PROCEEDINGS OF THE CITY COUNCIL OF SALT LAKE CITY, UTAH
THURSDAY, DECEMBER 1, 1983
THE CITY COUNCIL OF SALT LAKE CITY, UTAH, MET IN REGULAR SESSION ON THURSDAY, DECEMBER 1, 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 ALICE SHEARER GRANT MABEY IONE M. DAVIS SYDNEY R. FONNESBECK EDWARD W. PARKER PALMER DEPAULIS.
Council Chairman Grant Mabey presided at and conducted the meeting.
DEPARTMENTAL BUSINESS
FINANCE AND ADMINISTRATIVE SERVICES
#1. RE: A resolution authorizing the issuance and sale of Industrial Development Revenue Bonds for Commercial Security Bank Project, Series 1983, in the amount of $2,200,000. Darrell Larsen, Chapman and Cutler bond counsel, and Brent Milne, Commercial Security Bank, explained that the adoption of the enactment resolution would authorize the issuance of the bonds to enable the consolidation of Commercial Security’s data processing facilities.
Councilmember Shearer moved and Councilmember Whitehead seconded to adopt Resolution 96 of 1983, subject to approval of the City Attorney, authorizing the issuance and sale of Industrial Development Revenue Bonds (Commercial Security Bank Project), Series 1983, to be initially dated as of December 1, 1983, in the aggregate principal amount of $2,200,000; authorizing the execution and delivery of an Indenture of Trust, Loan Agreement, Bond Purchase Agreement, Inducement Letter, and other documents required in connection therewith; approving the form of a Mortgage, Security Agreement, and Assignment of Rents; and authorizing the taking of all other actions necessary to the consummation of the transactions contemplated by this resolution, which motion carried, all members voting aye except Councilmember Davis who was absent when the vote was taken.
(Q 83-2)
The meeting adjourned at 5:20 p.m.