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Legislation #: 950516 Introduction Date: 4/20/1995
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER ROBINSON
Title: Repealing Ordinance No. 950478; fixing certain terms of $18,000,000.00 principal amount of Sewerage System Revenue Bonds (State Revolving Fund Program) Series 1995A of the City of Kansas City, Missouri, authorized by Committee Substitute for Ordinance No. 950353, passed April 13, 1995; authorizing the sale and delivery of said bonds to the purchaser; and declaring an emergency.

Legislation History
DateMinutesDescription
4/20/1995

Waive Charter Requirements City Council

4/20/1995

Prepare to Introduce

4/20/1995

Introduce an Ordinance

4/20/1995

Passed


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ORDINANCE NO. 950516

 

Repealing Ordinance No. 950478; fixing certain terms of $18,000,000.00 principal amount of Sewerage System Revenue Bonds (State Revolving Fund Program) Series 1995A of the City of Kansas City, Missouri, authorized by Committee Substitute for Ordinance No. 950353, passed April 13, 1995; authorizing the sale and delivery of said bonds to the purchaser; and declaring an emergency.

 

WHEREAS, the Director of Finance of the City of Kansas City, Missouri (the "City") advertised for bids for the purchase of $18,000,000.00 principal amount of Sewerage System Revenue Bonds (State Revolving Fund Program) Series 1995A of the City to be dated April 1, 1995 (the "Public Entity Bonds"), said bids to be received at 10:00 a.m., Central Daylight Time, on April 13, 1995; and

 

WHEREAS, said sale was held at said time in the Office of the Director of Finance, and one bid received pursuant to said Ordinance, the best bid received for the Public Entity Bonds was that of the State Environmental Improvement and Energy Resources Authority and the Council, pursuant to the recommendations of its Director of Finance, the City Manager and an Assistant City Attorney, has determined that the bid aforesaid should be accepted and has authorized the Director of Finance to accept said bid; and

 

WHEREAS, it is necessary that the Council, by ordinance, immediately fix the principal maturities and sinking fund redemption provisions with respect to the Public Entity Bonds and the interest rates to be borne by the Public Entity Bonds in order that the Public Entity Bonds may be prepared, executed and delivered to the purchaser thereof in accordance with the notice of bond sale and the bid of said purchaser, and by reason of such conditions, its is for the immediate preservation of the public property that this ordinance take effect as an emergency measure; and

 

WHEREAS, on April 13, 1995, the Council passed Ordinance No. 950478, which contained errors in some of the interest rates in Section 1; and

 

WHEREAS, this ordinance contains the correct interest rates; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That Ordinance No. 950478 is repealed.

 

Section 2. That the Public Entity Bonds shall mature on January 1 in the years and in the principal amounts and shall bear interest at the interest rates per annum as follows:

 

Maturity Date Principal Interest Maturity Date Principal Interest January 1 Amount Rate January 1 Amount Rate

 

1996 $ 50,000 4.50% 2004 $1,140,000 5.30% 1997 50,000 4.65 2005 1,160,000 5.40 1998 50,000 4.80 2006 1,180,000 5.50 1999 50,000 4.90 2007 1,205,000 5.60 2000 50,000 5.00 2008 1,225,000 7.75 2001 50,000 5.10 2009 1,280,000 5.75 2002 1,100,000 5.20 2015 8,290,000 5.80 2003 1,120,000 5.25

 

Section 3. That the Public Entity Bonds maturing on January 1, 2015 (the "Term Bonds") shall be subject to mandatory redemption and payment prior to maturity pursuant to the mandatory redemption requirements of Committee Substitute for Ordinance No. 950353, passed on April 13, 1995, at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the redemption date, on January 1 in the years and in the principal amounts as follows:

 

Redemption Date Principal

January 1 Amount

 

2010 $1,305,000 2011 1,335,000 2012 1,365,000 2013 1,395,000 2014 1,430,000 2015* 1,460,000 ________________ *Maturity

 

Section 4. That the Public Entity Bonds shall be duly prepared and executed in accordance with the provisions of Committee Substitute for Ordinance No. 950353 and this Ordinance, and the Public Entity Bonds, when duly prepared and executed, shall be sold and delivered by the Director of Finance to the State Environmental Improvement and Energy Resources Authority, the purchaser thereof, upon payment of the purchase price thereof as set forth in the bid.

 

Section 5. This ordinance is declared to be an emergency measure within the provisions of Section 15, Article II of the Charter and shall take effect immediately upon its passage.

 

__________________________________________________________________

 

Approved as to form and legality:

 

 

____________________________

Assistant City Attorney