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HomeMy Public PortalAboutOrd 670 GO Bonds Series 2021A, Levy & collection of taxGilmore & Bell, P.C. 06/07/2021 ORDINANCE NO. 670 OF THE CITY OF BEL AIRE, KANSAS PASSED JUNE 15, 2021 GENERAL OBLIGATION REFUNDING BONDS SERIES 2021A 601000.20180\BASICDOCS (PUBLISHED IN THE THE ARK VALLEY NEWS ON JUNE 17, 2021) ORDINANCE NO. 670 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2021A, 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 THEREWITH; AND MAKING CERTAIN COVENANTS WITH RESPECT THERETO. WHEREAS, the City of Bel Aire, Kansas (the "City" and "Issuer") is a city of the second class, duly 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, and provide an orderly plan of fmance for the City, it has become desirable and in the best interest of the City and its inhabitants to refund the Refunded Bonds through issuance of general obligation refunding bonds in the amount of $5,135,000; and WHEREAS, the governing body of the City has advertised the sale of the Bonds and at a meeting held in the City on this date awarded the sale of such Bonds to the best bidders. 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. "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.., 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 of the Bonds and making covenants with respect thereto. "Bonds" means the City's General Obligation Refunding Bonds, Series 2021A, dated July 6, 2021, authorized by this Ordinance. 601000.20180\BASICDOCS 1 "City" means the City of Bel Aire, Kansas. "Clerk" means the duly appointed and acting Clerk of the City or, in the Clerk's absence, the duly appointed Deputy, Assistant or Acting Clerk. "Mayor" means the duly elected and acting Mayor of the City 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 Bonds" means collectively: (a) the Series 2012A Bonds maturing in the years 2022 to 2032, inclusive, in the aggregate principal amount of $2,995,000; and (b) the Series 2013D Bonds maturing in the years 2022 to 2034, inclusive, in the aggregate principal amount of $2,625,000. "Refunded Bonds Redemption Date" means October 1, 2021. "Series 2012A Bonds" means the Issuer's General Obligation Bonds, Series 2012A, dated May 15, 2012. "Series 2013D Bonds" means the Issuer's General Obligation Bonds, Series 2013D, dated September 30, 2013. "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 Bonds, Series 2021A, of the City in the principal amount of $5,135,000 for the purpose of providing funds to: (a) refund the Refunded Bonds; and (b) pay costs of issuance of the Bonds. Section 3. Security for the Bonds. The Bonds shall be general obligations of the Issuer payable as to both principal and interest in part from special assessments levied upon the property benefited by the construction of improvements financed 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 Issuer. The full faith, credit and resources of the Issuer 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 the Bond Resolution hereafter 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 601000.20180\BASICDOCS 2 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. Further Authority. The Mayor, Finance Director, 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 7. Governing Law. This Ordinance and the Bonds shall be governed exclusively by and construed in accordance with the applicable laws of the State. Section 8. 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] 601000.20180\BASICDOCS 3 PASSED by the governing body of the City on June 15, 2021 and APPROVED AND SIGNED by the Mayor. (SEAL) ATTEST: AizmAayr Clerk Mayor [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] 601000.20180\BASICDOCS (Signature Page to Bond Ordinance) CERTIFICATE I hereby certify that the foregoing is a true and correct copy of the original ordinance; that said Ordinance was passed on June 15, 2021; that the record of the fmal vote on its passa a is found on page of journal ; and that it was published in the The Ark Valley News on June /, 2021. DATED: June 15, 2021 Clerk [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] 601000.20180\BASICDOCS (Signature Page to Bond Ordinance Certificate) (PUBLISHED IN THE THE ARK VALLEY NEWS ON JUNE 17, 2021) SUMMARY OF ORDINANCE NO. 670 On June 15, 2021, the governing body of the City of Bel Aire, Kansas passed an ordinance entitled: AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2021A, OF THE CITY OF BELAIRE, 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 THEREWITH; AND MAKING CERTAIN COVENANTS WITH RESPECT THERETO. The Series 2021A Bonds approved by the Ordinance are being issued in the principal amount set forth therein to refund previously issued general obligation bonds of the City. The Bonds constitute general obligations of the City payable as to both principal and interest in part from special assessments and, to the extent necessary, 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. A complete text of the Ordinance may be obtained or viewed free of charge at the office of the City Clerk, 7651 E. Central Park Avenue, Bel Aire, Kansas 67226. A reproduction of the Ordinance is available for not less than 7 days following the publication date of this Summary at http://www.belaireks.org. This Summary is hereby certified to be legally accurate and sufficient pursuant to the laws of the State of Kansas. DATED: June 15, 2021. City Attorney 601000.201801BASICDOCS Gilmore & Bell, P.C. 06/07/2021 EXCERPT OF MINUTES OF A MEETING OF THE GOVERNING BODY OF THE CITY OF BEL AIRE, KANSAS HELD ON JUNE 15, 2021 The governing body met in regular session at the usual meeting place in the City, at 7:00 p.m., the following members being present and participating, to -wit: Jeff Elshoff, Dr. Joel Schroeder, Justin Smith, John Welch, and Diane Wynn. Absent: [No one]. The Mayor declared that a quorum was present and called the meeting to order. * * * * * * * * * * * * * * (Other Proceedings) The Clerk reported that pursuant to the Notice of Bond Sale heretofore duly given, bids for the purchase of General. Obligation Refunding Bonds, Series 2021A, dated July 6, 2021, of the City had been received. A tabulation of said bids is set forth as EXHIBIT hereto. Thereupon, the Governing Body reviewed and considered the bids and it was found and determined that the bid of Robert W. Baird & Co., Inc., Milwaukee, Wisconsin, was the best bid for the Bonds. Thereupon, there was presented an Ordinance entitled: AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2021A, 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 THEREWITH; AND MAKING CERTAIN COVENANTS WITH RESPECT THERETO. Thereupon, Councilmember Welch moved that said Ordinance be passed. The motion was seconded by Councilmember Smith. Said Ordinance was duly read and considered, and upon being put, the motion for the passage of said Ordinance was carried by the vote of the governing body, the vote being as follows: Yea: Jeff Elshoff, Dr. Joel Schroeder, Justin Smith, John Welch, and Diane Wynn. Nay: [No one]. 601000.20180\BASICDOCS Thereupon, the Mayor declared said Ordinance duly passed and the Ordinance was then duly numbered Ordinance No. 670, was signed and approved by the Mayor and attested by the Clerk and was directed to be published one time in the official newspaper of the City. Thereupon, there was presented a Resolution entitled: A RESOLUTION PRESCRIBING THE FORM AND DETAILS OF AND AUTHORIZING AND DIRECTING THE SALE AND DELIVERY OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2021A, OF THE CITY OF BEL AIRE, KANSAS, PREVIOUSLY AUTHORIZED BY ORDINANCE NO. 670 OF THE ISSUER; MAKING CERTAIN COVENANTS AND AGREEMENTS TO PROVIDE FOR THE PAYMENT AND SECURITY THEREOF; AND AUTHORIZING CERTAIN OTHER DOCUMENTS AND ACTIONS CONNECTED THEREWITH. Thereupon, Councilmember Smith moved that said Resolution be adopted. The motion was seconded by Councilmember Schroeder. Said Resolution was duly read and considered, and upon being put, the motion for the adoption of said Resolution was carried by the vote of the governing body, the vote being as follows: Yea: Jeff Elshoff, Dr. Joel Schroeder, Justin Smith, John Welch, and Diane Wynn. Nay: [No one]. Thereupon, the Mayor declared said Resolution duly adopted and the Resolution was then duly numbered Resolution No. R-21-34 and was signed by the Mayor and attested by the Clerk. * * * * * * * * * * * * * * (Other Proceedings) [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] 601000.20180\BASICDOCS 2 On motion duly made, seconded and carried, the meeting thereupon adjourned. CERTIFICATE I hereby certify that the foregoing Excerpt of Minutes is a true and correct excerpt of the proceedings of the governing body of the City of Bel Aire, Kansas, held on the date stated therein, and that the official minutes of such proceedings are on file in my office. (SE HEyo c Cr I c, W/ryRE P CT FURS to- clt `PAST OR Jo rs Citizens, 601000.20180\BASICDOCS (Signature Page to Excerpt of Minutes) EXHIBITA BID TABULATION CITY OF BEL AIRE, KANSAS GENERAL OBLIGATION REFUNDING BONDS, SERIES 2021A Dated: July 6, 2021 Series 2021A Good Faith Deposit: $111,200 Sale Date: June 15, 2021 9:30 A.M., C.S.T. Max Interest Rate: 4.466% Gross + Total Rank Bidder Firm TIC Time Interest Discountl(Premium) Interest RWBA- Robert 1st DK Baird 1.149879% 10:26:06 am $1,116,020.14 $687,154.60 $428,865.54 HUTC- Huntington 2nd JV Securities 1.391407% 10:24:25 am $1,230,300.00 $708,107.15 $522,192.85 601000.20180\BASICDOCS B-1 EXHIBIT B (BID OF PURCHASER) 601000.20180\BASICDOCS B-2 Affidavit of Publication STA1.1✓'OF K:ANSAS', SEDGWI.CK;.COUNTY, ss. ICnotICF (Published In The Ark Valley News on June 17, 2021., SUMMARY OF. ORDINANCE NO.670 • On 15,:20 1, -the governing body of the City of Bel Aire; Kansas= passed an ordinance. entitled: AN -ORDINANCE AUTHORIZING AND PROVIDING FOR..THE ISSUANCE OF GENERAL OBLIGATION. REFUNDING BONDS;:SERIES, 2021A; OFTHE'CITY)OF;BELAIRE,.KANSAS PROVIDING; FOR THE. LEVY ANDiCOLLECTION 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 r. COVENANTS WITH RESPECT -THERETO.' TheSeries 2621ABonds approved by the Ordinance are being issued • iri the principal amount set forth therein to refund previously issued general obligation bonds of the. City.. The Bonds constitute general; obligations of the City payable as to both principal and interest in•partfrom special assessments and; to the extent necessary, from -ad valorem taxes which t. 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.A complete text of the Ordinancemay be obtained or viewed free of charge'at the office of: the City Clerk, 7651; E. Central Park Avenue, Bel Aire„Kansas:. ?. 67226: A; reproduction of the, Ordinance is available for not less than 7 days following the publication date of this Summary at:httpi//www.belaireks. ThisSummary is hereby. ceitifiedto be legally;accurate andsufficfent ,pursuent.to.the`laws of -the State of Kansas. - .• DATEO; June 15, 2021. :Jacqueline Kelly, CityAttorneyr thris Strunk, being -first duly -sworn, deposes and says::That he ' .Publisher_ cif The Ark:Valley News, formerly The Valley Center Index, aweekly newspaper printed in,' the -State of Kansas, and publishedin and of general circulation in SedgwickCounty Kansas,. with a general paid circulation ow ayearly basis in Sedgwick County, Kansas, and that said newspaper is .not a trade, religious or fraternal publication. Said newspaper is a;weekl:y published at least week- ly SO:times a year; has been so, published continuously and: uninterruptedly in said county and.statefor a period of more than..five years priorto the first publication of said notice, and:;has been admitted At the post office. of Valley:Centet insaid county as second class matter. That:the attached notice is atrue copythereof and was published: intie regular and entire issue of said :.newspaper for consecutive weeks, the first ublic tion thereof beina made as aforesaid on the 1 .4 day of ''t r l , 2021. with subsequentpublications being made on the following.dates;. 2021 ,.2021 2021 ,2021 2021 ,,f ; 2021 Subscribed and,sworn to before me this 2021. 1- day .,,,'' l gsol. Aliic ''i cc?... ......, e .1', My Commission exphrs`g ,A ,e. , Additional conies $ 1 P U E3 L i 0 1 C4lyMfBgo .N Y :a `Printer's fee } �'",IM Al" '''. .cam • 4i -.04'..4. dw °44, ah ,t11, „r 6 ,N, C !� � er'Ct�' b�. 'le1ii;i�N`�'''