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HomeMy WebLinkAbout35 of 1976 - A Resolution of Intention to issue Revenue Bonds to finance industrial or manufacturing facilities a . . 1 Resolution No. 35 li 1' 11 ,i By Ted L Wilson. Mayor i •. , 1 COMMISSIONER I) I I I Resolution of Intention to issue Revenuik Bonds to finance industrial or manu- facturing facilities and authorizing I:! '' the execution of a Memorandum of I, Agreement by and between Saf elite Industries, Inc., and Salt Lake City, 1 !I Utah. t Presented to the iked of Cemmissienill ,! AND PASSED MAY 1 1 1976 - • 1 hi AVAIA" X2y.40,0. — ! car mote— i,', 1 1 .., I. 1 1 'I , ; , ( I ,. ... t, . . i !! 1 • lot.S1pe T. Coder Ali►ad Cow*Vr Yt Oat*Lift fib. Coat Om Tit*ad Ed it*Cawrwlwtia .ar•M1t ar Ate. triaMts MI,Vie., 1411101010 1uSd n la�M1NNtI Ywtfr in1 .: . tag aw aa+aaatarirori re awastabila *GO 01. *Si*Soto*rai Cam►asosalet la boblig el lit Ott Cliv CtimwKirsll a As*poweal k 1N.lti of 3 Ai voilitotolts • his 410,140111,atsal Ormeamillateg Allaniuo t, • 7,/4:44 ' r iwr cv A Mt laterSt u*ae • --- ��r�u Salt Lake City, Utah May 11, , 1976 The Board of Co- ' oner 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'clock A .M., on May 11 , 1976, with the following members present: Ted L. Wilson Mayor Jennings Phillips, Jr. , Commissioner Glen N. Greener , Commissioner Herman J. Hogensen , Commissioner Jess A. Agraz , Commissioner There was absent: None There 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 consideration and adoption of a resolution authorizing the execution of a Memorandum of Agreement between Salt Lake City and Safelite . Industries, Inc. , preliminary to the issuance of certain I n, es:r'.___ Pe v e'_o u.. ROLL CALL --_ -- _ -- -- the City. VOTING Aye Nay Mr.Chairman . .. Agraz Greener Hogensen Phillips / Result Thereupon, the follc>: r.- _e.;.= _s __ _ ,____-. in written written form by Mayor Ted L. Wilson , was reat in ____ _n , after full discussion of the question and _e'_ ___-.-.,_ ndtct of Agreement attached to said resolit n, __ motion made by Mayor Ted L. Wilson and V Jennings Phillips, Jr. said resolution was adopted by the following Aye: Ted L. Wilson Mayor Jennings Phillips, Jr. Commissioner Glen N. Greener Commissioner Herman J. Hogensen Commissioner Jess A. Agraz Commissioner Nay: None. The resolution was then signed ty the _ in open meeting and recorded by the City Recorder. The -e- is as follows: • D i .. 9y ty .1,,to A RESOLUTIO':: OF IMII=ICY _C REVENUE BONDS TO E _.._.,s__._A_ OR MANUE'AC'TURING FACILITIES AUTHORIZING THE LXECTTICE OF MEMORANDUM OF AGREEAGREFEMT EY AND BETWEEN SAFELITE I:CO_STRCEy, INC., AND SALT LAKE CITY, UTAH. WHEREAS, Safelite Industries, Inc. (t__ _ "), wishes to have Salt Lake City, Utah (the "Issuer'`) issue its revenue bonds to provide such facilities; WHEREAS, the Issuer is authorized and emptwered by the provisions of Chapter 17, Title 11, Utah Code Annotated, 1953, as amended, known as the "Utah Industrial Facilities Development Act" to issue revenue bonds to provide such facilities and the Issuer deems it necessary and advisable that it take such action as may be required under applicable statutory C__ .___on_s to authorize and issue such revenue bonds; and WHEREAS, a Memorandum of Agreement has teen presented to the Issuer under the terms of which the Issuer a_rees, subject to the provisions of such agreement, to issue its revenue bonds to provide such facilities; NOW, THEREFORE, Be It and It Is Hereby Resolved by the Foard of Commissioners of Salt Lake City, Salt I____ County, Utah, as follows: 1. That in order to a sure the man'..._a__JrinE and _t':iva„_' a_. faa1littao __ ,__- Lake _' :v" Utgh .,_th the ram.:_.-�-- -•`- - benefits ,.-.lerl will : cu - - _ - _ - - _ 2. That the Mayor of the Issuer is hereby thor_zed to execute, the City Recorder of the Issuer hereby`a_:t.:ori'_ref. to attest and off!:: the seal of the he _.,..._- to a Memorandum of _o:._ent with theCorooso, in substantially the form of such agreement as was presented to this meeting or with such chances therein as shall be approved by the officers executing the same. 3. That the 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 the Memorandum of Agreement as executed and to issue its revenue bonds in an amount of up to $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. 4. That all resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. PASSED AND APPROVED by the Board of Commissioners, of Salt Lake City, Salt Lake County, Utah, this lltttday of May , 1976. /'�/ /// / Mayor Attest: City Recorder Approved: `� City Attorney MEMORANDUM OF A.,-EE"_ENT THIS SMEMORANDUM OF AGREEMENT is between Salt Lake City, Utah (the "Issuer"), and Safelite Industries, Inc., a Delaware corporation authorized to do business in the State of _ _h (the "Company"). 1. Preliminary Statement. Among the matters of mutual inducement which have resulted in this Agreement are the following: (a) The Issuer is authorized and empowered by the provisions of the Utah Industrial Facilities Development Act (the "Act"), to issue 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 that the proceeds of the sale of the revenue bonds of the Issuer may be made available to finance the costs of a facility for the manufacture of glass products and related facilities to be located in Salt Lake City, Utah, and described in Exhibit A attached hereto (the "Project"). (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 revenue bonds up to an amount of .2,=0C,000 (the "Sends") to pay costs of the Project, when and if it is requested to do so by the Company. (d) The Issuer considers that the acq'u_e_t'on, construc- tion and equipping of the Project and ohe _inanc_no of same by the Issuer will promote and furth_ .r:,oses __ ohe :.ct. • 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, it will cooperate with the Company to 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, construction and equipping of 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 it 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 it requests the Issuer to issue the Bonds then contemporaneously with the delivery of the Bonds it will enter into a lease agreement, purchase agreement or loan agreement with the Issuer under the terms of which the Company will obligate itself to pay to the Issuer sums sufficient in the aggregate to pay the principal of and interest and redemption premium, if any, on the Bonds as and when the same shall become due and payable. -2- • 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 loan agreement referred to in paragraph 3 and of the Bonds and other instruments or proceedings relating to the Bonds. (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 that it will reimburse the Issuer for all reasonable and necessary direct out-of-pocket expenses which the Issuer may incur at its request arising from the execution of this Agreement and the performance by the Issuer of its obligations hereunder, and this Agreement shall thereupon terminate. IN WITNESS WHEREOF, the parties hereto have entered into this Agreement by their officers thereunto duly authorized as of the 11th day of May , 1976. SALT LAKE CITY, UTAH By .�� (SEAL) Attest: �21��� iawL City Re/cord SAFELITE INDUSTRIES, INC. BY Isi0y� ICL313/4 -11 Its ...n-9—tq (.. ;SEAL) Attest: Its APPROVED as to orm: City A torney (Other business not pertinent to the above appears in the minutes of the meeting.) Upon motion duly made and carried, the meeting was adjourned. ayo Attest: / '227, t14L17 /,7 a.�w City Recorder -4- • 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 constitutes 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 May 11, 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 11th day of May , 1976. pd City Recor r (SEAL) • EXHIBIT DESCRIPTION OF PP.:JECT The Project is a complete facil_.;; for __a_wfa.cturing windshields for automobiles. The manufac` r r_c fa:flity will include a totally integrated system consisin.g sf machinery and equipment for cutting, edging and cleanin= glass, a combination gas and electric fire and furnace for bending in he annealing process, a high pressure laminating facil'_r„ a.uxll ary machinery and equipment, a building housing the foregoing and measuring approximately Two Hundred (200) by Six Hundred (_::) feet or One Hundred and Twenty Thousand (120,000) s :are feet, related fixtures, and approximately five (5) acres of lanf : on which the building is located. The Project is located a: 1471 South Industrial Road, Salt Lake City, Utah. When completed, the Project will have eanacity for producing Twenty-Eight Thousand (28,000) windsields. The ultimate employment will be One Hundred (100) employees. STATE OF UTAH : ss. County of Salt Lake On the 11th day of May , 197 6 , personally appeared before me R. D. Hubbard and , who being by me duly sworn, did say that they are the President and , respectively, of SAFELITE INDUSTRIES, INC. , a Delaware corporation, and that the foregoing instrument was signed in behalf of said corporation by authority of a resolution (or bylaws) of its Board of Directors; and said persons acknowledged to me that said corporation executed the same. NOTARY PUBLIC\C iding in NOTARY PUBLIC, rest ing in My Commission Expires: 1 1/11i/r7M.