HomeMy Public PortalAboutOrd 423 GO Bonds Eco Devo
Gilmore & Bell, P. C.
02/10/2005
(Published in The Ark Valley News on February ---y 2005)
ORDINANCE NO. iJJl3
A HOME RULE ORDINANCE OF THE CITY OF BEL AIRE, KANSAS,
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE
CITY TO PROVIDE FUNDS FOR AN ECONOMIC DEVELOPMENT GRANT TO
BE USED IN CONNECTION WITH THE FINANCING AND ACQUISITION OF
REAL PROPERTY FOR DEVELOPMENT IN THE CITY.
WHEREAS, the governing body of the City of Bel Aire, Kansas (the "City") has considered the
needs of the City for the acquisition, financing and development of real property within the corporate limits
of the City (the "Project") to (a) protect the City's boundaries and preserve future growth opportunities in the
City and (b) promote the stimulation and fostering of economic development in the City and its environs, all
in order to enhance and provide for the general and economic development and welfare of the City and its
citizens; and
WHEREAS, the Bel Aire Development Authority, L.L.c., a Kansas limited liability company (the
"Company"), has worked, and desires to continue to work, with the City to undertake the Project; and
WHEREAS, the governing body of the City has determined it advisable and in the best interests of
the City to enter into a grant agreement with the Company (the "Grant Agreement"), that, in part, will
obligate the City to provide an economic development grant to the Company in connection with the Project
in the amount of$I,500,000*; and
WHEREAS, K.S.A. 12-1617h (the "Act") authorizes the City to levy a tax and expend public funds
for economic development purposes, but by its terms, the Act is not the exclusive means of providing such
funds and recognizes and acknowledges that the City may, in its discretion, exercise any other lawful
authority to provide funds for such purposes; and
WHEREAS, Article 12, ~ 5 of the Constitution of the State of Kansas (the "Home Rule
Amendment") empowers cities to determine their local affairs and government and provides that such power
and authority granted thereby to cities shall be liberally construed for the purpose of giving to cities the
largest measure of self-government; and
WHEREAS, the City is a city within the meaning of the Home Rule Amendment; and
WHEREAS, there is no enactment of the Kansas legislature which prohibits a city from issuing
general obligation bonds to provide funds for an economic development grant; and
WHEREAS, the governing body of the City hereby further finds and determines that it is necessary
and advisable and in the interest of the public health, safety and welfare, including economic development,
of the City, to authorize by home rule ordinance the issuance of general obligation bonds of the City to
provide funds for an economic development grant to be used in connection with the Project.
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NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY
OF BEL AIRE, KANSAS:
SECTION 1. Economic Development. The governing body of the City hereby finds and
determines that the Project has stimulated and fostered, and will continue to stimulate and foster, economic
development in the City and its environs in order to enhance and provide for the general and economic
development and welfare of the City and its citizens.
SECTION 2. Authorization and Execution of Grant Agreement. The City Attorney is
authorized to prepare the Grant Agreement in accordance with the provisions of this Ordinance. The
Mayor is hereby authorized and directed to execute and deliver the Grant Agreement on behalf of and as
the act and deed of the City. The City Clerk is hereby authorized to attest the Mayor's signature and affix
the City's seal to the Grant Agreement.
SECTION 3. Financing Authorization. The economic development grant to be made by the
City under the Grant Agreement may be paid, in whole or in part, from the proceeds of general obligation
bonds of the City (the "Bonds"), which are hereby authorized to be issued for such purposes pursuant to the
authority of the Act and the Home Rule Amendment in the amount of $2,010,000*, including associated
costs of issuance and interest on interim financing. The Bonds authorized pursuant to this Ordinance are
authorized to reimburse prior expenditures by the City.
SECTION 4. Further Authority. The officials of the City, the City Attorney, Gilmore & Bell,
P.C. as Bond Counsel and other consultants are authorized to proceed with such planning and document
preparation as necessary in connection with the Grant Agreement and other legal documents necessary in
order to comply with the intent of this ordinance, subject to final approval of such documents by the
governing body.
SECTION 5. Effective Date. This Home Rule Ordinance shall be effective from and after final
passage by the governing body and publication once in the official City newspaper.
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KMC\403713\HOME RULE ORDINANCE
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PASSED by the governing body of the City of Bel Aire, Kansas on February 15, 2005 and
SIGNED by the Mayor.
(SEAL)
ATTEST:
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Clerk
KMC\403713\HOME RULE ORDINANCE
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