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
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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.
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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
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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
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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
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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
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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.
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