13 of 1980 - Authorizing the issuance of Industrial Development Revenue Bonds, Series 1980, for the Foreign Trade sarfo�s A
Data take C1fy At7a�o,OA,
PROCEEDINGS FOR ENACTMENT OF AN ORDINANCE
AUTHORIZING SALT LAKE CITY
INDUSTRIAL DEVELOPMENT REVENUE BONDS,
SERIES 1980, FOREIGN TRADE ZONE PROJECT,
IN THE PRINCIPAL AMOUNT OF $1,000,000
The City Council of Salt Lake City, Salt Lake County,
State of Utah, met in regular session on Tuesday, the llth day of
March, 1980, at the hour of 5:00 p.m., at its chambers in Salt
Lake City, Utah, the regular meeting place of said City Council,
due and legal and timely notice of said meeting having been given
as required by law.
On roll call, the following members were present:
Ronald J. Whitehead Chairman
Grant Mabey Council Member
Sydney Reed Fonnesbeck Council Member
Palmer DePaulis Council Member
Alice Shearer Council Member
Ione Davis Council Member
Edward W. Parker Council Member
Also present were:
Ted L. Wilson Mayor
Roger F. Cutler City Attorney
Mildred V. Higham Recorder
Mr. Mabey, presiding, noted that the proposed Bond
Ordinance had been reviewed by and had received a Favorable report
of the Budget Committee, Council Member Shearer, Chairman.
Council member Alice Shearer thereupon
moved the adoption of the following Ordinance:
ORDINANCE OF SALT LAKE CITY
STATE OF UTAH
AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT EXCEEDING
$1,000,000 PRINCIPAL AMOUNT OF INDUSTRIAL REVENUE BONDS OF SALT
LAKE CITY, STATE OF UTAH, FOR THE PURPOSE OF FINANCING PART OF THE
COSTS OF ACQUISITION AND/OR CONSTRUCTION OF A WAREHOUSE FACILITY
WHICH SHALL BE FUNDED IN PART BY A GRANT FROM THE U.S. ECONOMIC
DEVELOPMENT ADMINISTRATION AND WILL BE USED AS A FOREIGN TRADE
ZONE WAREHOUSING FACILITY UNDER LEASE TO INTERMOUNTAIN FOREIGN
TRADE ZONE, INC., A UTAH CORPORATION; AUTHORIZING THE EXECUTION OF
A FINANCING AGREEMENT AND RELATED DOCUMENTS: PROVIDING FOR A NOTE
OF INTERMOUNTAIN FOREIGN TRADE ZONE, INC., A PLEDGE THEREOF, A
GUARANTY THEREOF BY AFFILIATED COMPANIES 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, 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 Development 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 by purchase, grant or lease and construction
of various warehouse and commercial facilities, together with
equipment, fixtures and other appurtenances thereto (all herein
sometimes referred to as the "Project") ; and
WHEREAS, the City has determined to issue Industrial
Revenue Bonds in the aggregate principal amount of not exceeding
$1,000,000 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 resolution dated June 27, 1978,
expressed an intent to finance acquisition and construction of
such warehouse and commerical facility for use by Intermountain
Foreign Trade Zone, Inc., a Utah corporation (hereinafter the
"Company") , the costs of which in part are to be derived through
issuance of Industrial Revenue Bonds not to exceed $1,000,000
principal amount in aggregate; and
WHEREAS, upon fulfillment of all conditions hereof, the
City proposes to enter into a Financing Agreement with the
Company. Under said Financing Agreement the City will finance
part of the Project for the Company in consideration of (1)
certain note payments which will be sufficient to pay the
principal of and interest and other fees and charges pertaining to
said Industrial Revenue Bonds, (2) additional covenants of the
Company as will be set forth in detail in said Financing
Agreement; (3) security for the benefit of bondholders through
pledge and assignment of said note and a Trust Indenture
representing, among other things, a trust deed and security
agreement against the Project; and (4) documentation coordinating
the use of bond proceeds with the use of proceeds of a grant from
the U.S. Economic Development Administration ("EDA" herein) ; 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
-2-
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
"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 Salt Lake City Council, 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 City and will continue to be owned by the City for
purposes of this Bond issue, subject to a lease from the City to
the Company, and the use of said property as contemplated by the
Company is consistent with all zoning laws and other ordinances of
the 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 ORDAINED BY THE CITY COUNCIL OF
SALT LAKE CITY, SALT LAKE COUNTY, STATE OF UTAH, THAT:
Section 1. Project Authorized. The financing of part of
the costs of 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 warehouse and commercial facility constructed or
to be constructed thereon and equipment, fixtures and
appurtenances pertaining thereto, for the purposes of providing a
-3-
foreign trade zone warehouse and related office and commercial
facilities, to be leased to the Company for operating purposes and
for purposes related to repayment of the Bonds as set forth
hereinafter, all to be coordinated with use of certain proceeds of
a grant from the EDA for construction costs.
Section 2. Bonds Authorized. For the purposes of paying
(or reimbursing to the Company) 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 Industrial Revenue Bonds," Series
1980, Foreign Trade Zone Project (collectively called the "Bonds"
herein) in the aggregate principal amount of not exceeding
$1,000,000, dated as of March 1, 1980, and payable in serial
maturities over twenty years from the date thereof.
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
$5,000 denominations or in such other denominations as may be
agreed with the Purchaser.
Each of the Bonds may be dated as of March 1, 1980 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 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 Industrial Revenue Bonds
authorized to be issued pursuant to this Ordinance, shall be
payable solely from the note payments from the Company 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
-4-
Ordinance or any documents issued or executed under authority
hereof shall be construed in any manner to impose any financial
obligation or liability whatever on 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 Financing 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 herein
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 be in
inverse order of maturities. The purposes for which the Bonds
shall be issued shall include, without limitation, the actual
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, equipment, fixtures and other
appurtenances thereto, and may include reimbursement to the
Company for all costs actually paid subsequent to June 27, 1978,
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, corporate 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, 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 construction but
subsequent to June 27, 1978, during construction and for a
reasonable period of time after completion of such construction.
-5-
Section 5. Professionals Emploxed. The City hereby
authorizes, ratifies and confirms the employment by the Company,
acting for the City solely for purposes of this Bond issue, and
acting on its own behalf as 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, First Security Bank of Utah, N.A.,
through its Corporate Trust Department at 79 South Main Street,
Salt Lake City, Utah, 84111, 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 this
Ordinance to authorize sale of the Bonds in such denominations 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 part of the Project and payment of such expenses as are
authorized hereunder to be paid from proceeds of said Bonds. Bond
proceeds shall include purchase of the principal amount at par,
together with accrued interest from the date of the Bonds to the
-6-
date of sale. All 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 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 $1,000,000 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 $1,000,000 is
issued and sold, 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
-7-
substitutions as necessary prior to issuance and sale of each
Bond. Each issued Bond shall bear interest at the rate specified
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 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 or reverse side
of each Bond, certified by the Recorder at the time of issuance:
THIS BOND REPRESENTS A LIMITED OBLIGATION OF
SALT LAKE CITY AND DOES NOT CONSTITUTE OR
GIVE RISE TO A GENERAL OBLIGATION OR
LIABILITY OF SALT LAKE CITY OR A CHARGE
AGAINST ITS GENERAL CREDIT OR TAXING POWERS.
THIS BOND IS ONE OF THE BONDS FORMING A PART
OF THE ISSUE 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 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
-8-
any, may do so by facsimile signature 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.
-9-
UNITED STATES OF AMERICA
STATE OF UTAH
COUNTY OF SALT LAKE
SALT LAKE CITY INDUSTRIAL REVENUE BOND
SERIES 1980 DATED MARCH 1, 1980
FOREIGN TRADE ZONE PROJECT
PART OF AN ISSUE IN THE PRINCIPAL AMOUNT NOT
TO EXCEED $1,000,000
Salt Lake City, 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 , 19 , the principal sum
of $5,000, and in like manner to pay interest on said sum
from the date hereof at the rate of nine and one-half
percent (9-1/2%) per annum on , and
semiannually thereafter on the first day of each
September and March 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, First Security Bank of Utah, National
Association, Corporate Trust Department, 79 South Main
Street, Salt Lake City, Utah, 84111.
This Bond is part of an authorized issue of Bonds limited
in aggregate principal amount of $1,000,000, issued and authorized
to be issued for the purposes of paying part of the costs of
-10-
financing the acquisition and/or improvement of land in Salt Lake
City, Utah, including construction thereon of a warehouse and
commercial facility for the purposes of providing the same for use
by Intermountain Foreign Trade Zone, Inc., a Utah corporation (the
"COMPANY") , including equipment, fixtures and other appurtenances
(all herein sometimes referred to as the "Project") , or the
reimbursement to the COMPANY of any interim construction costs
used for such purposes, and pursuant to a Financing Agreement
("Agreement" herein) by and between the City 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 Salt Lake 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 Development
Act, Chapter 17 of Title 11, Utah Code Annotated, 1953, as
amended; (b) an Ordinance heretofore enacted by the City on
the 11th day of March, 1960; (c) the Trust Indenture, also
authorized by said Act and said Ordinance, by and between the
City, the COMPANY and First Security Bank of Utah, N.A., as
Trustee; (d) the aforementioned Agreement; and (e) all amendments
and supplements to any of such documents. 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 COMPANY and the Trustee and the
holders of the Bonds and the terms upon which the Bonds are or may
become issued and secured.
The principal and interest due or to become due on this
Bond and the issue of Bonds of which it forms a part are payable
solely from the payments to be derived from the Note of the
Company 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,
-11-
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. In addition, a full guaranty of
the COMPANY's obligation has been received from Interwest
Corporation, the parent of the COMPANY, and National Distribution
Systems, an affiliate, for the benefit of bondholders.
The Bonds and interest coupons appertaining thereto, if
any, are limited obligations of the City 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. 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 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 -- Foreign Trade Zone 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
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.
-12-
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 3(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 prior to March 1, 1990. Bonds
maturing on or after September 1, 1990, may be redeemed at the
option of the City through the Trustee from funds supplied by the
COMPANY, in inverse numerical order beginning on a call date of
March 1, 1990, 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:
Call Dates Principal and Premium
March 1, 1990 or September 1, 1990 105%
March 1, 1991 or September 1, 1991 104%
March 1, 1992 or September 1, 1992 103%
March 1, 1993 or September 1, 1993 102%
March 1, 1994 or September 1, 1994 101%
March 1, 1995 and thereafter 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
-13-
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 City is a party.
IN WITNESS WHEREOF, said Salt Lake City, State of Utah,
has caused this Bond to be duly executed by its Mayor and duly
attested by its Recorder, thereunto duly authorized by facsimile
or otherwise, and its corporate seal to be affixed by facsimile
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 March, 1980.
SALT LAKE CITY
By [SAMPLE - DO NOT SIGN]
Mayor
ATTEST:
By [SAMPLE - DO NOT SIGN]
Recorder
THIS BOND REPRESENTS A LIMITED OBLIGATION OF SALT LAKE
CITY AND DOES NOT CONSTITUTE OR GIVE RISE TO A GENERAL
OBLIGATION OR LIABILITY OF SALT LAKE CITY OR A CHARGE
AGAINST ITS GENERAL CREDIT OR TAXING POWERS. THIS
BOND IS ONE OF THE BONDS FORMING A PART OF THE ISSUE
DESCRIBED HEREIN AND REFERRED TO IN THE TRUST
INDENTURE.
(SAMPLE - DO NOT SIGN]
Recorder
-14-
(Form of Interest Coupon, if used)
No. $
On the first day of , 19 , Salt Lake
City (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 First Security
Bank of Utah, N.A., Corporate Trust Department, 79 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 Industrial Revenue Bond, Series 1980 dated March
1, 1980, Bond numbered
SALT LAKE CITY
By [SAMPLE-DO NOT SIGN]
Mayor
By [SAMPLE-DO NOT SIGN]
Recorder
-15-
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 or savings and loan associations, trust
companies, banking corporations or 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 be the intent hereof that the
interest income from the Bonds shall be exempt from income
taxation under the Internal Revenue Code. Unless waived in
writing by Bond Counsel, 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.
The Project and real and personal property included
therein shall not be exempt from ad valorem and similar taxes
imposed by the State of Utah and any political subdivision thereof
(except to the extent therein of any nominal interests of the
-16-
City) , it being the intent hereof that no exemption shall extend
to the economic and beneficial interests of the Company 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 with such contractors, subcontractors or vendors as
may be or may have been selected by the Company 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 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 to enter into contracts with any
substitute, successor or additional contractors or vendors as
circumstances may require 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 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.
-17-
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 Company and the
Purchaser:
(a) Trust Indenture, which shall provide that First
Security Bank of Utah, N.A., 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 or to
the contractors and other persons to whom the Company 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 note payments from the Company
under the Financing Agreement and the pledge of the same made to
secure payment of the principal, interest, premium, if any, 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 City and the
Company in the real 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, premium, if any, 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
-18-
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 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 note
payments shall be made monthly to the Trustee, acting on behalf of
the City, in sufficient amount to enable the Trustee to make the
semiannual payments of principal, interest, premium, if any, fees
and other costs under the Bonds. 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 shall execute a certificate and deliver the
same to the Trustee indicating the exact date it accepts
completion of construction and takes possession of the building.
In addition, the Company will certify to the Trustee the
completion of acquisition and installation of equipment, fixtures
and appurtenances financed by the Bonds. Said certificates shall
be without prejudice to the right of the Company to pursue
contractors, supplies or other third parties for any defect,
breach of warranty or contract or otherwise in connection
therewith.
Said Financing Agreement may further provide that the
Company, at its 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 shall be
fully responsible for making all repairs and sustaining the
maintenance of 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.
-19-
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 quality, 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 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 subleasing to
third parties by the Company of all or part of the Project, upon
advance written approval by the Trustee, and provided that the
Company shall in no manner be relieved of any obligations under
the note and Financing Agreement.
Said Financing Agreement shall further provide for such
terms and conditions as may be mutually agreed between the City,
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.
(c) A Lease between the City and the Company for
occupancy of the premises, for a term of years not less than the
term of the Bonds, and with fair rentals and other terms not
inconsistent with the Bond documents;
(d) Escrow Agreement and other agreements by which
the proceeds of the grant from the EDA shall be administered for
part of the construction costs, in addition to but under separate
administration of Bond proceeds; and
(e) 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 and
the Company.
-20-
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 City Council 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 City Council 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
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
-21-
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
City Council, the Mayor, 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 all 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 be, shall be entitled to act, including effecting 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 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
-22-
0
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 shall pursuant to
Section 11-17-16 of the Act, and/or pursuant to other County
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 person 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 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.
SALT LA1� CITY CORPORATION
ATTEST; // _ / /2,E
((/)
/�C�vv�� By �
Recorder eMay6r
(SEAL)
BILL NO. 13 of 1980 * * * * * * * * * * * * * * * *
Published March 21, 1980
-23-
Council member Ronald J. Whitehead seconded
adoption of the foregoing Ordinance and the same, on being put to
a vote, was unanimously carried by the affirmative vote of all
Council members present, the vote being as follows:
Ronald J. Whitehead "Aye"
Grant Mabey "Aye"
Sydney Reed Fonnesbeck "Aye"
Palmer DePaulis "Aye"
Alice Shearer "Aye"
Ione Davis "Aye"
Edward W. Parker "Aye"
After conducting of other business not pertinent to the
Ordinance, on motion duly adopted, the City Council adjourned.
ATTEST /' 1/x.
RECORDER C./ MAYOR Cvl`
STATE OF UTAH
SS.
COUNTY OF SALT LAKE
I, Mildred V. Higham, a duly chosen, qualified and acting
Recorder of Salt Lake City, State of Utah, do hereby certify that
the foregoing twenty-three (23) pages, (including six (6) pages of
Bond Form) , are a true and correct copy of an Ordinance adopted by
the Salt Lake City Council in proceedings at a regular meeting of
said Council at its Chambers in Salt Lake City, Utah, held
pursuant to due, legal and timely notice served upon all Council
members, on Tuesday, the 11th day of March, 1980, at the hour of
5:00 o'clock p.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 this llth day of
March, 1980.
Recorder
(SEAL)
Affidavit of Publication
STATE OF UTAH,
ss.
County of Salt Lake
_ Shana D. Conaty
ORDINANCE OF SALT LAKE CITY
STATE OF UTAH
AN ORDINANCE AUTHORIZING THE ISSI/ANCF OF
NOT EXCEEDING SI,OIB.W0 PRINCIPAL AMOUNT OF
INDUSTRIAL REVENUE BONDS OF SALT LAKE CITY,
PURPOSE •
PART OF THE COSTS ACQUISITION AND/OR CON -y
STATE OF UTAH, FOR THE PURPOS OF FINANCING Being first duly sworn,deposes and says that he is legal
STRUCTION OF A WAREHOUSE FACILITY WHICH SHALL
BE FUNDED IN PART BY A GRANT FROM THE U s. advertising clerk of the DESERET NEWS, a daily
ECONOMIC DEVELOPMENT ADMINISTRATION.AND WILL
BE USED AS A FOREIGN TRADE_ZONE.WAREHOUSING (except Sunday) newspaper er printed in the English
FACILITY UNDER LEASE TO INTERMOUNTAIN FOREIGN
TRADE ZONE,INC. A UTAH CORPORATION'AUTHORIi- language with general circulation in Utah, and
MG THE RELATED
EXECUTION EN S FINANCING AGREEMENT
AND INTERMOUNTAIN
THIN DOFOREIGNCUMENTS:PROVIDING FOR A NOTE published in Salt Lake City, Salt Lake County, in the
OF PLEDGE
E THERNOF,N NOTHER OpFB INC.,FEA
HEED C THEREOF,A GUARANTY V TERMS
FOR SECURITY RITI- State Of Utah.
•Y
HEED SAID INDUSTRIAL
AND OTHER EE BON PROVIDING
V
OF REMEDIESDSL REVENUE HOLDER
BONDS: AID NUN.
FORITHE NUE D THE LIFOR T OF SAID WAND
TRIAL REVENUE BONDS AND FOR THE IRIGHTSNDENTURE;
AND ,T
AND OTHERWISE 9ETIAP�R01%INGRSPICH ACTIONOSEAS MA That the legal notice of which a copy is attached hereto
BE NECESSARY FOR ISSUANCE OF SAID BONDS
WHEREAS, Salt take City,State Utah(the"City"
herein)desire to laminate stimulate and develop the onnora� pub notice of an ordinance xanamlc welfare and prosperity or said OW
Mph;
d to achieve
authorizingthe
greater industrial she City iseauthorizedapursuant to and
provl-
Ions of the Utah Industrial Facilities Development Act,found
±n chapter Y nr one H,titan coda Annotated,1953,an amann_ issuance of not exceeding 1,000,000_principal.
trial Revenue Hrnnds 1n the purpose the
efinancing the adauls, p
bon,of land by purchau,grant n lease M construction f
a house and commercial facilities,together with
amount Industrial
enolipinem,warehouse and other appurtenances thereto tall lees Revenue Bonds of Salt
In sometimes referred to as the"Protect.');and 'Ake
Revn WHEREAS,Bd In the segregate(ur nd"�pal to issue Industrialnoex
reeding 000,000 for the purposespint financing the acquisition City
and with expenseser letedf e to hereinafter`therissuanced described,
the Bonds;
and a an
WHEREAS,the City,by n resolution dated June 2),1918,
expressed an intent to finance acquisition and construction Al
warehouse and commercial facility for use by Inter.
mountain Foreign Trade Zane,Inc.,a Malt corporation(here.
hatter the"Company"),the costs of which in part are to be March 21, 19S 0
derived through Issuance Of Industrial Revenue Bonds not to was published in said newspaper on exceed S1,000,00,u:eefuil amount in aggregate;and
WHEREAS, fulfillment of all conditions nnreof,the
Comp proposes
Under upon
Financing"Agreeement the City will the
B-
Company.
t of the Protect i the C 1 consideration of
(l)certain note 1 h'h ill be f11 I I toy the
I principal of and Interest nd th fees and charges pertaining
to Id Ind ttiol R B d it.) ddt I t- 1
the C rJ Vas lit be f l tl I lt r I id I h
f lJ)security f thebenefit I bondholders th n
Pledge a assignment or id note andTrust Indenture Legal Advertising Clerk
representing,among other things, trust deed and security
agreement aginst the Proic+a;anda(e)documentation coordl-
nail e"slhe use of bond_proceeds with the use,of proceeds of a /
grant from the U.S. Economic Development Admtnstration v�
("SEA"
EWHEREAS,Ithee City proposes to sell all of the Industrial
Revenue Bonds to be Issued under authority I this Ordinance ore irie this 2nd day of
to a purchaser who has been at pwill be obtained through pri-
vate rile hereoff are Intendedcto be Inn `ted Revenue Bonds
as to be exempt from registration snider the Securities such"Act or A.D. 19 80
Ac'of 1939,Securities
Ut Exchange
StolegSeo.orities A,and Trust
Indenture
laws.The term"Purchaser"as used herein shall include all
bondholders,If more than one may exist Worn time to time.
WHEREAS the plan t0 proceed with ine Prolect,Induct.
'g financing and 1lt acquisition d construction f M t h- /
ty,has Iron and hereby Is annroved by the Salt Lake City
Council there bens no other or further governIlm body
govern ine/entity II any kind reauked tinder law to provide
located is within he boundaries f Sall on n the Lak.City Isr Is to lte presently Notary Public
owned by the City and will continue to be owned by the City
for oorposes Of this Bond issue,subiecr to a lease from the
Cily toplated byyy thehe Company andI cons the istese nt with d all potoning lawsrarn-
nd
other ordinances of the City,tlaand
point WHEREAS,rruse to administierr the funds and discharge the rable fidu•
-
Ciary duties related to said Industrial Revenue Bonds and MP
ity also deems it advisable and in its best interest to enter
into and execute the Financing Agreement end the Trust in-
denture to provide for the issuance of said Industrial Revenue
Bends,to sec payment of same,and to describe the rights
and duties of it Trustee.
NOW,THEREFORE,NE IT ORDAINED BY THE CITY
COUNCIL OF SALT LAKE CITY, SALT IAKF COUNTY,
STATE OF UTAH,THAT, financing l of the
costs Section
r ac 'sItIon and c nutnllum comb-mho.)Of the Pmlect are herei n
authorized of
sin accordance with law,Said Project shall consist
witcee property ifctcose+oner
rtain
awarehousan commercial aiity constructed or to be
constructed thereon and equipment,fixtures and annortnnanr
es pertaining thereto,for the purposes of providing a foreign
trade hone warehouse and related office and Commercial tacit
dies.to be leasedr to the Company for operating enrpnsee and
bore nefler,,salleto she coordinated with s Bonds
cn thin proceeds
of a greet from the FDA for construction costs.
Section 2.Bonds Authorized.For the purposes of pa
for reimbursing to the Company art f the costs of the paving
uison and/or construction f the e'rolect and all cents incl-
denlal thereto Including costs
oof financings through the subtecf
de-
scribed lhe as Stty all Lake Cite industriizes al the
issua of nce
Series
930. Foreign Trade Zone Protect (coheorIlvelc veiled the
exceedtiinnng nds"n5l,0003,000 dated ads of Mlarchhrl1,1930,and payt able in
sari l.
Salo Bondsmar be Isstued andfsold the
e all atone time
increments from time to time,under terms Match
or
more fully defined In the Trust Inenture,and sall be Is-
sued in S5,000 denonnioaroos or In such other dnnominabonc
as may be agreed with rho Porches
of suchother a e of Me n an menu he agreed winds tnay be dated es th lite 1 urn./rg 0 or l 5
will hear interest renlm0nc.na as of My dale.shown on each
Bond
me Bomb wi.I'ad..,r-tally evert err . ..nvr,r,arr,. BONDS FORMING APART OF THE ISSUE DE
r hies. .;CP I Bel NE RL"1N AND R E Fr:RPOD TO IN THE 1
Principal Jeri Interest shall be pavable to the holders of TRUST INDENTURE.
such Bends semiannually. (SAMPLE-DO NOT SIGN)
Seciian 3 Sousse of Payment The.principal f and Inter-
est said Salt take City Industrial Revenue Bonds autism
ri ed to be issued pursuant to this Irons
there,shall to payable Emil Bond shall aisn contain In the text tannage to the
solely from the note payments Irons the Company or otter teem-ring effect.
es from the Prolecf Including other hinds which maybe PursuantSctiionhjl-I1u1),Utah vested
Cod Annotated,Salt Lake
city held from Ilene to time by the Trustee fors h purpose's,arid nerd.,do City acting for and en behalf of the State
n t thereof shall be secured as providedr executed
Nothing amended,
does hereby ledge to and agree with e
Payment
this Ordinanceor documents issued or umler holder or this Bond that the State Utah wn t al-
authnrity hereof all m construed Ina mennn to Impose
n financial obligation oroliability whatever City and n ter.Impair r tines the rights vested hereby until this
at-
omBond and allinterest naymenls thereon have Men fee•
part charges the hIre Bond of fora,print a c r erag o st an,/
reveue on taxes e ei the shall y or become a enues constructive-
ivy Ili met and discharged
'goad
of City u9hnr than revenues r:o ant to lthy the Bonds hall i be r.eemaDle ea lien than ed inrthe
ly Finan eg by the City through the Trustee Pursuant to Me' rept n the times and on the contliflenrz fo be stated in the
financing Agreement. eau Bonds.
Section Bn d, to be
As of Proceeds.The protean from e The.officers or the City required to signdt tcoexecution,ns,if
,ahle f Bonds to be see t under authority harp(shall he any. nr certification by f of the ogee and interest coo ns, f
applied for its purposes for isbh led bored; Is>urvd a v,may ce f least
Lure minted or the Re.
1 ore any
described,snfoci shell be which
through the Trustee thereon,except Mat at Bond
siddition. feet
from ape reason any pardon of re proceeds actually received corderp to s Ile manual on each a pry In or e the ern the
Isom r sale shalle be applied to the payment or the repcipal of corporate seal of the any may be printedor engravedBond a the
and/or b the Interest said Bonds,maturities. nspurr,n es for which Bond it'or if a co pohnse tleyhed, a Bends maY�
h II be s order os lsdlude The purposes for n,the Issued with , without 1 Netted,asgreed be
Me al partial shellcbe issued fHe shall the
without land Imps the the Company,de the rust endt therequired
Trustee The rchdsas may
mentelcosts c rded tar the rojectflan and Improve- he authenticated by the STATE IS OF AMd byei the Purchaser.
moot et not lre needed tee theeacquisition
et equipment,
acquiring or UNITED STATES OF AMERICA
constructing all rr part f the banding,agesP ¢ne fixtures STATE OF L
and t t epCorleany for
of
and may indite same rat- COUNTY OFUS SALT LAKE
eel to the, the extent
all costs actually a leid hereunder.
to SALT LAKE CITY INDUSTRIAL REVENUE BOND
lucre 21,GM,to extent of coals allowable es and or.The SERIES 19110 DATED MARCH I.legs
allowable Protect costs shall also tors all fees and costs of FOREIGN TRADE ZONE PROJECT
architects, and cordon-tors,and all expanses in PART OF AN ISSUE IN THE PRINCIPAL AMOUNT
connection with authorization,sale and issuance f Bonds, TO EXCEED S1,OOf1,000
including Bond Counsel lees,corporate counsel and other legal Salt Lake Cily, had nellflc and municipality Of the
lees,
appraisal ad era title Insurance lucomml octal and State of Utah(the City"herein),for value received,
u,ti a es'andl fees or bentpurchase spsi commitment hoes, acknowledges itself to tse Indebted d hereby promis-
tini accounting
trustees' a paving author ees,l costs
coals, ever es to Pay to the holder hereof(rem the source as here-
necessary costs,if any,and all tin itr lawful efts and on,con n tier o ovided,on 19,the principal sumof 35,000,
emend to Meutect,which
may
la
incurredncurie priori Beaming of the ssr so 1,writs.)to J be IawlullY d in lihe e mannerto ate interest on one-half
percent from
g construction to con ndforoa rue yubxq prof to June 2e fter 10 date terra/nl me n a of nine and ua lthalf rf
compsof such construction.
for a reasonable purl.of lime after an the
per annum c and semiannually March
01 each
completion S sort co o Ee an the firstilday of each September and March Of e
Section 5.Professionals etim the The City hereby Company,
prev inns said principalis gain except as the
ratifies and confirms the employmentst by the Issue,and previsions hereinafter set sumoth regarding bee hereto,
actirizeng for Its o n b ter for purposes of this Bond Issue. s. ter teethe maturity may become applicable hereto,
e a ocown behalf as user of the Protect.ter the citrons. both principmoney
l of and Interest on this Bond are parable
es of proceeding with'tee the Prnlect,and the Bond Issue: In lawful n v f the United Statef America
(a)As Trustee and paying agent under the Trust Inden through the office f Inc paying t and trustee,
tore authorized herein,First Security Bank Utah,N A„ First Security Bank of Utah, National Association,
through its Corporate Trust Department t l9 South Main arporate Trust Department, 19 South Main Street,
Street,Salt Lake City Utah,�111, the event that Barak l Salt Lake City,Utah,34111.
cannotserve, Y other financial institution authorized by law This ate is Carl of a authorized assued limited
to hold rias of otherthe and
Ilus tier oersenn. n gg•egato ipal ount f Ut n pep I edand aumos
(b) uch other a d further persons,forms or corpora- r zed to be is teed for inepurposes of payingsnas othe costs
lions,Including,but t limited to,architect,enginees,Cory f financing Me acquisition an/or Improvement of land in
tractors,financial advisors,aNmnovs or the r nn v and Salt Lake City,Utah,including construction thereon of a ware-
other agents reasonably necessary orconvenient for the pus- house and c mercial facility for Me Purposes of providing
posef dlhonelrllle c tinter, Mannno,constructing thane- the for U. by I e"CO note Forign Trade Zone,Inc,
ins and utilizing the Protect or any parts thereof;and Utah corporationer(the COMPANY"),including equipment,
'p,
(77 The aw firm f Ray.auinnev&Net ken of Salt fixtures a hen"Protect"),
(all herein sometimes Lake 1 principal
which shall ct as Bond Counsel in prapara l ed to as the"Protect"),or thereimbursement used
to the
lion of principal documents and rendering the legal opinion fur COMPANY 1 y interim construction is a h
Ihr be:mid of Frond Purchasers. purposes,e and pursuant to Financing Agreement("Agree-
Sections t Sale f Bonds.At any timeafter this Ordinance melt"oherein)by and between the City and Me COMPNY
Is duly adopted,and stilled to the coniions hereof,the City, and Paying all expenses In connectionAla with the authorare
ation_
throng.)Its dui h authorized officers,shall have authority to sale and issuance 1 the Bends All 1 said n r r
issue and sell the Bonds.it l the intent of this dinance o co/relished general
Me promotion,stimulation C development of
authorize sale of the Bonds such ermine denominations as the City the general economic welfare and prosperity of the citiens of
or is authorized officers shall determine upon consultation in Sell Lake City one to achieve greater industrial development
with the Company and the Purchaser, d s poll be
in the State of Utah.
this Ordinance,with the cited00lun that said and
shell be issued The Ponds are issued pursuant to and subiecf to the prove-
nd sold,and proceeds received ved therefrom,for the purposes of Ions of:(a)the Utah Utah
nial Facilities Development a Act,
financing part of hiie Protect and nayment of such Parrett es as Chapter I-of Title II,Uf h Cede Annotated,1953,es amendd.
are uthorfzed hereunder to be aid from Proceeds of said (b)anOrdinance heretofore enacted by the City o t e slit
Bonds Bond proceeds shall Include Urchase f the principal day f March,19110;()the Trust Indenture,also authorized
airmen'of par,together with accrued Interest of
he(date of by said Act and said Ordinance,by and between the coy,Me
Om Bonds to the dale of sale.All Bend proceeds shall be held COMPANY and First Security Bank of Utah,N.A.,as Trustee;
initially by the Trustee,and disbursed or otherwise edmrnlsh (di the aforementioned Agreement;and le)all amendments
tared in accordance it the Trust Indenture.consistent with and supplements to any of such documents.Rference Is made
the purposes described in this Ordinance. to all such documents for the provisions,among Others the
In thei event less Than the full nave Is cola initially.and if•
respect to Me nature and extent olvthe seCglv,the rights,
tthhee
additiodel pro eyoorse sall subsequently become neces-
sary Dulles and obligations holds of the City the COMPANY n
for completion or payment of the Prolecf or lons Trustee d the holders of the Bonds and the terms upon
thereat,the Oeie without ce rssliv 1 further ordinance, which the'Bonds are ormay Interest
doe Issue and secured.
shall he empowered ed to issue and ell additional bonds up to The ial a and s of due to becomemso due re hays
ns aggregate Princlpal unt i the$1,000,000 authorized ab one t7ly tr issue of pones is to eh it arms a pert are Note et
hereby,If and on Inc ndlelon nMat II hsufficient
ul have contracted ableh o nuanyna the
Agreement peetaliniinng from
the riectf 1
all with
ithcthh Company
for then note and entienceti i nt to
onset rid I and the Payment of said principal and interest has bead and Is I
connection therewith.Indebtedness
ex r c e secured by a ptedge d assignment of the Note and all such
in Indent event less than Me lull issue 1 31,IBp,Opp is issued i n yments,together and
alien on all property forming a part.
and Id,each Bond issued a and sold shalt Is issue f site Project,all with
it ore flly defined i the T Use
tal nfald its dhsignat.so issuer until d,and the Company Indenture to which reference has been eade.In addition,a
ogether with the Bond Purchaser and tile.Trustee shall agree full guaranty of the COMPANY'S ehilgdflon has been received
adiusrmenl.s which must he made the aggregate from nerwest Corporation,the Vetere�t of Me COMPANY,and l
orpopverall payment Schedules,giving doe consider itinn for the National Distribution Systems, affiliate,for the benefit of
al the monthly payments which must then M made by Mndhoders.
the Crnt ny to the Trustee for Inn ond fund. The Bondsand Interest coupon appertaining thereto,T I
The nissvaoce 'd le of such Elands and solicitations any,are limited bligations of the City and do not now or shall
}Mr The may M effected fe or through El the.Purchaser without never constitute an Indebtedness of the City ithin IM mean-
sislraflon of the Bonds as securities,pursuant In exemptions Mg of any lea c I simuni Is' pndebjedr1n r statutory oblige-
provided -
under Section 3(a)(2)of the Securities Act 11933 hens repreappesented
need y U hots not pine i ed the 0padaand ection 3(a)02)of the Securities Exchange Act of 1934, hens repbility of by the
C Bowls tsoe not aloe rise to any peco-
ptinns from the qualification provision f the Trust In- lect for the prompt City whatsoever.
hen due N Note
thpayments
aY I cips 11 nd
dentine Act of 1039 end similar exemptions of
applicable interest on said Bonds are to be paid by the COMPANY for the
state low. nt of the City and remitted directly to the bank which
Section 1.Form of BOMB The Bonds shop be uostantiany shall serve as Trustee for deposit In fume created for this
n the ding shown the formIncorporated" this Sec- puroose designated"Salt Lake City Industrial Revenue Bonds
fion 1 of this Ordinance with lellflon f such blanks Fund-Foreiggnn Trade Z Protect",to be used for timely
substitutions a necessary o to issuance and ale of each payment to lb holders of Me Borlds Bond.Each Ifs ere Boner shall Inferesl at therate sped- nay eursu ant 10 the authority vested In the City under Section
hid for the¢dos Ye..s o which it dorms part. Ifh principal and 11.1`-13,Utah Code Annotated nto, amended.the City act-
interest aorosemiannually, Its yyltirllles coo- lop and on behalf of the State of Utah,does hereby pledge'Ned basis vdingg tel substantially geual semiannual to and grey with Me holder f this Bond that Me State ors fy op interest a r the respective terms, Utah willnot per,Impair or of
the rights vest.hereby
Companrvzand as
Trusteeee.agreed between tnq Purchaser, he until tis ond and II interest oevment thereon have been
The principal and Interest on each of saki Bonds shah he fully del of arccharaed.
dyable to the holder thereof in a sited States money,without 1." t accruing on this Bond will be Paid onto on;meson-
discount or premium,through the office of the paying agent to teflon and surrender of the attached interest coupons,If any.
be established,on the dates and in the planner heretofore stat I a they respectively become due lam f no coupons a atte-
nd. th prd.oper calculation i a altiun Me Beer byby the Made
aayi gnagenntaor pursuant
it
All Bonet issuedlroteunder authstate on teeat shell reverse
the viously accepted acileauiel TMY rincieal of this Bond
of each certificate idth slated o thee fact or reverse side shall De iouslypayable to the proper r and holder thereof upon
of each Bond codified by Me Recorder at the time of Issu shall
ere aand so the surrender 1111s Bend.do Th15 B0190 REPRESENTS A LIMITED OBLIGA. Pre The provisions hereof shall In no manner be construed to
• TION OF SALT LAKE CITY AND DOES NOT CON- authorize public distribution of or public trading In this Bond
STITUTE OP GIVE RISE TO A GENERAL OBLIGA- or of the issue or any 0f the series of which It Corms a part,
TION DR LIABILITY OF SALT LAKE CITY OR A except in accordance with applicable state and federal law.
CHAR/L POAWERS THIS D GENERALI ONE OFTHE •
Provided inSectisosnu issued without
of¢see Securities under
tof exemptions
tioonv3(a)(12)of the Securities Exchange Act of 1934,Me quali-
fication provisions of the Trust Indenture Act of 1939 and simi-
lar exceptions under ao ticahle state law.
Vhe So ate the trust Indenture or to,ihsltufee actiono s to ence s
to any eo oe'drefault th rcoMer'orggroinsiii ee,enpear for
except a ovidedrtherein,proceedings
all of which actions may
ye be taken
any
only through or with the approval of the Trustee.
This Bond and the issuepo)f which it forms a part shall be
nonmotoring ley and nomafterdSeptemberle p1,19r 90,May Oe redeemed Bonds
the option of the City through the Trustee from funds supplied
by the COMPANY,In Inverse numerical order beginning on a
1l date of March 1,1990,end on any Interest payment date
thereafter at n and accrued interest to the date fixed for
redemptionamount ofreach n eed so
d for redemption Me
cording to the amount of
Schedule: calledac
Call Dales Principal and Premium
March I.
19999.or September
o mbbeer I.1991 10eai
March 1.1992 or September I,1992 103`vo I
March I,1993 or September I,1991 1.22%
March I,1994 or September I,1994 101`0
March I,1995 and the/eat-Mr coo
Financing
held and Used by the Agreement,
Company hn whim
nsiderationaof thehCit Ys
issuance of the Bends,and the covenants of the Company n
Provloert wmv n. rot the lien of the Trust Indenture with /dentedn by or morecruetiespry notes for such amount ear-
Promo.,
respect to the merman,.
of Minas of which this Bond forms a pert 1 may
be sufficient
overve the terms
er si ofthBonesundias uch ll none
may be subject to defcosanre In the event sufficient funds are m order
nroVlded t0 the Trustee to hold tinder the Indenture for past p Yments hall be made monthly to Me Trustee, sting on
meat of all Principal,meerest,premium,fees and other chafe I cts,I 1 bealf of the City,in sufficient amountto enable the Trustee to
es on this Bonal any time after issue of the Bonds make the semiannual payments of principal,interest,premi'
II is hereby things
,recited and declaredthatall Per
m,f anv,fees and other costs under the Bonds.Said Flnanc-
and Mont arid chines required to exist,happen and ce Per inn if
shall contain he Cat additional covenants of the Coo,
formed precedent to and n execution ana deliver a 1M Trues n may be required by the City and for the assurances of
Idea-Mire d the issuance of this Bond do exist.have hap-f the looters of Me Bonds.
vented and have been performed In due time, arm and man The Company shall et Cute a certificate and deliver the
fired by lay/and Mat the Issuance of this Bond and same to the Trustee indicating the exact dale 1 accepts corn.
the Issue of which it fain[ part does not violate or contra- r elation of construction and takes possession of the building.In
on litgtl°nit o laetof i limitations of Y other on addition,,the Company will certify to the Trustee the fixtures
and
of acgvissllon and taxation of equipment,fixtures and
good,coalract or other evidence of Indebtedness or obligation ppunenances financed by the Bonds Said certificates shall
to which CITY Ia a party.
IN WITNESS WHEREOF, d Salt Lake by i State of M prejudice o the right third
M the Company inpursue
Utah,has Canted this Bond r er duly executed u its Mayorrechcontractors,0asr ants r other or dies tor a. pNon
M duly aHeothe otherwise,
e, and gs co therunto duly a e affixed by herewith`. ants o ronirert or olherwlse m...Non
facsimile or et de,and Its corporate es 1 to salted by Said Financing Agreement may further provide that the
facslmlle hereto,and has r t d the Intergeauorfercoupons attached pen make
see,liv Ifacslrn!re or nlhetwr l=e ball Dated rsf ofetlwllat Idavfof and Improvements not
t expense,
the Prtlectvand install egllilnmeetlllwre-
March,1980_ on hick hall t impair the valise ereof,and that the
By(SAMPLE DO NOT SIGN) Company shall be fully ice ems tble for making al repairs and
Move connectionProperty therewith during the term of the Bonds,including
By ISAMPI E DO NOT SIGN) Payment of.such Insurance coverage as the City and t hold•
Recorder r of 111e Bends shah require
THIS BONO REPRESENTS A LIMITED OBLIDA a All Improvements to the nuildlnh d fixtures attached
TO NI TcOr SALT LA el CITY ANO NERS NOT IGA thereto shall be covered by the lien 0 eeotic Trust Indenture.All
STITUTE OF GIVE RISE TO A GE Nff(E(RAL OBLIOA re Placements of equipment
yor appurtenances shall he of the '
CHARGE AGA leg.'Trill
OENERALECCITY
ITOR OR of the Cite,,Trustee ors,Prrrchasseer aid wills comae odor
the lien
AXIN(+ POWERS. THIS BONG IS ONE OF THE security interest of the Trust Indenture
BONDS FORMING A PART OF .HE ISSUE DE- Said Financing Agreement shall further provide that the
ComSCRIBED HEREIII AND REFERRED TO IN THE levied on on shall Prolect rsienv other all sec aassessmny andall taxes in
TRUST INDENTURE. (SAMPLE DO NOT SIGN) ownership
tftere tith which would be normal Incidents to
ka<order ow Said FinanrcingeOnreern"ent may provide for subleasing to
(Farm of Interest Carton,if used) I third oadies by Me Cnmeanr f II orpart of the Protect,
eon advance written-poroval of
the trustee,end provided
Nn-On the eirs1 day of,19,Sall I.eke C'-IIY(unless the Bond to that Me Company shall n in manner be relieved of any MIL
which this Coupon at payment
shall have been dilly called for nations under the note and Financing Agreement.
Prior redemption and nayment of the redemptin price trade)I Said Financing Agreement shall further provide ler such
il pay to Bearer,open presentation n d Surrender f this terms and conditions as may Cbeompany
mutuyually ageed between the
'Coupon al the office 1 First Security Bank of Utah.N-A., i City,the lvi thecPusrcehaser,theMndompaning r the protectionedies al
doe
Corporate Trust Department,79 South Main Street,Salt Lak¢ such
Clty.Isiah,Bt111,the a eu 1 shown hereon, provided n fault thereof as may be and
on allowed by law in the
d being semiannual interest han due n the Sal ake City transaction.
Industrial Revenue Bond,Series 1980 dated March 1,1980, ' panty(c)A Lease between the City and the Company for OCC,
Bond numbered .ty I the premises,for term of years not less than the
u
SALT LAKE CITY term of the Bonds,and with fair rentals and other lens not
By(SAMPLE-DO'NAPS
r inconsistenscrowr a and do}andn°fiter agreements by which
By(SAMPLE-DO NOT SIGN) the rer—n s of tY grant from the FDA.shall be aArl�Inistared
Recorder for part t Me construction costs, addition to but under
' Serti°n I.Bonds as Eligible Investments It Is hereby del m Par to administration of Bon proceeds;and
Rated to be the intent al this Ordinance that the Industrial •c re)Otherdocuments, hick hall be reasonably n
I Rosati.Bonds issued u der authorlpu hereof hall bee r,- nary O n lent for carrying outs thepurposesin f this Ordlh
1 ties which all public officers and public bodies of the Smote fernier the U Protect
trdthrne sn financing the thereof,
Including
din Bonds of Uta and its political subdivisions may Invest d u l
1 oil deposit In accordance with low,together with treat- s Me Purchaser may require and as may be agreeanl¢(0 the
Iatt nn(reran an eligible Investment for all Insurance companies, !City and the Company.
credit unions,building and loan of savings and loan associa-
tions, .anon 17 Banding Covenants.All covenants, tioulationin
tions,trust
investmen companies,lea,banking Corporations r associations• !obligations Q gr.tnent5 contained In this Ordinance,the •
executors and trustees and other lido- Trust Indenture,the Financing Agreement d other docu
trades,pension profit-sharingand retirement hins and all relents executed In connection therewith shall be deemed 10 be
other such Slateand of Ufah. City. f which.however,shall creae an general obhga-
Ses:hdn 9.Tax Exdm flans If Is herens,declared to be the tide of as City or constitute a charge on its taxable P ts,
intent of this Ordinance fhnt one Bands issued der thorny Except otherwise provided this Ordinance,all e rights;
hereof and the Interest Income therefrom,shall be exempt Powers and privileges conferred and duties and liabilities,
from all lams Imposed by the Stale of Utah or n political posed uponthe City ny all of such dccurnenls shall he exer-
cised thereof. it Is further declared to be the Intent notic or armed de the sat w with Mr attest ur-
hereof that the interest income from the Bonds shall be x- c f the Recorder except here applicable or
or
1 from Income taxation order the Internal Revenue Code. regulation would requireaction by the entire City Council
Unless waived a wrath,by Pond Counnel,Inc Mayor Is here-' other offices.No obligaion or covenant of the City contained
.by Instructed to execute and file with the Internal Revenue in any of such documents shall be deemedbllpallon or
I Service(Pier whore the Company files Its federal lox recovenant f any officer,anent or employ.of anhe City in his or turns,as a as sregul+leainns mnY prescribe,such statements1 elec- hher individual any
capacity and neither the umegmbersr of the City
e gm option der the Council officers of the City r executing the
provisions aof Sections 103 f then Internal Revenue Cede any i hone sins hhlllt be personally liable on the Bonds subject to
aations p nulgater thereunder,which talements ma y by teason of the issuance thereof I
be basedin parr on information t be furnished by the Comae- rSection 13 a bdlty. In sea y one, e of the
s of Ms Ordinance,the Trust!denture,or
Financing
ay.All normal taxbenefits.such depredation deductions, Agreement,or other documents ter.tdd In connection there
investment lax crdits,sales and other tax deductions,and the with,o f any of the Bonds t be issued under authority here-
like.,shall belong to the real
anv. of shall forany reason be held by any court of competent -
The Project and real and personal property eluded risllcnon to e Illegal or invalid,such legality Invalidity
therein shall not be exempt from ad valorem and similar lax- shall not affect any of Me other provisions of this Ordinance or
imposed by the State or Utah ad any political subdnereants this Ordinanh documents
e uaenll or of the bonds
ids o uha construed and
and
char f lexceor ro the tent therein of a and
y non an a sic r shall
Of r ri.;As,),,r bete pare Insp t heregl Ihef es s of he C shall enforced s Ifs h illegal o invalid provision or provisions
extend o he ecnnor Ir,and beneficial Interests of the Cornea- had not been contained therein.
nle other Person,firm orcorporation,all of the.
A- Section It.Conditions Precedent.All acts,conditions and
venef tamrsats in the Probed O e Of the valorem
used In things ai tar issuance to the a f this Ordinance,to ide
nrclion!herewith Shall be subject 10 ad valorem taxation authority fora AB she Bonds
1 and execution
x utii n of thee Trust
ran dare with law. lye a eces-
0.es.ratifies a Contracts s Moontract The theity r con /ton s 0 the h,r ofrUO by which
0
haaeee t with u ratifies and c°Titans the tors or
by the Me Acf Or a other laws performed
Me Stale t Utah,which must hereof
and
with such e em sol5e ed by rectorser ve tors s isle and be psaid au precedent t ap en , hera, and
Come'° may have been scompl by the Ct cane for the 'the providing said authority,equir have happened,passage
exist and
m of equipment,
lei Or completingnecleraconstruction Of the have h en IS.Officers
as and Successor,
esby law.
sdl lot rain cyenn fixtures and other Prefect.
Then City 0 be sCounn,the officers and Successor and The all m obeys of the
hod Rim or y ec o.Ion with ce tracts heretofore The City hereby Cific es, tto Mayor,the Regent e other it the Cit
i t(aims ny strection a such cpnlract comped lawfully officers, Homey[,and doer agentsor o all employees al the City
ble
'fist
If con unction has been entails,completed for prior to 'see herdhv ororiz other
Ordinance,
o tlo all is and things
adoption hereof,n,the Bond proceeds financing,nny be uc r t e pu- aired pf gee a has Oolherndo she tsu e un anal r vmg r m yy rinbur Cnea,uclie5 !Financing rmal..ins and other documentsexecuted in con-
un costa and/Oryr remaining
paid
the Com piny flu on Inn,including the Bonds.for th lull punctual
allowablethis Or coals as it may have pad consistent with Sncllon< I and complete performance f all f the terms, nit is and
o this Ordinance the
agreements tamed therein and constituting obligations of
It snail not have been necessary for the Con-Many n I olio City.In the event Ibe Mayor.the Recorder,o v other
officer of the City al or
be replad hereafter by election
-T - - - Ignaflrn,r Oval or otherwise,or in the event a designated
L 1 o 'ddl n with financing
y tg .lot I I officer Is at any time unable S to act by reasonof Illness,dis
11 q 1 its 1- 1 f the ability or absence from e State of Utah,te in either such
Prof,'or any part thamf,or in connediun wi.any of the vent,the duty elected,ap rated or acting s r o law
contracts heretofore 1 d f .h po, I po lul substitute,as the case may be shall be entitled to act
s The Cdr authorizes the Company t enter Ins'contracts ciudhnlg effecting Me execution°f Bonds and other documents,
r additional contractors or and such act o signature shall be May effective and binding
with
asubstitute,
cirrrcun stan es retie require for the purposes here. on din city.
f.The Company and/or the contractors,as nencabe.- hail ilon Id.Interpretation.This Ordinance,the Trust tact-
cause e to be obtaind and/or continued for theusual
Protect builders' tore,the Financing Agreement,the Bonds arid other nelu-
t risk insurance against fire,windstorm and other usu!casual meets executed In connection therewith shall be Interpreted
ties fornthe tal Insurable valve of the Improvements uing and construed in accordance with the law Of the State of Utah,
nslructionas well as bile liability c e Inc the on- with ic tent an purpose that all such documents shall car.
tractors,the letoroany and the City duringvan0 aer construe. rY forth the matters necessary for the acquisition,construction
Ion as their Interests may appear,and the costs thereof shalland financing f the Prnlen,the Issuance and payment Of the
be deemed one f Me d inanctl and allowable Project costs ond.and of
of all other obligations of the City
under Section a of this Ordinance, herein contained or referred to.Liberal construction f all
Section IT'Trust Indenture and Financing Agreement.The hereof shall be o ed for the assurance and protection of
City hereby authorizes and instructs the Mayor to a te, the holders of the Bonds,and any ambiguities or r errors
A the Recorder to attest under she corporate seal of the City, hatpin shall not invalidate this Ordinance or the effect of pub
the fdttowlrg additional documents.ell ol which shall contain I the Pond
hereof,and the further documents infurtherance of
such terms and troy eons furthering the.tr t h and linens , the Pond Issue may be executed In substantialers'' compliance
no Ihereol may rha mutually egreenhle thet°eC City,the herewith.The terns l leriuers","holders" dte'hominoid.
Company and the Purchaser, er a used hereinshall include both the plural and the.slit.
la)Trust Indenture,which shall prnV.^le that First Secu outer,as
applicable.The titles to the various sections to
iIv Bank of Utah,N.A. any other financial inOltmlon law, tamed this Ordinance are for a f reference only and
fully co Inns,.hall be or
for The U pose of holding hall not be considered art of the Ordinance If any nittereln
the pr0('.eed.s of the sales 1 said Induslr Ual Reyenue Bnoas, mimesis a meaning contrary to the express language of the
e find In accordance with law the unneeded potion of said -
Ordinance.
e.
investing
eeds and distributing from time to time to the Company Or / join It.Act,
Publication.The City shall pursuant t Section
1s,rut f the gul, ins, o pursuant to }her on o is Ornc-
hasMecontractorsindebted
and other conk 1d whom the ne necessary
to es,rules a newspaper provide iher circulation
of Salt
Ordi-
has become debted such proceeds as may be e. 'is Y t ante i newspaper i general circulation in Salt Lake
n
y all f the costs of the Said
rt m fully defined a to t CguMy.in
n the twat reasonably Passible day of eriod 0
SMion administer
this Ordinance.ice.Said Truster shall Milner be anti- thin following on
passage to This Ordinance.For a period ai°f
clot la onor the must state which shall me into Its thirty rest days after thin date of such publication,legality
y of
Possession from
control,including bu a Financing
to the note C interest shall have the right t test Me le6aIII 1 this
and Me from the lls same
order the Financing Agreemename.,
the' Ordinance m e Bonds ecthmaytbement 0 th hereby Any
and nit plunge of ins sit e made to efees a dYotherr of the• revisions made forthe securit n payment of the Bonds or of
under
Interest, remlum,'f any, o costsh y Aog��eeeemrnl r Trust lneenture thorization herein:and
u d r the Rands,and any prOceecls reinvesting the estate, Uer the expirafi0n 1 sad thirty(30)days, person shall
ith due a r Tong a request f the City for all funds have y cause f action whatever to contest the regularity,
with
by it.Said Trust Indenture of
contain °isions In formality Or legality of this Ordinanceor of any agreement or
the nature f a deed f trust and a security agreement by document authorized hereby. Provided, however, that the
which all 1 the interests of the City d the Company n the Boconda or any of them maybe'issued at a time Her such
al properly underlying the Proll t trust, the pe.he BB.onds, publication IMo ur any welting perird If,'any
written opinon
shalt be r need d conveys r f Bond Counsel,nolegal impairment of the issued Bonds will
Property and fixtures and
by the Bonds shall become be suffered.
subi 1 l0 security interest,tar the purpose Or securing Section la.Effective Dale This Ordinance shall lake effect
of principal,Interest,d premium,II any,fees fir oche n Ordinance
of the 3roh CaY fallowing the publication oh
Paymenttt opro the Bonds and Inc they holders of s purposes .this Ordinance as above prOSAM.
Said Tr to protection of the e d duty
Inc d holders O/said Bonds SALT LAKE CITY CORPORATION
Said Trust Indenture shall or duty recorded on the.retards of TEO L.WILSON
foe It lake Comte Rn'nrhar fed t of nit nal Mayor
witpeifs, s 'Urlly mleresis.shoo he banded in accordance If Mil°RE
h rluy Uniform ci=v clal Cede. i MII.ORED V.N IGHAM
Recorder
BILL N)O.13 of 19$0
t Published March 21,tile D-87