39 of 1978 - A resolution authorizing the issuance of $1,000,000 Industrial Revenue Bond for Intermountain Foreig IFIV '
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Resolution No._
By Jennings Phillips,Jr,
commISSIONEa
Authorizing the issuance of$1,000,000 I'i
II Industrial Revenue Bond for Intermountaiin
i Foreign Trade Zone, Inc,
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Presented to the hard of Commissieners
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I!I AND PASSED
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RESOLUTION
WHEREAS, SALT LAKE CITY CORPORATION (the CITY) , a muni-
cipal corporation of the State of Utah, is authorized and em-
powered 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 pur-
poses; and
WHEREAS, INTERMOUNTAIN FOREIGN TRADE ZONE, INC. (the
COMPANY), a Utah corporation authorized to and doing business in
Salt Lake County, State of Utah, has requested that the CITY
issue Industrial Revenue Bonds (the BONDS) in an amount not to
exceed One Million Dollars ($1,000,000) to finance a portion of
the cost of an industrial office and warehouse facility to be
owned by the CITY and leased to the COMPANY consisting of land,
buildings, improvements, machinery and equipment (the PROJECT)
with a total cost of approximately Two Million Dollars ($2,000,000);
and
WHEREAS, the CITY desires to obtain and has made appli-
cation for a grant of matching funds from the Economic Develop-
ment Administration in the approximate amount of One Million
Dollars ($1,000,000) to finance the remaining portion of the cost
of the PROJECT; and
WHEREAS, the CITY desires, pursuant to the COMPANY's
representations and request, to issue such BONDS to finance a
portion of the cost of purchasing the land and purchasing and
constructing the buildings, improvements, machinery, and equip-
ment for the PROJECT by the issuance of Revenue Bonds under the
ACT in an amount not to exceed $1,000,000; and
WHEREAS, such BONDS would be payable solely from the
rentals, revenues and receipts delivered to the CITY from the
lease of the PROJECT to the COMPANY and would not constitute or
give rise to any general obligation or liability of the CITY
against its general credit or taxing powers and from which, among
other things, the COMPANY agrees to hold the CITY harmless; 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 the laws of the State of Utah;
and
WHEREAS, the COMPANY desires that the purchase of the
land and the purchase and construction of the buildings, improve-
ments, machinery and equipment commence as soon as reasonably
possible.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commis-
sioners 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 a portion of 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 tentatively approves the PROJECT to be partially financed
out of the proceeds of not to exceed $1,000,000 principal amount
of the Industrial Revenue Bonds, Series 1978, of the Salt Lake
City Corporation to be issued pursuant to the provisions of the
ACT.
3. That CITY officials are hereby authorized and dir-
ected to proceed with the necessary negotiations relating to the
PROJECT and the preparation of the legal documents relating
thereto for final action by the governing body of the CITY, pro-
vided the COMPANY meets all CITY, state and federal requirements
for the PROJECT and issuance of the BONDS.
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Passed by the Board of Commissioners of Salt Lake City,
Utah, this 2 day of June, 1978.
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YOR
COMM SSIONE
OMMISSIO H
:ROLLCALL
NOTING Aye Nay_
CO ISSI NER
Mr.Chairman •
Z
Greefiey: . . COMMISSIONER
(ageism &ter
Phillips
Result
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