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Show WEEKLY REFLEX DAVIS NEWS JOURNAL, NOVEMBER 15, 1979 .1 aggregate principal amount ; of not exceeding $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 issued in $5,000.00 denominations or in such other denominations as may be agreed with the Purchaser. Each of the Bonds within the issue may be dated as of Lake City, Utah, which shall act as Bond Counsel in the City acting for and on behalf of the State of Utah, does hereby pledge to arid agree with the holder of this Bond that the State of Utah will not alter, impair preparation of principal documents and rendering the legal opinion for the benefit of Bond Purchasers. Section a Sale of Bonds. At any time after this Ordinance is duly adopted, and subject to the conditions hereof, the City, through its duly . authorized officers, shall or limit the rights vested hereby until this Bond and all interest payments thereon have been fully met and discharged. ; and amendments all thereto. supplements 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 and obligations of the City, 1 i ; , ' lf . Trust-Indentur- , interest income from thel issuance of this Bond do exist, 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 IN WITNESS WHEREOF, said Clearfield City, State of Utah, has caused this Bond to be duly executed by its Mayor and duly attested by its Recorder, thereunto duly authorized, by facsimile or otherwise, and its corporate 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 1979. November, CLEARFIELD CITY CORPORATION By (SAMPLE - DO NOT SIGN) Mayor ATTEST: By (SAMPLE SIGN) Recorder DO NOT (Form of Interest Coupon, if used) No.. $u On first the of , day 19 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 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 being semiannual interest then due on the Clearfield City Industrial Revenue Bond, Series November 1, 1979,' " VV t7to'na ' CLEARFIELD CITY' CORPORATION NOT By (SAMPLE-DSIGN) Mayor NOT SIGN) By(SAMPLE-DO Recorder Section 8. Bonds as Eligible Investments. It is hereby declared to be the intent of this Ordinance that the In dustrial Revenue Bonds issued under authority hereof shall be securities 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 fiduciaries, pension g and retirement funds and all other such orpublic or quasi-publi- c Revenue Code. The Mayor of ; Freeport. All normal tax benefits, such as depreciation deduc- tions, investment tax credits, sales and other tax deduc- - violate or contravene any constitutional or statutory limitation of any other Bond, contract or other evidence of indebtedness or obligation to which Clearfield City is a party. I ' the City is hereby instructed ; file with the and to execute Service Revenue Internal Center where Freeport files its federal tax returns, as : regulations may prescribe, of election as such statements may be required to secure the under the exemption provisions of Section 103 of J the Internal Revenue Code and regulations promulgated B thereunder, which statements in- - r on in based be part may formation to be furnished by 2 time after issue of the Bonds. It is hereby certified, recited and declared that all acts, and conditions things required to exist, happen and be performed precedent to and in execution and delivery of the Trust Indenture and the . Bonds shall be exempt from taxation under the Internal principal, interest, premium, fees and other charges on this Bond at any ' ! to be the intent hereof that the all 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 have authority to issue and The Brinds shall not be redeemable earlier than ma- and charges pertaining to the November 1, 1979, or as of sell the 1979 Freeport Indus. ORDINANCE OF trial Center Bonds. It is the at the times and 1979 Freeport Industrial CLEARFIELD CITY, . such other date as may be intent of this Ordinance to ; turity except on the conditions to be stated 1975 Bonds Center and the DAVIS COUNTY . the with Purchaser, agreed authorize sale of the Bonds in , in the issued Bonds. Freeport Industrial Center STATE OF UTAH and will bear interest com$5,000.00 denominations and Bonds; (2) additional The officers of the City mencing as of the date shown such maturities as the upon of will as covenants to sign in execution, Freeport AN ORDINANCE on each Bond at the rate of 8 required City or its authorized officers be set forth in detail in said AUTHORIZING attestation or certification of THE IS12 per annum. shall determine consulupon Financing Agreement; and SUANCE OF NOT EXCEEDThe Bonds within said issue tation with Freeport and the the Bonds and interest (3) security for the benefit of if any, may do so by ING $5500, 000. 00 PRINCIPAL will mature serially over their Purchaser, and as authorized coupons, bondholders through pledge facsimile signature printed or AMOUNT OF INDUSTRIAL maturities. respective Project and the Existing in this ' Ordinance,, with the and assignment of said note that REVENUE BONDS OF and the payment of thereon, except engraved and shall Facility, interest Principal effect that said Bonds shall be and a Trust Indenture one of the signatures CLEARFIELD CITY, STATE least at said be payable to the holders of principal and interest issued and sold, and proceeds of the City Recorder shall be representing, among other such Bonds semiannually. OF UTAH, FOR THE PURhas been and is secured by a received therefrom, for the t POSE OF FINANCING THE things, a trust deed and manually signed on each Section 3. Source of purposes of pledge and assignment of the the financing official In the Bond. security agreement against addition, Note and all such payments, ACQUISITION AND CONSThe principal of Project and refinancing the the Project and the Existing Payment. seal of the City may TRUCTION OF A COMMERwith a lien on all corporate and interest on said 1979 together Bonds and payment of prior Facility; and on the or be CIAL AND WAREHOUSING a part of the engraved printed Center Industrial property forming such expenses as are Bonds and the City Freeport WHEREAS, FACILITY FOR USE BY and the Existing coupons, if any, Bonds authorized to be issued Project authorized hereunder to be proposes to sell all of the 1979 FREEPORT INDUSTRIAL where required. The Bonds Facility, all of which is more pursuant to this Ordinance, . paid from proceeds of said issued with or without A be Freeport Industrial Center defined in the Trust InLIMITED shall be payable solely from CENTER, may fully Bonds. All Bond proceeds Bonds to be issued under the note denture to which reference PARTNERSHIP, ADJACENT coupons attached, as agreed from payments held shall be the initially by , between authority of this Ordinance to TO THE has been made. The Bonds EXISTING Freeport, the Freeport or other revenues Trustee, and disbursed or Purchaser and a purchaser who has been or from the the Trustee. FACILITY WHICH WAS and interest coupons apperProject including otherwise administered in will be obtained through other funds which EARLIER FINANCED FOR The Bonds may be authenthereto, if any, are taining be accordance may with Inthe Trust if limited obligations of the City the private negotiation. The isTrustee FREEPORT INDUSTRIAL ticated held from time to time by the by. denture, consistent with the suance of Industrial Revenue as herein elsewhere certified CENTER; AND FOR THE Trustee for such purposes, requested by the Purchaser. purposes described in this Bonds and sale thereof are PURPOSE OF REFINANCand do not now or shall never and payment thereof shall be Ordinance. intended to be conducted in secured as UNITED STATES ING THE PRIOR BOND ISconstitute an indebtedness of In the event less than the provided herein. such manner as to be exempt ' OF AMERICA the City within the meaning of SUE; AUTHORIZING THE in Ordinance or this Nothing full issue is sold and initially, from registration under the STATE OF UTAH EXECUTION OF A TRUST state constitutional documents issued or any any if of the additional incurring Securities Act of 1933, the executed under COUNTY OF DAVIS or statutory limINDENTURE, FINANCING provisions authority proper expenses shall subSecurities Exchange Act of hereof shall be construed CLEARFIELD CITY AGREEMENT AND RELAT- itations appertaining to in become sequently necessary 1934, the Trust Indenture Act ' INDUSTRIAL ED DOCUMENTS, PROVIDmunicipal indebtedness, and any manner to impose any for completion or payment of of 1939, the Utah State REVENUE BOND ING FOR A NOTE FROM the financial obligation obligations represented or the Project costs, portions Securities Act, and other DATED NOVEMBER L 1979 FREEPORT INDUSTRIAL by the bonds shall not give whatever on Clearliability for or the thereof, refinancing similar laws. The term field PART OF AN ISSUE A PLEDGE CENTER. rise to any pecuniary liability City and no part of the Existing Facility, the City, , Purchaser as used herein NOT IN EXCESS THEREOF AND OTHER of the City whatsoever. Note of expenses, prinpayment without the necessity of shall include all bondholders, OF $5,500,000 TERMS FOR SECURITY OF sufficient for the or other further ordinance, payments interest cipal, shall be, if more than one may exist SAID INDUSTRIAL when due of on the Bonds shall be payment prompt charges sell to issue and empowered from time to time. REVENUE and interest on the BONDS; or become a charge against principal WHEREAS, the plans to any revenues or taxes of the additional bonds up to the , PROVIDING FOR THE said Bonds are to be paid by amount aggregate principal proceed with the Project by City other than revenues conClearfield City, a body OF REMEDIES THE Freeport for the account of of the $5,500,000 authorized of the State of Utah financing the acquisition and HOLDER OF SAID INDUS- the politic City and remitted directly the received by structively hereby, if and on the condiconstruction of the Project City TRIAL REVENUE BONDS; to the bank which shall serve (the City) herein), for through the Trustee purconshall have that it tion and refinancing the prior suant to the PROVIDING as Trustee for deposit in a FOR value received, ackTHE Financing tracted with Freeport for the Bonds have been and hereby infund created for this purpose be itself to OF REMEDIES THE nowledges note payments sufficient to , are approved by the City Agreement. ; HOLDER OF SAID INDUSand debted 4. Disposition of designated Clearfield City hereby Section inall such service additional Council of the City of Clear1979 Industrial Revenue Bond TRIAL REVENUE BONDS Proceeds. The proceeds from promises to pay to the debtedness and expenses to - AND FOR THE RIGHTS AND field, there being no other or the hereof from holder ' Fund the sale of Bonds to be issued Freeport Industrial be incurred in connection further governing body or under source as hereinafter Center Project, to be used iDUTIES OF A TRUSTEE hereof shall therewith. authority on UNDER A TRUST INDENgovernmental entity of any be applied for the purposes for timely payment tJ the provided, In the event less than the kind required under law to for which the Bonds are isof the Bonds. holders TURE; APPROVING AND full issue of $1x500,000; is sold, provide approval thereof; and AUTHORIZING THE , the prinPursuant to the authority , 19 sued as herein described, and for amortization schedule any WHEREAS, the property on EXECUTION OF OTHER vested in the City under Seccipal sum of $5,000.00, and shall be disbursed payment which may be which the Project is to be the Trustee. If for through to CONTRACTS WITH AND manner in like tion Utah Code Anpay reason any prepared at the closing shall, located and the property on CONVEYANCES interest on said sum from TO notated, 1953, as amended, of the proceeds fif-- , any portion a maintain nevertheless, which the Existing Facility is the date hereof at the rate .FREEPORT INDUSTRIAL the City acting for and on actually received from sale teen year maturity and located is within the bounof eight and one-haperbehalf of the State of Utah, CENTER; AND OTHERWISE ' be applied to the shall appropriate adjustments daries of Qearfield City, and AND cent ) APPROVING does hereby pledge to and per annum of the principal of shall be made in the serial will be acquired and owned by payment on May 1, 1980, and AUTHORIZING with the holder of this SUCH on said the interest agree andor to of maturities the Bonds on thereafter OTHER ACTIONS AS MAY Freeport (including a conBond the State of Utah that semiannually the Bonds, resulting accomplish that purpose. November 1, and May 1 of BE NECESSARY TO EFwill not alter, impair or limit templated deed from the City prepayment shall be in inof and The issuance sale the ) SUCH FECTUATE the rights vested hereby until covering each year until said prinExisting verse order of maturities. The such Bonds and solicitations is paid, except Bond and all interest sum Facility) and will continue to purposes for which the Bonds AND REFINANCING this cipal therefor, may be effected to be owned by Freeport for shall be issued shall include, thereon have been as the FINANCING INCLUDING payments provisions the or Purchased through ACTIONS NECESSARY FOR purposes of the 1979 Freeport hereinafter set forth without limitation, the without i fully met and discharged. of the registration Industrial Center Bond issue, ISSUANCE OF SAID BONDS. Interest accruing on this regarding redemption refinancing of the balance of Bonds as securities, pursuant ' and the use of said property the 1975 Bond will be paiaonly on '1 WHEREAS, Clearfield City, prior to the maturity may Industrial under Freeport to provided exemptions as contemplated by Freeport, Center Bonds, the actual enbecome applicable hereto; Davis County, State of Utah presentation and surrender of Section 3(a)(2) of the Securiis or will be consistent with of and both the attached interest coupons, (the City herein) desires to principal tire or partial costs of Section10 1933 and ties Act of ' interest on this Bond are all zoning laws and other if any, as they respectively promote,)' stimulate : and of the City. ,apd, the iii la Wfulinjoney ofi. bdcrimfi'dlie' (Wifi no coupons deveRiplhe general ecOhomifi n payable imprpve s 'the;! iIlhitediM States j pt I welfare and prosperity of said'' ,same. will, toe, or; become, subariel'attclchedpaymentjofi tate. needed for the, Project;" exetriptfOit1 e to the interest will be made when America through the office to and achieve ject or constructing all qualification provisions bf the : City greater acquiring and Financing Agreement; of the paying agent and industrial development of the due according to the proper or part of the building, Trust Indenture Act of 1939 and State of Utah; and calculation thereof by the trustee, FIRST SECURITY equipment, tools and fixtures and similar exemptions under NA; BANK OF UTAH, WHEREAS, the City finds and other WHEREAS, the City is paying agent or pursuant to a 1 Provid-law. appurtenances state applicable that it will be desirable to thereto; and may also include TIONAL ASSOCIATION, authorized pursuant to the accepted previously unthe that ed, however, appoint a Trustee to ad- reimbursement to Freeport Corporate Trust Departschedule). The principal of provisions of the Utah Indusshall as derwriter purchaser and minister the funds this Bond shall be payable to trial Facilities Development ment, Main at First South for all costs actually incurred have full responsibility fori' discharge the fiduciary duties the proper owner and holder Office, 79 South Main Act, found in Chapter 17 of to June 12, 1979, to subsequent to as manner in such selling related to said 1979 Freeport the extent of costs allowable Lake Salt thereof Title II, Utah Code AnnotatCity, Street, upon presentation am maintain said exemption, or Industrial Center Bonds and hereunder and under law. The Utah 84111. surrender of this Bond at ed, 1933, as amended, (someto effect any registration' times referred to herein as . the City also deems it advisaallowable Project costs shall n maturity. required by law. ble and in its best interest to also include all fees and costs The provisions hereof shall the "Act) to issue Industrial 7. Form of Bonds. an of Bond one is Section This enter into and execute the of architects, engineers and in no manner be construed to Revenue Bonds for the pursubstanshall of Bonds be Bonds issue The authorized Financing Agreement and the authorize public distribution pose of financing the acquisicontractors, and all expenses limited in aggregate printially in the wording as shown Trust Indenture to provide for in connection with authorizaof or public trading in this tion of land and construction isin in the form incorporated cipal amount of $5,500,000, the issuance of said Bonds, to Bond or of the issue of which and equipping of commercial istion, sale and issuance of this Section 7 of this Orto authorized sued be and secure payment of same, and it forms a part, except in acand warehouse facilities (all Bond CounBonds, of including with of to sued dinance the completion paying purposes to describe the rights and ducordance with applicable herein sometimes referred to sel fees, corporate counsel such blanks or substitutions all or part of the costs of ties of the Trustee. state and federal law. The as the Project), which is and other legal fees, anto issuance the as necessary prior financing acquisition NOW, THEREFORE, BE Bonds are issued without fees, title insurance Bond. in The adjacent to an existing of each of land appraisal sale and dor improvement IT ORDAINED BY THE CITY under exempacand financial amount registration facility earlier financed for includClearfield City, Utah, premiums, aggregate principal COUNCIL OF CLEARFIELD tions provided in Section the same user (herein someadvisors fees or of said Bonds shall not exceed of a counting construction thereon ing CITY, DAVIS COUNTY, times referred to as the bond purchase commitment 3(a)(2) of the Securities commercial and warehousing $5,500,000. Each issued Bond STATE OF UTAH, THAT: Act of 1933, Section and Exchange if trustees Existing Facility); and fees, any, shall bear interest at a rate of facility in the nature of a 1. Section Project paying agents fees, printing 8.5 of the Securities 3(a)(12) WHEREAS, the prior Indisoffice and interest annum, warehouse, per Authorized. The financing of dustrial Revenue Bond Issue Exchange Act of 1934, the costs, advertising costs, the payable semiannually, with ' tribution building together the acquisition and construcof the , City was dated provisions of the qualification interest on the Bonds accrufixwith equipment, tools, serial maturities on an amortion of the Project and Trust Indenture Act of 1939 November 15, 1975, in the from the date of issuance fifteen ing over basis a and tized other tures apyear refinancing of the 1975 thereof to the date of sale term and similar exceptions under aggregate principal amount purtenances (all herein providing for substanFreeport Industrial Center of $3,500,000, part of which applicable state law. thereof, if any, and all other sometimes referred to as the tially equal semiannual Bonds are hereby authorized The holder of this Bond has been paid (herein the lawful costs and expenses reimof or and interest payments Project);to the in accordance with law. Said shall have no right to enforce 1975 Freeport Industrial necessary or convenient to the full the over bursement term, principal Freeport Project shall consist of certhe provisions of the Trust Center Bonds) and the authorization, acquisition, Industrial Center, a Utah tain real property located in construction and financing of or otherwise as may be Indenture or to institute acbalance of which is to be between the limited agreed partnership Clearfield City within the intion to enforce the covenants refinanced pursuant to the isthe Project, which may be of and the Purchaser, Freeport (hereinafter "Freeport) corporated area of said City, therein, or to take any action sue contemplated hereby; lawfully incurred prior to Trustee. any interim construction with respect to any event of together with a commercial construction (but subsequent and for and used such costs The interest principal purposes, and warehousing facility in to June 12, 1979), during condefault thereunder, or to insWHEREAS, the City has on each of said Bonds shall be and providing the Project for the nature of a warehouse, titute, appear in or defend struction and for a reasonable determined to issue Indususe by Freeport, pursuant to payable to the holder thereof office and distribution buildany suit or other proceedings of time after completrial Revenue Bonds in the period States United a in money, Financing Agreement ing constructed or to be conwith respect thereto, except tion of such construction. without discount or premium, aggregate principal amount herein) by (Agreement structed thereon and all or as provided therein, all of of not exceeding $5,500,000 to Section 5. Professionals office of the pay- -' and the and between the through City which actions may be taken part of the equipment, tools, be dated November 1, 1979 Employed. The City Council ing agent to be established, on Freeport and paying all exfixtures, and other apof Clearfield City hereby only through or with the dates and in the manner the with (herein the 1979 Freeport connection in the penses purtenances which may be authorizes, ratifies and conIndustrial Center Bonds) for approval of the Trustee. isand stated. heretofore sale authorization, used in connection therewith. firms the employment by This Bond and the issue of (he purposes of financing the suance of the Bonds; and for All Bonds issued under Said Project is adjacent to an for the City and construction which it forms a part shall be of refinancing hereof shall contain acting acquisition Freeport, the purpose authority conExisting Facility which of the Project as more fully noncallable and nonredeema-bl- e solely for purposes of the certain 1975 Freeport Industhe following certificate sists of real property located Bond issue, and acting on its hereinafter described until ten (10) years from Center Industrial stated on the face of trial plainly of the area in the incorporated own behalf as a principal user the date of issue. Bonds mawhich together with expenses relatBonds Revenue certified the each Bond, by City together with a commered to the issuance and sale of of the Project and the Exist- an financed Recorder of the City at the' turing on or after November existing cial and warehousing facility the Bonds, and for the pur1, 1989, may be redeemed at r warehouse, office and dising Facility, for the purposes time of issuance: of a warehouse, comprised with the of proceeding the option of the City through for use by pose of refinancing the 1975 tribution THIS building BOND buildoffice and distribution the Trustee from funds Project: Freeport Industrial Center REPRESENTS A LIMIT' Freeport (the Existing ing constructed thereon, and Bonds; and All of said pur(a) As Trustee and paying supplied by Freeport, in inED OBLIGATION OF Facility). of the all or part equipment, verse numerical order beginWHEREAS, the City, by a agent under the Trust IndenCLEARFIELD CITY AND poses are accomplished for tools, fixtures, and other apresolution and memorandum ture authorized herein, First ning on a call date of May 1, NOT CONSTITUTE the DOES stimulation promotion, purtenances which are used Security Bank of Utah, Na1989, and on any interest of the and agreement dated June 12, OR GIVE RISE A TO development in connection therewith, as tional Association of Salt Lake 1979, expressed an intent to date thereafter at economic welfare and GENERAL payment OBLIGATION general financed in part by the 1975 City, Utah, through its Corfinance acquisition and consOR par and accrued interest to LIABILITY OF prosperity of the citizens of Center Industrial Freeport the date fixed for redemption truction of a new commercial Clearfield City and to achieve porate Trust Department at CLEARFIELD CITY OR A Bonds and refinanced by the a premium computed as and warehousing facility Salt Lake City, Utah, or in the plus industrial CHARGE AGAINST ITS developgreater 1979 Freeport Industrial event that Bank cannot serve, a percentage of the principal ment in the State of Utah. comprising the Project and to GENERAL CREDIT OR Bonds. Center amount of each Bond so called finance the 1975 Freeport TAXING POWERS. THIS any other financial institution The Bonds are issued pur2. Bonds Section for redemption according to ndustrial Center Bonds and authorized by law to hold BOND IS ONE OF THE suant to and subject to the Authorized. For the purposes he Existing Facility both for the following schedule: trusts of the nature herein BONDS FORMING A provisions of: (a) the Utah of paying (or reimbursing to se by Freeport Industrial described; Industrial Facilities DevelopPART OF THE ISSUE. CALL PRINCIPAL enter, a Utah Limited Part-ershment Act, Chapter 17 of Title Freeport) all or part of the (b) Such other and further DESCRIBED HEREIN DATES AND PREMIUM of the costs or andor . firms corporaCode acquisition Utah (hereinafter persons, 11, AND REFERRED TO IN . Annotated, construction of the Project May 1,1989 or tions, including, but not 1953, as amended; (b) an OrFreeport); and THE TRUST INDEN- -' fulfill-len- t November 1, 1989 104 and all costs incidental there) limited to, architects, enWHEREAS, upon dinance heretofore enacted by TURE. to including costs of financing of all conditions hereof, financontractors, on the May 1,1990 or the gineers, City -DO NOT (SAMPLE :ie City proposes to enter into cial advisors, attorneys for November 1, 1990 103 through the subject Bonds day SIGN) and refinancing the prior Financing Agreement with of . 1979; (c) Freeport and other agents May 1, 1991 or Recorder Bonds, the City hereby reeport. Under said Financ-i- g reasonably necessary or conthe Trust Indenture, also November 1, 1991 102 Each Bond shall also conauthorizes the issuance of venient for the purpose of Agreement the City will in the text language to., authorized by said Act and tain or May 1,1992 'finance the existing Bonds Bonds described as Clearauthorizing, acquiring, plansaid Ordinance, by and the following effect. November 1, 1992 101 ad will finance part of the field City Industrial Revenue ning, constructing, financing between the City, Freeport or ew Project for Freeport in Dated November 1, Bonds, and utilizing the Project the and FIRST SECURITY BANK t Provided, however, that the Pursuant 1979, Freeport Industrial onsideration of (1) certain existing facility or any parts OF UTAH, NATIONAL ASvested In Oearlien of the Trust Indenture authority and thereof; Center Project ote payments which will be (1979 SOCIATION, Trustee; and with respect to the series of fieid City under Section efficient to pay the principal (c) The law firm of Ray, Freeport Industrial Center (d) the aforementioned Bonds of which this Bond Utah Code Anno1117-1Bonds and interest and other fees herein) in the amended, Quinney & Nebeker, of Salt forms a part may be subject Financing Agreement, and to . ,'t .'I'! .A tated, 1953, as . to defeasance in the event sufficient funds are provided to the Trustee to hold under the Indenture for payment of 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 subdivision 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 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 taxation in accordance with law. Section Construction 10. Contracts or Mortgages. The 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 construction of the buildings, equipment, fixtures and other appurtenances to be used for or in connection with the 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 for the purposes of paying any remaining financing, construction or acquisition costs andor discharging any interim construction mort- 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. tire detracts hfe&tofdftS'W sObseflUentiy dHteredWkiiefr; purposes. The City authorizes1 Freeport to enter into contracts with any substitute, successor or additional tractors or vendors as concir- cumstances may require for the purposes hereof. Freeport andor the contractors, as applicable, shall cause to be obtained andor continued for the Project 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, 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. Continued on next page profit-sharin- RADIO & 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 the Bonds issued under authority hereof and the interest income therefrom, shall be exempt from all taxes imposed by the State of Utah or any political subdivisions thereof. It is further declared ALL MAKES Calls Anytime BRANDENBURG TV Reasonable Rates 141 West 1300 North, Sunset 825-357- 6 773-822- 6 ' rpcncr:i: BOAT STORAGE MORGAN FARMS LAYTOII ip , 13 1H09 perMo MIO-V,- , i , 20-2- 4- 52003 Maintain own Insurance Ca!l376-Q13- 1 n 3, 3CUZZ3U ) t ' ! I 2 ' |