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Legislation #: 980277 Introduction Date: 3/19/1998
Type: Resolution Effective Date: 4/5/1998
Sponsor: None
Title: Authorizing the development of financing for the refunding of the Planned Industrial Expansion Authority of Kansas City, MissouriĀ“s Taxable Lease Revenue Bonds, Series 1989 issued for the City Market Project, in an approximate principal amount not to exceed $14,000,000.00 and authorizing certain other actions pursuant thereto.

Legislation History
DateMinutesDescription
3/19/1998

Prepare to Introduce

3/19/1998

Referred Finance & Administration Committee

3/25/1998

Immediate Adoption

3/26/1998

Adopted


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RESOLUTION NO. 980277

 

Authorizing the development of financing for the refunding of the Planned Industrial Expansion Authority of Kansas City, Missouris Taxable Lease Revenue Bonds, Series 1989 issued for the City Market Project, in an approximate principal amount not to exceed $14,000,000.00 and authorizing certain other actions pursuant thereto.

 

WHEREAS, the improvements of the City of Kansas City, Missouris (hereafter the City) City Market Project has been funded through the issuance of Taxable Lease Revenue Bonds, Series 1989 (hereafter the Bonds); and

 

WHEREAS, the City has determined that savings can be realized through the advance refunding of the Bonds; and

 

WHEREAS, the City Council of the City of Kansas City, Missouri (hereafter the Council) supports the development of financing to achieve the refunding of the Bonds (hereafter the Project); and

 

WHEREAS, the Planned Industrial Expansion Authority has selected the firm of Fahnestock & Co. to act as placement agent in connection with the issuance of bonds to finance the Project; and

 

WHEREAS, the Planned Industrial Expansion Authority has selected the firms of McDowell Rice Smith and Gaar and the Hardwick Law Firm to act as co-bond counsel in connection with the issuance of bonds to finance the Project; and

 

WHEREAS, it is the desire and intent of the Council to authorize City staff to proceed with those actions necessary to provide for such financing through the issuance of taxable revenue bonds; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council does express its intention to provide for financing of the Project, and directs that funding therefore be affected by the issuance of taxable lease revenue bonds in an approximate principal amount not to exceed $14,000,000.00.

 

Section 2. 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 and City Attorney for approval by the City Council.

 

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