83-8959 Issue GO Bonds(Published in The Salina Journal 12k yjj In 1983)
AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE, SALE AND DELIVERY
OF $820,000 PRINCIPAL AMOUNT OF INTERNAL IMPROVEMENT BONDS, SERIES P-229, OF THE
CITY OF SALINA, KANSAS, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF
CONSTRUCTION OF STORM SEWERS, WATER MAINS, SANITARY SEWERS, STREET AND DRAINAGE
CANAL IMPROVEMENTS; PRESCRIBING THE FORM AND DETAILS OF SAID BONDS; AND PROVIDING
FOR THE LEVY AND COLLECTION OF THE NECESSARY ASSESSMENTS AND TAXES FOR THE
PURPOSE OF PAYING THE PRINCIPAL OF AND INTEREST ON SAID BONDS AS THE SAME BECOME
DUE.
WHEREAS, pursuant to K.S.A. 12-6a01 et seq, and other provisions of
the laws of the State of Kansas applicable thereto, by proceedings duly had, the
governing body of the City of Salina, Kansas (herein called the "City"), has
proceeded with construction of storm sewers, water main, sanitary sewers, street,
and drainage canal improvements, said improvements being more fully identified as
Project 80-671 (water main improvements), Project 80-672 (drainage canal
improvements), Project 81-674 (utility improvements), Project 81-678 (street and
storm sewer improvements), Project 81-684 (street and storm sewer improvements),
Project 81-685 (street and storm sewer improvements), Projects 82-688, 82-689,
82-690 (street, utility and drainage canal improvements).
WHEREAS, all legal requirements pertaining to said improvements have
been complied with, and the governing body of the City now finds and determines
that the total costs of said improvements and related expenses are $1,089,903.13
part of said costs to be paid by the City -at -large and part to be paid by special
assessments against the property benefited, which have been duly levied and
assessed against the lots, pieces and parcels of land liable for the special
assessments for said improvements; and
WHEREAS, the owners of said lots, pieces and parcels of land liable
for special assessments as aforesaid, within the period specified, have paid
$269,903.13 in cash on account of said special assessments, leaving the balance
of $753,371.75 and the City Share of $66,628.25 for the total cost of said
improvements, to -wit, the sum of $820,000, as the cost of said improvements
to be paid by the issuance of bonds of the City; and
WHEREAS, the governing body of the City is authorized by law to issue
general obligation bonds of the City to pay the unpaid costs of said
improvements; and
WHEREAS, the governing body of the City has heretofore advertise the
sale of said bonds in accordance with law and awarded the sale of said bonds to
the lowest bidder; and
WHEREAS, the governing body of the City now deems and finds it
necessary to authorize the issuance of said bonds for delivery to the purchaser;
SO NOW, THEREFORE
BE IT ORDAINED by the Governing Body of the City of Salina, Kansas:
Section 1. Authorization of and Security for the Bonds. For the
purpose of providing funds to pay the cost of construction of storm sewers,
water mains, sanitary sewers and street improvements, there shall be issued and
are hereby authorized and directed to be issued the Internal Improvement Bonds,
Series P-229, of the City in the principal amount of $820,000 (herein called the
"Bonds").
The Bonds shall be payable as to both principal and interest from ad
valorem taxes which may be levied without limitation as to rate or amount upon
all taxable tangible property, real and personal, within the territorial limits
of the City. The full faith, credit and resources of the City are hereby
irrevocably pledged for the prompt payment of the Bonds and the interest thereon
as the same become due.
Section 2. Description of the Bonds, Designation of Paying Agent The
Bonds shall consist of negotiable coupon Bonds, numbered from 1 consecutively
upward, in the denomination of $5,000 each. All of the Bonds shall be dated May
1, 1983, shall become due serially on May 1 in the respective years, without
option of prior payment, and shall bear interest from their date at the
respective rates per annum, as follows:
Interest on the Bonds at the rates aforesaid shall be payable
semiannually on May 1 and November 1 in each year, beginning on May 1, 1984.
Both principal of and interest on the Bonds shall be payable at the office of
the State Treasurer, in the City of Topeka, Kansas (herein called the "Paying
Agent").
Section 3. Redemption of Bonds Prior to Maturity. The Bonds shall
not be subject to redemption prior to their respective dates of maturity set
forth in Section 2.
Section 4. Method of Execution of the Bonds. Each of the Bonds shall
bear the manual or facsimile signature of the Mayor, shall be attested by the
manual or facsimile signature of the City Clerk and shall have the seal of the
City affixed thereof or imprinted thereon. Interest coupons shall be attached
to the Bonds representing the interest thereon, which interest coupons shall
bear the facsimile signatures of the Mayor and City Clerk of the City.
Section 5. Form of Bonds. Each of the Bonds and the certificates and
interest coupons affixed or annexed thereto shall be in substantially the
following form:
1
PRINCIPAL
INTEREST
BOND
NUMBERS
YEAR
AMOUNT
RATE
1 -
16
1984
$80,000
6.50%
17 -
32
1985
80,000
6.50%
33 -
48
1986
80,000
6.50%
49 -
64
1987
80,000
6.50%
65 -
80
1988
80,000
6.50%
81 -
96
1989
80,000
7.00%
97 -
113
1990
85,000
7.00%
114 -
130
1991
85,000
7.00%
131 -
147
1992
85,000
7.25%
148 -
164
1993
85,000
7.50%
$820,000
Interest on the Bonds at the rates aforesaid shall be payable
semiannually on May 1 and November 1 in each year, beginning on May 1, 1984.
Both principal of and interest on the Bonds shall be payable at the office of
the State Treasurer, in the City of Topeka, Kansas (herein called the "Paying
Agent").
Section 3. Redemption of Bonds Prior to Maturity. The Bonds shall
not be subject to redemption prior to their respective dates of maturity set
forth in Section 2.
Section 4. Method of Execution of the Bonds. Each of the Bonds shall
bear the manual or facsimile signature of the Mayor, shall be attested by the
manual or facsimile signature of the City Clerk and shall have the seal of the
City affixed thereof or imprinted thereon. Interest coupons shall be attached
to the Bonds representing the interest thereon, which interest coupons shall
bear the facsimile signatures of the Mayor and City Clerk of the City.
Section 5. Form of Bonds. Each of the Bonds and the certificates and
interest coupons affixed or annexed thereto shall be in substantially the
following form:
1
d
M
(FORM OF BOND)
UNITED STATES OF AMERICA
STATE OF KANSAS
COUNTY OF SALINE
CITY OF SALINA
INTERNAL IMPROVEMENT BOND
SERIES P-229
THE CITY OF SALINA, SALINE COUNTY, KANSAS, (herein called the "City"),
for value received, hereby acknowledges itself to be indebted and promises to
pay to the bearer the sum of
THOUSAND DOLLARS
on the first day of May, 19_, and to pay interest thereon from the date hereof
at the rate of percent ( %) per annum, payable semiannually on May 1
and November 1 in each year, beginning on May 1, 1984, until said principal sum
shall have been paid, upon presentation and surrender of the interest coupons
hereto annexed as said coupons severally become due. Both principal of and
interest on this Bond shall be payable in lawful money of the United States of
America at the Office of the State Treasurer in the City of Topeka, Kansas (the
"Paying Agent"). The full faith, credit and resources of the City are hereby
irrevocably pledged for the prompt payment of the principal of and interest on
this Bond as the same become due.
THIS BOND is one of an authorized series of negotiable coupon Bonds of
the City numbered from 1 consecutively upward, designated "Internal Improvement
Bonds, Series P-229", of like date and tenor, excepting number, interest rate,
and maturity, aggregating the principal amount of $820,000 (herein called the
"Bonds"), issued by the City for the purpose of providing funds to pay the cost
of construction of storm sewer, water mains, sanitary sewers, street and drainage
canal improvements, under the authority of and in conformity with the provisions,
restrictions and limitations of the constitution and laws of the State of Kansas,
including K.S.A. 10-101 to 10-132, inclusive, K.S.A. 12-6a01 to 12-6a17,
inclusive, and all laws amendatory thereof and supplemental thereto.
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 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 Bond and the series of which
it is one, does not exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF, the governing body of the City of Salina, Kansas,
has caused this Bond to be signed by the facsimile signature of its Mayor,
attested by the facsimile signature of its City Clerk, its corporate seal to be
affixed hereto or imprinted hereon, the interest coupons attached hereto to be
executed with the facsimile signatures of said officers and this Bond to be
dated this first day of May, 1983.
ATTEST:
(facsimile)
City Clerk
(facsimile)
Mayor
1
(FORM OF COUPON)
(First Coupon due
May 1, 1984)
THE CITY OF SALINA, KANSAS ) On
promises to pay to the bearer the amount shown ) 1,
hereon in lawful money of the United States of ) 1, 19
America, at the office of the STATE TREASURER,)............................
Topeka, Kansas, being interest due on that date ) $
on its INTERNAL IMPROVEMENT BOND, SERIES P-229, )
Dated May 1, 1983. )..............................
} Bond No.
(facsimile) )
Mayor ) Coupon No.
ATTEST: )
(facsimile) )
City Clerk )
Registration No. 1-0583-085-017
(FORM OF CLERK'S CERTIFICATE)
STATE OF KANSAS )
SS.
COUNTY OF SALINE )
I, the undersigned, City Clerk of the City of Salina, Kansas, hereby
certify that the within Bond has been duly registered in my office according to
law.
WITNESS my hand and official seal this
City Clerk
-------------------------------------------------------------------------------
(FORM OF STATE TREASURER'S CERTIFICATE)
OFFICE OF THE STATE TREASURER, STATE OF KANSAS
I, Joan Finney, Treasurer of the State of Kansas, do hereby certify
that a full and complete transcript of the proceedings leading up to the issuance
of the within Bond has been filed in my office, and that this Bond and the
coupons attached thereto were duly regiatered in my office according to law
this
WITNESS my hand and official seal.
State Treasurer of Kansas
By
Assistant State Treasurer
Section 6. Execution and Delivery of the Bonds. The Mayor and City
Clerk are hereby authorized and directed to prepare and execute the Bonds in the
manner hereinbefore specified, to cause said Bonds to be registered in the office
of the City Clerk and in the office of the State Treasurer of Kansas as provided
by law and, when duly executed and registered, to deliver said Bonds to
United Securities, Inc., the original purchaser thereof, on payment of the
purchase price.
Section 7. Disposition of Bond Proceeds. All accrued interest and
premium, if any, received from the sale of the Bonds shall be deposited in the
general obligation bond fund.
The balance of the proceeds derived from the sale of the Bonds shall
be deposited in the City treasury and shall be used and expended solely for the
purpose of paying the cost of the improvements hereinbefore described.
Section 8. Lev, and Collection of Annual Taxes and Assessments. The
governing body of the City l annually make provision for the payment of
principal of and interest on the Bonds as the same become due by levying and
collecting the necessary taxes and assessments therefor in the manner provided
by law.
Section 9. Transfer of Funds to Paying Agent. The Treasurer of the
City is hereby authorized and directed to withdraw from the general obligation
bond fund and forward to the Paying Agent sums sufficient to pay both principal
of and interest on the Bonds as and when the same become due, and also to pay
the charges of the Paying Agent for acting as fiscal agent in the payment of
said principal and interest, and said charges shall be forwarded to the Paying
Agent over and above the amount of the principal of and interest on the Bonds.
Section 10. Effective Date. This Ordinance shall take effect and be
in full force from and after its publication in the official City newspaper.
1
(SEAL)
ATTEST:
D. L. Harrison, City Clerk
1
Introduced: March 28, 1983
Passed: April 4, 1983
ohn F. Burgess, V
ing Mayor