HomeMy Public PortalAboutOrd 205 GO Bonds A 1992
GILMORE & BELL
5/5/92
(PUBLISHED IN THf< ARK VALLEY NEWS ON MAY .;<.1, 1992)
ORDINANCE NO. ~_O~_
AN ORDINANCE AUTHORIZING THE ISSUANCE AND DELIVERY OF
$117,600 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS,
SERIES A, 1992, OF BEL AIRE, KANSAS, FOR THE PURPOSF:
OF PAYING THE COSTS OF CONSTRUCTING CERTAIN STREET,
SEWER AND WATER IMPROVEMENTS; 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; AND MAKING CERTAIN COVENANTS WITH
RESPECT THERETO.
WHEREAS, the City is a city of the third class, duly
created, organized and existing under the laws of the State of
Kansas; and
WHEREAS, pursuant to
amended, and other provisions
Kansas app 1 icable thereto, by
governlng body of the City
improvements (the "Improvements")
to-wit:
K.S.A. l2-6aOl et
of the laws of the
proceedings duly
has caused the
to be made in
~. as
State of
had, the
following
the City,
(a) Construct pavement on Woodlawn Court from the
east line of Woodlawn to and including the cul-de-sac to
serve property described as: Lots 1 through 20, inclusive,
Block 1, Woodlawn Court Addition; and
(b) Construct a sanitary sewer main to serve property
described as: Lots 1 through 20, inclusive, Block 1,
Woodlawn Court Addition; and
(c) Construct a water main
described as: Lots 1 through 20,
Woodlawn Court Addition; and
to se rve
inclusive,
pq)perty
Block 1,
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 $117,600, with all of said cost to be paid by the owners
of the property within the City benefited by the Improvements,
and that the owners of the property benefited by the
Improvements have paid $0.00 in cash into the City Treasury on
account of the Improvements leaving $117,600 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 governing body of the City has advertised the
sale of its general obligation 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 lowest bidder; and
WHEREAS, the governing body of the City hereby finds and
determines that it is necessary for the City to authorize the
issuance and delivery of its general obligation bonds in the
principal amount of $117,600 to pay the costs of the
Improvements.
NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF BEL
AIRE, KANSAS, AS FOLLOWS:
Section 1.
Definitions of Words and Terms.
"Act" means the Constitution and statutes of the State of
Kansas including K.S.A. 10-101 to 10-125, inclusive, K.S.A.
10-620, et ~., and K.S.A. 12-6aOl et ~., as amended and
supplemented.
"Bond and Interest Fund" means the Bond and Interest Fund
of the City for its general obligation bonds.
"Bonds" means the Series A, 1992
Ordinance in the aggregate principal
dated June 1, 1992.
Bonds
amount
authorized by
of $117,600,
the
and
"City" means Bel Aire, Kansas.
"Clerk" means the duly appointed and acting Clerk or, In
the Clerk I s absence, the duly appointed and/or elected Deputy
Clerk or Acting Clerk of the City.
"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 refer red to in the
preamble to this Ordinance.
"Mayor" means the duly elected and acting Mayor of the City
or, in the Mayor I s absence, the duly appointed and/or elected
Vice Mayor or Acting Mayor of the City.
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"Ordinance" means this Ordinance authorizing the lssuance
of the Bonds.
Se~.J~jon_.~. A~~hor i za t ion ()L__ _a~Q__S~_C~lr i tL. f os~t 11~_J3()nsl_;:;.
There shall be issued and hereby are authorized and directed to
be issued the General Obligation Bonds, Series A, 1992, of the
City in the principal amount of $117,600, for the purpose of
providing funds to pay the costs of the Improvements.
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, 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 3. Terms, Details and Conditions of the Bonds.
The Bonds shall be dated and bear interest, shall mature and be
payable a t such times, sha 11 be in such forms, sha 11 be subj ect
to redemption and payment prlor to the maturi ty 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 4. 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,
respect i ve ly, and sha 11 be levied and co llected at the same
time and in the same manner as the general ad valorem taxes of
the Ci ty are levied and co llected, and the proceeds der i ved
from said taxes and/or assessments shall be deposi ted ~n the
Bond and Interest Fund.
If at any time said taxes and/or assessments are not
collected ln time to pay the principal of or interest on the
Bonds when due, the Ci ty 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 5. Tax Covenants. The Ci ty covenants and ag rees
that it will not take any action, or fail to take any action,
if any such action or failure to take action would adversely
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21348
affect the exclusion from gross Income of the interest on the
Bonds under Section 103 of the Code. The City covenants and
ag rees tha tit wi 11 use the proceeds 0 f the Bonds a s soon as
pr act icable and wi th all reasonab Ie d i spa tch for the pu rpose
for which the Bonds are issued as hereinbefore set forth, and
that it will not directly or indirectly use or permit the use
of any proceeds of the Bonds or any other funds of the City, or
take or omit to take any action that would cause the Bonds to
be "arbitrage bonds" within the meaning of Section 148(a) of
the Code. To that end, the City will cO[[iply with all
requirements of Section 148 of the Code to the extent
applicable to the Bonds. In the event that at any time the
City is of the opinion that for purposes of this Section it is
necessary to restrict or limit the yield on the investment of
any moneys held by the City under the Ordinance, t: 2 City shall
take such action as may be necessary.
Section 6. Fu~ther Authority. The Mayor, Clerk and other
Ci ty of f ici a Is a re he reby further autho r i zed and di rected 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 to make alter a t ions, changes 0 r
additions in the foregoing agreements, statements, instruments
and other documents herein approved, authorized and conf i rmed
which they may approve and the execution or taking of such
action shall be conclusive evidence of such necessity or
advisability.
Sect ion 7. Governing Law. The Ordinance
shall be governed exclusively by and construed
with the applicable laws of the State of Kansas.
and
in
the Bonds
accordance
Section 8.
effect and be in
governing bOdy of
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Effective Date. This Ordinance shall take
full force from and after its passage by the
the City and publication in the official City
governing body of the City on May 19, 1992.
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27348