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Home My WebLink AboutRes 557RESOLUTION NO. 557 A RESOLUTION AMENDING RESOLUTION NO. 555 OF THE CITY AUTHORIZING AND PROVIDING FOR THE CALLING OF A SPECIAL ELECTION IN THE CITY OF MISSION, KANSAS, FOR THE PURPOSE OF SUBMITTING TO THE ELECTORS OF THE CITY THE QUESTION OF IMPOSING A ONE QUARTER PERCENT (1/4 CITY RETAILERS' SALES TAX FOR THE PURPOSE OF FINANCING AN EXPANSION TO THE SYLVESTER POWELL, JR. COMMUNITY CENTER AND RELATED IMPROVEMENTS AND AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION SALES TAX BONDS TO FINANCE SUCH EXPANSION. WHEREAS, pursuant to K.S.A. 12 -187 et seq, (the "Act the Governing Body of the City of Mission, Kansas (the "City passed Resolution No. 555 authorizing and providing for the calling of a special election for the purpose of submitting to the electors of the City the question of imposing a one- quarter percent (1/4 City retailers' sales tax (the "Sales Tax for the purpose of fmancing an expansion to the Sylvester Powell, Jr. Community Center and related improvements and authorizing the issuance of general obligation sales tax bonds (the "Bonds to finance such expansion; and WHEREAS, pursuant to Resolution No. 555, the Sales Tax, if approved by the electors, shall expire ten (10) years after the commencement of the collection of the Sales Tax; and WHEREAS, the Governing Body desires to amend Resolution No. 555 to provide that the Sales Tax, if approved by the electors, shall expire ten (10) years after the commencement of the collection of the Sales Tax or such earlier date as Sales Tax revenues are sufficient to pay the Bonds in full. NOW THEREFORE BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF MISSION, KANSAS, AS FOLLOWS: SECTION 1. Section 2 of Resolution No. 555 is hereby amended to read as follows: "SECTION 2. hi order to pay the costs of the Project and associated financing costs, it is necessary and advisable pursuant to the authority of the Act to institute the Sales Tax and issue the Bonds. Collection of the Sales Tax, if approved by the electors of the City, shall expire ten (10) years after the commencement of the collection of the Sales Tax or such earlier date as Sales Tax revenues are sufficient to pay the Bonds in full." SECTION 2. Section 4 of Resolution No. 555 is hereby amended to read as follows: "SECTION 4. It is hereby authorized, ordered and directed that a special election shall be and is hereby called to be held in the City on April 2, 2002, at which time there shall be submitted to the qualified electors of the City the following proposition: Shall the following be adopted? Shall the City of Mission, Kansas, be authorized to impose a one quarter percent (1/4 retailers' sales tax (the "Sales Tax for the purpose of fmancing the A hereto. SECTION 4. This Resolution shall take effect and be in full force and effect from and after its adoption. construction and equipping of an expansion to the Sylvester Powell, Jr. Community Center and related improvements (the "Project collection of such Sales Tax to expire ten (10) years after the commencement of the collection of the Sales Tax or such earlier date as Sales Tax revenues are sufficient to pay the Bonds in full, and issue general obligation sales tax bonds (the 'Bonds to finance the Project, all pursuant to the authority of K.S.A. 12 -187 et seq., as amended SECTION 3. Exhibit A to Resolution No. 555 is hereby amended to read as shown on Exhibit 2 (Seal) Al1EST: ADOPTED by the Governing Body of the City of Mission, Kansas, on February 27, 2002. 3 622A Mayor`Pro-em ,c 12:01 FAX 818 221 1018 GILMORE BELL 11003/004 Shall the following be adopted? (First published in The Legal Record of Johnson County on March 5, 2002 and subsequently on March 12, 2001) NOTICE OF SPECIAL QUESTION ELECTION CITY OF MISSION, KANSAS Notice is hereby given to the qualified electors of Mission, Kansas (the "City") that a special election has been called and will be held on April 2.2002. for the purpose of submitting to the qualified electors of the City the following proposition: Shall the City of Mission, Kansas, be authorized to impose a one quarter percent (114 retailers' sales tax (the "Sales Tax for the purpose of financing the construction and equipping of an expansion to the Sylvester Powell, Jr. Community Center and related improvements (the "Project collection of such Sales Tax to expire ten (10) years after the commencement of the collection of the Sales Tax or such earlier date as Sales Tax revenues. are sufficient to pay the Bonds in full, and issue general obligation sales tax bonds (the "Bonds to finance the Project, all pursuant to the authority of K S_A_ 12 I R7 erseq., as amended To vote in favor of any question 5ubmjtted on this ballot, darken the oval to the left of the word "Yes." To vOte against it. darken the oval. to the left of the word "No." The polls will open at 7:00 o'clock AM. and will close at 7:00 n'clnr.k P TN on April 2, 2002, the election day. The voting places in the City, and the area each voting place will serve, will be as follows: Ward 1, Pc 1 Ward 1, Pct 2 Ward 2, Pct 1 Ward 2, Pct 2 'Ward 3, Pct 1 Ward 3, Pct 2 ::Wad 4, P4. 1 Ward 4, Pet 2 Iffard 4, Pct 3 LJ YES NO iiifiii* iiiiii**.* Will \I Rushton School, 6001 W. 52 Rushton School, 6001 W, 52 St, Pius X School, 5500 Woodson Mission City Hall, 6090 Woodson Shawnee Mission Horizons High School, 5900 Lamar Ave. Shawnee Mission Horizons Higb School, 5900 Limn Ave. Highlands School, 6200 Roe Ave. Center for International Studies, 6649 Lamar Ave Iohnson County Northeast Offices, 6000 Lamar Ave. The election will be conducted by the officers and/or persons provided by law for holding elections, and the method of voting will be by ballot. Registered voters are eligible to vote by advance voting ballot upon application to the City Clerk set forth below pursuant to K.S.A. 25 -1117 et seq. ADDITIONAL INFORMATION The following additional information is provided by the City with respect to compliance with the provisions of K.S.A. 10 -120a and K.S.A. 12- 6,122. This information has been obtained from sources deemed reliable by the City. Certain portions of this information is based upon projections. No assurances can be given that these projections will be accurate as of the date of issuance of the bonds due to changing market conditions and other matters unknown or unavailable at this time. The assumed principal repayment schedule and the average interest rates are based on recent bond issues for similar types of financings all as shown below. Sources of Funds Bonds to be Issued Interest Earnings During Construction Total Projected Summary of Project Costs $3 834,441 Uses of Funds $3,800,000 Project Costs Interest During Construction Issuance Expenses (including 34.441 attorney fees, printing costs, rating agency fees, financial advisor fees, underwriting fees and other miscellaneous expenses) $3,799,695 7,621 27,125 Total $3 834,441 Principal Repayment Tenn: 10 years Total Interest Cost to Maturity: $932,063 based on 2001 Assessed Valuation of $119,498,521 Projected Summary of Bond Issue Repayments Estimated Annual Sales Tax Revenues: $564,105 Effective Date of Proposed Tax: July 1, 2002 Average Interest Rate: Average Annual Principal and Interest Payments: Ad Valorem Taxes to be imposed if 100% of Estimated Sales Taxes are collected: mills* Ad Valorem Taxes to be imposed if 75% of Estimated Sales Taxes are collected mills* Ad Valorem Taxes to be imposed if 50% of Estimated Sales Taxes are collected: mills* The election officer conducting the election will be the County Clerk of Johnson County, Kansas, whose address is: 111 South Cherry, Suite 1200, Olathe, Kansas 66061. DATED: March 2002. (Seal) John A. Bartolac, County Clerk Johnson County, Kansas 4.08% $473,206 -0- 0 50,127 .42 $191,153 1.6