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HomeMy WebLinkAbout8 of 1979 - A resolution authorizing the issuance of Industrial Revenue Bonds to Ingersoll-Rand Company to finan ROLL CALL \ VOTING Aye Nay Mr.Chairman Agraz Greener aassenl Phillips Result �� - SaH Lcke^^�ry rpeL f Salt Lake City, Utah February 1 , 1979 The Board of Commissioners of Salt Lake City, Salt Lake County, Utah, met in regular public session at its regular meeting place in the City Hall in Salt Lake City at 10:00 o'clock a.m., on February 1 , 1979, with the following members present: TED L. WILSON , Mayor JENNINGS PHILLIPS, JR. , Commissioner JESS A. AGRAZ , Commissioner GLEN N. GREENER , Commissioner DAVID C. CAMPBELL , Commissioner There was absent: None There were also present Mildred V. Higham , City Recorder and JudyAssist nt F. Lever City �ittorney. 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 consideration and adoption of a resolution setting forth the intention of Salt Lake City, Utah, to issue Industrial Development Revenue Bonds for Ingersoll-Rand Company. Thereupon, the following resolution was introduced in • written form by Com. Jennings Phillips,Jrwas read in full and, after full discussion of the question, pursuant to motion made by Com. Jennings Phillips, Jr. and seconded by Com. Jess A. Agraz said resolution was adopted by the following vote: Aye: Ted L. Wilson Mayor Jennings Phillips,Jr. Commissioner Jess A. Agraz 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: • • RESOLUTION WHEREAS, SALT LAKE CITY CORPORATION, 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 development purposes; and WHEREAS, INGERSOLL-RAND COMPANY, a New Jersey corporation, authorized to and doing business in Salt Lake County, State of Utah, hereinafter called "COMPANY", and has requested that the City issue industrial revenue bonds to finance the cost of a manufacturing facility for the company consisting of land, building, improvements, machinery and equipment (the "Project") at a cost of approximately $1,500,000; and WHEREAS, the City desires, pursuant to Company's representations 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 $1,500,000; and WHEREAS, such bonds would be payable solely from the rentals, revenues and receipts delivered by the City from the lease of the Pro- ject to the Company and would not constitute nor give rise to any general obligation or liability of the City against its general credit or taxing powers and from which, among other things, Company agrees to hold 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 State law; and WHEREAS, the Company desires that the purchase of the land and the purchase and construction of the building, improvements, 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 approves the Project to be financed out of the proceeds of approxi- mately $1,500,000 principal amount of the Industrial Revenue Bonds, Series 1979, of the Salt Lake City Corporation to be issued pursuant to the provisions of the 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 Company meets all City, State and Federal statutory requirements for the Project and issuance of said bonds. • -2- Passed by the Board of Commissioners of Salt Lake City, Utah, this 1st day of February , (`v 0 A/ CITY RECORDER Resolution No. By Jennings Phillips, Jr. COMMISSIONER Authorizing the issuance of Industrial Revenue Bonds to Ingersoll-Rand Company. Presented to the Board of Commissioner% AND PASSED F E B i 1979 1 X 4 .v Jam' rll„Rfe..Cr.-