SUMMARY OF ORDINANCE NO. 22-31
On June 21, 2022, the Governing Body of the City of Olathe, Kansas passed an ordinance entitled:
AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE CITY OF OLATHE, KANSAS OF HEALTH FACILITIES REVENUE BONDS, IN ONE OR MORE SERIES, THE AGGREGATE PRINCIPAL AMOUNT OF ALL SERIES NOT TO EXCEED $70,000,000, TO PROVIDE FUNDS TO ACQUIRE, CONSTRUCT, EQUIP AND FURNISH PROJECTS FOR OLATHE MEDICAL CENTER, INC. AND ITS AFFILIATES AND TO REFUND OR MODIFY ALL OR ANY PORTION OF CERTAIN BONDS ISSUED BY THE CITY FOR THE BENEFIT OF OLATHE MEDICAL CENTER AND ITS AFFILIATES, AND AUTHORIZING AND APPROVING RELATED DOCUMENTS AND ACTIONS
The bonds approved by the Ordinance are being issued in an aggregate principal amount not to exceed $70,000,000, as part of a plan of finance for the purposes of (1) paying for all or a portion of the costs related to the acquisition, construction, improvement, extension, repair, equipping and furnishing of certain health facilities and related facilities, including without limitation, hospital, pavilion and medical office building and miscellaneous capital improvements projects at the Olathe Medical Park campus for the benefit of Olathe Medical Center, Inc. (the “Corporation”) and its affiliates, (2) refunding all or any portion of the Series 2012A, 2014A and 2014B Bonds (the “Prior Bonds”) previously issued by the City for the benefit of the Corporation and its affiliates, and (3) paying certain costs of issuance, all as further described in the Bond Indentures and Lease Agreements described in the Ordinance. The Ordinance also authorizes modifications to terms and agreements for the Prior Bonds. The bonds shall be limited obligations of the City payable from lease payments to be made by the Corporation in amounts sufficient to pay the principal of and premium, if any, and interest on the bonds. The Bonds and interest thereon shall not be deemed to constitute a debt or liability of the City, the State of Kansas (the “State”) or of any political subdivision thereof within the meaning of any State constitutional provision or statutory limitation and shall not constitute a pledge of the full faith and credit of the City, the State or of any political subdivision thereof, but shall be payable solely from the funds provided for in the Lease Agreements and the Bond Indentures. The issuance of the bonds shall not, directly, indirectly or contingently, obligate the City, the State or any political subdivision thereof to levy any form of taxation therefor or to make any appropriation for their payment. A complete text of the Ordinance may be obtained or viewed free of charge at the office of the City Clerk, 100 East Santa Fe. A reproduction of the Ordinance is available for not less than 7 days following the publication date of this Summary at http://www.olatheks.org/government/city-clerk/public-notices.
This Summary is hereby certified to be legally accurate and sufficient pursuant to the laws of the State.
DATED: June 21, 2022
Ronald R. Shaver