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39 of 1979 - Authorizing the issuance of $1,000,000 industrial revenue bonds to American Parts System, Inc., a De June 14, 1979 George K. Baum Company clo Russell L. Brown, Attorney 1016 Baltimore Avenue Kansas City, Missouri 64105 Dear Mr. Broom: The Board of City Commissioners of Salt Lake City, Utah, approved Resolution No. 39 of 1979,authorizing the issuance of $1 million Industrial Revenue Bonds to The American Parts System, Incorporated, a Delaware Corporation on Tuesday, June 12, 1979. loc_losed are four copies of said Resolution for your files. Yours truly, City Recorder MVR/ab Enclosures - 4 • /i _`� // 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 10:00 o'clock A.M., on Tuesday, June 12, 1979 , with the following members present: Mayor Jennings Phillips, Jr. Commissioner Jess A. Agraz Commissioner David C. Campbell Commissioner Glen N. Greener Commissioner There was absent: Mayor Ted L. Wilson 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 American Parts System, Inc., a Delaware corporation, preliminary to the issuance of certain Industrial Development Revenue Bonds by the City. Thereupon, the following resolution was introduced in written form by Corn. 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 resolution, pursuant to motion made by Commissioner Jennings Phillips, Jr. and seconded by Commissioner Jess A. Agraz , said resolution was adopted by the following vote: Aye: Commissioner Jennings Phillips, Jr. Commissioner Jess A. Agraz Commissioner David C. Campbell Commissioner Glen N. Greener Nay: NONE The resolution was then signed by the Mayor in open meeting and recorded by the City Recorder. The resolution is as follows: -2- • RESOLUTION WHEREAS, SALT LAKE CITY CORPORATION, a municipal corporation of the State of Utah (the "City") , 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, AMERICAN PARTS SYSTEM, INC., a Delaware corporation (the "Company") , has requested that the City issue industrial revenue bonds to finance the cost of a certain distribution center (the "Project") , at a cost of approximately $1,000,000; and WHEREAS, the City desires, pursuant to Company's represen- tations and request, to issue such bonds to finance the cost of purchasing and installing the Project by the issuance of revenue bonds under the Act in the amount of approximately $1,000,000; and WHEREAS, such bonds would be payable solely from the rentals, revenues and receipts derived 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 WHEREAS, the payment of the principal of, and interest on, -3- 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 purchase of and installing 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 $1,000,000 principal amount of the Industrial Revenue Bonds, Series 1979, of the Salt Lake City Corporation to be issued pursuant to the provision 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. 4. That this resolution shall take effect immediately. -4- • Passed by the Board of Commis i ners of S t Lake Cit Utah, this 17TH day of June, 197 (a- TEMPORARY CHAIRMAN • CIT RECORDS -5- Resolution No. 39 By Jennings Phillips, Jr. COM MI8810MEq Authorizing the issuance of$1,000,000 industrial revenue bonds to American Parts System, Inc., a Delaware corporation. Presented to the bard of Commissioners AND PASSED /'®�_JpU 1�N �'�i179Q___ , CIT`/RFCA^' i 1116.16..