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Show iu aun Mdvocate, Price, Utah Wednesday, April 6, 1977 ORDINANCE OF CARBON COUNTY STATE OF UTAH ORDINANCE NO. 137 PROCEEDINGS FOR ENACTMENT OF ORDINANCE AUTHORIZING CARBON COUNTY INDUSTRIAL DEVELOPMENT REVENUE BOND DATED APRIL 1, 1977, IN THE AGGREGATE PRINCIPAL OF $2,300,000 Hie Board of Commissioners of Carbon County, State of Utah, met in regular session on Monday, the 14th day of March, 1977, at the hour of 7:30 oclock p.m., at its chambers in Price, Utah, the regular meeting place of said Board of Commissioners, due and legal and timely notice of said meeting having been given to all members as required by law or pursuant to a schedule of meetings established by lawful practice. Hie following members, constituting all of the Commissioners, were present: James Simone Chairman Commissioner Floyd Marx Lee bemken Commissioner Also present were: Ronald Brent Boutwell Company. Commissioner Marx introduced the following Ordinance and moved its adoption: AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $2,300,000 PRINCIPAL AMOUNT OF AN INDUSTRIAL DEVELOPMENT REVENUE BOND OF CARBON COUNTY, STATE OF UTAH, FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF A COMMERCIAL AND INDUSTRIAL FACILITY FOR USE BY JOY MANUFACTURING COMPANY, A PENNSYLVANIA CORPORATION; AUTHORIZING THE EXECUTION OF A ASSIGNMENT OF LEASE AND LEASE AGREEMENT, RELATED DOCUMENTS; PROVIDING FOR THE TERMS AND SECURITY OF SAID INDUSTRIAL DEVELOPMENT REVENUE BOND; PROVIDING FOR THE REMEDIES OF THE HOLDER OF SAID INDUSTRIAL REVENUE BOND. WHEREAS, Carbon County, State of Utah, (the County herein), desires to promote, stimulate and develop the general economic welfare and prosperity of the County and to achieve greater industrial development in the State of Utah; and WHEREAS, the County is authorized pursuant to the provisions of the Utah Industrial Facilities Act, Chapter 17 of Htle II, Utah Code Annotated, 1953, as amended, (sometimes referred to herein as the Act), to acquire land by purchase, gift or otherwise and to acquire or construct thereon a commercial and industrial facility, together with appurtenant equipment, tools and fixtures (all herein sometimes referred to as the Project), and to finance the acquisition, construction and equipping of the Project by the issuance of Industrial Development Revenue Bonds of the County; and WHEREAS, the County has determined to issue an Industrial Development Revenue Bond in the principal amount of not exceeding $2,300,000 (Bond herein) for the purpose of financing the acquisition and construction of the Project; and WHEREAS, upon fulfillment of all conditions hereof, the County proposes to enter into a lease (Lease herein) with Joy Manufacturing Company (Joy herein) a corporation organized and existing under the laws of the State of Pennsylvania and qualified to do business in the State of Utah, under which Lease the County will lease the Project to Joy for use by Joy in consideration of (1) certain rentals which will be sufficient to pay the principal of and interest and other fees and charges pertaining to the Bond, and (2) certain additional covenants of Joy as will be set forth in detail in said Lease and other documents related thereto; and WHEREAS, the County proposes to sell the Bond to be issued under authority of this Ordinance to the Mellon Bank, National Association, with headquarters in Pittsburgh, Pennsylvania, for its own investment, or in the event of failure of said bank to pur-- ; chase the same, sale will be made to any other financial institution or underwriter which can lawfully purchase the Bond (such proposed purchaser sometimes referred to as Bank herein); the issuance of the Bond and sale thereof are intended to be exempt from registration under the Securities Act of 1933 and the Utah State Securities Act unless the Bank effects an appropriate registration as required by law; and WHEREAS, the plan to proceed with the Project, including the acquisition and construction of the facility, has been and hereby is approved by the Board of Commissioners of the County (sometimes called Commission herein), there being no other governing body or governmental entity of any kind required under law to provide approval thereof; and WHEREAS, the property on which the Project is to be located is NOTICE TO CREDITORS NOTICE TO CREDITORS In the Probate No. 3988 Matter of the Estate of ELIZABETH CHRISTENSEN, Deceased. Creditors will present claims with vouchers to the undersigned at the office of BOYD BUNNELL, Attorney at Law, Oliveto Building, Price, Utah, on or before the 1st day of July, 1977; claims must be presented in accordance with the provisions of Section Utah Code Annotated, with proper verification required therein. 1953, as Huff Published in The Sun Advocate March 23, 30; April 6 and 13, 1977. ESTATE OF CRISTINA B. ALDASORO, ALSO KNOWN AS B. CHRISTINA ALDASORO AND AS CRISTINA ALDASORO, DECEASED. Creditors will present claims with vouchers to the undersigned Executor at the offices of Therald N. Jensen James and T. Jensen, his at190 North Carbon Avenue, Price, Utah 84501, on or before the 30th day of June, 1977. Claims must be presented in accordance with provisions of Utah Code Annotated torneys, and 1953, verification with proper as required therein. , SUMMONS Civil No. 11203 JANET MARIE YOUNG, Therald N. Jensen Executor Published in the Sun Advocate March 30, April 6, 13 and 20, 1977. Plaintiff, vs FREDERICK LEON YOUNG, Defendant. THE STATE OF UTAH TO THE ABOVE-NAME- DEFENDANT: You are hereby summoned and required to file, with the Clerk of the Court, an answer in writing to a Complaint to be filed in the d case, and to serve upon or mail to FRANDSEN AND KELLER, above-entitle- d above-entitle- plaintiffs attorneys, Professional Building, Price, Utah, 84501 a copy of said answer within 20 days after service of this summons upon you. If you fail so to do, judgment by default will be taken against you for the relief demanded in said Complaint, which has been filed with the Clerk of said court. A copy of said complaint, if not served upon you by mail or otherwise, will be deposited with the clerk of said court and you may there obtain a copy. Hi is is an action for divorce to dissolve the bonds of matrimony between plaintiff and defendant, for alimony and child support, payment of debts and obligations, division of property, and payment of attorneys fees. DATED this 9th day of March, 1977. FRANDSEN AND KELLER R. Jensen Attorneys for Plaintiff Professional Building Price, Utah 84501 Published in the Sun Advocate March 17, 23, 30 and April 6, 1977. herein. NOW, THEREFORE, BE IT ENACTED BY THE BOARD OF COMMISSIONERS OF CARBON COUNTY, STATE OF UTAH, THAT: Section 1 Project Authorized. The acquisition and construction of the Project be and the same are hereby authorized in accordance with law, the Project to consist of real property located in Carbon County, near Price, Utah, together with a commercial and industrial facility, and all or part of the equipment, tools, fixtures and other appurtenant facilities which may be used in connection therewith. Section 2. Bond Authorized. For the purposes of paying the costs of the acquisition and for construction of the Project and all costs incidental thereto, the County hereby authorizes the issue of the Bond described as Carbon Countv Industrial Development Bond, in the principal amount of not exceeding $2,300,000, dated April 1, 1977, or such other date as may be selected by the parties as the date of closing, and maturing over a period not to exceed 24 installments ending February 1, 1990, bearing interest at a rate to be negotiated with the Bank, but not to exceed percent per annum, principal and interest shall be payable to the holder or holders of the Bond at such times during each year following issue of the Bond as may be negotiated with the Bank prior to the closing of the Bond. The suggested form of the Bond is attached hereto. The date of Apirl 1, 1977, is used for convenience and the Bond may be issued, dated, and sold at any time after that semi-annu- County Attorney Hector Chiara County Clerk Other business was conducted pursuant to an agenda, not pertinent to the Ordinance herein described. The Commission thereafter noted its prior vote of September 8, 1976, constituting an approval for county officers to proceed forward with a proposed industrial development revenue bond issue, resulting in an Interim Agreement between the County and Joy Manufacturing ' within the unincorporated area of Carbon County near Price, Utah, is under contract of purchase for the benefit of Joy and will be deeded to the County at the time of closing of the Bond issue and execution of the Lease, without cost to the County, and will become subject to the Lease and assignment of Lease as provided NOTICE OF HEARING TO: ALL PERSONS HOLDING LIENS UNDER THE MECHANIC LIENS LAW OF THE STATE OF UTAH, EFFECTING THE FOLLOWING DESCRIBED PROPERTY IN CARBON COUNTY, STATE OF UTAH: BEGINNING 468 feet North and 18 feet West of the Northeast corner of the SEV of SEV of Section 7, Township 14 South, Range 10 East, SLB&M, and running thence North 73 degrees, 00 West 190 feet; thence North 16 degrees 00 East 150 feet; thence South 87 degrees 41; East 140.34 feet; thence South 150 feet more or less to the point of beginning. Please take notice: That pursuant to Section Utah Code Annotated 1953, as amended, you are to appear before the District Court of Carbon County, State of Utah at the Carbon County Courthouse, Price, Utah, on the 2nd day of May, 1977, at 10 a.m., 2, before the judge there assigned, to exhibit then and there the proof of your lien. All liens against the aforesaid property not so exhibited to be waived. Michael J. Van Wagenen Attorney for Rand H. Torgerson, dba, Teco Ready Mix Published in the Sun Advocate March 23, 30 and April 6, -- s- 1977. date. Section 3. Source of Payment. The principal of and interest on the Bond authorized to be issued pursuant to this Ordinance, shall be payable solely from the rentals to be received by the County from the leasing of the Project, and payment thereof shall be secured as provided herein. Nothing in this Ordinance or any documents issued or executed under authority hereof shall be construed in any manner to impose any financial obligation or liability whatever on the County and no part of any payments for expenses, principal, interest or other charges on the Bond shall be or become a charge against any revenues or taxes of the County. Section 4 Disposition of Proceeds. The proceeds from the sale of the Bond shall be applied for the purposes for which the Bond is issued as described herein. If for any reason any portion of the proceeds actually received from the sale of the Bond shall be applied to the payment of the principal of and-o- r the interest on the Bond, the prepayment shall be in inverse order of installment maturities. The purposes for which the Bond shall be issued shall include, without limitation, the actual costs of acquiring and-o- r improving the real estate needed for the Project and all or part of the buildings, equipment, tools and fixtures and other appurtenances thereto; such acquisition may be effected before, during or after completion of the construction, and without cost to the County, The allowable costs shall include all fees and costs of architects, engineers and contractors, and all expenses in connection with the authorization, sale and issuance of the Bond, including bond counsel and other related legal fees, financial advisors fees for the County, printing costs, if any, ordinance publication costs, the interest on the Bond accruing from the date thereof to the date of issue and sale thereof, if any, and all other lawful costs and expenses reasonably necessary or convenient for the authorization, acquisition, construction, and financing of the Project, which may be incurred prior to construction, during construction and for a reasonable period of time after completing the construction. Section 5. Professionals Employed. The Commission, on the recommendation of Joy and-o- r the Bank, hereby approves employment of: (a) The firm of Burrows, Smith and Co., Salt Lake City, Utah, as special financial consultants to the County, for a fee to be negotiated with Joy; (b) Such other and further persons, firms or corporations, including but not limited to attorneys, architects, engineers, contractors, and others reasonably necessary or convenient for the purpose of authorizing, acquiring, planning, constructing, leasing and utilizing the Project or any parts thereof; (c) The law firm of Ray, Quinney & Nebeker, of Salt Lake City, Utah, which shall act as special corporate counsel to Joy in review and-o- r preparation of principal documents and in rendering one of the legal opinions, required by the Bond; and (d) The law firm of Rose, Schmidt, and Dixon, of Pittsburgh, Pennsylvania, which shall write ancj issue the legal opinion of the tax exempt status and other matters as required by the Bank Section 6. Sale of the Bond. At any time after this Ordinance is duly adopted and effective, and subject to the conditions hereof, the County through its duly authorized officers, shall have authority to sell the Bond to Mellon Bank, N.A. In the event the Bank shall refuse for any reason to purchase the Bond, then the Bond may be sold to any other financial institution in the discretion of the Commission. It is the intent of this Ordinance to authorize the sale of the Bond in such denomination and upon such installment maturities as the County or its authorized officers shall have determined and as authorized in this Ordinance, with the effect that the Bond shall be issued, sold and the proceeds received therefrom for the purpose of financing the Project and the payment of such expenses as are authorized hereunder to be paid from proceeds of the Bond. The issuance and sale of the Bond, and solicitations therefore, shall be effected through the Bank without registration of the Bond as a security, pursuant to an exemption provided under Section 3(a) (2) of the Securities Act of 1933, as amended, and similar exemptions under applicable state law. Provided, however, that the Bank or any other purchaser shall have full responsibility for handling the Bond is such a manner as to maintain said exemption, or to effect any registration required by law. Section 7. Form of Bond. The Bond shall be substantially in the wording as shown in the form incorporated in this Ordinance with completion of blanks or such lawful substitutions or modifications as may be necessary prior to closing. The principal amount of the Bond shall not exceed $2,300,000. The Bond issued under authority hereof shall contain the following certificate plainly stated on the face of each bond, certified by the Clerk of the County at the time of issuance: THIS BOND REPRESENTS A LIMITED OBLIGATION OF CARBON COUNTY AND DOES NOT CONSTITUTE NOR GIVE RISE TO A GENERAL OBLIGATION OR LIABILITY OF CARBON COUNTY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. The Bond shall also contain language to the following effect: Pursuant to the authority vested in Carbon County under Utah Code Annotated, 1953, as amended, the Section County acting for and on behalf of the State of Utah, does hereby pledge to and agree with the holder of this Bond that the State of Utah will not alter, impair or limit the rights vested hereby until this Bond and all interest payments thereon have been fully met and discharged. The Bond shall be redeemable earlier than maturity at the time and on the conditions stated in the Bond. The officers of the County required to sign in execution or attestation of the Bond shall do so by manual signature unless, for particular reasons, a manual signature is not desired, in which case they may do so by facsimile signature printed or engraved thereon, with the exception that the Clerks signature on the on the face of the Bond shall be certificate manually signed by the Clerk of the County at the time of issuance of the Bond. In addition, the official corporate seal of the County may be printed or engraved on the Bond where required. Section 8. Bond as Eligible Investments. It is hereby declared to be the intent of this Ordinance that the Industrial Development Revenue Bond issued under authority hereof shall be a security in which all public officers and public bodies of the State of Utah and its political subdivisions may invest and may accept on deposit in accordance with law, together with creating hereby an eligible investment for all insurance companies, credit unions, building and loan associations, trust companies, banking associations, investment companies, executors and trustees and other g and retirement funds and all fiduciaries, pension, other such public or quasi-publi- c organizations specified by statutes of the State of Utah. Section 9. Tax Exemptions. It is hereby declared to be the intent of this Ordinance that the Bond issued under authority hereof and the interest income therefrom, shall be exempt from all taxes imposed by the State of Utah or any political subdivision thereof. It is further declared to be the intent hereof that the interest income from the Bond shall be exempt from taxation under the Internal Revenue Code, and the Chairman of the County Commission is hereby instructed to execute and file with the District Director of Internal Revenue, Salt Lake City, Utah, such statements as may be required to secure the exemption under the provisions of Section 103 of the Internal Revenue Code and above-describe- d profit-sharin- regulations promulgated thereunder. The Project and real and personal property included therein shall further be exempt from ad valorem and similar taxes imposed by the State of Utah and any political subdivision thereof to the extent therein of the nominal interests of Carbon County, but this exemption shall not extend to the beneficial and economic interests of Joy all of which private interests in the project or any of the property used in connection therewith shall be fully subject to taxation in accordance with law. Section 10. Construction Contracts. The County hereby delegates to Joy the power, right and authority to enter into one or more construction contracts with such contractors, subcontractors and-o- r suppliers for the purpose of constructing the buildings and constructing or acquiring the equipment and other facilities to be used for or in connection with the Project. It shall not be necessary for Joy or the County to require public bidding in respect to the acquisition, construction or equipping of the Project or any part thereof or in connection with any of the contracts entered for such purposes. The County and-o- r Joy, as applicable, shall determine that builders risk insurance against fire, windstorm and other usual casualties for the full insurable value of the improvements during construction, as well as public liability coverage for the contractors and their agents shall be procured, and the costs thereof shall be deemed one of the included costs under Section 4 of this Ordinance to be paid from the Bond proceeds, as part of the Project costs. Section 11. Lease and Other Documents. The County hereby authorizes and instructs the Commission Chairman of the County to execute and the Clerk of the County to attest under the corporate seal of the County the following additional documents, all of which shall contain such terms and provisions furthering the Project and financing thereof as may be mutually agreeable to the County, Joy and the Bank: (a) Lease, by which the Project shall be leased to Joy upon such terms and conditions and for such amounts as may be sufficient over the term of the Bond to pay all principal, interest, and other charges on the Bond, and the Lease shall contain additional covenants of Joy as may be required by the County and for the assurances of the holder of the Bond. Joy shall execute a certificate pursuant to the Lease indicating the date of completion of construction. The rentals under the Lease shall be payable to the County a reasonable time in advance of such dates as the County shall be required to satisfy the prinipal and interest obligations under the Bond. Provided, however, that the rentals may be paid directly to Mellon Bank, N.A., or other Bond holder, as payments the Bond payments of the County, with a constituting memorandum to the County upon making each such payment. Said Lease may further provide that Joy may, at its own expense, make alterations, additions and improvements to the Project and install equipment thereon which shall not impair the value thereof, and that Joy shall be fully responsible for making all repairs and sustaining the maintenance of the Project and all property in connection therewith during the term of the Lease, including payment of such insurance coverage as the County and holder of the Bond shall require. The Lease shall further provide that Joy shall be responsible and shall pay any and all taxes levied on the Project or any other assessments or costs in connection therewith which would be normal incidents or ownership of private property. Said Lease may provide for subletting by Joy of all or part of the Project to one or more of its affiliated companies, if any, provided that Joy shall not be relieved of any obligations as prime lessee. The Lease shall further provide for such terms and conditions as may be mutually agreed upon between the County, the Bank and Joy for the protection of the County and the Bank or any other holder of the Bond, for the purpose of assuring Joy a peaceful possession of the premises during the term of the Lease, and providing such remedies upon default thereof as may be required or allowed by law. The Lease may further provide for a purchase option in favor of Joy whereby from the time of the last scheduled Bond payment until thirty (30) days thereafter, Joy may purchase the Project and receive title in its name at the expiriation of the Lease for a nominal consideration in addition to the total Lease payments covenanted by Joy. Any conveyance by the County shall be without warranty. In the event of prepayments of all Bond obligations, the purchase option period shall be deemed accelerated to a date thirty (30) days following the last payment of all principal and interest on the Bond. (b) An assignment of the Lease, for the further security of the Bank; and (c) A bond purchase agreement reflecting the exact terms of purchase consistent with this Ordinance; and (d) Other documents, which shall be reasonably necessary or convenient for carrying out the purposes of this Ordinance, the Project and the financing thereof, including such further assurances for the benefit of the holder of the Bond as the Bank may require and as may be agreeable to the County and Joy. Either the Lease or a supporting document shall contain such covenants as may be necessary or convenient for assuring the tax exempt status, as specified in Section 103 of the Internal Revenue Code and Regulations promulgated thereunder. Section 12. Binding Covenants. All covenants, stipulations, obligations and agreements contained in this Ordinance, the Lease, the Lease assignment, the Bond Purchase Agreement and other documents executed in connection therewith shall be deemed to be obligations and covenants of the County and binding upon the County, none of which, however, shall create any general obligation of the County or constitute a charge on its taxable property. Except as otherwise provided in this Ordinance, all rights, powers and privileges conferred and duties and liabilities imposed upon the County by all such documents shall be exercised or performed by the Commission Chairman with the attest or concurrence of the Clerk of the County, except where applicable statutes or regulations would require action by the entire Commission. No obligation or covenant of the County contained in any such documents shall be deemed an obligation or covenant of any officer, agent or employee of the County in his individual capacity and neither the members of the Commission nor any officers of the County issuing or executing the Bonds shall be personally liable on the Bonds or subject to accountability by reason of the issuance thereof. Section 13. Limitation on Rights. Nothing in this Ordinance or in the Lease or other documents executed in connection therewith, express or implied, shall be construed to confer upon any person, firm or corporation other than the County, Joy, the holder of the Bond, any right, remedy or claim, legal or equitable, unless expressly provided in this Ordinance or any other documents to be executed under authority hereof. This Ordinance and all such documents are intended to be for the sole and exclusive benefit of the parties mentioned herein. Section 14. Severability. In case any one or more of the provisions of this Ordinance, the Lease or other documents executed in connection therewith, or of the Bond to be issued under authority hereof, shall for any reason be held by any court of competent jurisdiction to be illegal or invalid, such illegality or invalidity shall not affect any other provisions of this Ordinance, other documents or the Bond, and this Ordinance and all such documents shall be construed and enforced as if such illegal or invalid provision or provisions had not been contained therein. Section 15. Conditions Precedent. All acts, conditions and things relating to the passage of this Ordinance, to provide authority for issuance of the Bond and execution of the Lease and other documents necessary in connection therewith, required by the Constitution or the Act of other laws of the State of Utah, which must happen, exist and be performed precedent to the passage hereof and the providing said authority, have happened, do exist and have been performed as required by law. Section 16. Officers and Successors. The members of the Commission, the Chairman, the County Clerk and all other officers, attorneys, engineers and other agents or employees of the County are hereby authorized and instructed to do all acts and things required of them by this Ordinance, the Lease, and other documents executed in connection therewith, including the Bond, for the full, punctual and complete performance of all of the terms, covenants and agreements contained therein and constituting obligations of the County. In the event the members of the Commission, the Chairman, the County Clerk or any other officers of the County shall be replaced hereafter by election, resignation, removal or otherwise, or in the event a designated officer is at any time unavailable to act by reason of illness, disability or absence from the State of Utah, then, in either such event, the duly elected, appointed or acting successor or lawful substitute, as the case may be, shall be entitled to act, including the execution of the Bond and other documents, and such acts or signatures shall be fully effective and binding on the County. Section 17. Interpretation. This Ordinance, the Lease, the Bond and other documents executed in connection therewith shall be interpreted and construed in accordance with the laws of the State of Utah, with the intent and purpose that all such documents shall carry forth the matters necessary for the acquisition, construction and financing of the Project, the issuance and payment of the Bond and performance of all other obligations of the County herein contained or referred to. Liberal construction of all such documents shall be observed for the assurance and protection of the holder of the Bond, and any ambiguities or minor errors herein shall not invalidate this Ordinance or the effect of publication hereof, and the further documents in furtherance of the Bond issue may be executed in substantial compliance herewith. The term holder or bond holder as used herein shall include both the plural and the singular, as applicable. The titles to the various sections contained in this Ordinance are for ease of reference only and shall not be considered part of this Onflnance if anything therein suggests a meaning contrary to the express language of this Ordinance. Section 18. Filing with the Internal Revenue Service. The County shall execute and file through its Commission Chairman such letters and other documents as bond counsel may require evidencing to the Internal Revenue Service the Countys election to treat the issuance of the Bond as an exempt small issue under Section 103(c) of the Internal Revenue Code and the regulations promulgated thereunder. Section 19. Publication. The County shall provide for publication of this Ordinance in a newspaper of general circulation in Carbon County, on the first reasonably possible day of publication following enactment of this Ordinance. For a period of thirty (30) days after the date of such publication, any person in interest shall have the right to contest the legality of this Ordinance or any Bond which may be authorized hereby, any provisions made for the security in payment of the Bond or of any contract or lease authorized herein; and after the expiration of said thirty (30) days, no person shall have any cause of action whatever to contest the regularity, formality or legality of this Ordinance or of any agreement or document authorized hereby. Section 20. Effective Date. This Ordinance shall be effective immediately upon its adoption, but the Bond shall not be issued earlier than thirty (30) days following publication hereof unless the Commission shall otherwise order upon a finding of immediate need therefore. THIS BOND MAY NOT BE TRANSFERRED WITHOUT AN OPINION OF COUNSEL SATISFACTORY TO THE INITIAL LESSEE OF THE PROJECT REFERRED TO IN A CERTAIN BOND PURCHASE AGREEMENT BETWEEN THE COUNTY COMMISSIONERS OF CARBON COUNTY, UTAH AND THE MELLON BANK, N.A. TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE APPLICABLE SECURITIES LAWS. THIS BOND REPRESENTS A LIMITED OBLIGATION OF CARBON COUNTY AND DOES NOT CONSTITUTE OR GIVE RISE TO A GENERAL OBLIGATION OR LIABILITY OF CARBON COUNTY OF A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. CARBON COUNTY INDUSTRIAL DEVELOPMENT REVENUE BOND 1977 SERIES (JOY MANUFACTURING COMPANY PROJECT) Carbon County, Utah $2,300,000 as of April 1, 1977 FOR VALUE RECEIVED, CARBON COUNTY, a body politic under the laws of the State of Utah, (hereinafter called the Undersigned), a municipal corporation under the laws of the State of Utah, promises to pay to the order of MELLON BANK, N.A. (hereinafter called the Payee), its successors or assigns, in lawful money of the United States of America, the sum of Two Million Three Hundred Thousand and zero Dollars (2,300,000), in principal payments thereof due and payable on August 1 and February 1 as set forth below. Y ear and Month Principal Installment Maturing of Maturity The interest hereon is payable August 1, 1977, and on each February 1 and August 1, thereafter until the due date of the last maturing installment of principal hereof. semi-annuall- y -- B- Subject to C below, the rate of interest referred to in A hereof shall be 6 percent per annum (based on a year of 365 or 366 days as the case may be) on the outstanding balance from the time of actual disbursement of bond proceeds in accordance with the Bond Purchase Agreement as hereinafter defined. i -- C- in The principal installments hereof are subject to whole or in part, without penalty or premium, on any date, such partial prepayments to be applied to principal installments in inverse order of their maturity. In the event any payment provided for herein shall become past due for more than 15 days, the Undersigned agrees to pay a late charge in an amount not exceeding 6 percent of any such past due payment as compensation for the additional service resulting from the default. Pursuant to the authority vested in Carbon County under SecUtah Code Annotated, 1953, as amended, the County tion acting for and on behalf of the State of Utah, does hereby pledge to and agree with the holder of this Bond that the State of Utah will not alter, impair or limit the rights vested hereby until this Bond and all interest payments thereon have been fully met and discharged. In case default be made and continues for the space of fifteen (15) days after written notice thereof by Payee in the payment of any installment of principal or interest, or for the space of forty-fiv- e (45) days in the performance by the Undersigned of any of the other obligations of this Bond or of a certain Bond Purchase Agreement dated of even date herewith between the Undersigned and the Payee, or in the performance of any other instrument or document given to evidence, secure or support the indebtedness evidenced hereby, the entire unpaid balance of the principal debt, interest thereon and all sums payable by the Undersigned d Bond Pruchase hereunder, under the Agreement and under any other instrument or document given to evidence, secure or support the indebtedness evidenced hereby shall, at the option of the holder hereof and without notice, become immediately due and payable. This Bond does not constitute a general obligation of the undersigned and recourse on this Bond and on the instruments and documents executed and delivered by the Undersigned in connection herewith may only be had to the collateral given as security for this Bond and the Undersigned is not personally liable for the debt, nor for any portion of the debt or interest or other charges in connection therewith, remaining unpaid after the liquidation of such collateral. This Bond does not constitute the debt or indebtedness of the Undersigned within the meaning of any provision or limitation of the Constitution or statutes of the State of Utah or the charter of the Undersigned, and shall not constitute nor give rise to a pecuniary liability of the Undersigned or a charge against its general credit or taxing powers. This obligation shall bind the Undersigned and its successors and assigns, and the benefits hereof shall inure to the Payee and its successors and assigns. IN WITNESS WHEREOF, Carbon County, State of Utah, has caused this Bond to be duly executed by its Commission Chairman and duly attested to by its Clerk, thereunto duly authorized, and its corporate seal to be affixed hereto, and has caused the interest coupons attached, if any, hereto to be executed by the signatures of said officers, by facsimile or otherwise, all dated as of the 1st day of April. 1977. above-mentione- CARBON COUNTY, UTAH by James P. Simone, Chairman, Board of County Commissioners (SEAL) ATTEST: Hector Chiara, Clerk Chairman Simone after discussion, called for a vote pertaining to the foregoing Ordinance and adoption of the Ordinance was carried by the affirmative vote of at least a majority of the Commissioners present, the vote being as follows: Mr. Simone Aye Mr. Marx Aye" Mr. Semken "Aye After the conduct of other business not pertinent to the Ordinance, on motion duly adopted, the County Commission adjourned. James P. Simone, Chairman, Board of County Commissioners ATTEST: Hector Chiara, Clerk of Carbon County STATE OF UTAH ) ) ss COUNTY OF CARBON ) I, Hector Chiara, the duly chosen, qualified and acting Clerk of Carbon County, State of Utah, do hereby certify that the foregoing thirteen (13) pages, together with four (4) pages of Bond Form, are a true and correct copy of an Ordinance adopted by the Board of Commissioners of Carbon County in proceedings at a regular meeting of said Commission at its Chambers in Price, Utah, held pursuant to due, legal and timely notice or according to established practice and law, on Monday the 14th day of March, 1977, at the hour of 7:30 oclock, p.m., as recorded by me in the regular official book of records as the proceedings of said County. Published in the Sun Advocate March 17, 23, 30 Hector Chiara, Chairman and April 6, 1977. |