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