HomeMy Public PortalAboutOrd 154 GO Bonds A 1989
GILMORE & BELL
9/22/89
(PUBLISHED IN THE DAILY REPORTER ON SEPTEMBER 8, 1989)
ORDINANCE NO. 154
AN ORDINANCE AUTHORIZING THE ISSUANCE AND DELIVERY OF
$215,822.92 PRINCIPAL AMOUNT OF GENERAL OBLIGATION
INTERNAL IMPROVEMENT BONDS, SERIES A, 1989, OF THE
CITY OF BEL AIRE, KANSAS, FOR THE PURPOSE OF
CONSTRUCTING CERTAIN INTERNAL IMPROVEMENTS; AND
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.
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, pursuant to K.S.A. 12-6a01 et seq. as amended, and
other provisions of the laws of the State of Kansas applicable
thereto, by proceedings duly had, the governing body of the
City has caused the following improvements to be made in the
Ci ty, to-wi t:
(a) A Sani ta ry Sewer Extens ion to be const ructed to
serve the area in and about Arthur Heights
Addition, White's Replat of Lot 16, Arthur
Heights Addi tion and Arthur Heights 2nd Addition
to the City of Bel Aire, Sedgwick County, Kansas;
and
(b) Curb, gutter and pavement on Edgemoor Street from
38th Street North to 41st Street North, to the
City of Bel Aire, Kansas; and
WHEREAS, all legal requirements pertaining to the
Improvements have been complied with, and the governing body of
the City now finds and determines that the total cost of the
Improvements and related expenses are at least $253,473.30,
wi th $253,473.30 of said cost to be paid by the owners of the
property within the City benefited by the Improvements and with
$-0- of said cost to be paid by the City at large, and that the
owners of the property benefited by the Improvements have paid
$37,650.38 in cash into the City Treasury on account of the
Improvements, leaving $215,822.92 to be paid for by the
issuance of general obligation bonds; and
WHEREAS, the governing body of the City is authorized-'by
law to issue general obligation bonds of the City to pay the
costs of the Improvements; and
WHEREAS, the governing body of the Ci ty has advertised the
sale of its general obligation bonds in accordance with the law
and at a meeting held in the City on this date, awarded the
sale of such bonds to the lowest bidder; and
WHEREAS, the governing body of the City hereby finds and
determines that it is necessary for the City to authorize the
issuance and delivery of its general obligation bonds in the
principal amount of $215,822.92 to pay the costs of the
Improvements.
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 statutes of the State of
Kansas including K.S.A. 10-101 to 10-125, inclusive, K.S.A.
10-620, et ~., and K.S.A. 12-6aOl et ~., as amended and
supplemented.
"Bond and Interest Fund" means the Bond and Interest Fund
of the City for its general obligation bonds.,
"Bonds" means the Series A, 1989 Bonds authorized by the
Ordinance in the aggregate principal amount of $215,822.92, and
dated September I, 1989.
"City" means the City of Bel Aire, Kansas-..
"City Clerk" means the duly appointed and acting City Clerk
or, in the City Clerk's absence, the duly appointed and/or
elected Deputy City Clerk or Acting City 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 referred to in the
preamble to this Ordinance.
"Mayor" means the duly elected and acting Mayor of the City
or, in the Mayor I 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.
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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 Internal Improvement Bonds,
Series A, 1989, of the City in the principal amount of
$215,822.92, for the purpose of providing funds to pay the cost
of the Improvements.
The Bonds shall be general obligations of the City payable
as to both principal and interest from special assessments
levied upon the property benefi 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 full faith, credit and
resources of the Ci ty 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
subject 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.
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 Ci ty 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.
Sect ion 5. Tax Covenants. The Ci ty covenants and ag rees
that it will not take any action, or fail 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 under Section 103 of the Code. The Ci ty covenants and
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ag rees that it wi 11 use the proceeds of the Bonds as soon-' "a-s
practicable and with all reasonable dispatch for the purpose
for which the Bonds are issued as hereinbefore set forth, and
that it will not directly or indirectly use or permit the use
of any proceeds of the Bonds or any other funds of the City, or
take or omit to take any action that would cause the Bonds to
be "arbitrage bonds" within the meaning of Section l48(a) of
the Code. To that end, the City will comply with all
requirements of Section 148 of the Code to the extent
applicable to the Bonds. In the event that at any time the
City is of the opinion that for purposes of this Section it is
necessary to restrict or limit the yield on the investment of
any moneys held by the City under the Ordinance, the City shall
take such action as may be necessary.
Section 6. Further Authority. The Mayor, City 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 addi tions in the foregoing agreements, sta tements,
instruments and other documents herein approved, authorized and
confirmed which they may approve and the execution or taking of
such action shall be conclusive evidence of such necessity or
advisability.
Sect ion 7. Governing Law. The Ordinance
shall be governed exclusively by and con.strued
with the applicable laws of the State of Kansas.
and
in
the Bonds
accordance
Section 8.
effect and be
governing body
newspaper.
Effective Date. This Ordinance shall take
in full force from and after its passage by the
of the City and publication in the official City
PASSED by the governing body of the Ci ty this 5th day of
September, 1989.
(SEAL)
ATTEST:
~i/ ;/ ~.a;
City Clerk
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