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Home My Public Portal AboutOrd 545 GO Bonds Series 2014AGilmore & Bell, P.C. 06/24/20t4 ORDINAI\CE NO.545 OF PASSED Y 15,-2014 sE s20l4A KMC\60 I OOO. 067\BASICDOCS (PUBLISTmD IN THE ARK VALLEY NEWS ON JULY 17,2014) ORDINANCE NO. 545 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF,GENBRAL oBLrcATroN BoNDs, SERTES 20t4A,oF THE crTy oF BELAIRE,KANSAS; PROVIDING FOR THE LEVY AND coLLEcTIoN oF.AN ANNUALTAX F'OR THE PURPOSE OF PAYING THE PRINCIPAL OFAI\D INTEREST ONSAID BONDS AS THEY BEcoME DUB; AUTHORIZING CERTAIN OTHERDOCUMENTS AND ACTIONS IN CONNECTION THEREWITH; AND MAKINGCERTAIN 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; ana WHEREAS, pursuant to K.S.A. l2-6a01et seq., as amended, and other provisions of the laws ofthe State of Kansas applicable thereto, by proceedings duly had, the governing body of the City has causedthe following improvements (the "Improv-ments") to be made in the citv. to-wit: Project Description Res. No. Authority (K.S.A.) Rock Spring Addition-53.d Street R_l1_l I K.S.A .l2_6a01 et seq. R-l l-t2 and R- K.S.A. l2_6a01 et seq.Rock Spring Addition-Sanitary Sewer 14_13 R-11-13 and R- K.S.A. l2_6a01 et seq.Rock Spring Addition-Water Distribution l4_lg Rock Spring Addition-sidewalk R_l l_14 K.S.A. t2_6a01 et seq. R-l1-15 and R- K.S.A. l2_6a01 et seq.Rock Spring Addition-paving 14_12 R-l l-16 and R- Rock Spring Addition-Storm water Drainage 14-14 K.s.A. l2_6a01 et seq. Total: ; and WHEREAS, all legal requirements pertainin the governing body of the City now finds and determi uance City benefited by the wners of the properly ofthe Improvements, eneral obligation bonds; and WHBREAS, the governing body of the City is authorized by law to issue general obligation bondsof the City to pay the costs of the Improvements; and WHEREAS, none of such general obligation bonds heretofore authorized have been issued andthe city proposes to issue $1,100,000 of its geneial obligation bonds to pay the costs of the Improvements;and KMC\6OI OOO.067\84.5ICDOCS WHEREAS, the governing body of the City has advertised the sale of the Bonds in accordancewith the law and at a meeting held in the City on this date awarded the sale of such Bonds to the best bidder. NOW TIIEREF'ORE, BE IT ORDAINED BYTIIE GOVERNING BODYOFTHE CITYOF'BELAIRE, KANSAS, AS FOLLOWS: section 1' Definitions of Words and Terms. In addition to words and terms defined elsewhere lr-er9in, the following words and terms in this ordinance shall have the meanings hereinafter set forth.Unless dicate, Ygtd: importing the singular number shill include the plural andvice ve ons shall include n.-iurro"iations and corporations, including publicbodies, "Bond and Interest Fund" means the Bond and Interest Fund of the City for its general obligationbonds. "Bond Resolution" means the resolution to be adopted by the governing body of the Cityprescribing the terms and details of the Bonds and making covenants with reJpect therlto. "Bonds" means the City's General Obligation Bonds, Series 2014A, dated July 30, 2014,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 dulyappointed Deputy, Assistant or Acting Clerk. "fmprovements" 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's absence, the dulyappointed andlor elected Vice Mayor orActing Mayor of the city. "Ordinance" means this Ordinance authorizing the issuance of the Bonds. "Refunded Notes" means the outstanding Series 20lrcNotes. "Series 20llc Notes" means the City's General obligation Temporary Notes, Series 201 lC, datedAugust 15,2014. "Act') means the Constitution inclusive, K.S.A. 10-620 et seq., K.S.A. supplemented from time to time. and statutes of the State including K.S.A. l0-l0l to 10-125, 10-427 et seq., and K.S.A. l2-6a01et seq., all as amended anj "Statet'means the State of Kansas. Section 2. Authorization of the Bonds. There shall be issued and hereby are authorized anddirected to be issue eries 2014,{, of the city in the principal amount of$1,100,000, for the pay the costs of the Improvements; (b) pay costs ofissuance of the Bon tes. KMC\60 1 OOO.067\BASICDOCS Section 3. Security for the Bonds. The erest on the Bonds is payable from ad valorem taxes in the territorial limits of the City. edged for the prompt payment of Section 4' Terms, Details and Conditions of the Bonds. The Bonds shall be dated and bear hall be subject to redemption in the manner prescribed and solution hereafter adopted by The governing if any, and int s:nd/or asses The taxes andlor assessments above referred to shall be extended upon the tax rolls in each of theseveral years, respectively, and shall be levied and collected at the same time and in the same manner asthe general ad valorem taxes of the City are levied and co the principal of and interest on the Bonds as and when the payment of the i'ayingAgent. The proceeds derived from said taxes an ffff$il..iand Interest Fund. interest ments are not collected in time to pay the principal of orinterest ;',:i:lHrx*i:,J.r:1"1*'?:J:l[.TH:;r,:':Hfffi when sa d. Section 6. Further Authority. The furtherauthorized and directed to execute any and all do cessarvor advisable in order lo gu..y out and perform the p ;;;;changes or additions in the foregoing agreements, statements, instruments and other documents hereinapproved, authorized and confirmed which they may approve, and the execution or taking of such actionshall be conclusive evidence of such necessity or aavisauitity. - Section 7' Governing Law. This ordinance and the Bonds shall be governed exclusively by andconstrued 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 itspassage by the governing body of the City, approval by the Mayor and publication in the official Citynewspaper. IBALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] KMC\60 I OOO.067\84'5ICDOCS PASSED by the governing body of the City on by the Mayor. (sEAr) _ - .: : ATTEST: .. KMC\60 I 000.067\BASICDOCS (Signature Page to Bond Ordinance) CERTIFICATE I hereby certiff that the foregoing is a true and correct copy ofthe original ordinance; that said Ordinance was passed on July 15,2014; that the record of the finai vote can be-found in the of.Frce of the City Clerk and that the Ordinance or a summary thereof was published in The Ark Valley News on July 17, 2014. DATED: July 15,2014. [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] KMC\60 I 000.067\BASTCDOCS (Signature Page to Bond Ordinance Certificate) (PUBLISHED IN THE ARK VALLEyON JULY 17.2014\ SUMMARY OF ORDINANCE NO.545 on July 15,2014, the governing body of the city of Bel Aire, Kansas passed an ordinance entitled: AN ORDINANCE AUTHORIZING AND PROVIDING FOR TIIE ISSUANCE OFGENERAL OBLIGATION BOND!, IERIES NU/-,,OF TIIE CITY OF BELAIRE,KANSAS; PROVIDING FOR THE LEVY ANN COLLECTION OF AN ANNUALTAX FOR THB PURPOSE OFPAYING THE PRINCIPAL OFAND INTEREST ONSAID BONDS AS TIIEY BECOME DUE; AU TTONTZING CERTAIN OTHERDOCUMENTS AND ACTIONS IN CONNEbTTON TTTEREWITH; AND MAKINGCERTAIN COVENANTS WITH RESPECT THERE,TO. This Summary is hereby certified to be State of Kansas. DATED: July 15,2014. rate and sufficient pursuant to the laws of the Dated: July 30,2014 Series 2014A Good Faith Deposit: $22,000 EXHIBITA BID TABULATION CITY OF' BELAIRE, KANSAS GENERAL OBLIGATION BONDS BIDDERS Sale Date: ruLY 5,2014 10:30 A.M., C.D.T. Max Interest Rate: % GOOD FAITH CHECK/SURETY BOND INTEREST RATES: 20ts 2016 2017 2018 20t9 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 TOTAL INTEREST Hutchinson, Shockey, Erley & Co. Chicago,IL X 2.000% 2.000% 2.000% 2.000% 2.000% 2.250% 2.s00% 2.750% Robert W. Baird & Company,Inc. and syndicate Milwaukee, WI X 3.000% 3.000% 3.000% 3.000% 3.000% 3.000% 3.000% 3.000% 3.000% 3.000% 3.250% 3.625% $423,221.20 $(0) 3.250% 3.500% 3.625% 3.750% $420,675.76 $(0) A-1 KMC\60 I OOO.067\84.5ICDOCS DISCOUNT: NET INTEREST COST: TRUE INTEREST COST: $8,857.30 $429,533.06 3.403994% $10,785.35 $434,006.55 3.462s33% KMC\60 I OOO.O67\BASICDOCS A-2 EXHIBIT B (BID OF PURCHASER) B-1 KMC\60 I OOO.067\8.45ICDOCS