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Legislation #: 030223 Introduction Date: 2/20/2003
Type: Ordinance Effective Date: 3/2/2003
Sponsor: COUNCILMEMBER DANAHER
Title: Fixing the maturity and interest rates on $53,055,000.00 principal amount of General Improvement Airport Revenue Bonds (Economy Parking Lot Project), Series 2003B of the City of Kansas City, Missouri, authorized by Committee Substitute for Ordinance No. 030130, passed February 6, 2003; authorizing the sale and delivery of said bonds to the purchaser; and declaring an emergency.

Legislation History
DateMinutesDescription
2/20/2003

Waive Charter Requirements City Council

2/20/2003

Passed


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ORDINANCE NO. 030223

 

Fixing the maturity and interest rates on $53,055,000.00 principal amount of General Improvement Airport Revenue Bonds (Economy Parking Lot Project), Series 2003B of the City of Kansas City, Missouri, authorized by Committee Substitute for Ordinance No. 030130, passed February 6, 2003; authorizing the sale and delivery of said bonds 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 General Improvement Airport Revenue Bonds (Economy Parking Lot Project), Series 2003B (the Series 2003B Bonds), said bids were received at 9:30 a.m., Central Time, on February 20, 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 highest and best bid received for the Series 2003B Bonds was that of A.G. Edwards & Sons, Inc. (the Series 2003B Purchaser) 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 maturity and interest rates to be borne by the Series 2003B Bonds and supplement Committee Substitute for Ordinance No. 030129 in order that the Series 2003B 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. That the Series 2003B Bonds shall mature and bear interest as follows:

 

September1 Principal Interest September 1 Principal Interest

Year Amount Rate Year Amount Rate

 

2015 $13,980,000 5.375% 2017 $15,350,000 5.250%

2016 14,640,000 5.250% 2018 $ 9,085,000 4.250%

 

Section 2. That the Series 2003B Bonds shall be duly prepared and executed in accordance with the provisions of Committee Substitute for Ordinance No. 030130, passed February 6, 2003, and the Series 2003B Bonds when duly prepared and executed shall be sold and delivered by the Director of Finance to the Purchaser, 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 in accordance with that section.

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Approved as to form and legality:

 

 

 

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Assistant City Attorney