KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 981485 Introduction Date: 12/21/1998
Type: Ordinance Effective Date: 1/8/1999
Sponsor: COUNCILMEMBER FINLEY
Title: Approving the issuance by Kansas City Municipal Assistance Corporation (the "Corporation") of its Leasehold Revenue Bonds, (the "Bonds"), in the principal amount not to exceed $5,565,000.00; approving and authorizing a Base Lease between the City and said Corporation (the "Base Lease"), the Lease Purchase Agreement between the Corporation and the City (the "Lease Purchase Agreement"); authorizing a $42,500.00 agreement for bond counsel services with Shaffer Lombardo Shurin, Logan Riley Carson _ Kaup, L.C., and Fields _ Brown; and approving and authorizing certain other actions relating to the issuance of the Bonds.

Legislation History
DateMinutesDescription
12/22/1998

Prepare to Introduce

12/22/1998

Referred Finance & Administration Committee

12/29/1998

Advance and Do Pass as a Committee Substitute

12/21/1998

Referred Finance & Administration Committee

12/29/1998

Passed as Substituted


View Attachments
FileTypeSizeDescription
No attachment(s) found

Printer Friendly Version

 

COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 981485

 

Approving the issuance by Kansas City Municipal Assistance Corporation (the "Corporation") of its Leasehold Revenue Bonds, (the "Bonds"), in the principal amount not to exceed $5,565,000.00; approving and authorizing a Base Lease between the City and said Corporation (the "Base Lease"), the Lease Purchase Agreement between the Corporation and the City (the "Lease Purchase Agreement"); authorizing a $42,500.00 agreement for bond counsel services with Shaffer Lombardo Shurin, Logan Riley Carson & Kaup, L.C., and Fields & Brown; and approving and authorizing certain other actions relating to the issuance of the Bonds.

 

WHEREAS, the Corporation proposes to issue, pursuant to an Indenture of Trust by and between the Corporation and a bank with trust capability to be designated by the Corporation as trustee (the "Trustee"), its Bonds in the principal amount not to exceed $5,565,000.00, to provide funds to finance the costs (the "Expenditures") for necessary land acquisition, site preparation and design of a ten-story parking garage and related improvements to be located at Eleventh and Oak Streets in Kansas City, Missouri (the "Project"), to fund a debt service reserve fund and a capitalized interest fund for the Bonds, and to fund certain costs of issuance of the Bonds; and

 

WHEREAS, the City desires to indicate its expectation and intent to reimburse all or a portion of the Expenditures with the proceeds of the Bonds; and

 

WHEREAS, the City has found and determined that financing of the Project will benefit the citizens of the City; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Base Lease by the City to the Corporation is hereby approved in substantially the form attached hereto as Exhibit A and that the Lease Purchase Agreement by the Corporation to the City is hereby approved in substantially the form attached hereto as Exhibit B and the Director of Finance is authorized to execute and deliver a Base Lease and a Lease Purchase Agreement containing the terms and conditions of the Base Lease and the Lease Purchase Agreement attached hereto as Exhibits A and B, respectively, with such changes therein and additions thereto as the Director of Finance deems necessary or desirable.

 

Section 2. The City hereby requests, directs and instructs the Corporation to, and consents to and approves the issuance by the Corporation of its Bonds, in the principal amount not to exceed $5,565,000.00, for the purpose of providing funds for the Project, to fund a debt service reserve fund and a capitalized interest fund for the Bonds, and to fund certain costs of issuance of the Bonds. The Bonds shall be dated the date of issue, shall bear interest at a rate not to exceed seven (7) percent per annum, shall have such other terms and provisions as shall be provided in the Indenture of Trust and approved by the Director of Finance and shall mature in the principal amounts and at the times set forth as follows:


MATURITY SCHEDULE

 

Date Principal

 

3/1/00 190,000.00

3/1/01 185,000.00

3/1/02 190,000.00

3/1/03 200,000.00

3/1/04 210,000.00

3/1/05 215,000.00

3/1/06 225,000.00

3/1/07 235,000.00

3/1/08 245,000.00

3/1/09 260,000.00

3/1/10 270,000.00

3/1/11 285,000.00

3/1/12 295,000.00

3/1/13 310,000.00

3/1/14 330,000.00

3/1/15 345,000.00

3/1/16 365,000.00

3/1/17 380,000.00

3/1/18 405,000.00

3/1/19 425,000.00

$5,565,000.00

Section 3. The City reasonably expects to reimburse all or a portion of the Expenditures with proceeds of the Bonds for the purpose of providing for the acquisition, site preparation and design


of the Project. The maximum principal amount of the Bonds to be issued for the Project is $5,565,000.00.

 

Section 4. The City hereby delegates authority to the Director of Finance to prepare, approve and deem final a Preliminary Official Statement and a final Official Statement, with the signature of the Director of Finance thereon being conclusive evidence of the Director's approval and the City's approval thereof. The City hereby consents to the use and public distribution of the Preliminary Official Statement and the final Official Statement in connection with the offering for sale of the Bonds.

 

Section 5. The City Attorney is hereby authorized to enter into an agreement with Shaffer Lombardo Shurin; Logan Riley Carson & Kaup, L.C.; and Fields & Brown for bond counsel services for this issue and a second series of bonds if necessary and approved by the Council, in an amount not to exceed $42,500.00 plus reasonable expenses approved by the City Attorney, to be paid from the proceeds of the bonds. The agreement is approved in substantial form as that attached to the original of this ordinance.

Section 6. The officials of the City are further authorized and directed to execute such documents, instruments and certificates and to take such further actions on behalf of the City as shall be necessary or desirable to effect the terms and provisions of this ordinance.

 

________________________________________________________________

 

Approved as to form and legality:

 

 

 

_________________________________

Assistant City Attorney