87-9218 IRB(Published in The Salina Journal October 1`l, 1987)
ORDINANCE NUMBER 87-9218
AN ORDINANCE OF THE GOVERNING BODY OF THE CITY OF
SALINA, KANSAS (THE "CITY") AUTHORIZING THE EXECUTION OF A
COOPERATION AGREEMENT PURSUANT TO THE KANSAS LOCAL RESIDENTIAL
HOUSING FINANCE LAW, K.S.A. 12-5219 ET SEQ., AS AMENDED, BETWEEN
SEDGWICK COUNTY, KANSAS AND SHAWNEE COUNTY, KANSAS (THE
"ISSUERS") AND THE CITY, AUTHORIZING THE ISSUERS TO EXERCISE, ON
BEHALF OF THE CITY, THE AUTHORITY AND POWERS CONFERRED BY THE
KANSAS LOCAL RESIDENTIAL HOUSING FINANCE LAW IN CONNECTION WITH
THE ISSUANCE BY THE ISSUERS OF SINGLE FAMILY MORTGAGE REVENUE
BONDS AND AUTHORIZING THE EXECUTION OF VARIOUS OTHER DOCUMENTS
IN CONJUNCTION THEREWITH.
WHEREAS, the Governing Bodies of the Issuers, in cooperation with
one or more counties and cities of the State of Kansas (the "State"), desire to
undertake a program to provide decent, safe and sanitary housing for persons of
low and moderate income and to issue bonds and other obligations and to provide
security therefor, all in accordance with the Kansas Local Residential Housing
Finance Law, K.S.A. 12-5219 et seq., as amended (the "Act"); and
Whereas, the Governing Body of the City, in cooperation with the
Issuers, also desires to undertake a program to provide decent, safe and
sanitary housing for persons of low and moderate income and to issue bonds and
other obligations and to provide security therefor, all in accordance with the
Act; and '
WHEREAS, the Act provides that one or more cities and counties may
join together and cooperate with one another in the exercise of any powers
conferred under the Act, either jointly or otherwise, in accordance with and
pursuant to a written agreement between or among such cooperating cities and
counties; and
WHEREAS, the City has previously issued its single family mortgage
revenue bonds (the "Prior Bonds") , the proceeds of which were used to finance
•a residential housing finance plan; and
WHEREAS, prepayments of the home mortgages financed with the
proceeds of the Prior Bonds have occurred, resulting in accumulations of
amounts for the redemption of the Prior Bonds and it is anticipated that
additional prepayments will occur; and
WHEREAS, the Issuers desire to refund the portion of the Prior Bonds
for which prepayments have been received and to effectuate program savings by
undertaking the refunding of the Prior Bonds from time to time in conjunction
with the refunding from time to time of certain bonds of the Issuers and other
political subdivisions of the State; and
WHEREAS, the adoption of the resolutions by the Issuers and this
ordinance by the City authorizing the execution of the Cooperation Agreement,
and supplemental indenture(s) or authorizing letter(s) , funds exchange
agreement(s) , or other legal documents in conjunction with the issuance of the
single family mortgage revenue bonds by the issuers to refund Prior Bonds and
the exercise thereof will not conflict with or constitute on the part of said city
or county a breach of or default under the laws of the State, including the Act,
or any other agreement, indenture or instrument to which either is a party or
by which either is bound; SO NOW, THEREFORE
BE IT ORDAINED by the Governing Body of the City of Salina,
Kansas:
Section
1. The City hereby
agrees to join and cooperate with
the
Issuers
in
implementing and carrying
out a residential housing finance
plan
pursuant
to
and
in accordance with
the Act and a Cooperation Agreement
between
the
City
and the Issuers (the
"Cooperation Agreement"), including
the
issuance
by
the
Issuers of single family mortgage revenue bonds to refund
the
Prior Bonds
from
time to time.
Section 2. The Mayor and City Clerk are hereby authorized to
execute theration Agreement in substantially the form attached hereto as
Exhibit A.
Section 3. The Mayor and City Clerk are hereby authorized to
execute supplemental indenture(s), letters of instructions and fund exchange
agreement(s) in conjunction with the issuance of the single family mortgage
revenue bonds to refund Prior Bonds in substantially the form attached hereto
as Exhibits B and C.
Section 4. The Mayor and City Clerk are hereby authorized to take
such other action, and execute such other documents, certificates and
instruments as may be necessary or desirable to carry out and comply with the
provisions of this Ordinance and to carry out, comply with and perform the
duties of the City with respect to the Cooperation Agreement and other
documents referred to in this Ordinance all as necessary to carry out and give
effect to the transactions contemplated by this Ordinance.
Section 5. This ordinance shall be effective upon adoption and
publication in the official city newspaper.
[SEAL]
ATTEST:
1
Robert K. Biles, City Clerk
iJ
Introduced: October 9, 1987
Passed: October 13, 1987
Stephen C. Ryan, Mayor