6922 IRB Community InnCONSOLIDATED-SALINA
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Pu,bGto h-ecL u1,
ORDINANCE NO. b "'
AN ORDINANCE AUTHORIZING THE CITY OF SALINA, KANSAS, TO ACQUIRE
A SITE FOR A BUILDING TO BE USED FOR COMMERCIAL FACILITIES AND
AUTHORIZING AND "DIRECTING THE ISSUANCE OF $600,000 PRINCIPAL
AMOUNT OF SALINA, KANSAS, COMMUNITY INN AND CONVENTION CENTER
REVENUE BONDS, SERIES B, OF SAID CITY FOR THE PURPOSE 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
prosperity of the City of Salina, Kansas, and its environs and
thereby to further promote, stimulate and develop the general
economic welfare and prosperity of the State of Kansas, and
WHEREAS, pursuant to the provisions of K.S.A. 12-1740
to 12-1749, 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
principal amount of $600,000 be authorized and issued, for the
purpose of acquiring a site for a building to be used for com-
mercial facilities to be leased to Salina Community Inn of America,
Inc., a Kansas corporation, hereinafter sometimes referred to as
the "Company", said Bonds to be used in conjunction with an issue
of $1,500,000 principal amount of Salina, Kansas, Community Inn
and Convention Center Revenue Bonds, Series A, dated June 1, 1966,
and other funds otherwise made available for said purpose, and
WHEREAS, the City will acquire prior to or concurrently
with the issuance of the bonds herein authorized the real property
hereinafter described;
NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF
THE CITY OF SALINA, KANSAS:
Section 1. That the City of Salina, Kansas, is hereby
authorized to acquire a site for a building to be used for com-
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mercial facilities on the following described real property, to
wit:
All of Lots Eighty-four (84), Eighty-six (86),
Eighty-eight (88), Ninety (90), Ninety-two (92),
Ninety-four (94), Ninety-six (96) and Ninety-eight
(98) on Fourth Street, in the Original Town (now
City) of Salina, Saline County, Kansas.
All of Lots One Hundred 100 , One Hundred Two
R102 , One Hundred Four R0 , One Hundred Six
06� and One Hundred Eight (108), except that
part taken for Railroad Right -of -Way, all on
Fourth Street, in the Original Town (now City)
of Salina, Saline County, Kansas.
The South one-half (S 1/2) of Lot Ei hty-nine
(89), and all of Lots Ninet one (M, Ninety-
three (93), Ninety-five (95�, Ninety-seven (97),
Ninety-nine (99), One Hundred One (101), One
Hundred Three (103), One Hundred Five (105) and
One Hundred Seven (107), all on Fifth Street in
the Original Town (now 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.
said real estate and any building thereon and any other improve-
ments relating thereto being sometimes hereinafter described as
the "Facility" in accordance with the provisions of the Lease
dated June 1, 1966, between said City and said Salina Community
Inn of America, Inc., hereinafter sometimes referred to as the
"Lease", said Lease being authorized by the provisions of Ordinance
No. of said City (said Facility being referred to in the
Lease as the "Project"), the cost of said real property not to
exceed the cost of $600,000 to said City.
Section 2. That for the purpose of acquiring a site
for a building to be used for commercial facilities to be leased
to Salina Community Inn of America, Inc., a Kansas corporation,
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there shall be issued and hereby are authorized and directed to be
issued a series of Salina, Kansas, Community Inn and Convention
Center Revenue Bonds, Series B, of the City of Salina, Kansas, in
the principal amount of $600,000. Said bonds herein authorized,
hereinafter sometimes referred to as the "bonds" or the ''revenue
bonds", and all interest thereon 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 other fund or
source. The City hereby pledges the Facility and said rentals,
income and other moneys therefrom to the payment of the bonds and
the interest thereon.
The bonds herein authorized are junior and subordinate
in all respects, including the payment of interest and principal
either at maturity or on call for redemption and payment, to the
$1,500,000 principal amount of Salina, Kansas, Community Inn and
Convention Center Revenue Bonds, Series A, dated June 1, 1966,
authorized by Ordinance No. d of said City, and if there
shall ever be a default in the payment of principal of or interest
on said Revenue Bonds, Series A, or if the City shall be in de-
fault with respect to the payment of any reserves or other pay-
ments provided for by the ordinance authorizing said Series A
Bonds, the City shall make no payments on account of the principal
of or interest on the bonds herein authorized until all of said
defaults be cured.
Section 3. Said Salina, Kansas, Community Inn and
Convention Center Revenue Bonds, Series B, of the City of Salina,
Kansas, shall consist of 120 bonds, numbered from 1 to 120, in-
clusive, each of said bonds being in the denomination of $5,000.
All of the said bonds shall be dated June 1, 1966, and said bonds
shall be numbered, shall become due serially on December 1 in each
year and shall bear interest as follows:
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inabove specified.
Each of said bonds numbered 1 to 120, inclusive, may
be called for redemption and payment at the option of said City
in whole or in part, in inverse numerical order, June 1, 1976,
or on any interest payment date thereafter at the par value
thereof, plus accrued interest thereon to date fixed for redemp-
tion and payment, together with a premium which shall be equal to
4% of the principal amount of bonds so redeemed and paid.
Each of said bonds numbered 1 to 120, inclusive, shall
be subject to redemption and payment on any interest payment date
upon either of the following conditions or events, provided 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 Facility
subject to said Lease be condemned by any authority having the
power of eminent domain; or (2) If substantially all of the im-
provements and equipment constituting a part of such Facility
are damaged or destroyed by fire or other casualty. In either
of such events all of said bonds shall be subject to redemption
and payment at the par value thereof, plus accrued interest
thereon to date fixed for redemption and payment, together with
a premium which shall be equal to 2 1/4f of the principal amount
of bonds so redeemed and paid.
MATURITY
NUMBERS
AMOUNT
DECEMBER 1
INTEREST
1
- 24
$120,000
1989
5
1/4%
25
- 48
120,000
1990
5
1/4%
49
- 72
120,000
1991
5
1/4%
73
- 96
120,000
1992
5
1/4%
97
- 120
120,000
1993
5
1/4%
Said bonds
shall bear
interest from
date,
payable semi-
annually on
December
1 and June
1 in each year, at
the rate here-
inabove specified.
Each of said bonds numbered 1 to 120, inclusive, may
be called for redemption and payment at the option of said City
in whole or in part, in inverse numerical order, June 1, 1976,
or on any interest payment date thereafter at the par value
thereof, plus accrued interest thereon to date fixed for redemp-
tion and payment, together with a premium which shall be equal to
4% of the principal amount of bonds so redeemed and paid.
Each of said bonds numbered 1 to 120, inclusive, shall
be subject to redemption and payment on any interest payment date
upon either of the following conditions or events, provided 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 Facility
subject to said Lease be condemned by any authority having the
power of eminent domain; or (2) If substantially all of the im-
provements and equipment constituting a part of such Facility
are damaged or destroyed by fire or other casualty. In either
of such events all of said bonds shall be subject to redemption
and payment at the par value thereof, plus accrued interest
thereon to date fixed for redemption and payment, together with
a premium which shall be equal to 2 1/4f of the principal amount
of bonds so redeemed and paid.
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None of the bonds herein authorized 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 June 1, 1966, remain outstanding and unpaid, or provision
made for the payment thereof.
Notice of any redemption provided for by this Ordinance
shall be given by United States registered mail to the paying
agent herein designated and to McKinney, Rose & Company, Inc. a;l
to Almon & Co., both 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 numbers of the bonds to be re-
deemed and paid. Interest shall cease on any of said bonds so
called for redemption and payment as of the redemption date, pro-
vided funds are available to pay the same according to their terms.
Said bonds and interest coupons to be attached thereto as
hereinafter provided shall be payable in lawful money of the
United States of America at Mercantile National Bank at Dallas, in
the City of Dallas, Texas, hereinafter sometimes referred to as
the "Paying Agent".
Section
4.
Said bonds
and
each
of them shall
be
executed
for and on behalf
of
the City by
the
Mayor
and attested
by
the
City Clerk, with the seal of the City affixed. Interest coupons
shall be attached to said bonds representing the interest t, mature
thereon, and 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
following form:
I•Z
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No.
$5,000
UNITED STATES OF AMERICA
STATE OF KANSAS
COUNTY OF SALINE
CITY OF SALINA
SALINA, KANSAS, COMMUNITY INN
AND CONVENTION CENTER REVENUE BOND,
SERIES B.
KNOW ALL MEN BY THESE PRESENTS: That the City of Salina,
in the County of Saline, State of Kansas, for value received, here-
by promises 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 December, 19 , and to pay interest thereon from the date here-
of at the rate of five and one quarter per cent (5 1/4%) per annum,
payable semiannually on December 1 and June 1 in each year after
the date hereof until the said principal sum shall have been paid,
upon presentation and surrender of the interest coupons hereto
attached, bearing the facsimile signatures of the Mayor and City
Clerk of said City as said coupons severally become due, both
principal of and interest on this bond being 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
like date and tenor, except as to number and maturity, aggregating
the principal amount of $600,000, numbered from 1 to 120, inclusive,
each in the denomination of $5,000, authorized by ordinance of said
City, issued for the purpose of acquiring a site for a building to
be used for commercial facilities (said site and building herein-
after sometimes referred to as the "Facility") to be leased to
Salina Community Inn of America, Inc., a Kansas corporation authoriz-
ed to do business in the State of Kansas, by the authority of and
in conformity with the provisions, restrictions and limitations of
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the Constitution and statutes of the State of Kansas, including
K.S.A. 12-1740 to 12-1749, and all amendments thereof and acts
supplemental thereto, and all other provisions of the laws of
said State applicable thereto, and this bond and all interest
hereon are to be paid by said City of Salina, Kansas, solely and
only 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. Pursuant to the provisions of said statute,
the governing body of the City has pledged said facility and said
rentals, income and other moneys therefrom to the payment of the
series of bonds of which this bond is a part, and the interest
thereon. Reference is hereby made to the ordinance aforesaid
and to said Lease for a description of the covenants of the City
with respect to the collection, segregation and application of
the revenues of said Facility, the nature and extent of the
security of said bonds, the rights of the City to issue additional
bonds to finance the Facility, the rights, duties and obligations
of the City and of the Fiscal Agent with respect thereto, and the
rights of the holders thereof.
At the option of the City, bonds numbered 1 to 120, in-
clusive, of the series of bonds of which this bond is one, may
be called for redemption and payment prior to maturity, in whole
or in part, in inverse numerical order, on June 1, 1976, or on
any interest payment date thereafter, at the par value thereof
and accrued interest to date of redemption, together with a premium
of four per cent (40) of the par value thereof on the bonds so
redeemed and paid.
Each of the bonds of the series of which this bond is
one is subject to redemption and payment prior to maturity at
any time upon any of the following conditions or events, pro-
vided all of said bonds are so redeemed and paid: (1) If title
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to, or the use for a limited period of, substantially all of the
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 Facility
be damaged or destroyed by fire or other casualty. In any of
such events said bonds shall be subject to redemption and payment
at the par value thereof, plus accrued interest thereon to date
of redemption, together with a premium of 2 1/4/ of the principal
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 June 1, 1966, remain outstanding and unpaid or
provision made for the payment thereof.
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
herein named not less than 30 days prior to the date fixed for
redemption and payment and as otherwise provided in the bond
ordinance.
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 Convention Center Revenue Bonds, Series A, Dated June 1, 1966,
in the principal amount of $1,500,000, and if there shall be any
default in the payment of the principal of or interest on said
bonds, no payment of the principal of or interest on this bond
and the series of which it is one shall be made, until all such
defaults be cured.
AND IT IS HEREBY DECLARED AND CERTIFIED that all acts,
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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
required 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 June, 1966.
Mayor
ATTEST:
City Clerk
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Coupon No.
(FORM OF COUPON)
All coupons for 6
months due June 1
and December 1
$131.25
Unless previously called
for prior redemption and payment
thereof duly made or provided for,
June 1,
on the First da of June
y December-, 19 ,
December 1, 19
the City of Salina, Kansas, will
-------------------
pay bearer, solely from the money
City of Salina
and revenue received for the use
Kansas
of the Facility described in the
Salina, Kansas,
Community Inn and
bond to which this coupon is
Convention Center
Revenue Bond
attached, and not from any other
Series B
fund or source,
-------------------
Dollars, in lawful
$131.25
money of the United States of
America, at Mercantile National
Bank at Dallas in the City of
Dallas, Texas, being interest
due on its Salina, Kansas, Com-
munity Inn and Convention Center
Revenue Bond, Series B, dated
June 1, 1966, No. .
Mayor
ATTEST:
City Clerk
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STATE OF KANSAS
SS.
COUNTY OF SALINE
I, the undersigned, City Clerk of the City of Salina,
Kansas, hereby certify that the within Bond of the City of Salina,
Kansas, has been duly registered 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 authorized
and directed to prepare and execute in the manner hereinbefore
specified the Salina, Kansas, Community Inn and Convention Center
Revenue Bonds, Series B, of the City herein authorized and to
sell and deliver said bonds in exchange for the land described in
Section 1 of this Ordinance as hereinafter provided.
Section 7. The Mayor and City Clerk are hereby authoriz-
ed and directed to sell and deliver the Salina, Kansas, Community
Inn and Convention Center Revenue Bonds, Series B, of the City,
herein authorized, to the owner of the real property described
in Section 1 of this ordinance in exchange for (i) a deed conveying
title to such real property to the City and (ii) cash in the amount
of any accrued interest on the bonds to date of delivery. Any
accrued interest received by the City from the sale and exchange
of the bonds shall be delivered to the Fiscal Agent for use as
hereinafter provided.
Section 8. The City hereby designates Mercantile
National Bank at Dallas, in the City of Dallas, Texas, as the
City's fiscal agent, herein referred to as the "Fiscal Agent",
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and further designates Planters State Bank in the City of Salina,
Kansas, as its co -fiscal agent, herein referred to as the "Co -
Fiscal Agent".
Section 9. Concurrently with the issuance of said bonds
the Fiscal Agent shall transfer any accrued interest received by
said City from the sale of said Series B bonds, plus some additional
amount of the proceeds from the sale of the Series A Bonds as pro-
vided by Section 8 of Ordinance No.of said City to pay
the interest becoming due on the Series B Bonds on December 1,
1966, June 1 and December 1, 1967 and June 1, 1968, and deposit
the same in the "City of Salina, Kansas, Principal and Interest
Account for Salina, Kansas, Community Inn and Convention Center
Revenue Bonds, Series B, dated June 1, 1966," hereinafter created.
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 Salina, Kansas, Community Inn and Convention Center
Revenue Bonds, Series B, dated June 1, 1966," hereinafter referred
to as the "Principal and Interest Account for Series B Bonds". The
City covenants and agrees that from and after the delivery of any
of the revenue bonds herein authorized and continuing so long as
any of said bonds shall remain outstanding, 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 Bank, Salina, Kansas, Co -Fiscal Agent and said
Co -Fiscal Agent shall transmit such funds to Mercantile National
Bank at Dallas, the Fiscal Agent, as provided by Section 10 of
Ordinance No. � -y I and shall be used by said Fiscal Agent to
pay the principal of and interest on the bonds herein authorized
as the same become due; PROVIDED, HOWEVER, that on June 1 and
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December 1 in each year the Fiscal Agent shall make no payments
of principal or interest on the bonds of Series B authorized by
this ordinance unless it has on hand sufficient funds to pay said
Salina Community Inn and Convention 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 Sec-
tion 10 of Ordinance No. 00
Section 11. When moneys accumulated in Principal and
Interest Account for Series B Bonds shall aggregate an amount suf-
ficient 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 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
of principal 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 redemption value or become 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 -Fiscal Agent shall determine that said funds are not re-
quired for the purpose for which they are intended.
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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
of a default, as defined in the Lease, will exercise all rights,
and remedies conferred by the Lease for the full and complete
protection of the security and rights of the bondholders 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
lease provisions which will provide funds sufficient in amount
to make the rental payments and other charges which Salina Com-
munity Inn of America, Inc. is required to make under the Lease
dated June 1, 1966. If the City is unable to procure a new tenant
or tenants for the leased property under lease provisions which
will provide funds sufficient in amount to make the rental pay-
ments and other charges which Salina Community Inn of America, Inc.
is required to make under the Lease dated June 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 at a price not
less than the amount of then outstanding revenue bonds plus
interest then unpaid.
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(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 bondholders 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
consent 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 bond-
holder.
(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 pay-
ment according to their terms and shall give notice thereof pro-
vided for by the terms of this ordinance. Such funds shall be
deposited with the Fiscal Agent, and the same shall be used first
for the payment of the Salina, Kansas, Community Inn and Convention
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Center Revenue Bonds, Series A, and then for the payment of the
revenue bonds herein 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) Except as otherwise provided in Section 13(e) of
Ordinance No. ( -)--1 , the City will not issue any other obliga-
tions payable from payments made by Salina Community Inn of
America, Inc., pursuant 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 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.
(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 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 re-
lating to the leased property and improvements 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,
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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
amended at any time by the City with the written consent of the
holders of not less than seventy-five per cent (75r%) in aggregate
principal amount of the bonds herein authorized at the time out-
standing; provided, that no such modification or amendment shall
permit or be construed as permitting
(a) The extension 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.
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CONSOLIDATED-SALINA
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.
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, in any action, in mandamus,
injunction, or other proceedings, either at law or in equity, to
enforce or compel performance of all duties and obligations re-
quired 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 16. That the tract of land hereinbefore de-
scribed and the improvements and equipment to be acquired, in-
stalled and constructed thereon pursuant to this ordinance shall
be leased to Salina Community Inn of America, Inc., under and
pursuant to the Lease dated June 1, 1966, substantially in the
form attached to this ordinance.
Section 17. If any one or more of the covenants, agree-
ments or provisions of this ordinance or of said Lease dated June
1, 1966, should be held contrary to any express provision of law
or contrary to the policy of express law, though not expressly
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CONSOLIDATED-SALINA
prohibited, or against 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
i
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.
PASSED by the Governing Body of the City of Salina,
Kansas, this 7 day of , 1966.
Mayor
ATTEST:
City Clerk
APPROVED by the Mayor this ~% day of ,
1966.
r r
Mayor
ATTEST:
i ty C e rk
I
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