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Legislation #: 030451 Introduction Date: 4/3/2003
Type: Ordinance Effective Date: 4/13/2003
Sponsor: None
Title: Fixing the interest rate on $45,000,000.00 maximum principal amount of a Taxable Industrial Revenue Bond (MasterCard International, LLC Project), Series 2003D of the City of Kansas City, Missouri, authorized by Ordinance No.030280, passed March 20, 2003, authorizing the sale and delivery of said Bond to the purchaser, and declaring an emergency.

Legislation History
DateMinutesDescription
4/3/2003

Waive Charter Requirements City Council

4/3/2003

Passed


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ORDINANCE NO. 030451

 

Fixing the interest rate on $45,000,000.00 maximum principal amount of a Taxable Industrial Revenue Bond (MasterCard International, LLC Project), Series 2003D of the City of Kansas City, Missouri, authorized by Ordinance No.030280, passed March 20, 2003, authorizing the sale and delivery of said Bond 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 $45,000,000.00 maximum principal amount of Taxable Industrial Revenue Bond (MasterCard International, LLC Project), Series 2003D, said bids were received at 10 o'clock a.m., Central Time, on April 3, 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 sole and best bid received for the Series 2003D Bond was that of MasterCard International, LLC, and the Council, pursuant to the recommendation of the Director of Finance and an Assistant City Attorney, 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 rate to be borne by the Series 2003D Bond in order that such bond 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 2003D Bond shall bear interest at the rate of 5.00% per annum.

 

Section 2. That the Series 2003D Bond shall be duly prepared and executed in accordance with the provisions of Ordinance No. 030280, passed March 20, 2003, and the Series 2003D Bond when duly prepared and executed shall be sold and delivered by the Director of Finance to MasterCard International, LLC, the purchaser thereof, upon payment of the purchase price thereof.

 

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