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Legislation #: 940093 Introduction Date: 1/27/1994
Type: Resolution Effective Date: 5/19/1994
Sponsor: None
Title: Authorizing the development of financing for various projects through the issuance of tax-exempt revenue bonds by Kansas City Municipal Assistance Corporation in an approximate principal amount of $60,000,000.00 and authorizing certain other actions pursuant thereto.

Legislation History
DateMinutesDescription
1/27/1994

Prepare to Introduce

1/27/1994

Referred Finance Committee

2/2/1994

Hold On Agenda

2/9/1994

Hold On Agenda

2/16/1994

Hold On Agenda

2/23/1994

Hold On Agenda

3/2/1994

Hold On Agenda

3/16/1994

Hold On Agenda

3/23/1994

Hold On Agenda

3/30/1994

Hold On Agenda

4/6/1994

Hold On Agenda

4/13/1994

Hold On Agenda

4/20/1994

Hold On Agenda

4/27/1994

Hold On Agenda

5/4/1994

Hold On Agenda

5/11/1994

Be Adopted as a Second Committee Substitute

5/19/1994 Adopted

View Attachments
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940093.pdf Authenticated 90K Second Committee Substitute As Amended

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SECOND COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 940093

 

Authorizing the development of financing for various projects through the issuance of tax-exempt revenue bonds by Kansas City Municipal Assistance Corporation in an approximate principal amount of $60,000,000.00 and authorizing certain other actions pursuant thereto.

 

WHEREAS, plans have been developed for the projects as set forth on Exhibit A hereto (the "Projects"); and

 

WHEREAS, it is the desire and the intent of the Council to approve the construction of the Projects; and

 

WHEREAS, the City has determined it most beneficial to utilize the Kansas City Municipal Assistance Corporation (the "Corporation") for the funding of such Projects through the issuance of tax-exempt revenue bonds; and

 

WHEREAS, the Corporation has selected the firms of George K. Baum & Company and LS Financial Group, Inc. to act as financial advisors in connection with the issuance of bonds to finance the Projects; and

 

WHEREAS, the Corporation has selected the firms of Lathrop & Norquist; Burke, Williams, Sorensen & Gaar; and Herbert E. Hardwick, P.C. to act as bond counsel in connection with the issuance of bonds to finance the Projects; and

 

WHEREAS, it is the desire and intent of the Council to authorize the Corporation to proceed with those actions necessary to provide for such financing through the issuance of tax-exempt revenue bonds; and

 

WHEREAS, it is the intent of the Council to estimate and appropriate the proceeds of these bonds as soon as possible after May 1, 1994 in order to allow construction of the Projects to proceed forthwith; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council does hereby express its intention to provide for financing of the Projects, and directs that funding therefor be effected by the issuance of tax-exempt bonds by the Corporation in an approximate principal sum of $60,000,000.00.

 

Section 2. That the Council states that such Projects are for the benefit of the public health, safety and welfare and constitute a public purpose.

 

Section 3. That the Council does hereby express its intention to enter into certain leases and subleases in connection with the Projects for the purpose of operating the Projects and providing the revenue necessary to pay the debt service on the bonds.

 

Section 4. That the Council does hereby authorize and direct that the financing arrangements referred to in this resolution including the negotiation of the financial terms and other provisions be developed by the Director of Finance for approval by the Corporation and the Council.

 

________________________________________________________


THE PROJECTS

 

PROJECT PAR AMOUNT OF BONDS

 

Community Centers $17,580,000.00 Blue River 18,260,000.00 HAZMAT Station 2,200,000.00 Gregg Community Center 3,670,000.00 Southwest Boulevard Streetscape 2,525,000.00 Broadway Streetscape 1,785,000.00 Tiffany Springs Park 1,190,000.00 18th Street Industrial Park Project 1,190,000.00 Northland Projects 11,140,000.00 Line Creek Parkway Shoal Creek Parkway North Oak Trafficway Briarcliff Parkway Gracemor Storm Sewers _________________

 

Total $59,540,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT A