3469 Auth Windsor Nursing Home IRB1
1
RESOLUTION NUMBER 3469
WHEREAS, the City of Salina, Kansas, (the "City") is authorized and
empowered under the provisions of the Kansas Industrial Revenue Bond Act, K.S.A.
12-1740 to 12-1749, inclusive, as amended, to issue revenue bonds for industrial
development purposes; and,
WHEREAS, Windsor Nursing Home Associates, Ltd., a Kansas Limited
Partnership, (the "Company") having its principal address at 12000 West 77th
Terrace, Shawnee Mission, Kansas 66216, has requested the City to finance
certain facilities to be used for commercial purposes (the "Project") at a cost
of approximately $1,450,000; and,
WHEREAS, the City desires to finance the cost of purchasing and
renovating a building, improvements and equipment for the Project by the
issuance of bonds under the Act in the amount of approximately $1,450,000, said
bonds to be payable solely out of rentals, revenues and receipts derived from
the lease of the Project by the Company from the City; and,
WHEREAS, the City and the Company desire that such purchase of a site
and the construction of buildings, improvements and equipment for the Project
commence immediately;
NOW, THEREFORE, BE IT RESOLVED by the Governing Body of the City of
Salina, Kansas, as follows:
Section 1. That the Governing Body of the City hereby finds and
determines that the issuance of its bonds to finance the costs of the Project
twill 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
industrial project for the Company to be financed out of the proceeds of
approximately $1,450,000 principal amount of. Industrial Revenue Bonds of the
City to be issued pursuant to the Act, the maturity of which bonds shall not
exceed twenty-five (25) years.
Section 3. That the said industrial revenue bonds will be issued on
the express condition that the Company will waive the tax exemption provided by
K.S.A. 79-201(a).
Section 4. That the City officials are hereby authorized and directed
Ito proceed with the necessary negotiations relating to said Project and the
1preparation of the legal documents relating thereto for final action by the
Governing Body of the City.
Section 5. This issuance of said bonds is contingent upon delivering
Ito the City of a feasibility report prepared by independent certified public
Jaccountants indicating that the Project is financially feasible.
Section 6. That this resolution shall take effect immediately.
Adopted by the Governing Body of the City of Salina, Kansas, and
lapproved by the Mayor this 17th day of December, 1979.
(SEAL)
ATTEST:
D. L. Harrison, City Clerk
Karen M. Graves, Mayor