92-4504 Auth NotesKinn -Cox Priming— Salim. Kansas
RESOLUTION NUMBER 92-4504
A RESOLUTION AUTHORIZING AND DIRECTING THE ISSUANCE
OF MUNICIPAL TEMPORARY NOTE NUMBER 1, SERIES PT -111, OF THE CITY
OF SALINA, KANSAS, IN THE AMOUNT OF $211,000 FOR THE PURPOSE OF
PROVIDING FUNDS TO PAY THE CONSTRUCTION OF STREET AND UTILITY
IMPROVEMENTS IN HOLMQUIST ESTATES AND AUSTIN ADDITIONS, ALL IN
SAID CITY.
WHEREAS, pursuant
to
K.S.A
12-6a01 through
12-6al7, inclusive,
and all other provisions of the
laws
of the
State of
Kansas
applicable thereto,
by proceedings duly had and other
WHEREAS,
actions
duly and
legally
taken, the City of
Salina, Kansas (the "City"), is
proceeding
with the
construction of street and
utility improvements in the City
(the
"Project"), and
WHEREAS, the current
total
estimated
cost
of the Project is
$270,000.00; and
WHEREAS, it is necessary for the City to
WHEREAS,
the cost of the Project is
to be paid in whole or in part
by the
issuance of general obligation bonds of the
City in the manner provided
by law,
and
of the
City, and it is
desirable and to the interest of
WHEREAS,
pursuant to actions duly
taken in connection with the
Project,
the City has
entered into contracts
and has incurred costs and
expenses in the amount
of $211,000.00 on account
of the Project, and
WHEREAS, it is necessary for the City to
provide
cash funds to
meet its obligations incurred
in constructing the
Project
prior to the
completion of the Project and the
issuance of the bonds
of the
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 provisions of K.S.A. 10-123, SO NOW,
THEREFORE
BE IT RESOLVED by the Governing Body of the City of Salina,
Kansas, as follows:
Section I. For the purpose of providing funds to pay obligations
incurred by the City in building and constructing the Project, there shall be
issued and hereby is authorized to be issued a municipal temporary note of the
City in the principal amount of $211,000.00 (the "Note") . The Note shall be
numbered 1, shall be designated Municipal Temporary Note, Series PT -111, and
shall be in the form hereinafter set forth. The Note shall be dated
September 1, 1992 shall become due December 31, 1994, shall bear interest from
September 1, 1992, at the rate of three and six tenths percent (3.6%) per
annum payable at maturity and shall be redeemable at the option of the City
and at any time prior to maturity at the principal amount thereof plus accrued
interest to the date of payment, without premium, on not less than thirty days'
written notice given by first class mail sent to the registered holder of the
Note.
Section 2. The City expects to incur capital expenditures on and
after the date of adoption of this Resolution (the "Expenditures") in
connection with the Project, and intends to reimburse itself for such
Expenditures with the proceeds of said bonds or temporary notes in an amount
which, depending on the date of issuance of said bonds or temporary notes,
may aggregate a maximum of $270,000.00, the anticipated cost of such
improvements. The Board of Commissioners has determined that the funds to
be advanced to pay Expenditures are or will be available only for a temporary
period and it is necessary to reimburse the City with the proceeds of a
borrowing for Expenditures made on and after the date hereof. As of the date
hereof, there are no funds from sources other than said bonds or temporary
notes that are, or are reasonably expected to be, reserved, allocated on a
long-term basis, or otherwise set aside by the City to pay Expenditures. This
Resolution constitutes a declaration of official intent under Treasury
Regulation Section 1.103-18 issued under the Internal Revenue Code of 1986, as
amended, and the adoption of this Resolution is consistent with the budgetary
and financial circumstances of the City. This Resolution shall be made
available for public inspection during normal business hours at the main
administrative office of the City or the customary location of the City's
records that are available to the general public, beginning within ten (10)
days after its adoption and continuing until the aforesaid debt is issued.
----------- —
K—ClL Pn,,i —Salina Kansas
Section 3. Upon the execution and registration of the Note, it
shall be delivered to the purchaser thereof upon payment of the purchase price
thereof, being not less than the principal amount thereof plus accrued
interest.
Section 4. 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 Note and all transfers thereof. The Note may be transferred on
such registration books as specified in the form of Note set forth in
Section 4.
_ Section 5. The Note shall be issued in certificated form in
substantially the form set forth in this Section subject to 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 thereto published in the Kansas Register by the Attorney General
for the State of Kansas. The certificated Note 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 custon, usage or
requirement of law with respect thereto.
K1M1nCnx Samna. Kan�e�
REGISTERED
NUMBER
R-1
Interest
Rate
3.60%
UNITED STATES OF AMERICA
STATE OF KANSAS
COUNTY OF SALINE
CITY OF SALINA
MUNICIPAL TEMPORARY NOTE
SERIES PT -111
Maturity
Date
December 31, 1994
REGISTERED
$211,000
Note
Date
September 1, 1992
REGISTERED HOLDER: CITY OF SALINA WATER AND SEWERAGE UTILITY
PRINCIPAL AMOUNT: TWO HUNDRED ELEVEN THOUSAND DOLLARS
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
Registered Holder upon presentation and surrender hereof at the Office of the
City Treasurer in the City of Salina, Kansas.
The CITY hereby reserves the right to redeem and pay this Note
at any time prior to its maturity 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 Registered Holder of this
Note.
THIS TEMPORARY NOTE is issued for the purpose of providing
funds to pay the cost of street and utility improvements in the Holmquist
Estate and Austin Additions, in 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 Constitution and statutes of the State of Kansas, K.S.A.
12-6a01 through 12-6al7, inclusive, 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.
THIS NOTE is transferable only in the Note Register at the office
of the City Clerk of the City (hereinafter 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 representative and thereupon a new Note in the same
aggregate principal shall be issued to the transferee 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 Note Registrar.
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 September 1, 1992.
[ SEAL]
ATTEST:
Mayor
City Clerk
KuhlCoxP..nti•ig -- Sal a. Kansas
COUNTERSIGNATURE CERTIFICATE
This Temporary Note shall not be negotiable unless and until
countersigned below following registration by the Treasurer of the State of
Kansas.
Countersignature Date:
[SEAL]
City Clerk
...............................................................................
CITY 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 Temporary Note of the City of Salina, Kansas,
has been duly registered in my office according to law.
WITNESS my hand and official seal this day of ,
1992.
[SEAL]
City Clerk
...............................................................................
STATE TREASURER'S CERTIFICATE
I, Sally Thompson, Treasurer of the State of Kansas, hereby
certify that a full and complete transcript of the proceedings leading up to
the issuance of this Temporary Note has been filed in my office, and that this
Temporary Note was registered in my office according to law this
WITNESS my hand and official seal.
reasurer of the State of Kansas
[SEAL]
By
Assistant State Treasurer
...............................................................................
ASSIGNMENT
FOR VALUE RECEIVED the undersigned does (do) hereby sell,
assign and transfer to
(Name and Address)
Social Security or Taypayer
Identifying Number)
the note
to
which this assignment is
affixed in the outstanding principal
amount of
$
, standing 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:
Name
Account No.
Signature
(Sign Here Exactly as on the Face of the
Face of the Certificate)
Signature Guaranteed by:
Name of Eligible Guarantor Institution
By:
Title:
..............................................................................
Section 6. The Note
shall be executed by the Mayor and
City
Clerk and the Seal of the City
shall
be affixed thereto, and after
such
executeion of the registration of the Note
by the City Clerk and by the
State
Treasurer, shall be countersigned
by the
City Clerk and shall be delivered to
the purchaser thereof upon receipt
of the
purchase price thereof, said price
to
be not less than par. The proceeds of
the Note shall be placed in the
City
Treasury and applied solely to pay
the cost of the Project.
Section 7. The City will comply with all applicable provisions
of the Internal Revenue Code of 1986 (the "Code"), including Section 103
thereof, and the regulations of the Treasury Department thereunder, from time
to time proposed or in effect, in order to maintain the exclusion from gross
income for purposes of federal income taxation of the interest on the Note.
The City covenants and agrees that it will use the proceeds of the
Note as soon as practicable and with all reasonable dispatch for the purpose
for which the Note is issued as hereinbefore set forth, and that no part of the
proceeds of the Note shall be invested in any securities, obligations or other
investments except for the temporary period pending such use nor used, at any
time, directly or indirectly, in a manner which, if such use had been
reasonable anticipated on the date of issuance of the Note, would have caused
the Note to be or become "arbitrage bonds" within the meaning of Section
103(b)(2) or Section 148 of the Code and the regulations of the Treasury
Department thereunder proposed or in effect at the time of such use and
applicable to obligations issued on the date of issuance of the Note.
The City anticipates that more than seventy-five percent of the
proceeds of the Notes will be expended for "construction" as that term is used
in Section 148(f)(4)(B)(iv) of the Internal Revenue Code of 1986, as
amended.
Section 8. Upon the execution and registration of the Note, it
shall be delivered to the purchaser thereof upon payment of the purchase price
thereof, being not less than the principal amount thereof plus accrued
interest.
Adopted by the Board of Commissioners and signed by the Mayor
this 24th day of August, 1992. er
Carol E. Beggs, Mayor
[SEAL]
ATTEST:
Jacquel ne Shiever, City Clerk