KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 100399 Introduction Date: 5/6/2010
Type: Ordinance Effective Date: 5/30/2010
Sponsor: COUNCILMEMBER SHARP AND COUNCILMEMBER JOLLY
Title: Authorizing and approving a City Financing Agreement and a First Amendment of Development Agreement in connection with the NNSA National Security Campus project; and approving certain other documents and authorizing the City to take certain other actions in connection with the issuance of bonds to be issued by the Industrial Development Authority of the City of Kansas City, Missouri for the project.

Legislation History
DateMinutesDescription
5/6/2010 Filed by the Clerk's office
5/6/2010 Referred to Finance and Audit Committee
5/12/2010 Do Pass
5/13/2010 Assigned to Third Read Calendar
5/20/2010 Passed

View Attachments
FileTypeSizeDescription
100399.pdf Authenticated 106K AUTHENTICATED
Continuation of Fact Sheet for Ordinance No. 100399.DOC Advertise Notice 24K revised continuation
Continuation of Fact Sheet for Ordinance No 100399.2.docx Advertise Notice 11K continuation of fact sheet
fact sheet.xls Advertise Notice 75K fact sheet
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=100399 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=100399

Printer Friendly Version

ORDINANCE NO. 100399

 

Authorizing and approving a City Financing Agreement and a First Amendment of Development Agreement in connection with the NNSA National Security Campus project; and approving certain other documents and authorizing the City to take certain other actions in connection with the issuance of bonds to be issued by the Industrial Development Authority of the City of Kansas City, Missouri for the project.

 

WHEREAS, the Industrial Development Authority of the City of Kansas City, Missouri (the “Authority”) will issue its Tax-Exempt Infrastructure Bonds (NNSA National Security Campus Project-MoDOT Funded Transportation Improvements) Series 2010 (the “Bonds”), for the purpose of providing funds to (i) pay a portion of a new interchange at Route 150 and Botts Road (the “Interchange Project”), (ii) fund a capitalized interest fund and a debt service reserve fund for the Bonds and (iii) pay certain costs of issuance relating to the Bonds; and

 

WHEREAS, in order to set forth the terms of their respective rights, duties and obligations, the City intends to enter into a City Financing Agreement among the Authority, the City and the bond trustee (the “Financing Agreement”), which sets forth their roles and responsibilities in connection with the payment of certain funds the City will receive from the Missouri Highways and Transportation Commission in connection with the Interchange Project (the “MODOT Funds”) to be used to pay a portion of the debt service on the Bonds; and

 

WHEREAS, the City Council approved Committee Substitute for Ordinance No. 100031 which authorized a Development Agreement dated February 16, 2010 (the “Development Agreement”) among, the Planned Industrial Expansion Authority of the Kansas City, Missouri, CenterPoint Zimmer LLC, the Authority and the City; and

 

WHEREAS, the parties to the Development Agreement have agreed to execute a deliver a First Amendment of Development Agreement (the “First Amendment”) in connection with the issuance of the Bonds; and

 

WHEREAS, the City Council of the City finds and determines that it is necessary and desirable in connection with the issuance of the Bonds that the City pledge the MODOT Funds to the payment of a portion of the debt service on the Bonds and approve the execution of the Financing Agreement and the First Amendment as herein provided; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. Authorization and Approval of Documents. The City approves the Financing Agreement and the First Amendment and the City Manager or Director of Finance is hereby authorized and directed to execute and deliver the Financing Agreement and First Amendment on behalf of the City. The City Manager or Director of Finance are 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 2. Further Authority. 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 Financing Agreement.

 

__________________________________________

 

Approved as to form and legality:

 

 

_______________________________

Heather A. Brown

Assistant City Attorney