3178 Authorize Salina Sportswear IRBRESOLUTION NUMBER 3178
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, Salina Sportswear Company, a Kansas Corporation (the
"Company"), -has requested the City fo finance certain manufacturing facilities
(the "Project") at a cost of approximately $1,000,000; and
WHEREAS,. the City desires to finance the cost of purchasing and
constructing"buildings, improvements, machinery and equipment for the Project
by the issuance of bonds under the Act in the amount of approximately $1,000,000,
said bonds -to -6e payable solely out of rentals, revenues and receipts derived
from the lea.se of the Project by the Company from the City; and
WHEREAS, the City and the Company desire that such purchase and
construction of buildings, improvements, machinery 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
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
industrial project for the Company to be financed out of the proceeds of
approximately $1,000,000 principal amount of Industrial 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. That this Resolution shall take effect immediately.
Adopted and approved by the Board of Commissioners of the City
Salina, Kansas, in regular session this 18th day of Ma
Jack -We i sgee,
j 1
(SEAL)
�AttestiL/
D. L. Harrison, City Clerk
, 1974
Mayor