33 of 1979 - A resolution authorizing the execution of a Memorandum of Agreement with Irving Investors Limited, f •
1 ay 24, i 7
Honorable Jennings Phillips, Jr. ,
Commissioner of Public Affairs
and Finance
211 City and County Building
Salt Lake City, Utah
Dear Commissioner Phillips:
The Board of City Commissioners, at its meeting today, passed
Resolution No. 33 of 1973, authorizing the execution of a Memorandum
of Agreement with Irving Investors Iimited, for the issuance of
23,600,000 Industrial Development Revenue Bonds.
Yours truly,
City Recorder:";7"
ma
CC:
Auditor
Treasurer
Attorney
Irving Investors
--Files-2
6 Salt Lake City, Utah
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 & County Building in Salt Lake City
at 10:1' •'clock A.M., • ;i. 4, . 4 1• • , with the
followin. ,.•ers pres- AP
' .
ii \ Agi / ,X Temporary Chairman
y Jen inA illips, Jr,'
rf Commissioner
Je:• A- A•�s/ .,
., / %�..,. Commissioner
D• . Campbel '
Commissioner
Commissioner
There was absent: Mayor Ted L. Wilson
Commissioner Glee N. Greener
There were also present Mildred V. Higham ,
City Recorder and Greg R. Hawkins, Assistant 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 con-
sideration and adoption of a resolution authorizing the execu-
tion of a Memorandum of Agreement between Salt Lake City and
Irving Investors Limited, a Utah Limited Partnership, preliminary
to the issuance of certain Industrial Development Revenue
Bonds by the City.
Thereupon, the following resolution was introduced in
written form by Jennings Phillips, Jr. , was read in full and,
after full discussion of the question and of the proposed
Memorandum of Agreement attached as an exhibit to said resolu-
tion, pursuant to motion made by David C. Campbell, Commissioner
and seconded by Jess A. Agraz, Commissioner , said resolution was
adopted by the following vote:
Aye: Commissioner Jennings Phillips, Jr.
Commissioner Jess A. Agraz
Commissioner David C. Campbell
Nay: None.
Temporary Chairman
The resolution was then signed by thelMaymx in open meeting
and recorded by the City Recorder. The resolution is as
follows:
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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, IRVING INVESTORS LIMITED, a Utah Limited Partner-
ship (the "Company") , has requested that the City issue industrial
revenue bonds to finance the acquisition of construction,
reconstruction, equipping and furnishing of a commercial shopping
and office facility (the "Project") at a cost of approximately
$3,500,000.00; and
WHEREAS, the City desires, pursuant to Company's representa-
tions and request, to issue such bonds to finance the cost of
construction, reconstruction, equipping and furnishing of a
commercial shopping and office facility by the issuance of
revenue bonds under the Act in the amount of approximately
$3,500,000.00; 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
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WHEREAS, the payment of the principal of, and interest on,
said bonds would be 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 construction, recon-
struction, equipping and furnishing of the Project 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
approximately $3,500,000.00 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 Sal. - ity,(�
Utah, this 24th day of Ma - , 19 9.
...,Am;
/ •�,�•;y4c. emporary al
4I yR/ ,� rr,
CITY RECORD
• Resolution No.
By Jennings Phillips, Jr.
COMMISSIONER
Authorizing the execution of a Memor-
andum of Agreement with Irving
Investors Limited, for the issuance
of$3,500,000 Industrial Development
Revenue Bonds
• Presented to the hard of Commissioners
AND PASSED
MAY
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