The URL can be used to link to this page

Home My Public Portal AboutOrd 299 GO Bonds A 1998 Gilmore & Bell, P.c. 12/29/1997 ORDINANCE NO. ;2. 99 OF THE CITY OF BEL AIRE, KANSAS PASSED JANUARY 6, 1998 $2,544,000 GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS SERIES A, 1998 KMC\401 726\BASICDOC (PUBLISHED IN THE ARK VALLEY NEWS ON JANUARY ,1998 ORDINANCE NO. ;l. 97 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF $2,544,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES A, 1998, OF THE CITY OF BEL AIRE, KANSAS; PROVIDING FOR THE LEVY AND COLLECTION OF AN ANNUAL TAX FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND A PORTION OF THE CITY'S OUTSTANDING GENERAL OBLIGATION BONDS AND FOR 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 is a city of the third class, du1y created, organized and existing under the Constitution and laws of the State; 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, to reduce debt service requirements of the Issuer for certain years, to restructure the debt payments on the Refunded Bonds and to 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 issue $1,990,000 general obligation refunding bonds to refund the Refunded Bonds; and WHEREAS, pursuant to K.S.A. 12-6aOl 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 It) to be made in the City, to-wit: (a) construction of asphaltic concrete pavement improvements to Willow Creek Addition (b) construction of a water main and appurtenances to Willow Creek Addition; (c) construction of a sanitary sewer main improvements to Willow Creek Addition; and (d) construction of a storm sewer improvements to Willow Creek Addition; and WHEREAS, all legal requirements pertaining to the Improvements have been complied with, and the governing body of the City now fmds and determines that the total cost of the Improvements (including interest on temporary notes of the City and issuance costs of the Bonds) and related expenses are at least $554,0000, with $554,000 of said cost to be paid by the owners of the property within the KMC\401726\BASICDOC 1 City benefitted by the Improvements and with none of said cost to be paid by the City at large, and that the owners of the property benefitted by the Improvements have made no payments into the City Treasury on account of the Improvements, leaving $554,000 to be paid for by the issuance of general obligation bonds; and WHEREAS, the governing body of the City is authorized by law to issue general obligation bonds of the City to pay a portion of the costs of the Improvements; and WHEREAS, the City has not issued any of the general obligation bonds so authorized; and WHEREAS, the governing body of the City hereby fmds and determines that it is necessary for the City to authorize the issuance and delivery of its general obligation refunding and improvement bonds in the principal amount of $2,544,000 to refund the Refunded Bonds and pay the costs of the Improvements. 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 defmed elsewhere herein, the following words and terms in this Ordinance shall have the following meaning: "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. and K.S.A. 12-6aOl et seq., as amended and supplemented. "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 the Issuer's General Obligation Refunding and Improvement Bonds, Series A, 1998, in the aggregate principal amount of $2,544,000, and dated January 15, 1998, authorized by this Ordinance. "City" means the City of Bel Aire, Kansas. "Clerk" means the duly appointed and acting Clerk of the Issuer or, in the Clerk's absence, the duly appointed Deputy Clerk or Acting Clerk. "Code" means the Internal Revenue Code of 1986, as amended, and the applicable regulations proposed or promulgated thereunder of the United States Department of the Treasury. "Improvements" means the improvements referred to in the preamble to this Ordinance. "Mayor" means the duly elected and acting Mayor 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, KMC\40 1726\BASICDOC 2 "Paying Agent" means the Treasurer of the State of Kansas, Topeka, Kansas, and any successors and assigns. "Refunded Bond Resolution" means jointly the Series B, 1992 Resolution, the Series A, 1994 Resolution, and the Series B, 1994 Resolution which authorized the Refunded Bonds. "Refunded Bonds" means jointly (a) the Series B, 1992 Bonds maturing in the years 1998 to 2008, inclusive, in the aggregate principal amount of$875,000; (b) the Series A, 1994 Bonds maturing in the years 1998 to 2009, inclusive, in the aggregate principal amount of $540,000; and (c) the Series B, 1994 Bonds maturing in the years 1998 to 2010, inclusive, in the aggregate principal amount of $445,000. "Series B, 1992 Bonds" means the Issuer's General Obligation Bonds, Series B, 1992, dated November 1, 1992. "Series A, 1994 Bonds" means the Issuer's General Obligation Bonds, Series A, 1994, dated May 1, 1994. "Series B, 1994 Bonds" means the Issuer's General Obligation Bonds, Series B, 1994, dated December 1, 1994. "Series B, 1992 Resolution" means jointly the Issuer's Ordinance No. 216 and Resolution No. 92-20, which authorized the Series B, 1992 Bonds. "Series A, 1994 Resolution" means jointly the Issuer's Ordinance No. 243 and Resolution No. 94-12, which authorized the Series B, 1992 Bonds. "Series B, 1994 Resolution" means jointly the Issuer's Ordinance No. 248 and Resolution No. 94-22, which authorized the Series B, 1994 Bonds. "State" means the State of Kansas. "Treasurer" means the duly appointed and/or elected Treasurer or, in the Treasurer's absence, the duly appointed Deputy Treasurer or acting Treasurer of the Issuer. Section 2. Authorization of the Bonds. There shall be issued and hereby are authorized and directed to be issued the General Obligation Refunding and Improvement Bonds, Series A, 1998, of the City in the principal amount of $2,544,000, for the purpose of providing a portion of the funds to refund the Refunded Bonds and for the purpose of providing funds to pay a portion of the costs of the Improvements. Section 3. Security for the Bonds. The Bonds shall be general obligations of the City 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 City. The balance of the principal and interest on the Bonds is payable 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 territoriallimits of the City. The full faith, KMC\40 1726\BASICDOC 3 credit and resources of the City 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 a resolution hereinafter 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. Tax Covenants. The City covenants and agrees that (a) it will comply with all applicable provisions of the Code, including Sections 103 and 141 through 150, necessary to maintain the exclusion from federal gross income of the interest on the Bonds; and (b) it will not use or permit the use of any proceeds of Bonds or any other funds of the City, nor take or permit any other action, or fail to take any action, which would adversely affect the exclusion from federal gross income of the interest on the Bonds. The City will also adopt such other ordinances or resolutions and take such other actions as may be necessary to comply with the Code and with other applicable future laws, in order to ensure that the interest on the Bonds will remain excluded from federal gross income, to the extent any such actions can be taken by the City. Section 7. Further Authority. The Mayor, 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 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 8, Governing Law. The Ordinance and the Bonds shall be governed exclusively by and construed in accordance with the applicable laws of the State. Section 9. Effective Date. This Ordinance shall take effect and be in full force from and after its passage by the governing body of the City and publication in the official City newspaper. KMC\40 1726\BASICDOC 4 PASSED by the governing body of the City on January 6, 1998 and APPROVED AND SIGNED~l;>y the Mayor. , (}(,,:!.:::_~, i"" ;, ' ,\\, ,/--, /,J ..' 0'- '~/;'~\J"" " ,;,' ", ~" \"'/ .;..1 \ \\' '.\ " \:r-: 1'\{''r.~S&\L),\\,'j: "," ~: 'f1"~1 J~\n H ~:: ~~ '\ ,-"""':--' t .. , I ;1.'" ,. ~',' ....... \ --- '.'~"" \' - ",' i ..-',' ',~V~~t:',l,~ f{ ~(\, \,.; \ I ~ r ~ \ 1 !'~ "/" ",'-, " ",</ >/~I'''' 1"\\'>'1' , ! '" IT"',,':, ~4AJL /' ~ " Clerk APPROVED AS 10 FORM ONLY. City Attorney KMC\401726\BASICDOC , \ ~e,,~^,-~ Ma or v 5