HomeMy Public PortalAboutOrd 317 GO Bond A 1999
LUUi'L1L LUj~lJ~HJ1'HL.A J H.Jl"
FOR MEETING OF
AGENDA ITEM
FOR ACTION
INFORMATION ONLY
Gilmore & Bell, P.C.
02/08/1999
ORDINANCE NO. .3 / :;
OF
THE CITY OF BEL AIRE, KANSAS
PASSED
FEBRUARY 16, 1999
$741,000
GENERAL OBLIGATION BONDS
SERIES A, 1999
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(PUBLISHED IN the ARK VALLEY NEWSON FEBRUARY 18, 1999)
ORDINANCE NO. 3//
AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF
$741,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES
A, 1999, OF 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 THEREWIm; AND MAKING CERTAIN COVENANTS WITH
RESPECT THERETO.
WHEREAS, the City is a city of the third class, duly created, organized and existing under the
Constitution and laws of the State; and
WHEREAS, pursuant to K.S.A. 10-101 to 10-125, inclusive, K.S.A. 10-620 et seq. and K.S.A.
12-6a01 et seq., as amended, and other provisions of the laws of the State of Kansas applicable thereto,
by proceedings duly had, the governing body ofthe City has authorized the following improvements (the
"Improvements") to be made in the City, to-wit:
(a) Construct sanitary sewer improvements to Kappelman's Bel Aire Heights Addition
(authorized by Resolution No. 97-09);
(b) Construct water system improvements to Kappelman's Bel Aire Heights Addition
(authorized by Resolution No. 97-18);
(c ) Construct asphaltic concrete pavement improvements to Kappelman's Bel Aire Heights
Addition (authorized by Resolution No. 97-17);
(d) Construct park facilities improvements to serve Willow Creek Addition (authorized by
Resolution No. 97-12);
(e) Construct sanitary sewer improvements to Willow Point Courts 3rd Addition (authorized
by Resolution No. 96-10);
(f) Construct asphaltic concrete pavement improvements to Willow Point Courts 3rd
Addition (authorized by Resolution No.96-11); and
(g) Construct water main improvements to Willow Point Courts 3rd Addition (authorized by
Resolution No.96-12).
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 and issuance costs of the Bonds) and related expenses
are at least $745,000, with all of said cost to be paid by the owners of the property within the City
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benefitted by the Improvements and that the owners of the property benefitted by the Improvements have
paid $3,940.77 in cash into the City Treasury on account of the Improvements and there is $59.23
available in the City Treasury to pay part of said cost, leaving $741,000 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 ofthe City to pay a portion of the costs of the Improvements; and
WHEREAS, none of such general obligation bonds heretofore authorized have been issued and
the City proposes to issue $741,000 of its general obligation bonds to pay a portion of the costs of the
Improvements; 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
bidder.
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 following meaning:
"Act" means the Constitution and statutes of the State including to K.S.A. 12-6a01 et seq., as
amended, and an ordinance and resolution adopted by the governing body of the Issuer, 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 ofthe Bonds and making covenants with respect thereto.
"Bonds"means the Issuer's General Obligation Bolids, Series A, 1999, in the aggregate
principal amount of$741,000, and dated February 15, 1999, 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.
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"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.
"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 A, 1999, of the City in the principal amount of
$741,000, 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 benefitted 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 full faith, 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 Code S 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 law, in order to ensure that
the interest on the Bonds will remain excluded from federal gross income, to the e>..1ent any such actions
can be taken by the City.
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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. This 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, approval by the Mayor and publication in the official City
newspaper.
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PASSED by the governing body of the City on February 16, 1999 and approved and signed by
the Mayor.
(SEAL)
Mayor
A TrEST:
Clerk
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CERTIFICATE
I hereby certify that the foregoing is a true and correct copy of the original ordinance; that said
Ordinance was passed on February 16, 1999; that the record of the final vote on its passage is found on
page _ ofjournal_; and that it was published in the Ark Valley News on February _, 1999.
DA TED:
Clerk
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