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HomeMy WebLinkAbout49 of 1976 - A resolution authorizing the acquisition of equipment, real estate and certain improvements, authori !l i 49 .- • . Resolution No. By Tonningc Phillips, Jr. COMMISSIONER esolution authorizing the acquisitio. :of equipment, real estate and certai improvements, authorizing the issuanc and sale of a $1,462,500 Industrial ! 'Development Revenue Bond (Dixon Paper, 'Company Project), Series 1976, of Salt Lake City. i Presented to the hard of Commtss'ione,i f AND PASSED • i JUL2 2 1976 carr RECoar-- i {; ! !; The Board of ro• County.Utah, t,n regular meeting place in Room XI,In the City ani..- v Bo,., Salt Lake City,Utah at 10 00 o'clock A M on July 22,1976,with the following members present Ted L.Wilson,Mayor Jess A.Agree,Commissioner Glen,N.Greener,Commissioner , Herman J.Hoeensen,Commissioner Jennings Phillips,Jr.,Commissioner There were absent:NONE There were also present:Mildred V.Higher',City Recorder and Greg R.Hawkins,Assistant City Attorney. After the meeting had been duly called to order,the roll ed thea and afmlhtso the orlermeetiing read and approved,and after t conduct 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 issuance by the City of a 61,462.500 Industrial Development Revenue Bond(Dixon Paper Company Series end of various documents Protect). ntionn wiit to foregoing. written form bby,Jthe enninggs Philil ing r Jr,.was read In full and,Vier full discussion of the question and of the various documents attached as exhibits to said resolution,pursuant to a motion made by Mayor Ted L.Wilson and seconded by Jennings Phillip, Jr.,sold resolution was adopted by the following vote: Aye:Ted L.Wilson.Mayor Jess A.Apra.Commissioner Glen J.Hemensen,Commissioner Jennings Phillips,Jr..Commissioner Nevi None The resolution was then signed by the Mayor in open meeting aUtah was Impressed thereon attested by Ihe City Recorder. ra recorded by the City Recorder. The resolution is as follows: A RESOLUTION authorizing the acquisition of equipment, real estate and certain improvements thereto end the equipping of en industrial building on said real estate.authorizing the issuance and see of a 51,162,500 Industrial Development Revenue Bond(Dixon Paper Company Protect),Series 1976,of Salt Lake City,Salt Lake County,Utah,authorizing the execution and delivery of a Loan Agreement, a Deed Of.Trust and an AssiRrenent and Agreement providing the terms of and securing said bonds,authorizing the execution end delivery of a Lease Agreement between said City, as lessor" and Westward Corporation"doing business as Dixon Paper Company"as lessee" and authorizing the execution and delivery of various documents in nn coection with the foregoing and related matters. WHEREAS,Salt Lake City,In fte County of Salt Lake.State of Utah(the"City"),Is authorized and empowered by the provision al the Utah Industrial Facilities Development Act, Chapter 17 of Title 11,Utah Code Annotated,1953,es amended (the"Act"),to issue its revenue bands for the purpose of Providing funds to acquire end improve end. buildings, machineryi and eouierene suitable for manufacturire,ware- housing.to s commercial sand ucch irentalsean d runs such stelrrans and conditions as the City may dem advisable;and WHEREAS.adequate opportunities for Industrial employ- ment are not avaitable in the City and In order to provide for industrial development and employment opportunities for the Inhabitants of the City,and to add to the welfare end prosperity of the City end its Inhabitants,the City proposes to acquire within the City a plant site together with a building suitable for industrial,manufacturing and commercial gurebeas located thereon,an to to acquire or constuct inorovenents deemed necessary in connection therewith,and to tome said site,building aColorado�corporation doing busineements(the-Prolacrlss aWestward D he ronPaperr Carmen,' ("Dixon Paper");end WHEREAS,the Act authorizes the City to Issue Its revenue PProtect endall purpose the parwsinncu incurred ng the cost onnictonni with the authoriztion,aeesand Issuance of such bends,and to secure paymentthe of such bonds as provided in Act;and WHEREAS,the City finds that It is pre er,necessary and desirable to issue its Industrial Development Revenue Bond (Dixon Paper Company Prefect).Series 1976 ithe"Bond"),in the Principal amount of S1.460.500 or the purpme of providing fonds to cause the aoaisltlon.construction,and sauteeing of the Prclect;and WHEREAS. the issuance of the Bond,the acquisition, construction and equipping of the Protect end the leasing thereof to Dixon Paper Company will relieve conditions of urcngln, commerce, mt.encourageIncrease thethe tax base witse and hin the City and Industry he State a Utah end Promote the heals,welfare and safety of the citizens of the City ant the State of Utah;and WHEREAS,It is necessary or the City to execute and deliver a Lease Agreement"dated as of August 1,1976(the"Lease Agreement")between the City.as lessor,and Dixon Paper Company,as lessee,under the ferns of which Dixon Paper Company will lease the Protect or rentals sufficient to pay principal of,premium,if any.and interest on the Bad;and WHEREAS,It Is necessary for the City to execute end deliver a Loan Agreement dated as of August 1,1976 itha"Loan Agreement")between the City end Prudential Federal Savings and Loan Association(the"Association");and WHEREAS,it is necessary for pre City to execute and deliver an Assignment and Agreement dated as of August 1,1976(the "Assignment")between the City and the Association;and WHEREAS,it is necessary for the City to execute and deliver a Deed at Trust dated as of August 1.1976(the"Deed of Trust") to the Association;and WHEREAS"B is necessary for the City to authorize the acceptance of an Inducement Letter from Dixon Paper Company (the"Inducement Letter");and WHEREAS.It is necessary for the City to authorize the execution and delivery of other certificates,documents and papers and the PerfOrmMete of ace neeesary or Convenient In connection with the issuance and delivery of the Send and the Implementation of this resolution;and WHEREAS,tare have strip oraeared and pretested to the Board of cemndssiatets the following documents I.Form of proposed Lease Agreement(Exhibit A). Fo m W perr000aed 8 Agreement in LoalniAareement). 4.Form of proposed Assignment(Exhibit C). 5.Fmat Deed oTrust st(Exhibit CO. Form Inducement Letter(Exhibit E WHEREAS, documents are equirements of the Act,aand all In requirements and limitations on powers set forth in the Act have been satisfied:and NOW THEREFORE Be it Resolved by the BoaCommissioners of Salt Lake City,Salt Lake County, tah:rd of tnacwllofaby, i and alco.euioin ssune asa $14662 500 industrialdirected relent Revenue Bond(Dixon Paper Company Protect),Series 1976 of Salt Lake City.Salt Lake County.Utah,dated the date of issuance thereof,for the purposes expressed in the preamble hereto,in fully registered form,bearing Interest at the rate of 7.90%per annum(computed ins 060-day year basis),and having the form, details and specification set out in the Loon Agreement. 2.That there is hereby auhorized and directed the acquisition and equipping of the Protect as provided in the Lease Agreement and the leasing of the Prolecf to Dixon Paper Company pursuant to the Lease Agreement. formaattached feat reto as Ex/setlbit A is herebyent b authorized aulnleri lied Ito be executed,acknowledged and delivered on behalf of the City by the Mayor and City Recorder and said officers are hereby authorized and directed to cause the Lease Agreement to be accepted,executed and eckrowledeed by Dixon Paper Company, after which the Lease Agreement shall be recorded in the mortgage records of Salt Lake County. Utah. The Lease Agreement shall constitute and is hereby made a part of this authorizing resolution and a copy of the Lease Agreement is available for public iuspectin at the office of the City Recorder. Section details' es:berncdinthe Bond and ttoerc the purpose adootionss the ad latsuatntallatted doareto tAAa men substantially In the ttuimaacc ed he as Exhhibi B Is hereby uthorized to be uted,acknowledged and delivered on behalf of the City by the Mayor and City Recorder and said officers are hereby authorized and directed to cause the Loan Agreement to be accepted,executed and acknowledged by the Asaociatin alter which the Loan Agreement may be recorded In the mortgage racords of Salt Lake County,Utah.The Loan Agreement shall constitute and is hereby made a part of this authorizing resolution and a copy of the Loan Agreement Is available for public Inspection at the office of the City Recorder. attachat iCisnment a In the form hede eto as Exhibit hereby authorized to be executed, awl Ci a Recoed rder end said offind delivered co cers arehereby auth11 of the City byorized and directed to cause the Assignment to be accepted,executed and acknowledged by the Association,after which the Assignment mUtah.The Assignmbe recorded en nt shall coe nstitute of Salt ands herebLake smede County, part of this authorizing resolution and a COPY of the Assignment Is available for public inspection at the office of the City Recorder. Section 6.That for the purpose of further securing the Bad, the hereto as Exhibit D is hereby authorized t Trust o be executed,in the form seck�ledged and delivered on behalf of the City by the Mayor and City Recorder and said officers are hereby authorized and directed to cause the ssoa isfcDeose acknowledged by the after be t Deed f Trust shailbe In er rnortga.records of Salt Lake County,Utah.The Deed of Trust shall constitute and is hereby made a pert of this authorizing resolution and a COPY of the Deed of Trust is available for public inspection at the office of the City Recorder. Section 7.That the sale of the Bond to the Association at the price of 100%of the a ncipal amount thereof Is hereby ' authorized,approved and confirmed. Section B.That the Inducement Letter substantially In the form attached hereto as Exhibit E(army Of which is available for Public inspecfin at the office of the City Recorder)is in all rrmed and the Inducemtsent memo Letter is hereby aapucceptted and the roved and Mayor and City Recorderdder are hereby authorized and directed to execute and Recorder edge the Inducement Letter to evidence such accee- rants. Section 9.That the Mayor,City Recorder and such other officers and officials of the City as y be appropriate are hereby authorized to execute and deliver for and on behalf of the City any and all additional certificates,documents or other papers and do any and all things deemed necessary in order to effect the issuance and sale of the Bond,and the execution and delivery of the Lease Agreement.Loan Agreement, mtte ed and De of Trust and to implement and carry out all all maattesrs herein authorized and the intent and purpose of this resolution. Section 10.That after the Bond is issued,this resolution shall be and remain rable until the Bonds and the interest boon t thereon shall have been fully paid,cancelled and discharged. Section 11.That the provision of this resolution are hereby declared to be separable and If any section,phrase or provision for any reason be declared to be invalid,such declaration shag not affect the validity of the remainder of the sections, Phrases and provision. Section 12.That all resolution and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 13. That i bythe hew after its adoption this resolution shall be signed by the Mayor and City Recorder,shall be recorded in a book kept for that our..and shall take Immediate effect. Section 14.The City Recorder is hereby directed to cause this resolution to be published one time,pursuant to the provision of Section 11.17-16 of the Act.In"Deseret News",a newspaper published in the City,as soon as may be practicable following adoption of this resolution. Passed and approved July 22,1976. TED L.WILSON Mayor Attest: MILDRED V.HIGISAM City Recorder Published July 30,1976 (B-1) (SEAL) ) : 7 ; ; /( ( _ • , •, DELUXE-FORM WVD-4 V-2 CHAPMAN AND CUTLER CHICAGO,ILL. DATE DESEPT1,3N I AMOUNT a/c Dixon Paper Co. s1,462,500 IDRB -40057996 #9213128-.1#0 Publication of Bond Resolution RJS #122000 $173.88 L'Pal)er \!-!.("1(..V ()1.1)(11.:lii()11 1IJi411 fakir(111111111r \ DESERET NE`.1.: ,,TAH AC'CPJN'NU ) ti 4 _1C ,7 3 2' %oft*011ok•Gliordso To,tem _.„Ima • wildi Your Salt Lake City, Utah. July 22 , 1976 The Board of Commissioners of Salt Lake City, Salt Lake County, Utah, met in regular public session at its reg- ular meeting place in Room 301, in the City and County Build- ing in Salt Lake City, Utah at 10:00 o'clock A .M. on July 22 , 1976, with the following members present: ROLLCALL Ted L. Wilson, Mayor VOTING Aye Nay Jess A. Agraz, Commissioner Mr.Chairman .. Agraz Glen, N. Greener, Commissioner Greener Herman J. Hogensen, Commissioner Hogensen Jennings Phillips, Jr., Commissioner phillips There were absent: None Result There were also present: Mildred V. Higham, City Recorder and Greg R. Hawkins, Assistant I ga-xx> XxP>'KPQXIcef ', City Attorney. After the meeting had been duly called to order, the roll called with the above results, and the minutes of the pre- ceeding meeting read and approved, 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 issuance by the City of a $1,462,500 Industrial Development Revenue Bond (Dixon Paper Company Project), Series 1976, and the execution of various other documents in connection with the foregoing. Thereupon, the following resolution was introduced in eb$ written form by Jennings Phillips, Jr. , was read in full and, after full discussion of the question and of the various documents attached as exhibits to said resolution, curs;;ant tc a motion . made by Mayor Ted L. Wilson =nd ` and d by Jennings Phillips, J said resolution was adopted by the fo=lc;,ir_- vote: Aye: Ted L. Wilson, Mayor Jess A. Agraz, Commissioner Glen N. Greener, Commissioner Herman J. Hogensen, Commissioner Jennings Phillips, Jr., Commissioner Nay: None The resolution was then signed cy the Rayor in co meeting and attested by the City Recorder, the seal of Salt Lake City, Utah was impressed thereon and recorded by the City Recorder. The resolution is as follows_: A RESOLUTION authorizing the accu`siofon of equipment, real estate and certain i__ ments thereto and the equipping of an indus- trial building on said real estate, author- izing the issuance and sale of a Z-,-`2„OC Industrial Development Revenue Po. _xrn Paper Company Project), Series 197 . cf Salt Lake City, Salt Lake County, Utah, au.thorizing the execution and delivery of a Than Agreement, a Deed of Trust and an Assignment and Agree- ment providing the terms of and securing said bonds, authorizing the execution and delivery of a Lease Agreement between said City, as lessor, and Westward Cor __a ion, doing business as Dixon Pacer Comc_n;:, as lessee, and authorizing the executi_n ad delivery of various documents with the foregoing and related matters. *** *** *** *** -2- -- .-- ---- , -. - .�-.+.-.+ .,v.yvi a evil u1:111� ULLD1xiass as Dixon Paper Company ("Dixon Paper"); and WHEREAS, the Act authorizes the City to issue its revenue bonds for the purpose of defraying the cost of financing 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 -3- WHEREAS, Salt Lake City, in the County of Salt Lake, State of Utah (the "City"), 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 pur- pose of providing funds to acquire and improve land, buildings, machinery and equipment suitable for manufacturing, warehousing, commercial and industrial purposes and to lease the same to others for such rentals and upon such terms and conditions as the City may deem advisable; and WHEREAS, adequate opportunities for industrial employ- ment are not available in the City and in order to provide for industrial development and employment opportunities for the inhabitants of the City, and to add to the welfare and pros- perity of the City and its inhabitants, the City proposes to acquire within the City a plant site together with a building suitable for industrial, manufacturing and commercial purposes located thereon, and to acquire or construct improvements deemed necessary in connection therewith, and to lease said site, building and improvements (the "Project") to Westward Corporation, a Colorado corporation doing business as Dixon Paper Company ("Dixon Paper"); and WHEREAS, the Act authorizes the City to issue its revenue bonds for the purpose of defraying the cost of financing 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 -3- WHEREAS, the City finds that it is proper, necessary and desirable to issue its Industrial Development Revenue Bond (Dixon Paper Company Project), Series 1976 (the "Bond"), in the principal amount of $1,462,500 for the purpose of providing funds to cause the acquisition, construction, and equipping of the Project; and WHEREAS, the issuance of the Bond, the acquisition, construction and equipping of the Project and the leasing thereof to Dixon Paper Company will relieve conditions of unemployment, encourage the increase and development of industry and commerce, increase the tax base within the City and the State of Utah and promote the health, wel- fare and safety of the citizens of the City and the State of Utah; and WHEREAS, it is necessary for the City to execute and deliver a Lease Agreement, dated as of August 1, 1976 (the "Lease Agreement") between the City, as lessor, and Dixon Paper Company, as lessee, under the terms of which Dixon Paper Company will lease the Project for rentals sufficient to pay principal of, premium, if any, and interest on the Bond; and WHEREAS, it is necessary for the City to execute and deliver a Loan Agreement dated as of August 1, 1976 (the "Loan Agreement") between the City and Prudential Federal Savings and Loan Association (the "Association"); and WHEREAS, it is necessary for the City to execute and deliver an Assignment and Agreement dated as of August 1, -4- 1976 (the "Assignment") between the City and the Association; . and WHEREAS, it is necessary for the City to execute and deliver a Deed of Trust dated as of August 1, 1976 (the "Deed of Trust") to the Association; and WHEREAS, it is necessary for the City to authorize the acceptance of an Inducement Letter from Dixon Paper Company (the "Inducement Letter"); and WHEREAS, it is necessary for the City to authorize the execution and delivery of other certificates, documents and papers and the performance of acts necessary or convenient in connection with the issuance and delivery of the Bond and the implementation of this resolution; and WHEREAS, there have been prepared and presented to the Board of Commissioners the following documents: 1. Form of proposed Lease Agreement (Exhibit A). 2. Form of proposed Loan Agreement (Exhibit B). 3. Form of proposed Bond (contained in Loan Agreement). 4. Form of proposed Assignment (Exhibit C). 5. Form of proposed Deed of Trust (Exhibit D). 6. Inducement Letter (Exhibit E). WHEREAS, said documents are in full conformity with the requirements of the Act, and all requirements and limitations on powers set forth in the Act have been satisfied; and NOW, THEREFORE Be it Resolved by the Board of Com- missioners of Salt Lake City, Salt Lake County, Utah: Section 1. That there is hereby authorized and directed the execution, issuance and sale of a $1,462,500 -5- Industrial Development Revenue Bond (Dixon Paper Company Pro- ject), Series 1976 of Salt Lake City, Salt Lake County, Utah, dated the date of issuance thereof, for the purposes expressed in the preamble hereto, in fully registered form, bearing interest at the rate of 7.90% per annum (computed in a 360-day year basis), and having the form, details and specifications set out in the Loan Agreement. Section 2. That there is hereby authorized and directed the acquisition and equipping of the Project as pro- vided in the Lease Agreement and the leasing of the Project to Dixon Paper Company pursuant to the Lease Agreement. Section 3• That the Lease Agreement substantially in the form attached hereto as Exhibit A is hereby authorized to be executed, acknowledged and delivered on behalf of the City by the Mayor and City Recorder and said officers are hereby authorized and directed to cause the Lease Agreement to be accepted, executed and acknowledged by Dixon Paper Company, after which the Lease Agreement shall be recorded in. the mort- gage records of Salt Lake County, Utah. The Lease Agreement shall constitute and is hereby made a part of this authorizing resolution and a copy of the Lease Agreement is available for public inspection at the office of the City Recorder. Section 4. That for the purpose of providing the details of the Bond and to prescribe the terms and conditions on which the Bond is to be secured, executed, accepted and held, the Loan Agreement substantially in the form attached hereto as Exhibit B is hereby authorized to be executed, acknowl- edged and delivered on behalf of the City by the Mayor and City Recorder and said officers are hereby authorized and directed to -6- cause the Loan Agreement to be accepted, executed and acknowledged by the Association after which the Loan Agreement may be recorded in the mortgage records of Salt Lake County, Utah. The Loan Agreement shall constitute and is hereby made a part of this authorizing resolution and a copy of the Loan Agreement is available for public inspection at the office • of the City Recorder. Section 5. That the Assignment substantially in the form attached hereto as Exhibit C is hereby authorized to be executed, acknowledged and delivered on behalf of the City by the Mayor and City Recorder and said officers are hereby authorized and directed to cause the Assignment to be accepted, executed and acknowledged by the Association, after which the Assignment may be recorded in the mortgage records of Salt Lake County, Utah. The Assignment shall constitute and is hereby made a part of this authorizing resolution and a copy of the Assignment is available for public inspection at the office of the City Recorder. Section 6. That for the purpose of further securing the Bond, the Deed of Trust substantially in the form attached hereto as Exhibit D is hereby authorized to be executed, acknowl- edged and delivered on behalf of the City by the Mayor and City Recorder and said officers are hereby authorized and directed to cause the Deed of Trust to be accepted, executed and acknowl- edged by the Association after which the Deed of Trust shall be recorded in the mortgage records of Salt Lake County, Utah. The Deed of Trust shall constitute and is hereby made a part of this authorizing resolution and a copy of the Deed of Trust is available for public inspection at the office of the City Recorder. Section 7. That the sale of the Bond to the Association at the price of 100% of the principal amount thereof is hereby authorized, approved and confirmed. Section 8. That the Inducement Letter substantially in the form attached hereto as Exhibit E (a copy of which is available for public inspection at the office of the City Recorder) is in all respects hereby authorized, approved and confirmed and the Inducement Letter is hereby accepted and the Mayor and City Recorder are hereby authorized and direct- ed to execute and acknowledge the Inducement Letter to evidence such acceptance. Section 9. That the Mayor, City Recorder and such other officers and officials of the City as may be appropriate are hereby authorized to execute and deliver for and on behalf of the City any and all additional certificates, documents or other papers and do any and all things deemed necessary in order to effect the issuance and sale of the Bond, and the execution and delivery of the Lease Agreement, Loan Agreement, Assignment and Deed of Trust and to implement and carry out all matters herein authorized and the intent and purpose of this resolution. Section 10. That after the Bond is issued, this resolution shall be and remain irrepealable until the Bonds and the interest thereon shall have been fully paid, cancelled and discharged. Section 11. That the provisions of this resolution are hereby declared to be separable and if any section, phrase -8- or provision shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remain- der of the sections, phrases and provisions. Section 12. That all resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 13. That immediately after its adoption this resolution shall be signed by the Mayor and City Recorder, shall be recorded in a book kept for that purpose and shall take immediate effect. Section 14. The City Recorder is hereby directed to cause this resolution to be published one time, pursuant to the provisions of Section 11-17-16 of the Act, in "Deseret News", a newspaper published in the City, as soon as may be practi- cable following adoption of this resolution. Passed and approved July 22 , 976. Mayor Attest: City Recorder (SEAL) -9- • (Other business not pertinent to the above appears _ . in the minutes of the meeting). Pursuant to motion duly made and carried, the meet- ing of the Board of Commissioners was adjourned. ( _�. �l ,- Mayor Attest: i d G/17 City Recorder -10- 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 held on July 22, 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 Salt Lake City, Utah, this 22ndday of July, 1976. City Record (SEAL)