94-4803 Auth Note IssueRESOLUTION NUMBER 9 `i-4So3
RESOLUTION AUTHORIZING AND DIRECTING THE
ISSUANCE OF TEMPORARY NOTES OF THE CITY OF SALINA,
KANSAS, IN AN AGGREGATE PRINCIPAL AMOUNT OF
$520,000 FOR THE PURPOSE OF PROVIDING FUNDS TO PAY
THE COST OF VARIOUS STREET AND UTILITY
IMPROVEMENTS IN THE CITY.
WHEREAS, pursuant to K.S.A. 12-6a01 through 12-6a17, inclusive, and all other provisions
the laws of the State of Kansas applicable thereto, by proceedings duly had and other actions duly and
;ally taken, the City of Salina, Kansas (the "City"), is proceeding with the construction of certain street
I utility improvements in the City (the "Project"), and
WHEREAS, the cost of the Project is to be paid in whole or in part by the issuance of general
:)n bonds of the City in the manner provided by law, and
WHEREAS, pursuant to engineering plans and estimates, construction contracts and actions duly
in connection with the Project, it has been determined that the cost of the Project will be
(mately $520,000, and
WHEREAS, it is necessary for the City to provide cash funds to the obligations incurred in
)wiring and constructing the Project prior to the completion of the Project and the issuance of the bonds
the City, and it is desirable and to the interest of the City that such funds be raised by the issuance of
nporary notes of the City, said temporary notes to be issued by the City under and pursuant to the
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 the cost of the Project, there shall be issued
hereby is authorized to be issued municipal temporary notes of the City in the principal amount of
),000 (the "Notes"). The Notes shall be issued as five Notes, numbered R-1 upward and being in
principal amount of $100,000 each, except for one note in the amount of $120,000, shall be
gnated Municipal Temporary Notes (Subdivision Projects), Series 1994-5, and shall be in the form
inafter set forth. The Notes shall be dated November 1, 1994, shall become due June 30, 1996, shall
interest from November 1, 1994, at the rate of 4.83 % per annum payable at maturity and shall be
emable at the option of the City prior to maturity at any time at the principal amount thereof plus
ued interest to the date of payment, without premium, on not less than forty-five days' notice to the
Treasurer of Kansas and thirty days' written notice given by first class mail sent to the original
:haser 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., of the purchase price
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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
s Section subject to such changes and variations as may be required to comply with the Kansas Bond
gistration Law, K.S.A. 10-620 to 10-632, inclusive, and the rules and regulations appertaining thereto
blished in the Kansas Register by the Attorney General of the State of Kansas. The certificated Notes
ty have endorsed thereon such legends or test as may be necessary or appropriate to conform to any
plicable rules and regulations of any governmental authority or any custom, usage or requirement of
v with respect thereto.
UNITED STATES OF AMERICA
STATE OF KANSAS, CITY OF SALINA
MUNICIPAL TEMPORARY NOTE
(SUBDIVISION PROJECTS), SERIES 1994-5
Interest Rate Maturity Date Note Date
4.83% June 30, 1996 November 1, 1994
HOLDER:
AL AMOUNT:
THE CITY OF SALINA, KANSAS (the "City"), for value received, hereby promises to pay to
Registered Holder identified above or registered assigns, on the Maturity Date identified above, unless
led for redemption prior to maturity, the Principal Amount identified above and to pay interest thereon
the Maturity Date at the Interest Rate specified above from the Note Date identified above. Both
,icipal and interest are payable to the bearer hereof upon presentation and surrender hereof at the office
he 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
at he principal amount thereof plus accrued interest to date of payment, without premium, provided the
Chy shall give not less than thirty days' written notice of its intent to pay this Note, such notice to be
gii en 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
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puipose of providing funds to pay the cost of street and utility improvements within the City (the
"Project"), the Project having been duly and regularly authorized by the governing body of the City. The
Project is to be paid for in whole or in part by the issuance of bonds of the City and is being made under,
and this Note is being issued under, the authority of and in full compliance with the provisions,
re rictions and limitations of the constitution and statutes of the State of Kansas, K.S.A. 12-6a01 et seq.
ant. 10-123, and all other provisions of the laws of said State applicable thereto. This Note and all
int rest thereon are to be paid by the City.
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THIS NOTE is transferable only in the Note Register at the office of the City Clerk of the City
:reinafter referenced as the Note Registrar when acting in that capacity) upon surrender of this Note
the Note Registrar duly endorsed for transfer or accompanied by a written instrument of transfer
isfactory to the Note Registrar duly executed by the registered owner hereof or his attorney or legal
iresentative and thereupon a new Note in the same aggregate principal amount shall be issued to the
nsferee 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
ate 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
done and to exist precedent to and in the issuing of this Note have been properly done and performed
I do exist in regular and due form as required by the constitution and laws of the State of Kansas, and
t the total indebtedness of the City, including this Note, does not exceed any constitutional or statutory
citation.
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 November 1, 1994.
City Clerk
COUNTERSIGNATURE CERTIFICATE
Mayor
This Temporary Note shall not be negotiable unless and until countersigned below following
:ion by the Treasurer of the State of Kansas.
Countersignature Date:
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City Clerk
CITY CLERK'S CERTIFICATE
ATE OF KANSAS )
SS.
►UNTY OF SALINE )
EAL)
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 November 1, 1994.
STATE TREASURER'S CERTIFICATE
City Clerk
I, Sally Thompson, Treasurer of the State of Kansas, hereby certify that a full and complete
ipt 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
UZ
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
the 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
SII be affixed thereto, and after such execution and the registration of the Notes by the City Clerk and
the State Treasurer, shall be countersigned by the City Clerk and shall be delivered to and held in the
ited Missouri Bank, N.A., the purchaser thereof, upon receipt of the purchase price therefor, said
ce to be equal to the principal amount of the Notes plus accrued interest, if any, thereon. In the event
r officer whose signature appears on the Notes shall cease to be such officer before the delivery of such
tes, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such
-son had remained in office until delivery. The proceeds of the Notes will be deposited in a project
id for the Notes and used to pay the cost of the Project.
Section 6. The City expects to make capital expenditures on and after the date of adoption of
th Resolution in connection with the Project, and the Issuer intends to reimburse itself for such
e enditures with the proceeds of the Notes. In turn, the City expects to pay the Notes with the proceeds
o a long-term general obligation bond issue. The maximum principal amount of obligations expected
to a issued for the Project is not expected to exceed $550,000.
Section 7. (a) The City covenants and agrees that (1) it will comply with all applicable
irovisions of the Code, including Sections 103 and 141 through 150, necessary to maintain the exclusion
rom federal gross income of the interest on the Notes, and (2) it will not use or permit the use of any
�roceeds of Notes or any other funds of the City, nor take or permit any other action, or fail to take any
ction, which would adversely affect the exclusion from federal gross income of the interest on the Notes.
e City will also adopt such other ordinances or resolutions and take such other actions as may be
ecessary to comply with the Code and with other applicable future law, in order to ensure that the
terest on the Notes will remain excluded from federal gross income, to the extent any such actions can
le 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.
Ii (c) The City covenants and agrees that it will pay or provide for the payment from time to
t me of all rebatable arbitrage to the United States pursuant to Section 148(f) of the Code and the
Arbitrage Instructions prepared by bond counsel. This covenant shall survive payment in full or
feasance of the Notes. The Arbitrage Instructions may be amended or replaced if, in the opinion of
counsel nationally recognized on the subject of municipal bonds, such amendment or replacement will
t 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
otes, including any investment income earned on such proceeds, directly or indirectly, (1) in a manner
at would cause any Note to be a "private activity bond" within the meaning of Section 141(a) of the
ode, 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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Adopted by the Board of Commissioners and signed by the Mayor this 17th day of October,
T:
City
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Mayor