85-3789 Intent Issue Realty Management IRB1
I -
RESOLUTION NUMBER 85-3789
A RESOLUTION INDICATING THE INTENTION OF THE CITY OF
SALINA TO ISSUE $6,200,000 REVENUE BONDS FOR REALTY MANAGEMENT
INVESTMENT COMPANY PURSUANT TO KANSAS ECONOMIC REVENUE BOND
ACT.
WHEREAS, the City of Salina, Kansas, (the "City") , is authorized and
empowered under the provisions of Kansas Economic Revenue Bond Act, K.S.A.
12-1740 .to 12-1749a, as amended, to issue revenue bonds for economic
development purposes; and,
WHEREAS, Realty Management Investment Company (the "Applicant"),
has requested the City to finance certain retirement housing and nursing home
care facilities to be used for commercial purposes (the "Project") at a cost of
approximately $6,200,000; and,
WHEREAS, the City desires to finance the cost of constructing
buildings and improvements and to purchase equipment for the Project by the
issuance of revenue bonds under the Act in the amount of approximately
$6,200,000, said bonds to be payable solely out of rentals, revenues and receipts
derived from the lease of the Project by the Applicant from the City; and SO
NOW, THEREFORE
BE IT RESOLVED by the Governing Body of the City of Salina,
Kansas; as follows:
Section I.
The
Governing Body
of the City hereby finds and
determines that the
issuance
of its revenue
bonds to finance a portion of the
costs of the Project
will be
in furtherance of the public purposes set forth in
the Act, and that the
Project
will promote the
welfare of the City.
Section 2.
The Governing Body of the City hereby approves the
Project for the pplicant
to
be financed out
of the proceeds of approximately
$6,200,000 principal
amount of
Revenue Bonds
of the City to be issued pursuant
to the Act.
Section 3. The City officials are hereby authorized and directed to
proceed with necessary negotiations relating to said Project and the
preparation of the legal documents relating thereto for final action by the
Governing Body of the City.
Section 4. The Revenue Bonds will be issued with the express
understan Ind= g twat the Applicant will waive any ad valorem property tax
exemption which would otherwise be available to the Project under the provisions
of K.S.A. 797201(a) Second, as amended.
Section 5. In the event the Revenue Bonds are not ultimately issued
for any reason, t- e City of Salina, Kansas, shall not have assumed or incurred
any liability or obligation to the Applicant or any other party by virtue of this
resolution or by virtue of any proceedings or action taken in connection
therewith, or in reliance thereon.
Section 6. This resolution shall take effect immediately.
Adopted
by the Board of Commissioners and signed by the Mayor this
1st day of July, 1985.
[SEAL]
ATTEST:
.. P
D. L. Harrison, City Clerk
Merle A. Hodges,
M.D., Mayor