SUMMARY OF ORDINANCE NO. 19- 69
On November 5, 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 (LE COMMERCE CENTER LLC –
BUILDING I PROJECT), SERIES 2019, IN A PRINCIPAL AMOUNT NOT TO
EXCEED $13,880,000, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE
COST OF ACQUIRING, PURCHASING, CONSTRUCTING, INSTALLING AND
EQUIPPING AN INDUSTRIAL PROJECT, INCLUDING LAND, BUILDINGS,
STRUCTURES, IMPROVEMENTS, FIXTURES, MACHINERY AND
EQUIPMENT; AUTHORIZING THE ISSUER 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
$13,880,000, for the purpose of acquiring, constructing, furnishing and equipping an industrial project for LE
Commerce Center LLC, a Nevada limited liablity 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: November 5, 2019.
Ron Shaver, City Attorney
/s/Ron Shaver