HomeMy WebLinkAboutRESOLUTION 1992-52Suggested
City of Kenai
RSSOLUTIONNO. 92-52
City Council
A RESOLUTION OF THE COUNCIL OF THE CITY OF KENAI, ALASKA AUTHORIZING !
THE LEASING OF REAL PROPERTYOF THE CITY DESCRIBED AS LOTS 10, 1'1 AND '
12, COOK INLET INDUSTRIAL AIR PARK, ACCORDING TO PLAT NO. K-1448,
KENAI RECORDING DISTRICT, THIRD JUDICIAL DISTRICT, STATE OF ALASKA, TO'
THE STATE OF ALASKA FOR A NL~ COURTHOUSE; THE EXECUTION OF AN
AGREF/~NT OF LEASE OF SAID PROPERTY BETWEEN THE CITY AND THE STATE OF
ALASKA, AND AN ASSIGN~/~T OF SAID LEASE; AND PROVIDING FOR RELATED
NATTERS.
WHEREAS, the City of Kenai, Alaska (the "City"), is a home rule city
and under Section 11 of Article X of the Alaska Constitution may
exercise all legislative power not prohibited by law or by the charter
of the City, and it has been determined that the matters set forth in
this resolution are not prohibited by law or the charter; and
WHEREAS, the City is the owner of certain real property described as
lots 10, 11 and 12, Cook Inlet Industrial Air Park, according to. Plat
No. K-1448, Kenai Recording District, Third Judicial District,. State
of Alaska, upon which the City proposes to constructa courthouse
(together with said real property, the "Project"); and
WHEREAS, the City considers that the construction, equipping and
leasing to the State of the ProjeCt and the financing of the same 'is
in the best interest, and will promote the public purposes, of the
City; and
WHEREAS, such financing requires an Agreement of Lease between the
City and the State (the "Lease"), and an A~signment and Security
Agreement among the City, the State and National Bancorp of Alaska,
Inc. (the "Assignee") assigning the Lease and certain funds to the
Assignee; and
WHEREAS, the State is legally authorized to enter the Lease; and
WHEREAS, there have been presented to the City the form of the
following documents which the City proposes to enter into in
connection with the financing of the Project:
1. The form of the Lease which is entitled Agreement of Lease
between the City and the State of Alaska (the "Lease"); and
2. The form of Assignment of Lease and Security Agreement among
the City, the State and the Assignee (the "Assignment"); and
Resolution No. 92-52
Page Two
WHE~, it appears that each of the instruments above referred to,
which are now before the City, is in appropriate form and is an
appropriate instrument for the purposes intended;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY, AS FOLLOWS:
Section !.. That the real property to be leased under this
Resolution consists of the following described real property (the
"Property"):
Lots 10, 11, and 12, Cook Inlet Industrial Air
Park, according to Plat No. K-1448, Kenai
Recording District, Third Judicial District,
State of Alaska
Section....2. That the leasing of the Property by negotiation to
the State of Alaska under the Lease will serve the public interest and
is hereby approved.
Section 3. That the assignment of the rights (but not the
obligations) Of the City, without recourse, to National Bancorp of
Alaska, Inc., under the Assignment will serve the public interest and
is hereby approved.
Section 4. That the form and content of the Lease and the
Assignment be and the same hereby are in all respects authorized,.
approved and confirmed, and the Manager be authorized, empowered and"
directed to execute and deliver each said document to the
counterparties for and on behalf of the City in substantially the form
and content now before this meeting but with such changes,
modifications, additions and deletions therein as shall to h~m seem
necessary, desirable or appropriate, the execution thereof to
constitute conclusive evidence of the approval of any and all changes,
modifications, additions or deletions therein from the form and
content of the said documents now before this meeting, and that, from
and after the execution and delivery of the said documents, the City
Manager is hereby authorized, empowered and directed to do all such
acts and things and to execute all documents as may be necessar~to
carry out and comply with the provisions of the said documents as
executed.
S~CtiOn .5. That the City Manager be authorized to approve the
~ounts of rent payable under the Lease, the execution of the Lease.
constituting conclusive evidence of such approval, provided that
the principal component of rent under the Lease shall not exceed
$5,200,000, and shall be payable in annual installments commencing
July 1, 1993 and on each July I thereafter through and including July
1, 2002, when the entire remainingprincipal component of rent shall
Resolution No. 92-52
Page Three
be due and payable; (II) the principal component of rent under: the
Lease shall bear interest at a rate of 6.20% per annum.(adjusted.'.b¥1;..::
the change in the rate quoted by Delphts Hanover for "A"-rated, debt,'.-
maturing in 2002, from July 14, 1992 to the date of closing) Payable.'.
semiannually on ~anuary 1 and ~uly 1 of each year
1993; and (IlZ) the principal component of rent maybeprepatdat the..
redemption prices corresponding to the dates set forth tn the table(on
the Official Bid Form attached hereto as Exhibit A.
~ect$pn .6. That the City Manager be authorized by the City"to
execute and deliver for and on behalf of the City any and all
additional certificates, documents, opinions or other papers and
perform all other acts as they may deem necessary or appropriate in
order to implement and carry out the intent and purposes of this
Resolution.
Segtion .7. That the provisions of this Resolution are hereby
declared to be separable and if any section, phrase or provision shall
for any reason be declared to be invalid such declaration shall not
affect the validity of the remainder of the sections, phrases or
provisions.
Section.___.._~8. That this Resolution shall become effective upon
passage and approval.
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this 15th day of
July, 1992.
ATTEST:
Approved by Finance:
(?/9/92)
kl
Yea'of
1995 to Juno
199~ to Juno
1997 to ,lute
199a to Juno
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