3419 IRB ProceduresD
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RESOLUTION NUMBER 3419
A RESOLUTION PROVIDING THE PROCEDURE FOR REQUESTING THE ISSUANCE OF
INDUSTRIAL REVENUE BONDS BY THE CITY OF SALINA, KANSAS; REPEALING RESOLUTION
NUMBER 3411.
BE IT RESOLVED by the Governing Body of the City of Salina, Kansas:
Section 1. Application. Any person, firm or corporation desiring the
City of Salina, Kansas, to issue industrial revenue bonds pursuant to K.S.A. 12-
1740 to 12-1749(a), inclusive, shall file an application with the City Clerk on
a form provided by the City. The completed application must be accompanied by
an application fee of $500 to be deposited in the General Fund. The filing fee
shall be used to defray any expenses incurred by the City and City staff in
processing, investigating and reviewing the application relative to the proposed
bond issue.
Section 2. Review by City Commissioners: The City Commissioners shall
review the application with the appropriate officers, offices and departments of
the City and with representatives of the applicant if deemed necessary. In
evaluating the application the governing body shall take into consideration
whether the issuance of said bonds will promote, stimulate and develop the
general economic welfare and prosperity of,the City of Salina; whether it will
encourage and assist in the location of new business and industry within the
City or the expansion of an existing business; and whether it will promote the
economic stability of the area by providing greater employment opportunities,
diversification of industry and improve physical and mental health which will
promote the general welfare of the citizens of Salina.
Section 3. Property Tax Exemption. Each project shall be evaluated
on its own merit for property tax exemption. Under normal circumstances a
property tax exemption will be granted for manufacturing and distribution
facilities constructed and/or acquired with industrial bond proceeds; provided
however, that in the event any of the bond funds are used to acquire existing
improvements now on the .tax rolls, a payment in lieu of taxes will be required
based on the assessed valuation of the existing improvements. Property tax
exemptions normally will not be granted for retail or service agencies and the
applicant will be required to waive the tax exemption or make a payment in lieu
of taxes equal to the amount of taxes which the property would have been assessed
had the property not been financed through industrial revenue bonds.
Section 4. Notice: At least five (5) days prior to the consideration
of a Resolution of Intent to issue industrial revenue bonds, the City shall
publish a notice in the official city newspaper indicating that the governing
body will consider the adoption of a Resolution of Intent to issue industrial
revenue bonds for the applicant.
Section 5. Resolution of Intent: The Board of Commissioners may,
after reviewing the application and after giving notice as provided in Section 4,
adopt a Resolution of Intent to issue industrial revenue bonds, which resolution
may be conditioned upon the applicant agreeing to certain specified conditions
which may be.imposed by the governing body relative to said bonds.
Section 6. Expenses: In the event the industrial revenue bonds are
issued the applicant shall be required to pay the City, at the time of closing
of the bond sale, the legal or other expenses which may be incurred by the City
at the time of the issuance of the bonds or expenses which may be required to be
paid by Tenant under the lease agreement.
Section 7. That Resolution Number 3411 is hereby repealed.
Adopted by the Board of Commissioners and si
26th day of March, 1979.
(SEAL)
ATTEST:
D. L. Harrison, City Clerk
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by the Mayor this
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