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HomeMy Public PortalAboutOrd 509 -12 GO Bonds Series 2012A & 2012B Gilmore&Bell,P.C. 05/15/2012 ORDINANCE NO. 6-0 0/ OF THE CITY OF BEL AIRE,KANSAS PASSED MAY 22,2012 GENERAL OBLIGATION BONDS SERIES 2012A KMC\601000.038\BASICDOCS (PUBLISHED IN THE THEARK YALLEYNEWS ON MAY 24,2012 ORDINANCE NO. 509-12 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2012A,AND TAXABLE GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2012B, 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 of Bel Aire, Kansas (the "City" and "Issuer") 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., 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 caused the following improvements (the "Improvements") to be made in the City,to-wit: Project Description Res.No. Authority Estimated Cost Elk Creek Addition-Phase 1: Paving R-08-06 K.S.A. 12-6a01 etseq. Storm Water R-08-07 K.S.A. 12-6a01 etseq. Sanitary Sewer R-08-08 K.S.A. 12-6a01 et seq. Water Distribution R-08-09 K.S.A. 12-6a01 etseq. Drainage R-08-10 K.S.A. 12-6a01 etseq. Kappelman's Bel Aire Heights Second Addition Storm Water R-06-11 K.S.A. 12-6a01 etseq. Bel Aire Industrial Park R-08-13 and R- Paving 09-08 K.S.A. 12-6a01 etseq. R-08-14 and R- Water Distribution 12-02 K.S.A. 12-6a01 etseq. R-08-15 and R- Sanitary Sewer 12-03 K.S.A. 12-6a0I et seq. 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 $5,469,697, with $4,583,656.90 of said cost to be paid by the owners of the property within the City benefited by the Improvements and with $886,040.10 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 in cash into the City KMC\601000.038\BASICD0CS (Signature Page to Bond Ordinance) Treasury on account of the Improvements and there is$0 available in the City Treasury to pay part of said cost, leaving$5,469,697 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, none of such general obligation bonds heretofore authorized have been issued and the City proposes to issue its general obligation bonds in the amount of$5,469,697 to pay the costs of the Improvements,with $5,300,000 thereof allocable to the Series 2012A Bonds defined herein and$169,697 thereof allocable to the Series 2012B Bonds defined herein; 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 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 at a cost of$5,303, which cost is allocable to the Series 2012B Bonds defined herein; 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 bidders 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. 10-427 et seq., K.S.A. 10-620 et seq., and K.S.A. 12-6a01 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 Series 2012A Bonds and the Series 2012B 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,Assistant or Acting Clerk. "Improvements" means the improvements referred to in the preamble to this Ordinance and any Substitute Improvements. KMC\601000.038\BASICDOCS (Signature Page to Bond Ordinance) "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 a$5,000 portion of the October 1, 2012 maturity of the Issuer's Series 201 IA Bonds. "Refunded Bonds Paying Agent"means the paying agent for the Refunded Bonds as designated in the Refunded Bonds Resolution, and any successor or successors at the time acting as paying agent of the Refunded Bonds. "Refunded Bonds Redemption Date"means October 1, 2012 "Refunded Bonds Resolution" means the ordinance and resolution which authorized the Refunded Bonds. "Refunded Notes"means collectively: (a)the Series A, 2008 Notes maturing in the year 2012, in the aggregate principal amount of$4,735,000 and; (b) a portion of the Series A, 2009 Notes, maturing in the year 2013, in the aggregate approximate principal amount of$420,000. "Refunded Notes Redemption Date" means June 1, 2012, for the Series A, 2008 Notes, and July 15, 2012,for the Series A, 2009 Notes. "Series A, 2008 Notes" means the City's General Obligation Temporary Notes, Series A, 2008, dated June 15,2008. "Series A, 2009 Notes" means the City's General Obligation Temporary Notes, Series A, 2009, dated May 1, 2009. "Series 2011A Bonds" means the City's Taxable General Obligation Refunding and Improvement Bonds, Series 2011A, dated January 15,2011. "Series 2012A Bonds" means the General Obligation Bonds, Series 2012A, authorized and issued by the Issuer pursuant to this Ordinance. "Series 2012B Bonds" means the Taxable General Obligation Refunding and Improvement Bonds, Series 2012B, authorized and issued by the Issuer pursuant to 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 Bonds, Series 2012A, of the City in the principal amount of $5,300,000, for the purpose of providing funds to: (a)pay a portion of the costs of the Improvements; (b) pay costs of issuance of the Bonds; and(c)retire a portion of the Refunded Notes. KMC\601000.038\BASICDOCS (Signature Page to Bond Ordinance) There shall be issued and hereby are authorized and directed to be issued the Taxable General Obligation Refunding and Improvement Bonds, Series 2012B, of the City in the principal amount of $175,000, for the purpose of providing the funds to: (a)refund the Refunded Bonds; (b) pay a portion of the costs of the Improvements; (c) pay costs of issuance of the Bonds; and (d) retire a portion of the Refunded Notes. Section 3. Security for the 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 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. KMC\601000.038\BASICDOCS (Signature Page to Bond Ordinance) 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 May 22, 2012 and APPROVED AND SIGNED by the Mayor. 7� (SEAL). --et, � tnticIr� Mayor ATTEST: Clerk, [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] KM0601000.03 MASICDOCS (Signature Page to Bond Ordinance)