COMMITTEE SUBSTITUTE FOR RESOLUTION NO.
940102
Authorizing the development of financing for the
refunding of three series of Kansas City Municipal Assistance Corporation
revenue bonds issued for the H. Roe Bartle Convention Center Expansion Project,
in an approximate principal amount of $175,000,000.00 and authorizing certain
other actions pursuant thereto.
WHEREAS, the expansion of the H. Roe Bartle
Convention Center has been funded through the issuance of Kansas City Municipal
Assistance Corporation Leasehold Revenue Improvement Bonds Series 1990B-1,
1990B-2, and 1991B (the "Bonds"); and
WHEREAS, the City has determined that savings can be
realized through the advance refunding of the Bonds; and
WHEREAS, the Council supports the development of
financing to achieve the refunding of the Bonds (the "Project"); and
WHEREAS, the City has determined it most beneficial
to utilize the Kansas City Municipal Assistance Corporation (the
"Corporation") for the funding of the Project through the issuance of
tax-exempt revenue bonds; and
WHEREAS, the Corporation has selected the firm of LS
Financial Group, Inc. to act as financial advisor in connection with the
issuance of bonds to finance the Project; and
WHEREAS, the Corporation has selected the firms of
Lathrop & Norquist; Burke, Williams, Sorensen & Gaar; and Herbert E.
Hardwick, P.C., to act as bond counsel in connection with the issuance of bonds
to finance the Project; and
WHEREAS, pursuant to authorization by the
Corporation's Board of Directors, a request for proposals was distributed and
the following senior manager underwriting team was selected: Senior Manager
George K. Baum & Company, and Co-Senior Managers Merrill Lynch & Co.
and Pryor, McClendon, Counts & Co., Inc.; and
WHEREAS, it is the desire and intent of the Council
to authorize the Corporation to proceed with such selection and those actions
necessary to provide for such financing through the issuance of tax-exempt
revenue bonds; NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:
Section 1. That the Council does hereby express its
intention to provide for financing of the Project, and directs that funding
therefor be effected by the issuance of tax-exempt bonds by the Corporation in
an approximate principal sum of $175,000,000.00.
Section 2. That the Council states that the Project
is for the benefit of the public health, safety and welfare and constitutes a
public purpose.
Section 3. That the Council does hereby express its
intention to enter into certain leases and subleases in connection with the
Project for the purpose of providing the revenue necessary to pay the debt
service on the bonds.
Section 4. That the Council does hereby authorize
and direct that the financing arrangements referred to in this resolution
including the negotiation of the financial terms and other provisions be
developed by the Director of Finance for approval by the Corporation and the
Council.
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