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HomeMy Public PortalAboutOrd 650 GO Bonds series 2019A(PUBLISHED IN THE THE ARK VALLEY NEWS ON NOVEMBER 7, 2019) ORDINANCE NO. 650 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2019A, AND TAXABLE GENERAL OBLIGATION REFUNDING BONDS, SERIES 2019B, THE CITY OF BEL AIRE, KANSAS; PROVIDING FOR THE LEVY AND COLLECTION OF AN ANNUAL TAX FOR THE PURPOSE OF PAYING THE PRINCIPAL OF AND INTEREST ON SAID BONDS AS THEY BECOME DUE; AUTHORIZING CERTAIN OTHER DOCUMENTS AND ACTIONS IN CONNECTION THEREWITH; AND MAKING CERTAIN COVENANTS WITH RESPECT THERETO. WHEREAS, the City of Bel Aire, Kansas (the "City" and "Issuer") is a city of the second class, duly created, organized and existing under the Constitution and laws of the State; and WHEREAS, pursuant to K.S.A. 12-6a01 et seq. and K.S.A. 12-685 et seq., as amended, and other provisions of the laws of the State of Kansas applicable thereto, by proceedings duly had, the governing body of the City has caused the following improvements (the "Improvements") to be made in the City, to -wit: Project Description Res. No. Authority (K.S.A.) Cost Englert Addition Water R-16-10 K.S.A. 12-6a01 et seq. $11,357.59 Rock Springs Addition Phase 4 Paving R-16-11 K.S.A. 12-6a01 et seq. 135,800.95 Water R-16-12 K.S.A. 12-6a01 et seq. 52,345.46 Chapel Landing 2"d Addition Phase 2 Paving R-16-18 K.S.A. 12-6a01 et seq. 252,793.20 Sewer R-16-19 K.S.A. 12-6a01 et seq. 109,651.93 Water R-16-20 K.S.A. 12-6a01 et seq. 67,438.99 Deer Run Addition Phase 1 Paving R-16-21 K.S.A. 12-6a01 et seq. 661,369.01 Sewer R-16-22 K.S.A. 12-6a01 et seq. 254,215.22 Sidewalk R-16-23 K.S.A. 12-6a01 et seq. 48,009.38 Storm Water R-16-24 K.S.A. 12-6a01 et seq. 716,922.26 Water R-16-25 K.S.A. 12-6a01 et seq. 148,161.73 Rock Springs 2"d Addition Paving R-16-26 K.S.A. 12-6a01 et seq. 482,627.02 Water R-17-04 K.S.A. 12-6a01 et seq. 99,759.26 Sidewalk R-16-28 K.S.A. 12-6a01 et seq. 25,830.66 Sewer R-16-29 K.S.A. 12-6a01 et seq. 169,794.78 1 37`x' Street Paving R-16-31 K.S.A. 12-685 et seq. 774,165.14 Water R-16-31 K.S.A. 12-685 et seq. 142,104.45 53rd Street Paving R-16-32 K.S.A. 12-6a01 et seq. 585,800.91 Water R-16-33 K.S.A. 12-6a01 et seq. 239,490.77 Courtyards at Elk Creek Addition Phase 3 Water R-17-09 K.S.A. 12-6a01 et seq. 110,285.58 Sewer R-17-08 K.S.A. 12-6a01 et seq. 156,436.87 Paving R-17-07 K.S.A. 12-6a01 et seq. 415,319.68 Sunflower Commerce Park 2"d Addition Phase 2 Drainage R-16-37 K.S.A. 12-6a01 et seq. 637,128.40 ; and WHEREAS, all legal requirements pertaining to the Improvements have been complied with, and the governing body of the City now finds and determines that the total cost of the Improvements (including interest on temporary notes of the City, issuance costs of the Bonds and capitalized interest on the Bonds) and related expenses are at least $6,296,809.24, with $5,380,539.71 of such amount to be paid by the owners of the property within the City benefited by the Improvements and with the balance to be paid by the City - at -large; and that the owners of the property benefited by the Improvements have paid or have paid on their behalf $37,824.91 in cash into the City Treasury on account of the Improvements; and there is Bond sale premium available in the amount of $114,478.55 and City funds available in the amount of $84,505.78, to pay part of said cost, leaving $6,060,000 to be paid for by the issuance of general obligation bonds and any other available funds; and WHEREAS, the governing body of the City is authorized by law to issue general obligation bonds of the City to pay the costs of the Improvements; and WHEREAS, none of such general obligation bonds heretofore authorized have been issued and the City proposes to issue its general obligation bonds in the amount of $6,060,000 to pay the costs of the Improvements; and WHEREAS, the City heretofore issued and has outstanding the Refunded Bonds and is authorized by K.S.A. 10-427 et seq. to issue general obligation refunding bonds of the City for the purpose of refunding the Refunded Bonds; and WHEREAS, in order to achieve interest cost savings through early redemption of the Refunded Bonds, and provide an orderly plan of finance for the City, it has become desirable and in the best interest of the City and its inhabitants to refund the Refunded Bonds; and WHEREAS, the governing body of the City has advertised the sale of the Bonds in accordance with the law and at a meeting held in the City on this date awarded the sale of such Bonds to the best bidders. 2 NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF BEL AIRE, KANSAS, AS FOLLOWS: Section 1. Definitions of Words and Terms. In addition to words and terms defined elsewhere herein, the following words and terms in this Ordinance shall have the meanings hereinafter set forth. Unless the context shall otherwise indicate, words importing the singular number shall include the plural and vice versa, and words importing persons shall include firms, associations and corporations, including public bodies, as well as natural persons. "Act" means the Constitution and statutes of the State including K.S.A. 10-101 to 10-125, inclusive, K.S.A. 10-620 et seq., K.S.A. 10-427 et seq., K.S.A. 12-685 et seq., and K.S.A. 12-6a01 et seq., all as amended and supplemented from time to time. "Bond and Interest Fund" means the Bond and Interest Fund of the City for its general obligation bonds. "Bond Resolution" means the resolution to be adopted by the governing body of the City prescribing the terms and details of the Bonds and making covenants with respect thereto. "Bonds" means, jointly, the Series 2019A Bonds and Series 2019B Bonds. "City" means the City of Bel Aire, Kansas. "Clerk" means the duly appointed and acting Clerk of the City or, in the Clerk's absence, the duly appointed Deputy, Assistant or Acting Clerk. "Improvements" means the improvements referred to in the preamble to this Ordinance. "Mayor" means the duly elected and acting Mayor of the City or, in the Mayor's absence, the duly appointed and/or elected Vice Mayor or Acting Mayor of the City. "Ordinance" means this Ordinance authorizing the issuance of the Bonds. "Refunded Bonds" means the Series A, 2009 Bonds maturing in the years 2020 to 2029, inclusive, in the aggregate principal amount of $1,380,000. "Refunded Notes" means the Series 2016B Notes. "Refunded Notes Maturity Date" means December 1, 2019. "Series A, 2009 Bonds" means the City's Taxable General Obligation Bonds, Series A, 2009, dated January 15, 2009. "Series 2016B Notes" means the City's General Obligation Temporary Notes, Series 2016B, dated November 22, 2016. "Series 2019A Bonds" means the Issuer's General Obligation Bonds, Series 2019A, dated November 21, 2019, authorized and issued by the Issuer pursuant to this Ordinance. "Series 2019B Bonds" means the Issuer's Taxable General Obligation Refunding Bonds, Series 2019B, dated November 21, 2019, authorized and issued by the Issuer pursuant to this Ordinance. 3 "State" means the State of Kansas. Section 2. Authorization of the Bonds. There shall be issued and hereby are authorized and directed to be issued the General Obligation Bonds, Series 2019A, of the City in the principal amount of $6,060,000, for the purpose of providing funds to: (a) pay a portion of the costs of the Improvements, including capitalized interest on the Series 2019A Bonds; (b) pay a portion of the costs of issuance of the Bonds; and (c) retire the Refunded Notes. There shall be issued and hereby are authorized and directed to be issued the Taxable General Obligation Refunding Bonds, Series 2019B, of the City in the principal amount of $1,430,000, for the purpose of providing the funds to: (a) pay a portion of the costs of issuance of the Bonds; and (b) refund the Refunded Bonds. Section 3. Security for the Bonds. The Series 2019A Bonds shall be general obligations of the Issuer payable as to both principal and interest in part from special assessments levied upon the property benefited by the construction of the Improvements and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the Issuer. The Series 2019B Bonds shall be general obligations of the Issuer payable as to both principal and from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the Issuer. The full faith, credit and resources of the Issuer are hereby irrevocably pledged for the prompt payment of the principal of and interest on the Bonds as the same become due. Section 4. Terms, Details and Conditions of the Bonds. The Bonds shall be dated and bear interest, shall mature and be payable at such times, shall be in such forms, shall be subject to redemption and payment prior to the maturity thereof, and shall be issued and delivered in the manner prescribed and subject to the provisions, covenants and agreements set forth in the Bond Resolution hereafter adopted by the governing body of the City. Section 5. Levy and Collection of Annual Tax. The governing body of the City shall annually make provision for the payment of principal of, premium, if any, and interest on the Bonds as the same become due by levying and collecting the necessary taxes and/or assessments upon all of the taxable tangible property within the City in the manner provided by law. The taxes and/or assessments above referred to shall be extended upon the tax rolls in each of the several years, respectively, and shall be levied and collected at the same time and in the same manner as the general ad valorem taxes of the City are levied and collected, shall be used solely for the payment of the principal of and interest on the Bonds as and when the same become due and the fees and expenses of the Paying Agent. The proceeds derived from said taxes and/or assessments shall be deposited in the Bond and Interest Fund. If at any time said taxes and/or assessments are not collected in time to pay the principal of or interest on the Bonds when due, the Treasurer is hereby authorized and directed to pay said principal or interest out of the general funds of the City and to reimburse said general funds for money so expended when said taxes and/or assessments are collected. Section 6. Further Authority. The Mayor, Finance Director, Clerk and other City officials are hereby further authorized and directed to execute any and all documents and take such actions as they may deem necessary or advisable in order to carry out and perform the purposes of the Ordinance, and to make 4 alterations, changes or additions in the foregoing agreements, statements, instruments and other documents herein approved, authorized and confirmed which they may approve, and the execution or taking of such action shall be conclusive evidence of such necessity or advisability. Section 7. Governing Law. This Ordinance and the Bonds shall be governed exclusively by and construed in accordance with the applicable laws of the State. Section 8. Effective Date. This Ordinance shall take effect and be in full force from and after its passage by the governing body of the City, approval by the Mayor and publication in the official City newspaper. [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] 5 PASSED by the governing body of the City on November 5, 2019 and APPROVED AND SIGNED by the Mayor. �f d.)� BEj ,9\ (SEAL) ATTEST: ,.d M i/4 601000.20159\BASICDOCS _ _ J CITY OF\ THE FUTURE ' N WITH RESPECT FOR ITS PAST ''its Citi1 Clerk Mayor [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] (Signature Page to Bond Ordinance)