5 of 1979 - A resolution approving the issuance of $8,000,000 Industrial Revenue Bonds to Miller Brewing Company 3onorable Jennings Phillips, Jr.
Commissioner of Public Affairs
and Finance
211 City and County Building
Salt Lake City, Utah
Dear Commissioner Phillips:
Pursuant to your motion, the Board of City Commissioners at its meeting
today, passed Resolution No. 5 of 1979, approving the issuance of
$8,000,000 Industrial Revenue Bonds to Miller Brewing Company, a
Wisconsin corporation and wholly-owned subsidiary of Philip Morris
Incorporated.
Yours truly,
'dt<:
City Recorder
ms
CC:
Mayor Wilson
Comm.Agraz Comm.Campbell
Comm.Greener Attorney
Treasurer Auditor
Files
Mr. Ferrer, Attorney
Salt Lake City, Utah
January 18, 1979
The Board of Commissioners of Salt Lake City, Salt
Lake County, Utah, met in regular public session at its regu-
lar meeting place in the City Hall in Salt Lake City at 10:00
o'clock A.i4., on January 18, 1979, with the following members
present:
Ted L. Wilson Mayor
Jennings Phillips, Jr. Commissioner
Glen N. Greener Commissioner
David C. Campbell Commissioner
Commissioner
There was absent: Jess A. Agraz
There were also present Mildred V. Higham
City Recorder and Ray L. Montgomery , 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 consid-
eration and adoption of a resolution authorizing the execu-
tion of a Memorandum of Agreement between Salt Lake City and
Miller Brewing Company, a Wisconsin corporation with princi-
pal offices in Milwaukee, Wisconsin, preliminary to the is-
suance of certain Industrial Development Revenue Bonds by the
City.
Thereupon, the following resolution was introduced
in written form by 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 reso-
lution, pursuant to motion made by Jennings Phillips, Jr.
and seconded by David C. Campbell , said resolution
was adopted by the following vote:
Aye: Ted L. Wilson, Mayor
Jennings Phillips, Jr., Commissioner
Glen N. Greener, Commissioner
David C. Campbell, Commissioner
Nay: None.
The resolution was then signed by the Mayor in open
meeting and recorded by the City Recorder. The resolution is
as follows:
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RESOLUTION
WHEREAS, Salt Lake City Corporation, a municipal corpora-
tion of the State of Utah, 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, Miller Brewing Company, a Wisconsin corporation,
authorized to and doing business in Salt Lake County, State of Utah,
hereinafter called "Guarantor", has requested that the City issue
industrial revenue bonds to finance the cost of a munufacturing
facility for the company consisting of land, building, improvements,
machinery and equipment (the "Project") at a cost of approximately
$8,000,000; and
WHEREAS, the City desires, pursuant to Guarantors represen-
tations and request, to issue such bonds to finance the cost of
purchasing the land and purchasing and constructing the building
improvements, machinery and equipment for the Project by the issuance
of revenue bonds under the Act in the amount of approximately $8,000,00
and
WHEREAS, such bonds shall be payable solely from the rentals,
revenues and receipts delivered by the City from the lease of the Pro-
ject to the Guarantor and shall not constitute nor give rise to any
general obligation or liability of the City against its general credit
or taxing powers, from which, among other things, Guarantor agrees
and will enter into agreements to hold City harmless; and
WHEREAS, the payment of the principal of, and interest on,
said bonds shall be guaranteed by the Guarantor; and
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•
WHEREAS, the Guarantor has agreed to negotiate with City
for an agreement to provide for the sale of the bonds and to appoint
a Utah trustee, all with the prior approval of the City and in
accordance with State law; and
WHEREAS, the Guarantor desires that the purchase of
the land and the purchase and construction of the building, improve-
ments, machinery and equipment 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 tentatively approves the Project to be financed out of the
proceeds of approximately $8,000,000 principal amount of the
Industrial Revenue Bonds, Series 1979, of the Salt Lake City Corpora-
tion to be issued pursuant to the provisions of 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 Guaran-
tor meets all City, State and Federal statutory requirements for the
Project and issuance of said bonds.
PASSED AND APPROVED by the Board of Commissioners,
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Salt Lake City, Salt Lake County, Utah, this 18th day of
January, 1979.
Mayor
Attest:
(61.4.#A.,
City Record
Approved:
City # torne
(Other business not pertinent to the above appears
in the minutes of the meeting.)
Upon motion duly made and carried, the meeting was
adjourned.
----/-) //?_Z: -
Mayor
Attest:
City Recorde
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STATE OF UTAH )
ss.
COUNTY OF SALT LAKE)
I, Z'.leek/.."--t• lie duly qualified and act-
ing City Recorder of Salt L ke City, Utah, do hereby certify,
according to the records of said City in my official posses-
sion, 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
January 18, 1979, including a resolution adopted at said meet-
ing, 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 18th day of January, 1979.
1./..gdiadd' 77%y-teliAA-->
City Record
(SEAL)
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5
Resolution No. `
By Jennings Phillips, Jr.
COMMISSIONER
Approving the issuance of$8,000,000
Industrial Revenue Bonds to Miller
Brewing Company, a Wisconsin
corporation and wholly-owned
subsidiary of Philip Morris Incorporates.
Presented to the toard of CommissiIMt!
AND PASSED
JAN 1 8 11979
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