84-3739 Intent Issue Roy M Wilbur IRBRESOLUTION NUMBER 84-3739
A RESOLUTION INDICATING THE INTENTION OF THE CITY OF
SALINA TO ISSUE $800,000 REVENUE BONDS FOR ROY M. WILBUR AND
VIRGINIA S. WILBUR PURSUANT TO KANSAS ECONOMIC DEVELOPMENT
REVENUE BOND ACT.
WHEREAS, the City of Salina, Kansas, (the "City") , is authorized and
empowered under the provisions of Kansas Economic Development Revenue Bond
Act, K.S.A. 12-1740 to 12-1749a, as amended, to issue revenue bonds for
economic `development purposes; and,
WHEREAS, Roy M. Wilbur and Virginia S. Wilbur (the "Applicants"),
have requested the City to finance certain office and retail facilities to be
used for commercial purposes (the "Project") at a cost of approximately
$800,000; and,
WHEREAS, the City desires to finance the cost of constructing
buildings and improvements for the Project by the issuance of revenue bonds
under the Act in the amount of approximately $800,000, said bonds to be payable
solely out of rentals, revenues and receipts derived from the lease of the
Project by the applicant from the City; and,
WHEREAS, the City and the Applicants desire that the construction
of buildings and improvements for the Project commence immediately;
NOW THEREFORE, BE IT RESOLVED by the Governing Body of the
City of Salina, Kansas as follows:
Section 1. The Governing Body of the City hereby finds and
determines t— a�tTie issuance of its revenue bonds to finance a portion of the
costs of the Project will be in furtherance of the public purposes set forth
in the Act, and that the Project will promote the welfare of the City.
Section 2. The Governing Body of the City hereby approves the
Project for--t-h—e--Xp—plicants to be financed out of the proceeds of not to exceed
$800,000 principal amount of Revenue Bonds of the City to be issued pursuant
to the Act.
Section 3. The City officials are hereby authorized and directed to
proceed wit _—Te— necessary negotiations relating to said Project and the
preparation of the 'legal documents relating thereto for final action by the
Governing Body of the City.
Section 4. The Revenue Bonds will be issued with the express
understan ind g Fat the Applicants will waive any ad valorem property tax
exemption which would otherwise be available to the Project under the
provisions of K.S.A. 79-201(a) Second, as amended.
Section 5. In the event the Revenue Bonds are not ultimately
issued for any reason, the City of Salina, Kansas, shall not be obligated
to have assumed or incurred any liability or obligation to the Applicants
or any other party by virtue of this resolution or by virtue of any
proceedings .or action taken in connection therewith, or in reliance thereon.
Section 6. The issuance of the Revenue Bonds is contingent upon
securing trie necessary approval required by the Tax Reform- Act of 1984.
Section 7. This resolution shall take effect immediately.
Approved by the Board of Commissioners and signed by the Mayor this
15th day..of October, 1984.
oma/
Charles B. Roth,Mayor
[SEAL) ,
ATTEST:
erg'
Harrison, City. Clerk