2002-090 - Authorizing Lease Financing Relating to Renovation of the Historical Phillips Hutton Building

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payments to the Bank only if and to the extent the Agency's Loan repayments are insufficient for that purpose. E= The City Council wishes at this time to authorize and approve all proceedings and documents relating to the financing of the Project. Section 2. The City Council hereby approves the financing of the Project as outlined above. To that end, the City Council hereby approves each of the following financing documents in substantially the respective forms on file with the Clerk of the Council together with any changes therein or additions thereto deemed advisable by the City Manager or the Director of Finance (each, an "Authorized Officer") and approved as to form by the City Attorney, whose execution thereof shall be conclusive evidence of such approval: Site Lease dated as of October 21, 2002, between the City and the Authority, whereby the City leases to the Authority the existing land and improvements which constitute the Cambridge Reservoir in consideration of the payment by the Authority to the City of an up- front rental payment which is sufficient to enable the City to make the Loan to the Agency. Lease Agreement dated as of October 21, 2002, between the Authority as lessor and the City as lessee, whereby the Authority agrees to lease the existing land and improvements which constitute the Cambridge Reservoir back to the City in consideration of the payment by the City of semiannual lease payments, which the Authority will assign to the Bank. Assignment of Lease dated as of October 21, 2002, between the Authority and Zions First National Bank, whereby the Authority assigns its rights under the Lease Agreement to the Bank. An Authorized Officer is authorized and directed for and in the name and on behalf of the City to execute, and the Clerk of the Council is hereby authorized and directed to attest and affix the seal of the City to the final form of each of the foregoing documents. Section 3. The City Manager, the Director of Finance, the Clerk of the Council and all other officers of the City are each authorized and directed in the name and on behalf of the City to make any and all assignments, certificates, requisitions, agreements, notices, consents, leases and other instruments of conveyance, warrants and other documents, which they or any of them might deem necessary or appropriate in order to consummate any of the transactions contemplated by the agreements and documents approved pursuant to this Resolution. Whenever in this resolution any officer of the City is authorized to execute or countersign any document or take any action, such execution, countersigning or action may be taken on behalf of such officer Resolution No. 2002-090 Page 2 of 3