14-7110 Authorizing the Offering for Sale of GO Temporary Notes, Series 2014-IRESOLUTION NO. 14-7110
RESOLUTION AUTHORIZING THE OFFERING FOR SALE OF GENERAL
OBLIGATION INTERNAL IMPROVEMENT BONDS, SERIES 2014-A AND
GENERAL OBLIGATION TEMPORARY NOTES, SERIES 2014-1 OF THE CITY
OF SALINA, KANSAS.
WHEREAS, the City of Salina, Kansas (the "Issuer"), has heretofore authorized certain internal
improvements described as follows (the "Note Improvements"):
Estimated
Improvement
Proiect Description Ord./Res. No. Authority Fund Deposit*
Bicentennial Center Res. 13-6988 K.S.A. 12-1736 et seq. $5,000,000.00
Total. $5,000,000.00
WHEREAS, the governing body of the Issuer is authorized by law to issue general obligation
bonds to pay the costs of the Note Improvements; and
WHEREAS, it is necessary for the Issuer to provide cash funds (from time to time) to meet its
obligations incurred in constructing the Note Improvements prior to the completion thereof and the
issuance of the Issuer's general obligation bonds, and it is desirable and in the interest of the Issuer that
such funds be raised by the issuance of temporary notes of the Issuer; and
WHEREAS, none of such temporary notes heretofore authorized have been issued and the Issuer
proposes to issue its temporary notes to pay a portion of the costs of the Note Improvements; and
WHEREAS, the Issuer has heretofore authorized certain internal improvements described as
follows (the `Bond Improvements," and together with the Note Improvements, the "Improvements"):
WHEREAS, the Issuer desires to issue its general obligation bonds in order to permanently
finance the costs of such Bond Improvements and to retire the following temporary notes of the Issuer,
which were issued to temporarily finance a portion of the costs of the Bond Improvements (the "Refunded
Notes"):
Excludes costs of issuance and interest on any temporary financing.
Estimated
Ordinance/
Improvement
Proiect Description
Resolution No.
Authority
Fund Deposit*
Pheasant Ridge No. 2
Ord. 14-10733
K.S.A. 12-6a01 et seq.
$218,881.67
Quail Meadows Phase V
Ord. 14-10733
K.S.A. 12-6a01 et seq.
391,891,57
Landfill Cell
Res. 14-7089
K.S.A. 12-2101 et seq.
2,300,000.00
Downtown Street Lighting
Res. 13-6987
K.S.A. 12-685 et seq.
4,110,000.00
Ninth and Cloud Improvements
Res. 13-7007
K.S.A. 12-685 et seq.
650,000.00
Total.
$7,760,773.24
and
WHEREAS, the Issuer desires to issue its general obligation bonds in order to permanently
finance the costs of such Bond Improvements and to retire the following temporary notes of the Issuer,
which were issued to temporarily finance a portion of the costs of the Bond Improvements (the "Refunded
Notes"):
Excludes costs of issuance and interest on any temporary financing.
Dated
Series Date
2013-1 July 15, 2014
; and
Maturity Original
Date Amount
August 1, 2014 $3,800,000.00
WHEREAS, the Issuer has selected the firm of George K. Baum & Co., Kansas City, Missouri
("Financial Advisor"), as financial advisor for a series of general obligation bonds of the Issuer to be
issued in order to provide funds to permanently finance the Bond Improvements and to retire the
Refunded Notes, and a series of general obligation temporary notes of the Issuer to be issued in order to
provide funds to temporarily finance the Note Improvements; and
WHEREAS, the Issuer desires to authorize the Financial Advisor to proceed with the offering for
sale of said general obligation bonds and general obligation temporary notes and related activities; and
WHEREAS, one of the duties and responsibilities of the Issuer is to prepare and distribute a
preliminary official statement relating to said general obligation bonds and general obligation temporary
notes; and
WHEREAS, the Issuer desires to authorize the Financial Advisor and Bond Counsel, in
conjunction with the Clerk, to proceed with the preparation and distribution of a preliminary official
statement and notice of sale and to authorize the distribution thereof and all other preliminary action
necessary to sell said general obligation bonds and general obligation temporary notes.
BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF SALINA, KANSAS,
AS FOLLOWS:
Section 1. The Issuer is hereby authorized to offer for sale the Issuer's General Obligation
Internal Improvement Bonds, Series 2014-A (the "Bonds") and General Obligation Temporary Notes,
Series 2014-1 (the "Notes," and together with the Bonds, the "Obligations") described in the Notice of
Sale, which is hereby approved in substantially the form presented to the governing body on this date.
Section 2. The Mayor and Clerk, in conjunction with the Financial Advisor and Bond Counsel,
are hereby authorized to cause to be prepared a Preliminary Official Statement, and such officials and
other representatives of the Issuer are hereby authorized to use such document in connection with the sale
of the Obligations.
Section 3. The Clerk, in conjunction with the Financial Advisor and Gilmore & Bell, P.C.,
Kansas City, Missouri ("Bond Counsel"), is hereby authorized and directed to give notice of sale of the
Bonds by publishing a summary of the Notice of Bond Sale not less than 6 days before the date of the
bond sale in a newspaper of general circulation in Saline County, Kansas, and the Kansas Register and by
distributing copies of the Notice of Sale and Preliminary Official Statement to prospective purchasers of
the Obligations. Proposals for the purchase of the Obligations shall be submitted upon the terms and
conditions set forth in said Notice of Sale, and shall be delivered to the governing body at its meeting to
be held on such date, at which meeting the governing body shall review such bids and shall award the sale
of the Obligations or reject all proposals.
Section 4. For the purpose of enabling the purchaser(s) of the Obligations (the "Purchaser(s)") to
comply with the requirements of Rule 15c2-12 of the Securities and Exchange Commission (the "Rule"),
the Mayor and Clerk or other appropriate officers of the Issuer are hereby authorized: (a) to approve the
form of said Preliminary Official Statement and to execute the "Certificate Deeming Preliminary Official
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Statement Final" in substantially the form attached hereto as Exhibit A as approval of the Preliminary
Official Statement, such official's signature thereon being conclusive evidence of such official's and the
Issuer's approval thereof; (b) covenant to provide continuous secondary market disclosure by annually
transmitting certain financial information and operating data and other information necessary to comply
with the Rule to the Municipal Securities Rulemaking Board; and (c) take such other actions or execute
such other documents as such officers in their reasonable judgment deem necessary to enable the
Purchaser(s) to comply with the requirement of the Rule.
Section 5. The Issuer agrees to provide to the Purchaser(s) within seven business days of the date
of the sale of the Obligations or within sufficient time to accompany any confirmation that requests
payment from any customer of the Purchaser(s), whichever is earlier, sufficient copies of the final Official
Statement to enable the Purchaser(s) to comply with the requirements of the Rule and with the
requirements of Rule G-32 of the Municipal Securities Rulemaking Board.
Section 6. The Mayor, Clerk and the other officers and representatives of the Issuer, the
Financial Advisor and Bond Counsel are hereby authorized and directed to take such other action as may
be necessary to carry out the sale of the Obligations. Such officials are also directed and authorized to
make provision for payment and/or redemption of the Refunded Notes from proceeds of the Bonds and
other available funds.
Section 7. This Resolution shall be in full force and effect from and after its adoption.
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ADOPTED by the governing body on June 9, 2014.
(SEAL)
Mayor
ATTEST:
(Signature Page to Sale Resolution)
EXHIBIT A
CERTIFICATE DEEMING
PRELIMINARY OFFICIAL STATEMENT FINAL
June 9, 2014
To: [Purchaser Name]
[Purchaser City, State]
[Purchaser Name]
[Purchaser City, State]
Re: Approximately $7,810,000 General Obligation Internal Improvement Bonds, Series
2014-A and $5,000,000 General Obligation Temporary Notes, Series 2014-1
The undersigned are the duly acting Mayor and Clerk of the City of Salina, Kansas (the "Issuer"),
and are authorized to deliver this Certificate to the addressee(s) (the "Purchaser(s)") on behalf of the
Issuer. The Issuer has heretofore caused to be delivered to the Purchaser(s) copies of the Preliminary
Official Statement (the "Preliminary Official Statement") relating to the above -referenced notes and
bonds (the "Obligations").
For the purpose of enabling the Purchaser(s) to comply with the requirements of Rule 15c2 -
12(b)(1) of the Securities and Exchange Commission (the "Rule"), the Issuer hereby deems the
information regarding the Issuer contained in the Preliminary Official Statement to be final as of its date,
except for the omission of such information as is permitted by the Rule, such as offering prices, interest
rates, selling compensation, aggregate principal amount, principal per maturity, delivery dates, ratings,
identity of the underwriters and other terms of the Obligations depending on such matters.
CITY OF SALINA, KANSAS
By:
Title: Mayor
By:
Title: Clerk