7021 Develop Airport Park+`shed c A- J OLS O. Noy
CONSOLIDATED -SALIVA
1lq�0l
ORDINANCE NO. 7021
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AN ORDINANCE DECLARING IT NECESSARY TO DEVELOP A PUB IC PARK KNOWN AS
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AIRPORT PARK, IN THE CITY OF SALINA, SALINE COUNTY, KANSAS AND AUTHORIZING
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THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE CITY OF S INA, SALINE COUNTY,
KANSAS IN THE SUM OF $75,000.00 TO PAY THE COST THEREOF, DER THE AUTHORITY
OF K. S. A. 13-1024a, AND ALL AMENDMENTS THERETO.
WHEREAS, In the judgment of the Governing Body of the City of Salina,
Saline County, Kansas, it is deemed necessary, and for the best interests of
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the inhabitants of said City, that the City of Salina, Saline County, Kansas
develop a public park known as Airport Park; and,
WHEREAS, Said City of Salina, Saline County, Kansas as full authority
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j under K. S. A. 13-1024a, and all amendments thereto, to issue General Obliga-
tion Bonds of said City in an amount not exceeding $75,000 00 in any one
year, for the purpose of paying the cost of developing a public park known
j as Airport Park in the City of Salina, Saline County, Kans s.
I
NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF
SALINA, SALINE COUNTY, KANSAS:
Section 1. That it is deemed necessary and for the test interests of
the City of Salina, Saline County, Kansas that it develop a public park
i
known as Airport Park, and that said development be and the same is hereby
authorized.
Section 2. That for the purpose of paying the cost ¢f developing a
public park known as Airport Park in the City of Salina, Spline County,
Kansas, there shall be, and hereby are, issued General Improvement Bonds
i
(Airport Park), Series G-206 of the City of Salina Saline County,
Kansas, in the amount of $75,000.00, which said issue shal consist of 75
bonds, numbered from 1 to 75, both inclusive, in the denomination of $1000.00
each, shall be dated December 1, 1967, shall bear interest as follows, to -wit:
Bonds numbered 1 to 7, maturing December 1, 1969 to Decemb r 1, 1971, both
inclusive, bearing interest at the rate of 3-3/4% per annum; bonds numbered
8 to 19, maturing December 1, 1972 to December 1, 1975, both inclusive, bear-
ing interest at the rate of 4% per annum; and bonds numberefd 20 to 75, maturing
CONSOLIDATED -SALIVA
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December 1, 1976 to December 1, 1986, both inclusive, bear ng interest at
the rate of 4-1/4% per annum - payable December 1, 1968, and semi-annually
thereafter on the first days of June and December of each 3 ear until said
principal sum shall have been paid, and shall mature in th following amounts,
upon the following dates, to -wit:
NUMBERS MATURITY AMOUNT
1
December
1,
1969
$ 1,000.00
2
to
4
December
1,
1970
3,000.00
5
to
7
December
1,
1971
3,000.00
8
to
10
December
1,
1972
3,000.00
11
to
13
December
1,
1973
3,000.00
14
to
16
December
1,
1974
3,000.00
17
to
19
December
1,
1975
3,000.00
20
to
22
December
1,
1976
3,000.00
23
to
25
December
1,
1977
3,000.00
26
to
28
December
1,
1978
3,000.00
29
to
53
December
1,
1979
5,000.00
34
to
39
December
1,
1980
6,000.00
40
to
45
December
1,
1981
6,000.00
46
to
51
December
1,
1982
6,000.00
52
to
57
December
1,
1983
6,000.00
58
to
63
December
1,
1984
6,000.00
64
to
69
December
1,
1985
6,000.00
70
to
75
December
1,
1986
6,000.00
$75,000.00
motion 3. Said bonds and coupons shall contain recitals, and be in
the form and of the size as provided by the statutes of thele State of Kansas.
Section 4. That said bonds shall be signed by the Mayor and attested
by the Clerk of said City, and shall have the corporate seal affixed, and the
interest coupons shall be signed with the facsimile signatures of said Mayor
and City Clerk, and both principal and interest shall be payable at the office
of the State Treasurer of the State of Kansas, in the City of Topeka, Kansas.
Section 5. The Mayor and City Clerk are hereby authorized to prepare
and execute said bonds and coupons, and, when so executed, said bonds shall
be registered as required by law, and the Governing Body stall annually make
provision for the payment of the principal and interest of said bonds as the
same shall become due by levying a tax upon all the taxabl property of said
City of Salina, Saline County, Kansas.
Section 6. That all ordinances or parts of ordinancels in conflict
herewith are hereby repealed.
Section 7. That this ordinance shall be in full forge and take effect
from and after its publication in THE
SALINA JOURNAL
the Official City paper, as provided by law.
CONSOLIDATED-SALINA
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PASSED by the Govern#ng Body and approved by the
day of ' } 1_&-u-, , 1967.
(Seal)
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Attest:
this
f_t}ie Citylof ISq#a, Saline
Coun y,IRansas
CONSOLIDATED -SALIVA
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November 27 , 1967
EXTRACT FROM MINUTES
THE GOVERNING BODY of the Cit of Salina, Saline County, Kansas met in
City y, ,
Regular session at City Hall
on
November 27 , 1967, at 4:00 1, P. M.
PRESENT were Mayor Rundquist , Commissioners Casebeer,
THE following members being absent Commissioners Stark and Waddell.
ORDINANCE NO. 7021 An Ordinance declaring it necessary to develop
j a public park known as Airport Park, in the City of Salina,Saline County,
Kansas, and authorizing the issuance of General Obligation Bonds of the City
of Salina, Saline County, Kansas in the sum of $75,000.00 tq pay the cost thereof,
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under the authority of K. S. A. 13-1024a, and all amendmentsi thereto, was intro-
duced by Mr. Casebeer who moved its (passage, which
motion was seconded by Mr. Yost
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AFTER a full discussion, the Mayor, Mr. Rundquist called
for a vote on said motion, the vote being as follows:
AYES: Rundquist, Casebeer, Yost
NOES: None
THE Mayor then declared the motion duly carried.
CERTIFICATE
I, D. L. Harrison , City Clerk of the
Saline County, Kansas, hereby certify that the above and fox
and correct copy of portions of the minutes of the meeting c
Body held on November 27 , 1967, as recorded on Ps
Journal of the proceedings of the Commission.
"ity of Salina,
:going is a true
E the Governing
ze 405 of
WITNESS
My hand
and the seal
of the City
of Salina,
Saline
County, Kansas,
this
day of
1967.
(Seal)
CONSOLIDATED -SALIVA
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UIC i MI was male by
Yost
Casebeer
and
seconded by
y t11Lit
the
Ol,.lo;ai.il^� revolution
be adoptod:
TIES 0 L U i 1 0 N 2966
S?i31:t'�L'Jy Gi? tl,v^27th dray of �November
�_ _ �f 1967, the GoverninS
Body of the City of Salina, Saline County, Kansas,, passed Ordinance No.
7021 Y, providing for ti:e issuance of General Improverartnt Bonds (Airport
Part:), Series YG-2.06of the City of Salina, Saline County, Kansas, in
the arlount of $75,000.00;
110'-1, THEREF RE', EF IT. RJESI )L,VEI) BY TIDE COVE-,) INN BODY 'OF T:I CITY OF
SALI ,A, Sr"I.Ii;E COU i "�'y l:lS.">S:
That the bonds authorized to i:,:;ued by said ordinince, together with
the interest coupon,, and tlse certifirat.eo on sr,id bonds, shall be insubstan-
tially the f_rllouing form:
CONSOLIDATED -SALIVA
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11111i ilE R1
UNJUD STA LS OF A.1-iERICA
STATE TATE OT. -I Y,-'; :SAS
COUNTY CW
CITY 017 SALINTA
TP07-!", S.7-RU"IQ G-206
(Airpert Pa i—)
k-J'(j'vg ALL 1,11'11 LY V1S
3*7.
POLLAW,
rJ-' O'Co. co
That the City of Salina, in the County of Salinc, and State of Kansas,
for Value received, 110-mby acMowledgns itself to be indebtod and prom'Uses to
Pav to t'Le bearer the suer: of
O�4'E TTIWISP'D- DOLLAR'S
in lawfal volley of tl-,,c Unitod States of Americn, on the fir -it day of Becember,
1.9 , with interest, tl-ici-eoa front the date hereof at the rate of
per ccut per ann!K;i, payable Dccoitier 1, 19("S' and Se;!Ii-annually
_I
t1wroaft.nr wa th<' first &tvs- of June wad Decor'.10cr of caeb yonr until said prin-
cipal sui:i sl-inll juivc! upon j)r,:.,oenUition and surre-ilder of tlie intero.-st
coupons horc-to the fa simile, signaturus of the 11'ayor anel the
Clerk of the City of Sal.--hia, Saline County, as :acid coupons severally
beem,.c due, bot% pr1riell--a-1 Pn,1 interest- of till-- bond bolng p�.yaj)lc at the office
T'
of the '�'rn-tc Treasurer 04' tbc-�� State of vlla-Eisas, iia the City p : f Topeka , i"'lnsaS
And said City of Salinn, in the County of Saline, and State !of Kaagas, is held
and f irinly bound by thcse presents, and t"le full faith, crec it and resources
of said City zm2 he rely irrevocnbly plcil<;ed' for the 1yl-1-:mt of Said
U
principal and iuterest at naturity.
This bond is one of a ,.-,erierj of F,-!ve;lty-five (75) bonds of like date,
tenor an..1 a-ouilt, cycel;tIng interest rate a -ad i,.,,,-,Lturity, ag-rct-aring tll,' priu-
-'7e V t
cipnI slim of S ve-lity-ft "houzmnd 1,'loll, ars ("-75,000.00), ir;!Jucd by said City
of Sallra, Saline County, Yannao, for tne purpose of providirl- fullds,to pay
the cost of developiiiF
, a public park known a Airport Parl. an the City of
Salina, Saline County, Kansas.
And it is hereby certified and recited that this bond is authorized
under the nut'llority of K. S. A. 13-1024a, and is issued pursuant thoreto, and
is issued in full confomity -with the provisions, restrictions aiwl liimitatioas
of th^ constitution and the laws of the State of Kansn3' and partict,lnrly of
1". S. A. 13--1024a, and Article 1 of C',tapter 10, and all ame-,Wimeuts t1iereto,
aad all ot'Oer la -....3 of said "tate applicable to said issue, unci this bond, and
all other bomis of said serics, and all interest thereon, are to be paid by
Said City of Salina, Ka-rpsas.
And it Is heraby declared and certified that all acts, corditio-ns and
thinSs require -11 to be done! and to exiot precc;-.Ient to and In tie issuance of
this bond Law! been. vroperI7 done and parforrc-tc% and do exist in due cn,n re --
pular form and rmincr as reti-ircd Ly the co'astitutiori and tilt lm4s of the
State Of Kaosag, and that the total indo"Ac-Iness of said nclualn- City, i, , ithis
Series of bcnds' doe=s riot excood an-, constitutional or statutory limlAzztion.
.7 j
This bone, is rc�,zo'Uable.
7 V'IT-"-AT;SS 11"JMJ"Ol", Said City of S.l11.T1.`1, in the County of Salfru-, &nd
State of by its Covernill- Joey 1ris c;-.-iu.--c-j th-Ts 1,ond to wsi-aed by
the zrid atf':C"t.d by the Clcrk of S. id City, -ald VIZ seal of !"aid City
to af*ft.'-'-{?-"i hf'reto' Z-nd ti'ic cou-ons hr-'rcto nttnchC,'j to be with till
sl'-,--naturcs of r.nid of 1":X4,rs and gain bord, to be el at C2 d fist
tlay of 1x67.
J j
-Y
Co'ur.t-Y'
t t L t
(real) Cj ty 4Clc'r':
CONSOLIDATED-SALINA
1
CO UP 011
lO.
0,l th-! first day of
the City 0i 'S'alJna, Saline v:jL'nLy, K ansa3, will pny )
to baer^r )
Dollars ::r.d Cents
I,I ful ^lOP:-'Y Of the United Stat,-:_�cf _L.�erica, aG t'r<4: )
office Of the State ;•rc_1 •urcr, .Tclpol-Fa, Kn-.73a3'
M_ _ rorlt!m' intc-reat Oil its Gc?;jc.r2jj.
P.: t L 11,( I, fd _(AjXport Fart:) , :aeric?;, � date l )
BecQl:i Cr 1, 1967. No. ---- - )
(F.)CF,irlile)
Mtayor
Attest;
City Clerl,
CITY Cl, 'S Cc,pTIFICr_T ;
STATE Of K&4SAS, COMM Oi' SALINE, CITY OF SILICA, ss:
�1i3CI,Nu')er
City Of Siclina, Sa.lin:�
County, K'rmsas
I, the urLdersi.gned, City Clerk of the City of Sali.na,, Saline County,
Kansas, hereby certl.fy ti-!�.t tl!a 1.*ittli.11 Cellcral I:; urovei�r2nt �',cmd (Airport
Park), Serios , and the ccu,)orl attaci-�J, of ttke' City c.f S.xlina,
G-206,
Kansns, hava been duly rc: SiotCrC i in ny office accordin- toj l .t;d*, and that
the signatures thereto are goruine:.
4II5 N1 SS a•ty hs nd .and of fi.ci 11 seal ttiic ? -71
City Clerk, of the City of S_alitia,
(Seal) Saline County, Kansas
STAT!, AUDITOR'S CERTIFICATE
STATE: OF FAESAS, CO IM OF .°,i:kl!'NEE, s5:
I, the under lLgned, Auditor of Vies State of K i..sas, do hereby certify
that a full and co: p,lcte trap .cript of the proceed rocs leadir- up to tele i^su-
ance of the within bored ha.3 been filed in r.y office, and that the within bo:i l
and the coupons hc_�riAo attached were rcci.sterc-d in rg office accorcling to lair
on
Wlil;;:'S,,", 'y hand and official seal.
.ry
(J^al
1 uditcr of ttie StatkT of ?� �, w;
CONSOLIDATED -SALIVA
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wilic!l foul -..I of bo-vid ani interest coupon be and tLa same are hereby approved,
and the Nayor and Cleric of the City of Salina, Saline County, '111"ansas aro
hereby authorized and directed to siC,n and execute said bonds and the interest
Coupons thereto attache -J, in such form.
PASSE'D and adopted this V7 day of "L,— 1967.
(Seal)
I
tl!e
Saline
County, Kunnas
Attest:
City Clerk
f
CONSOLIDATED-SALINA
I
TO: THE MAYOR AND COMMISSION
SALINA, KANSAS
Gentlemen:
WHEREAS, the First Securities Company has
been retained as Fiscal Agent for the City of Salijna,
Kansas in connection with the development of new
Municipal Golf Course facilities, and
WHEREAS, the said Fiscal Agent has furnished
City financial data, fiscal advice and financial
summaries in order that the most economical plan of
procedure be employed in financing a Municipal Golf
Course, and
WHEREAS, the cost of said Golf Course will
be approximately $200,000, of which one half will be
paid by Federal Funds, and the other half will be Maid
by the City of Salina, and
WHEREAS, the portion of the cost paid by the
City can be financed most economically by the issuance
of General Obligation Bonds to be paid by Golf Coujrse
Revenue, and $75,000 of such bonds are to be issued in
1967 with the balance being issued in 1968.
NOW, THEREFORE, the undersigned investment
banking firm agrees to purchase at a price of par
plus accrued interest approximately $100,000 General
Obligation Golf Course Bonds of Salina, Kansas. Iii
connection with such purchase, we will also furnish
the following general services:
A. We will pay the fees of a firm of recognized
municipal bond attorneys to be employed by the'
City to cooperate and work with the City Attorney
to prepare the necessary forms, papers and
resolutions as required to build complete bond;
transcripts for the two bond issues, and to furnish
the legal approving opinion.
A. Upon approval of the bond issue, we will handle all
details in connection with the delivery of the'
bonds, will prepare an official bond record,
Provide printed bonds for execution by the proper
officials of the City, and will take care of Sate
School Fund offering and State Auditor registration.
In consideration of our services and expenses as above
set forth, you will pay us a fiscal fee in accordance
with the Standard Fiscal Agent Fee Schedule as set',out
in Addendum I attached hereto.
It is understood and agreed that the bonds will mature
over a maturity schedule of not to exceed 20 years' and
that the average interest rate shall not exceed 4.41
per cent.
It is the intent and purpose of this supplemental
agreement, when accepted by the City, to authorize the
undersigned investment banking firm to carry through
this financial program and complete the issuance and
marketing of the two issues of General Obligation Golf
Course Bonds.
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CONSOLIDATED-$ALINA
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^ UUdK; �,UueK
Dated this ~day of November, 1967.
Respectfully Submitted,'
FIRST SECURITIES COMPAN7 OF KANSAS, INC.
Wichita, Kansas
Bye
ACCEPTANCE:
We, the Mayor and Clerk of the City of Salina, Kau isas,
upon approval of the Governing Body of the City, hereb
approve and accept the above financial agreementsub-
mitted by the First Securities Company relative to the
issuance, purchase and sale of General Obligation Golf
Course Bonds of the City.
CITY OF SALINA, KANSAS
By
ATTEST:
Accepted this 2 o day of November, 1967.
UU_1:
CONSOLIDATED -SALIVA
n
ADDENDUM I. Kansas Securities Dealers "STA14DARDS OF PERFORMANCE and RECOMMENDED
MINIMUM FEES".
VI. RECOMMENDED MINIMUM FEES
There are a number of factors which directly affect the amount of the financial
advisors fee, the major ones being (a) the amount of bonds to be issued under the
contract, (b) the type of bonds; that is, whether generalobli'ation bonds or
revenue bondsi (e) the number of installments or series in whi h the bonds are to
be issued, and (d) the number of separate bond,elections or of er authorizations
which are involved. Each of these factors will affect the amopnt of time which
must be devoted to the financing as well as the costs incurred. As reimbursement
for the various expenses assumed by the financial advisor, and' as reasonable com-
pensation for the piofessional services which he has rendered, the Kansas Securities
Dealers recommend that the following formulas be observed as minimums in computation
of the financial advisory fee.
A. BASIS SCHEDULE
The following
basic schedule covers
bonds voted at a
single bo!�d election.
If the Amount
of Bonds De-
livered to the Purchaser Is:
More Thar.
And Not More Than
The Recommended Minimum Fee Is
$ -0-
$ 50,000
$1,500
50,000
150,000
$15500
plus
$9.00 per l$1,,000
for all
over
$50,000
150,000
2500000
$2,400
plus
$7.00 per ',$1,000
for all
over
$150,000
250,000
350,000
$39100
plus
$6.00 per ($10000
for all
over
$2509000
350,000
500,000
$39700
plus
$4.00 per !$1,000
for all
over
$350,000
500,000
700,000
$40300
plus
$3.50 per 1$1,000
for all
over
$500,000
700,000
190002000
$5,000
plus
$3.25 per j$1,000
for all
over
$7009000
1,000,000
1,500,000
$5,975
plus
$3.00 per'$1,000
for all
over
$1,000,0001
1,5000000
21,5009000
$79475
plus
$2.00 per'i$1,000
for all
over
$19,500,0001
2,500,000
59000,000
$9,475
plus
$1.75 per ($1,000
for all
over
$20500,0001
5,0009000
No Limit
$13,850
plus
$1.50 pert $1,000
for all
over
$5,000,000
B. GENERAL
OBLIGATION BONDS
The recommended minimum fee for General Obligation Bonds, voted at a single
bond election and issued in a single installment, shall be the net amount as
computed from the Basic Schedule above. (For example, thefee for $1,500,000
General Obligation Bonds voted at one election and sold aone issue at one
time is $7,475.00.)
C. REVENUE BONDS
The recommended minimum fee for Revenue Bonds, voted at a',single bond election
and issued in a single installment, shall be the amount as computed from the
Basic Schedule plus 25%. (For example, the fee for $1,50$,000 Revenue Bonds
voted at a single election and sold at one time is $9,3431.75.)
D. MULTIPLE BOND ELECTIONS AND OTHER BOND AUTHORIZATIONS
1. Bonds authorized at separate bond elections are to be considered as
separate transactions in computing the financial advisory fee. (For
example, the fee for $1,500,000 General Obligation Bods of which $500,000
were voted in 1962 and $1,000,000 voted in 1965 would be $10,275.00;
that is $49300.00 and $5,975.00.)
2. Legal authorizations for the issuance of bonds, other than bond elections,
shall be considered for the purpose of the fee schedule to be the same as *.
bond elections. (For example, bonds issued under aut ority of a special
act by the State Legislature would be treated the sam as bonds voted at'
an election.)
Page 1 of 2
CONSOLIDATED -SAUNA
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3. The issuance of bonds for refunding of outstanding bonds, whether or
not the latter be callable, shall be treated the same as bonds issued
pursuant to election or other authorization; and where refunding bonds
are issued in connection with other financing they shall be considered as
separate transactions in keeping with the principal outlined in Para-
graph D.1, above. (For example, the fee for $1,500,000 Waterworks
Revenue Improvement & Refunding Bonds composed of $500,000 outstanding
bonds plus $1,000,000 newly voted bonds would be $12,'843.75; that is,
$4,300.00 plus $5,975.00 plus 25% for Revenue Bonds.)
E. MULTIPLE INSTALLMENTS
When bonds (general obligation or revenue) are issued in multiple install-
ments the recommended fee for each installment shall be computed as 125% of
the pro rata part of the total fee which would otherwise be due upon issuance
of all bonds covered by the contract in a single installment; except that any
installment which is less than 33 1/30 of the total amount of bonds covered
by the financial advisory contract shall be treated as a (separate issue and
the fee shall be computed directly from the Basic Schedule above. (For
example, the fee for $1,500,000 General Obligation Bonds 'Issued in two install-
ments of $500,000 and $1,000,000 would be $3,114.58 and $$,229.17, respectively;
whereas the fee for the same amount of bonds issued in three installments of
$700,000, $600,000 and $200,000 would be $4,360.42, $3,731.50 and $2,750.00,
respectively.)
F. FINANCIAL ADVISOR EMPLOYED AFTER PROGRAM INITIATED
No credit shall be allowed from the foregoing recommendedlminimum fees even
though the financial advisor is not employed until after (1) the bonds have
already been authorized, or (2) the bonds have been authorized and one or
more installments have been issued.
Page 2 of 2