KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 051126 Introduction Date: 9/8/2005
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER EDDY
Title: 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.

Legislation History
DateMinutesDescription
9/8/2005 Filed by the Clerk's office
9/8/2005 Passed

View Attachments
FileTypeSizeDescription
fact sheet.xls Advertise Notice 49K fact sheet

Printer Friendly Version

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%

2010 500,000 3.500 2018 2,105,000 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