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Legislation #: 001492 Introduction Date: 11/2/2000
Type: Ordinance Effective Date: none
Sponsor: None
Title: Fixing certain terms of $11,750,000.00 principal amount of Sanitary Sewer System Revenue Bonds (State Revolving Fund Program) Series 2000B of the City of Kansas City, Missouri, authorized by Ordinance No. 001386, passed on October 24, 2000; authorizing the sale and delivery of the bonds to the purchaser; and declaring an emergency.

Legislation History
DateMinutesDescription
11/2/2000

Waive Charter Requirements City Council

11/2/2000

Passed


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ORDINANCE NO. 001492

 

Fixing certain terms of $11,750,000.00 principal amount of Sanitary Sewer System Revenue Bonds (State Revolving Fund Program) Series 2000B of the City of Kansas City, Missouri, authorized by Ordinance No. 001386, passed on October 24, 2000; authorizing the sale and delivery of the bonds to the purchaser; and declaring an emergency.

 

WHEREAS, the Director of Finance of the City of Kansas City, Missouri (the City) advertised for bids for the purchase of not to exceed $11,900,000.00 principal amount of Sanitary Sewer System Revenue Bonds, Series 2000B of the City to be dated November 1, 2000, said bids received at 11:00 a.m., Central Time, on November 2, 2000, pursuant to the terms of the Notice of Bond Sale dated October 20, 2000; and

 

WHEREAS, the sale was held at the specified time in the Office of the City Treasurer, and one bid was received pursuant to the Ordinance. The sole and best bid received for the bonds was that of the State Environmental Improvement and Energy Resources Authority. The Council, pursuant to the recommendations of its Director of Finance, the City Manager and an Assistant City Attorney, has determined that the bid of the State Environmental Improvement and Energy Resources Authority should be accepted and has authorized the Director of Finance to accept the bid; and

 

WHEREAS, it is necessary that the Council, by ordinance, immediately fix the principal maturities and optional redemption provisions with respect to the bonds and the interest rates to be borne by the bonds in order that the 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. The bonds are designated Sanitary Sewer System Revenue Bonds (State Revolving Fund Program) Series 2000B (the Bonds), will be in the aggregate principal amount of $11,750,000.00 (the Original Principal Amount) and will mature on July 1 in the years and in the principal amounts and will bear interest at the annual interest rates as follows:

 

Maturity Date Principal Interest Maturity Date Principal Interest

July 1 Amount Rate July 1 Amount Rate

 

2001 $500,000.00 4.250% 2011 $ 580,000.00 5.500%

2002 505,000.00 4.350 2012 590,000.00 5.500

2003 515,000.00 4.400 2013 605,000.00 5.000

2004 520,000.00 4.400 2015 1,255,000.00 5.625

2005 525,000.00 4.500 2016 650,000.00 5.625

2006 535,000.00 4.500 2017 665,000.00 5.300

2007 540,000.00 4.500 2018 680,000.00 5.400

2008 550,000.00 4.600 2019 695,000.00 5.450

2009 560,000.00 4.625 2020 715,000.00 5.500

2010 565,000.00 4.700

 

Section 2. The Bond maturing on July 1, 2015 will be redeemed 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:

 

July 1, 2015 Term Bonds

 

Principal

January 1 Amount

 

2014 $620,000.00

2015 635,000.00

__________

Maturity

 

Section 3. At the option of the City, Bonds maturing on and after July 1, 2013 may be called for redemption and payment prior to maturity in whole or in part on any date on and after September 1, 2010, with the consent of the Bondowner, or on each June 1 and December 1, commencing December 1, 2010, at the principal amount, without premium, plus accrued interest to the redemption date.

 

Section 4. The Bonds will be duly prepared and executed in accordance with the provisions of Ordinance No. 001386 and this Ordinance, and the Bonds, when duly prepared and executed, will be sold and delivered by the Director of Finance to the State Environmental Improvement and Energy Resources Authority, the purchaser, upon payment of the purchase price set forth in the bid.

 

Section 5. This ordinance is declared to be an emergency measure within the provisions of Section 15, Article II of the Charter and shall take effect in accordance with that section.

 

_____________________________________________________________________

 

Approved as to form and legality:

 

 

 

______________________________________

Assistant City Attorney