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ORDINANCE NO. 010770
Repealing Committee
Substitute for Ordinance No. 010366; authorizing and approving the issuance of
Taxable Leasehold Revenue Bonds (Kemper Garage Project), Series 2001 in the
principal amount not to exceed $16,000,000.00, to provide funds to finance
certain project costs; authorizing the execution of a letter agreement with
Butler Manufacturing Company, and the Planned Industrial Expansion Authority of
Kansas City, Missouri, regarding a charitable contribution for the project;
authorizing the conveyance of certain real property in connection with the
project; directing the City Clerk to record the deed; and approving certain
other documents and authorizing the City to take certain other actions in
connection with the issuance of said Bond.
WHEREAS, the City
of Kansas City, Missouri, a constitutional charter city and municipal
corporation of the State of Missouri (the "City") does now find and
determine that it is desirable for the improvement of the economic welfare and
development of the City, and its people, and that it is within its authority
and for a public purpose, that the City request the Planned Industrial Expansion Authority of Kansas City, Missouri (the
Authority) to issue bonds for the purpose of financing the hereinafter
described project; and
WHEREAS, the
Authority is authorized and empowered under the provisions of the Planned
Industrial Expansion Act, Sections 100.300 to 100.620, inclusive of the
Missouri Revised Statutes, as amended (the Act), to purchase, construct,
extend and improve certain projects (as defined in the Act) for the purposes
set forth in the Act and to issue revenue bonds for the purpose of providing
funds to pay the costs of such projects, and to lease or sell such projects to
others upon such terms and conditions as the Authority shall deem advisable;
and
WHEREAS, the
Authority and the City have approved the Central Industrial District
Development Plan pursuant to the Act; and
WHEREAS, the City
has requested that the Authority (i) approve a project to be located in Kansas
City in Jackson County, Missouri, consisting of the acquisition, construction
and equipping of a multi-story parking garage located in the vicinity of 16th
and Gennessee, (the Project), (ii) issue its taxable leasehold revenue bonds
in a principal amount not to exceed $16,000,000.00 to provide funds to pay the
costs of the Project, and (iii) lease the Project to the City, all in
accordance with and pursuant to the Act; and
WHEREAS, the
Authority has agreed to finance the costs of purchasing, constructing and
equipping the Project by the issuance of its taxable leasehold revenue bonds in
one or more series under the Act in a principal amount not to exceed
$16,000,000.00 (the Bonds), said Bonds to be payable solely out of payments,
revenues and receipts derived by the Authority pursuant to a lease agreement
for the Project with the City and other parking revenues generated from the
Project; and
WHEREAS, the
Council finds and determines that it is necessary and desirable in connection
with the issuance of the Bonds that the City take certain other actions and
approve the execution of certain other documents as herein provided including
the conveyance of certain real property to the Authority for use in the
Project; and
WHEREAS, the
Council previously passed Committee Substitute for Ordinance No. 010366
authorizing the Bonds; however, the principal amount of the Bonds was
incorrectly stated at an amount not to exceed $15,000,000.00; NOW, THEREFORE,
BE IT ORDAINED BY
THE COUNCIL OF KANSAS CITY:
Section 1. That
Committee Substitute for Ordinance No. 010366 is repealed.
Section 2. The
City is hereby authorized to enter into the following documents, in
substantially the forms presented to and reviewed by the City Council at this
meeting (copies of which documents shall be filed in the records of the City),
with such changes therein as shall be approved by the officers of the City
executing such documents, such officers' signatures thereon being conclusive
evidence of their approval thereof:
(a) Lease
Agreement (the "Lease Agreement"), between the Authority and the
City, dated as of the date set forth therein, under which the Authority will
make the proceeds from the sale of the Bonds available to the City for the
purposes herein described in consideration of payments which, subject to annual
appropriation by the City, will be sufficient to pay the principal of,
redemption premium, if any, and interest on the Bonds as set forth in the Lease
Agreement.
(b) Continuing
Disclosure Agreement of the City related to the disclosure requirements of Rule
15c2-12 of the Securities and Exchange Commission.
Section 3. The
Preliminary Official Statement in substantially the form presented to and
reviewed by the City Council at this meeting (copies of which shall be filed in
the records of the City), and the final Official Statement, in substantially
the form of the Preliminary Official Statement with such changes and additions
thereto as are necessary to conform to and describe the transaction, and the
public distribution of the same are hereby approved for use in connection with
the sale of the Bonds. For the purpose of enabling the purchaser of the Bonds
to comply with the requirements of Rule 15c2-12(b)(1) of the Securities and
Exchange Commission, the City deems the information relating to the City and
the Project contained in the Preliminary Official Statement to be final as of
its date, except for the omission of such information as is permitted by Rule
15c2-12(b)(1), and the appropriate officers of the City are hereby authorized,
if requested, to provide the purchaser a letter or certification to such effect
and to take such other actions or execute such other documents as such officers
in their reasonable judgment deem necessary to enable the purchaser to comply
with the requirements of such Rule.
Section 4. The
Citys Director of Finance or other officer of the City at any time charged
with the responsibility of formulating budget proposals shall include in the
budget proposals submitted to the City Council, in each fiscal year in which
the Lease Agreement shall be in effect, an appropriation for all payments
required under the Lease Agreement for the ensuing fiscal year; it being the
intention of the City that the decision to appropriate or not to appropriate
under the Lease Agreement shall be made solely by the City Council and not by
any other official of the City. The City intends to budget or appropriate
funds to make Rental Payments (as defined in the Lease Agreement) and to pay
the Rental Payments in accordance with the Lease Agreement from all legally
available revenue sources. The City reasonably believes that legally available
funds in an amount sufficient to make all Rental Payments during each fiscal
year can be obtained. The City further intends to do all things lawfully
within its power to obtain and maintain funds from all legally available
revenue sources from which the Rental Payments may be made, including making
provision for such Rental Payments to the extent necessary in each proposed
annual budget submitted for approval in accordance with applicable procedures
of the City and to exhaust all available reviews and appeals in the event such
portion of the budget is not approved. The Citys Director of Finance is
directed to do all things lawfully within his power to obtain and maintain
funds from all legally available revenue sources from which the Rental Payments
may be paid, including making provision for such Rental Payments to the extent
necessary in each proposed annual budget submitted for approval or by
supplemental appropriation in accordance with applicable procedures of the City
and to exhaust all available reviews and appeals in the event such portion of
the budget or supplemental appropriation is not approved. Notwithstanding the
foregoing, the decision to budget and appropriate funds is to be made in
accordance with the Citys normal procedures for such decisions.
Section 5. The
Director of Finance is hereby authorized and directed to execute and deliver
the City Documents on behalf of the City. The Director of Finance is hereby
authorized and directed to execute and deliver such other documents,
certificates and instruments as may be necessary or desirable to carry out and
comply with the intent of this Ordinance for and on behalf of and as the act
and deed of the City. The City Clerk is hereby authorized and directed to
attest to each of said documents and to record the same as appropriate, and to
execute or attest to such other documents, certificates and instruments as may
be necessary or desirable to carry out and comply with the intent of this
Ordinance.
Section 6. That
the Director of Finance is authorized to execute a letter agreement with Butler
Manufacturing Company and the Planned Industrial Expansion Authority of Kansas
City, Missouri, stating the Citys intention regarding Butlers charitable
contribution, subject to the appropriation of funds for this purpose.
Section 7. That
the Director of Finance is authorized to execute a deed conveying the following
described property to the Authority:
A tract
of land being a part of the Northwest Quarter of Fractional Section 7, Township
49 North, Range 33 West of the Fifth Principal Meridian in Kansas City, Jackson
County, Missouri, according to an official plat of said land filed in the
District Land Office in St. Louis, Missouri, dated July 31, 1862, being more
particularly described as follows:
NOTE:
Bearings stated in the following description are oriented to Grid North,
Missouri State Plane Coordinate System, West Zone, North American Datum 1983.
Commencing
at the northwest corner of said Fractional Section 7, said point being on the
Kansas/Missouri state line; thence South 00E17'16"
East, 30.02 feet, along the west line of said Fractional Section 7 and said
state line, to the point of beginning; thence South 87E26'22" East, 306.00 feet, along a line 30.0 feet from and parallel
with the north line of said Fractional Section 7; thence South 02E33'38" West, 39.97 feet to a point on the northerly right of way
line of American Royal Drive, as now established; thence South 79E41'38" West, 0.47 feet, along said northerly right of way line, to
the beginning of a curve concave to the southeast having a radius of 377.03
feet; thence southerly 467.62 feet, along said northerly right of way and said
curve to the left, tangent with the last described course, having a chord
distance of 438.22 feet and a chord bearing of South 44E09'47" West, to a point on the west line of said Fractional 7 and
the Kansas/Missouri state line; thence North 00E17'16"
East, 368.04 feet, along said west line and said state line, to the point of
beginning of the tract herein described, containing 41,108 square feet or
0.9437 acres. Subject to all easements and restrictions of record.
and the City Clerk is
authorized and directed to record the deed with the appropriate County
official.
Section 8. The
City shall, and the officers, agents and employees of the City are hereby
authorized and directed to, take such further action, and execute such other
documents, certificates and instruments, including any required agreements or
documentation, as may be necessary or desirable to carry out and comply with
the intent of this Ordinance and to comply with and perform the duties of the
City with respect to the City Documents.
Section 9. This
Ordinance shall take effect and be in full force ten days after its adoption by
the City Council of the City.
________________________________________________________
Approved
as to form and legality:
___________________________________
Assistant
City Attorney