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HomeMy Public PortalAboutOrd 625 GO Bonds Series 2017AGilmore & Bell, P.C. 10/25/2017 ORDINANCE NO. 625 OF THE CITY OF BEL AIRE, KANSAS PASSED NOVEMBER 7, 2017 GENERAL OBLIGATION BONDS SERIES 2017A KMC\601000.70144\BASICDOCS (PUBLISHED IN THE THE ARK VALLEY NEWS ON NOVEMBER 9, 2017) ORDINANCE NO. 625 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2017A, 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 of Bel Aire, Kansas (the "City" and "Issuer") 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. 12-6a01 et seq., K.S.A. 12-614, K.S.A. 12-685 et seq., K.S.A. 65-163d et seq., and Charter Ordinance No. 13, 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 Courtyards at Elk Creek - Phase 2 Sanitary Sewer Water Distribution System Paving Chapel Landing Addition: - Phase 1 Paving Sanitary Sewer Storm Water Drain Water Distribution Catholic Life Center Third Addition Paving Water Lycee Heights 2"d Addition Storm Water Sewer and Drainage Sanitary Sewer Water Distribution City -at -large Sunflower Commerce Park — Lift Station Water System Improvements Res. No. Authority (K.S.A.) R-13-11 K.S.A. 12-6a01 et seq. R-13-14 K.S.A. 12-6a01 et seq. R-13-17 K.S.A. 12-6a01 et seq. R-14-02 K.S.A. 12-6a01 et seq. R-14-03 K.S.A. 12-6a01 et seq. R-14-04 K.S.A. 12-6a01 et seq. R-14-05 K.S.A. 12-6a01 et seq. R-15-04 K.S.A. 12-6a01 et seq. R-15-05 K.S.A. 12-6a01 et seq. R-15-09 K.S.A. 12-6a01 et seq. R-15-10 and R-17- K.S.A. 12-6a01 et seq. 10 R-15-11 and R-17- K.S.A. 12-6a01 et seq. 11 R-17-19 Charter Ordinance No. 13 R-14-09 K.S.A. 65-163d et seq. Cost $56,818.50 69,512.61 253,660.50 1,480,382.84 545,028.22 698,882.11 282,851.94 400,454.47 88,839.98 54,317.43 32,403.16 39,879.50 132,079.30 357,318.71 KMC\601000.70144\BAS IC DOCS Street Improvements R-14-10 K.S.A. 12-614 et seq. 162,935.38 Street Improvements R-14-11 K.S.A. 12-685 et seq. 1,055,270.95 *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, issuance costs of the Bonds and capitalized interest on the Bonds) and related expenses are at least $5,710,635.61, with all of such amount to be paid by the owners of the property within the City benefited by the Improvements, except for $1,707,604.34 to be paid by the City at -large; and that the owners of the property benefited by the Improvements have paid $9,920.13 in cash into the City Treasury on account of the Improvements, and there is $2,935.38 of available City funds with respect to the street project authorized by Resolution No. R-14-10; and there is $162,700.23 available from Bond sale premium, to pay part of said cost, leaving $5,545,000 to be paid for by the issuance of general obligation bonds and any other available funds; 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, 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 $5,545,000 to pay the costs of the Improvements; 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, 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. 10-620 et seq., K.S.A. 12-6a01 et seq., K.S.A. 12-614, K.S.A. 12-685 et seq., K.S.A. 65-163d et seq., Charter Resolution No. 13 of the Issuer, Article 12, Section 5, 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 General Obligation Bonds, Series 20I7A, authorized and issued by the Issuer pursuant to this Ordinance. "City" means the City of Bel Aire, Kansas. KMC1601000.70I441BAS ICDOCS 2 "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 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 Notes" means the Series 2014B Notes, the Series 2015C Notes, and the Series 2015F Notes. "Refunded Notes Maturity Date" means December 1, 2017. "Series 2014B Notes" means the City's General Obligation Temporary Notes, Series 2014B, dated July 30, 2014. "Series 2015C Notes" means the City's General Obligation Temporary Notes, Series 2015C, dated May 5, 2015. "Series 2015F Notes" means the City's General Obligation Temporary Notes, Series 2015F, dated November 24, 2015. "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 2017A, of the City in the principal amount of $5,545,000, for the purpose of providing funds to: (a) pay a portion of the costs of the Improvements, including capitalized interest on the Bonds; (b) pay 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 Issuer payable as to both principal and interest in part 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 Issuer. The balance of the principal and interest on the Bonds is payable 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 Issuer. The full faith, credit and resources of the Issuer 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 KMC1601000.701441BAS ICDOCS 3 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, 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 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 for money so expended when said taxes and/or assessments are collected. Section 6. Further Authority. The Mayor, Finance Director, 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. 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] KMC1601000, 70144\BAS ICDOCS 4 PASSED by the governing body of the City on November 7, 2017 and APPROVED AND SIGNED by the Mayor. (SEAL) ATTEST: COD L. — Clerk Mayor [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] K MC\60I 000.70I441B AS ICDOCS (Signature Page to Bond Ordinance) CERTIFICATE I hereby certify that the foregoing is a true and correct copy of the original ordinance; that said Ordinance was passed on November 7, 2017; that the record of the final vote on its passage is found on file in the office of the City Clerk; and that it was published in the The Ark Valley Ne►vs on November 9, 2017. DATED: November 7, 2017 Clerk [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK] K MC\60 1000.70144\BAS IC DOCS (Signature Page to Bond Ordinance Certificate) (PUBLISHED IN THE THE ARK VALLEYNEWSON NOVEMBER 9, 2017) SUMMARY OF ORDINANCE NO. 625 On November 7, 2017, the governing body of the City of Bel Aire, Kansas passed an ordinance entitled: AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2017A 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. The Series 2017A Bonds approved by the Ordinance are being issued in the principal amount of $5,545,000 to finance certain improvements in the City, and constitute general obligations of the City payable as to both principal and interest from special assessments and, to the extent necessary, 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. A complete text of the Ordinance may be obtained or viewed free of charge at the office of the City Clerk, 7651 E. Central Park Avenue, Bel Aire, Kansas 67226. A reproduction of the Ordinance is available for not less than 7 days following the publication date of this Summary at http://www.belaireks.org. This Summary is hereby certified to be legally accurate and sufficient pursuant to the laws of the State of Kansas. DATED: November 7, 2017.