HomeMy WebLinkAbout85 of 1976 - A resolution for the issuance of industrial revenue bonds to finance the cost of certain machinery a t'. _. . .
, Resolution No. 85
By Ted L.Wilson, Mayor
COMMISSIONER
For the issuance of industrial revenue l i
bonds to finance the cost of certain it
machinery and equipment for Facet
Enterprises, Inc. and Campbell Filter
Company, at a cost of approximately
$1,000,000.
Presented to the seoard of Commissioner!
AND PASSED
DEC 8 1976
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P�X%G ,u
CITY maw
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SALT.LAKE CITY-CORPORATION
OFFICE OF FP, cn
CITY RECORDER o�sv.r
200 CITY 8 COUNTY BUILDING
December 23, 1976
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Geor5e K. Baum 6 Company, Inc.
Mr. Russell L. Brown,tree President
1016 Baltimore Avenue
Kansas City,Missouri 64105
Dear Mr. Brown:
The documents for the financing of industrial Development Revenue
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Bonds for Facet Enterprise, inc.were
received i office on
y December 20, 1976, and were promptly' to Roger F.Cutler,
City Attorney.
You ask if the Resolutions of intention,w ich were
approved by the
City Commission on December 6, 1976, and referred t s Resolution
84 and Resolution 85 of 1976,had been published in one of our local
newspapers. 1'hc City Attorney advises me that.heretofore Salt Lake
City has n t published t e Resolution of intent for such bonding but
• the final Resolution of Authorization will be published if you so
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request.
However, if you desire to have the two (2)Resolutions of Intention
published we will be happy to take c.re of the publication, obtain six
affidavits of publication from the newspaper for each resolution.
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It has been the City's policy in the past to pay for the advertising
and then we would request re-imbursement from your company.
.ours truly, ,/'g
City Recorder
CC:
City Attorney
Files
RESOLUTION NO. 85
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sago 40 ey.i WiEREAS, the City of Salt Lake City, Utah (the "City") ,
,W71Oj 0,1 SY D3AG tlddY
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 certain
machinery and equipment (the "Project") , at a cost of approximately
$1,000,000, and
WHEREAS, the City desires to issue such bonds to finance
the cost of purchasing and installing the Project by the issuance
of revenue bonds under the Act in the amount of approximately
$1,000,000, 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 and installing the Project commence immediately;
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
welare of the City.
s f Lake
XMT C N5 TC RMW
City gHemey's
Date
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 $1,000,000 principal amount of Industrial
Development First Mortgage Revenue Bonds, Series A, 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 8th day of December , 19 .
Mayor
ATTEST: y/ /
/ �‘a, .) ROLL CALL
City Clerk _
VOTING 6/ Aye Nay
W.Chairman ...
rAgraz
Greener
Hogensen
Phillips
Result
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STATE OF UTAH
SS.
COUNTY OF SALT LAKE )
Recorder
I, the undersigned, MILDRED V. HIGHAM , City of the
City of Salt Lake City, Utah, hereby certify that the foregoing is
a full, true and correct copy of Resolution No. 85 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.
hjddh.
City Recorder
[SEAL]
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