80-8774 IRB Windsor Nursing11
I]
OFDIXAYCE 10. 80-8774
0c
THE CITY OF SALINA, KANSAS
March 14, 1980 - 4
I
2�Lx
PA G7 --A
Section
1.
Authority to Acquire Peal Property and to
Construct, Purchase and Install the
facility
?
Section
2.
Authorization of and Security for the
Bonds
2
Section
3.
Description and Details of the Bonds,
Designation of Paying Agent
3
Section
4.
Redemption and Payment of Ponds Prior
to Maturity
5
Section
5.
Notice of Redemption
8
Section
6.
Unclaimed Principal and interest Held
by Fiscal Agent
9
Section
7.
Method of Execution and Authentication
of the Bonds
10
Section
8.
Form of Bond
10
Section
9.
Preparation, Authentication and Delivery
of the Bonds
19
Section
1Q.
Designation of Fiscal Agent
19
Section
Section
11.
12.
Construction Fund
Principal and Interest Account
19
20
Section
13.
Debt Service Reserve Account
21
Section
14.
Investments
22
Section
15.
Covenant to Pay Principal and Interest
on the Bonds
23
Section
16.
Particular Covenants of the City
2u
Section
17.
Additional 3onds
27
Section
18.
Amendments
28
Section
19.
Enforcement
29
Section
20.
Default; events of Default
30
Section
21.
acceleration of "!aturity in Event of
Default
30
Section
22.
Application of Moneys
31
Section
23.
Defeasance
33
Section
24.
List of Bondholders
35
Section
25.
Consents, Etc., of Bondholders
35
Section
26.
Provisions Reiatia-, to the Fiscal Agent
37
Section
27.
Payments Due on Saturdays, Sundays ani
Holidays
39
Section
28.
Authorization of Lease
39
Section
29.
Approval of Guaranty Agreement
40
Section
30.
Election Under Section 103(b)(6)(D) of
the Internal Revenue Code
40
Section
31.
Severability
41
Section
32.
Agreements o--,: the City
41
Section
33.
Conveyance of Fa=ility
42
Section
34.
Performance of icts
42
Section
35.
Further Autahority
42
Section
36.
Approval of Official Statement
43
Section
37.
Effective Date
43
ORDINANCE VO. 80-8774
AN ORDINANCE AUTHORIZING THE CITY OF SALINA, KANSAS, TO ACQUIRE
THE REAL PROPERTY HEREINAFTER DESCR13ED AND TO CONSTRUCT, PURCHASE
AND INSTALL BUILDINGS AND IMPROVEXE',TS AND FURNISHINGS AND EQUIP-
IENT TO 3E LEASED TO ` 1NDSOR NURSING HOSE ASSOCIATES, INC., A
KANSAS CORPORATION; AUTHORIZING AND DIRECTING THE ISSIANCE OF
$1,45G,000 PRINCIPAL AMOUNT OF NURSING :ROME REVENUE BONDS, SERIES
198(2, OF SAID CITY FOR TRE PURPOSE OF PROVIDING FUIDS TO PAY THE
COST OF ACQUIRING SAID REAL PROPERTY AND CONSTRUCTI`C, PURCHASING
AND INSTALLING SAID BUILDINGS AND IMPROVEMENTS AND FURNISHINGS AND
EQUIPMENT TO 3E LEASED TO SAID COMPAVY; PRESCRIBI17 THE FORM AND
AUTRORIZING THE EXECUTION OF A LEASE BY AND BETWEEN SAID CITY AND
SAID COAPANY; AND PRESCRIBING THE FORM AND APPROVING THE EXECUTION
OF A GUARANTY AGREEMENT BY STAID C MPAVY; AND MAKING AN ELECTION
UNDER SECTION 133(b)(6)(D) OF THE INTERNAL REVENUE CODE.
WHEREAS, the City of Salina, Kansas, a municipal
corporation duly organized and existing under the Constitution and
laws of the State of Kansas, hereinafter sometimes referred to as
the "City," desires to promote, stimulate and develop the general
economic welfare and Prosperity of the City and its environs and
thereby to further promote, stimulate and develop the general
economic welfare and Prosperity of the State of Kansas; and
9HEREAS, pursuant to the provisions of K.S.A. 12-1740 to
12-1749a, as amended (the "Act"), the City is authorized to issue
industrial revenue bonds of the City, and it is hereby found and
determined to be advisable and in the interest and for the welfare
of the City and its inhabitants that industrial revenue bonds of
the City be authorized and issued for the purpose of providing
funds to Fay the cost of acquiring the real property hereinafter
described and constructing, purchasing and installing buildings
and improvements and furnishings and equipment to be leased to
IIIi Windsor Nursing Rome Associates, Inc., a Kansas corporation,
r
[J
1:1
hereinafter sometimes referred to as the "Company";
10l, THEREeORE, BT IT ?RDAINED BY THE GOVERNING BODY OF
THE CITY OF SALIVA, KANSAS:
Section 1• ��c�stY to Acc�u_�_p��_�og��sY_�d to
Construct, ? 0011e_aot_=r_st111 M 2121111Z. The City is hereby
authorized to acquire the real property described and set forth on
Schedule 1 attached hereto and made a part hereof, and to con-
struct, purchase and install the buildings and improvements and
furnishings and equipment as described and set forth on said
Schedule 1 attached hereto, in accordance with the provisions of
the Lease dated as of February 1, 1980, between the City and the
Company, hereinafter sometimes referred to as the "Lease," the
Lease being authorized by the provisions of this Ordinance (said
real property being hereinafter and in the Lease referred to as
the "Land," and the Land, together Frith the buildings and improve-
ments and furnishings and equipment being hereinafter and in the
Lease referred to as the "Facility"), all at an amount which will
not exceed the cost of $1,460,000 to the City (51,450,000 of said
cost to be paid from the proceeds received from the sale of the
Bonds hereinafter designated and 510,000 of said cost to be paid
from interest earned during the temporary investment of said Bond
proceeds).
$action 2. Authorizajjon_of and Security scr_jhe_?onjj.
For the purpose of providing funds to pay the cost of acquiring,
constructing, purchasing and installing the Facility to be leased
to the Company, there shall be issued and hereby are authorized
-2-
}
and directed to be issued a series of Nursing Home Revenue Bonds,
Series 1980, of the City in the principal amount of $1,450,000.
The Bonds herein authorized, hereinafter sometimes referred to as
the "Bonds," and all interest thereon and any redemption premium
shall be paid solely from the money and revenue received from the
fees charged and rental received for the use of the Facility and
not from any other fund or source (except to the extent paid out
of Bond proceeds or the income from the temporary investment
thereof and, under certain circumstances, condemnation awards and
the proceeds of insurance), and the City hereby pledges the
Facility and the net earnings therefrom to the payment of the
Bonds and the interest thereon.
The payment of the principal of and interest and redemp-
tion premium, if any, on the Bonds shall be guaranteed by the Com-
pany pursuant to the terms of the luaranty Agreement, the form of
which is approved by Section 29 of this Ordinance.
gIctlon 3. Des1112tjond_D�ta �s_of the_RojjjL
De�ianat oo of_laving Ag=y.
The Bonds shall be dated February 1,
1983, shall be numbered, shall become due on the dates and shall
bear interest at the respective rates as follows:
SERIAL BOND
-3-
PRINCIPAL
`SATURITY
IYTFREST
NU�SBFQ�
_ . a _
ZZ3RUARj_1
__ZAT^ _
1
>' 5,000
1952
9.007,
2
51000
1983
9.207.
3- 6
20,000
19qa
9.u0g,
7-10
20,000
1985
9.607,
11-14
15-19
20,000
25,000
1985
1987
9.807,
10.00%
20-24
25,000
198a
10.20'7
-3-
1
1
1
25-30
30,000
1989
10.u0%
31-37
35,000
1990
10.60'
38-44
35,000
1991
10.80%
45-52
40,000
1992
10.90%
TERM BONDS
PRINCIPAL IATURITY INTFREST
NUMBERS AMOUNT FTSRUARY 1 RAj!__
53-108 S280,000 199? 11.00'
109-290 910,000 2005 11.257.
The Bonds shall bear interest from their date, payable
on Aug~ast 1, 1980, and thereafter semiannually on February 1 and
August 1 in each year.
The 3onds and the interest thereon shall be payable to
bearer in lawful :honey of the United States of America upon
presentation and surrender of such 3onds or interest coupons as
they respectively become due at the principal office of The
National Bank of America at Salina, Salina, Kansas, such bank
being hereby designated as the City's paying agent for the payment
of the principal of and interest on the Bonds herein authorized
and such bank referred to herein as the "Paying Agent".
In the event the interest on the Bonds is includible in
the gross income of the recipients thereof for Federal income tax
purposes by reason of the failure of the Bonds to qualify for the
exemption provided in Section 103(b)(6)(D) of the Internal Revenue
Code of 1954, as amended, all of the Bonds then outstandina shall
mature and be due and payable at the principal amount thereof,
plus accrued interest to the maturity date, together 4it?7 a pre-
mium which shall be, on each. Bond, equal to the stated interest
rate on such Bond multiplied times the principal amount of such
-4-
Bond, for each full year or fraction of a year which elapses from
the date on Which the interest becomes includible in the gross in-
come of the recipients and the date of maturity established by the
City (which date of maturity shall not be earlier thin 45 days or
later than 120 days after the Internal Rev-enue Service, the Com-
panY or the Fiscal Agent hereinafter designated shall give written
notice to the City of the inclusion of the interest on the Bonds
in the gross income of the recipients thereof).
s
Section - . aj deMolloa_Iad?ay_m ut__gg_Bond1 Pi,iQ,r_to
•"_.atuZity. The Bonds shall be subject to redemption and payment
prior to the stated maturity thereof, after the notice specified
in Section 5 of this ardinance, as follows:
to date fixed for redemption and payment, without
premium.
-5-
(a) Each of the Bonds shall be subject to redemp-
tion and payment at the option,. of the City, upon
instructions from the Company, on any interest Pay-
ment date upon any of the foliowinq conditions or
events, provided all of the Bonds are redeemed and
paid according to their terms: (1) if title to, or
the use for a limited period of, substantially all
of the Facility be condemned by any authority
having tate power of eminent domain; (2) if substan-
tially all of the Facility is damaged or destrayed
by fire or other casualty; or (3) if as a result of
changes in tha Constitution of the State of zansas,
or of legislative or administrative action by the
State of Kansas or any political subdivision
thereof, or by the United States, or by reason of
any action instituted in any court, the Lease
herein authorized shall become void or
unenforceable, or impossible of performance without
unreasonable delay, or in any other way, by reason
of such change of circumstances, unreasonable
burdens or excessive liabilities are imposed on the
Company or the City. the 3onds redeemed pursuant
to this paragraph shall be redeemed at the orinci-
gal amount thereof, plus accrued interest thereon
to date fixed for redemption and payment, without
premium.
-5-
W Each of the Bonds maturing in the year 1990
and thereafter is also subject to redemption and
payment at the option of the City upon instructions
from the Company, on February 1, 1989, and on any
interest payment date thereafter, at the redemption
Prices (expressed as Percentages of principal
amount) set out below, plus accrued interest there-
on to the date fixed for redemption and payment:
1
As and for a sinking fund for the retirement of
Bonds maturin; in the year 1997 but subject to the
provisions of subsection (e) of this Section 4, the
Basic Bent Payments specified in the Lease which
are to be deposited in the Principal and interest
Account, hereinafter created, on February 20, 1992,
and on the twentieth NOW day of each month
thereafter to and including January 20, 1995, shall
be sufficient to redeem (after credit as herein-
after provided) and the City hereby agrees to
redeem the following principal amounts of Bonds
maturing in the year 1997 on February 1 in each of
the follouin7 years:
-6-
Redemption Dates
9edemption
February 1, 1989 to January 31,
1990 123%
February 1, 1990 to January 31,
1991 102 1/27.
February 1, 1991 to January 31,
1992 1027
February 1, 1992 to January 31,
1993 101 1/2%
February 1, 1993 to January 31,
1994 101%
February 1, 1994 to January 31,
1995 100 1/27
February 1, 1995 and thereafter
1007
Serial Bonds to be redeemed and
paid pursuant to
this paragraph shall be redeemed
in inverse
numerical order. 'germ Bonds to
be redeemed and
paid pursuant to this paragraph
spall be selected
by the Fiscal ?gent hereinafter
equitable manner as it may determine.
designated in such
(c) Each of the 9onds maturing
in the year 1997
shall be subject to mandatory redemption
and pay-
ment in specified annual amounts
pursuant to the
terms of the sinking fund hereinafter
referred to
on February 1, 1993, and on each
February 1 there-
after, at the Principal amouat thereof,
plus ac-
crued interest thereon to date fixed
for redemption
and payment, without pcemium.
1
As and for a sinking fund for the retirement of
Bonds maturin; in the year 1997 but subject to the
provisions of subsection (e) of this Section 4, the
Basic Bent Payments specified in the Lease which
are to be deposited in the Principal and interest
Account, hereinafter created, on February 20, 1992,
and on the twentieth NOW day of each month
thereafter to and including January 20, 1995, shall
be sufficient to redeem (after credit as herein-
after provided) and the City hereby agrees to
redeem the following principal amounts of Bonds
maturing in the year 1997 on February 1 in each of
the follouin7 years:
-6-
Principal
Year A
I %mount
1
1993
199E
1995
1996
S 45,000
5(7, 000
55,000
60,000
Bonds to be redeemed and paid pursuant to this
paragraph shall be selected by the Fiscal Agent in
such aguitable manner as it may determine.
(d) Each of the Bonds maturing in the year 2005
shall also be subject to mandatory redemption and
payment in specified annual amounts pursuant to the
terms of the sinking fund hereinafter referred to
on February 1, 1998, and on each February 1
thereafter, at the principal amount thereof, plus
accrued interest thereon to date fixed for redemp-
tion and payment, Without premium.
As and for a sinking fund f or the retirement of
Bonds maturing in the year 2005 but subject to the
provisions of subsection (e) of this Section_ 4, the
Basic Rent payments specified in the Lease which
are to be deposited in the Principal and Interest
Account, hereinafter created, on February 20, 1997,
and on the twentieth (20th) day of each month
thereafter to and including January 20, 2004, shall
be sufficient to redeem (after credit as herein-
after provided) and the City hereby agrees to re-
deem the following principal amrunts of ponds
maturing in the year 2105 on February 1 in each of
the following years:
-7-
1
1
1
Bonds maturing in the year 2005 to be redeemed and
paid pursuant to this paragraph shall be selected
by the Fiscal Agent in such equitable manner as it
may determine.
(e) Prior to the date fixed for redemption funds
or securities in which such funds are invested
shall be placed With the Fiscal Agent to pay the
Bonds called For redemption and accrued interest
thereon to the redemption date and the premium, if
any. Upon the happening of the above conditions,
the Bonds or portions of Bonds thus called for re-
demption, from and after the redemption date, shall
cease to bear interest, shall no longer be entitled
to the benefits and protection of the covenants
herein contained and.shall not be deemed to be out-
standing hereunder.
Se�=12n 5. ZZ. 'notice of any redemp,-
tion provided for by this Ordinance shall be given in the name of
the City by the City, the Company or the Fiscal Agent by United
States registered mail to the Paying "gent herein designated, such
notice to be mailed at least 30 days prior to the date fixed for
redemption and payment and to specify the numbers of the 3onds to
be redeemed and paid. '?otice of any such redemption shall also be
published at least once not less than 30 days prior to the date
fixed for redemption in a financial journal published and of
general circulation in year fork, lev York, and in the official
newspaper of the State of Kansas. Notice of any such redemption
shall also be given by registered mail in the manner hereinbefore
-9-
Principal
Year
Nimoun-t-
1995
S 75,000
1959
35,000
2000
95,000
2001
105,000
2002
115,000
2003
130,000
2004
145,000
Bonds maturing in the year 2005 to be redeemed and
paid pursuant to this paragraph shall be selected
by the Fiscal Agent in such equitable manner as it
may determine.
(e) Prior to the date fixed for redemption funds
or securities in which such funds are invested
shall be placed With the Fiscal Agent to pay the
Bonds called For redemption and accrued interest
thereon to the redemption date and the premium, if
any. Upon the happening of the above conditions,
the Bonds or portions of Bonds thus called for re-
demption, from and after the redemption date, shall
cease to bear interest, shall no longer be entitled
to the benefits and protection of the covenants
herein contained and.shall not be deemed to be out-
standing hereunder.
Se�=12n 5. ZZ. 'notice of any redemp,-
tion provided for by this Ordinance shall be given in the name of
the City by the City, the Company or the Fiscal Agent by United
States registered mail to the Paying "gent herein designated, such
notice to be mailed at least 30 days prior to the date fixed for
redemption and payment and to specify the numbers of the 3onds to
be redeemed and paid. '?otice of any such redemption shall also be
published at least once not less than 30 days prior to the date
fixed for redemption in a financial journal published and of
general circulation in year fork, lev York, and in the official
newspaper of the State of Kansas. Notice of any such redemption
shall also be given by registered mail in the manner hereinbefore
-9-
specified to any bondholder who files his name with the Fiscal
Agent pursuant to Section 24 of this Ordinance, provided that the
failure to give any notice by mail as herein specifies shall not
affect the validity of any such call for redemption. Notice of
any redemption as herein provided shall be given upon, but only
upon, written instructions from the Company, as long as the
Company is not in default in the payment of Basic Rent due under
the Lease. If, because of the temporary or permanent suspension
of the publication or general circulation of any financial journal
or for any other reason, it is impossible or impracticable to pub-
lish such notice of call for redemption in the manner herein pro-
vided, then such publication in lieu thereof as shall be made with
the approval of the Paying Agent shall constitute a sufficient
publication of notice.
Se9111n 5. Cnc aimed_ llnt'gal_and—inlllllt 111d_11
Fiscal Aggat. Any moneys deposited with the Fiscal Agent cr the
Paying Agent for the payment of the principal of or interest on
the Bonds and remaining unclaimed for six years after such princi-
pal and interest have become due shall be paid to the Company, and
any bondholder entitled thereto shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof,
and all liability of the City, the Fiscal Agent and the Paying
Agent with respect thereto shall cease; provided, however, that
the Fiscal Agent and the Paying, Agent, before being required to
,make any such payment to the Company, may, at the Company"s ex-
III
cause to be published once in a publication of general
-9-
circulation in New York, New York, notice that such moneys remain
unclaimed and that after a date specified therein, which shall not
be Less than 30 days after the date of such publication, any such
unclaimed moneys then remaining will be paid to the Company.
Section 7. letor of Execytion and Au#.hLnti c"J_c l of
the Bo_ndZ.. The Bonds, including any Bonds issued in exchange or
as substitutions for the Bonds initially delivered, shall be ex-
ecuted for and on behalf of the City by the manual or facsimile
1
shall cease to :told such office before the Bonds and coupons
bearing their signatures shall have been issued and delivered, the
Bonds may be issued as though said officers had not ceased to hold
office and such signatures appearing on the Bonds and coupons
shall be valid and sufficient for all purposes as if they had
remained in office until suc'•z issuance.
Secli2L,_.a. Fo.Cm of So B, . The Bonds and interest
coupons attached thereto shall be in substantially the following
form .
-10-
signature of the
Mayor and attested by
the manual or facsimile
signature of the
City Clerk, provided,
however,
that one of said
signatures shall
be manually executed,
and the seal
of the City
shall be affixed
thereto or imprinted
thereon.
Interest coupons
attached to the Bonds
the facsimile signatures
representing the
of said Mayor
interest
City
thereon shall bear
Clerk.
and
In the
event either said
Hayor or City Clerk
or both of
said officers
1
shall cease to :told such office before the Bonds and coupons
bearing their signatures shall have been issued and delivered, the
Bonds may be issued as though said officers had not ceased to hold
office and such signatures appearing on the Bonds and coupons
shall be valid and sufficient for all purposes as if they had
remained in office until suc'•z issuance.
Secli2L,_.a. Fo.Cm of So B, . The Bonds and interest
coupons attached thereto shall be in substantially the following
form .
-10-
1
1
1
'� o. 55 ' 0 00
UNITED STATES OF AMERICA
STAT: OF KANSAS
COUNTY OF SALI':E
CITY OF SALINA
NURSING HOME REVENUE BOND
SERIES 1980
KNOW ALL MEN BY THESE PRESENTS: That the City of
Salina, in the County of Saline, State of Kansas (the "City"), for
value received, hereby promises to pay, solely out of the revenues
hereinafter specified, to the bearer, the principal sum of
FIVE THOUSAND DOLLAPS
in lawful money of the United States of America, on the first day
of February, except as the provisions hereinafter set forth
with respect to redemption prior to maturity may became applicable
hereto, and to pay interest thereon from the date hereof at the
rate of _ _ _ _ peccant (--I) per annum, payable
-'August 1, 1980, and thereafter semiannually on February 1 and
August 1 in each year, until the said principal sun shall have
been paid., upon presentation and surrender of the intprest cautions
hereto attached, bearing the facsimile signatures of the Mayor and
City Clerk of the City, as said coupons severally become due.
The principal of and premium, if any, on this Bond and
the interest hereon are payable in lawful money of the United
States of America, at the principal office of The National Rank of
America at Salina, in the City of Salina, Kansas (the "Paying
Agent").
- 11 -
aggregating the principal amount of 51,450,000(the "ponds") au-
thorized by an Ordinance (the "Ordinance") of the City for the
Purpose of providing funds to pay the cost of acquiring real prop-
erty and constructing, purchasing and installing buildings and im-
provements and furnishings and equipment (the "Facility", the
Facility being further identified in the Ordinance) to be leased
-12-
In the event the interast on the Bonds of the series of
which this Bond is one is includible in the gross income of the
recipients thereof for Federal income tax purposes by reason of
the failure of said Bonds to qualify for the exemption provided in
Section 103(b)(5)(D) of the Internal revenue Code of 1954, as
amended, all of said Bonds then outstanding shall mature and be
due and payable at the principal amount thereof, plus accrued in-
terest to the maturity date, together with a premium which shall
be, on each Bond, equal to the stated interast rate on such 3ond
multiplied times the principal amount of such Bond, for each full
year or fraction of a year which elapses from the date on Which
the interest becomes includible in the gross income of the
recipients and the date of maturity established by the City (which
date of maturity shall not be earlier than 45 days or later than
120 days after the Internal Revenue Service, the Company (herein-
after identified) or the Fiscal Agent designated in the Ordinance
authorizing this pond shall give Britten notice to the City and
the holders of the Bonds of the inclusion of the interest on the
Bonds in the gross income of the recipients thereof).
This 3ond is one of an authorized series of Bonds
aggregating the principal amount of 51,450,000(the "ponds") au-
thorized by an Ordinance (the "Ordinance") of the City for the
Purpose of providing funds to pay the cost of acquiring real prop-
erty and constructing, purchasing and installing buildings and im-
provements and furnishings and equipment (the "Facility", the
Facility being further identified in the Ordinance) to be leased
-12-
to Windsor 'cursing Home Associates, inc., a Kansas corporation
(the "Company"), Pursuant to a Lease dated as of February 1, 1980
(the "Lease") by and between the City and the Company, by the au-
thority of and in conformity with the provisions, restrictions and
limitations of the constitution and statutes of the State of
Kansas, including K.S.A. 12-1740 to 12-17u9a, and all amendments
thereof and acts supplemental thereto, and all other ^rovisions of
the lags of said State applicable thereto and this Pond and all
interest hereon are to be paid by the City solely and only from
the money and revenue received from the fees charged and rental
received for the use of the Facility under the Lease and not from
any other fund or source (except to the extent paid out of Bond
proceeds or the income from the temporary investment thereof and,
under certain circumstances, condemnation awards and the proceeds
of insurance). Pursuant to the provisions of said statutes, the
governing body of the City has pledged the Facility and the net
earnings therefrom to the payment of the Ponds and the interest
thereon. The payment of the principal of and interest and redemp-
tion premium, if any, on this Bond has been guaranteed by the
Company pursuant to the terms of a luaranty Agreement (the
"Guaranty") dated February 1, 1980, by and between the Company and
the Fiscal Agent designated in the Ordinance.
This Bond does not constitute a debt of the City within
the meaning of any constitutional or statutory limitation.
Reference is hereby made to the Ordinance, to the Lease and to the
IIIGuaranty for a description of the Facility and the covenants of
-13-
the City and the Company with respect to the payment, collection,
segregation and application of the money and revenue received from
the fees charged and rental received for the use of the Facility,
the rights, duties ani obligations of the City, the Company and
the Fiscal Agent with respect thereto and otherwise and the rights
of the holders of this Bond.
Each of the Bonds is subject to redemption and payment
prior to maturity at the option of the City, upon instructions
from the Company, on any interest payment date upon any of the
following conditions or events, provided all of the Bonds are re-
deemed and paid according to their terms: (1) if title to, or the
use for a limited period of, substantially all of the Facility be
condemned by any authority having the power of eminent domain; Q)
if substantially all of the Facility is damaged or destroyed by
fire or other casualty; or (3) if as a result of changes in the
Constitution of the State of Kansas or of legislative or
administrative action by the State of Kansas or any political
subdivision thereof, or by the United States, or by reason of any
action instituted in any court, the Lease shall become void or
unenforceable or impossible of performance without unreasonable
delay, or in any other way by reason of such change of circum-
stances, unreasonable burdens or excessive liabilities are imposed
on the Company or the City. The Bonds redeemed as provided in
this paragraph shall be redeemed at the principal amount thereof,
plus accrued interest thereon to and including the date fixed for
IIIredemption and payment, without premium.
-14-
Each of the Bonds maturing an February 1, 1990, and
thereafter, is also subject to redemption and payment prior to
maturity at the option of the City, upon instructions from the
Company, on February 1, 1989, and on any interest payment date
thereafter, at the redemption prices (expressed as percentages of
principal amount) set out below, plus accrued interest thereon to
the date of redemption and payment:
-15-
Redemption
Dates
Redemption
0 411-011aliva
__D ri cJ___
February 1, 1989 to
January 31, 1990
10W
February 1, 1990 to
January 31, 1991
102 1/27.
February 1, 1991 to
January 31, 1992
102%
?ebruary 1, 1992 to
January 31, 1993
101 1/2'
February 1, 1993 to
January 31, 1994
1417
February 1, 1994 to
January 31, 1995
100 1/27.
February 1, 1995 and
thereafter
100'
Bonds to be -redeemed and
paid pursuant to the
provisions described
in this paragraph shall
be selected by the
Fiscal Agent designated
in the Ordinance in such
equitable manner as
it may determine.
Each of the Bonds
maturing in the
year 1997 is subject
to mandatory redemption
in specified annual
amounts pursuant to
the terms of the sinking
fund provided for
in the ^rdinance on
February 1, 1993, and on
each February 1 thereafter
to and includ-
ing February 1, 1996, at
the principal amaunt
thereof plus accrued
interest to the redemption date, without interest..
Each of the Bonds
maturing in the
year 2005 is subject
to mandatory redemption
in specified annual
amounts pursuant to
the terms of the sinking
fund provided for
in the Ordinance, on
February 1, 1998, and on
each February t thereafter
to and includ-
ing February 1, 2004, at
the principal amount
thereof plus accrued
-15-
interest to the redemption date, without premium.
Notice of the City's intention to redeem and pay said
Bonds pursuant to any of the redemption provisions aforesaid,
specifying the numbers of the Bonds to be redeemed and paid, shall
be given by united States registered mail to the Paying Agent not
less than 30 days prior to the date fixed for redemption and pay-
ment. Notice of any such redemption shall also be published at
least once not less than 30 days prior to the date fixed for re-
demption in a financial journal published and of general
circulation in New York, New York, and in the official newspaper
of the State of Kansas. If, because of the temporary or permanent
suspension of the publication or general circulation of any finan-
cial journal or for any other reason, it is impossible or im-
practicable to Publish such notice of call for redemption in the
manner herein provided, then such publication in lieu thereof as
shall be made with the approval of the Paying Agent shall consti-
tute a sufficient publication of notice.
delivery.
This Bond and appurtenant coupons are transferable by
AND IT IS HEREBY DECLARED AND CERTIFIED that all acts,
conditions and things required to be done and to exist precedent
to and in the issuance of this Bond have been properly done and
performed and do exist in due and regular farm and manner as
required by the constitution and laws of the State of Kansas.
IN MASS ?HEREOF, the City of Salina, Kansas, by its
governing body, has caused this Bond to be signed by the facsimile
-16-
Printed 'hereon, and the iaterest coupons hereto attached to be
signed with the facsimile signatures of sari officers, and this
Bond to be dated this first day of February, 1930.
ATTEST:
u
1
City Clerk —�— --�
-17-
'payor
signature of
its
mayor and attested
by
the manual
signature
of its
City Clerk,
and
its corporate seal
to
be affixed
hereto or
im-
Printed 'hereon, and the iaterest coupons hereto attached to be
signed with the facsimile signatures of sari officers, and this
Bond to be dated this first day of February, 1930.
ATTEST:
u
1
City Clerk —�— --�
-17-
'payor
1
(FOB`S 0-7 COU?ON)
Coupon
`'o.
All Coupons for 5 vanths due
Febr�a�_1 _3,�d_A a oLst 1
On the First day of ______
unless the Bond to which, this coupon is attached
be called for redemption and payment duly made
or provided for, the City of Salina, Kansas,
will gay bearer, solely from the money and
revenue received from the fees charged and
rental received for the use of the Facility
described in the Bond to which this coupon is
attached, and not from any other fund or source,
the amount shown hereon, in lawful money cf the
United States of America, at The National Bank
of America at Salina, Salina, Kansas, being
interest due an its Nursin:. Nome Revenue Bond,
Series 1930, dated February ?, 1930, No.
{_�snile)
Ma yor
ATT -ST:
City Clergy
-------------------------------------------------------------------�----
-13-
Secti-Or. 9- ZZ
t41__2ondg. The :payor and City Clerk are hereby authorized and di-
rected to prepare and execute the Nursing Home Revenue Bonds,
Series 1980, dated February 1, 1990, herein authorized, and to de-
liver the Bonds to M,. G. Lewis E Co., Inc., Winter Park, Florida,
on payment of the purchase price.
Sectio 0. Desi n ?a_gf _isc_qAge. The `rational
Bank of America at Salina, Salina, Kansas, is hereby designated as
the City's Fiscal Agent under the provisions of this "rdinance and
of the Lease, and the proceeds o` the Bonds shall be deposited
With the Fiscal Agent.
-19-
Sect10 1-11 . f'2aSt='1Ct �r�_FgaI. There is hereby author-
ized and ordered to be established in the hands of the Fiscal
Agent a separate fund or account designated as "City of Salina,
Kansas - Windsor Nursing Home Associates, Inc., Construction
Fund," hereinafter referred to as the "Construction Fund." The
Fiscal agent shall, first, promptly raY from the arocReds of the
sale of the Bonds into -he Principal and Interest account herein-
after created the accrued interest and premium, if any, received
upon such sale, together with an additional amount of 540,000,
representing 3 portion of the interest to become due during the
estimated period of construction of the Facility. The Fiscal
Agent shall also promptly pay from the proceeds of the sale mf the
Bonds into the Debt Service Reserve Account hereinafter created
the sum of S 131, 750. The balance of the proceeds of the sale of
the Bonds shall be deposited inthe ConstrIsction Sund . The
-19-
-20-
Construction Fund shall be used for the purpose of providing funds
to pay the cost of acquiring the Land and constructing, purchasing
and installing the Facility to be leased to the Company as pro -
'Tided in the Lease. Any moneys not required for said purpose
shall, when the Facility is complete as provided in the Lease, be
deposited by the Fiscal Agent in the Principal and Interest
Account.
Se tor�,1�. ?riaco_and_Ite�est Account . There is
hereby authorized and ordered to be established in the hands of
the Fiscal Agent a separate account to be knovn as the "City of
Salina, Kansas, Principal and Interest Account for Nursing Home
Revenue Bonds, Series 1980, dated February 1, 1980," hereir
referred to as the "Principal and interest Account." The City
covenants and agrees that from and the delivery
after of any of
the Bonds, the City will maintain said Account »ith the Fiscal
Agent. All payments of Basic Rent and Additional Rent (except to
the extent provided under Section 13 hereof) due under the Lease
and all other :coneys intended to pay the principal of and interest
on the Bonds and the charges of the Fiscal Agent and the Paying
Agent shall be applied and allocated by the Fiscal Agent to toe
Principal and Interest Account. ,xcent as hereinafter provided,
all amounts credited to and deposited in the ?rincipal and
interest Account shall be used by the Fiscal Agent and forwarded
to the Paying Agent for the sole puWaS e of paying the principal
of and interest on the Bonds as and when the same become due or
are called for redemption and payment, and for paying the charges
-20-
transmit funds to the Paying Agent to lay such: principal and in-
terest as the same become due, and the charges of the Fiscal Agent
and Paying Agent herein referred to. Any balance remaining in the
Principal and interest Account, shall, when the Bonds have been
paid, or payment provided for in accordance with Section 23 of
this Ordinance, be paid to the Company.
of the
Fiscal
Agent
and
Paying Agent
for acting
hereunder.
The
the Fiscal Agent a separate account
F:seal
Agent
shall
make
appropriate
arranaements
with and
shall
transmit funds to the Paying Agent to lay such: principal and in-
terest as the same become due, and the charges of the Fiscal Agent
and Paying Agent herein referred to. Any balance remaining in the
Principal and interest Account, shall, when the Bonds have been
paid, or payment provided for in accordance with Section 23 of
this Ordinance, be paid to the Company.
payments of Additional Rent due under the Lease for deposit into
the Debt Service Reserve Account shall be applied and allocated by
the Fiscal Agent to the Debt Service Reserve Account. xoneys in
the Debt Service Reserve Account shall be used solely and ex-
clusively by the Fiscal Agent and forwarded to the Paying Agent to
prevent any default in the payment of the principal of or interest
on the Bonds, and any redemption premium, if moneys in the Princi-
pal and Interest Account are insufficient to pay the same as they
become due or are payable; provided that when the moneys in the
Principal and Interest Account and the Debt Service Roserve
-21-
Seutlon 11. Debt_Service_eses_v__Account.
There
is
hereby authorized and ordered to be
established in the hands
of
the Fiscal Agent a separate account
to be known as the "City
of
Salina, Kansas, Debt Service Reserve
Account for Nursing Home
Revenue Bonds, Series 1980, dated February
referred to as the "Debt Service Reserve
1, 1980," hereinafter
Account." The City
cove-
nants and agrees that from and after
the delivery cf any of
the
Bonds it will maintain said Account
with the Fiscal Agent.
All
payments of Additional Rent due under the Lease for deposit into
the Debt Service Reserve Account shall be applied and allocated by
the Fiscal Agent to the Debt Service Reserve Account. xoneys in
the Debt Service Reserve Account shall be used solely and ex-
clusively by the Fiscal Agent and forwarded to the Paying Agent to
prevent any default in the payment of the principal of or interest
on the Bonds, and any redemption premium, if moneys in the Princi-
pal and Interest Account are insufficient to pay the same as they
become due or are payable; provided that when the moneys in the
Principal and Interest Account and the Debt Service Roserve
-21-
-22-
Account are sufficient to ray, at the tunes required, the princi-
pal of and redemption, premium, if any, and interest on all the
Bonds outstanding, the moneys in the Debt Service Reser7e Account
shall be transferred to the Principal and Interest Account.
-Sillis2IL1u • InX_stmejtj. "oneys in the construction
Fund shall, upon instructions from the Company, be invested by the
Fiscal Agent in (i) direct obligations of the United States of
America, or agencies thereof, or in (ii) certificates of deposit
secured by such obligations, becoming due within twelve months
from the date of purchase. Moneys allocated and credited to and
deposited in the Principal and Interest Account in any amount in
excess of the amount necessary to pay principal and interest next
becoming due and moneys on deposit in the Debt Service Reserve Ac-
count shall be invested by the Fiscal Agent,
upon instructions
from the Company, in (i) direct obligations of the United States
of America, or agencies thereof, or in (ii) certificates of de-
posit secured by such obligations, becoming due not later than
January 15, 2005. No investment shall be made pursuant to this
Section for a period longer than the time the Fiscal Agent shall
determine that said funds are not required for the purpose for
which they are intended. All interest or income on investments
held in the Construction Fund shall accrue to and become a part of
the Principal and Interest Account. Until January 31, 1985, all
interest or income on investments held in the 'Debt Service Reserve
Account shall accrue to and become a part of the _rincipal and
Interest Account. Beginning on February 1, 1995, all interest or
-22-
-23-
income on investments hely in the Debt Service Reserve Account
shall accrue to and become a part of the Debt Service Reserve Ac-
count, provided that so long as a sum equal to the maximum annual
principal and interest requirement for the 3onds is on deposit in
the Debt Service Reserve Account, 311 income or interest on
investments in such Account shall be deposited in the Principal
and Interest Account. All interest or income on investments held
in the Principal and Interest Account shall accrue to and become a
Part of said account so invested. Any losses suffered on invest-
ments held in any fund or account shall be charted to such fund or
account. Whenever the Fiscal Agent determines that the cash
balance in any fund or account is insufficient for the purposes of
such fund or account, it shall sell and reduce to cash securities
meld in such fund or account
until the cash balance is sufficient
for such purposes. Any investments made by the Fiscal Agent
pursuant to this Ordinance may be made through its own bond
department, and any certificates of deposit may be those of the
Fiscal Agent.
Anij z 15. COvegant to ?a�Pi ncioal ani '�te�es on
_he Bonds. The City covenants that it kill promptly pay, or cause
to be raid, the principal of and interest and radeiption premium,
if any, on the 3onds issued under this Ordinance, in the dates and
in the manner provided herein ani in the Bonds, according to the
true intent and meaning thereof. The principal and interest and
redemption premium, if any, are payable solely from the revenues
received from the fees chased and rental received for the use of
-23-
thereof and, under certain circumstances, condemnation awards and
proceeds of insurance) and the Facility and the net earnings
therefrom are pledged to the payment of the Bonds and the interest
thereon as provided in Section 2 hereof. The City further cove-
nants that it will make or cause to be made all other payments and
deposits required under the provisions of this Ordinance from
funds made available for such purpose under the Tease.
SenUZZ— .�rtic ai_Ca_ver�3n s of Ike C v_. So long
as any of the principal of and interest on any of the Bonds
remains outstanding and unpaid, or until provisions are made for
the payment thereof, in accordance vith Section 23 of this
Ordinance, the City covenants vitt each of the holders and owners
of the Bonds as follows:
(a) The City will use the proceeds of the Bonds as
soon as practicable and with all reasonable
dispatch for the purpose for vhick the 3onds are
issue: as hereinbefore set forth. Said proceeds
will not be invested in any securities or obliga-
tions except for the temporary period pending such
use, and said proceeds will not be used directly or
indirectly, so as to cause all or any part of the
Bonds herein authorized to be or become "Arbitrage
Bonds" within the meaning of Section 103(c) of the
Internal Revenue Code of 1954. The City further
covenants that the proceeds of the Bonds will not
be used to acquire securities or obli,ations (other
than obligations described in subsection (a)(1) of
such Section) that will produce a yield higher than
the yield of the Bonds herein authorized unless a
statute, regulation of the Treasury 0eaartment of
the United States, ruling by the Internal Revenue
Service of the United States or a decision by a
court of ultimate jurisdiction holds that the
acquisition of securities or obligations producing
a yield higher than the Bonds will not Cause the
-24-
the Facility (except
to
the extent
paid
out of moneys attributable
to 3ond proceeds or
the
income from
the
temporary investment
thereof and, under certain circumstances, condemnation awards and
proceeds of insurance) and the Facility and the net earnings
therefrom are pledged to the payment of the Bonds and the interest
thereon as provided in Section 2 hereof. The City further cove-
nants that it will make or cause to be made all other payments and
deposits required under the provisions of this Ordinance from
funds made available for such purpose under the Tease.
SenUZZ— .�rtic ai_Ca_ver�3n s of Ike C v_. So long
as any of the principal of and interest on any of the Bonds
remains outstanding and unpaid, or until provisions are made for
the payment thereof, in accordance vith Section 23 of this
Ordinance, the City covenants vitt each of the holders and owners
of the Bonds as follows:
(a) The City will use the proceeds of the Bonds as
soon as practicable and with all reasonable
dispatch for the purpose for vhick the 3onds are
issue: as hereinbefore set forth. Said proceeds
will not be invested in any securities or obliga-
tions except for the temporary period pending such
use, and said proceeds will not be used directly or
indirectly, so as to cause all or any part of the
Bonds herein authorized to be or become "Arbitrage
Bonds" within the meaning of Section 103(c) of the
Internal Revenue Code of 1954. The City further
covenants that the proceeds of the Bonds will not
be used to acquire securities or obli,ations (other
than obligations described in subsection (a)(1) of
such Section) that will produce a yield higher than
the yield of the Bonds herein authorized unless a
statute, regulation of the Treasury 0eaartment of
the United States, ruling by the Internal Revenue
Service of the United States or a decision by a
court of ultimate jurisdiction holds that the
acquisition of securities or obligations producing
a yield higher than the Bonds will not Cause the
-24-
Bonds to be Arbitrage Bonds as defined in said
Section 103(c).
Cb) The City will comply fully with all tae terms,
(c) The City will enforce collection of the rental
payments and other charges in the amounts and at
the time set forth in the Lease and will not reduce
or cause or permit to be reduced the rental pay-
ments and other charges fixed, established and
required by the Lease nor change or alter the time
or times when the same are due and payable under.
the Lease. The City's obligation to pay the
expenses of such enforcement shall be limited to
funds ,made available to it for that purpose by the
holders of the Bonds or other interested parties.
(d) Until payment of all the Bonds and interest
thereon has been duly made or provided for, the
City will not consent to any change, amendment,
modification or termination of the Lease, except as
Provided therein, which will in any manner affect
adversely the rights, remedies or interest of the
-25-
Provisions and conditions of the Lease which
require performance by, or impose duties on, the
City and it will not permit any default to occur on
the part of the City; it will fully and promptly
enforce all of the terms, provisions and conditions
of the Lease which require performance by, or
impose duties on, the Company, and in the event of
the occurrence of a default, as defined in the
Lease, ::ill exercise all rights and remedies
conferred by the Lease for the Full and complete
protection of the security and rights of the bond-
holders and, to the extent permitted by the lease,
will use its best efforts to procure a new tenant
or tenants for the leased property under provisions
which will provide funds sufficient in amount to
make the rental payments and other payments which
the Company is required to mate under the Lease.
If the City is unable to procure a new tenant who
will enter into such a lease, the City may sell the
Facility at a price not less than the amount suf-
ficient to pay the then outstanding Bonds plus in-
terest then unPail. If the City is unable to
procure a new tenant who will enter into such a
lease, the City may taste such action as shall be in
the best interest of the bondholders, which may in-
clude the sale of the Facility, and any moneys de-
rived from such sale shall be used for the purpose
of paying the Bonds, the interest thereon and any
redemption premium.
(c) The City will enforce collection of the rental
payments and other charges in the amounts and at
the time set forth in the Lease and will not reduce
or cause or permit to be reduced the rental pay-
ments and other charges fixed, established and
required by the Lease nor change or alter the time
or times when the same are due and payable under.
the Lease. The City's obligation to pay the
expenses of such enforcement shall be limited to
funds ,made available to it for that purpose by the
holders of the Bonds or other interested parties.
(d) Until payment of all the Bonds and interest
thereon has been duly made or provided for, the
City will not consent to any change, amendment,
modification or termination of the Lease, except as
Provided therein, which will in any manner affect
adversely the rights, remedies or interest of the
-25-
bondholders, nor will it consent to any .merger,
consolidation, dissolution or liquidation by the
Company, except to the extent provided in the
Lease.
specifically designed and maintained to show
whether or not the provisions of this Ordinance and
the Lease referred to herein are being complied
-26-
Ce) Any purchase price of the Facility, any
condemnation awards, or any insurance proceeds, any
of which are received by the City pursuant to the
terms of the Lease, or any other funds intended for
the purpose of paying the Bonds :rill be used solely
and exclusively to pay the Bonds and the interest
thereon according to their terms or to redeem and
pay any of the Bonds then outstanding and unpaid
then subject to redemption and payment• Upon
receipt of any such funds, and as soon as tie Bonds
are subject to redemption and payment, the City
shall proceed promptly to call the Bonds for re-
demption and payment according to their terms and
shall give notice, or cause notice to be riven
thereof, as provided for by the terms of this Ordi-
nance. Such funds shall be deposited with the
Fiscal agent, and the same shall be used solely for
the payment of the Bonds and the accrued interest
thereon, and the charges of the Fiscal Agent, the
Paying Agent and the Paying Agent for paying the
same.
Cf) The City will cause the Con'pany to keep
constantly insured all buildings and improvements
and furnishings and equipment from time to time
constituting a part of the property !eased to the
Company in the manner provided for by the Lease.
The City•s share of the proceeds of any such
insurance policies shall be payable to and
deposited with the Fiscal Agent as Insurance
Trustee. Any of the proceeds of such policies
shall be used and applied in the manner set forth
in the Lease.
(g) The City will cause the Fiscal Agent tc
maintain adequate records and accounts relating to
the Facility, separate and apart from all other
records or accounts of the City or the Fiscal
Agent, which records and accounts shall be main-
tained in accordance with generally accepted
Principles of trust accounting and shall include
complete details of all financial transactions
related to the Bonds authorized herein and the
leased property. Such records and accounts shall be
specifically designed and maintained to show
whether or not the provisions of this Ordinance and
the Lease referred to herein are being complied
-26-
with. Such books and records shall be available
for inspection by the agents of the Company or any
of the holders of the Bonds during the regular
business hours of tie ciscal agent.
Se X17. • The City covenants with
each of the holders and owners of the Bonds that it will not issue
any other obligations payable from payments by the Company pur-
suant to the Lease, nor voluntarily create or cause to be created
any debt, lien, pledge, assignment, encumbrance, or any other
charge on said Payments or on the oronerty subject to the Lease,
nor will it, unless required by law or by the terms of the Lease,
sell or otherwise dispose of the Facility or any part thereof;
provided, Fowever, that the City may issue from time to time
additional industrial revenue bonds for the purpose of extending
and improving the Project, +hick extensions and imnrovements may
be located in whole or in part on the Land, or for the purpose of
completing the acquisition, construction, Purchase and
installation of the Facility, or adding additions thereto, pro-
vided that the following terms and conditions are met:
(a) The City shall have entered into an amendment
to the Lease or a new lease or agreement lith the
Company providing for rentals or payments which,
together with any rentals under the Lease, will be
at least sufficient to pay the principal of and
interest on the Bonds and said additional bonds as
the same become due.
(b) The Company is not in default in the payment
of rent due under the Lease.
(c) The issuance of said additional bonds shall
not affect the exemption from Federal income taxa-
tion of the interest on the Bonds herein author-
ized.
-27-
In the evert of the issuance of any such additional bonds the City
may pledge the Facility and the net earnings tharefron to the pay-
ment of such additional bonds and the interest thereon, provided
the City also pledges the additional construction, furnishings and
equipment and the net earnings therefrom, purchased out of the
proceeds of such additional bonds, to the payment of the °onds
herein authorized and the interest thereon.
dean is. Amandzeati. The provisions of the Bonds
and the provisions of this Ordinance may be modified or amended at
any time by the City with the written consent of the Company (if
it is not in default under the Lease) and the holders of not less
than sixty-six and two-thirds percent (66 2/3%) in aggregate prin-
extension of the maturity of the principal of any of the Ponds or
the extension of the maturity of the interest on any Bonds, (W a
reduction in the principal amount of any of the Bonds or the rate
of interest thereon, or (d) a reduction in the aggregate principal
amount of Bonds, the consent of the holders of which is required
for any such amendment or modification. Any provision of the
Bonds or of this Ordinance (other than those referred to in (a)
above) may, however, be modified or amended in any respect with
the written consent of the Company (if it is not then in default
IIIi under the Lease) and the holders of all of the 2onds then
-28-
ci.pal amount of the
Bonds at the
time outstanding, provided that
no such modification
or amendment
shall permit or be construed as
permitting: (a) the
modification
of any duties or responsibil-
ities of the Fiscal
Agent unless
it consents thereto, (b) the
extension of the maturity of the principal of any of the Ponds or
the extension of the maturity of the interest on any Bonds, (W a
reduction in the principal amount of any of the Bonds or the rate
of interest thereon, or (d) a reduction in the aggregate principal
amount of Bonds, the consent of the holders of which is required
for any such amendment or modification. Any provision of the
Bonds or of this Ordinance (other than those referred to in (a)
above) may, however, be modified or amended in any respect with
the written consent of the Company (if it is not then in default
IIIi under the Lease) and the holders of all of the 2onds then
-28-
The Lease may be amended by the City and the Company,
except as to rent or certain other matters which may be made only
with the consent of a specified percentage of the holders of the
then outstanding Bonds, as provided therein.
SeC M-19 • OZZMalat. The provisions of this Ordi-
nance shall constitute a contract between the City and the holders
of the Bonds, and the holder of any one or more of the Bonds may
sue to recover interest or principal which has not been paid
according to the terms of said Bond. The holders of twenty-five
percent (25%) of the principal amount of Bonds then outstanding
IIImay sue in any action, in mandamus, injunction or other
-29-
outstanding. Amendments to this Ordinance :rhich, in the opinion
of the City, correct omissions or ambiguities or which add to the
security of the bondholders may be made by the Cite vVen agreed to
by the Company. Every amendment or modification of a provision of
the Bonds or of this Ordinance to which the written consent of the
bondholders is required as above provided shall be ex7ressed in an
ordinance of the City amending or supplementing the provisions of
this Ordinance and shall be deemed to be a part of this Ordinance.
it shall not be necessary to ncte on any of the outstanding Bonds
any reference to such amendment or modification, if any. Upon
Payment of the reasonable cost of preparing the same, a certified
copy of every such amendatory or supplemental ordinance, if any,
and a certified copy of this Ordinance will be sent by the City
Clerk to any bondholder or prospective bondholder requesting the
Same.
The Lease may be amended by the City and the Company,
except as to rent or certain other matters which may be made only
with the consent of a specified percentage of the holders of the
then outstanding Bonds, as provided therein.
SeC M-19 • OZZMalat. The provisions of this Ordi-
nance shall constitute a contract between the City and the holders
of the Bonds, and the holder of any one or more of the Bonds may
sue to recover interest or principal which has not been paid
according to the terms of said Bond. The holders of twenty-five
percent (25%) of the principal amount of Bonds then outstanding
IIImay sue in any action, in mandamus, injunction or other
-29-
proceedings, either =_t law or in equity, to enforce or compel
perf ormance of all duties and obligations required by this Ordi-
nance to be done or performed by the City or the Company. Nothing
contained in this Ordinance shall, however, be construed to impose
on the City any duty or obligation to levy any taxes either to
meet any obligation contained herein or to ray the principal of or
interest on the Bonds.
Seciion 22. 2e=au1ts__v_easts of yefau1t. if any of the
follOwing events occur, it is hereby defined as and declared to be
and to constitute an "event of default" within the meaning of this
Ordinance:
(a) Default in the due and punctual payment of any
interest on any Bond;
(b) Default in the due and punctual payment of the
principal of or redemption premium, if any, on any
Bond, whether at the stated maturity thereof, or
upon any redemption, or upon the Maturity thereof
by declaration as provided in Section 22 hereof; or
(c) Default in the performance or observance of
any other of the covenants, agreements or condi-
tions on the part of the City in this Ordinance cr
in the Bonds contained, or default on the part of
the Company under the :ease in failing to pay or
causing to be paid the rentals or other payments
provided in the Lease or its failure to maintain
such insurance as is required by the Lease, and the
continuance thereof for a period of thirty C30)
days after written notice given to the City by the
Fiscal Agent or by the holders of not less than
twenty-five percent (25%) of the aggregate princi-
pal amount of Bonds then outstanding.
Section 21. 3Eva l_
Defagt. Upon the happening of an event of default, as defined in
Section 20 hereof, the holders of twenty-five percent (25A) or
more of the aggregate principal amount of Bonds then outstanding
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of and interest on all of the Bonds then outstanding to be due and
payable immediately, and upon such declaration given as aforesaid,
said principal and interest shall be immediately due and payable,
anything in the Bonds or this Ordinance contained to the contrary
notwithstanding. This provision, however, is subject to the con -
11 dition that if at any time thereafter all arrears of interest, ex-
cept interest accrued but not yet due, and all arrears of princi-
pal shall have been paid in full, or such default otherwise cured,
then in every such case the holders and owners of a majority in
principal amount of the Bonds then outstanding, by written notice
to the Fiscal Agent, to the '".ayor or City Clerk and to the Com-
pany, may rescind and annul such declaration and its consequences,
but no such rescission or annulment shall extend to or affect any
subsequent default or impair any rights consequent thereon.
Se_q�UoZ 22. 1221i catj2le=_I'Qneys. Anyt!iJ ng in this
Ordinance to the contrary notwitkstandyne, if at any time the
moneys in the Principal and Interest Account shall not be suffi-
cient to pay the principal of, premium, if any, and interest on
the Bands as they become due and payable, all moneys received by
the Fiscal Agent shall, after payment of the cost and expenses of
the proceedings resulting in the collection of such moneys and of
the expenses, liabilities and advances incurred or made by the
Fiscal Agent, be applied by the Fiscal Agent as follows:
_31-
may,
by written notice
given
to the Fiscal
Agent,
to the `!ayor or
City
Clerk of the City
and to
the Comuany,
declare
the principal
of and interest on all of the Bonds then outstanding to be due and
payable immediately, and upon such declaration given as aforesaid,
said principal and interest shall be immediately due and payable,
anything in the Bonds or this Ordinance contained to the contrary
notwithstanding. This provision, however, is subject to the con -
11 dition that if at any time thereafter all arrears of interest, ex-
cept interest accrued but not yet due, and all arrears of princi-
pal shall have been paid in full, or such default otherwise cured,
then in every such case the holders and owners of a majority in
principal amount of the Bonds then outstanding, by written notice
to the Fiscal Agent, to the '".ayor or City Clerk and to the Com-
pany, may rescind and annul such declaration and its consequences,
but no such rescission or annulment shall extend to or affect any
subsequent default or impair any rights consequent thereon.
Se_q�UoZ 22. 1221i catj2le=_I'Qneys. Anyt!iJ ng in this
Ordinance to the contrary notwitkstandyne, if at any time the
moneys in the Principal and Interest Account shall not be suffi-
cient to pay the principal of, premium, if any, and interest on
the Bands as they become due and payable, all moneys received by
the Fiscal Agent shall, after payment of the cost and expenses of
the proceedings resulting in the collection of such moneys and of
the expenses, liabilities and advances incurred or made by the
Fiscal Agent, be applied by the Fiscal Agent as follows:
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(a) Unless the principal of all the 3onds shall
have become or shall have been declared due and
Payable, all such moneys shall be applied:
FIRST - To the payment to the persons en-
titled thereto of all installments of interest
then due on the 3onds, in the order of the
maturity of the installments of such interest
and, if the amount available shall not be suf-
ficient to pay in full any particular install-
ment, then to the payment ratably, according
to the amounts due on such installment, to the
persons entitled thereto, without any dis-
crimination or privilege; and
(b) If the principal of all the Bonds shall have
become due or shall have been declared due and pay-
able, 311 such moneys shall be applied to t`:e pay-
ment of the principal, premium, if any, and inter-
est then due and unpaid upon the Bonds, witicut
preference or priority, ratably, according to the
amounts due respectively for principal, premium, if
any, and interest, to the persons entitled thereto
without any discrimination or privilege.
Q) If the principal of all the Bonds shall have
been declared due and payable, and if such
declaration shall thereafter have been rescinded
and annulled under the a_rovisions of Section 22
hereof then, subject to the provisions of paragraph
(b ) of this Section 23 in the event that the prin-
cipal of all the 3onds shall later become due or be
declared due and parable, the moneys shall be
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SECOND - To the payment to the persons
entitled thereto of the unpaid principal of
and premium, if any, on any of the Bonds which
shall have become due (other than Bonds called
for redemption for the payment of which moneys
are held pursuant to the provisions of this
Ordinance), in the order of their due dates,
with interest on such Bonds from the
respective dates upon which they become due
and, if the amount available shall not be suf-
ficient to pay in full the principal of, pre-
mium, if any, and such interest on the Bonds
due on any particular late, then to the
Payment ratably, according to the amount of
the principal, interest and premium, if any,
due on such date, to the persons entitled
thereto without any discrimination or
privileie.
(b) If the principal of all the Bonds shall have
become due or shall have been declared due and pay-
able, 311 such moneys shall be applied to t`:e pay-
ment of the principal, premium, if any, and inter-
est then due and unpaid upon the Bonds, witicut
preference or priority, ratably, according to the
amounts due respectively for principal, premium, if
any, and interest, to the persons entitled thereto
without any discrimination or privilege.
Q) If the principal of all the Bonds shall have
been declared due and payable, and if such
declaration shall thereafter have been rescinded
and annulled under the a_rovisions of Section 22
hereof then, subject to the provisions of paragraph
(b ) of this Section 23 in the event that the prin-
cipal of all the 3onds shall later become due or be
declared due and parable, the moneys shall be
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applied in accordance with the provisions of pare -
crash (a) of this Section.
Whenever moneys are to be applied pursuant to the provisions of
this Section, such moneys shall be applied at such tines, and from
time to time as the Fiscal Agent shall determine, having due re-
gard to the amount of such moneys available for such application
in the future. Uer_ever the Fiscal Agent shall apply such funds,
it shall fix the date (which shall be an interest payment date un-
less it shall deem another date more suitable) upon which such ap-
plication is to be made, and upon such date interest on the
amounts of principal to be paid on such date shall cease to ac-
crue. The Fiscal Agent shall give such notice as it may deem ap-
propriate of the deposit with it of any such moneys and of the
fixing of any such date and shall not be required to make payment
to the bearer of any unpaid coupon or the owner or holder of any
Band until such coupon or such Bond and all unmatured coupons, if
any, appertaining to such Bond shall be presented to the Fiscal
Agent for appropriate endorsement or for cancellation if fully
paid.
Secti2a-21. Defeaslnc_. ihen all of the Bonds and all
Coupons representing interest thereon shall have been paid and
discharged, then the agreements, obligations, covenants and re-
quirements contained in this Ordinance (other than those set forth
in this Section) and the pledge of the rents and revenues derived
from the Facility made hereunder and all other riaits granted
hereby shall cease and terminate. The ?onds and coupons shall be
deemed to lave been paid and discharged within the meaning of this
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-34-
Ordinance and within the meaning of the Lease when there shall
have been deposited with the Fiscal Agent at or prior to the matu-
Litt' or redemption date of the Bonds and coupons, in trust for and
irrevocably appropriated thereto, moneys and/or direct obligations
of, or obligations the principal of and interest on which are
guaranteed by, the United States of America, which moneys and
obligations, together with the interest to be earned on such obli-
gations, will be at least sufficient for the payment of the prin-
cipal of and premium, if any, on the Bonds and interest to accrue
thereon to the date of maturity or redemption, as the case may be,
or if default in such payment shall have occurred on such date,
then to the date of the tender of such payments, and provision
shall also have been made for all other sums payable under the
Provisions of this Ordinance; provided,
always, that if any of the
3onds are to be redeemed prior to the maturity thereof, the City
(and the Company, if required hereunder) shall have elected to
redeem such Bonds and such Bonds shall have been called for re-
demption or irrevocable instructions to call such Bonds for re-
demption shall have been given. Any moneys and obligations which
at any time shall be deposited by or on behalf of the City for the
purpose of paying and discharging any of the Bonds or coupons
shall be, and are hereby, assigned, transferred and set over to
the Fiscal Agent in trust for the respective taolder_s of the Bonds
and coupons, and such moneys and obligations shall be and are
hereby irrevocably appropriated to the payment and discharge
thereof. if, through lapse of time or other rise , the holders of
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1
n
1
the Bonds or coupons shall no longer be entitled to enforce pay-
ment of their obligations, then, in such event, it shall be the
duty of the holier cf such moneys and obligations forthwith to pay
such moneys and obligations to the Company, as provided in Section
6 above.
Sect12n_24. 0nfuta.1jers. To the extent that
such information shall be made Known to the Fiscal Agent under the
terms of this Section, the Fiscal Agent will keep on file at its
principal office a list of names and addresses of the last known
holders of all Bonds; provided, that any bondholder must request
that his name and address be placed on said list by filing a writ -
tan request with the Fiscal Agent, which request shall include a
statement of the principal amount of Bonds held by such holder and
the numbers of such Bonds. 'The Fiscal Agent shall be under no re-
sponsibility with regard to the accuracy of said list. At reason-
able_ times and under reasonable regulations established by the
Fiscal Agent, said list may be inspected and copied by the Company
or by the holders and/or owners (or a designated representative
thereaf ) of twenty-five percent ( 257) or more in *principal amount
of Bonds then outstanding, such 3vnershio and the authority of any
such, designated representative to be evidenced to the satisfaction
of the Fiscal Agent.
SgZ*.ig"25. Ccn�ents�_��a_Bondholdeyj. Any con -
sent, request, direction, aprro'fal, objeCtioa or other instrument
required by this Ordinance or the Lease herein aut.hccized to be
si;ned and executed by the beniholders may be in any number of
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concurrent writings of similar tenor and may be signed or executed
by such bondholders in person or by agent appointed in writing.
?roof of the execution of any such consent, request, direction,
approval, objection or other instrument or of the writing appoint-
ing any such agent and of the ownership of Bonds, if made in the
following manner, shall be sufficient for any of the purposes of
this Ordinance, and shall be conclusive in favor of the City, the
Fiscal agent, the Paying agent and the Company with regard to any
action taken under such request or other instrument, namely:
Cal The fact and date of the execution
by any person of any such writing may be
proved by the certificate of any officer in
any jurisdiction who by law ?gas power to take
acknowledgments within such jurisdiction that
the person signing such writing acknowledged
before him the execution thereof, or by affi-
davit of any witness to such execution.
(b) The fact of the holding by any
person of Bonds and/or coupons transferable by
delivery and the amounts and numbers of such
3onds, and the date of the holding of such may
be proved by a certificate executed by any
trust company, bank or bankers, wherever sit-
uated, stating that at the date thereof the
Party named therein did exhibit to an officer
of such trust company or bank or to such
bankers, as the property of such party, the
Bonds and/or coupons therein mentioned, if
such certificate shall be deemed by the person
to whom such consent is addressed to be satis-
factory. Such person may, in his discretion,
require evidence that such 3onds have been
deposited with a bark, bankers or trust
company before taking any action based on such
ownership. In lieu of the foregoing, such
person may accept other proofs of the fore-
going as he shall deem appropriate.
For all purposes of this Ordinance and of the proceedings for the
enforcement hereof, such person shall be deemed to continue to be
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Action -A. Provisia�s Reiatina ro_ 2 ^1a2jj_Aaent.
(a) Prior to the receipt of the Bond 7rcceeds
pursuant to the provisions of Section 10 hereof,
the Fiscal Agent shall file with the City Clerk its
written acceptance of the duties specified in this
Ordinance and in the Lease and its agreement to act
in said capacity.
(b) The Fiscal Agent's duties and responsibilities
the holder
of such
Fond
until the Paying Agent shall have received
(c) All resolutions, opinions, certificates and
Notice in
writing
to the
contrary.
Action -A. Provisia�s Reiatina ro_ 2 ^1a2jj_Aaent.
(a) Prior to the receipt of the Bond 7rcceeds
pursuant to the provisions of Section 10 hereof,
the Fiscal Agent shall file with the City Clerk its
written acceptance of the duties specified in this
Ordinance and in the Lease and its agreement to act
in said capacity.
(b) The Fiscal Agent's duties and responsibilities
(d) No provision contained in this Section shall
be construed to relieve the Fiscal Agent from
liability for its own negligent action, its own
negligent failure to act, or its own willful
misconduct, except that this subsection shall not
be construed to limit the effect of subsections
(b), (c) and (d) of this Section and the Fiscal
Agent shall not be liable for any error of judgment
made in good faith unless it shall be proved that
the Fiscal Agent was negligent in ascertaining the
pertinent facts.
(e) The Fiscal A7ent shall have the right to buy,
sell, own, deal or trade in the Bonds or the
coupons relating thereto without giving notice
thereof to the City or the Company or any bond-
holder and without incurring any liability
whatsoever with respect thereto.
(f) The Fiscal Agent may be removed at any time by
the City with the consent of the Company ani may
resign by an instrument in writing deliverel to the
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shall be limited to those expressly set forth in
this Ordinance, the Luse and the Guaranty.
(c) All resolutions, opinions, certificates and
other instruments referred to or provided for
herein or in the Lease may be accepted by the
Fiscal Agent as conclusive evidence of the facts,
opinions and conclusions stated therein and shall
be full warrant, protection and authority to the
Fiscal Agent for any action reasonably taken
Pursuant thereto. The Fiscal Agent shall be under
a duty to examine any such resolutions, opinions,
certificates and other instruments to determine
whether or not they conform to the requirements of
this Ordinance and the Lease.
(d) No provision contained in this Section shall
be construed to relieve the Fiscal Agent from
liability for its own negligent action, its own
negligent failure to act, or its own willful
misconduct, except that this subsection shall not
be construed to limit the effect of subsections
(b), (c) and (d) of this Section and the Fiscal
Agent shall not be liable for any error of judgment
made in good faith unless it shall be proved that
the Fiscal Agent was negligent in ascertaining the
pertinent facts.
(e) The Fiscal A7ent shall have the right to buy,
sell, own, deal or trade in the Bonds or the
coupons relating thereto without giving notice
thereof to the City or the Company or any bond-
holder and without incurring any liability
whatsoever with respect thereto.
(f) The Fiscal Agent may be removed at any time by
the City with the consent of the Company ani may
resign by an instrument in writing deliverel to the
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-38-
City and the Company to take effect not snorer than
ninety (9E) days after its delivery, and upon such
removal or resignation the City, with the consent
of the Company, shall immediately, inwriting,
designate a successor fiscal agent. Such successor
fiscal agent shall be a bank, trust company or
national banking association which is a member of
the Federal Reserve System and which has a capital
stock and surplus aggregating at least sic,COC,C00.
Such successor fiscal agent shall be subject to the
same duties and Obligations and shall have the same
rights, privileges and immunities specified in this
Ordinance and in the Lease for the Fiscal Agent.
Any such successor fiscal agent shall file an
acceptance in the form referred to in subsection
(a) hereof with the City Clerk within ten (10) days
Of its appointment.
W The Fiscal Agent shall be entitled to payment
or reimbursement for reasonable fees for its
ordinary services and all advances, counsel fees
and other ordinary expenses reasonably and
necessarily made or incurred by it in connection
with its ordinary services, all such fees and
expenses to be paid by the Company as Additional
Rent as s;ecified.in Article 11 of the Lease.
(h) The Fiscal Agent shall have the right to con-
tinue, or to enter into, banking relationships Kth
the Company, with the City, and With any corpora-
tion, all or any part of the stock of 'which is
owned by the Company or the City, includinq, with-
out limitation, tate acceptance of deposits of funds
from or the making of secured or unsecured loans to
the Company or the CitT and any such cornoration,
without giving either notice thereof or notice of
any information concerning the Company or the City
or any such corporation which comes to the atten-
tion of the Fiscal Agent as result thereof, to the
City or to any bondholder, and the Fiscal Agent
shall not incur any liability whatsoever to the
City or to any bondholder as a result thereof, o7_
as a result of the collection or other enforcement
by the Fiscal Agent Of its ri;hts with respect to
any such transaction.
Ci) The Fiscal Agent is hereby authorized and
directed to bill and collect fros the Company any
and all payments made by the Company in lieu of
tare°s, due upon the Facility whether under the
Lease or under any other agreement and to promptly
deliver said payments to the City.
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F1
Q) The Fiscal agent's duties and responsibilities
shall include those expressly set forth in this Ir-
dinance and in the Lease and shall Further include
those rights, duties, responsibilities and obliga-
tions which are reserved to or i posei upon the
City under this Ordinance and the Lease, excepting
only such of those rights, duties, responsibilities
and obligations as may only be properly and law-
fully exercised by or imposed upon the City.
5ec02n_27.P3v_ments_�ue_o2aturda7s, adall—an!a!
Holidays. In any case where the date of maturity of interest on
or principal of the 3onds or the date fixed for redemption of any
Bonds shall be a Saturday, a Sunday or a legal holiday or a day on
Which banking institutions are authorized by law to close, then
payment of interest or principal need not be made on such date but
may be made on the next succeeding business day not a Saturday, a
Sunday or a legal holiday or a day upon which banking institutions
are authorized by law to close, with the same force and effect as
is made on the date of maturity or the date fixed for redemption,
and no interest shall accrue on the amount being paid for the
period after such date.
Sel a 2Q.?lutI�o�iz3t �g_o__T a jse . The Facility shall
be leased to the Company under and pursuant to a Lease dated as of
February 1, 1990, substantially in the form attached to tlis Ordi-
nance and marked Exhibit "A", Which Lease (with such corrections
and changes therein as the officers executing the same deem
appropriate) the Mayor and City Clerk are hereby authorized and
directed to execute for and on behalf of and as the act and deed
of the City.
-39-
�7
J
j
Section ?9. Anarova of 13 -_ntv Acjj_emea. * . The
3uaranty Agreement dated as of February 1, 1980, Pursuant to which.
the Company guarantees to the Fiscal agent, for the benefit of the
bondholders, the payment of the principal of and interest and re-
demption premium, if any, on the Bonds, is hereby approved in the
form attached to this Ordinance and marked Exhibit "B", which
Guaranty Agreement the Fiscal Agent is authorized to accept. The
Fiscal Agent shall enforce the Guaranty Agreement for the benefit
and protection of the owners and holders of the Bonds as long as
the Bonds remain outstanding and unpaid and prevent any default or
prospective default in the payment of the Ponds or the interest
thereon at the stated maturity thereof or the redemption, as the
casa,may be, or in the observance of any covenant, agreement or
undertaking contained in the Guaranty Agreement. The Fiscal Agent
shall not permit or consent to any change, amendment, modification
or termination of the Guaranty Agreement except to the extent pro-
vided therein.
Sect �n_3Q. _ler± �_J� e�_Sgct o�10 �ZS Z�F ttte
I-nt,—ina. 9e�ea.11? C !Ia. The City hereby elects that Section
103(b)(5)(D) of the Interaal Revenue Code of 1954, as amended,
shall apply to the Ponds, and the `!ayor and City Clerk are hereby
authorized and directed to file evidence of said election with any
appropriate officer of the United States, including the Secretary
of the 'treasury or his delegate, and to take such other action as
may be necessary to make effective the election made herein.
-40-
-41-
2t=' —0n 3?. leverabili4Z. Tc any one or mere of the
covenants, a:_77aements or provisions of this Ordinance, or of the
Lease, should be held cnntra_y to any exprass Provision of lair or
contrary to the policy of express law, though not expressly
prohibited, or against public policy, or should for any reason
whatsoever be held invalid, then such covenants, agreements or
provisions shall be null and void and shall be deemed separate
from the remaining covenants, agreements or provisions, and shall
in no way affect the validity of the other provisions of this
Ordinance or of the Bonds or of the Lease.
Sectt,gja_12. Ageements_of_tje C��. All covenants,
stipulations, and obligations of the City contained in this Ordi-
nance and the Lease shall be de=emed to be the covenants, stipula-
tions, obligations and agreements City
of the to the full extent
authorized or permitted by lair, and all such covenants, stipula-
tions, obligations and agreements shall be binding upon the City
and its successors from time to time and upon any board, body or
agency to which any powers or duties affecting such covenants,
stipulations, obligations and agreements shall be transferred by
or in accordance lith law. Except as atherWIise provided in this
Ordinance, all rights, powers and privileges conferred and duties
and`Tiabiiities unposed upon_ the City or any officials thereof by
the provisions of this Ordinance or the Lease shall be exercised
or performed by tate City or by such officers as may be required by
law to exercise such powers and to perform such duties. No ccve-
rant, stipulation, obligation or a,reement herein contained or
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Secs,=g_3u.Pe�fc�,m.an_g_Q__;t All acts, conditions
and things required by the Constitution and laws of t`e State of
Kansas, relating to the enactment of this Ordinance, to the
issuance
contained in the Lease shall be Seemed to be a covenant, stipula-
and to the
tion, obligation or agreement of any official, officer, agent or
of the Guaranty Agreement, to happen, exist
and be
employee of the City in his individual capacity, and neither the
performed
precedent to and in the enactment of this
Officials of the City nor any officer executing the 3onds shall be
precedent
liable personally on the Bonds or by such for any personal liabil-
the execution
ity or accountability by reason of the issuance thereof.
and precedent to the approval of the Guaranty
Agree-
Se2ti2n 33. CnnvI =_nc__of_FacII ty. Upon receipt by
ment have
happened, exist and have been pelf orme3 as
the City of the purchase price of all or any part of the property
law.
subject to the Lease, title to said property shall be transferred
and conveyed to the Company as provided in the Lease, and the
Section?5. _u;,,tt _kj_AoZIt . The officials
of the
City, and
the attorneys, engineers and other agents
Mayor and other appropriate officers of the City are hereby au-
thorized and directed to execute such deeds, bills of sale and
other instruments as may be necessary to effect such conveyance
and transfer.
Secs,=g_3u.Pe�fc�,m.an_g_Q__;t All acts, conditions
and things required by the Constitution and laws of t`e State of
Kansas, relating to the enactment of this Ordinance, to the
-42-
issuance
of the Bonds, to the execution of the Lease
and to the
approval
of the Guaranty Agreement, to happen, exist
and be
performed
precedent to and in the enactment of this
Ordinance,
precedent
to the issuance of the Bonds, precedent to
the execution
of the Lease
and precedent to the approval of the Guaranty
Agree-
ment have
happened, exist and have been pelf orme3 as
required by
law.
Section?5. _u;,,tt _kj_AoZIt . The officials
of the
City, and
the attorneys, engineers and other agents
or employees
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11
F—
of the City are hereby authorized to do all acts and }hint's re-
quired of them by this Ordinance and the Lease for the full, Punc-
tual and complete performance of all of the terms, covenants and
agreements contained in the 3onds, the Lease and this Ordinance.
Sectg�_�F .g v� _�f O3f:c,:�Seme3- The Preli-
Minary Official Statement and the Official Statement (with such
corrections and changes therein as the officers executing the same
deem appropriate) are hereby approved and the Mayor is hereby
authorized and directed to execute said Preliminary Official
Statement and Official Statement for and on behalf of and as t'ie
act and deed of the City.
S tom' �� 37. Effect ,2 Da_e. This Ordinance shall take
effect and be in force from and after its passage and publication
in the official City paper.
PASSED AND APPROVED by the governing body of the City of
Salina, Kansas, this .24/t�day of —)ql ram_, 1980.
ATTEST:
Ci; y Clerk
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A).
"a i or