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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 030190
Authorizing
the development of a financing by the Kansas City Municipal Assistance
Corporation (KCMAC) for issuance of one or more series of its refunding and
improvement revenue bonds in an approximate principal amount not to exceed
$60,000,000.00 to refinance KCMAC Series 1994B (Citywide Infrastructure
Project) Leasehold Revenue Bonds, provide capital funding for certain
additional public infrastructure improvements to be located in the area of N.W.
Barry Road, west of I-29 in Platte County, Kansas City, Missouri and to pay
software and development costs associated the Citys enterprise resource
planning (ERP) project and further authorizing the City to enter into certain
documents related to the sale and to take certain actions in connection
therewith.
WHEREAS,
the Kansas City Municipal Assistance Corporation (the "Corporation")
is a not-for-profit corporation duly organized and existing under Chapter 355
of the Missouri Revised Statutes 1994 (the "Act"); and
WHEREAS,
the Corporation is authorized under the Act to lease as lessor and as lessee
any real or personal property, to borrow money for its corporate purposes and
to issue its notes, bonds or other obligations in evidence thereof; and
WHEREAS,
the City, has requested that the Corporation consider the issuance of leasehold
refunding revenue bonds for the purpose of providing funds to refund certain
outstanding revenue bonds of the Corporation (Series 1994B) (the Refunding
Project) in one or more series in a principal amount not to exceed $14,500,000.00
to provide funds to pay the costs of the Refunding Project, all in accordance
with and pursuant to the Act; and
WHEREAS,
the City, has requested that the Corporation (i) approve construction of
certain additional public infrastructure projects to be located in the area of
N.W. Barry Road, west of I-29 in Platte County, Kansas City, Missouri (the Public
Improvements Project) and (ii) issue its leasehold revenue bonds in one or
more series in a principal amount not to exceed $12,000,000.00 to provide funds
to pay the costs of the Project, all in accordance with and pursuant to the
Act; and
WHEREAS,
the City, has requested that the Corporation (i) approve a project to be
located in Kansas City, Missouri, consisting of the implementation of an
Enterprise Resource Planning (ERP) system to improve the finance, payroll, tax
collection and human resources applications utilized by City personnel in City
operations and constituent services (the ERP Project) and (ii) issue its
leasehold revenue bonds in one or more series in a principal amount not to
exceed $30,000,000.00 to provide funds to pay the costs of the Project, all in
accordance with and pursuant to the Act; and
WHEREAS,
the Corporation desires to finance the costs of designing, configuring, and
implementing the Refunding Project, the Public Improvements Project, and the
ERP Project (collectively, the Projects) by the issuance of its leasehold
refunding and improvements revenue bonds in one or more series under the Act in
a principal amount not to exceed $60,000,000.00 (the Bonds), said Bonds to be
payable solely out of payments, revenues and receipts derived by the
Corporation from the City; 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; 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
Refunding Project, the Public Improvements Project, and the ERP Project and the
issuance by the Corporation of its leasehold refunding and improvement revenue
bonds in an approximate principal amount not to exceed $60,000,000.00 to
provide funds to pay the cost of the projects.
Section
2. That the Council states that such Projects are for the benefit of the public
and constitute a public purpose.
Section
3. The City expects to incur certain expenditures in connection with the
acquisition, design and equipping of the Projects after the date of this
resolution and before the issuance of the Bonds, and the City desires and
intends to reimburse itself for all or a portion of such expenditures, to the
extent permitted by law, with the proceeds of the Bonds in the maximum
principal amount of $60,000,000.00 expected to be issued for the Projects.
Section
4. 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 Director of Finance
for presentation to and approval by the Council.
Section
5. This Resolution shall take effect and be in full force and effect from and
after its adoption.
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