30 of 1980 - A RESOLUTION OF INTENTION TO ISSUE HOSPITAL REVENUE BONDS OF SALT LAKE CITY, SALT LAKE COUNTY, UTAH A RESOLUTION OF INTENTION TO ISSUE HOSPITAL
REVENUE BONDS OF SALT LAKE CITY, SALT LAKE COUNTY, UTAH
TO FINANCE THE ACQUISITION, CONSTRUCTION AND EQUIPPING
OF CERTAIN FACILITIES FOR INTERMOUNTAIN HEALTH CARE, INC.
WHEREAS, Intermountain Health Care, Inc., a Utah non-profit
corporation ("IHC"), wishes to have Salt Lake City, Salt Lake
County, Utah (the "Issuer") issue its Hospital Revenue Bonds to
finance the acquisition, construction and equipping for IHC of
certain improvements to its LDS Hospital located in Salt Lake
City, Utah (the "Project"); and
WHEREAS, the Issuer is authorized and empowered by the
provisions of the Utah Industrial Facilities Development Act,
Chapter 17, Title 11, Utah Code Annotated, 1953, as amended (the
"Act") to issue Hospital Revenue Bonds to finance the
acquisition, construction and equipping of the Project; and
WHEREAS, it is the intent of the Issuer to provide for the
financing of the Project through issuance of its Hospital Revenue
Bonds, and accordingly the Issuer deems it necessary and
advisable that it take such action as may he required under
applicable statutory provisions to authorize and issue such
Hospital Revenue Bonds upon such terms and conditions as may be
approved by the appropriate officers or financial advisors of the
Issuer;
NOW, THEREFORE, BE IT AND IT IS HEREBY RESOLVED by the
Council of Salt Lake City, Salt Lake County, Utah, as follows:
SECTION 1. That the Issuer by this official action hereby
evidences its intent to issue Hospital Revenue Bonds in an
aggregate principal amount presently estimated to be
approximately $78,000,000 to finance the Project for the benefit
of IHC under and pursuant to the Act.
SECTION 2. That the Mayor, officers and employees of the
Issuer are hereby authorized to take such further action as is
necessary to carry out the intent and purposes of this resolution
and to issue Hospital Revenue Bonds of the Issuer for the
purposes of financing the costs of acquisition and/or
construction of the project and all costs incidental thereto.
Said issue shall not exceed the sum of $78,000,000, and the
actual closing of said issue will be consummated within twenty-
four (24) months of the date hereof.
SECTION 3. The principal and interest on the bonds
authorized and to be issued pursuant to this resolution shall be
paid solely from the income received, actually or constructively,
by the Issuer from payments from IHC and shall not be construed
in any manner to impose any financial obligation and liability
whatever on the Issuer, and no part of the payment of expenses,
principal, interest or other charges on the bonds shall become a
charge against any revenues or taxes of the Issuer. IHC shall
reimburse the Issuer for all costs and expenses reasonably
incurred related to the issuance of said bonds, whether or not in
fact they are issued or sold.
SECTION 4. That all resolutions and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict.
SECTION 5. The Issuer authorizes and instructs the Mayor of
the City to execute and the City Recorder to attest, under the
corporate seal of the City, the additional documents required to
complete the transaction; however, said documents shall contain
•
such terms and provisions furthering the project and the
financing thereof as may hereafter be determined agreeable to the
Issuer. Said documents shall specifically provide that the
Issuer is fully indemnified and held harmless from any losses,
including attorney's fees and costs, which may be occasioned by
the project, the Bonds, assurances or representation, or any
default of whatsoever kind.
SECTION 6. That all of the acts and doings of the officers
and employees of the Issuer which are in conformity with the
intent and purposes of this resolution shall be and the same are
hereby in all respects ratified, confirmed and approved.
SECTION 7. That this resolution shall take effect
immediately.
Passed by the City uncil of Salt Lake City, Utah,
this /c- day of � zcwZ - , 1980.
%.?1,-,,J-4 �
CHAIRMAN
ATTEST:
i
77)
CITY RECORDER
r'esolotkin No.
By City Council
entay.sisecaurac
Resolution of Intention to issue Hospital
Revenue Bonds of Salt Lake City, Salt
Lake County, Utah, to finance the
acquisition, construction and equipping
of certain facilities for Intermountain
Health Care, Inc,
APPROVED
JUN10193),
GIr( RECQRt2E.