Loading...
HomeMy Public PortalAboutOrd 103 GO Bonds C 1985 (Published In THE DAILY REPORTER, on NOVEMBER 8, 1985.) ORDINANCE NO. 103 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 $75,000.00; AND PRESCRIBING THE TERMS AND DETAILS OF THE BONDS. WHEREAS. the qoverninq body of the Citv of Bel Aire. Kansas. has heretofore by Resolution No. R-85-10, duly adopted November 5. 1985. and published in the official city newspaper as required by law on November 8, 1985, authorized the following described improvements in the City: Drainage Improvements to Eagle Lake Addition; to the City of Bel Aire, Kansas, under authority of K.S.A. 12-6aOl 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 $75,000.00, 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 $75,000.00, for the purposes aforesaid: and further to provide for and specify the terms, details, form and conditions of the Bonds. THEREFORE, BE IT ORO;'. I :IED BY THE GOVERN r NG BODY OF THE CITY OF BEL AIRE, KANSAS: SECTION 1. For the purpose or: paying the costs or constructing certain drainage improvements in the City at Bel Aire, Kansas, as heretorcre authorized, there is hereby author,ized, ordered and directed to be issued General Obligation Bonds of the City of Bel Aire, Kansas, Series C, 1985, in the total principal amount of Seventy-Five Thousand Dollars ($15,000.00). 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 November 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 MATURITY AMOUNT PER ANNUM DATE $5,000.00 8.750% September 1, 1987 5,000.00 8.750% September 1, 1988 5,000.00 8.750% September 1, 1989 5,000.00 8.875% September 1, 1990 5,000.00 8.875% September 1, 1991 5,000.00 9.000% September 1, 1992 5,000.00 9.250% September 1, 1993 5,000.00 9.500% September 1, 1994 5,000.00, 9.625% September 1, 1995 5,000.00 9.625% September 1, 1996 5,000.00 9.750% September 1, 1997 5,000.00 9.750% September 1, 1998 5,000.00 9.750% September 1, 1999 5,000.00 9.750% September 1, 2000 5,000.00 9.750% September 1, 2001 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 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 Bond:> sha 11 be payable sec:'.iannua lly i)n !.larch 1 and September 1 (the "Interest P3yrnent Dates") in each year succeeding their date, commencing March i, 1987, to the respective owners thereai 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 -2- 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 November 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. Bonds maturing on and after September 1, 1996, are subject to redemption prior to maturity at the City's option on or after September I, 1995, in whole at any time or in part in integral multiples of $5,000.00, in inverse order of maturity and by lot within maturities, on any Interest Payment Date at a redemption price of 101% (expressed as a percentage of the par value of the principal amount thereof) plus accrued interest to the redemption date. In the event the City shall call any of said Bonds for redemption and payment prior to their respective maturities, notice of the redemption will be mailed to the registered owners of the Bonds to be redeemed at the address shown 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 not less than thirty (30) days prior to the redemption date. Interest will not be payable on the Bonds to be redeemed after the redemption date if notice has been given and if sufficient monies have been deposited with the Paying Agent on or prior to the redemption date to pay the principal of, applicable redemption premiums, if any, and interest on the Bonds to be redeemed to the redemption date. SECTION 4. 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 0f the State Treasurer on the Bonds to that effect. by ~anual 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. -3- SECTION 5. 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 that the same officer of signatory manually sign the certificate of authentication on all of the Bonds issued hereunder. SECTION 6. 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 7. The Bonds issued under this Ordinance and the Bond Registrar's certificate of authentication shall be 1n the form hereinafter approved by the governing body. Said Bonds shall 90ntain 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 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 drainage improvements in the City of Bel Aire, Kansas. SECTION 8. The City shall cause books Eor 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 -4- 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. 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 fallowing the Record Date preceding any Interest Payment Date and ending at the close at 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 9. In the event any Bond is mutilated, lost, stolen or destcJyed, the City shall execute and the Bond Registrar shall authenticate and deliver a new Bond of like date, ~aturity, de~o~ination and interest rate, as that m uti I ate d , Los,:, 5 t::.: l en 0 r de s t r r) ye d; pro v ide d, t hat i n t he case of any mutilated Bond, such mutilated Bond shall tirst 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 -5- redemption, instead of issuing a duplicate Bond, the City may pay the same without surrender thereat. 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 10. 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 11. 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 s~all 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 12. 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 at 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 -6- any other authorized denomination or denominations, and thereupon the City shall execute and the Bond Registrar shall authenticate and, upon payment of any applic'ble 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. 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 13. 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 dee~ed to be deposited in accordance ~ith and subject to all of the provisions contained in this Ordinance. SECTION 14. 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 -7- 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 15. The City of Bel Aire, Kansas hereby covenants with each and all of the purchasers and owners of the General Obligation Bonds, Series C, 1985, 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 163(c) of the Internal Revenue Code of 1954, as amended; and the City will comply with all applicable requirements of said Section I03(c) and the Rules and Requlations of the United States Treasury Department thereunder for so long as any of the Bonds remain outstanding and unpaid. SECTION 16. 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 November 5, 1985. , ).'1'153 (', ,. \ ~ ---......:.. / ~,,, .~' ~/\:.\~.s.e 'I.i ......... ~"~o.. ~ ~" :=\.', , .-:-;Jt."..~ ..,"\ c. / .; ,..' "","".J n- - . _ - ~1 T. v ., I "". . . . ~ r' -".J" , - ... ~-'--.-"" ., r . -i .......~ -". 11; I' -;: r t ....."\- (,_'f~ ,., .,. ~.:~ "::".....-. .". ~ ;. . .., ... / '... -. , ...> .,....j''"'' I....1:t' <'Nt~-' ,~ '>ttoV. ,:\.\ ~):j/~ Mayor -8-