ORDINANCE NO. 051126
Fixing the maturity and interest rates on
$30,000,000.00 principal amount of Water Revenue Bonds, Series 2005F of the
City of Kansas City, Missouri, authorized by Committee Substitute for Ordinance
No. 050906, passed August 18, 2005; authorizing the sale and delivery of said
bonds to the purchaser; and declaring an emergency.
WHEREAS,
the Acting Director of Finance of the City of Kansas City, Missouri, advertised
for bids for the purchase of $30,000,000.00 principal amount of Water Revenue
Bonds, Series 2005F (the Series 2005F Bonds), said bids were received at 9:30
a.m., Central Time, on September 8, 2005 ; and
WHEREAS,
said sale was held at said time in the Office of the Acting Director of
Finance, and bids received pursuant to said Ordinance, the best bid received
for the Series 2005F Bonds was that of Banc of America Securities LLC (the
Series 2005F Purchaser) at a total purchase price of $30,427,896.96, (representing
the principal amount of $30,000,000.00, plus the premium of $585,432.25, less
the underwriters discount of $231,200.01.00, plus accrued interest in the
amount of $73,664,72), and the Council,
pursuant to the recommendation of the Acting Director of Finance, has
determined that the bid aforesaid should be accepted and has authorized the
Acting Director of Finance to accept said bid; and
WHEREAS,
it is necessary that the Council, by ordinance, immediately fix the maturity
and interest rates to be borne by the Series 2005F Bonds and supplement
Committee Substitute for Ordinance No. 050906 in order that the Series 2005F
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, it is for the immediate preservation of the public
property that this ordinance take effect as an emergency measure; NOW,
THEREFORE,
BE
IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section
1. That the Series 2005F Bonds shall mature and bear interest as follows:
December 1 Principal Interest December
1 Principal Interest
Year Amount Rate Year Amount Rate
2009 $ 500,000 3.500% 2017
$2,500,000 5.000%
2011 710,000 3.500 2019
2,730,000 5.000
2012 830,000 3.250 2020
2,845,000 4.000
2013 860,000 3.300 2021
3,065,000 4.000
2014 890,000 3.500 2022
3,195,000 4.000
2015 1,095,000 3.500 2023
3,375,000 4.125 2016
1,140,000 5.000 2024 3,660,000 4.125
Section 2. That the Series 2005F Bonds shall be
duly prepared and executed in accordance with the provisions of Committee
Substitute for Ordinance No. 050906, passed August 18, 2005, and the Series
2005F Bonds when duly prepared and executed shall be sold and delivered by the
Acting Director of Finance to the Purchaser, upon payment of the purchase price
thereof.
Section
3. This ordinance is declared to be an emergency measure within the provisions
of Section 15, Article III of the Charter and shall take effect
immediately upon its passage.
______________________________________________________
Approved
as to form and legality:
_______________________________ Heather
A. Brown
Assistant City Attorney