HomeMy WebLinkAbout20 of 1979 - A resolution authorizing negotiation for issuance of Industrial Revenue Bonds to Bourns, Inc. to fin ROLL CALL
VOTING Aye Nay
Mr.Chairman.
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Phillips ✓ �/
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RESOLUTION
WHEREAS, SALT LAKE CITY CORPORATION, a municiipal 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, BOURNS, INC. , a california corporation, or any
subsidiary or other company affiliate authorized to and doing
business in Salt Lake County, State of Utah, hereinafter called
"COMPANY", 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
$10,000,000.00; 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 $8,000,000.00; and
WHEREAS, such bonds would be payable solely from the
revenues and receipts delivered by the City from the mortgage 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 he 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 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 here
approves the Project to be financed out of the proceeds of
approximately $8,000,000.00 principal amount of the Industrial
Revenue Bonds, 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 including
a memorandum of agreement with the Company relating thereto for
final action by the governing body of the City, provided Company
meets all City, State and Federal statutory requirements for the
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Project and issuance of said bonds.
Passed by the Board of Commissioners of Salt Lake City,
Utah, this 1st day of March , 1979.
A OR
CITY RECORDER
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• Resolution No. 20
By Jennings Phillips, Jr.
COMMIss.ry ER
Authorizing negotiotion for issuance
of Industrial Revenue Bonds to Bourns,
Inc.
Presented to the Board of Colmnissiioner%
AND PASSED
MAR I i 179
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