ORDINANCE NO. 030222
Fixing
the maturity and interest rates on $76,955,000.00 principal amount of General Improvement
Airport Revenue Bonds (Terminal Improvement Project), Series 2003A of the City
of Kansas City, Missouri, authorized by Committee Substitute for Ordinance No.
030129, passed February 6, 2003; supplementing certain provisions of Committee
Substitute for Ordinance No. 030129; authorizing the sale and delivery of said
bonds to the purchaser; and declaring an emergency.
WHEREAS,
the Director of Finance of the City of Kansas City, Missouri, advertised for
bids for the purchase of General Improvement Airport Revenue Bonds (Terminal
Improvement Project), Series 2003A (the Series 2003A Bonds), said bids were
received at 9:30 a.m., Central Time, on February 20, 2003; and
WHEREAS,
said sale was held at said time in the Office of the Director of Finance, and
bids received pursuant to said Ordinance, the highest and best bid received for
the Series 2003A Bonds was that of Edward D. Jones & Co., L.P. (the Series
2003A Purchaser) and the Council, pursuant to the recommendation of the
Director of Finance, has determined that the bid aforesaid should be accepted
and has authorized the Director of Finance to accept said bid; and
WHEREAS,
it is necessary that the Council, by ordinance, immediately fix the maturity
and interest rates to be borne by the Series 2003A Bonds and supplement
Committee Substitute for Ordinance No. 030129 in order that the Series 2003A
Bonds may be prepared, executed and delivered to the purchaser thereof in
accordance with the notice of bond sale and the bid of said purchaser, and by
reason of such conditions, it is for the immediate preservation of the public
property that this ordinance take effect as an emergency measure; NOW,
THEREFORE,
BE
IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section
1. That the Series 2003A Bonds shall mature and bear interest as follows:
September1 Principal Interest September
1 Principal Interest
Year Amount Rate Year
Amount Rate
2008 $
2,420,000 5.75% 2018 $ 3,780,000 4.35%
2009
2,565,000 5.75% 2019 3,950,000 4.45%
2010
2,715,000 5.55% 2020 4,130,000 4.50%
2011
2,840,000 3.60% 2021 4,320,000 4.55%
2012
2,950,000 3.80% 2022 4,525,000 4.60%
2013
3,065,000 4.00% 2023 4,740,000 4.65%
2014
3,195,000 4.10% 2024 4,965,000 4.70%
2015
3,325,000 4.15% 2025 5,205,000 4.70%
2016
3,470,000 4.20% 2027 11,175,000 4.75%
2017
3,620,000 4.30%
Section
2. The Bonds maturing on 2027 are subject to mandatory redemption in part on
the dates and in the principal amounts set forth below at a redemption price
equal to 100% of the principal amount redeemed plus accrued interest to the
redemption date:
September
1 Principal Amount
2026 $5,455,000
2027* $5,720,000
____
*
Final Maturity
Section
3. That the Series 2003A Bonds shall be duly prepared and executed in
accordance with the provisions of Committee Substitute for Ordinance No.
030129, passed February 6, 2003, and the Series 2003A Bonds when duly prepared
and executed shall be sold and delivered by the Director of Finance to the
Purchaser, upon payment of the purchase price thereof.
Section
4. This ordinance is declared to be an emergency measure within the provisions
of Section 15, Article III of the Charter and shall take effect in accordance
with that section.
__________________________________________________________________
Approved
as to form and legality:
________________________________
Assistant
City Attorney