3219 IRB Bonds G and K CorporationI
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RESOLUTION NUMBER 3219.-
WHEREAS, the City of Salina, Kansas, hereinafter sometimes referred to as
the "City," desires to promote, stimulate and develop the general e=conomic welfare
and prosperity of the Salina, Kansas area and thereby to further promote, stimulat
and develop the general economic welfare and propperity of the State of Kansas; an
WHEREAS, pursuant to the provisions of the laws of Kansas, said City is
authorized to issue certain revenue bonds for commercial development purposes, and
it is hereby found and determined to be necessary and advisable and in the interest
and for the welfare of the City and of the State of Kansas and its inhabitants that
in order to induce G and K Corporation, a Kansas corporation, to enter into and
expand its business and commercial activities in the State of Kansas, industrial
revenue bonds be authorized and issued under authority of K.S..A. 12-1740, et seq.,
for the purpose of providing funds to pay the cost on acquiring, constructing and
equiping certain commercial facilities located within the environs of said City,
to be leased to said Corporation.
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY of the City of
Salina, Kansas:
Section 1. That the City is hereby authorized to acquire certain real
estate situated within the environs of said City, together with the existing
improvements thereon, said real estate being described in Exhibit A attached
hereto, and to purchase, construct and equip certain commercial facilities there
all in an amount which will not exceed the cost of $1,250,000.00 to said City,
subject to negotiation of a satisfactory Lease and Agreement for said facilities
with said Corporation.
Section 2. That for the purpose of providing funds to pay the cost of
acquiring, constructing and equiping said real estate and said facilities to be
leased to said Corporation, and in order to induce said Corporation to enter into
and develop said project, there shall be issued industrial revenue bonds of said
City, in an aggregattteprincipal amount not to exceed $1,250,000.00, all in
accordance with a Bond Ordinance, the terms of which shall be mutually satisfactor
to said City, said Corporation and Davidson-Vink-Sadler, Inc., the underwriter of
said bonds. It is contemplated that in order to permit the acquisition of such
facilities to proceed in an orderly manner and in order to expedite completion of
acquisition and construction of said facilities and realization of the benefits to
be derived thereby, said Corporation may, in reliance upon this Resolution, incur
certain temporary indebtedness and will expend its own funds in connection with
the purchase of said real estate and commencement of such construction prior to
the ultimate issuance of said industrial revenue bonds. Said bonds herein
authorized and all interest thereon shall, in any event, be paid solely from the
money and revenue rec=eived from said commercial facilities and not from any other
fund or source.
Section 3. The Mayor and City Clerk of the City are hereby authorized
and directed to execute and cause to be delivered to said Corporation a certified
copy of this Resolution and a letter in the form attached hereto as Exhibit B
whereby the City has set forth its intent to acquire, construct and equip the
aforesaid facilities, to issue said industrial revenue bonds and to enter into
said Lease and Agreement with said Corporation, and the Mayor and City Clerk are
further authorized -and directed to take all such actions not inconsistent herewit
as may be appropriate or desirehb.le in order to accomplish the foregoing.
,PASSED AND APPROVED st Salina, Kans this 16th day of December, 1974.
W. M. Usher, Mayor
(SEAL)
Attest:
D. L. Harrison, City Clerk