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Legislation #: 951422 Introduction Date: 10/19/1995
Type: Ordinance Effective Date: 11/12/1995
Sponsor: None
Title: Approving the issuance by Kansas City Municipal Assistance Corporation of its Leasehold Refunding Revenue Bonds, Series 1995A (H. Roe Bartle Convention Center Project) in the approximate principal amount of $33,800,000.00; approving and authorizing the Third Amendment to Master Indenture of Trust; the Third Supplemental Indenture of Trust, the Escrow Trust Agreement, a Bond Purchase Agreement, a Preliminary Official Statement and Official Statement respecting said Bonds; and approving and authorizing certain other actions relating to the issuance of the Series 1995A Bonds.

Legislation History
DateMinutesDescription
10/19/1995

Prepare to Introduce

10/19/1995

Referred Finance & Administration Committee

10/25/1995

Do Pass as a Committee Substitute

10/26/1995

Assigned to Third Read Calendar

11/2/1995

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 951422

 

Approving the issuance by Kansas City Municipal Assistance Corporation of its Leasehold Refunding Revenue Bonds, Series 1995A (H. Roe Bartle Convention Center Project) in the approximate principal amount of $33,800,000.00; approving and authorizing the Third Amendment to Master Indenture of Trust; the Third Supplemental Indenture of Trust, the Escrow Trust Agreement, a Bond Purchase Agreement, a Preliminary Official Statement and Official Statement respecting said Bonds; and approving and authorizing certain other actions relating to the issuance of the Series 1995A Bonds.

 

WHEREAS, the Kansas City Municipal Assistance Corporation (the "Corporation") proposes (I) to issue pursuant to the Third Supplemental Indenture of Trust dated as of October 1, 1995 (the "Third Supplemental Indenture"), by and between the Corporation and Boatmen's First National Bank of Kansas City, as trustee (the "Trustee"), its Leasehold Refunding Revenue Bonds, Series 1995A (H. Roe Bartle Convention Center Project) (the "Series 1995A Bonds") in the principal amount of $33,800,000.00; to provide funds to refund a portion of the outstanding principal amount of the Corporation's Leasehold Refunding and Improvement Revenue Bonds, Series 1990B-1 (H. Roe Bartle Convention Center Project), and a portion of its Leasehold Refunding Revenue Bonds, Series 1990B-2 (H. Roe Bartle Convention Center Project), which refunded portions are collectively referred to herein as the "Refunded Bonds," to pay the bond insurance premium and certain costs of issuance.

 

WHEREAS, the City has found and determined that given current market conditions, present value interest savings can be produced which will benefit the citizens of the City by refunding the Refunded Bonds; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The City hereby authorizes and approves the Preliminary Official Statement in substantially the form attached hereto as Exhibit A, and authorizes the preparation of a final Official Statement by amending, supplementing and completing the Preliminary Official Statement by the Director of Finance with such changes and additions as the Director of Finance deems necessary or appropriate, the signature of the Director of Finance thereon being conclusive evidence of her approval and the City's approval thereof. The City hereby consents to the use and public distribution by the Underwriters, as defined in the Bond Purchase Agreement, of the Preliminary Official Statement and the final Official Statement in connection with the offering for sale of the Series 1995A Bonds.

 

Section 2. For the purpose of enabling the Underwriters to comply with the requirements of Rule 15c2-12(b)(1) of the Securities and Exchange Commission, the City hereby deems the information regarding the City contained in the Preliminary Official Statement to be "final" as of its date, except for the omission of such information as is permitted by Rule 15c2-12(b)(1), and the Director of Finance is hereby authorized, if requested, to provide the Underwriters a letter of certification to such effect and to take such other actions or execute such other documents as the Director of Finance deems necessary or appropriate to enable the Underwriters to comply with the requirement of such Rule.

 

Section 3. The City hereby requests, directs and instructs the Corporation to, and consents to and approves the issuance of the Corporation of the Series 1995A Bonds pursuant to a Master Indenture of Trust dated as of October 1, 1990 (the "Master Indenture"), as heretofore amended and supplemented, and as further amended and supplemented, respectively, by the Third Amendment to Master Indenture of Trust (the "Third Amendment"), by and between the Corporation and Boatmen's First National Bank of Kansas City, as trustee (the "Trustee"), and the Third Supplemental Indenture, copies of which in substantially the forms proposed to be utilized are attached hereto as Exhibits B and C and the execution and delivery of which are hereby consented to and approved with such changes and additions as the Director of Finance deems necessary or appropriate for the purpose of providing funds to enable the Corporation to refund the Refunded Bonds, to pay the bond insurance premium and the costs of issuing the Series 1995A Bonds. The Series 1995A Bonds shall be dated, mature, be in such denominations, bear interest at such times and have such other terms and provisions as shall be provided in the Indenture and shall be issued and rank on a parity with the outstanding principal amount of Leasehold Refunding and Improvement Revenue Bonds, Series 1990B-1 (H. Roe Bartle Convention Center Project), the outstanding Leasehold Refunding Revenue Bonds, Series 1990B-2 (H. Roe Bartle Convention Center Project), and the outstanding principal amount of Leasehold Improvement Revenue Bonds, Series 1991B (H. Roe Bartle Convention Center Project).

 

Section 4. The Escrow Trust Agreement by and among the City, the Corporation and Mercantile Bank of Kansas City, as Escrow Trustee is hereby approved in substantially the form attached hereto as Exhibit D, and the Director of Finance is authorized to execute and deliver the Escrow Trust Agreement with such changes therein and additions thereto as the Director of Finance deems necessary or appropriate.

 

Section 5. The Purchase Contract by and among the Corporation and the Underwriters is hereby approved in substantially the form attached hereto as Exhibit E subject to the approval of the Director of Finance and the Corporation's Co-Bond Counsel, and the appropriate officers of the City are authorized to execute and deliver the documents required of the City thereunder.

 

Section 6. The officials of the City are further authorized and directed to execute such documents, instruments and certificates, including the execution of an amendment to the Master Lease Purchase Agreement dated as of September 1, 1990, as amended, to include the provisions required by the insurer of the Series 1995A Bonds, and the terms thereof, and to take such further actions on behalf of the City as shall be necessary or desirable to effect the terms and provisions of this Ordinance.

 

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Approved as to form and legality:

 

 

 

 

 

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Assistant City Attorney