85-3808 Issue Multi-Family Housing Revenue Bonds1
RESOLUTION NUMBER 85-3808
A RESOLUTION EXPRESSING THE INTENTION OF THE CITY OF
SALINA, KANSAS, TO ISSUE MULTIFAMILY HOUSING REVENUE BONDS IN THE
AMOUNT OF NOT TO EXCEED $2,500,000 FOR THE PURPOSE OF FINANCING THE
COST OF PURCHASING, CONSTRUCTING, .FURNISHING AND EQUIPPING
MULTIFAMILY HOUSING FACILITY,
.
WHEREAS, the City of
Salina,
Kansas, (the "City") , a body. politic an(
corporate
and" a political subdivision
of
the. State of Kansas is authorized an(
empowered by the provisions of
Kansas
Statutes Annotated, Sections 12-1740 e-
seq. , as
amended (the "Act") , to
finance
a project, as that term is defined in the
Act, and
to issue its revenue.
bonds
for the purpose of paying the cost o.
financing
a project; and,
WHEREAS, Drury Place Partnership, a general partnership (th(
"Applicant") , has requested the City to issue its revenue bonds pursuant tc
provisions of the Act for the purpose of financing the cost of purchasing,
constructing, furnishing and equipping a multifamily housing facility, includinc
real estate, buildings and improvements (the "Project"), in an aggregate amouni
not to exceed $2,500,000; and,
WHEREAS, it is intended that the Project will be leased to and operatec
by Applicant; and,
WHEREAS, the City has, in accordance with the requirements of Sectior
103(k) of the Internal Revenue Code of 1954, as amended, published notice it
the official newspaper of the City on September 20, 1985, that it would hold
public hearing on October. 7, 1985, at 4:00 p.m, in the City Commission Chamber
to consider the issuance of the bonds; and,
WHEREAS, the City did hold such public hearing hereinbefore referred
on October 7, 1985, to consider the issuance of the bonds; and,
WHEREAS, the Bonds, if issued by the City, would be payable solely
out of the rents, � revenues and receipts derived from the leasing of the Project
from the City to the Applicant, SO NOW, THEREFORE
BE IT RESOLVED by the Governing Body of the City of Salina, Kansas:
Section I. That the Governing Body of the City hereby finds and
determines tit at issuance of its revenue bonds to finance 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. That the Governing Body of the City hereby approves the
Project for tFe-7-pplicant to be financed out of the proceeds of approximately
$2,500,000 principal amount of Revenue Bonds of the City to be issued pursuant
to the Act.
Section 3. That the City officials are hereby authorized and direc
to proceed wit the necessary negotiations relating to said Project and
preparation of the legal documents relating thereto for final action by
Governing Body of the City.
Section 4.
that theppm
will
otherwise be available
Second, ,as .amended.
That the Bonds will be issued with the express condition
waive any ad valorem property tax exemption which would
to the Project under the provisions of K.S.A. 79-201(a)
Section 5. In the event the Bonds are not ultimately issued for any
reason, the ]ty shall not be obligated to 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.
Adopted by the Board of Commissioners and signed by the Mayor this
7th day of October, 1985.
1
[SEAL]
ATTEST:
D. L. Harrison, City Clerk
Fj
1
Merle A. Hodges, M.D., Mayor