HomeMy WebLinkAbout84 of 1976 - A resolution for the issuance of industrial revenue bonds to finance the cost of a manufacturing fac Resolution No. 8't
By Ted L.Wilson. Mayor
COMM Ib81ONER
For the issuance of industrial revenue!
bonds to finance the cost of a'manu-
facturing facility for Facet Enter-
prises, Inc. and Campbell Filter
Company consisting of land, building,?j
improvements, machinery and equip-
ment at a cost of approximately
$5,000,000. '!
Presented to the 9oard of Commissioner:
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AND PASSED
DEC 81976
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-�� CRY RECORD"
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SALT LAKE CITY'CORPORATION
OFFICE OF rear
CITY RECORDER
200 CITY Cc
COUNTY OUILOING
slam LStiY CITt lla'GIt 84111
December 23. 1976
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George K. Baum 6 Company,Inc.
Mr.Russell L. Brown,Vice President
1016 Baltimore Avenue
Kansas City,Missouri RAI05
Dear Mr. Brown:
The documents for the financing of Industrial Development Revenue
Bonds for' eat Lnterprise, Inc. w ved i my office December'20a e, 1976, and were promptly delivered to Roger FCutler,
City Attorney.
You ask i e Resolutionsof Intention,whir' approved by the
City Commission on leceber 8, 1976and referred r to as Resolution
81 and Resolution 85 o f 1976, had been published i r local
wspapers. The City e
Attorney advises m that heretofo t re Salt Lake
City has not published the Resolution of Intent for such'bonding but
the final Resolution of Authorization will be published it yOU so
request.
However, if you desire to have the two (2)Resolutions of Intention
published we will be happy to take care of the publication,obtain sin
affidavits of publication from the newspaper for each resolution.
it has been the City's policy in the pass to pay for the advertising
and then we would request re-imbursement from your company.
Yours truly,
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City Recorder
CC:
City Attorney
Files
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RESOLUTION NO. 84 Vim' ^. •
WHEREAS, the City of Salt Lake City, Utah (the "City") ,
is authorized and empowered under the provisions of Title 11,
Chapter 17, U.C.A. 1953, as amended (the "Act") , to issue revenue
bonds for industrial development purposes; and
WHEREAS, Facet Enterprises, Inc. , a Delaware corporation
(the "Guarantor") , and Campbell Filter Company, an Ohio corporation
qualified to do business in the State of Utah (the "Company") , the
Company being a subsidiary of the Guarantor, have requested that the
City issue industrial revenue bonds to finance the cost of a manufac-
turing facility for the Company consisting of land, building, improve-
ments, machinery and equipment (the "Project") , at a cost of approx-
imately $5,000,000, and
WHEREAS, the City desires 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 approx-
imately $5,000,000, said bonds to be payable solely from the rentals,
revenues, and receipts derived by the City from the lease of the
Project to the Company; and
WHEREAS, the payment of the principal of, and interest on,
said bonds would be guaranteed by the Guarantor, and
WHEREAS, the City, the Guarantor and the Company desire
that the purchase of the land and the purchase and construction of
the building, improvements, machinery and equipment commence imme-
diately;
NOW THEREFORE, BE IT RESOLVED by the Governing Body of the
City of Salt Lake City, Utah as follows:
Section 1. That the Governing Body of the City hereby
finds and determines that the issuance of its revenue bonds to
finance the costs 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.
Section 2. That the Governing Body of the City hereby
approves the Project for the Company to be financed out of the pro-
ceeds of approximately $5,000,000 principal amount of Industrial
Development First Mortgage Revenue Bonds, Series B, of the City to
be issued pursuant to the provisions of the Act.
Section -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.
Section 4. That this resolution shall take effect imme-
diately.
Adopted by the Governing Body of the City of Salt Lake
City, Utah this Rrh day of December
/ l/6/1 7'-'-•
Mayor
ATTEST:
7 2
City Clerk ROLLCALL
VOTING ,- Aye Nay
�Mr. Chairman . .
Agraz- . . . .
Gr
H. nsen
Phillips
Result /
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STATE OF UTAH
SS.
COUNTY OF SALT LAKE )
Recorder
I, the undersigned, MILDRED V. HIGHAM , City NNOW1 of the
City of Salt Lake City, Utah, hereby certify that the foregoing is
a full, true and correct copy of Resolution No. 84 adopted by
the Governing Body of the City of Salt Lake City, Utah, at its
regular meeting held on December 8, , 1976, at which meeting
a quorum was present.
WITNESS my hand and the seal of said City this 8th day
of December , 1976.
7Adal 7/ Z c_
City Recorde
[SEAL]
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