85-3813 Intent Issue School Specialty IRB1
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RESOLUTION NUMBER 85-3813
A RESOLUTION EXPRESSING THE INTENTION OF THE CITY OF
SALINA, KANSAS, TO ISSUE REVENUE BONDS IN THE AMOUNT OF NOT TO
EXCEED $1,250,000 FOR THE PURPOSE OF FINANCING THE COST OF
PURCHASING, CONSTRUCTING, FURNISHING AND EQUIPPING A
MANUFACTURING FACILITY.
WHEREAS, the City of Salina, Kansas, (the "City"), a body politic and
corporate and a political subdivision of the State of Kansas, is authorized and
empowered by the provisions of the Kansas Statutes Annotated, Sections 12-1740
et 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 of
financing a project; and,
WHEREAS, School Specialty Supply, Inc., a Kansas corporation (the
"Applicant"), has requested the City to issue its revenue bonds pursuant to
provisions of the Act for the purpose of financing the cost of purchasing,
constructing, furnishing and equipping a manufacturing facility, including real
estate, buildings and improvements (the "Project"), in an aggregate amount not
to exceed $1,250,000; and,
WHEREAS, it is intended that the Project will be leased to and
operated by Applicant; and,
WHEREAS, the Bonds, if issued by the City, would be payable solely
out of rents, revenues and receipts derived from the leasing of the Project from
the City to the Applicant; and,
WHEREAS, the City has, in accordance with the requirements of
Section 103(k) of the Internal Revenue Code of 1954, as amended, published
notice in the official newspaper of the City on October 11, 1985, that it would
hold a public hearing on October 28, 1985, at 4:00 p.m. in the City Commission
Chambers to consider the issuance of the bonds; and,
WHEREAS, the City did hold such public hearing hereinbefore referred
on October 28, 1985, to consider the issuance of the bonds; SO NOW,
THEREFORE,
BE IT RESOLVED by the Governing Body of the City of Salina,
Kansas:
Section 1. That the Governing Body of the City hereby finds and
determinestFa_t__tFe 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 the pplicant to be financed out of the proceeds of approximately
$1,250,000 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 directed
to procee w-it-Fi the 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. That the . Bonds will be issued with the express condition
that thepp�will waive any ad valorem property tax exemption which would
otherwise be available to the Project under the provisions of K.S.A. 79-201(a)
Second, as amended, or will agree to a satisfactory payment in lieu of taxes.
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Section 5. In the event the Bonds are not ultimately issued for any
reason, -the itr y 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.
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Adopted by the Board of Commissioners and signed by the Mayor this
28th day of October, 1985.
Merle A. Hodges, M.D., Mayor
[SEAL]
ATTEST:
D. L. Harrison, City Clerk