HomeMy WebLinkAbout80 of 1979 - Resolution authorizing the issuance of $1,000,000 Industrial Development Revenue Bonds to Transameri APp
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// Salt Lake City, Utah
October 30 , 1979
The Board of Commissioners of Salt Lake City met in
regular session at its regular meeting place in Salt Lake
City, Salt Lake County, Utah at 10:00 a.m. on October 30, ,
1979 with the following City officials present:
Ted L. Wilson Mayor
Jennings Phillips, Jr. Commissioner
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Glen N. Greener Commissioner
David C. Campbell Commissioner
Also present:
Mildred Higham City Recorder
Absent:
Jess A. Agraz Commissioner
After the meeting had been duly called to order the
following resolution was introduced in writing, read in full,
and pursuant to motion duly made by commissioner Jennings Phillips, Jr.
it was adopted by the following vote:
YEA: Ted L, Wilson
Jennings Phillips, Jr,
DauxtQamgiazok
Glen N, Greener
David C. Campbell
NAY: None
The resolution was then signed by the Mayor in open
meeting and recorded by the City Recorder in the official ,
records of Salt Lake City, Utah, The resolution is as
follows:
RESOLUTION OF MUTUAL INDUCEMENT AUTHORIZING THE EXECUTION
OF A MEMORANDUM OF AGREEMENT WITH TRANSAMERICA FILM
SERVICES, A DELAWARE CORPORATION, REGARDING THE ISSUANCE
OF INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR A COMMERCIAL
INDUSTRIAL PROJECT,
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, TRANSAMERICA FILM SERVICES, a Delaware corporation,
authorized to and doing business in Salt Lake County, State of
Utah, hereinafter called "Company", has requested that the City
issue industrial revenue bonds to finance the cost of a
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manufacturing, warehousing, retail and wholesale marketing
facility for the company consisting of building, improvements,
machinery and equipment (the "Project") at a cost of
approximately $1,000,000,00; and
WHEREAS, the City desires, pursuant to Company's
representations and request, to issue such bonds to finance
the cost of constructing the building improvements, machinery
and equipment for the Project by the issuance of revenue
bonds under the Act in the amount of not to exceed $1,000,000,00;
and
WHEREAS, such bonds would be payable solely from the
revenues and receipts delivered by the City from the mortgage
of the Project 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 its
parent company, Transamerica Corporation; and
WHEREAS, the Company has negotiated the sale of the
bonds with Thornton, Farish & Gauntt, Inc„ Montgomery, Alabama,
as the Underwriters:
NOW THEREFORE, BE IT RESOLVED by the Board of
Commissioners of Salt Lake City as follows:
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1, 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 Act, and that the
Project will promote the welfare of the City,
2, The Board of Commissioners of Salt Lake City hereby
approves the Project to be financed out of the proceeds of
not to exceed $1,000,000,00 principal amount of the Industrial
Revenue Bonds, of the Salt Lake City Corporation to be issued
pursuant to the provisions of the Act,
3. The 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 Company meets all City, State and Federal
statutory requirements for the construction of the Project
and issuance of said bonds,
4, The attached Memorandum of Agreement of even date
by and between the Company and the City, be and the same is
hereby approved and the execution thereof is hereby
authorized.
Passed by the Board of Commissioners of Salt Lake City,
Utah, this 30th day of October , 19J�3,
MAYOR
CITY RECORDER
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After conduct of other business not pertinent to the
above, the meeting was, on motion duly made and seconded,
adjourned.
YO
ATTEST:
City Recorder
I �.
(S E A L)
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STATE OF UTAH
ss.
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 is a true and correct copy of the
minutes of a meeting of the Board of Commissioners of said
City, including a resolution adopted at said meeting, insofar
as said minutes pertain to the matters therein set out.
IN WITNESS WHEREOF, I have hereunto subscribed my
official signature and impressed herein the seal of Salt Lake
City, Utah this •30th day of October , 1979.
Id ` i
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City ecorde
(S E A L)
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STATE OF UTAH ) CERTIFICATE OF COMPLIANCE
ss, WITH OPEN MEETING LAW
COUNTY OF SALT LAKE )
I, Mildred V, Higham, the duly qualified and acting City
Recorder of Salt Lake City, Salt Lake County, Utah, do hereby
certify that on the 2.2th day of October , 1979, pursuant to
Utah Code Annotated Section 52-4-6 (1953) , as amended, I
personally posted (at least 24 hours prior to the meeting time)
at the City Commission Chambers written notice of the regular
meeting of the Board of Commissioners held on October 30, ,
1979 at said City Commission Chambers, I further certify that
there was delivered to and posted in the City and County
Building at least 24 hours prior to said meeting, a copy of
said Notice of Regular Meeting, and that copies thereof were
made available to media correspondents of the Salt Lake City
area. A correct copy of the Notice is attached hereto,
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of said Municipality this 30thday
of October , 1979,
City Reco /
(S E A L)
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NOTICE OF MEETING OF THE
BOARD OF COMMISSIONERS OF
SALT LAKE CITY, UTAH
PUBLIC NOTICE is hereby given that the Board of
Commissioners of Salt Lake City, Utah, will hold a meeting
in Room 301 in the City and County Building in Salt Lake City,
commencing at 1Q:QO o'clock a . m. on October 30
1979.
The agenda for the Meeting consists of the following:
CITY ATTORNEY - Submitting Resolution of Mutual Inducement
authorizing the execution of a Memorandum of Agreement with
Transamerica Film Services, a Delaware Corporation, regarding
the issuance of Industrial Development Revenue Bonds in the
amount not to exceed $1,000,000.00.
RESOLUTION AND MEMORANDUM OF AGREEMENT,
DATED: October 30, 1979
By: .4_,)(.Z4 .7".
PV , w
REMARKS
Resolution No. 80
By Jennings Phillips, Jr.
Authorizing the issuance of S1,000,000 ''
Industrial Development Revenue Bonds
to Transamerica Film Service.
I.
P ese^ta to t",':pa" a3 Conmissiarteri i 1
AND PASSED ,r.
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