HomeMy Public PortalAboutOrd 395 GO Bond A 2003
Gilmore & Bell, P.C.
6/2/2003
ORDINANCE NO. 3 '1$
OF
THE CITY OF BEL AIRE, KANSAS
PASSED
JUNE 17, 2003
$655,000
GENERAL OBLIGATION REFUNDING BONDS
SERIES A, 2003
KMC\403255\BASICDOCS
(PUBLISHED IN THE SEDGWICK COUNTY POSTON JUNE 26,2003)
ORDINANCE NO. 3 J5
AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF
$655,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING
BONDS, SERIES A, 2003, OF THE CITY OF BEL AIRE, KANSAS, FOR THE
PURPOSE OF PROVIDING FUNDS 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, 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, to reduce debt service requirements of the Issuer for certain years, to restructure the debt payments
on 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.
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. 10-427 et seq., and K.S.A. 10-620 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.
KMC\403255\BASICDOCS
"Bonds" means the Issuer's General Obligation Refunding Bonds, Series A, 2003, m the
aggregate principal amount of$655,000, and dated July 1,2003, 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 jointly the Series A, 1996 Resolution and the Series B,
1996 Resolution.
"Refunded Bonds" means jointly (a) the Series A, 1996 Bonds maturing in the years 2004 to
2011, inclusive, in the aggregate principal amount of $280,000; and (b) the Series B, 1996 Bonds
maturing in the years 2004 to 2011, inclusive, in the aggregate principal amount of $360,000.
"Series A, 1996 Bonds" means the Issuer's General Obligation Bonds, Series A, 1996 dated
January 15, 1996.
"Series B, 1996 Bonds" means the Issuer's General Obligation Bonds, Series B, 1996, dated
July 15, 1996.
"Series A, 1996 Resolution" means jointly the Issuer's Ordinance No. 266 and Resolution No.
96-02, which authorized the Series A, 1996 Bonds.
"Series B, 1996 Resolution" means jointly the Issuer's Ordinance No. 278 and Resolution No.
96-14, which authorized the Series A, 1996 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 Bonds, Series A, 2003, of the City in the principal
amount of $655,000, for the purpose of providing funds to refund the Refunded Bonds.
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 against the property benefited by the
certain improvements originally financed by the Series A, 1996 Bonds and the Series B, 1996 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 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.
KMC\403255\BASICDOCS
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 upon all of the taxable tangible property within
the City in the manner provided by law.
The taxes 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 shall be deposited in the Bond and Interest Fund.
If at any time said taxes 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 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]
KMC\403255\BASICDOCS
PASSED by the governing body of the City on June 17,2003 and APPROVED AND SIGNED
by th~Ma~r{
. "~ ~... ~
:~ ~ ," \ t' 1'.:':.",,'
'. I;:, Y ~.. '\" \ r..
, -) /' '1 I, J" ~ ' ~ i' ~
.~; (SE'" tA-i . ~ \, t., I
..., -~ _.1A.J-V l ( ,-
..0( _.... : ::::~, ( C ITI IF : .
. ':; \-', II A ;" .", ',',' / .-~
'("" " . '. ! I -J" ~
" A.lTE$T~ ,tAl r ./'~':
, .... ,"-"',.,., .l~'<'
, Ii ~,\ \i.. .
~.I toj \. .
~}hf~
~/~
[BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK]
KMC\403255\BASICDOCS
CERTIFICATE
I hereby certify that the foregoing is a true and correct copy of the original ordinance; that said
Ordinance was passed on June 17, 2003; that the record of the final vote on its passage is found on page
_ ofjournal_; and that it was published in The Sedgwick County Post on June 19,2003.
DATED:
~/~
- Clerk
[BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK]
KMC\403255\BASICDOCS