12 of 1978 - Resolution authorizing the Board of Commissioners of Salt Lake City to proceed with necessary negoti pp.' . ..
Resolution No. ,-
gy Jennings Phillips, Jr. 1
J r ' COMMISSIONER
Authorizing the Board of Commissioners
of Salt Lake City to proceed with i'',
necessary negotiations relating to the I'll
issuance of$3,500,000 Industrial
Revenue Bonds to finance the construct;
tion of a conference center in the
I Research Park area of the University ',III,
of Utah for University Conference l
I Center Associates and Sojourner
I International.
11 I",
Presented to the Board of Commissioners IL
I IIII AND PASSED
II FEB 71973 Il
a 7.e,G� CK/
RY RECOr- 1,
. 1'
jI
I
February 14. 1978
Honorable Jennings Phillips, Jr.
Commissioner of Public Affairs
and Finance
211 City and County Building
Salt Lake City, Utah
Dear Commissioner Phillips;
The Board of City Commissioners. at its meeting today, approved your
motion as follow:
I move that the City Commissiao meta its action at
February 7, lift.preliminary Resolution No. 12 of
1978. authorizing the Board of Commissioners of Salt
Lake City to proceed with accessary eegotistica*relating
to the isauaeee of$3:200,000 industrial Revenue Bonds
to Hoarse*the construction of a conicreae center la the
Research Pant sync of the l3adveraity of Utah for university
Conference Center Associates and 8d)cureer International
without prejudice to Mr. Richard Perkins and Mr. Den B.
Allen. Attorney,wtth the understanding that the City may
as a matter it policy decline to sponsor hooding for a
development bet rather that the City continue to sponsor
established fiscally responsible comfits*.
Yours truly.
Attorney City Recorder
Auditor
Mayor Wilma
Comm.Agrss Comm.Greener
Comma.flab Mr.AU**
Files-2 Atty Report 81
Resslagsa 12
NOTICE
NOTICE OF THE AGENDA
OF A REGULAR MEETING
OF THE BOARD OF COMMIS-
SIONERS OF SALT LAKE
CITY,
H.
Publ Public la hereby given
Mat the Board of Commission-
hlAaarpWu' gIo Salt
Utah,
will
Room 301, City and Canty
Building,Salt Lake City,Utah,
osmmencing at 10:00 o'clock
am.on February 7,1978.
The agenda for the meeting
will consist of the following:
Roll Call
RESOLUTION
of Consideration
of the althoriz g adoption
the
Board of Commissioners of Salt
Lake City to proceed with
necessary reootiatbns relating
to Me Issuance of Three Million
Five Hundred Thousand Dol-
lars(13,500,000)Industrial Rev-
enuconfronds uction o f a to finance e
center In the Research Perk
area of the University of Utah
for University Conference Cen-
ter Associates,a general pert-
mmnio and Suborner Interna-
tional,a Utah Corporation.
Dated:February 1,1978.
MILDRED V.HIGHAM
City Recorder
PUBLISHED
February 4,1998 ID-Sal
ROLL CALL
VOTING Ems Salt Lake City,Utah, February 7 ,19 78
Mr.Chairman
I move that t '• elution be. opted..
Agraz . .. . /
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Phillips 1 IMPIOLUTION
Result 11111
WHEREAS, Salt Lake City Corporation (the "City") , a municipal
corporation of the State of Utah, is authorized and empowered under
the provisions of the Utah Industrial Facilities Development Act, Title
11 Chapter 17 Utah Code Annotated 1953, as amended, (the "Act") for the
purposes stated therein to issue revenue bonds for industrial develop-
ment purposes; and
WHEREAS, University Conference Center Associates, a general part-
nership organized under the laws of the State of Utah, with Sojourner
International, a Utah corporation, as the principal managing partner,
has requested that the City issue industrial revenue bonds to finance
part of the costs of constructing a conference center consisting of
approximately 150 hotel rooms, together with conference rooms and
appurtenant dining and shopping facilities, which conference center
shall be located on land owned by the University of Utah as part of the
Research Park which shall provide such land under a long-term lease
for the purpose of said conference center. The proposed conference
center will have a cost of approximately $4.5 million, of which $1
million will represent equity contributions through University Con-
ference Center Associates and $3.5 million will represent proceeds
of the proposed industrial revenue bond issue; and
WHEREAS, the City desires, pursuant to the request of University
Conference Center Associates ("Company") to issue such industrial
revenue bonds to finance part of the costs of constructing the buildings,
improvements and related furniture, fixtures and equipment; and
WHEREAS, such bonds would be payable solely from the rentals,
revenues and receipts delivered to the City or through an account for
the City from the proceeds of the project itself, and neither the bonds
nor any transactions associated therewith will constitute or give rise
to any general obligation or liability of the City whatever and will
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not constitute a charge against its general credit or taxing powers
and from which, among other things, the Company will agree to hold the
City harmless; and
WHEREAS, the payment of the principal of, interest on and other
charges associated with said bonds will be guaranteed by the company;
and
WHEREAS, the bondholders will be secured by an appropriate lien
on the improvements together with a pledge of the obligations of the
Company relating to the project; and
WHEREAS, the Company has agreed that, if it becomes appropriate
or necessary to use a trustee to administer funds or hold various pro-
perties or interests therein for the benefit of the bondholders, a
state or national bank doing business within the State of Utah will
be appointed as trustee, all with the subsequent approval of the City
and in accordance with the laws of the State of Utah; and
WHEREAS, sale of the bonds is proposed as a private placement
through an investment and bond company, and the bonds will not be
marketed generally to members of the public, but to financial insti-
tutions or other sophisticated investors; and
WHEREAS, the Company desires that the final arrangements with
the University of Utah be concluded expeditiously and that construc-
tion of the building, improvements and other appurtenances commence
within a very short time.
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 Act and that the project will promote the
welfare of the City.
2. That the Board of Commissioners of Salt Lake City hereby
grants preliminary approval to the project to be financed in part
out of the proceeds of not to exceed $3.5 million principal amount
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of the industrial revenue bonds, series 1978, of Salt Lake City Corporation, to
be issued pursuant to the provisions of the Act.
3. That officials of Salt Lake City Corporation are hereby authorized and
directed to proceed with the necessary negotiations with Bond Counsel and Company
Officers relating to the project and the review of the legal documents relating
thereto which shall be prepared by Bond Counsel for final action by the Board of
Commissioners of Salt Lake City, after appropriate approval by the City Attorney,
provided that the Company shall meet all City, State and Federal statutory and
regulatory requirements for the project and issuance of the bonds, and provided
further, that the Company has finalized arrangements with the University of Utah
for the long-term lease of the land on which the improvements will be constructed.
Passed by the Board of Commissioners of Salt Lake City, Utah, this 7th
day of February 1978. `
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COMM l SIO ER
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