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Legislation #: 960722 Introduction Date: 6/6/1996
Type: Ordinance Effective Date: 6/30/1996
Sponsor: None
Title: Approving the issuance by Kansas City Municipal Assistance Corporation of its Leasehold Revenue Capital Improvements Bonds (Kansas City, Missouri, Lessee) Series 1996B, in the aggregate principal amount of approximately $20,000,000.00 to provide funds to pay part of the cost of renovating, refurbishing, equipping and improving certain capital projects of the City including Kemper Arena and Municipal Auditorium, and to fund all additional costs related thereto; authorizing a First Supplemental Base Lease and a First Supplemental Lease Purchase Agreement between the Corporation and the City; and authorizing certain other actions relating to the issuance of the Bonds.

Legislation History
DateMinutesDescription
6/6/1996

Prepare to Introduce

6/6/1996

Referred Finance & Administration Committee

6/12/1996

Do Pass

6/13/1996

Assigned to Third Read Calendar

6/20/1996

Passed


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ORDINANCE NO. 960722

 

Approving the issuance by Kansas City Municipal Assistance Corporation of its Leasehold Revenue Capital Improvements Bonds (Kansas City, Missouri, Lessee) Series 1996B, in the aggregate principal amount of approximately $20,000,000.00 to provide funds to pay part of the cost of renovating, refurbishing, equipping and improving certain capital projects of the City including Kemper Arena and Municipal Auditorium, and to fund all additional costs related thereto; authorizing a First Supplemental Base Lease and a First Supplemental Lease Purchase Agreement between the Corporation and the City; and authorizing certain other actions relating to the issuance of the Bonds.

 

WHEREAS, the City owns fee simple title to the real estate located in the City described on Schedule I to Exhibit A to the Base Lease as hereinafter defined, attached hereto and made a part hereof; and

 

WHEREAS, the City desires to provide funds for the renovation, refurbishing, equipping and improving certain capital projects of the City including Kemper Arena and Municipal Auditorium; and

 

WHEREAS, Kansas City Municipal Assistance Corporation (the "Corporation") has issued, sold and delivered its Leasehold Revenue Capital Improvement Bonds (Kansas City, Missouri, Lessee) Series 1990A in the aggregate principal amount of $45,264,971.15 (the "Series 1990A Bonds"); its Leasehold Revenue Capital Improvement Bonds (Kansas City, Missouri, Lessee), Series 1991C (the "Series 1991C Bonds") in the aggregate principal amount of $41,455,000.00; its Leasehold Revenue Capital Improvement Bonds (Kansas City, Missouri, Lessee) Series 1991D (the "Series 1991D Bonds"), in the aggregate principal amount of $7,495,000.00, and its Leasehold Revenue Capital Improvement Bonds (Kansas City, Missouri, Lessee) Series 1993A (the "Series 1993A Bonds") in the aggregate principal amount of $30,395,000.00 to finance part of the cost of improvement to the Projects as defined in the Master Indenture of Trust and in connection therewith has acquired the real property described on Schedule I to Exhibit A attached hereto; and

 

WHEREAS, in connection with the issuance of the Series 1990A Bonds, the City has (i) leased the Real Estate described on Schedule I to Exhibit A to the Base Lease and the existing improvements thereon to the Corporation for the rentals and upon the terms and conditions set forth in the Base Lease dated August 1, 1990, between the City and the Corporation (the "Base Lease"), and (ii) subleased said real estate back from the Corporation for the rentals and upon the terms and conditions set forth in a Master Lease Purchase Agreement dated as of August 1, 1990, between the City and the Corporation; and

 

WHEREAS, the Corporation proposes to issue its Leasehold Revenue Capital Improvement Bonds (Kansas City, Missouri, Lessee) Series 1996B in the aggregate principal amount of $20,000,000.00 to provide funds to renovate, refurbish, equip and improve certain capital projects of the City, including Kemper Arena and Municipal Auditorium; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The City approves the issuance by the Corporation of its Leasehold Revenue Capital Improvement Bonds (Kansas City, Missouri, Lessee), Series 1996B (the "Series 1996B Bonds") in the aggregate principal amount of $20,000,000.00, pursuant to a Master Indenture of Trust dated as of August 1, 1990, as supplemented and amended by a First Supplemental Indenture of Trust dated as of August 1, 1990, a Second Supplemental Indenture of Trust dated as of November 1, 1991, a Third Supplemental Indenture of Trust dated as of July 1, 1993, and a Fourth Supplemental Indenture of Trust dated as of July 1, 1996 (collectively, the "Indenture"), by and between the Corporation and Boatmen's First National Bank of Kansas City, Kansas City, Missouri, as Trustee, for the purpose of providing funds to enable the Corporation to pay part of the cost of renovating, refurbishing, equipping and improving certain capital projects of the City, including Kemper Arena and Municipal Auditorium (the "Series 1996B Projects"), and including acquiring necessary real estate and right of way therefore.

 

Section 2. The 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. The Bonds and the interest thereon shall be limited obligations of the Corporation payable solely out of the rents, revenues and receipts received by the Corporation from the City pursuant to the Master Lease Purchase Agreement as amended by the First Supplemental Lease Purchase Agreement. The Bonds and the interest thereon shall not constitute a debt or liability of the City or of the State and shall not constitute an indebtedness within the meaning of any constitutional or debt limitation or restriction.

 

The Bonds shall be issued and rank on a parity with the Series 1990A Bonds, the Series 1991C Bonds, the Series 1991D Bonds and the Series 1993A Bonds.

 

Section 3. That the First Supplemental Base Lease and the First Supplemental Master Lease Purchase Agreement between the Corporation and the City be and are approved in substantially the forms on file in the Office of the Director of Finance. The Director of Finance is authorized to execute and deliver the First Supplemental Base Lease and First Supplemental Master Lease Purchase Agreement with such changes therein and additions thereto as the Director of Finance deems necessary or desirable.

 

Section 4. The officials of the City are further authorized and directed to execute such documents, instruments and certificates 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.

 

Section 5. Appropriate officers, agents and employees of the City are authorized and directed to participate in the preparation of the preliminary official statement, final official statement, and a Continuing Disclosure Agreement relating to the issuance and sale of the Bonds and are further authorized and directed to execute such documents with their signature thereon to be evidence of such approval by the City.

 

Section 6. This ordinance takes effect and is in full force and effect ten days after its passage.

 

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Approved as to form and legality:

 

 

 

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Assistant City Attorney