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Legislation #: 041334 Introduction Date: 11/23/2004
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER EDDY
Title: Fixing the interest rate on $40,000,000.00 maximum principal amount of a taxable Industrial Revenue Bonds (Bayer CropScience LP Project), Series 2004I of the City of Kansas City, Missouri, authorized by Ordinance No. 041257, passed November 9, 2004, authorizing the sale and delivery of said bond to the purchaser, and declaring an emergency.

Legislation History
DateMinutesDescription
11/23/2004 Filed by the Clerk's office
11/23/2004 Passed

View Attachments
FileTypeSizeDescription
041334 Memo.pdf Other 53K Memo From City Manager's Office
041334.pdf Authenticated 75K Authenticated

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ORDINANCE NO. 041334

 

Fixing the interest rate on $40,000,000.00 maximum principal amount of a taxable Industrial Revenue Bonds (Bayer CropScience LP Project), Series 2004I of the City of Kansas City, Missouri, authorized by Ordinance No. 041257, passed November 9, 2004, authorizing the sale and delivery of said bond 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 $40,000,000 maximum principal amount of Taxable Industrial Revenue Bonds (Bayer CropScience LP Project), Series 2004I, said bids were received at 10 o'clock a.m., Central Time, on November 23, 2004; and

 

WHEREAS, said sale was held at said time in the Office of the City Treasurer, and bids received pursuant to said Ordinance, the best bid received for the Series 2004I Bonds was that of Bayer CropScience LP, and the City Council, pursuant to the recommendation of the Acting Director of Finance and an Assistant City Attorney, 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 City Council, by ordinance, immediately fix the interest rate to be borne by the Series 2004I Bonds in order that the such 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 2004I Bonds shall bear interest at the rate of 3.75%.

Section 2. That the Series 2004I Bonds shall be duly prepared and executed in accordance with the provisions of Ordinance No. 041257, passed November 9, 2004, and the Series 2004I Bonds when duly prepared and executed shall be sold and delivered by the Acting Director of Finance to Bayer CropScience LP, the purchaser thereof, upon payment of the purchase price thereof.

 

Section 3. That the City is hereby authorized to accept a bill of sale for personal property financed with the bond proceeds.

 


Section 4. 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