RESOLUTION 6882

A RESOLUTION AUTHORIZING THE CITY OF LAWRENCE, KANSAS TO CONVEY CERTAIN REAL AND PERSONAL PROPERTY TO SUNSHINE PROPERTY, LLC; AND PRESCRIBING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS IN CONNECTION THEREWITH.

WHEREAS, the City of Lawrence, Kansas (the “City”) issued its Industrial Revenue Bond, Series 1997 (Sunshine Property, L.L.C. Project), in the aggregate original principal amount of $775,000 (the “Bond”) to acquire, construct and equip certain property, including the real property known as:  Lots 3 and 4, in Oread West No. 13, a Subdivision in the City of Lawrence, Douglas County, Kansas (the real property and improvements financed in whole or in part out of Bond proceeds being collectively referred to as the “Project”); and

            WHEREAS, in connection with the Bond, the City, as landlord, and Sunshine Property, L.L.C., as tenant (the “Tenant”), entered into a Lease dated as of October 1, 1997 (the “Lease”); and

            WHEREAS, the City assigned its interest in the Lease to INTRUST Bank, N.A., Wichita, Kansas (the “Trustee”); and

            WHEREAS, Section 17.1 of the Lease gives the Tenant the right to purchase the Project upon payment in full of the Bonds; and

            WHEREAS, the Tenant has paid the Bond in full and desires to exercise its option to purchase the Project.

            NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF LAWRENCE, KANSAS, AS FOLLOWS:

Section 1.         Approval of Sale.  The sale by the City to the Tenant of the Project is hereby approved.

Section 2.         Authorization of Documents.  The City hereby authorizes and approves a Special Warranty Deed, a Bill of Sale and a Termination of Lease Agreement which terminates the Lease and the Assignment of Lease.  The Mayor is hereby authorized and directed to execute the Special Warranty Deed, the Bill of Sale and the Termination of Lease Agreement.  The Clerk is hereby authorized and directed to attest to such documents, for and on behalf of the City. 

            Section 3.         Further Authority.  The Mayor, City Manager, City Clerk and other officers and agents of the City are hereby authorized and directed to execute and deliver such other documents and certificates as may be necessary to transfer to the Project to the Tenant, terminate all interest of the City in the Project and carry out the intent of this Resolution.

            Section 4.         Effective Date.  This Resolution shall take effect and be in force and effect from and after its adoption.

ADOPTED by the governing body of the City of Lawrence, Kansas, this 13^th day of April, 2010.

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(SEAL)                                                              Mike Amyx, Mayor

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Jonathan M. Douglass, City Clerk