HomeMy WebLinkAbout18 of 1979 - A resolution authorizing the issuance of $1,000,000 Industrial Revenue Bonds to Nabisco, Inc. to fin ROLL CALL i
VOTING Aye
Nay
Mr.Chairman ✓ ,.
Agraz . . . .. ✓J
Gr
Belli
Phillips
Result
RESOLUTION
WHEREAS, SALT LAKE CITY CORPORATION, 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, NABISCO, INC., a New Jersey corporation, authorized
to and doing business in Salt Lake County, State of Utah, hereinafter
called "COMPANY", and has requested that the City issue industrial
revenue bonds to finance the cost of a manufacturing facility for the
company consisting of land, building, improvements, machinery and
equipment (the "Project") at a cost of approximately $1,000,000;
and
WHEREAS, the City desires, pursuant to Company's representations
and request, to issue such bonds to finance the cost of purchasing the
land and purchasing and constructing the building improvements,
machinery and equipment for the Project by the issuance of revenue
bonds under the Act in the amount of approximately $1,000,000; and
WHEREAS, such bonds would be payable solely from the rentals,
revenues and receipts delivered by the City from the lease of the
Project to the Company and would not constitute nor give rise to any
general obligation or liability of the City against its general
credit or taxing powers and from which, among other things, Company
agrees to hold City harmless; and
WHEREAS, the payment of the principal of, and interest on, said
bonds would be guaranteed by the Company; and
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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 State law; and
WHEREAS, the Company desires that the purchase of the land and
the purchase and construction of the building, improvements, machinery
and equipment commence immediately.
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
approves the Project to be financed out of the proceeds of approxi-
mately $1,000,000 principal amount of the Industrial Revenue Bonds,
Series 1979, of the Salt Lake City Corporation to be issued pursuant
to the provisions of the said Act.
3. That the City officials are hereby authorized and directed
to proceed with the necessary negotiations relating to said Project
and the preparation of the legal documents relating thereto for final
action by the governing body of the City, provided Company meets
all City, State and Federal statutory requirements for the Project
and issuance of said bonds.
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Passed by the Board of Commissioners of Salt Lake City, Utah
this ,fj "�4- day of ,� �, �.,,i, � , 1979.
MAYOR
)4-17
CITY RECORDER
Resolution No.
1b
By Jennings Phillips, Jr.
COMMISSIONER
Authorizing the issuance of$1,000,000
industrial revenue bonds to Nabisco,
Inc.
Presented to the hard of Commissioners
AND PASSED
FEB 21 1S79
C4140.0.
ITY RICO"'
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16161b. "