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Home My Public Portal AboutOrd 404 BA Pub Dev/Finance 1~ pJ~~ fAt ~ ~ -fJ~,1~71 }J~~ ;Z~;)603 Gilmore & Bell, P, C. 10/15/2003 ORDINANCE NO. 404 AN ORDINANCE APPROVING THE FORMATION OF A KANSAS NONPROFIT CORPORATION TO FACILITATE THE FINANCING OF PUBLIC PROJECTS AND IMPROVEMENTS ON BEHALF OF CITY OF BEL AIRE, KANSAS; DETERMINING THAT THE FORMATION OF SAID CORPORATION AND THE ISSUANCE OF REVENUE BONDS BY SAID CORPORATION TO FINANCE THE COSTS OF PUBLIC PROJECTS AND IMPROVEMENTS FOR THE BENEFIT AND USE OF THE CITY WILL CONSTITUTE A PUBLIC PURPOSE; APPOINTING THE INITIAL BOARD OF DIRECTORS OF SAID CORPORATION; APPROVING AND AUTHORIZING THE EXECUTION OF ALL DOCUMENTS NECESSARY FOR THE FORMATION OF THE CORPORATION; AND REQUIRING APPROVAL BY THE CITY OF ALL DOCUMENTS RELATED TO THE ISSUANCE OF REVENUE BONDS BY THE CORPORATION. WHEREAS, the City Council (the "Governing Body") of the City of Bel Aire, Kansas (the "City"), hereby finds and determines that it is necessary, desirable and in the best interests of the City and its citizens to undertake certain public projects and make certain capital improvements to facilities for the benefit and use of the City and thereby improve and enhance the ability of the City to provide for economic development in the City and to provide quality facilities and services to citizens residing in the City; and WHEREAS, it is proposed that the Bel Aire Public Development and Finance Corporation, a nonprofit corporation of the State of Kansas (the "Corporation"), be formed under K.S,A. 17-6001 et seq, (the "Corporation Code"), with the approval of the City, to undertake and finance the costs of certain public projects and capital improvements for the economic benefit and use of the City; and WHEREAS, the Corporation will engage in activities for the benefit of the City that are permissible for nonprofit corporations pursuant to the Corporation Code and, if applicable, consistent with any exemption of the Corporation from federal income taxation under Section 50l(c)(3) of the Internal Revenue Code of 1986, as amended; and WHEREAS, the Corporation will be authorized and empowered to borrow money through the issuance of notes, bonds or other obligations of said Corporation and to use the proceeds of such obligations to plan, develop, acquire, construct, reconstruct, improve, extend, widen, repair, remodel and renovate City projects and facilities in order to further the economic development and other public purposes for which the Corporation will be formed; and WHEREAS, it is necessary and desirable for the Governing Body to approve the formation of the Corporation so that the City and the Corporation can proceed with the preparation of plans, documents, authorizations and applications that are necessary to proceed with the financing of public projects and capital improvements to benefit the City, kmc\403385\ordinance (articles) I NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF BEL AIRE, KANSAS, AS FOLLOWS: Section 1. Public Purpose, The Governing Body of the City hereby finds and determines that the formation of the Corporation and the issuance of revenue bonds by the Corporation on behalf of the City, or by the City on behalf of the Corporation, to finance the costs of public projects and capital improvements to benefit the City will promote the public welfare by improving and enhancing the ability of the City to provide for economic development in the City and for quality facilities and services to citizens residing in the City, and that the Corporation will be performing activities which otherwise would be the responsibility of the City. Section 2. Approval of Formation of the Corporation. The Governing Body hereby approves the formation of the Corporation for the purposes set forth in its Articles of Incorporation attached hereto as Exhibit A, Section 3. Approval of Articles of Incorporation and Bylaws of the Corporation, The Governing Body hereby approves the Articles of Incorporation in substantially the form attached hereto as Exhibit A, The incorporators of the Corporation are hereby authorized and directed to file said Articles of Incorporation with the Secretary of State of Kansas. Section 4, Approval of Board of Directors, The Governing Body hereby approves the initial board of directors of the Corporation as set forth in the Articles of Incorporation attached hereto as Exhibit A, Section 5. Issuance of Obligations by the Corporation. The Corporation shall issue no bonds, notes or other obligations, or otherwise enter into financing agreement, with respect to financing public projects and capital improvements to public facilities of the City until, in each case, the Governing Body adopts a resolution approving each specific issue or agreement. Any bonds, notes or other obligations of the Corporation shall not be a debt of the City and the City shall not be liable thereon, In no event shall any bonds, notes, other obligations or agreements issued or entered into by the Corporation be payable out of any funds or properties other than those acquired for the purpose of such financing, and such bonds, notes, obligations and agreements shall not constitute an indebtedness of the City within the meaning of any constitutional or statutory debt limitation or restriction, Section 6. Costs and Expenses. The Governing Body hereby authorizes the Mayor and such officers and employees as the Mayor may designate, to proceed with the planning and design work for proposed public projects and capital improvements and authorizes the City, subject to prior approval of the Governing Body, to advance the funds necessary for such purposes, Any funds advanced by the City as aforesaid shall be promptly reimbursed to the City by the Corporation, to the extent such reimbursement is permitted by law, from the proceeds of any obligations issued by the Corporation. Section 7. Further Authority, The Mayor and such officers, employees and representatives of the City as he may direct, are hereby authorized and directed to proceed with the necessary negotiations and the preparation of the legal documents relating to the public projects and capital improvements to public facilities contemplated hereby and the issuance of bonds, notes or other obligations, or the entering into of other agreements, by the Corporation to finance such improvements; provided, however, that all documents whose execution and delivery are contemplated by the provisions hereof, including but not limited to, the terms of any bonds, notes or other obligations and of the sale of the same, shall be approved by the Governing Body, kmc\403385\ordinance (articles) 2 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] kmc\403385\ordinance (articles) 3 ,'\' l?,b\SSED by the governing body of the City on November 18, 2003 and APPROVED AND S-.IG.NWfrY'tM Mayor. , V'lfJ. V (,;~r \,; \" ~ :::( \J."", \. ..t j, ~, ..., ~D' /' tI1L"" . . . \ ( IOlll ~ ' ,~) ~',:IT,r H ;:,: " A \:.' /' r. t " . '. '" . '(.\ \' I ! 1 i ~.., f 1.1 ~"" " I 1 I r, \ r ( " ! UITf:.,ST: ',,' " , r r c' ~~~ Clerk kmc\403385\ordinance (articles) 4 CERTIFICATE I hereby certify that the foregoing is a true and correct copy of the original ordinance; that said Ordinance was passed on November 18,2003; that the record of the final vote on its passage is found on page _ ofjoumal_; and that it was published in the Sedgwick County Post on December 11,2003, DATED: December 11,2003. ~f~~~ . Clerk [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] kmc\403385\ordinance (articles) 5