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Home My Public Portal AboutOrd 556 Sale of PBC Bonds recall Ord 554GILMORE & BELL, P.C. 12t04t2014 (Published in THE ARK VALLEY NEWS on December ll,2014\ ORDINANCE NO. 556 AN ORDINANCE AUTHORIZING THE CITY OF BEL AIRE, KANSAS TO ENTER INTO A LEASE WITH THE BEL AIRE, KANSAS PUBLIC BUILDING COMMISSION WHEREBY THE CITY WILL LEASE FROM THE PUBLIC BUILDING COMMISSION CERTAIN PROPERTX INCLUDING A CITY HALL FACILITY; TO ENTER INTO A LEASE WITH SAID PUBLIC BUILDING COMMISSION WHEREBY THE CITY WILL LEASE FROM THE PUBLIC BUILDING COMMISSION CERTAIN PROPERTY, INCLUDING A SWIMMING POOL FACILITY AND WASTEWATER IMPROVEMENTS; APPROVING THE FORM OF SAID LEASE; AUTHORIZING THE EXECUTION THEREOF AND CERTAIN RELATED DOCUMENTS; AND REPEALING ORDINANCE NO. 554. WHEREAS, pursuant to K.S.A. 12-1157 et seq. and Charter Ordinance No. l0 (ointly, the "Act") of the City of Bel Aire, Kansas (the "City"), the City of Bel Aire, Kansas Public Building Commission, a duly organized municipal corporation (the "PBC" or "lssuer") created by the City, has heretofore issued its revenue bonds to provide funds to (a) construct, furnish and equip a City Hall improvement in the City (the "City Hall Improvements"), and (b)construct, furnish and equip certain park and swimming pool improvements and certain wastewater effluent line improvements of the City (the "swimming Pool/Wastewater lmprovements"), and has leased to the City such City Hall Improvements and Swimming Pool/Wastewater Improvements, with certain land associated therewith (the "Land"); and WHEREAS, the PBC heretofore issued and has outstanding its Refunding Revenue Bonds, Series 2006 (the "Series 2006 Bonds"), which financed and refinanced the City Hall Improvements, and is authorized bytheActandK.S.A. l0-ll6atoissuerefundingrevenuebondsofthePBCforthepurposeofrefundingthe Series 2006 Bonds maturing in the years 2015 through2036, inclusive (the "2006 Refunded Bonds"); and WHEREAS, the PBC heretofore issued and has outstanding its Taxable Revenue Bonds, Series B, 2003 (the "Series B, 2003 Bonds") and Revenue Bonds, Series A,2004 (the "series A,2004 Bonds"), which financed the Swimming Pool/Wastewater Improvements and is authorized by the Act and K.S.A. 10- I 16a to issue refunding revenue bonds of the PBC for the purpose of refunding the outstanding Series 8,2003 Bonds and Series A,2004 Bonds (as further defined herein, the "2003 and2004 Refunded Bonds"); and WHEREAS, in order to achieve interest cost savings through early redemption of the 2006 Refunded Bonds and 2003 and 2004 Refunded Bonds (ointly 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 that the PBC issue the Tax- Exempt Lease Revenue Refunding Bonds, Series A,2014 in the amount of approximately $3,275,000 (the "Series A,2014 Bonds") and the Taxable Lease Revenue Refunding Bonds, Series 8,2014 (the "series B, 2014 Bonds") to refund the Refunded Bonds; and WHEREAS, in connection with the issuance of the Series A, 2014 Bonds, the City hereby determines that it is in the best interest of the City to enter into a Lease with the PBC (the "series A,2Ol4 Lease"), to provide for the refinancing of the City Hall Improvements and the leasing thereof and associated Land by the PBC to the City; and KMC\60 I 267 OO7\CITY LEASE ORDINANCE WHERBAS, in connection with the issuance of the Series B, 2014 Bonds, the City hereby determines that it is in the best interest of the City to enter into a Lease with the PBC (the "series 8,2014 Lease"), to provide for the refinancing of the Swimming Pool/Wastewater Improvements and the leasing thereof and associated Land by the PBC to the City; and WHEREAS, the Series A,2014 Lease shall provide sufficient funds to pay principal and interest on the Series A,2014 Bonds; and WHERBAS, the Series 8,2014 Lease shall provide sufficient funds to pay principal and interest on the Series 8,2014 Bonds;and WHEREAS, the City has previously passed Ordinance No. 554, and it is now necessary and advisable to repeal that ordinance and replace it with this ordinance. NOW THEREFORB, BE IT ORDAINED BYTHE GOVERNING BODY OFTHE CITY OFBELAIRE. KANSAS: SECTION 1. The governing body hereby finds and determines, pursuant to the Act, that (i) acquiring and refinancing the City Hall Improvements; (ii) leasing the City Hall Improvements and associated Land from the PBC underthe terms and provisions set forth in the SeriesA,2014 Lease; and(iii) the issuance of the SeriesA,20l4 Bonds by the PBC are necessary convenient and in furtherance of the governmental purposes of the City. The governing body hereby finds and determines, pursuant to the Act, that (i) acquiring and refinancing the Swimming Pool/Wastewater Improvements; (ii) leasing the Swimming Pool/Wastewater Improvements and associated Land from the PBC under the terms and provisions set forth in the Series B, 2014 Lease; and (iii) the issuance of the Series 8,2014 Bonds by the PBC are necessary, convenient and in furtherance of the governmental purposes of the City. SECTION 2. The Series A, 2014 Lease and Series B, 2014 Lease, in substantially the forms presented to this meeting of the governing body, are in all material respects approved, autirorized and confirmed' The Mayor and the City Clerk are hereby authorized and directed to iin* their signatures and the seal of the City to such Leases, for and on behalf of the City, with such changes therein as the City Attorney may deem necessary or appropriate. SECTION 3. The City hereby covenants with D.A. Davidson & Co., the "Purchaser" of the Series A,2014 Bonds and Series 8,2014 Bonds, and with the Beneficial Owners of the Series A,2014 Bonds and Series 8,2014 Bonds, to provide and disseminate such information as is required by the SEC Rufe l5c2-12, and as further set forth in the City's Omnibus Continuing Disclosure Undertaking, the provisions of which are incorporated herein and in the Series A,2014 Lease and Series 8,2014 Lease by reference. Such covenant shall be for the benefit of and enforceable by such Purchaser and the Beneficial Owners of the Series A,2014 Bonds and Series 8,2014 Bonds. SECTION 4. Subject to the conditions set forth herein, the Mayor and City Clerk are hereby authorized to execute any and all documents and take such actions as they may deem necessary or advisabll in order to carry out and perform the intent of this Ordinance. SECTION 5. The Mayor and City Clerk are hereby authorized to execute any and all documents, including the Series A,2014 Lease and Series 8,2014 Lease and bond purchar" ug."..n"nts for the SeriesA'2014 Bonds and Series 8,2014 Bonds and take such actions as they may deem necessary or advisable KMC\60I267,007\CITY LEASE ORDINANCE 1 in order to carry out and perform the intent of this Ordinance, subject to the satisfaction of the following parameters: (a) the principal amount of the Series A,2014 Bonds shall not exceed $3,300,000 and the true interest cost ("TIC") on the Series A,2014 Bonds shall not exceed 3.00%;and (b) the principal amount of the Series 8,2014 Bonds shall not exceed $1,250,000 and the TIC on the Series B,ZOtq Bonds shall not exceed 397%. SECTION 6. All action heretofore taken (not inconsistent with the provisions of this Ordinance) by the City or the offrcials of the City, directed toward the acquisition and refinancing of the City Hail lmprovements and Swimming Pool/Wastewater Improvements, and the leasing thereof and of associated Land from the PBC, are hereby ratified, approved and confirmed. SECTION 7. This Ordinance shall be effective from and its adoption by the governing body of the City. KMC\60I267.007\CITY LEASE ORDINANCE PASSED by the Governing Body of the City of Bel Aire, Kansas, on December 4,2014 and APPROVED and SIGNED by the Mayor. THE CITY OF BELAIRE. KATISAS (Seal) EST: KMC\6OI 267.007\CITY LEASE ORDINANCE