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Home My Public Portal AboutOrd 108 Temp Notes B 1986 ==~============================================================== ORDINANCE NO. /Og-' OF THE CITY OF BEL AIRE, KANSAS ADOPTED MAY 20, 1986 ~ $255,000 TEMPORARY IMPROVEMENT NOTES SERIES B, 1986 ================================================================= ~~J(,;~~(tM:~.......tiIIol~,..,..IM:,Il_"'_"IJ_'",~,,-,~,.^ (Published in THE DAILY REPORTER on MAY 1986.) ORDINANCE NO. JOe AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE PAYMENT OF THE COSTS OF CERTAIN SANITARY SEWER, STREET AND WATER IMPROVEMENTS IN THE CITY OF BEL AIRE, KANSAS, AS HERETOFORE AUTHORIZED BY RESOLUTIONS NOS. R-86-5, R-86-6 AND R-86~7, RESPECTIVELY, OF THE CITY; AUTHORIZING AND PIRECTING THE ISSUANCE OF TEMPORARY IMPROVEMENT NOTES, SERIES B, 1986, OF THE CITY OF BEL AIRE, KANSAS, IN THE TOTAL PRINCIPAL AMOUNT OF $255,000, TO TEMPORARILY FINANCE THE COSTS THEREOF; AND PRESCRIBING THE TERMS AND DETAILS OF SAID NOTES. WHEREAS, pursuant to K.S.A. 12-6a01 et seg., as amended and supplemented, and all other provisions of the laws of the State applicable thereto, by proceedings duly had, including Resolutions Nos. R-86-5, R-86-6 and R~86-7, and other actions duly and legally taken, the City of Bel Aire, Kansas (the "City"), is- proceeding with certain sanitary se'Ner, street and water improvements in the City (the "Improvements") at estimated costs of $98,000, $166,500 and $66,000, respectively; and WHEREAS, the cost of the Improvements is to be paid in whole or in part by the issuance of general obligation bonds of the City in the manner provided by law; and WHEREAS, it is necessary for the City to provide cash funds to meet its obligations incurred in constructing the Improvements prior to the completion of said work and the issuance of the City's general obligation bonds, and it is desirable and in the interest of the City that such funds be raised by the is~uance of temporary improvement notes of the City, said notes to be issued by the City pursuant to. the provisions of K.S.A. 10-123, as amended. NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF BEL AIRE, KANSAS, AS FOLLOWS: Section 1. For the purpose of providing funds to pay obligations incurred by the City in constructing certain sanitary sewer, street and water improvements in the City, there shall be issued and are hereby authorized to be issued Temporary Improvement Notes, Series B, 1986, of the City, in the principal amount of $255,000 (the "Notes"). The Notes '~"'r'-"-'"-- ---.----" ~ n r'.""r._~-lJt.~"-. ~~. . ....it. IUIVr~,"~ __It_._.....~___,""'~\!-,""",_".-..-.....,.".._"-- "'".,.....,._..,.~""..,.._,...:~"..~...:~~:;;- shall be numbered Nos. 1 to 3, inclusive, and shall be in denominations of $100,000 each, except Note No.3 in the denomination of $55,000. The Notes shall be dated June 1, 1986, and shall become due on June 1, 1987. The Notes shall bear interest from date at the rate of six and one-half percent (6.50%) per annum. Interest on the Notes is payable at maturity or redemption and the Notes shall be redeemable at the option of the City at any time on not less than five days' written notice to the holder thereof. Section 2. The Notes to be issued shall be in substantially the following form: No. $ $- ~ UNITED STATES OF AMERICA STATE OF KANSAS COUNTY OF SEDGWICK CITY OF BEL AIRE TEMPORARY IMPROVEMENT NOTE -----.---..-- ------..----- SERIES 8, 1986 KNOW ALL MEN BY THESE PRESENTS: That the City of Bel Aire, 1n the County of Sedgwick, State of Kansas (the "City"), for value received, hereby acknowledges itself to be indebted and promises to pay to the bearer the principal sum of Dollars ($ ), on June 1, 1987, andto-pay interest the-reon from the-date- hereof at the rate of six and one-half percent (6.50%) per annum, payable at maturity or redemption until said principal sum shall have been paid, with interest outstanding payable when said principal sum shall have been paid, both principal and interest being payable in lawful money of the United States of America at the office of the City Treasure! iri the. City of Bel Aire, Kansas. THE CITY HEREBY reserves the right to redeem and pay this Note at any time prior to its maturity at the principal amount thereof, plus accrued interest to date of payment, provided the City shall give not less than five days' written notice to the holder hereof of its intent to pay this Note. THIS NOTE is one of a series of Temporary Improvement Notes, designated Series B, 1986, in an authorized aggregate principal amount of $255,000, issued by the City pursuant to -2- .-'-'.-'--ii' ,jT7 1.1 r llil DIlII '.'.1 1l1li111111 _ _~W~_,,,,,,,,,,.,,,,,,,...~~:....,,.~::::-:--._------ the provisions of K.S.A. 10-123, as amended, for the purpose of providing funds to pay the cost of constructing certain sanitary sewer, street and water improvements in the City. Said improvements, which are to be paid for in whole or in part by the issuance of general obligation bonds of the City, have been duly authorized by the governing body of the City under the authority of and in full compliance with the provisions, restrictions and limitations of the Constitution and statutes of the State of Kansas, including K.S.A. 12-6aOI et seq., as amended and supplemented, and all other provisions of the law~ of said State applicable thereto, and the Notes and all interest thereon is to be paid by the City. The City is held and firmly bound by these presents and the full faith credit and resources of the City are hereby irrevocably pledged for the prompt payment of said prin,cipal and interest thereon at 'maturity. IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions and things required to be done and to exist precedent to and in the issuance of this Note have been properly done and performed and do exist in regular and due form as required by the Constitution and laws of the State of Kansas, and that the total indebtedness of the City, including this Note, does not exceed any constitutional or slatutory limitation. IN WITLESS WHEREOF, the City of Bel Aire, Kansas, has caused this Note to be signed by its proper officers and its corporate seal to be printed or affixed, and the same to be dated this first day of June, 1986. (Seal) 0.~~nJcl~L-2~_.L~~s ir:.n_tl~}_.____ Mayor ATTEST: _lma~~~__<2_r: f acs imtle)_______ City Clerk This Temporary Improvement Note shall not be negotiable unless and until countersigned below following registration by the Treasurer of the State of Kansas. (Seal) (manual or facsimileL_ City Clerk ____~-____--___-_-------------------------L-----------__________ -3- . . ,...... .J.k "".lIJi1f1m '1fI1~"'lmYr' ~.lrl~hllll~ --"'........,..""~..:::::::;;,..~..~,~,....." ." .- . CITY CLERK'S CERTIFICATE STATE OF KANSAS, SEDGWICK COUNTY, ss: I, City Clerk of the City of Bel Aire, Kansas, do hereby certify that this Temporary Improvement Note was duly registered in my office according to law this , 1986. WITNESS my hand and official seal. (Seal) (manual or facsimile) . City Clerk STATE TREASURER'S CERTIFICATE STATE OF KANSAS, SHAWNEE COUNTY, ss: I, JOAN FINNEY, Treasurer of the State of Kansas, do hereby certify that a full and comp]~te transcript of the proceedings leading UPlto the issuance of this Note has been filed in my office and that this Note has been registered in my office according to law this __________.,_________. WITNESS My Hand and Official Seal. (Sea 1) Treasurer of the State of Kansas By Assistant State Treasurer ---------------------------------------------------------------- I . Sec t i__ofl_._~_. The Notes sha 11 be execu ted by t he manu a lor facsimile signature of the Mayor and City Clerk and the seal of the City shall be printed or affixed thereon and, after such execution and the registration of the Notes by the City Clerk and by the State Treasurer, they shall be countersigned by the City Clerk and delivered to the purchaser thereof upon receipt of the purchase price thereof, said purchase price to be not less than the principal amount thereof plus accrued interest. -4- - ~ .~~- -"....~ ~-~~'( /.-- /" n.._'..j)f~~~. ~;.r~"7':i::~.;..;.,.... " The proceeds of the Notes shall be placed in the City Treasury and applied solely to pay the cost of the Improvements aforesaid. Section 4. This Ordinance shall take effect and be in force 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 May 20, 1986. (Seal) M~d/~- Mayor -~t;:le~ ------ ~ -5-