H-4 IRB RequestC. L. CLARK
OAMES P. MIZE
AUBRE¥ G. LINVILLE
C. DOUGLAS MILLER
L.A. MC NALLEh'
COUNSEL
March 8, 1973
CLARK, MIZE, LINVILLE ~ MILLER
CHARTERED
LAW OFFICE8
SOUTH EIGHTH - BOX 1343
SALINA, KANSAS 67401
AREA CODE gl3
Mr. Norris D. Olson, City Manager
City - County Building
300 West Ash
Salina, Kansas 67401
Re:
Proposed issuance by the City of Salina of $950,000 in
Industrial Revenue Bonds to pay. the cost of land and the
construction of a warehouse thereon for use by School
Specialty Supply, Inc., in its wholesale and supply business
Dear Mr. Olson:
Supplemental to the letter of School Specialty Supply, Inc., ("the Company")
dated October 12, 1972, we request the following:
That the City issue $950,000 in revenue bonds of the City of Salina payable
by the Company as rent over a period of twent~ (20) years, semi-annually, in
approximately level installments in order to provide funds to pay the cost
of acquiring the land and in developing a warehouse for the use of our company.
In consideration of the affirmative action of the Commission in so doing and
so agreeing, our Company agrees: (i) to provide a purchaser for the bonds;
(ii) to execute an appropriate lease to fund the timely payment of the bonds
in form and substance satisfactory to the Commission and the bond purchaser;
(iii) to provide for the availability of a sit~ to be owned by the City; and
(iv) to perform such other acts as may be necessary to provide for the comple-
tion and use of the facility.
It is understood that upon retirement of the bonds we are to have an option
to purchase the fee simple title to the land and the improvements thereon for
such customary sum as may be charged by the City of Salina in equivalent
situations in a sum not to exceed $25,000.
We are forwarding a copy of this letter to Mr. L. O. Bengtson and we are sub-
mitting five (5) additional copies for use by the Commissioners.
Trusting that we may have your and the Commissioners' cooperation in develop-
ment of the project for our use, we are,
Sincerely yours,
S CHOOL--~PE CIALTY., SUPPLY', INC.
Robert D. Gordon}President
EnclOsures
cc: Mr. L. O. Bengtson