94-9634 Issue BondsK, -C- P -t
GILMORE & BELL
Document No. K102186\ORD2
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ORDINANCE NO. 9 4 - 14 34
OF THE
CITY OF SALINA, KANSAS
$1,175,000
GENERAL OBLIGATION INTERNAL IMPROVEMENT BONDS
SERIES 1994-A
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KunnLo� Priming —Sarna. Kansas
I DEX
PAGE
1.
Definitions ..................................
1
2.
Authorization of and Security for the Bonds ..............
3
3.
Description of the Bonds, Designation of Paying Agent
and Bond Registrar ............................
3
4.
Redemption of Bonds Prior to Maturity ................
4
5.
Method and Place of Payment of Principal of and Interest
on the Bonds ................................
5
6.
Execution, Authentication and Delivery of the Bonds ........
5
7.
Registration, Transfer and Exchange of Bonds ............
6
8.
Persons Deemed Owners of Bonds ...................
7
9.
Mutilated, Lost, Stolen or Destroyed Bonds ..............
7
10.
Cancellation and Destruction of Bonds Upon Payment .......
7
11.
Form of Bonds ................................
8
12.
Disposition of Bond Proceeds and Other Funds ............
8
13.
Levy and Collection of Annual Taxes and Assessments .......
8
14.
Transfer of Funds to Paying Agent and the Bond Registrar ....
8
15.
Authorization of Agreement Between the City and the
Bond Registrar ...............................
8
16.
Tax Covenants ................................
8
17.
Defeasance ..................................
9
18.
Approval of Preliminary Official Statement and Official Statement
9
19.
Severability ..................................
9
20.
Effective Date ................................
10
it A
it B
Kuhl Cox P111MQ —Salina, Kensas
(Published in the Salina Journal June 1, 1994)
ORDINANCE NO. `-1—% 3 q
4 ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE, SALE AND DELIVERY OF
,175,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION INTERNAL IMPROVEMENT
)NDS OF THE CITY OF SALINA, KANSAS, SERIES 1994-A FOR THE PURPOSE OF
:OVIDING FUNDS TO PAY THE COST OF CERTAIN STREET AND UTILITY IMPROVEMENTS
THE CITY; PRESCRIBING THE FORM AND DETAILS OF SAID BONDS; PROVIDING FOR
IE LEVY AND COLLECTION OF THE NECESSARY TAXES FOR THE PURPOSE OF PAYING
IE PRINCIPAL OF AND INTEREST ON SAID BONDS AS THEY BECOME DUE;
JTHORIZING AN AGREEMENT BETWEEN THE CITY AND THE BOND REGISTRAR;
'PROVING THE PRELIMINARY AND FINAL OFFICIAL STATEMENTS.
WHEREAS, pursuant to K.S.A. 12-6a01 et sea., as amended, and other provisions of the laws
the State of Kansas applicable thereto, by proceedings duly had, the governing body of the City of
lina, Kansas (the "City"), has proceeded with certain street and utility improvements (the "Project")
the City; and
WHEREAS, the City has previously issued its temporary notes to finance the costs of said
:ments on an interim basis; and
WHEREAS, all legal requirements pertaining to said improvements have been complied with,
the governing body of the City now finds and determines that the total cost of the aforesaid
ovements and related expenses (including issuance costs of the bonds herein authorized) less other
on hand and available to pay the said cost (including funds received from the prepayment of
sments) is $1,175,000; and
WHEREAS, the governing body of the City is authorized by law to issue general obligation bonds
City to pay the costs of said improvements; and
WHEREAS, the governing body of the City has advertised the sale of its general obligation bonds
inccordance with the law and, at a meeting held in the City on May 16, 1994, awarded the sale of such
bo ds to the lowest bidder; and
WHEREAS, the governing body of the City now deems and finds it necessary to authorize the
of the aforesaid bonds for delivery to the purchaser thereof;
NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF
k, KANSAS, AS FOLLOWS:
Section 1. Definitions. In addition to the words and terms otherwise defined herein, unless the
coext shall clearly indicate some other meaning, the words and terms defined in this Section shall for
allJurposes of this Ordinance have the respective meanings specified in this Section, to wit:
"Bondholder" and "Holder" mean a Person in whose name a Bond is registered in the Bond .
"Bond Register" means the register and all accompanying records kept by the Bond Registrar
evi encing the registration, transfer and exchange of Bonds.
KIIM1n-Gox Pnn�ing —Sabina. Kansas '" '- '—
"Bond Registrar" means the State Treasurer of Kansas when acting in the capacity as registrar
transfer agent for the registration, transfer and exchange of Bonds, and any successors thereto.
"Bonds" means $1,175,000 original principal amount of General Obligation Internal Improvement
ds, Series 1994-A, authorized according to the terms provided in this Ordinance.
"City" means Salina, Kansas.
"Interest Payment Date" means the Stated Maturity of an installment of interest on the Bonds.
"Maturity" with respect to any Bond means the date on which the principal of such Bond becomes
and payable as therein or herein provided.
"Ordinance" "this Ordinance" "hereof" "herein" "hereto" and similar terms shall refer to this
inance of the City authorizing the Bonds, as originally executed or as it may be supplemented or
nded from time to time.
"Outstanding" when used with respect to Bonds means, as of the date of determination, all Bonds
)re executed, authenticated and delivered under this Ordinance, except:
(i) Bonds theretofore cancelled by the Bond Registrar or delivered to the Bond Registrar
for cancellation;
(ii) Bonds that have been defeased by the deposit of funds or qualified securities with
the Paying Agent or other qualified party in compliance with this Ordinance; and
(iii) Bonds in exchange for or in lieu of which other Bonds have been authenticated and
delivered pursuant to this Ordinance.
"Paying Agent" means the State Treasurer of Kansas when acting in the capacity as paying agent
the payment of the principal of, premium, if any, and interest on the Bonds and any successors
"Person" means any individual, corporation, partnership, joint venture, association, joint-stock
V, trust, unincorporated organization or government or any agency or political subdivision thereof.
"Project" means the construction of certain street and utility improvements in the City.
"Redemption Date" when used with respect to any Bond to be redeemed means the date fixed for
ion pursuant to this Ordinance.
"Registration Date" means the effective date of registration of a Bond as evidenced by the Bond
r in the Certificate of Authentication appearing on the Bond.
"Regular Record Date" for the interest payable on any Interest Payment Date means the 15th day
or not a business day) of the calendar month next preceding such Interest Payment Date.
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�
1
"Bond Registrar" means the State Treasurer of Kansas when acting in the capacity as registrar
transfer agent for the registration, transfer and exchange of Bonds, and any successors thereto.
"Bonds" means $1,175,000 original principal amount of General Obligation Internal Improvement
ds, Series 1994-A, authorized according to the terms provided in this Ordinance.
"City" means Salina, Kansas.
"Interest Payment Date" means the Stated Maturity of an installment of interest on the Bonds.
"Maturity" with respect to any Bond means the date on which the principal of such Bond becomes
and payable as therein or herein provided.
"Ordinance" "this Ordinance" "hereof" "herein" "hereto" and similar terms shall refer to this
inance of the City authorizing the Bonds, as originally executed or as it may be supplemented or
nded from time to time.
"Outstanding" when used with respect to Bonds means, as of the date of determination, all Bonds
)re executed, authenticated and delivered under this Ordinance, except:
(i) Bonds theretofore cancelled by the Bond Registrar or delivered to the Bond Registrar
for cancellation;
(ii) Bonds that have been defeased by the deposit of funds or qualified securities with
the Paying Agent or other qualified party in compliance with this Ordinance; and
(iii) Bonds in exchange for or in lieu of which other Bonds have been authenticated and
delivered pursuant to this Ordinance.
"Paying Agent" means the State Treasurer of Kansas when acting in the capacity as paying agent
the payment of the principal of, premium, if any, and interest on the Bonds and any successors
"Person" means any individual, corporation, partnership, joint venture, association, joint-stock
V, trust, unincorporated organization or government or any agency or political subdivision thereof.
"Project" means the construction of certain street and utility improvements in the City.
"Redemption Date" when used with respect to any Bond to be redeemed means the date fixed for
ion pursuant to this Ordinance.
"Registration Date" means the effective date of registration of a Bond as evidenced by the Bond
r in the Certificate of Authentication appearing on the Bond.
"Regular Record Date" for the interest payable on any Interest Payment Date means the 15th day
or not a business day) of the calendar month next preceding such Interest Payment Date.
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u�inn-('.ter Prini�nn — Selina. Hansas ___ _ _
poa
"Special Record Date" for the payment of any Defaulted Interest, as defined in Section 5, means
fixed by the Bond Registrar pursuant to Section 5.
"Stated Maturity" when used with respect to any Bond or any installment of interest thereon
the date specified in Section 3 of this Ordinance as the fixed date on which the principal of such
or such installment of interest is due and payable.
Section 2. Authorization of and Security for the Bonds. For the purpose of providing funds for
th Project, there shall be issued and are hereby authorized and directed to be issued the General
O ligation Internal Improvement Bonds, Series 1994-A, of the City in the principal amount of
$1 175,000.
The Bonds shall be general obligations of the City, payable as to both principal and interest from
ial assessments levied upon the property benefited by the construction of the Project and, if not so
, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the
ble tangible property, real and personal, within the territorial limits of the City. The full faith, credit
resources of the City are hereby irrevocably pledged for the payment of the Bonds and the interest
:on as the same become due.
Section 3. Description of the Bonds. Designation of Paying Agent and. Bond Re isg tray. The
Bo ids shall consist of fully registered Bonds, without coupons, transferable to subsequent owners only
in :he Bond Register maintained by the Bond Registrar as hereinafter provided. Each Bond shall be in
thd denomination of $5,000 or any integral multiple thereof, not exceeding the principal amount of Bonds
m4uring in the year in which such Bond becomes due, as specified by the Holder of such Bond. The
Bds shall be numbered in a manner determined by the Bond Registrar. The Bonds shall be dated as
of une 1, 1994 and shall mature and shall bear interest at the rates per annum as follows:
MATURITY
PRINCIPAL
t
I
"Special Record Date" for the payment of any Defaulted Interest, as defined in Section 5, means
fixed by the Bond Registrar pursuant to Section 5.
"Stated Maturity" when used with respect to any Bond or any installment of interest thereon
the date specified in Section 3 of this Ordinance as the fixed date on which the principal of such
or such installment of interest is due and payable.
Section 2. Authorization of and Security for the Bonds. For the purpose of providing funds for
th Project, there shall be issued and are hereby authorized and directed to be issued the General
O ligation Internal Improvement Bonds, Series 1994-A, of the City in the principal amount of
$1 175,000.
The Bonds shall be general obligations of the City, payable as to both principal and interest from
ial assessments levied upon the property benefited by the construction of the Project and, if not so
, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the
ble tangible property, real and personal, within the territorial limits of the City. The full faith, credit
resources of the City are hereby irrevocably pledged for the payment of the Bonds and the interest
:on as the same become due.
Section 3. Description of the Bonds. Designation of Paying Agent and. Bond Re isg tray. The
Bo ids shall consist of fully registered Bonds, without coupons, transferable to subsequent owners only
in :he Bond Register maintained by the Bond Registrar as hereinafter provided. Each Bond shall be in
thd denomination of $5,000 or any integral multiple thereof, not exceeding the principal amount of Bonds
m4uring in the year in which such Bond becomes due, as specified by the Holder of such Bond. The
Bds shall be numbered in a manner determined by the Bond Registrar. The Bonds shall be dated as
of une 1, 1994 and shall mature and shall bear interest at the rates per annum as follows:
MATURITY
PRINCIPAL
INTEREST
OCTOBER 1
AMOUNT
RATE
1995
$120,000.00
6.50 %
1996
120,000.00
5.10 %
1997
120,000.00
4.70 %
1998
120,000.00
4—.W%
1999
120,000.00
5.00 %
2000
115,000.00
5.10 %
2001
115,000.00
5.20 %
2002
115,000.00
5.30 %
2003
115,000.00
5.35 %
2004
115,000.00
5.40 %
The Bonds shall bear interest from the most recent Interest Payment Date to which interest has
h paid in full or, if no interest has been paid, from June 1, 1994. Interest on the Bonds at the rates
resaid shall be payable semiannually on April 1 and October 1 in each year, beginning April 1, 1995.
State Treasurer of Kansas, Topeka, Kansas, is hereby designated as the Paying Agent and as the
Id Registrar for the Bonds.
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Kinin Gox ann�ing —Salina. Kansas
Section 4. Redemption of Bonds Prior to Maturity. The Series 1994-A Bonds maturing on
tober 1, 2002, and thereafter shall be subject to redemption and payment prior to their Stated Maturity
the option of the City on October 1, 2001, and thereafter, in whole at any time or in part on any
erest payment date, in such principal amounts for such maturities as shall be determined by the City,
a redemption price of 100% of the principal amount of Bonds redeemed and paid plus accrued interest
the Redemption Date, without a premium.
The Bond Registrar shall call Bonds for redemption and payment as herein provided upon receipt
the Bond Registrar at least 45 days prior to the Redemption Date of a written request of the City.
The Bonds shall be redeemed in the principal amount of $5,000 or any integral multiple thereof.
In the case of a partial redemption of Series 1994-A Bonds of the same Stated Maturity, the Bonds to be
releemed shall be selected by the Bond Registrar from the Outstanding Bonds of that Stated Maturity by
such method as the Bond Registrar shall deem fair and appropriate and which may provide for the
se tion for redemption of portions of the principal of Outstanding Bonds of that maturity of a
d omination larger than $5,000. The portions of the principal of Outstanding Bonds so selected for
p ial redemption shall be equal to $5,000 or integral multiples thereof. Any Bond which is to be
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only in part shall be submitted to the Paying Agent and delivered to the Bond Registrar, who
sh 1 authenticate and deliver to the Holder of such Bond, without service charge, a new Bond or Bonds,
of any authorized denomination as requested by such Holder in an aggregate principal amount equal to
anin exchange for the unredeemed portion of the principal of the Bond so surrendered. If the Holder
of any such Bond of a denomination greater than $5,000 shall fail to present such Bond to the Paying
Agent for payment and exchange as aforesaid, such Bond shall, nevertheless, become due and payable
othe Redemption Date to the extent of the principal amount of such Bond called for redemption (and
to at extent only).
h
If and when the City shall call any of the Bonds for redemption and payment prior to the maturity
eof, the Bond Registrar shall give written notice in the name of the City of its intention to redeem
pay such Bonds at the office of the Paying Agent. Notice of redemption shall be given by first class
, postage prepaid, mailed not less than 30 days prior to the Redemption Date, to each Holder of
ds to be redeemed, at his address appearing in the Bond Registrar. All notices of redemption shall
(i) The Redemption Date;
(ii) The redemption price;
(iii) If less than all Outstanding Bonds are to be redeemed, the identification (and, in
the case of partial redemption, the respective principal amounts) of the Bonds to be redeemed;
(iv) That on the Redemption Date, the redemption price will become due and payable
upon each such Bond, and that interest thereon shall cease to accrue from and after said date; and
(v) The place where such Bonds are to be surrendered for payment of the redemption
price (which shall be the office of the Paying Agent).
The failure of the Holder of any Bond to be redeemed to receive written notice mailed pursuant
shall not affect or invalidate the redemption of said Bond. If any Bond is called for redemption
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Y
Section 4. Redemption of Bonds Prior to Maturity. The Series 1994-A Bonds maturing on
tober 1, 2002, and thereafter shall be subject to redemption and payment prior to their Stated Maturity
the option of the City on October 1, 2001, and thereafter, in whole at any time or in part on any
erest payment date, in such principal amounts for such maturities as shall be determined by the City,
a redemption price of 100% of the principal amount of Bonds redeemed and paid plus accrued interest
the Redemption Date, without a premium.
The Bond Registrar shall call Bonds for redemption and payment as herein provided upon receipt
the Bond Registrar at least 45 days prior to the Redemption Date of a written request of the City.
The Bonds shall be redeemed in the principal amount of $5,000 or any integral multiple thereof.
In the case of a partial redemption of Series 1994-A Bonds of the same Stated Maturity, the Bonds to be
releemed shall be selected by the Bond Registrar from the Outstanding Bonds of that Stated Maturity by
such method as the Bond Registrar shall deem fair and appropriate and which may provide for the
se tion for redemption of portions of the principal of Outstanding Bonds of that maturity of a
d omination larger than $5,000. The portions of the principal of Outstanding Bonds so selected for
p ial redemption shall be equal to $5,000 or integral multiples thereof. Any Bond which is to be
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only in part shall be submitted to the Paying Agent and delivered to the Bond Registrar, who
sh 1 authenticate and deliver to the Holder of such Bond, without service charge, a new Bond or Bonds,
of any authorized denomination as requested by such Holder in an aggregate principal amount equal to
anin exchange for the unredeemed portion of the principal of the Bond so surrendered. If the Holder
of any such Bond of a denomination greater than $5,000 shall fail to present such Bond to the Paying
Agent for payment and exchange as aforesaid, such Bond shall, nevertheless, become due and payable
othe Redemption Date to the extent of the principal amount of such Bond called for redemption (and
to at extent only).
h
If and when the City shall call any of the Bonds for redemption and payment prior to the maturity
eof, the Bond Registrar shall give written notice in the name of the City of its intention to redeem
pay such Bonds at the office of the Paying Agent. Notice of redemption shall be given by first class
, postage prepaid, mailed not less than 30 days prior to the Redemption Date, to each Holder of
ds to be redeemed, at his address appearing in the Bond Registrar. All notices of redemption shall
(i) The Redemption Date;
(ii) The redemption price;
(iii) If less than all Outstanding Bonds are to be redeemed, the identification (and, in
the case of partial redemption, the respective principal amounts) of the Bonds to be redeemed;
(iv) That on the Redemption Date, the redemption price will become due and payable
upon each such Bond, and that interest thereon shall cease to accrue from and after said date; and
(v) The place where such Bonds are to be surrendered for payment of the redemption
price (which shall be the office of the Paying Agent).
The failure of the Holder of any Bond to be redeemed to receive written notice mailed pursuant
shall not affect or invalidate the redemption of said Bond. If any Bond is called for redemption
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KUM1� Cox Prini nq —Sarna, Kansas _
payment as aforesaid, all interest on such Bond shall cease from and after such redemption date,
,ided funds are deposited with the Paying Agent for its payment on the Redemption Date at the
mption price.
The Bond Registrar is also directed to comply with any mandatory or voluntary standards then
effect for processing redemptions of municipal securities established by the Securities and Exchange
immission. Failure to comply with such standards shall not affect or invalidate the redemption of any
nd to be redeemed.
Section 5. Method and Place of Pavment of Principal of and _Interest—on the Bonds. The
ncipal of, premium, if any, and interest (computed on the basis of a 360 -day year of twelve 30 -day
,nths) on the Bonds shall be payable in such coin or currency of the United States of America as at the
ie of payment is legal tender for the payment of public and private debts. Payment of the interest on
.h Bond shall be made by the Paying Agent on each Interest Payment Date to the Person appearing as
Holder thereof in the Bond Register at the close of business on the Regular Record Date next
ceding said Interest Payment Date, by check or draft mailed to such Holder at the Holder's address
it appears in the Bond Register. The principal of and redemption premium, if any, each Bond shall
payable to the Holder thereof upon the presentation of such Bond for payment and cancellation at its
iturity at the principal office of the Paying Agent.
Notwithstanding any of the foregoing provisions of this Section to the contrary, any interest on
tbe Bonds which is payable, but is not punctually paid on any Interest Payment Date (herein called
efaulted Interest"), shall be payable to the persons in whose names the Bonds are registered at the close
:)f business on a Special Record Date. The Special Record Date shall be fixed in the following manner:
(1 The City shall notify the Bond Registrar in writing of the amount of Defaulted Interest proposed to
be paid on the Bonds and the date of the proposed payment, which proposed payment date shall be at
leist 30 days after receipt by the Bond Registrar of such notice from the City; (2) at the same time the
C shall deposit with the Paying Agent an amount of money equal to the aggregate amount to be paid
in respect of such Defaulted Interest or shall make arrangements satisfactory to the Paying Agent for such
Itposit prior to the date of the proposed payment; and (3) thereupon, the Bond Registrar shall fix a
ial Record Date for the payment of such Defaulted Interest which shall not be more than 15 nor less
In n 10 days prior to the date of the proposed payment.
The Bond Registrar shall promptly notify the City of such Special Record Date and, in the name
and at the expense of the City, shall cause notice of the proposed payment of such Defaulted Interest and
the, Special Record Date therefor to be mailed, first class postage prepaid, to the Holder of each Bond
at the Holder's address as it appears in the Bond Register, not less than 10 days prior to such Special
R (or d Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date
threfor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose
na es the Bonds are registered at the close of business on such Special Record Date.
Subject to the foregoing provisions of this Section, each Bond delivered under this Ordinance
n transfer of or in exchange for or in lieu of any other Bond shall carry the rights to interest accrued
i
d
unpaid, and to accrue, which were carried by such other Bond.
Section 6. Execution. Authentication and Delivery of the Bonds. The Bonds shall be executed
o behalf of the City by the facsimile signature of its Mayor and attested by the facsimile signature of
its City Clerk, and shall have the seal of the City affixed thereto or imprinted thereon. In the event any
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K,hn-Cox Ping — Salina Kansas
W
in
rSTr
icer whose signature or facsimile thereof appears on any Bond shall cease to be such officer before
delivery of such Bond, such signature or facsimile thereof shall nevertheless be valid and sufficient
all purposes, the same as if such person had remained in office until delivery. Any Bond may be
;cuted by such persons as at the actual time of the execution of such Bond shall be the proper officers
sign such Bond although at the original date of such Bond such persons may not have been such
The Bonds shall have endorsed thereon a Certificate of Authentication substantially in the form
einafter set forth and which shall have the date of registration inserted and shall be manually executed
the Bond Registrar.
No Bond shall be entitled to any security or benefit under this Ordinance or shall be valid or
ligatory for any purpose unless and until such Certificate of Authentication shall have been duly
;cuted by the Bond Registrar by manual signature. Such executed Certificate of Authentication upon
y Bond shall be conclusive evidence that such Bond has been duly authenticated and delivered under
s Ordinance and that such registered owner has been entered on record in the Bond Register kept by
Bond Registrar. The Certificate of Authentication shall be deemed to have been duly executed if the
gistration Date has been inserted and if it has been signed by any authorized officer or employee of
Bond Registrar, but it shall not be necessary that the same officer or employee sign the Certificate
Authentication on all of the Bonds that may be issued hereunder at any one time.
The Mayor and the City Clerk are hereby authorized and directed to prepare and execute the
nds in the manner hereinbefore specified, the City Clerk is hereby authorized and directed to register
Bonds, and the Mayor and the City Clerk are hereby authorized and directed to cause the Bonds to
registered in the office of the State Treasurer of Kansas as provided by law, and when the Bonds have
m duly registered with the Bond Registrar, to deliver the Bonds to the original purchaser thereof, upon
payment of the aggregate principal amount of the Bonds plus accrued interest to the date of payment
i delivery, together with any premium.
Section 7. Registration. Transfer and Exchange of Bonds. So long as any of the Bonds remain
tanding, the City shall cause the Bond Register to be kept at the principal office of the Bond Registrar
all of the Bonds and transfers and or exchanges thereof shall be fully registered as to both principal
interest in the names of the Holders in the Bond Register and shall not be registered to bearer.
Bonds may be transferred in the Bond Register only upon surrender thereof to the Bond Registrar
1 endorsed for transfer or accompanied by a written instrument of transfer duly executed by the
der thereof or his attorney or legal representative in such form as shall be satisfactory to the Bond
Jstrar. Upon any such transfer, the City shall execute and the Bond Registrar shall authenticate and
ver in exchange for such Bond a new Bond or Bonds, registered in the name of the transferee, of any
amination or denominations authorized by this Ordinance in an aggregate principal amount equal to
principal amount of such Bond, of the same Maturity and bearing interest at the same rate.
Bonds, upon surrender thereof at the principal office of the Bond Registrar, together with a
instrument of transfer duly executed by the Holder thereof or his attorney or legal representative
form as shall be satisfactory to the Bond Registrar, may, at the option of the Holder thereof, be
;ed for an equal aggregate principal amount of Bonds of the same Maturity, of any denomination
minations authorized by this Ordinance, and bearing interest at the same rate.
W
Ku M1n-Cox Pr my -- S11- Kansas —
In all cases in which Bonds shall be exchanged or transferred hereunder, the City shall execute
the Bond Registrar shall authenticate and deliver at the earliest practicable time Bonds in accordance
. the provisions of this Ordinance. All Bonds surrendered in any such exchange or transfer shall
iwith be cancelled by the Bond Registrar. No service charge shall be made to any Bondholder for
aration, transfer or exchange of Bonds, but the City or the Bond Registrar may make a charge for
y transfer or exchange of Bonds sufficient to reimburse it or them for any tax or other governmental
ge required to be paid with respect to such transfer or exchange, and such charges shall be paid
re any such transfer or exchange shall be completed.
The City and the Bond Registrar shall not be required (i) to issue, transfer or exchange any Bond
dtiring a period beginning at the opening of business 15 days preceding the date of mailing of a notice
o redemption for Bonds selected for redemption under Section 4 and ending at the close of business on
the day of such mailing; (ii) to transfer or exchange any Bond so selected for redemption in whole or in
pE or in to issue, transfer or exchange any Bond during a period beginning at the opening of business
or the day after receiving written notice from the City of its intent to pay Defaulted Interest and ending
at a close of business on the date fixed for the payment of Defaulted Interest pursuant to this Ordinance.
Section 8. Persons Deemed Owners of Bonds. The Person in whose name any Bond shall be
tered shall be deemed and regarded by the City, the Bond Registrar and the Paying Agent as the
lute owner thereof, whether such Bond shall be overdue or not, for the purpose of receiving payment
,for or on account thereof and for all purposes, and neither the City, the Bond Registrar nor the
ng Agent shall be affected by notice to the contrary. Payment of or on account of the principal of
interest on any Bond shall be made only to or upon the order of the Holder thereof or his legal
%entative. All such payments shall be valid and effectual to satisfy and discharge the liability upon
Bond, including the interest thereon, to the extent of the sum or sums so paid.
Section 9. Mutilated. Lost, Stolen or Destroyed Bonds. In the event any Bond shall become
mutilated, or be lost, stolen or destroyed, the City shall, if necessary, execute and the Bond Registrar
sh 1 authenticate and shall deliver a new Bond of like date and tenor as the Bond mutilated, lost, stolen
or destroyed; provided that, in the case of any mutilated Bond, such mutilated Bond shall first be
su rendered to the Bond Registrar, and in the case of any lost, stolen or destroyed Bond, if the
re uirements of K.S.A. 84-8-405 are met and if an indemnity bond and affidavit of loss are provided to
th Bond Registrar and the City at the expense of the Holder. Such indemnity bond and affidavit of loss
in st be sufficient, in the judgment of the Bond Registrar and the City, to protect the Bond Registrar and
th City from any loss which either of them might suffer if the Bond is replaced. In the event any such
B ad shall have matured, instead of issuing a substitute Bond the City may pay or authorize the payment
of a same without surrender thereof. Upon the issuance of any substitute Bond, the City and the Bond
Registrar may require the payment of an amount sufficient to reimburse the City and the Bond Registrar
fo any tax or other governmental charge that may be imposed in relation thereto and any other
re isonable fees and expenses incurred in connection therewith. The provisions of this Section are
ex lusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
re flacement or payment of mutilated, lost, stolen or destroyed Bonds.
Section 10. Cancellation and Destruction of Bonds Upon Payment. All Bonds surrendered for
tent, transfer or exchange shall be delivered to the Bond Registrar and, if not already cancelled, the
Registrar shall cancel such Bonds and record such cancellation in the Bond Register. Thereafter,
cancelled Bonds shall be delivered to the City.
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Kuhn -Cox Priming —Selina. KenseS.. _
Section 11. Form of Bonds. The Bonds and the Bond Registrar's Certificate of Authentication
be endorsed thereon shall be in substantially the form attached hereto as Exhibit "A". The Bonds may
ve endorsed thereon such legends or text 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.
Section 12. Disposition of Bond Proceeds and Other Funds. All accrued interest and premium,
any, received from the sale of the Bonds shall be deposited in the general obligation bond fund held
the City Treasurer for the retirement of the Bonds.
The remaining balance of the proceeds derived from the sale of the Bonds shall be deposited in
a fund held by the City Treasurer and shall be used solely for the purpose of paying the costs of the
Ptoject, including the retirement of temporary notes issued with respect to the Project, and the costs of
issuing the Bonds.
Section 13. Levy and Collection of Annual Taxes and Assessments. The governing body of the
City shall annually make provision for the payment of the principal of and interest on the Bonds as the
saine become due by levying and collecting the necessary taxes and assessments therefor in the manner
provided by law.
Section 14. Transfer of Funds to Pang Agent and the Bond Registrar. The City Treasurer is
h eby authorized and directed to withdraw from the funds received in payment of the taxes and
assessments and from the debt service fund of the City and forward to the Paying Agent sums sufficient
to pay the principal of and interest on the Bonds as and when the same become due and to pay the
chirges of the Paying Agent for acting as paying agent in the payment of principal and interest. In
ad ition, the City Treasurer is hereby authorized and directed to withdraw from the debt service fund and
fo and to the Bond Registrar sums sufficient to pay the charges of the Bond Registrar for acting as bond
re istrar. Sums sufficient to pay said charges shall be forwarded to the Paying Agent and Bond Registrar
ov r and above the amount of the principal of and interest on the Bonds.
Section 15. Authorization of Agreement Between the Citv and the Bond Registrar. The
:ement between the City and the State Treasurer of Kansas, in substantially the form attached hereto,
respect to the duties of the State Treasurer as Bond Registrar is in all respects hereby approved,
)rized and confirmed and the Mayor and City Clerk are hereby authorized and directed to execute
Agreement for and on behalf of the City.
Section 16. Tax Covenants.
(a) The City covenants and agrees that (1) it will comply with all applicable provisions of
the Internal Revenue Code of 1986, as amended (the "Code"), including Sections 103 and 141 through
15 , necessary to maintain the exclusion from gross income for federal income tax purposes of the
int rest on the Bonds and (2) it will not take any action, or fail to take any action, if any such action or
fail re to take action would adversely affect the exclusion from gross income of the interest on the Bonds.
The City will, in addition, adopt such other ordinances or resolutions and take such other actions as may
be necessary to comply with the Code and with all other applicable future laws, regulations, published
rul ings and judicial decisions, in order to ensure that the interest on the Bonds will remain excluded from
fed ral gross income, to the extent any such actions can be taken by the City.
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Kuh�Gox P�inlii.9 —Salina. Kangas _ __
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(b) The City covenants and agrees that (1) it will comply with all requirements of Section
.8 of the Code to the extent applicable to the Bonds, (2) it will use the proceeds of the Bonds as soon
practicable and with all reasonable dispatch for the purposes for which the Bonds are issued and (3)
will not invest or directly or indirectly use or permit the use of any proceeds of the Bonds or any other
ads of the City in any manner, or take or omit to take any action, that would cause the Bonds to be
rbitrage bonds" within the meaning of Section 148(a) of the Code.
(c) The City covenants that it will expend all of the proceeds of the Bonds, including any
ent earnings, within six months of the date of issuance of the Bonds in accordance with the
ns of Section 148(f)(4)(B)(i) of the Code.
(d) The foregoing covenants shall remain in full force and effect notwithstanding the
ice of the Bonds pursuant to Section 17 of this Ordinance until the final maturity date of all Bonds
Section 17. Defeasance. When all of the Bonds shall have been paid and discharged, then the
luirements contained in this Ordinance and all other rights granted hereby shall terminate. Bonds shall
deemed to have been paid and discharged within the meaning of this Ordinance if there shall have been
)osited with the Paying Agent or with a bank located in the State of Kansas and having full trust
vers, at or prior to the Stated Maturity of said Bonds, in trust for and irrevocably appropriated thereto,
ineys and/or direct obligations of, or obligations the principal of and interest on which are guaranteed
the United States of America, or in evidences of ownership of such obligations, which, together with
interest to be earned on any such obligations, will be sufficient for the payment of the principal of
d Bonds and interest accrued to the Stated Maturity, or if default in such payment shall have occurred
such date, then to the date of the tender of such payments. Any moneys and obligations which at any
ie shall be deposited with said Paying Agent or bank or on behalf of the City, for the purpose of
ring and discharging any of the Bonds, shall be and are hereby assigned, transferred and set over to
;h Paying Agent or bank in trust for the respective Holders of the Bonds, and such moneys shall be
i are hereby irrevocably appropriated to the payment and discharge thereof. All moneys deposited with
d Paying Agent or bank shall be deemed to be deposited in accordance with and subject to all of the
visions contained in this Ordinance.
Section 18. Approval of Preliminary Official Statement and Official Statement. The Preliminary
cial Statement dated May 2, 1994, a copy of which has been submitted to and reviewed by the
erning Body of the City, was final within the meaning of Rule 15c2-12 under the Securities Exchange
of 1934 except for the omission of information relating to offering prices, interest rates, delivery
s, any other terms or provisions required to be specified in the bid for the Bonds, other terms of the
ds depending on such matters and the identity of the successful bidder for the Bonds, and the
rmation therein was accurate and complete. Said Preliminary Official Statement and the final Official
.ment, in substantially the form of the Preliminary Official Statement, and the public distribution of
same by the underwriters of the Bonds is hereby approved. The Mayor of the City is hereby
orized and directed to execute and deliver said final Official Statement on behalf of the City with such
iges therein or amendments or supplements thereto as shall be approved by the Mayor, the Mayor's
:ution thereof to be conclusive evidence of said representative's approval thereof.
Section 19. Severability. If any one or more of the covenants or agreements provided in this
inance (including the exhibits hereto) on the part of the City should be contrary to law, then such
:nant or covenants or agreement or agreements shall be deemed severable from the remaining
In
KUM1l1-Coy PrinUny — Sa�inq, Kansas - -
venants and agreements, and shall in no way affect the validity of the other provisions of this Ordinance
of said exhibits. It shall not be necessary for said exhibits to be published in the official City
wspaper, but all such exhibits shall be on file in the office of the City Clerk and shall be available for
pection by any interested party.
Section 20. Effective Date. This Ordinance shall take effect and be in full force from and after
publication in the official City newspaper.
PASSED by the governing body of the City of Salina, Kansas, this '0 1 day of May, 1994.
r Mayor
sm
K,,hn-Cox P—ti19 —Salina, Kansas
EXHIBIT A
UNITED STATES OF AMERICA
STATE OF KANSAS
COUNTY OF SALINE
CITY OF SALINA
GENERAL OBLIGATION INTERNAL IMPROVEMENT BOND
SERIES 1994-A
Maturity Bond
Date Date
% Per Annum
HOLDER:
AL AMOUNT:
June 1, 1994
CUSIP
REGISTERED
DOLLARS
The City of Salina, in the County of Saline, State of Kansas (herein called the "City"), for value
r ived, hereby promises to pay to the Registered Holder identified above, or registered assigns, on the
turity Date identified above, the Principal Amount identified above and to pay interest thereon at the
I
rest Rate specified above from the most recent Interest Payment Date to which interest has been paid
din ll or, if no interest has been paid, from June 1, 1994, semiannually on April 1 and October 1 in each
y , beginning April 1, 1995
INTEREST on this Bond will be paid by check or draft mailed to the person in whose name this
B nd (or one or more predecessor Bonds) is registered in the Bond Register maintained by the Bond
Rd gistrar at the close of business on the fifteenth day of the month next preceding each interest payment
date (the Regular Record Date). Interest not punctually paid will be paid as otherwise provided in the
or inance authorizing this Bond (the "Ordinance"). The Principal Amount of this Bond shall be payable
b check or draft to the Registered Holder upon presentation and surrender hereof at the principal office
of a State Treasurer of Kansas, in the City of Topeka, Kansas. The full faith, credit and resources of
thCity are hereby irrevocably pledged for the prompt payment of the principal of and interest on this
B d as the same become due. The principal of and interest (computed on the basis of a 360 -day year
of welve 30 -day months) on this Bond are payable in such coin or currency of the United States of
A erica as at the time of payment is legal tender for payment of public and private debts.
El
REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON
REVERSE HEREOF. SUCH PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
:CT AS IF SET FORTH HERE.
A-1
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THIS BOND shall not be valid or become obligatory for any purpose or be entitled to any
ty or benefit under the Ordinance until the Certificate of Authentication hereon shall have been
and executed by the Bond Registrar.
IT IS HEREBY DECLARED AND CERTIFIED that all acts, conditions and things required to
done and to exist precedent to and in the issuance of this Bond have been done and performed and do
st in due and regular form and manner as required by the constitution and laws of the State of Kansas,
I that the total indebtedness of the City, including this Bond and the series of which it is one, does not
;eed any constitutional or statutory limitation.
IN WITNESS WHEREOF, the governing body of the City of Salina, Kansas, has caused this
to be signed by facsimile signature of its Mayor and attested by facsimile signature of its City
the City's corporate seal to be printed hereon and this Bond to be dated June 1, 1994.
CITY OF SALINA, KANSAS
By (facsimile)
Mayor
City Clerk
Registration No. 0322-085-060194-668
CERTIFICATE OF AUTHENTICATION
TION DATE:
This Bond is one of the Bonds described in the within mentioned Ordinance.
kd Registrar and Paying Agent:
kTE TREASURER OF KANSAS
OFFICE OF THE STATE TREASURER OF KANSAS
Bond Registrar
By
[ON REVERSE SIDE]
THIS BOND is one of an authorized series of fully registered bonds of the City designated
"G neral Obligation Internal Improvement Bonds, Series 1994-A", aggregating the principal amount of
$1, 75,000 (the "Bonds"), issued by the City for the purpose of providing funds to pay the cost of the
cor truction of certain street and utility improvements in the City, under the authority of and in full
con pliance with the constitution and laws of the State of Kansas, including K.S.A. 10-101 et seg. and
A-2
Kinn -Co. P—t-"a
5a01 t se ., as amended and supplemented and all laws amendatory thereof and supplemental thereto,
pursuant to ordinances duly passed and proceedings duly and legally had by the governing body of
City.
THE BONDS are general obligations of the City, payable as to principal and interest from special
ssments levied upon the property benefited by the construction of said improvements and, if not so
, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the
ble tangible property, real and personal, within the territorial limits of the City.
THE BONDS maturing on October 1, 2002, and thereafter are subject to redemption and payment
for to maturity, at the option of the City on October 1, 2001, and thereafter, in whole at any time or
part on any interest payment date in such principal amounts for such maturities as shall be determined
the City, at a redemption price of 100% of the principal amount of Bonds redeemed and paid plus
.rued interest to the redemption date, without a premium. In the case of partial redemption of Bonds
the same maturity, the Bonds to be redeemed shall be selected by the Bond Registrar in such manner
it shall deem fair and appropriate.
IN THE EVENT any of the Bonds are called for redemption as aforesaid, written notice thereof
11 be given by first class mail mailed not less than 30 days prior to the redemption date to each
R gistered Holder of Bonds to be redeemed. All Bonds so called for redemption will cease to bear
i erest on the specified redemption date provided funds or certain securities in which such funds are
i ested for their redemption are on deposit with the Paying Agent on such redemption date, and will no
1 ger be secured by the Ordinance and will not be deemed to be outstanding under the provisions of the
THIS BOND is transferable only in the Bond Register at the office of the Bond Registrar upon
s ender of this Bond to the Bond Registrar duly endorsed for transfer or accompanied by a written
in trument of transfer satisfactory to the Bond Registrar duly executed by the Registered Holder hereof
o his attorney or legal representative, and thereupon a new Bond or Bonds in the same aggregate
pr ncipal amount shall be issued to the transferee in exchange therefor, subject to the conditions as
p vided in the Ordinance. The Bonds for each maturity are issuable only in the form of fully registered
B nds without coupons in the denomination of $5,000 or any integral multiple thereof. The Registered
Hi Mer of any Bond or Bonds may surrender the same in exchange for an equal aggregate principal
ount of Bonds of any authorized denomination in the manner and subject to the conditions as provided
in a Ordinance. No service charge shall be made for any such transfer or exchange, but, prior to any
tr nsfer or exchange, the Registered Holder hereof shall pay to the City or the Bond Registrar an amount
su ficient to reimburse it or them for any tax or other governmental charge required to be paid with
re pect to such transfer or exchange. The City, the Bond Registrar and the Paying Agent may deem and
tr t the person in whose name this Bond is registered as the absolute owner hereof for the purpose of
reteiving payment of, or on account of, the principal hereof and interest due hereon and for all other
purposes. If the date for making any payment of interest or principal occurs on a Saturday or Sunday
or a holiday in the City of Topeka, Kansas, then such payment may be made on the next succeeding
business day with the same force and effect.
A-3
R�L`
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5a01 t se ., as amended and supplemented and all laws amendatory thereof and supplemental thereto,
pursuant to ordinances duly passed and proceedings duly and legally had by the governing body of
City.
THE BONDS are general obligations of the City, payable as to principal and interest from special
ssments levied upon the property benefited by the construction of said improvements and, if not so
, from ad valorem taxes which may be levied without limitation as to rate or amount upon all the
ble tangible property, real and personal, within the territorial limits of the City.
THE BONDS maturing on October 1, 2002, and thereafter are subject to redemption and payment
for to maturity, at the option of the City on October 1, 2001, and thereafter, in whole at any time or
part on any interest payment date in such principal amounts for such maturities as shall be determined
the City, at a redemption price of 100% of the principal amount of Bonds redeemed and paid plus
.rued interest to the redemption date, without a premium. In the case of partial redemption of Bonds
the same maturity, the Bonds to be redeemed shall be selected by the Bond Registrar in such manner
it shall deem fair and appropriate.
IN THE EVENT any of the Bonds are called for redemption as aforesaid, written notice thereof
11 be given by first class mail mailed not less than 30 days prior to the redemption date to each
R gistered Holder of Bonds to be redeemed. All Bonds so called for redemption will cease to bear
i erest on the specified redemption date provided funds or certain securities in which such funds are
i ested for their redemption are on deposit with the Paying Agent on such redemption date, and will no
1 ger be secured by the Ordinance and will not be deemed to be outstanding under the provisions of the
THIS BOND is transferable only in the Bond Register at the office of the Bond Registrar upon
s ender of this Bond to the Bond Registrar duly endorsed for transfer or accompanied by a written
in trument of transfer satisfactory to the Bond Registrar duly executed by the Registered Holder hereof
o his attorney or legal representative, and thereupon a new Bond or Bonds in the same aggregate
pr ncipal amount shall be issued to the transferee in exchange therefor, subject to the conditions as
p vided in the Ordinance. The Bonds for each maturity are issuable only in the form of fully registered
B nds without coupons in the denomination of $5,000 or any integral multiple thereof. The Registered
Hi Mer of any Bond or Bonds may surrender the same in exchange for an equal aggregate principal
ount of Bonds of any authorized denomination in the manner and subject to the conditions as provided
in a Ordinance. No service charge shall be made for any such transfer or exchange, but, prior to any
tr nsfer or exchange, the Registered Holder hereof shall pay to the City or the Bond Registrar an amount
su ficient to reimburse it or them for any tax or other governmental charge required to be paid with
re pect to such transfer or exchange. The City, the Bond Registrar and the Paying Agent may deem and
tr t the person in whose name this Bond is registered as the absolute owner hereof for the purpose of
reteiving payment of, or on account of, the principal hereof and interest due hereon and for all other
purposes. If the date for making any payment of interest or principal occurs on a Saturday or Sunday
or a holiday in the City of Topeka, Kansas, then such payment may be made on the next succeeding
business day with the same force and effect.
A-3
a
Kohn-Cox Pnnt,ng — Salina, Kansas —
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...._...__...•.1... ..:; 4 #,:i.Y q � . iep. #,��' I w �L +4,.. __.1..Lssl.niic' � a f .. � __..2..`.x.•e.irr�d:+.".aui.,. •i *�„s -:; 1. � :iY. �}C<K ,� �� �g+.� �;.
(FORM OF ASSIGNMENT)
FOR VALUE RECEIVED the undersigned does (do) hereby sell, assign and transfer to
(Name and Address)
(Social Security or Taxpayer Identifying No.)
tht Bond to which this assignment is affixed in the outstanding principal amount of $ , standing
in :he name of the undersigned on the books of the State Treasurer. The undersigned does (do) hereby
re ocably constitute and appoint
atiorney to transfer the said Bond, on the books of said State Treasurer, with full power of substitution
in a premises.
Name
Account No.
Signature
(Sign Here Exactly as Name or
Names Appear on the Face of
the Certificate)
(Signature Guarantee)
A-4
Kuhn Cox Printing — Snlina. Kansas
.TE OF KANSAS )
) SS.
1NTY OF SALINE )
-0"
.TE
At
' a �
I, Judy D. Long, City Clerk of the City of Salina, Kansas, do hereby certify that this Bond has
duly registered in my office according to law.
WITNESS my hand and official seal this June 1, 1994.
City Clerk
(FORM OF STATE TREASURER'S CERTIFICATE)
OFFICE OF THE STATE TREASURER OF KANSAS
I, SALLY THOMPSON, Treasurer of the State of Kansas, do hereby certify that a transcript of
eedings leading up to the issuance of this Bond has been filed in my office and that this Bond was
A in my office according to law this
WITNESS my hand and official seal.
A-5
(facsimile)
State Treasurer of Kansas