2964 Construct Golf Course1
RESOLUTION NO. 2964
WHEREAS, the City of Salina contemplates.the construction of a Municipal
Golf Course at a cost approximately $200,000.00; and
WHEREAS, the Kansas Park and Resources Authority has agreed to participate
in fifty per cent of the cost of construction of said Municipal Golf Course;
and
WHEREAS, the most feasible and economical method of financing the City's
portion of said cost is by .the issuance of General Obligation Bonds of the
City of Salina, Kansas; and'
WHEREAS, it is the intention of the City of Salina, Kansas, to use all
revenues derived from the operation'of said Municipal Golf Course for the
retirement of said General Obligation Bonds; and
WHEREAS, the said bonds will contain provisions for the redemption or
refunding of said bonds at the option of the City.
NOW,.THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY"OF
SALINA, KANSAS:
Section 1. It is hereby declared to be the intention and policy bf the
City of Salina, Kansas, to pledge thenet revenue derived from the operation
of the Municipal Golf Course to the payment of principal and interest on the
General Obligation Bonds issued for the construction of the Municipal Golf
Course and that any funds not currently needed for payment of principal and
interest will be placed in a reserve fund for such purpose and that no part
of the revenues derived from the operation of the Municipal Golf Course will
be used for any other purpose.
Adopted by the Governing Body of the City of Salina, Kansas, and approved
by the Mayor this 20th day of November, 1967.
ATTEST:
(-D. L. Harrison
City Clerk
Carl R. Rundquist
Mayor