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HomeMy Public PortalAboutOrd 529 GO Bonds Series 2013D Gilmore & Bell, P.C. 09/05/2013 ORDINANCE NO. 529 OF THE CITY OF BEL AIRE,KANSAS PASSED SEPTEMBER 17,2013 GENERAL OBLIGATION BONDS SERIES 2013D KM CI601000.0531BAS IC DOCS (PUBLISHED IN THE THEARK VALLEYNEWS ON SEPTEMBER 19, 2013) ORDINANCE NO. 529 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2013D, 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") is a city of the second class, duly created, organized and existing under the Constitution and laws of the State; and WHEREAS, pursuant to the authority referenced below, 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: Ord./ Description Res. No. Authority Estimated Cost Central Park 3rd Addition--Paving, water, Res. Nos. R-09-15, R- sanitary sewer and drainage 09-16, K.S.A. 12-6a01 et seq. $1,445,000 R-09-17,R-09-18/R-13- 26 Tierra Verde—Paving, water, sanitary Res. Nos. R-09-19, R- sewer and drainage 09-20, K.S.A. 12-6a01 et seq. $2,811,000 Street Improvements—High School— R-09-21, R-09-22 53`d Street Res. No. R-09-26 K.S.A. 12-6a01 et seq. $637,600 Street Improvements—Lycee Street Res.No. R-10-1 1 K.S.A. 12-685 etseq. $987,667 Street Improvements—K-8-53rd Street Res. R-09-27 K.S.A. 12-6a01 et seq. $387,100 Sanitary Sewer—High School Res.R-09-28 K.S.A. 12-6a01 et seq. $446,400 Water Distribution System—High School Res. R-09-25 K.S.A. 12-6a0letseq. $185,400 Pump Station Electrical Upgrade Res. No. R-09-07 K.S.A. 12-626 et seq. $150,000 Water Supply Line and Valves Res. R-10-12 K.S.A.65-163d et seq. $85,000 Main trafficway improvements (Woodlawn St. and Central Park Avenue) Res. No. R-13-27 K.S.A. 12-685 et seq. $160,000 Economic Development Replat of real Ord.No. 480 Article 12, Section 5 property of Kansas Constitution and and K.S.A. 12-101 etseq. $20,000 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 $6,139,019.90, with $2,785,000 of said cost to be paid by the owners of the property within KMC\601000.0531BAS ICDOCS I the City benefited by the Improvements, and with $1,110,000 of said cost to be paid by the City at large, and that the owners of the property benefited by the Improvements have paid $51,516.10 in cash into the City Treasury on account of the Improvements and there is $2,192,503.80 available in the City Treasury to pay part of said cost, leaving $3,895,000 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 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 $3,895,000 of its general obligation bonds to pay a portion of the costs of the Improvements; 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 of Kansas including K.S.A. 10-101 to 10- 125, inclusive, K.S.A. 10-620 et seq., K.S.A. 12-6a01 et seq., K.S.A. 12-685 et seq., K.S.A. 65-163d et seq., K.S.A. 12-626 et seq., Article 12, Section 5 of Kansas Constitution; K.S.A. 12-101 et seq.; and Ordinance No. 480, as amended and supplemented. "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 the City's General Obligation Bonds, Series 2013D, dated September 30, 2013, authorized by this Ordinance. "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. "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. K M C\601000.05 3\B AS ICDO C S 2 "Refunded Notes"means the Outstanding Series B, 2009 Notes and Series 2010B Notes. "Series B, 2009 Notes" means the Issuer's General Obligation Temporary Notes, Series B, 2009, dated October 15, 2009. "Series 2010B Notes" means the Issuer's General Obligation Temporary Notes, Series 2010B, dated October 1, 2010. "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 20131), of-the City in the principal amount of $3,895,000, 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 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. The portion of Bonds payable from special assessments totals $2,785,000, and will mature in the years 2015 through 2034. The portion of Bonds not payable from special assessments totals $1,110,000 and will mature in the years 2014 through 2033. 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. KMC1601000.053 Vn AS ICDOCS 3 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. [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] KMC\601000.053\BAS ICDOCS 4 PASSED by the governing body of the City on September 17, 2013 and APPROVED AND SIGNED by the Mayor. (SEAL) - - Mayor ATTEST: Clerk [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] KMC601000.0531BASICDOCS (Signature Page to Bond Ordinance) CERTIFICATE I hereby certify that the foregoing is a true and correct copy of Ordinance No. 529 of the City of Be[ Aire, Kansas adopted by the governing body September 17, 2013, as the same appears of record in my office, and that it was published and in The Ark Valley News on September 19, 2013. DATED: September 17, 2013. Clerk [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] KMC\601000.053\BAS ICDOCS (Signature Page to Bond Ordinance Certificate) (PUBLISHED IN THE THEARK PALLEYNEWS ON SEPTEMBER 19, 2013) SUMMARY OF ORDINANCE NO. 529 On September 17, 2013, the governing body of the City of Bel Aire, Kansas passed an ordinance entitled: AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS,SERIES 2013D, 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. The Series 2013D Bonds approved by the Ordinance are being issued in the principal amount of $3,895,000, to finance certain internal improvements in the City, and refund previously issued Temporary Notes of the City, and constitute general obligations of the City payable as to both principal and interest, to the extent necessary, 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. A complete text of the Ordinance may be obtained or viewed free of charge at the office of the City Clerk, 7651 E. Central Park Ave, Bel Aire, Kansas 67226. A reproduction of the Ordinance is available for not less than 7 days following the publication date of this Summary at www.belarieks.eov. This Summary is hereby certified to be legally accurate and sufficient pursuant to the laws of the State of Kansas. DATED: September 17,2013. y Attorney KMC1601000.0531BAS1CD0CS