HomeMy Public PortalAboutOrd 040 GO Bond A 1982
(Published in THE DAILY REPORTER, on ~~;t. ~()
, 1982.)
ORDINANCE NO. 40
AN ORDINANCE AUTHORIZING AND PROVIDING
FOR THE ISSUANCE OF GENERAL OBLIGATION
BONDS OF THE CITY OF BEL AIRE, KANSAS, IN
THE TOTAL PRINCIPAL AMOUNT OF
$853,199.00; AND PRESCRIBING THE TERMS
AND DETAILS OF THE BONDS.
WHEREAS, the governing body of the City of Bel Aire,
Kansas, has heretofore by Resolution No. 82-3, duly adopted
May 18, 1982, and published in the official city newspaper as
required by law on June 10, 1982, authorized the following
described improvements in the City: street improvements to
NORTHFORK ADDITION, under authority of K.S.A. 12-6a01; and
WHEREAS, said governing body has further heretofore by
Resolution No. 82-4, duly adopted May 18, 1982, and published in
the official city newspaper as required by law on June 10, 1982,
authorized the following described improvement in the City:
sanitary sewer extensions for Northfork Addition, under
authority of K.S.A. 12-6a01; and
WHEREAS, said governing body has further heretofore by
Resolution No. 82-5, duly adopted May 18, 1982, and published in
the official city newspaper as required by law on June 10, 1982,
authorized the following described improvement in the City:
water system extensions to serve Northfork Addition, under
authority of K.S.A. 12-6a01; and
WHEREAS, said governing body has further heretofore by
Resolution No. 82-6, duly adopted May 18, 1982, and published in
the official city newspaper as required by law on June 10, 1982,
authorized the following described improvement in the City:
waterworks system extensions, Phase I, in Kappelman's Bel Aire
Heights, under authority of K.S.A. 12-6a01; and
WHEREAS, said governing body has further heretofore by
Resolution No. 82-7, duly adopted May 18, 1982, and published in
the official city newspaper as required by law on June 10, 1982,
authorized the following described improvement in the City:
street improvements, Phase I, in Kappelman's Bel Aire Heights,
under authority of K.S.A. 12-6a01; and
WHEREAS, said governing body has further heretofore by
Resolution No. 82-8, duly adopted May 18, 1982, and published in
the official city newspaper as required by law on June 10, 1982,
authorized the following described improvement in the City:
dam, lake, floodway, and miscellaneous storm drainage in
Kappelman's Bel Aire Heights, under authority of K.S.A.
12-6a01; and
WHEREAS, said governing body has further heretofore by
Resolution No. 82-9, duly adopted May 18, 1982, and published in
the official city newspaper as required by law on June 10, 1982,
authorized the following described improvement in the City:
sanitary sewer extensions, Phase I, in Kappelman's Bel Aire
Heights, under authority of K.S.A. 12-6a01; and
WHEREAS, the total final costs of said improvements have
been determined to be in the amount of $853,199.00, all of which
is chargeable to and has been specially assessed against the
property liable therefor, and within the time provided by law,
property owners have paid none of said special assessments in
cash, and it is necessary to issue bonds of the City to pay said
costs; and
WHEREAS, said governing body hereby finds and determines it
to be necessary to authorize and provide for the issuance of
General Obligation Bonds of the City of Bel Aire, Kansas, in the
total principal amount of $853,199.00, for the purposes
aforesaid; and further to provide for and specify the terms,
details, form and conditions of the Bonds.
THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY
OF BEL AIRE, KANSAS:
SECTION 1. For the purpose of paying the costs of
various waterworks, street, storm drainage, and sanitary sewer
improvements in the City of Bel Aire, Kansas, as heretofore
authorized, there is hereby authorized, ordered and directed to
be issued General Obligation Bonds of the City of Bel Aire,
Kansas, in the total principal amount of Eight Hundred
Fifty-Three Thousand One Hundred Ninety-Nine Dollars
($853,199.00). The Bonds shall be dated August 1, 1982, shall
be designated Series A, 1982, shall be numbered from one (1)
consecutively upward, shall be in denominations of $5,000.00
each, except Bond No.1 in denomination of $3,199.00, and shall
bear interest and become due and payable as follows:
INTEREST
RATE MATURITY
AMOUNT PER ANNUM DATE
$53,199.00 11.70% August 1 , 1984
55,000.00 11.70% August 1 , 1985
55,000.00 11.40% August 1 , 1986
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55,000.00 11.00% August 1 , 1987
55,000.00 11.00% August 1 , 1988
55,000.00 11.00% August 1 , 1989
55,000.00 11.00% August 1 , 1990
55,000.00 11.00% August 1 , 1991
55,000.00 11.00% August 1 , 1992
60,000.00 11.40% August 1 , 1993
60,000.00 11.70% August 1 , 1994
60,000.00 12.00% August 1 , 1995
60,000.00 12.40% August 1 , 1996
60,000.00 12.70% August 1 , 1997
60,000.00 13.00% August 1 , 1998
Interest on the Bonds at the rates aforesaid shall be payable
beginning February 1, 1984, and thereafter semiannually on the
first days of August and February in each year until the .
principal amount of each Bond is paid. Both the principal of
and interest on the Bonds shall be payable to bearer at the
Office of the State Treasurer in the City of Topeka, Kansas.
SECTION 2. The Bonds shall be in the usual form and
shall contain the usual recitals, including a recital that they
are issued under authority of K.S.A. 10-101 to 10-125,
inclusive, as amended and supplemented. The Bonds shall further
contain a recital that they are issued under the authority of
K.S.A. 12-6a01, in order to pay the costs of various waterworks,
street, storm drainage, and sanitary sewer improvements in the
City. The Bonds shall be signed by the facsimile signature of
the Mayor, shall have a facsimile of the seal of the City
imprinted thereon, and shall be attested by the facsimile
signature of the City Clerk. The interest coupons attached to
the Bonds shall be printed in accordance with law, and shall be
signed by the facsimile signatures of said Mayor and City Clerk.
SECTION 3. The Mayor and City Clerk of the City of Bel
Aire, Kansas, are hereby empowered, authorized and directed to
prepare and execute the Bonds and interest coupons attached
thereto, in the form and manner hereinbefore specified, without
unnecessary delay; and when executed the Bonds shall be manually
registered in the Office of the City Clerk and in the Office of
the Treasurer of the State of Kansas, as required by law. A
facsimile of the seal of the City shall be printed on each Bond
opposite the City Clerk's Certificate of Registration thereon.
The Bonds shall be sold as provided by law, and shall be
delivered to the purchaser thereof upon receipt by the City of
the full purchase price therefor, being par, premium, if any,
and accrued interest from the date of the Bonds to the date of
delivery; and the proceeds of the Bonds shall be used for the
purpose hereinabove stated.
SECTION 4. The full faith, credit and resources of the
City of Bel Aire, Kansas are hereby pledged to secure the
payment of the principal of and interest on the Bonds as the
same severally becomes due and payable. The governing body of
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the City shall make provision for the payment of said principal
and interest on the Bonds by levying an annual tax on the
property liable therefor in amounts sufficient to pay the
installments of said principal and interest on the Bonds as the
same accrues and becomes payable.
SECTION 5. The City of Bel Aire, Kansas hereby
covenants with each and all of the purchasers and holders of the
General Obligation Bonds, Series A, 1982, herein authorized,
that so long as any of the Bonds remain outstanding and unpaid,
the City will make no use of the proceeds of the Bonds which, if
such use had been reasonably expected on the date of issuance of
the Bonds, would have caused the Bonds to be arbitrage bonds
within the meaning of Section l03(c) of the Internal Revenue
Code of 1954, as amended; and the City will comply with all
applicable requirements of said Section 103(c) and the Rules and
Regulations of the United States Treasury Department thereunder
for so long as any of the Bonds remain outstanding and unpaid.
SECTION 6. This Ordinance shall be in force and take
effect from and after its passage, approval and publication once
in the official city newspaper.
PASSED AND APPROVED by the Governing Body of the City of
Bel Aire, Kansas, on July 27 , 1982.
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JJ~~.-C~
, Mayor
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