87-3920 Issue Temporary Notes PT-971
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RESOLUTION NUMBER 87-3920
A
RESOLUTION AUTHORIZING AND
DIRECTING
THE ISSUANCE OF
TEMPORARY:
NOTE Number 1 OF THE CITY
OF SALINA,
KANSAS, IN THE
AMOUNT OF
$300,000 FOR THE PURPOSE OF
PROVIDING
FUNDS TO PAY A
PORTION OF
THE COST OF CERTAIN STREET
AND UTILITY
IMPROVEMENTS IN
SAID CITY.
WHEREAS, pursuant to K.S.A. 12-6a01 to 12-6a17, inclusive, and all
other . provisions of the laws of the State of Kansas applicable thereto, by
proceedings `duly had and other actions duly and legally taken, the City of
Salina, Kansas (the "City"), is proceeding with certain street andutility
improvements in said City (the "Project"), and
WHEREAS, pursuant to actions duly taken in connection with the
Project, the City has entered into contracts and has incurred costs and expenses
in the amount of $576,218.50 on account of the Project, and
WHEREAS, part or all of the cost of the Project is to be paid by the
issuance of general obligation bonds of the City in the manner authorized by
law, and the City, by Resolution Number 87-3919 (the "Master Resolution") , has
authorized the issuance from time to time of the temporary notes of the City in
an aggregate principal amount not exceeding $576,218.50 to pay the obligations
of the City incurred in connection with the Project, SO NOW, THEREFORE
BE IT RESOLVED by the Governing Body of the City of Salina,
Kansas, as follows:
Section 1. For the purpose of providing funds to pay obligations
incurred by the City in building and constructing the Project, there shall be
issued and hereby are authorized to be issued a municipal temporary note of the
City in the principal amount of $300,000 (the "Note"). The Note shall be
numbered 1, Series PT -97 and shall be in the form authorized by the Master
Resolution. The Note shall be dated November 1, 1987, shall become due
November 1, 1989, shall bear interest from date at the rate of
percent ( o) per annum payable at maturity and shall
be redeemable at the option of the City at any time on not less than five days'
notice given by publication once in The Salina Journal, the official City
newspaper.
Section 2. Upon the execution and registration of the Note, it shall
be delivered to the purchaser thereof upon payment of the purchase price
thereof, being not less than the principal amount thereof plus _accrued interest.
Adopted by the Board of Commissioners and signed by the Mayor this
19th day of October, 1987.
;( SEAL]
ATTEST:
Robert K. 13iles, `City Cl
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do y S. Soderber Acting Mayor