94-4793 Auth Note IssueRESOLUTION NUMBER 94-4793
RESOLUTION AUTHORIZING AND DIRECTING THE
ISSUANCE OF TEMPORARY NOTES OF THE CITY OF SALINA,
KANSAS, IN AN AGGREGATE PRINCIPAL AMOUNT OF
$580,000 FOR THE PURPOSE OF PROVIDING FUNDS TO PAY
THE COST OF LANDFILL IMPROVEMENTS IN THE CITY.
WHEREAS, pursuant to K.S.A. 12-2101 et seq., as amended, and all other provisions of the
of the State of Kansas applicable thereto, by proceedings duly had and other actions duly and legally
, the City of Salina, Kansas (the "City"), is proceeding with improvements to and acquisition of
)ment for the City's solid waste facility (the "Project") at an estimated total of $1,500,000, and
_ WHEREAS, all legal requirements pertaining to the issuance of $1,500,000 of the City's general
ob gation bonds and temporary notes for the Project have been complied with, and the City is proceeding
wi contracts with respect to the Project, and
WHEREAS, the City has previously issued $285,000 principal amount of its General Obligation
iicipal Temporary Notes (Landfill Project), Series 1994-B, to pay a portion of the cost of the Project
the City has authority to issue an additional $1,215,000 of obligations for the Project, and
WHEREAS, pursuant to engineering plans and estimates, construction contracts and actions duly
t in connection with the Project, it has been determined that the cost of the portion of the Project
ving leachate collection will be approximately $580,000, and
WHEREAS, it is necessary for the City to provide cash funds for the obligations incurred in
acc liring and constructing the Project prior to the completion of the Project and the issuance of the bonds
of lie City, and it is desirable and to the interest of the City that such funds be raised by the issuance of
temporary notes of the City, said temporary notes to be issued by the City under and pursuant to the
nrc visions of K.S.A. 10-123.
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY
SALINA, KANSAS, AS FOLLOWS:
Section 1. For the purpose of providing funds to pay a portion of the cost of the Project
inv lving leachate collection, there shall be issued and hereby is authorized to be issued municipal
temporary notes of the City in the principal amount of $580,000 (the "Notes"). The Notes shall be issued
as five Notes, numbered R-1 through R-6 being the principal amount of $100,000 each, except for one
not in the amount of $80,000, shall be designated Municipal Temporary Notes (Landfill Project), Series
1994-4, and shall be in the form hereinafter set forth. The Notes shall be dated October 1, 1994, shall
become due December 31, 1995, shall bear interest from October 1, 1994, at the rate of 4.60% per
anr am payable at maturity and shall be redeemable at the option of the City prior to maturity at any time
at t ie principal amount thereof plus accrued interest to the date of payment, without premium, on not less
tha forty-five days' notice to the State Treasurer of Kansas and thirty days' written notice given by first
cla mail sent to the original purchaser of the Notes.
Section 2. Upon the execution and registration of the Notes, they shall be delivered and held in
General Fund of the City upon payment by United Missouri Bank, N.A. Kansas City, Missouri, of
purchase price therefor.
Section 3. The City Clerk shall keep the note registration books of the City on which it shall
d the initial and all subsequent registered owners of the Notes and all transfers thereof. The Notes
be transferred on such registration books as specified in the form of Note set forth in Section 4.
Section 4. The Notes shall be issued in certificated form in substantially the form set forth in
Section subject to such changes and variations as may be required to comply with the Kansas Bond
istration Law, K.S.A. 10-620 to 10-632, inclusive, and the rules and regulations appertaining thereto
lished in the Kansas Register by the Attorney General of the State of Kansas. The certificated Notes
have endorsed thereon such legends or test as may be necessary or appropriate to conform to any
.icable rules and regulations of any governmental authority or any custom, usage or requirement of
with respect thereto.
UNITED STATES OF AMERICA
STATE OF KANSAS, CITY OF SALINA
MUNICIPAL TEMPORARY NOTE
(LANDFILL PROJECT), SERIES 1994-4
Interest Rate Maturity Date Note Date
4.60% December 31, 1995 October 1, 1994
ISTERED HOLDER:
AL AMOUNT:
THE CITY OF SALINA, KANSAS (the "City"), for value received, hereby promises to pay to
th Registered Holder identified above or registered assigns, on the Maturity Date identified above, unless
ca ed for redemption prior to maturity, the Principal Amount identified above and to pay interest thereon
on the Maturity Date at the Interest Rate specified above from the Note Date identified above. Both
pr�he
cipal and interest are payable to the bearer hereof upon presentation and surrender hereof at the office
of City Treasurer in the City of Salina, Kansas.
THE CITY hereby reserves the right to redeem and pay this Note prior to its maturity at any time
ata principal amount thereof plus accrued interest to date of payment, without premium, provided the
Ci shall give not less than thirty days' written notice of its intent to pay this Note, such notice to be
—"
gin by first class mail sent to the original purchaser of this Note.
THIS TEMPORARY NOTE is one of a series of temporary notes of the City issued for the
pu ose of providing funds to pay the cost of improvements to and acquisition of equipment for the City's
sol d waste facility (the "Project"), the Project having been duly and regularly authorized by the
go erning body of the City. The Project is to be paid for in whole or in part by the issuance of bonds
of he City and is being made under, and this Note is being issued under, the authority of and in full
npliance with the provisions, restrictions and limitations of the constitution and statutes of the State
Kansas, K.S.A. 12-2101 et seq. and 10-123, and all other provisions of the laws of said State
>licable thereto. This Note and all interest thereon are to be paid by the City.
THIS NOTE is transferable only in the Note Register at the office of the City Clerk of the City
(hI reinafter referenced as the Note Registrar when acting in that capacity) upon surrender of this Note
to the Note Registrar duly endorsed for transfer or accompanied by a written instrument of transfer
satisfactory to the Note Registrar duly executed by the registered owner hereof or his attorney or legal
re resentative and thereupon a new Note in the same aggregate principal amount shall be issued to the
tri4sferee in exchange therefor.
THIS NOTE shall not be valid or become obligatory for any purpose or be entitled to any
or benefit under the Resolution of the City authorizing the issuance of this Note until the
ite of Registration hereon shall have been dated and executed by the City Clerk.
IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions and things required to
be ione and to exist precedent to and in the issuing of this Note have been properly done and performed
an do exist in regular and due form as required by the constitution and laws of the State of Kansas, and
thd the total indebtedness of the City, including this Note, does not exceed any constitutional or statutory
li itation.
IN WITNESS WHEREOF, the City of Salina, Kansas, has caused this Note to be signed by its
officers and its corporate seal to be affixed, and the same to be dated as of October 1, 1994.
[S4AL]
/:7
City Clerk
COUNTERSIGNATURE CERTIFICATE
Mayor
This Temporary Note shall not be negotiable unless and until countersigned below following
re stration by the Treasurer of the State of Kansas.
Countersignature Date:
[S]
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City Clerk
CITY CLERK'S CERTIFICATE
S ATE OF KANSAS )
SS.
C UNTY OF SALINE )
[SEAL]
I, the undersigned, City Clerk of the City of Salina, Kansas, hereby certify that the within
ary Note of the City of Salina, Kansas, has been duly registered in my office according to law.
WITNESS my hand and official seal this September 12, 1994.
STATE TREASURER'S CERTIFICATE
City Clerk
I, Sally Thompson, Treasurer of the State of Kansas, hereby certify that a full and complete
pt of the proceedings leading up to the issuance of this Temporary Note has been filed in my
and that this Temporary Note was registered in my office according to law this
WITNESS my hand and official seal.
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Treasurer of the State of Kansas
M.
Assistant State Treasurer
ASSIGNMENT
FOR VALUE RECEIVED the undersigned does (do) hereby sell, assign and transfer to
(Name and Address)
(Social Security or Taxpayer Identifying Number)
note to which this assignment is affixed in the outstanding principal amount of $ , standing
he name of the undersigned on the books of the City Clerk of Salina, Kansas. The undersigned does
) hereby revocably constitute and appoint attorney to transfer the said bond to the
,stitution in the premises.
Section 5. The Notes shall be executed by the Mayor and City Clerk and the Seal of the City
1 be affixed thereto, and after such execution and the registration of the Notes by the City Clerk and
he State Treasurer, shall be countersigned by the City Clerk and shall be delivered to United Missouri
k, N.A., Kansas City, Missouri, the purchaser thereof, upon receipt of the purchase price therefor,
price to be equal to the principal amount of the Notes plus accrued interest, if any, thereon. In the
it any officer whose signature appears on the Notes shall cease to be such officer before the delivery
ach Notes, such signature shall nevertheless be valid and sufficient for all purposes, the same as if
t person had remained in office until delivery. The proceeds of the Notes will be deposited in a
ect fund for the Notes and used to pay the cost of the Project.
Section 6. (a) The City covenants and agrees that (1) it will comply with all applicable
prt visions of the Code, including Sections 103 and 141 through 150, necessary to maintain the exclusion
from federal gross income of the interest on the Notes, and (2) it will not use or permit the use of any
pr ceeds of Notes or any other funds of the City, nor take or permit any other action, or fail to take any
acon, which would adversely affect the exclusion from federal gross income of the interest on the Notes.
Tl City will also adopt such other ordinances or resolutions and take such other actions as may be
ne essary to comply with the Code and with other applicable future law, in order to ensure that the
;rest on the Notes will remain excluded from federal gross income, to the extent any such actions can
taken by the City.
(b) The City covenants and agrees that (1) it will use the proceeds of the Notes as soon as
cticable and with all reasonable dispatch for the purposes for which the Notes are issued, and (2) it
1 not invest or directly or indirectly use or permit the use of any proceeds of the Notes or any other
ds of the City in any manner, or take or omit to take any action, that would cause the Notes to be
bitrage bonds" within the meaning of Section 148(a) of the Code.
(c) The City covenants and agrees that it will pay or provide for the payment from time to
of all rebatable arbitrage to the United States pursuant to Section 148(f) of the Code and the
itrage Instructions prepared by bond counsel. This covenant shall survive payment in full or
;asance of the Notes. The Arbitrage Instructions may be amended or replaced if, in the opinion of
asel nationally recognized on the subject of municipal bonds, such amendment or replacement will
adversely affect the exclusion from federal gross income of the interest on the Notes.
(d) The City covenants and agrees that it will not use any portion of the proceeds of the
N es, including any investment income earned on such proceeds, directly or indirectly, (1) in a manner
th would cause any Note to be a "private activity bond" within the meaning of Section 141(a) of the
C e, or (2) to make or finance a loan to any Person.
(e) The City expects that more than 75 % of the proceeds of the Notes will be expended for
fiction" as that term is used in Section 148(f)(4)(C)(iv) of the Code.
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[SV:ALj
A'
Adopted by the Board of Commissioners and signed by the Mayor this 12th day of September,
Clerk
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Mayor