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Home My Public Portal AboutOrd 476 GO Bonds Series 2009A Gilmore & Bell, P.C. 1/12/2009 ORDINANCE NO. 476 OF THE CITY OF BEL AIRE, KANSAS PASSED JANUARY 20, 2009 $2,200,000 TAXABLE GENERAL OBLIGATION BONDS SERIES A, 2009 KMC\60 I OOO.009\BAS ICDOCS (PUBLISHED IN THE ARK VALLEY NEWS ON JANUARY 22, 2009) ORDINANCE NO. 476 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF $2,200,000 PRINCIPAL AMOUNT OF TAXABLE GENERAL OBLIGATION BONDS, SERIES A, 2009, 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; AUTHORIZING CERTAIN OTHER DOCUMENTS AND ACTIONS IN CONNECTION THEREWITH; AND MAKING CERTAIN COVENANTS WITH RESPECT THERETO. WHEREAS, the City is a city of the second class, duly created, organized and existing under the Constitution and laws of the State; and WHEREAS, pursuant to K.S.A. Article 12, Section 5 of the Kansas Constitution and K.S.A. 12- 101 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 authorized the following (the "Grant") to be made in the City, to-wit: Project Description Economic Development Grant Ortl/Res No. Ordinance No. 423 Authority Article 12, Section 5 of the Kansas Constitution and K.S.A. 12-101 ; and WHEREAS, all legal requirements pertaining to the Grant have been complied with, and the governing body of the City now finds and determines that the total cost of the Grant (including interest on temporary notes of the City and issuance costs of bonds) and related expenses are at least $2,190,000, and the governing body finds that the amount of general obligation bonds to be issued to fund the costs of the Grant should be increased from $2,040,000 authorized in Section 3 of Ordinance No. 423 to $2,190,000; and WHEREAS, all recitals and legislative findings made in Ordinance No. 423 with respect to the Grant are incorporated herein and made applicable to the general obligation bonds authorized to fund the costs of the Grant herein; and WHEREAS, the governing body of the City is authorized by law, including the Act, to issue general obligation bonds of the City to pay the costs of the Grant; and WHEREAS, none of such general obligation bonds heretofore authorized have been issued and the City proposes to issue its general obligation bonds to pay the costs of the Grant; and KMC\60 I OOO.009\BASICDOCS 1 WHEREAS, the City heretofore issued and has outstanding the Refunded Bonds and is authorized by K.S.A. 10-427 et seq. to issue general obligation refunding bonds of the City for the purpose of refunding the Refunded Bonds; and WHEREAS, in order to restructure the debt payments on 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 and its inhabitants to refund the Refunded Bonds. 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. 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 firms, associations and corporations, including public bodies, as well as natural persons. "Act" means the Constitution and statutes of the State including K.S.A. 10-101 to 10-125, inclusive, K.S.A. 10-427 et seq., K.S.A. 10-620 et seq. and Article 12, Section 5 of the Kansas Constitution and K.S.A. 12-101 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 the City's Taxable General Obligation Bonds, Series A, 2009, in the aggregate principal amount of $2,200,000, and dated January 15,2009, 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 duly appointed Deputy Clerk or Acting Clerk. "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. "Grant" means the home rule economic development grant referred to in the preamble to this Ordinance. "Mayor" means the duly elected and acting Mayor 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. "Refunded Bonds" means a portion of the Series A, 2004 Bonds maturing November 1,2009, in the aggregate principal amount of $1 0,000. "Refunded Bonds Resolution" means each ordinance and resolution which authorized the Refunded Bonds. KMC\60 1 OOO.009\BASICDOCS 2 "Series A, 2004 Bonds" means the City's General Obligation Refunding Bonds, Series A, 2004, dated October 15,2004. "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 Taxable General Obligation Bonds, Series A, 2009, of the City in the total principal amount of $2,200,000, for the purpose of providing funds to: (a) pay the costs of the Grant and retire interim financing issued to finance the Grant; (b) refund the Refunded Bonds; and (c) pay costs of issuance of the Bonds. In this regard, the amount of general obligation bonds authorized to be issued to pay the costs of the grant and retire interim financing issued to finance the Grant is increased from the amount set forth in Ordinance No. 423 to $2,190,000. Section 3. Security for the Bonds. The Bonds shall be general obligations of the City payable as to both principal and interest 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 ofthe 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 a 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 upon all of the taxable tangible property within the City in the manner provided by law. The taxes 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, 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 the Paying Agent. The proceeds derived from said taxes shall be deposited in the Bond and Interest Fund. If at any time said taxes 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 for money so expended when said taxes are collected. 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, and 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. This Ordinance and the Bonds shall be governed exclusively by and construed in accordance with the applicable laws of the State. KMC\60 I OOO.009\BAS ICDOCS 3 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 official City newspaper. [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] KMC\601000.009\BASICDOCS 4 PASSED by the governing body of the City on January 20, 2009 and APPROVED AND SIGNED by the Mayor. / ~, ,~ \./ " 1/e.~~ " . Mayor (SEAL) _:: " ~:--- - \:::: -- - -:_=C?i:'-~~-"' -- _ A TTEST:~' - - - - --'" ,4d~ Clerk [BALANCE OFTHIS PAGE INTENTIONALLY LEFT BLANK] KMC\60 I OOO.OO9\BASICDOCS 5 PASSED by the governing body of the City on January 20, 2009 and APPROVED AND SIGNED by the Mayor. (SEAL) .:_.~' ~ / /" -' ~./ ..'" ~\=Rw~ ayor /' ~, ';/.". ATTEST:/ , ~ .'- ~/'<~--#P Clerk ./, [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] KMC\601000.009\BASICDOCS 5 CERTIFICATE I hereby certify that the foregoing is a true and correct copy of the original ordinance; that said Ordinance was passed on January 20, 2009; that the record of the final vote on its passage is found on page _ of journal _; and that it was published in The Ark Valley News on January 22, 2009. DATED: January 22, 2009. 4ff~ lerk [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] KMC\60 IOOO.009\BASICDOCS 6