to time and
as often as may be deemed expedient.
No waiver of any Event of Default hereunder, whether by the Trustee or by the Registered
Owners or the Security Instrument Issuers, shall extend to or shall affect any subsequent Event of
Default or shall impair any rights or remedies consequent thereon.

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Right of Registered Owners to Direct Proceedings. Anything herein to the
contrary notwithstanding, unless a Supplemental Indenture provides otherwise, either (i) the
Registered Owners of a majority in aggregate Principal amount of the Bonds then Outstanding,
(ii) the Security Instrument Issuers at the time providing Security Instruments which are in full
force and effect and not in default on any payment obligation and which secure not less than 50%
in aggregate Principal amount of Bonds at the time Outstanding, or (iii) any combination of
Registered Owners and Security Instrument Issuers described in (i) and (ii) above representing not
less than 50% in aggregate Principal amount of Bonds at the time Outstanding, shall have the right,
at any time, by an instrument or instruments in writing executed and delivered to the Trustee, to
direct the time, method and place of conducting all proceedings to be taken in connection with the
enforcement of the terms and conditions hereof, or for the appointment of a receiver or any other
proceedings hereunder; provided, that such direction shall not be otherwise than in accordance
with the provisions of law and of this Indenture.
Application of Moneys. All moneys received by the Trustee pursuant to
any right given or action taken under the provisions of this Article VII shall, after payment of
Trustee’s fees and expenses including the fees and expenses of its counsel for the proceedings
resulting in the collection of such moneys and of the expenses and liabilities and advances incurred
or made by the Trustee, be deposited in the Bond Fund and all moneys so deposited in the Bond
Fund shall be applied in the following order:
(a)
To the payment of the Principal of, premium, if any, and interest then due
and payable on the Bonds and the Security Instrument Repayment Obligations as follows:
(i)
Unless the Principal of all the Bonds shall have become due and
payable, all such moneys shall be applied:
FIRST—To the payment to the persons entitled thereto of all
installments of interest then due on the Bonds and the interest component
of any Security Instrument Repayment Obligations then due, in the order of
the maturity of the installments of such interest and, if the amount available
shall not be sufficient to pay in full any particular installment, then to the
payment ratably, according to the amounts due on such installment, to the
persons entitled thereto, without any discrimination or privilege; and
SECOND—To the payment to the persons entitled thereto of the
unpaid Principal of and premium, if any, on the Bonds which shall have
become due (other than Bonds called for redemption for the payment of
which moneys are held pursuant to the provisions hereof), in the order of
their due dates, and the Principal component of any Security Instrument
Repayment Obligations then due, and, if the amount available shall not be
sufficient to pay in full all the Bonds and the Principal component of any
Security Instrument Repayment Obligations due on any particular date, then
to the payment ratably, according to the amount of Principal due on such
date, to the persons entitled thereto without any discrimination or privilege.

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(ii)
If the Principal of all the Bonds shall have become due and payable,
all such moneys shall be applied to the payment of the Principal and interest then
due and unpaid upon the Bonds and Security Instrument Repayment Obligations,
without preference or priority of Principal over interest or of interest over Principal,
or of any installment of interest over any other installment of interest, or of any
Bond or Security Instrument Repayment Obligation over any other Bond or
Security Instrument Repayment Obligation, ratably, according to the amounts due
respectively for Principal and interest, to the persons entitled thereto without any
discrimination or privilege.
(b)
To the payment of all obligations owed to all Reserve Instrument Providers,
ratably, according to the amounts due without any discrimination or preference under any
applicable agreement related to any Reserve Instrument Agreement.
Whenever moneys are to be applied pursuant to the provisions of this Section 7.4, such
moneys shall be applied at such times, and from time to time, as the Trustee shall determine, having
due regard to the amounts of such moneys available for such application and the likelihood of
additional moneys becoming available for such application in the future. Whenever the Trustee
shall apply such funds, it shall fix the date (which shall be an Interest Payment Date unless it shall
deem another date more suitable) upon which such application is to be made and upon such date
interest on the amounts of Principal paid on such dates shall cease to accrue.
Remedies Vested in Trustee. All rights of action (including the right to file
proof of claims) hereunder or under any of the Bonds may be enforced by the Trustee without the
possession of any of the Bonds or the production thereof in any trial or other proceedings related
thereto and any such suit or proceedings instituted by the Trustee shall be brought in its name as
Trustee without the necessity of joining as plaintiffs or defendants any Registered Owners of the
Bonds, and any recovery of judgment shall be for the equal benefit of the Registered Owners of
the Outstanding Bonds.
Rights and Remedies of Registered Owners. Except as provided in the last
sentence of this Section 7.6, no Registered Owner of any Bond or Security Instrument Issuer shall
have any right to institute any suit, action or proceeding in equity or at law for the enforcement
hereof or for the execution of any trust thereof or for the appointment of a receiver or any other
remedy hereunder, unless an Event of Default has occurred of which the Trustee has been notified
as provided in Section 8.1(g), or of which by said Section it is deemed to have notice, nor unless
also Registered Owners of 25% in aggregate Principal amount of the Bonds then Outstanding or
Security Instrument Issuers at the time providing Security Instruments which are in full force and
effect and are not in default on any payment obligation and which secure not less than 25% in
aggregate Principal amount of Bonds at the time Outstanding shall have made written request to
the Trustee and shall have offered reasonable opportunity either to proceed to exercise the powers
hereinbefore granted or to institute such action, suit or proceeding in its own name, nor unless also
they have offered to the Trustee indemnity as provided in Section 8.1 hereof nor unless the Trustee
shall thereafter fail or refuse to exercise the powers hereinabove granted, or to institute such action,
suit or proceeding in its own name or names. Such notification, request and offer of indemnity are
hereby declared in every case at the option of the Trustee to be conditions precedent to the
execution of the powers and trust hereof, and to any action or cause of action for the enforcement

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hereof, or for the appointment of a receiver or for any other remedy hereunder; it being understood
and intended that no one or more Registered Owner of the Bonds or Security Instrument Issuer
shall have any right in any manner whatsoever to affect, disturb or prejudice the lien hereof by its
action or to enforce any right hereunder except in the manner herein provided, and that all
proceedings at law or in equity shall be instituted, had and maintained in the manner herein
provided and for the equal benefit of the Registered Owners of all Bonds then Outstanding and all
Security Instrument Issuers at the time providing Security Instruments. Nothing herein contained
shall, however, affect or impair the right of any Registered Owner or Security Instrument Issuer to
enforce the covenants of the Issuer to pay the Principal of, premium, if any, and interest on each
of the Bonds issued hereunder held by such Registered Owner and Security Instrument Repayment
Obligations at the time, place, from the source and in the manner in said Bonds or Security
Instrument Repayment Obligations expressed.
Termination of Proceedings. In case the Trustee, any Registered Owner or
any Security Instrument Issuer shall have proceeded to enforce any right hereunder by the
appointment of a receiver, or otherwise, and such proceedings shall have been discontinued or
abandoned for any reason, or shall have been determined adversely to the Trustee, the Registered
Owner, or Security Instrument Issuer, then and in every such case the Issuer and the Trustee shall
be restored to their former positions and rights hereunder, and all rights, remedies and powers of
the Trustee shall continue as if no such proceedings had been taken.
Waivers of Events of Default. Subject to Section 8.1(g) hereof, the Trustee
may in its discretion, and with the prior written consent of all Security Instrument Issuers at the
time providing Security Instruments, waive any Event of Default hereunder and its consequences
and shall do so upon the written request of the Registered Owners of (a) a majority in aggregate
Principal amount of all the Bonds then Outstanding or Security Instrument Issuers at the time
providing Security Instruments which are in full force and effect and are not in default on any
payment obligation and which secure not less than 50% in aggregate Principal amount of Bonds
at the time Outstanding in respect of which an Event of Default in the payment of Principal and
interest exist, or (b) a majority in aggregate Principal amount of the Bonds then Outstanding or
Security Instrument Issuers at the time providing Security Instruments which are in full force and
effect and are not in default on any payment obligation and which secure not less than 50% in
aggregate Principal amount of Bonds at the time Outstanding in the case of any other Event of
Default; provided, however, that there shall not be waived (i) any default in the payment of the
Principal of any Bonds at the date that a Principal Installment is due or (ii) any default in the
payment when due of the interest on any such Bonds, unless prior to such waiver or rescission, all
arrears of interest, with interest (to the extent permitted by law) at the rate borne by the Bonds in
respect of which such Event of Default shall have occurred on overdue installments of interest and
all arrears of payments of Principal and premium, if any, when due and all expenses of the Trustee,
in connection with such Event of Default shall have been paid or provided for, and in case of any
such waiver or rescission, or in case any proceeding taken by the Trustee on account of any such
Event of Default shall have been discontinued or abandoned or determined adversely, then and in
every such case the Issuer, the Trustee, the Registered Owners and the Security Instrument Issuers
shall be restored to their former positions and rights hereunder, respectively, but no such waiver
or rescission shall extend to any subsequent or other Event of Default, or impair any right
consequent thereon.

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Cooperation of Issuer. In the case of any Event of Default hereunder, the
Issuer shall cooperate with the Trustee and use its best efforts to protect the Registered Owners,
Reserve Instrument Providers and the Security Instrument Issuers.
ARTICLE VIII
THE TRUSTEE
Acceptance of the Trusts. The Trustee accepts the trusts imposed upon it
hereby, and agrees to perform said trusts as a corporate trustee ordinarily would perform said trusts
under a corporate indenture, but no implied covenants or obligations shall be read into this
Indenture against the Trustee.
(a)
The Trustee may execute any of the trusts or powers thereof and perform
any of its duties by or through attorneys, agents, receivers or employees and the Trustee
shall not be responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due care and shall be entitled to advice of counsel concerning all
matters of trusts hereof and the duties hereunder, and may in all cases pay such reasonable
compensation to all such attorneys, agents, receivers and employees as may reasonably be
employed in connection with the trusts hereof. The Trustee may act upon the opinion or
advice of counsel. The Trustee shall not be responsible for any loss or damage resulting
from any action or non-action in good faith in reliance upon such opinion or advice.
(b)
The Trustee shall not be responsible for any recital herein, or in the Bonds
(except in respect to the certificate of the Trustee endorsed on the Bonds), or collecting any
insurance moneys, or for the validity of the execution by the Issuer of this Indenture or of
any supplements thereto or instruments of further assurance, or for the sufficiency of the
security for the Bonds issued hereunder or intended to be secured hereby; and the Trustee
shall not be bound to ascertain or inquire as to the performance or observance of any
covenants, conditions or agreements on the part of the Issuer; but the Trustee may require
of the Issuer full information and advice as to the performance of the covenants, conditions
and agreements aforesaid and as to the condition of the property herein conveyed. The
Trustee shall not be responsible or liable for any loss suffered in connection with any
investment of funds made by it in accordance with the provisions hereof. The Trustee shall
have no responsibility with respect to any information, statement or recital in any offering
memorandum or other disclosure material prepared or distributed with respect to the
Bonds.
(c)
The Trustee shall not be accountable for the use of any Bonds authenticated
or delivered hereunder, except as specifically set forth herein. The Trustee may become
the owner of Bonds secured hereby with the same rights which it would have if not Trustee.
(d)
The Trustee shall be protected in acting upon any notice, request, consent,
certificate, order, affidavit, letter, telegram or other paper or document believed to be
genuine and correct and to have been signed or sent by the proper person or persons. Any
action taken by the Trustee pursuant hereto upon the request or authority or consent of any
person who at the time of making such request or giving such authority or consent is the

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Registered Owner of any Bond, shall be conclusive and binding upon all future Owners of
the same Bond and upon Bonds issued in exchange therefor or in place thereof.
(e)
As to the existence or nonexistence of any fact or as to the sufficiency or
validity of any instrument, paper or proceeding, the Trustee shall be entitled to rely upon a
certificate signed on behalf of the Issuer by an Authorized Representative as sufficient
evidence of the facts therein contained and prior to the occurrence of an Event of Default
of which the Trustee has been notified as provided in Section 8.1(g) herein, or of which by
said Paragraph it is deemed to have notice, shall also be at liberty to accept a similar
certificate to the effect that any particular dealing, transaction or action is necessary or
expedient, but may at its discretion secure such further evidence deemed necessary or
advisable, but shall in no case be bound to secure the same. The Trustee may accept a
certificate of an Authorized Representative of the Issuer under its seal to the effect that a
resolution in the form therein set forth has been adopted by the Issuer as conclusive
evidence that such resolution has been duly adopted, and is in full force and effect.
(f)
The permissive right of the Trustee to do things enumerated herein shall not
be construed as a duty and the Trustee shall not be answerable for other than its negligence
or willful misconduct.
(g)
The Trustee shall not be required to take notice or be deemed to have notice
of any Event of Default hereunder, except an Event of Default described in Section 7.1(a)
or 7.1(b), unless the Trustee shall be specifically notified in writing of such Default by the
Issuer, a Security Instrument Issuer or by the Registered Owners of at least 25% in the
aggregate Principal amount of any Series of the Bonds then Outstanding and all notices or
other instruments required hereby to be delivered to the Trustee must, in order to be
effective, be delivered at the Principal Corporate Trust Office of the Trustee, and in the
absence of such notice so delivered, the Trustee may conclusively assume there is no Event
of Default except as aforesaid.
(h)
At any and all reasonable times and upon reasonable prior written notice,
the Trustee, and its duly authorized agents, attorneys, experts, engineers, accountants and
representatives, shall have the right fully to inspect all books, papers and records of the
Issuer pertaining to the Bonds, and to take such memoranda from and in regard thereto as
may be desired.
(i)
The Trustee shall not be required to give any bond or surety in respect of
the execution of the said trusts and powers or otherwise in respect of the premises.
(j)
Notwithstanding anything elsewhere herein contained, the Trustee shall
have the right, but shall not be required, to demand, in respect of the authentication of any
Bonds, the withdrawal of any cash, the release of any property, or any action whatsoever
within the purview hereof, any showing, certificates, opinions, appraisals, or other
information, or corporate action or evidence thereof, in addition to that by the terms hereof
required as a condition of such action by the Trustee, deemed desirable for the
authentication of any Bonds, the withdrawal of any cash, or the taking of any other action
by the Trustee.

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(k)
All moneys received by the Trustee or any Paying Agent shall, until used
or applied or invested as herein provided, be held in trust for the purposes for which they
were received but need not be segregated from other funds except to the extent required by
law. Neither the Trustee nor any Paying Agent shall be under any liability for interest on
any moneys received hereunder except such as may be agreed upon.
(l)
If any Event of Default hereunder shall have occurred and be continuing,
the Trustee shall exercise such of the rights and powers vested in it hereby and shall use
the same degree of care as a prudent man would exercise or use in the circumstances in the
conduct of his own affairs.
(m)
The Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request, order or direction of any of the
Registered Owners, Security Instrument Issuers or Reserve Instrument Providers pursuant
to the provisions of this Indenture, unless such Registered Owners, Security Instrument
Issuers or Reserve Instrument Providers shall have offered to the Trustee security or
indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred
therein or thereby.
(n)
The Trustee shall not be required to expend, advance, or risk its own funds
or incur any financial liability in the performance of its duties or in the exercise of any of
its rights or powers if it shall have reasonable grounds for believing that repayment of such
funds or satisfactory indemnity against such risk or liability is not assured to it.
Fees, Charges and Expenses of Trustee. The Trustee shall be entitled to
payment and/or reimbursement for reasonable fees for its services rendered as Trustee hereunder
and all advances, counsel fees and other expenses reasonably and necessarily made or incurred by
the Trustee in connection with such services. The Trustee shall be entitled to payment and
reimbursement for the reasonable fees and charges of the Trustee as Paying Agent and Registrar
for the Bonds as hereinabove provided. Upon an Event of Default, but only upon an Event of
Default, the Trustee shall have a right of payment prior to payment on account of interest or
Principal of, or premium, if any, on any Bond for the foregoing advances, fees, costs and expenses
incurred. The Trustee’s rights under this Section 8.2 will not terminate upon its resignation or
removal or upon payment of the Bonds and discharge of the Indenture.
Notice to Registered Owners if Event of Default Occurs. If an Event of
Default occurs of which the Trustee is by Section 8.1(g) hereof required to take notice or if notice
of an Event of Default be given to the Trustee as in said Section provided, then the Trustee shall
give written notice thereof by registered or certified mail to all Security Instrument Issuers or to
Registered Owners of all Bonds then Outstanding shown on the registration books of the Bonds
kept by the Trustee as Registrar for the Bonds.
Intervention by Trustee. In any judicial proceeding to which the Issuer is a
party and which in the opinion of the Trustee and its counsel has a substantial bearing on the
interest of Registered Owners of the Bonds, the Trustee may intervene on behalf of such Owners
and shall do so if requested in writing by the Registered Owners of at least 25% in aggregate

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Principal amount of the Bonds then Outstanding. The rights and obligations of the Trustee under
this Section 8.4 are subject to the approval of a court of competent jurisdiction.
Successor Trustee. Any corporation or association into which the Trustee
may be converted or merged, or with which it may be consolidated, or to which it may sell or
transfer its corporate trust business and assets as a whole or substantially as a whole, or any
corporation or association resulting from any such conversion, sale, merger, consolidation or
transfer to which it is a party, ipso facto, shall be and become successor Trustee hereunder and
vested with all of the title to the whole property or trust estate and all the trusts, powers, discretions,
immunities, privileges and all other matters as was its predecessor, without the execution or filing
of any instrument or any further act, deed of conveyance on the part of any of the parties hereto,
anything herein to the contrary notwithstanding.
Resignation by the Trustee. The Trustee and any successor Trustee may at
any time resign from the trusts hereby created by giving written notice to the Issuer, served
personally or by registered or certified mail, and by registered or certified mail to each Reserve
Instrument Issuer, Security Instrument Issuer and Registered Owner of Bonds then Outstanding,
and such resignation shall take effect upon the appointment of and acceptance by a successor
Trustee by the Registered Owners or by the Issuer as provided in Section 8.8 hereof; provided,
however that if no successor Trustee has been appointed within 60 days of the date of such notice
of resignation, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee, and such court may thereupon, after such notice, if any, as it
deems proper and prescribes, appoint a successor Trustee.
Removal of the Trustee. The Trustee may be removed at any time, by an
instrument or concurrent instruments (i) in writing delivered to the Trustee, and signed by the
Issuer, unless there exists any Event of Default, or (ii) in writing delivered to the Trustee and the
Issuer, and signed by the Registered Owners of a majority in aggregate Principal amount of Bonds
then Outstanding if an Event of Default exists; provided that such instrument or instruments
concurrently appoint a successor Trustee meeting the qualifications set forth herein.
Appointment of Successor Trustee by Registered Owners; Temporary
Trustee. In case the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in
course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case
it shall be taken under the control of any public officer or officers, or of a receiver appointed by a
court, a successor may be appointed by the Issuer or if an Event of Default exists by the Registered
Owners of a majority in aggregate Principal amount of Bonds then Outstanding, by an instrument
or concurrent instruments in writing signed by such Owners, or by their attorneys in fact, duly
authorized; provided, nevertheless, that in case of such vacancy, the Issuer by an instrument
executed by an Authorized Representative under its seal, may appoint a temporary Trustee to fill
such vacancy until a successor Trustee shall be appointed by the Registered Owners in the manner
above provided; and any such temporary Trustee so appointed by the Issuer shall immediately and
without further act be superseded by the Trustee so appointed by such Registered Owners. Every
successor Trustee appointed pursuant to the provisions of this Section 8.8 or otherwise shall be a
trust company or bank in good standing having a reported capital and surplus of not less than
$50,000,000.

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Each Reserve Instrument Provider and Security Instrument Issuer shall be notified by the
Issuer immediately upon the resignation or termination of the Trustee and provided with a list of
candidates for the office of successor Trustee.
Concerning Any Successor Trustee. Every successor Trustee appointed
hereunder shall execute, acknowledge and deliver to its predecessor and also to the Issuer an
instrument in writing accepting such appointment hereunder, and thereupon such successor,
without any further act, deed or conveyance, shall become fully vested with all the estates,
properties, rights, powers, trusts, duties and obligations of its predecessor; but such predecessor
shall, nevertheless, on the written request of the Issuer, or of the successor Trustee, execute and
deliver an instrument transferring to such successor Trustee all the estates, properties, rights,
powers and trusts of such predecessor hereunder; and every predecessor Trustee shall deliver all
securities and moneys held by it as Trustee hereunder to its successor. Should any instrument in
writing from the Issuer be required by any successor Trustee for more fully and certainly vesting
in such successor the estates, rights, powers and duties hereby vested or intended to be vested in
the predecessor, any and all such instruments in writing shall, on request, be executed,
acknowledged and delivered by the Issuer. The resignation of any Trustee and the instrument or
instruments removing any Trustee and appointing a successor hereunder, together with all other
instruments provided for in this Article VIII shall be filed and/or recorded by the successor Trustee
in each recording office, if any, where the Indenture shall have been filed and/or recorded.
Trustee Protected in Relying Upon Indenture, Etc.. The indentures,
opinions, certificates and other instruments provided for herein may be accepted by the Trustee as
conclusive evidence of the facts and conclusions stated therein and shall be full warrant, protection
and authority to the Trustee for the release of property and the withdrawal of cash hereunder.
Successor Trustee as Trustee of Funds; Paying Agent and Bond Registrar.
In the event of a change in the office of Trustee, the predecessor Trustee which has resigned or
been removed shall cease to be Trustee hereunder and Registrar for the Bonds and Paying Agent
for Principal of, premium, if any, and interest on the Bonds, and the successor Trustee shall become
such Trustee, Registrar and Paying Agent for the Bonds.
Trust Estate May Be Vested in Separate or Co-Trustee. It is the purpose of
this Indenture that there shall be no violation of any law of any jurisdiction (including particularly
the laws of the State) denying or restricting the right of banking corporations or associations to
transact business as Trustee in such jurisdiction. It is recognized that in case of litigation
hereunder, and in particular in case of the enforcement of remedies on Event of Default, or in case
the Trustee deems that by reason of any present or future law of any jurisdiction it may not exercise
any of the powers, rights, or remedies herein granted to the Trustee or hold title to the trust estate,
as herein granted, or take any other action which may be desirable or necessary in connection
therewith, it may be necessary that the Trustee appoint an additional individual or institution as a
separate or co-trustee. The following provisions of this Section 8.12 are adapted to these ends.
In the event that the Trustee appoints an additional individual or institution as a separate or
co-trustee, each and every remedy, power, right, claim, demand, cause of action, immunity, estate,
title, interest and lien expressed or intended hereby to be exercised by or vested in or conveyed to
the Trustee with respect thereto shall be exercisable by and vested in such separate or co-trustee,

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but only to the extent necessary to enable the separate or co-trustee to exercise such powers, rights
and remedies, and every covenant and obligation necessary to the exercise thereof by such separate
or co-trustee shall run to and be enforceable by either of them.
Should any deed, conveyance or instrument in writing from the Issuer be required by the
separate trustee or co-trustee so appointed by the Trustee for more fully and certainly vesting in
and confirming to it such properties, rights, powers, trusts, duties and obligations, any and all such
deeds, conveyances and instruments in writing shall, on request of such trustee or co-trustee, be
executed, acknowledged and delivered by the Issuer. In case any separate trustee or co-trustee, or
a successor to either, shall die, become incapable of acting, resign or be removed, all the estates,
properties, rights, powers, trusts, duties and obligations of such separate trustee or co-trustee, so
far as permitted by law, shall vest in and be exercised by the Trustee until the appointment of a
new trustee or successor to such separate trustee or co-trustee.
Annual Accounting. The Trustee shall prepare an annual accounting for
each Bond Fund Year by the end of the month following each such Bond Fund Year showing in
reasonable detail all financial transactions relating to the funds and accounts held by the Trustee
hereunder during the accounting period and the balance in any funds or accounts created hereby
as of the beginning and close of such accounting period, and shall mail the same to the Issuer, and
to each Reserve Instrument Provider requesting the same. The Trustee shall also make available
for inspection by any Registered Owner a copy of said annual accounting (with the names and
addresses of Registered Owners receiving payment of debt service on the Bonds deleted therefrom)
and shall mail the same if requested in writing to do so by Registered Owners of at least 25% in
aggregate Principal amount of Bonds then Outstanding to the designee of said Owners specified
in said written request at the address therein designated. On or before the end of the month
following each Bond Fund Year, the Trustee shall, upon written request, provide to the Issuer and
the Issuer’s independent auditor representations as to the accuracy of the facts contained in the
financial reports concerning the transactions described herein that were delivered by the Trustee
during the Bond Fund Year just ended.
Indemnification. To the extent permitted by law and subject to the
provisions of Section 8.1(a) of this Indenture, the Issuer shall indemnify and save Trustee harmless
against any liabilities it may incur in the exercise and performance of its powers and duties
hereunder, other than those due to its own negligence or willful misconduct.
Trustee’s Right to Own and Deal in Bonds. The bank or trust company
acting as Trustee under this Indenture, and its directors, officers, employees or agents, may in good
faith buy, sell, own, hold and deal in any of the Bonds issued hereunder and secured by this
Indenture, and may join in any action which any Bondholder may be entitled to take with like
effect as if such bank or trust company were not the Trustee under this Indenture.
Direct Payment Authorization. The Issuer hereby authorizes and directs the
Trustee to take all necessary actions to effectively carry out the duties required to apply for and
accept Direct Payments from the Internal Revenue Service on behalf of the Issuer under Sections
54AA and 6431 of the Code or such other tax provisions of substantially similar nature which may
be hereafter authorized, including, but not limited to, filing and signing IRS Form 8038-CP,
receiving the Direct Payment on the Issuer’s behalf, and using such Direct Payment to pay Debt

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Service on the Bonds. For fixed rate bonds, the Trustee shall file the 8038-CP at least 50 days (but
not more than 90 days) before the relevant Interest Payment Date (unless otherwise directed by a
change in regulations). For variable rate bonds, the Trustee shall file the 8038-CP for
reimbursements in arrears within 25 days after the last Interest Payment Date within the quarterly
period for which reimbursement is being requested (unless otherwise directed by a change in
regulations). The Issuer hereby covenants that it will deposit the Direct Payments with the Trustee
for use in paying Debt Service on the Bonds.
ARTICLE IX
SUPPLEMENTAL INDENTURES
Supplemental Indentures Not Requiring Consent of Registered Owners,
Security Instrument Issuers and Reserve Instrument Providers. The Issuer and the Trustee may,
without the consent of, or notice to, any of the Registered Owners or Reserve Instrument Providers,
or Security Instrument Issuers, enter into an indenture or indentures supplemental hereto, as shall
not be inconsistent with the terms and provisions hereof, for any one or more of the following
purposes:
(a)
To provide for the issuance of Additional Bonds in accordance with the
provisions of Section 2.13 hereof;
(b)

To cure any ambiguity or formal defect or omission herein;

(c)
To grant to or confer upon the Trustee for the benefit of the Registered
Owners, any Security Instrument Issuers and any Reserve Instrument Providers any
additional rights, remedies, powers or authority that may lawfully be granted to or
conferred upon the Registered Owners or any of them which shall not adversely affect the
interests of any Reserve Instrument Providers or Security Instrument Issuers without its
consent;
(d)
To subject to this Indenture additional Revenues or other revenues,
properties, collateral or security;
(e)
To provide for the issuance of the Bonds pursuant to a book-entry system
or as uncertificated registered public obligations pursuant to the provisions of the
Registered Public Obligations Act, Title 15, Chapter 7 of the Utah Code, Annotated 1953,
as amended, or any successor provisions of law;
(f)
To make any change which shall not materially adversely affect the rights
or interests of the Owners of any Outstanding Bonds, any Security Instrument Issuers or
any Reserve Instrument Provider requested or approved by a Rating Agency in order to
obtain or maintain any rating on the Bonds or requested or approved by a Security
Instrument Issuer or Reserve Instrument Provider in order to insure or provide other
security for any Bonds;
(g)
To make any change necessary (A) to establish or maintain the excludability
from gross income for federal income tax purposes of interest on any Series of Bonds as a
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result of any modifications or amendments to Section 148 of the Code or interpretations by
the Internal Revenue Service of Section 148 of the Code or of regulations proposed or
promulgated thereunder, or (B) to comply with the provisions of Section 148(f) of the
Code, including provisions for the payment of all or a portion of the investment earnings
of any of the Funds established hereunder to the United States of America, or (C) to
establish or maintain the Direct Payments related to any Series of Bonds;
(h)
If the Bonds affected by any change are rated by a Rating Agency, to make
any change which does not result in a reduction of the rating applicable to any of the Bonds
so affected, provided that if any of the Bonds so affected are secured by a Security
Instrument, such change must be approved in writing by the related Security Instrument
Issuer;
(i)
If the Bonds affected by any change are secured by a Security Instrument,
to make any change approved in writing by the related Security Instrument Issuer, provided
that if any of the Bonds so affected are rated by a Rating Agency, such change shall not
result in a reduction of the rating applicable to any of the Bonds so affected;
(j)
Unless otherwise provided by a Supplemental Indenture authorizing a
Series of Bonds, the designation of the facilities to constitute a Project by such
Supplemental Indenture may be modified or amended if the Issuer delivers to the Trustee
(1) a Supplemental Indenture designating the facilities to comprise the Project and (2) an
opinion of Bond Counsel to the effect that such amendment will not adversely affect the
tax-exempt status (if applicable) or validity of the Bonds; and
(k)
To correct any references contained herein to provisions of the Act, the
Code or other applicable provisions of law that have been amended so that the references
herein are correct.
Supplemental Indentures Requiring Consent of Registered Owners and
Reserve Instrument Providers; Waivers and Consents by Registered Owners. Exclusive of
Supplemental Indentures covered by Section 9.1 hereof and subject to the terms and provisions
contained in this Section 9.2, and not otherwise, the Registered Owners of 66 2/3% in aggregate
Principal amount of the Bonds then Outstanding shall have the right, from time to time, anything
contained herein to the contrary notwithstanding, to (i) consent to and approve the execution by
the Issuer and the Trustee of such other indenture or indentures supplemental hereto as shall be
deemed necessary and desirable by the Issuer for the purpose of modifying, altering, amending,
adding to or rescinding, in any particular, any of the terms or provisions contained herein or in any
Supplemental Indenture, or (ii) waive or consent to the taking by the Issuer of any action
prohibited, or the omission by the Issuer of the taking of any action required, by any of the
provisions hereof or of any indenture supplemental hereto; provided, however, that nothing in this
Section 9.2 contained shall permit or be construed as permitting (a) an extension of the date that a
Principal Installment is due at maturity or mandatory redemption or reduction in the Principal
amount of, or reduction in the rate of or extension of the time of paying of interest on, or reduction
of any premium payable on the redemption of, any Bond, without the consent of the Registered
Owner of such Bond, or (b) a reduction in the amount or extension of the time of any payment
required by any Fund established hereunder applicable to any Bonds without the consent of the

4924-0743-4909, v. 2

50

Registered Owners of all the Bonds which would be affected by the action to be taken, or (c) a
reduction in the aforesaid aggregate Principal amount of Bonds, the Registered Owners of which
are required to consent to any such waiver or Supplemental Indenture, or (d) affect the rights of
the Registered Owners of less than all Bonds then outstanding, without the consent of the
Registered Owners of all the Bonds at the time Outstanding which would be affected by the action
to be taken. In addition, no supplement hereto shall modify the rights, duties or immunities of the
Trustee, without the written consent of the Trustee. If a Security Instrument or a Reserve
Instrument is in effect with respect to any Series of Bonds Outstanding and if a proposed
modification or amendment would affect such Series of Bonds, then, except as provided in Section
9.1, neither this Indenture nor any Supplemental Indenture with respect to such Series of Bonds
shall be modified or amended at any time without the prior written consent of the related Security
Instrument Issuer or Reserve Instrument Provider, as applicable.
If at any time the Issuer shall request the Trustee to enter into any such Supplemental
Indenture for any of the purposes of this Section 9.2, the Trustee shall, upon being satisfactorily
indemnified with respect to expenses, cause notice of the proposed execution of such Supplemental
Indenture to be given by registered or certified mail to the Bondholder of each Bond shown by the
list of Bondholders required by the terms of Section 2.6 hereof to be kept at the office of the
Trustee. Such notices shall briefly set forth the nature of the proposed Supplemental Indenture
and shall state that copies thereof are on file at the principal office of the Trustee for inspection by
all Bondholders. At the time such notices are mailed by the Trustee, the Issuer may, but is not
required to, designate a reasonable time period for receipt of such consents and shall include such
requirement in the notices sent to the Bondholders. If the Bondholders of not less than 66 2/3% in
aggregate Principal amount of the Bonds Outstanding at the time of the execution of any such
Supplemental Indenture shall have consented to and approved the execution thereof as herein
provided, no holder of any Bond shall have any right to object to any of the terms and provisions
contained therein, or the operation thereof, or in any manner to question the propriety of the
execution thereof, or to enjoin or restrain the Trustee or the Issuer from executing the same or from
taking any action pursuant to the provisions thereof. Upon the execution of any such Supplemental
Indenture as in this Article IX permitted and provided, the Indenture shall be and be deemed to be
modified and amended in accordance therewith.
ARTICLE X
DISCHARGE OF INDENTURE
If the Issuer shall pay or cause to be paid, or there shall be otherwise paid or provision for
payment made, to or for the Registered Owners of the Bonds, the Principal of and interest due or
to become due thereon at the times and in the manner stipulated therein, and shall pay or cause to
be paid to the Trustee all sums of moneys due or to become due according to the provisions hereof,
and to all Security Instrument Issuers and all Reserve Instrument Providers all sums of money due
or to become due according to the provisions of any Security Instrument Agreements, Reserve
Instrument Agreements, as applicable, then these presents and the estate and rights hereby granted
shall cease, terminate and be void, whereupon the Trustee shall cancel and discharge the lien
hereof, and release, assign and deliver unto the Issuer any and all the estate, right, title and interest
in and to any and all rights assigned or pledged to the Trustee, held by the Trustee, or otherwise
subject to the lien hereof, except moneys or securities held by the Trustee for the payment of the
4924-0743-4909, v. 2

51

Principal of and interest on the Bonds, the payment of amounts pursuant to any Security Instrument
Agreements or the payment of amounts pursuant to any Reserve Instrument Agreements.
Any Bond shall be deemed to be paid within the meaning of this Article X when payment
of the Principal of such Bond, plus interest thereon to the due date thereof (whether such due date
be by reason of maturity or upon redemption as provided herein, or otherwise), either (a) shall
have been made or caused to have been made in accordance with the terms thereof, or (b) shall
have been provided by irrevocably depositing with or for the benefit of the Trustee, in trust and
irrevocably setting aside exclusively for such payment, (i) moneys sufficient to make such
payment, or (ii) Direct Obligations, maturing as to Principal and interest in such amount and at
such times as will insure the availability of sufficient moneys to make such payment, and all
necessary and proper fees, compensation and expenses of the Trustee, and any paying agent
pertaining to the Bond with respect to which such deposit is made shall have been paid or the
payment thereof provided for to the satisfaction of the Trustee. At such times as a Bond shall be
deemed to be paid hereunder, as aforesaid, it shall no longer be secured by or entitled to the benefits
hereof, except for the purposes of any such payment from such moneys or Direct Obligations.
Notwithstanding the foregoing, in the case of Bonds, which by their terms may be
redeemed prior to their stated maturity, no deposit under the immediately preceding paragraph
shall be deemed a payment of such Bonds as aforesaid until the Issuer shall have given the Trustee,
in form satisfactory to the Trustee, irrevocable instructions:
(a)
stating the date when the Principal of each such Bond is to be paid, whether
at maturity or on a redemption date (which shall be any redemption date permitted hereby);
(b)
directing the Trustee to call for redemption pursuant hereto any Bonds to be
redeemed prior to maturity pursuant to Article II above; and
(c)
directing the Trustee to mail, as soon as practicable, in the manner
prescribed by Article II hereof, a notice to the Registered Owners of such Bonds and to
each related Security Instrument Issuer that the deposit required by this Article X has been
made with the Trustee and that such Bonds are deemed to have been paid in accordance
with this Article X and stating the maturity or redemption date upon which moneys are to
be available for the payment of the Principal or redemption price, if applicable, on said
Bonds as specified in Article II.
Any moneys so deposited with the Trustee as provided in this Article X may at the direction
of the Issuer also be invested and reinvested in Direct Obligations, maturing in the amounts and
times as hereinbefore set forth, and all income from all Direct Obligations in the hands of the
Trustee pursuant to this Article X which is not required for the payment of the Bonds and interest
thereon with respect to which such moneys shall have been so deposited, shall be deposited in the
Bond Fund as and when realized and collected for use and application as are other moneys
deposited in that fund; provided, however, that before any excess moneys shall be deposited in the
Bond Fund, the Trustee shall first obtain a written verification from a certified public accountant
that the moneys remaining on deposit with the Trustee and invested in Direct Obligations after
such transfer to the Bond Fund shall be sufficient in amount to pay Principal and interest on the
Bonds when due and payable.

4924-0743-4909, v. 2

52

No such deposit under this Article X shall be made or accepted hereunder and no use made
of any such deposit unless the Trustee shall have received an opinion of nationally recognized
municipal bond counsel to the effect that such deposit and use would not cause any tax-exempt
Bonds to be treated as arbitrage bonds within the meaning of Sections 148 of the Code.
Notwithstanding any provision of any other Article hereof which may be contrary to the
provisions of this Article X, all moneys or Direct Obligations set aside and held in trust pursuant
to the provisions of this Article X for the payment of Bonds (including interest thereon) shall be
applied to and used solely for the payment of the particular Bonds (including interest thereon) with
respect to which such moneys or Direct Obligations have been so set aside in trust.
Anything in Article VIII hereof to the contrary notwithstanding, if moneys or Direct
Obligations have been deposited or set aside with the Trustee pursuant to this Article X for the
payment of Bonds and such Bonds shall not have in fact been actually paid in full, no amendment
to the provisions of this Article X shall be made without the consent of the Registered Owner of
each Bond affected thereby.
ARTICLE XI
MISCELLANEOUS
Consents, Etc., of Registered Owners. Any consent, request, direction,
approval, objection or other instrument required hereby to be executed by the Registered Owners,
Security Instrument Issuers or Reserve Instrument Providers may be in any number of concurrent
writings of similar tenor and may be executed by such Registered Owners, Security Instrument
Issuers or Reserve Instrument Providers in person or by agent appointed in writing. Proof of the
execution of any such consent, request, direction, approval, objection or other instrument or of the
writing appointing any such agent and of the ownership of Bonds, if made in the following manner,
shall be sufficient for any of the purposes hereof, and shall be conclusive in favor of the Trustee
with regard to any action taken under such request or other instrument, namely, the fact and date
of the execution by any person of any such writing may be proved by the certificate of any officer
in any jurisdiction who by law has power to take acknowledgments within such jurisdiction that
the person signing such writing acknowledged before him the execution thereof, or by affidavit of
any witness to such execution.
Limitation of Rights. With the exception of rights herein expressly
conferred, nothing expressed or mentioned in or to be implied from this Indenture or the Bonds is
intended or shall be construed to give to any person other than the parties hereto, the Registered
Owners of the Bonds, any Security Instrument Issuer and any Reserve Instrument Provider, any
legal or equitable right, remedy or claim under or in respect hereto or any covenants, conditions
and provisions herein contained, this Indenture and all of the covenants, conditions and provisions
hereof being intended to be and being for the sole and exclusive benefit of the parties hereto, the
Registered Owners of the Bonds, any Security Instrument Issuer and the Reserve Instrument
Providers as herein provided.
Severability. If any provision hereof shall be held or deemed to be or shall,
in fact, be inoperative or unenforceable as applied in any particular case in any jurisdiction or in

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53

all jurisdictions, or in all cases because it conflicts with any other provision or provisions hereof
or any constitution or statute or rule of public policy, or for any other reason, such circumstances
shall not have the effect of rendering the provision in question inoperative or unenforceable in any
other case or circumstance, or of rendering any other provision or provisions herein contained
invalid, inoperative, or unenforceable to any extent whatever.
The invalidity of any one or more phrases, sentences, clauses or Sections herein contained,
shall not affect the remaining portions hereof, or any part thereof.
Notices. It shall be sufficient service of any notice, request, complaint,
demand or other paper on the Issuer if the same shall be duly mailed by registered or certified mail
to 2222 West 14400 South, Bluffdale, Utah 84737, Attention: City Recorder, or to such address as
the Issuer may from time to time file with the Trustee. It shall be sufficient service of any notice
or other paper on the Trustee if the same shall be duly mailed by registered or certified mail
addressed to it at U.S. Bank Trust Company, National Association, Corporate Trust Department,
170 South Main Street, 2nd Floor, Salt Lake City, Utah 84101, or to such other address as the
Trustee may from time to time file with the Issuer.
Trustee as Paying Agent and Registrar. The Trustee is hereby designated
and agrees to act as principal Paying Agent and Bond Registrar for and in respect to the Bonds.
Counterparts. This Indenture may be simultaneously executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the
same instrument.
Applicable Law. This Indenture shall be governed exclusively by the
applicable laws of the State.
Immunity of Officers and Directors. No recourse shall be had for the
payment of the Principal of or premium or interest on any of the Bonds or for any claim based
thereon or upon any obligation, covenant or agreement herein contained against any past, present
or future officer, or other public official, employee, or agent of the Issuer.
Holidays. If any date for the payment of Principal of or interest on the
Bonds is not a Business Day, then such payment shall be due on the first Business Day thereafter
and no interest shall accrue for the period between such date and such first Business Day thereafter.
Effective Date. This Indenture shall become effective immediately.
Compliance with Act. It is hereby declared by the Issuer’s Governing Body
that it is the intention of the Issuer by the execution of this Indenture to comply in all respects with
the provisions of the Act.

4924-0743-4909, v. 2

54

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be executed as
of the date first written above.
BLUFFDALE CITY, UTAH, as Issuer
(SEAL)
Mayor
ATTEST:

City Recorder
U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, as Trustee
By:
Title:

4924-0743-4909

S-1
GENERAL INDENTURE OF TRUST

EXHIBIT A
FORM OF REQUISITION
RE:

Bluffdale City, Utah [Taxable] Sales Tax Revenue [Refunding] Bonds, Series _______ in
the sum of $__________

U.S. Bank Trust Company, National Association
170 South Main Street, 2nd Floor
Salt Lake City, Utah 84101
You are hereby authorized to disburse from the 20_____ Account of the Construction Fund
with regard to the above-referenced bond issue the following:
REQUISITION NUMBER: ____________________
NAME AND ADDRESS OF PAYEE:

____________________________________
____________________________________
____________________________________

AMOUNT: $___________________
PURPOSE FOR WHICH EXPENSE HAS BEEN INCURRED: _________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
Each obligation, item of cost, or expense mentioned herein has been properly incurred, is a proper
charge against the 20_____ Account of the Construction Fund based upon audited, itemized claims
substantiated in support thereof, and has not been the basis for a previous withdrawal.
DATED: ________________

4924-0743-4909, v. 2

____________________________________
Authorized Representative

A-1

FIRST SUPPLEMENTAL INDENTURE OF TRUST
Dated as of _________, 2026
between
BLUFFDALE CITY, UTAH,
as Issuer
and
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION
as Trustee
and supplementing
General Indenture of Trust
Dated as of _________, 2026

4904-3106-6781, v. 4

Table of Contents

Page

ARTICLE I
SUPPLEMENTAL INDENTURE; DEFINITIONS
Section 1.1
Section 1.2

Supplemental Indenture ...........................................................................................2
Definitions................................................................................................................2
ARTICLE II
ISSUANCE OF THE SERIES 2026 NOTES

Section 2.1
Section 2.2
Section 2.3
Section 2.4
Section 2.5
Section 2.6
Section 2.7
Section 2.8
Section 2.9
Section 2.10

Principal Amount, Designation and Series ..............................................................3
Date, Maturities and Interest ....................................................................................4
Execution of Bonds ..................................................................................................4
Optional Redemption ...............................................................................................4
Delivery of Bonds ....................................................................................................4
Designation of Registrar ..........................................................................................4
Designation of Paying Agent ...................................................................................5
Limited Obligation ...................................................................................................5
Book-Entry System ..................................................................................................5
Perfection of Security Interest .................................................................................7
ARTICLE III
APPLICATION OF PROCEEDS

Section 3.1
Section 3.2
Section 3.3
Section 3.4
Section 3.5

Application of Proceeds of the Series 2026 Notes...................................................7
Creation and Operation of Series 2026 Cost of Issuance Account ..........................8
Disbursements from Series 2026 Construction Account .........................................8
No Series 2026 Debt Service Reserve Account .......................................................8
Series 2026 Notes as Initial Bonds; Delivery to Underwriter..................................8
ARTICLE IV

CONFIRMATION OF GENERAL INDENTURE, SALE OF SERIES 2026 NOTES
Section 4.1
Section 4.2

Confirmation of General Indenture ..........................................................................8
Confirmation of Sale of Series 2026 Notes .............................................................8
ARTICLE V
MISCELLANEOUS

Section 5.1
Section 5.2

Severability ..............................................................................................................9
Counterparts .............................................................................................................9

EXHIBIT A (FORM OF SERIES 2026 NOTES) .................................................................... A-1
EXHIBIT B COST OF ISSUANCE DISBURSEMENT REQUEST ....................................... B-1

4904-3106-6781, v. 4

i

FIRST SUPPLEMENTAL INDENTURE OF TRUST
This First Supplemental Indenture of Trust, dated as of _________, 2026, by and between
Bluffdale City, Utah, a political subdivision, municipal corporation and body politic duly
organized and existing under the Constitution and laws of the State of Utah (the “Issuer”) and U.S.
Bank Trust Company, National Association, a national bank duly organized and existing under the
laws of the United States of America, authorized by law to accept and execute trusts and having
its principal office in Salt Lake City, Utah, as trustee (the “Trustee”);
W I T N E S S E T H:
WHEREAS, the Issuer has entered into a General Indenture of Trust, dated as of
_________, 2026 (the “General Indenture”), with the Trustee; and
WHEREAS, the Local Government Bonding Act, Title 11, Chapter 14, Utah Code
Annotated 1953, as amended (the “Act”) authorizes the issuance of non-voted excise tax revenue
bonds payable solely from the excise tax revenues of cities, towns, or counties, levied and collected
by the said government entity or levied by the State of Utah and rebated pursuant to law; and
WHEREAS, the Issuer desires to finance all or a portion of the costs of construction of a
railroad underpass and all related improvements (the “Series 2026 Project”); and
WHEREAS, to (a) finance the Series 2026 Project and (b) pay the costs of issuance
associated with the issuance of the Series 2026 Notes (defined below) herein authorized, the Issuer
has determined to issue its Sales Tax Revenue Bond Anticipation Notes, Series 2026 in the
aggregate principal amount of $_________ (the “Series 2026 Notes”) in anticipation of receiving
monies pledge from the State and if such monies aren’t timely received, the issuance of its Sales
Tax Revenue Bonds (the “Anticipated Bonds”); and
WHEREAS, based upon the information available to the Issuer, the Series 2026 Notes shall
not at any one time exceed an amount for which the average annual installments of principal and
interest will exceed eighty percent (80%) of the taxes included in the Revenues received by the
Issuer (or would have been received by the Issuer had such taxes been in place) during its fiscal
year immediately preceding the fiscal year in which the Series 2026 Notes will be issued; and
WHEREAS, the Series 2026 Notes will be authorized, issued, and secured under the
General Indenture, as amended and supplemented by this First Supplemental Indenture of Trust
(the “First Supplemental Indenture,” and collectively with the General Indenture, and any
amendments thereto or hereto, the “Indenture”); and
WHEREAS, the execution and delivery of the Series 2026 Notes and of this First
Supplemental Indenture have in all respects been duly authorized and all things necessary to make
the Series 2026 Notes, when executed by the Issuer and authenticated by the Trustee, the valid and
binding legal obligations of the Issuer and to make this First Supplemental Indenture a valid and
binding agreement have been done;
NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE OF TRUST
WITNESSETH, that to secure the Series 2026 Notes, and all Additional Bonds issued and
4904-3106-6781, v. 4

outstanding under the Indenture, the payment of the principal or redemption price thereof and
interest thereon, the rights of the Registered Owners of the Bonds, to secure the Security
Instrument Issuers of Security Instruments for any Bonds, and of all Reserve Instrument Providers
of Reserve Instruments for any Bonds, and the performance of all of the covenants contained in
such Bonds and herein, and for and in consideration of the mutual covenants herein contained and
of the purchase of such Bonds by the Registered Owners thereof from time to time, and the
issuance of Reserve Instruments by Reserve Instrument Providers, and of the acceptance by the
Trustee of the trusts hereby created, and intending to be legally bound hereby, the Issuer has
executed and delivered this First Supplemental Indenture of Trust, and by these presents does, in
confirmation of the General Indenture, as amended and supplemented, hereby sell, assign, transfer,
set over and pledge unto U.S. Bank Trust Company, National Association, as Trustee, its
successors and trusts and its assigns forever, to the extent provided in the General Indenture, as
amended and supplemented, all right, title and interest of the Issuer in and to (i) the Revenues (as
defined in the General Indenture), (ii) all moneys in funds and accounts held by the Trustee under
the General Indenture and hereunder (except the Rebate Fund), and (iii) all other rights granted
under the General Indenture and hereinafter granted for the further securing of such Bonds.
TO HAVE AND TO HOLD THE SAME unto the Trustee and its successors in trust hereby
created and its and their assigns forever;
IN TRUST, NEVERTHELESS, FIRST, for the equal and ratable benefit and security of
all present and future Registered Owners of Bonds and related Security Instrument Issuers without
preference, priority, or distinction as to lien or otherwise (except as otherwise specifically
provided), of any one Bond or Security Instrument Repayment Obligation over any other Bond or
Security Instrument Repayment Obligation, and SECOND, for the equal and proportionate benefit,
security and protection of all Reserve Instrument Providers, without privilege, priority or
distinction as to the lien or otherwise of any Reserve Instrument Repayment Obligation over any
of the others by reason of time of issuance, delivery or expiration thereof or otherwise for any
cause whatsoever.
ARTICLE I
SUPPLEMENTAL INDENTURE; DEFINITIONS
Section 1.1 Supplemental Indenture.
This First Supplemental Indenture is
supplemental to, and is executed in accordance with and pursuant to Articles II and IX of the
General Indenture.
Section 1.2 Definitions. All terms which are defined in the General Indenture, shall
have the meanings, respectively, herein (including the use thereof in the recitals and the granting
clauses thereof) unless expressly given a different meaning or unless the context clearly otherwise
requires. All terms used herein which are defined in the recitals hereto shall have the meanings
therein given to the same unless the context requires otherwise and, in addition, the following
terms shall have the meanings specified below:
“Cede” means Cede & Co. and any substitute nominee of DTC who becomes the registered
Bondholder.

4904-3106-6781, v. 4

2

“Dated Date” means, with respect to the Series 2026 Notes, the date of initial issuance and
delivery thereof.
“DTC” means The Depository Trust Company, New York, New York, a limited-purpose
trust company organized under the laws of the State of New York.
“Interest Payment Date” means, with respect to the Series 2026 Notes, each _________
and _________, commencing _________, 2026.
“Issuer” means Bluffdale City, Utah.
“Regular Record Date” means the fifteenth day immediately preceding each Interest
Payment Date.
“Revenues” means for the Series 2026 Note and the Anticipated Bonds, 100% of the Local
Sales and Use Tax revenues received by the City pursuant to Title 59, Chapter 12, Part 2, Utah
Code Annotated 1953, as amended and up to 100% of any other sales or excise taxes of the City
legally available to be pledged as determined by an Authorized Representative of the City.
“Series 2026 Notes” means the Issuer’s $_________ Sales Tax Revenue Bond Anticipation
Notes, Series 2026 herein authorized.
“Series 2026 Construction Account” means the account established within the
Construction Fund under the General Indenture held in trust by the Trustee, into which a portion
of the proceeds of the Series 2026 Notes shall be deposited as provided herein.
“Series 2026 Cost of Issuance Account” means the account established pursuant to Section
3.2 hereof.
“Series 2026 Debt Service Reserve Requirement” means $0.
“Series 2026 Project” means all or a portion of the costs of construction of a railroad
underpass and all related improvements.
“Underwriter” means _______________.
ARTICLE II
ISSUANCE OF THE SERIES 2026 NOTES
Section 2.1 Principal Amount, Designation and Series. The Series 2026 Notes are
hereby authorized for issuance under the Indenture for the purpose of providing funds to (i) finance
all or a portion of the costs of the Series 2026 Project and (ii) pay costs incurred in connection with
the issuance of the Series 2026 Notes. The Series 2026 Notes shall be limited to $_________ in
aggregate principal amount, shall be issued in fully registered form, in denominations of $5,000
or any integral multiple thereof, shall be in substantially the form and contain substantially the
terms contained in Exhibit A attached hereto and made a part hereof, and shall bear interest at the
rates and be payable as to principal or redemption price as specified herein. The Series 2026 Notes

4904-3106-6781, v. 4

3

shall be designated as, and shall be distinguished from the Bonds of all other series by the title,
“Bluffdale City, Utah Sales Tax Revenue Bond Anticipation Notes, Series 2026.”
Section 2.2 Date, Maturities and Interest. The Series 2026 Notes shall be dated as of
the Dated Date, and shall mature on _________ in the years and in the amounts and shall bear
interest from the Interest Payment Date next preceding their date of authentication thereof unless
authenticated as of an Interest Payment Date, in which event such Bonds shall bear interest from
such date, or unless such Bonds are authenticated prior to the first Interest Payment Date, in which
event such Bonds shall bear interest from their Dated Date or unless, as shown by the records of
the Trustee, interest on the Series 2026 Notes shall be in default, in which event such Bonds shall
bear interest from the date to which interest has been paid in full, or unless no interest shall have
been paid on such Bonds, in which event such Bonds shall bear interest from their Dated Date,
payable on each Interest Payment Date, at the rates per annum as set forth below:
Maturity Date
(_________)

Principal Amount

Interest Rate

Interest shall be calculated on the basis of a year of 360 days comprised of twelve 30-day
months.
Section 2.3 Execution of Bonds. The Mayor is hereby authorized to execute by
facsimile or manual signature the Series 2026 Notes and the City Recorder to countersign by
facsimile or manual signature the Series 2026 Notes and to have imprinted, engraved,
lithographed, stamped or otherwise placed on the Series 2026 Notes a facsimile of the official seal
of the Issuer, and the Trustee shall manually authenticate the Series 2026 Notes.
Section 2.4 Optional Redemption. The Series 2026 Notes maturing on or prior to
_________, 2036 are not subject to redemption prior to maturity. The Series 2026 Notes maturing
on or after _________, 2037, are subject to redemption at the option of the Issuer on _________,
2036, and on any date thereafter prior to maturity, in whole or in part, from such maturities or parts
thereof as may be selected by the Issuer, at a redemption price equal to 100% of the principal
amount of the Series 2026 Notes to be redeemed plus accrued interest thereon to the date fixed for
redemption.
Section 2.5 Delivery of Bonds. The Series 2026 Notes, when executed, registered, and
authenticated as provided herein and by law, shall be delivered by the Issuer to the Underwriter
upon payment of the purchase price thereof.
Section 2.6
Designation of Registrar. U.S. Bank Trust Company, National Association,
Salt Lake City, Utah or Trustee’s Principal Corporate Trust Office, is hereby designated as
Registrar for the Series 2026 Notes, which appointment shall be evidenced by a written acceptance
from the Registrar.

4904-3106-6781, v. 4

4

Section 2.7 Designation of Paying Agent. U.S. Bank Trust Company, National
Association, Salt Lake City, Utah or Trustee’s Principal Corporate Trust Office, is hereby
designated as Paying Agent for the Series 2026 Notes, which appointment shall be evidenced by
a written acceptance from the Paying Agent.
Section 2.8 Limited Obligation. The Series 2026 Notes, together with interest thereon,
shall be limited obligations of the Issuer payable solely from the proceeds of the Anticipated
Bonds, if and when issued, or any bond anticipation notes issued in substitution for the Series 2026
Notes (the “Replacement Notes”), when and if issued, sold and delivered, and as to interest solely
out of the Revenues and Other Available Funds of the Issuer and on parity with any Bonds
Outstanding.
The Series 2026 Notes shall be a valid claim of the respective Registered Owners thereof
only against the Revenues and other moneys in funds and accounts held by the Issuer hereunder
and the Issuer hereby pledges and assigns the same for equal and ratable payment of interest on
the Series 2026 Notes and the Revenues shall be used for no other purpose than to pay interest on
the Series 2026 Notes, except as may otherwise expressly be authorized herein. The issuance of
the Series 2026 Notes shall not directly, or indirectly or contingently, obligate the Issuer or any
agency, instrumentality or political subdivision thereof to levy any form of taxation therefor or to
make appropriation for their payment. Notwithstanding the foregoing, it is expected that the
principal of the Series 2026 Notes will be fully paid from monies pledged to the City by the State
of Utah which have not yet been received.
Section 2.9

Book-Entry System.

(a)
Except as provided in paragraphs (b) and (c) of this Section 2.9, the
Registered Owner of all Series 2026 Notes shall be, and the Series 2026 Notes shall be
registered in the name of Cede & Co. (“Cede”), as nominee of The Depository Trust
Company, New York, New York (together with any substitute securities depository
appointed pursuant to paragraph (c)(ii) of this Section 2.9, “DTC”). Payment of the interest
on any Series 2026 Notes shall be made in accordance with the provisions of this First
Supplemental Indenture to the account of Cede on the Interest Payment Dates for the Bonds
at the address indicated for Cede in the registration books of the Bond Registrar.
(b)
The Series 2026 Notes shall be initially issued in the form of a separate
single fully registered Bond in the amount of each separate stated maturity of the Series
2026 Notes. Upon initial issuance, the ownership of each such Series 2026 Notes shall be
registered in the registration books of the Issuer kept by the Registrar, in the name of Cede,
as nominee of DTC. With respect to Series 2026 Notes so registered in the name of Cede,
the Issuer, Registrar and any Paying Agent shall have no responsibility or obligation to any
DTC participant or to any beneficial owner of any of such Series 2026 Notes. Without
limiting the immediately preceding sentence, the Issuer, Registrar and any Paying Agent
shall have no responsibility or obligation with respect to (i) the accuracy of the records of
DTC, Cede or any DTC participant with respect to any beneficial ownership interest in the
Series 2026 Notes, (ii) the delivery to any DTC participant, beneficial owner or other
person, other than DTC, of any notice with respect to the Series 2026 Notes, including any
notice of redemption, or (iii) the payment to any DTC participant, beneficial owner or other

4904-3106-6781, v. 4

5

person, other than DTC, of any amount with respect to the principal or redemption price
of, or interest on, any of the Series 2026 Notes. The Issuer, the Bond Registrar and any
Paying Agent may treat DTC as, and deem DTC to be, absolute owner of each Series 2026
Notes for all purposes whatsoever, including (but not limited to) (1) payment of the
principal or redemption price of, and interest on, each Series 2026 Notes, (2) giving notices
of redemption and other matters with respect to such Series 2026 Notes and (3) registering
transfers with respect to such Bonds. So long as the Series 2026 Notes are registered in
the name of CEDE & Co., the Paying Agent shall pay the principal or redemption price of,
and interest on, all Series 2026 Notes only to or upon the order of DTC, and all such
payments shall be valid and effective to satisfy fully and discharge the Issuer's obligations
with respect to such principal or redemption price, and interest, to the extent of the sum or
sums so paid. Except as provided in paragraph (c) of this Section 2.9, no person other than
DTC shall receive a Bond evidencing the obligation of the Issuer to make payments of
principal or redemption price of, and interest on, any such Bond pursuant to this First
Supplemental Indenture. Upon delivery by DTC to the Registrar of written notice to the
effect that DTC has determined to substitute a new nominee in place of Cede, and subject
to the transfer provisions of this First Supplemental Indenture, the word “Cede” in this First
Supplemental Indenture shall refer to such new nominee of DTC.
Except as provided in paragraph (c)(iii) of this Section 2.9 and notwithstanding any other
provisions of this First Supplemental Indenture, the Series 2026 Notes may be transferred, in whole
but not in part, only to a nominee of DTC, or by a nominee of DTC to DTC or a nominee of DTC,
or by DTC or a nominee of DTC to any successor securities depository or any nominee thereof.
(c)
(i)
DTC may determine to discontinue providing its services with
respect to the Series 2026 Notes at any time by giving written notice to the Issuer, the
Registrar, and the Paying Agent, which notice shall certify that DTC has discharged its
responsibilities with respect to the Series 2026 Notes under applicable law.
(i)
The Issuer, in its sole discretion and without the consent of any other
person, may, by notice to the Registrar, terminate the services of DTC with respect
to the Series 2026 Notes if the Issuer determines that the continuation of the system
of book-entry-only transfers through DTC is not in the best interests of the
beneficial owners of the Series 2026 Notes or the Issuer; and the Issuer shall, by
notice to the Registrar, terminate the services of DTC with respect to the Series
2026 Notes upon receipt by the Issuer, the Registrar, and the Paying Agent of
written notice from DTC to the effect that DTC has received written notice from
DTC participants having interests, as shown in the records of DTC, in an aggregate
principal amount of not less than fifty percent (50%) of the aggregate principal
amount of the then outstanding Series 2026 Notes to the effect that: (1) DTC is
unable to discharge its responsibilities with respect to the Series 2026 Notes; or (2)
a continuation of the requirement that all of the outstanding Series 2026 Notes be
registered in the registration books kept by the Registrar in the name of Cede, as
nominee of DTC, is not in the best interests of the beneficial owners of the Series
2026 Notes.

4904-3106-6781, v. 4

6

(ii)
Upon the termination of the services of DTC with respect to the
Series 2026 Notes pursuant to subsection (c)(ii)(2) hereof, or upon the
discontinuance or termination of the services of DTC with respect to the Series
2026 Notes pursuant to subsection (c)(i) or subsection (c)(ii)(1) hereof the Issuer
may within 90 days thereafter appoint a substitute securities depository which, in
the opinion of the Issuer, is willing and able to undertake the functions of DTC
hereunder upon reasonable and customary terms. If no such successor can be found
within such period, the Series 2026 Notes shall no longer be restricted to being
registered in the registration books kept by the Registrar in the name of Cede, as
nominee of DTC. In such event, the Issuer shall execute and the Registrar shall
authenticate Series 2026 Notes certificates as requested by DTC of like principal
amount, maturity and Series, in authorized denominations to the identifiable
beneficial owners in replacement of such beneficial owners' beneficial interest in
the Series 2026 Notes.
(iii) Notwithstanding any other provision of this First Supplemental
Indenture to the contrary, so long as any Series 2026 Notes is registered in the name
of Cede, as nominee of DTC, all payments with respect to the principal or
redemption price of, and interest on, such Series 2026 Notes and all notices with
respect to such Series 2026 Notes shall be made and given, respectively, to DTC.
(iv)
In connection with any notice or other communication to be
provided to Holders of Series 2026 Notes registered in the name of Cede pursuant
to this First Supplemental Indenture by the Issuer or the Registrar with respect to
any consent or other action to be taken by such Holders, the Issuer shall establish a
record date for such consent or other action by such Holders and give DTC notice
of such record date not less than fifteen (15) days in advance of such record date to
the extent possible.
Section 2.10 Perfection of Security Interest.
(a)
The Indenture creates a valid and binding pledge and assignment of security
interest in all of the Revenues pledged under the Indenture in favor of the Trustee as
security for payment of the Series 2026 Notes, enforceable by the Trustee in accordance
with the terms thereof.
(b)
Under the laws of the State, such pledge and assignment and security
interest is automatically perfected by Section 11-14-501, Utah Code Annotated 1953, as
amended, and is and shall have priority as against all parties having claims of any kind in
tort, contract, or otherwise hereafter imposed on the Revenues.
ARTICLE III
APPLICATION OF PROCEEDS
Section 3.1 Application of Proceeds of the Series 2026 Notes. The Issuer shall deposit
with the Trustee the proceeds from the sale of the Series 2026 Notes in the amount of $_________

4904-3106-6781, v. 4

7

(being the par amount of the Series 2026 Notes, plus a net reoffering premium of $_________ and
less an Underwriter’s discount of $_________)
(a)
In the Series 2026 Construction Account within the Construction Fund, the
amount of $_________ to finance the Series 2026 Project; and
(b)
The remaining amount to be deposited into the Series 2026 Cost of Issuance
Account to pay costs of issuance.
Section 3.2
Creation and Operation of Series 2026 Cost of Issuance Account. A Series
2026 Cost of Issuance Account is hereby created to be held by the Trustee. Moneys in such
Account shall be used to pay costs of issuance of the Series 2026 Notes. Costs of issuance shall
be paid by the Trustee from the Series 2026 Cost of Issuance Account upon receipt from the Issuer
of an executed Cost of Issuance Disbursement Request by an Authorized Representative in
substantially the form of Exhibit B attached hereto. Any unexpended balances remaining in the
Series 2026 Cost of Issuance Account 60 days after delivery of the Series 2026 Notes shall be paid
to the Issuer.
Section 3.3 Disbursements from Series 2026 Construction Account. Disbursements of
moneys in the Series 2026 Construction Account shall be made in accordance with the provisions
of Section 5.1 of the General Indenture.
Section 3.4 No Series 2026 Debt Service Reserve Account. There shall be no Debt
Service Reserve Requirement with respect to the Series 2026 Notes.
Section 3.5
Series 2026 Notes as Initial Bonds; Delivery to Underwriter. The Series
2026 Notes are Initial Bonds under the Indenture. It is hereby determined that the Series 2026
Notes shall be authenticated and delivered to the account of the Underwriter upon compliance with
the General Indenture.
ARTICLE IV
CONFIRMATION OF GENERAL INDENTURE, SALE OF SERIES 2026 NOTES
Section 4.1 Confirmation of General Indenture. As supplemented by this First
Supplemental Indenture, and except as provided herein, the General Indenture is in all respects
ratified and confirmed, and the General Indenture, and this First Supplemental Indenture shall be
read, taken and construed as one and the same instrument so that all of the rights, remedies, terms,
conditions, covenants and agreements of the General Indenture shall apply and remain in full force
and effect with respect to this First Supplemental Indenture, and to any revenues, receipts and
moneys to be derived therefrom.
Section 4.2 Confirmation of Sale of Series 2026 Notes. The sale of the Series 2026
Notes to the Underwriter as described in Section 3.5 herein is hereby ratified, confirmed and
approved.

4904-3106-6781, v. 4

8

ARTICLE V
MISCELLANEOUS
Section 5.1 Severability. If any provision of this First Supplemental Indenture shall be
held or deemed to be or shall, in fact, be inoperative or unenforceable as applied in any particular
case in any jurisdiction or in all jurisdictions, or in all cases because it conflicts with any other
provision or provisions hereof or any constitution or statute or rule of public policy, or for any
other reason, such circumstances shall not have the effect of rendering the provision in question
inoperative or unenforceable in any other case or circumstance, or of rendering any other provision
or provisions herein contained invalid, inoperative, or unenforceable to any extent whatever. The
invalidity of any one or more phrases, sentences, clauses, or sections in this First Supplemental
Indenture contained, shall not affect the remaining portions of this First Supplemental Indenture,
or any part thereof.
Section 5.2 Counterparts. This First Supplemental Indenture may be simultaneously
executed in several counterparts, each of which shall be an original and all of which shall constitute
but one and the same instrument.

4904-3106-6781, v. 4

9

IN WITNESS WHEREOF, the Issuer and the Trustee have caused this First Supplemental
Indenture of Trust to be executed as of the date first above written.
BLUFFDALE CITY, UTAH

(SEAL)

By:

Mayor

COUNTERSIGN:

City Recorder
U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, as Trustee

By:

4904-3106-6781

Vice President

S-1
FIRST SUPPLEMENTAL INDENTURE

EXHIBIT A
(FORM OF SERIES 2026 NOTES)
Unless this certificate is presented by an authorized representative of The Depository Trust
Company (55 Water Street, New York, New York) to the issuer or its agent for registration of
transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co.
or such other name as requested by an authorized representative of The Depository Trust Company
and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since
the registered owner hereof, Cede & Co., has an interest herein.
UNITED STATES OF AMERICA
BLUFFDALE CITY, UTAH
SALES TAX REVENUE BOND ANTICIPATION NOTES
SERIES 2026
THIS NOTE HAS BEEN DESIGNATED BY THE ISSUER AS A QUALIFIED TAX-EXEMPT
OBLIGATION FOR PURPOSES OF THE EXCEPTION CONTAINED IN SECTION 265(b)(3)
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, RELATING TO THE
DEDUCTIBILITY OF A FINANCIAL INSTITUTION’S INTEREST EXPENSE ALLOCABLE
TO TAX-EXEMPT INTEREST.
Number R Interest Rate

$_________
Maturity Date

Dated Date

CUSIP

%_
Registered Owner:

CEDE & CO.

Principal Amount:

____________________ DOLLARS************************

Bluffdale City, Utah (“Issuer”), a political subdivision, municipal corporation and body
politic duly organized and existing under the Constitution and 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 registered assigns, out of the special fund hereinbelow designated and not
otherwise, the Principal Amount specified above on or before the Maturity Date specified above
with interest thereon until paid at the Interest Rate specified above per annum, payable
semiannually on _________ and _________ of each year commencing _________, 2026 (each an
“Interest Payment Date”), until said Principal Amount is paid. Principal shall be payable upon
surrender of this Note at the principal offices of U.S. Bank Trust Company, National Association,
Salt Lake City, Utah (“Trustee” and “Paying Agent”) or its successors. Interest on this Note shall
be payable by check or draft mailed on the Interest Payment Date to the Registered Owner of
record hereof as of the fifteenth day immediately preceding each Interest Payment Date (the

4904-3106-6781, v. 4

A-1

“Record Date”) at the address of such Registered Owner as it appears on the registration books of
the Paying Agent, who shall also act as the Registrar for the Issuer, or at such other address as is
furnished to the Paying Agent in writing by such Registered Owner. Interest hereon shall be
deemed to be paid by the Paying Agent when mailed. Both principal and interest shall be payable
in lawful money of the United States of America.
This Note is one of an issue of Bonds of the Issuer designated Sales Tax Revenue Bond
Anticipation Notes, Series 2026 (the “Series 2026 Notes”) in the aggregate principal amount of
$_________ of like tenor and effect, except as to date of maturity and interest rate, numbered R-1
and upwards, issued by the Issuer pursuant to a General Indenture of Trust, dated as of _________,
2026, and a First Supplemental Indenture of Trust dated as of _________, 2026, each by and
between the Issuer and the Trustee, (together, the “Indenture”) approved by a resolution of the
Issuer adopted on April 8, 2026 (the “Resolution”), for the purpose of (i) financing all or a portion
of the costs of construction of a railroad underpass and all related improvements (collectively, the
“Series 2026 Project”), and (ii) paying issuance expenses to be incurred in connection with the
issuance and sale of the Notes, all in full conformity with the Constitution and laws of the State of
Utah and is issued in anticipation of the issuance by the Issuer of its Sales Tax Revenue Bonds
(the “Anticipated Bonds”). Both principal of and interest on this Note and the issue of which it is
a part are payable solely from a special fund designated “Bluffdale City, Utah Sales Tax Revenue
Bond Anticipation Fund” (the “Bond Fund”), into which fund, to the extent necessary to assure
prompt payment of the principal of and interest on the issue of which this is one and on all series
of bonds issued on a lien parity with this Note shall be paid the Revenues as defined in and more
fully described and provided in the Indenture.
The Series 2026 Notes are special limited obligations of the Issuer payable as to principal,
solely from the proceeds of the Anticipated Bonds or Replacement Notes (as defined in the
Indenture) when and if issued, sold, and delivered, and as to interest solely out of the Revenues
and other legally available funds of the Issuer and on parity with any Outstanding Bonds of the
Issuer and shall not constitute a general indebtedness or pledge of the full faith and credit of the
Issuer, within the meaning of any constitutional or statutory provision or limitation of
indebtedness. Notwithstanding the foregoing, it is expected that the principal of this Series 2026
Notes will be fully paid from monies pledged to the City by the State of Utah which have not yet
been received.
As provided in the Indenture, additional bonds, notes and other obligations of the Issuer
may be issued and secured on an equal lien parity with the Series 2026 Notes as it relates to interest,
from time to time in one or more series, in various principal amounts, may mature at different
times, may bear interest at different rates and may otherwise vary as provided in the Indenture,
and the aggregate principal amount of such bonds, notes and other obligations issued and to be
issued under the Indenture is not limited.
Reference is hereby made to the Indenture, copies of which are on file with the Trustee, for
the provisions, among others, with respect to the nature and extent of the rights, duties and
obligations of the Issuer, the Trustee and the Registered Owners of the Series 2026 Notes, the
terms upon which the Series 2026 Notes are issued and secured, and upon which the Indenture
may be modified and amended, to all of which the Registered Owner of this Note assents by the
acceptance of this Note.

4904-3106-6781, v. 4

A-2

Except as otherwise provided herein and unless the context indicates otherwise, words and
phrases used herein shall have the same meanings as such words and phrases in the Indenture.
Interest on the initially issued Series 2026 Notes and on all Series 2026 Notes authenticated
prior to the first Interest Payment Date, shall accrue from the Dated Date specified above. Interest
on the Series 2026 Notes authenticated on or subsequent to the first Interest Payment Date, shall
accrue from the Interest Payment Date next preceding their date of authentication, or if
authenticated on an Interest Payment Date as of that date; provided, however, that if interest on
the Series 2026 Notes shall be in default, interest on the Series 2026 Notes issued in exchange for
Series 2026 Notes surrendered for transfer or exchange shall be payable from the date to which
interest has been paid in full on the Series 2026 Notes surrendered.
The Series 2026 Notes are subject to optional redemption prior to maturity as provided in
the Indenture.
This Series 2026 Note is transferable by the registered holder hereof in person or by his
attorney duly authorized in writing at the Principal Corporate Trust Offices of U.S. Bank Trust
Company, National Association (the “Registrar”), but only in the manner, subject to the limitations
and upon payment of the charges provided in the Indenture and upon surrender and cancellation
of this Note. Upon such transfer a new registered Note or Notes of the same series and the same
maturity and of authorized denomination or denominations for the same aggregate principal
amount will be issued to the transferee in exchange therefor.
The Issuer and the Paying Agent may deem and treat the Registered Holder hereof as the
absolute owner hereof (whether or not this Series 2026 Bond shall be overdue) for the purpose of
receiving payment of or on account of principal hereof, premium, if any, and interest due hereon
and for all other purposes, and neither Issuer nor Paying Agent shall be affected by any notice to
the contrary.
This Series 2026 Note is issued under and pursuant to the Local Government Bonding Act,
Title 11, Chapter 14, Utah Code Annotated 1953, as amended, and this Series 2026 Bond does not
constitute a general obligation indebtedness of the Issuer within the meaning of any state
constitutional or statutory limitation. The issuance of the Series 2026 Notes shall not, directly,
indirectly or contingently, obligate the Issuer or any agency, instrumentality or political
subdivision thereof to levy any form of ad valorem taxation therefor or to make any appropriation
for their payment.
The Issuer covenants and agrees that, within the limits provided by law, it will cause to be
collected and accounted for sufficient Revenues as defined in the Indenture as will at all times be
sufficient to pay promptly the interest on this Series 2026 Note and the issue of which it forms a
part and to make all payments required to be made into the Bond Fund, and to carry out all the
requirements of the Indenture.
IN ACCORDANCE WITH SECTION 11-14-307, UTAH CODE ANNOTATED 1953,
AS AMENDED, THE STATE OF UTAH HEREBY PLEDGES AND AGREES WITH THE
HOLDERS OF THE SERIES 2026 NOTES THAT IT WILL NOT ALTER, IMPAIR OR LIMIT
THE TAXES INCLUDED IN THE REVENUES IN A MANNER THAT REDUCES THE

4904-3106-6781, v. 4

A-3

AMOUNTS TO BE REBATED TO THE ISSUER WHICH ARE DEVOTED OR PLEDGED AS
AUTHORIZED IN SECTION 11-14-307, UTAH CODE ANNOTATED 1953, AS AMENDED,
UNTIL THE SERIES 2026 NOTES, TOGETHER WITH APPLICABLE INTEREST
THEREON, ARE FULLY MET AND DISCHARGED; PROVIDED, HOWEVER, THAT
NOTHING SHALL PRECLUDE SUCH ALTERATION, IMPAIRMENT OR LIMITATION IF
AND WHEN ADEQUATE PROVISION SHALL BE MADE BY LAW FOR PROTECTION OF
THE HOLDERS OF THE SERIES 2026 NOTES.
It is hereby declared and represented that all acts, conditions and things required to exist,
happen and be performed precedent to and in the issuance of this Series 2026 Note have existed,
have happened and have been performed in regular and due time, form and manner as required by
law, that the amount of this Series 2026 Note, together with the issue of which it forms a part, does
not exceed any limitation prescribed by the Constitution or statutes of the State of Utah, that the
Revenues of the Issuer have been pledged as to interest only, and that an amount therefrom will
be set aside into a special fund by the Issuer sufficient for the prompt payment of the principal of
and interest on this Series 2026 Note and the issue of which it forms a part, as authorized for issue
under the Indenture, and that the Revenues of the Issuer are not pledged, hypothecated or
anticipated in any way other than by the issue of the Notes of which this Series 2026 Note is one
and all bonds issued on a parity with this Series 2026 Note.
This Series 2026 Note shall not be valid or become obligatory for any purpose nor be
entitled to any security or benefit under the Indenture until the Certificate of Authentication on this
Series 2026 Note shall have been manually signed by the Trustee.

4904-3106-6781, v. 4

A-4

IN WITNESS WHEREOF, the Issuer has caused this Series 2026 Bond to be signed by the
manual or facsimile signature of its Mayor and countersigned by the manual or facsimile signature
of its City Recorder under its corporate seal or a facsimile thereof.

(SEAL)

(facsimile or manual signature)
Mayor

COUNTERSIGN:

(facsimile or manual signature)
City Recorder

4904-3106-6781, v. 4

A-5

CERTIFICATE OF AUTHENTICATION
This Bond is one of the Sales Tax Revenue Bond Anticipation Notes, Series 2026 of
Bluffdale City, Utah.
U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, as Trustee

By:

Date of Authentication: ___________________

4904-3106-6781, v. 4

A-6

(Manual Signature)
Authorized Officer

ASSIGNMENT
FOR VALUE RECEIVED, ________________________________________,
undersigned, hereby sells, assigns and transfers unto:

the

(Social Security or Other Identifying Number of Assignee)

(Please Print or Typewrite Name and Address of Assignee)

the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
________________________ attorney to transfer the within Bond on the books kept for
registration thereof, with full power of substitution in the premises.
DATED:___________________

Signature:
NOTICE: The signature to this assignment must
correspond with the name as it appears on the face of
this Bond in every particular, without alteration or
enlargement or any change whatever.
Signature Guaranteed:

____________________________________
NOTICE: Signature(s) must be guaranteed by
an “eligible guarantor institution” that is a
member of or a participant in a “signature
guarantee program” (e.g., the Securities
Transfer Agents Medallion Program, the
Stock Exchange Medallion Program or the
New York Stock Exchange, Inc. Medallion
Signature Program).

4904-3106-6781, v. 4

A-7

ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of the within Bond,
shall be construed as though they were written out in full according to applicable laws or
regulations.
TEN COM
TEN ENT
JT TEN

–
–
–

as tenants in common
as tenants by the entireties
as joint tenants with right of survivorship and not as tenants in common

UNIF GIFT MIN ACT

(Cust.)

Custodian for

(Minor)

under Uniform Gifts to Minors Act of

(State)

Additional abbreviations may also be used though not in the above list.

4904-3106-6781, v. 4

A-8

EXHIBIT B
COST OF ISSUANCE DISBURSEMENT REQUEST
U.S. Bank Trust Company, National Association
170 South Main Street, 2nd Floor
Salt Lake City, Utah 84101
Pursuant to Section 3.2 of the First Supplemental Indenture of Trust dated as of _________,
2026, you are hereby authorized to pay to the following costs of issuance from the Series 2026
Cost of Issuance Account:
[See Attached Schedule]

AUTHORIZED REPRESENTATIVE,
BLUFFDALE CITY, UTAH
COSTS OF ISSUANCE
Series 2026 Notes
Payee

Purpose

4904-3106-6781, v. 4

B-1

Amount

NOTE PURCHASE AGREEMENT
$__________
BLUFFDALE CITY, UTAH
SALES TAX REVENUE
BOND ANTICIPATION NOTES, SERIES 2026
_______, 2026

Bluffdale City
2222 West 14400 South
Bluffdale, Utah 84065
The undersigned, [PURCHASER], its successors and assigns, (collectively, the
“Purchaser”), offers to purchase from Bluffdale City, Utah (the “Issuer”), all (but not less than all)
of the $__________ Sales Tax Revenue Bond Anticipation Notes, Series 2026 of the Issuer (the
“Notes”) for the par amount thereof with delivery and payment at the offices of Gilmore & Bell,
P.C. in Salt Lake City, Utah, based upon the covenants, representations, and warranties set forth
below. This offer is made subject to your acceptance of this Note Purchase Agreement (the
“Purchase Agreement”) on or before 11:59 p.m., Utah time, on the date hereof.
1.
Upon the terms and conditions and upon the basis of the representations set forth
herein, the Purchaser hereby agrees to purchase from the Issuer, and the Issuer hereby agrees to
sell and deliver to the Purchaser, the Notes. Exhibit A, which is hereby incorporated by reference
into this Purchase Agreement, contains a brief description of the Notes, the manner of their
issuance, the purchase price to be paid, and the expected date of delivery and payment therefor
(the “Closing”).
2.
You represent and covenant to the Purchaser that (a) you have and will have at the
Closing the power and authority to: (i) adopt the Resolution dated April 8, 2026 (the “Resolution”),
(ii) execute a General Indenture of Trust dated as of _______, 2026 (the “General Indenture”), as
supplemented by a First Supplemental Indenture of Trust dated as of _______, 2026 (the “First
Supplemental Indenture” and together with the General Indenture, the “Indenture”, (iii) enter into
and perform this Purchase Agreement dated as of _______, 2026 (the “Purchase Agreement”), and
(iv) deliver and sell the Notes to the Purchaser; (b) this Purchase Agreement, the Indenture, and
the Notes do not and will not conflict with or create a breach or default under any existing law,
regulation, order, or agreement to which the Issuer is subject; (c) other than the Resolution, no
governmental approval or authorization is required in connection with the execution and delivery
of the Indenture and the Resolution, and the Notes are and shall be at the time of the Closing legal,
valid, and binding obligations of the Issuer enforceable in accordance with their respective terms,
subject only to applicable bankruptcy, insolvency, or other similar laws generally affecting
creditors’ rights; and (d) there is no action, suit, proceeding, inquiry, or investigation, at law or in
equity, before or by any court, public board, or body, pending or, to the knowledge of the Issuer,
threatened against or affecting the Issuer or affecting the corporate existence of the Issuer or the

4922-0938-6909, v. 2

titles of its officers to their respective offices or seeking to prohibit, restrain, or enjoin the sale,
issuance, or delivery of the Notes or in any way contesting or affecting the transactions
contemplated hereby or the validity or enforceability of the Notes, the Indenture, the Resolution,
or this Purchase Agreement, or contesting the powers of the Issuer or any authority for the issuance,
sale and delivery of the Notes, or the adoption, execution, and delivery of the Resolution, the
Indenture or this Purchase Agreement.
3.

As conditions to the Purchaser's obligations hereunder:

(a)
From ___________ to the date of Closing, there shall not have been any (i)
material adverse change in the financial condition or general affairs of the Issuer and its
System (as defined in the Indenture); (ii) event, court decision, proposed law, or rule which
may have the effect of changing the federal income tax incidents of the Notes or the interest
thereon or the contemplated transaction; or (iii) international or national crisis, suspension
of stock exchange trading, or banking moratorium materially affecting in an adverse way,
in the Purchaser’s opinion, the market price of the Notes.
(b)

At the Closing, the Issuer will deliver or make available to the Purchaser:
(i)

The Notes, in definitive form, duly executed and registered;

(ii)

The Indenture in final form, duly executed and delivered;

(iii) A certificate from authorized officers of the Issuer, in form and
substance acceptable to the Purchaser, to the effect that the representations and
information of the Issuer contained in this Purchase Agreement are true and correct
when made and as of the Closing as if made as of the time of the Closing;
(iv)
The approving opinion of Gilmore & Bell, P.C., Bond Counsel to
the Issuer, satisfactory to the Purchaser dated the date of Closing, relating to the
legality and validity of the Notes and the excludability of interest on the Notes from
gross income of the holders thereof for federal and State of Utah income tax
purposes; and
(v)
Such additional certificates, instruments, and other documents as the
Purchaser may deem necessary with respect to the issuance and sale of the Notes,
all in form and substance satisfactory to the Purchaser.
4.
The Issuer will pay the cost of the fees and disbursements of counsel to the Issuer,
and of Bond Counsel, Financial Advisor’s fees and the cost of preparing and printing the Notes.
5.
The Purchaser represents and warrants that it is not currently engaged in a boycott
of the State of Israel or an economic boycott of a boycotted company, as such terms are defined in
the immediately succeeding two sentences. As currently defined in Section 63G-27-102(5) of the
Utah Code, “economic boycott” means an action targeting a “boycotted company” with the
intention of penalizing or inflicting economic harm to such company. Furthermore, as currently
defined in Section 63G-27-102(3) of the Utah Code “boycotted company” means a company that
(1) engages in the exploration, production, utilization, transportation, sale, or manufacture of fossil
4922-0938-6909, v. 2

2

fuel-based energy, timber, mining, or agriculture, (2) engages in, facilitates, or supports the
manufacture, distribution, sale, or use of firearms, (3) does not meet or commit to meet
environmental standards, including standards for eliminating, reducing, offsetting, or disclosing
greenhouse gas-emissions, beyond applicable state and federal law requirements or (4) does not
facilitate or commit to facilitate access to abortion or sex characteristic surgical procedures. The
Purchaser covenants and agrees not to engage in a boycott of the State of Israel or an economic
boycott of a boycotted company for the duration of any contractual arrangement with the Issuer,
including this Purchase Agreement.
6.
This Purchase Agreement is intended to benefit only the parties hereto, and the
Issuer’s representations and warranties shall survive any investigation made by or for the
Purchaser, delivery, and payment for the Notes, and the termination of this Purchase Agreement.
7.

This Purchase Agreement shall be governed by the laws of the State of Utah.

8.
This Purchase Agreement may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same instrument. This
Purchase Agreement shall become effective upon the execution by the parties hereto.

4922-0938-6909, v. 2

3

Sincerely,
[PURCHASER]

By:

Accepted on behalf of
BLUFFDALE CITY, UTAH

By: ________________________________
Mayor

ATTEST AND COUNTERSIGN:

By: ________________________________
City Recorder

(SEAL)

4922-0938-6909

S-1
BOND PURCHASE AGREEMENT

EXHIBIT A
DESCRIPTION OF NOTES
1.

Issue Size:

$__________

2.

Purchase Price:

$__________

3.

Purchaser’s Counsel Fee:

$-0-

4.

Accrued Interest:

$-0-

5.

Interest Payment Dates:

_______ and _______, beginning __________

6.

Dated Date:

Date of delivery

7.

Form:

Registered Bonds

8.

Closing Date:

_______, 2026, or as otherwise agreed upon

9.

Redemption:

[The Notes are subject to redemption prior to maturity at par
at any time.]

Maturity Date

Principal Amount
$__________

4922-0938-6909, v. 2

A-1

Interest Rate
%

THE CITY OF BLUFFDALE, UTAH
RESOLUTION 2026-17
A RESOLUTION ADOPTING AND ACCEPTING THE FISCAL YEAR 2026-2027 TENTATIVE
BUDGET AND SCHEDULING A PUBLIC HEARING TO RECEIVE PUBLIC COMMENT PRIOR TO
ADOPTION OF THE FINAL BUDGET
WHEREAS, the Budget Officer has prepared and presented to the City Council a
written Tentative Budget for Fiscal Year 2026-2027 which the City Council desires to adopt and
accept as a Tentative Budget; and
WHEREAS, the City Council desires to schedule a Public Hearing for the purpose of
receiving public comment prior to the adoption of the Final Budget for Fiscal Year 2026-2027.
NOW, THEREFORE, BE IT RESOLVED BY THE BLUFFDALE CITY COUNCIL:
Section 1.
The proposed Fiscal Year 2026-2027 Bluffdale City Tentative Budget, in
the form attached hereto and together with the various and ancillary budgets for the various
funds therein, is hereby accepted and adopted, as the Tentative Budget for the upcoming
Fiscal Year. The City Recorder is authorized and directed to keep and provide a copy of said
Tentative Budget in her office as required by law, for public inspection thereof.
Section 2.
A Public Hearing, before the City council, for the purpose of receiving
public comment on the Final Budget for Fiscal Year 2026-2027, is hereby scheduled for June
10, 2026, beginning at the hour of 6:00 p.m., at the Bluffdale City Hall, 2222 West 14400 South,
Bluffdale, Utah. The Public Hearing may be held in conjunction with a Public Hearing before
the Local Building Authority of the City of Bluffdale, Utah and the Board of Directors of the
Redevelopment Agency of the City. The City Recorder is authorized and directed to provide
and cause to be published a Public Notice thereof, as provided by law.
Section 3.
This Resolution shall become effective immediately upon its passage
and authorizes and directs the Mayor to execute and cause to be delivered the same.
PASSED, ADOPTED AND APPROVED the 8th day of April 2026.
By ____________________________________
Mayor Natalie C. Hall
Attest ______________________________________
City Recorder

Voting by the City Council:

Council Member Aston
Council Member Austin
Council Member Lord
Council Member Smith
Council Member Wilding
Mayor Hall (tie only)

Yes

No

_____
_____
____
_____
_____
_____

_____
_____
_____
_____
_____
_____

City of Bluffdale, Utah

Annual Budget (Tentative)
Fiscal Year Ending June 30, 2027

Table of Contents

Page

Overview & Analysis

3-12

General Fund

13-18

Class C Roads

19

Community Events

20

Bluffdale Arts

21

Bluffdale Pageant

21

Bluffdale Rodeo

22

Healthy Bluffdale

22

Eastern Bluffdale EDA

23

Gateway RDA

23

Jordan Narrows EDA

24

Parks Impact Fees

24

Public Safety Impact Fees

25

Roads & Bridges Impact Fees

25

Storm Drain Impact Fees

26

Capital Projects Fund

27-28

Water Operations Fund

29

Water Impact Fees

30

Local Building Authority

30

Fire and Police Protection Fund

31

2

BUDGET MESSAGE
Fiscal Year 2026 - 2027
Mayor, City Council, and Residents of the City of Bluffdale,
We are pleased to present the City of Bluffdale’s Tentative Budget for Fiscal Year 2027 (FY2027).
This budget reflects the city’s continued commitment to fiscal responsibility while taking
advantage of the opportunities and addressing the challenges that come with being a small yet
growing community. At the City Council’s direction, we continue to take a conservative
approach to operating the city with thoughtful planning to balance service levels,
infrastructure needs, and long-term fiscal sustainability.
The information provided in this letter and the accompanying budget book provide details of
the City’s FY2027 budget. This tentative budget aligns with the City’s general and strategic
plans and its “Life Connected” motto.
Over the next 10 weeks, this Tentative Budget will be modified to become the Final Budget
through collaborative work by City staff, the City Council, and our engaged community
members to align our limited resources with the City’s priorities.
Conservative Budgeting Approach
As recommended by the Government Financial Officers Association, the FY2027 budget is built
on conservative revenue assumptions and disciplined expenditure planning. Revenue
projections, particularly for economically sensitive sources such as sales tax and developmentrelated fees, have been estimated cautiously to reduce financial risk and ensure financial
resilience. Where uncertainty exists—such as timing of development activity or one-time
revenues—the city has intentionally avoided overestimating collections.
On the expenditure side, departments were asked to prioritize essential services and limit
discretionary spending. Reductions in training, travel, equipment, supplies, and shop charges
reflect a continued effort to control costs while maintaining service levels. When appropriate,
personnel vacancies are not filled. Additionally, the use of fund balance is carefully planned
and limited to ensure long-term financial health rather than ongoing operational reliance.
General Fund Overview
The General Fund budget remains balanced, as required by state law, at approximately $17.1
million.
Modest revenue growth is anticipated. Sales tax collections are projected to be stable with a
slight increase. Property taxes are projected to increase slightly, and EDA Management Fees
are projected to decrease as a result of the Eastern Bluffdale EDA contract period ending.
Page | 1
3

Expenditure increases are measured and targeted, including a modest 3% cost-of-living
adjustment for wages, adjustments of other costs to reflect inflationary pressures, and certain
increases to address specific needs. The budget maintains core service levels while addressing
rising costs related to inflation and contracted services. Strategic reductions in certain areas
and careful management of personnel vacancies help offset increases elsewhere.
Public Safety and Service Levels
Public safety continues to be a top priority. Our calls for service continue to increase in both
our fire and police departments and the closure of 14600 South at the railroad underpass
creates logistical and response challenges. To address these challenges, the FY2027 budget
includes funding for additional police personnel in accordance with our contract with Saratoga
Springs and continued funding of an additional fire fighter that was approved mid-year in Fiscal
Year 2026. Additional equipment and vehicles will be needed as well for the new police officers.
The FY2026 budget includes dedicated funding sources for the additional costs created by this
year’s increase in service level to ensure sustainability over time. The Fire and Police Protection
Fund ensures that property tax revenues are dedicated to these critical services, and the
budget includes an increase in the Public Safety Service fee which can only be used in this
restricted fund.
Capital and Infrastructure Investments
Capital projects are prioritized based on necessity, available funding, and long-term value to
the community. Major infrastructure projects—such as transportation improvements and
utility upgrades—are funded through a combination of grants, regional partnerships, and
carefully evaluated financing strategies. The FY2027 budget reflects major ongoing
construction such as the 14600 South Railroad Crossing. This and other grant-supported
investments are essential to supporting long-term growth and maintaining quality of life. The
City continues to phase projects based on available resources to avoid overextending financial
resources.
Water and Utility Services
The Water Fund anticipates increased activity in FY2027, driven by major infrastructure
projects such as a new water tank and pump station, as well as system improvements. These
investments require careful financial planning, including bonding and anticipated rate
adjustments to ensure system sustainability.
Development and Economic Activity
Recognizing a slowdown in development activity, the city has adjusted expectations for impact
fees and development-related revenues accordingly. This conservative outlook ensures that
the City does not rely on uncertain growth to fund ongoing operations. The conclusion of
certain economic redevelopment area agreements also results in changes to revenue
structure.
Page | 2
4

Staffing and Organizational Impact
Staffing increases are limited and focus primarily on critical service areas such as public safety.
As described above, in FY2026, an additional part-time firefighter position was added during
the year without increasing revenue; the FY2027 budget accounts for the full-year’s impact.
Also, the FY2027 budget includes adding three officers in the Police Department. We are
changing our part-time communications specialist to a full-time position. As the city has
grown, the residents and City Council have requested that we provide timely information
through our website, newsletter, annual reports, social media and other appropriate channels.
This personnel change commits the additional resources needed to meet our communication
needs. Additionally, the city continues to manage staffing levels carefully by holding certain
positions vacant and reducing seasonal staffing where appropriate, reinforcing a commitment
to efficiency. Overall staffing levels reflect a measured approach to growth and service
demands.
In closing, this budget represents a balanced, strategic, sustainable approach to providing
the key services our residents want: core public safety services, well maintained streets, clean
water, parks, trails, recreation, and events that truly make our city “Life Connected”. Our
focus on essential services and investments in critical infrastructure position the city to meet
both current and future needs. This approach positions the city to remain financially stable,
adaptable, and prepared for the future.
I would like to thank the City Council, staff, and members of the Budget Review Committee for
their dedication and collaboration throughout this process. Most importantly, I thank the
residents of Bluffdale for their engagement and trust.

Bruce Kartchner, CPA
City Manager

Page | 3
5

Fiscal Year 2027 Budget Book
We are presenting the proposed Budget for Bluffdale City (the "City" or "Bluffdale") for the July 2026 to June 2027 Fiscal Year
(FY2027). The City has been a fast growing city at the heart of Utah's largest two metropolitan areas. The rapid growth and location
present challenges and opportunities that create differing views within the City. This budget is an attempt to represent the needs and
intent of the City Council and the diverse City residents.
The information contained herein is a summary of a more detailed report prepared by City Staff. This document is intended to help
City residents better understand the historical context of City operations, staffing, and finances. Charts detail the number of full-time
equivalent employees ("FTE"s) in various departments as well as historical revenues and expenditures. Additional information is
available upon request. This is your City! Feel free to reach out to members of the City Council, City Staff, or the Budget Review
Committee (a committee of citizens who volunteer their time to help review and make sure the budget is understandable). All of
these people work to make sure you feel like this is YOUR City!

Full-Time Equivalent Employees

Budgeted Full-Time Equivalent Employees by Department

FTE (full-time equivalent) is not a headcount, rather it
represents the total hours worked by all full-time, part-time
and seasonal employees compared to a standard full-time
schedule. Additional personnel for FY2027 compared to FY2026
Budget are: (3) in Police at mid-year according to the contract
and (.5) in Admin. Also of mention, (1) part-time position in Fire
was added mid-year FY2026 to help with station coverage and
the logistical impact of the one lane bridge construction
project. The full year's cost of this position is included in
FY2027. Other changes from actual to budget are the result of
filling existing positions or changes in department allocations.
No other added positions at this time and some vacant
positions will not be filled; the number of seasonal workers will
be reduced as well.

35
30
25
20
15
10
5
0
FY2023

FY2024

FY2025

FY2026

Fire Department

Police Department

Administration

Legal & Courts

Parks and Rec

Streets

Building and Planning

Water

Engineering

FY2027

The FTE calculations results in fractional full-time equivalents. Part-time positions, positions unfilled for part of the year, and positions
which are allocated to multiple departments will result in fractional FTEs. FTE - Budget assumes approved positions are filled. FTE Actual uses historical data of total actual hours worked divided by 2,080 hours (the annual hours equivalent for a full-time employee)
and for the front-line Fire personnel it is 2,912 hours; the total hours includes temporary and other variable employees, like crossing
guards and other seasonal type workers.
6

GENERAL FUND
Account Title
REVENUE
PROPERTY TAXES
SALES TAXES
OTHER TAXES
LICENSES AND PERMITS
OTHER-GRANTS
CHARGES FOR SERVICES
OTHER-FINES
OTHER-MISCELLANEOUS
OTHER-ADMIN FEES
USE OF FUND BALANCE
TOTAL GENERAL FUND REVENUES

FY27 Budget

%
Change From
Projection

2,014,351 $ 2,446,566 $ 2,998,813 $ 3,100,000 $ 3,300,000
5,103,596
5,100,000
2,983,088
5,200,000
5,300,000
2,347,583
2,402,000
1,831,405
2,402,000
2,424,000
996,260
1,325,000
909,106
1,088,100
1,350,000
24,335
25,000
22,263
25,000
25,000
2,514,953
2,830,000
2,127,494
2,941,915
2,878,000
328,013
358,000
376,679
382,861
430,000
481,309
987,000
495,014
682,712
577,000
741,249
909,500
457,069
465,405
77,500
266,164
320,576
556,275
$ 14,551,649 $ 16,649,230 $ 12,200,931 $ 16,608,569 $ 17,112,775

6%
2%
1%
24%
0%
-2%
12%
-15%
-83%
74%
3%

ALL OTHER

$

FY25 Actual

FY26 Budget

FY26
Projection

FY26 Actual

$

1,574,906

$

2,279,500 $

1,351,026 $

1,555,978 $

%
Change from
Prior Budget
35%
4%
1%
2%
0%
2%
20%
-42%
-91%
109%
3%

1,109,500

In FY2024, the county paid the city approximately $300,000 too much in property taxes, which reduced our FY2025 collections by that
amount. The Eastern Bluffdale EDA ended its incremental tax collection period in FY2026. This increases the projected property tax
revenue for FY2026, but reduces the EDA management fees paid to the General Fund by the EDA. The sales tax revenue in FY2026 is
projected to be similar to FY2025. Sales taxes for FY2027 are expected to be similar to FY2026, with a slight increase for the recently
added grocery store and the natural increase in sales tax revenue due to inflation and population growth. Franchise tax revenues are
expected to remain flat, as indicated in the "Other Taxes" category. Licenses and Permits are projected to decrease. Some
development planned for FY2026 has been delayed, but is expected to occur in FY2027 along with additional development planned for
FY2027. The grants revenue in the General Fund is minimal and will remain flat. For reference, the Fire department grants are
reported in the Fire and Police Protection Fund and other larger project-related grants are in the Capital Projects Fund. Charges for
services are increasing to cover the increased costs for garbage collection. Miscellaneous is the sum of other revenues not already
assigned but is largely interest income and other one-time money which is projected to decrease. The Recreation programs continue
to grow and will see a slight increase in the revenue to cover those costs. Admin Fees are fees the EDAs and RDA pay to the general
fund based on their tax revenue and with the Eastern Bluffdale EDA, those Administrative Charges will stop, thus the large decrease.
Use of Fund Balance is budgeted to pay for expenditures in excess of revenue and in order to have a balanced budget. Other revenues
for FY2027 are expected to be similar to FY2026.

FY27 Budget

FY26 Budget

ALL OTHER
14%
1%

ALL OTHER
3% 7%

PROPERTY TAXES
15%

CHARGES FOR
SERVICES
17%

PROPERTY TAXES
20%
CHARGES FOR
SERVICES
17%

SALES TAXES
31%

LICENSES AND
PERMITS
8%

LICENSES AND
PERMITS
OTHER TAXES
8%
14%

OTHER TAXES
14%

7

SALES TAXES
31%

Taxes
6,000,000
4,000,000
2,000,000
-

PROPERTY TAXES

SALES TAXES
FY25 Actual

FY26 Projection

OTHER TAXES
FY27 Budget

Non-tax Revenue
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
-

FY25 Actual

FY26 Projection

FY27 Budget

GENERAL FUND
Account Title
EXPENDITURES
CITY COUNCIL
MAYOR
ADMINISTRATION
LEGAL
FACILITIES
PLANNING
RISK MANAGEMENT
COURT
BUILDING
ANIMAL CONTROL / CODE ENFORCEMENT
STREETS
SANITATION
ENGINEERING
PARKS & RECREATION
RECREATION & CULTURE
TRANSFERS, LOANS & RESERVES
TOTAL GENERAL FUND EXPENDITURES

FY27 Budget

%
Change From
Projection

%
Change from
Prior Budget

142,991 $
166,500 $
121,552 $
160,000 $
155,500
37,159
60,500
35,357
57,000
66,500
1,423,810
1,637,500
1,154,261
1,667,500
1,629,000
262,100
391,000
209,796
344,000
354,500
661,771
756,700
558,216
785,700
1,418,125
379,531
407,000
283,596
407,000
409,500
163,790
204,500
175,284
204,500
203,000
310,616
355,800
266,294
353,300
370,500
466,943
503,280
294,438
498,087
395,500
320,179
339,050
251,684
339,050
357,650
1,082,172
1,255,200
835,346
1,255,200
1,210,500
1,103,789
1,344,000
787,975
1,344,000
1,423,000
605,810
913,150
584,720
913,150
844,150
1,809,722
2,051,900
1,393,093
2,017,431
1,939,500
12,500
25,500
12,000
25,000
13,000
6,968,436
6,237,650
4,521,047
6,237,650
6,322,850
$ 15,751,319 $ 16,649,230 $ 11,484,657 $ 16,608,569 $ 17,112,775

-3%
17%
-2%
3%
80%
1%
-1%
5%
-21%
5%
-4%
6%
-8%
-4%
-48%
1%
3%

-7%
10%
-1%
-9%
87%
1%
-1%
4%
-21%
5%
-4%
6%
-8%
-5%
-49%
1%
3%

FY25 Actual

FY26 Budget

$

FY26 Actual

FY26
Projection

The General Fund is the main operating fund used for a wide array of services and activities for the daily operations of the City.
Unfilled positions from FY2025 have mostly been filled during FY2026, with some positions now not being filled as they become
vacant in departments where development is slowing. A cost-of-living adjustment will be applied to the entire salary scale in FY2027,
with an upward impact currently shown at 3.0% across departments. The City Council approved medical insurance benefits for the
Mayor mid-year in FY2026. The full year's cost is included in FY2027. For FY2027, most departments decreased their Education,
Training and Travel as well as Shop Charges and Equipment. The Facilities department is increasing for its portion of the debt payment
for the new Public Works Complex. The decrease in the Building department is a result of development slowing in the city. Animal
Control and Sanitation costs are increasing due to inflation and growth. Recreation & Culture decreased for the parade float. The city
uses the same design for two years in a row rather than paying for a new one each year and the next re-design will be spring of 2028.
Transfers, Loans & Reserves will remain relatively flat for FY2027.

8

CLASS C ROADS
FY25 Actual

Account Title
REVENUES
REAPPROPRIATED FUND BALANCE
EXPENDITURES

$

1,595,612
2,046,013

FY26 Budget
$

$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000

FY25 Actual

REVENUES

FY26 Projection

998,891 $
1,551,013

FY27 Budget

1,808,703
63,497
1,872,200

$

%
Change From
Projection

%
Change from
Prior Budget

1%
-100%
-2%

7%
-100%
-2%

1,831,000
1,831,000

These revenues are can only be used for road maintenance
costs. The City uses a 6 year maintenance schedule for all
roads. This schedule effectively maintains our road's useful
service life. Projects are completed based on the planned
maintenance schedule and are prioritized based on available
employee time and available budget. The current revenues
amount includes allocated revenue calculated and distributed
by the State. The City exhausts all these funds on qualified Class
C Road projects first before using money from other sources.
Major road projects from FY2025 and FY2026 are complete,
such as 14400 South Reconstruction and Utilities, thus the
decrease in expenditures compared to prior year. The City
plans to purchase some major street maintenance equipment
with these funds, such as a bucket truck, an emergency light
tower and an emergency message board.

Class C Roads

$-

FY26 Actual

1,708,703 $
163,497
1,872,200

FY26
Projection

FY27 Budget

EXPENDITURES

COMMUNITY EVENTS
Account Title
REVENUES
CITY CONTRIBUTIONS
EXPENDITURES

FY25 Actual
$

FY26 Budget

168,255 $
21,250
264,805

302,250 $
61,250
363,500

The Community Events grouping includes Old West Days, Bluffdale
Arts Advisory Board, Miss Bluffdale Pageant, the Rodeo, and various
other City events. Revenues include monies received from sponsors,
donations, ticket and concession sales, participation fees, etc. for a
designated event or group of events. The subgroups are all part of the
general fund, but are separated so those revenues received can be
kept with their intended program.
The Arena renovation was completed in July 2025 with improved
rodeo grounds, upgraded bleachers, added ADA standards and
increased seating capacity. It was primarily funded with approx.
$2.7M in grant money the city received from the county. Restrooms
for the facility are now currently under construction as well. In
FY2026, more events were added for the community to enjoy the
revamped facility, such as Bull Riding Rampage and Monster Truck
Show, which we anticipate will continue in FY2027 and we expect
those costs will be largely offset by ticket sales and sponsors of the
various events.

9

FY26 Actual

FY26
Projection

205,011 $
61,250
235,261

$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$-

FY27 Budget

336,766 $
61,250
399,612

%
Change From
Projection

%
Change from
Prior Budget

-1%
0%
-1%

11%
0%
9%

334,750
61,250
396,000

Community Events

FY25 Actual

REVENUES

FY26 Projection

CITY CONTRIBUTIONS

FY27 Budget

EXPENDITURES

EDA/RDA DEVELOPMENT FUNDS
Account Title
EASTERN BLUFFDALE EDA
REVENUES
REAPPROPRIATED FUND BALANCE
TOTAL EXPENDITURES
GATEWAY RDA
REVENUES
REAPPROPRIATED FUND BALANCE
TOTAL EXPENDITURES
JORDAN NARROWS EDA
REVENUES
REAPPROPRIATED FUND BALANCE
TOTAL EXPENDITURES

FY25 Actual

FY26 Budget

FY26 Actual

$ 11,159,974
3,792,336

$ 11,300,000
21,712,000
33,012,000

$

860,121
366,043

$

1,115,000 $
1,115,000

862,049 $
58,122

$

396,547
2,858,038

$

400,000
2,535,735
2,935,735

252,081
123,862

$

$

%
Change From
Projection

%
Change from
Prior Budget

900,000
4,300,000
5,200,000

-67%
-80%
-82%

-92%
-80%
-84%

$

1,115,000
1,115,000

29%
0%
29%

0%
0%
0%

252,081 $
2,258,513

400,000
4,489,080
4,889,080

59%
0%
116%

0%
77%
67%

FY26
Projection

FY27 Budget

2,723,755 $ 2,723,755 $
21,712,000
14,825,280
29,328,947

$

862,049
862,049

The development funds are contractually tied to specific geographic areas of the City. Certain property tax revenues generated within
these areas can be used for developmental infrastructure and incentives and also affordable housing purposes. The Eastern Bluffdale
EDA tax increment collection period ended in FY2026, as a result there will no longer be tax revenue in this fund. The Eastern Bluffdale
EDA has committed much of its existing funds to the 14600 South railroad underpass project, with the remaining balance being
restricted for Affordable Housing. No major changes will occur with the Gateway RDA. The Jordan Narrows EDA previously reached
the end of its contract terms, and as a result no longer has tax increment revenue but continues to have interest income.

IMPACT FEES
FY25 Actual

Account Title
Impact Fee Revenue
PARK
PUBLIC SAFETY
ROADS & BRIDGES
STORM DRAIN
Impact Fee Expenditures
PARK
PUBLIC SAFETY
ROADS & BRIDGES
STORM DRAIN

FY26 Budget

FY26 Actual

$

199,346
312,976
1,687,055
225,484

$

2,349,000 $
2,137,500
1,412,000
1,662,000

$

143,095
23,709
2,937,154
78,664

$

2,349,000
2,137,500
1,412,000
1,662,000

$

83,764 $
170,602
346,386
57,706

163,030 $
1,645,924
1,301,036
2,805

Impact Fee Revenues

FY26
Projection

FY27 Budget

%
Change From
Projection

%
Change from
Prior Budget

2,074,000 $
1,987,500
1,352,000
62,946

1,410,000
682,000
1,427,000
117,000

-32%
-66%
6%
86%

-40%
-68%
1%
-93%

2,074,000
1,987,000
1,352,000
62,000

1,410,000
682,000
1,427,000
117,000

-32%
-66%
6%
89%

-40%
-68%
1%
-93%

$

Impact Fee Expenditures

$2,500,000

$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-

$2,000,000
$1,500,000
$1,000,000
$500,000
$PARK
FY25 Actual

PUBLIC
SAFETY
FY26 Projection

ROADS &
BRIDGES

PARK

STORM
DRAIN

FY25 Actual

FY27 Budget

PUBLIC
SAFETY
FY26 Projection

ROADS &
BRIDGES

STORM
DRAIN

FY27 Budget

Impact fees are collected when developers build new businesses and homes. These fees are intended to offset the impacts of those
new developments on the City's infrastructure. Impact fees can only be used for the incremental infrastructure necessary to service
the new businesses and homes from which they are collected. Impact fees can only be collected after studies have identified specific
projects for which those fees can be used. An updated study is currently underway. Since development in the City is down, so are the
related impact fees collected and the projects on which they are expended. Out of the currently known development projects, what
doesn't happen in this fiscal year, is anticipated in next. For more information on impact fees, view the City's Impact Fee Facility Plan
and Analysis at www.bluffdale.gov/finance.
10

CAPITAL PROJECTS
Account Title
REVENUES
GRANTS, REIMBURSEMENTS & OTHER
CONTRIBUTION GENERAL FUND / LBA
USE OF FUND BALANCE
TOTAL REVENUES

FY25 Actual

FY26 Budget

FY27 Budget

$

8,402,561 $ 50,625,000 $ 20,408,766 $ 52,844,074 $ 18,100,000
2,200,000
4,390,619
50,390,000
$ 10,602,561 $ 55,015,619 $ 20,408,766 $ 52,844,074 $ 68,490,000
-

EXPENDITURES
CITY PROJECTS & EQUIPMENT
OTHER GOVERNMENTAL
GRANT RELATED
SHARED PROJECTS
MISCELLANEOUS
TOTAL EXPENDITURES

FY26 Actual

FY26
Projection

-

-

$

1,219,092 $ 5,146,000 $
7,525,732
40,000,000
3,264,123
4,249,619
5,389,780
5,575,000
45,000
45,000
$ 17,443,727 $ 55,015,619 $
-

-

-

%
Change from
Prior Budget

-66%
0%
0%

-64%
0%
1048%

-48%
614%
1283%
-87%
0%

-62%
25%
274%
-89%
0%

-

2,371,609 $ 3,774,468 $ 1,945,000
1,420,441
7,000,000
50,000,000
528,237
1,149,619
15,900,000
3,669,992
4,485,600
600,000
37,500
45,000
45,000
8,027,780 $ 16,454,687 $ 68,490,000

-

%
Change From
Projection

-

-

Capital Projects expenditures have been summarized based on revenue funding source as follows:
- City Projects & Equipment - earmarked by the City with use of City funds, mainly contributions from the general fund and use of fund balance.
- Other Governmental - recognized regionally where the state, county or other governmental entity provides contributions to help fund.
- Grant Related - fully or partially funded by grant money that is awarded based on the City meeting certain terms and/or criteria to receive funds.
- Shared Projects - done with other local partners and may even include a 'pass-through' entry where the revenue fully offsets related costs.
- Miscellaneous - all other not already categorized.

The major increase in the Capital Projects Fund this year comes from the ongoing construction costs of the 14600 South Railroad
Crossing project. Revenue for this project will come from State allocations and EDA funds. As the project is already underway, the City
plans to explore a short-term bond anticipation note with would be secured and repaid with the State funds. Other large projects are
the pedestrian bridge at Cinch Way and Fire Station No.93 near Camp Williams, which both would be funded by grants. In general,
revenues in the capital projects fund come from one time revenues and transfers. These revenues can come from grants or from
planned and unplanned surpluses in the general fund. The City prioritizes projects and equipment each year based on the availability
of its limited funds.

WATER FUNDS
Account Title
WATER OPERATIONS FUND
TOTAL REVENUES
TOTAL EXPENSES
WATER IMPACT FEES
TOTAL REVENUES
TOTAL EXPENDITURES

FY25 Actual

FY26 Budget

$ 15,064,366
8,306,421

$ 12,680,000
12,680,000

$

$

420,436
359,966

FY26 Actual
$

6,526,729 $
4,689,673

2,607,000 $
2,607,000

225,996 $
2,688

FY27 Budget

%
Change From
Projection

%
Change from
Prior Budget

8,947,100 $ 21,005,000
8,947,100
21,005,000

135%
135%

66%
66%

354%
354%

0%
0%

FY26
Projection

572,700
572,700

$

2,598,000
2,598,000

Water Operations
$30,000,000
$20,000,000
$10,000,000
$FY25 Actual

FY26 Projection
TOTAL REVENUES

FY27 Budget

TOTAL EXPENSES

The Water Operations Fund is the business fund of the City that provides retail water services to most City residents. The water
system also collects impact fees to address the impacts of new housing and business development. The portion of the lease payment
to the LBA for the new Public Works Facility will begin in FY2026. We anticipate some additional large water projects in FY2027
related to a new water tank and pump station for Zone 2 West. The City intendes to issue bond for projects. Other major drivers of
increases to the water operations and impact fee funds include additional money for: equipment, water deficiency mitigation, Sewer
Effluent Water Reuse pipeline and pump station, Secondary Meter Installation, 14865 South Service Line Replacement, and the cost of
Water Purchased. The City anticipates a water rate increase which will also be passed on to the users.

11

LOCAL BUILDING AUTHORITY
Account Title
TOTAL REVENUES
REAPPROPRIATED FUND BALANCE
TOTAL EXPENDITURES

FY25 Actual

FY26 Budget

$ 18,656,492
15,796,715

$

1,454,700 $
2,755,000
4,209,700

FY26 Actual
413,937 $
2,704,305

FY26
Projection

486,700
2,706,317

FY27 Budget
$

1,763,000
1,763,000

%
Change From
Projection

%
Change from
Prior Budget

262%
0%
-35%

21%
-100%
-58%

The Local Building Authority ("LBA") Fund is a specialized fund that exists to facilitate the construction and financing of City buildings.
The Board of the LBA consists of the Mayor and the City Council. The LBA constructs City facilities and leases those facilities back to
the City. Lease payments from the City General Fund and the Water Fund to the LBA are used to pay off the debt on City facilities. The
only major change to the LBA fund is the FY2025 bond issued for the Public Works Facility. The first year's payments on that bond
were paid using existing fund balance. Starting in FY2027 lease payments will be made from payments from the General Fund and
Water Fund. The decrease in expenditures is that the construction was completed in FY2025. There were some carry over costs into
FY2026, but the overall cost of the project remained within the approved budget. There are no other projects at this time for FY2027
and the amounts left are primarily the debt-related payments.

FIRE AND POLICE PROTECTION FUND
FY25 Actual

Account Title
PUBLIC SAFETY FEE
OTHER REVENUES
REAPPROPRIATED FUND BALANCE
TOTAL REVENUES

$

$

FIRE DEPARTMENT COSTS
POLICE DEPARTMENT COSTS
TOTAL EXPENDITURES

$
$

FY26 Budget

FY26 Actual

FY26
Projection

FY27 Budget

%
Change From
Projection

%
Change from
Prior Budget

555,943 $
6,614,358
6,614,358 $

750,000 $
6,604,900
7,354,900 $

558,962 $
5,023,674
5,582,636 $

745,000 $
6,772,978
7,517,978 $

1,289,000
6,790,100
8,079,100

73%
0%
0%
7%

72%
3%
0%
10%

2,807,824 $
3,386,654
6,194,478 $

3,447,900 $
3,907,000
7,354,900 $

2,641,066 $
2,885,898
5,526,964 $

3,665,304 $
3,907,000
7,572,304 $

3,647,100
4,432,000
8,079,100

0%
13%
7%

6%
13%
10%

Fire and Police Expenditures
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$FIRE DEPARTMENT COSTS
FY25 Actual

POLICE DEPARTMENT COSTS
FY26 Projection

FY27 Budget

The Fire and Police Protection Fund was created to specifically allocate the General Fund property tax revenue to only be used to pay
for fire and police services. The money in this fund is restricted to be used only on public safety and cannot be used for any other City
purpose. The increase to Police expenditures is driven by contract costs with Saratoga Springs and increased equipment expenditures.
The increase in the contract cost includes (3) additional officers during FY2027. There are no significant changes in the Fire
Department costs for FY2027. We have had six full-time fire fighters since late FY2025 and, since then, usually are able to fill the daily
shifts. We have seldom needed to close a station. The Fire Chief and Emergency Manager also are full-time employees of the City. All
other frontline fire fighters are part-time employees who work jobs at other fire departments and pick up additional shifts here in
Bluffdale. When there are emergency callbacks, we rely on the six full-time fire fighters which generates some additional overtime
costs. The full-time fire fighters also are on a pay step plan in addition to any COLA received. In FY2026 an additional fire fighter
position was added mid-year to help with station coverage and the impact of the one lane bridge construction project with no
increase in revenue at the time; we will see the full year's impact of that personnel cost in FY2027.
The additional police officers in FY2027 and part-time fire fighter position from FY2026 is an increase in the public safety service level.
In order to ensure these increased costs can be paid both now and in the future, the City could either raise revenue by increasing the
public safety fee or by increasing the property tax rate, since 100% of city property tax goes to public safety. With the Eastern
Bluffdale EDA ending, there is a shift shown in the contribution from the General Fund with more showing as a transfer of the
property tax revenue, but overall it remains mostly the same. Other revenues are estimated to remain about flat. The FY2027 budget
includes a proposed increase in the public safety fee to cover the increase in the public safety service level.

12

-

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

$

$

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

GENERAL FUND REVENUES
10-31-11000
10-31-31000
10-31-71000
10-31-76000
10-31-81000
10-31-91000
10-31-92000

TAXES
CURRENT YEAR PROPERTY TAXES-SL
GENERAL SALES & USE TAXES
FEE IN LIEU & PERS. PROP. TAX
CABLE TV
FRANCHISE TAXES
TELECOM TAX
ROOM TAX

10-31-_____

TOTAL TAXES

10-32-11000
10-32-21100
10-32-21700
10-32-26100
10-32-29500
10-32-29810

LICENSE & PERMITS
BUSINESS LICENSES
BUILDING PERMITS
STATE SURCHARGES
ENCROACHMENTS & LAND DISTURB.
DEVELOPMENT FEES
MAPS & COPIES

10-32-_____

TOTAL LICENSES & PERMITS

10-33-58000

INTERGOVERNMENTAL REVENUES
LIQUOR FUND ALLOTMENT

10-33-_____

TOTAL INTERGOVERNMENTAL

10-34-11000
10-34-12000
10-34-33000
10-34-36000
10-34-43000
10-34-44000
10-34-72300
10-34-83000

CHARGES FOR SERVICE
GENERAL GOVERNMENT SERVICES
INSPECTION FEES
STREET LIGHTING CHARGES
STORM WATER CHARGES
GARBAGE COLLECTION
GREEN WASTE COLLECTION
SALE OF ASSETS
BURIAL FEES

10-34-_____

TOTAL CHARGES FOR SERVICE

10-35-10000
10-35-10001
10-35-12000

FINES AND FORFEITURES
COURT FINES
MISCELLANEOUS
ACE FINES

10-35-_____

TOTAL FINES AND FORFEITURES

10-36-11000
10-36-20200
10-36-20300
10-36-32000
10-36-91000

MISCELLANEOUS REVENUES
INTEREST INCOME
FACILITIES RENTAL
RECREATION EVENTS
YOUTH COUNCIL
MISCELLANEOUS REVENUE

10-36-_____

TOTAL MISCELLANEOUS REVENUES

10-39-10000
10-39-15000
10-39-15100

CONTRIBUTIONS AND TRANSFERS
REAPPROPRIATE FUND BALANCE
ADMIN FEE BLUFFDALE EDA
ADMIN FEE GATEWAY RDA

10-39-_____

TOTAL CONTRIBUTIONS AND TRANSFERS
TOTAL GENERAL FUND REVENUES

$

$

2,014,351
5,103,596
51,835
2,157,547
124,295
13,906

2,246,566
5,100,000
200,000
80,000
2,200,000
110,000
12,000

2,998,813
2,983,088
47,928
1,700,716
73,083
9,678

$

3,100,000
5,200,000
64,000
2,200,000
125,000
13,000

$

3,100,000
5,300,000
200,000
80,000
2,400,000
125,000
14,000

9,465,530
-

9,948,566
-

7,813,305
-

10,702,000
-

11,219,000

81,623
795,907
4,780
81,921
32,015
14

75,000
1,130,000
10,000
75,000
35,000
-

70,827
523,868
3,326
285,767
25,290
28

75,000
698,000
4,000
285,800
25,300
-

75,000
1,030,000
10,000
200,000
35,000
-

996,260
-

1,325,000
-

909,106
-

1,088,100
-

1,350,000

24,335

25,000

22,263

25,000

25,000

24,335
-

25,000
-

22,263
-

25,000
-

25,000

5,092
39,926
423,554
480,681
1,387,259
137,799
32,692
7,950

1,000
75,000
475,000
658,000
1,470,000
136,000
10,000
5,000

4,593
20,367
354,973
487,937
1,120,881
100,403
31,315
7,025

4,600
27,000
532,000
732,000
1,470,000
136,000
31,315
9,000

1,000
40,000
480,000
658,000
1,544,000
140,000
10,000
5,000

2,514,953
-

2,830,000
-

2,127,494
-

2,941,915
-

2,878,000

307,663
20,350
-

320,000
8,000
30,000

357,861
12,318
6,500

357,861
16,000
9,000

400,000
20,000
10,000

328,013
-

358,000
-

376,679
-

382,861
-

430,000

271,682
6,271
69,694
133,662

325,000
6,000
100,000
1,000
555,000

159,188
5,786
38,418
2,712
288,910

212,000
8,000
75,000
2,712
385,000

250,000
6,000
100,000
1,000
220,000

481,309
-

987,000
-

495,014
-

682,712
-

577,000

680,000
61,249

266,164
832,000
77,500

398,947
58,122

320,576
398,947
66,458

556,275
77,500

741,249
14,551,649
-

13

$

1,175,664
16,649,230
-

$

457,069
12,200,931
-

$

785,981
16,608,569

$

633,775
17,112,775
-

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

GENERAL FUND EXPENDITURES
10-411-_____
10-413-_____
10-414-_____
10-415-_____
10-416-_____
10-418-_____
10-419-_____
10-421-_____
10-424-_____
10-425-_____
10-441-_____
10-442-_____
10-445-_____
10-451-_____
10-456-_____
10-901-_____

CITY COUNCIL
MAYOR
ADMINISTRATION
LEGAL
FACILITIES
PLANNING
RISK MANAGEMENT
COURT
BUILDING
ANIMAL CONTROL / CODE ENFORCEMENT
STREETS
SANITATION
ENGINEERING
PARKS & RECREATION
RECREATION & CULTURE
TRANSFERS, LOANS & RESERVES

$

142,991
37,159
1,423,810
262,100
661,771
379,531
163,790
310,616
466,943
320,179
1,082,172
1,103,789
605,810
1,809,722
12,500
6,968,436

$

166,500
60,500
1,637,500
391,000
756,700
407,000
204,500
355,800
503,280
339,050
1,255,200
1,344,000
913,150
2,051,900
25,500
6,237,650

$

121,552
35,357
1,154,261
209,796
558,216
283,596
175,284
266,294
294,438
251,684
835,346
787,975
584,720
1,393,093
12,000
4,521,047

$

160,000
57,000
1,667,500
344,000
785,700
407,000
204,500
353,300
498,087
339,050
1,255,200
1,344,000
913,150
2,017,431
25,000
6,237,650

$

155,500
66,500
1,629,000
354,500
1,418,125
409,500
203,000
370,500
395,500
357,650
1,210,500
1,423,000
844,150
1,939,500
13,000
6,322,850

$

15,751,319

$

16,649,230

$

11,484,657

$

16,608,569

$

17,112,775

$

(1,199,671) $

$

716,274

Beginning Fund Balance $
Increase Fund Bal./(Appropriation of Fund Bal.)
Ending Fund Balance $

4,302,449 $
(1,199,671)
3,102,778 $

3,102,778
3,102,778

10 TOTAL GENERAL FUND EXPENDITURES
SURPLUS/(DEFICIT)

-

$
$

3,102,778
716,274
3,819,052

$

$
$

-

$

-

3,102,778 $
(320,576)
2,782,202 $

2,782,202
(556,275)
2,225,927

CITY COUNCIL
10-411-12000
10-411-13000
10-411-21000
10-411-23000
10-411-24000
10-411-31000
10-411-32000
10-411-61000

PART TIME SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
EDUCATION, TRAINING & TRAVEL
OFFICE SUPPLIES
PROFESSIONAL & TECHNICAL
YOUTH COUNCIL
MISCELLANEOUS

$

84,699
20,131
167
5,518
2,621
12,870
14,486
2,500

$

93,000
22,000
3,000
5,000
5,000
15,000
15,000
8,500

$

72,244 $
16,500
847
3,904
2,155
14,000
10,348
1,553

93,000
22,000
3,000
5,000
5,000
15,000
15,000
2,000

$

89,000
22,000
1,500
5,000
3,000
15,000
15,000
5,000

10-411-_____

TOTAL EXPENDITURES

$

142,991

$

166,500

$

121,552

160,000

$

155,500

-

-

$

-

-

-

MAYOR
10-413-12000
10-413-13000
10-413-21000
10-413-23000
10-413-24000
10-413-28000
10-413-31000
10-413-61000

PART TIME SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
EDUCATION, TRAINING & TRAVEL
OFFICE SUPPLIES
TELEPHONE
PROFESSIONAL & TECHNICAL
MISCELLANEOUS

$

24,000
4,594
60
1,271
584
780
5,870

$

24,000
18,000
2,500
3,000
5,000
1,000
1,000
6,000

$

18,000 $
11,496
825
2,598
585
1,853

24,000
18,000
3,000
5,000
1,000
6,000

$

24,000
32,000
2,000
1,000
1,000
500
6,000

10-413-_____

TOTAL EXPENDITURES

$

37,159

$

60,500

$

35,357

57,000

$

66,500

-

14

-

-

$

-

-

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

ADMINISTRATION
10-414-11000
10-414-13000
10-414-21000
10-414-22000
10-414-23000
10-414-24000
10-414-28000
10-414-31000
10-414-32000
10-414-61000
10-414-62000

SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
PUBLIC NOTICES
EDUCATION, TRAINING & TRAVEL
OFFICE SUPPLIES
TELEPHONE
PROFESSIONAL & TECHNICAL
HISTORICAL PRESERV. COMMITTEE
MISCELLANEOUS
PRIMARY AND GENERAL ELECTION

$

691,034
246,650
2,960
24,452
16,428
35,070
2,080
280,309
160
124,668
-

$

800,000
267,000
33,900
20,000
15,000
50,000
2,600
288,000
1,000
100,000
60,000

$

531,068
178,421
19,667
10,968
7,518
28,560
1,320
236,116
100,133
40,491

$

800,000
267,000
33,900
20,000
15,000
50,000
2,600
288,000
1,000
130,000
60,000

$

804,000
290,000
20,000
15,000
15,000
45,000
3,000
306,000
1,000
130,000
-

10-414-_____

TOTAL EXPENDITURES

$

1,423,810

$

1,637,500

$

1,154,261

$

1,667,500

$

1,629,000

-

-

-

-

-

LEGAL
10-415-11000
10-415-13000
10-415-21000
10-415-23000
10-415-24000
10-415-28000
10-415-31000
10-415-31500
10-415-32000
10-415-61000

SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
EDUCATION, TRAINING & TRAVEL
OFFICE SUPPLIES
TELEPHONE
PROFESSIONAL & TECHNICAL
APPEALS AND VARIANCE HEARINGS
ACE PROGRAM
MISCELLANEOUS

$

164,961
58,477
9,596
1,834
250
780
25,689
513

$

175,000
60,000
6,000
10,500
2,500
1,500
64,500
10,000
60,000
1,000

$

124,923
44,046
3,100
1,682
311
585
16,825
8,447
9,566
311

$

175,000
60,000
6,000
10,500
2,500
1,500
64,500
10,000
13,000
1,000

$

191,000
65,000
5,000
4,500
2,000
1,000
50,000
10,000
25,000
1,000

10-415-_____

TOTAL EXPENDITURES

$

262,100

$

391,000

$

209,796

$

344,000

$

354,500

-

-

-

-

-

6,662
67,492
104,505
28,540
17,743
23,211
1,917
411,700

28,000
90,000
80,000
30,000
21,000
20,000
30,000
30,000
2,500
500
424,700

4,159
56,781
71,834
21,403
13,245
9,875
44,414
17,987
318,519

28,000
90,000
80,000
30,000
21,000
20,000
59,000
30,000
2,500
500
424,700

15,000
90,000
100,000
30,000
20,000
15,000
50,000
25,000
2,500
500
1,070,125

FACILITIES
10-416-25000
10-416-26100
10-416-27100
10-416-27200
10-416-27300
10-416-27400
10-416-27500
10-416-28000
10-416-31000
10-416-61000
10-416-99000

SUPPLIES & MAINTENANCE
BUILDING & GROUNDS MAINT.
UTILITIES
UTILITIES-CITY HALL
UTILITIES-FIRE NO.2
UTILITIES-FIRE NO.1
UTILITIES-PUBLIC WORKS
TELEPHONE
PROFESSIONAL & TECHNICAL
MISCELLANEOUS
LEASE PAYMENT TO LBA

10-416-_____

TOTAL EXPENDITURES

$

661,771

-

15

$

756,700

-

$

558,216

-

$

785,700

-

$

1,418,125

-

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

PLANNING
10-418-11000
10-418-13000
10-418-21000
10-418-22000
10-418-23000
10-418-24000
10-418-28000
10-418-31000
10-418-61000

SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
PUBLIC NOTICES
EDUCATION, TRAINING & TRAVEL
OFFICE SUPPLIES
TELEPHONE
PROFESSIONAL & TECHNICAL
MISCELLANEOUS

$

252,719
90,912
2,217
731
8,403
309
715
21,739
1,786

$

268,000
97,000
3,000
2,500
8,000
4,000
1,500
20,000
3,000

$

184,420
72,497
1,095
2,212
776
585
21,533
478

$

268,000
97,000
3,000
2,500
8,000
4,000
1,500
20,000
3,000

$

272,000
98,000
2,500
1,000
5,000
2,000
1,000
25,000
3,000

10-418-_____

TOTAL EXPENDITURES

$

379,531

$

407,000

$

283,596

$

407,000

$

409,500

-

-

-

-

-

RISK MANAGEMENT
10-419-31500
10-419-51000

EMPLOYEE DRUG TESTING
INSURANCE - GEN LIAB &PROPERTY

$

1,997 $
161,793

4,500
200,000

$

1,565
173,719

$

4,500
200,000

$

3,000
200,000

10-419-_____

TOTAL EXPENDITURES

$

163,790

204,500

$

175,284

$

204,500

$

203,000

$

-

-

-

-

-

COURT
10-421-11000
10-421-13000
10-421-21000
10-421-23000
10-421-24000
10-421-25000
10-421-26000
10-421-31000
10-421-61000
10-421-74000

SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
EDUCATION, TRAINING & TRAVEL
OFFICE SUPPLIES
SUPPLIES & MAINTENANCE
STATE SURCHARGES
PROFESSIONAL & TECHNICAL
MISCELLANEOUS
EQUIPMENT

$

141,828
36,592
2,396
3,781
16
107,370
18,158
476
-

$

148,000
54,000
1,000
2,000
10,000
2,500
120,000
17,000
1,300
-

$

109,226
38,369
2,139
5,517
104,894
5,838
311
-

$

148,000
54,000
1,000
2,000
10,000
120,000
17,000
1,300
-

$

158,000
59,000
500
4,000
5,000
120,000
20,000
1,000
3,000

10-421-_____

TOTAL EXPENDITURES

$

310,616

$

355,800

$

266,294

$

353,300

$

370,500

-

-

-

-

-

BUILDING
10-424-11000
10-424-13000
10-424-21000
10-424-23000
10-424-24000
10-424-27000
10-424-28000
10-424-31000
10-424-61000

SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
EDUCATION, TRAINING & TRAVEL
OFFICE SUPPLIES
SHOP CHARGES
TELEPHONE
PROFESSIONAL & TECHNICAL
MISCELLANEOUS

$

244,006
100,162
466
2,044
846
597
520
117,485
817

$

272,000
121,000
1,500
5,000
4,000
4,000
780
80,000
15,000

$

187,253
88,168
270
1,150
141
807
650
10,309
5,689

$

272,000
121,000
1,500
5,000
4,000
807
780
80,000
13,000

$

222,000
95,000
1,500
5,000
2,000
4,000
1,000
50,000
15,000

10-424-_____

TOTAL EXPENDITURES

$

466,943

$

503,280

$

294,438

$

498,087

$

395,500

-

16

-

-

-

-

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

ANIMAL CONTROL / CODE ENFORCEMENT
10-425-11000
10-425-13000
10-425-21000
10-425-23000
10-425-24000
10-425-25000
10-425-27000
10-425-28000
10-425-31000
10-425-61000

SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
EDUCATION, TRAINING & TRAVEL
OFFICE SUPPLIES
SUPPLIES & MAINTENANCE
SHOP CHARGES
TELEPHONE
PROFESSIONAL & TECHNICAL
MISCELLANEOUS

$

58,771
26,345
983
525
190
4,312
573
228,233
248

$

63,000
27,000
300
1,500
750
2,000
5,000
1,000
238,000
500

$

46,319 $
20,275
75
899
145
93
4,042
278
179,415
143

63,000
27,000
300
1,500
750
2,000
5,000
1,000
238,000
500

$

65,000
28,000
300
1,600
750
500
5,000
1,000
255,000
500

10-425-_____

TOTAL EXPENDITURES

$

320,179

$

339,050

$

251,684

339,050

$

357,650

-

-

$

-

-

-

STREETS
10-441-11000
10-441-13000
10-441-21000
10-441-22000
10-441-23000
10-441-24000
10-441-25000
10-441-27000
10-441-28000
10-441-29000
10-441-31000
10-441-48100
10-441-61000
10-441-74000

SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
PUBLIC NOTICES
EDUCATION, TRAINING & TRAVEL
OFFICE SUPPLIES
SUPPLIES & MAINTENANCE
SHOP CHARGES
TELEPHONE
STREET LIGHTING
PROFESSIONAL & TECHNICAL
PERSONAL PROTECTIVE EQUIPMENT
MISCELLANEOUS
EQUIPMENT

$

525,222
248,426
3,437
17,091
1,218
124,694
3,737
141,921
6,187
6,995
1,547
1,698

$

645,000
333,000
3,500
300
10,000
7,000
5,000
95,000
5,400
120,000
15,000
9,000
2,000
5,000

$

409,731
194,113
1,278
331
1,973
97,631
2,709
114,417
5,000
3,260
1,483
3,420

$

645,000
333,000
3,500
300
10,000
7,000
5,000
95,000
5,400
120,000
15,000
9,000
2,000
5,000

$

631,000
299,000
3,500
9,500
5,000
3,500
100,000
4,500
130,000
10,000
7,500
2,000
5,000

10-441-_____

TOTAL EXPENDITURES

$

1,082,172

$

1,255,200

$

835,346

$

1,255,200

$

1,210,500

-

-

-

-

-

SANITATION
10-442-31000

PROFESSIONAL & TECHNICAL

$

1,103,789

$

1,344,000

$

787,975

$

1,344,000

$

1,423,000

10-442-_____

TOTAL EXPENDITURES

$

1,103,789

$

1,344,000

$

787,975

$

1,344,000

$

1,423,000

-

17

-

-

-

-

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

ENGINEERING
10-445-11000
10-445-13000
10-445-21000
10-445-23000
10-445-23200
10-445-24000
10-445-25000
10-445-27000
10-445-28000
10-445-31000
10-445-32000
10-445-61000

SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
EDUCATION, TRAINING & TRAVEL
PERSONAL PROTECTIVE EQUIPMENT
OFFICE SUPPLIES
SUPPLIES & MAINTENANCE
SHOP CHARGES
TELEPHONE
PROFESSIONAL & TECHNICAL
DEVELOPMENT INSPECTIONS
MISCELLANEOUS

$

388,892
161,999
16,040
5,423
557
11,326
785
9,752
5,160
2,355
3,067
455

$

580,000
251,000
14,000
12,000
650
12,000
2,000
10,000
5,000
10,000
15,000
1,500

$

378,917
159,211
15,940
6,353
272
9,315
568
3,887
3,790
3,472
2,374
619

$

580,000
251,000
14,000
12,000
650
12,000
2,000
10,000
5,000
10,000
15,000
1,500

$

556,000
231,000
14,000
11,500
650
6,000
1,000
8,000
5,000
5,000
5,000
1,000

10-445-_____

TOTAL EXPENDITURES

$

605,810

$

913,150

$

584,720

$

913,150

$

844,150

-

-

-

-

-

PARKS & RECREATION
10-451-11000
10-451-13000
10-451-21000
10-451-23000
10-451-24000
10-451-25000
10-451-26100
10-451-27000
10-451-28000
10-451-31000
10-451-45400
10-451-48100
10-451-61000
10-451-63000
10-451-64000
10-451-74000

SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
EDUCATION, TRAINING & TRAVEL
OFFICE SUPPLIES
SUPPLIES & MAINTENANCE
BUILDINGS & GROUNDS MAINT.
SHOP CHARGES
TELEPHONE
PROFESSIONAL & TECHNICAL
WATER
PERSONAL PROTECTIVE EQUIPMENT
MISCELLANEOUS
OTHER EVENTS
OTHER RECREATION
EQUIPMENT

$

829,679
280,476
3,278
7,449
2,516
732
257,200
67,484
2,099
148,959
129,996
6,839
1,283
800
60,934
9,998

$

911,000
342,000
8,000
12,500
5,000
5,000
271,000
60,000
3,000
185,400
130,000
8,000
2,000
70,000
39,000

$

612,072
231,949
515
7,978
1,531
1,630
149,320
45,268
938
156,271
97,497
4,274
1,981
46,130
35,739

$

911,000
342,000
8,000
12,500
1,531
5,000
271,000
60,000
3,000
185,400
130,000
8,000
2,000
70,000
8,000

$

902,000
344,000
6,000
6,000
3,000
2,000
250,000
50,000
2,500
170,000
130,000
7,000
2,000
60,000
5,000

10-451-_____

TOTAL EXPENDITURES

$

1,809,722

$

2,051,900

$

1,393,093

$

2,017,431

$

1,939,500

-

-

-

-

-

RECREATION & CULTURE
10-456-65000
10-456-66000

FLOAT
SENIOR CENTER FEE

$

2,500
10,000

$

15,500
10,000

$

12,000 $
-

15,000
10,000

$

3,000
10,000

10-456-_____

TOTAL EXPENDITURES

$

12,500

$

25,500

$

12,000

25,000

$

13,000

-

-

$

-

-

-

TRANSFERS, LOANS & RESERVES
10-901-10000
10-901-11000
10-901-16000
10-901-17000
10-901-18000

CONTRIBUTION CAPITAL PROJ FUND
$
CONTRIBUTION TO FIRE AND POLICE PROTECTION FUND
CONTRIBUTION TO EVENTS
CONTRIBUTION TO BAAB
CONTRIBUTION TO MISS BLUFFDALE

1,600,000 $
5,347,186
15,000
6,250

6,176,400
40,000
15,000
6,250

$

4,459,797
40,000
15,000
6,250

$

6,176,400
40,000
15,000
6,250

$

6,261,600
40,000
15,000
6,250

10-901-_____

TOTAL EXPENDITURES

6,968,436

6,237,650

$

4,521,047

$

6,237,650

$

6,322,850

$

-

18

$

-

-

-

-

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

$

$

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

CLASS C ROADS
11-30-11050
11-30-11100
11-33-51000
11-39-31000

REVENUES
HWY TRANSIT TAX
INTEREST INCOME
CLASS "C" ROAD FUND ALLOTMENT
REAPPROPRIATE FUND BALANCE

$

11 TOTAL REVENUES

11-402-43000
11-402-48000
11-402-54000
11-402-74000
11-900-10000

EXPENDITURES
ROAD MAINTENANCE AND STREET REPAIR
14400 S RECONSTR & UTILITIES
PUBLIC INFRASTR. REPAIRS/MAINT
EQUIPMENT
INCREASE IN FUND BALANCE
11 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

Beginning Fund Balance $
Duplicated Rollover Costs
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

476,525
131,629
987,458
-

709,979
98,724
900,000
163,497

416,210
92,035
490,646
-

$

709,979
98,724
1,000,000
63,497

$

731,000
100,000
1,000,000
-

1,595,612
-

1,872,200
-

998,891
-

1,872,200
-

1,831,000
-

609,233
1,016,414
176,734
243,633
-

500,000
500,000
270,000
602,200
-

402,617
440,084
112,932
595,380
-

500,000
500,000
270,000
602,200
-

1,000,000
270,000
251,000
310,000

2,046,013
(450,401) $

1,872,200
-

$

1,551,013
(552,122) $

1,872,200
-

1,831,000
-

2,958,246

$

2,507,845

$

2,507,845

2,507,845

(450,401)
2,507,845 $

2,507,845

$

(552,122)
1,955,723 $

19

$

$

$
$

(63,497)
2,444,348 $

2,444,348
310,000
2,754,348

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

$

$

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

COMMUNITY EVENTS
13-36-10000
13-36-11000
13-36-12000
13-36-15000
13-36-16000
13-36-17000
13-36-18000
13-36-19000
13-36-21000
13-36-61000
13-39-10000
13-39-12000

REVENUES
SPONSORS
TOURNAMENTS
RACE
VENDORS
CONTESTS
ATTRACTIONS
TRADING POST
CONCESSIONS
SENIOR DINNER
MISCELLANEOUS
CONTRIBUTION FROM GENERAL FUND
REAPPROPRIATE FUND BALANCE

$

13 TOTAL REVENUES

13-400-31000
13-400-41000
13-400-41100
13-400-41200
13-400-41300
13-400-41400
13-400-41500
13-400-41600
13-400-41700
13-400-41800
13-400-41900
13-400-42000
13-400-43000
13-400-45000
13-400-46000
13-400-48000
13-400-49000
13-400-50100
13-400-50200
13-400-50300
13-400-50400
13-400-50500
13-400-50600
13-400-61000
13-600-10000
13-600-11000
13-900-10000

49,550
2,799
1,380
840
3,772
1,067
1,552
1,600
-

45,000
800
100
8,000
1,500
40,000
44,600

16,050 $
1,185
682
8,735
1,819
3,303
40,000
-

45,000
1,185
682
60,000
8,735
1,819
3,303
40,000
-

$

45,000
800
100
85,000
8,000
1,500
40,000
-

62,559
-

140,000
-

71,773
-

160,723
-

180,400
-

2,121
13,563
23,346
1,835
2,773
4,667
337
383
21,595
744
550
17,446
321
354
3,302
119
2,771
6,471
7,842
-

3,000
18,000
25,000
3,000
11,500
2,000
800
15,000
1,000
1,000
25,000
1,000
1,300
3,500
1,000
3,500
5,500
1,400
2,000
3,000
8,000
2,500
2,000
-

5,187
3,789
21,585
2,304
3,851
2,150
361
5,025
500
703
9,608
282
330
1,634
4,613
1,592
900
509
11,405
-

5,187
18,000
65,000
2,304
3,851
2,150
361
15,000
500
703
25,000
282
330
1,634
4,613
1,592
900
509
3,000
11,405
-

3,000
18,000
65,000
3,000
11,500
2,000
800
15,000
1,000
1,000
25,000
1,000
1,300
3,500
1,000
3,500
5,500
1,400
2,000
3,000
8,000
2,500
2,000
400

$

110,540
(47,981) $

140,000
-

76,326
(4,553) $

162,320
(1,596) $

180,400
-

Beginning Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

98,473 $
(47,981)
50,493 $

50,493
50,493

50,493 $
(4,553)
45,939 $

50,493 $
(1,596)
48,896 $

48,896
400
49,296

EXPENDITURES
PROFESSIONAL & TECHNICAL
ADVERTISING
ATTRACTIONS
TRADING POST
AWARDS & APPRECIATION
CONCESSIONS
GAME SHOWS & CONTESTS
YOUTH NIGHT
RENTALS
SHOWS
FAMILY NIGHT
RACE
BUCKAROO
CONCERT & ENTERTAINMENT
PARADE
TOURNAMENTS
SENIOR DINNER
TRUNK OR TREAT
SANTA & LIGHTS
MOVIES IN PARK
HORSE EVENTS
GET TO THE RIVER
LOVE WHERE YOU LIVE
MISCELLANEOUS
BUILDINGS
GAME BOOTHS
INCREASE IN FUND BALANCE
13 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

20

$

$
$

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

$

$

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

BLUFFDALE ARTS ADVISORY BOARD
14-35-10000
14-36-10000
14-36-12000
14-36-13000
14-36-15000
14-36-16000
14-36-31000
14-36-61000
14-39-10000
14-39-12000

REVENUES
ZAP TAX
TICKET SALES
CONCESSION SALES
SHOW MERCHANDISE SALES
DONATIONS
ART CLASSES
RENTALS
MISCELLANEOUS
CONTRIBUTION FROM GENERAL FUND
REAPPROPRIATE FUND BALANCE

$

14 TOTAL REVENUES

14-400-10000
14-400-13000
14-400-14000
14-400-15000
14-400-16000
14-400-20000
14-400-21000
14-400-31000
14-400-22000
14-400-61000
14-900-10000

EXPENDITURES
ADVERTISING
COSTUMES, PROPS & SET
FACILITIES
MUSIC & SCRIPT
SHIRTS, PINS AND OTHER MERCH
CONCESSIONS
ARTS EVENTS
PROFESSIONAL & TECHNICAL
COSTUME SHOP
MISCELLANEOUS
INCREASE IN FUND BALANCE
14 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

Beginning Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

11,700
54,415
1,081
5,095
6,443
8,018
300
15,000
-

11,000
55,000
1,000
2,000
2,000
5,000
15,000
3,200

8,940
27,425
557
2,492
1,209
382
13,250
389
15,000
-

$

8,940
65,000
1,000
3,000
2,000
500
13,250
389
15,000
-

$

11,000
55,000
1,000
2,000
2,000
500
8,000
15,000
3,100

102,052
-

94,200
-

69,643
-

109,079
-

97,600
-

8,897
35,282
6,560
14,678
1,637
1,641
1,010
15,002
16,359
-

3,600
30,000
9,000
18,000
1,500
1,500
6,500
9,600
5,000
9,500
-

3,070
17,203
3,425
20,208
2,635
222
2,947
8,106
1,771
6,452
-

4,000
30,000
9,000
27,000
4,000
1,500
6,500
9,600
5,000
9,500
2,979

5,000
30,000
9,000
20,000
1,500
1,500
6,500
9,600
5,000
9,500
-

101,065
986 $

94,200
-

66,039
3,605

$

109,079
-

97,600
-

18,978
986
19,964

19,964
19,964

19,964 $
3,605
23,569 $

19,964
2,979
22,942

3,106
1,025
6,250
-

3,100
2,000
1,000
6,250
900

$
$

$

$
$

$

$
$

22,942
(3,100)
19,842

MISS BLUFFDALE PAGEANT
15-36-10000
15-36-11000
15-36-12000
15-36-13000
15-39-10000
15-39-20000

REVENUES
APPLICATION FEES
TICKET SALES
FUND RAISING
SPONSORS
CONTRIBUTION FROM GENERAL FUND
REAPPROPRIATE FUND BALANCE

$

15 TOTAL REVENUES

15-400-41000
15-400-44000
15-400-45000
15-400-61000
15-900-10000

1,180
2,313
500
6,250
-

$

950
2,000
5,000
1,500
6,250
300

$

$

$

2,000
2,500
2,500
1,000
6,250
-

10,243
-

16,000
-

10,381
-

13,250
-

14,250
-

6,250
3,970
2,095
-

6,250
8,000
1,000
750
-

392
623
-

6,250
5,000
2,000
-

6,250
6,000
2,000
-

$

12,315
(2,072) $

16,000
-

1,016
9,365

13,250
-

$

14,250
-

Beginning Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

5,975 $
(2,072)
3,903 $

3,903
3,903

3,903 $
(900)
3,003 $

3,003
3,003

EXPENDITURES
SCHOLARSHIPS
PAGEANT
FUNDRAISING
MISCELLANEOUS
INCREASE IN FUND BALANCE
15 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

21

$

$
$

3,903
9,365
13,268

$

$
$

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

$

$

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

RODEO FUND
16-36-10000
16-36-12000
16-36-14000
16-36-15000
16-36-16000
16-36-17000
16-36-22000
16-36-61000
16-39-10000
16-39-12000

REVENUES
TICKET SALES
SPONSORS
VENDORS
MUTTON BUSTIN
FEES
MERCHANDISE SALES
RODEO QUEEN
MISCELLANEOUS
CONTRIBUTION FROM GENERAL FUND
REAPPROPRIATE FUND BALANCE

$

16 TOTAL REVENUES

16-400-10000
16-400-12000
16-400-13000
16-400-15000
16-400-16000
16-400-17000
16-400-18000
16-400-22000
16-400-61000
16-400-91000
16-900-10000

14,500
150
1
-

100,000
7,500
150
1,150
1,000
2,500
500
500
-

104,609
7,500
250
1,160
334
611
-

$

104,609
7,500
250
1,160
334
500
611
-

$

90,000
10,000
250
1,000
1,000
500
500
500
-

14,651
-

113,300
-

114,464
-

114,964
-

103,750
-

4,376
500
2,891
26,673
2,544
3,900
-

9,000
32,000
6,000
14,000
500
12,000
3,000
3,000
30,000
3,800
-

8,298
31,100
800
13,821
117
11,782
2,821
2,166
20,975
-

9,000
32,000
6,000
14,000
500
12,000
3,000
3,000
30,000
5,464
-

9,000
25,000
6,000
15,000
500
12,000
12,000
3,000
20,000
1,250
-

$

40,884
(26,234) $

113,300
-

91,880
22,583

114,964
-

$

103,750
-

Beginning Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

162,470 $
(26,234)
136,236 $

136,236
136,236

$

136,236 $
5,464
141,700 $

141,700
1,250
142,950

96,400
-

104,500
-

$

104,500
-

96,400
8,280

EXPENDITURES
ADVERTISING
STOCK
ENTERTAINMENT
RENTALS
AWARDS
BRANDED MERCHANDISE
GRAND OPENING & FIREWORKS
RODEO QUEEN
MISCELLANEOUS
RESERVES
TRANSFER TO GENERAL FUND
16 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

$

136,236
22,583
158,820

$

$
$

HEALTHY BLUFFDALE COALITION
18-36-10000
18-39-12000

REVENUES
GRANT
REAPPROPRIATE FUND BALANCE

$

18 TOTAL REVENUES

18-400-12000
18-400-13000
18-400-23000
18-400-24000
18-400-31000
18-400-32000
18-400-61000
18-900-10000

EXPENDITURES
PERSONNEL COSTS
EMPLOYEE BENEFITS
TRAVEL
SUPPLIES & MATERIALS
CONTRACT SERVICES
MARKETING & RECRUITMENT
MISCELLANEOUS
INCREASE IN FUND BALANCE
18 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

Beginning Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

$

81,100
-

$

$

96,400
-

104,500
-

81,100
-

104,500
-

104,680
-

37,200
3,496
13,506
15,818
2,500
4,653
2,600
-

48,300
5,000
16,000
29,800
5,400
-

23,400
2,234
2,571
18,664
3,074
-

42,300
4,400
16,000
29,800
5,400
-

48,480
5,000
16,000
29,800
5,400
-

79,773
16,627 $

104,500
-

49,944
31,156

$

97,900
6,600

104,680
-

3,270
16,627
19,897

19,897
19,897

19,897 $
31,156
51,053 $

19,897
6,600
26,497

22

$
$

$

$
$

$

$
$

26,497
(8,280)
18,217

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

$

$

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

EASTERN BLUFFDALE EDA
23-36-10000
23-36-12000
23-39-20000

REVENUES
INTEREST INCOME
PROPERTY TAXES
REAPPROPRIATE FUND BALANCE

$

23 TOTAL REVENUES

23-400-31000
23-400-41200
23-400-41300
23-400-43000
23-400-43500
23-400-46000
23-400-46100
23-400-46500
23-400-57000
23-400-59500
23-400-60000
23-400-44500
23-400-87600
23-400-45500
23-400-XXXXX
23-400-XXXXX
23-900-10000
23-900-11000

EXPENDITURES
PROFESSIONAL & TECHNICAL
FREEDOM POINT WAY EXT
HERITAGE CREST COLLECTOR
AFFORDABLE HOUSING
AFFORDABLE HOUSING COMM GARDEN
INFRASTRUCTURE & INCENTIVES
14730 SOUTH
JVWCD PIPELINE PROP. @WESTGATE
14600 S STORM DRAIN EAST NOELL
SIGNAGE AND BRANDING
ECONOMIC DEVELOPMENT
RISING STAR WAY INTERSECTION UPGRADES
14600 S RAILROAD CROSSING
BLUFFDALE BLVD CORRIDOR STUDY DETAILED
FUTURE BETTERMENTS ON 14600 SOUTH
UTA FRONTRUNNER STATION CONNECTION
GF ADMINISTRATION CHARGES
INCREASE IN FUND BALANCE
23 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

Beginning Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance
Less: Restricted Low-Income Housing
Net Funds available for projects

1,697,047
9,462,927
-

900,000
10,400,000
21,712,000

1,141,991
1,581,764.00
-

$

1,141,991
1,581,764
21,712,000

$

900,000
4,300,000

11,159,974
-

33,012,000
-

2,723,755
-

24,435,755
-

5,200,000
-

4,370
1,751,162
273,700
5,400
801,376
29,202
247,126
680,000
-

200,000
530,000
200,000
2,700,000
120,000
2,000,000
500,000
650,000
4,500,000
100,000
500,000
30,000
20,000,000
150,000
832,000
-

3,870
523,816
631
412
2,646
111,700
2,519,745
25,009
11,238,504
398,947
-

200,000
530,000
50,000
120,000
2,000,000
500,000
650,000
4,100,000
100,000
500,000
30,000
20,000,000
150,000
398,947
-

50,000
150,000
4,600,000
400,000
-

3,792,336
7,367,639 $

33,012,000
-

14,825,280
(12,101,525) $

29,328,947
(4,893,193) $

5,200,000
-

32,306,209
7,367,639
39,673,847

39,673,847
39,673,847

39,673,847 $
(12,101,525)
27,572,322

39,673,847 $
(26,605,193)
13,068,655
(7,114,047)
5,954,608 $

13,068,655
(4,300,000)
8,768,655
(2,514,047)
6,254,608

32,892 $
829,157
-

32,892
829,157
-

65,000
1,050,000
-

$

$

$

$

GATEWAY RDA
24-36-10000
24-36-12000
24-39-10000

REVENUES
INTEREST INCOME
PROPERTY TAXES
REAPPROPRIATE FUND BALANCE

$

24 TOTAL REVENUES

24-400-43000
24-400-44000
24-400-46000
24-900-10000
24-900-11000
24-900-20000

EXPENDITURES
AFFORDABLE HOUSING
REDWOOD ROAD MITIGATION
INFRASTRUCTURE & INCENTIVES
GF ADMINISTRATIVE CHARGES
INCREASE IN FUND BALANCE
CONTRIBUTION TO SID FUND
24 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

Beginning Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

27,337
832,784
-

$

65,000
1,050,000
-

$

$

860,121
-

1,115,000
-

862,049
-

862,049
-

1,115,000
-

116,530
188,264
61,249
-

210,000
21,000
806,500
77,500
-

58,122
-

16,583
779,008
66,458
-

210,000
21,000
806,500
77,500
-

1,115,000
-

58,122
803,927

862,049
-

$

1,115,000
-

855,864 $
855,864 $

855,864
855,864

366,043
494,078 $

361,786
494,078
855,864

23

$
$

855,864
855,864

$

$
$

855,864
803,927
1,659,792

$

$
$

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

$

$

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

JORDAN NARROWS EDA
25-36-10000
25-36-12000
25-39-12000

REVENUES
INTEREST INCOME
PROPERTY TAXES JORDAN NARROWS
REAPPROPRIATE FUND BALANCE

$

25 TOTAL REVENUES

25-400-43000
25-400-46000
25-400-54000
25-400-29000
25-400-47500
25-400-XXXXX
25-900-10000

EXPENDITURES
AFFORDABLE HOUSING
INFRASTRUCTURE & INCENTIVES
DAY RANCH PARK &TRAFFIC SIGNAL
PLAT K PARKING LOT AND TRAIL
CINCH WAY PEDESTRIAN BRIDGE
TRAILS CINCH WAY SOUTH, CANAL, DOG PARK, ETC
GF ADMINISTRATION CHARGES
25 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

Beginning Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance
Less: Restricted Low-Income Housing
Net Funds available for projects

396,547
-

400,000
2,535,735

252,081
-

$

252,081
-

$

400,000
4,489,080

396,547
-

2,935,735
-

252,081
-

252,081
-

4,889,080
-

2,580,405
3,417
39,946
234,270
-

1,485,735
550,000
100,000
800,000
-

1,084
122,778
-

1,485,735
550,000
100,000
122,778
-

1,089,080
1,800,000
2,000,000
-

2,858,038
(2,461,491) $

2,935,735
-

123,862
128,220

2,258,513
(2,006,431) $

4,889,080
-

10,501,660 $
(2,461,491)
8,040,169

8,040,169
8,040,169

8,040,169 $
(2,006,431)
6,033,737
(1,485,775)
4,547,962 $

6,033,737
(4,489,080)
1,544,657
(1,485,775)
58,882

26,000 $
57,764
-

50,000
77,000
1,947,000

510,000
50,000
850,000

$

$

8,040,169
128,220
8,168,388

$

$

$

PARK IMPACT FEES
40-36-10000
40-36-20000
40-39-10000

REVENUES
IMPACT FEES - PARKS
INTEREST INCOME
REAPPROPRIATE FUND BALANCE

$

40 TOTAL REVENUES

40-400-12000
40-400-18000
40-400-21500
40-400-25000
40-400-28000
40-400-29000
40-400-30000
40-400-31000
40-400-50000
40-400-64000

EXPENDITURES
PARK PURCHASES & IMPROVEMENTS
RODEO/ARENA IMPROVEMENTS
PARKS BUILDING ADDITION
DAY RANCH PARK
PARK MONUMENT SIGNS
PLAT K IMPROVEMENTS
MAIN PARK ELECTRICAL UPGRADE
PROFESSIONAL & TECHNICAL
UPDATE TO IFFP
PARKS REFUND
40 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

Beginning Fund Balance $
Duplicated/Rollover Costs
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

97,500
101,846
-

$

123,000
50,000
2,176,000

$

$

199,346
-

2,349,000
-

83,764
-

2,074,000
-

1,410,000
-

1,025
40,390
101,680
-

35,000
500,000
1,500,000
10,000
15,000
100,000
160,000
17,000
12,000
-

205
108,728
45,759
1,155
5,018
2,164
-

35,000
500,000
1,500,000
10,000
17,000
12,000
-

50,000
500,000
500,000
15,000
180,000
160,000
5,000
-

143,095
56,251 $

2,349,000
-

$

163,030
(79,265) $

2,074,000
-

$

1,410,000
-

2,023,503

$

1,967,252

$

2,023,503

$

2,023,503

56,251
2,023,503

$

2,023,503

$

(79,265)
1,944,238 $

24

$

(1,947,000)
76,503 $

76,503
1,000,000
(850,000)
226,503

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

$

$

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

PUBLIC SAFETY IMPACT FEES
41-36-10000
41-36-20000
41-39-10000

REVENUES
IMPACT FEES - PUBLIC SAFETY
INTEREST INCOME
REAPPROPRIATE FUND BALANCE

$

41 TOTAL REVENUES

41-400-31000
41-400-39000
41-400-40500
41-400-41000
41-400-42000
41-400-50000
41-900-10000

EXPENDITURES
PROFESSIONAL & TECHNICAL
FIRE ENGINE
PUBLIC SAFETY BLDG (LAND)
DEBT SERVICE INTEREST
DEBT SERVICE PRINCIPAL
UPDATE TO IFFP
INCREASE IN FUND BALANCE
41 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

Beginning Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

184,102
128,874
-

490,000
100,000
1,547,500

109,260
61,342
-

$

100,000
81,800
1,805,700

$

632,000
50,000
-

312,976
-

2,137,500
-

170,602
-

1,987,500
-

682,000
-

23,709
-

500
1,975,000
10,000
140,000
12,000
-

1,643,760
2,164
-

1,975,000
12,000
-

500
681,500

23,709
289,266 $

2,137,500
$

1,645,924
(1,475,322) $

1,987,000
500

$

682,000
-

2,890,588
2,890,588

$

2,890,588 $
(1,475,322)
1,415,266 $

2,890,588 $
(1,805,200)
1,085,388 $

1,085,388
681,500
1,766,888

1,009,000
50,000
353,000

$

342,575
3,811
-

500,000
50,000
802,000

1,377,000
50,000
-

2,601,322
289,266
2,890,588

$

1,324,872
329,575
32,609
-

$

$

$

ROADS & BRIDGES IMPACT FEES
42-36-10000
42-36-15000
42-36-20000
42-39-10000

REVENUES
IMPACT FEES - ROADS & BRIDGES
REIMBURSEMENTS
INTEREST INCOME
REAPPROPRIATE FUND BALANCE

$

42 TOTAL REVENUES

42-400-50000
42-400-57500
42-400-58100
42-400-60000
42-400-61500
42-400-62000
42-400-80700
42-400-80750
42-900-10000

EXPENDITURES
UPDATE TO IFFP
1780 WEST CONNECTOR
14600 S 1690 W TO SPRINGVIEW
13900 S FROM 2700 TO 2950 WEST
IMPACT FEE - REFUNDS
THE RANCH REIMB.
TRANSPORTATION MASTER PLAN
ACTIVE TRANSPORTATION MASTER PLAN
INCREASE IN FUND BALANCE
42 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

Beginning Fund Balance $
Duplicated Rollover Costs
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

$

$

1,687,055
-

1,412,000
-

346,386
-

1,352,000
-

1,427,000
-

2,422,966
116,751
373,312
8,125
16,000
-

12,000
200,000
100,000
110,000
960,000
30,000
-

11,504
139,665
82,875
91,071
958,350
17,569
-

12,000
140,000
100,000
110,000
960,000
30,000
-

200,000
1,227,000

2,937,154
(1,250,099) $

1,412,000
-

$

1,301,036
(954,650) $

1,352,000
-

$

1,427,000
-

1,558,720

$

308,622

$

308,622

308,622

$

(1,250,099)
308,622 $

308,622

$

(954,650)
(646,028) $

25

$

(802,000)
(493,378) $

(493,378)
1,227,000
733,622

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

$

$

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

STORM DRAIN IMPACT FEES
44-36-10000
44-36-20000
44-39-10000

REVENUES
IMPACT FEES - STORM DRAIN
INTEREST INCOME
REAPPROPRIATE FUND BALANCE

$

44 TOTAL REVENUES

44-400-42000
44-400-50000
44-400-55000
44-400-87800
44-400-57000
44-900-10000

EXPENDITURES
STORM DRAIN REFUND
REFUND INDEPENDENCE
UPDATE TO IFFP
14400 S RECONSTRUCTION & UTILITES
BLUFFDALE SOUTH SYSTEM
INCREASE IN FUND BALANCE
44 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

Beginning Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

156,801
68,683
-

15,000
65,000
1,582,000

14,760 $
42,946
-

20,000
42,946
-

$

52,000
65,000
-

225,484
-

1,662,000
-

57,706
-

62,946
-

117,000
-

63,240
15,424
-

12,000
50,000
1,600,000
-

2,164
642
-

12,000
50,000
-

117,000

78,664
146,820 $

1,662,000
-

2,805
54,901

62,000
946

$

117,000
-

1,619,574 $
1,619,574 $

1,619,574
117,000
1,736,574

1,472,754
146,820
1,619,574

26

$
$

1,619,574
1,619,574

$

$
$

1,619,574
54,901
1,674,474

$

$
$

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

CAPITAL PROJECTS
45-30-12000
45-33-90004
45-34-11333
45-34-12000
45-34-12200
45-34-49400
45-34-15000
45-34-51800
45-39-19500
45-38-11100
45-39-19000
45-39-31000
45-33-90005

REVENUES
SALE OF ASSETS
GRANTS
FIRST CLASS ROAD FUNDS
CORRIDOR PRESERVATION FUNDS
SALT LAKE COUNTY
SVSD-14400S RECONST.&UTILITIES
STATE OF UTAH TRANSPORTATION
THE POINT PROJECT REIMB.
BOND ISSUANCE/UDOT LOAN
INTEREST INCOME
CONTRIBUTION GENERAL FUND
TRANSFER FROM LBA
REAPPROPRIATE FUND BALANCE
45 TOTAL REVENUES

45-404-31000
45-404-51800
45-404-59500
45-404-67300
45-404-67400
45-404-67500
45-404-78030
45-404-78300
45-404-79910
45-404-80000
45-404-80500
45-404-80600
45-404-80800
45-404-80900
45-404-85800
45-404-87600
45-404-87800
45-404-87850
45-404-87950
45-404-88200
45-404-88300
45-404-72000
45-404-72100
45-404-72400
45-404-80750
45-404-72500
45-404-47500
45-404-85200
45-404-85300
45-404-72700
45-404-72800
45-404-74500
45-404-74600
45-404-74800
45-404-65400
45-404-65500
45-404-65600
45-404-65700
45-404-65800
45-404-65900
45-404-66900
45-404-85100
45-404-XXXXX
45-404-XXXXX
45-404-XXXXX
45-404-XXXXX
45-900-90000

EXPENDITURES
PROFESSIONAL & TECHNICAL
14600 S STORM DRAIN EAST NOELL
SIGNAGE AND BRANDING
PRB - NO PARKING SIGNS
MISC. TRAFFIC CALMING MEASURES
13800 S & 3600 W ROUNDABOUT/TRAFFIC SIGNAL
RODEO ARENA
COMPUTER REPLACEMENTS
CAMERA SYSTEM/IT EQUIPMENT
STREET LIGHTING LED CONVERSION
ROSE CREEK TRAIL CONNECTOR
ROSE CREEK CORRIDOR STUDY
CITY-WIDE FIBER INSPECTIONS
ENGINEERING CONCRETE EQUIPMENT
ROAD MAINTENANCE
14600 S RAILROAD CROSSNG
14400 S RECONSTR & UTILITIES
14400S RECONST.&UTILITIES-SVSD
14600 S CORRIDOR STUDY-RR/I-15
ROADS: 14600S 1690W SPRINGVIEW
ROADS: SAFE ROUTE TO SCHOOL
RESURFACE VINTAGE PICKLEBALL
STREETS:3500 DUMP TRUCK
ROSE CREEK TRAIL-REDWOOD/2700W
ACTIVE TRANSP. MASTER PLAN
MIX STATION STORMW POND OUTFAL
CINCH WAY PEDESTRIAN BRIDGE
COUNTRY CLASSIC STORM TIE-IN
ZONE 2 WEST ACCESS ROAD
FIRE TRUCK - TYPE 6
UPGRADE RADIOS - FD/ACOE
POLICE VEHICLES
PD EVIDENCE ROOM EXPANSION
POLICE DEPT REMODEL
PARKS: MAINT PICKUP TRUCK
PARKS:AERATOR MACHINE
PALLET RACKING FOR PARKS BLDG
STREETS:SNOW PLOW SALTER STAND
STREETS: HOOK TRUCK BINS
STREETS:ENCLOSED CONST TRAILER
STREETS: MATERIALS MAINT. SHOP
STREETS: SIGN POST INSTALLER
RODEO GROUNDS IRRIGATION TAILWATER
PARRY FARMS PARK RESTORATION
CRUMP HOLLOW TRAIL CONNECTION
FIRE STATION NO.93
INCREASE IN FUND BALANCE
45 TOTAL EXPENDITURES

$

1,134,596 $
24,720
500,000
2,147,455
141,616
4,011,872
442,301
1,600,000
600,000
-

2,800,000
50,000
500,000
12,000,000
5,075,000
30,000,000
200,000
4,390,619

10,602,561
-

55,015,619
-

20,408,766
-

52,844,074
-

68,490,000
-

45,000
339
2,127
3,082,017
32,645
5,544
3,011
7,433
23,355
17,000
27,868
7,525,732
997,776
5,389,780
3,064
95,725
21,627
120,401
30,030
13,254
-

45,000
5,075,000
100,000
40,000
50,000
600,000
50,000
20,000
259,619
10,000
1,500,000
40,000,000
500,000
500,000
50,000
11,000
60,000
400,000
3,200,000
2,000,000
4,000
175,000
200,000
55,000
36,000
16,000
20,000
10,000
15,000
10,000
4,000
-

37,500
3,662,006
9,750
13,724
304,714
11,857
6,342
639,097
1,420,441
368,054
7,987
10,655
15,501
92,739
1,187,768
3,703
110,084
54,537
34,500
3,662
10,850
11,628
10,682
-

45,000
4,475,000
100,000
40,000
50,000
600,000
50,000
20,000
259,619
10,000
1,500,000
7,000,000
490,700
10,600
50,000
11,000
60,000
50,000
100,000
1,187,768
4,000
175,000
55,000
36,000
16,000
20,000
10,000
15,000
10,000
4,000
-

45,000
600,000
250,000
20,000
20,000
500,000
50,000,000
500,000
600,000
3,200,000
270,000
200,000
60,000
25,000
200,000
12,000,000
-

17,443,727
-

55,015,619
-

8,027,780
-

16,454,687
-

68,490,000
-

27

$

2,802,960
1,730,263
12,000,000
3,507,648
332,045
-

$

1,600,000
2,802,960
1,730,263
12,000,000
4,475,000
30,000,000
200,000
-

$

1,400,000
15,400,000
500,000
600,000
200,000
50,390,000

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

SURPLUS/(DEFICIT)

$

06/30/2026
CURRENT YR BUDGET

(6,841,166) $

-

03/31/2026
ACTUAL TO DATE

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

$

12,380,987

$

36,389,387

$

-

$

6,779,737

$

6,779,737 $

6,779,737 $

12,380,987
19,160,724

$

36,389,387
43,169,124

$

43,169,124
13,250,000
(50,390,000)
6,029,124

$

(5,000,000)
38,169,124 $

6,029,124

787
Beginning Fund Balance $
Duplicated Rollover Costs
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

13,620,903

$

(6,841,166)
6,779,737 $

Restricted Fund Balance
Unrestricted Fund Balance

28

6,779,737

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

WATER OPERATIONS FUND
51-37-10000
51-37-20000
51-37-21001
51-37-22000
51-37-24001
51-37-25001
51-37-31011
51-37-91030
51-37-91040
51-38-91010
51-38-91030
51-39-72300
51-39-31000
51-39-20000
51-39-22000

REVENUES
CONTRIBUTED CAPITAL
CONNECTION FEES
WATER SALES
SECONDARY WATER SALES
HYDRANT METER RENTAL/WATER USE
WATER SHARE ASSESSMENTS
RE-CONNECT CHRG ON WATER
MISCELLANEOUS
DEVELOPERS CONTRI BUTION NOP
INTEREST INCOME
WATER GRANT
SALE OF ASSETS
TRANSFER FROM LBA
WATER TANK BOND
REAPPROPRIATE FUND BALANCE

$

1,049,479.0 $
45,780
7,826,622
125,165
160,681
39,486
6,380
111,322
251,011
848,439
4,600,000
-

164,000
7,832,000
95,000
65,000
35,000
3,000
50,000
50,000
400,000
40,000
3,946,000

15,064,366
-

12,680,000
-

6,526,729
-

8,947,100
-

21,005,000
-

1,838,647
595,356
6,203
8,557
6,577
44,291
16,534
56,311
13,536
8,367
14,523
162,023
2,196,608
116,365
387,752
1,893,000
21,201
90,564
47,861
782,146
-

1,758,000
787,000
4,500
22,000
13,000
60,000
4,500
65,000
45,000
65,000
10,000
55,000
1,450,000
1,811,000
600,000
480,000
8,000
100,000
50,000
117,000
260,000
80,000
3,000,000
35,000
50,000
500,000
1,250,000
-

1,238,765
525,735
3,207
13,187
3,151
49,381
731
46,360
43,291
25,700
6,866
30,465
5,909
1,523,292
603,374
264,272
25,505
82,325
85,838
25,628
24,091
404
20,000
642
41,555
-

1,651,700
701,000
4,300
17,600
4,200
65,800
1,000
61,800
57,700
34,300
9,200
40,600
1,450,000
2,031,000
804,000
352,400
34,000
109,800
114,500
34,200
32,100
35,000
50,000
900
1,250,000
-

1,855,000
830,000
5,000
15,000
7,500
60,000
5,000
50,000
55,000
50,000
10,000
55,000
300,000
2,122,000
600,000
480,000
20,000
100,000
50,000
140,000
260,000
50,000
5,000,000
35,000
2,000,000
450,000
90,000
100,000
50,000
642,875
5,517,625

$

8,306,421
6,757,945 $

12,680,000
-

4,689,673
1,837,056

8,947,100
-

$

21,005,000
-

Beginning Avail. Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Avail. Fund Balance $

(3,767,755) $
6,757,945
2,990,190 $

2,990,190
2,990,190

2,990,190 $
(244,700)
2,745,490 $

2,745,490
5,517,625
8,263,115

51 TOTAL REVENUES

51-511-11000
51-511-13000
51-511-21000
51-511-23000
51-511-23200
51-511-24000
51-511-25000
51-511-26100
51-511-27000
51-511-27100
51-511-28000
51-511-31000
51-511-44000
51-511-45400
51-511-48500
51-511-48600
51-511-54830
51-511-61000
51-511-62000
51-511-71000
51-511-74000
51-511-74650
51-511-74800
51-511-86000
51-511-87100
51-511-87200
51-511-87800
51-900-91100
51-511-80000
51-511-XXXXX
51-511-XXXXX
51-511-XXXXX
51-511-XXXXX
51-511-XXXXX
51-900-92000

EXPENSES
SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
EDUCATION AND TRAINING
PERSONAL PROTECTIVE EQUIPMENT
OFFICE SUPPLIES
SUPPLIES & MAINTENANCE
BUILDING & GROUNDS MAINT.
SHOP CHARGES
UTILITIES
TELEPHONE
PROFESSIONAL & TECHNICAL
WATER RIGHTS
WATER PURCHASED
DEBT SERVICE
SYSTEM MAINTENANCE
DEPRECIATION
MISCELLANEOUS
IRRIGATION WATER ASSESSMENT
SHALLOW WATER/TEST WELLS
EQUIPMENT
WATER DEFICIENCIES PROJECT
GIS MAPS MAINTENANCE
ZONE 2 WEST STORAG &PUMP STATN
WATER MODELING
PI-SEWER EFFLUENT WATER REUSE
14400 S RECONSTR & UTILITIES
NON-OPERATING FUNDS TRANSFER
3200 W WATER & PI IMPROVEMENTS
ROCK HOLLOW FIRE HYDRANT TIE-OVER
SECONDARY METER INSTALL 3200 W
METERING OF SECONDARY WATER SOURCES
LEASE PAYMENT TO LBA
LOAN PAYMENT ON TANK
INCREASE IN FUND BALANCE
51 TOTAL EXPENSES
SURPLUS/(DEFICIT)

29

$

$

$
$

21,205
5,892,672
91,122
82,699
38,379
8,890
126,875
264,887
-

2,990,190
1,837,056
4,827,246

$

$

$
$

28,300
7,857,000
121,500
110,300
51,200
11,900
169,200
353,000
244,700

$

146,000
8,211,000
95,000
65,000
35,000
3,000
50,000
400,000
12,000,000
-

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

$

$

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

WATER IMPACT FEES
52-36-10000
52-36-20000
52-36-XXXXX
52-39-10000

REVENUES
IMPACT FEES - WATER
INTEREST INCOME
BOND
REAPPROPRIATE FUND BALANCE

$

52 TOTAL REVENUES

52-400-31000
52-400-42000
52-400-44000
52-400-50000
52-400-55000
52-400-61000
52-400-61500
52-400-86000
52-400-XXXXX
52-901-12000

EXPENDITURES
PROFESSIONAL & TECHNICAL
WATER REFUND
WELL & WATER SHARES
BOND ISSUE COSTS
UPDATE TO IFFP
WATER MASTER PLANNING & MODEL
IMPACT FEE - REFUNDS
ZONE 2 WEST STORAG &PUMP STATN
15000 S DRINKING WATER PUMP STATION IMPROVEMENTS
INCREASE IN FUND BALANCE
52 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

Beginning Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

341,556
78,880
-

505,000
50,000
2,052,000

165,468
60,528
-

$

100,000
50,000
422,700

$

548,000
50,000
2,000,000
-

420,436
-

2,607,000
-

225,996
-

572,700
-

2,598,000
-

359,966
-

200,000
12,000
35,000
360,000
2,000,000
-

2,164
524
-

200,000
12,000
360,000
700
-

200,000
2,000,000
398,000

359,966
60,470 $

2,607,000
-

2,688
223,308

572,700
-

$

2,598,000
-

1,267,792 $
(422,700)
845,092 $

845,092
398,000
1,243,092

424,700
30,000
32,000
-

1,713,000
50,000
-

1,207,322
60,470
1,267,792

$

411,700
17,862,692
382,101
-

$

$

$

1,267,792
1,267,792

$

424,700
30,000
1,000,000
2,755,000

$

$

$

1,267,792
223,308
1,491,099

$

318,519
63,418
32,000
-

$

$

LOCAL BUILDING AUTHORITY
31-36-11000
31-36-10000
31-36-20000
31-36-12000
31-36-61000
31-39-10000

REVENUES
LEASE PAYMENTS
BOND PROCEEDS
INTEREST INCOME
PUBLIC WORKS BLDG DOWN PAYMENT
MISC. REVENUE
REAPPROPRIATE FUND BALANCE

$

31 TOTAL REVENUES

31-400-31000
31-400-40000
31-400-40100
31-400-42000
31-400-51000
31-400-52000
31-900-20000
31-901-10000
31-901-12000

EXPENDITURES
PROFESSIONAL & TECHNICAL
DEBT SERVICE INTEREST
DEBT SERVICE PRINCIPAL
PUBLIC WORKS BLDG
INSURANCE - GEN LIAB &PROPERTY
COST OF ISSUANCE
TRANSFER TO CAPITAL PROJECTS
TRANSFER TO WATER FUND
INCREASE IN FUND BALANCE
31 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

$

Beginning Fund Balance $
Duplicated Rollover Costs
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

$

18,656,492
-

4,209,700
-

413,937
-

486,700
-

1,763,000
-

619,132
175,000
9,545,636
13,788
243,159
600,000
4,600,000
-

2,000
1,007,700
670,000
2,500,000
30,000
-

1,007,688
670,000
994,638
31,979
-

2,000
1,007,700
670,000
994,638
31,979
-

2,000
976,000
700,000
35,000
50,000

15,796,715
2,859,777 $

4,209,700
$

2,704,305
(2,290,368) $

2,706,317
(2,219,617) $

1,763,000
-

(263,322) $

2,596,455

$

2,596,455

2,596,455

$

376,838

2,859,777
2,596,455

2,596,455

$

(2,290,368)
306,087 $

(2,219,617)
376,838 $

50,000
426,838

30

$

$

ACCOUNT
NUMBER

ACCOUNT
TITLE

06/30/2025
PRIOR YR ACTUAL

06/30/2026
CURRENT YR BUDGET

03/31/2026
ACTUAL TO DATE

$

$

06/30/2026
PROJECTION

BUDGET FY2027
TENTATIVE

FIRE AND POLICE PROTECTION FUND
60-36-10000
60-36-12000
60-36-14000
60-36-13000
60-36-30000
60-36-61000
60-39-11000
60-39-12000
60-39-10000

REVENUES
GRANTS
WILDLAND FIRE FEES
PUBLIC SAFETY FEE
AMBULANCE CHARGES
INTEREST INCOME
MISC. REVENUE
GF TRANSFER - PROPERTY TAXES
GENERAL FUND TRANSFER - OTHER
REAPPROPRIATE FUND BALANCE

$

60 TOTAL REVENUES
EXPENDITURES
FIRE DEPARTMENT COSTS
POLICE DEPARTMENT COSTS

3,500
265,405
555,943
312,458
59,367
70,500
2,412,186
2,935,000
6,614,358
-

$

7,354,900
$

3,447,900
3,907,000

$

6,194,478
419,880 $

7,354,900
-

Beginning Fund Balance $
Add'l Reserves/(Appropriation of Fund Balance)
Ending Fund Balance $

(55,722) $
419,880
364,158 $

364,158
364,158

$

60 TOTAL EXPENDITURES
SURPLUS/(DEFICIT)

2,807,824
3,386,654

22,500
200,000
750,000
200,000
6,000
2,446,566
3,729,834
-

$

$

$

5,000 $
366,013
558,962
190,799
2,065
2,998,813
1,460,984
-

22,500
366,013
745,000
200,000
6,000
2,065
2,998,813
3,177,587
-

5,582,636
-

7,517,978
-

2,641,066
2,885,898

5,526,964
55,672

364,158
55,672
419,830

$

$

$
$

3,665,304
3,907,000

$

22,500
300,000
1,289,000
200,000
6,000
3,300,000
2,961,600
8,079,100
-

$

3,647,100
4,432,000

7,572,304
(54,326) $

8,079,100
-

364,158 $
(54,326)
309,832 $

309,832
309,832

FIRE DEPARTMENT
60-422-11000
60-422-12000
60-422-13000
60-422-21000
60-422-23000
60-422-24000
60-422-25000
60-422-26000
60-422-27000
60-422-28000
60-422-30000
60-422-31000
60-422-32000
60-422-33000
60-422-34000
60-422-35000
60-422-48100
60-422-61000
60-422-74000

SALARIES AND WAGES
PART TIME SALARIES AND WAGES
EMPLOYEE BENEFITS
BOOKS, SUB., & MEMBERSHIPS
EDUCATION, TRAINING & TRAVEL
OFFICE SUPPLIES
SUPPLIES & MAINTENANCE
UNIFORMS
SHOP CHARGES
TELEPHONE
VECC
PROFESSIONAL & TECHNICAL
CERT
EMERGENCY PREPARATION
WILDLAND FIRE SERVICES
EMPLOYEE ASSISTANCE PROGRAM
HEALTH AND SAFETY
MISCELLANEOUS
EQUIPMENT

$

542,693
1,300,034
401,494
1,226
7,827
3,100
63,600
20,866
61,001
17,478
13,422
84,056
4,058
12,569
201,389
5,258
34,884
3,125
29,742

$

822,900
1,380,100
575,000
2,600
12,000
4,000
72,000
45,000
90,000
24,000
36,000
70,000
5,000
13,800
180,000
22,500
30,000
3,000
60,000

$

633,439
936,415
402,466
275
7,553
2,629
51,913
19,179
64,775
10,991
53,391
41,781
6,715
357,913
4,762
23,518
2,661
20,689

$

845,000
1,380,100
575,000
2,600
12,000
4,000
72,000
45,000
90,000
24,000
53,391
70,000
5,000
13,800
357,913
22,500
30,000
3,000
60,000

$

883,000
1,453,000
611,000
2,600
10,000
4,000
65,000
35,000
60,000
20,000
40,000
70,000
5,000
8,000
270,000
17,500
40,000
3,000
50,000

60-422-_____

TOTAL EXPENDITURES

$

2,807,824

$

3,447,900

$

2,641,066

$

3,665,304

$

3,647,100

10-420-_____

-

-

-

-

-

LAW ENFORCEMENT
60-423-24000
60-423-25000
60-423-27000
60-423-28000
60-423-29000
60-423-31000
60-423-31400
60-423-74000

OFFICE SUPPLIES
SUPPLIES & MAINTENANCE
SHOP CHARGES
TECHNOLOGY
D.A.R.E. PROGRAM
PROFESSIONAL & TECHNICAL
PROFESSIONAL SERVICES
EQUIPMENT

$

9,046
9,456
142,017
7,600
4,000
7,788
2,929,866
276,882

$

15,000
10,000
150,000
8,000
4,000
3,460,000
260,000

$

5,690 $
5,177
79,830
162
2,592,042
202,996

15,000
10,000
150,000
8,000
4,000
3,460,000
260,000

$

15,000
10,000
150,000
8,000
4,000
3,980,000
265,000

60-423-_____

TOTAL EXPENDITURES

$

3,386,654

$

3,907,000

$

2,885,898

3,907,000

$

4,432,000

-

31

-

-

$

-

-

THE CITY OF BLUFFDALE, UTAH
THE LOCAL BUILDING AUTHORITY OF THE CITY OF BLUFFDALE, UTAH
RESOLUTION 2026-18
A RESOLUTION ADOPTING AND ACCEPTING THE FISCAL YEAR 2026-2027 TENTATIVE
BUDGET AND SCHEDULING A PUBLIC HEARING TO RECEIVE PUBLIC COMMENT PRIOR TO
ADOPTION OF THE FINAL BUDGET
WHEREAS, the Budget Officer has prepared and presented to the Local Building
Authority of the City of Bluffdale, Utah (THE “AUTHORITY”), a written Tentative Budget for
Fiscal Year 2026-2027, which the Local Building Authority desires to adopt and accept as a
Tentative Budget; and
WHEREAS, the Local Building Authority desires to schedule a Public Hearing for the
purpose of receiving public comment prior to the adoption of the Final Budget for the Fiscal
Year 2026-2027.
NOW, THEREFORE, BE IT RESOLVED BY THE LOCAL BUILDING AUTHORITY OF THE
CITY OF BLUFFDALE, UTAH:
Section 1.
The proposed Fiscal Year 2026-2027 Local Building Authority of the City
of Bluffdale, Utah Tentative Budget, in the form attached hereto and together with the various
and ancillary budgets for the various fund therein, is hereby accepted and adopted, as the
Tentative Budget for the upcoming Fiscal Year. The Secretary-Treasurer of the Authority is
authorized and directed to keep and provide a copy of said Tentative Budget in her office as
required by law, for public inspection thereof.
Section 2.
A Public Hearing, before the Local Building Authority of the City of
Bluffdale, Utah, for the purpose of receiving public comment on the Final Budget for Fiscal
Year 2026-2027, is hereby scheduled for June 10, 2026, beginning at the hour of 6:00 p.m., at
the Bluffdale City Hall, 2222 West 14400 South, Bluffdale, Utah. The Public Hearing may be
held in conjunction with a Public Hearing before the Bluffdale City Council and the Bluffdale
City Redevelopment Agency Board. The Secretary-Treasurer of the Authority is authorized and
directed to provide and cause to be published a Public Notice thereof, as provided by law.
Section 3.
This Resolution shall become effective immediately upon its passage
and authorizes and directs the Local Building Authority Chair-President to execute and cause
to be delivered the same.
PASSED, ADOPTED AND APPROVED the 8th day of April 2026.

By ____________________________________
Natalie C. Hall, Chair-President
Attest ______________________________________
City Recorder
Voting by the Board:
Yes
Chair-President Hall _____
Trustee Aston
_____
Trustee Austin
_____
Trustee Lord
_____
Trustee Smith
_____
Trustee Wilding
_____

No
_____
_____
_____
_____
_____
_____

THE CITY OF BLUFFDALE, UTAH
THE BLUFFDALE CITY REDEVELOPMENT AGENCY
RESOLUTION 2026-19
A RESOLUTION ADOPTING AND ACCEPTING THE FISCAL YEAR 2026-2027 TENTATIVE
BUDGET AND SCHEDULING A PUBLIC HEARING TO RECEIVE PUBLIC COMMENT PRIOR TO
ADOPTION OF THE FINAL BUDGET
WHEREAS, the Budget Officer has prepared and presented to the Bluffdale City
Redevelopment Agency Board a written Tentative Budget for Fiscal Year 2026-2027, which the
Redevelopment Agency Board desires to adopt and accept as a Tentative Budget; and
WHEREAS, the Redevelopment Agency Board desires to schedule a Public Hearing for
the purpose of receiving public comment prior to the adoption of the Final Budget for Fiscal
Year 2026-2027.
NOW THEREFORE, BE IT RESOLVED BY THE BLUFFDALE CITY REDEVELOPMENT
AGENCY BOARD:
Section 1.
The proposed Fiscal Year 2026-2027 Bluffdale City Redevelopment
Agency Tentative Budget, in the form attached hereto and together with the various and
ancillary budgets for the various funds therein, is hereby accepted and adopted, as the
Tentative Budget for the upcoming Fiscal Year. The Secretary-Treasurer of the Agency is
authorized and directed to keep and provide a copy of said Tentative Budget in his office as
required by law, for public inspection thereof.
Section 2.
A Public Hearing, before the Bluffdale City Redevelopment Agency
Board, for the purpose of receiving public comment on the Final Budget for Fiscal Year 20262027, is hereby scheduled for June 10, 2026, beginning at the hour of 6:00 p.m., at the
Bluffdale City Hall, 2222 West 14400 South, Bluffdale, Utah. The Public Hearing may be held in
conjunction with a Public Hearing before the Bluffdale City Council and the Local Building
Authority of the City of Bluffdale, Utah. The Secretary-Treasurer of the Agency is authorized
and directed to provide and cause to be published a Public Notice thereof, as provided by law.
Section 3.
This Resolution shall become effective immediately upon its passage
and authorizes and directs the Redevelopment Agency Chair to execute and cause to be
delivered the same.
PASSED, ADOPTED AND APPROVED the 8th day of April 2026.

By__________________________________
Alan Lord, Chair
Attest _______________________________
Bruce Kartchner Secretary/ Treasurer

Voting by the Board:

Chair Lord
Board Member Aston
Board Member Austin
Board Member Hall
Board Member Smith
Board Member Wilding

Yes

No

_____
_____
_____
_____
_____
_____

_____
_____
_____
_____
_____
_____