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HomeMy Public PortalAboutOrd 414 B.A.Dev. Authority Gilmore & Bell, p, C. 8/3l/2004 ORDINANCE NO. Jfl'l AN ORDINANCE APPROVING THE FORMATION OF A KANSAS LIMITED LIABILITY COMPANY TO FACILITATE THE FINANCING OF PUBLIC PROJECTS AND IMPROVEMENTS ON BEHALF OF THE CITY OF BEL AIRE, KANSAS; DETERMINING THAT THE FORMATION OF SAID COMPANY IS NECESSARY AND ADVISABLE TO SERVE THE PUBLIC PURPOSES OF THE CITY; APPROVING AND AUTHORIZING THE EXECUTION OF AN OPERATING AGREEMENT AND ALL OTHER DOCUMENTS NECESSARY FOR THE FORMATION OF THE COMPANY; AND REPEALING ORDINANCE NO. 404 OF THE CITY. WHEREAS, the City Council (the "Governing Body") of the City of Bel Aire, Kansas (the "City"), hereby finds and determines that it is necessary, desirable and in the best interests ofthe City and its citizens to undertake certain public projects and make certain capital improvements for the benefit and use of the City and thereby improve and enhance the ability of the City to provide for economic development in the City and quality facilities and services to citizens residing in the City; and WHEREAS, it is proposed that the Bel Aire Development Authority, LLC, a limited liability company of the State of Kansas (the "Company"), be formed under K.S,A. 17-7601 et seq, (the "Act"), with the approval of the City, to undertake and finance the costs of certain public projects and capital improvements for the economic benefit and use of the City; and WHEREAS, the Company will be authorized and empowered to borrow money through obligations of said Company and to use the proceeds of such obligations to plan, develop, acquire, construct, reconstruct, improve, extend, widen, repair, remodel and renovate projects and facilities in order to further the economic development and other City public purposes for which the Company will be formed; and WHEREAS, it is necessary and desirable for the Governing Body to approve the formation of the Company so that the City and the Company can proceed with the preparation of plans, documents, authorizations and applications that are necessary to proceed with the financing of public projects and capital improvements to benefit the City, NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF BELAIRE, KANSAS, AS FOLLOWS: Section 1. Public Purpose. The Governing Body of the City hereby finds and determines that the formation of the Company will promote the public welfare by improving and enhancing the ability of the City to provide for economic development in the City and quality facilities and services to citizens residing in the City, KMC\403385\ORDINANCE (8-31-04) 1 Section 2. Approval of Formation of the Company. The Governing Body hereby approves the formation of the Company for the purposes set forth in its Articles of Organization attached hereto as Exhibit A, Section 3. Approval of Articles of Organization and Operating Agreement of the Company. The Governing Body hereby approves the Articles of Organization in substantially the form attached hereto as Exhibit A and the Operating Agreement in substantially the form attached hereto as Exhibit B. The Mayor is hereby authorized to execute said documents and is directed to file said Articles of Organization with the Secretary of State of Kansas, Section 4. Issuance of Obligations by the Company. The Company shall issue no obligations, or otherwise enter into financing agreement, with respect to financing public projects and capital improvements to public facilities of the City until, in each case, the Governing Body adopts a resolution approving each specific obligation or agreement, Any obligations of the Company shall not be a debt of the City and the City shall not be liable thereon, In no event shall any obligations or agreements issued or entered into by the Company constitute an indebtedness of the City within the meaning of any constitutional or statutory debt limitation or restriction, Section 5. Costs and Expenses. The Governing Body hereby authorizes the Mayor and such officers and employees as the Mayor may designate, to proceed with the planning and design work for proposed public projects and capital improvements and authorizes the City, subject to prior approval of the Governing Body, to advance the funds necessary for such purposes, Any funds advanced by the City as aforesaid shall be promptly reimbursed to the City by the Company, to the extent such reimbursement is permitted by law, from the proceeds of any obligations issued by the Company, Section 6. Further Authority. The Mayor and such officers, employees and representatives of the City as he may direct, are hereby authorized and directed to proceed with the necessary negotiations and the preparation of the legal documents relating to the public projects and capital improvements to public facilities contemplated hereby and the issuance of obligations, or the entering into of other agreements, by the Company to finance such improvements; provided, however, that all documents whose execution and delivery are contemplated by the provisions hereof, including but not limited to, the terms of any obligations and of the sale of the same, shall be approved by the Governing Body, Section 7. Effective Date. This Ordinance shall take effect and be in full force from and after its passage by the governing body of the City, approval by the Mayor and publication in the official City newspaper, [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] KMC\403385\ORDINANCE (8-31-04) 2 PASSED by the governing body of the City on September 7, 2004 and APPROVED AND SIGNED by the Mayor, ryotL ".;) ...'- -'-~ J ',""\, ',,' _ /'": "," 'I .....,., ,{il"~r ' :; 'tV 't(.~, '1'\ r~, "I '1f~L\ \ - , lA, IJ \~,lll, " "". -l · I , .0 .~. \,)ClnH)'~, . " ,.-:-:~- 1 \ l ! j I ti ~ ,__ , .,.. \~ t\IT~:, 'I . ;'~ / :-r ~, lr! nSI~'" // , ~ , " \\ >, ~.J 'r ,,' , (! ' 7!/lJ- ayor ~~C~ KMC\403385\ORDINANCE (8-31-04) 3