Loading...
013 of 1982 - Memorandum of Agreement with Clark Financial Corporation RESOLUTION #13, 1982 v - Q 82-9 Solt ALake�City �Aike;,,:r=� Date 1 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 Chairman 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 -2- 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 -3- 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. -4- PASSED AND APPROVED this 19th day of January, 1982, by the City Council of Salt Lake City, Utah. AR Chairman ATTEST: Ci Recorder ( S E A L ) -5- After conduct of other business not pertinent to the above, the meeting was , on motion duly made and seconded, adjourned. Chairman ATTEST: Cio Recorder ( S E A L ) -6- 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 ) -7- 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 , 1982, pursuant to Utah Code Annotated Section 52-4-6 (1953) , 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. (pity Recorder ( S E A L ] -8-