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Home My Public Portal AboutOrd 335 GO Bond A 2001 o o Gilmore & Bell, P.c. 02/09/2000 ORDINANCE NO. 335 OF THE CITY OF BEL AIRE, KANSAS PASSED FEBRUARY 20, 2001 $1,175,000 GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS SERIES A, 2001 KMC\402570\BASICDOCS o (PUBLISHED IN THE THE ARK VALLEY NEWS ON FEBRUARY 22, 2001) ORDINANCE NO. 335 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF $1,175,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES A, 2001, OF THE CITY OF BEL AIRE, KANSAS, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COSTS OF CERTAIN IMPROVEMENTS AND TO REFUND A PORTION OF THE CITY'S OUTSTANDING GENERAL OBLIGATION BONDS; 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 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. 12-6aOl 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") to be made in the City, to-wit: (a) Construct asphaltic concrete paving to serve the property described as: Lots 10 through 15 inclusive, Block 2; Lots 7 through 16 inclusive, Block 4; Lots 19 through 22 and Lots 28 through 40 inclusive, Block 5; Park Vista 3rd Addition all in the City of Bel Aire, Sedgwick County, Kansas; (b) Construct sanitary sewer laterals to serve the property described as: Lots 10 through 21 inclusive, Block 2; Lots 1 through 23 inclusive, Block 3; Lots 10 through 22 inclusive, Block 4; Lots 16 through 37 inclusive, Block 5; Park Vista 3rd Addition, all in the City of Bel Aire, Sedgwick County, Kansas; ( c) Construct waterworks system to serve the property descri bed as: Lots 10 through 24 inclusive, Block 2; Lots 7 through 16 inclusive, Block 4; Lots 19 through 40 inclusive, Block 5; Park Vista 3rd Addition, all in the City of Bel Aire, Sedgwick County, Kansas; (d) Construct sanitary sewer laterals to serve the property described as: Lots 10 through 21 inclusive, Block 2; Lots 10 through 16 inclusive, Block 4; Lots 16 through 37 inclusive, Block 5; Park Vista 3rd Addition, all in the City of Bel Aire, Sedgwick County, Kansas; (e) Construct asphaltic concrete paving to serve the property described as: Lot 2, Block 1; Bel Aire Heights Garden Home Addition, all in the City of Bel Aire, Sedgwick County, Kansas; o M KMC\402570\BASICDOCS 1 o (f) Construct waterworks system to serve the property described as: Lot 2, Block 1; Bel Aire Heights Garden Home Addition, all in the City of Bel Aire, Sedgwick County, Kansas; (g) Construct sanitary sewer laterals to serve the property described as: Lots 2 and 3, Block 1; Bel Aire Heights Garden Home Addition, all in the City of Bel Aire, Sedgwick County, Kansas; and (h) Construct waterworks system to serve the property described as: Lots 8 through 11 inclusive, Block 1; Krueger's 1 st Addition, all in the City of Bel Aire, Sedgwick County, Kansas; 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 and issuance costs of the Bonds) and related expenses are at least $625,000, with all of said cost to be paid by the owners of the property within the City benefited by the Improvements and with none of said cost to be paid by the City at large, and that the owners of the property benefited by the Improvements have paid no cash into the City Treasury on account of the Improvements, leaving $625,000 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 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 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 refund the Refunded Bonds; and WHEREAS, none of such general obligation bonds heretofore authorized have been issued and the City proposes to issue $1,175,000 of its general obligation refunding and improvement bonds to pay the costs of the Improvements and the costs of refunding the Refunded Bonds. NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF BEL AIRE, KANSAS, AS FOLLOWS: Section 1. Definitions of Words and Terms. In addition to words and terms defined elsewhere herein, the following words and terms in this Ordinance shall have the meanings hereinafter set forth. Unless the context shall otherwise indicate, words importing the singular number shall include the plural and vice versa, and words importing persons shall include firms, associations and corporations, including public bodies, as well as natural persons. o "Act" means the Constitution and statutes of the State including K.S.A. 10-101 to 10-125, inclusive, K.S.A. 10-427 et seq., K.S.A. 10-620 et seq. and K.S.A. 12-6aO 1 et seq., all as amended and supplemented from time to time. M KMC\402570\BASICDOCS 2 o "Bond and Interest Fund" means the Bond and Interest Fund of the City for its general obligation bonds. "Bond Resolution" means the resolution to be adopted by the governing body of the City prescribing the terms and details of the Bonds and making covenants with respect thereto. "Bonds" means the Issuer's General Obligation Refunding and Improvement Bonds, Series A, 2001, in the aggregate principal amount of$I,175,000, and dated February 15,2001, 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. "Refunded Bond Resolution" means the Series A, 1995 Resolution which authorized the Refunded Bonds, "Refunded Bonds" means the Series A, 1995 Bonds maturing 111 the years 2001 to 2010, inclusive, in the aggregate principal amount of $535,000. "Series A, 1995 Bonds" means the Issuer's General Obligation Bonds, Series A, 1995 dated March 15, 1995. "Series A, 1995 Resolution" means jointly the Issuer's Ordinance No. 255 and Resolution No. R-95-03 which authorized the Series A, 1995 Bonds, "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 Refunding and Improvement Bonds, Series A, 2001, of the City in the principal amount of $1,175,000, for the purposes of (a) providing a portion of the funds to pay the costs of the Improvements and (b) providing a portion ofthe funds to refund the Refunded Bonds. o Section 3. Security for the Bonds. The Bonds shall be general obligations of the City payable as to both principal and interest from special assessments levied upon the property benefited by the construction of the Improvements and the improvements funded by the Refunded Bonds 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 M KMC\402570\BASICDOCS 3 o 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 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. 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. [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] M KMC\402570\BASICDOCS 4 (;\ ,J PASSED by the governing body of the City on February 20, 2001 and APPROVED AND SIGNED by the Mayor. r , I ~i~ :...-'......... ",: ,\:~. '"JD'~"';' / C~.[ti t'L~' )S,: :~,~~-\, ':;. . " "'1' \'" ',' ,f tI. . '<, . i :- \... ". .-"{ r'9'" \jL..:"~'; i,' -..",: I, , .. , -<~. '--, -' C IT , ., ,: .... : , -" \~;A +1- .l~' q.-f Jr. t r ,',' ~"~ I., \ IE\: -J E tl':. '... . '"" .' '(--'" I, ,.,fIU ~ "'/ ---.:.'1 S fAir \,.; ,(l ...... ' \.... >~!7ti t\' \ \. " '~,f ~ 4~ Clerk [BALANCE OF PAGE INTENTIONALLY LEFT BLANK] ('1, '...J M KMC\402570\BASICDOCS 5 ~ (J CERTIFICATE I hereby certify that the foregoing is a true and correct copy of the original ordinance; that said Ordinance was passed on February 20, 2001; that the record of the final vote on its passage is found on page _ of journal_; and that it was published in The Ark Valley News on February _, 2001. DATED: February 20,2001. ~// /~ Clerk [BALANCE OF PAGE INTENTIONALLY LEFT BLANK] M KMC\402570\BASICDOCS 6