012 of 1982 - Memorandum of Agreement with Clark Financial Corporation A RESOLUTION #12, 1982 AppROVED AS TO FORM Q 82-9
L Attor-
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Salt ake Ci1'I . 2 1
Date
By
Salt Lake City, Utah
January 19, 1982
The City Council of Salt Lake City, Salt Lake County, Utah
met in regular session at its regular meeting place in Salt
Lake City, Utah, at 6:00 p.m. on January 19, 1982 with the
following City officials present:
Palmer DePaulis Chairman
Grant Mabey Councilmember
Sydney Reed Fonnesbeck Councilmember
Ronald J. Whitehead Councilmember
Alice Shearer Councilmember
Ione Davis Councilmember
Edward W. Parker Councilmember
Also present:
Ted L. Wilson Mayor
Absent: None
The following resolution was introduced in writing, read
in full, and pursuant to motion duly made by Councilmember Shearer
and seconded by Councilmember Whitehead, ;adopted by the following
vote:
YEA: Palmer DePaulis
Grant Mabey
Sydney Reed Fonnesbeck
Ronald J. Whitehead
Alice Shearer
Ione Davis
Edward W. Parker
NAY : None
The resolution was then signed by the Chairperson in open
meeting and recorded by the City Recorder in the official
records of Salt Lake City , Utah. The resolution is as follows :
RESOLUTION AUTHORIZING AND INDUCING THE EXECUTION OF
A MEMORANDUM OF AGREEMENT WITH CLARK FINANCIAL
CORPORATION, A UTAH CORPORATION OR ANY COMPANY
CONTROLLED BY OR UNDER COMMON CONTROL WITH CLARK
FINANCIAL CORPORATION, REGARDING THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR A
COMMERCIAL PROJECT.
WHEREAS , Salt Lake City, Utah (the "Issuer") , is an
incorporated City authorized and empowered by the provisions of
the Utah Industrial Facilities Development Act , Title II .
Chapter 17 , Utah Code Annotated, 1953 as amended (the "Act") to
issue industrial development revenue bonds or other forms of
industrial revenue financing (the "Bonds" ) for the purpose of
acquiring or financing manufacturing, industrial , or commercial
projects ; and
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WHEREAS, in order to promote industry and commerce and
develop trade by inducing manufacturing, industrial and
commercial enterprises to locate or remain in the State of Utah
and Salt Lake City, the Issuer proposes to finance the costs of
constructing, furnishing and equipping an office building (the
"Project") to be owned and operated by Clark Financial
Corporation, a Utah limited partnership (the "Company" ) ; and
WHEREAS , the Company is reluctant to take steps toward the
acquisition and construction of the Project without
satisfactory assurance from the Issuer that the proceeds of the
sale of the Bonds of the Issuer will be made available to finance
the acquisition and construction of said Project ; and
WHEREAS, it is deemed necessary and advisable for the
development , welfare and prosperity of the Issuer and its
inhabitants that the Project be constructed, and that the Issuer
take such action as may be required under applicable statutory
provisions to authorize and issue its Bonds to finance the cost
thereof, to an amount not exceeding $10,000 ,000 ; and
WHEREAS , the Bonds are limited obligations of the Issuer
and at no time will they subject the Issuer to bear any liability
or become a call on the general taxing powers or credit of the
Issuer; and
WHEREAS, a form of agreement , designated as a "Memorandum
of Agreement , " has been prepared under which the Company has
stated its willingness to develop and construct the Project ; and
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WHEREAS, it is considered necessary and desirable and for
the best interest of said Issuer that execution of said
Memorandum of Agreement be authorized for and on behalf of the
Issuer:
NOW, THEREFORE, Be It Resolved by the City Council of Salt
Lake City, Salt Lake County, Utah, as follows :
Section 1. In order to assure that the Company locate
within the boundaries of the Issuer with the resulting public
benefits which will flow therefrom, it is deemed necessary and
advisable that the Memorandum of Agreement hereinafter referred
to , be approved and executed for and on behalf of the said
Issuer.
Section 2 . The Memorandum of Agreement by and between the
Company and the Issuer in the form and with the contents set
forth in Exhibit "A" attached hereto , is hereby approved and the
execution thereof is hereby authorized .
Section 3 . All resolutions and parts thereof in conflict
herewith are hereby repealed to the extent of such conflict .
Section 4. The City Council considers that this
resolution is necessary and in the best interest of the Issuer,
and therefore, it shall become effective immediately upon its
passage, approval and adoption.
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PASSED AND APPROVED this 19th day of January, 1982 , by the
City Council of Salt Lake City, Utah.
� K r%d c
Chairman
ATTEST:
C ' Recorder
( S E A L ]
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After conduct of other business not pertinent to the above ,
the meeting was , on motion duly made and seconded, adjourned.
Chairman
ATTEST,:
Cit ecorder
( S E A L )
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STATE OF UTAH )
SS .
COUNTY OF SALT LAKE )
I, Kathryn Marshall , the duly qualified City Recorder of
Salt Lake City, Salt Lake County, Utah, do hereby certify,
according to the records of said City in my official possession,
that the above and foregoing is a true and correct copy of the
minutes of a meeting of the City Council of said City, including
a resolution adopted at said meeting, insofar as said minutes
pertain to the matters therein set out .
IN WITNESS WHEREOF, I have hereunto subscribed my official
signature and impressed herein the seal of Salt Lake City, Salt
Lake County , Utah this day of 1982 .
city Recorder
( S E A L )
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STATE OF UTAH ) CERTIFICATE OF COMPLIANCE
ss . WITH OPEN MEETING LAW
COUNTY OF SALT LAKE )
I , Kathryn Marshall, the duly qualified City Recorder of
Salt Lake City, Salt Lake County, Utah, do hereby certify that
on the day of 4, _ 1982 , pursuant to Utah Code
Annotated Section k-4-6 (19") , as amended, there was posted
(at least 24 hours prior to the meeting time) at the regular
meeting place of the City Council written notice of the regular
meeting of the City Council held on January 19 , 1982 at said
regular meeting place. I further certify that there was
delivered to the local news media, at least 24 hours prior to
said meeting, a copy of said Notice of Regular Meeting.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of said Municipality this day of
1982 .
i
ity Recorder
( S E A L )
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