PROCEEDINGS OF THE CITY COUNCIL OF SALT LAKE CITY, UTAH
THURSDAY, APRIL 14, 1983
THE CITY COUNCIL OF SALT LAKE CITY, UTAH, MET IN A SPECIAL MEETING ON THURSDAY, APRIL 14, 1983 AT 5:00 P.M. IN ROOM 211 CITY AND COUNTY BUILDING.
ON ROLL CALL THE FOLLOWING COUNCIL MEMBERS WERE PRESENT: RONALD J. WHITEHEAD GRANT MABEY SYDNEY R. FONNESBECK PALMER DEPAULIS ALICE SHEARER IONE M. DAVIS EDWARD W. PARKER.
Council Chairman Grant Mabey presided at and conducted this meeting.
COUNCIL BUSINESS
#1. RE: Consider the issuance by Salt Lake City of its Hospital Revenue Funding Bonds, Series 1983 (I.H.C. Hospitals, mc).
Dick Christensen briefed the Council on the present market situation and said that it has been such that IHC Hospitals, Inc. wanted to refinance $4.5 million thereby saving about 3% in interest. Mr. Christensen presented a draft of the preliminary statement package. He said there would be about a $3 savings to the users of the LDS hospital. Proceeds are earmarked for purchase of escrow account of government securities. The firm of Chapman and Cutler has been acting as bond counsel for this action and has drafted the proposed action. Councilmember Shearer asked if a public hearing was required. Mr. Christensen said that none was necessary.
Councilmember Shearer moved Councilmember Whitehead seconded to place this item on the consent agenda for April 19, 1983, which motion carried, all members voting aye, except Councilmember DePaulis who was absent when the vote was taken.
(Q 82-20)
#2. RE: Consider a resolution approving the amendment of that certain loan agreement by and between Salt Lake City, Utah and Standard Oil Company dated as of May 1, 1981 to add other pollution control facilities to the project and to finance these facilities, and authorizing the execution of the instrument necessary to effect the amendment.
Buzz Larsen of Chapman and Cutler, gave background on AMOCO matter explaining that the financing of the IRB was given in 1981. The project was completed under budget and $5 million is left in construction funds. He said when this situation occurs tax laws are very strict as to how the money can be used. They can only be used for certain qualifying purposes. AMOCO wishes to install additional pollution control on their waste water plant facility to meet environmental requirements. Therefore an amendment to the loan agreement is needed to change the project description of that agreement to permit the usage of the money for the proposed purpose. Councilmember Shearer asked if this amendment would require a public hearing. Mr. Larsen said that it would not.
Councilmember Shearer moved and Councilmember Parker seconded to move the item to the consent agenda for April 19, 1983, which motion carried, all members voting aye except Councilmember DePaulis who was absent when the vote was taken.
(Q 83-9)
#3. RE: Discuss items relating to notice of sale of bonds for Special Improvement Di strict #38-535.
Mark Thomas of Burrows and Smith presented an update on the documents and the sale of the bonds. Councilmember Davis asked what the percentage of distribution was or if it was originally submitted as 50/50. Mr. Thomas said it depended upon the amount of work needed. Councilmember Shearer asked what the percentage rates would be. Dick Christensen said they would be 8.75 or 9 percent.
Councilmember Shearer moved and Councilmember Parker seconded to place this item on the consent agenda for April 19, 1983, which motion carried, all members voting aye.
(Q 82-30)
Meeting adjourned at 5:15 p.m.