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Legislation #: 010666 Introduction Date: 4/26/2001
Type: Ordinance Effective Date: 5/13/2001
Sponsor: None
Title: Approving the issuance by Kansas City Municipal Assistance Corporation (the "Corporation") of its Leasehold Revenue Bonds, in the principal amount not to exceed $25,000,000.00 (the "Bonds"); approving and authorizing a First Supplemental Lease Purchase Agreement between the Corporation and the City (the "First Supplemental Lease Purchase Agreement"), and approving and authorizing certain other actions relating to the issuance of the Bonds.

Legislation History
DateMinutesDescription
4/26/2001

Prepare to Introduce

4/26/2001

Referred Finance and Audit Committee

5/2/2001

Advance and Do Pass

5/3/2001

Passed


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ORDINANCE NO. 010666

 

Approving the issuance by Kansas City Municipal Assistance Corporation (the "Corporation") of its Leasehold Revenue Bonds, in the principal amount not to exceed $25,000,000.00 (the Bonds); approving and authorizing a First Supplemental Lease Purchase Agreement between the Corporation and the City (the "First Supplemental Lease Purchase Agreement"), and approving and authorizing certain other actions relating to the issuance of the Bonds.

 

WHEREAS, the Corporation has previously issued, pursuant to an Indenture of Trust, dated as of April 1, 1999, between the Corporation and First Bank of Missouri, Gladstone, Missouri (Trustee), its $7,950,000.00 Leasehold Revenue Bonds (City of Kansas City, Missouri, Lessee), Series 1999A (the Series 1999A Bonds) to provide funds for the acquisition of street lights and to acquire, construct, improve and equip a ten-story parking facility to be located at Eleventh and Oak Streets in Kansas City, Missouri; and

 

WHEREAS, the Corporation proposes to issue, pursuant to a First Supplemental Indenture of Trust (First Supplemental Indenture) by and between the Corporation and the Trustee, its Bonds in the principal amount not to exceed $25,000,000.00, to provide funds (the "Expenditures") to complete the construction, improvement, equipping and furnishing of the parking facility to be located at Eleventh and Oak Streets in Kansas City, Missouri (Phase II Parking Facility Project"), to fund a debt service reserve fund and a capitalized interest fund for the Bonds, and to fund certain costs of issuance of the Bonds; and

 

WHEREAS, in connection with the issuance of the Series 1999A Bonds, the City and the Corporation entered into a Lease Purchase Agreement dated as of May 1, 1999 (the Original Lease Agreement) and it is necessary to amend and supplement the Original Lease Agreement to provide for the issuance of the Bonds; and

 

WHEREAS, the City desires to indicate its expectation and intent to reimburse all or a portion of the Expenditures with the proceeds of the Bonds; and

 

WHEREAS, the City has found and determined that financing of the Phase II Parking Facility Project will benefit the citizens of the City; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the First Supplemental Lease Purchase Agreement by the City to the Corporation be and is hereby approved in substantially the form attached hereto as Exhibit A and the Director of Finance is authorized to execute and deliver a First Supplemental Lease Purchase Agreement containing the terms and conditions of the First Supplemental Lease Purchase Agreement attached hereto as Exhibit A with such changes therein and additions thereto as the Director of Finance deems necessary or desirable.

 

Section 2. The City hereby requests, directs and instructs the Corporation to, and consents to and approves the issuance by the Corporation of its Bonds, in the principal amount not to exceed $25,000,000.00, for the purpose of providing funds for the Phase II Parking Project, to fund a debt


service reserve fund and a capitalized interest fund for the Bonds, and to fund certain costs of issuance of the Bonds. The Bonds shall be dated the date of issue, shall bear interest at a rate not to exceed seven (7) percent per annum, shall have such other terms and provisions as shall be provided in the First Supplemental Indenture and approved by the Director of Finance, and shall mature in the principal amounts and at the times set forth as follows:

 

MATURITY SCHEDULE

 

Date Principal

 

3/1/04 $ 500,000.00

3/1/05 1,070,000.00

3/1/06 1,115,000.00

3/1/07 1,155,000.00

3/1/08 1,205,000.00

3/1/09 1,250,000.00

3/1/10 1,295,000.00

3/1/11 1,355,000.00

3/1/12 1,420,000.00

3/1/13 1,485,000.00

3/1/14 1,555,000.00

3/1/15 1,635,000.00

3/1/16 1,705,000.00

3/1/17 1,790,000.00

3/1/18 1,885,000.00

3/1/19 4,455,000.00

$24,875,000.00

 

Section 3. The City reasonably expects to reimburse all or a portion of the Expenditures with proceeds of the Bonds for the purpose of providing for the completion of the Phase II Parking Facility Project. The maximum principal amount of the Bonds to be issued for the Phase II Parking Facility Project is $25,000,000.00.

 

Section 4. The City hereby delegates authority to the Director of Finance to prepare, approve and deem final a Preliminary Official Statement and a final Official Statement, with the signature of the Director of Finance thereon being conclusive evidence of the Director's approval and the City's approval thereof. The City hereby consents to the use and public distribution of the Preliminary Official Statement and the final Official Statement in connection with the offering for sale of the Bonds.

 

Section 5. The City hereby accepts the proposals of Fahnestock & Co. and The Chapman Company for financial advisory services in connection with the Bonds.

 

Section 6. The City hereby accepts the proposal of Shaffer Lombardo Shurin, a professional corporation, Logan Riley Carson & Kaup, L.C. and Fields & Brown, for bond counsel services in connection with the Bonds.

 

Section 7. The officials of the City are further authorized and directed to execute such documents, instruments and certificates and to take such further actions on behalf of the City as shall be necessary or desirable to effect the terms and provisions of this Ordinance.

 

__________________________________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

 

____________________________________

Director of Finance

 

Approved as to form and legality:

 

 

 

___________________________________

Assistant City Attorney