HomeMy Public PortalAboutOrd 216 GO Bonds B 1992
(PUBLISHED IN THE ARK VALLEY NEWS ON NOVEMBER 19, 1992)
ORDINANCE NO. 216
AN ORDINANCE AUTHORIZING THE ISSUANCE AND DELIVERY OF
$1,027,155.42 PRINCIPAL AMOUNT OF GENERAL OBLIGATION
BONDS, SERIES B, 1994" OF BEL AIRE, KANSAS, FOR THE
PURPOSE OF PAYING THE COSTS OF CONSTRlTCTING CERTAIN
INTERNAL IMPROVEMENTS; 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; AND MAKING CERTAIN COVENANTS WITH RESPECT
THERETO.
WHEREAS, the City is a city of the third class, duly
created, organized and existing under the laws of the State of
Kansas; and
WHEREAS, pursuant to K.S.A. 12-6aOl 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:
(a) Construction of a water main to serve the
property described as: Willow point_ at-. EagJe r.ake,
Lots 1 through 6, inclusive, Block lj'."~aLots" It'hrough
17, inclusive, Block 2, Lot 33, Block 2; Lots 1
through 19, inclusive, Block 3. (Resolution
No. R-91-10)
(b) Construction of a water main to
property described as: Willow Point at
Lots 18 through 32, inclusive, Block
through 28, inclusive, Block 3..
No. R-91-11)
serve the
Eag Ie Lake,
2; Lots 20
(Resolution
(c) Construction of a storm water sewer to serve
the property described as: Willow Point at Eagle
Lake, Lots 1 through 6, inclus i ve, Block 1; Lots 1
through 17, inclusive, Block 2; Lots 1 through 18,
inclusive, Block 3; AND, the east 300 feet to the
following described property: Beginning at a point
1087.64 feet north and 50.00 feet east of the
southwest corner of the northwest qua rter of Sect ion
25, Township 26 South, Range 1 East of the 6th P.M.,
Sedgwick County, Kansas; thence north parallel to the
west line of said northwest quarter on an assumed
bearing of N 00022'59" E, a distance of 405.00 feet;
thence S 89037'01" E, 610.00 feet; thence S 00022'59"
W, 418.00 feet to a point on the north line of Willow
Point Road as platted in Willow Point In Eagle Lake,
Bel Aire, Sedgwick County, Kansas; thence N 89037'01"
W, 460.00 feet; thence N 82012'37" W, 100.84 feet;
thence N 89037'01" W, 50.00 feet to the point of
beginning, said tract of land hereafter referred to as
Tract 1. (Resolution No. R-9l-l2)
(d) Construction of a storm water sewer to serve
the property described as: Willow Point at Eagle
Lake, Lots 18 througq 33, inclusive, Block 2; Lots 19
through 28, inclus i ve, Block 3; AND, a tract of land
legally described as follows: Beginning 1010.64 feet
north and 360.00 feet east of the southwest corner of
the northwest quarter of Section 25, Township 26
South, Range 1 East of the 6th P.M., Sedgwick County,
Kansas; thence east on the south line of Willow Point
Road as platted in Willow Point at Eagle Lake, Bel
Aire, Sedgwick County, Kansas on an assumed bearing of
S 89037'01" E, 300.00 feet; thence S 00022'59" W,
353.63 feet to the northeast corner of Lot 5,
Mullineaux 2nd Addition; thence N 89021'26" W, 610.01
feet to the northwest corner of said Addition; thence
northeasterly to the point of beginning, said tract of
land hereafter referred to as Tract 1. (Resolution
No. R-9l-l3)
(e) Construction of a sanitary sewer main to
serve the property described as: Willow Point at
Eagle Lake, Lots 1 through 6, inclusive, Bjork 1; Lots
1 through 33, inclusive, Block 2, Lots'l through 28,
inclusive, Block 3; AND, a tract of land legally
described as: Beginning at the northeast corner of
Reserve A as platted in Wi llow Point at Eag Ie Lake,
Bel Aire, Sedgwick County, Kansas; thence N 890 37'01"
W, on the north line of said Addition a distance of
1020.01 feet to the northwest corner of Lot I, Block 1
of said Addi tion; thence N 00022' 59" E, 120.00 feet;
thence N 79047'08" E, 157.69 feet; thence S 89037'01"
E, 728.80 feet; thence S 80000'50" E, 160.00 feet;
thence S 10022' 24" W, 124.19 feet to the point of
beginning, said tract hereafter referred to as Tract
1. (Reso lution No. R-9l-14) .
(f) Construction of pavement on Willow Point
Road from the east line of Oliver to and including the
Cul-de-sac serving Lots 4 through 7, inclusive, Block
2, in Willow Point at Eagle Lake; on Westlake Drive
from said cul-de-sac to the south line of Lot 17,
Block 2 in said Addition, on Westlake from the North
line of Willow Point Road to the north line of said
Addition; AND, on both Westlake Drive courts from the
westerly line of Westlake Drive to and including the
cul-de-sacs serving Lots 8 through 14, inclusive,
Block 3 and Lots 15 through 18, inclusive, Block 3,
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all in said Addition; AND, sidewalk adjacent to the
south line of Willow Point Road from the west line of
Block 2 to the westerly line of Westlake Drive in said
Addition, excluding paved areas; adjacent to the
westerly line of Westlake Drive from the south line of
Wi llow Point Road to the southerly line of Lot 18,
Block 3 in said Addition, excluding paved areas;
wi thin Reserve B in said Addition from the easter ly
line of Block 2 in said Addition to the cul-de-sac at
the corner of Willow Point Road and Westlake Drive;
adjacent to the south'line of Lot 17, Block 2 in said
addition from the east line of Block 2 in said
Addition to the easterly edge of pavement in Westlake
Drive; adjacent to the east line of Westlake from the
north line in said Addition to the south line of
Willow Point Road, excluding paved areas. (Resolution
No. R-91-15)
(g) Construction of pavement on Country Lane
from the south line of Willow Point Road to and
including the cul-de-sac serving Lots 20 through 22,
inclusive, Block 2 in Willow Point at Eagle Lake; on
Westlake Drive from said cul-de-sac to the south line
of Lot 17, Block 2 in said Addition. AND, sidewalk
adj acent to the westerly and north line of Westlake
Drive from the southerly line of Lot 18, Block 3 in
said Addition to the east edge of pavement in Country
Lane, to serve the property described as: Willow
Point at Eagle Lake, Lots 18 through 33, inclusive,
Block 2; Lots 19 through 28, inlusive, Block 3.
(Resolution No. R-91-16)
(h) Construction of pavement to
property described as: Summit Hi II, Lots
16, inclusive, Block 1; Lots 1 through 10,
Block 2, Lots 18 through 26, inclusive,
(Resolution No. R-92-06)
serve the
1 through
inclusive,
Block 2.
(i) Construction of a .sanitary sewer main to
serve the property described as: Summi t Hi 11, Lots 1
through 16, inclus i ve, Block 1; Lots 1 through 26,
inclusive, Block 2; AND, a tract of land lying in the
northwest quarter, Section 30, Township 26 South,
Range 2 east of the 6th P.M., Sedgwick County, Kansas,
more particularly described as follows: Beginning at
the southwest corner of Lot I, Block 1, Summit Hill,
an addition to Bel Aire, Sedgwick County, Kansas;
thence S 88048'40" W, 225.00 feet to a point lying
50.00 feet east of the west line of said northwest
quarter; thence N 01000'22" W, 658.71 feet parallel
with said west line, to the south line of Bel Aire
East Addition, an addition to Bel Aire, Sedgwick
County, Kansas; thence N 88048'40" E, 225.00 feet
along said south line of the southeast corner of said
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Bel Aire East Addition, said point being the northwest
corner of Lot 9, Block 1, of said Summit Hill; thence
S 01000'22" E, 658.71 feet along the west line of said
Summit Hill, to the point of beginning. (Resolution
No. R-92-09)
(j) Construction of a water main to
property descr ibed as: Summi t Hi 11, Lots
16, inclusive, Block 1; Lots 18 through 26,
Block 2, Lots 1 through 10, inclusive,
(Resolution No. R-92-14); and
serve the
1 through
inclusive,
Block 2.
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 $1,027,155.42, all of said cost to be paid by the owners
of the property within the City benefited by the
Improvements, and that the owners of the property benefited by
the Improvements have not paid to the City Treasury on account
of the Improvements, leaving $1,027,155.42 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, the governing body of the City has advertised the
sale of its general obligation 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 lowest bidder; and
WHEREAS, the governing body of the Ci ty hereby finds and
determines that it is necessary for the City to authorize the
issuance and delivery of its general obligation bonds in the
principal amount of $1,027,155.42 to pay the costs of the
Improvements.
NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE
CITY OF BEL AIRE, KANSAS, AS FOLLOWS:
Section 1.
Definitions of Words and Terms.
"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 ~. and K.S.A. 12-6aOl et ~., as amended and
supplemented.
"Bond and Interest Fund" means the Bond and Interest Fund
of the City for its general obligation bonds.
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"Bonds" means the Series B, 1992
Ordinance in the aggregate principal
and dated November 1, 1992.
Bonds authorized by the
amount of $1,027,155.42,
"City" means Bel Aire, Kansas.
"Clerk" means the duly appointed and acting Clerk or, in
the Clerk's absence, the duly appointed and/or elected Deputy
Clerk or Acting Clerk of the City.
"Code" means the Internal Revenue Code of 1986, as amended,
and the applicable regulations proposed or promulgated
thereunder of the United States Department of the Treasury.
"Improvements" 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 duly appointed and/or elected
Vice Mayor or Acting Mayor of the City.
"Ordinance" means this Ordinance authorizing the issuance
of the Bonds.
Section 2. Authorization of and Securi ty for the Bonds.
There shall be issued and hereby are authorized and directed to
be issued the General Obligation Bonds, Series B, 1992, of the
City in the principal amount of $1,027,155.42, for the purpose
of providing funds to pay the costs of the Improvements.
''''.,':\t,..,
The Bonds shall be general obligations of the City payable
as to both principal and interest from special assessments
levied upon the property benefi ted 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 tang ible property, rea 1 and persona I, wi thi n 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 3. 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 maturi ty thereof, and
shall be issued and delivered in the manner presccibed and
subject to the provisions, covenants and agreements set forth
in a resolution hereinafter adopted by the governing body of
the City.
Section 4. 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
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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 sha 11 be
extended upon the tax rolls ln 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, and the proceeds derived
from said taxes and/or as.sessments 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 City 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 5. Tax Covenants. The City covenants and agrees
that it will not take any action, or fail to take any action,
if any such action or fai lure to take action would adversely
affect the exclusion from gross income of the interest on the
Bonds under Section 103 of the Code. The City covenants and
agrees that it wi 11 use the proceeds of the Bonds as soon as
practicable and with all reasonable dispatch for the purpose
for which the Bonds are issued as hereinbefore set forth, and
that it will not directly or indirectly use or permit the use
of any proceeds of the Bonds or any other funds of the City, or
take or omit to take any action that would' cause the Bonds to
be "arbitrage bonds" within the meaning of Section 148(a} of
the Code. To that end, the City will comply with all
requirements of Section 148 of the Code to the extent
applicable to the Bonds. In the event that at any time the
City is of the opinion that for purposes of this Section it is
necessary to restrict or limit the yield on the investment of
any moneys held by the City under the Ordinance, the City shall
take such action as may be necessary.
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 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. The Ordinance
shall be governed exclusively by and construed
with the applicable laws of the State of Kansas.
and the Bonds
ln accordance
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Section 8.
effect and be
governing body
newspaper.
Effective Date. This Ordinance shall take
in full force from and after its passage by the
of the City and publication in the official City
PASSED by the governing
1992.:. \
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