Resolution 1607 – Redemption of Taxable IRB Series 2022
A RESOLUTION OF THE GOVERNING BODY OF THE CITY OF GOODLAND, KANSAS authorizing the REDEMPTION AND PAYMENT OF ITS TAXABLE INDUSTRIAL REVENUE BONDS, SERIES 2022 (24/7 tRAVEL STORE PROJECT), THE TERMINATION OF CERTAIN DOCUMENTS, AND THE conveyance of certain PROPERTY to TRIPLETT, INC.
WHEREAS, pursuant to Ordinance No. 1755 and the Bond Agreement dated as of July 20, 2022, the City of Goodland, Kansas (the “Issuer”) has previously issued its Taxable Industrial Revenue Bonds, Series 2022 (24/7 Travel Store Project) in the original aggregate principal amount of $6,224,921.22 (the “Bonds”) to finance the cost of acquisition, construction and equipping of a travel store facility (the “Project”) and leased to Triplett, Inc., a Kansas Corporation (the “Tenant”), pursuant to a Project Lease dated as of July 20, 2022 between the City and the Tenant (the “Lease”); and
WHEREAS, the Tenant desires to provide for the immediate redemption of all outstanding Bonds and interest thereon accruing to the redemption date of November 23, 2022 (the “Redemption Date”), by delivering such Bonds for cancellation to Advantage Trust Company, Salina, Kansas, as Trustee (the “Trustee”) for the Bonds; and
WHEREAS, the Issuer and the Tenant have provided the Trustee written notice to redeem and cancel all outstanding Bonds on the Redemption Date; and
WHEREAS, the Bonds are to be delivered to the Trustee for cancellation to accomplish the redemption of the Bonds on the Redemption Date; and
WHEREAS, the Tenant desires to exercise its option to purchase the Project under Section 17.1 of the Lease and is not in default under the Lease; and
WHEREAS, the Tenant has provided the Issuer written notice of its intent to exercise its option to purchase the Project on the Redemption Date;
NOW THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF GOODLAND, KANSAS:
Section 1. The Mayor and Clerk are authorized and directed to execute and deliver a bill of sale and a release of lease, in substantially the forms submitted to the Governing Body concurrently with the adoption of this Resolution. The Clerk is directed to deliver the executed a bill of sale and a release of lease to the Trustee for delivery to the Tenant upon delivery of the Bonds to the Trustee for cancellation, which will provide for the redemption of the outstanding Bonds on the Redemption Date.
Section 2. The Mayor and Clerk are hereby further authorized and directed to sign such other instruments and certificates as shall be necessary and desirable in connection with this Resolution, and are hereby further authorized to take such further actions as may be necessary to accomplish the purposes of this Resolution.
Section 3. The Trustee is hereby directed to take all action necessary to accomplish the purpose of this Resolution including providing for notice of redemption of the outstanding Bonds in accordance with the requirements of the Bond Agreement dated July 20, 2022 authorizing and securing the Bonds.
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ADOPTED by the governing body of the City of Goodland, Kansas on November 21, 2022.
CITY OF GOODLAND, KANSAS