HomeMy Public PortalAboutOrd 500 GO Bonds Series 2011A & Taxable GO Bonds Series 2011B (PUBLISHED IN THE ARK YALLEYNEWS ON JANUARY 20, 2011)
ORDINANCE NO.500
AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS,
SERIES 2011A, AND TAXABLE GENERAL OBLIGATION BONDS, SERIES
2011B OF THE CITY OF BEL AIRE, KANSAS; 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; AUTHORIZING CERTAIN OTHER DOCUMENTS AND ACTIONS IN
CONNECTION THEREWITH; AND MAKING CERTAIN COVENANTS WITH
RESPECT THERETO.
WHEREAS, the City is a city of the second class, duly created, organized and existing under the
Constitution and laws of the State; and
WHEREAS, pursuant to K.S.A. 12-6a01 et seq., K.S.A. 65-163d et seq., K.S.A. 12-618, K.S.A.
12-631r and K.S.A. 10-427 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 authorized the following
improvements(the"Improvements")to be made in the City,to-wit:
Estimated
Description Ord./Res.No. Authority Cost
The following improvements are in
Central Park Addition-Phase 2:
Street, stone sewer and dirt work
Improvements R-06-03 and R- K.S.A. 12-6a01 et seq. $2,275,000
10-19
Sanitary sewer Improvements R-06-04 and R- K.S.A. 12-6a01 et seq. 352,000
10-20
Water distribution system Improvements R-06-05 and R- K.S.A. 12-6a01 et seq. 378,000
10-21
Street lighting system Improvements R-06-06 and R- K.S.A. 12-6a01 et seq. 150,000
10-22
The following improvements are in the
Wickham Industrial Addition:
Street Improvements R-06-07 K.S.A. 12-6a01 et seq. 189,200
Drainage, landscaping and lighting K.S.A. 12-6a01 et seq. 155,000
System R-06-08
The following improvements are in the
Wickham Industrial and 84 Lumber
Additions:
Water distribution System R-06-09 K.S.A. 12-6a01 et seq. 47,000
Water lines, mains, pipes, valves and K.S.A. 12-6a01 et seq. 23,500
hydrants R-06-10
Relocation of water line R-06-11 and R- K.S.A. 65-163u 66,000
11-01
Sewer line and lift station improvements Ord.No. 434 K.S.A. 12-618 et seq. 295,000
The following improvements are in the
Pearson FirstAddition:
Stormwater Drainage Ord.No. 435 K.S.A. 12-631r et seq. 100,000
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
(including interest on temporary notes of the City and issuance costs of the Bonds) and related expenses
are at least $3,081,639.92 with$2,436,242.39 of said cost to be paid by the owners of the property within
the City benefited by the Improvements and with $645,397.53, of said cost to be paid by the City at
large, and that the owners of the property benefited by the Improvements have paid $0.00 in cash into the
City Treasury on account of the Improvements and there is $196,639.92 available in the City Treasury to
pay part of said cost, leaving $2,965,000 to be paid for by the issuance of one or more series 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 a portion of the costs of the Improvements; and
WHEREAS, none of such general obligation bonds heretofore authorized have been issued and
the City proposes to issue the remaining$2,965,000 of its general obligation bonds, in one or more series,
to pay a portion of the costs of the Improvements; and
WHEREAS, the City heretofore issued and has outstanding the Refunded Bonds and is
authorized by K.S.A. 10-427 et seq. to issue general obligation refunding bonds of the City for the
purpose of refunding the Refunded Bonds; and
WHEREAS, in order to achieve interest cost savings through early redemption of 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 City and its inhabitants to refund the Refunded Bonds; and
WHEREAS, the governing body of the City has advertised the sale of the 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 best
bidder.
NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY
OF BELAIRE,KANSAS,AS FOLLOWS:
Section 1. Definitions of Words and Terms. In addition to words and terms defined elsewhere
herein, the following words and terms in this Ordinance shall have the meanings hereinafter set forth.
Unless the context shall otherwise indicate, words importing the singular number shall include the plural
and vice versa, and words importing persons shall include firms, associations and corporations, including
public bodies, as well as natural persons.
"Act" means the Constitution and statutes of the State including K.S.A. 10-101 to 10-125,
inclusive, K.S.A. 10-620 et seq. and K.S.A. 12-6a01 et seq., K.S.A. 65-163d et seq., K.S.A. 12-618,
K.S.A. 12-631r and K.S.A. 10-427 et seq.,all as amended and supplemented from time to time.
"Bond and Interest Fund" means the Bond and Interest Fund of the City for its general
obligation bonds.
"Bond Resolution" means the resolution to be adopted by the governing body of the City
prescribing the terms and details of the Bonds and making covenants with respect thereto.
"Bonds"means,jointly,the City's Series 2011A and Series 2011B Bonds.
"City"means the City of Bel Aire,Kansas.
"Clerk" means the duly appointed and acting Clerk of the City or, in the Clerk's absence, the
duly appointed Deputy Clerk or Acting Clerk.
"Improvements" means the improvements referred to in the preamble to this Ordinance and any
Substitute Improvements.
"Mayor"means the duly elected and acting Mayor 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 the Series A, 2002 Bonds maturing in the year 2011 in the aggregate
principal amount of$35,000.
"Refunded Notes" means the Series 2010A Notes maturing February 1, 2011 in the aggregate
principal amount of$2,900,000.
"Series A, 2002 Bonds" means the City's General Obligation Bonds, Series A, 2002, dated
August 15, 2002.
"Series 2010A Notes" means the City's General Obligation Temporary Renewal Notes, Series
2010A, dated February 1, 2010.
"Series 2011A Bonds" means the City's General Obligation Refundng and Improvement Bonds,
Series 2011 A, dated January 15, 2011, as authorized by this Ordinance.
"Series 2011B Bonds" means the City's Taxable General Obligation Bonds, Series 201113, dated
January 15, 2011, as authorized by this Ordinance.
"State"means the State of Kansas.
"Substitute Improvements" means the substitute or additional improvements of the City
authorized in the manner set forth in the Bond Resolution.
Section 2. Authorization of the Bonds. There shall be issued and hereby are authorized and
directed to be issued the General Obligation Refunding and Improvement Bonds, Series 2011A, of the
City in the principal amount of$2,885,000,for the purpose of providing funds to: (a)pay a portion of the
costs of the Improvements; (b) pay a portion of the costs of issuance of the Bonds; (c) refund the
Refunded Bonds; and(d)retire the Refunded Notes.
There shall be issued and hereby are authorized and directed to be issued the Taxable General
Obligation Bonds, Series 2011B, of the City in the principal amount of $80,000, for the purpose of
providing funds to: (a) pay a portion of the costs of the Improvements; (b) pay a portion of the Costs of
Issuance of the Bonds; and(c)retire the Refunded Notes.
Section 3. Security for the Bonds. The Series 2011A Bonds shall be general obligations of the
City payable as to both principal and interest in part from special assessments levied upon the property
benefited 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 4. 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 maturity thereof, and shall be issued and delivered in the manner prescribed and
subject to the provisions, covenants and agreements set forth in the Bond Resolution hereafter adopted by
the governing body of the City.
Section 5. 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, shall be used solely for the payment of
the principal of and interest on the Bonds as and when the same become due and the fees and expenses of
the Paying Agent. 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 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 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, and 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 conclusive evidence of such necessity or advisability.
Section 7. Governing Law. This Ordinance and the Bonds shall be governed exclusively by
and construed in accordance with the applicable laws of the State.
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, approval by the Mayor and publication in the official City
newspaper.
PASSED by the governing body of the City on January 18, 2011 and APPROVED AND
SIGNED by the Mayor.
(SEAL) /s/Harold Smith
Mayor
ATTEST`.
/s/Vicki Bradford \`
Clerk