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Legislation #: 980417 Introduction Date: 4/9/1998
Type: Ordinance Effective Date: none
Sponsor: None
Title: Fixing certain terms of $9,200,000.00 principal amount of Sewerage System Revenue Bonds (State Revolving Fund Program) Series 1998A of the City of Kansas City, Missouri, authorized by Ordinance No. 980253, passed March 26, 1998; authorizing the sale and delivery of the bonds to the purchaser; and declaring an emergency.

Legislation History
DateMinutesDescription
4/9/1998

Waive Charter Requirements City Council

4/10/1998

Passed

4/9/1998

Passed


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ORDINANCE NO. 980417

 

Fixing certain terms of $9,200,000.00 principal amount of Sewerage System Revenue Bonds (State Revolving Fund Program) Series 1998A of the City of Kansas City, Missouri, authorized by Ordinance No. 980253, passed March 26, 1998; 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 $9,200,000.00 principal amount of Sewerage System Revenue Bonds (State Revolving Fund Program) Series 1998A (the "Bonds") of the City to be dated April 1, 1998, said bids received at 11:00 a.m., Central Time, on April 9, 1998 pursuant to the terms of the Notice of Bond Sale dated March 26, 1998; and

 

WHEREAS, the sale was held at the specified time in the Office of the Director of Finance, and one bid 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, sinking fund redemption provisions 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 will be in the aggregate principal amount of $9,200,000.00 (the "Original Principal Amount") and will mature on January 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

January 1 Amount Rate January 1 Amount Rate

 

2000 $295,000 3.900% 2006 $ 375,000 4.250%

2001 305,000 4.000 2008 800,000 5.250

2002 320,000 4.000 2009 430,000 4.500

2003 330,000 4.100 2010 450,000 4.500

2004 345,000 4.125 2011 470,000 4.700

2005 360,000 4.200 2013 1,010,000 5.250

2019 3,710,000 5.000

 

Section 2. The Bond maturing on January 1, 2008, January 1, 2013 and January 1, 2019 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:

 

January 1, 2008 Term Bonds

 

Principal

January 1 Amount

 

2007 $390,000

2008* 410,000

__________

*Maturity

 

January 1, 2013 Term Bonds

 

Principal

January 1 Amount

 

2012 $490,000

2013 520,000

__________

*Maturity

 

January 1, 2019 Term Bonds

 

Principal

January 1 Amount

 

2014 $545,000

2015 575,000

2016 600,000

2017 630,000

2018 665,000

2019* 695,000

__________

*Maturity

 

 

Section 3. At the option of the City, Bonds maturing on and after January 1, 2009 may be called for redemption and payment prior to maturity in whole or in part on any date with the consent of the Bondowner, or on each June 1 and December 1, commencing June 1, 2008, at the redemption prices set forth below (expressed as percentages of principal amount) plus accrued interest to the redemption date:

 

Redemption Dates (Inclusive) Redemption Price

 

June 1, 2008 through May 31, 2009 101.0%

June 1, 2009 through May 31, 2010 100.5

June 1, 2010 and thereafter 100.0

 

Section 4. The Bonds will be duly prepared and executed in accordance with the provisions of Ordinance No. 980253 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 immediately upon its passage.

 

__________________________________________________________________

 

Approved as to form and legality:

 

 

 

____________________________

City Attorney