80-8791 IRB Windsor NursingORDINANCE NUMBER 80-8791
(Published in The Salina Journal 1(.0 1980) I
AN ORDINANCE AMENDING SECTION 11 OF ORDINANCE NUMBER 80-8774 OF THE
CITY OF SALINA, KANSAS, PASSED AND APPROVED ON MARCH 24, 1980, AUTHORIZING THE
CITY OF SALINA, KANSAS, TO ACQUIRE REAL PROPERTY AND CONSTRUCT, PURCHASE AND
INSTALL BUILDINGS AND IMPROVEMENTS AND FURNISHINGS AND EQUIPMENT TO BE LEASED TO
WINDSOR NURSING HOME ASSOCIATES, INC., A KANSAS CORPORATION; AUTHORIZING AND
DIRECTING THE ISSUANCE OF $1,450,000 PRINCIPAL AMOUNT OF NURSING HOME REVENUE
BONDS, SERIES 1980, OF SAID CITY; AND REPEALING SAID SECTION 11 OF SAID ORDINANCE
NUMBER 80-8774 AS ORIGINALLY ENACTED.
WHEREAS, the Governing Body of the City of Salina, Kansas, duly adopted
Ordinance Number 80-8774 on March 24, 1980, which Ordinance, among other things,
authorized the issuance of $1,450,000 principal amount of Nursing Home Revenue
Bonds, Series 1980, and
WHEREAS, an error occurred in Section 11 of said Ordinance Number
80-8774, in the recital of the amount of $131,750 to be deposited in the Debt
Service Reserve Account from Bond Proceeds, and
WHEREAS, the correct amount of $116,000 to be deposited in the Debt
Service Reserve Account is set forth on Page 9 of the Official Statement dated
April 25, 1980, which was delivered to prospective purchasers of the Bonds; SO
NOW, THEREFORE
Kansas:
BE IT ORDAINED by the Board of Commissioners of the City of Salina,
Section 1. That Section 11 of Ordinance Number 80-8774 of the City of
Salina, Kansas, passed and approved on March 24, 1980, said Ordinance authorizing
the issuance of Nursing Home Revenue Bonds, Series 1980, of said City in the
principal amount of $1,450,000, be, and the same is hereby amended to read as
follows:
"Section 11. Construction Fund. There is hereby authorized 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 pay
from the proceeds of the sale of the Bonds into the Principal and
Interest Account hereinafter created the accrued interest and premium,
if any, received upon the sale, together with an additional amount of
$40,000, representing a 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 of the
Bonds into the Debt Service Reserve Account hereinafter created the
sum of $116,000. The balance of the proceeds of the sale of the Bonds
shall be deposited in the Construction Fund. The 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 provided 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."
Section 2. That Section 11 of said Ordinance Number 80-8774 of the
City of Salina, Kansas, be and the same is hereby repealed and recinded.
Section 3. That this Ordinance shall take effect and be in force from
and after its passage and publication in the official city newspaper.
Introduced: May 5, 1980
1
(SEAL)
ATTEST:
1
1
D. L. Harrison, City Clerk
Passed: May 12, 1980
aj, nvr-
Dan S. Geis, Mayor