(Published in The Gardner News on December __, 2019)
SUMMARY OF ORDINANCE NO. 19-84
On December 17, 2019, the City Council of the City of Olathe, Kansas passed an ordinance entitled:
AN ORDINANCE AUTHORIZING THE CITY OF OLATHE, KANSAS, TO ISSUE
TAXABLE INDUSTRIAL REVENUE BONDS (ACE PROPERTIES LLC – LOT 2
PROJECT), SERIES 2019, IN A PRINCIPAL AMOUNT NOT TO EXCEED
$1,700,000, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF
ACQUIRING, PURCHASING, CONSTRUCTING, INSTALLING AND
EQUIPPING AN OFFICE AND WAREHOUSE 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
$1,700,000, for the purpose of acquiring, constructing, furnishing and equipping an office and warehouse
project for Ace Properties LLC, a Kansas limited liability company (the “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 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: December 17, 2019.
/s/ Ronald R. Shaver
Ronald R. Shaver, City Attorney