87 of 1978 - Authorizing the issuance of Industrial Revenue Bonds to Litton Systems, Inc. in the approximate amou ROLL CALL
VOTING Aye
Mr.Chairman
Agraz . .Greener
Phillips
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 II, 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, LITTON SYSTEMS, INC. (the Company), a Delaware
corporation, a wholly owned subsidiary of Litton Industries,
Inc. (Litton), a Delaware corporation, has requested that the
City issue Industrial Revenue Bonds (the Bonds), to finance
the cost of a new facility for the Company located adjacent
to the Company's existing facility in Salt Lake City, Utah,
which new facility is proposed to consist of land, buildings
and improvements (the Project), at a cost of approximately
Two Million Five Hundred Thousand and 00/100 Dollars
($2,500,000.00)7 and
WHEREAS, the City desires pursuant to the Company's
request to issue the Bonds to finance the cost of purchasing
the land and purchasing and constructing the buildings and
improvements for the Project by the issuance of Revenue
Bonds under the Act in the amount of approximately Two
Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00);
and
WHEREAS, the Bonds will be secured by either a note
from the Company and mortgage upon the Project or the City's
ownership of the Project and lease thereof to the Company;
and
WHEREAS, the Bonds would be payable solely from the
rentals, revenues and receipts delivered to the City by the
Company pursuant to said note and mortgage or lease and
would not constitute nor give rise to any general obligation
or liability of the City against its general credit or
taxing powers; and
WHEREAS, the obligations of the Company pursuant to said
note and mortgage or lease would be guaranteed to the City
by Litton; 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 of the
land and the purchase and construction of the building and
improvements, commence as soon as practically possible:
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 tentatively approves the project to be financed out
of the proceeds of approximately Two Million Five Hundred
Thousand and 00/100 Dollars ($2,500,000.00) principal amount
of the Industrial Revenue Bonds to be issued pursuant to the
provisions of the Act.
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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,
provided 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 City,
this ,0N day of November, 1978.
ALL/ /�.l N
',,. MAYOR •
r
lippr' .SIONER
/
'COMMISSIONER
,i
(-_---' / ,
COMMISSIONER
COMMISSIONER
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Resolution No.____�``1'
By Jennings Phillips, Jr.
COMMISSIONER
I j
Authorizing the issuance of Industrial
Revenue Bonds to Litton Systems, Inc.
in the approximate amount of$2,500,0 0.
1
Presented to the Beardof CewMiSsfell rS
AND PASSED
NOV21 1978
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