93-4583 Issue Bond NoteKuhn -C., P1.1t,,9 -- Salina_ Kansas
RESOLUTION NUMBER 93-4583
A RESOLUTION PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED
$295,000 OF GENERAL OBLIGATION BONDS OR TEMPORARY NOTES OF THE
CITY OF SALINA, KANSAS, TO FINANCE THE ACQUISITION OF A TRASH
COMPACTOR TO BE LOCATED AT THE CITY'S SOLID WASTE FACILITY.
WHEREAS, the City of Salina, Kansas (the "City"), collects and
disposes of solid waste as a municipal function under the laws of the State of
Kansas, including K.S.A. 12-2104 et seq . ( the "Act") ; and
WHEREAS, the governing body of the City hereby finds and
determines that it is necessary to acquire a trash compactor to be located at
the City's solid waste facility (the "Project") and that the City has
insufficient funds to pay for the entire cost of the Project at the present
time; and
WHEREAS, the governing body of the City hereby finds and
determines that it is necessary for the City to issue its general obligation
bonds or temporary notes (the "Obligations") to pay a portion of the costs of
the Project under the authority of the Act and K.S.A. 10-123 , the balance of
said costs to be paid as hereinafter set forth; SO NOW, THEREFORE
BE IT RESOLVED by the Governing Body of the City of Salina
Kansas:
Section 1.
the City to acquire
Section 2
to pay a portion
$295,000 under the
costs of the Project
for such purpose.
It is hereby deemed and declared to be necessary for
the Project.
It is necessary for the
A the costs of the Project
authority of the Act and K. S
to be paid from other funds
City to issue its Obligations
in an amount not to exceed
A. 10-123 , the balance of the
of the City that are available
Section 3. Before issuing the Obligations, this resolution shall
be published once each week for two consecutive weeks in the official City
newspaper. The Obligations may be issued unless a petition in opposition
thereto, filed by not less than 5% of the electors of the City, is filed with
the County Election Officer of Saline County within thirty (30) days following
the second publication of the resolution. If such petition is filed, the
governing body of the City shall submit the question of the issuance of the
Obligations for the Project to the electors of the City at an election called
for such purpose as provided in the Act. If no sufficient petition is filed
with the County Election Officer of Saline County within the period of time
hereinbefore stated, than the governing body of the City shall proceed to
authorize the issuance of the Obligations for the Project.
Section 4. The City expects to incur capital expenditures on and
after the date of adoption of this Resolution (the "Expenditures") in
connection with the Project, and intends to reimburse itself for such
Expenditures with the proceeds of the Obligations of the City in an amount
which, depending on the date of issuance of said debt, may aggregate a
maximum of $295,000. The Governing Body has determined that the funds to
be advanced to pay Expenditures are or will be available only for a temporary
period and it is necessary to reimburse the City for Expenditures made on and
after the date hereof. As of the date hereof, there are no funds from sources
other than said Obligations that are, or are reasonably expected to be,
reserved, allocated on a long-term basis, or otherwise set aside by the City to
pay the Expenditures. This Resolution constitutes a declaration of official
intent under Treasury Regulation Section 1.103-18 issued under the Internal
Revenue Code of 1986, as amended, and the adoption of this Resolution is
consistent with the budgetary and financial circumstances of the City. This
Resolution shall be made available for public inspection during normal business
hours a the main administrative office of the City or the customary location of
the City's records that are available to the general public, beginning within
thirty (30) days after its adoption and continuing until the aforesaid
Obligations are issued.
Kuhn -Cox P-11 — Salina, Kansas
Section 5. This resolution shall be in full force and effect from
and after its adoption.
Adopted by the Board of Commissioners and signed by the Mayor this
19th day of April, 1993.
Carol E. Beggs, Mayor
[SEAL]
ATTEST:
".� ua.�, l,, SV' -eve.
Jacglueline Shiever, CMC
City Clerk