39 of 1980 - A RESOLUTION AUTHORIZING THE FINANCING OF CERTAIN FACILITIES, INCLUDING LAND, BUILDING AND EQUIPMENT •
RESOLUTION
A RESOLUTION AUTHORIZING THE FINANCING OF
CERTAIN FACILITIES,INCLUDING LAND,BUILDING
AND EQUIPMENT BY THE ISSUANCE AND SALE OF
11,O00,000 AGGREGATE PRINCIPAL AMOUNT OF IN-
DUSTRIAL DEVELOPMENT REVENUE BONDS(LIT-
TON INDUSTRIES, INC. PROJECT)SERIES 19110 OF
SALT LAKE CITY,SALT LAKE COUNTY,UTAH,AU-
THORIZING AGRHEACUSAY AGREEMENT AMONG CION TY, LITTON INDUS-
TRIES,INC.AND THE BOND PURCHASER AND AU.
THORIZING THE EXECUTION AND DELIVERY OF
VARIOUS DOCUMENTS IN CONNECTION WITH THE
FOREGOING AND RELATED MATTERS.
WHEREAS,Salt Lake City,Salt County.Utah(the"Issu-
er"),is authorized and empowered by the provlsions of the
Utah Industrial Facilities Development Act,Chapter 17 of TI-
tie 11,Utah Code Annotated.1953,as alnn1ded(the"Ad"),to
issue its rev the
purpose of financing land,
buldings,machinery end equipment suitable for manufactur-
ing,warehousing,commercial and Industrial purposes;and
WHEREAS,adequate opeortunites for Industrial employ-
t are
vide for industrialavailable
Salt
development Lake tnd employment opportuno ities
for re
ndthe prosperitr of Sas lt Lake Clt ity and itsan and to
the he Issuer
proposes to finance a portion of the cost of an assembly facili.
fy consisting of land,building end equipment(the"Protect")
suitable for Industrial purposes for Litton Industries,Inc.,a
Delaware corporation(the"Company")or its wholly owned
subsidiary;and
WHEREAS,the Act authorizes the Issuer to issue its reve-
nue bonds for the Purpose of financing a portion of the cost of
the Project and all expenses incurred in connection with the
authorization,sale and issuance of such bonds,and to secure
Payment of such bonds as provided In the Act;end
WHEREAS,the Issuer finds Mat it Is proper,necessary
and desirable to issue its Industrial Development Revenue
Bonds (Litton Industries, Inc. Protect) Series 1980 (the
"Bonds"),in the principal amount of 81,000,O00 for the purpose
of providing funds to finance a portion of the cost of the eCaui-
si ine,construction,and aqulppine of the Protect;and
WHEREAS,the issuance of the Bonds,and the financing
of a portion of the cost of the Protect will relieve conditions of
unemployment,
lyt epecrincrease
dein1 of
ndusryand com commerce, the taxbase wiith Salt
Lake City and the State of Utah and Promote the health,wel-
fare and safety of the citizens of Salt Lake City and the State
of Utah;and
WHEREAS.It is nec ry to authorize the execution of
n Agreement to be dated as of June I,1960,(the"Agree-
ment")among the Issuer,the Company and Wells Fargo
Bank, National Association (the "Institutional Lender"),
the Instr titutionppaael Lender,trms of which o loan the proceeds to er agrees to l the Bonds to
the Company
and mounts sufficient o aves to at maturity the principal,to the Issuer or its assignee
Interest
and redemption premium,If any,on the Bonds hereinafter
authorized and will evidence such obligations by executing its
Direct Obligation Note or Notes in the principal amount of
S1,000,000(collectively,Me"Note"):and
WHEREAS,It Is for the Issuer to execute and
deliver a Pledge and Security Agreement to be dated as of
June I.1980(the"Pledge Agreement")to Dons First National
Bank,Salt Lake City,Utah,as security trustee(the'Trust-
ee"),for the bentit of the Bondholders;and
WHEREAS,the Issuer has caused to be prepared and
presented to this meeting the following documents,which the
Issuer proposes to enter Into:
I.The form of Agreement;
3.The form of Pledge Agreement;and
3.The form of the Bonds.
NOW,THEREFORE,BE IT RESOLVED BY THE MU-
NICIPAL COUNCIL OF SALT LAKE CITY, SALT LAKE
COUNTY.UTAH:
Section 1.That the form,terms and provisions of the pro-
posed Agreement be,and they hereby are,In all pects
approved and that the Mayor and the i Recorder of the
issuer be,and they are hereby.authorized,ampowered and
dimr thin theexecute,
name and on behalfbe attestf issuer, thereupon
totoe cause the Agreement to be delivered to the Company and
the Institutional Lender;that the Agreement is to be In sub-
stantially the form presented to and before this meeting and
hereby ro ed or with such changes therein as shall be
approved by the officer of the Issuer executing the Agreement,
his execution thereof to constitute conclusive evidence of his
approval of any and all changes or revisions therein from the
form of Agreement before this meeting;and that from and
after the execution and delivery of the Agreement,the offi-
cials,empowe and
employees directed tthe
do Issuer
actts`and things
and to execute all such documents as may be necessary to
carr out and comply with the provisions of the Agreement as
ecuted.The Agreement shall constitute and is hereby made
a part of this authorizing resolution and a copy of the Agree-
ment shall be placed in the official records of the Municipal
Council and shall be available for public inspection at the of-
fice of the City Recorder.
Section 2.That the form,terms and provisions of the pro-
posed Pledge Agreement be,and they hereby are,In all re
of
thhee Issuer be,aned,d ndthat
lane�eeor byy,aauthorized Recorder
and directed to execute,countersign,aattesf end deliver the
Pi heAgreement
upon to cause the Pledgehe name nd on Agreenentf of to De the ed
and the Trustee,and the Pledge Agreement shall constitute a
lien for the security of the Bonds issued under the Agreement
ncn the revenuesand receipts derived from the Agreement,
luding. tt limited to,the Note;that the Pledge Agree-
ment is to be In substantially the farm presented to and before
this therein asl shall be approved by the office or r'of thech Issuereve-
curing the Pledge Agreement,his execution thereof to consti-
tute conclusive evidence of his approval of any and all than.
brthis therrm ein
Pledge Agreement
revisions
and from
frm and afterthexution and
delivery of the Pledge Agreement,the officials,agents and
anIdrctddollusctaya `alldieeto all such and things authorized,
execute
such documents as may be necessary to carry out and comply
with the provisions:tier
f the Pledge Agreement as executed.The
Pledge Agreement shall tion and
and is hereby made a part
of this authorizing resolution and a copy of the Pledge Agree-
ment shall be placed in the official records of the Municipal
Council and shall he available for public Inspecflm at the of-
lice of the City Recorder.
Section 3.That the Maven of the issuer be and is hereby
authorized,empowered dire to cted
ause an aggregate amoun of the prepared Bonds
of the Issuer,bearing Interest payable quarterly as provided
n the Bonds at a rate per annubid,shall at all times be
e m rebid,
to a5%of the rate of interest most recently announced
within the Institutional Lender at Its principal office in San
Francisco,California as Its prime rate,which rate is one of Its
tes
of interest• rate are calculated fo as thersis those loon ans leawhich
s making reve ference
th to,and a calculated
by the recording t thereof after its
announcement in such internal publication or publication as
in the Institutional Lender may designate(the"Prime Rate")
oeffect from time to time,such interest rate to be adiusted
n the effective date of any change in the Prime Rafe,provid-
Interest that fn no event shallpriincipale interest
hall rate
thereon payable on ar nd
maturing one day prior to three years from the date of the
Initial issuance Hereof,in registered form and having the
other terms and provisions specified in the Agreement(as
executed and delivered);and that said Bonds shall be execut-
ed in the name of the issuer with the manual signatures of the
Mayor
seal of the Issuer
s er may be affixedRthhe Recorder
of the Issuer and
meeting,subject to a�opriat insert lee and summated
evision inlOrder
to comply with the provisions of the Agreement be,and the
cuthereby are,approved,and when the same shall be exe-
e on behalf of the Issuer in the manner contemplated by
the Agreement end this authorizing resolution In the aggre-
gate principal amount of 1,000,000, shall represent the
approved form of the Balls of the Issuer.
Section 5.That the Mayor or City Recorder of the Issuer
be and is hereby authorized,empowered and directed to issue
and
pamountlof the Bonds,asl to the h provided In the Agreemutional Lender wits t.at price
of tDD%of the principal amount thereof.
Section 6.That the proper officials,agents and employees
of the Issuer are hereby authorized,empowered and directed
to do all such acts and things and to execute all such docu-
ments and certificates as may be necessary to carry out and
tomply with the provisions of said documents as executed and
o further the purposes and intent of this authorising resolu-
tion,including the preamble hereto. If the Mayor or City
Recorder of the Issuer areunable to execute any Born or
th document herein auorized, ch bond or document shall be
City executed
eccorder under ssuuch circumstances.
Section to act as Maya or
Section 7.That all acts of the officials of the Issuer which
ingin conformity with the purposes and intent of this authoriz-
resolution end in furtherance of the Issuance and sale of
the Bonds in the aggregate principal amount of 61,000,000 end
the financing of the Proiecf be,and the same hereby are,in
all respects,approved and Confirmed.
Section 8.It Is intended that the Bonds will be Issued tar a
temporary period and will be refunded with the long term
revenue bonds of the Issuer at the maturity or prior prepay.
ment of the Bonds.
Section 9.That after the Bonds are Issued,this authorizing
resolution shall be and remain irrepealable until the Bonds
nd the interest thereon shell have been fully bald,Cancelled
and discharged.
Section 10.That the provisions of this authorizing resolu-
tion are hereby declared to be separable and If any section,
phrase or provision shall fore reason be declared to be
invalid,such declaration shall not affect the validity of the
remainder of the sections,phrases end provisions.
e Section 11.That all resolutions and parts thereof in con-
flict herewith are hereby repealed to the extent of such con-
`I
I flict.
Section 12.The City Recorder is hereby directed to publish
thisresolution of the Act of provided in Section 11-10-16(1). D Section 13.That immediately after Its adoption and e
Cha1 y the Mayor,this resolution shall be signed by the
irman of the Municipal Council and attested by the City
Recorder,shall be recorded In a book keel for that purpose
and shall take immediate effect.
PASSED AND APPROVED by the Municipal Council and
the Maya of Salt Lake City,Salt Lake County.Utah,this 27nd
day of July,1900.
RONALD J.WHITEHEAD
Chairman of the Municipal Council,
Salt Lake City,Salt Lake County,
Utah
Attested:
MILDRED V.HIGHAM
City Recorder,Salt Lake City,
Salt Lake County,Utah
Approved:TED L.WILSON
Mayor,Salt Lake City,
(SEAL) Salt Lake County,Utah
(Other business not pertinent to the above appears in the
minutes of the meeting.)
Upon motion duly made and Carried,the meeting was
edlourned.
RONALD J.WHITEHEAChairmD
n
Attested:
MILDRED V.HIGHAM
City Recorder
(SEAL)
RESOLUTION NO.09 of 1980
Published August 2.1980 C-62
•
•
OFFICE OF
MILDRED V. HIGHAM KATHERINE L. BARSNICK
CITY RECORDER
CITY RECORDER CHIEF DEPUTY
�
200 CITY & COUNTY BUILDING MARILYN SMYTH
SALT LAKE CITY. 'UTAH 84111 ADMINISTRATIVE SECRETARY
August 15, 1980
Mr. Stephen N. Wohl, Attorney at Law
Chapman and Cutler
111 West Monroe Street
Chicago, Illinois 60603
Dear Mr. Wohl:
Resolution No. 39 of 1980, authorizing the issuance of industrial revenue
bonds for Litton Industries, Inc. was published in the Deseret News on
August 2, 1980, as you requested.
I am enclosing copies of the resolution as published, the affidavit of
publication and a statement from Newspaper Agency Corporation in the amount
of $243.40 for the publication.
It has been the policy in this office to pay Newspaper Agency for the
publication costs and then ask that you re-imburse the City in the amount
paid. If this is agreeable to you we will pay the costs in the amount
of $243.40 on August 29, 1980. If you do not agree with this plan please
let me know before that date.
Yours truly,
City Recorder
MVH:m
Encl -4-
• o
0
cll
53
��L I
Salt Lake City, Utah •
July 22, , 1980
/1
The Municipal Council of Salt Lake City, Salt Lake
County, Utah, met in regular public session at the regular
meeting place of the Municipal Council at Room 301 of the City
and County Building in said city at 5:00 o'clock p_.M. on
July 22 , 1980. The followine members of the Municipal
Council were present:
Ronald J. Whitehead Chairman
Ione M. Davis Councilmember
Palmer DePaulis Councilmember
II
Grant Mabey Councilmember
Edward W. Parker Councilmember
Alice Shearer Councilmember
Absent: Sydney R. Fonnesbeck
There were also present:
Ted L. Wilson Mayor
Mildred V. Higham City Recorder
11
Walter R. Miller Deputy
R` tW # City Attorney
After the meeting had been duly called to order and
the minutes of the preceding meeting read and approved, the City
Recorder presented to the Municipal Council an affidavit evidencing
the giving of not less than twenty-four (24) hours public
notice of the agenda, date, time and place of the July 77, ,
1980, meeting of the Municipal Council in compliance with the
requirements of Section 52-4-6(2), Utah Code Annotated, 1953, as
amended, by (1) posting written notice of the meeting at the
principal office of the Municipal Council at Room 200 of the
City and County Building in Salt Lake City, Utah, and (2)
providing notice to at least one newspaper of general circulation
within the geographic jurisdiction of the city, or to a local
media correspondent. The affidavit was ordered recorded in
the minutes of the meeting and is as follows:
{
—2—
STATE OF UTAH
COUNTY OF SALT LAKE )
I, the undersigned, the duly qualified and acting
City Recorder of Salt Lake City, Salt Lake County, Utah, do
hereby certify, according to the records of said city in my
official possession, and upon my own knowledge and belief, that
in accordance with the requirements of Section 52-4-6(2), Utah
Code Annotated, 1953, as amended, I gave not less than twenty-
four (24) hours public notice of the agenda, date, time and
place of the July 22 , 1980, public meeting held by the
Municipal Council of Salt Lake City, Utah, by:
(a) causing a Notice of Public Meeting to be posted
at the principal office of the Municipal Council at Room 200
of the City and County Building in Salt Lake City, Utah, on
July 21 , 1980 at least twenty-four (24) hours before
the convening of the meeting, in the form attached hereto as
Exhibit A; said Notice of Public Meeting having continuously
remained so posted and available for public inspection during
the regular office hours of the city until the convening of
the meeting; and
(b) causing a copy of the Notice of Public Meeting
in the form attached hereto as Exhibit A to be delivered on
July 21 , 1980, at least twenty-four (24) hours before
the convening of the meeting, to The Salt Lake Tribune and the
Deseret News, newspapers of general circulation within the
geographic jurisdiction of the city, and to each local media
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correspondent, newspaper, radio station or television station
which has requested notification of meetings of the Municipal
Council.
IN WITNESS WHEREOF, I have hereunto subscribed my
official signature and impressed hereon the official seal of
Salt Lake City, Salt Lake County, Utah, this 22ad day of
July , 1980.
City Recorder
Salt Lake City, U
(AFFIX SEAL HERE)
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EXHIBIT A
NOTICE OF REGULAR MEETING OF THE
MUNICIPAL COUNCIL OF SALT LAKE CITY, UTAH
PUBLIC NOTICE is hereby given that the Municipal
Council of Salt Lake City, Utah will hold a regular public
meeting at the offices of the Municipal Council at Room 301
of the City and County Building in Salt Lake City, Utah,
commencing at 5.00 o'clock P.M. on T„1y 79 , 1980.
The Agenda for the meeting consists of the following:
1. Consideration and adoption of a resolution authorizing
the financing of certain facilities, including land, building
and equipment, by the issuance and sale of $1,000,000 aggregate
principal amount of Industrial Development Revenue Bonds
(Litton Industries, Inc. Project) Series 1980 of Salt Lake City,
Utah, authorizing the execution and delivery of an Agreement
among the City, Litton Industries, Inc. and the bond purchaser
and authorizing the execution and delivery of various documents
in connection with the foregoing and related matters.
(INSERT REMAINDER OF AGENDA)
Dated: July 21. , 1980
BY .ild--4L2- !/. V-6)
City Recorder
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•
•
• NOTICE OF ADDENDUM TO AGENDA
TO TIIL RECDI.AR MEETING OF
THE CITY COUNCIL Ur SALT LAKE CITY, UTAH
PUBLIC NOTICE is hereby given that the regular meeting of the City Cennail
of Salt Lake City,Utah, to be held in Room 301,City and County Building,Salt Lake
City,Utah, commencing at 5:00 p.m.,o JylY 22. 19AO.— _-___' sh.,ll Inclnd.:
consideration of the following additional matters.
Authorization for the issuance of Industrial Revenue Bonds for Litton Indualrr.:s.
and approving Resolution therefor.
DATED duly 21y9A0
City Recorder
STATE OF UTAH
COUNTY OF SALT LAKE)
On July 21, 1980 I personally posted Lotle..d the
foregoing notice in c nspicuous view_atthe following times and locations within
the City end County Boilding,Salt Lake City,Utah:
I. At 4:5Q�,^1� 1n Rnnm 200 (Salt Lake City Recorder's 011f.e)
2. AD 4:55_2=_ , in the newsroom in Room 301.
_ ..---
City kucotAer
Subscribed and sworn to bolure se this 11B``L- _ day of �lu 1y, l9 bU
N.0eir Pohl M a,I.II In
My Commission expires: Salt lake City,Sian'
Thereupon, after the conduct of other business,
the following resolution was introduced in writing by
Alice Shearer , was read in full and pursuant to motion
duly made by Alice Shearer , and seconded by Ronald J. Whitehead
was adopted by the following vote:
AYE: Ronald J. Whitehead
lone M. Davis
Palmer DePaulis
Grant Mabey
Edward W. Parker
Alice Shearer
Sydney R. Fonnesbeck (absent)
NAY: None
The resolution was thereupon presented to and approved
and signed by the Mayor in open meeting, was signed by the
Chairman of the Municipal Council and was attested and recorded
by the City Recorder in the official records of said City. The
resolution is as follows:
A RESOLUTION AUTHORIZING THE FINANCING OF
CERTAIN FACILITIES, INCLUDING LAND, BUILDING
AND EQUIPMENT BY THE ISSUANCE AND SALE OF
$1,000,000 AGGREGATE PRINCIPAL AMOUNT OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS (LITTON
INDUSTRIES, INC. PROJECT) SERIES 1980 OF SALT
LAKE CITY, SALT LAKE COUNTY, UTAH, AUTHORIZING
THE EXECUTION AND DELIVERY OF AN AGREEMENT AMONG
SAID CITY, LITTON INDUSTRIES, INC. AND THE BOND
PURCHASER AND AUTHORIZING THE EXECUTION AND
DELIVERY OF VARIOUS DOCUMENTS IN CONNECTION WITH
THE FOREGOING AND RELATED MATTERS.
*** *** *** *** ***
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WHEREAS, Salt Lake City, Salt County, Utah (the
"Issuer"), is authorized and empowered by the provisions of
the Utah Industrial Facilities Development Act, Chapter 17
of Title 11, Utah Code Annotated, 1953, as amended (the "Act"),
to issue its revenue bonds for the purpose of financing land,
buildings, machinery and equipment suitable for manufacturing,
warehousing, commercial and industrial purposes; and
WHEREAS, adequate opportunities for industrial employ-
ment are not available in Salt Lake City and in order to provide
for industrial development and employment opportunities for
the inhabitants of Salt Lake City, and to add to the welfare
and prosperity of Salt Lake City and its inhabitants, the Issuer
proposes to finance a portion of the cost of an assembly facility
consisting of land, building and equipment (the "Project")
suitable for industrial purposes for Litton Industries, Inc.,
a Delaware corporation (the "Company") or its wholly owned
subsidiary; and
WHEREAS, the Act authorizes the Issuer to issue its
revenue bonds for the purpose of financing a portion of the cost
of the Project and all expenses incurred in connection with
the authorization, sale and issuance of such bonds, and to
secure payment of such bonds as provided in the Act; and
WHEREAS, the Issuer finds that it is proper, necessary
and desirable to issue its Industrial Development Revenue Bonds
(Litton Industries, Inc. Project) Series 1980 (the "Bonds"), in
the principal amount of $1,000,000 for the purpose of providing
funds to finance a portion of the cost of the acquisition,
construction, and equipping of the Project; and
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WHEREAS, the issuance of the Bonds, and the financing
of a portion of the cost of the Project will relieve conditions
of unemployment, encourage the increase and development of
industry and commerce, increase the tax base within Salt
Lake City and the State of Utah and promote the health,
welfare and safety of the citizens of Salt Lake City and the
State of Utah; and
WHEREAS, it is necessary to authorize the execution of
an Agreement to be dated as of June 1, 1980 (the "Agreement")
among the Issuer, the Company and Wells Fargo Bank, National
Association (the "Institutional Lender"), under the terms of
which the Issuer agrees to sell the Bonds to the Institutional
Lender, to loan the proceeds to the Company and the Company
agrees to pay to the Issuer or its assignee amounts sufficient
to pay at maturity the principal, interest and redemption
premium, if any, on the Bonds hereinafter authorized and
will evidence such obligations by executing its Direct Obligation
Note or Notes in the principal amount of $1,000,000 (collectively,
the "Note"); and
WHEREAS, it is necessary for the Issuer to execute
and deliver a Pledge and Security Agreement to be dated as
of June 1, 1980 (the "Pledge Agreement") to Zions First
National Bank, Salt Lake City, Utah, as security trustee
(the "Trustee"), for the benefit of the Bondholders; and
WHEREAS, the Issuer has caused to be prepared and
presented to this meeting the following documents, which the
Issuer proposes to enter into:
—8—
1. The form of Agreement;
2. The form of Pledge Agreement; and
3. The form of the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL
COUNCIL OF SALT LAKE CITY, SALT LAKE COUNTY, UTAH:
Section 1. That the form, terms and provisions of the
proposed Agreement be, and they hereby are, in all respects
approved and that the Mayor and the City Recorder of,the Issuer
be, and they are hereby, authorized, empowered and directed to
execute, countersign, attest and deliver the Agreement in the
name and on behalf of the Issuer, and thereupon to cause the
Agreement to be delivered to the Company and the Institutional
Lender; that the Agreement is to be in substantially the form
presented to and before this meeting and hereby approved or
with such changes therein as shall be approved by the officer
of the Issuer executing the Agreement, his execution thereof
to constitute conclusive evidence of his approval of any and
all changes or revisions therein from the form of Agreement
before this meeting; and that from and after the execution and
delivery of the Agreement, the officials, agents and employees
of the Issuer are hereby authorized, empowered and directed to
do all such acts and things and to execute all such documents
as may be necessary to carry out and comply with the provisions
of the Agreement as executed. The Agreement shall constitute
and is hereby made a part of this authorizing resolution and a
copy of the Agreement shall be placed in the official records
of the Municipal Council and shall be available for public
inspection at the office of the City Recorder.
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Section 2. That the form, terms and provisions of
the proposed Pledge Agreement be, and they hereby are, in all
respects approved, and that the Mayor and the City Recorder of
the Issuer be, and they are hereby, authorized, empowered and
directed to execute, countersign, attest and deliver the Pledge
Agreement in the name and on behalf of the Issuer, and thereupon
to cause the Pledge Agreement to be delivered to the Trustee,
and the Pledge Agreement shall constitute a lien for the security
of the Bonds issued under the Agreement upon the revenues and
receipts derived from the Agreement, including, but not limited
to, the Note; that the Pledge Agreement is to be in substantially
the form presented to and before this meeting and hereby approved,
or with such changes therein as shall be approved by the officer
of the Issuer executing the Pledge Agreement, his execution
thereof to constitute conclusive evidence of his approval of
any and all changes or revisions therein from the form of
Pledge Agreement before this meeting; and that from and after
the execution and delivery of the Pledge Agreement, the officials,
agents and employees of the Issuer are hereby authorized,
empowered and directed to do all such acts and things and to
execute all such documents as may be necessary to carry out
and comply with the provisions of the Pledge Agreement as
executed. The Pledge Agreement shall constitute and is hereby
made a part of this authorizing resolution and a copy of the
Pledge Agreement shall be placed in the official records of
the Municipal Council and shall be available for public inspection
at the office of the City Recorder.
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•
Section 3• That the Mayor of the Issuer be and is
hereby authorized, empowered and directed to cause to be prepared
an issue of $1,000,000 aggregate principal amount of the Bonds
of the Issuer, bearing interest payable quarterly as provided in
the Bonds at a rate per annum which shall at all times be equal
to 65% of the rate of interest most recently announced within
the Institutional Lender at its principal office in San Francisco,
California as its prime rate, which rate is one of its base
rates and serves as the basis upon which effective rates of interest
are calculated for those loans making reference thereto, and as
evidenced by the recording thereof after its announcement in
such internal publication or publications as the Institutional
' Lender may designate (the "Prime Rate") in effect from time to
time, such interest rate to be adjusted on the effective date
of any change in the Prime Rate, provided that in no event shall
the interest rate thereon exceed 30%. Interest on overdue principal
shall be payable on demand maturing one day prior to three
years from the date of the initial issuance thereof, in registered
form and having the other terms and provisions specified in
the Agreement (as executed and delivered); and that said Bonds
shall be executed in the name of the Issuer with the manual
signatures of the Mayor of the Issuer and the City Recorder of
the Issuer and the seal of the Issuer may be affixed thereto.
Section 4. That the form of the Bonds submitted to
this meeting, subject to appropriate insertion and revision in
order to comply with the provisions of the Agreement be, and
the same hereby are, approved, and when the same shall be
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executed on behalf of the Issuer in the manner contemplated by
the Agreement and this authorizing resolution in the aggregate
principal amount of $1,000,000, they shall represent the approved
form of the Bonds of the Issuer.
Section 5. That the Mayor or City Recorder of the
Issuer be and is hereby authorized, empowered and directed to
issue and sell to the Institutional Lender $1,000,000 principal
amount of the Bonds, as provided in the Agreement, at a price
of 100% of the principal amount thereof.
Section 6. That the proper officials, agents and
employees of the Issuer are hereby authorized, empowered and
directed to do all such acts and things and to execute all such
documents and certificates as may be necessary to carry out
and comply with the provisions of said documents as executed
and to further the purposes and intent of this authorizing
resolution, including the preamble hereto. If the Mayor or
City Recorder of the Issuer are unable to execute any Bond or
document herein authorized, such Bond or document shall be
executed by the person legally authorized to act as Mayor or
City Recorder under such circumstances.
Section 7. That all acts of the officials of the
Issuer which are in conformity with the purposes and intent of
this authorizing resolution and in furtherance of the issuance
and sale of the Bonds in the aggregate principal amount of
$1,000,000 and the financing of the Project be, and the same
hereby are, in all respects, approved and confirmed.
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Section 8. It is intended that the Bonds will be
issued for a temporary period and will be refunded with the long
term revenue bonds of the Issuer at the maturity or prior prepayment
of the Bonds.
Section 9. That after the Bonds are issued, this
authorizing resolution shall be and remain irrepealable until
the Bonds and the interest thereon shall have been fully paid,
cancelled and discharged.
Section 10. That the provisions of this authorizing
resolution are hereby declared to be separable and if any section,
phrase or provision shall for any reason be declared to be invalid,
such declaration shall not affect the validity of the remainder
of the sections, phrases and provisions.
Section 11. That all resolutions and parts thereof in
conflict herewith are hereby repealed to the extent of such conflict.
Section 12. The City Recorder is hereby directed to
publish this resolution of the Act as provided in Section 11-17-16(1). -
Section 13. That immediately after its adoption and
approval by the Mayor, this resolution shall be signed by the
Chairman of the Municipal Council and attested by the City Recorder,
shall be recorded in a book kept for that purpose and shall take
immediate effect.
-13-
PASSED AND APPROVED by the Municipal Council and
the Mayor of Salt Lake City, Salt Lake County, Utah, this 22nd
day of T„dy , 1980.
r / �
Chairman o Che Municipal Council,
Salt Lake ity, Salt Lake County,
Utah
Attested:
City Recorder, Salt ke City,
Salt Lake County, h
Approy-• :
w or, Salt Lake City, Salt Lake
County, Utah
(SEAL)
(Other business not pertinent to the above appears
in the minutes of the meeting.)
Upon motion duly made and carried, the meeting was
adjourned.
n
d Chairman
Attested:
7)7
y ecorder /
(SEAL)
-14-
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 a regular public meeting
of the Municipal Council of Salt Lake City held on July 22.
1980, 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
Salt Lake City, Utah this 22nd day of July , 1980.
City Recor
•.: . . ..
. • • .• Resolution No. I
.i
tBy City Council
d611041110iNfai
Authorizing the issuance and sale of
$1,000,000 Industrial Development
Revenue Bonds to Litton Industries,
Inc.
.
.:.i.';';:.•,::L.
,-/
.
'W
4
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