85-3761 Project Loan Note1
(KC:A0 10/72)
RESOLUTION NUMBER 85-3761
. ♦♦YVvuaJyLVL\ .'-1ll 111V t\L 411�V v(1�V 1l11VLl VL
OF PROJECT LOAN NOTE AND/OR
PER ,,ANENT NOTE"
WHEREAS the City of Salina, Kansas
(H rein called the "Local Authority") has entered into an Annual Contri-
bu ions Contract No. FW 1114 dated j2/29/1972
_(herein called the "Contract") with the United States of
Am rica.(herein called the "Government"); and proposes to authorize the
is uance of its notes.as evidence of advances to be made to the Local
Au hority`pursuant to the Contract; all with respect to any "Project" as
de ined in the Contract and which at any time now -or hereafter is incorpor-
at d under the terms of such Contract.
NOW, THEREFORE, BE IT RESOLVED by the Local Authority as follows:
Authority
Section 1, The Chairman or,the Executive Directoris.hereby author
z d tofilewith. the Government from time to time as monies are required.,
re uisitions together.with the necessary supporting documents requesting
ad ances to.be.made on account of the;loan provided in the Contract, and
thi proper.officers,of the Local Authority shall prepare, execute and
deliver to the Government Notes hereinafter.authorized and shall accept
pa ment therefor from the Government in cash and/or-e:.change for other
No es of the Local Authority;. and such persons are authorized to do and
perform all other.things and acts required to be done or performed in order
to obtain such advances. Cash proceeds from the sale of al'1:Notes shall
:.be deposited and -'disbursed only"in accordance with the provisions of the
Co tract.
Section 2. (A) In order to provide monies to finance the Develonment
Co!t of each Project and to refund, renew, extend or substitute for any
P r ject Loan Notes (in the Contract called "Project Notes") or Permanent
No es by this Resolution authorized to be issued (or any such Notes by
an other resolution.authorized"to"be issued and which are outstanding, or
on deposit- for.delivery pending payment,therefor, as of.the date,this"
Re olution becomes effective), or for"'any'Project Notes (inthe Contract
called "Temporary Notes") issued by the: Local Authority.in anticipation of
th :delivery of P.ro'ject Loan'or..2ermane.nt Notes,there are hereby authorized"
to be issued., from time to time; Project Loan and Permanent. No of the
Lo al Authority in an.aJjregate principal amount outstanding at any. one
tile (whether authorized
"by this Resolution or any other.resolution
authorizing the issuance of Project Loan or Lermanent Notes) equal to the
Ma imum Development Cost (or the Actual Development Cost if such amount has
th n been determined) of each Project, less the sum of (1) the principal
am unt,of Bonds issued to finance such Development Cost and (2) the principal
unt of Project Loan, Permanent, or Project Notes issued to finance such
De elopment Cost -and which has then -been retired from funds other than the
pi ceeds of. any loan obtained by the Local Authority.
(B) Each such Note.shall bear "interest and be payable in
th form and manner prescribed by the Contract and this Resolution; shall
be signed in the name of the Local Authority by the Mayor shall"
ha e the.official seal of the Local Authority impressed thereon and attested
by the City Clerk Each Project Loan Note shall be in substantially
thi fora 'of -Form No. HUD -9204 and each Permanent Note shall be in substan-
ti lly in the fora of Form No. HUD -52250,, each of which forms is incorporated
he ein by -reference and made a part hereof. Project Loan dotes and Permanent
No es sha11 be issued to finance the Development Cost of tion -Permanently
Fi anced Projects and'Permanently Financed" Projects, respectively.
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(C) Each Note issued with respect to any Project shall be
irect and general obligation of the Local authority, the full faith
credit of which is hereby pledged for the punctual payment of the princi-
of and interest on such tIotes, and, together with all other Ilotes issued
suant to this Resolution, shall be additionally secured by (1) a first
ge z or z
Ple ge of the annual contributions. payable to the Local Authority and
authorized to be pledged to such payment pursuant to the Contract and
(2) by a pledge of and lien on the Residual Receipts of such Project
after providing for the payment.of Bonds issued in respect to such
Project.
(D) As additional security for the equal and ratable
paynent of. the principal of and interest on each Note issued with respect
to any Project, together with each other note issued with respect to
such Project, the Local Authority, to the fullest extent permitted by
the Laws of the State, hereby pledges, mortgages, conveys and grants to
the Government all property described in the Contract constituting such
Pro ect, including that certain real property relatin- to each such ,
Pro ect, and more particularly described in.the. trust instrsrent or any
are dment thereto as executed and recorded by the Local.Authority pursuant
to he Contract:.-Frovided,.-That in respect. to Permanently Financed
P.ro ects the lien `of, "such pledge and mortgage. and: right-s.granted - and
con eyed pursuant to this paragraph shall (1).be junior to the Bonds and
junior to the pledge of Residual Receipts securing the Bonds, and (2)
not be.foreclosable until all Bonds shall have been paid and discharged
in the manner provided in the Bond Resolutions. If the preceding sentence
sha 1 be adjudged.by a.court of-competent jurisdiction 'to be invalid or
ine festive.. it is :the intention of; the Local .Authority to ,.be 'fully d:)ligated.
and r the other provisions'of.this Resolution and that such judr, ent
sha 1 not impair or invalidate the obligation of the Local Authority as herein
pro ided.
Section. 3. Uhenever the following terms, or any of them, are used in
thi Resolution, the same,'unless-the context shall indicate another or
dif erent meaning or intent, shall.'be construed and are intended to have
ize . ings. as follows:
�.. (1) The .term "Resolution" shall mean this Resolution.
(2) All' other.;teras used in this Resolution and which
are defined in the Contract shall have the respective'.
: meanings ascribed thereto in the Contract.
Section.,4 All--resolutions or parts of resolutions heretofore adopted by
the Local Authority which authorize the issuance and/or delivery of Project,
Pro ect Loan or Permanent notes pursuant to the Contract are hereby repealed:
Pro ided,,however, That such. repeal shall in no way affect the validity of
Pro ect, Project Loan or Permanent Notes issued pursuant to said resolutions
whi h are outstanding or on deposit for delivery pending payment therefor on
the date this'Resolution becomes effective: Provided further, That the P ro-
jec Loan Notes authorized by this Resolution shall be exchanged for any
Project Notes heretofore issued pursuant to any previous resolution.
Section 5. This Resolution shall take effect immediately.
Adopted by the Board of Commissioners and signed by the Mayor, this
21s' day of `January', 1985
NF1-erhe_A Ho gesa� c_finga� yor -
(SE L)
ATT ST:
D. L. Harrison, City Clerk