85-3815 Intent Issue Independent Living Center IRBRESOLUTION NUMBER 85-3815
A RESOLUTION EXPRESSING THE INTENTION OF THE CITY OF
SALINA, KANSAS, TO ISSUE REVENUE BONDS IN THE AMOUNT OF NOT TO
EXCEED $131300,000 FOR THE PURPOSE OF FINANCING THE COST OF
PURCHASING, CONSTRUCTING, FURNISHING AND EQUIPPING A MULTIFAMILY
RESIDENTIAL RENTAL PROJECT FOR THE ELDERLY.
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; Independent Living Center of Salina, a to -be -formed Kansas
limited partnership (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 multifamily
residential rental project for the elderly, including real . estate, buildings and
improvements (the "Project"), in an aggregate amount not to exceed $13,300,000;
and,
WHEREAS, it is intended that the Project will be financed by the
issuance of the Bond 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 November 4, 1985, that it would
hold a public hearing on November 18, 1985, at 4:00 p.m. in the City
Commission. Chambers to consider the issuance of the bonds; and,
WHEREAS, the City has held such public hearing hereinbefore referred
on November. 18, 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
determines that the 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 .tie A-pplicant to be financed out of the proceeds of approximately
$13,300,000 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 proceed witi----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 the Applicant will will waive any ad valorem property tax exemption which would
otherwise be available to the Project under K.S.A. 79-201(a) Second, as
amended, or .will agree to a satisfactory payment in lieu of taxes.
Section 5. in the event the Bonds are not ultimately issued for any
reason,_ the City 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
18th day of November, 1985.
[SEAL])
ATTEST:
Merle A. Hodges, M. D., Mayor
D. L. Harrison, City Clerk