HomeMy Public PortalAboutOrd 095 GO B 85
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(Publif;hed In THE DAILY REPORTER, on APRIL It)
,1985.)
ORDINANCE NO. 95
AN ORDINANCE AUTHORIZING AND PROVIDING FOR
THE ISSUANCE OF GENERAL OBLIGATION INTERNAL
IMPROVEMENT BONDS OF THE CITY OF BEL AIRE,
KANSAS, IN THE TOTAL PRINCIPAL AMOUNT OF
$450,000.00; AND PRESCRIBING THE TE~iS AND
DETAILS OF THE BONDS.
WHEREAS, the governing body of the City of Bel Aire,
Kansas, has heretofore by Resolution No, 85-2 duly adopted
March 19, 1985, and published in the official city newspaper
as required by law on March 22, 1985, authorized the following
described improvements in the City:
Sanitary Sewer Extension for Eagle Lake
Addition, Phase I; to the City of Bel Aire,
Sedgwick County, Kansas;
under authority of K.S.A. 12-6a01; and
WHEREAS, said improvements have been completed and the total
final costs thereof have been determi~ed to be in the amount of
$95,000.00, 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, aDd it is necessary to
issue bonds of the City to pay said costs; and
WHEREAS, said governing body has furthe~ heretofore by
Resolution No, 85-3 duly adopted March 19, 1985, and published
in the official city newspaper as required by law on March 22,
1985, authorized the following described improvements in the
City:
Water Line ExtenSions for Eagle Lake
Addition, Phase I; to tb.e City of Bel
Sedgwick County, Kansas;
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under authority of K.S.A. 12-6a04 et seq" as amended and
supplemented; and
WHEREAS, said improvements have been comDleted and the total
final costs thereof have been determined to~be in the amount of
$66,000.00, all of which is chargeable to and has been
specially assessed against the property liable therefor, and
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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 has further heretofore by
Resolution No. 85-4 duly adopted March 19, 1985, and published
in the official city newspaper as required by law on March 22,
1985, authorized the following described improvements in the
City:
Storm Drainage Improvements for Eagle Lake
Addition, Phase I; to the City of Bel Aire,
Sedgwick County, Kansas;
under authority of K.S.A. 12-6a04 et seq., as amended and
supplemented; and
WHEREAS, said improvements have been completed and the total
final costs the~eof have been determined to be in the amount of
$121,700.00, 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 has further heretofore by
Resolution No. 85-5 duly adopted March 19, 1985, and published
in the official city newspaper as required by law on March 22,
1985, authorized the following described improvements in the
City:
Street Improvements for Eagle Lake Addition,
Phase I; to the City of Bel Aire, Sedgwick
County, Kansas;
under authority of K.S.A. 12-6a04 et seq., as amended and
supplemented; and
WHEREAS, said improvements have been completed and the t.otal
final costs thereof have been determined to be in the amount of
$167,300.00. all of which is chargeable to and has been
specially ass~ssed 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 Internal Improvement Bonds of the City of
Bel Aire, Kansas, in the total principal amount of $450,000.00,
for the purposes aforesaid; and further to provide for and
specify the terms, details, form and conditions of the Bonds.
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THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY
OF BEL AlRE, KANSAS:
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SECTION 1. For the purpose of paying the costs of
construcing certain sewer, water, drainage and street
improvements in the City of Bel Aire, Kansas, as heretofore
authorized, there is hereby authorized, ordered ar.d directed to
be issued General Obligation Internal Improvement Bonds of the
City of Bel Aire, Kansas, Series B, 1985, in the total
principal amount of Four Hundred Fifty Thousand Dollars
($450,000.00) .
SECTION 2. The Bonds shall be issued as fully registered
certificated bonds without coupons in denominations of
$5,000.00 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 May 1, 1985 and shall mature on
September 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 t-L-\TUR I TY
.z:v,10UNT PER ANNUI'-l DATE
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$3 0 , 0 0 0 . 0 0 lo.n % Se::>tember 1 , 1986
30,000.00 InJl% Sepu.:rr,ber 1 . 1986
30,000,00 1().1)% Sept eh',bl'? r 1 , 1987
30,000,00 ll).n % September- 1 , 1988
30,000.00 trlJ) % September 1 , 19B9
30,000.00 10.0 % September 1 , 1990
30,000.00 Fl.r) % September I, 1991
30,000.00 C).(l % September 1 , 1992
30,000.00 9.2% Septerr.ber 1, 1993
30,000.00 Q.4 % September 1, 1994
30,000.00 ~.0.. % September 1 , 1995
30,000.00 () . n % Se:Jtember 1 , 1996
30.000.00 .l.Q.~ % September 1 , 1997
30,000.00 ..l.2d % Se::>tember 1, 1998
30,000,00 n~% Se:xember 1 , 1999
30.000,00 li~-.D 't September 1 , 2000
The pr inc i pa 1 of. and pr emhlm, if a!lY, on the Bonds sha 11 be
payable i~ lawful money of the United States of .~erica at the
principal office of the ?aying Agent, hereinafter designated,
upon presentation of the Bonds for payment and cancellation,
The interest on the Bonds shall be payable in lawful money of
the United States of ~~erica by check or draft of the Paying
Agent, hereinafter designated, by mailing to the registered
owner thereof at the address appearing on the
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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.
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Interest on the Bonds shall be payable semiannually on
March 1 and September 1 (the "Interest Payment Dates") in each
year succeeding their date, commencing March 1, 1986, 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 May 1, 1985. 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
deemed to have been executed by it if manually signed by an
authorized officer or signatory. It shall not be necessary
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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. (1984 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 a recital that said
Bonds are issued pursuant to and under authority of K.S.A.
10-101 to 10-125, inclusive and K.S.A. (1984 Supp,) 10-620 et:
seq., as amended and supplemented. The Bonds shall fur~her
contain a recital that they are issued under the authority of
K.S.A 12-6a01 et seq" as amended and supplemented in order to
pay the costs of construcing certain sewer, water, drainage
and street 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 ~ransfer 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 Regis::rar shall authem:icate 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,
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
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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 OrJinance 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 payme:1ts
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 su~s so paid,
SECTION 8, In the event any Bond is mutilated. lost,
stolen or destroyed. the City shall execute and the Bond
Registrar shall authe~ticate 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 Bcnd there shall be first furnished
to the Bond R~gistrar and the City evidence of such loss.
theft or destruction satIsfactory to them. together with an
indemnity satisfactory to t:he City and the Bond Registrar. :n
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,
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
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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.
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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 8
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 ~his
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,
authorize6 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 ~ne 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 o~her authorized denomination or denominations, and
thereupon the City shall execute and the Bond Registrar shall
authenticate and, upon payme:1t of any applicable taxes, fees
and charges, shall deliver a temporary Bond or Bonds of like
aggregate principal amount and maturity in such other
authorized denomination or denominations as shall be requested
by such Owner.
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All temporary Bonds surrendered in exchange either for
another temporary Bond or Bonds or for a definitive Bond or
Bonds shall be forthwi~h cancelled by the Bond Regis~rar.
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 ~his Ordinance if
~here shall have been deposi~ed 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 ~ogether with the in~erest ~o be earned on such
Government Securities, will be sufficient for the pay~ent of
the principal of the Bonds, the redemp~ion premium, if any.
thereon, and interest ~hereon ~o the date of ma~urity or
redemption, as the case may be, or if default in such payment
shall have accrued on such da~e, ~hen ~o tne da~e of the
tender of such payments, provided alwaY3 that if any such
Bonds shall be redeemed prior ~o 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 pa.YTnent and discharging any of
the Bonds or interest, shall ce and are herehy 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
pa~ent of the principal of and interest on the Bonds as the
same severall~ becomes due and payable. The governi~1 body of
the City shall make provision for the papent of saic
principal and interest on the Bonds by levying an annual tax
on the prc:s:er~y liuole therefor in amounts su:ficient to pc1y
the installments of said principal and interest on the Bonds
as the same accrues and becomes payable,
SECTION 14, The City of Bel Alre, Kansas hereby
covenants with each and all of the purchasers and owners of
the General Obligation Internal Improvement Bonds, Series B,
1985, herein authorized, that so long as any of the Bonds
remain outstanding and unpaid, the City will make no use of
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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 l03(c) and the Rules and
Reg~lations 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
effect from and after its passage, approval and publication
orc..cI1' in the official city newspaper.
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~r~~r~S~~~<~D APPROVED by the Governing Body of the City of
'.1'/>, ~J.,,,,~~~,.~(~ansas, on Apr i 1 16, 1985,
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