6904 IRB Community Innr
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ORDINANCE NO. 6.904
AN ORDINANCE AUTHORIZING THE CITY OF SALINA, KANSAS, TO PAY THE
COS OF ACQUIRING A SITE FOR A BUILDING TO BE USED FOR COMMERCIAL G JJ
FACILITIES; AUTHORIZING AND DIRECTING THE ISSUANCE OF $600,000 �Dl
PRI OIPAL AMOUNT OF INDUSTRIAL REVENUE BONDS, SERIES B. OF SAID
CIT IFOR THE PURPOSE OF PAYING THE COST OF ACQUIRING A SITE FOR
A BUILDING TO BE USED FOR COMMERCIAL FACILITIES,
WHEREAS, the City of Salina, Kansas, a city of the first
class, hereinafter sometimes referred to as the "City", desires to
promote, stimulate and develop the general economic welfare and
pro oerity of the City of Salina, Kansas, and its environs and
the eby to further promote, stimulate and develop the general
eco�gmic welfare and prosperity of the State of Kansas.
WHEREAS, pursuant to the provisions of K.S.A. 12-1740
to 2-1749, said City is authorized to issue industrial revenue
bonds of the City, and it is hereby found and determined to be ad-
visable and in the interest and for the welfare of the City and
its inhabitants that industrial revenue bonds of the City in the
pri0Gipal amount of $600,000 be authorized and issued, for the
pur�ose of providing funds to pay the cost of acquiring a site for
a b i'ildinr to be used for commercial facilities to be leased to
Sal ha Community Inn of America, Inc., a Kansas corporation, here-
ina ter sometimes referred to as the "Company", the proceeds of
the Bonds to be used in conjunction with an issue of $1,500,000
pri cipal amount of Salina, Kansas, Community Inn and Convention
Cen er Revenue Bonds, Series A, dated January 1, 1966, and
WHEREAS, the City will acquire prior to or concurrently
wit the issuance of the bonds herein authorized the real prop-
ert hereinafter described.
THE
NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF
CIITY OF SALINA, KANSAS:
2-2-66
Section 1. That the City of Salina, Kansas, is hereby
thorized to acquire a site for a building; to be used for
mercial facilities on the following described real property, to
t:
of Lots Eighty-four ( 84) , Eighty-six ( 86) , Eighty-eight (88),
ety (90), Ninety-two (92), Ninety-four (94), Ninety-six (96)
Ninety-eight (98) on Fourth Street in the Original Town
w city) of Salina, Saline County, Kansas.
of Lots One Hundred (100), One Hundred Two (102), One Hundred -
r (104), One Hundred -six (106) and One Hundred -eight (108),
ept that part taken for railroad right-of-way, all on Fourth
eet, in the Original Town (now city) of Salina, Saline County,
sas.
1 of Lots Eighty-nine (89), Ninety-one (91), Ninety-three (93),
nety-five (95), Ninety-seven (97), Ninety-nine (99), One Hundred
e (101), One Hundred Three (103), One Hundred -five (105) and
e Hundred Seven (107), all on Fifth Street in the Original Town
ow city) of Salina, in Saline County, Kansas
Subject to: (i) easements, restrictions
and reservations of record, and (ii) the
rights of the public in that part of the
aforesaid premises, if any, now lying and
being in public roads and highways.
Lid real estate and any building thereon and any other improvements
;lacing the roto b,_Ang sometimes hereinafter described as the
'acility" in accordance with the provisions of the Lease dated
January 1, 1066, between said City and said Salina
)mmunity Irin of Arieriea, Inc., hereinafter sometimes referred to as
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e "Lease", said Lease being authorized by the provisions of
dinance No, 690 of said City, (said Facility being referred to
the Lease as the "Project"), the cost of said real property not
exceed the cost ot' $600,000 to said City.
Section 2. That _:or the purpose of providing funds to
the cost of acquiring a site for a building to be used for
rcial facilities to be leased to Salina Community Inn of
Merica, Inc., a Kansas corporation, there shall be issued and
reby are authorized and directed to be issued a series o" Indus-
ial Revenue Bonds, Series B, of the City of Salina, Kansas, in
e principal amount of $600,000 Said bonds herein authorized,
reinafter sometimes referred to as the "bonds" or the "revenue
nds", and all interest thereon shall be paid solely from the
ney and revenue received from the fees charged and rental received
r the use of the facility and not from any other fund or source..
e City hereby pledges the Facility and the net earnings there- t/
om to the payment of the bonds and the interest thereon
The bonds herein authorized are junior and subordinate in
1 respects, including the payment of interest and principal
Cher at maturity or on call for redemption and payment, to the
1500,000 principal amount of Salina Kansas, Community Inn and
dnvention Center Revenue Bonds, Series A, dated January 1, 1966,
.thorized by Ordinance No. 6903 of said City, and if there shall
'er be a default in the payment of principal of or interest on
id Revenue Bonds, Series A, or if the City shall be in default
th respect to the payment of any reserves or other payments ero-
ded for by the ordinance authorizing said Series A Bonds, the
ty shall make no payments on account of the principal of or in -
rest on the bonds herein authorized until all of said defaults
cured.
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the
frc
nal
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on
Section 3. Said Industrial Revenue Bonds, Series B, of
City of Salina, Kansas, shall consist of 120 bonds, numbered
1 to 120, inclusive, each of said bonds being in the denomi-
on of $5,000. All of said bonds shall be dated January 1,
, and said bonds shall be numbered, shall become due serially
ecember 1 in each year and shall bear• interest as follows:
MATURITY
NUMBERS AMOUNT DECEMBER -1 INTEREST
1 24 $1203000 1989 5%
25 - 118 120,000 90 5%
49 - 72 1200000 91 5%
73 - 96 1200000 2 5%
97 - 120 120,000 3 5%
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Said bonds shall bear interest from date, payable semi-
ually on June 1 and December 1 in each years at the rate here-
bove specified.
Each of said bonds numbered 1 to 120, inclusive, may
called for redemption and payment at the option of said City
whole or in part, in inverse numerical order, Dece.lber 1, 1988,
on any interest payment date thereafter at the par value there -
plus accrued interest thereon to date fixed for redemption
nd payment, together with a premium which shall be equal to
1/2% of the principal amount of bonds so redeemed and paid.
Each of said bonds numbered 1 to 120, inclusive, shall
e subject to redemption and payment on any interest payment date
pon either of the following conditions or events, provided all
said bonds are so redeemed and paid: (1) If title to, or the
se for a limited period of, substantially all of the Facility
Oject to said Lease be condemned by any authority having the
Ower of eminent domain; or (2) If substantially all of the im-
rovements and equipment constituting a part of such Facility
je damaged or destroyed by fire or other casualty. In either
such events all of said bonds shall be subject to redemption
d payment at the par value thereof, plus accrued interest there-
to date fixed for redemption and payment, together with a prem -
on which shall be equal to 2 1/4% of the principal amount of
Onds so redeemed and paid.
None of the bonds herein authorized shall be called
or redemption and payment as long as any of the Salina, Kansas,
ty Inn and Convention Center Revenue Bonds, Series A,
ted January 1, 1966, remain outstanding and unpaid, or provi-
on made for the payment thereof.
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Notice of any redemption provided for by this Ordinance
shall be given by United States registered mail to the paying agent
heroin designated and to Almon McKinney & Dudley, Inc., in the City
of Dallas, Texas, such notice to be mailed at least 30 days prior
to the date fixed for redemption and payment and to specify the
ers of the bonds to be redeemed and paid. Interest shall cease
onl4ny of said bonds so called for redemption and payment as of the
mption date, provided funds are available to pay the same ac-
cording to their terms.
Said bonds and interest coupons to be attached thereto
as hereinafter provided shall be payable in lawful money of the
Un t,ed States of America at Mercantile National Bank at Dallas, in
th ICity of Dallas, Texas, hereinafter sometimes referred to as the
"P yjing Agent".
Section 4. Said bonds and each of them shall be executed
fo hand on behalf of the City by the Mayor and attested by the City
C1 rk, with the seal of the City affixed. Interest coupons shall
be attached to said bonds representing the interest to mature there-
on land said interest coupons shall bear the facsimile signatures
of the Mayor and City Clerk of said City.
Section 5. Each of said Bonds and interest coupons and
the certificates attached thereto shall be in substantially the
fo llowing form:
No. $5,000
UNITED STATES OF AMERICA
STATE OF KANSAS
COUNTY OF SALINE
CITY OF SALINA
INDUSTRIAL REVENUE BOND
SERIES B
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KNOW ALL MEN BY THESE PRESENTS: That the City of Salina,
in the County of Saline, State of Kansas, for value received, hereby
pr raises to pay, out of the revenues hereinafter specified, to the
bearer the sum of
FIVE THOUSAND DOLLARS
in lawful money of the United States of America, on the first day
of D1ecember, 19_, and to pay interest thereon from the date here-
of t the rate of five per cent (5%) per annumi payable semiannually
on Jlune 1 and December 1 in each year after the date hereof until
th said principal sum shall have been paid, upon presentation and
surrender of the interest coupons hereto attached, bearing the fac-
simile signatures of the Mayor and City Clerk of said City as said
coupons severally become due, both principal of and interest on this
bo dlbeing payable at Mercantile National Bank at Dallas, in the City
of Dallas, Texas.
THIS BOND is one of an authorized series of 120 bonds of
li e',date and tenor, except as to number, privilege of redemption,
and maturity, aggregating the principal amount of $6001,000 numbered
fr mll to 120, inclusive, each in the denomination of $5,000, au-
thorized by ordinance of said City, issued for the purpose of pro-
viding funds to pay the cost of acquiring a site for a building to
be used for commercial facilities (said site and building hereinafter
so etimes referred to as the "Facility") to be leased to Salina
Co 4nity Inn of America, Inc., a Kansas corporation authorized to
do business in the State of Kansas, by the authority of and in
conformity with the -provisions, restrictions and limitations
of the Constitution and statutes of the State of Kansas, in-
eluding
n-elu ing K. S. A 12-1740 to 12-1749, and all amendments there-
of and acts supplemental thereto, and all other provisions of the
law of said State applicable thereto, and this bond and all in-
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:rest hereon are to be paid by said City of Salina, Kansas,
301ely and only from the money and revenue received from the fees
:harged and rental received for the use of the Facility and not
Prom any other fund or source. Pursuant to the provisions of
Said statute, the governing body of the City has pledged said
Cacility and the net earnings therefrom to the payment of the
30ries of bonds of which this bond is a part, and the interest
hereon. Reference is hereby made to the ordinance aforesaid and
said Lease for a description of the covenants of the City with
�spect to the collection, segregation and application of the
ues of said Facility, the nature and extent of the security
said bonds, the rights of the City to issue additional bonds
b finance the Facility, the rights, duties and obligations of
he City and of the Fiscal Agent with respect thereto, and the
fights of the holders thereof.
At the option of the City, bonds numbered 1 to 120,
bclusive, of the series of bonds of which this bond is one, may
0 called for redemption and payment prior to maturity, in whole
in part, in inverse numerical order, on December 1, 1988, or
any interest payment date thereafter° at the par value thereof
accrued interest to date of redemption, together with a prem-
Lum which shall be equal to one year's interest on the bonds so
redeemed and paid.
Each of the bonds of the series of which this bond is
D e is subject to redemption and payment prior to maturity at
ity time upon any of the following conditions or events, pro-
Jided all of said bonds are so redeemed and paid: (1) If title
to, or the use for a limited period of, substantially all of the
Fy
Facility leased to said tenant be condemned by any authority hav-
ing the power of eminent domain', or (2) If substantially all of
the improvements and equipment constituting a part of such Facil-
ity be damaged or destroyed by fine or other casualty. In any
of such events said bonds shall be subject to redemption and pay-
mont at the par value thereof, plus accrued interest thereon to
date of redemption, together with a premium of 2 1/4% of the
p�incipal amount of bonds so called for redemption and payment.
None of the series of bonds of which this bond is one
shall be called for redemption and payment as long as any of the
Salina, Kansas, Community Inn and Convention Center Revenue Bonds,
Series A, Dated January 1, 1966, remain outstanding and unpaid
or provision made for the payment thereof.
Notice of the City's intention to redeem and pay said
blonds 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 herein named not less that 30 days prior to the date fixed
for redemption and payment.
This bond and the series of which it is one are junior
and subordinate in all respects, including the payment of prin-
cipal and interest, to an issue of Salina, Kansas, Community Inn
and Conventior Center Revenue Bonds, Series A, dated January 1,
10,66, in the principal amount of $1,500,000, and if there shall
be any default in the payment of the principal of or interest in
said bonds, no payment of the principal of or interest on this
pnd and the series of which it is one, until all such defaults
e, cured.
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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 form and manner as re-
quired by the Constitution and laws of the State of Kansas,
IN WITNESS WHEREOF, the City of Salina, Kansas, by
its governing body, has caused this bond to be signed by its
Mayor and attested by its City Clerk, and its corporate seal to
be hereto affixed and the interest coupons hereto attached to be
,signed with the facsimile signatures of said officers, and this
'bond to be dated this First day of January, 1966
Mayor
ATTEST:
City Clerk
(FORM OF COUPON)
Coupon No.
All Coupons for 6
Months due June 1
and December 1
$125.00
June,
On the First day of December, 19�,
th� City of Salina, Kansas, will pay bearer,
so ely from the money and revenue received
fo the use of the Facility described in the
b 4d to which this coupon is attached, and not
f4m any other fund or source, One Hundred
Twenty Five Dollars, in lawful money of the
United States of America, at Mercantile Nation-
al Bank at Dallas in the City of Dallas, Texas,
beng interest due on its Industrial Revenue
Bo d, Series B. dated January 1, 1966, No.
AT' 9ST :
y uier
Mayor
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June 1,
December 1, 19�
----------------
City of Salina
Kansas
Industrial Revenue
Bond
Series B
----------------
$125.00
STATE OF KANSAS
SS.
COUNTY OF SALINE
I, the undersigned, City Clerk of the City of Salina,
Kansas, hereby certify that the within Industrial Revenue Bond,
Series B, of the City of Salina., Kansas, has been duly register-
ed in my office according to law.
WITNESS my hand and official seal this day of
, 1966.
City Clerk
Section 6. The Mayor and City Clerk are hereby author-
ized and directed to prepare and execute in the manner hereinbe-
fore specified the Industrial Revenue Bonds, Series B, of the City
herein authorized, and to deliver said bonds to the purchaser
thereof, on payment of the purchase price which shall be deposit-
ed with the Fiscal Agent.
Section 7. There is hereby authorized and ordered to
be established in the hands of Mercantile National Bank at Dallas,
in the City of Dallas, Texas, hereby designated as the City's fis-
cal agent; and hereinafter referred to as the "Fiscal Agent:, a
separate fund or account designated as the "Salina Community Inn
of America, Inc. Site Acouisition Fund," hereinafter referred to
as the "Site Acquisition Fund." The proceeds from the sale of
said bonds shall be deposited in said Fund. The City Further
designates Planters State Bank in the City of Salina as its Co -
Fiscal Agent, hereinafter referred to as the Co -Fiscal Agent.
Section 8. Concurrently with the issuance of said bonds
the Fiscal Agent shall withdraw from said Site Acquisition Fund
any accrued interest received by said City from the sale of said
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Series A bonds, plus some additional amount as may be necessary from
thelC'onstruction Fund created by Section 8 of Ordinance No. 690 of
said City to pay the interest becoming dub on the bonds on June 1
and'December 12 1966, June 1 and December 1i 1967 and June 1, 19682
andldeposit the same in the "City of Salina, Kansas, Principal and
Interest Account for Industrial Revenue Bonds, Series D, dated
Jan4ary 1, 1966," hereinafter created.
Section 9. The Fiscal Agent shall made disbursements
from said Site Acquisition Fund for the acquisition of the site in
accordance with the terms and provisions of the lease dated January
1, .966, between said City and said Salina Community Inn of America,
Inc, authorized by the provisions of said Ordinance No. 69033
Section 10. 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, Principal and Interest
Account for Industrial Revenue Bonds, Series B. dated January 1,
1966," hereinafter referred to as the "Principal and Interest Ac-
count for Series B Bonds". The City covenants and agrees that from
and after the delivery of any of the revenue bonds herein authoriz-
ed and continuing so long as any of said bonds shall remain out-
standing, said City will maintain said account with the Fiscal Agent.
All moneys due under Exhibit E of said lease shall be paid
to and deposited monthly in the Revenue Account maintained at
Planters State Dank, Salina, Kansas, Co -Fiscal Agent and said Co -
Fiscal Agent shall transmit such funds to Mercantile National Bank
at ]gallas, the Fiscal Agent, as provided by Section 10 of Ordinance
No. 69 and shall be used by said Fiscal Agent to pay the principal
of and interest on the bonds herein authorized as the same become
duej PROVIDED, HO?,JEVER, that on May 15 and November 15 in each
yeah the Fiscal Agent shall make no payments of principal or interest
on the bond of Series B authorized by this ordinance unless it has
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on hand sufficient funds to pay said Salina Community Inn and Conven-
tion Center Revenue Bonds, Series A. and the interest thereon, and
to, make the deposits into the Reserve Account for Series A Bonds and
the Replacement and Maintenance Account created by subparagraphs (b)
and (c) of Section 10 of Ordinance No. .
Section 11. When moneys accumulated in Principal and
Interest Account for Series B Bonds shall aggregate an amount suf-
fi'cient to pay the principal of all of said revenue bonds then
outstanding, and all interest accrued to date fixed for redemption
and payment, together with the premium required to pay the same
upon call for redemption and payment, and when said bonds become
subject to redemption, said City shall proceed to give notice of
such redemption in the manner herein specified, and the Fiscal Agent
shall transfer the necessary funds in said Account to the Paying
Agent for said purpose. Any balance in said accounts not required
for said purpose shall be returned to Salina Community Inn of America,
Inc.
Section 12. Moneys in the Salina Community Inn of Amer-
ica, Inc. Site Acquisition Fund shall, upon instructions from the
Company, be invested by the Fiscal Agent in direct obligations of
the United States Government becoming due within three months from
the date of purchase. Moneys allocated and credited to and de-
posited in the Principal and Interest Account for Series B Bonds
in any amount in excess of the amount necessary to pay the amount
ofprincipal and interest next becoming due shall be invested by
the Co -Fiscal Agent, upon instructions from the Company, if at the
time permitted by law, in bonds or other direct obligations of the
United States Government or agencies thereof having A fixed re-
demption value or becoming due without loss of principal not later
than December 1, 1988. No investment shall be made pursuant to this
section for a period longer than the time the Fiscal Agent or Co-
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Fiscal Agent shall determine that said funds are not required for
the purpose for which they are intended. All interest on any bonds
or obligations held in the Site Acquisition Fund shall be deposit•.
ed in said Principal and Interest Account for Series B Bonds and
interest on any bonds or other obligations held in any other ac-
count shall accrue to and become a part of such fund or account.
Section 13. So long as any of the principal of and in-
terest on the revenue bonds herein authorized remain outstanding
and unpaid, or provision made for the payment thereof, the City
Covenants with each of the purchasers and owners of said bonds as
Follows:
(A) The City will comply fully with all the terms, pro-
visions, and conditions of the Lease which require performance by,
or impose duties on the City and that it will not permit any de-
fault to occur on the part of the City, that it will fully and
promptly enforce all of the terms, provisions and conditions of
the Lease which require performance by, or impose duties on Salina
Community Inn of America, Inc , and in the event of the occurrence
6f a default, as defined in the Lease, will exercise all rights,
and remedies conferred by the Lease for the full and complete pro-
tection of the security and rights of the bondholders and to the
extent permitted by the Lease, will use its best efforts to pro --
cure a new tenant or tenants for the leased property under lease
provisions which will provide funds sufficient in amount to make
the rental payments and other charges which Salina Community Inn
of America, Inc. is required to make under the Lease dated January
1, 1966. If the City is unable to procure a new tenant who will
enter into such a lease the City may, with the consent of the
holders of not less than seventy-five per cent (75%) of the bonds
herein authorized at the time outstanding, sell the Facility leased
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at a price not less than the amount of then outstanding revenue
bonds -olus interest then unpaid.
(B) The City will enforce collection of the rental pay-
ments and other charges in the amounts and at the times set forth
in the Lease authorized hereby and will not reduce or cause or
permit to be reduced the rental payments 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 said 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 bond-
holders or other interested parties.
(C) That until payment of all the bonds and interest
thereon has been duly made or provided for, the City will not con-
sent to any change, amendment, modification or termination of said
Lease, except as provided therein, which will in any manner affect
adversely the rights, remedies or interest of the bondholder.
(D) Any purchase price of the leased property received
by City pursuant to the termination of the Lease, any proceeds of
condemnation awards, insurance proceeds or any other funds intend-
ed for the purpose of paying said bonds will be used solely and
exclusively, first to pay the Salina, Kansas, Community Inn and
Convention Center Revenue Bonds, Series A, and the interest there-
on and then to pay the bonds herein authorized and the interest
thereon according to their terms or to redeem and pay any of said
bonds then outstanding and unpaid and then subject to redemption and
payment in the order named. Upon receipt of any such funds, if said
bonds be then subject to redemption and payment, the City shall
proceed promptly to call said bonds for redemption and payment ac-
cording to their terms and shall give notice thereof provided for
bythe terms of this ordinance. Such funds shall be deposited with
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the Fiscal Agent, and the same shall be used first for the payment
of the Salina, Kansas, Community Inn and Convention Center Revenue
Bonds, Series A, and then for the payment of the revenue bonds here-
in authorized, accrued interest on said issues and any premiums
provided for by the ordinances authorizing said bond issues and
the charges of the Fiscal Agent for paying the same.
(E) The City will not issue any other obligations pay --
able from payments made by Salina Community Inn of America, Inc ,
pursuant to the Lease, nor voluntarily create or cause to be creat --
ed any debt, lien, pledge, assignment, encumbrance, or any other
charge on said payments or on the property subject to said Lease
nor will it, unless required by law or by the terms of said Lease
sell or otherwise dispose of the Facility or any part thereof;
provided, however, that said City may issue from time to time ad-
ditional industrial revenue bonds for the purpose of extending and
improving the facilities financed out of the proceeds of the rev--
enue bonds herein authorized or completing the construction or
acquisition thereof, or constructing and equipping additional im--
provements which extensions and improvements may be located on the
land hereinbefore described, provided the following terms and con•-
4itions are met:
(a) The City shall have entered into a lease or agree-
ment with Salina Community Inn of America, Inc. with rentals or
Payments at least sufficient to pay the principal of and interest
on said additional bonds as the same become due,
(b) Salina Community Inn of America, Inc. is not in de-
fault with respect to the payment of rent or with respect to any
other material obligation or covenant contained in said Lease.
(F) The City will cause the Company to keep constantly
insured all buildings and improvements from time to time, con-
stituting a part of the property and premises leased by the Com-
pany, in the manner provided for by the Lease herein authorized:
The City's share of the proceeds of any such insurance policies
shall be payable to and deposited with the Fiscal Agent as Insur--
ance Trustee. Any of the proceeds of such policies shall be used
and applied in the manner set forth in Article XX of said Lease
(G) The City will keep books and records, or cause the
Fiscal Agent to keep books and records relating to the Facility,
which shall be separate and apart from all other books, records
and accounts of the City, in which complete and correct entries
shall be made in accordance with standard principles of accounting
of all transactions relating to the leased property and improve-
ments and the original purchasers of the revenue bonds herein
authorized, any bondholder or Salina Community Inn of America, Inc.,
or their agents, shall have the right at all reasonable times to
inspect all records, accounts and data of the City relating to the
leased property and improvements..
In the event said books and records are maintained by
the City rather than by the Fiscal Agent, the City shall, at least
once a year cause such books, records and accounts to be properly
audited by a competent auditor or accountant of recognized stand-
ing or by the City Clerk and shall make said audit available at
all reasonable times to any bondholder or to the Company.
Section 14.
The provisions of the bonds authorized by
this ordinance and provisions of this ordinance may be modified or
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amended at any time by the City with the written consent of the
holders of not less than seventy-five per cent (75%) in aggregate
principal amount of the bonds herein authorized at the time out-
standing; provided, that no such :Zodification or amendment shall
permit or be construed as permitting
(a) The es>tension of the maturity of the principal of
any of the bonds issued hereunder, or the extension of the matur.
ity of any interest on any bonds issued hereunder, (b) a reduc-
tion in the principal amount of any bonds or the rate of interest
thereon, or (c) 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 may, however, be modified or amended in any respect
with the written consent of the holders of all of the bonds then
outstanding. Every amendment or modification of a provision of
the bonds or of this ordinance to which the written consent of
the bondholders is given as above provided shall be expressed in
an ordinance of the City amending or supplementing the provisions
of this ordinance and shall be deemed to be a part of this ordi-
nance. It shall not be necessary to note on any of the outstand-
ing bonds any reference to such amendment or modification, if any.
A certified copy of every such amendatory or supplemental ordi-
nance, if any, and a certified copy of this ordinance shall al-
ways be kept on file in the office of the City Clerk and shall be
made available for inspection by the holder of any bond or pros-
pective purchaser or holder of any bond authorized by this ordi-
nance, and upon payment of the reasonable cost of preparing the
same. A certified copy of any such amendatory or supplemental
ordinance or of this ordinance will be sent by the City Clerk to
any such bondholder or prospective bondholder:
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Section 15. The provisions of this ordinance shall con-
stitute a contract between the City of Salina, Kansas, and the
holders of the revenue bonds herein authorized, and the holder of
any one or more of said bonds may sue, it any action, in mandamus
injunction, or other proceedings, either at law or in equity, to en-
force or compel performance of all duties and obligations required
by this ordinance to be done or performed by said City. Nothing
contained in this ordinance, shall, however., be construed to impose
on said City any duty or obligations to levy any taxes either to
meet any obligation contained herein or to pay the principal of or
interest on the revenue bonds of the City herein authorized.
Section 1.6. That the tract of land hereinbefore described
and the improvements and equipment to be acquired, installed and con -
strutted thereon pursuant to this ordinance shall be leased to
Salina. Community Inn of America, Inc., under and pursuant to the
Lease dated January 1
to this ordinance.
1966, substantially in the form attached
Section 17. If any one or more of the covenants, agree-
ments or provisions of this ordinance or of said LeasE. dated
January 1, 1966., should be held contrary to any express pro-
vision of law or contrary to the policy of express law, though not
expressly prohibited, or ag-ainst public policy, or shall 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 coupons issued hereunder, or the Lease.
Section 18. This ordinance shall take effect and. be in
force from and after its passage and publication in the official
City paper.
__20-
r
PASSED by the Governing 3ody of the City of Salina,
Kansas, this 8th day of ifgbrt ary _, 1966
Mayor
ATTEST:
City Clerk
APPROVED by the Mayor this 8th day of February 3
1966
ATTEST:
City Clerk
Mayor
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