116 of 1979 - Authorizing the issuance of $1,200,000 Industrial Revenue Bonds for financing acquisition and constr VOTING Aye Nay
W.Chairman ✓
Agraz
Greener //
Campbell
Phillips ✓
AN ORDINANCE
Result
1 AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT EXCEEDING
$1,200,000 PRINCIPAL AMOUNT OF INDUSTRIAL REVENUE BONDS OF SALT
LAKE CITY CORPORATION, STATE OF UTAH, FOR THE PURPOSE OF FINANCING
THE ACQUISITION AND/OR CONSTRUCTION OF A COMMERCIAL, INDUSTRIAL,
MANUFACTURING AND WAREHOUSE FACILITY WHICH SHALL BE OWNED BY JAMES
L. EASTON AND LEASED TO AND USED BY JAS. D. EASTON, INC. A
CALIFORNIA CORPORATION; AUTHORIZING THE EXECUTION OF A FINANCING
AGREEMENT AND RELATED DOCUMENTS: PROVIDING FOR A NOTE FROM JAMES
L. EASTON AND A PLEDGE THEREOF, A LEASE FROM JAS. D. EASTON, INC.
AND AN ASSIGNMENT THEREOF, AND OTHER TERMS FOR SECURITY OF SAID
INDUSTRIAL REVENUE BONDS; PROVIDING FOR THE REMEDIES OF THE HOLDER
OF SAID INDUSTRIAL REVENUE BONDS AND FOR THE RIGHTS AND DUTIES OF
A TRUSTEE UNDER A TRUST INDENTURE; AND OTHERWISE APPROVING SUCH
ACTIONS AS MAY BE NECESSARY FOR ISSUANCE OF SAID BONDS.
WHEREAS, SALT LAKE CITY CORPORATION, Salt Lake County,
State of Utah (the "City" herein) desires to promote, stimulate
and develop the general economic welfare and prosperity of said
City and to achieve greater industrial development of the State of
Utah; and
WHEREAS, the City is authorized pursuant to the
provisions of the Utah Industrial Facilities Act, found in Chapter
17 of Title 11, Utah Code Annotated, 1953,. as amended, (sometimes
referred to herein as the "Act") to issue Industrial Revenue Bonds
for the purpose of financing the acquisition of land and
construction of various commercial, industrial, manufacturing and
warehouse facilities, together with appurtenances thereto (all
herein sometimes referred to as the "Project") ; and
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WHEREAS, the City has determined to issue Industrial
Revenue Bonds in the aggregate principal amount of not exceeding
$1,200,000 for the purposes of financing the acquisition and
construction of the Project hereinafter described, together with
expenses related to the issuance and sale of the Bonds; and
WHEREAS, the City, by a prior resolution expressed an
intent to finance acquisition and construction of such commercial
facility for use by Jas. D. Easton, Inc., a California
corporation, (hereinafter the "Company") , the costs of which in
whole or in part are to be derived through issuance of Industrial
Revenue Bonds not to exceed $1,200,000 principal amount in
aggregate; and
WHEREAS, upon fulfillment of all conditions hereof, the
City proposes to enter into a Financing Agreement with James L.
Easton and the Company. Under said Financing Agreement the City
will finance part of the Project for the Company in consideration
of (1) certain lease payments from the Company which will be
sufficient to pay the principal of and interest and other fees and
charges pertaining to said Industrial Revenue Bonds and which are
also backed up by a note of James L. Easton, (2) additional
covenants of the Company as will be set forth in detail in said
Financing Agreement; and (3) security for the benefit of
bondholders through pledge and assignment of said lease and note
and a Trust Indenture representing, among other things, a trust
deed and security agreement against the Project; and
WHEREAS, the City proposes to sell all of the Industrial
Revenue Bonds to be issued under authority of this Ordinance to a
purchaser who has been or will be obtained through private
negotiation. The issuance of Industrial. Revenue Bonds and sale
thereof are intended to be conducted in such manner as to be
exempt from registration under the Securities Act of 1933, the
Securities Exchange Act of 1934, the Trust Indenture Act of 1939,
the Utah State Securities Act, and other similar laws. The term
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"Purchaser" as used herein shall include all bondholders, if more
than one may exist from time to time.
WHEREAS, the plan to proceed with the Project, including
financing the acquisition and construction of the facility, has
been and hereby is approved by the Board of Commissioners of the
City, there being no other or further governing body or
governmental entity of any kind required under law to provide
approval thereof; and
WHEREAS, the property on which the Project is to be
located is within the boundaries of Salt Lake City, is presently
owned by the James L. Easton (sometimes the "Owner" herein) and
will continue to be owned by the James L. Easton, subject to the
lease of the Company for purposes of this Bond issue, and the use
of said property as contemplated by the Company is consistent with
all zoning laws and other ordinances of Salt Lake City; and
WHEREAS, the City finds that it will be desirable to
appoint a Trustee to administer the funds and discharge the
fiduciary duties related to said Industrial Revenue Bonds and the
City also deems it advisable and in its best interest to enter
into and execute the Financing Agreement and the Trust Indenture
to provide for the issuance of said Industrial Revenue Bonds, to
secure payment of same, and to describe the rights and duties of
the Trustee.
NOW, THEREFORE, BE IT ENACTED BY THE BOARD OF
COMMISSIONERS OF SALT LAKE CITY CORPORATION, SALT LAKE COUNTY,
STATE OF UTAH, THAT:
Section 1. Project Authorized. The financing of the
acquisition and construction of the Project are hereby authorized
in accordance with law. Said Project shall consist of certain
real property located in Salt Lake City, together with a
commercial, industrial, manufacturing and warehouse facility
constructed or to be constructed thereon for the purposes of
providing a plant to be used by the Company in the manufacturing
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of some of its products, and other appurtenances which may be used
in connection therewith.
Section 2. Bond Authorized. For the purposes of paying
(or reimbursing to the Company or the owner) all or part of the
costs of the acquisition and/or construction of the Project and
all costs incidental thereto including costs of financing through
the subject Bonds, the City hereby authorizes the issuance of
Bonds described as "Salt Lake City Corporation Industrial Revenue
Bonds," Series 1979 (Easton Project) (collectively called the
"Bonds" herein) in the aggregate principal amount of not exceeding
$1,200,000, bearing interest at 7-1/2% per annum, with maturities
up to 15 years.
Said Bonds may be issued and sold at par all at one time
or in increments from time to time, under terms which may be more
fully defined in the Trust Indenture, and shall be issued in
$10,000 denominations or in such other denominations as may be
agreed with the Purchaser.
Each of the Bonds within the respective series may be
dated as of July 1, 1979 or as of such other date as may be agreed
with the Purchaser, and will bear interest commencing as of the
date shown on each Bond.
The Bonds within each of said series will mature serially
over their respective maturities.
Principal and interest shall be payable to the holders of
such Bonds semiannually.
Section 3. Source of Payment. The principal of and
interest on said Salt Lake City Corporation Industrial Revenue
Bonds authorized to be issued pursuant to this Ordinance, shall be
payable solely from the lease payments from the Company or note
payments from the Owner or other revenues from the Project
including other funds which may be held from time to time by the
Trustee for such purposes, and payment thereof shall be secured as
provided herein. Nothing in this Ordinance or any documents used
in connection herewith or under authority hereof shall be
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construed in any manner to impose any financial obligation or
liability whatever on the City and no part of the payment of
expenses, principal, interest or other charges on the Bonds shall
be or become a charge against any revenues or taxes of the City
other than revenues constructively received by the City through
the Trustee pursuant to the Agreement.
Section 4. Disposition of Proceeds. The proceeds from
the sale of Bonds to be issued under authority hereof shall be
applied for the purposes for which the Bonds are issued as herei.n
described, and shall be disbursed through the Trustee. If for any
reason any portion of the proceeds actually received from sale
shall be applied to the payment of the principal of and/or the
interest on said Bonds, the resulting prepayment shall he in
inverse order of maturities. The purposes for which the Bonds
shall be issued shall include, without limitation, the actual.
entire or partial costs of financing the acquisition and
improvement of the real estate needed for the Project and
acquiring or constructing all or part of the building, leasehold
improvements, and other appurtenances thereto, and may include
reimbursement to the Company or the owner for all costs actually
paid prior to the date hereof according to law, to the extent of
costs allowable hereunder. The allowable Project costs shall also
include all fees and costs of architects, engineers and
contractors, and all expenses in connection with authorization,
sale and issuance of Bonds, including Bond Counsel fees, owner's
counsel and other legal fees, appraisal fees, title insurance
premiums, financial and accounting advisors' fees or bond purchase
commitment fees, if any, trustees' and paying agents' fees,
printing costs, advertising costs, the interest on the Bonds
accruing from the date of issuance thereof to the date of sale
thereof, if any, and all other lawful costs and expenses necessary
or convenient to the authorization, acquisition, construction and
financing of the Project, which may be lawfully incurred prior to
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construction, during construction and for a reasonable period of
time after completion of such construction.
Section 5. Professionals Employed. The Board of
Commissioners hereby authorizes, ratifies and confirms the
employment by the owner and the Company, acting for the City
solely for purposes of this Bond issue, and acting on their own
behalf as owner and user of the Project, for the purposes of
proceeding with the Project and the Bond issue:
(a) As Trustee and paying agent under the Trust
Indenture authorized herein, Tracy-Collins Bank and Trust Company,
through its Trust Department at Salt Lake City, Utah, or in the
event that Bank cannot serve, any other financial institution
authorized by law to hold trusts of the nature herein described;
(b) Such other and further persons, firms or
corporations, including, but not limited to, architects,
engineers, contractors, financial advisors, attorneys for the
company and other agents reasonably necessary or convenient for
the purpose of authorizing, acquiring, planning, constructing,
financing and utilizing the Project or any parts thereof; and
(c) The law firm of Ray, Quinney & Nebeker, of Salt
Lake City, Utah, which shall act. as Bond Counsel in preparation of
principal documents and rendering the legal opinion for the
benefit of Bond Purchasers.
Section 6. Sale of Bonds. At any time after this
Ordinance is duly adopted, and subject to the conditions hereof,
the City, through its duly authorized officers, shall have
authority to issue and sell the Bonds. It is the intent of thi.s
Ordinance to authorize sale of the Bonds in such denominations and
series as the City or its authorized officers shall determine upon
consultation with the Company and the Purchaser, and as authorized
in this Ordinance, with the effect that said Bonds shall be issued
and sold, and proceeds received therefrom, for the purposes of
financing the Project and payment of such expenses as are
authorized hereunder to be paid from proceeds of said Bonds. All.
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Bond proceeds shall be held initially by the Trustee, and
disbursed or otherwise administered in accordance with the Trust
Indenture, consistent with the purposes described in this
Ordinance.
In the event less than the full issue or any series
therein is sold initially, and if additional proper expenses shall
subsequently become necessary for completion or payment of the
Project or portions thereof, the City, without the necessity of
further ordinance, shall be empowered to issue and sell additional
bonds up to the aggregate principal amount of the $1,200,000
authorized hereby, if and on the condition that it shall have
contracted with the Company for the note payments sufficient to
service all such additional indebtedness and expenses to be
incurred in connection therewith.
In the event less than the full issue of $1,200,000, each
bond so issued and sold shall nevertheless maintain its designated
maturity until paid, and the Company together with the Bond
Purchaser and the Trustee shall agree upon any adjustments which
must be made in the aggregate or overall payment schedules, giving
due consideration for the amount of the monthly payments which
must then be made by the Company to the Trustee for the Bond Fund.
The issuance and sale of such Bonds and solicitations
therefor, may be effected to or through the Purchaser without
registration of the Bonds as securities, pursuant to exemptions
provided under Section 3(a) (2) of the Securities Act of 1933 and
Section 3(a) (12) of the Securities Exchange Act of 1934,
exemptions from the qualification provisions of the Trust
Indenture Act of 1939 and similar exemptions under applicable
state law.
Section 7. Form of Bonds. The Bonds shall be
substantially in the wording as shown in the form incorporated in
this Section 7 of this Ordinance with completion of such blanks or
substitutions as necessary prior to issuance and sale of each
Bond. Each issued Bond shall bear interest at the rate specified
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for the series of which it forms part, with principal and interest
payable semiannually, with maturities on an amortized basis
providing for substantially equal semiannual payments of interest
and principal over the respective terms, or otherwise as may be
agreed between the Purchaser, the Owner, the Company and the
Trustee.
The principal and interest on each of said Bonds shall be
payable to the holder thereof in United States money, without
discount or premium, through the office of the paying agent to be
established, on the dates and in the manner heretofore stated.
All Bonds issued under authority hereof shall contain the
following certificate plainly stated on the face of each Bond,
certified by the City Recorder at the time of issuance:
THIS BOND REPRESENTS A LIMITED OBLIGATION OF
SALT LAKE CITY CORPORATION AND DOES NOT
CONSTITUTE OR GIVE RISE TO A GENERAL
OBLIGATION OR LIABILITY OF SALT LAKE CITY
CORPORATION OR A CHARGE AGAINST ITS GENERAL
CREDIT OR TAXING POWERS. THIS BOND IS ONE OF
THE BONDS FORMING A PART OF THE ISSUE AND
SERIES DESCRIBED HEREIN AND REFERRED TO IN
THE TRUST INDENTURE.
(Sample - Do not Sign)
Recorder
Each Bond shall also contain in the text language to
the following effect:
Pursuant to the authority vested in Salt Lake
City Corporation under Section 11-17-13, Utah
Code Annotated, 1953, as amended, the City
acting for and on behalf of the State of
Utah, does hereby pledge to and agree with
the holder of this Bond that the State of
Utah will not alter, impair or limit the
rights vested hereby until this Bond and all.
interest payments thereon have been fully met
and discharged.
The Bonds shall not be redeemable earlier than
maturity except at the times and on the conditions to be stated
in the issued Bonds.
The officers of the City required to sign in
execution, attestation or certification of the Bonds and
interest coupons, if any, may do so by facsimile signature
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printed or engraved thereon, except that at least one of the
signatures of the Recorder shall be manual on each Bond. In
addition, the official corporate seal of the City may be
printed or engraved on the Bonds and coupons, if any, where
required. The Bonds may be issued with or without coupons
attached, as agreed between the Company, the Purchaser and the
Trustee. The Bonds may be authenticated by the Trustee if
requested by the Purchaser.
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UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY CORPORATION INDUSTRIAL REVENUE BOND
SERIES 1979 DATED JULY 1, 1979
FIFTEEN YEAR 7-1/2% BUILDING BONDS
PART OF AN ISSUE IN THE PRINCIPAL AMOUNT NOT
TO EXCEED $1,200,000
(EASTON PROJECT)
Salt Lake City Corporation, a body politic and
Municipality of the State of Utah (the CITY) herein) ,
for value received, acknowledges itself to be indebted
and hereby promises to pay to the holder hereof from
the source as hereinafter provided,
on , 1979, the principal sum of
$10,000, and in like manner to pay interest on said
sum from the date hereof at the rate of seven and
one-half percent (7-1/2%) per annum on January 1,
1980, and semiannually thereafter on July 1 and
August 1 of each year until said principal sum is
paid, except as the provisions hereinafter set forth
regarding redemption prior to the maturity may become
applicable hereto; both principal of and interest on
this Bond are payable in lawful money of the United
States of America through the office of the paying
agent and trustee, Tracy-Collins Bank and Trust
Company, Trust Department, 107 South Main Street, Salt
Lake City, Utah 84111.
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This Bond is part of an authorized issue of Bonds
limited in aggregate principal amount of $1,200,000, issued and
authorized to be issued to the purposes of paying all or part
of the costs of financing the acquisition and/or improvement of
land in Salt Lake City, Utah, including construction thereon of
a commercial, industrial, manufacturing and warehouse facility
for the purposes of providing a plant for use by Jas. D.
Easton, Inc., a California corporation (the COMPANY herein)
under a lease from James L. Easton record owner of the property
(the OWNER herein) and other appurtenances (all herein
sometimes referred to as the PROJECT) , or the reimbursement to
the COMPANY or the OWNER of any interim construction costs used
for such purposes, and pursuant to a Financing Agreement
("Agreement" herein) by and between the CITY, the OWNER and the
COMPANY and paying all expenses in connection with the
authorization, sale and issuance of the Bonds. All of said
purposes are accomplished for the promotion, stimulation and
development of the general economic welfare and prosperity of
the citizens of the City and to achieve greater industrial
development in the State of Utah.
The Bonds are issued pursuant to and subject to the
provisions of: (a) the Utah Industrial. Facilities Act, Chapter
17 of Title 11, Utah Code Annotated, 1953, as amended; (b) an
Ordinance heretofore enacted by the City on the day of June,
1979; (c) the Trust Indenture, also authorized by said Act and
said Ordinance, by and between the CITY, the COMPANY, the OWNER
and Tracy-Collins Bank and Trust Company, Trustee; and (d) the
aforementioned Agreement, and to all amendments and supplements
thereto. Reference is made to all such documents for the
provisions, among others, with respect to the nature and extent
of the security, the rights, the duties and obligations of the
CITY, THE OWNER, THE COMPANY and the Trustee and the holders of
the Bonds and the terms upon which the Bonds are or may become
issued and secured.
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The principal and interest due to become due on this
Bond and the issue and series of Bonds of which it forms a part
are payable solely from the payments to be derived from the
Lease of the COMPANY, the Note of the OWNER, and the Agreement
pertaining to the Project, and the payment of said principal
and interest has been and is secured by a pledge and assignment
of the Note and all such payments, together with a lien on all
property forming a part of the Project, all of which is more
fully defined in the Trust Indenture to which reference has
been made. The Bonds and interest coupons appertaining
thereto, if any, are limited obligations of the CITY as herein
elsewhere certified and do not now or shall never constitute an
indebtedness of the CITY within the meaning of any state
constitutional provisions or statutory limitations appertaining
to municipal indebtedness, and the obligations represented by
the bonds shall not give rise to any pecuniary liability of the
CITY whatsoever. Lease and Note payments sufficient for the
prompt payment when due of the principal and interest on said
Bonds are to be paid by the COMPANY for the account of the CITY
and/or the OWNER and remitted directly to the bank which shall
serve as Trustee for deposit in a fund created for this purpose
designated "Salt Lake City Industrial Revenue Bonds Fund --
Easton Project", to be used for timely payment to the holders
of the Bonds.
Pursuant to the authority vested in the City under
Section 11-17-13, Utah Code Annotated, 1953, as amended, the
CITY acting for and on behalf of the State of Utah, does hereby
pledge to and agree with the holder of this Bond that the State
of Utah will not alter, impair or limit the rights vested
hereby until this Bond and all interest payments thereon have
been fully met and discharged.
Interest accruing on this Bond will be paid only on
presentation and surrender of the attached interest coupons, if
any, as they respectively become due (or if no coupons are
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attached, payment of interest will be made when due according
to the proper calculation thereof by the paying agent or
pursuant to a previously accepted schedule) . The principal of
this Bond shall be payable to the proper owner and holder
thereof upon presentation and surrender of this Bond.
The provisions hereof shall in no manner be construed
to authorize public distribution of or public trading in this
Bond or of the issue or any of the series of which it forms a
part, except in accordance with applicable state and federal
law. The Bonds are issued without registration under
exemptions provided in Section 3(a) (2) of the Securities Act of
1933, Section (a) (12) of the Securities Exchange Act of 1934,
the qualification provisions of the Trust Indenture Act of 1939
and similar exceptions under applicable state law.
The holder of this Bond shall have no right to enforce
the provisions of the Trust Indenture or to institute action to
enforce the covenants therein, or to take any action with
respect to any event of default thereunder, or to institute,
appear in or defend any suit or other proceedings with respect
thereto, except as provided therein, all of which actions may
be taken only through or with the approval of the Trustee.
This Bond and the issue of which it forms a part shall.
be noncallable and nonredeemable until ten (10) years from the
date of issue. Bonds maturing on or after January 1, 1990, may
be redeemed at the option of the CITY through the Trustee from
funds supplied by the COMPANY and/or the OWNER, in inverse
numerical order beginning on a call date of July 1, 1989, and
on any interest payment date thereafter at par and accrued
interest to the date fixed for redemption plus a premium
computed as a percentage of the principal amount of each Bond
so called for redemption according to the following schedule:
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Call Dates Principal and Premium
July 1, 1989 or January 1, 1990 104%
July 1, 1990 or January 1, 1991 103%
July 1, 1991 or January 1, 1992 102%
July 1, 1992 or January 1, 1993 101%
July 1, 1993 or January 1, 1994 100%
Provided, however, that the lien of the Trust Indenture with
respect to the series of Bonds of which this Bond forms a part
may be subject to defeasance in the event sufficient funds are
provided to the Trustee to hold under the Indenture for payment
of all principal, interest, premium, fees and other charges on
this Bond at any time after issue of the Bonds.
It is hereby certified, recited and declared that all
acts, conditions and things required to exist, happen and be
performed precedent to and in execution and delivery of the
Trust Indenture and the issuance of this Bond do exist, have
happened and have been performed in due time, form and manner
as required by law and that the issuance of this Bond and the
issue of which it forms a part does not violate or contravene
any constitutional or statutory limitation of any other Bond,
contract or other evidence of indebtedness or obligation to
which the City is a party.
IN WITNESS WHEREOF, said Salt Lake City Corporation,
State of Utah, has caused this Bond to be duly executed by its
Mayor and duly attested by its Recorder, thereunto duly
authorized, and its corporate seal to be affixed hereto, and
has caused the interest coupons attached hereto, if any, to be
executed by the signatures of said officers, by facsimile or
otherwise, all dated as of the 1st day of July, 1979.
Salt Lake City Corporation
By [SAMPLE - DO NOT SIGN]
Mayor
ATTEST:
By [SAMPLE - DO NOT SIGN]
Recorder
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(Form of Interest Coupon, if used)
No. $
On the first day of , 1979, (unless
the Bond to which this Coupon appertains shall have been duly
called for prior redemption and payment of the redemption price
made) will pay to Bearer, upon presentation and surrender of
this Coupon at the office of Tracy-Collins Bank and Trust
Company, Trust Department, 107 South Main Street, Salt Lake
city, Utah 84111, the amount shown hereon as provided in and
being semiannual interest then due on the Salt Lake City
Corporation Industrial Revenue Bond, Series 1979 (Easton
Project) dated July 1, 1979, Bond numbered
SALT LAKE CITY CORPORATION
By [SAMPLE-DO NOT SIGN]
Mayor
By [SAMPLE-DO NOT SIGN]
Recorder
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Section 8. Bonds as Eligible Investments. It is
hereby declared to be the intent of this Ordinance that the
Industrial Revenue Bonds issued under authority hereof shall be
securities in which all public officers and public bodies of
the State of Utah and its political subdivisions may invest and
may accept on deposit in accordance with law, together with
creating hereby an eligible investment for all insurance
companies, credit unions, building and loan associations, trust
companies, banking associations, investment companies,
executors and trustees and other fiduciaries, pension
profit-sharing and retirement funds and all other such public
or quasi-public organizations specified by statutes of the
State of Utah.
Section 9. Tax Exemptions. It is hereby declared to
be the intent of this Ordinance that the Bonds issued under
authority hereof and the interest income therefrom, shall be
exempt from all taxes imposed by the State of Utah or any
political subdivisions thereof. It is further declared to he
the intent hereof that the interest income from the Bonds shall
be exempt from taxation under the Internal Revenue Code. The
Mayor is hereby instructed to execute and file with the
Internal Revenue Service Center where the Company files its
federal tax returns, as regulations may prescribe, such
statements of election as may be required to secure the
exemption under the provisions of Section 103 of the Internal
Revenue Code and regulations promulgated thereunder, which
statements may be based in part on information to be furnished
by the Company.
All normal tax benefits, such as depreciation
deductions, investment tax credits, sales and other tax
deductions, and the like, shall belong to the Company and/or
the Owner.
The Project and real and personal property included
therein shall not be exempt from ad valorem and similar taxes
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imposed by the State of Utah and any political subdivision
thereof (except to the extent therein of any nominal interests
of the City) , it being the intent hereof that no exemption
shall extend to the economic and beneficial interests of the
Company, the Owner or any other person, firm or corporation,
all of which private interests in the Project or any of the
property used in connection therewith shall be subject to ad
valorem taxation in accordance with law.
Section 10. Construction Contracts or Mortgages. The
City hereby authorizes, ratifies and confirms the contracting
by the Company and/or the Owner with such contractors,
subcontractors or vendors as may be or may have been selected
by the Company and/or the Owner for the purpose of constructing
or completing construction of the buildings, equipment,
fixtures and other appurtenances to be used for or in
connection with the Project. The City hereby disclaims any
objections to such contracts heretofore lawfully entered. If
construction has been partially completed prior to adoption
hereof, the Bond proceeds may be used for the purposes of
paying any remaining financing, construction or acquisition
costs and/or reimbursing the Company and/or the Owner for such
allowable costs as it may have paid consistent with Section 4
of this Ordinance.
It shall not have been necessary for the Company or
the City to require public bidding with respect to any
contracts for the acquisition, construction, equipping or
financing of the Project or any part thereof, or in connection
with any of the contracts heretofore or subsequently entered
for such purposes. The City authorizes the Company and/or the
Owner to enter into contracts with any substitute, successor or
additional contractors or vendors as circumstances may requi.re
for the purposes hereof. The Company and/or the contractors,
as applicable, shall cause to be obtained and/or continued for
the Project builders' risk insurance against fire, windstorm
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and other usual casualties for the full insurable value of the
improvements during construction as well as public liability
coverage for the contractors, the Company and the City during
and after construction as their interests may appear, and the
costs thereof shall be deemed one of the included and allowable
Project costs under Section 4 of this Ordinance.
Section 11. Trust Indenture and Financing Agreement.
The City hereby authorizes and instructs the Mayor to execute,
and the Recorder to attest under the corporate seal of the
City, the following additional documents, all of which shall.
contain such terms and provisions furthering the Project and
financing thereof as may be mutually agreeable to the City, the
Owner, the Company and the Purchaser:
(a) Trust Indenture, which shall provide that
Tracy-Collins Bank and Trust Company, or any other financial
institution lawfully competent, shall be Trustee for the
purpose of holding the proceeds of the sales of said Industrial
Revenue Bonds, investing in accordance with law the unneeded
portion of said proceeds and distributing from time to time to
the Company and/or the Owner or to the contractors and other
persons to whom the Company and/or the Owner has become
indebted such proceeds as may be necessary to pay all of the
costs of the Project as more fully defined in Section 4 of this
Ordinance. Said Trustee shall further be entitled to
administer the trust estate which shall come into its
possession or control, including but not limited to the Lease
and Note payments from the Company and/or the Owner under the
Financing Agreement and the pledge of the same made to secure
payment of the principal, interest, fees and other costs under
the Bonds, and any proceeds of reinvesting the estate, with due
accounting upon request of the City for all funds handled by
it. Said Trust Indenture shall contain provisions in the
nature of a deed of trust and a security agreement by which all
of the interests of the Company and the Owner in the real.
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property underlying the Project financed by the Bonds, shall
be encumbered and conveyed in trust, and the personal property
and fixtures financed by the Bonds shall become subject to a
security interest, for the purpose of securing payment of
principal, interest, fees and other costs under the Bonds and
for other appropriate purposes relating to protection of the
City and the holders of said Bonds. Said Trust Indenture shall
be duly recorded on the records of the Salt Lake County
Recorder and perfection of personal property security interests
shall be handled in accordance with the Uniform Commercial Code.
(b) Financing Agreement, by which the Project
shall be held and used by the Company and/or the Owner in
consideration of the City's issuance of the Bonds, and the
covenants of the Company evidenced by one or more promissory
notes for such amounts as may be sufficient over the term of
the Bonds to pay all principal, interest, fees and other costs
under the Bonds. Such Lease and Note payments shall be made
semiannually to the Trustee, acting on behalf of the City, in
sufficient amount to enable the Trustee to make the semiannual
payments of principal, interest, fees and other costs under the
Bonds. At the option of the Company the Lease payments may be
made monthly. Said Financing Agreement shall contain
additional covenants of the Company as may be required by the
City and for the assurances of the holders of the Bonds.
The Company and the Owner shall execute a certificate
and deliver the same to the Trustee indicating the exact date
they accept completion of construction and take possession of
the building. In addition, the Company will certify to the
Trustee the completion of acquisition and installation of
equipment, fixtures and appurtenances whether or not financed
by the Bonds. Said certificates shall be without prejudice to
the right of the Company or the Owner to pursue contractors,
suppliejlQor other third parties for any defect, breach of
warranty or contract or otherwise in connection therewith.
-19-
_6
Said Financing Agreement may further provide that the
Company and/or the Owner at its or his own expense, may make
alterations, additions and improvements to the Project and
install equipment thereon which shall not impair the value
thereof, and that the Company and/or the Owner shall be fully
responsible for making all repairs and sustaining the
maintenance to the Project and all property in connection
therewith during the term of the Bonds, including payment of
such insurance coverage as the City and the holder of the Bonds
shall require.
All improvements to the buildings and fixtures
attached thereto shall be covered by the lien of the Trust
Indenture. All replacements of equipment or appurtenances
shall be of the same or better qualify, may be made without
prior approval of the City, Trustee or Purchaser and will come
under the lien or security interest of the Trust Indenture.
Said Financing Agreement shall further provide that
the Company or the Owner shall be responsible and shall pay any
and all taxes levied on the Project or any other assessments or
costs in connection therewith which would be normal incidents
to ownership of private property.
Said Financing Agreement may provide for leasing or
subleasing to third parties by the Company and/or the Owner of
all or part of the Project, upon advance written approval by
the Trustee, and provided that neither the Company nor the
Owner shall in any manner be relieved of any obligations under
the Lease or Note and Financing Agreement.
Said Financing Agreement shall further provide for
such terms and conditions as may be mutually agreed between the
City, the Owner, the Purchaser and the Company for the
protection of the City and the Purchaser, and providing such
remedies on default thereof as may be required or allowed by
law in the transaction.
-20-
(c) Other documents, which shall be reasonably
necessary or convenient for carrying out the purposes of this
Ordinance, the Project and the financing thereof, including
such further assurances for the benefit of the holders of the
Bonds as the Purchaser may require and as may be agreeable to
the City, the Owner and the Company.
Section 12. Binding Covenants. All covenants,
stipulations, obligations and agreements contained in this
Ordinance, the Trust Indenture, the Financing Agreement and
other documents executed in connection therewith shall be
deemed to be obligations and covenants of the City and binding
upon the City, none of which, however, shall create any general
obligation of the City or constitute a charge on its taxable
property. Except as otherwise provided in this Ordinance, all
rights, powers and privileges conferred and duties and
liabilities imposed upon the City by all of such documents
shall be exercised or performed by the Mayor with the attest or
concurrence of the Recorder except where applicable statutes or
regulations would require action by the entire Board of
Commissioners or other officers. No obligation or covenant of
the City contained in any of such documents shall be deemed an
obligation or covenant of any officer, agent or employee of the
City in his or her individual capacity and neither the members
of the Board of Commissioners nor any officers of the City
issuing or executing the Bonds shall be personally liable on
the Bonds or subject to accountability by reason of the
issuance thereof.
Section 13. Severability. In case any one or more of
the provisions of this Ordinance, the Trust Indenture, the
Financing Agreement, or other documents executed in connection
therewith, or of any of the Bonds to be issued under authority
hereof, shall for any reason be held by any court of competent
jurisdiction to be illegal or invalid, such illegality or
invalidity shall not affect any of the other provisions of this
-21-
Ordinance or of any such documents or of the bonds or coupons
thereof, and this Ordinance and all such documents shall be
construed and enforced as if such illegal or invalid provision
or provisions had not been contained therein.
Section 14. Conditions Precedent. All acts,
conditions and things relating to the passage of this
Ordinance, to provide authority for issuance of the Bonds and
execution of the Trust Indenture, Financing Agreement and other
documents necessary in connection therewith, required by the
Constitution or the Act or other laws of the State of Utah,
which must happen, exist and be performed precedent to the
passage hereof and the providing said authority, have happened,
do exist and have been performed as required by law.
Section 15. Officers and Successors. The members of
the Board of Commissioners, the Mayor thereof, the Recorder and
all other applicable officers, attorneys, and other agents or
employees of the City are hereby authorized and instructed to
do all acts and things required of them by this Ordinance, the
Trust Indenture, the Financing Agreement and other documents
executed in connection therewith, including the Bonds, for the
full punctual and complete performance of al]. of the terms,
covenants and agreements contained therein and constituting
obligations of the City. In the event the Mayor, the Recorder,
or any other officer of the City shall be replaced hereafter by
election, resignation, removal or otherwise, or in the event a
designated officer is at any time unable to act by reason of
illness, disability or absence from the State of Utah, then in
either such event, the duly elected, appointed or acting
successor or lawful substitute, as the case may he, shall be
entitled to act, including in the execution of Bonds and other
documents, and such act or signature shall be fully effective
and binding on the City.
Section 16. Interpretation. This Ordinance, the
Trust Indenture, the Financing Agreement, the Bonds and other
-22-
�,1.6
documents executed in connection therewith shall be interpreted
and construed in accordance with the laws of the State of Utah,
with the intent and purpose that all such documents shall carry
forth the matters necessary for the acquisition, construction
and financing of the Project, the issuance and payment of the
Bonds and performance of all other obligations of the City
herein contained or referred to. Liberal construction of all
thereof shall be observed for the assurance and protection of
the holders of the Bonds, and any ambiguities or minor errors
herein shall not invalidate this Ordinance or the effect of
publication hereof, and the further documents in furtherance of
the Bond issue may be executed in substantial compliance
herewith. The terms "purchasers", "holders" or "bondholders"
as used herein shall include both the plural and the singular,
as applicable. The titles to the various sections contained in
this Ordinance are for ease of reference only and shall not be
considered part of the Ordinance if any therein suggests a
meaning contrary to the express language of the Ordinance.
Section 17. Publication. The City may, pursuant to
Section 11-17-1.6 of the Act, and/or pursuant to other City
ordinances, rules or regulations, provide for publication of
this Ordinance in a newspaper of general circulation in Salt
Lake County, Utah on the first reasonably possible day of
publication following final passage of this Ordinance. For a
period of thirty (30) days after the date of such publication,
any person in interest shall have the right to contest the
legality of this Ordinance or any Bonds which may be authorized
hereby, any provisions made for the security in payment of the
Bonds or of any Agreement or Trust Indenture authorization
herein; and after the expiration of said thirty (30) days, no
person0- shall have any cause of action whatever to contest the
regularity, formality or legality of this Ordinance or of any
agreement or document authorized hereby. Provided, however,
that the Bonds or any of them may be issued at any time after
-23-
11_6
such publication without any waiting period if, in the written
opinion of Bond Counsel, no legal impairment of the issued
Bonds will be suffered.
Section 18. Effective Date. This Ordinance shall
take effect upon expiration of the 30th day following
publication of this Ordinance as above provided.
Passed by the Board of Commissioners of Salt Lake City, Utah, this
9th day of August, 1979.
City Recorder ayor
(SEAL)
BILL NO. 116 of 1979
Published August 17, 1979
-24-
I1.6
STATE OF UTAH
ss.
COUNTY OF SALT LAKE
I, Mildred V. Higham, a duly chosen, qualified and
acting Recorder of Salt Lake City Corporation, Salt Lake
County, State of Utah, do hereby certify that the foregoing
twenty-four (24) pages are a true and correct copy of an
Ordinance adopted by the Board of Commissioners of Salt Lake
City Corporation in proceedings at a regular meeting of said
Commission at its Chambers in Salt Lake City, Utah, held
pursuant to due, legal and tim ly notice served upon all
Commission members, on y, the day of August, 1979,
at the hour of 10:00 o'clock a.m., as recorded by me in the
regular official book of records of the proceedings kept in my
office and that said proceedings were duly had and taken as
therein shown, and that the meeting therein shown was duly held
and the persons therein named were present at said meeting and
voted as therein shown.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of Salt Lake City Corporation this
9th day of August, 1979.
Recorder
,, Ze.
(SEAL)
-25-
11.
ADM kSA
-- . _.-----
AN ORDINANCE —
AN ORDINANCE AUTHORIZING THE ISSUANCE"IN NOT
EXCEEDING4REVE '1EU O PRINCIPAL SALT
AMOUNTE cir OF IP RA,
LION, REVENUE BONDS OF LAKE CITY FINANCING
THE STATF_OF UTA NFOR THE CONSTRUCTION
OF FINANCING
THE ACQUISITION D AT C MANU MANUFACTURING I ACOM-
MERCIALAND
HOUS INDUSTRIAL,H H SHALL
LACTU RI/N AND
JAMES
FACILITY WHICH AND OBBY JDJU BY t•
-'
JASTO L. .,AEASTON AND LEASED TO AND USED; U SIO D.
EASTON,IN.:,ACALIFORNIA CORPORATION;AUTHORIZ- • �'•�RING ELATED DOCUMENTS:%DOCUMEENTSON i:PROVIDING FAGREEMENT
R A N NOTE FROM ND'f idavit of Publication
JAMES L EASTON AND A PLEDGE THEREOF,A LEASE.
FROM JAS. O. EASTON, INC., AND AN ASSIGNMENT
THEREOF,AND OTHER TERMS FOR SECURITY OF SAID
INDUSTRIAL REVENUE BONDS; PROVIDING FOR THE
REMEDIES OF THE HOLDER OF SAID INDUSTRIAL
REVENUE BONDS AND FOR THE RIGHTS AND DUTIES OF
A TRUSTEE UNDER A TRUST INDENTURE LAND OTHER•
WISE APPROVING SUCH ACTIONS AS MAY BE NECESSARY I
FOR ISSUANCE.OF SAID BONDS
WHEREAS,SALT LAKE1u¢¢ CITY CORPORATION.Sall Take
iimulate State of UtandeveloptttheCgen rlalreionom desires,elfa a en1 S.
s Prosperity andof sold City and N achieve greater e industrial
develolgient of the Stale of Utah,end
WHE.RFAS,the City is authorized Pursl•,O01 to neprovisions Shane Da COriatp
1 the Utah Industrial Facilities Art,found e,Chanter 1)of Title
I L Utah Cone AnAntoted,1953,as amel(sometimes referred
to herein as the"Act")to Issue industrial Revenue Bonds ter the
e of financing the acouisiliun of land and ennstr,x:licn of
Porno',
ronmercial,industrial,menuce.grin and warehouse
• facilities. together with appurtenance, n :rote fat herein
.tl„•, referred Mee City
has dol„dr"l oo to Being first duly sworn,deposes and says that lie is legal
sa VJHFREAS, Id! ass has uetct");a,to Isscw Intlus:vial
Revenue Bo.,du the aggregate neR anal amount of nor
exceeding$1,2„o,000feHe morasses offinancingtneaentasitia advertising clerk of the DESERET NEWS, a daily
em]rxnvcirucilon of the',reined hereinafter described,'Nadler
wlme.„a„sure,aged,atwin„an�and.,,lenl+h�Rnnn,,alhd (except Sunday) newspaper printed in the English
WHEPDe C me Clive by Prior wton ex00 0M an
t toolr seenarJok D. an0o,nsePt omniapch gmroarclai language with general circulation in Utah, and
facility for ua,by Jad.D.Easton,Inc_o t which
rma coneratien
port are to b 1.e derived
wnKafwnich,.Roerin published in Salt Lake City, Salt Lake County, in the
port are to oro exceed
$through Iru,ancl 0e punt Indust,.R 000ly,
9plds'Iml to ax.�ed sl,2m,000 principal amppn,In segregator State of Utah.
a.
WHEREAS,inset fulfillment of all areernent.hereof,m City
prawn,to ter into a Finder so AFinancin with James t:.
Easton will
f run Company.Under Prot ct Financing Coanent here
City will finance pa or ffic Protect for me ca Comp ,n That the legal notice of which a copy is attached hereto
ew
hichi will
at fluent to
lease Payment.Iron,the croft add
ofkor will, suf
ficient to pertaining
Inn etonaldt of and ur eV o
,tor tees antl h a charges pertaKifed to.said Iunote of James,a
Hands a d shish are:.Ise 1„is al up Co a ante of James e pub notice of issuance of Industrial Revenue
ford,
et odsl,i3Oal ina n ing Ne em Company a.nv as,',,U,O se,
Itic Wlnorl101000Alwhterls Financing
iroan sib xn i5nrnenrot',a'.
Ink,and note and a Tlu.;t Indenlore nepre anon,among Bonds
a trust need and m..o.liy autkor,tent against the Prol,•ct, Bonds
oed WHEREAS,the City rolvses to sell all I the lnduzlr111
Revu„ue Bond;to be issued Onaer owner of of
Jrd,mc,ce 10
•,pureh0ser who has Legg or wilt ne ant:u,r•l fp,ouu, ikne
apaiel,ai.ite Issuance of Industrial Revadire Bon „rd sate
thorned•re inlet N to Iv,c00d,¢lce,to sucn m eery,•to no
m t from registration r the Seec:,ri,s Act or tees too
oxen.
Exchange Act of I93o,lie Tr,;s,Ino0n+urc Act at lake,
the Ulan 5,a',5ecsedl h rein and l Inch aim oar laws_lvee,e form
morethasnon s used cram shoo Include all tntwnolad s,If
r man EA may exist from brae to time
more
Its plan to proceed with the Protect,Inch Wing
re
till d and Ient'e Is nonrovat by the further
tee of Commissioners of
the rnntity,Hire Wino to other or uiredu governing under
law boprovide
or
goyarnmmfal sniffy of any kind regulred under law to nrovldc
apprwalREAN, eta was published in said newspaper on Aug, 17, 1979
WHEREAS,file Pounded walth Ike ity,eIs 0 e he
meted y within the Me James L.
Boundaries(sometimes of ealt Lake CPy,e 1e"hereiin)
ennddw Ill[mtinue ttoo a 0wnr4 Hut les L.Easton,mottled herein)
the lease of the Company ter purposes of this God Issue,and the
use e1 said properly as canlemulaled be the Company Is (n consistent with all zoning laves and ether odlnences of Solt Lake •
CIiVWHEREAS the City finds that It will be desirable to ap,olet . • ••• - - ` '� •
dTrutee to administer the fends end discharge the fiduciary
udes related hi said Industrial Revenge Braids and the City also Legal Advertising Clerk
deems It advisable and In It,test Merest la enter Into and
execute the Financing Provide for e Issuance of said mduatrl,oreernenf andtial Rev�entl Me Bonds,to
secure payment Of same,all to describe the rights and dirties of
te OWee. 2?rYld
NOW,THEREFORE,RO BE IT LAKEENACTED ITBY THE BOARD,ore me this day of
SAFLT LAKE COUNTY,OF
OT TAH,I THIN CORPORATION, y
Section 1. Ptolest AWMriaed. The finandred of the
inaccordanand
wit•law Salaidaftreloctstainrensisre tofcertainr„eal A.D. 1979.
propels located In Salt Lake City,together with a commercial,
Industrial,manufacturing and warehouse facility consrructed
to be constructed'Moreau for the purposes of providing plant l
be use be the Company in manufacturing I f It
n�eithdother
appurtenances which n ha Dad In
connection therewith.
Set.2.Bernd AeMe ized For the purposes of paying for
h /J
•reimbursing to the Company or the owner1niter part ofth .f /r`�/ 1!/
Iof the acquisition and/or construction fled Prol t d 1 ',i- j, G < i/r.
sub.&Bonds.the Ity Itsr b ut�M f the Issue H f Bonds ) Notary Public
d'sleet dasthe CLa ha City Borah,described o "Sall Lake City roe (l epll Industrial called
Revenue-
"Bondi Sodas 1>I lEaslon regleProtect)(miler-lively vely called the
"Bondi"her in)in the aggregate principal.reset o ,
exceeding St up to IS years.hewing InzerOsf at 7-I/2%pr•r annum,with
mat Sold I1 olds Od be ssued and sold at par all al ore tine or in
Increments from time to tlm0,under terms which may be more
'fully deflnd in the Trust Ildendurn,and shall to issued In S10,000
denominations or in such oiler denominations an may be agreed
with the Purchaser.
Each
yof the Reds within tie respective series may be dated
as of with
the Purrchaser,'end will bea of r such other
estc oommenciate as ne as be sol the date
Shawn. Bond
The Bonds within each of said series will mature serlauy
over Principrespective
l andte it terest shall be payable to the holders of such
Balls semiannually.
Section 3.Saeree of Payment.The Pr111ci0al of and Interest
on said Salt Lake City Corporation industrial Revolt.Bonds
authorized to bo Issued pursuant to this Ordinance,shall be
or
nose pa solelypayments
ont the lrum lease
Ow Vner on other
tttlrarr the Company from o
Protect including over fund for such s whichmay 1N hold from time to
the bY the as provided herein.Nothing lIn thist Ordinance or ante
secureddocumnts used In connection herewith or under authority hereof
shall be construed In a n,manner to Impose any Iinclal
obligation or liability whatever on the City and no part of the
payment of expenses,principal.Interest or other charges on the
Bonds shall be of the City other becomerge
0005teActnst ivoly receiveesd by r the
City through the Trustee pursuant to the Agreement.
sale of of Bien mis to 4.be Issued under authority herhe eof she he entailhe
ed
for the purposes for'which the Bonds are Issued as herein
described,and shall be disbursed through the Trustee,I/for any
one parting of the proceeds actually receive)front o sale
Mall he applied to lie payment of the principal of and/or the
Nlvorr et order M ntulalkloa ill Ile ronsn ion which Iii,nl evade
shall be Issued shall Inclrde,withoutIlmuaflon,tie anoal entire'
or parted colds of financing ate acquisition and Improvement of
the real
t melding,allelor neeedde torhePr01ect and acquiring or
leasehold improvements
and other appurtenances thereto,end may inside reimburse.
m th I to the Company Or e owner for all rests actually'Reid
for to the date hereof nreerdltlo 10 law,to the extant of chats'
allowable
o Il feeshereunder.
red M allowable
of ba Protect
,cengin shall alto
Roil
cOnfrac+0ls,and all expenses In connection with authorization,
sale and I0syace of Bonds,Including Bond Counsel fees,owner's
counsel and Other legal tees,appraisal tees,title Insurable
unmiums,flmenclal a.accounting a fviwr'lees or bob
purchase
tees,printing costs, dvertising posts,Mo interest ova the L•reds
truing iron the date of issualcr_0 ther.f to+no date of sale
hereof,if any,and all otter lawful costs ailloe,gems ion
o,'
convenient to the authorization,acquisition,construct fun arc
or
of tie Profit,Which may be,,0 0 reasonable
Incurred prior.
ticonstruction,during construction and fi,r n reasonable perk.01 p f i
me ater!omNetlon a sucn tens:ru01011. h N
Ser'iou S.Pr..slonms n.reprayed.The Award Cl COmmis •
-
sionC>hereby acHrorizee,ratllles and confirms the emplovmeni
by the wr and Ito Company, .ing for theCity for
Purposesott M Bad Issue,and ochre, -.:1:.,,h,n behalf as toe-, Fiends et to Po
andowner user of the Prolec/,t OnePurpose of velino M;la)/he Ulah h d - I le ubl l
wilt tha Protect and the Bore Issue:
d 1 1 11, Utah Coon Anr»cafe d, IvSJcdllint Act Chapter l;
Ca)AsTrustee and paying agent under the Trust Indenture
Fr"`,upon heretofore enacted be use CiN tiro 'dabl
Whorlxed herein. Tracy-Collins yank ard heist Company,
rvgust.19ry;(c)the Trost Ind n tore,also author lOny bysadoe o
1hrWRh its Trust(7neo tmeni at Salt LakO City,Utah,o in the And,did Urdlntirice,by and balw<x the CITY,the COMPANY,
event that Hank 1 war Meier fManclal Insntirrion n•'OWNER M Tracy-Collins Bank and Trust Canpany,
athorized b law la told trusts of lho nature herein described; r-rus -and(d)the aforementioned Agreement,and Po all
(b)Such other and further persons,firms or corporations, amendments a and supplements thereto.Roterence is made to al
Including,financialhi,not limited to,architects,engineers,contractors, LIJCh documents for the provisions,among ethers,with respect tr
reasonably advisors,attorneys for the enf tot and other agent the l nature and extent of the security,the rights,the duties an
necessary or convenient ter the perm*: of., pa of the CITY,the OWNER,lire COMPANY and ih
au authorizing, c undue,Planning edret rciblo'Inanclni•erca trustee aId the taloers M Me Boras and the terms upon whit utdnzin0Ohe Protect or any Parts thereeti rho 'he Ands aru or may become ism d and sect/rtxd.
().The law firm at Ray, Beanry b nsel rp,of Salt lak¢ and the Issue an ant Interest sue M rzewpre due en this Eon City,elel d which shall a as Herd Counsel in ¢par tine of solely and rfes or Butds of Which It forms part or Principal documents and tendert.the legal°Omen for rite o Ihe COMPANY,
lro re,a payments to tie derived from the Leese t.
benefit
SeteM.BprBN.At anvcline after thiond Purchasers. s Oedlneeceis t r. NY,PeeoteM Me OWN.R,and the Acipal anr
ae0rent rtarp the and 00l tenured by a pledge and assignment c
through it,duly authorized of'leers,shell hove awMrlry ro+ssue the more and a such rs,tOuotntr tin
and selilhe ondsOrIf Is the Intent of this Ordinanceto Cnn or -rnetts forming a part of the Protect,all of whlchlslmore
sate
M.the Bonds In such 11 dete mine upon and series as the Clio or 'Oily ed In the Trust Indenture to whlcn rererence has been mudo
1 ""'":rizerl lMfloe orel no, Cole .caswo'leann Inwi solo limil��'and ioeresf coupons aeeerlainlrr0 t ereto,if any,ar Crina*pithy and the tl 1yth� nd he in tuts Iigargns Uf the CITY as herein elsewh¢re cerhlied an.
the
Ordinance, ith the effect that Rends shall he Issued and wI not now or shall never ny of tte an Irdebtcdnets of here CIT`sold.Ind with
Id a tf saidreorom,for the purposes of stare
' Enan�ltg:the Prol t and - eat of it are 'sfefvrforivrelimnnii arnsertelnino constitutional provisions o
Id from proceed expenses
nd and the cblid•fga municipal indebtedness
and;pro eeds shallr m be he unY pecuniary Tifblrl�rewrn�try me bond^,slwll not give rise fr
Bong;gro.ee a held tere ll accordance
TrusiM, td
M�1II sod ooh bi Me CITY whafsa.'ver.Lease and hots
Ti uetrind¢nlurerlcotsistent with th purposes rddescribedwit
ln the. �tavrneal a d IinteNestr ° pl av,moa t dlen tlIre M ih
COM PANV for tna account Id Bonus ar iu vbp(bid bl'ihel
u sold,Carrce. ihe the CITY and/or ihe OWNER.and
In the event 1 M tile loll Issue env I fh •in Is
intro ed dl 11 i tl re ban,which shell serve a T stee for.
Seldtlle only,ae n 1 additional pItlper 'xper hell syl of I clteao a fcr Ihi•'purpose tle,lgnarrd j if Lahe
Pfly becatte - for Bards Fund Easton P l 'I'•,t0 he
rotect or pot ',went,the CO without the Iry of szH I .1 'men(t0 the nolrfers of me go l
further ordinance, shah he ern powered irr Issue and II t}O the authority vested In me City der Sectiol
additional betas to Inc,if regateand on ton condition
amount.of ihe i1-1I.1],Utah Code Annotated, 19st mended,the CITY
61,200,04N authorized hereby,If and on Oho condition id It shall, ocring for and on behalf of the Stale of Utah,goes herein'pledge
have contracted dtb the Company for the rote pavilions.I milled agree vnM me holder of this 00nld that the Stain of Utah
sufficient to service all such additional indebtedness and t all interest or Ilm"the rights vested hereby until this
x s to be incurred in connection of 01.2 therewith.
Bond and all f nayrrtenis thereon have been tulle met and
In the event less than the lull Issue of Aintai,000,each bond so discharged.
and sold hall nevertheless maintain Rs designated Interest a ruing on this Bond will be P d only o
PUfClriry until mad,and Ms hail y together with the Bond n-esemarion eo surr n er a me steeped interest Coupons
Laser ant the Trustee shall agree upon dluslments a 9, tlrr:ye
nos ively bete dr;e(or, Ir it
whist must be made In the g regale o overall payment
aC icel nd t v erli of Interasl wilt be nsade whin lnees ecwacordanp
schedn)es, giving due consideration for the amount of Sct r the proper tnlculeeles(hereof by ihe nA a trust eymente which must then be made by the CnmpanY to toe vl.xrrsly accepted schNulet.The er Inc,Hal I l tfis Bond
the Trustee for the Bad Fund. sr.ifl Fie p'IVable oe Ihe pro r antl homer ifrareof un
The may
lie and le of such Bonds:Ind solicitations
u,a"alpiln and surrender of this Bond_Ice ll led to or trhj. t.Purchaser without
ur 0 I I tilsthe r sl all n r,t mutter pre pt freed
r f tl I the Bonds It pursuantiexemption,' hu bliloen tooth e naM aeon a1 Mal Seca/
I the It Act 1 of and u ilw merles of which II toms a parrL exoapt of
S. ]t ) 112I 1 In Sc If E Act 1 9,,I ter wtMAlstrat les}afednd federal lalt Thrhorrdsare
the .all:r e, rti elan. U. J ,,l without re9izlraf'on Ant Ify00 1i•tn<provided in SecYlon
state
law.Artrof 1ff39 and similar exemptions under applicable
`f hl 21 M Ihn jecUr sties Act }1931,SeeYion(al(12)of Me
siatz law. e<n'rust Exo^hange Acf of 193d,Ise suallficarinn°revisions of
M wording en lagshownllot hhr^d Bonds.
cinncerp,rash be substantially nIn "Trust _tore Acf Of 1�arld stroller exceptio;Luu"
f
tea m ousSeetion)M aublicaolo stare law.
this Ordinance with completiona,,cce0 of such blachsor il,Et tutEach
issues
d
Ttx holder et rust Rlmd small have.ti fight to enfce
r 1 t of I f each dt I E h UCtl lr iG' 1 he Tr S4 Indenturekr Po ipsli}We delleo N
B J Sh IL bn P P TIT', 't specified 1 pstthe - 1 In 'ph:
artion with resp0
svhl n Jt m t withprincipal and i . t the r ec r ml fpthe r sritm,agxyr n ,,,,,:ye
Il i h i it d b P 11 gg o f Oc fd rrg Ithsr
1substantially 'I semiannual t tie I 1 rvl 1 Ovided the II f vh'h c01 moo be taken O -Pt,s
P G 1 over the tser terms, heC5 ms he r with h overcool f 1 f u lee av be taken only It ouvn
agreedbetween the Purchaser,the Owner,the Cornea,a• ,Thls Bond and the s of which If forms a part s:aa 11 be
Trustee. t eealehe and ndnredecenaahhle end/ten 110)yeais lnrnl s.a be
rThe Drinclpal M interest on each of said Bards shall be ¢¢d�'trte Banat Maturing en or after Januarythevable to the held,thereof In Hefted States money,col t uuf llprkis s I he Oauun pf Ma[ITV mrWgn the T }ex"'rn)m
l;count or Pranlnm,thrdpgt Ihe oHlcc'of ihe r,aving aIXtn/lU b¢ up liedby the COMPANYotd/orIhe OWN ER,r Imersa
es abbsned,on Ihe dates and In the manner norMPletre sfe1M. tulne,ical order bc�innou m�a cell date of JUIY I,19g9.and en
All blends Issued under a fMrily herroi shag c ra tftz ant,oferest oavnlenr dare memetta'at par and ac'Cravf ln0 00
following certificate dplainly stared the lac r -t IHOnd, the ofixed
c fled by the Cit R d 'f II t IzsU cent a If. principal <anpUlM as a
7 IS B((JJNO REFRPS NTj A LIMITED IGA I)N OF demoaccording1 f 11 fg schedule,epru so caned for
SALT KE CITY CORTORA.TION AND DOES NOT CONS,- Cart Dates ng tied I¢:
TUIl;I,OR GIVE RISE TO A GENERAL OBLIGATION ORL °IV I,19a90 Jernuarl1,19p0 Principal ardP Premium
3/4
CHANGE-AGAINSTL ITS ACE CGENE.f-AL I.-Na 011R OR TAXIING lulr I,l•Yl ilor Jano�ry 1,l9)j I A
•
AND REFERRED)OTOt INATHE TRUSYH NOf NTORE.HEREIN J p'� ,y�p 1 199FORMING A July 1,tg,,N or January I, 31he r Ira T f Inn ! `ISampin. Do not Sign)
Recorder 5 f B W 5 wan t fhls Musa foermrs ra pan
Recorder foes Fe he tU tlefea,enro n nxt eve1»s�utlicienr furxls a
Ednfi Bond shall also contain In the seat language so 11rt urn toed to}tie Tnisfee ro bald un<1rr fh¢nti ntvre for paylttan!
lul lowing effect
f sll pruxipal,interest,Premium,;ear antl inner eh.x,n,'L n this
Corpnrrdlonunrder Section ll-rlr/ vested In Salt Lake Eh, no d a-any rime after issue of the
11-Ia,I Pet,Code Annotated,195J,a' Ii is Mrebv certinuu, hoods.
s ItnI sl the City acting for and on behalf or me State of Utah
Uonodirions sad rein execution rroui,zp r s•xis,.dri pun a a In Pupae am'
M1e Stale of Utah wiill not al and terr,,Impal o ther Ilmitrthe f rriusMs ocotnc an0 tIlee rlssu tits•o/bO tlo and aol,c naveihaprw.nwl lafirllavn
hereby until thisbend and all interest payments the h-vi 'Dee > d fl f
ba :t II 1 and discharged. d h r i i
Ftie Bonds shall of he redeemable earlierit in 05 - I f tt tl1 d'h rz Fwh-Ati Inn
BonPoe tit timesand On the co all r beslatedl 11 d f re I1 t If 1 9 d Lonr 1 M ovCpnery
whichThe officers of is a
aft S e o ilfl�tl- It Ilyt B remitted to 1 -.n Stoe
f N WU„F h5 YYH RFOF d 5-p L C'Y Cn r nun
b facsimile' print. ui seta d 1 - usAt 'I BpSO to bed clM 01 lh
any
p that la. u•°,IA, (ihe ec d. her µxt 111'. d b Recorder titer nlrno drily
snarl I manual Bond,1 audition,hie eft c al co motet sea rho wa - be.a rero her ar and Fa:
seal 1 the CI - h.printed do the fed an - eu by} ssgn Jp hod Hereto Ir env,to h<
,if onv where eirel eedlo 01 may be withissued o� l.e,all uMMras<ofanalht des of Jolly lulu iatr'm,IlUu
puruhorl codponc attached,es agreed laelween the Conoanv,1 SALT LAKE CITY CORPORATION
Purchaser and Me Trustee.The Bonds may be authenticated h By(SAMPLE—DO the Trustee II requested by the Purchaser, [.O NOT Mayor
UNI fED STA OF AMERICA 0!(su ATTEST,
STATE OF UTAH 8.,arelyi LE-DO NOT SIGN)
COUNTY OF SALT ORALAKE (FNCuprr n'
•
SALT LAKE CITY CORPORATION N di,interest Coupon,if tsal)
- INDUSTRIAL REVENUE BONG Ikr frsr day t
FIFTE NP'!On- 1/19 DATED
D IINGYBONDS II lerr rlan soon ens sn..:l naveldren d�lyt rG;adne fo wh'ch',
PART OF AN ISSUE IN THE tp I �,pen ihe vrf rp d} tl P ill IPA(.AMOUNT NOT I' { d r f h C
lEAStO.EL S T00MV) Ot} U c C f - r rne
IEAIION PROJECT( In 1 NI: S.I L C- Tsr
x-ni Lake City('.' k -coca Ilia dM 1 Irsalil ftt ho h. a p _ Utah 0n'1
St I f I Y herein).tor1 d .k : 1 m'n .1 Ga d .Y C ud - - ))II
ledges t tf 1 be k bt Led hereby 1 1 II bd ,,,z Ge ed.,er es 19I9 If Fredric') \n J I/dlV 19/4,holder I - f l tie n f r 'ant
1979,Ma prInCipal. of SWOOP, d All LAI•EC1lYC0:2PORATIONI Ink 1 Pa Interest said 1' the 1 h and
I
`(SAlOELE Do not siun)1
the -t 1 en d one-half percent(I.1/2 1 Mayer
I a U 1 1900, 1 - r.IIV thereafter J- I SO(SAMPLE—DO NOT ta'•Gr2)
January 1 of each yeuntilar principal sum's pad except a •--
,he provisions hereinafter set forth regarding redemption pri+ s '- 1-�•.-n.,.,�p,. In RecorderRecorderer
sot to
o the maturity may Mal Od able hereto;both principal c
on
and interest this Ba:d are payable In lawful m of to
Unitstr States 0,America ustee,Tracy-Collins M1 Bonk Ihealto MTrull fice iC moan,ogee
Department,107 Stull Mom Street,Sett Lake Cite Utah e41 H.
It.Bond is can of an authorized Issue of BOn litre.litre.os n i
aggregate erincipal amount f S1,20O400,Issued and Authorize,
to
Ant,the
me Isltlloon nd/or Improver-hent of land Sal
•,Utah Iolaadlao cons,'ucfloe thereon of a<pmmerclal.
lna(ryirlial, manufacturing and warehou. facility for IN
purppoose.et hrovlding a plant for use by Jas.Da Ea in,in a
Callfornla corporation(the COMPANY herein)under a lease
front James L.Easton record owner of the property(the OW NE R
te6in)and other appurtenance, hel'bin sometimes referred to U
the PROJECT I,or the relmbursernent to the COMPANY or
Me OWNER of any interim conshoction costs used fo urh
lurbesea and pursuant to a t lnancing Agreement f,Agre
C`Cid"nerein)by a.tetween the CITY,the OWNER and Ihe
OMPANY and onion all exwmses in lion waned-Me
authorization, sale.rd '.tan tot ihe connection
All f sold
drpose ar ac- nnlinsherl for the pmmotrat,stimulation and
evelopment 01 the funeral economic welfare and moscerite ni
the'citizens Of the Cile and to achieve greater Industrial
development In MeState or Utah.
//6
declared to to tee Inept of this Ordi that Ire Industrial
Revenue Bond,Issued ..1e authority he n.shall be securities
inwhich all public nti and mtdicixsa .rl inn Slatua Ueh
and its p011tleal SUUd1Us1dn5 rnav itwe5t +rid Y aKR.M id,Uhler auc++meets,which shall be reasonablenoceSsary orl
emsif In arcrrdance with law,WOO".wth creating hereby an land for ea,-ey tip aid ihp p
eligible Investment for all Insur10t100 nuefrCroTY tnl°S,credit lm10f15. Pr'elecl and t.ae fl nanclog thereof S lncluding SU h hrrlhel building and Man asseeletio,, companies, banking ss nces for the benefit of the holders n Ito Bonds as tote
.Ulatbs,investment cp taste.'executors and trustees and Purchaser rnav require and as may be agreeable to the City,the
er fiduciaries,pe Ion profit-sharing awl retirement fUMe Owror and the Cu
,nl all other such public or quasi-public organzations specified ^V
Sprit 12.Racine Covenants.All covenants,hisCtsilpulallphe>Y statutes 9.the StateExen/tion onligarlon5 and reCmenh CUnid llxd In MIs Ordinance,the Section g.Tax Ordinance
thlans.It IS hereby declared to be the T rust IndMtre.Me Financing Agree enf and Aher documents
intent of this Ordinance that the Beds issued under authority executed In connection therewith tell be deemed to be
elend and the Interest Income therefrom,shall he exam.from lgations and ovenants of the City and binding upon the City,
l,taxes Impsnscre.Yd by the State of Utahany olorcal of which however,shall create any general obligation of the
a•tdihe I thereof.H is further declared to be or Intent hereof City o e coo Ore charge s taxable properly,Excs.
Nat the interest income from to Bonds shall be exempt from otherwise pro deg In cols adinarrce, II 1 nys that
under the internal Revenue Code.The Mayor is hereby. r i nfs, rs
instructed to execute and efile with the Internal Revenue Service COYiby all of sfucYh doed cumend nts h shall ben exercised or performedrtl by
rCevelations
were the C°rnnasY tilts Its federal tax returns, the Mayor with the attest or concurrence of the Recorder except
cations may prescribe,such statements of election as may as
where applicable statutes or regulations would reefere action by
enu lred to secure the exemption under the provisions ot Section the entire Board . Canmissiotnrs r Ihet officers. No
103 of the Internal Revenue Code and regulations pro eat on
obligation o
thereunder, which statements May be based In pat M 'm a the C uhdtalned v of such
infer tiorh to befurnished by the Company.
rany. aumes}s sh�Il covenant
deemed otiligain r n any
of of nY
All normal tax benefits,such depreciation dediecllons, capacitym levm melee of t rn its d f Cnntoivsion
investmen ax credits,sale:: other tax deductions,and the any officers f the City issuings of Board of Comml rids
Me,shall belong to the Company and/or the Owner, shall Ile oBo a personally
of i e o theor Bonds
ring the Bonds
The Protect and real and personal property Included therein personally liable n me Bonds or su bled to
hh 11 rite be axemahl from nd valorem and similar faxes Imposed accountability by reason of the on
eny ma.
by the State of Utah and any wlllteal sernsts non thereof(except Section
of 1t $O aaoc, Incase me Financing a Me
to the extent therein of any nominal interests of the City 1,t am ov , mi.S Or drum,nts xecuedeoioott theoctgthhee-
Hp intent forced that no exemption shall extend to the economic provisions
or of other documents executed in ca triton hereof,
and beneficial Interests of the Company,the Ownerer any other with,or i any
of reason be Mto be b ael under t of competentt
Shrill for De invalid,
rsb Nun at'corporation,allse which suction therewith
In the by anyis f n'erof
brP M ortct any of me valorem
taxation
used In connection lath sae Shall Isdl Klon to be Ilegal or Ida,suc illegality on Ivalidity
be SSelt to.ad Consttsls lien Coe a accordance s000laT. shall not affect any a the Other provisions of this Ordinance or°f
Section 10.Consatifie eeot,r0 or contracting
The City net)
vice docarnenis Su 1 theo uards or shall h the�ea.ate this
hereby authorizes,ratifies and confirms the contracting by the
OrAinarr. M I P�h documents hall tip c stNnd tl
Company and/or the OV/nCY with such coniracmn,a DcaHYac for�xd as if such Illegal or Invalid provlslon or provsions had
tors or vendors a m be r may have been selected by the not been contained1.1 therein.
Company and/or the may
for he Purpose a constructing or things elating to Me onIlllom agePre of M All ads,conditionst rovide
completing construct tenet the buildings,equiment,1ixlures and authority for issuance of the B f M exeeotloo,f0
her appurtenances Cityes to be used for or In connection with the Board and r doeurn n s ecesillY
Prolect The hereby disclaims y oblectlons tosuch indenture,Financing Agreement and Omer tin-uments necessary
contracts heretofore lawfully entered.eeot,construction has eery I^yertor tan ttte Stol rMu1rM by the COnslleep n e the Act
holly comdefed Prior to adoption tercet,the Bond proceerh Mer laws a Hte Stale a Utah,which must happen,exist and
ry ba used Mr the wr.sses of pay.°any remaining financing, be rperu rmaf pracedent to the massage best end ifte providlrg
par-holly
et +ene:rhon netts,aobr rein r.Orslett the ?redbylaveitappe,red,d0 exisl'abdhave echo lteriOrmed
Company and/Or the Owner for such allowable cosh as it may ash` red by law'
have paid consistent with Section a of this Ordlnanee. Seqedcrlion 15.Officers a d S ayor pn.The bars a the
It shah not have been necessary for Me company or the City
atliar❑of Commissle officers,
Ion Mayor ys,axe.if erda and
to renule medic bidding with resrxrt to any contracts for the hearer applicable officers,attorneys,and other Cents
ls.tion,ronslr action,equipping or htiachg ofthe Protects rime/oyes,loyMS of City are hereby alHhuYlzed and Instructed rode
any n any al:acts and things required of them by this Ordinance,the Trust
art there.,q In connection with a of ion contracts The
Inx,ifure fide f'iran,cing Agrccrcen} n any
or Company
entered for such turlgses.TF.e CIy -ulad in ecfIon tlor'ewit/,urclodino 11te for ntlose toe hole
authorizes the Company and/or the Owner to enter into contracts `
v�ith any substitute, successor or additional contractors ruHapa,ct�I and complete pe lOrmdnce 0f all M the terms,
odors as tie and/or
may require 1°r the purposes hereof. ants ^d eements contain therein the
e'oee constituting
The Company and/or the contractors,as applicable,shall cause obligations°;the C'ty.In tileCie event the retold the hereafter
or
other officer of toe CI I to be obtained and/or continued for the a Protect builders'sloe, alhx Vion, esi lion, vAl shall be replaced fg at
Insurance oealnsl ere,wlntlstorm and other usual casualties for Jeslgnaled Hider -f r'rubble n In rho eyoWn l
the full Insurable value of the improvements during ronstrectmn cet time able of act then
r a H
well as public liability coverage opt the cenfraoors,the IU nsseVdlsahtile cry olence from the Slate Utah item eselihpr
Cdn,nany may
the ply during and after ronslrueNoh as their Ire duly eleted,appointed or acting SUse to Or
r tt hesrs may appear,and the Cole thereof shall be deemed one me lul sUMlitute,Oe the cage they tie,shall bC enttled m eo.
I tha included and allowable Protect costs under Section as thh • hacg rn tha ur s gn Or tulle d ve of dbindS o he
Ordinance. n act or signature stroll be fully effective and binding on}the
Section 11.Ton,Indenture awl Fhhafrltig Agreement.The C"y'
Ito hereby addition
zdu arwl Instructs the Mayor to execute,and Indenture,SectIon id.
Financingreemt ,OMe nRoods and olle
Ito Recorder to attest under rho corpoeate.seal of the City,the documents executed In connection therewith shall be Interpretedn
following ddeloMel documents,all of which shall contain such and construed In accordance with the laws of the State Utah,
terms and ev Isionl furl/e i.eea the Proleo and finnefiner, wen the intent and purpose that all Such documents shall..tray
thereof as may t be rchally agreeable to the City,the Owner,tea Forth the matters necessary for the acquisltl(n,construction and
C: and tlx;purchaser' financing of the Protect,the is(a)Trust Indenture,which sh=,I1 provide that Tracy-Collins an issuance and payment L ire Bads
Bank and Trust Company, any Her financial Institution performance of all at ra obligations or me Iy herein
lawiury competent shad be Trustee tnr the l 010 a Of holding ^tamed or oefthe a to.Liberal cofvsfnytlyen a/all Hereof shall
the proceeds of the sates f sold Industrial Revenue•Bonds, na°nserva ed e01 Ito dssurdr+ca and floor eipn o{i/te holder Ol lie
Investtlg In accordance with law the unneeded portion of said Bans,and Moul nansee ors - a s herein shall t
-- and distributing born time to tine le ion Company Me}urtner dlucus nmeints in furtherance r Me e ffect of the(Bond l hereof,end
pen/or the Owner a to the c erectors d other s to in 'n;Yar,lial compliance herewith.1 The dterrnls
whom the Company and/or the Owner has become Indebted such executeda teasers"schita rs"or'mpile lders"es used Theln shall
proceeds as be e to nay all Ma e cash of the -acluda rtan}he plural and MQ singular,es anelloab{p,The lltln6
rusted as more may
be defined In Section a of thisa trust
Said
in the variohr,Sections contalend'e thic Ordnance are for eau of
Trustee shall further be nocsesentitled M administer the hush estate lereree only adal
mall nor be cansidernf part ai me Oralna1,ry
whir*shall core lalo Its possession or control,Including but not Y llnreln�uguesh a limited to the Lease and Note payments from the Conran language of meaner untrary fo the Oxpre
and/or the Owr'er under the Financing Agreernem and the Pledge f the Pvbhnar:e, g ss
f the sane made to secure payment of the principal,Interest, Section a PUWiuLWr.The Cityant tit ordinances,Sue
teas and other cos a ado:ion Bards,and any proceeds of l 'l a Me Act,endror pursuant t°a pursuant
isOinary'ina
reinvesting the estate,with due accounting request of the rules or regu.atioM,txOvldabr publlrailonof this Urinarce ina
City Mr all funds handled by it.Said Trust ttrust and
contain M!Firwtr o�flit pl dirculali0n In Sail Lake County.Utah,on
provisions In the nature 1 need.trust and a set eYiy no t rdi enco a day'of"period
of thirty
hirty(30)da s Hter
t by which all of the Interests of the Company and the sage of elms Ordinance.For a a-An of cot r e tsh day,a Po
agreement
wner In the I properly underlying the ed act financed by d date of test he legality
this
pOtdln in interest shall havewhich
thenr Bonds,snail be encumbered and conveyed i trust,and the riay to contest the 10pally of Mis Ordinance or any Bonds which
Personal rtv and fixlurte financed by the Bonds shall m'v d.'aumorlied'rwds on any y Agree.rib<le far ten security
become subject to a security interest,for the purpose of securing ^ aynhen of to Brxips or of any Agrhnnent or Trust IneMture
Payment of rrelhera1,Interest,lees and other costs ceder the
auftori t.on torero;a,'d 0e t Ihe ahuiratroe a said Mirty(I
Bands and for caber holders rlale d nultd s relating to protection a -°e"`on sh'11 have ny use t ddflon 'n toyer fo
of the City and the of said Bonds.Said Trust Indenture N na sh tee ela Irv.Inrmally or'�oallry of ego Ordlnenc�e
'hall be duly recorded on the records of the Sall lake County wed y'a?�a'Tael pfmcnt au Mr Iced hereUy.Pr'uvlded'
Recorder and perfection of personal Property%mt rift,interestsI a Bonds any.horn y o Issued at any
tell be...led In accordance with Ito Unllorm Corte-medal
ater such p,aicaHon wi;hrur nnY waltino perlou If,In Me
shell
rt ana0i will 1 L;hrd Coume1,hIn Ienel it ewirmeni.the
(bl Financing A eatlo t,by which theProtect shellbeheld swell Bongs be suffered.
d used by the Company and/or the Owner In censideratlon of cleion fi I-o-rtoe 010 This nna^anco slot halm elf 7
the Cllv's issuance a the Ronde,and the covenants of the •
,oft 51cc Ito Jnh day following publlratlpn°!MIf
Company evidenced by one on morepromissory for such �Ut affiance as Bbhe oar provided.
at/burgs OS may he sufficient over the term of the Bonds to pay Passed he Beall of Cpnt15510ners of Salt Lake City
all principal,Interest,Mee and Other costs under the Roods.Such Utah,this An day a nuuusn lY)9,
Lea,-c and Note pavinento shall be made semiannually to tee TFO L.iN11.501,
Tnrslen the actinngruotenao on[foetal}mob.I City,h sufsemiaficient
iient amontst or to MIr_ORFO V.111GriAfl• Mayo.
principal,interest,Ices nod other costs under the Bonds.At the City Rmy Idl r
(nation of the G,mnany the Lease o rt nK I BILLh
monthly.Said Financing Agreement shall tone dditieflCI , BILL hV I,t�Of,9i9
covenants of the( yy vie required by e City and for I ' -
the assurances of the holders M the the Bonds.
The Company and the Cower shall execute a certificate and r
dellver the same to the Trustee Indicating the exact date they
rcpt completion of construction and lake eo session of the
buhdire,in addition,the Company will certify to the Trustee the
and ooi rtenlaneq slsition and whether or notllation of equipment,f t ures
financed top the Bonds
certificates shall he without preluaice to He right of the
C.a or to pursue cotnracors,suppliersnrotet
third rr'H Owner
for any defect,breach of warranty or contract or
otherwise in connection therewith.
Sold Financing Agreement may further provide that do
Company and/or the Owner al Its or his own expense,mat,make
alterations,additions and Improvements to the Protect and
install equipment thereon which shall not Impair Me value
thereof,and that the Conteany and/or the Owner shall be fully•
responsible for making all r and sustaining the mainte-
nanceto the Peeled and allemmertr In connection herewith
duing the term of the Ponds,including pent of such
insuraaee coverage as the City and the holder of the Bonds shalt
' All
thereto shall be coevereddby the buildings
of thenTrustlln0enfure.res lAl)
replacements ot equlpment o nxenances shall be of the
same or better oaatity,may be made without prior approval of
the City,Trustee or Purchaser and will come under the lien or
security Interest of the Trust Indenture.
Sold Financing Agreement shall further provide that the
all taxes leyl d My or the wihr Prot shallect or anoy other assnsible and essmel nts or y and
cosfs
in connection therewith which would be normal incidents to
sun o oe rship of Private property.
Said Financing Agreement may provide for leasing o
subleasloe to third parties by the Company and/or the I300er 01
'tor part of the Prefect,upon advance written approval by the
Trustee,and provided that neither the Company nor the Owner
shall Ina manner be relieved of a obligations under the
Lease or Note and Financing Agreement
Said Financing Agreement shall further provide for such
terms and conditions as may be mutually a end between the
City, the Owner,we Or rchose and the Company for the
Protection of Me CM and the purchaser,aid providing such
medics on del ault'norm,as may he required or allowed by law
in the transaction.
//6