5.1 IRB Issue Intent CI. TY OF SALINA
REQUEST FOR COMMISSION ACTION DATE TIME
3/12/90 q,:OO P.M.
AGENDA SECTION: Public Hearings and Items ORIGINATING DEPARTMENT: APPROVED FOR
NO. 5 Scheduled for a Certain Time City Attorney AGENDA:
ND. 1
BY: Greg Bengt"son BY: ~
Resolution Number 90-q172, expressing the intent of the City of Salina, Kansas,
to issue Industrial Revenue Bonds of the City to Presbyterian Manors, Inc., for
the purpose of providing funds to pay the cost of an addition to an existing
nursing home facility.
The City has issued industrial revenue bonds for Salina Presbyterian Manor,
Inc., on two separate occasions:
1. Series 1978 $2,000~000 -
2. Series 1987 800,000
On January 8 of this year the City Commission approved the merger of Salina
Presbyterian Manor into Presbyterian Manors, Inc.
Presbyterqan Manors, Inc. has submitted an application for the issuance of.
additional industrial revenue bonds in the principal amount not to exceed $550,000
for the purpose of paying the cost of an addition to the existing facility. The
addition includes ten private health care rooms.
Adoption of the proposed resolution of intent allows the applicant ~co proceed with
the work necessary to advance the proposed industrial revenue bond financing.
The bonds will not actually be issued until completion of an additional public
hearing and adoption .of the bond ordinance by the City Commission.
The Wichita law firm of Hinkle~ Eberhart and Elkouri will serve as bond counsel.
Representatives of Presbyterian Manors, Inc. will be present at Monday's meeting.
Recommended action
Adopt Resolution Number 90-q172.
C01VN ISS ION ACTION
MOTI ON BY SECOND BY
TO: