94-4750 Auth Note Issuet$�b'a?
i
RnoLUTTON Numm 9 4 - 4750
itSSOLIMON AUTHOREMG AND DIdtECnXG TIM
ISSVANCB OF TEMPORARY NOTES OF THE CITY OF SALINA,
KANSAS, IN AN AGGREGATE PRINCICPAL AMOUNT OF
$460.000 FOR THE PURPOSE OF PROVIDING FUNDS TO PAY
TEM COST OF VARIOUS STREET AND UTILITY
IN TfIE CITY.
tivEEREAS, pursuant to K.S.A. 12-6a01 through 12-6&17, inclusive, and all other provisions
the laws of the State of Kansas applicable thereto, by proceedings duly had and other actions duly and
;wily taken, the City of Salina, Kansas (the "City"). is proceeding with the construction of street and
lity 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 lav, and
W>FIEREA3. 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
;imately $460,000, and
WiiERBAS, it is necessary for the City to provide cash funds to the obligations incurred in
firing and constructing the Project prior to the completion of the Project and the issuance of the bonds
f the City, and it is desirable and to the interest of the City that such funds be raised by the issuance of
mporary notes of the City, said temporary notes to be issued by the City under and pursuant to the
rovisions of K.S.A. 10-123.
NOW, TI REFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY
SALIVA, KANSAS, AS FOLLOWS:
Section 1. For the purpose of providing funds to pay the cost of the Project, there shall be issued
d hereby is authorized to be issued municipal temporary notes of the City in the principal amount of
60,000 (the "Notes"). The Notes shall be issued as five Notes, numbered R-1 through R -S being the
incipal amount of $100,000 each, except for one note in the amount of $60,000, shall be designated
unicipal Temporary Notes (Subdivision Projects), Series 1994-C, and shall be in the form hereinafter
t forth. The Notes shall be dated July 1, 1994, shall become due December 31, 19%, shall bear
terest from July 1, 1994, at the rate of 4.13 % per annum payable at maturity and shall be redeemable
the option of the City prior to maturity at any time at the principal amount thereof plus accrued interest
the date of payment, without premium. on not less than forty-five days' notice to the State Treasurer
K2nsas and thirty days' written notice given by first class mail sent to the original purchaser of the
Section 2. Upon the execution and registration of the Notes, they shall be delivered and held in
General Fund of the City upon paynxnt by United Missouri Bank, N.A., of the purchase price
Section 3. The City Clerk shall keep the note registration books of the City on which it shall
record the initial and all subsequent registered owners of the Notes and all transfers thereof. The Notes
may be transferred on such registration books as specified in the form of Note ser forth in Section 4.
3eedon 4. The Notes shall be issued in certificated form in substantially the form set forth in
this Section subject to such changes and variations as may be required to comply with the Kansas Bond
Registration Law. K.S.A. 10-620 to 10-632, inclusive, and the rules and regulations appertaining the
published In the Kansas Register by the Attorney General of the State of Kansas. The certificated Nota
may have endorsed thereon such legends or test as may be necessary or appropriate to conform to any
applicable rules and regulations of any governmental authority or any custom, usage or requirement of
law with respect thereto.
NUMBER
4.13%
REGISTERED HOLDER:
PRINCIPAL AMOUNT:
S
UNITED STATES OF AMERICA
STATE OF KANSAS, CTTY OF SALINA
MUNICIPAL TEMPORARY NOTE
(SUBDIVISION PROJECTS), SERIES 1994-C
December 31, 1996 July 1, 1994
THE CITY OF SALINA, KANSAS (the "City"), for value received, hereby promises to pay to
the Registered Holder identified above or registered assigns, on the Maturity Date identified above, unless
called 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
principal and interest are payable to the bearer hereof upon presentation and surrender hereof at the office
of the City Treasurer in the City of Salina, Kansas.
THE CITY hereby rcwves the right to redeem and pay this Note prior to its maturity at any time
at the principal amount thereof plus accrued interest to date of payment, without premium, provided the
City shall give not less than thirty days' written notice of its intent to pay this Note, such notice to be
given 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
purpose 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,
restrictions and limitations of the cunsdwdon and statutes of the State of Kansas, K.S.A. 12-6a01 a seq.
and 10-123, and all other provisions of the laws of said State applicable thereto. This Note and all
interest thereon are to be paid by the City.
2
THIS NOTE is transferable only in the Note Register at the office of the City Clerk of the City
(bereinaRer refaeaoed 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 transit
satisfactory to the Note Registrar duly executed by the registered owner hereof or his attorney or legal
representwve and thereupon a now Note in the same aggregate principal amount shall be issued to the
traasfesee in exchange therefor.
THIS NOTE shall not be valid or become obligatory for any purpose or be entitled to any
security or benefit under the Resolution of the City authorizing the issuance of this Note until the
Certificate 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 done and to exist precedent to and in the issuing of this Note have been properly done and performed
and do exist in regular and due form as required by the constitution and laws of the State of Kansas, and
that the total indebtedness of the City, including this Note, does not exceed any constitutional or statutory
limitation.
IN WITNESS WHEREOF, the City of Salina, Kansas, has caused this Note to be signed by its
proper officers and its corporate seal to be affixed, and the same to be dated as of July 1, 1994.
[SEAL] Mayor
ATTEST:
City Clerk
COUNTERSIGNATURE CERTMCATE
This Temporary Note shall not be negotiable unless and until countersigned below following
registration by the Treasurer of the State of Kansai.
Countersignature Due:
[SEAL]
3
City Clerk
CITY CLEWS CERTMCATE
STATE OF KANSAS )
) SS.
COUNTY OF SALINE )
Ll
1, the undersigned, City Clerk of the City of Salina, Kangas, hereby certify that the within
my Note of the City of Salina, Kansas, has beta duly registered in my office according to law.
Wr17NFSS my hind and official seal this July 1. 1994.
STATE '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 his been filed in my
and that this Temporary Note was registered in my office according to law this
WITNESS my hand and ofticW seal.
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Treasurer of the State of Kansas
By
Assistant State Treasurer
FOR VALUE RECEIVED the undersigned does (do) hereby sell. assign and transfer to
(Name and Address)
(Social Security or Taxpayer Identifying Number)
the note to which this assignment is affixed in the outstanding principal amount of S , staading
in the name of the undersigned on the books of the City Clerk of Salina, Kansas. The undersigned does
(do) hereby revocably constitute and appoint attorney to transfer the said bond to the
substitution in the premises.
Dated:
Sectioa S. The Notes shall be executed by the Mayor and City Clerk and the Seal of the City
shall be affixed thesew, and after such execution and the registration of the Notes by the City Clerk and
by the State Treasurer, shall be countersigned by the City Clerk and shall be delivered to and held in the
General brad of the City, the purchaser thereof, upon receipt of the purchase price therefor, said price
to be equal to the principal amount of the Notes plus accrued interest, if any, thereon. In the event any
officer whose signature appears on the Notes shall cease to be such officer before the delivery of such
Notes, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such
person had remained in office until delivery. The proceeds of the Notes will be used on the date of
delivery of the Notes to pay the cost of the Project.
Section 6. The City expects to make capital expenditures on and after the date of adoption of
this Resolution in connection with the Project, and the Issuer intends to reimburse itself for such
expenditures with the proceeds of the Notes. In turn, the City expects to pay the Notes with the proceeds
of a long-term general obligation bond issue. The maximum principal amount of obligations expected
to be issued for the Project is not expected to exceed S 51.;),49.�-0 .Sb
5
Seedoo 7. (a) The CIty covenants and agrees that (1) it will comply with all applicable
provisions 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 my
proceeds of Notes or any other funds of the City, not take or permit any other action, or fail to take any
action, which would adversely affect the exclusion from federal gross income of the intomt on the Notes.
The City will also adopt such other ordinances or resolutions and take such other actions as may be
necessary m comply with the Code and with other applicable future law, in order to ensure that the
interest on the Notes will remain excluded from federal gross income, to the extent any such actions can
be taken by the City.
(b) The City covenants and agrees that (1) it will use the proceeds of the Notes as soon as
practicahle and with all reasonable dispatch for the purposes for which the Notes are issued, and (2) it
will not invest or directly or indirectly use or permit the use of any proceeds of the Notes or any other
funds of the City in any manner. or take or omit to take any action, that would cause the Notes to be
"arbitrage 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
time 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
defeasance 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
not adversely after 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
Notes, including any investment income earned on such proceeds, directly or indirectly, (1) in a manner
that would cause any Note to be a 'private activity bond" within the meaning of Section 141(a) of the
Cods, or (2) to make or finance a loan to any Perron.
(e) 7U City expects that more than 75% of the proceeds of the Notes will be expended fbr
"construction" as that term is used in Section 148(t)(4)(C)(iv) of the Code.
Adopted by the Board of Commissioners and signed by the Mayor this 13th day of June, 1994.
Clerk
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