89-4151 Windsor Nursing Home Refunding IRBKuhn -Cox Printing — Safina, Kansas
1
RESOLUTION NUMBER 89-4151
A RESOLUTION DECLARING IT NECESSARY AND ADVISABLE TO
REFUND CERTAIN OUTSTANDING NURSING HOME REVENUE BONDS OF THE
CITY AND TO ISSUE INDUSTRIAL REVENUE . REFUNDING BONDS IN AN
AMOUNT NOT TO EXCEED $1,'450,000 TO PAY THE COST THEREOF.
WHEREAS, the City of Salina, Kansas, herinafter sometimes referred to
as the "City", desires to promote, stimulate and develop the general economic
welfare and prosperity of the City and its environs, and thereby to further
promote, stimulate and develop the general economic welfare and prosperity of
the State of Kansas; and
WHEREAS, pursuant to the provisions 'of K.S.A. 12-1740 to 12-1749a,
inclusive, and all acts amendatory thereof or supplemental thereto, said City is
authorized to issue industrial 'revenue bonds of the City, and' it is hereby found
and determined to be advisable and in the interest and for the welfare of the
City and its inhabitants that industrial revenue refunding bonds of the City in
the principal amount of not to exceed One Million Four Hundred Fifty Thousand
Dollars ($1,450,000) be authorized and issued for the purpose of providing funds
to pay the cost of refunding the City of Salina, Kansas, Nursing Home Revenue
Bonds (Windsor Nursing Home Associates, Inc. Project), Series 1980, in the
original principal amount of $1,450,000 (the "Outstanding Bonds"). The
Outstanding Bonds were issued for the purpose of acquiring certain real
property and constructing, purchasing and installing buildings, furnishings and
equipment thereon (the "Project") located in the City of Salina, Kansas. Said
Project will be leased to Ferguson Group, a Missouri Proprietorship, SO NOW,
THEREFORE
BE IT RESOLVED by the Governing Body of the City of Salina,
Kansas:
Section 1. That the City of Salina, Kansas is hereby authorized to
pay the costs of the Project located in Salina, Kansas in the amount which will
not exceed the cost of $1,450,000 to said City, subject in all respects to
negotiations of satisfactory lease arrangements for said facility with Ferguson
Group.
Section 2. That for the purpose of providing funds to pay the cost of
such Project there shall be issued industrial revenue refunding bonds of said
City in an aggregate principal amount of not to exceed $1,450,000 in accordance
with an Indenture, Lease Agreement and Guaranty Agreement between the City
and Ferguson Group, as Tenant, the terms of which shall be mutually
satisfactory to said City of Salina, Kansas and Ferguson Group. Said Bonds shall
be sold and delivered to. Cooper Malone. McClain, Inc., Wichita, Kansas, as the
underwriter. It is contemplated that in order to expedite the Project and
realization of the benefits to be derived thereby, Ferguson Group may, in
reliance upon- this Resolution, incur temporary indebtedness and expend its own
funds in connection with the Project prior to the ultimate issuance of said
industrial revenue refunding bonds. Said bonds herein authorized and all
interest thereon shall, in any event, be paid solely from the money and revenue
received from said facilities and not from any other fund or source, and nothing
contained herein shall obligate the City in any way except as herein set out.
Section 3. The.,, Mayor and City Clerk are hereby authorized and
directed to give proper" -notice of redemption of the Outstanding Bonds pursuant
to the provisions of Ordinance No. 80-8774 of the. City.
Section
4. The
Mayor and City Clerk are hereby authorized and
directed
to take
all such
other actions not inconsistent herewith as
may be
appropriate
or desirable to
accomplish the purpose of this Resolution,
including
the execution on
behalf of
the City of an appropriate notice of the
proposed
issuance
of such
industrial
revenue refunding bonds with the Kansas State Board
of Tax
Appeals
pursuant to K.S.A 12-1744a and providing notice of
a public
hearing
on the issuance of
the bonds in accordance with the Internal
. Revenue
Code of
1986, as
amended.
Kuhn -Co.
Section 5. That the City and the applicant acknowledged that the
comtemplated issuance of such industrial revenue refunding bonds does not
qualify for any abatement of ad valorem property taxes under Kansas law.
Section 6. That this resolution is adopted on the express condition
that the applicant agrees to reimburse the City for all expenses incurred by it
in connection with the bonds, including such expenses as attorney's fees and
publication costs, even if the bonds are not issued for any reason.
Adopted by the Board of Commissioners and signed by the Mayor this
18th day of December, 1989.
[SEAL]
ATTEST:
J, s\--; ww
Jacqueline Shiever, City Clerk
1
1
o'seph Warner, Mayor