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[Published in The Gardner News on April 24, 2019.]
SUMMARY OF ORDINANCE NO. 19-14
On April 16, 2019, 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 (BR CAPITAL, L.L.C. – PHASE I
PROJECT), SERIES 2019, IN A PRINCIPAL AMOUNT NOT TO EXCEED
$6,500,000, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST
OF ACQUIRING, PURCHASING, CONSTRUCTING, INSTALLING AND
EQUIPPING A COMMERCIAL PROJECT, 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.
The Bonds approved by the Ordinance are being issued in the maximum principal amount of
$6,500,000, for the purpose of acquiring, constructing, furnishing, and equipping a commercial project for
BR Capital, L.L.C., a Kansas limited liability company, 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 2019 Bonds, as provided in the Indenture.
In connection with the issuance of the Bonds, the Issuer approves a 10-year exemption from ad valorem
property taxes for the Project, subject to certain payments in lieu of taxes. 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. 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: April 16, 2019.
Ron Shaver, City Attorney
/s/ Ron Shaver