ORDINANCE NO. 941635

Fixing the maturity, sinking fund redemptions and interest rates on $28,000,000.00 principal amount of General Improvement Airport Revenue Bonds, Series 1994 B, of the City of Kansas City, Missouri, authorized by Committee Substitute for Ordinance No. 941517, passed November 28, 1994, authorizing the sale and delivery of said bonds to the purchasers, and declaring an emergency.

WHEREAS, pursuant to Ordinance No. 941496, passed on November 10, 1994, the Director of Finance of the City of Kansas City, Missouri, advertised for Bids for the purchase of $39,210,000.00 principal amount of General Improvement Airport Revenue Bonds, Series 1994 B, of the City to be dated November 15, 1994 (the "Series 1994 B Bonds"), said bids to be received at 10 o'clock a.m., Central Time, on November 29, 1994; 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 1994 B Bonds was that of Smith Barney Inc., 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 interest rates to be borne by the Series 1994 B Bonds in order that the Series 1994 B Bonds may be prepared, executed and delivered to the purchasers thereof in accordance with the notice of bond sale and the bid of said purchasers, 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 1994 B Bonds shall bear interest as follows:

STATED MATURITY PRINCIPAL INTEREST

SEPTEMBER 1 AMOUNT__ RATE

2012 $ 1,255,000.00 6.875%

2014 26,745,000.00 6.875%

The Bonds shall bear interest from the most recent Interest Payment Date to which interest has been paid in full or, if no interest has been paid, from November 15, 1994. Interest on the Bonds shall be payable on September 1, 1995, and thereafter semiannually on March 1 and September 1 in each year.

The Series 1994 B Bonds maturing on September 1, 2014 shall be subject to mandatory redemption and payment prior to maturity pursuant to the mandatory redemption provisions of this Section at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the redemption date. The Series 1994 B Bonds shall be subject to mandatory redemption on September 1 in each year in the following principal amounts:

STATED MATURITY PRINCIPAL

SEPTEMBER 1 AMOUNT

2013 $12,925,000.00

2014* $13,820,000.00

__________ *Final maturity

Section 2. That the Series 1994 B Bonds shall be duly prepared and executed in accordance with the provisions of Committee Substitute for Ordinance No. 941517, passed November 28, 1994, and the Series 1994 B Bonds when duly prepared and executed shall be sold and delivered by the Director of Finance to Smith Barney Inc., the purchasers thereof, upon payment of the purchase price thereof to the City Treasurer or to the Director of Finance.

Section 3. This ordinance is declared to be an emergency measure within the provisions of Section 15, Article III of the Charter and shall take effect immediately upon its passage.

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Approved as to form and legality:

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Assistant City Attorney