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Show Public Notice RESOLUTION NO RESOLUTION THE AUTHORIZING A ISSUANCE OF $2,830,000 INDUSTRIAL DEVELOP- REVENUE MENT REFUNDING BONDS OF THE CITY OF WEST JORDAN, UTAH FOR THE PURPOSE OF REFUNDING OUTSTANDING $2,650,000 CITY OF WEST JORDAN, INDUSTRIAL UTAH REVEDEVELOPMENT NUE BONDS, SERIES A (BOISE CASCADE CORPORATION PROJECT), DATED SEPTEMBER 1, THE 1975; AUTHORIZING EXECUTION OF A LEASE AGREEMENT. A REFUNA DING AGREEMENT, TRUST INDENTURE, A PURCHASE BOND AGREEMENT AND AN OFFICIAL STATEMENT AND THE ACCEPTANCE OF A REPRESENTATION INDEMNITY AND AGREEMENT IN CONNECTION THEREWITH; AND FOR OTHER PURPOSES. WHEREAS, the City of West Jordan, Utah (hereinafter referred to as the "City" ), is an incorporated City in Salt Lake County, Utah ; and WHEREAS, under and pursuant to the Utah In- dustrial Development Facilities Act, Utah Code Annotated, 1953, Chapter 17, et seq., as Sections amended (hereinafter referred to as the "Act"), the heretofore has City authorized the acquisition, construction, installation and equipping of a new modular housing manufacturing facility in the City, and the acquisition of the real property for use in connection therewith (hereinafter called the "Project") for lease to Boise Cascade Corporation, a Delaware corporation (the "Company") located in the City; and WHEREAS, the City has heretofore entered into a Lease Agreement dated as of September 1, 1975, with the Company (the "1975 Lease") providing for the acquisition, f i construction, installation and equipping of the Project and the financing thereof by the issuance and sale of $2,650,000 in principal amount of City of West Jordan, Utah Industrial Development Revenue Bonds, Series A (Boise Cascade Corporation Project) dated September 1, 1975 (the "Series A Bonds"), and the leasing of the Project by the City to the Company ; and WHEREAS, the Project is being acquired, constructed, installed and equipped as required by the 1975 Lease and is being operated by the Company; and WHEREAS, the Series A Bonds were issued under a Trust Indenture between the City and First Security Bank of Utah. N.A., Salt Lake City, Utah, dated as of September 1, 1975 (the "1975 Indenture") and all of the Series A Bonds are now outstanding; and WHEREAS, the Series A Bonds are payable solely from and secured by a pledge of the rents, revenues and receipts derived under the 1975 Lease and by an unconditional guaranty of the payment of the Series A Bonds by the Company, and are further secured by a mortgage of and security interest in the Project ; and WHEREAS, any bonds issued under the Act and at any time outstanding may at any time and from time to time be refunded in advance by a municipality by the issuance of its refunding bonds in such amount as its governing body may deem necessary; and WHEREAS, the City has determined that certain benefits can be effected by providing for the refunding by defeasance on July 15, 1985, and by payment and redemption on September 1, 1985, of the Series A Bonds; and WHEREAS, the Series A Bonds mature on the first day of September in the years and amounts and bear interest, as follows: Year of Principal Interest Rate Maturity Amount 1985 $ 600,000 634 2000 2,050,00 878 such interest being payable semiannually on the first days of May and September in each year, and the Series A Bonds maturing in the year may be redeemed prior maturity in whole on Sep- 2000 to tember 1, 1985, at the option of the City from any money that may be made available for such purpose, at the principal amount of the Series A Bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 3 of such principal amount; and WHEREAS, after careful study and investigation the City finds that the issuance of the revenue refunding bonds of the City is consistent with the purpose and policies of the act and therefore proposes to issue its revenue refunding bonds (hereinafter called the Bonds") in the aggregate principal amount of $2,830,000 for the purposes hereinafter set forth; and WHEREAS, the Refunding Bonds will be issued under and secured by a Trust Indenture (the "Indenture"), dated as of April 1, 1977, between the City and The Nor"Refunding thern Trust Company. Chicago, Illinois, as Trustee (the "Trustee"); and WHEREAS, the proceeds of the Refunding Bonds are to be invested in general and direct obligations of the United States of America (the "Escrow Obligations") which shall mature, or which shall be subject to redemption by the holders thereof at the option of such holder, not later than the respective date or dates when such proceeds, together with the interest accruing thereon, will be required for the refunding and purposes intended authorized in the Indenture; and the WHEREAS, City proposes to enter into a Refunding Agreement, dated as of April 1, 1977 (the "Refunding Agreement") with the Company pertaining to the Bonds; and WHEREAS, the Refunding Bonds are to be secured until July 15. 1985 solely, as to both principal and interest, by a pledge of the Refunding Agreement and any payments which may be required to be made to the City thereunder, and by a pledge of and lien upon the Escrow Obligations and the income thereon; and WHEREAS, after careful study and investigation, the City, in furtherance of the public purposes expressed in the Act. proposes to enter into a Lease Agreement with the Company (the "Lease"), dated as of April 1. 1977. and which becomes effective on July 15, 1985, upon and in the event of the release and discharge of the lien of the 1975 Indenture upon the occurrence of the conditions described in the Indenture; and WHEREAS, under the terms of the Lease, upon and subsequent to its effective date of July 15, 1985, the City will receive rental payments from the Company, which payments will be assigned and pledged to the Trustee together with all right, title and interest of the City in the Lease, as security for the payment of the principal of, redemption premium (if any) and interest on the Refunding Bonds; and WHEREAS, in the event that the lien of the 1975 Indenture is not released and discharged on July 15, 1985, the 1975 Lease will remain in effect if not otherwise terminated under the provisions thereof, and the Lease will be of no effect, and the Escrow Obligations shall be applied to the payment of the principal of and interest on the Refunding Bonds in accordance with the Indenture ; and the City WHEREAS, Refunthe sell to proposes ding Bonds to Lazard Freres & Co., New York, New York, on certain terms or conditions and to prepare or to have prepared an official statement pertaining to the offering and sale of the Refunding Bonds; and WHEREAS, the City has caused to be prepared and presented to it the following documents: (1) the form of Lease Agreement, dated as of April 1, 1977, between the City and the Company; and (2) the form of the Trust Indenture, dated as of April 1, 1977, from the City to the Trustee, the securing payment of the principal of and interest on the Refunding Bonds; and (3) the form of Refunding Agreement, dated as of April 1, 1977. between the Company and the City; and (4) the form of Official Statement, dated May 10, 1977. relating to the Refunding Bonds; and (5) the form of Bond Pur- chase Agreement by and among the City, the Company and Lazard Freres & Co., New York, New York (the "Underwriter"), dated May 10, 1977. (the "Bond Purchase Agreement"); and (6) the form of Represenand tation Indemnity Agreement from the Company to the City and the Underwriter, dated May 10, 1977 (the "Representation and Indemnity Agreement"); and WHEREAS, it appears that each of the instruments referred to in (1), (2), 3. (4) and (5) above which is now before the City is in appropriate form and is an appropriate instrument to be executed and delivered by the City for the purposes intended; and WHEREAS, it appears that the Representation and Indemnity Agreement is in appropriate form and is an appropriate instrument to be accepted by the City for the purpose intended; and WHEREAS, on March 17. 1977 the City adopted its resolution authorizing the execution of a Memorandum of Agreement with the Com- pany and approving the issuance of the Refunding Bonds; and WHEREAS, the aforesaid resolution was published as permitted by the Act and there has been no contest challenging the legality of the Refunding Bonds or said resolution: and all other WHEREAS, provisions of the laws of the State of Utah including the Act have been complied with, and are prior resolutions of the City adopted in connection with the issuance of the Refunding Bonds are in full force and effect and are hereby ratified and confirmed. THEREFORE BE IT RESOLVED, AND IT IS HEREBY RESOLVED BY AUTHORITY OF SAME AS FOLLOWS: Section direct obligations of the United States of America and filed with the City Clerk, subject to such minor (the "Escrow Obligations") which, together with the interest thereon and certain cash remaining in the Escrow Fund shall provide moneys sufficient: i to pay the interest which becomes due on the Refunding Bonds to and including July 15, 1985; and ( ii ) to pay and redeem on September 1, 1985, the Series A Bonds, including paying the redemption premium on iie Series A Bonds called for redemption. If the lien of the 1975 Indenture is not satisfied and discharged as a result of the failure of the conditions necessary to such satisfaction and discharge described in the hereinafter authorized the Escrow Indenture, Obligations and the interest thereon shall be applied towards the redemption of the Refunding Bonds on September 1, 1985. The moneys which will be available for such redemption of the Refunding Bonds have been calculated to be $2,712,865, which will be sufficient to pay all accrued interest on the Refunding Bonds through September 1, 1985, but only 95.10 of the principal amount of the Refunding Bonds. The receipt of such moneys from the Escrow Fund by the holders of the Refunding Bonds, although not be sufficient to pay 100 of the principal amount of the Refunding Bonds, will constitute full and complete satisfaction of the Refunding Bonds and full and complete discharge of all obligations of the City to the holders of the changes, terests and privileges of the in, to and under the Refunding Agreement are hereby pledged and granted to the Trustee for the purposes more fully set forth and provided in the Indenture hereinafter authorized. Section 6. The execution, delivery and performance of a Lease Agreement, dated as of April 1, 1977 (the "Lease"), by and between' the City and the Company, is hereby authorized. The Lease shall become effective July 15, 1985 as specified therein upon and in the event of the release and discharge of the 1975 Indenture. The Lease shall be in substantially the form presented to the City at this meeting and filed with the City Clerk, subject to such minor changes, insertions or omissions as may be approved by the Mayor of the City and the execution of the Lease by the Mayor and the is hereby Clerk City such and authorized execution shall also be conclusive evidence of the approval of any such minor City changes, hereinafter authorized are determined to !e sufficient to pay the prinof, redemption cipal premium (if any) and interest on the Refunding Bonds as the same become due and payable subsequent to the satisfaction and discharge of the 1975 Indenture on July 15, 1985. and all of said rental payments and other payments secured under the Lease and all other revenues arising out of or in connection with the City's ownership of the Project subsequent to said satisfaction and discharge, together with the Lease itself are hereby pledged and granted for that purpose and for such other purposes as are more fully set forth and provided for in changes, the Indenture hereinafter 1. For the purpose of refunding the revenue bonds of the City known as "City of West Jordan, Utah Industrial Development Revenue Bonds. Series A (Boise Cascade Corporation Project i ". dated September 1. 1975 (the "Series A Bonds"), there is hereby authorized the issuance of $2,830,000 City of West JorIndustrial Utah dan, Development Revenue Refunding Bonds Cascade Corporation (Boise Project), Series 1977 (the "Refunding Bonds"). The Refunding Bonds shall be dated April 1, 1977, shall be issued as coupon bonds registrable as to principal only, or as fully registered bonds. Coupon bonds shall be in the denomination of $5,000 each, and the fully registered bonds shall be in the denomination of $5,000 or any integral multiple thereof. The coupon bonds shall be numbered consecutively from l upwards and the fully registered bonds shall be C-- numbered consecutively from R-- l upwards. The Refunding Bonds shall bear interest from date at the rate of six and per centum (6.20) per annum, payable semiannually on January 15 and July 15 of twenty-hundredt- each beginning year, January 15, 1978, until paid and shall mature on July 15, 2007. The Refunding Bonds are also subject to mandatory sinking fund redemption prior to maturity. The form of the Refunding Bonds and the provisions for execution, authentication, issuance, payment, exchangeability, and redemption prior to maturity, shall be as set forth in the Indenture hereinafter authorized.. Section 2. The net proceeds of the Refunding Bonds shall be invested in general and authorized. Section 4. In order to secure the payment of the principal of. redemption premium (if any) and interest on the Refunding Bonds, and in order to secure the performance and observance of all the agreements and conditions in the Refunding Bonds, the execution, delivery and performance of a Indenture, dated as of April 1, 1977 (the "Indenture"), by and between the City and The Northern Trust Company, Chicago. Illinois as Trustee, is hereby authorized. Subsequent to July 15, 1985, upon the release and discharge of the lien of the 1975 Indenture the Indenture will a mortgage of and security interest in the real con-stitit- property comprising the Project. The Indenture shall be in substantially the form presented to the City at this meeting and filed with the City Clerk, subject to such minor changes, insertions or omissions as may be approved by the Mayor of the City and the execution of the Indenture by the Mayor and is hereby Clerk City such and authorized execution shall also be conclusive evidence of the approval of any such minor insertions or changes, omissions. The Northern trust Company, Chicago, Illinois, is hereby designated as Trustee under the Indenture and Bond Registrar and Paying Agent for the Refunding Bonds. insertions or omissions. Section 7. The execution and delivery of an Official Statement, dated May 10, 1977, with respect to the Refunding Bonds is hereby authorized. The Official Statement shall be in substantially the form presented to the City at this meeting and filed with the City Clerk, subject to such minor changes, insertions and omissions as may be approved by the Mayor of the City and the execution of the Official Statement by the Mayor of the City is hereby such and authorized execution shall also be conclusive evidence of the approval of any such minor Section 3. The rental payments to be received by the City under the terms of Lease or insertions or changes, omissions. All rights, in- Bonds. the insertions omissions as may be approved by the Mayor and the execution of the Refunding Agreement by the Mayor and Clerk is hereby City such authorized and execution shall also be conclusive evidence of the approval of any such minor - insertions or omissions. Section 8. The execution, delivery and performance of a Bond Purchase Agreement, dated May 10, 1977, with respect to the issuance, sale and delivery of the Refunding Bonds is hereby authorized. Bond Purchase The Agreement shall be in substantially the form presented to the City at this meeting and filed with the City Clerk, subject to such minor changes, insertions and omissions as may be approved by the Mayor of the City and the execution of the Bond Purchase Agreement the manner provided in the Indenture and shall be delivered to the Trustee for proper authentication and delivery to the underwriter with instructions to that effect as provided in the Indenture. Section 11. Simultaneously with the issuance and delivery of the Refunding Bonds, the Trustee in his capacity as Escrow Fund Custodian is authorized to acquire with that portion of the proceeds of the Refunding Bonds deposited in the Escrow Fund, the Escrow Obligation described in the Indenture. The City will take all other action and do all things required to be done by it pursuant to the Indenture to effect the redemption of the Series A Bonds, including the execution and publication of the Notice of Redemption of the Series A Bonds, the form of which is set forth in the Indenture. Section 12. The City hereby elects to issue the Refunding Bonds pursuant to the provisions of Sections 103(b)(6)(D) and H of the Internal Revenue Code of 1954, as amended, and the Mayor of the City is hereby authorized to execute and deliver any and all documents, papers or elections and to make any filings with the In- ternal Service Revenue necessary to accomplish said election. Section 13. From and after the execution and delivery of the documents hereinabove authorized, the proper officers, agents and employees of the City are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of said documents as executed and are further authorized to take any and all further action and execute and deliver any and all other documents as may be necessary in the issuance, sale and delivery of the Refunding Bonds and the execution, delivery andor performance, as the case may be, of the Indenture, the Lease, the Refunding Agreement, the Official Statement, the Bond Purchase Agreement and the Representation and Indemnity Agreement. The Mayor, City Clerk and other officers of the City are authorized and directed to prepare and furnish to the underwriter when the Refunding Bonds are issued and delivered, certified copies of all the proceedings and records of the City relating to the Refunding Bonds and such other affidavits and certificates as may be required to show the facts relating to the insertions REVE- DEVELOPMENT NUE REFUNDING BONDS (BOISE CASCADE COR- PORATION PROJECT), SERIES 1977. BE IT RESOLVED BY AUTHORITY OF THE CITY AS FOLLOWS: That the Northern Trust Company is hereby appointed as Agent to represent this City in connection with the purchase or redemption of book entry form United States Treasury-Obligation- the Treasury with the proceeds of the City's Industrial $2,830,000 Revenue Development Refunding Bonds (Boise Cascade Project ), Series 1977 bearing such interest rate and maturity on July 15, 1985. so as to be sufficient to pay when due the principal amount and redemption premium of the City's Industrial $2,650,000 Development Revenue Bonds (Boise Cascade Corporation Project), Series A, in accordance with the provisions of Article VI of the Trust Indenture dated as of April 1. 1977. by and between the City and The Northern Trust Company and said The Northern Trust is Company hereby authorized to take such action as it deems necessary in order to effectuate the purchase or redemption of such securities. Adopted and approved, this the 10th day of May, 1977. CITY OF WEST JORDAN. UTAH sJunius H. Burton Mayor ATTEST: sMurial E. Andersen City Clerk C.L WHIRLPOOL NOTPOINT PARTS OpcaMyand SATURDAY 8:30 to 6:00 Bring ir lodel Staples CaH Umbers 262-255- Ibrinton. (Alu it Nmi Repair) 4700 S. State Mayr S. off ramp Take MS-450- 0 two blocks South on State St sMurial E. Andersen Citv Clerk SALT LAKE COUNTY'S NEWEST! The Murseiy or SHRDirOJfYIKZIRIIS 1LBLANTS U jj VT V.' SAVE AT OUR "LET IT RAIN" SALE FLOWERS AND VEGETABLES GREAT SELECTION GERANIUMS OF TOP QUALITY PLANTS REG. O $11 L 79 REG. PINETREES, choice of Austrian, ponderosa, or jap. black PINES. WELL ESTABLISHED .1 BEAUTIFUL IN 5 CAL CANS. SAVE Reg. '10" NOW 1 J erkOQ ON I $049 2 ML POT PONYPAKS '3" fI TOMATOES aqc U' v9 6" POT REG. FRUIT TREES PAX FERTILIZERS EXCELLENT WEED N FEED ttc C0KtS$.IM SQ.FT. CRAIGRASS SPURGE PREVENTER HOW'S" I OF THE i" kc. mw$8's uinimisaismacMwiK LAWN FOOD PELLETS nm$8,s PAX PROFESSIONAL tu a Refunding Agreement, cmmuinuicuKi PELLETS ASSORTMENT BEST VARIETIES ALL OF YOUR FAVORITES! c Section 5. The execution, delivery and performance of STANDARD $799 $999 Kttl" DWARF om'8' SALE ENDS SUNDAY , 0630 So; REDWOOD RD. Open Mon.-Sa- t. 9-- 8 s State and Local Government Series from the United States Department of or the Attest: INDUSTRIAL CITY'S Refunding Bonds described therein, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever. Prior to the issuance, sale and delivery of the Refunding Bonds, the Mayor and City Clerk are hereby authorized to file for publication in the newspaper in which legal advertisements appear for the County of Salt Lake, a copy of this resolution, set forth in its entirety, in accordance with the provisions of the Act. Section 15. All acts and doings of the officers of the City which are in conformity with the purposes and intents of this resolution and in the furtherance of the issuance, sale and delivery of the the Bonds, Refunding execution, delivery andor performance, as the case may be, of the Indenture, the Refunding Lease, the Agreement, . the Official Statement and the Bond Purchase Agreement, and the acceptance and confirmation of the Representation and Indemnity Agreement, shall be. and the same hereby are. in all respects approved and confirmed. Adopted and approved, this the 10th day of May, 1977. CITY OF WEST JORDAN. UTAH s Junius H. Burton nuMTMcnmutnuwiis dated as of April 1, 1977 (the "Refunding Agreement"), by and between the City and the is hereby Company, authorized. The Refunding Agreement shall be in substantially the form presented to the City at this meeting contained relating thereto, NO. RESOLUTION RESOLUTION APPOINTING NORTHERN TRUST COMPANY AS AGENT TO REPRESENT CITY OF WEST JORDAN, UTAH IN CONNECTION WITH THE PURCHASE OF INVESTMENT SECURITIES WITH THE PROCEEDS OF THE Any documents or certifications required by the terms hereof or in connection with the issuance, sale and delivery of the Refunding Bonds to be executed and 'delivered on behalf of the City by its Mayor or City Clerk, may, in the absence or disability of either of the same, be executed by the Mayor Pro Tern or any Deputy Clerk. Section 14. As permitted by the Act, the Section to be caused has City published in a newspaper published in the County of Salt Lake. Utah, its resolution adopted March 17, 1977 approving the issuance of the Said Bonds. Refunding been having publication made prior to thirty days before the dale hereof (Proof of Publication being attached hereto and made a part of this Resolution), and no person having contested the legality of such resolution or proceedings of the City marketability of the Refunding Bonds as such facts ap approval of any such minor omissions. Section 9. The acceptance of a and co'ifirmation Indemand Representation nity Agreement "from the Company to the City and the Underwriter, dated May 10, authorized. 1977 is hereby The Representation and Indemnity Agreement shall be in substantially the same form presented to the City at this meeting and filed with the City Clerk, subject to such minor changes, insertions and omissions as may be approved by the Mayor of the City and the execution of the Representation and Indemnity Agreement by the Mayor of the City is hereby such and authorized conbe shall also execution clusive evidence of the approval of any such minor changes, insertions or omissions. Section 10. The Refunding Bonds shall be executed in May 19, 1977 therein. and legality by the Mayor and the City Clerk is hereby authorized and such execution shall also be conclusive evidence of the changes, statements 14 THE SENTINEL pear from the books and records in the officers' custody and control or as are otherwise known to them; and all such certified copies, certificates and affidavits, including any heretofore furshall constitute nished, representations of the City as to the truth of all Sun.12-- 6 J , ' |