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Legislation #: 940102 Introduction Date: 2/3/1994
Type: Resolution Effective Date: 2/17/1994
Sponsor: None
Title: 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.

Legislation History
DateMinutesDescription
2/3/1994

Prepare to Introduce

2/3/1994

Referred Finance Committee

2/9/1994

Hold On Agenda

2/17/1994

Move To Hold On Docket

2/16/1994

Immediate Adoption as a Committee Substitute

2/17/1994

Adopted


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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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