56 of 1979 - A resolution authorizing the issuance of $1,200,000 Industrial Revenue Bonds for Easton Aluminum, a ROLL CALL 44
VOTING Aye Nay
Mr.Chairman
Agraz
Greener
Campbell
Phillips
Result
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Av TO Mini
_ .;f pr r It��r,rtrr I r»
RESOLUTION r r«
WHEREAS, SALT LAKE CITY CORPORATION (the CITY), a
muni-
cipal corporation 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, EASTON ALUMINUM, a division of Jas. D. Easton,
Inc., (the COMPANY) a California corporation, has requested that
the CITY issue Industrial Revenue Bonds to finance part of the cost
of a manufacturing, warehouse and office facility for the COMPANY
consisting of land, building, improvements, machinery and equip-
ment (the Project); the portion of the cost to be financed by
the Bonds will be approximately One Million Two Hundred Thousand
Dollars ($1,200,000.00) out of a total cost of approximately
Three Million Dollars ($3,000,000.00).
WHEREAS, the CITY desires pursuant to the COMPANY's
representations and request to issue such Bonds to finance the
cost of purchasing the land and purchasing and constructing the
building and improvements for the Project by the issuance of
Industrial Revenue Bonds under the Act in an amount not to exceed
$1,200,000.00 principal amount; and
WHEREAS, such Bonds would be payable solely from the
rentals, revenues and other receipts delivered to the CITY or
to its account with a Trustee from the lease of the Project to
the COMPANY and obligations of the COMPANY and James L. Easton,
who will be the record owner of the real estate. The Bonds 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 and Mr. Easton agree to
hold the CITY harmless; and
WHEREAS, the payment of the principal of, premium, if
any, and interest on, said Bonds would be guaranteed by the COMPANY
and Mr. Easton; and
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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 and con-
struction of the building and improvements commence as soon as
practically 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 Industrial
Revenue Bonds to finance the cost of the Project will be in fur-
therance 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 in part
out of the proceeds of approximately $1,200,000.00 principal amount
of the Industrial Revenue Bonds, Series 1979, of the SALT LAKE
CITY CORPORATION to be issued pursuant to the provisions of the
Act.
3. That CITY officials are hereby authorized and directed
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, provided the COMPANY
meets all CITY, state and federal statutory requirements for the
Project and issuance of the Bonds.
Pass +d by the Board of '. issioner- of Sa `ke Ctiy,
Uta 's -�'day of 1979.
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,
YOR CO ilk SS •
CO IS •MMISSIONER -
OMMISS NER
Resolution No. 56 !I
ByJennings Phillips, Jr.
COMMISSIONER
Authorizing the issuance of $1,200,000
Industrial Revenue Bonds for Easton
Aluminum, a division of Jas. D.
Easton, Inc. for construction of a
manufacturing facility to be located
in the Salt Lake International Center.
Presented to the Board of Commissioners
AND PASSED
AUG- 9 1979
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