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HomeMy WebLinkAbout28 of 1976 - A resolution Authorizing the execution of a Lease Agreement by and between Beehive Medical Electroni Resolution No. 28 By Ted L. Wilson, Mayor COMMISSIONER Authorizing the execution of a Lease Asgreement by and between Beehive Medical Electronics, Inc. and Salt ' Lake City, Utah, the execution of a Loan Agreement, Deed of Trust and Lease Assignment by and between Prudential Federal Savings &Loan Association and Salt Lake City, Utah, ; the execution and delivery of an Elec- ' tion Statement to the Internal Revenue Service, acceptance of an Inducement ' Letter from Beehive Medical Electron ics, Inc. and the issuance of a single Industrial Revenue Bond. Presented to Me Board of Comnissioneft AND PASSED i APR 01976 ..4)44fa YrAb44.11°- an.moo— NOTICE Salt Lake City.Utah 16 The Board of Canm�yeen off Salt Lake City,Salt Lake County,Utah,met In regular pudic session at its regular meeting piece i the City Heil In Salt Lake City at 10:00 o'clock torn., LL riillsn,19ft76,Y i the following members present: Jess A.Aaraz,Commissioner Herman J.Hopensen,Commissioner There was absent:Jennings Phillips,Jr.,Commissioner Glen N.Growler, issioner There were also preoent Midredd V.H m,City Recorder and Cutler.Roger F.After the meeting had been duly celled to order and therell called with the above results,and after the conduct of other business,the Mayor announced that one of the Items of business to come before the meeting was to be the consideration and adoption of a resolution authorizing the ity executer of a Lear Medical EAglectronics,Inc.,� Mg Salt Lake of a Loan Agri,a Lease Assignment and a Deed of Trust between Salt Lake City and Pruden execution an delivery of a an Election lndown t Loan o tthe et on, Revenue Service,acceptance of an Irduty,ant Letter from Beehive Medical Electronics,inc.to the City,and the issuance of a single I ndustrlel Development Revenue snd by the City. Ittteneform by Ted L.Wilson,Mng y .resolution read in full lr full discussion of the question of the proposed Lear Agreement, Loan Agreement. Dead of Trust, Lease Assignment arid Inducement Letter attached as exhibits to rid resolution,and the propOsed Election Statement to the Interne) Revenue Seilson end serviced by tent A.Agra%said resolu made by tion ado Ted L.pted by the following vote: An:Ted L.Wilson.Mayor Jett A. Commissioner I.Ha Herman J.Haoerueh.Commissioner Nay:None The resolution was than signd by the Mayor In open meeting and recorded by the City Recorder.The resolvttn is as follows: A RESOLUTIONB authorizing file xecutinn of a Lana AgreementtL by and between Beehive Medical Electronics,Inc. and Deed of Trrustandear AWoxneni by and between P ai Agreement,Utah,the execution of a Loan Federal Savings A Loin Aroclaten and Salt Lake City,Utah, the execution and delivery of en Election Statement to the Revenue Service, Beehive Medl Eeoorok d theissuance of a single Industrial Revenue Sod. WHEREAS,Salt Lake City,in t e Canty of Salt Lake,State of Utah("City"),Is an incorporated municipality authorized end empowered by the provision of Chapter 17 of lifts 11,Utah Code Annotated, fli o fi cost of nance and Improvi�nd, bdnas, machinery and equipment suitable for manufacturing.warehousing,rannmer- r s cl hand rent rentals and upon sual ch terms and c to ondom same to mrs ay deem advisable;and WHEREAS adequate opportunities for industrial employ- trent re not available In the City and In order tofor industrlal development and employment eeoort niNssvide for to inhabitants of the City,and to add tonne welfare and prosperity of the City end of its inhabitants,the City proposes to acquire a plant site located within the City("Plant Sit'O and to combust fathe Plant Site Main manufacturing and commercial cilities and appurtenances("Plant"),(sad Plant Site and Plant being herein referred to as the"Protect")and to lease the Protect to Beehive Medical Electronics.Inc.("Company"),a Utah corporation;and WHEREAS the Act authorizes the City to Issue ifs revenue bonds for te purpose of defraying t the o cost of financing Protect and all explodes Incurred in con ectloe with the and authorization,sale and issuance of such bones,a t secure payment of such bads as provided In the Act;and WHEREAS the City has heretofore.by a Memorandum of Agreement with Ow Company dated August 7,1975,as amended 9aAmended Mrndum ieeenent ni1176 veed Industrial de etnetrevenue bed end n the aggregate amount of not more than S1,725,000 to finance the construction and acquisition of the Protect;and WHEREAS,the City will borrow from Prudential Federal Savings and Loan Aesociatin Ithe"Association")an amount not exceeding S1.721000,such Icon to be evidenced by to issuance by the City of an Industrial revenue bond("Bad")under the Act,to pay the cost of financing the Protect,together with the costs ofurred in connection with the authorization,sale and Issuance such Bond;and WHEREAS r ni Cityoursuant toadeed with the issuance st.secuMawn the the Bend Bond by Distributed-4/28/76 -tb 1 granting a mortgage in the Protect and will further secure such Bond by anassignment of its lease, pursuant to a loan agreement; n gr WHEREAS,concurrently with the Issuance of the Bond,the Company will enter into a lease agreement with the City moulding for p ments sufficient to pay the principal of, premium,if any.and interest on the Bond and to meet other obligations as herein and therein provided;and WHEREAS it is deemed necessary and advisable for the industrial development.welfare and prosperity of the City end its inhabitants that the Project be constructed in the City,and that the City take such action as may be required under the Act and other applicable statutory provisions to assist In the financing of the Project as aforesaid;and WHEREAS the City Clerk has presented to the Board of Commissioners Ill the proposed form of Loan Agreement dated As of April 1,1976("Agreement"),between the City and the ssociation,attached hereto as Exhibit A;(2)the proposed form of Deed of Trust dated as of April 1,1976("Mortgage"),between the City and the Association,attached hereto as Exhibit B;(31 the proposed form of Lease Agreement between the City and the Company dated as of April 1,1976("Lease"),attached hereto as Exhibit C;(0)the proposed form of the Bond.attached hereto as Exhibit D;(5)the proposed form of Inducement.Letter from the Company and me city the nrocement Leber)attached nerero as Exhibit E;and(6) proposed form of Lease Assignment ("Lease Assignment')between the City and the Association attached hereto as Exhibit F;and urements of the ct the ,and all limitatme are in ions set forth in the Actton too powers conferred thereby have been satisfied. NOW,THEREFORE,Be It and It is Hereby Resolved by the Board of Commissioners of Salt Lake City,Salt Lake County, Utah,as follows: Section 1.All action(not Inconsistent with the provisions of this resolution)heretofore taken by the Board Of Commissioners and the officers of the City directed toward the financing of the Project and the Issuance of the Bond therefor be,end the same Is hereby,ratified,approved and confirmed. Section 2.To defray the cost of financing the Project and the incidental expenses incurred in issuing the Bond,there is hereby authorized and created an of Industrial development revnue bonds designated as the"Salt Lake City,Utah,1926 First Mortgage Industrial Development Revenue Bond (Beehive Medical Electronics,Inc Project)"in the aggregate Principal amount of not to exceed S1,725,000,issuable as a single bond.The actual o ncipal amount of the Bond shall be the last acknowledged cumulative amount of Take-Down Installments on the Take-Down Schedule set forth in such Bond.The Bond shall bear Interest at the rate of seven and three.fourts per centum the construction period interest in the unpaid bmout of S20,500 payable on the date of the delivery of the Bond.Such interest(other than the additional construction period interest)is payable monthly, commencing on the first day of the first month following the date of any acknowledged Take-Down Instailmont and subsequently on the first day of each succeeding month until and including the first day of August,1992.Thereafter,both principal and interest payableare in monthly imtallments of Thirteen Thousand Twety-Nine and 93/103 Dollars(S13,029.93) each, or such oro last acknowledged j cumulative amount of Take-Dowreof as is bornen Installments to S1.2 5.000, commencing on the first day of September, 1922, and subsequently on the first day of each succeeding month until the principal and interest are fully paid,the final installment to be due and pay able on the first day of Setember,2002,all as set I forth inSchedule I tached to the Bond.Payments shall be j pp le first upon Interest due and then to the reduction of principal. The Bond shall be payable in lawful money of the United States of America,but solely trom the special fund hereinafter designated,to the order of Prudential Federal Savings and Loan Association,a corporation chartered under the laws of the United States of America(the"Association"),at its office in Salt Lake City,Utah,orat such other place as the Association may designate in witing.The Bond shall be secured by a real estate deed of trust and by assignment of the rights of the City under the Lease dated as of April 1,1976,between the City and Beehive Medical Electronics,Inc.The Bond shall be payable solely from the special fund established by the Agreement and designated the "Salt Lake City,Utah,1976 First Mortgage Industrial Develop- met Revenue Bond Fund(Beehive Medical Electronic,Inc. Project)." The Interest of the Association under the Bond maybe said or assigned in whole or in part only as provided in the Agreement. Section 3.The forms,terms and provisions of the Agreement, Lease,Mortgage,Lease Assignment and Inducement Letter be and they hereby are approved and the City shall enter into the accept they Inducement Lease Lettelgnment rr i the formsortgage.and of each of shallch I documents presented to the Board of Commissioners at this menung,with such omissions,Insertions,endorsements and 2 variations as to any recitals of fact other provisions as may be resuired olution,ar the be consistent with thiseusolution and n or ecessaed rythis appropriate to conform to the rules and requirements of a governmental authority or any usage or requirement of law with respect thereto.The Mayor is hereby authorized and directed to execute and deliver such documents and the City Recorder Is hereby authorized and directed to affix he City seal band attest the Agreement,the Lease,the Mortgage,the Lease Assignment and Inducement Letter. Section 4.The form,terms and provisions of the Bond,in the form attached hereto as Exhibit D.be and they hereby are approved,with such omissions,insertions,endorsements and ations as to any recials of fct or other provisions as may be required by the circumstances,be required or permitted by this resolution,or be consistent with this resolution and necessary or appropriate to conform to he rules and requirements of any governmental authority or any usage or requirement of law with hePect thereto.The Mayor and the City Recorder a each reby authorized and directed to execute the Bond,by manual signature,end each Is authorized to deliver the Bond. Section 5.The Mayor is hereby authorized and directed to elecand file or cause to be filed an Election Statement,thereby ting on behalf of the City to have the provisions of Section apply tod)(DI of the Internal the Bond. uch Statement nshal,lcooni in the as and shall be filed at the place required by the income tax regulations promulgated under said Section 103(c)ld)(D). Section 6.The officers of the City shall take all action necessary or desirable in conformity with the Act to finance the Project and for carrying out the transactions contemplated by this resolution,including,without limitation,the execution and delivery of any closing documents to be delivered in Connection with the issuance and delivery of the Bond. Section 1.The entire cost of financing the Project will be paid out of the Proceeds of he loan evidenced by the Bond and from necessar contributions of the Company,and the Bond shall not constitutey nor give rise to a general obligation or liability of the City nor shall the Bond including interest thereon constitute the debt or indebtedness of the City within them of any provision or limitation of the Constitution or statutes of the State of Utah our shall anything contained In this resolution,the Bond, the Agreement,the Lease,the Mortgage,the Lease Assignment or other instrument give rise to a pecuniary liability or a charge upon the general credit or taxing powers Of the City,nor shall the breach of any agreement contained in this resolution, the Bond,the Agreement,the Lease,the Mortgage,the Lease Assignment or any other instrument impose a v pecuniary liability upon the City or any charge upon its general credit or against its taxing oowers,the City having no Dower to pay out of its general funds, otherwise contribute,any part of the costs of financing the Project,nor power to operate the Project as a business or In any manner,nor shall the City condemn env lad r other property for the Prolecl nor contribute any land or other property n rty to the Proto . ro Section 8.After the Bond is issued,this resolution shall be and remain II-repealable until the Bond and the Interest thereon shall have been fully paid,cancelled and discharged. Section 9.If any section,paragraph,clause or Provision of this resolution shall for any reason be held to be invalid or unenforceable,the invalidity or sOlgticnot ay of such section, aph,clause oron shall not affect any of the remaining Provisions of this yreso resolution. pumSection 10. All bylaws, orders, ordinances and other resolutions,or arts thereof,inconsistent herewith are hereby repealed to the extent only of such inconsistency.This repealer shall not be construed as reWsine any bylaw,order,ordinancear other resolution or part thereof. Section II.This resolution,immediately upon its Passage, shall be Published for at least one publication In the Deseret News,a newspaper published In and having general circulation in the City.Pursuant to Section 11-17-16 of he Act,for a period of thirty days after such publication any person In Interest shall have the right to contest the regularity,formality or legality thereof for any cause whatsoever.The forms ot the Bond,the Agreement,the Mortgage,the Lease,and the Lease Assignment and shall during such period remain,on file In the office are the City Recorder and available for pudic inspection during reg ltS EID AND APPROVED by the Board of Commissioners of Salt Lake City,Salt Lake County,Utah,this Ntth day of April, 1976. /s/TED L.WI LSCZ Attest: /s/MILDRED V.HIGHAM City Recorder Approved /s/ROGER F.CUTLER, City Attorney (SEAL) Publl.h.d Awl/T41976 (Aj71 3 Salt Lake City, Utah ', April 20 , 1976 The Board of Commissioners of Salt Lake City, Salt Lake County, Utah, met in regular public session at its regular meeting place in the City Hall in Salt Lake City at 10:00 o'clocka .m. , on April 20, 1976, with the following members present: Ted L. Wilson , Mayor ROLL CALL Jess A. Agraz , Commissioner VOTING Aye Nay Herman J. Hogensen , Commissioner Mr.Chairman , Commissioner Agraz Greener i j. p , Commissioner Hogensen ./ There was absent: Jennings Phillips, Jr., Commissioner Phillips ' Glen N. Greener, Commissioner Result Where were also present Mildred V. Higham City Recorder and Roger F. Cutler , City Attorney. After the meeting had been duly called to order and the roll called with the above results, and after the conduct of other business, the Mayor announced that one of the items of business to come before the meeting was to be the consid- eration and adoption of a resolution authorizing the execution of a Lease Agreement between Salt Lake City and Beehive Medical Electronics, Inc., the execution of a Loan Agreement, a Lease Assignment and a Deed of Trust between Salt Lake City and Prudential Federal Savings & Loan Association, the execu- tion and delivery of an Election Statement to the Internal Revenue Service,_acceptance of an Inducement Letter from Beehive Medical Electronics, Inc. to the City, and the is- suance of a single Industrial Development Revenue Bond by the City. Thereupon, the following resolution was introduced in written form by Mayor Ted L. Wilson , was read in full and, after full discussion of the question of the proposed Lease Agreement, Loan Agreement, Deed of Trust, Lease Assign- ment and Inducement Letter attached as exhibits to said reso- lution, and the proposed Election Statement to the Internal Revenue Service, pursuant to motion made by Ted L. Wilson, Mayor and seconded by 1e„s C Pgraz , said resolution was adopted by the following vote: Aye: Mayor Ted L. Wilson Commissioner Jess A. Agraz Commissioner Herman J. Hogensen Nay: NONE The resolution was then signed by the Mayor in open meeting and recorded by the City Recorder. The resolution is as follows: A RESOLUTION authorizing the execution of a Lease Agreement by and between Beehive Medical Electronics, Inc. and Salt Lake City, Utah, the execution of a Loan Agreement, Deed of Trust and Lease Assignment by and between Prudential Federal Savings & Loan Association and Salt Lake City, Utah, the execution and delivery of an Election Statement to the Internal Revenue Service, ac- ceptance of an Inducement Letter from Beehive Medical Electronics, Inc. and the issuance of a single Industrial Revenue Bond. Whereas, Salt Lake City, in the County of Salt Lake, State of Utah ("City") , is an incorporated municipality authorized and empowered by the provisions of Chapter 17 of Title 11, Utah Code Annotated, 1953, as amended ("Act") , to finance the cost of acquiring and improving land, buildings, machinery and equipment suitable for manufacturing, ware- housing, commercial and industrial purposes and to lease the -2- same to others for such rentals and upon such terms and conditions as the City may deem advisable; and WHEREAS adequate opportunities for industrial em- ployment are not available in the City and in order to pro- vide for industrial development and employment opportunities for the inhabitants of the City, and to add to the welfare and prosperity of the City and of its inhabitants, the City proposes to acquire a plant site located within the City ("Plant Site") and to construct on the Plant Site certain manufacturing and commercial facilities and appurtenances ("Plant") , (said Plant Site and Plant being herein referred to as the "Project") and to lease the Project to Beehive Medical Electronics, Inc. ("Company") , a Utah corporation; and WHEREAS the Act authorizes the City to issue its revenue bonds for the purpose of defraying the cost of financing the Project and all expenses incurred in connection with the authorization, sale and issuance of such bonds. and to secure payment of such bonds as provided in the Act; and WHEREAS the City has heretofore, by a Memorandum of Agreement with the Company dated August 7, 1975, as amended by the Amended Memorandum of Agreement dated February 25, 1976, agreed to issue its industrial development revenue bond in the aggregate amount of not more than $1,725,000 to finance the construction and acquisition of the Project; and WHEREAS, the City will borrow from Prudential Federal Savings and Loan Association (the "Association") an amount not exceeding $1,725,000, such loan to be evidenced by the issuance by the City of an industrial revenue bond ("Bond") under the Act, to pay the cost of financing the Project, together with the costs incurred in connection with the authorization, sale and issuance of such Bond; and -3- WHEREAS concurrently with the issuance of the Bond the City will, pursuant to a deed of trust, secure such Bond by granting a mortgage in the Project and will further secure such Bond by an assignment of its lease, pursuant to a loan agreement; and WHEREAS, concurrently with the issuance of the Bond, the Company will enter into a lease agreement with the City providing for payments sufficient to pay the principal of, premium, if any, and interest on the Bond and to meet other obligations as herein and therein provided; and WHEREAS it is deemed necessary and advisable for the industrial development, welfare and prosperity of the City and its inhabitants that the Project be constructed in the City, and that the City take such action as may be re- quired under the Act and other applicable statutory provisions to assist in the financing of the Project as aforesaid; and WHEREAS the City Clerk has presented to the Board of Commissioners (1) the proposed form of Loan Agreement dated as of April 1, 1976 ("Agreement") , between the City and the Association, attached hereto as Exhibit A; (2) the pro- posed form of Deed of Trust dated as of April 1, 1976 ("Mortgage") , between the City and the Association, attached hereto as Exhibit B; (3) the proposed form of Lease Agreement between the City and the Company dated as of April 1, 1976 ("Lease") , attached hereto as Exhibit C; (4) the proposed form of the Bond, attached hereto as Exhibit D; (5) the pro- posed form of Inducement Letter from the Company and the City ("Inducement Letter") attached hereto as Exhibit E; and (6) the proposed form of Lease Assignment ("Lease Assignment") between the City and the Association attached hereto as Exhibit F; and WHEREAS, the same are in full conformity with the requirements of the Act, and all limitations set forth in the Act on the powers conferred thereby have been satisfied. -4- NOW, THEREFORE, Be It and It is Hereby Resolved by the Board of Commissioners of Salt LakeCity, Salt Lake County, Utah, as follows: Section 1. All action (not inconsistent with the provisions of this resolution) heretofore taken by the Board of Commissioners and the officers of the City directed toward the financing of the Project and the issuance of the Bond therefor be, and the same is hereby, ratified, approved and confirmed. Section 2. To defray the cost of financing the Project and the incidental expenses incurred in issuing the Bond, there is hereby authorized and created an issue of industrial development revenue bonds designated as the "Salt Lake City, Utah, 1976 First Mortgage Industrial Development Revenue Bond (Beehive Medical Electronics, Inc. Project)" in the aggregate principal amount of not to exceed $1,725,000, issuable as a single bond. The actual principal amount of the Bond shall be the last acknowledged cumulative amount of Take-Down Installments on the Take-Down Schedule set forth in such Bond. The Bond shall bear interest at the rate of seven and three-fourths per centum (7-3/4%) per annum, on the unpaid balance, plus additional construction period inter- est in the amount of $34,500 payable on the date of the de- livery of the Bond. Such interest (other than the additional construction period interest) is payable monthly, commencing on the first day of the first month following the date of any acknowledged Take-Down Installment and subsequently on the first day of each succeeding month until and including the first day of August, 1977. Thereafter, both principal and interest are payable in monthly installments of Thirteen Thousand Twenty-Nine and 93/100 Dollars ($13,029.93) each, or such proportion thereof as is borne by the last acknowledged cumulative amount of Take-Down Installments to $1,725,000, commencing on the first day of September, 1977, and subsequently on the first day of each succeeding month until the principal and -5- interest are fully paid, the final installmeit to be due and payable on the first day of September, 2002, all as set forth in Schedule I attached to the Bond. Payments shall be applied first upon interest due and then to the reduction of principal. The Bond shall be payable in lawful money of the United States of America, but solely from the special fund hereinafter designated, to the order of Prudential Federal Savings and Loan Association, a corporation chartered under the laws of the United States of America (the "Association") , at its office in Salt Lake City, Utah, or at such other place as the Association may designate in writing. The Bond shall be secured by a real estate deed of trust and by assignment of the rights of the City under the Lease dated as of April 1, 1976, between the City and Beehive Medical Electronics, Inc. The Bond shall be payable solely from the special fund established by the Agreement and designated the "Salt Lake City, Utah, 1976 First Mortgage Industrial Development Revenue Bond Fund (Beehive Medical Electronic, Inc. Project) ." The interest of the Association under the Bond may be sold or assigned in whole or in part only as provided in the Agreement. Section3. The forms, terms and provisions of the Agreement, Lease, Mortgage, Lease Assignment and Inducement Letter be and they hereby are approved and the City shall enter into the Agreement, Lease, Lease Assignment and Mortgage, and shall accept the Inducement Letter in the forms of each of such documents presented to the Board of Commissioners at this meeting, with such omissions, insertions, endorsements and variations as to any recitals of fact or other provisions as may be required by the circumstances, be required or per- mitted by this resolution, or be consistent with this resolu- tion and necessary or appropriate to conform to the rules and requirements of any governmental authority or any usage or requirement of law with respect thereto. The Mayor is hereby -6- authorized and directed to execute and deliver such documents and the City Recorder is hereby authoriied and directed to • affix the City seal to and attest the Agreement, the Lease, the Mortgage, the Lease Assignment and Inducement Letter. Section 4. The form, terms and provisions of the Bond, in the form attached hereto as Exhibit D, be and they hereby are approved, with such omissions, insertions, endorse- ments and variations as to any recitals of fact or other provisions as may be required by the circumstances, be required or permitted by this resolution, or be consistent with this resolution and necessary or appropriate to conform to the rules and requirements of any governmental authority • or any usage or requirement of law with respect thereto. The Mayor and the City Recorder are each hereby authorized and directed to execute the Bond, by manual signature, and each is authorized to deliver the Bond. Section 5. The Mayor is hereby authorized and directed to sign and file or cause to be filed an Election Statement, thereby electing on behalf of the City to have the provisions of Section 103(c) (6) (D) of the Internal Revenue Code of 1954, as amended, apply to the Bond. Such Statement shall contain the information and shall be filed at the place required by the income tax regulations promulgated under said Section 103(c) (6) (D) . Section 6. The officers of the City shall take all action necessary or desirable in conformity with the Act to finance the Project and for carrying out the transactions contemplated by this resolution, including, without limitation, the execution and delivery of any closing documents to be delivered in connection with the issuance and delivery of the Bond. Section 7. The entire cost of financing the Project will be paid out of the proceeds of the loan evi- denced by the Bond and from necessary contributions of the -7- Company, and the Bond shall not constitute nor give rise to a general obligation or liability of the City nor shall the Bond including interest thereon constitute the debt or indebtedness of the City within the meaning of any pro- vision or limitation of the Constitution or statutes of the State of Utah nor shall anything contained in this resolution, the Bond, the Agreement, the Lease, the Mortgage, the Lease Assignment or any other instrument give rise to a pecuniary liability or a charge upon the general credit or taxing powers of the City, nor shall the breach of any agreement contained in this resolution, the Bond, the Agreement, the Lease, the Mortgage, the Lease Assignment or any other instrument impose any pecuniary liability upon the City or any charge upon its general credit or against its taxing powers, the City having no power to pay out of its general funds, or otherwise contribute, any part of the costs of financing the Project, nor power to operate the Project as a business or in any manner, nor shall the City condemn any land or other property for the Project nor contribute any land or other property to the Project. Section 8. After the Bond is issued, this resolution shall be and remain irrepealable until the Bond and the inter- est thereon shall have been fully paid, cancelled and discharged. Section 9. If any section, paragraph, clause or provision of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforce- ability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this resolution. Section 10. All bylaws, orders, ordinances and other resolutions, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed as revising any bylaw, order, ordinance or other resolution or part thereof. -8- • Section 11. This resolution, *immediately upon its 1 • passage, shall be published for at least one publication in the DESERET NEWS , a newspaper published in and having general circulation in the City. Pursuant to Section 11-17-16 of the Act, for a period of thirty days after such publication any person in interest shall have the right to contest the regularity, formality or legality thereof for any cause whatsoever. The forms of the Bond, the Agreement, the Mortgage, the Lease, and the Lease Assignment are now, and shall during such period remain, on file in the office of the City Recorder and available for public inspection during regular office hours. PASSED AND APPROVED by the Board of Commissioners of Salt Lake City, Salt Lake County, Utah, this 20th day of April, 1976. - '(/7/ Mayor Attest: City Recorder Approv . 't Attorney- -9- STATE OF UTAH COUNTY OF SALT LAKE ) I, Mildred V. Higham , the duly qualified and acting City Recorder of Salt Lake City, Utah, do hereby certify, according to the records of said City in my official possession, that the above and foregoing pages numbered from 1 to 17, inclusive, constitute a true and correct copy of excerpts from the minutes of the meeting of the Board of Commissioners of Salt Lake City, Utah, held on April 20 1976, including a resolution adopted at said meeting, as said minutes and resolution are officially of record in my possession. IN WITNESS WHEREOF, I have hereunto subscribed my official signature and impressed hereon the corporate seal of said City, this 20th day of April , 1976. iidc City Recor pt -10-