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Home My Public Portal AboutOrd 225 GO Bonds A 1993 (PUBLISHED IN THE ARK VALLEY NEWS ON APRIL , 1993) ORDINANCE NO. J..::<.,'; AN ORDINANCE AUTHORIZING THE ISSUANCE AND DELIVERY OF $945,000 * PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS, SERIES A, 1993, OF BEL AIRE, KANSAS, FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND A PORTION OF THE CITY'S OUTSTANDING GENERAL OBLIGATION BONDS; PROVIDING FOR THE LEVY AND COLLECTION OF AN ANNUAL TAX FOR THE PURPOSE OF PAYING THE PRINCIPAL OF AND INTEREST ON SAID BONDS AS THEY BECOME DUE; AND MAKING CERTAIN COVENANTS WITH RESPECT THERETO. WHEREAS, the City is a city of the third class, duly created, organized and existing under the laws of the State of Kansas; and WHEREAS, the City is authorized by K.S.A. 10-427 et seq. to issue general obligation refunding bonds of the Ci ty for the purpose of refunding the Refunded Bonds; and WHEREAS, in order to achieve interest cost savings through early redemption of the Refunded Bonds, to reduce debt service requi rements of the Issuer for certain years, to restructure the debt payments on the Refunded Bonds, and to provide an orderly plan of finance for the City, it-- has become' desirable and in the best interest of the Ci ty and its inhabi tants to refund the Refunded Bonds. NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF BEL AIRE, KANSAS, AS FOLLOWS: Section 1. Definitions of Words and Terms. "Act" means _ the Constitution and Kansas including K.S.A. 10-101 to 10-620 et seq. and K.S.A. 10-427 supplemented. statutes of the State of 10-125, inclusive, K.S.A. et seq., as amended and "Bond and Interest Fund" means the Bond and Interest Fund of the City for its general obligation bonds. "Bonds" means the Issuer's General Bonds, Series A, 1993, authorized by aggregate principal amount of $945,000*, 1993. Obligation Refunding the Ordinance in the and dated April I, "City" means Bel Aire, Kansas. "Clerk" means the duly appointed and acting Clerk or, In the Clerk's absence, the duly appointed and/or elected Deputy Clerk or Acting Clerk of the City. "Code" means the Internal Revenue Code of 1986, as amended, and the applicable regulations proposed or promulgated thereunder of the United States Department of the Treasury. "Improvements" means the improvements heretofore constructed, in part, from the proceeds of the Refunded Bonds. "Mayor" means the duly elected and acting Mayor of the City or, in the Mayor's absence, the duly appointed and/or elected Vice Mayor or Acting Mayor of the City. "Ordinance" means this Ordinance authorizing the issuance of the Bonds. "Refunded Bonds" means jointly: (a) the Series C, 1985 Bonds maturing in the years 1996 to 2001, inclusive, in the principal amount of $45,000; (b) the Series A, 1987 Bonds maturing in the years 1994 to 2002, inclusive, in the principal amount of $320,000; (c) the Series 1988 Bonds maturing in the years 1995 to 1998, inclusive, in the principal amount of $175,000; (d) the Series A, 1989 Bonds maturing in the years 1995 to 1999, inclusive, in the principal amount of $185,000; and (d) the Series A, 1990 Bonds maturing in the years 1996 to 2000, inclusive, in the principal amount of $270,000. "Series C, 1985 Bonds" means the Issuer's General Obligation Bonds, Series C, 1985, dated November 1, 1985. "Series C, 1985 Ordinance" means the Issuer's Ordinance No. 103, which authorized the Series C, 1985 Bonds. "Series A, 1987 Bonds" means Obligation Internal Improvement Bonds, January I, 1987. the Issuer's General Series A, 1987, dated "Series A, 1987 Ordinance" means the Issuer's Ordinance No. 113, which authorized the Series A, 1987 Bonds. "Series 1988 Bonds" means the Issuer's General Obligation Bonds, Series 1988, dated September 1, 1988. "Series 1988 Ordinance" means the Issuer's Ordinance No. 135, which authorized the Series 1988 Bonds. "Series A, 1989 Bonds" means Obligation Internal Improvement Bonds, September I, 1989. the Issuer's General Series A, 1989, dated "Series A, 1989 Ordinance" means jointly the Issuer's Ordinance No. 154 and Resolution R-89-08, which authorized the Series A, 1989 Bonds. -2- o 2 J J B "Series A, 1990 Bonds" means Obligation Internal Improvement Bonds, April 1, 1990. the Issuer's General Series A, 1990, dated "Series A, 1990 Ordinance" means jointly the Issuer's Ordinance No. 163 and Resolution R-90-04, which authorized the Series A, 1990 Bonds. Section 2. Authorization of and Securi ty for the Bonds. There shall be issued and hereby are authorized and directed to be issued the General Obligation Refunding Bonds, Series A, 1993, of the City in the principal amount of $945,000*, for the purpose of providing funds to refund the Refunded Bonds. The Bonds shall be general obligations of the City payable as to both principal and interest in part from special assessments levied upon the property benef i ted by the construction of the Improvements and, if not so paid, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The balance of the principal and interest on the Bonds is payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The full faith, credit and resources of the City are hereby irrevocably pledged for the prompt payment of the principal of and interest on the Bonds as the same become due. Section 3. Terms, Details and Conditions of the Bonds. The Bonds shall be dated and bear interest, shall mature and be payable at such times, shall be in such forms, shall be subject to redemption and payment prior to the maturi ty thereof, and shall be issued and delivered in the manner prescribed and subj ect to the provisions, covenants and agreements set forth in a resolution hereinafter adopted by the governing body of the City. Section 4. Levy and' Collection of Annual Tax. The governing body of the City shall annually make provision for the payment of principal of, premium, if any, and interest on the Bonds as the same become due by levying and collecting the necessary taxes and/or assessments upon all of the taxable tangible property within the City in the manner provided by law. The taxes and/or assessments above referred to shall be extended upon the tax rolls in each of the several years, respectively, and shall be levied and collected at the same time and in the same manner as the general ad valorem taxes of the City are levied and collected, and the proceeds derived from said taxes and/or assessments shall be deposited in the Bond and Interest Fund. -3- 02338 If at any time said taxes and/or assessments are not collected in time to pay the principal of or interest on the Bonds when due, the City Treasurer is hereby authorized and directed to pay said principal or interest out of the general funds of the City and to reimburse said general funds for money so expended when said taxes and/or assessments are collected. Section 5. Tax Covenants. The Ci ty covenants and ag rees that (1) it will comply with all appliable provisions of the Code, including Sections 103 and 141 through 150, necessary to maintain the exclusion from gross income for federal income tax purposes of the interest on the Bonds and (2) it will not use or permit the use of any proceeds of Bonds or any other funds of the City not take or permi t any other action, or fai 1 to take any action, if any such action or failure to take action would adversely affect the exclusion from gross income of the interest on the Bonds. The City will, in addition, adopt such other ordinances or resolutions and take such other actions as may be necessary to comply with the Code and with all other applicable future laws, regulations, published rulings and judicial decisions, in order to ensure that the interest on the Bonds will remain excluded from federal gross income, to the extent any such actions can be taken by the City. (b) The City covenants and agrees that (1) it will comply with all requirements of Section 148 of the Code to the extent applicable to the Bonds, (2) it will use the proceeds of the Bonds as soon as practicable and with all reasonable dispatch for the purposes for which the Bonds are issued, and (3) it will not invest or directly or indirectly use or permit the use of any proceeds of the Bonds or any other funds of the City in any manner, or take or omit to take any action, that would cause the Bonds to be "arbi trage bonds" wi thin the meaning of Section 148(a) of the Code. (c) The City covenants and agrees that it will not use any portion of the proceeds of the Bonds, including any investment income ea rned on such proceeds, di rect ly or indi rect ly, (1) in a manner that would cause any Bond to be a "private acti vi ty bond" within the meaning of Section l41(a) of the Code. Section 6. Further Authority. The Mayor, Clerk and other City officials are hereby further authorized and directed to execute any and all documents and take such actions as they may deem necessary or advisable in order to carry out and perform the purposes of the Ordinance to make alterations, changes or additions in the foregoing agreements, statements, instruments and other documents herein approved, authorized and confirmed which they may approve and the execution or taking of such action shall be conclusi~e evidence of such necessity or advisability. -4- OZ338 Section 7. Governing Law. The Ordinance and the Bonds shall be governed exclusively by and construed in accordance with the applicable laws of the State of Kansas. Section 8. Effective Date. This Ordinance shall take effect and be in full force from and after its passage by the governing body of the City and publication in the official City newspaper. i';,' '~.:fi;.," ,~J-.. ~...~i6~EtbY :' O~'__'~/~ ...,,'. .., " ;.<'Z.'7' .c.J... ,~,.' :!,y 1('lf'f\Y 'C"i':-'"'''' .' j I 'JI, 'fJ f(, "V, ,\' \ ,.,.. /r'l/! tcLl~\ ~...! 1;, ';, : (;', (1) ,) .1,. . i~, ( I ,_t: IT Y J f ~~ -< ,:':::---r ! " r . i u(. ..':: -~\ ;-~I.J..Tr 'AAl.; t ~'T f n' .~ ~.\ 'rfl' -1". I \' " i,1 nH .\.) .-II...' ) -",,';" I 'r ,I\'< "'\ \ - : i ,I' the governing bOdy of the City on April 6, 1993. ~?~~~~ Mayor , lMm/ Y 6J41 Clerk APPROVED AS TO FORM ONLY. City Attorney -5- o 2 J 3 B