RESOLUTION NO. 6723
A RESOLUTION AUTHORIZING THE ISSUANCE OF CERTAIN HEALTH CARE FACILITIES REFUNDING AND IMPROVEMENT REVENUE BONDS IN THE PRINCIPAL AMOUNT NOT TO EXCEED $28,000,000 PURSUANT TO AN INTERLOCAL COOPERATION AGREEMENT BY AND BETWEEN THE CITY OF WICHITA, KANSAS, AS ISSUER, AND THE CITY OF LAWRENCE, KANSAS, AS PARTICIPANT.
WHEREAS, the City of Lawrence, 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
WHEREAS, the Kansas Interlocal Cooperation Act, K.S.A. 12‑2901 et seq., as amended (the “Interlocal Cooperation Act”), permits local governmental units to make the most efficient use of their powers by enabling them to cooperate with other localities, persons, associations and corporations on a basis of mutual advantage and thereby to provide services and facilities in a manner and pursuant to forms of governmental organization that will accord best with geographic, economic, population and other factors influencing the needs and development of local communities; and
WHEREAS, pursuant to the Interlocal Cooperation Act, the cities of Arkansas City, Clay Center, Dodge City, Emporia, Fort Scott, Newton, Parsons, Salina, and Topeka, the Unified Government of Wyandotte County/Kansas City, Kansas and the City (collectively, the “Participants”) have heretofore entered into and delivered or will enter into and deliver Interlocal Cooperation Agreements with the City of Wichita, Kansas (the “Issuer”), authorizing the Issuer to issue certain health care facilities improvement and/or refunding bonds, in one or more series, pursuant to K.S.A. 12‑1740 to 12‑1749d, inclusive, as amended (the “Act”), for the purposes set forth therein; and
WHEREAS, Presbyterian Manors, Inc., a Kansas not‑for‑profit corporation (the “Corporation”), has requested that the Participants cooperate with one another to facilitate the refunding of certain outstanding revenue bonds and the financing of construction of improvements and additions to existing facilities located within the boundaries of the respective Participants in order to secure to the Participants and to the Corporation the economic and other benefits to be derived through the orderly and efficient financing of such facilities to be leased by the Issuer to the Corporation; and
WHEREAS, pursuant to Act, the Issuer is authorized to issue certain revenue bonds of the Issuer, and it is hereby found and determined to be advisable and in the interest and for the welfare of the Issuer and its inhabitants that revenue bonds in the principal amount not to exceed $28,000,000 be authorized and issued for the purpose of (i) refunding the Issuer’s outstanding Health Care Facilities Refunding Revenue Bonds, Series VIII-A, 2001 (Presbyterian Manors, Inc.) (the “Existing Bonds”), the proceeds of which were used to finance or refinance the cost of acquiring, purchasing, constructing, renovating, furnishing and equipping certain health care facilities located within the boundaries of the Participants (collectively, the “Facilities”); (ii) paying the cost of renovating, expanding and equipping the continuing care retirement facilities located at 924 Eighth Street, Clay Center, Kansas, 1200 E. 7th Street, Newton, Kansas and 4712 West Sixth Street, Topeka, Kansas, as well as the costs of minor capital improvements to certain of the Facilities; (iii) funding a debt service reserve; and (iv) paying certain costs of issuance; and
WHEREAS, the Facilities, including the facility located in the City, are owned by the Issuer, and are leased and will continue to be leased to the Corporation.
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF LAWRENCE, KANSAS:
Section 1. For the purposes of refunding the Existing Bonds and renovating, expanding and equipping the Facilities, there shall be issued health care facilities refunding revenue bonds in the aggregate principal amount not to exceed $28,000,000. It is contemplated that in order to expedite the commencement of the refunding and the renovation, expanding and equipping of the Facilities, and realization of the benefits to be derived thereby, the Corporation may, in reliance upon this Resolution, incur temporary indebtedness and expend its own funds in connection with the refunding and renovation, expansion and equipping of the Facilities prior to the ultimate issuance of said bonds. Said bonds herein authorized and all interest thereon shall, in any event, be paid solely from the money and revenue received from the Facilities and not from any other fund or source, and nothing contained herein shall obligate the Issuer in any way except as herein provided.
Section 2. That pursuant to the Interlocal Cooperation Act, the City hereby authorizes the Issuer to issue health care facilities refunding revenue bonds on behalf of the City for the purpose of refunding the Existing Bonds and renovating, expanding and equipping the Facilities, and to execute and deliver on behalf of the City indentures of trust, leases, and such other documents and agreements as the Governing Body of the Issuer may determine to be necessary or desirable to secure payment of the bonds. The City hereby authorizes the principal amount of the health care facilities refunding revenue bonds to be issued by the Issuer which may be allocated to the City.
Section 3. That the Mayor or Vice Mayor of the City is hereby authorized and directed to execute such documents, certificates and instruments as may be necessary or desirable to carry out and comply with the purposes and intent of this Resolution and deliver the same for and on behalf of and as the act and deed of the City in the manner provided herein and in the Interlocal Cooperation Agreement by and between the Issuer and the City, as Participant. The City Clerk or any Deputy or Assistant Clerk of the City is hereby authorized and directed to attest the execution of such documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Resolution.
Section 4. That this Resolution shall be in full force and effect from and after its passage and approval.
PASSED AND APPROVED by the Governing Body of the City of Lawrence, Kansas, this _____ day of May, 2007.
CITY OF LAWRENCE, KANSAS
By:
Sue Hack, Mayor
ATTEST:
Frank S. Reeb, City Clerk
(Seal)