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Legislation #: 030190 Introduction Date: 2/13/2003
Type: Resolution Effective Date: 2/20/2003
Sponsor: None
Title: 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 City 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.

Legislation History
DateMinutesDescription
2/13/2003

Prepare to Introduce

2/13/2003

Referred Finance and Audit Committee

2/19/2003

Immediate Adoption as a Committee Substitute

2/20/2003

Adopted as Substituted


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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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