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HomeMy WebLinkAboutRes 343RESOLUTION NO. g/ RESOLUTION APPROVING A PROJECT FOR PACKAGING PRODUCTS CORPORATION, A KANSAS CORPORATION, AND DETERMINING THAT THE CITY OF MISSION, KANSAS, WILL ISSUE ITS INDUSTRIAL REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $1,300,000 FOR THE PURPOSE OF FINANCING THE COST OF PURCHASING AND ACQUIRING AN EXISTING BUILDING, CON- STRUCTING IMPROVEMENTS AND PURCHASING AND INSTALLING MACHINERY AND EQUIPMENT. WHEREAS, the City of Mission, Kansas (the "City is authorized and empowered under the provisions of the laws of the State of Kansas, including Kansas Statutes Annotated 12 -1740 to 12- 1749a, inclusive, as amended (the "Act to issue revenue bonds for industrial, commercial and recreational development purposes; and WHEREAS, Packaging Products Corporation, a Kansas corporation (the "Company has requested the City to issue its industrial revenue bonds in an amount not to exceed $1,300,000 for the purpose of financing the purchase and acquisition of a existing building, construction of improvements and the purchase and installation of equipment and machinery and to be transferred to the City (collectively, the "Project and to lease (with the option to purchase) the Project to the Company, all pursuant to the Act; and WHEREAS, the City desires to finance the cost of purchasing and con- structing the Project by the issuance of Bonds under the Act in an aggregate principal amount not to exceed $1,300,000 (the "Bonds such Bonds to be pay- able solely and only out of rentals, revenues and receipts derived from the lease of the Project by the City to the Company; and WHEREAS, the Company has not commenced construction of the Project as of the date of this resolution; and WHEREAS, the City and the Company desire that the purchase of the land and construction of the building for the Project commence as soon as possible. NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF MISSION, KANSAS: Section 1. That the City Council of the City hereby finds and deter- mines (i) that the Project meets the criteria of the City for considering and issuing industrial revenue bonds; (ii) that the issuance by the City of its industrial revenue bonds to finance the cost of the Project will be in further- ance of the public purposes set forth in the Act; (iii) that the Project will promote the welfare of the City; and (iv) that it is desirable for the City to issue the Bonds to pay the costs of purchasing and constructing the Project, together with certain related costs and amounts; and (v) that the Project is hereby approved. Section 2. That subject to the conditions of Section 3 hereof, the City will (i) issue the Bonds to pay for the cost of financing the purchase and construction of the Project, including repayment to the Company of advances made by the Company in connection with the purchase and construction of the Project, with such maturities and interest rates, redemption terms and other provisions as may be determined by ordinance; and (ii) purchase and construct the Project, and lease (with an option to purchase) the Project to the Company; to effect the foregoing, the City will adopt such resolutions and ordinances and authorize the execution and delivery of such instruments and the taking of such action as may be necessary or advisable for the authorization and issuance of the Bonds by the City or take or cause to be taken such other action as may be required to implement the aforesaid; all as it may deem appropriate in pursuance thereof. Section 3. The issuance of the Bonds and the execution of any docu- ments relating to the Project are subject to (i) obtaining any necessary govern- mental approvals, including but not limited to proper street, sewer, water and utility services; (ii) agreement by the City, the Company and the purchasers of the Bonds upon (a) mutually acceptable terms for the Bonds and for the sale and delivery thereof (b) mutually acceptable terms and conditions of any documents related to the issuance of the Bonds and the Project; and (iii) private place- ment and sale of the Bonds. Section 4. The Company is hereby authorized to proceed with the acquisition and construction of the Project and to advance such funds as may be necessary to accomplish such purposes, and to the extent permitted by law, the City shall reimburse the Company therefor out of the proceeds of the Bonds. Section 5. The City Attorney and Bond Counsel for the City, together with the Mayor and such other City officials as the Mayor may designate, are hereby authorized to work with the Company and their respective counsel, and others, to prepare, for submission to the City, all documents necessary to effect the authorization, issuance and sale of the Bonds and other actions contemplated hereunder in connection with the acquisition and construction of the Project and the lease thereof to the Company. Section 6. That the City Officials or Bond Counsel on behalf of the City are hereby authorized and directed to make any necessary filings with the Kansas Securities Commissioner under the provisions of the Act and any related laws. Section 7. The Mayor of the City is hereby authorized and directed to distribute copies of this resolution to the Company and to do such further things and perform such acts as may be necessary or convenient to implement the provi- sions of this resolution. Section 8. This res»lution shall take effect immediately. ADOPTED this day of April, 1981. ATTEST: APPROVED AS TO FORM: City Attorney