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Legislation #: 060362 Introduction Date: 3/30/2006
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing and approving the issuance of Tax-Exempt Refunding and Improvement Revenue Bonds (Civic Mall Project), Series 2006C by the Industrial Development Authority of the City of Kansas City, Missouri in the principal amount not to exceed $9,000,000.00, to provide funds to refinance and finance certain project costs, and approving certain other documents and authorizing the City to take certain other actions in connection with the issuance of said bonds.

Legislation History
DateMinutesDescription
3/29/2006 Filed by the Clerk's office
3/30/2006 Referred to Finance and Audit Committee
4/5/2006 Advance and Do Pass, Debate
4/6/2006 Passed

View Attachments
FileTypeSizeDescription
060362.pdf Authenticated 440K Authenticated
fiscal notes-IDA ordinance v1(2).xls Fiscal Note 41K Fiscal Note
Civic Mall Factsheet v1.xls Fact Sheet 46K Fact Sheet

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ORDINANCE NO. 060362

 

Authorizing and approving the issuance of Tax-Exempt Refunding and Improvement Revenue Bonds (Civic Mall Project), Series 2006C by the Industrial Development Authority of the City of Kansas City, Missouri in the principal amount not to exceed $9,000,000.00, to provide funds to refinance and finance certain project costs, and approving certain other documents and authorizing the City to take certain other actions in connection with the issuance of said bonds.

 

WHEREAS, the City of Kansas City, Missouri (the City) has requested the Industrial Development Authority of the City of Kansas City, Missouri (the Authority) to issue its Tax-Exempt Refunding and Improvement Revenue Bonds (Civic Mall Project) Series 2006C (the Bonds), for the purpose of providing funds to pay the costs of (1) refunding the outstanding principal amount of the Missouri Development Finance Board Limited Obligation Leasehold Revenue Bonds (Kansas City, Missouri, Ilus W. Davis Park Project) Series 1995 (the Refunded Bonds), (2) financing the acquisition of land in the vicinity of the Civic Mall and the demolition of any existing structures on that land (the Project), as defined and more fully described in the Bond Trust Indenture between the Authority and the bond trustee, and (3) issuing the Bonds, including the bond insurance premium; and

 

WHEREAS, in order to set forth the terms of their respective rights, duties and obligations, the City intends to enter into a Financing Agreement among the Authority, the City and the bond trustee (the Financing Agreement) which sets forth their roles and responsibilities in connection with the payment of the debt service on the Bonds; and

 

WHEREAS, concurrently with the execution and delivery of the Bonds, Ambac Assurance Corporation (the Bond Insurer) will issue and deliver to the bond trustee its financial guaranty insurance policy (the Bond Insurance Policy) insuring the payment when due of the principal of and interest on the Bonds; and

 

WHEREAS, the City finds and determines that in order to refund the Refunded Bonds and finance the Project it is necessary and desirable to approve the issuance by the Authority of the Bonds; and

 

WHEREAS, the City desires to indicate its expectation and intent to reimburse all or a portion of the expenditures with the proceeds of the Bonds; and

 

WHEREAS, the City Council of the City finds and determines that it is necessary and desirable in connection with the issuance of the Bonds that the City take certain other actions and approve the execution of certain other documents as herein provided; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. Approval. The City hereby approves the issuance of the Bonds by the Authority in order to refund the Refunded Bonds and finance the Project. The City hereby finds and determines that the Bonds are being issued by the Authority for a valid purpose under and in accordance with the provisions of Chapter 349 of the Revised Statutes of Missouri, as amended.

 

Section 2. Authorization and Approval of Documents. The City is hereby authorized to enter into the following documents (the City Documents), in substantially the forms presented to and reviewed by the City Council at this meeting (copies of which documents shall be filed in the records of the City), with such changes therein as shall be approved by the officers of the City executing such documents, such officers' signatures thereon being conclusive evidence of their approval thereof:

 

(a) Financing Agreement dated as of the date set forth therein (the Financing Agreement), among the Authority, the City and the bond trustee;

 

(b) Bond Purchase Agreement dated as of the date of pricing of the Bonds, among the City, the Authority and George K. Baum & Company;

 

(c) Tax Compliance Agreement dated as of the date set forth therein (the Tax Compliance Agreement) among the Authority, the City and the bond trustee.

 

Section 3. Approval of Official Statement. The Preliminary Official Statement in substantially the form presented to and reviewed by the City Council at this meeting (copies of which shall be filed in the records of the City), and the final Official Statement, in substantially the form of the Preliminary Official Statement with such changes and additions thereto as are necessary to conform to and describe the transaction, and the distribution of the same are hereby approved for use in connection with the sale of the Bonds.

 

Section 4. Annual Appropriation. The Citys Director of Finance or other officer of the City at any time charged with the responsibility of formulating budget proposals shall include in the budget proposals submitted to the City Council, in each Fiscal Year in which the Financing Agreement shall be in effect, an appropriation for all payments required under the Financing Agreement for the ensuing Fiscal Year; it being the intention of the City that the decision to appropriate or not to appropriate under the Financing Agreement shall be made solely by the City Council and not by any other official of the City. The City intends to budget or appropriate funds to make Debt Service Payments (as defined in the Financing Agreement) and to pay the Debt Service Payments in accordance with the Financing Agreement from all legally available revenue sources. The City reasonably believes that legally available funds in an amount sufficient to make all Debt Service Payments during each Fiscal Year can be obtained. The City further intends to do all things lawfully within its power to obtain and maintain funds from all legally available revenue sources from which the Debt Service Payments may be made, including making provision for such Debt Service Payments to the extent necessary in each proposed annual budget submitted for approval in accordance with applicable procedures of the City and to exhaust all available reviews and appeals in the event such portion of the budget is not approved. The Citys Director of Finance is directed to do all things lawfully within his or her power to obtain and maintain funds from all legally available revenue sources from which the Debt Service Payments may be paid, including making provision for such Debt Service Payments to the extent necessary in each proposed annual budget submitted for approval or by supplemental appropriation in accordance with applicable procedures of the City and to exhaust all available reviews and appeals in the event such portion of the budget or supplemental appropriation is not approved. Notwithstanding the foregoing, the decision to budget and appropriate funds is to be made in accordance with the Citys normal procedures for such decisions.

Section 5. Execution of City Documents. The Director of Finance is hereby authorized and directed to execute and deliver the City Documents on behalf of the City. The Director of Finance is hereby authorized and directed to execute and deliver such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance for and on behalf of and as the act and deed of the City. The City Clerk is hereby authorized and directed to attest to each of said documents and to record the same as appropriate, and to execute or attest to such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance.

 

Section 6. Bond Insurance. The Director of Finance is hereby authorized to negotiate and approve the terms of any agreement for bond insurance with the Bond Insurer, and with the advice of the Assistant City Attorney as to the form thereof, is hereby authorized and directed to execute such agreement.

 

Section 7. Reimbursement of Expenditures. The City reasonably expects to reimburse all or a portion of the expenditures with proceeds of the Bonds.

 

Section 8. Further Authority. The City shall, and the officers, agents and employees of the City are hereby authorized and directed to, take such further action, and execute such other documents, certificates and instruments, including any required agreements or documentation, as may be necessary or desirable to carry out and comply with the intent of this Ordinance and to comply with and perform the duties of the City with respect to the City Documents.

 

Section 9. Governing Law. This Ordinance shall be governed exclusively by and construed in accordance with the applicable laws of the State of Missouri.

 

Section 10. Effective Date. This Ordinance shall take effect and be in full force ten days after its adoption by the City Council of the City.

 

_________________________________________

 

Approved as to form and legality:

 

 

_________________________________

Heather A. Brown

Assistant City Attorney