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HomeMy Public PortalAboutOrd 582 GO Bonds 2015D & Taxable GO Bonds 2015EGilmore & Bell, P.C. 09tr0t20ts ORDINANCE NO.582 OF THE CITY OF'BELAIRE, KANSAS PASSED ocToBER 20,2015 CITY OF BELAIRE. KANSAS $3,960,000 $220,000 GEIYERAL OBLIGATION BOI{DS TAXABLE GEI\ERAL OBLIGATION BOI{DS SERIES 2015D SERIES 2015E KMC\601 000.70133\BASICDOCS (PUBLISHED IN TI{E THE ARK VALLEY NEZ^S ON OCTOBER , 2015) ORDINAI\CE NO.582 AN ORDINANCE AUTHORIZINGAND PROVIDING F'OR THE ISSUANCE OF' GENERAL OBLIGATION BOI\DS, SERIES 2OI5D, AI\D TAXABLE GENERALOBLIGATION BONDS, SERIES 20158, OF THE CITY oF BELAIRE, KANSAS;PROVIDING FOR THE LEVY AND COLLECTION OF'AN ANNUAL TAX FOR THE PI]RPOSE OF' PAYING THE PRINCIPAL OF AI\D INTEREST ON SAIDBOI\DS AS THEY BECOME DI]E; AUTHORIZING CERTAIN OTHERDOCUMENTS AI\D ACTIONS IN CONIIECTION THEREWITH: AND MAKING CERTAIN COVENANTS WITH RESPECT TIIERETO. WHEREAS, the City of BelAire, Kansas (the "City" and "fssuer") is a city of the second class, duly created, organiznd and existing under the Constitution and laws of the State: and WHEREAS, pursuant to K.S.A. 12-6a01 et seq., and K.S.A. l2-6a26 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: Project Description Commerce Park Improvements Storm water sewer and drainage system Sanitary sewer Water Streets Gas Electric System Signage and monuments Rail system Rock Spring Addition-Phase 2Rock Spring Addition-Sanitary Sewer-Phase 2Rock Spring Addition-Water Distribution-Phase 2 Ord/Res. No. Authority (K.S.A.) R-12-19 K.S.A. l2-6a01 et seq.R-12-20 K.S.A. l2-6a01 et seq.R-12-21 K.S.A. 12-6a01 et seq.516 K.S.A. l2-6a26 et seq.516 K.S.A. l2-6a26 et seq.516 K.S.A. l2-6a26 et seq.516 K.S.A. l2-6a26 et seq.516 K.S.A. l2-6a26 et seq. R-13-05 R-13-06 l2-6a01 et seq. l2-6a01 et seq. l2-6a01 et seq. Estimated Cost* $1,067,152 209,029 412,559 1,826,260 95,063 236,962 133,670 24,303 $90,000 $74,000 $239,000Rock Spring Addition-Paving-Phase 2 R-13-07*Excluding temporary note interest and cost inflation factor ; and 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 $4,478,208.99, with $3,897,385.84 to be paid by the owners of the property within th; Ciry benefited by the Improvements and $580,823.15 to be paid by the City at-large, and that the owners of the property benefited by the Improvements have paid $0 in cash into the City Treasury on account of the KMC\60 1 OOO.7O I33\BASICDOCS Improvements and there will be $298,208.99 available in the City Treasury from available funds of the City and premium and capitalized interest on the sale of the Bonds, to pay part of said cost, leaving $4,180,000 to be paid for by the issuance ofgeneral obligation bonds; and WIIEREAS, 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, none of such general obligation bonds heretofore authorized have been issued and the City proposes to issue its general obligation bonds in the amount of $4, 1 80,000 to pay the costs of the Improvements, with $3,960,000 thereof allocable to the Series 2015D Bonds defined herein and $220.000 thereof allocable to the Series 20158 Bonds defined herein; 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 bidders. NOW THEREF'ORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY oF BELAIRE, KAIISAS, 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 frms, associations and corporations, including public bodies, as well as natural persons. 66Act" means the Constitution and statutes of the State including K.S.A. 10-101 to 10-125, inclusive, K.S.A. 10-620 et seq., K.S.A. l2-6a01 et seq. and K.S.A. l2-6a26 et seq., all as amended and supplemented from time to time. "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, jointly, the Series 2015D Bonds and the Series 20158 Bonds. "Ciq" 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. "Mayor" means the duly elected and acting Mayor of the City oa in the Mayor's absence, the duly appointed and/or elected Vice Mayor orActing Mayor of the City. "Ordinance" means this Ordinance authorizing the issuance of the Bonds. KMC\60 I OOO.7O 133\BASICDOCS "Refunded Notes" means, collectively, the Series 20l3,{Notes, the Series 20138 Notes, and the Series 2013C Notes. "Refunded Notes Redemption Date" means December 1,2015. "Series 2013A Notes" means the City's General Obligation Temporary Notes, Series 2013A, dated February 1,2013. "Series 20138 Notes" means the City's Taxable General Obligation Temporary Notes, Series 20138, dated February 1,2013. "Series 2013C Notes" means the City's General Obligation Temporary Notes, Series 2013C, dated May 7,2013. "State" means the State of Kansas. Section 2. Authorization of the Bonds. There shall be issued and hereby are authorized and directed to be issued the General Obligation Bonds, Series 2015D, of the City in the principal amount of $3,960,000, for the purpose of providing funds to: (a) pay a portion of the costs of the Improvements, including capitalized interest on the Series 2015D Bonds; (b) pay a portion of the costs of issuance of the Bonds; and (c) retire a portion of the Refunded Notes. There shall be issued and hereby are authorized and directed to be issued the Taxable General Obligation Bonds, Series 2015E, of the City in the principal amount of $220,000, for the purpose of providing the funds to: (a) pay a portion of the costs of the Improvements associated with the gas, electric, signage and rail system improvements authorized by Ordinance No. 516 of the City, including capitalized interest on the Series 2015E Bonds; (b) pay a portion of the costs of issuance of the Bonds; and (c) retire a portion of 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 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 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 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 properly 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 ofthe 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 KMC\6OIOOO.7OI33\BASICDOC' . the Paying Agent. 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 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 formoney so expended when said taxes and/or assessments are collected. Section 6. Further Authority. The Mayor, Finance Director, Clerk and other City offrcials 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 ofthe Ordinance, and tb 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 offrcial City newspaper. [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] KMC\601 000.70 I 33\BASICDOCS PASSED by the governing body of the City on October 20, 2015 and APPROVED AI\D SIGNDD by the Mayor. (SEAL) * - - ATTEST: [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] Mayor KMC\60 I 000.70 l 33\BASTCDOCS (Signature Page to Bond Ordinance) CERTIFICATE I hereby certifo that the foregoing is a true and correct copy of the original ordinance; that said Ordinance was passed on October 20,2015; that the record of the final vote is on file in the office of the City Clerk and that it was published in the The Ark Valley Nerys on October 22,2015. DATED: October 20,2015 [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] KMC\60 l p00.70 l 33\BASICDOCS (Signature Page to Bond Ordinance Certificate)