Cancelled Bonds �"•�
A 1 ie; d G to tlO I ?iC aY t M+ <.. .
• L121
To " v� nh icaW ts reae�
tree impair? ( Water xoe ka9 an autaorueu:e +ean, anv2
. . .._
iagistmtiat, tta infer exch .n+
in the !Ir me of Cade & 7(.` ,.., .)? ,',
R 1 's+, c �'
t; aLP "YA t W1$04,,9V11101 .rlN THE ROI ISTIO1V (DESCRIBED
i Iri , 1 s GLOBAL BOND MAY.BE TRANSFERRED, IN WHOLE BUT
sot N "PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES
DEPOSITORY (DESCRIBED HEREIN) OR TO A SUCCESSOR SECURITIES
DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES
•• DEPOSITORY.
• • •
•REGISTERED REGISTERED
••• NUtBVR-5 •••••• $360,000.00
•• • •
•••.•• UNITED STATES OF AMERICA
e elbel
• STATE OF KANSAS
•••• _4 COUNTY OF SALINE
▪ •• CITY-OF SALINA
• • ; :GP„NERAL OBLIGATION INTERNAL IMPROVEMENT BOND
SERIES 2007-A
•
Intere§t••; Maturity Dated CUSIP:
Rate: 4.250% Date: October 1, 2012 Date: June 15, 2007 794743 L93
REGISTERED OWNER: CEDE&CO.
PRINCIPAL AMOUNT: THREE HUNDRED SIXTY THOUSAND DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS: That the City of Salina, in the County of
Saline, State of Kansas (the "City"), for value received, hereby acknowledges itself to be indebted and
, N co. promises to pay to the registered owner identified above, or registered assigns, as of the Record Dates as
.• 0 hereinafter provided on the Maturity Date identified above, the Principal Amount identified above, and in
I v J like manner to pay interest on such Principal Amount from the Dated Date shown above or from the most
recent interest payment date to which interest has been paid or duly provided for at the rate of interest per
I annum set forth above (computed on the basis of a 360-day year of twelve 30-day months), semiannually
O on April 1 and October 1 of each year, commencing April 1, 2008 (the "Interest Payment Dates"), until
O the Principal Amount is paid, unless this Bond shall have been previously called for redemption and
payment as hereinafter set forth.
m � i
z The principal of, premium, if any, and interest on this Bond shall be payable by the State
Treasurer of Kansas, Topeka, Kansas (the "Paying Agent" and "Bond Registrar"). The principal of and
33 33 any premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond
—1 at the maturity or redemption date to the Paying Agent for payment and cancellation. The interest payable
(I) > E on this Bond shall be paid by the Paying Agent to the Registered Owner hereof at the address appearing
m „,. I on the registration books of the City maintained by the Bond Registrar or at such other address provided
I V. in writing by the Registered Owner to the Bond Registrar at the close of business on the fifteenth day of
the month preceding the interest payment date (the "Record Date"). The principal, premium, if any, and
interest on the Bonds shall be payable in any coin or currency which, on the respective dates of payment
thereof, is legal tender for the payment of debts due the United States of America. The Bonds constitute
general obligations of the City payable as to both principal and interest in part from special assessments
levied upon the property benefited by the construction of certain 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 balance of the principal and
interest on the Bonds is payable from ad valorem taxes which may be levied without limitation as to rate
. 071783 095737
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 irrevocably pledged for the payment of the principal of
and interest on this Bond and the issue of which it is a part as the same respectively become due.
This Bond is one of an authorized series of Bonds of the City designated "General Obligation
Internal Improvement Bonds, Series 2007-A," in an aggregate principal amount of $6,545,000 (the
"BoniisWl}ssued for the purposes set forth in the Ordinance of the City authorizing the issuance of the
Bonds and the Resolution of the City prescribing the form and details of the Bonds (jointly, the
"Resofuti'c "). Jhe•fonds are issued by the authority of and in full compliance with the provisions,
• • restrictions and limitations of the Constitution and laws of the state of Kansas, including, without
limitetion4K.S.4. 10-101 et seq., K.S.A. 12-685 et seq., and K.S.A. 12-6a01 et seq., all as amended and
•••• supply red. :%
• • •
••••• •At the op
• tipn pf the City, Bonds maturing on October 1, 2018, and thereafter may be called for
redeipptfAtt and Oyu-lent prior to maturity on October 1, 2017 and thereafter, in whole or in part at any
time Me maturities and principal amounts of Bonds of each maturity to be redeemed will be determined
by the,f.'ity,) at the redemption price of 100% (expressed as a percentage of the principal amount), plus
accrued interest thereon to the date of redemption.
Bonds maturing on October 1 in the year 2027 are subject to mandatory redemption and payment
prior to maturity pursuant to the mandatory redemption requirements of the Bond Resolution on October
1, 2024 and on each October 1 thereafter prior to maturity, at a redemption price equal to 100% of the
principal amount thereof,plus accrued interest thereon to the redemption date.
Unless waived by any owner of the Bonds to be redeemed, if the City elects to call any Bonds for
redemption and payment prior to maturity, the City or the Bond Registrar and Paying Agent on behalf of
the City shall give written notice of its intention to call and pay such Bonds on a specified date, the same
being described by maturity, such notice to be mailed by United States first class mail addressed to the
Owners of the Bonds not less than 30 days prior to the date fixed for redemption. All Bonds so called for
redemption and payment shall cease to bear interest from the date for which such call is made, provided
funds are available for the payment of such Bonds at the price specified above.
The Bonds are being issued by means of a book-entry system with no physical distribution of
bond certificates to be made except as provided in the Resolution. One Bond certificate with respect to
each date on which the Bonds are stated to mature, registered in the nominee name of the Securities
Depository, is being issued and required to be deposited with the Securities Depository and immobilized
in its custody. The book-entry system will evidence positions held in the Bonds by the Securities
Depository's participants, beneficial ownership of the Bonds in authorized denominations being
evidenced in the records of such participants. Transfers of ownership shall be effected on the records of
the Securities Depository and its participants pursuant to rules and procedures established by the
Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will
recognize the Securities Depository nominee, while the registered owner of this Bond, as the owner of
this Bond for all purposes, including (i) payments of principal of, and redemption premium, if any, and -
interest on, this Bond, (ii)notices and (iii)voting. Transfers of principal, interest and any redemption
. premium payments to participants of the Securities Depository, and transfers of principal, interest and any
redemption premium payments to beneficial owners of the Bonds by participants of the Securities
Depository will be the responsibility of such participants and other nominees of such beneficial owners.
The City, the Bond Registrar and the Paying Agent will not be responsible or liable for such transfers of
payments or for maintaining, supervising or reviewing the records maintained by the Securities
2
•
. 079783 095738
Depository, the Securities Depository nominee, its participants or persons acting through such
participants. While the Securities Depository nominee is the owner of this Bond, notwithstanding the
provision hereinabove contained, payments of principal of and interest on this Bond shall be made in
accordance with existing arrangements among the City, the Bond Registrar and the Securities Depository.
EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION, THIS GLOBAL BOND MAY
BE•TNSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE
SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A
NOMfItEt OF et fMcCESSOR SECURITIES DEPOSITORY. The Bonds are issued in fully registered
•••••• form in the dendntiyafion of$5,000 or any integral multiple thereof This Bond may be exchanged at the
office.af4e Bord Registrar for a like aggregate principal amount of Bonds of the same maturity of other
••••I authority •deno f h ibns upon the terms provided in the Resolution.
• •
• •
• •The Cit2 apd the Bond Registrar may deem and treat the registered owner hereof as the absolute
owncflttteof for'pufposes of receiving payment of or on account of principal hereof and interest due
hereod and for all other purposes and neither the City nor the Bond Registrar shall be affected by any
noticcrtle contrary.
This Bond is transferable by the registered owner hereof in person or by the registered owner's
agent duly authorized in writing, at the office of the Bond Registrar, but only in the manner, subject to the
limitations and upon payment of the charges provided in the Resolution and upon surrender and
cancellation of this Bond. The City shall pay all costs incurred in connection with the issuance, payment
and initial registration of the Bonds and the cost of a reasonable supply of bond blanks.
The City and the Bond Registrar shall not be required to issue, register, transfer or exchange any
Bonds during a period beginning on the day following the Record Date preceding any Interest Payment
Date and ending at the close of business on the Interest Payment Date or Bonds which have been called
for redemption in accordance with Article III of the Resolution.
IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions, and things required to
be done and to exist precedent to and in the issuance of this Bond have been properly done and performed
and do exist in due and regular form and manner as required by the Constitution and laws of the state of
Kansas, and that the total indebtedness of the City, including this series of bonds, does not exceed any
constitutional or statutory limitation.
This Bond shall not be valid or become obligatory for any purpose until the Certificate of
Authentication and Registration hereon shall have been lawfully executed by the Bond Registrar.
3
011183 095139
IN WITNESS WHEREOF, the City has caused this Bond to be executed by the manual or
facsimile signature of its Mayor and attested by the manual or facsimile signature of its City Clerk,and its
corporate seal to be affixed hereto or imprinted hereon, and this Bond to be dated the Dated Date shown
above.
••> '. CITY OF SALINA, KANSAS
• i
te7o '
.... ••,',,.;,,: t ii��Mayor�` /
• • ATTEST: •
•.. By r/ ••
•• • •*Clerk
•
• •
CERTIFICATE OF AUTHENTICATION AND REGISTRATION
This Bond is one of a series of General Obligation Internal Improvement Bonds, Series 2007-A,
of the City of Salina,Kansas,described in the within-mentioned Resolution.
Registration Date:JUN 2 7 20137
Office of the State Treasurer,
Topeka, Kansas
as Bond Registrar and Paying Agent
By:
Registration Number: 0322-085-061507-487
4
p g�1gp
011193
•
BOND ASSIGNMENT
FOR VALUE RECEIVED,the undersigned do(es)hereby sell,assign and transfer to
.. •
• • •
• ••
(Name and Address)
. • •••.
•
• •
•
• •••• (Social Security or Taxpayer Identification No.)•
•••• ••
the Bond to wind;tht assignment is affixed in the outstanding principal amount of $
standitig tp the name of the undersigned on the books of the Bond Registrar. The undersigned do(es)
hereb35rrey ocably constitute and appoint as agent to transfer said Bond on
the Woks: of said Bond Registrar with full power of substitution in the premises. Dated
Name
Social Security or Taxpayer Identification No.
Signature
(Sign here exactly as name(s)
appear on the face of Certificate)
Signature guarantee:
By
[Name of Eligible Guarantor Institution as defined
by SEC Rule 17ad-15 (12CFR 240.17 Ad-15) or
any similar rule which the Note Registrar deems
applicable]
5
• 071783093711
CERTIFICATE OF CITY CLERK
STATE OF KANSAS )
) SS.
COUITEOF SALINE )
•:rare unpettgried, City Clerk of Salina, Kansas, hereby certify that the within Bond has been
•••••duly registered in my tiffice according to law as of June n, 2007.•
•
,,W,l'I'NES3 hlrhand and official seal.
• ••
;gat.
t. isw,
„.4 Clerk
CERTIFICATE OF STATE TREASURER
OFFICE OF THE TREASURER, STATE OF KANSAS
I, LYNN JENKINS, Treasurer of the State of Kansas, do hereby certify that a transcript of the
proceedings leading up to the issuance of this Bond has been filed in my office, and that this Bond was
registered in my office according to law on JUN 2 7 2007 .
WITNESS my hand and official seal.
(Seal) 40h-rt.
• Treasurer of the State of Kansas
6 .
. 01118~p
•
LEGAL OPINION
•
•, L„Qre undersigned, City Clerk of the City of Salina, Kansas, hereby certify that the following is a
true and correct copy of the approving legal opinion of Gilmore & Bell, a Professional Corporation,
••• Attorneys at Law?Kansas City, Missouri, on the within Bond and the series of which it is a part, except
• •that it omits the(latest such opinion; that the opinion was manually executed and was dated and issued as
.of the dale of delivery of and payment for the Bonds and is on file in my office.
. • •
•
.. . •.
. • • •• • ! r/
• By
Clerk
• •
Governing Body George K. Baum&Co.
City of Salina,Kansas Kansas City, Missouri
Re: $6,545,000 General Obligation Internal Improvement Bonds, Series 2007-A, of
the City of Salina, Kansas,Dated June 15, 2007
We have acted as Bond Counsel in connection with the issuance by the City of Salina, Kansas
(the "Issuer"), of the above-captioned bonds (the "Bonds"). Capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the resolution adopted by the governing body of the
Issuer prescribing the details of the Bonds.
We have examined the law and such certified proceedings and other documents as we deem
necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon the
certified proceedings and other certifications of public officials furnished to us without undertaking to
verify the same by independent investigation.
Based upon the foregoing, we are of the opinion, under existing law, as follows:
1. The Bonds are valid and legally binding 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 certain 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. •
2. The interest on the Bonds (including any original issue discount properly allocable to an
owner thereof) is excluded from gross income for federal income tax purposes and is not an item of tax
preference for purposes of the federal alternative minimum tax imposed on individuals and corporations.
It should be noted, however, that for the purpose of computing the alternative minimum tax imposed on
7
. 011183pg� . . . .
•
•
corporations (as defined for federal income tax purposes), such interest is taken into account in
determining adjusted current earnings. The opinions set forth in this paragraph are subject to the
condition that the Issuer comply with all requirements of the Internal Revenue Code of 1986, as amended
(the "Code"), that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon
be, or continue to be, excluded from gross income for federal income tax purposes. The Issuer has
covenanted to comply with all such requirements. Failure to comply with certain of such requirements
may•Thun the inclusion of interest on the Bonds in gross income for federal income tax purposes
retroactive to the date of issuance of the Bonds. The Bonds have not been designated as "qualified tax-
exeit4it bligaticros'+fir purposes of Section 265(b) of the Code. We express no opinion regarding other
• federabtax consegveyCes arising with respect to the Bonds.
•
•
• ••3�. helititerest on the Bonds is excluded from computation of Kansas adjusted gross•• incotgq,..•
•
•••Whave•no•been engaged nor have we undertaken to review the accuracy, completeness or
sufficreltby of the Official Statement or other offering material relating to the Bonds (except to the extent,
if any:staid in the Official Statement) and we express no opinion relating thereto (excepting only the
matters set forth as our opinion in the Official Statement).
The rights of the owners of the Bonds and the enforceability thereof may be subject to
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights
heretofore or hereafter enacted to the extent applicable and their enforcement may be subject to the
exercise of judicial discretion in appropriate cases.
GILMORE &BELL,P.C.
8
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07178iW 9 t water �he�T, Pilaw Y
eegiat:atIon of traas:a" exchange OT ,- .'7ruatrSt, czaTJ, i a x cc, s: c rr
is the came of Cede & Co and nay „ ^ r.
PLEDGE OR nfHIsii USE HEREO:
u�A�I ��t7LL ace the regraTeleu ow VUj 11 N s
�TLM"6IH�)�W1ST PROVIDF,D IN THE RESOLUTION (DESCRIBED n
F&R61P'T',rTffiS GLOBAL BOND MAY BE TRANSFERRED, IN WHOLE BUT I
NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES
DEPOSITORY (DESCRIBED HEREIN) OR TO A SUCCESSOR SECURITIES
DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES
DEPOSITORY.
REGISTERED
REGISTERED
NUMBER R -3
$365,000.00
UNITED STATES OF AMERICA
STATE OF KANSAS
COUNTY OF SALINE
(CITY OF SA_LM
,
GENERAL OBLIGATION INTERNAL IMP OVEMENT BOND
....
SERIES;2=A —f
Interest Maturity DatedUSIP'�,,,•
Rate: 4.500% Date: October 1, 2010 Date: June 15, 2007 "•
0474 L71
REGISTERED OWNER: CEDE & CO.
'
PRINCIPAL AMOUNT: THREE HUNDRED SIXTY- -FNE THOUSAND DOLLARS
....
KNOW ALL PERSONS BY THESE PRESENTS: That the City of Salina, in the County of
Saline, State of Kansas (the "City"), for value received, hereby acknowledges itself to be indebted and
promises to pay to the registered owner identified above, or registered assigns, as of the Record Dates as
hereinafter provided on the Maturity Date identified above, the Principal Amount identified above, and in
like manner to pay interest on such Principal Amount from the Dated Date shown above or from the most
recent interest payment date to which interest has been paid or duly provided for at the rate of interest per
annum set forth above (computed on the basis of a 360 -day year of twelve 30 -day months), semiannually
on April 1 and October 1 of each year, commencing April 1, 2008 (the "Interest Payment Dates "), until
the Principal Amount is paid, unless this Bond shall have been previously called for redemption and
payment as hereinafter set forth.
The principal of, premium, if any, and interest on this Bond shall be payable by the State
I Treasurer of Kansas, Topeka, Kansas (the "Paying Agent" and "Bond Registrar "). The principal of and
any premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond
at the maturity or redemption date to the Paying Agent for payment and cancellation. The interest payable
on this Bond shall be paid by the Paying Agent to the Registered Owner hereof at the address appearing
on the registration books of the City maintained by the Bond Registrar or at such other address provided
in writing by the Registered Owner to the Bond Registrar at the close of business on the fifteenth day of
the month preceding the interest payment date (the "Record Date "). The principal, premium, if any, and
interest on the Bonds shall be payable in any coin or currency which, on the respective dates of payment
thereof, is legal tender for the payment of debts due the United States of America. The Bonds constitute
general obligations of the City payable as to both principal and interest in part from special assessments
levied upon the property benefited by the construction of certain 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 balance of the principal and
interest on the Bonds is payable from ad valorem taxes which may be levied without limitation as to rate
:
071783095721
• 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 irrevocably pledged for the payment of the principal of
and interest on this Bond and the issue of which it is a part as the same respectively become due.
This Bond is one of an authorized series of Bonds of the City designated "General Obligation
Internal Improvement Bonds, Series 2007 -A," in an aggregate principal amount of $6,545,000 (the
"Bonds ") issued for the purposes set forth in the Ordinance of the City authorizing the issuance of the
Bonds and the Resolution of the City prescribing the form and details of the Bonds (jointly, the
"Resolution "). The Bonds are issued by the authority of and in full compliance with the provisions,
restrictions and limitations of the Constitution and laws of the state of Kansas, including, without
limitation, K.S.A. 10 -101 et seq., K.S.A. 12 -685 et seq., and K.S.A. 12 -6a01 et seq., all as amended and
supplemented.
At the option of the City, Bonds maturing on October 1, 2018, and thereafter may be ca'11od for
redemption and payment prior to maturity on October 1, 2017 and thereafter, in hgl4or in patt at any
y
time (the maturities and principal amounts of Bonds of each maturity to be redeemed gill be 4edermined '
by the City) at the redemption price of 100% (expressed as a percentage of the prylclral arna3at; plus : *: .
accrued interest thereon to the date of redemption.
.. ...... ......
.... .......
Bonds maturing on October 1 in the year 2027 are subject to mandatory redcgl l ion ar>itpgyment '
prior to maturity pursuant to the mandatory redemption requirements of the Bond Resolution %a Wtober
1; 2024 and on each October 1 thereafter prior to maturity, at a redemption price equal to L00* pf the
principal amount thereof, plus accrued interest thereon to the redemption date. "'
Unless waived by any owner of the Bonds to be redeemed, if the City elects to call any Bonds for
redemption and payment prior to maturity, the City or the Bond Registrar and Paying Agent on behalf of
the City shall give written notice of its intention to call and pay such Bonds on a specified date, the same
being described by maturity, such notice to be mailed by United States first class mail addressed to the
Owners of the Bonds not less than 30 days prior to the date fixed for redemption. All Bonds so called for
redemption and payment shall cease to bear interest from the date for which such call is made, provided
funds are available for the payment of such Bonds at the price specified above.
The Bonds are being issued by means of a book -entry system with no physical distribution of
bond certificates to be made except as provided in the Resolution. One Bond certificate with respect to
each date on which the Bonds are stated to mature, registered in the nominee name of the Securities
Depository, is being issued and required to be deposited with the Securities Depository and immobilized
in its custody. The book -entry system will evidence positions held in the Bonds by the Securities
Depository's participants, beneficial ownership of the Bonds in authorized denominations being
evidenced in the records of such participants. Transfers of ownership shall be effected on the records of
the Securities Depository and its participants pursuant to rules and procedures established by the
Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will
recognize the Securities Depository nominee, while the registered owner of this Bond, as the owner of
this Bond for all purposes, including (i) payments of principal of, and redemption premium, if any, and
interest on, this Bond, (ii) notices and (iii) voting. Transfers of principal, interest and any redemption
premium payments to participants of the Securities Depository, and transfers of principal, interest and any
redemption premium payments to beneficial owners of the Bonds by participants of the Securities
Depository will be the responsibility of such participants and other nominees of such beneficial owners.
. The City, the Bond Registrar and the Paying Agent will not be responsible or liable for such transfers of
payments or for maintaining, supervising or reviewing the records maintained by the Securities
2
071783 095722
• Depository, the Securities Depository nominee, its participants or persons acting through such
participants. While the Securities Depository nominee is the owner of this Bond, notwithstanding the
provision hereinabove contained, payments of principal of and interest on this Bond shall be made in
accordance with existing arrangements among the City, the Bond Registrar and the Securities Depository.
EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION, THIS GLOBAL BOND MAY
BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE
SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A
NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. The Bonds are issued in fully registered
form in the denomination of $5,000 or any integral multiple thereof. This Bond may be exchanged at the
office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity of other
authorized denominations upon the terms provided in the Resolution.
The City and the Bond Registrar may deem and treat the registered owner hereof as We absolute
owner hereof for purposes of receiving payment of or on account of principal bereot and interest due-
hereon and for all other purposes and neither the City nor the Bond Registrar sh'afl bt affectedby any
notice to the contrary. i '.,..' "'•'
. ...... ......
This Bond is transferable by the registered owner hereof in person or bytke•registeied owner's......
agent duly authorized in writing, at the office of the Bond Registrar, but only in t1i.wAirer, sut cj to the
limitations and upon payment of the charges provided in the Resolution and upon sufrA&T and
cancellation of this Bond. The City shall pay all costs incurred in connection with the issuanpe ,- payment
and initial registration of the Bonds and the cost of a reasonable supply of bond blanks. •
• The City and the Bond Registrar shall not be required to issue, register, transfer or exchange any
Bonds during a period beginning on the day following the Record Date preceding any Interest Payment
Date and ending at the close of business on the Interest Payment Date or Bonds which have been called
for redemption in accordance with Article III of the Resolution.
•
IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions, and things required to
be done and to exist precedent to and in the issuance of this Bond have been properly done and performed
and do exist in due and regular form and manner as required by the Constitution and laws of the state of
Kansas, and that the total indebtedness of the City, including this series of bonds, does not exceed any
constitutional or statutory limitation.
This Bond shall not be valid or become obligatory for any purpose until the Certificate of
Authentication and Registration hereon shall have been lawfully executed by the Bond Registrar.
3
0717 83 0957 23
IN WITNESS WHEREOF, the City has caused this Bond to be executed by the manual or
• facsimile signature of its Mayor and attested by the manual or facsimile signature of its City Clerk, and its
corporate seal to be affixed hereto or imprinted hereon, and this Bond to be dated the Dated Date shown
above.
•
F-1
L
(P
ATTEST:
By �(
Clerk
CITY OF SALINA, KANSAS
'�'/VA q
Mayor
.... .
...... .....
. :..... ......
CERTIFICATE OF AUTHENTICATION AND REGISTRATION'
This Bond is one of a series of General Obligation Internal Improvement Bonds, Ser ,2907 -A,
of the City of Salina, Kansas, described in the within- mentioned Resolution.
Registration Date: JUN 2 7 2007
Registration Number: 0322 -085 - 061507487
Office of the State Treasurer,
Topeka, Kansas
as Bond Registrar and Paying Agent
BY� /� IiJCl/Knt�
0
071783 095724
BOND ASSIGNMENT
FOR VALUE RECEIVED, the undersigned do(es) hereby sell, assign and transfer to
(Name and Address)
(Social Security or Taxpayer Identification No.) ,
the Bond to which this assignment is affixed in the outstanding principal amount of $ .•.••.
standing in the name of the undersigned on the books of the Bond Registrar. 'FL4%dersigne8'do(es)......
hereby irrevocably constitute and appoint as agent td transfer saj�,�pnd on
the books of said Bond Registrar with full power of substitution in the psemisA....Dated•
. . ...... ......
.... ......
Name ....
• Social Security or Taxpayer Identification No.
is
Signature
(Sign here exactly as name(s)
appear on the face of Certificate)
Signature guarantee:
By
[Name of Eligible Guarantor Institution as defined
by SEC Rule 17ad -15 (12CFR 240.17 Ad -15) or
any similar rule which the Note Registrar deems
applicable]
5
071783 095725
CERTIFICATE OF CITY CLERK
STATE OF KANSAS )
) SS.
COUNTY OF SALINE )
I, the undersigned, .City Clerk of Salina, Kansas, hereby certify that the within Bond has been
duly registered in my office according to law as of June �, 2007.
WITNESS my hand and official seal.
Clerk
.... ......
CERTIFICATE OF STATE TREASURER '
OFFICE OF THE TREASURER, STATE OF KANSAS . " "•
• I, LYNN JENKINS, Treasurer of the State of Kansas, do hereby certify that a transcript of the
proceedings leading up to the issuance of this Bond has been filed in my office, and that this Bond was
registered in my office according to law on .IIIAI 2 7
WITNESS my hand and official seal.
(Seal)
•
Mo
G !4
Treasurer of the State of Kansas
011183 096726
LEGAL OPMON
I, the undersigned, City Clerk of the City of Salina, Kansas, hereby certify that the following is a
true and correct copy of the approving legal opinion of Gilmore & Bell, a Professional Corporation,
Attorneys at Law, Kansas City, Missouri, on the within Bond and the series of which it is a part, except
that it omits the date of such opinion; that the opinion was manually executed and was dated and issued as
of the date of delivery of and payment for the Bonds and is on file in my office.
.
By ....
Clerfc-
.... .
...... .....
. ...... ......
.... ......
Governing Body George K. Baum & Co.* .... • '
City of Salina, Kansas Kansas City, Missouri '..'.'
Re: $6,545,000 General Obligation Internal Improvement Bonds, Series 2007- A,•bf�
• the City of Salina, Kansas, Dated June 15, 2007
We have acted as Bond Counsel in connection with the issuance by the City of Salina, Kansas
(the "Issuer "), of the above - captioned bonds (the "Bonds "). Capitalized terns not otherwise defined
herein shall have the meanings ascribed thereto in the resolution adopted by the governing body of the
Issuer prescribing the details of the Bonds.
We have examined the law and such certified proceedings and other documents as we deem
necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon the
certified proceedings and other certifications of public officials furnished to us without undertaking to
verify the same by independent investigation.
Based upon the foregoing, we are of the opinion, under existing law, as follows:
1. The Bonds are valid and legally binding 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 certain 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.
2. The interest on the Bonds (including any original issue discount properly allocable to an
owner thereof) is excluded from gross income for federal income tax purposes and is not an item of tax
•preference for purposes of the federal alternative minimum tax imposed on individuals and corporations.
It should be noted, however, that for the purpose of computing the alternative minimum tax imposed on
071783 095127
• corporations (as defined for federal income tax purposes), such interest is taken into account in
determining adjusted current earnings. The opinions set forth in this paragraph are subject to the
condition that the Issuer comply with all requirements of the Internal Revenue Code of 1986, as amended
(the "Code "), that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon
be, or continue to be, excluded from gross income for federal income tax purposes. The Issuer has
covenanted to comply with all such requirements. Failure to comply with certain of such requirements
may cause the inclusion of interest on the Bonds in gross income for federal income tax purposes
retroactive to the date of issuance of the Bonds. The Bonds have not been designated as "qualified tax -
exempt obligations" for purposes of Section 265(b) of the Code. We express no opinion regarding other
federal tax consequences arising with respect to the Bonds.
3. The interest on the Bonds is excluded from computation of Kansas adj fisted• gross
income.
We have not been engaged nor have we undertaken to review the accyfav,.compltteness or
sufficiency of the Official Statement or other offering material relating to the Bonds (except to th8 extent, • „•
if any, stated in the Official Statement and we express no opinion relating thereto a ce tie •on }y the.....
Y ) P P g (� P $,,,
matters set forth as our opinion in the Official Statement).
...... .
. ...... ......
The rights of the owners of the Bonds and the enforceability therP,iif may be subject to••• *••
bankruptcy, insolvency, reorganization, moratorium and other similar laws affeciirig creditors "rights
heretofore or hereafter enacted to the extent applicable and their enforcement may be subi W to the
exercise ofjudicial discretion in appropriate cases. •,,,,•
• GILMORE & BELL, P.C.
Cl
fe ✓r au 'u +sil
, u�s.aea
omT rr Y• Pety � aG Y+ k t
]�pd'+ tfpn oI izau #ec exc h nv;e • F • _ via(! �o 1
tII tAyyU�n'�e of Ced Lc :.St�•J �w.l. ,. ..
PLEDGE t.~.Ik O't'1'{ Pa C wn
o c1f1TP.9 owns
og�D,8TttA13C4JV fRWfst NOIR ED IN THE RESOLUTION (DESCRIBED
UREIN)p -THIS GLOBAL BONA MNY, BE TRANSFER"j), IN WHOLE BUT
NOT IN PART, ONLY TO ANOTQER NOMI,q-]E$ OF ;TH$ SECURITIES
DEPOSITORY (DESCRIBED HERE13) 09 TO •R W4CChi9Ok• SECURITIES
DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES
DEPOSITORY. ... . if .. ..
REGISTERED • „• REGISTERED
NUMBER R-4 $365,000.00
UNITED STATES OF AMERICA
STATE OF KANSAS
COUNTY OF SALINE
rCITY'OE SALINA—,
GENERAL OBLIGATION INTERNAL IMPROVEMENT BOND
SERIES 2007 -A
Interest Maturity Dated CUSIP:
Rate: 4.250% Date: October 1, 2011 Date: June 15, 2007 794743 L85
REGISTERED OWNER: CEDE & CO.
PRINCIPAL AMOUNT: THREE HUNDRED SIXTY -FIVE THOUSAND DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS: That the City of Salina, in the County of
Saline, State of Kansas (the "City"), for value received, hereby acknowledges itself to be indebted and
Promises to pay to the registered owner identified above, or registered assigns, as of the Record Dates as
hereinafter provided on the Maturity Date identified above, the Principal Amount identified above, and in
like manner to pay interest on such Principal Amount from the Dated Date shown above or from the most
recent interest payment date to which interest has been paid or duly provided for at the rate of interest per
annum set forth above (computed on the basis of a 360 -day year of twelve 30 -day months), semiannually
on April 1 and October 1 of each year, commencing April 1, 2008 (the "Interest Payment Dates "), until
the Principal Amount is paid, unless this Bond shall have been previously called for redemption and
payment as hereinafter set forth.
The principal of, premium, if any, and interest on this Bond shall be payable by the State
Treasurer of Kansas, Topeka, Kansas (the "Paying Agent" and "Bond Registrar "). The principal of and
any premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond
at the maturity or redemption date to the Paying Agent for payment and cancellation. The interest payable
on this Bond shall be paid by the Paying Agent to the Registered Owner hereof at the address appearing
on the registration books of the City maintained by the Bond Registrar or at such other address provided
in writing by the Registered Owner to the Bond Registrar at the close of business on the fifteenth day of
the month preceding the interest payment date (the "Record Date "). The principal, premium, if any, and
interest on the Bonds shall be payable in any coin or currency which, on the respective dates of payment
thereof, is legal tender for the payment of debts due the United States of America. The Bonds constitute
general obligations of the City payable as to both principal and interest in part from special assessments
levied upon the property benefited by the construction of certain 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 balance of the principal and
interest on the Bonds is payable from ad valorem taxes which may be levied without limitation as to rate
071783 095729
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 area rrevocably- 41gted for.-the payment of the principal of
and interest on this Bond and the issue of which itjs a:pgrt as:tl ;- s3me res�ectiLely become due.
.:. 14. ... ...
This Bond is one of an authorized series of Bonds of the City designated "General Obligation
Internal Improvement Bonds, Series 2007 -A," in an a4wega a principal amount of $6,545,000 (the
"Bonds ") issued for the purposes set forth in the Ordinance of�the pity authorizing the issuance of the
Bonds and the Resolution of the City prescribing the .;orm: and* details of the Bonds (jointly, the
"Resolution "). The Bonds are issued by the authority of and in full compliance with the provisions,
restrictions and limitations of the Constitution and laws of the state of Kansas, including, without
limitation, K.S.A. 10 -101 et seq., K.S.A. 12 -685 et seq., and K.S.A. 12 -6a01 et seq., all as amended and
supplemented.
At the option of the City, Bonds maturing on October 1, 2018, and thereafter may be called for
redemption and payment prior to maturity on October 1, 2017 and thereafter, in whole or in part at any
time (the maturities and principal amounts of Bonds of each maturity to be redeemed will be determined
by the City) at the redemption price of 100% (expressed as a percentage of the principal amount), plus
accrued interest thereon to the date of redemption.
Bonds maturing on October 1 in the year 2027 are subject to mandatory redemption and payment
prior to maturity pursuant to the mandatory redemption requirements of the Bond Resolution on October
1, 2024 and on each October 1 thereafter prior to maturity, at a redemption price equal to 100% of the
principal amount thereof, plus accrued interest thereon to the redemption date.
Unless waived by any owner of the Bonds to be redeemed, if the City elects to call any Bonds for
redemption and payment prior to maturity, the City or the Bond Registrar and Paying Agent on behalf of
the City shall give written notice of its intention to call and pay such Bonds on a specified date, the same
being described by maturity, such notice to be mailed by United States first class mail addressed to the
Owners of the Bonds not less than 30 days prior to the date fixed for redemption. All Bonds so called for
redemption and payment shall cease to bear interest from the date for which such call is made, provided
funds are available for the payment of such Bonds at the price specified above.
The Bonds are being issued by means of a book -entry system with no physical distribution of
bond certificates to be made except as provided in the Resolution. One Bond certificate with respect to
each date on which the Bonds are stated to mature, registered in the nominee name of the Securities
Depository, is being issued and required to be deposited with the Securities Depository and immobilized
in its custody. The book -entry system will evidence positions held in the Bonds by the Securities
Depository's participants, beneficial ownership of the Bonds in authorized denominations being
evidenced in the records of such participants. Transfers of ownership shall be effected on the records of
the Securities Depository and its participants pursuant to rules and procedures established by the
Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will
recognize the Securities Depository nominee, while the registered owner of this Bond, as the owner of
this Bond for all purposes, including (i) payments of principal of, and redemption premium, if any, and
interest on, this Bond, (ii) notices and (iii) voting. Transfers of principal, interest and any redemption
premium payments to participants.of the Securities Depository, and transfers of principal, interest and any
redemption premium payments to beneficial owners of the Bonds by participants of the Securities
Depository will be the responsibility of such participants and other nominees of such beneficial owners.
The City, the Bond Registrar and the Paying Agent will not be responsible or liable for such transfers of
payments or for maintaining, supervising or reviewing the records maintained by the Securities
2
071783 095730
Depository, the Securities Depository nominee, its participants or persons acting through such
participants. While the Securities Depository nomine a is the ovmer ofKhig pond, notwithstanding the
provision hereinabove contained, payments of ptinc=p$1 bf :ajd ihtefest:on this Bond shall be made in
accordance with existing arrangements among the:Gityr the Bond RagistraterJtbe Securities Depository.
EXCEPT AS OTHERWISE PROVIDED IN THEXES�7LJJTIQN, THIS GLOBAL BOND MAY
BE TRANSFERRED, IN WHOLE BUT NOT IN PAAT -, ONIY•Y T� jNOTHER NOMINEE OF THE
SECURITIES DEPOSITORY OR TO A SUCCESSQF SWUR"MS DEPOSITORY OR TO A
NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. The Bonds are issued in fully registered
form in the denomination of $5,000 or any integral multiple thereof. This Bond may be exchanged at the
office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity of other
authorized denominations upon the terms provided in the Resolution.
The City and the Bond Registrar may deem and treat the registered owner hereof as the absolute
owner hereof for purposes of receiving payment of or on account of principal hereof and interest due
hereon and for all other purposes and neither the City nor the Bond Registrar shall be affected by any
notice to the contrary.
This Bond is transferable by the registered owner hereof in person or by the registered owner's
agent duly authorized in writing, at the office of the Bond Registrar, but only in the manner, subject to the
limitations and upon payment of the charges provided in the Resolution and upon surrender and
cancellation of this Bond. The City shall pay all costs incurred in connection with the issuance, payment
and initial registration of the Bonds and the cost of a reasonable supply of bond blanks.
The City and the Bond Registrar shall not be required to issue, register, transfer or exchange any
Bonds during a period beginning on the day following the Record Date preceding any Interest Payment
Date and ending at the close of business on the Interest Payment Date or Bonds which have been called
for redemption in accordance with Article III of the Resolution.
IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions, and things required to
be done and to exist precedent to and in the issuance of this Bond have been properly done and performed
and do exist in due and regular form and manner as required by the Constitution and laws of the state of
Kansas, and that the total indebtedness of the City, including this series of bonds, does not exceed any
constitutional or statutory limitation.
This Bond shall not be valid or become obligatory for any purpose until the Certificate of
Authentication and Registration hereon shall have been lawfully executed by the Bond Registrar.
071783095731
IN WITNESS WHEREOF, the City has caused this Bond to be executed by the manual or
facsimile signature of its Mayor and attested by the mapual or facs� rile signature of its City Clerk, and its
corporate seal to be affixed hereto or imprinted hete*,:artd ihL Mud tole Mted the Dated Date shown
above. : : : : : A.
rfi'car - .:
ATTEST:
By
Clerk
CITY OF SALINA, KANSAS
t Mayor
CERTIFICATE OF AUTHENTICATION AND REGISTRATION
This Bond is one of a series of General Obligation Internal Improvement Bonds, Series 2007 -A,
of the City of Salina, Kansas, described in the within - mentioned Resolution.
Registration Date: JUN 2 7 2007
Office of the State Treasurer,
Topeka, Kansas
as Bond Registrar and Paying Agent
Br
Registration Number: 0322- 085- 061507 -487
011183 pg
BOND IS[Gjl�NT •:
FOR VALUE RECEIVED, the undersigned do(es) hereby sell, assign and transfer to
... ..... ..
(Name and Ad jtdss)
(Social Security or Taxpayer Identification No.)
the Bond to which this assignment is affixed in the outstanding principal amount of $
standing in the name of the undersigned on the books of the Bond Registrar. The undersigned do(es)
hereby irrevocably constitute and appoint as agent to transfer said Bond on
the books of said Bond Registrar with full power of substitution in the premises. Dated
Name
Social Security or Taxpayer Identification No.
Signature
(Sign here exactly as name(s)
appear on the face of Certificate)
Signature guarantee:
[Name of Eligible Guarantor Institution as defined
by SEC Rule 17ad -15 (12CFR 240.17 Ad -15) or
any similar rule which the Note Registrar deems
applicable]
5
011183 095133
.. .. .... .: ..
CERTIFICAA (SF:CnC� LERIC
STATE OF KANSAS )
SS. ... ..... ..
COUNTY OF SALINE )
I, the undersigned, City Clerk of Salina, Kansas, hereby certify that the within Bond has been
duly registered in my office according to law as of June 2007.
WITNESS my hand and official seal.
mho
°
(@
Clerk
CERTIFICATE OF STATE TREASURER
OFFICE OF THE TREASURER, STATE OF KANSAS
I, LYNN JENKINS, Treasurer of the State of Kansas, do hereby certify that a transcript.of the
proceedings leading up to the issuance of this Bond has been filed in my office, and that this Bond was
registered in my office according to law on JU N 2 7 20u'
WITNESS my hand and official seal.
(Seal)
M
Treasurer 4ofeState of Kansas
071783 095734
.::..:... .
LEG'RLOPINIOIV
. ... ..... ..
I, the undersigned, City Clerk of the City of S llinvy Kansas: he jeby certify that the following is a
true and correct copy of the approving legal opinion Gf Gilrhore Rl Bell, a Professional Corporation,
Attorneys at Law, Kansas City, Missouri, on the within Bond and the series of which it is a part, except
that it omits the date of such opinion; that the opinion was manually executed and was dated and issued as
of the date of delivery of and payment for the Bonds and is on file in my office.
Governing Body
City of Salina, Kansas
By
Clerk
George K. Baum & Co.
Kansas City, Missouri
Re: $6,545,000 General Obligation Internal Improvement Bonds, Series 2007 -A, of
the City of Salina, Kansas, Dated June 15, 2007
We have acted as Bond Counsel in connection with the issuance by the City of Salina, Kansas
(the "Issuer "), of the above - captioned bonds (the "Bonds "). Capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the resolution adopted by the governing body of the
Issuer prescribing the details of the Bonds.
We have examined the law and such certified proceedings and other documents as we deem
necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon the
certified proceedings and other certifications of public officials furnished to us without undertaking to
verify the same by independent investigation.
Based upon the foregoing, we are of the opinion, under existing law, as follows:
1. The Bonds are valid and legally binding 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 certain 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.
2. The interest on the Bonds (including any original issue discount properly allocable to an
owner thereof) is excluded from gross income for federal income tax purposes and is not an item . of tax
preference for purposes of the federal alternative minimum tax imposed on individuals and corporations.
It should be noted, however, that for the purpose of computing the alternative minimum tax imposed on
7
011183 095735 ,
... .......
corporations (as defined for federal income tax purposes), such interest is taken into account in
determining adjusted current earnings. Tine g1:ini9n4 set,fprU in t44 pyjagraph are subject to the
condition that the Issuer comply with all requirententl df thalr:ternal keuenuc;Code of 1986, as amended
(the "Code "), that must be satisfied subsequent 4the issuance of the Bonds !;*order that interest thereon
be, or continue to be, excluded from gross income for federal income tax purposes. The Issuer has
covenanted to comply with all such requirements. Fails" t000rnplywyith certain of such requirements
may cause the inclusion of interest on the Bonds in gtpss Qrcorye rpr federal income tax purposes
retroactive to the date of issuance of the Bonds. The goads hale not been designated as "qualified tax -
exempt obligations" for purposes of Section 265(b) of the Code. We express no opinion regarding other
federal tax consequences arising with respect to the Bonds.
3. The interest on the Bonds is excluded from computation of Kansas adjusted gross
income.
We have not been engaged nor have we undertaken to review the accuracy, completeness or
sufficiency of the Official Statement or other offering material relating to the Bonds (except to the extent,
if any, stated in the Official Statement) and we express no opinion relating thereto (excepting only the
matters set forth as our opinion in the Official Statement).
The rights of the owners of the Bonds and the enforceability thereof may be subject to
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights
heretofore or hereafter enacted to the extent applicable and their enforcement may be subject to the
exercise of judicial discretion in appropriate cases.
GILMORE & BELL, P.C.
E3
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, I
011183 095745
or amount upon all the taxable tangible property,,Teal and personal, within the territorial limits of the City.
The full faith, credit and resources of the City are irrevocably pledged for the payment of the principal of
and interest on this Bond and the issue of which it is a part as the same respectively become due.
This Bond is one of an authorized series of Bonds of the City designated "General Obligation
Internal Improvement Bonds, Series 2007-A," in an aggregate principal amount of $6,545,000 (the
"Bonds") issued for the purposes set forth in the Ordinance of the City authorizing the issuance of the
Bonds and the Resolution of the City prescribing the form and details of the Bonds (jointly, the
"Resolution"). The Bonds are issued by the authority of and in full compliance with the provisions,
restrictions and limitations of the Constitution and laws of the state of Kansas, including, without
limitation, K.S.A. 10-101 et seq., K.S.A. 12-685 et seq., and K.S.A. 12-6a01 et seq., all as amended and
supplemented.
At the option of the City, Bonds maturing on October 1, 2018, and thereafter may be called for
redemption and payment prior to maturity on October 1, 2017 and thereafter, in whole or in part at any
time (the maturities and principal amounts of Bonds of each maturity to be redeemed will be determined
by the City) at the redemption price of 100% (expressed as a percentage of the principal amount), plus
accrued interest thereon to the date of redemption.
Bonds maturing on October 1 in the year 2027 are subject to mandatory redemption and payment
prior to maturity pursuant to the mandatory redemption requirements of the Bond Resolution on October
1; 2024 and on each October 1 thereafter prior to maturity, at a redemption price equal to 100% of the
principal amount thereof, plus accrued interest thereon to the redemption date. i
Unless waived by any owner of the Bonds to be redeemed, if the City elects to call any Bonds for
redemption and payment prior to maturity, the City or the Bond Registrar and Paying Agent on behalf of
the City shall give written notice of its intention to call and pay such Bonds on a specified date, the same
being=described by maturity, such notice to be mailed by United States first class mail addressed to the
Owners,of the Bonds not less than 30 days prior to the date fixed for redemption. All Bonds so called for
c c o redemptiorf and payrncpt shall cease to bear interest from the date for which such call is made, provided
"funds are availabfe,for.ihe payment of such Bonds at the price specified above.
°�R
die Bonds are being issued by means of a book-entry system with no physical distribution of
�bond'cEr,ificates`to be made except as provided in the Resolution. One Bond certificate with respect to
each date on w4icii the Bonds are stated to mature, registered in the nominee name of the Securities
Depcsifory; is being issued and required to be deposited with the Securities Depository and immobilized
in its custody. The book-entry system will evidence positions held in the Bonds by.the Securities
Deposifdry`s participants, beneficial ownership of the Bonds in authorized denominations being I
evidenced in the records of such participants. Transfers of ownership shall be effected on the records of
the Securities Depository and its participants pursuant to rules and procedures established by the
Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will
recognize the Securities Depository nominee, while the.registered owner of this Bond, as the owner of
this Bond for all purposes, including (i) payments of principal of and redemption premium, if any, and
interest on, this Bond, (ii)notices and (iii) voting. Transfers of principal, interest and any redemption
premium payments to participants of the Securities Depository, and transfers of principal, interest and any
'I redemption premium payments to beneficial owners of the Bonds by participants of the Securities
Depository will be the responsibility of such participants and other nominees of such beneficial owners.
The City, the Bond Registrar and the Paying Agent will not be responsible or liable for such transfers of
payments or for maintaining, supervising or reviewing the records maintained by the Securities
2
717A o
O C , O 1 1 1 V� • •• • • p.
corporations (as defined for federal in-tome tax purposes), such interest is taken into account in
determining adjusted current eamings. - The opinions set .forth-in-this paragraph are subject to the
condition that the Issuer comply with all requirements of the Internal Revenue Code of 1986, as amended
(the "Code"), that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon
be, or continue to be, excluded from gross income for federal income tax purposes. The Issuer has
covenanted to comply with all such requirements. Failure to comply with certain of such requirements
may cause the inclusion of interest on the.- onds in gross income for federal income tax purposes
retroactive to the date of issuance of the Bonds. The Bonds have not been designated as "qualified tax-
' exempt obligations" for purposes of Section 265(b) of the Code. We express no opinion regarding other
federal tax consequences arising with respect to the Bonds.
3. The interest on the Bonds is excluded from computation of Kansas adjusted gross
income.
We have not been engaged nor have we undertaken to review the accuracy, completeness or
sufficiency of the Official Statement or other offering material relating to the Bonds (except to the extent,
if any, stated in the Official Statement) and we express no opinion relating thereto (excepting only the
matters set forth as our opinion in the Official Statement).
The rights of the owners of the Bonds and the enforceability thereof may be subject to
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights
heretofore or hereafter enacted to the extent applicable and their enforcement may be subject to the
exercise of judicial discretion in appropriate cases.
GILMORE & BELL,P.C.
..... ......
r
8
awe to paanoaisa by an author tea mpremtttnuve of The Dep:u..:
:35 Water Street New Yorks New York) to 1t_.o issuer or 3L r - v i
•- •• ••
�glttfmi oa rst hen fur, axrc:: s;: ,�.r a.wa an.
• ... . - _ •.-• • • •
� the num.:: of 0413` &CJ C' � c•.° �.a�i�t!_jg.r�r _a-._ - __ ••• ••• • • • 1
PLEDGE OR O ER USE [[e.t.i rt•[t :Ct .GL Litt L'S2jci-:'!.`::L .1 LA 0. Eari • • • •• y471
°'.Yti�T ii` tiTD r)T.1.avrR .._ 1•—��r?- s R.,..f I T _ 'Ty-
EXCEPT AS'OTH) R�'ISE PRO\1ID ;D'IN THE'72ESOLUTIO\ (DESCRIBED 1
HEREIN), THIS GLOBAL BOND'MAY BE TRANSFERRED, IX WHOLE.'WE
NOT IN PART, ONLY TO ANOTHER NOMINEE OF THIS St(IJR1T ES :•••
DEPOSITORY (DESCRIBED HEREIN) OR TO A SUCCESSOR•SECURITIE4• • •
DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES
DEPOSITORY. ••• •A•• ••
• • •
•• • •
REGISTERED •••.REGISTERED
NUMBER R-7 $360,000.00
UNITED STATES OF AMERICA
STATE OF KANSAS
COUNTY OF SALINE
CCITY-OF'SACINA
GENERAL OBLIGATION INTERNAL IMPROVEMENT BOND
SERIES 2007-A
Interest Maturity Dated CUSIP:
Rate: 4.250% Date: October 1, 2014 Date: June 15, 2007 794743 M35
REGISTERED OWNER: CEDE&CO.
PRINCIPAL AMOUNT: THREE HUNDRED SIXTY THOUSAND DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS: That the City of Salina, in the County of N W
Saline, State of Kansas (the "City"), for value received, hereby acknowledges itself to be indebted and 0
promises to pay to the registered owner identified above, or registered assigns, as of the Record Dates as C
hereinafter provided on the Maturity Date identified above, the Principal Amount identified above, and in
like manner to pay interest on such Principal Amount from the Dated Date shown above or from the most op
recent interest payment date to which interest has been paid or duly provided for at the rate of interest per 0
annum set forth above (computed on the basis of a 360-day year of twelve 30-day months), semiannually 0
on April 1 and October 1 of each year, commencing April 1, 2008 (the "Interest Payment Dates"), until 7
the Principal Amount is paid, unless this Bond shall have been previously called for redemption and m -
payment as hereinafter set forth. - Z •
—I 0
The principal of, premium, if any, and interest on this Bond shall be payable by the State -
1 Treasurer of Kansas, Topeka, Kansas (the "Paying Agent" and "Bond Registrar"). The principal of and N D
any premium on this Bond shall be payable to the registered owner hereof upon presentation of this Bond Z
at the maturity or redemption date to the Paying Agent for payment and cancellation. The interest payable 0 -1
on this Bond shall be paid by the Paying Agent to the Registered Owner hereof at the address appearing C
on the registration books of the City maintained by the Bond Registrar or at such other address provided
in writing by the Registered Owner to the Bond Registrar at the close of business on the fifteenth day of a
the month preceding the interest payment date (the "Record Date"). The principal, premium, if any, and •c
interest on the Bonds shall be payable in any coin or currency which, on the respective dates of payment
thereof, is legal tender for the payment of debts due the United States of America. The Bonds constitute W
general obligations of the City payable as to both principal and interest in part from special assessments Z
levied upon the property benefited by the construction of certain improvements, and, if not so paid, from p
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 balance of the principal and
interest on the Bonds is payable from ad valorem takes which may be levied without limitation as to rate
_
,S•
•
.
• — a 071783 095153
• • .• •
• • • • • • •
•
or amount upon all the taxable tangible prpperty, real and personal, within the territorial limits of the City.
The full faith, credit and resources of the City are irrevocably pledged for the:pawhent oPthe•principd1 o=
and interest on this Bond and the issue of which it is a part as the same respectively. pecoin4due. • : :•:
... . • ••• ••• •
This Bond is one of an authorized series of Bonds of the City designated "General Obligation
Internal Improvement Bonds, Series 2007-A," in an aggregate principal amount•of Sii.i45,000 (the
"Bonds") issued for the purposes set forth in the Ordinance of the City authorizing¶be is$uanee df the
Bonds and the Resolution of the City prescribing the form and details of the•Bond.$ (jointly the
"Resolution"). The Bonds are issued by the authority of and in full compliance with the provisions,
restrictions and limitations of the Constitution and laws of the state of Kansas, including, without
limitation, K.S.A. 10-101 et seq., K.S.A. 12-685 et seq., and K.S.A. 12-6a01 et seq., all as amended and
supplemented.
At the option of the City, Bonds maturing on October 1, 2018, and thereafter may be called for
redemption and payment prior to maturity on October. 1, 2017 and thereafter, in whole or in part at any
time (the maturities and principal amounts of Bonds of each maturity to be redeemed will be determined
by the City) at the redemption price of 100% (expressed as a percentage of the principal amount), plus
accrued interest thereon to the date of redemption.
Bonds maturing on October 1 in the year 2027 are subject to mandatory redemption and payment
prior to maturity pursuant to the mandatory redemption requirements of the Bond Resolution on October
1; 2024 and on each October 1 thereafter prior to maturity, at a redemption price equal to 100% of the
• principal amount thereof, plus accrued interest thereon to the redemption date.
Unless waived by any owner of the Bonds to be redeemed, if the City elects to call any Bonds for •
redemption and payment prior to maturity, the City or the Bond Registrar and Paying Agent on behalf of
the City shall give written notice of its intention to call and pay such Bonds on a specified date, the same
being described by maturity, such notice to be mailed by United States first class mail addressed to the
Owners of the Bonds not less than 30 days prior to the date fixed for redemption. All Bonds so called for
redemption and payment shall cease to bear interest from the date for which such call is made, provided
funds are available for the payment of such Bonds at the price specified above.
The Bonds are being issued by means of a book-entry system with no physical distribution of
bond certificates to be made except as provided in the Resolution. One Bond certificate with respect to
each date on which the Bonds are stated to mature, registered in the nominee name of the Securities
Depository, is being issued and required to be deposited with the Securities Depository and immobilized
in its custody. The book-entry system will evidence positions held in the Bonds by the Securities
Depository's participants, beneficial ownership of the Bonds in authorized denominations being
evidenced in the records of such participants. Transfers of ownership shall be effected on the records of
the Securities Depository and its participants pursuant to rules and procedures established by the
Securities Depository and its participants. The City, the Bond Registrar and the Paying Agent will
recognize the Securities Depository nominee, while the registered owner of this Bond, as the owner of
this Bond for all purposes, including (i) payments of principal of, and redemption premium, if any, and
interest on, this Bond, (ii)notices and (iii) voting. Transfers of principal, interest and any redemption
. premium payments to participants of the Securities Depository, and transfers of principal, interest and any
redemption premium payments to beneficial owners of the Bonds by participants of the Securities
Depository will be the responsibility of such participants and other nominees of such beneficial owners.
The City, the Bond Registrar and the Paying Agent will not be responsible or liable for such transfers of
payments or for maintaining, supervising or reviewing the records maintained by the Securities
2
•
•071783 095154 • • .,OOOOO
... . . .
Depository, the Securities Depository ,nominee, its participants or persons acting through such
•participants. While the Securities Depository nominee is the owner of thi:Botfd, not4ithslandingthd
provision hereinabove contained, payments of principal of and interest on fhis:Bond ehtll ‘,e made ii.
accordance with existing arrangements among the City, the Bond Registrar attithe'Securities'depository. •
EXCEPT AS OTHERWISE PROVIDED IN THE RESOLUTION, THIS GJ.4BAI:,BOI;IDMAY
BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER IVIMINEE PFTHE
SECURITIES DEPOSITORY OR TO A SUCCESSOR SECURITIES DEPO'ORI: Oa.2'O A
NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY. The Bonds are issued in fully registered
form in the denomination of$5,000 or any integral multiple thereof. This Bond may be exchanged at the
office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity of other
authorized denominations upon the terms provided in the Resolution.
The City and the Bond Registrar may deem and treat the registered owner hereof as the absolute
owner hereof for purposes of receiving payment of or on account of principal hereof and interest due
hereon and for all other purposes and neither the City nor the Bond Registrar shall be affected by any
notice to the contrary.
This Bond is transferable by the registered owner hereof in person or by the registered owner's
agent duly authorized in writing, at the office of the Bond Registrar, but only in the manner, subject to the
limitations and upon payment of the charges provided in the Resolution and upon surrender and
cancellation of this Bond. The City shall pay all costs incurred in connection with the issuance, payment
and initial registration of the Bonds and the cost of a reasonable supply of bond blanks.
The City and the Bond Registrar shall not be required to issue, register, transfer or exchange any
Bonds during a period beginning on the day following the Record Date preceding any Interest Payment
Date and ending at the close of business on the Interest Payment Date or Bonds which have been called
for redemption in accordance with Article III of the Resolution.
IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions, and things required to
be done and to exist precedent to and in the issuance of this Bond have been properly done and performed
and do exist in due and regular form and manner as required by the Constitution and laws of the state of
Kansas, and that the total indebtedness of the City, including this series of bonds, does not exceed any
constitutional or statutory limitation.
This Bond shall not be valid or become obligatory for any purpose until the Certificate of
Authentication and Registration hereon shall have been lawfully executed by the Bond Registrar.
It
Ii
3
• 071783 095755
•• . :.
•. •.. . . •
• •
•
IN WITNESS WHEREOF, the City has caused this Bond to be executed by the-manual or
facsimile signature of its Mayor and attested by the manual or facsimile signature of its Qty Clerk, agd its
corporate seal to be affixed hereto or imprinted hereon, and this Bond to be LtJd the Hated bate §flown
• • • 1 .•
above. .:. ••• • •
..• .•• •
CITY OF SALINA, KANSAS �•�� �••
0 1670 ill
Citet/V\ ••
Mayor
ATTEST: •
By
Clerk
CERTIFICATE OF AUTHENTICATION AND REGISTRATION
•
This Bond is one of a series of General Obligation Internal Improvement Bonds, Series 2007-A,
of the City of Salina, Kansas, described in the within-mentioned Resolution.
Registration Date: JUlt 2 7 2517 •
Office of the State Treasurer,
Topeka, Kansas
as Bond Registrar and Paying Agent
ByE1/42f-tiny O 1 A-/Q/N/frL.A-_
Registration Number 0322-085-061507-487
•
•
- -
4 •
I �
0111801118-pg-
••
•• .•• •• •
••
• • • ••
BOND ASSIGNMENT • • • • •• •• •
• • • • • • •••
• • .
• • •• • ••• ••• •
FOR VALUE RECEIVED, the undersigned do(es) hereby sell, assign and transfer to
••• .. .. ••
• • •
.. •
(Name and Address) •
(Social Security or Taxpayer Identification No.)
the Bond to which this assignment is affixed in the outstanding principal amount of S
standing in the name of the undersigned on the books of the Bond Registrar. The undersigned do(es)
hereby irrevocably constitute and appoint as agent to transfer said Bond on
the books of said Bond Registrar with full power of substitution in the premises. Dated
Name
Social Security or Taxpayer Identification No.
Signature
(Sign here exactly as name(s)
appear on the face of Certificate)
Signature guarantee:
By
`((( [Name of Eligible Guarantor Institution as defined
by SEC Rule 17ad-15 (12CFR 240.17 Ad-15) or
any similar rule which the Note Registrar deems
•
applicable]
5
//
071783 095151 • •
••. ••• • • • •
•
• ••• ••• ••
CERTIFICATE OF CITY CLERK • •
•
• • • : • ••
• • • •• ••• •• • ••
STATE OF KANSAS )
) SS. •• •• •• ••
•COUNTY OF SALINE ) ••• •
I, the undersigned, City Clerk of Salina, Kansas, hereby certify that the within Bond has been
duly registered in my office according to law as of June 71 2007.
WITNESS my hand and official seal.
Clerk I
•
CERTIFICATE OF STATE TREASURER
OFFICE OF THE TREASURER, STATE OF KANSAS
I, LYNN JENKINS, Treasurer of the State of Kansas, do hereby certify that a transcript.of the
proceedings leading up to the issuance of this Bond has been filed in my office, and that this Bond was
registered in my office according to law on uinm n a rn7 .
WITNESS my hand and official seal. _ I
(Seal) L"'^""`�
• Treasurer of the State of Kansas
1
I
6 .
•
071783095158
' • • ,
• • • •• . .
. . . . .
• • • ••
• • • .
• • • • . .• •• •
•
• •
. ..•
. . .
LEGAL OPINION ••• ••• •
... •.••• ••
•
• • • •
I, the undersigned, City Clerk of the City of Salina, Kansas, hereby certify Mat tha follbw@tg is a
true and correct copy of the approving legal opinion of Gilmore & Bell, a Professional Corporation,
Attorneys at Law, Kansas City, Missouri, on the within Bond and the series of which it is a part, except
that it omits the date of such opinion; that the opinion was manually executed and was dated and issued as
of the date of delivery of and payment for the Bonds and is on file in my office.
re
By I
Clerk
Governing Body George K. Baum& Co.
City of Salina, Kansas Kansas City, Missouri
Re: $6,545,000 General Obligation Internal Improvement Bonds, Series 2007-A, of
the City of Salina, Kansas, Dated June 15, 2007
We have acted as Bond Counsel in connection with the issuance by the City of Salina, Kansas
(the "Issuer"), of the above-captioned bonds (the "Bonds"). Capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the resolution adopted by the governing body of the
Issuer prescribing the details of the Bonds.
We have examined the law and such certified proceedings and other documents as we deem
necessary to render this opinion. As to questions of fact material to our opinion, we have relied upon the
certified proceedings and other certifications of public officials furnished to us without undertaking to
verify the same by independent investigation.
Based upon the foregoing, we are of the opinion, under existing law, as follows:
1. The Bonds are valid and legally binding 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 certain 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.
2. The interest on the Bonds (including any original issue discount properly allocable to an
owner thereof) is excluded from gross income for federal income tax purposes and is not an item of tax
preference for purposes of the federal alternative minimum tax imposed on individuals and corporations.
It should be noted, however, that for the purpose of computing the alternative minimum tax imposed on
7
011783 095159
•
•
• • • • ••
corporations (as defined for federal income tax purposes), such interest is taken into account in
determining adjusted current earnings. the opinions set forth in this paragraph aSe,supject t9;thq
condition that the Issuer comply with all requirements of the Internal Revenu4 C4d6 oT 4986, 3s afnedded•:
(the "Code"), that must be satisfied subsequent to the issuance of the Bonds•r'rrottder that•intet thenoon
be, or continue to be, excluded from gross income for federal income tax purposes. The Issuer has
covenanted to comply with all such requirements. Failure to comply with certain of such•soquisaments
may cause the inclusion of interest on the Bonds in gross income for federal•intpme:tax purposes
retroactive to the date of issuance of the Bonds. The Bonds have not been designdte,f as `qualtted tax-
exempt obligations" for purposes of Section 265(b) of the Code. We express no opinion regarding other
federal tax consequences arising with respect to the Bonds.
3. The interest on the Bonds is excluded from computation of Kansas adjusted gross
income.
We have not been engaged nor have we undertaken to review the accuracy, completeness or
sufficiency of the Official Statement or other offering material relating to the Bonds (except to the extent,
if any, stated in the Official Statement) and we express no opinion relating thereto (excepting only the
matters set forth as our opinion in the Official Statement).
The rights of the owners of the Bonds and the enforceability thereof may be subject to
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights
heretofore or hereafter enacted to the extent applicable and their enforcement may be subject to the
exercise of judicial discretion in appropriate cases.
GILMORE & BELL, P.C.
•
•
8