3319 Temporary Notes PT-861
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RESOLUTION NUMBER 3319
.WHEREAS, on January 12, 1976, pursuant to Resolution Number 3257, the
City of Salina, Kansas, issued, registered and sold one temporary note designated
as Number 1, Series PT -86, in the sum of $265,969.49, due June 1, 1977, for the
purpose of paying the cost of construction of certain streets, sidewalks,
lighting, landscaping, planting trees, shrubs, and other perennial plants and
constructing park.and recreational area improvements in.said City, and
WHEREAS, the aforesaid temporary note has matured and bonds have not
yet been issued to take up and pay said matured temporary note and the City does
not have funds to pay the aforesaid temporary note, proceeds of a renewal temporar
note therefor being required to pay and take up said matured temporary note, and
WHEREAS, .the improvements for which said temporary note was issued
will not be completed at the maturity date of such temporary note and that it is
necessary to issue a renewal temporary note'to pay•the cost of taking up the
previously issued temporary note as it matures, .SO NOW, THEREFORE
BE IT.RESQLVED by the Governing Body of the City of Salina, Kansas:
Section 1. That for the purpose of providing the necessary funds to
take up and pay the aforesaid Temporary Note Number 1, Series PT -86, there shall
be issued by the City of Salina, Kansas, one renewal temporary note in the sum
of $265,969..49 as provided by Section 10-123 K.S.A.
Section 2. That said renewal .temporary note, authorized by Resolution
Number 3257, and said statute, shall be Number "2", Series PT -86, and shall bear
interest at the rate of four and three-forths percent (4 3/4%) per annum payable
at maturity, shall become due one year from the date, -of said temporary note, and
shall.be redeemed and cancelled before or at the time permanent bonds are issued
in lieu thereof. Said temporary note shall be in the form.and executed as by
law prescribed, a copy of the same being attached, made a part hereof and marked
Exhibit "A"; such copy being duly certified as such.by the City Clerk of the
City of Salina,.Kansas.
Section 3. That upon the sale of said Temporary Note Number 2, Series
PT -86, in the sum of $265,969.49, either -at public or private sale by the Board
of Commissioners, of the City of Salina, Kansas, the proceeds from such sale
shall be deposited with the City Treasurer of the City of Salina, Kansas, for
.payment to Planters State Bank and Trust Company, Kansas, Kansas, the holder of
the matured temporary. note, for the purpose of taking up the said matured
temporary note.
Adopted this 9th day of May, 1977.
_(SEAL) ; ; � `1 f e i th G. Duckers, a r
Attest:
D. L. Harrison, City Clerk