HomeMy WebLinkAbout102 of 1977 - A resolution authorizing the issuance of Industrial Revenue Bonds in the amount of $3,500,000 to Acm rr
Resolution No.1(;2
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By Jennings Phillips, Jr.
COMM$MONER
It
Authorizing the issuance of Indust—
rial Revenue Bonds in.the moiJnt of
$3,500,000.00 to Acme Electric Corpor-
ation.
•
hooted to De herddG�iSsiMst
AND PASSED
NOV 1 1977
•
11116L
• u"i
i
•
Nov.aib.r 1. i917
Acme£leotrio Corporation
ohs Dale Cup.ator.'Director
of Iadaatrial Proaiotioa
$2 Arrow Prase dgaare Bahr f00
Silt Lab City. Utah AA101
0611111111111ZU
The Board of City C.ernallasioaerits at Ka xaoettw=to y.imuillid
lreaMWet iio. 10$at int. *xthorlalns the lsawaee of teda.trirt
Barons*Bonds la the sassiest of$0.600,000.00 to Acme*4otrle
Corporation.
Yates GIs
.
City Itaoorder /
ma
CCi
Audito?
Illasaee
Attera$y
...Piles
NOTICE
NOTICE OF THE AGENDA
HEB MEETINGOF TOARDO COMMIS-
SIONERS OF SALT LAKE
CNOV�M EAR 1,1T977.BE HELD
PUBLIC NOTICE IS
HEREBY GIVEN of the follow-
ing agenda of a regular meeting
of the Board of Commissioners
of Salt Lake City,Utah,to be
held in Room 301 City and
County Building, Salt Lake
City,
Utah, comment
cing
a . November,97.
ROLL CALL
RESOLUTION
A Resolution authorizing the
Board of Commissioners of Salt
Lake City to Proceed with the
to the necessary
off Three Million
Five Hundred Thousand Dol-
lars Reven Bonds
dss to finanncpe Industrial the
wrNguse facility consi of a sting of
al and
nd,building,Improvements,
machinery and equipment for
the Anne Electric Corporation,
New York Corporation.au.
a ed to and doing business
in Allegheny County,State of
New York.
Dated October 26,1977.
MILDRED V.HIGHAM
City Recorder
Published October 26,19771D-9)
APPROVED AS TO FORM
Salt 1.Ae City Attorneys Office
RESOLUTION Daso /s,Ey e
WHEREAS, SALT LAKE CITY CORPORATION (the CITY), a municipal
corporation of the State of Utah, is authorized and empowered under the
provisions of Title 11, Chapter 17, Utah Code Annotated 1953, as amended
(the Act), for the purposes stated therein, to issue Revenue Bonds for
Industrial Development purposes; and
WHEREAS, ACME ELECTRIC CORPORATION, (the COMPANY), a New York
corporation authorized to and doing business in Allegany County, State
of New York, has requested that the CITY issue Industrial Revenue Bonds
to finance the cost of a manufacturing and warehouse facility for the
COMPANY consisting of land, building, improvements, machinery and
equipment (the PROJECT) at a cost of approximately Three Million Five
Hundred Thousand Dollars ($3,500,000.00); and
WHEREAS, the CITY desires pursuant to the COMPANY's representations
and request to issue such Bonds to finance the cost of purchasing the land
and purchasing and constructing the buildings, improvements, machinery, and
equipment for the Project by the issuance of Revenue Bonds under the Act in
the amount of approximately $3,500,000.00; and
WHEREAS, such Bonds would be payable solely from the rentals,
revenues and receipts delivered to the CITY from the lease of the Project
to the COMPANY and would not constitute nor give rise to any general obli-
gation or liability of the CITY against its general credit or taxing powers
and from which, among other things, the COMPANY agrees to hold the CITY harm-
less; and
WHEREAS, the payment of the principal of, and interest on, said
Bonds would be guaranteed by the COMPANY: and
WHEREAS, the COMPANY has agreed to negotiate the sale of the Bonds
and appoint a Utah Trustee, all with the approval of the CITY and in
accordance with the laws of the State of Utah; and
WHEREAS, the COMPANY desires that the purchase of the land and
the purchase and construction of the building, improvements, machinery and
equipment commence as soon as practically possible:
ROLL CALL I
VOTING. Aye Nay
Mr.Chairman . . .
Agraz
Hogensen
Phillips
Praull+
-2-
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners
of Salt Lake City, as follows:
1. That the Board of Commissioners of Salt Lake City hereby
finds and determines that the issuance of its Revenue Bonds to finance
the cost of the Project will be in furtherance of the public purposes set
forth in the said State Act, and that the Project will promote the welfare
of the CITY.
2. That the Board of Commissioners of Salt Lake City hereby
tentatively approves the Project to be financed out of the proceeds of
approximately $3,500,000.00 principal amount of the Industrial Revenue
Bonds, Series 1977, of the Salt Lake City Corporation to be issued
pursuant to the provisions of the Act.
3. That CITY officials are hereby authorized and directed to
proceed with the necessary negotiations relating to the Project and the
preparation of the legal documents relating thEreto for final action by
the governing body of the CITY, provided the COMPANY meets all CITY, state
and federal statutory requirements for the Project and issuance of the
Bonds.
Passed by the Board of Commissioners of Salt Lake City, Utah,
this 1st day of November ,1977.
.,A'OR
COMMISSIONER'
XCOVASalltilki.)4
•n ISSIONE' WAIF
COMMIS ONE'