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084 of 1988 - SLC Airport Bonds Issuance to Finance Facilities located within RESOLUTION NO. 84 OF 1988 RESOLUTION NO. 84 OF 1988, A RESOLUTION OF INTENTION AUTHORIZING THE ISSUANCE OF BONDS BY SALT LAKE CITY, SALT LAKE COUNTY, UTAH, TO FINANCE CERTAIN AIRPORT AND RELATED FACILITIES TO BE LOCATED AT THE SALT LAKE INTERNATIONAL AIRPORT; AND RELATED MATTERS. WHEREAS, Salt Lake City, Salt Lake County, Utah (the "City"), intends to issue its airport revenue bonds to finance the acquisition of airport facilities, including facilities directly related thereto, within the meaning of Section 142 of the Internal Revenue Code of 1986, at the Salt Lake City International Airport, wholly within the City (the "Project"); and WHEREAS, the City is authorized by the provisions of the Utah Municipal Bond Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the "Act"), to issue such bonds for the purpose of financing the acquisition and construction of such facilities and the City deems it necessary and advisable that it take such action as may be required under applicable provisions of law to authorize and issue such airport revenue bonds (the "Bonds"); and WHEREAS, the Federal Income Tax Regulations require that the City, as issuer of such Bonds, adopt a bond resolution with respect to such Bonds or take some other similar official action toward the issuance of such Bonds prior to the commencement of the construction, reconstruction or acquisition of the Project; and WHEREAS, one purpose of this Resolution is to satisfy the requirements of said Federal Income Tax Regulations; NOW, THEREFORE, BE IT RESOLVED by the Municipal Council of Salt Lake City, Salt Lake County, Utah, as follows: Section 1. Issuance of Bonds. In order to obtain the public benefit which is expected from the Project, the City will issue the Bonds pursuant to the provisions of the Act in such total principal amount as the City may determine to finance all or a portion of the costs of the Project, including the issuance costs of the Bonds, interest on the Bonds during construction, and funds for any reserves necessary to secure the Bonds, all of which are presently estimated to be $30,000,000. The Project will be owned by the City, will be located at the Salt Lake City International Airport in the City, and will include, in the City's discretion, some or all of the following: parking facilities for approximately 3700 cars (including a parking structure for approximately 2200 cars and parking lots for approximately 1500 cars), related roadway and drive improvements, related pedestrian bridges, related landscaping and canopy extensions, and any necessary or desirable facilities related to the foregoing. Section 2. Terms of Bonds. Any Bonds issued shall bear such interest rates, be in such denominations, bear such date, mature at such times, be in such form, carry such registration privileges, be executed in such manner, be payable at such place and be subject to such terms of redemption consistent with the Act and as shall finally be approved and provided in a subsequent resolution of the City's Municipal Council prior to the issuance of the Bonds. Any resolutions and other documents relating to the Project and the Bonds will also be approved and authorized by the City prior to the issuance of the Bonds. -8- F i Section 3. Further Actions. Subject to the provisions hereof, the City will adopt such resolutions and authorize the execution and delivery of such documents as may be necessary or advisable for the authorization, issuance and sale of the Bonds and the acquisition and construction of the Project. Section 4. Bonds to Constitute Limited Obligation. Any Bonds issued shall be payable solely out of the revenues derived from the City's airport facilities pledged pursuant to Resolution No. 81 Providing for the Issuance of Airport Revenue Bonds adopted by the Municipal Council on October 17, 1978, as such Resolution No. 81 may be supplemented or amended. Such Bonds will not constitute a debt of the City within the meaning of any constitutional or statutory limitation. Such Bonds will not constitute a general obligation of the City or a charge against its general taxing powers. Section 5. Compliance with Federal Income Tax Regulations. It is intended that this Resolution shall constitute "some other similar official action" toward the issuance of the Bonds within the meaning of Section 1.103-8(a)(5) of the Federal Income Tax Regulations prescribed by the United States Treasury Department. Section 6. Effective Date. This Resolution shall be effective immediately upon its approval and adoption. PASSED and APPROVED by the Municipal Council and the Mayor of Salt Lake City, Salt Lake County, Utah, this 12th day of July, 1988. SALT LAKE CITY CORPORATION, a municipal corporation, Salt Lake County, State of Utah [SEAL] ATTEST: Thomas M. Godfrey Chairperson i By da Domino Chi Deputy City Recorder APPROVED: By A, Palmer A. DePaulis Mayor APPROVED as to form: By Roe F.-gutler City Attorney -9-