87-3883 Intent Issue Presbyterian Manor IRB1
n
1
RESOLUTION NUMBER 87-3883
A RESOLUTION EXPRESSING THE INTENTION OF THE CITY OF
SALINA, ' KANSAS, TO ISSUE INDUSTRIAL REVENUE BONDS IN THE AMOUNT
OF NOT TO EXCEED $800,000 FOR THE PURPOSE OF FINANCING THE COST OF
PURCHASING, CONSTRUCTING, FURNISHING AND EQUIPPING ADDITIONAL
UNITS AT AN EXISTING NURSING FACILITY FOR SALINA PRESBYTERIAN
MANOR, INC.
WHEREAS, the City of Salina, Kansas, hereinafter 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 and 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 bonds of the City in the
principal amount of not to exceed $800,000 be authorized and issued for the
purpose of constructing and equipping additional units at an existing nursing
facility (the "Project") to be located at a site within the environs of Salina,
Kansas, .said Project to be leased to Salina Presbyterian Manor, Inc., a Kansas
nonprofit corporation); and
WHEREAS, the City has, in accordance with the requirements of
Section 103(k) of the Industrial Revenue Code of 1954, as amended, published
notice in the officialnewspaper of .the City on March 3, 1987, that it would hold
a public hearing on March 23, 1987, at 4:00 p.m. in the City Commission
Chambers, 300 West Ash, Salina, Kansas, to consider the issuance of the bonds;
and,
WHEREAS, the City did hold such public hearing hereinbefore referred
to on March 23, 1987, to consider the issuance of the bonds, SO NOW,
THEREFORE
Kansas:
BE IT RESOLVED by the Governing Body of the City of Salina,
Section 1. That the City of Salina, Kansas, is hereby authorized to
construct and equip such Project located in Salina, Kansas, all in an amount
which will not exceed the cost of $800,000 to said City subject in all respects to
negotiations of satisfactory lease arrangements for such Project with � Salina
Presbyterian Manor, Inc.
Section 2. That for the purpose of providing funds to pay the cost of
such Project, there shall be issued industrial revenue bonds of said City, in an
aggregate principal amount not to exceed $800,000, all in accordance with a Bond
Ordinance, .Trust Indenture and Lease, the terms of which shall be mutually
satisfactory to -said City and Salina Presbyterian Manor, Inc. The form of the
Bond Ordinance, the Trust Indenture and the Lease of the Project and other
documents related thereto shall be subject to the approval of the City's
Attorney. It is acknowledged that Salina Presbyterian Manor, Inc., may, in
reliance upon this Resolution, incur temporary indebtedness and expend on their
own funds in connection with the Project prior to the ultimate issuance of said
industrial refunding revenue bonds, but the City shall have no liability or
7
1
1
obligation whatsoever with respect to any such expenditure in the event said
bonds are not ultimately issued for any reason. Said bonds herein authorized
and all interest thereon shall be limited obligations of the City payable, in any
event, solely and only from the money and revenue received from said Project
and not from any other funds 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 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 bonds with the Kansas Board of Tax Appeals
pursuant to K.S.A. 12-1744. In the event that said bonds are not ultimately
issued for any reason, the City of Salina, Kansas, shall not be deemed to have
assumed or incurred any liability or obligation to Salina Presbyterian Manor,
Inc. , or any other party by virtue of this Resolution or by virtue of any
proceedings or actions taken in connection therewith.
Section 4. The Bonds will be issued with the express condition that
the Applicant will waive any ad valorem property tax exemption which would
otherwise be available to the Project under K.S.A. 79-201(a) Second, as
amended, or will agree to a satisfactory payment in lieu of taxes.
Section 5. This resolution is adopted on the express condition that
Applicant agrees to reimburse the City for all expenses incurred by it in
connection with the Bonds even if the Bonds are not issued .for any reason.
Adopted by the Board of Commissioners and signed by the Mayor this
23rd day of March, 1987.
[SEAL]
ATTEST:
D. L. Harrison, City Clerk
Joseph M. Ritter, Mayor