HomeMy Public PortalAboutOrd 255 GO Bonds A 1995
Gilmore & Bell, P.C.
03/07/1995
ORDINANCE NO. .2 5.5
OF
THE CITY OF BEL AIRE, KANSAS
PASSED
MARCH 21, 1995
$683,000
GENERAL OBLIGATION BONDS
SERIES A, 1995
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(PUBLISHED IN mE ARK VALLEY NEWS ON MARCH 23, 1995)
ORDINANCE NO. :l5S'
AN ORDINANCE AUTHORIZING mE ISSUANCE AND DELIVERY OF $683,000
PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES A, 1995,
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;
AND MAKING CERTAIN COVENANTS WITH RESPECT mERETO.
WHEREAS, the City is a city :of~e 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 sanitary sewer main to serve Lots 21 through 35, inclusive,
Block 1; and Lots 18 through 30, inclusive, Block 2, Willow Point at Eagle Lake
Second Addition, to the City of Bel Aire, Sedgwick County, Kansas (Resolution
No. R-94-01);
(b) Construction of a water main to serve Lots 14 through 27, inclusive, Block 1;
and Lots 13 through 23, inclusive, Block 2; Willow Point at Eagle Lake Second
Addition, to the City of Bel Aire, Sedgwick County, Kansas (Resolution No. R-
94-02) ;
(c) Construction of asphaltic concrete paving and incidental drainage to serve Lots
14 through 27, inclusive, Block 1; and Lots 13 through 23, inclusive, Block 2,
Willow Point at Eagle Lake Second Addition, to the City of Bel Aire, Sedgwick
County, Kansas (Resolution No. R-94-03);
(d) Construction of asphaltic concrete paving to serve Lots 27 and 28, Block 2; Lots
19 through 33, inclusive, Block 3; all within Summit Hill Second Addition, to
the City of Bel Aire, Sedgwick County, Kansas (Resolution No. R-94-06);
(e) Construction of water mains and appurtenances to serve Lots 1 through 6,
inclusive, Block 1; Lots 1 through 28, inclusive, Block 2; Lots 1 through 33,
inclusive, Block 3; all within Summit Hill Second Addition, to the City of Bel
Aire, Sedgwick County, Kansas (Resolution No. R-94-07);
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(f) Construction of a sanitary sewer main to serve Lots 1 through 6, inclusive, Block
1; Lots 1 through 28, inclusive, Block 2; Lots 1 through 33, Block 3; all within
Summit Hill Second Addition, to the City of Bel Aire, Sedgwick County, Kansas
(Resolution No. R-94-08);
(g) Construction of water mains and appurtenances to serve Lots 1 through 10,
inclusive, Block 1; Bel Aire Plaza II, to the City of Bel Aire, Sedgwick County,
Kansas (Resolution No, R-94-09);
(h) Construction of asphaltic concrete paving to serve Lots 1 through 10, inclusive,
Block 1, Bel Aire Plaza II, to the City of Bel Aire, Sedgwick County, Kansas
(Resolution No. R-94-~0); and
(i) Construction of a sanitary sewer lateral to serve Lots 1 through 10, inclusive,
Block 1, Bel Aire Plaza II, to the City of Bel Aire, Sedgwick County, Kansas
(Resolution No. R-94-11).
'(~
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 $683,000, with $683,000 of said cost to be paid by the owners of the property within the City
benefitted by the Improvements and with $-0- of said cost to be paid by the City at large, and that the
owners of the property benefitted by the Improvements have paid $-0- in cash into the City Treasury on
account of the Improvements, leaving $683,000 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 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 City hereby fmds 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
$683,000 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 KS.A. 10-101 to
10-125, inclusive, K.S.A. 10-620 et seq. and KS.A. 12-6aOl et seq., 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 Issuer's General Obligation Bonds, Series A, 1995, authorized by the
Ordinance in the aggregate principal amount of $683,000, and dated March 15, 1995.
"City" means the City of 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.
"Ordin8nce" means this Ordmance authorizing the issuance of the Bonds.
" .
Section 2. Authorization of and Security for the Bonds. There shall be issued and hereby
are authorized and directed to be issued the General Obligation J3onds, Series A, 1995, of the City in the
principal amount of $683,000, for the purpose of providing funds to pay-fa-flOlliull uij the costs of the
Improvements .
The Bonds shall be general obligations of the City payable as to both principal and interest from
special assessments levied upon the property benefitted 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 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 maturity thereof, and shall be issued and delivered in the manner prescribed and
subject to the provisions, covenants and agreements set forth ina 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 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, and 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 City Treasurer is hereby authorized and directed to pay said principal
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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 (1) it will comply with all
applicable provisions of the Code, including Sections 103 and 141 through 150, necessary to maintain
the exclusion from gross income for federal income tax purposes of the interest on the Bonds; (2) it will
comply with all requirements of Section 148 of the Code to the extent applicable to the Bonds, (3) it will
use the proceeds of the Bonds as soon as practicable and with all reasonable dispatch for the purposes
for which the Bonds are issued, (4) it will not invest or directly or indirectly use or permit the use of any
proceeds of the Bonds or any other funds of the City in any manner, 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;
and (5) it will not use or permit the use of any proceeds of Bonds or any other funds of the City nor take
or permit any other action, or fail to take any action, if any such action or failure to take action would
adversely affect the exclusion from gross income of the interest on the Bonds. The City will, in addition,
adopt such other ordinances or resolutions and take such other actions as may be necessary to comply
with the Code and with all other applicable future laws, regulations, published rulings and judicial
decisions, in order to ensure that the 'interest on the Bonds will remain excluded from federal gross
income, to the extent any such actions 'can be taken by the City.
The City covenants and agrees that it will not use any portion of the proceeds of the Bonds,
including any investment income earned on such proceeds, directly or indirectly, in a manner that would
cause any Bond to be a "private activity bond" within the meaning of Section 141(a) of the Code.
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 and the Bonds shall be governed exclusively by
and construed in accordance with the applicable laws of the State of Kansas.
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 and publication in the official City newspaper.
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. PASSED by the governing body of the City on March 21, 1995; approved by the Mayor.
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Clerk
APPROVED AS TO FORM ONLY.
City Attorney
CERTIFICATE
I, the undersigned, hereby, certify that the above and foregoing is a true and correct copy of the
original Ordinance No, ~.5.s (the "Ordinance") of the City of Bel Aire, Kansas (the "City"); that said
Ordinance' was passed by the governing body on March 21, 1995; that the record of the fInal vote on its
passage is found on page of journal _; that it was published in the official newspaper of the
City on March 23, 1995; and that the Ordinance has not been modified, amended or repealed and is in
full force and effect as of this date.
DATED: March 21, 1995.
Clerk
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