85-3821 Intent Issue Warta Buick IRBRESOLUTION NUMBER 85-3821
A RESOLUTION 'EXPRESSING THE INTENTION OF THE CITY OF
SALINA, KANSAS, TO ISSUE REVENUE BONDS IN THE AMOUNT OF NOT TOE
XCEED $150,000 FOR THE PURPOSE OF FINANCING THE COST OF
PURCHASING, CONSTRUCTING, FURNISHING AND EQUIPPING AN AUTOMOBILE
BODY SHOR. FACILITY FOR WARTA BUICK, INC.
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, Warta Buick, Inc., a Kansas corporation (The "Applicant"),
has requested the City 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 an automobile body shop facility,
including real estate, buildings and improvements (the "Project"), in an
aggregate amount not to exceed $150,000; 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 the 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 December 7, 1985, that it would
hold a public hearing on December 23, 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
to on December 23, 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 t— he implication to be financed out of the proceeds of approximately
$150,00.0 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 with 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. The Bonds will be issued with the express condition that
the Applicant 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 obligations '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
23rd day of December, 1985.
[SEAL]
ATTEST:
Merle A. Hodges, M.D., Mayor
D. L. Harrison, City Clerk