HomeMy Public PortalAboutOrd 708 GO Bonds Series 2023AGilmore & Bell, P.C.
10/27/2023
ORDINANCE NO. 708
OF
THE CITY OF BEL AIRE, KANSAS
PASSED
NOVEMBER 7, 2023
GENERAL OBLIGATION BONDS
SERIES 2023A
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(PUBLISHED IN THE ARK VALLEY NEWS ON NOVEMBER 9, 2023)
ORDINANCE NO. 708
AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF
GENERAL OBLIGATION BONDS, SERIES 2023A, 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") 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. 12-6a01 et seq., as amended, and other provisions of the laws of
the State of Kansas applicable thereto, by proceedings duly had, the Governing Body of the City (the
"Governing Body") has caused the following improvements (the "Improvements") to be made in the City,
to -wit:
Project Description
Res. No.
Authority (K.S.A.)
Amount*
Bristol Hollows Phase 1
Drainage
R-20-01
K.S.A. 12-6a01 et seq.
$685,034.35
Street
R-20-02
K.S.A. 12-6a01 et seq.
468,172.85
Sanitary Sewer
R-20-03
K.S.A. 12-6a01 et seq.
287,911.98
Water Distribution
R-20-04
K.S.A. 12-6a01 et seq.
133,528.49
Central Park 3"f Addition Phase 2
Paving
R-20-05
K.S.A. 12-6a01 et seq.
358,326.65
Sanitary Sewer
R-20-06
K.S.A. 12-6a01 et seq.
184,536.06
Water Distribution
R-20-07
K.S.A. 12-6a01 et seq.
95,035.52
Rock Spring Addition Phase 7
Paving
R-20-12
K.S.A. 12-6a01 et seq.
334,377.11
Sanitary Sewer
R-20-13
K.S.A. 12-6a01 et seq.
66,839.54
Water
R-20-14
K.S.A. 12-6a01 et seq.
66,788.07
Woodlawn Avenue Improvements
R-17-20, R-20-
16 and R -23 -
Charter Ordinance No. 19
$2,789,393.33
*Excludes some finance and interest costs
; and
WHEREAS, all legal requirements pertaining to the Improvements have been complied with, and
the Governing Body now finds and determines that the total cost of the Improvements (including interest
on temporary notes of the City and issuance costs of the general obligation bonds) and related expenses are
at least $5,469,943.95, with $2,680,055.62 of said cost to be paid by the owners of the property within the
City benefited by the Improvements and the balance of said cost to be paid by the City at large, and the
owners of the property benefited by the Improvements have paid $0 in cash into the City Treasury on
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account of the Improvements; and that there are additional Bond capitalized interest, underwriting discount,
and Bonds costs of issuance totaling $60,761.10, but $105,705.05 of available from bid premium for the
Bonds to pay part of said costs, leaving $5,425,000 to be paid for by the issuance of general obligation
bonds; and
WHEREAS, the Governing Body is authorized by law to issue general obligation bonds of the
City to pay the costs of the Improvements; and
WHEREAS, none of such general obligation bonds heretofore authorized have been issued and
the City proposes to issue $5,425,000 of its general obligation bonds to pay the costs of the Improvements;
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 bidder.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF BEL AIRE 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. 14-570, K.S.A. 14-571, and Charter Ordinance No. 19, and K.S.A.
12-6a01 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 prescribing the
terms and details of the Bonds and making covenants with respect thereto.
"Bonds" means the City's General Obligation Bonds, Series 2023A, dated November 28, 2023,
authorized by this Ordinance.
"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.
"Governing Body" means the Governing Body of the City.
"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.
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"Refunded Notes" means, jointly, the Series 2020A Notes maturing in the year 2023, in the
aggregate principal amount of $1,985,000, and the Series 202C Notes maturing in the year 2023, in the
aggregate principal amount of $3,195,000.
"Series 2020A Notes" means the City's General Obligation Temporary Notes, Series 2020A, dated
June 15, 2020.
"Series 2020C Notes" means the City's General Obligation Temporary Renewal and Improvement
Notes, Series 2020C, dated November 10, 2020.
"State" means the State of Kansas.
"Substitute Improvements" means the substitute or additional improvements of the City
authorized in the manner set forth in the Bond Resolution.
Section 2. Authorization of the Bonds. There shall be issued and hereby are authorized and
directed to be issued the General Obligation Bonds, Series 2023A, of the City in the principal amount of
$5,425,000, for the purpose of providing funds to: (a) pay costs of the Improvements; (b) pay costs of
issuance of the Bonds; (c) retire the Refunded Notes; and (d) pay interest on the Bonds to November 1,
2024.
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 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 balance of the principal and interest on the Bonds is payable 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 the Bond Resolution hereafter adopted by
the Governing Body.
Section 5. Levy and Collection of Annual Tax. The Governing Body 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 for the Bonds. 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 City Treasurer is hereby authorized and directed to pay said principal
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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, 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, approval by the Mayor and publication of the Ordinance or a summary
thereof in the official City newspaper.
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PASSED by the Governing Body on November 7, 2023 and APPROVED AND SIGNED by the
Mayor.
(SEAL)
ATTEST:
Clerk
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(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 November 7, 2023; that the record of the final vote on its passage is found on
page of journal ; and that the Ordinance or a summary thereof was published in the The Ark
Valley News on November [ ], 2023.
DATED: November 7, 2023.
Clerk
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(Signature Page to Bond Ordinance Certificate)