HomeMy Public PortalAboutOrd 075 GO Bond A 1984
(Published in THE DAILY REPORTER, on , 1984.)
ORDINANCE NO. 75
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 $47,000.00; 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. R-84-6, duly adopted
February 7, 1984, and published in the official city newspaper
as required by law on February 23, 1984, authorized the
following described improvements in the City:
Construct certain sanitary sewer
improvements to all of Bel Aire Plaza, an
addition to the City of Bel Aire, Sedgwick
County, Kansas;
under authority of K.S.A. 12-6a01 et seq., as amended and
supplemented; and
WHEREAS, said governing body has further heretofore by
Resolution No. R-84-7, duly adopted February 7, 1984, and
published in the official city newspaper as required by law on
February 23, 1984, authorized the-following described
improvements in the City:
Construct certain water improvements to all
of Bel Aire Plaza, an addition to the City
of Bel Aire, Sedgwick County, Kansas;
under authority of K.S.A. 12-6a01 et seq., as amended and
supplemented; and
WHEREAS, said improvements have been completed and the
total final costs thereof have been determined to be in the
amount of $47,000.00, 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 $47,000.00, 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
constructing certain internal 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, Series A,
1984, in the total principal amount of Forty-Seven Thousand
Dollars ($47,000.00).
SECTION 2. The Bonds shall be issued as fully
registered certificated bonds without coupons in denominations
of $1,000.00 or any integral multiple thereof not exceeding the
principal amount of the Bonds maturing on the respective
Principal Payment Dates, and shall be numbered in such manner
as the Bond Registrar hereinafter designated shall determine.
The Bonds shall be dated as of April 1, 1984 and shall mature
on October 1 (the "Principal Payment Dates") in the years and
in the principal amounts and shall bear interest at the
respective rates per annum as follows:
INTEREST
PRINCIPAL RATE MATURITY
AMOUNT PER ANNUM DATE
$3,000.00 October 1 , 1985
3,000.00 October 1 , 1986
3,000.00 October 1 , 1987
3,000.00 October 1, 1988
3,000.00 October 1 , 1989
3,000.00 October 1 , 1990
3,000.00 October 1 , 1991
3,000.00 October 1, 1992
3,000.00 October 1, 1993
3,000.00 October 1, 1994
3,000.00 October 1, 1995
3,000.00 October 1, 1996
3,000.00 October 1 , 1997
4,000.00 October 1, 1998
4,000.00 October 1, 1999
The principal of, and premium, if any, on the Bonds shall
be payable in lawful money of the United States of America at
the principal office of the Paying Agent, hereinafter
designated, upon presentation of the Bonds for payment and
cancellation. The interest on the Bonds shall be payable in
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lawful money of the United States of America by check or draft
of the Paying Agent, hereinafter designated, by mailing to the
registered owner thereof at the address appearing on the
registration books of the City maintained by the Bond Registrar
or at such other address as is furnished in writing by such
registered owner to the Bond Registrar.
Interest on the Bonds shall be payable semiannually on
April 1 and October 1 (the "Interest Payment Dates") in each
year succeeding their date, commencing April 1, 1985, to the
respective owners thereof appearing on the books maintained by
the Bond Registrar on the 15th day of the month next preceding
each Interest Payment Date (the "Record Dates"). The Bonds
shall bear interest from the Interest Payment Date immediately
preceding their effective registration dates unless such
effective registration date shall be as of an Interest Payment
Date in which case the Bonds shall bear interest from such
Interest Payment Date or unless the effective registration date
shall be prior to the first Interest Payment Date in which case
the Bonds shall bear interest from April 1, 1984. The effective
date of registration shall be set forth on each such Bond, such
effective date of registration to be the date of authentication
thereof by the Bond Registrar.
SECTION 3. The Bonds shall be executed for and on
behalf of the City by the manual or facsimile signatures of the
Mayor and City Clerk, and shall have impressed or imprinted
thereon the official seal of the City or a facsimile thereof.
The Bonds shall be registered in the Office of the City Clerk,
which registration shall be evidenced by the manual or
facsimile signature of the City Clerk on the Certificate of
Registration appearing on the reverse of the Bonds, and the
seal of the City or a facsimile thereof shall be affixed or
impressed opposite the signature of the City Clerk on the
Certificate of Registration. The State Treasurer shall
register the Bonds in the municipal bond register in her office
and shall execute the certificate of the State Treasurer on the
Bonds to that effect, by manual or facsimile signature and
shall have impressed or imprinted thereon the official seal of
the State Treasurer or a facsimile thereof. In case any
officer of the City or of the State whose signature or whose
facsimile signature shall appear on the Bonds shall cease to be
such officer before the delivery of the Bonds, such signature
or the facsimile signature thereof shall nevertheless be valid
and sufficient for all purposes, the same as if he or she
remained in office until delivery.
SECTION 4. No Bond shall be valid or obligatory for any
purpose unless and until a certificate of authentication on
such Bond shall have been duly executed by the Bond Registrar
and such executed certificate of the Bond Registrar upon any
such Bond shall be conclusive evidence that such Bond has been
authenticated and delivered under this Ordinance. The Bond
Registrar's certificate of authentication on any Bond shall be
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deemed to have been executed by it if manually signed by an
authorized officer or signatory. It shall not be necessary
that the same officer of signatory manually sign the
certificate of authentication on all of the Bonds issued
hereunder.
SECTION 5. The City shall payout of the proceeds of
the Bonds all costs incurred in connection with the issuance,
transfer, exchange, registration, redemption and payment of the
Bonds except (a) the reasonable fees and expenses in connection
with the replacement of a Bond or Bonds mutilated, stolen, lost
or destroyed or (b) any tax or other governmental charge
imposed in relation to the transfer, exchange, registration,
redemption or payment of the Bonds. Pursuant to K.S.A. (1983
Supp.) 10-620 et seq., the Governing Body of the City does
hereby elect to have the provisions of the Kansas Bond
Registration Law apply to the Bonds and pursuant thereto, does
hereby designate and appoint the State Treasurer in the City of
Topeka, Kansas, as Bond Registrar and Paying Agent for the
Bonds. The Mayor and City Clerk are hereby authorized to
execute any necessary agreements with the Bond Registrar and
Paying Agent to effectuate this designation.
SECTION 6. The Bonds issued under this Ordinance and
the Bond Registrar's certificate of authentication shall be in
the form hereinafter approved by the governing body. Said
Bonds shall contain recitals as required by the Constitution
and laws of the State of Kansas, including~arecital that said
Bonds are issued pursuant to and under authority of K.S.A.
10-101 to 10-125, inclusive and K.S.A. (1983 Supp.) 10-620 et
seq., as amended and supplemented. The Bonds shall further
contain a recital that they are issued under the authority of
K.S.A. 12-6aOl et seq., as amended and supplemented, in order
to pay the costs of constructing certain internal improvements
in the City of Bel Aire, Kansas.
SECTION 7. The City shall cause books for the
registration and transfer of ownership of the Bonds authorized
In this Ordinance to be kept by the Bond Registrar.
Any Bond may be transferred only upon the books maintained
by the Bond Registrar for the registration and transfer of
Bonds upon surrender thereof to the Bond Registrar duly
endorsed for transfer or accompanied by an assignment duly
executed by the registered owner or his attorney or legal
representative in such form as shall be satisfactory to the
Bond Registrar. Upon surrender for transfer of any Bond at
such office, the Bond Registrar shall authenticate and deliver
in the name of the transferee or transferees a new Bond or
Bonds of authorized denomination of the same maturity in the
aggregate principal amount and bearing interest at the same
rate as the surrendered Bond.
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All Bonds presented for transfer or exchange shall be
accompanied by a written instrument or instruments of transfer
or authorization for exchange, in form and with guaranty of
signature satisfactory to Bond Registrar, duly executed by the
Registered Owner thereof or by his duly authorized attorney.
The Bond Registrar may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed
in relation thereto.
Neither the City nor the Bond Registrar shall be required
to transfer or exchange any Bonds during a period beginning on
the day following the Record Date preceding any Interest
Payment Date and ending at the close of business on the
Interest Payment Date, or to transfer or exchange any Bonds
selected or called for redemption in whole of in part
subsequent to the date notice of such redemption is given in
accordance with this Ordinance.
Replacement Bonds delivered upon any transfer or exchange
shall be valid obligations of the City, evidencing the same
debt as the Bonds surrendered, shall be secured by pledges made
in this Ordinance and shall be entitled to all of the security
and benefits hereof to the same extent as the Bonds
surrendered.
The person in whose name any Bond is registered as shown on
the registration books required to be maintained by the Bond
Registrar shall be deemed and regarded as the absolute owner
thereof for all purposes. Payment of, or on account of the
principal of and premium, if any, and interest on any such Bond
shall be made only to or upon the order of the registered owner
thereof or his legal representative. All such payments shall
be valid and effectual to satisfy and discharge the liability
upon such Bond, including the interest thereon, to the extent
of the sum or sums so paid.
SECTION 8. In the event any Bond is mutilated, lost,
stolen or destroyed, the City shall execute and the Bond
Registrar shall authenticate and deliver a new Bond of like
date, maturity, denomination and interest rate, as that
mutilated, lost, stolen or destroyed; provided, that in the
case of any mutilated Bond, such mutilated Bond shall first be
surrendered to the Bond Registrar, and, in the case of any
lost, stolen or destroyed Bond there shall be first furnished
to the Bond Registrar and the City evidence of such loss, theft
or destruction satisfactory to them, together with an indemnity
satisfactory to the City and the Bond Registrar. In the event
any such Bond shall have matured or been called for redemption,
instead of issuing a duplicate Bond, the City may pay the same
without surrender thereof. The City and the Bond Registrar may
charge to the registered owner of such Bond their reasonable
fees and expenses in connection with replacing Bond or Bonds
mutilated, stolen, lost or destroyed.
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SECTION 9. Whenever any outstanding Bond shall be
delivered to the Bond Registrar after payment of the principal
amount and interest represented thereby or for replacement
pursuant to this Ordinance, such Bond shall be cancelled and
destroyed by the Bond Registrar and counterparts of a
Certificate of Destruction describing the Bonds so destroyed
evidencing such destruction shall be furnished by the Bond
Registrar to the City.
SECTION 10. The Mayor and City Clerk of the City of Bel
Aire, Kansas, are hereby empowered, authorized and directed to
prepare and execute the Bonds including a reasonable quantity
of replacement bonds for use in accordance with Section 7
hereof, in the form and manner hereinbefore specified, without
unnecessary delay; and when executed the Bonds shall be
registered in the Office of the City Clerk and in the Office of
the Treasurer of the State of Kansas, as required by law. 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 11. Until definitive Bonds are prepared, the
City may execute, in the same manner as is provided in this
Ordinance, and, upon the request of the City, the Bond
Registrar shall authenticate and deliver~ in ,lieu of definitive
bonds, but sUbject to the same provisions, limitations and
conditions as the definitive Bonds, one or more temporary Bonds
substantially of the tenor of the definitive Bonds in lieu of
which such temporary Bond or Bonds are issued, in denominations
authorized in Section 2 hereof, authorized by the City and with
such omissions, insertions and variations as may be appropriate
to temporary Bonds. The City at its own expense shall prepare
and execute and, upon the surrender of such temporary Bonds for
exchange and upon the cancellation of such surrendered
temporary Bonds, the Bond Registrar shall authenticate and,
without charge to the Registered Owner thereof, deliver in
exchange therefor definitive Bonds of the same aggregate
principal amount and maturity as the temporary Bonds
surrendered.
If the City shall authorize the issuance of temporary Bonds
in more than one denomination, the Registered Owner of any
temporary Bond or Bonds may, at his option, surrender the same
to the Bond Registrar in exchange for another temporary Bond or
Bonds of like aggregate principal amount and maturity of any
other authorized denomination or denominations, and thereupon
the City shall execute and the Bond Registrar shall
authenticate and, upon payment of any applicable taxes, fees
and charges, shall deliver a temporary Bond or Bonds of like
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aggregate principal amount and maturity in such other
authorized denomination or denominations as shall be requested
by such Owner.
All temporary Bonds surrendered in exchange either for
another temporary Bond or Bonds or for a definitive Bond or
Bonds shall be forthwith cancelled by the Bond Registrar.
SECTION 12. When the principal of, redemption premium,
if any, and interest on the Bonds shall have been paid and
discharged, then the requirements contained herein and all
other rights granted by this Ordinance shall cease and
determine. Bonds and interest shall be deemed to have been
paid and discharged within the meaning of this Ordinance if
there shall have been deposited with the Paying Agent or a bank
located in the State of Kansas and having full trust powers, at
or prior to the maturity or redemption date of the Bonds, in
trust for and irrevocably appropriated thereto, moneys and/or
Government Securities consisting of direct obligations of, or
obligations, payment of the principal of and interest on which
are guaranteed by, the United States of America, which together
with the interest to be earned on such Government Securities,
will be sufficient for the payment of the principal of the
Bonds, the redemption premium, if any, thereon, and interest
thereon to the date of maturity or redemption, as the case may
be, or if default in such payment shall have accrued on such
date, then to the date of the tender of such payments, provided
always that if any such Bonds shall be redeemed prior to the
maturity thereof, the City shall have elected to redeem such
Bonds and notice of such redemption shall have been given as
hereinbefore provided. Any monies which at any time shall be
deposited with the Paying Agent or said Kansas bank by or on
behalf of the City, for the purpose of payment and discharging
any of the Bonds or interest, shall be and are hereby assigned,
transferred and set over to the Paying Agent or such Kansas
bank in trust for the respective owners of the Bonds, and such
monies shall be and are hereby irrevocably appropriated to the
payment and discharge thereof. All monies deposited with the
Paying Agent or said Kansas bank shall be deemed to be
deposited in accordance with and subject to all of the
provisions contained in this Ordinance.
SECTION 13. 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
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.
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SECTION 14. The City of Bel Aire, Kansas hereby
covenants with each and all of the purchasers and owners of the
General Obligation Bonds, Series A, 1984, 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 103(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 15. This Ordinance shall be in force and take
. ~~f~qFj;from and. a~ter ~ ts passage, approval and publ icat ion
)<'te;1iee--;j,;Il~t-he off1c1al C1ty newspaper.
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~~%>./;'~;PfS~~~S'AND APPROVED ~y the Governing Body of the City of
i ~ ( ~:~e~l:~~~ ~~{ j~?S as, on Apr 11 3, 1984.
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