HomeMy WebLinkAbout9 of 1939 - A resolution consenting that electric distributing system purchased by S.L.C. Baseball Club Inc. may Resolution 11fo. 9
By Commissioner Wallace
Consenting that electric
distributing system purchased .
by S.L.C.Saseball Club Inc. ma
yl
be pledged as security for the
payment of a sum not to exceed
$8,500.00,together with interest
at the rate of 5% per year,
principal and interest payable
within 3 years upon certain
terms and conditions.
5-6
•
•
•
Date Filed �.
Address
1
Keyser
I
Matheson - - - --
Murdock - - - - \
Mr.Chairman - - - I. , 0 UTION
Result
WHEREAS, Salt Lake City entered into a certain agreement
dated March 28th, 1939, whereby it leased to the Salt Lake City
Baseball Club Inc., a corporation of Utah, the municipal ball park
located at 13th South and Main Streets in Salt Lake City, which
I'I said agreement is on file in the office of the City Recorder of
Salt Lake City; and
WHEREAS, by the terms of said agreement the said Salt Lake
City Baseball Club Inc. did agree to install at its expense an
adequate and proper electric distributing system in the said muni-
cipal ball park, which said system upon installation shall become
the property of Salt Lake City; and
WHEREAS, said Salt Lake City Baseball Club Inc. is unable
to finance the cost of the purchase of such electric distributing
system without pledging such system as security for the payment of
the purchase price.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commission-
ers of said City that Salt Lake City does hereby consent that the
electric distributing system purchased by the said Salt Lake City
Baseball Club Inc. may be pledged as security for the payment of a
sum not to exceed $8,500.00, together with interest at the rate of
. 5% per year, principal and interest payable within three years,
expressly upon the following terms and conditions:
That Salt Lake City shall acquire an equity in said elec-
tric distributing system equal to the payments made to reduce the
above sum.
That a promissory note may be executed to evidence said
su$ of $8,500.00, which note shall be retired by the payment of 5%
of the gross income from the admission tickets sold and by an assign-
t'-
� a
-2-
ment by the Salt Lake City Baseball Club Inc. of $3,000.00 per year
due to the said Club from the Seals Baseball Club of San Francisco 4
i C
and the city reserves the right to pay the balance due upon said
note.
It is understood that the said electric distributing sys-
tem I:
shall become the absolute property of Salt Lake City when said
above sum is fully paid.
For the purpose of this resolution and the mortgage
thereon the electric distributing system shall be considered as
personalty and any mortgage, lien or other encumbrance upon the F".?
title of such system shall not in any manner affect the title of
the municipal ball park.
Passed by the Board of CowHissioners of Salt Lake City,
Utah, this 4th day of 94Pri1 , A. D. 1939.
Mayor.
City ecor er.
•
- f
is
�': 1;