KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 050064 Introduction Date: 1/20/2005
Type: Resolution Effective Date: none
Sponsor: None
Title: Authorizing the development of financing for improvements to the Kansas City International Airport for a consolidated rental car facility through the issuance of subordinated taxable airport revenue bonds by the City in an approximate principal amount not to exceed $60,000,000.00; authorizing certain other actions pursuant thereto; and declaring the City's official intent to reimburse from bond proceeds.

Legislation History
DateMinutesDescription
1/18/2005 Filed by the Clerk's office
1/19/2005 Referred to Finance Committee
1/20/2005 Referred to Finance Committee
1/26/2005 Immediate Adoption as a Committee Substitute
1/27/2005 Adopted

View Attachments
FileTypeSizeDescription
050064.pdf Authenticated 85K Authenticated
Fiscal Notes - Car Rental Facility Resolution.xls Fiscal Note 33K Airport Consolidated Rental Car Facility Fiscal Notes
ResFactsheet-2005C.xls Fact Sheet 41K Airport Consolidated Rental Car Facility

Printer Friendly Version

COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 050064

 

Authorizing the development of financing for improvements to the Kansas City International Airport for a consolidated rental car facility through the issuance of subordinated taxable airport revenue bonds by the City in an approximate principal amount not to exceed $60,000,000.00; authorizing certain other actions pursuant thereto; and declaring the City's official intent to reimburse from bond proceeds.

 

WHEREAS, pursuant to Ordinance No. 000653, a special election was ordered to be held on August 8, 2000, at which a majority of the qualified voters voted in favor of issuing $395,000,000.00 in airport revenue bonds for the purpose of paying the cost of improving the airports of the City; and

 

WHEREAS, pursuant to Ordinance No. 000767 the City authorized a Customer Facility Charge to pay for the consolidated rental car facility at KCI (the Project); and

 

WHEREAS, the City has previously approved Resolution No. 001136 expressing its intent to finance the Project; and

WHEREAS, the City has previously issued and delivered $10,000,000.00 in subordinated taxable airport revenue bonds (Consolidated Airport Rental Car Facility Project) Series 2000 (the Series 2000 Bonds) to finance a portion of the Project, which Series 2000 Bonds are payable from the customer facility charges; and

 

WHEREAS, the City deems it advisable and necessary to issue $60,000,000.00 in subordinated taxable airport revenue bonds to refund the Series 2000 Bonds and to provide the financing for the Project; and

 

WHEREAS, it is now necessary that the City proceed with the development of financing in the approximate principal amount of $60,000,000.00, such Bonds being a part of the $395,000,000.00 principal amount of the airport revenue bonds authorized by the voters of the City on August 8, 2000; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council expresses its intention to provide for the financing of the Project and to issue subordinated taxable airport revenue bonds in an approximate principal amount not to exceed $60,000,000.00 to provide funds to pay the cost of the Project.

 

Section 2. That the Council states that the Project is for a public purpose.

 


Section 3. That the Council authorizes and directs that the financing arrangements referred to in this resolution and the negotiation of the financial terms and other provisions of such arrangements be developed by the Acting Director of Finance for presentation to and approval by the Council.

 

Section 4. That the City declares its intent to reimburse itself for certain expenditures made within 60 days prior to or on and after the date of this resolution with respect to the consolidated rental car facility at KCI with the proceeds of bonds expected to be issued by the City. The maximum principal amount of bonds expected to be issued for the Project is not to exceed $60,000,000.00. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.

 

____________________________________________