OCR Text |
Show DAVIS NEWS JOURNAL, NOVEMBER 15. 1979 WEEKLY REFLEX aggregate principal amount excelling $5,500,000.00. Said Bonds may be issued and sold at par all at one time or in increments from time to time, under terms which may be more fully defined in the Trust Indenture, and shall be Lake City, Utah, which shall documents and rendering the legal opinion for the benefit of Bond Purchasers. Section 6. Sale of Bonds. At any time after this Ordinance is duly adopted, and subject to the conditions hereof, the issued in $5,000.00 denomina- and charges pertaining to the ORDINANCE OF CLEARFIELD CITY, 1979 DAVIS COUNTY STATE OF UTAH ORDINANCE AN THE ISAUTHORIZING SUANCE OF NOT EXCEEDING $5,500,000.00 PRINCIPAL AMOUNT OF INDUSTRIAL REVENUE BONDS OF CLEARFIELD CITY, STATE OF UTAH, FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF A COMMERCIAL AND WAREHOUSING FACILITY FOR USE BY FREEPORT INDUSTRIAL CENTER, A LIMITED PARTNERSHIP, ADJACENT EXISTING THE TO WHICH WAS FACILITY EARLIER FINANCED FOR FREEPORT INDUSTRIAL CENTER; AND FOR THE PURPOSE OF REFINANCING THE PRIOR BOND ISSUE; AUTHORIZING THE EXECUTION OF A TRUST INDENTURE, FINANCING AGREEMENT AND RELATED DOCUMENTS, PROVIDING FOR A NOTE FROM FREEPORT INDUSTRIAL A PLEDGE CENTER, THEREOF AND OTHER ' ; : TERMS FOR SECURITY OF INDUSTRIAL SAID REVENUE BONDS; FOR THE PROVIDING THE OF REMEDIES HOLDER OF SAID INDUSTRIAL REVENUE BONDS; FOR THE PROVIDING THE OF REMEDIES HOLDER OF SAID INDUSTRIAL REVENUE BONDS AND FOR THE RIGHTS AND DUTIES OF A TRUSTEE UNDER A TRUST 1NDEN-TURAPPROVING AND THE AUTHORIZING EXECUTION OF OTHER CONTRACTS WITH AND TO CONVEYANCES FREEPORT INDUSTRIAL CENTER; AND OTHERWISE AND APPROVING SUCH AUTHORIZING OTHER ACTIONS AS MAY BE NECESSARY TO EFSUCH FECTUATE AND REFINANCING INCLUDING FINANCING ACTIONS NECESSARY FOR ISSUANCE OF SAID BONDS. WHEREAS, Clearfield City, Davis County, State of Utah (the City herein) desires to promote, stimulate and develop, the, general economic welfare and prosperity of said City and to achieve greater industrial development of the State of Utah; and WHEREAS, the Citv is authorized pursuant to the provisions of the Utah Indus- trial Facilities Development Act, found in Chapter 17 of Title 11, Utah Code Annotated, 1953, as amended, (sometimes referred to herein as the Act") to issue Industrial Revenue Bonds for the pur- pose of financing the acquisition of land and construction and equipping of commercial and warehouse facilities (all herein sometimes referred to as the Project), which is adjacent to an existing facility earlier financed for the same user (herein some- times referred to as the Existing Facility); and WHEREAS, the prior In- dustrial Revenue Bond Issue of the City was dated November 15, 1975, in the aggregate principal amount of $3,500,000, part of which has been paid (herein the 1975 Freeport Industrial Center Bonds) and the balance of which is to be refinanced pursuant to the is- sue contemplated hereby; and WHEREAS, the City has determined to issue Industrial Revenue Bonds in the aggregate principal amount $5,500,000 to be dated November 1, 1979 (herein the 1979 Freeport of not exceeding Industrial Center Bonds) for the purposes of financing the acquisition and construction of the Project as more fully described hereinafter related to the issuance and sale of the Bonds, and for the purpose of refinancing the 1975 together with expenses Freeport Industrial Center Bonds; and WHEREAS, the City, by a resolution and memorandum agreement dated June 12, expressed an intent to finance acquisition and construction of a new commercial and warehousing facility comprising the Project and to nance the 1975 Freeport ndustrial Center Bonds and iie Existing Facility both for ise by Freeport Industrial p enter, a Utah Limited 1979, Part-iershi- (hereinafter Freeport); and fulfill-nenWHEREAS, upon t of all conditions hereof, he City proposes to enter into Financing Agreement with reeport. Under said Financ-n- g Agreement the City will efinance the existing Bonds nd will finance part of the ew Project for Freeport in onsideration of (1) certain ote payments which will be affluent to pay the principal interest and other fees ijnd Freeport Industrial Center Bonds and the 1975 Freeport Industrial Center additional Bonds; (2) covenants of Freeport as will be set forth in detail in said Financing Agreement; and (3) security for the benefit of bondholders through pledge and assignment of said note and a Trust Indenture representing, among other things, a trust deed and security agreement against the Project and the Existing Facility; and WHEREAS, the City proposes to sell all of the 1979 Freeport Industrial Center Bonds to be issued under authority of this Ordinance to a purchaser who has been or will be obtained through private negotiation. The issuance of Industrial Revenue Bonds and sale thereof are intended to be conducted in such manner as to be exempt from registration under the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Utah State Securities Act, and other similar laws. The term Purchaser as used herein shall include all bondholders, if more than one may exist from time to time. WHEREAS, the plans to proceed with the Project by financing the acquisition and construction of the Project and refinancing the prior Bonds have been and hereby are approved by the City Council of the City of Clearfield, there being no other or further 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 and the property on which the Existing Facility is located is within the boundaries of Gearfield City, and will be acquired and owned by Freeport (including a contemplated deed from the City covering the Existing Facility) and will continue to be owned by Freeport for purposes of the 1979 Freeport Industrial Center Bond issue, and the use of said property as contemplated by Freeport, is or will be consistent with all zoning laws and other ordinances of the City and the same, will be or become sube ject to the Trust-Indentur- and Financing Agreement; and WHEREAS, the City finds that it will be desirable to appoint a Trustee to ad- minister the funds and discharge the fiduciary duties related to said 1979 Freeport Industrial Center Bonds and the City also deems it advisable and in its best interest to enter into and execute the Financing Agreement and the Trust Indenture to provide for the issuance of said Bonds, to secure payment of same, and to describe the rights and duties of the Trustee. NOW, THEREFORE, BE IT ORDAINED BY THE CJTY COUNCIL OF CLEARFIELD CITY, DAVIS COUNTY, STATE OF UTAH, THAT: Section 1. Project Authorized. The financing of the acquisition and construction of the Project and refinancing of the 1975 Freeport Industrial Center Bonds are hereby authorized in accordance with law. Said Project shall consist of certain real property located in Clearfield City within the incorporated area of said City, together with a commercial and warehousing facility in the nature of a warehouse, office and distribution building constructed or to be constructed thereon and all or part of the equipment, tools, fixtures, and other appurtenances which may be used in connection therewith. Said Project is adjacent to an Existing Facility which consists of real property located in the incorporated area of the City together with a commercial and warehousing facility comprised of a warehouse, office and distribution building constructed thereon, and all or part of the equipment, tools, fixtures, and other appurtenances which are used in connection therewith, as financed in part by the 1975 Freeport Industrial Center Bonds and refinanced by the 1979 Freeport Industrial Center Bonds. Bonds Authorized. For the purposes of paying (or reimbursing to Freeport) all or part of the costs of this acquisition andor construction of the Project and all costs incidental thereto including costs of financing through the subject Bonds Section 2. and refinancing the prior Bonds, the City hereby authorizes the issuance of Bonds described as Clearfield City Industrial Revenue Bonds, Dated November 1, 1979, Freeport Industrial Center Project (1979 Freeport Industrial Center Bonds herein) in the tions or in such other denominations as may be agreed with the Purchaser. Each of the Bonds within the issue may be dated as of November 1, 1979, or as of such other date as may be agreed with the Purchaser, and will bear interest commencing as of the date shown on each Bond at the rate of 8 12 per annum. through its duly authorized officers, shall have authority to issue and sell the 1979 Freeport Industrial Center Bonds. It is the intent of this Ordinance to authorize sale of the Bonds in denominations and upon such maturities as the. $5,000.00 City or its authorized officers shall determine upon consultation with Freeport and the Purchaser, and as authorized in this Ordinance,- with the effect that said Bonds shall be issued and sold, and proceeds received therefrom, for the purposes of financing the Project and refinancing the prior Bonds and payment of as are such expenses authorized hereunder to be paid from proceeds of said Bonds. AH Bond proceeds shall be held initially by the Trustee, and disbursed or otherwise administered in accordance with the Trust Indenture, consistent with the purposes described in this . Ordinance. In the event less than the full issue is sold initially, and the incurring of additional proper expenses shall subsequently become necessary for completion or payment of the Project costs, portions if thereof, or for refinancing the Existing Facility, the City, without the necessity of further ordinance, shall be empowered to issue and sell additional bonds up to the aggregate principal amount of the $5,500,000 authorized hereby, if and on the condition that it shall have contracted with Freeport for the note payments sufficient to City through the Trustee pur- suant to the Financing Agreement. Section 4. Disposition of Proceeds. The proceeds from the sale of Bonds to be issued under authority hereof shall be applied for the purposes for which the Bonds are issued as herein described, and appropriate verse order of maturities. The purposes for which the Bonds shall be issued shall include, the refinancing of the balance of equipment, tools and fixtures and other appurtenances thereto; and may also include reimbursement to Freeport for all costs actually incurred subsequent to June 12, 1979, to the extent of costs allowable hereunder and under law. The allowable Project costs shall also include all fees and costs of architects, engineers and contractors, and all expenses in connection with authorization, sale and issuance of Bonds, including Bond Coun- sel fees, corporate counsel and other legal fees, appraisal fees, title insurance premiums, financial and accounting advisors fees or bond purchase commitment fees, if any, trustees and paying agents fees, printing costs, advertising costs, the interest on the Bonds accruing from the date of issuance thereof to the date of sale thereof, if any, and all other lawful costs and expenses necessary or convenient to the authorization, acquisition, construction and financing of the Project, which may be lawfully incurred prior to construction (but subsequent to June 12, 1979), during construction and for a reasonable period of time after completion of such construction. Section 5. Professionals Employed. The City Council of Clearfield City hereby authorizes, ratifies and con- firms the employment by Freeport, acting for the City solely for purposes of the Bond issue, and acting on its own behalf as a principal user of the Project and the Exist- ing Facility, for the purposes with the of proceeding Project: (a) As Trustee and paying agent under the Trust Indenture authorized herein, First Security Bank of Utah, National Association of Salt Lake City, Utah, through its Cor- porate Trust Department at Salt Lake City, Utah, or in the event that Bank cannot serve, any other financial institution authorized by law to hold trusts of the nature herein described; (b) Such other and further persons, firms or corpora- tions, including, but not limited to, architects, en- gineers, contractors, financial advisors, attorneys for Freeport and other agents reasonably necessary or convenient for the purpose of authorizing, acquiring, planning, constructing, financing and utilizing the Project or existing facility or any parts thereof; and (c) The law firm of Ray, Quinney & Nebeker, of Salt the between Freeport, the Purchaser and the Trustee. The Bonds may be authenticated by the Trustee if requested by the Purchaser. UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF DAVIS CLEARFIELD CITY INDUSTRIAL REVENUE BOND DATED NOVEMBER 1, 1979 PART OF AN ISSUE NOT IN EXCESS OF $5,500,009 value 19 and May 1 of each year until said principal sum is paid, except 8.5 per annum, interest payable semiannually, with serial maturities on an amortized basis over a fifteen year term providing for substan- tially equal semiannual payments of interest and principal over the full term, or otherwise as may be the between Purchaser, Freeport and the agreed Trustee. The principal and interest on each of said Bonds shall be payable to the holder thereof in United States money, without discount or premium, through the office of the paying agent to be established, on the dates and in the manner heretofore stated. All Bonds issued under authority hereof shall contain the following certificate plainly stated on the face of each Bond, certified by the Recorder of the City at the time of issuance: THIS BOND REPRESENTS A LIMITED OBLIGATION OF CLEARFIELD CITY AND DOES NOT CONSTITUTE OR GIVE RISE TO A GENERAL OBLIGATION OR OF LIABILITY CLEARFIELD CITY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. THIS BOND IS ONE OF THE A BONDS FORMING PART OF THE ISSUE DESCRIBED HEREIN AND REFERRED TO IN THE TRUST INDENTURE. (SAMPLE - DO NOT SIGN) Recorder Each Bond shall also contain in the text language to the following effect. the provisions prior to the maturity may become applicable hereto; both principal of and interest on this Bond are 'payable in lawful money of ' United M States nQfi the! America through the office of the paying agent and trustee, FIRST SECURITY BANK OF UTAH, NATIONAL ASSOCIATION, Corporate Trust Department, Main at First South qualification provisions bf the Trust Indenture Act of 1939 and similar exemptions under applicable state law. Provide $5,500,000. Each issued Bond shall bear interest at a rate of 1, hereinafter set forth regarding redemption exemptions' "from,"t''thei aggregate principal amount of said Bonds shall not exceed in- lf 3(a)(12) of the Securities Exchange Act of 1934 Section 7. Form of Bonds. The Bonds shall be substantially in the wording as shown in the form incorporated in this Section 7 of this Ordinance with completion of such blanks or substitutions as necessary prior to issuance and sale of each Bond. The ack- in like manner to pay interest on said sum from the date hereof at the rate of eight and one-hapercent ) per annum on May 1, 1980, and semiannually thereafter on as South Main Street, Salt Lake City, Office, Utah 79 84111. This Bond is one of an authorized issue of Bonds limited in aggregate principal amount of $5,500,000, issued and authorized to be issued to the purposes of paying all or part of the costs of financing the acquisition andor improvement of land in Clearfield City, Utah, including construction thereon of a commercial and warehousing facility in the nature of a warehouse, office and distribution building together with equipment, tools, fixtures and other appurtenances (all herein sometimes referred to as the Project); or reimbursement to the Freeport Industrial Center, a Utah limited partnership (hereinafter Freeport) of any interim construction costs used for such purposes, and providing the Project for use by Freeport, pursuant to a Financing Agreement (Agreement herein) by and between the City and Freeport and paying all ex- penses in connection with the authorization, sale and is- suance of the Bonds; and for the purpose of refinancing 1975 Freeport Industrial Center Industrial Bonds which Revenue an financed existing warehouse, office and distribution building for use by Freeport (the Existing Facility). All of said purposes are accomplished for the promotion, stimulation and development of the certain general economic welfare and prosperity of the citizens of Clearfield City and to achieve greater industrial development in the State of Utah. The Bonds are issued pursuant to and subject to the provisions of: (a) the Utah Industrial Facilities Development Act, Chapter 17 of Title 11, Utah Code Annotated, 1953, as amended; (b) an Ordinance heretofore enacted by on the the City day . 1979; (c) of the Trust Indenture, also authorized by said Act and said Ordinance, by and between the City, Freeport and FIRST SECURITY BANK OF UTAH, NATIONAL ASSOCIATION, Trustee; and aforementioned Financing Agreement, and to (d) the It is hereby certified, recited and declared that all acts, Center where Freeport files its federal tax returns, as regulations may prescribe, such statements of election as may be required to secure the the under exemption 103 of provisions of Section the Internal Revenue Code and regulations promulgated thereunder, which statements on inmay be based in part formation to be furnished by charges on this Bond at any time after issue of the Bonds. and things required to exist, happen and be performed precedent to and in execution and delivery of the Trust Indenture and the issuance of this Bond do exist, conditions have happened and have been performed in due time, form and manner as required by law and that the issuance of this Bond and the issue of which it forms a part does not violate or contravene any limitation of any other Bond, contract or other evidence of Utah, has caused this Bond to be duly executed by its Mayor if any, are limited obligations of the City as herein elsewhere certified and do not now or shall never constitute an indebtedness of the City within the meaning of party. IN WITNESS WHEREOF, of and duly attested by its Recorder, thereunto duly authorized, by facsimile or otherwise, and its corporate provisions or statutory limi- tations November, appertaining Utah Code tion An- notated, 1953, as amended, the City 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. Interest accruing on this Bond will be paicf only on presentation and surrender of the attached interest coupons, if any, as they respectively become due (or if no coupons are attached, payment of interest will be made when due according to the proper calculation thereof by the paying agent or pursuant to a accepted previously schedule). The principal of this Bond shall be payable to the proper owner and holder thereof upon presentation and surrender of this Bond at maturity. The provisions hereof shall in no manner be construed to authorize public distribution of or public trading in this Bond or of the issue of which it forms a part, except in ac- cordance with applicable state and federal law. The Bonds are issued without registration under exemptions provided in Section 3(a)(2) of the Securities Exchange Act of 1933, Section 3(a) (12) of the Securities Exchange Act the of 1934, qualification provisions of the Trust Indenture Act of 1939 and similar exceptions under applicable state law. The holder of this Bond shall have no right to enforce the provisions of the Trust Indenture or to institute ac- tion to enforce the covenants therein, or to take any action with respect to any event of default thereunder, or to ins- titute, appear in or defend any suit or other proceedings with respect thereto, except as provided therein, all of which actions may be taken economic and beneficial interests of Freeport or any other person, firm or corporation, all of which private interests in the Project or any of the property used in connection therewith shall be subject to ad valorem taxa- 1979. CLEARFIELD CITY CORPORATION By (SAMPLE - DO NOT SIGN) Mayor Note payments sufficient for the prompt payment when due of the principal and interest on said Bonds are to be paid by Freeport for the account of the City and remitted directly to the bank which shall serve as Trustee for deposit in a fund created for this purpose designated Clearfield City 1979 Industrial Revenue Bond Fund Freeport Industrial Center Project, to be used for timely payment to the holders of the Bonds. Pursuant to the authority vested in the City under Sec- division thereof (except to the extent therein of any nominal interests of Clearfield City), it being the intent hereof that no exemption shall extend to the seal to be affixed hereto, and has caused the interest coupons attached hereto, if any, to be executed by the signatures of said officers, by facsimile or otherwise, all dated as of the 1st day of state constitutional tions, and the like, shall belong to Freeport. The Project and real and personal property included therein shall not be exempt from ad valorem and similar taxes imposed by the State of Utah and any political sub- indebtedness said Clearfield City, State tion in accordance with law. day Project. The City hereby disclaims any objections to such contracts heretofore lawfully entered. If construction has been commenced prior to adoption hereof, the Bond proceeds may be used of Clearfield City (unless the Bond to which this Coupon appertains shall have been duly called for prior redemption and payment of the redemption price made) will pay to Bearer, upon presentation and surrender of this Coupon at the office of FIRST for the purposes of paying any lemaining financing, construction or acquisition costs andor discharging any interim construction mort- SECURITY BANK OF UTAH, NATIONAL ASSOCIATION, Corporate Trust Department, Main at First South Office, 79 South Main Street, Salt Lake City, Utah, the amount shown hereon, as provided in and gage. It shall not have been necessary for Freeport or the City to require public bidding with respect to any contracts for the acquisition, construction, equipping or financing of the Project or any part thereof, or with respect to refinancing the prior Bonds, or in connection with any of being semiannual interest then due on the Clearfield City Industrial Revenue Bond, Series November 1, ' l,J ' .Bontf 1979, S numbered1" v,fi11l:w CLEARFIELD CITY the Contracts Heretofore hr subsequently Onteredfor such purposes. The City authorizes Freeport to enter into contracts with any substitute, CORPORATION NOT By (CAMPLE-DSIGN) successor or additional contractors or vendors as circumstances may require for the purposes hereof. Freeport andor the contractors, as applicable, shall cause to be Mayor NOT SIGN) By (SAMPLE-D- Recorder Bonds as Eligible Investments. It is hereby declared to be the intent of Section The construction of the buildings, equipment, fixtures and other appurtenances to be used for or in connection with the No.. $ first Construction City hereby authorizes, ratifies and confirms the contracting by Freeport with such contractors, subcontractors or vendors as may be or may have been selected by Freeport for the purpose of constructing or completing (Form of Interest Coupon, if used) the 10. Section Contracts or Mortgages. ATTEST: By (SAMPLE - DO NOT SIGN) Recorder On : Freeport. All normal tax benefits, such as depreciation deductions, investment tax credits, sales and other tax deduc- constitutional or statutory Facility, all of which is more fully defined in the Trust Indenture to which reference has been made. The Bonds and interest coupons apper- taining thereto, Bonds shall be exempt from taxation under the Internal Revenue Code. The Mayor of the City is hereby instructed to execute and file with the Service Revenue Internal or obligation to which Clearfield City is a Project and the Existing interest income from the all principal, interest, premium, fees and other pledge and assignment of the Note and all such payments, together with a lien on all property forming a part of the of the City whatsoever. cipal sum of $5,000.00, and November and obligations of the City, Freeport and the Trustee and the holders of the Bonds and the terms upon which the Bonds are or may become issued and secured. The principal and interest due or to become due on this Bond and the issue of Bonds of which it forms a part are payable solely from the payments to be derived from the Note of Freeport and other revenues from the Agreement pertaining to the Project and the Existing Facility, and the payment of said principal and interest has been and is secured by a to and the obligations represented by the bonds shall not give rise to any pecuniary liability the prin- , Reference is made to all such documents for the provisions, among others, with respect to the nature and extent of the security, the rights, the duties to be the intent hereof that the to defeasance in the event sufficient funds are provided to the Trustee to hold under the Indenture for payment of municipal indebtedness, and debted hereby promises to pay to the holder hereof from the source as hereinafter on provided, adjustments ed, however, that the underwriter as purchaser shall have full responsibility for selling in such manner as to maintain said exemption, or to effect any registration required by law. received, nowledges itself to be and amendments all thereto. supplements any Clearfield City, a body politic of the State of Utah (the City) herein), for to exemptions provided under Section 3(a)(2) of the Secure ties Act of 1933 and Section ' interest Bonds and coupons, if any, may do so by facsimile signature printed or engraved thereon, except that at least one of the signatures of the City Recorder shall be manually signed on each Bond. In addition, the official corporate seal of the City may be printed or engraved on the Bonds and coupons, if any, where required. The Bonds may be issued with or without coupons attached, as agreed shall be made in the serial maturities of the Bonds to accomplish that purpose. The issuance and sale of such Bonds and solicitations therefor, may be effected to or through the Purchaser without registration of the Bonds as securities, pursuant the Bonds, resulting prepayment shall be in in- the 1975 Freeport Industrial Center Bonds, the actual entire or partial costs of financing tbq.j, acquisition,; 40$, es-improvement .of the .real, j tate needed for the Project; acquiring or constructing all or part of the building, The Bonds shall not be redeemable earlier than maturity except at the times and on the conditions to be stated in the issued Bonds. The officers of the City required to sign in execution, attestation or certification of payment which may be prepared at the closing shall, nevertheless, maintain a fifteen year maturity and the Trustee. If for any reason any portion of the proceeds actually received from sale shall be applied to the payment of the principal of andor the interest on said limitation, met and discharged. service all such additional indebtedness and expenses to be incurred in connection therewith. In the event less than the full issue of $5,500,000, is sold, any amortization schedule for shall be disbursed through without all interest payments thereon have been fully City, The Bonds within said issue will mature serially over their respective maturities. Principal and interest shall be payable to the holders of such Bonds semiannually. Section 3. Source of Payment. The principal of and interest on said 1979 Freeport Industrial Center Bonds authorized to be issued pursuant to this Ordinance, shall be payable solely from the note payments from Freeport or other revenues from the Project including other funds which may be held from time to time by the Trustee for such purposes, 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 or financial obligation liability whatever on Clearfield City and no part of the payment of expenses, principal, interest or other charges on the Bonds shall be or become a charge against any revenues or taxes of the City other than revenues constructively received by the the City 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 untd this Bond and act as Bond Counsel in preparation of principal of not 8. obtained andor continued for the Project builders risk in- this Ordinance that the In dustrial Revenue Bonds issued under authority hereof shall be securities in which surance against fire, windstorm and other usual casualties for the full insurable value of the improvements 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 com panies, banking associations, during construction as well as public liability coverage for the contractors, Freeport and the City during and after construction as their interests may appear, and the costs thereof shall be deemed one of the included and allowable Project costs under Section 4 of this Ordinance. investment companies, executors and trustees and other fiduciaries, pension and retirement g funds and all other such orpublic or quasi-publi- c Continued on next page profit-sharin- RADIO A TV REPAIRING ganizations specified by statutes of the State of Utah. Section 9. Tax Exemptions. It is hereby declared to be the intent of this Ordinance that BRANDENBURG the Bonds issued under authority hereof and the interest income therefrom, Reasonable Rates ALL MAKES Cads 6n Anytime TV shall be exempt from all taxes imposed by the State of Utah or any political subdivisions thereof. It is further declared 141 West 1900 North, Sunset 825-36- 76 773-82- 26 only through or with the approval of the Trustee. This Bond and the issue of which it forms a part Shull be noncallable and nonredeema-bl- e until ten (10) years from the date of issue. Bonds maturing on or after November L 1989, may be redeemed at the option of the City through t CARRETiFACTORYj COUNTERTOPS E LINOLEUM (A Sales and Installations stimates Guaranteed to Pi 'A o cation to to to the Trustee from funds supplied by Freeport, in in- verse numerical order beginning on a call date of May 1, 1989, and on any interest payment date thereafter at par and accrued interest to the date fixed for redemption plus a premium computed as a percentage of the principal amount of each Bond so called for redemption according to the following schedule: PRINCIPAL CALL AND PREMIUM DATES May 1,1989 or November 1,1989 May 04 MORGAN FARMS LAYTON 15M Per Mo. 19 1,1990 or November 1. 1990 May 1, 1991 103 102 101 Provided, however, that the lien of the Trust Indenture with respect to the series of Bonds of which this Bond forms a part may be subject Per Yr. 20 20-2- 4- 1,1992 or November 1,1992 110 c, or November 1, 1991 May 1 BOAT STORAGE Maintain own Insurance Call ipi ii 376-81- 31 ii ii ii ii r |