OCR Text |
Show WEEKLY REFLEX DAVIS NEWS JOURNAL, NOVEMBER 15. 1979 LEADER NOVEMBER fect upon expiration of the 30th day following publication of this Ordinance as above or of any such provided. maintenance to the Project and the Existing Facility and all property in connection therewith during the term of Section 11. Trust Indenture and Financing Agreement. The City hereby authorizes and instructs the Mayor of the City to execute, and the Recorder to attest under the corporate seal of the City, the additional following , the Bonds, including payment of such insurance coverage as the City and the holder of the Bonds shall require. All improvements to the buildings and fixtures attached thereto for the Project and the Existing Facility documents, all of which shall such terms and provisions furthering the Project and financing thereof and the refinancing of the existing facility as may be mutually agreeable to the City, Freeport and the Purchaser: (a) Trust Indenture, which contain shall be covered by the lien of the Trust Indenture. All replacements of equipment or other financial institution appurtenances shall be of the same or better quality or of equal utility, may be made without prior approval of the City, Trustee or Purchaser and will come under the lien or security interest of the Trust Indenture. Said Financing Agreement lawfully competent, (a) Trust Indenture, which Freeport shall be responsible shall provide that First Security Bank of Utah, National Association, or any shall further provide that shall provide that First Security Bank of Utah, National Association, or any other financial institution lawfully competent, shall be of holding the proceeds of the sales of said Industrial Revenue Bonds, paying and Trustee for the purpose retiring Bonds and other obligations related to the 1975 Freeport Industrial Center Bonds, investing in accordance with law the unneeded portion of said proceeds and distributing from time to time to Freeport or to the contractors and other persons to whom Freeport has become indebted such proceeds as may be necessary to pay all or part of the costs of the Project as more fully defined in Section 4 of this Ordinance. Said Trustee shall further be entitled to administer the trust estate which shall come into its possession or control, including but not limited to the note payments from Freeport under the Financing Agreement and the pledge of the same made to secure payment of the principal, interest, fees and other costs under the Bonds, and any proceeds of reinvesting the estate, with due accounting upon request of the City for all funds handled by it. Said Trust Indenture shall contain provisions in the nature of a deed of trust and a security agreement by which all of the iferests of freeporf in the. iunderlyin&jthe reject financed by the Bonds :aJ, .property, nd the Existing Facility, hall be encumbered and onveyed in trust, and the s ersonal property and financed by the Bonds hall become subject to a e ecurity interest, for the pur-osof securing payment of rincipal, interest, fees and ther costs under the Bonds nd for other appropriate n urposes relating to protec-ioof the City and the olders of said Bonds. Said rust Indenture shall be duly fix-are- ecorded on the records of the (avis County Recorder and erfection of personal roperty security interests hall be handled in accor-anc- e with the Uniform Code. Com-lerci- al (b) Financing Agreement, y which the Project and Facility shall be held nd used by Freeport in of the City issuance f the Bonds, and the ovenants of Freeport listing videnced by one or more romissory notes for such mounts as may be sufficient ver the term of the Bonds to if ay all principal, premium, other and fees interest, ny, osts under the Bonds. Such ote paymentsshall be made lonthly to the Trustee, acting n behalf of the City, in amount to enable the rustee to make the semian-ua- l payments of principal, remium if any, interest, fees nd other costs under the ends., Said Financing greement shall contain covenants of Freeport s may be required by the of ity and for the assurances Bonds. the of je holders one Freeport shall execute r more certificates and e eliver the same to the Trus-indicating the exact date r dates it accepts completion suf-cie- nt al ssiwss In addition, iding. to the eport will certify stee the completion of lisition and installation of and ipment, fixtures the financed by ds. Said certificates shall vithout prejudice to the it of Freeport to pursue ractors, supplies or other d parties for any defect, ich of warranty or con-- t or otherwise in connec-therewit- h. lid Financing Agreement I further provide that port, at its own expense, addi-- s r make alterations, and improvements to Project and the Existingt ility and install equip-i- thereon which shall not air the value thereof, and Freeport shall be fully all ponsible for making the sustaining and airs and shall pay any and all taxes levied on the Project and existing facility or any other assessments or costs in connection therewith which would be normal incidents to of ownership private property. Said Financing Agreement may provide for leasing to third parties by Freeport of all or part of the Project and the Existing Facility, upon advance written approval by the Trustee, and provided that Freeport shall in no manner be relieved of any obligations under the note and Financing Agreement. It is anticipated that a lease of the Project will be entered with National Distribution Systems consistent with the requirements of the 1979 Freeport Industrial Centei Bonds and that such a lease will be continued with respect to the Existing Facility. Said Financing Agreement shall further provide for such terms and conditions as may be mutually agreed between the City, the Purchaser and Freeport for the protection of the City and the Purchaser, and providing such remedies on default thereof as may be required or allowed by law in the transaction. (c) Conveyances, by which the effect of the 1975 Freeport Industrial Center Bonds is substantially cancelled out through (i) execution and dqp.yery by the City oyi. specianrareanty deed .qoyer;n ng the Existing Facility to Freeport; (ii) cancellation of the Lease from the City to Freeport which was the evidence of indebtedness under the 1975 Bonds; (iii) reconveyance by the Trustee of the Trust Indenture and associated security interests; and (iv) substituting of record in lieu of the foregoing the new Trust Indenture and financing statements associated with the 1979 Freeport Industrial Center Bonds, and providing for the Note of Freeport and Financing Agreement as described herein, for such considerations as may be negotiated between the parties. (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 guaranties by the general and limited partners of Freeport and such further assurances for the benefit of the holders of the Bonds as the Purchaser may require and as may be agreeable to the rity and Freeport. 12. Binding Section Covenants. All covenants, stipulations, obligations and agreements contained in this Ordinance, the Trust Indenthe Financing ture, other and Agreement documents executed in connection therewith shall be deemed to be obligations and covenants of the City and of binding upon the City, none which, however, shall create any general obligation of the on City or constitute a charge its taxable property. Except as otherwise provided in this Ordinance, all rights, powers and privileges conferred and duties and liabilities imposed fisSlSSXK where of the Recorder except applicable statutes or regulations would require action by the e.itire City Council or other officers. No obligation or covenant of the City contained in any of such documents shall be deemed an obligation or covenant of or any officer, agent or employee of the City in his and individual capacity her neither the members of the City Council nor any officers of the City issuing or executing the Bonds shall be peror sonally liable on the Bonds subject to accountability by reason of the issuance thereof. Section 13. Severability. In case any one or more of the provisions of this Ordinance, the Trust Indenture, the Financing Agreement, or dinance and all or invalid provision such , Section 14. Conditions Precedent. All acts, conditions and things relating to the passage of this Ordinance, to provide authority for issuance of the Bonds and execution of the Trust Indenture, Financing Agreement and other documents necessary in connection therewith, required by the Constitution or the Act or 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 STATE OF UTAH ss. COUNTY OF DAVIS I, Bonnie S. Hodge, the duly chosen, qualified and acting Recorder of Clearfield City, State of Utah, do hereby cer- tify that the foregoing twenty-fiv- e (25) pages are a true and correct copy of an Ordinance adopted by the City Council of Clearfield City in proceedings at a regular meeting of said Commission at its Chambers in Clearfield, Utah, held pursuant to due, Officers and all the Bonds, for the full punc- tual and complete performance of all of the terms, covenants and agreements contained therein and constiIn the event the Mayor, the Recorder, or any other officer of the City shall be replaced hereafter by election, resignation, removal or otherwise, or in the event a designated officer is at any time unable 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 in the execution of Bonds and other Published in the Davis News Journal on Nov. 15, 1979 Information Statement. After documents, and such act or signature shall be fully effective and binding on the City. Section 16. Interpretation. This Ordinance, the Trust In- the Financing Agreement, the Bonds and other documents executed in C-- H conneeUomtherewHhiShfdlybe, interpretecLad construed Jp. 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 refinancing of the 1975 Freeport Industrial Center Bonds, the issuance and payment of the Bonds and performance of all other obligations of the City herein contained or referred to. Liberal construction of all thereof shall be observed for the assurance and protection of the holders of the Bonds, 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 The second hearing will concern the request of Wallace Abrams. Betty Abrams, BenOrlo H. Brough, James H. Brough and Alan B. Manning to rezone 24 acres Ato from Agricultural -l Residential-Suburba- R-- S n for development of Mountain Terrace Subdivision. The property is known as the Wallace Abrams property located east of Mountain Road from approximately 190 North Mountain Road to 250 North and Road Mountain approximately 3 acres of benchland of the adjoining Alan Manning property. All persons present will be given a chance to be heard concerning may be executed in substantial compliance herewith. The the proposed rezoning actions, either for or against .the propositions. Written comments are also purchasers, holders or bondholders" 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 the Ordinance if any therein suggests a meaning contrary to the express language of the Ordinance. Section 17. Publication. The City shall provide for publication of this Ordinance in a newspaper of general circulation in Davis County, Utah on the first reasonably possible day of publication following final passage 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 requested and will be ALAN B. MANNING City Recorder in The Weekly Published Reflex First publication Nov. 15, Last publication Nov. 29, 1979 1979 PUBLIC NOTICE NOTICE PUBLIC IS HEREBY GIVEN that the East Layton City Council will hold their regular Council meetings each second and fourth Tuesday of the month at 7:00 P.M. rather than 7:30 P.M. in accordance with the Daylight Savings Time change beginning with Tuesday, November 13. which may be authorized hereby, any provisions made for the security in payment of the Bonds or of any Agreement or Trust Inden- legality of this Ordinance or of any agreement or document authorized hereby. Provided, however, that the Bonds or any of them may be issued at any time after such publication without any waiting period if, in the written opinion of Bond Counsel, no legal impairment of the issued Bonds will be suffered. Section 18.. Filing with I.R.S. The City shall execute Miyoko H. Price, P.O. Box Edgemont Branch Gol- 10810; has filed with the 'State Engineer Appl. 53799 to appropriate 0.015 sec. ft. of water in Davis County. The water is to be well, diverted from a ft. deep, at a point S. 850 ft. W. 800 ft. from NECor. den, Use of solar heat to evaporate Great Salt Lake water gives the Great Salt Lake Mining and Chemical Company a solid advantage in e this time, Peter Behrens, company president, told a Weber State energy-expensiv- College audience Tuesday. The talk had to be moved out onto a lawn because of the power outage in effect at the time. HIS COMPANY, by using which competitors must include in their costs, Mr. NOTICE TO WATER USERS formality or CO 100-40- 0 lake, avoids costly energy use Behrens said. He called the intent of consumer and environment protection laws good, but said in too many cases their costs of implementation are prohibitive. HE SAID one of the most difficult jobs for management granting of this application with reasons therefore must be filed in duplicate with the State Engineer, 231 E. 400 S., SLC, UT 84111, on or before Dec. 29, 1979. mi N. of East Layton); and used from Jan. 1 to Dec. 31 for the domestic purposes of 1 family; and from Apr. 1 to Oct. 31 for the irrigation of 0.25acs. in NE'4NEi4 Sec. 11, T4N, R1W, SLB&M. Protests resisting , , the T MS, M&S, the:-marki"' ANY step in the collection process you have the right to discuss an IRS employees decision with that employees supervisor. The IRS also has a Problem Resolution Procedure (PRP) for persons who cannot . ble as snow tires. Radial tires without snowtread do not- - ' meet the requirements of this! : ; -- either, regulation ; and-1- vehicles using them must also I iJ carry chains. In the ski canyons, is a needed:! ' precaution because the roads are heavily traveled and are-'I- . the;'-regulatio- resolve their tax problems through normal channels. If you feel that your problem hasnt received proper atten- narrow and steep. These':-canyonhave a history of storms which can make drivings quickly extremely hazardous making snow tires or chains a T !' necessity. s tion, or that youve been deprived of any of the rights mentioned, contact PRP on e the IRS number further ' etc). Tires-wit- hout these markings -- J i that includes passenger tires without are not accepta-"M-- v toll-fre- si '3 . h f :a- - arrange a conference at a time and place convenient to you. Be prepared to discuss all the disputed issues. As in all IRS proceedings, you have the right to representation at the conference. ' Yqu' may also bring Witnesses to "support By JOHN HANLY ADAMS Appeals to the federal courts are made to either the U.S. Court of Claims or a U.S. District Court. Which of these you petition is entirely up to you. The Court of Claims is located only in Washington, D.C. and cases are decided by a judge. District Courts are located in each state, the District of Columbia and some territories, and you have the choice of trial by jury. HOWEVER, before you can petition these courts, yoii must pay the disputed tax and file a claim for a refund using Form 1040X, . Amended U.S. Individual Income Tax Re- If the IRS rejects turn. j , Uncle Arthur Burns, former Federal Reserve Zl Wise Man of Washington, chairman and long-tim- e outlined his cure, for 'inflation the other day in a talk before international bankers. But he wasnt optimistic the politician of western governments would take his ::J , cure. Heres what the Wise Man said: . j your position. your claim, or if it does not act within six months, you can petition the court for a refund. to carry on is the motivation of employees, an essential thing. Planning is essential, but management in any business must be continually assessing its plans and refocusing its goals. HE SAID in his career he had never been able to set objectives many years in advance, but had simply worked on the principle getting into a job and doing his best, letting promotions and pay increases come as they will. We and them divisions within the employees of a company can be disastrous, he said. FOR A good, company there is no them, it is only the we concept, Mr. Behrens said. IN THE United States a great majority of the public ' as the Number One problem. , .an encouraging development, but no one can yet be sure :" how far it will go or how lasting it will prove... If the United States and other industrial countries are V to make real headway in the fight against inflation, it will be necessary to rout inflationary psychology that is, to ! , 1 make people feel that inflation can be, and probably will be, brought under control. Such a change in national psychology is not likely to be accomplished by marginal .. . adjustments of public policy. , now regard inflation f rr t IN VIEW of the strong and widespread expectations of inflation that prevail at present, I have reluctantly come to believe that fairly drastic therapy will be needed to turn inflationary psychology around... I would seem wise to me at this juncture of history for the government to adopt a basic program consisting of four parts. The first of these would be a legislative ' ; revision of the federal budgetary process that would J make it more difficult to run budget deficits and that .L,. would serve as the initial stp toward a constitutional , ' amendment directed to the same end. r - - DEE C. HANSEN State Engineer Published in The Weekly Reflex First publication Nov. Last publication Nov. 15, 1979 29, 1979 THE SECOND part would be a commitment to a comprehensive plan for dismantling regulations that have been impeding the competitive process and for modifying others that have been running up costs and prices unnecessarily. The third part would be a binding endorsement of restrictive monetary policies until the rate of inflation has become substantially lower. And the fourth part would consist of legislation scheduling reduction of business taxes in each of the next five years the reduction to be quite small in the first two years but to become substantial in later years. - THIS SORT of tix legislation would release powerful forces to improve the nations productivity and thereby exert downward pressure on prices; and it would also M help in the more immediate future to ease the difficult 4. adjustments forced on so many businesses and their employees by the adoption of the first three parts of the suggested program. c:i I wish I could express confidence that a program along the lines I have just sketched, or any other constructive and forceful program for dealing with inflation, will be undertaken in the near future in the United States fi or elsewhere. That I cannot do today. I AM NOT even sure that many of the central bankers of the world, having by now become immured to gradualism, would be willing to risk the economic adjustments that unavoidable. I painful fear are ultimately : SEWING BASKET 416 W. 5C0 So. (Bountiful) By 50 OFF CLEARANCE -- Gingiam45to6Q Quitted Nylon or Cotton Prints -Polyester Prints & Plains -- Eurgundy Wool & Poly Elend Lace Zippers -- 54 Br. Nylon -- Remnants Sunset Sports PRE-CHRISTM- AS -- -- Sec. 11, T4N, R1W, SLB&M (1 . AT YOU Solar Heat Helps Evaporate Great Salt Lake in The Weekly . ALL TIRES manufactured since Jan. 1, 1976 that meet the requirements of a snow: tire are permanently labeled i on one sidewall with the.! words Mud and Snow or any contraction usine the let-.ters M and S (e.g. MS,: the case may become public record. --The IRS must eliminate late payment penalties if you show reasonable cause for late filing of a return or late payment of tax. If IRS does not believe youve established reasonable cause, you may appeal this to the IRS Appeals System. . solar heat to evaporate the mineral-ric- h waters of the Reflex on Nov. 15, 1979 ture authorization herein; tax liability. have your case kept confiden- l. the tax disputed is not above $2,500 for each tax period involved. The appeals office will , THROUGHOUT this process the IRS stresses that the most important thing for you to remember is to contact IRS. Otherwise, IRS may take enforced collection. Enforced collection begins with a statutory lien against a persons property. When the IRS files a Notice of Federal Tax Lien it becomes public record alerting creditors that a tax lien exists against property. The lien is released only when the tax due has been paid or adjusted. A lien could be followed by a levy on wages, salaries or bank accounts, or the seizure and sale of your property to satisfy the right to MAKE YOUR request for an appeals conference to the , IRS District Director. It should be in writing unless money becomes available. You also have the right to offer a compromise to IRS if yqu are unable to pay the full amount or, jf there Is, aqtteS'a tion whether ou owe The IRS will consider the compromise offer based on all your assets and your present and future earning capacity. DEANE H. RIGBY City Recorder Published and after the expiration of said thirty (30) days, no person shall have any cause of action whatever to contest the . HAVE the Four-whee- tial. However, if a levy is served or a Notice of Lien or a lawsuit filed, certain parts of con- sidered by the City Council. this Ordinance or any Bonds and file through its Mayor such letters and other documents as Bond Counsel may require evidencing to the Internal Revenue Service the isCitys election to treat the an as Bonds the of suance payer cannot afford any payment at the time, the IRS may delay collection until A-I- V denture, immediate payment or should be put on installment payments. ANY DECISION the IRS makes will be based on your ability to pay. When a tax- SR-3- else fails, you can still go to the courts. IRS will decide whether you afford SR-14- SR-15- appeals officer has full a to make authority settlement with you and, if all examining these items, the can US-18- with IRS through the IRS single level appeals system, or directly to the federal courts. Most taxpayers choose the IRS appeals system first since the IRS mortgage or rent books, unpaid bills, income and assets, etc.) and fill out a Collection Notice is hereby given that two public hearings will be held before the City Council of Fruit Heights City at the City Offices, 281 South Mountain Road, beginning at 7:00 p.m. on December 4, 1979. The first hearing will concern the request of J. Forest Barker to rezone a parcel of property 200 feet by 200 feet (40,000 square feet) from to HighAgricultural zonway Commercial ing. The property is located at approximately 320 North MountainiiRoadSdjoiiiiBg.the ldfle :4b3J!Mih3iiiBhrkefis residence on the east side of Mountain Road. --YOU penalty. At this point, you would current living expenses, NOTICE OF PUBLIC HEARINGS proceeding, take any disagreement SR-15- 2, agreement, with the IRS. pected to pay them plus interest and any late payment financial records. Otherwise you must present records establishing your financial condition (loan payment books, SR-21- payments. You also have the right to receive copies of all cancelled checks made out to IRS, tax receipts, or copies of tax forms. The IRS will make adjustments if you are correct. However, if there are still taxes due, you are ex- without asking for detailed will-requ- ire cash including make, believe a bill is wrong, you should bring to the IRS office any records that might help you back up your claim, such as copies of IF schedule with you. If youve never had a tax problem before and require only a short time to make full payment (up to nine months from the date of contact, depending on the amount owed) the IRS will often work out an installment agreement Recorder contractual arrangements, such as an installment SHOULD receive interest at six percent per annum on any refund delayed more than 45 days after the filing date or due date of your return, whichever is later. You have the right to receipts for any payments you of residence, for example. And you have the right to refuse to let IRS personnel enter your private property to seize assets unless they have a court authorization. may work out a payment Bonnie S. Hodge tuting obligations of the City. pay the purchaser the selling price plus 20 percent annual interest. Beginning Nov. 1, through j March 31, the Utah Depart- ment of Transportation all vehicles traveling the following canyon roads to have mounted snow tires or have chains or other approved traction aids in the vehicle. Roads are: Little Cottonwood Canyon; Big Cottonwood Canyon; SR-9from junction with i 9 in Provo Canyon to Parowan A Sundance; Beaver Canyon; Fairview ': Canyon and ' to Huntington. drive vehicles must also have-'- t at least two mounted snow 1 tires or must carry chains. -- YOU attorney, a certified public accountant or individual enrolled to practice before IRS. You may have your case transferred to another geographical district if there a change is a valid reason IF YOU agree you owe tax, but think you cant pay it at once, an IRS representative therein shown. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of Clearfield City this 23rd day of October, 1979. You have other rights when dealing with the IRS collection process. For example: you have the right to be represented by yourself, an cement action and allow you to either work out a payment plan with IRS, or appeal your tax bill. and that said proceedings were duly had and taken as therein shown, and that the meeting therein shown was duly held and the persons therein named were present at said meeting and voted as AT ANY time during the levy process the IRS may release the levy if you established reasonable doubt that you owe the tax or that the levy would produce hardship. Of course, payment of tax also releases at least part of the levy. You may also redeem any seized property by paying the tax, interest, penalty and expenses of seizure. Any real estate can be redeemed up to 120 days after the sale if you AT ANY IRS to pay it right away, you should immediately contact the IRS office which sent the bill, or telephone or visit your local IRS office and explain your problem. This will prevent unwarranted enfor- proceedings kept in my office ficers, attorneys, engineers and other agents or employees of the City are hereby authorized ana instructed to do all acts and things required of them by this Ordinance, the Trust Indenture, the Financing other and Agreement documents executed in connection therewith, including regularity, . Commission members, on the 23rd day of October, 1979, at the hour of 7: 00 oclock p.m., as recorded by me in the regular official book of records of the Successors. The members of the City Council, the Mayor, the Recorder and all other of- terms WHEN THE IRS bills you for additional taxes, you have 10 days from the date of the bill to pay. After 10 days the IRS begins to assess interest on the amount you owe and a late payment penalty and may begin formal collection actions. I! you believe the bill is wrong or you may not be able legal and timely notice served upon law. 15. , ' ATTEST: Bonnie S. Hodge Recorder or provisions had not been contained therein. Section At some time you may get a bill for additional taxes from the Internal Revenue Service. Whether the bill is expected or unexpected, it represents the first step in the process the IRS uses to collect back taxes. Bear in mind that when confronted with the IRS collection process, you have certain rights. Heres how the IRS basic collection procedure works. CLEARFIELD CITY By Donal W. Townley Mayor documents shall be construed and enforced as if such illegal Canyons Require Chains Or Snow Tires Certain Rights When it Conies To The IRS You Have thereunder. Section 19. Effective Date. This Ordinance shall take ef- documents or of the bonds or coupons thereof, and this Or- Continued .v. 19Zt exempt small issue under Section 103 of the Internal Revenue Code and regulations promulgated other documents executed in connection therewith, or of any of the Bonds 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 of the other provisions of this Or- dinance 15, Yd. -- 1 -- 5 ea. 63 Yd. Qiana Gypsy Prints -- Sheer Tricot -- Denims Cotton Poly Prints -- Calico Felt -Many Others -- -- Register for Drawing 5 Merchandise Dec . 1 ; Vi Glut Mid 5 t.:o |