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HomeMy WebLinkAbout26 of 1980 - A RESOLUTION OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS OF SALT LAKE CITY, SALT LAKE Seth La6e ^ Aft xnF;. ^fi,ea Date F r / Salt Lake City, Utah May 20, 1980 The Municipal Council of Salt Lake City, Salt Lake County, Utah, met in regular public session on the 20th day of May, 1980, at the hour of 5:00 o'clock P.M., at the regular meeting place of the Municipal Council in Room 301, in the City and County Building, Salt Lake City, Utah. The meeting was duly called to order by the Chairman of the Municipal Council with the following members of the Municipal Council being present, constituting a quorum of the Municipal Council: Ronald J. Whitehead Chairman Ione M. Davis Councilwoman Palmer DePaulis Councilman Sydney R. Fonnesbeck Councilwoman Grant Mabey Councilman Edward W. Parker Councilman Alice Shearer Councilwoman Absent: Nnna There were also present: Ted L. Wilson Mayor Mildred V. Higham City Recorder Roger Cutler City Attorney After the minutes of the preceeding meeting had been duly read and approved, the City Recorder presented to the Municipal Council an affidavit evidencing the giving of not less than twenty four (24) hours public notice of the agenda, date, time and place of the May 20 , 1930, meeting of the Municipal Council in compliance with the requirements of Section 52-4-6(2), Utah Code Annotated, 1953, as amended, by (1) posting written notice of the meeting at the principal office of the Municipal Council, and (2) providing notice to at least one newspaper of general circulation within the general geographic jurisdiction of said city, or to a local media correspondent. The affidavit was ordered recorded in the minutes of the meeting and is as follows: -2- NOTICE OF MEETING OF THE CITY COUNCIL OF SALT LAKE CITY, UTAH PUBLIC NOTICE i•hereby given that the City Council of Salt Lake City. Utah, will hold a meeting in Room 301 City and County Building, Salt Lake City. Utah, commencing at 5:00 p.m.,on Tuesday, May 20 , 1980. The Agenda for the meeting conalsta of the following: L INVOCATION 11. PLEDGE OF ALLEGIANCE III. APPROVAL OF MINUTES IV. UNFINISHED COUNCIL BUSINESS • 1. CITY COUNCIL-ORDINANCE pertaining to automobile allowance• for City employees. 2. CITY COUNCIL-Consideration of industrial revenue bonds for • Coutinho, Caro I.Co. 3. CITY ATTORNEY-Consideration of amendments to Executive Salary Plan. �. CITY ATTORNEY-CETA Consortium Agreement for Fiscal Year 1980. and RESOLUTION accepting the same. V. PUBLIC HEARINGS S. CITY COUNCIL-Public Hearing to afford citizens the opportunity to make written and oral comments e on the possible use of Revenue Sharing Funds for the fiscal year 1980-81. VI. NEW COUNCIL BUSINESS 6. CITY COUNCIL-RESOLUTION of appreciation for Reverend Joaeph L. Federal who ham served as the.Bishop of the Salt Lake Diocese of the Roman Catholic Church for twenty year.and ten year.prior to that,as Auxiliary Bishop. VII. NEW COUNCIL BUSINESS TO BE REFERRED TO COMMITTEE 7, CITY ATTORNEY-ORDINANCE which prohibits the street,from being used for storage. VIII. MAYOR BUSINESS TORE REFERRED TO COMMITTEE IX. CITIZEN COMMENTS TO THE COUNCIL AND MAYOR 8. National Federation of the Blind-Comments on Audible Signals. X. COUNCIL OUESTIONS FOR THE MAYOR DATED May 16. 1980 STATE OF UTAH ) ss. COUNTY OF SALT LAKE I On the 16th day of May. 1980 I personally delivered a copy of the foregoing notice to the Mayor and posted copies of the a nspic at the following times and locations within the City and County Bilding, Salt uLake City, Utah: I. At 9:30 p,m, in the City Recorder's Office, Room 200,and 2. At 9:35 p.m. in the newsroom.Room 301. 717.ii'd4 r l� City Recorder Subscribed and sworn to before me this 16th day of May, 1980 7VaxiI,-1 xo, F�tAdY4lf'�) NOTARY PUBLIC residing in Salt Lake City, Utah My Commission Expires: I-8-83 STATE OF UTAH : SS COUNTY OF SALT LAKE) I, the undersigned, the duly qualified and acting City Recorder of Salt Lake City, Salt Lake County, Utah, do hereby certify according to the records of said city in my official possession, and upon my own knowledge and belief, that in accordance with the requirements of Section 52-4-6(2), Utah Code Annotated, 1953, as amended, I gave not less than twenty- four (24) hours public notice of the agenda, date, time and place of the May 20 , 1980, public meeting held by the Municipal Council of Salt Lake City, Salt Lake County, Utah, by: (a) causing a Notice of Public Meeting to be posted at the principal office of the Municipal Council at room number 200, City and County Building, Salt Lake City, Utah, on May 16 , 1980, at least twenty-four (24) hours before the convening of the meeting, in the form attached hereto as Exhibit A; said Notice of Public Meeting having continuously remained so posted and available for public inspection during regular office hours until the convening of the meeting; and (b) causing a copy of the Notice of Public Meeting in the form attached hereto as Exhibit A to be provided on May 19, 1980, at least twenty-four (24) hours before the convening of the meeting, to The Salt Lake Tribune, a newspaper of general circulation within the geographic jurisdiction of said city, and to each local media correspondent, newspaper, -3- radio station or television station which has requested noti- fication of meetings of the Municipal Council. IN WITNESS WHEREOF, I have hereunto subscribed my offi- cial signature and impressed hereon the official seal of Salt Lake City, Salt Lake County, Utah, this ;614'day of May, 1980. 20 _ , t/OA4A-, City Recorder Salt Lake City Salt Lake County, Utah [SEAL] -4- • EXHIBIT A -5- XPPRM SD AS TO FORM 5e4 UM City Attorney's Office D-:fe - 2 �U ay __ Thereupon, after the conduct of other business not pertinent to the following, the following resolution was intro- duced in written form by Council Member Agra chparer , was read in full and pursuant to motion duly made by Council Member Alice Shearer and seconded by Council Member Depaulis and was adopted by the following vote: Aye: Ronald J. Whitehead Ione M. Davis Palmer DePaulis Sydney R. Fonnesheck Grant Malley Edward W. Parker Nay: Alice Shearer None The resolution was thereupon presented to and approved and signed by the Mayor in open meeting, was signed by the Chairman of the Municipal Council and was attested and recorded by the City Recorder in the official records of said City. The resolution is as follows: A RESOLUTION OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS OF SALT LAKE CITY, SALT LAKE COUNTY, UTAH, IN AN AGGREGATE AMOUNT OF NOT TO EXCEED $2,500,000, TO FINANCE THE ACQUISITION AND CONSTRUCTION OF WAREHOUSING FACILITIES FOR COUTINHO, CARO & CO. (PACIFIC), INC. WHEREAS, Coutinho, Caro & Co. (Pacific), Inc. (the "Company"), wishes to have Salt Lake City, Salt Lake County, Utah -6- (the "Issuer") issue its industrial development revenue bonds to finance the cost of acquiring and constructing a new ware- house and materials handling center for the Company to be located in Salt Lake City, Utah, on the real property described in Schedule I attached hereto, which new facility (the "Project") as proposed will consist of buildings, improvements and equipment constituting warehousing facilities within the meaning of the Utah Industrial Facilities Development Act, Title 11, Chapter 17, Utah Code Annotated, 1953, as amended (the "Act"), and will cost not more than $2,500,000; and WHEREAS, the Issuer is authorized and empowered by the provisions of the Act to issue industrial development revenue bonds to finance the acquisition of such facilities and the Issuer deems it necessary and advisable to take such action as may be required under applicable statutory provisions to authorize and issue such industrial development revenue bonds; and WHEREAS, a Memorandum of Agreement has been presented to the Issuer under the terms of which the Issuer agrees, subject to the provisions of such agreement, to issue its industrial development revenue bonds to acquire such facilities; NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF SALT LAKE CITY, SALT LAKE COUNTY, UTAH, AS FOLLOWS: Section 1. That in order to assure the location of the Project in Salt Lake City, Salt Lake County, Utah, it is deemed necessary and advisable that the Memorandum of Agreement -7- herein after referred to be approved and executed for and on behalf of the Issuer with the Company. Section 2. That the Mayor of the Issuer is hereby authorized to execute, and the City Recorder of the Issuer is hereby authorized to countersign, attest and affix the seal of the Issuer to, a Memorandum of Agreement with the Company in substantially the form of such agreement as was presented to this meeting and is attached hereto as Exhibit A, or with such changes therein as shall be approved by the officers executing the same. Section 3. That the officers and employees of the Issuer are hereby authorized to take such further action as is neces- sary to carry out the intent and purposes of the Memorandum of Agreement as executed and to issue industrial development reve- nue bonds of the Issuer in an aggregate principal amount suf- ficient to finance the cost of acquiring and constructing the Project, the cost of the issuance of such bonds, and related costs and expenses, presently estimated to be not more than $2,500,000, upon the terms and conditions and for the purposes stated in said Memorandum of Agreement which is hereby made a part of this resolution. Section 4. That all resolutions and parts thereof in con- flict herewith are hereby repealed to the extent of such con- flict. Section 5. That this resolution shall take effect immediately. -8- PASSED AND APPROVED by the Municipal Council and the Mayor of Salt Lake City, Salt Lake County, Utah, this 20th day of May, 1980. X-1.7 Chairman of the Municipal Council, Salt Lake City, Salt Lake County, Utah Attested: A,1,e 7 li. t,,, City Recorder, Salt,1 ke City, tt Salt Lake County, Ut h Appr :s ���� , Salt Lake City, Salt Lake County, Utah [SEAL] (Other business not pertinent to the above appears in the minutes of the meeting.) Upon motion duly made and carried, the meeting was adjourned. Chairman Attested: 71.i2(6a..i ,_*:-/ d--Pvt-, City Recorder [SEAL] -9- EXHIBIT A MEMORANDUM OF AGREEMENT THIS MEMORANDUM OF AGREEMENT is between Salt Lake City, Salt Lake County, Utah (the "Issuer") and Coutinho, Caro & Co. (Pacific), Inc., a Delaware corporation (the "Company") . 1. Preliminary Statement. Among the matters of mutual induce- ment which have resulted in this Memorandum of Agreement are the following: (a) The Issuer is authorized and empowered by the provisions of the Utah Industrial Facilities Development Act, Title 11, Chapter 17, Utah Code Annotated, 1953, as amended (the "Act"), to issue its industrial development revenue bonds for the purpose of financing, in whole or in part, the cost of any "Project (as said term is defined in the Act) . (b) The Company wishes to obtain satisfactory assurance from the Issuer and to confirm certain prior understandings with the Issuer that the proceeds of the sale of industrial develop- ment revenue bonds of the Issuer may be made available to finance the cost of acquiring and constructing a new warehouse and materials handling center for the Company to be located in Salt Lake City, Utah, which new facility (the "Project") will consist of buildings, improve- ments and equipment constituting warehousing facilities within the meaning of the Act. -10- • (c) Subject to due compliance with all requirements of law, the Issuer, by virtue of such statutory authority as may now or hereafter be conferred by the Act, will issue and sell its industrial development revenue bonds (the "Bonds") in an aggregate principal amount sufficient to finance the cost of acquiring and constructing the Project, the cost of the issuance of the Bonds, and related costs and expenses presently estimated to be not more than $2,500,000, when and if it is requested to do so by the Company. (d) The Issuer considers that the acquisition and construction of the Project and the financing of the same by the Issuer will promote and further the purposes of the Act. 2. Undertakings on the Part of the Issuer. Subject to the conditions above stated, the Issuer agrees as follows: (a) That it will authorize the issuance and sale of the Bonds pursuant to the terms of the Act as then in force, when and if it is requested to do so by the Company. (b) That if the Bonds are to be issued and sold by the Issuer, the Company will endeavor to find a purchaser or purchasers for the Bonds, and if purchase arrangements satisfactory to the Company can be made, the Issuer will adopt, or cause to be adopted, such proceedings and authorize the execution of such documents and do such things as may be necessary or advisable for due authorization, issuance and sale of the Bonds and the acquisition and construction of -11- the Project, all as shall be authorized by law and mutually satisfactory to the Issuer and the Company. 3. Undertakings on the Part of the Company. Subject to the conditions above stated, the Company agrees as follows: (a) That, if the Company requests the Issuer to issue the Bonds, it will use all reasonable efforts to find one or more purchasers for the Bonds. (b) That if the Company requests the Issuer to issue Bonds, the Company will, contemporaneously with the delivery of the Bonds, enter into a lease agreement, purchase agree- ment or financing agreement with the Issuer under the terms of which the Company will be obligated to pay sums sufficient in the aggregate to pay the principal of and interest and redemption premiums, if any, on the Bonds as and when the same shall become due and payable. 4. General Provisions. (a) All agreements of the Issuer under paragraph 2 hereof and of the Company under paragraph 3 hereof are subject to the conditions that on or before two years from the date hereof (or such other later date as shall be mutually satisfactory to the Issuer and the Company) , the Issuer and the Company shall have agreed to mutually acceptable terms and conditions of the lease agreement, purchase agreement or financing agreement referred to in paragraph 3 above and of the Bonds and other instruments or proceedings relating to the -12- Bonds, including reimbursement of the Issuer for all reasonable and necessary direct out-of-pocket expenses incurred by the Issuer. (b) If the events set forth in (a) of this paragraph do not take place within the time set forth or any extension thereof, and the Bonds in an amount of approximately the amount stated above are not sold within such time, the Company agrees to reimburse the Issuer for all reasonable and necessary direct out-of-pocket expenses which the Issuer may incur arising from the execution of this Agreement and the performance by the Issuer of its obligations hereunder, and this Agreement shall thereupon terminate. (c) By entering into this agreement, or any subsequent lease agreement, purchase agreement, financing agreement or other agreement in connection with the issuance of its bonds as con- templated hereby, the Issuer shall incur no general obligation or liability or a charge upon its general credit or against its taxing powers. (d) The Company shall hold harmless and indemnify the Issuer from any and all claims by third parties against the Issuer that arise as a result of the Issuer's entering into this agreement or any subsequent agreements as are necessary and proper to effectuate the issuance of its Bonds as contemplated hereby. IN WITNESS WHEREOF, the parties hereto have entered -13- into this AgreementL by their officers thereunto duly authorized as of the a0"Yiay of May, 1980. SALT E ITiy SALKE COUNTY, UTAH By Mayor [SEAL] Attested and Countersign cC�o�untersign : add• �/'/�!1 -fit+cucC. City Recorder COUTINHO, CARO & CO. (PACIFIC), INC. By - c- .z - Its [SEAL] Attest: ItS, L'irZ 4,„ -14- SCHEDULE I A parcel of land, being all that portion of Lot 3, Centennial Industrial Park, Phase V, Salt Lake City, Salt Lake County, Utah, re- corded , 1979, as Entry No. in the Office of the Recorder of said County, lying south of the following-described line: Beginning at a point on the east line of said Lot 3, from which point the northeast corner of said Lot 3 bears N. 0° 07' 23" West, a dis- tance of 734.86 feet; Thence S. 89° 52' 37" W., a distance of 375.00 feet, to the west line of said Lot 3. Containing an area of 348,480 square feet, more or less. -15- STATE OF UTAH COUNTY OF SALT LAKE ) I, Mildred V. Higham, the duly qualified and acting City Recorder of Salt Lake City, Salt Lake County, Utah, do here- by certify, according to the records of said city in my official possession, that the above and foregoing constitutes a true and correct copy of excerpts from the minutes of a regular public meeting of the Municipal Council of Salt Lake City, Salt Lake County, Utah, held of May 20 , 1980, includ- ing a resolution adopted at said meeting, as said minutes and resolution are officially of record in my possession. Said resolution has not been amended as of the date hereof. IN WITNESS WHEREOF, I have hereunto subscribed my offi- cial signature and impressed hereon the corporate seal of Salt Lake City, Salt Lake County, Utah, this a 0.)day of 71161 , 1980. City Recorder [SEAL] -16- Resolution No. By City Council Resolution of intention to issue Industrial Development Revenue Bonds of Salt Lake City, Salt Lake County, Utah, in an aggregate amount of not to exceed $2,500,000, to finance the acquisition and construction of warehousing facilities for Coutinho, Caro & Co. (Pacific),Inc. APPROVED ' MAY 20M. ; a� an aeooacit