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Legislation #: 050383 Introduction Date: 3/31/2005
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER EDDY
Title: Fixing the maturity and interest rates on $57,020,000.00 principal amount of Subordinated Taxable Airport Improvement and Refunding Revenue Bonds, Series 2005C of the City of Kansas City, Missouri, authorized by Ordinance No. 050299, passed March 17, 2005; authorizing the sale and delivery of said bonds to the purchaser, and declaring an emergency.

Legislation History
DateMinutesDescription
3/31/2005 Filed by the Clerk's office
3/31/2005 Passed

View Attachments
FileTypeSizeDescription
050383.pdf Authenticated 95K Authenticated
Fiscal Notes - rate ord 2005C v2.xls Fiscal Note 41K fiscal note
rate fact sheet v3.xls Fact Sheet 53K Fact sheet

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ORDINANCE NO. 050383

Fixing the maturity and interest rates on $57,020,000.00 principal amount of Subordinated Taxable Airport Improvement and Refunding Revenue Bonds, Series 2005C of the City of Kansas City, Missouri, authorized by Ordinance No. 050299, passed March 17, 2005; authorizing the sale and delivery of said bonds to the purchaser, and declaring an emergency.

 

WHEREAS, the Acting Director of Finance of the City of Kansas City, Missouri, advertised for bids for the purchase of $57,020,000.00 principal amount of Subordinated Taxable Airport Improvement and Refunding Revenue Bonds, Series 2005C (the Series 2005C Bonds), said bids were received at 9:30 a.m., Central Time, on March 31, 2005; and

 

WHEREAS, said sale was held at said time in the Office of the Acting Director of Finance, and bids received pursuant to said Ordinance, the best bid received for the Series 2005C Bonds was that of First Albany Capital Inc. (the Series 2005C Purchaser) at a total purchase price of $56,867,709.18, (representing the principal amount of $57,020,000.00, less the original issue discount of $117,329.40, less the underwriters discount of $139,260.60, plus accrued interest in the amount of $104,299.18), and the Council, pursuant to the recommendation of the Acting Director of Finance, has determined that the bid aforesaid should be accepted and has authorized the Acting 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 2005C Bonds and supplement Ordinance No. 050299 in order that the Series 2005C 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 2005C Bonds shall mature and bear interest as follows:

September 1 Principal Interest September 1 Principal Interest

Year Amount Rate    Year Amount    Rate   

 

2007 $3,015,000.00 5.000% 2014 $4,065,000.00 5.000%

2008 3,130,000.00 5.000 2015 4,265,000.00 5.000

2009 3,260,000.00 5.000 2016 4,475,000.00 5.000

2010 3,395,000.00 5.000 2017 4,700,000.00 5.125

2011 3,550,000.00 5.000 2018 4,935,000.00 5.150

2012 3,710,000.00 5.000 2019 5,185,000.00 5.200

2013 3,880,000.00 5.000 2020 5,455,000.00 5.250

Section 2. That the Series 2005C Bonds shall be duly prepared and executed in accordance with the provisions of Ordinance No. 050299, passed March 17, 2005, and the Series 2005C Bonds when duly prepared and executed shall be sold and delivered by the Acting Director of Finance to the Purchaser, upon payment of the purchase price thereof.

 

Section 3. That the City hereby selects Wells Fargo Bank, N.A. as paying agent and bond registrar for the Series 2005C Bonds.

 

Section 4. This ordinance is declared to be an emergency measure within the provisions of Section 15, Article III of the Charter and shall take effect immediately upon its passage.

 

_____________________________________________

 

Approved as to form and legality:

 

 

_____________________________

Heather A. Brown

Assistant City Attorney