74 of 1979 - Resolution authorizing the issuance of approximately $1,600,000 Industrial Revenue Bonds to Shire Wa ROLL CALL \X
VOTING Uri
.-'1Ar.Chairman
Agraz . . -
om
Greener /
Campbell MAI
Phillips im-
Result .■
/l
CK:to er 11, 1a
llc norable Jennings Phillips, Jr.
Commasioncr of Public Affairs
and Finance
211 City and County Building
Salt Lake City. Utah
Dear Commissioner Phillips:
The Board of City Commissioners, at its meeting today, approved,,
Resolution No. 74 of 1979. authorizing the issuance of approximately
$1.690.000.00 Industrial Revenue Bonds to Shire Warehouse Associates.
Yours truly.
may, .
City Recorder
ras
CC:
Auditor
Attorney
Treasurer
Files-2
•
RESOLUTION
WHEREAS, SALT LAKE CITY CORPORATION (the CITY), a
municipal 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 Develop-
ment purposes; and
WHEREAS, Shire Warehouse Associates, a Utah general
partnership (the Company), has requested that the CITY issue
Industrial Revenue Bonds to finance the cost of acquiring and
renovating a warehouse facility for the COMPANY consisting of
land, building and improvements (the PROJECT) at a cost of
approximately One Million Six Hundred Thousand Dollars
($1,600,000.00); and
WHEREAS, the CITY desires pursuant to the COMPANY's
representations and request to issue such Bonds to finance the
cost of purchasing and renovating the Project by the issuance
of Revenue Bonds under the Act in the amount of approximately
$1,600,000.00; and
WHEREAS, such Bonds would be payable solely from the
rentals, revenues,receipts and payments delivered to the CITY
from the COMPANY and would not constitute nor give rise to any
general obligation or liability of the CITY against its general
-2-
credit and taxing powers and from which, among other things, the
COMPANY agrees to hold the CITY harmless; and
WHEREAS, the payment of the principal of, and interest
on, 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 the laws of the State of Utah;
and
WHEREAS, the COMPANY desires that the purchase and
renovation of the Project commence as soon as practically pos-
sible:
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 Revenue
Bonds to finance the cost of the Project will be in furtherance
of the public purposes set forth in the 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 $1,600,000.00 principal amount of
the Industrial Revenue Bonds, Series of November 1, 1979, of the
Salt Lake City Corporation to be issued pursuant to the provisions
of the Act.
-3-
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, pro-
vided the COMPANY meets all CITY, state and federal statutory'
requirements for the Project and issuance of the Bonds.
Passed by the Board of Commissioners of Salt Lake Ctiy,
Utah, this j t'day of t ', 1'79.
1411 / ►
- ',
1)14°'
COr. . •
;'
1
COMMISSIONER, ��
COMItLiSSIO
aR
pfnsY f ---
REMARKS
Resolution No. 6'I
• . By Jennings Phillips, Jr.
Authorizing the issuance of approximately
$1,600,000.00 Industrial Revenue Bond
to Shire Warehouse Associates.
Proented te tir ri",fi+;d Ot 6;(rnr+.f5Sid"er%
AND P.Al,SED
7.479
y 444 41{4
1
11