(Published in The Gardner News on November 28, 2018.)
SUMMARY OF ORDINANCE NO. 18-58
On November 20, 2018, the governing body of the City of Olathe, Kansas passed an ordinance entitled:
AN ORDINANCE AUTHORIZING THE CITY OF OLATHE, KANSAS, TO ISSUE TAXABLE INDUSTRIAL REVENUE BONDS (WEST MARKET PROJECT), SERIES 2018, IN A PRINCIPAL AMOUNT NOT TO EXCEED $2,500,000, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF ACQUIRING, PURCHASING, CONSTRUCTING, INSTALLING AND EQUIPPING COMMERCIAL FACILITIES, INCLUDING LAND, BUILDINGS, STRUCTURES, IMPROVEMENTS, FIXTURES, MACHINERY AND EQUIPMENT; AUTHORIZING THE CITY TO ENTER INTO CERTAIN DOCUMENTS AND ACTIONS IN CONNECTION WITH THE ISSUANCE OF SAID BONDS (SALES TAX EXEMPTION ONLY).
The Bonds approved by the Ordinance are being issued in the maximum principal amount of $2,500,000, for the purpose of acquiring, constructing, furnishing, and equipping commercial facilities for MJD Real Estate Inc., a Kansas corporation; Bugeater Development, LLC, a Nebraska limited liability company; G-Six, LLC, a Nebraska limited liability company; Phil 46, LLC, a Nebraska limited liability company; and March 13, 2013, LLC, a Nebraska limited liability company, all as tenants in common, and constitute limited obligations of the City payable solely from the sources and in the manner as provided in the Indenture, and shall be secured by a transfer, pledge and assignment of and a grant of a security interest in the Trust Estate (as defined in the Indenture) to the Trustee and in favor of the owners of the Series 2018 Bonds, as provided in the Indenture. A complete text of the Ordinance may be obtained or viewed free of charge at the office of the City Clerk, 100 E. Santa Fe Street. A reproduction of the Ordinance is available for not less than 7 days following the publication date of this Summary at http://www.olatheks.org/government/city-clerk/public-notices.
This Summary is hereby certified to be legally accurate and sufficient pursuant to the laws of the State of Kansas.
DATED: November 21, 2018.
/s/ Ronald R. Shaver
Ronald R. Shaver, City Attorney