Legislation #: |
030280 |
Introduction Date: |
3/6/2003 |
Type: |
Ordinance |
Effective Date: |
3/30/2003 |
Sponsor: |
None |
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Title: |
Authorizing the issuance of Taxable Industrial Revenue Bonds (MasterCard International, LLC, Project) Series 2003D, in an amount not to exceed $45,000,000.00, for the purpose of acquiring, improving, equipping and constructing a data processing facility in the City and authorizing the City to accept a deed for real property and a bill of sale for personal property financed with the bond proceeds, to lease the real and personal property to MasterCard International, LLC, to direct the City Clerk to file appropriate statements with the appropriate county office and Secretary of State, to enter into certain documents related to the sale and lease, and to take certain actions in connection therewith. |
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Legislation History |
Date | Minutes | Description |
3/20/2003
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| Waive Charter Requirements City Council |
3/6/2003
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| Prepare to Introduce |
3/6/2003
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| Referred Finance and Audit Committee |
3/12/2003
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| Do Pass |
3/13/2003
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| Assigned to Third Read Calendar |
3/20/2003
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| Passed |
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View Attachments |
File | Type | Size | Description |
030280.pdf
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Authenticated
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330K
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AUTHENTICATED
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Printer Friendly Version
ORDINANCE NO. 030280
Authorizing
the issuance of Taxable Industrial Revenue Bonds (MasterCard International,
LLC, Project) Series 2003D, in an amount not to exceed $45,000,000.00, for the
purpose of acquiring, improving, equipping and constructing a data processing
facility in the City and authorizing the City to accept a deed for real
property and a bill of sale for personal property financed with the bond
proceeds, to lease the real and personal property to MasterCard International,
LLC, to direct the City Clerk to file appropriate statements with the
appropriate county office and Secretary of State, to enter into certain
documents related to the sale and lease, and to take certain actions in
connection therewith.
WHEREAS,
the City of Kansas City, Missouri, a constitutional charter city and municipal
corporation of the State of Missouri (the "City") is authorized
pursuant to the provisions of Article VI, Section 27 of the Missouri
Constitution, as amended, and Sections 100.010 to 100.15, inclusive, of the
Revised Statutes of Missouri, as amended, and the City of Kansas City Charter
(collectively, the "Act"), to issue its revenue bonds for the
carrying out of a project under the Act, such revenue bonds to be paid solely
from revenue received from such project, and to enter into a lease of the
facilities financed with the proceeds of such revenue bonds with any person,
firm or corporation; and
WHEREAS,
the City has approved a plan for an industrial development project in the City
for MasterCard International, LLC, a Delaware limited liability company (the
"Company"), consisting of the acquisition, construction, improvement
and equipping of a data processing facility including land, buildings,
structures, equipment, fixtures and improvements (the "Project") to
be leased to the Company; and
WHEREAS,
the City has heretofore and does hereby find and determine that it is desirable
for the economic development of the City and within the public purposes of the
Act that the City issue its Taxable Industrial Revenue Bonds (MasterCard
International, LLC, Project) Series 2003D, in an aggregate principal amount not
to exceed $45,000,000.00 (the "Bonds"), for the purpose of paying the
costs of the Project, as more fully described in the Indenture and in the Lease
Agreement hereinafter authorized, which Project shall be leased by the City to
the Company; and
WHEREAS,
the City further finds and determines that it is necessary and desirable in
connection with the issuance of the Bonds that the City enter into certain
documents, and 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 KANSAS CITY:
Section
1. Authorization for the Project. The Mayor, Director of Finance and other
City officials as required are hereby authorized to provide for the
acquisition, construction and improvement of the Project, all in the manner and
as more particularly described in the Indenture and the Lease Agreement
hereinafter authorized. The City is hereby authorized to accept a deed for real
property and a bill of sale for personal property financed with the bond
proceeds, and directs the City Clerk to file or cause to be filed appropriate
statements with the appropriate county office and the
Secretary
of State to evidence such ownership.
Section
2. Authorization of the Bonds. The Mayor, Director of Finance and other City
officials as required are hereby authorized to issue and sell the City's
Taxable Industrial Revenue Bonds (MasterCard International, LLC, Project)
Series 2003D, in an aggregate principal amount not to exceed $45,000,000.00,
for the purpose of providing funds to pay the costs of the Project. The Bonds
shall be issued and secured pursuant to the herein authorized Indenture and
shall bear such date, shall mature at such time, shall be in such
denominations, shall bear interest at such rates, shall be in such form, shall
be subject to redemption and other terms and conditions, and shall be issued in
such manner, subject to such provisions, covenants and agreements, as are set forth
in the Indenture. The Bonds and the interest thereon shall be limited
obligations of the City payable solely out of the payments, revenues and
receipts derived by the City from the Lease Agreement described below, and such
payments, revenues and receipts shall be pledged and assigned to the Trustee
named below as security for the payment of the Bonds as provided in the
Indenture.
Section
3. Authorization of Documents. The Mayor, Director of Finance and other City
officials as required are hereby authorized to enter into the following
documents (the "City Documents"), in substantially the forms
presented to and reviewed by the City Council (copies of which documents shall
be filed in the official records of the City), with such changes therein as shall
be approved by the officials of the City executing such documents, such
officials' signatures thereon being conclusive evidence of their approval
thereof:
(a) Trust Indenture dated as of date set forth
therein (the "Indenture"), between the City and UMB Bank, N.A., as
trustee (the "Trustee"), pursuant to which the Bonds shall be issued
and the City shall pledge the Project and assign the payments, revenues and
receipts received pursuant to the Lease Agreement to the Trustee for the
benefit and security of the owners of the Bonds upon the terms and conditions
as set forth in said form of Indenture.
(b) Lease Agreement dated as of the date set
forth therein (the "Lease Agreement"), between the City and the
Company, under which the City will acquire the Project and lease the Project to
the Company pursuant to the terms and conditions in said Lease Agreement, in
consideration of rental payments by the Company which will be sufficient to pay
the principal of, premium, if any, and interest on the Bonds.
(c) Bond Purchase Agreement dated as of the
date set forth therein (the "Bond Purchase Agreement"), between the
City and the purchaser of the Bonds.
Section
4. Special Obligations. The Bond and the interest thereon shall be special
obligations of the City payable solely out of the rents, revenues and receipts
derived by the City from the Project and not from any other fund or source of
the City, including the rents payable under the Lease Agreement, and such
rents, revenues and receipts shall be pledged and assigned to the Trustee as
security for the payment of the Bonds as provided in the Indenture. The Bond
and the interest thereon shall not constitute general obligations of the City
or the State of Missouri, and neither said City nor said State shall be liable
thereon, and the Bond shall not constitute an indebtedness within the meaning
of any constitutional or statutory debt limitation or restriction and are not
payable in any manner by taxation.
Section
5. Creation of Bond Fund. The City is hereby authorized to establish with the
Trustee pursuant to the Indenture, a special trust fund in the name of the City
to be designated the "City of Kansas City, Missouri, Taxable Industrial
Revenue Bond Fund - MasterCard International, LLC, Project," and the City
shall cause all sums required by the Indenture to be deposited therein and
shall create all accounts therein required by the Indenture.
Section
6. Execution of Documents. The Mayor of the City is hereby authorized and
directed to execute the Bonds and to deliver the Bonds to the Trustee for
authentication for and on behalf of and as the act and deed of the City in the
manner provided in the Indenture. The Director of Finance of the City is hereby
authorized and directed to execute the City Documents and 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 of the City is hereby authorized and
directed to attest to and affix the seal of the City to the Bonds and the City
Documents and such other documents, certificates and instruments as may be
necessary or desirable to carry out and comply with the intent of this
Ordinance.
Section
7. Further Authority. The Mayor, Director of Finance and other officials,
agents and employees of the City as required are hereby authorized and directed
to take such further action, and execute such other documents, certificates and
instruments as may be necessary or desirable to carry out and comply with the
intent of this Ordinance and to carry out, comply with and perform the duties
of the City with respect to the Bonds and the City Documents.
__________________________________________________________________
Approved
as to form and legality:
____________________________________
Assistant
City Attorney
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