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Legislation #: 160167 Introduction Date: 3/3/2016
Type: Ordinance Effective Date: 3/25/2016
Sponsor: None
Title: Approving the issuance by the City of Kansas City Missouri of its special obligation bonds in five series (collectively, the “Series 2016 Bonds”), one to finance certain projects with an estimated cost of $68,860,728.00 on a tax-exempt basis, one to finance certain projects with an estimated cost of $33,250,000.00 on a taxable basis, one to refund a portion of bonds issued by the City of Kansas City, Missouri to finance certain projects, one to refund a portion of bonds issued by the City of Kansas City, Missouri to finance the East Village Project and one to refund a portion of the bonds issued by the City of Kansas City, Missouri to finance the Downtown Arena and to finance additional improvements to the Downtown Arena with an estimated cost of $6,794,101.00, such Series 2016 Bonds to be issued in an aggregate principal amount not to exceed $400,000,000.00; approving and authorizing certain documents and actions relating to the issuance of the Series 2016 Bonds; renaming Fund No. 3433 from Series 2016A Special Obligation Bond Fund to Series 2016A Tax Exempt Bond Fund, establishing Fund No. 3434, the Series 2016B Taxable Bond Fund and Fund No. 3435, the 2016F Bond Fund; reappropriating $21,400,000.00 from Fund No. 3433, the Series 2016A Tax-Exempt Bond Fund to Fund No. 3434, the Series 2016B Taxable Bond Fund; authorizing the Director of Finance to transfer certain encumbrances and expenditures from Fund No. 3433, the Series 2016A Tax-Exempt Bond Fund to Fund No. 3434, the Series 2016B Taxable Bond Fund; estimating and appropriating in the amounts of $7,294,101.00 and $11,850,000.00 in Fund No. 3433, the Series 2016A Tax-Exempt Bond Fund and Fund No. 3434, the Series 2016B Taxable Bond Fund, respectively; reducing revenue estimate and appropriation in the amount of $35,000,000.00 in Fund 3433, the Series 2016A Tax-Exempt Bond Fund and estimating and appropriating $35,000,000.00 in Fund No. 3435, the Series 2016F Bond Fund; designating requisitioning authority and authorizing the Director of Finance to close project accounts; declaring the City’s intent to reimburse itself from bond proceeds; and recognizing an accelerated effective date.

Legislation History
DateMinutesDescription
3/3/2016 Filed by the Clerk's office
3/3/2016 Referred to Finance and Governance Committee
3/16/2016 Advance and Do Pass, Debate
3/17/2016 Councilmember Shields (Second by Loar) Move To Hold On Docket
3/17/2016 Held on Docket (3/24/2016)
3/24/2016 Passed

View Attachments
FileTypeSizeDescription
ScanDoc86.pdf Other 1057K Certificate of Final Terms
160167.pdf Authenticated 1007K Authenticated
Ordinance 160167 - Series 2016 Special Obligation Bonds.pptx Other 82K Special Obligation Bonds Powerpoint
160167 Schedule I Schedule II.pdf Other 381K 160167 Schedule I & Shchedule II
160167 Accounting Form.pdf Other 320K 160167 Accounting Form
160167 Fact sheet.pdf Fact Sheet 175K 160167 Fact Sheet

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ORDINANCE NO. 160167

 

Approving the issuance by the City of Kansas City Missouri of its special obligation bonds in five series (collectively, the “Series 2016 Bonds”), one to finance certain projects with an estimated cost of $68,860,728.00 on a tax-exempt basis, one to finance certain projects with an estimated cost of $33,250,000.00 on a taxable basis, one to refund a portion of bonds issued by the City of Kansas City, Missouri to finance certain projects, one to refund a portion of bonds issued by the City of Kansas City, Missouri to finance the East Village Project and one to refund a portion of the bonds issued by the City of Kansas City, Missouri to finance the Downtown Arena and to finance additional improvements to the Downtown Arena with an estimated cost of $6,794,101.00, such Series 2016 Bonds to be issued in an aggregate principal amount not to exceed $400,000,000.00; approving and authorizing certain documents and actions relating to the issuance of the Series 2016 Bonds; renaming Fund No. 3433 from Series 2016A Special Obligation Bond Fund to Series 2016A Tax Exempt Bond Fund, establishing Fund No. 3434, the Series 2016B Taxable Bond Fund and Fund No. 3435, the 2016F Bond Fund; reappropriating $21,400,000.00 from Fund No. 3433, the Series 2016A Tax-Exempt Bond Fund to Fund No. 3434, the Series 2016B Taxable Bond Fund; authorizing the Director of Finance to transfer certain encumbrances and expenditures from Fund No. 3433, the Series 2016A Tax-Exempt Bond Fund to Fund No. 3434, the Series 2016B Taxable Bond Fund; estimating and appropriating in the amounts of $7,294,101.00 and $11,850,000.00 in Fund No. 3433, the Series 2016A Tax-Exempt Bond Fund and Fund No. 3434, the Series 2016B Taxable Bond Fund, respectively; reducing revenue estimate and appropriation in the amount of $35,000,000.00 in Fund 3433, the Series 2016A Tax-Exempt Bond Fund and estimating and appropriating $35,000,000.00 in Fund No. 3435, the Series 2016F Bond Fund; designating requisitioning authority and authorizing the Director of Finance to close project accounts; declaring the City’s intent to reimburse itself from bond proceeds; and recognizing an accelerated effective date.

 

WHEREAS, the City of Kansas City, Missouri (the “City”) is authorized under its charter to issue its notes, bonds or other obligations in evidence thereof; and

WHEREAS, the City proposes to issue its Special Obligation Bonds (Kansas City, Missouri Projects), which shall be designated the Series 2016A Bonds or such other series designation as the Director of Finance shall determine (the “Series 2016A Bonds”), to provide funds: (a) to acquire, construct, reconstruct and/or improve certain projects within the City with an estimated aggregate cost of $68,860,728.00 as set forth on Schedule I attached hereto and made a part hereof by reference (the “Tax‑Exempt City Projects”), and (b) to pay certain costs related to the issuance of the Series 2016A Bonds; and

WHEREAS, the City proposes to issue its Taxable Special Obligation Bonds (Kansas City, Missouri, Projects), which shall be designated the Series 2016B Bonds or such other series designation as the Director of Finance shall determine (the “Series 2016B Bonds”), to provide funds: (a) to acquire, construct, reconstruct and/or improve certain projects within the City with an estimated aggregate cost of $33,250,000.00 as set forth on Schedule II attached hereto and made a part hereof by reference (the “Taxable City Projects”), and (b) to pay certain costs related to the issuance of the Series 2016B Bonds; and

WHEREAS, the City proposes to issue its Special Obligation Refunding Bonds (Kansas City, Missouri Projects), which shall be designated the Series 2016C Bonds or such other series designation as the Director of Finance shall determine (the “Series 2016C Bonds”), to provide funds: (a) to advance refund all or a portion of the currently Outstanding Special Obligation Improvement and Refunding Bonds (Kansas City, Missouri Projects) Series 2008A of the City (the “Refunded Series 2008A Bonds”) and to current refund a portion of the currently Outstanding Kansas City Municipal Assistance Corporation Leasehold Refunding and Improvement Revenue Bonds, Series 2006A (the “Refunded Series 2006A Bonds”) and (b) to pay certain costs related to the issuance of the Series 2016C Bonds; and

WHEREAS, the City proposes to issue its Special Obligation Refunding Bonds (East Village Project), which shall be designated the Series 2016D Bonds or such other series designation as the Director of Finance shall determine (the “Series 2016D Bonds”), to provide funds: (a) to refund all or a portion of the currently Outstanding Special Obligation Bonds (East Village Project) Series 2008B of the City (the “Refunded Series 2008B Bonds”) and (b) to pay certain costs related to the issuance of the Series 2016D Bonds; and

WHEREAS, the City proposes to issue its Special Obligation Improvement and Refunding Bonds (Downtown Arena Project), which shall be designated the Series 2016E Bonds or such other series designation as the Director of Finance shall determine (the “Series 2016E Bonds”), to provide funds: (a) to refund all or a portion of the Special Obligation Refunding Bonds (Downtown Arena Project), Series 2008C of the City (the “Refunded Series 2008C Bonds”), (b) to make certain improvements to the Downtown Arena with an estimated aggregate cost of $6,794,101 (the “Downtown Arena Project”), and (c) to pay certain costs related to the issuance of the Series 2016E Bonds; and

WHEREAS, the Series 2016A Bonds, Series 2016B Bonds, Series 2016C Bonds, Series 2016D Bonds and Series 2016E Bonds are referred to collectively herein as the “2016 Bonds;” and

WHEREAS, the Series 2016A, Series 2016B and Series 2016C Bonds shall be issued pursuant to a Trust Indenture (the “Series 2016A, 2016B and 2016C Indenture”), by and between the City and BOKF, N.A., as Trustee (the “Series 2016A, 2016B and 2016C Trustee”); and

WHEREAS, the Series 2016D Bonds shall be issued pursuant to a Second Supplemental Trust Indenture (the “East Village Supplemental Indenture”) supplementing the Trust Indenture by and between the City and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Series 2016D Trustee”); and

WHEREAS, the Series 2016E Bonds shall be issued pursuant to a First Supplemental Trust Indenture (the “Downtown Arena Supplemental Indenture”) supplementing the Trust Indenture by and between the City and Commerce Bank, as Trustee (the “Series 2016E Trustee”); and

WHEREAS, the Series 2016A, 2016B and 2016C Indenture, the East Village Supplemental Indenture and the Downtown Arena Supplemental Indenture are referred to collectively herein as the “Indentures,” the Series 2016A, 2016B and 2016C Trustee, the Series 2016D Trustee and the Series 2016E Trustee are referred to collectively herein as the “Trustees,” the Refunded Series 2006A Bonds, the Refunded Series 2008A Bonds, the Refunded Series 2008B Bonds and the Refunded Series 2008C Bonds are referred to collectively herein as the “Refunded Bonds,” the Series 2016 Bonds issued on a tax-exempt basis are referred to collectively herein as the “Tax-Exempt Bonds” and the Series 2016 Bonds issued on a taxable basis are referred to collectively herein as the “Taxable Bonds;” and

WHEREAS, in order to enhance the security for the Series 2016 Bonds and achieve a lower cost of borrowing, it may be desirable for the City to arrange for a municipal bond insurance policy, letter of credit or other credit enhancement facility, insuring or guaranteeing the payment of the principal of and interest on the Series 2016 Bonds and/or a surety bond or debt service reserve fund policy for any debt service reserve fund, to be issued by a bond insurance company, commercial bank or other financial institution acceptable to the City; and

WHEREAS, the City has found and determined that the financing of the Tax‑Exempt City Projects, the Taxable City Projects and the Downtown Arena Project and the refunding of the Refunded Bonds as described above will benefit the citizens of the City; and

WHEREAS, the City reserves the right to not refund the Refunded Bonds, in whole or in part, in the event that the Director of Finance determines that such refunding would not be of benefit to the City, for example, if such refunding would result in insufficient net present value savings; and

WHEREAS, it is expected that the Tax‑Exempt City Projects and the Downtown Arena Project will be financed with the proceeds of Tax-Exempt Bonds, however, any such project may be financed with the proceeds of Taxable Bonds in whole or in part, and it is further expected that the Taxable City Projects will be financed with the proceeds of Taxable Bonds, however, any such project may be financed with the proceeds of Tax-Exempt Bonds in whole or in part, in each case if the Director of Finance determines that such issuance would be in the best interests of the City, acting upon the recommendation of co-bond counsel; and

WHEREAS, it is expected that each of the Series 2016A Bonds, Series 2016C Bonds, Series 2016D Bonds and Series 2016E Bonds will be issued as Tax-Exempt Bonds, however, each such series may be issued as Taxable Bonds in whole or in part if the Director of Finance, acting upon the recommendation of co-bond counsel, determines that such issuance would be in the best interests of the City; and

WHEREAS, in order to accomplish the foregoing, it is necessary and desirable that the City approve the transactions described in this Ordinance and the execution and delivery of the financing documents and certain other matters in connection with the transaction, as herein provided;

NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. Authorization of Bonds. Authorization and Execution of Bond Purchase Agreement and Certificates of Final Terms. The City hereby authorizes the issuance of its Series 2016 Bonds in the aggregate principal amount not to exceed $400,000,000.00. The City hereby authorizes the issuance of its Series 2016A Bonds for the purpose of providing funds for the following: (a) to finance the Tax-Exempt City Projects and (b) to pay certain costs of issuance of the Series 2016A Bonds. The City hereby authorizes the issuance of its Series 2016B Bonds for the purpose of providing funds for the following: (a) to finance the Taxable City Projects and (b) to pay certain costs of issuance of the Series 2016B Bonds. The City hereby authorizes the issuance of its Series 2016C Bonds for the purpose of providing funds for the following: (a) to refund the Refunded Series 2006A Bonds and the Refunded Series 2008A Bonds and (b) to pay certain costs of issuance of the Series 2016C Bonds. The City hereby authorizes the issuance of its Series 2016D Bonds for the purpose of providing funds for the following: (a) to refund the Refunded Series 2008B Bonds and (b) to pay certain costs related to the issuance of the Series 2016D Bonds. The City hereby authorizes the issuance of its Series 2016E Bonds for the purpose of providing funds for the following: (a) to refund the Refunded Series 2008C Bonds, (b) to finance the Downtown Arena Project and (c) to pay certain costs related to the issuance of the Series 2016E Bonds. Each series of the Series 2016 Bonds shall be dated the date set forth in the applicable Indenture and applicable form of Bond. The Tax-Exempt Bonds shall bear interest at rates initially not to exceed a true interest cost of 5.00% and the Taxable Bonds shall bear interest at rates initially not to exceed a true interest cost of 5.25%. Each series of the Series 2016 Bonds shall have such other terms and provisions as shall be provided in the applicable Indenture and the Bond Purchase Agreement approved by the Director of Finance.

The Director of Finance is authorized and directed to approve the purchase price for each series of the Series 2016 Bonds, the principal amounts by maturity, the interest rates, the terms of credit enhancement, if any, and the other final terms of the Series 2016 Bonds, including applicable redemption provisions, subject to the limitations set forth in this Section, and in that connection, to execute and deliver, for each series of the Series 2016 Bonds, the Certificate of Final Terms for and on behalf of and as the act and deed of the City, which approval will be conclusively evidenced by the Director of Finance’s execution of the Certificate of Final Terms. Upon execution, the Certificate of Final Terms for the Series 2016A Bonds will be attached to this Ordinance as Exhibit A-1, the Certificate of Final Terms for the Series 2016B Bonds will be attached to this Ordinance as Exhibit A-2, the Certificate of Final Terms for the Series 2016C Bonds will be attached to this Ordinance as Exhibit A-3, the Certificate of Final Terms for the Series 2016D Bonds will be attached to this Ordinance as Exhibit A-4 and the Certificate of Final Terms for the Series 2016E Bonds will be attached to this Ordinance as Exhibit A-5 and the City Clerk is hereby authorized to file each such Certificate of Final Terms with this Ordinance. The City is authorized to enter into a Bond Purchase Agreement for the Series 2016 Bonds in accordance with the Certificates of Final Terms. The Director of Finance is authorized to execute the Bond Purchase Agreement for and on behalf of and as the act and deed of the City.

Section 2. Limited Obligations. Each series of the Series 2016 Bonds and the interest thereon shall be special, limited obligations of the City payable solely out of Appropriated Moneys (as defined in the Indenture) and moneys in the Funds and Accounts held by the Trustee under the Indenture (other than the Rebate Fund), and shall be secured by a transfer, pledge and assignment of and a grant of a security interest in the Trust Estate to the Trustee and in favor of the owners of the applicable Bonds. Each series of the Series 2016 Bonds and interest thereon shall not be deemed to constitute a debt or liability of the City within the meaning of any constitutional, statutory or charter limitation or provision, and shall not constitute a pledge of the full faith and credit of the City, but shall be payable solely from the funds provided for in the Indenture. The issuance of the Series 2016 Bonds shall not, directly, indirectly or contingently, obligate the City to levy any form of taxation therefor or to make any appropriation for their payment.

Section 3. Authorization and Approval of Financing Documents. The proposed documents relating to the financing (the “Financing Documents”) are hereby approved in substantially the forms submitted to the City Council, and the Director of Finance is authorized to execute and deliver the Financing Documents with such changes therein and additions thereto as the Director of Finance deems necessary or appropriate.

(a)                Indentures.

(b)               A Tax Compliance Agreement between the City and the applicable Trustee for each series of Tax-Exempt Bonds, which sets forth certain representations, facts, expectations, terms and conditions relating to the use and investment of the proceeds of such Tax-Exempt Bonds, to establish and maintain the exclusion of interest on such Bonds from gross income for federal income tax purposes, and to provide guidance for complying with the arbitrage rebate provisions of § 148(f) of the Internal Revenue Code.

(c)                Continuing Disclosure Undertaking relating to the Series 2016 Bonds, or any series thereof, under which the City agrees to provide continuing disclosure of certain financial information, operating data and material events, for the benefit of the owners of such Bonds and to assist the Underwriters thereof in complying with Rule 15c2-12 of the Securities and Exchange Commission.

(d)               Bond Purchase Agreement relating to the Series 2016 Bonds, or any series thereof, between the City and the Underwriters of such Bonds, under which the City agrees to sell and the Underwriters agree to purchase the Series 2016 Bonds, upon such terms and conditions thereof as set in such Bond Purchase Agreement and the Certificates of Final Terms, as described in Section 1.

(e)                An Escrow Agreement or other escrow instruction between the City and the applicable Trustee or Escrow Agent relating to the refunding of the applicable series of Refunded Bonds.

The City Council further approves the execution and delivery by the City of any documents which may be required in connection with the execution and delivery by the City of the Indentures and issuance of the Series 2016 Bonds and of such other documents as the Director of Finance deems necessary or appropriate in connection with the transactions authorized by this Ordinance.

Section 4. Credit Enhancement. The City hereby authorizes the Director of Finance to obtain a bond insurance policy, letter of credit or other credit enhancement (“Credit Enhancement”) for some or all of the Series 2016 Bonds and the purchase or a surety bond or debt service reserve fund policy for any debt service reserve fund, if necessary or desired, from a credit provider with such credit rating that, in the opinion of the applicable Underwriters, the Financial Advisors and the Director of Finance, there will be achieved an economic benefit for the City if the Series 2016 Bonds are secured by such Credit Enhancement. The purchase of such Credit Enhancement and the entering into of such agreements with respect thereto as may be necessary or appropriate are hereby approved. Such credit enhancement may be such type, in such amount and provided by such entity or entities as the Director of Finance shall determine to be in the best interest of the City. The officials of the City are authorized and directed to execute all documents, agreements, instruments and certificates in connection with such credit enhancement.

Section 5. Official Statement. The City hereby delegates authority to the Director of Finance to prepare, approve and deem final any Preliminary Official Statement and any final Official Statement, with the signature of the Director of Finance thereon being conclusive evidence of the Director's approval and the City's approval thereof and to approve the final terms of each series of the Series 2016 Bonds, including any credit enhancement of a series of the Series 2016 Bonds. The City hereby consents to the use and public distribution of any Preliminary Official Statement and any final Official Statement in connection with the offering for sale of each series of the Series 2016 Bonds.

Section 6. Approval of Selection of Professionals.

(a)                The City approves the selection of First Southwest Company and Moody Reid Financial Advisors to act as Co-Financial Advisors in connection with the issuance of the Series 2016 Bonds. The City approves the selection of Kutak Rock LLP and the Hardwick Law Firm LLC to act as Co-Bond Counsel in connection with the issuance of the Series 2016 Bonds. The City approves the selection of Kutak Rock LLP and the Hardwick Law Firm LLC to act as Co-Disclosure Counsel in connection with the issuance of the Series 2016 Bonds.

(b)               The City approves the selection of Citigroup Global Markets, Inc. or an affiliate thereof to act as senior Underwriter in connection with the issuance of the Series 2016 Bonds, and authorizes the Director of Finance to select the remaining members of the underwriting syndicate.

Section 7. Renaming of Fund No. 3433. The name of Fund No. 3433, the 2016A Special Obligation Bond Fund, is hereby changed to the Series 2016A Tax-Exempt Bond Fund.

Section 8. Establishment of Fund No. 3434. Fund No. 3434, the Series 2016B Taxable Bond Fund, is hereby established in the records of the City of Kansas City, Missouri.

Section 9. Establishment of Fund No. 3435. Fund No. 3435, the Series 2016F Bond Fund, is hereby established in the records of the City of Kansas City, Missouri.

Section 10. Reductions of Appropriations. The appropriation in the following accounts of Fund No. 3433, Series 2016A Tax-Exempt Bond Fund are hereby reduced by the following amounts:

 

AL-3433-108047-B Two-Light Project $17,500,000.00

AL-3433-577050-B Linwood Shopping Center 25,000.00

AL-3433-577050-E Linwood Shopping Center 975,000.00

AL-3433-897050-B Linwood Shopping Center 45,415.00

AL-3433-897050-E Linwood Shopping Center 154,585.00

AL-3433-898044-B Paseo Gateway Street Imp 2,700,000.00

TOTAL $21,400,000.00

 

Section 11. Appropriation. That the sum of $21,400,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3433, the Series 2016A Tax-Exempt Bond Fund to the following account:

 

AL-3433-129998-903434 Transfer to 2016B Taxable Bond Fund $21,400,000.00

 

Section 12. Estimation of Revenue. That the revenue in the following account of Fund No. 3434, the Series 2016B Taxable Bond Fund, is hereby estimated in the following amount:

 

AL-3434-120000-503433 Transfer from Series 2016A Tax‑ Exempt

Bond Fund $21,400,000.00

 

Section 13. Reappropriation. That the sum of $21,400,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3434, the Series 2016B Taxable Bond Fund to the following accounts:

 

AL-3434-648047-B Two-Light Project $17,500,000.00

AL-3434-577050-B Linwood Shopping Center 25,000.00

AL-3434-577050-E Linwood Shopping Center 975,000.00

AL-3434-897050-B Linwood Shopping Center 45,415.00

AL-3434-897050-E Linwood Shopping Center 154,585.00

AL-3434-898044-B Paseo Gateway Street Imp 2,700,000.00

TOTAL $21,400,000.00

 

Section 14. Authorization to Transfer Funds. That the Director of Finance is hereby authorized to transfer existing encumbrances and expenditures in AL-3433-108047, AL‑3433‑577050, AL-3433-897050, and AL‑3433‑898044 to AL-3434-648047, AL-3434-577050, AL‑3434‑897050, and AL-3434-898044, respectively.

 

Section 15. Estimation of Revenue. That the revenue in the following account of Fund 3433, the Series 2016A Tax-Exempt Bond Fund, is hereby estimated in the following amount:

 

AL-3433-120000-590000 Bond Proceeds $ 6,794,101.00

 

Section 16. Appropriation. That the sum of $6,794,101.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3433, the Series 2016A Tax-Exempt Bond Fund to the following account:

 

AL -3433-638027-E-ARENAIMP Downtown Arena Improvements $ 6,794,101.00

 

Section 17. Estimation of Revenue. That the revenue in the following account of Fund No. 3434, the Series 2016B Taxable Bond Fund, is hereby estimated in the following amount :

 

AL-3434-120000-590000 Bond Proceeds $11,850,000.00

 

Section 18. Appropriation. That the sum of $11,850,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3434, the Series 2016B Taxable Bond Fund to the following accounts:

 

AL-3434-891270-B Public Parking $ 1,850,000.00

AL-3434-572340-B Demolition Buildings 10,000,000.00

TOTAL $11,850,000.00

 

Section 19. Estimation of Revenue. The revenue in the following account of Fund No. 3433, the Series 2016A Tax‑Exempt Bond Fund, is hereby estimated in the following amount:

 

KCMBU-AL-3433-120000-590000 Bond Proceeds $     500,000.00

Section 20. Appropriation. That the sum of $500,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3433, the Series 2016A Tax‑Exempt Bond Fund to the following account:

 

KCMBU-AL-3433-129996-X Transfer to KCPDU Component

Unit $ 500,000.00

 

Section 21. Estimation of Revenue. That the revenue in the following account of Fund No. 3433, the Series 2016A Tax‑Exempt Bond Fund, is hereby estimated in the following amount:

 

KCPDU-AL-3433-210000-599900 Transfer from KC Primary

Government $ 500,000.00

 

Section 22. Appropriation. That the sum of $500,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3433, the Series 2016A Tax‑Exempt Bond Fund to the following account:

 

KCPDU-AL-3433-217008-E North Patrol Furniture $ 500,000.00

 

Section 23. Reduction of Revenue. That the revenue in the following account of Fund No. 3433, the Series 2016A Tax‑Exempt Bond Fund, is hereby reduced in the following amount:

 

AL-3433-120000-590000 Bond Proceeds $35,000,000.00

Section 24. Reduction of Appropriation. That the appropriation in the following account of Fund No. 3433, the Series 2016A Tax‑Exempt Bond Fund, is hereby reduced by the following amount:

 

AL-3433-648404-B-64016001 Convention Hotel $35,000,000.00

Section 25. Estimation of Revenue. That the revenue in the following account of Fund No. 3435, the Series 2016F Bond Fund, is hereby estimated in the following amount:

 

AL-3435-120000-590000 Bond Proceeds $35,000,000.00

Section 26. Appropriation. That the sum of $35,000,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3435, the Series 2016F Bond Fund to the following amount:

 

AL-3435-648404-B-64016001 Convention Hotel $35,000,000.00

Section 27. Designating Authorities. The Director of Public Works is hereby designated as requisitioning authority for Account Nos. AL-3434-897050, AL-3434-898044 and AL-3434-891270; the Director of Neighborhoods and Housing Services is hereby designated as requisitioning authority for Account Nos. AL-3434-577050 and AL-3434-572340; the Director of Finance is hereby designated as requisitioning authority for Account Nos. AL-3433-129998 and AL-3433-129996; the Director of Convention and Entertainment Facilities is hereby designated as requisitioning authority for Account No. AL-3433-638027; the Kansas City Board of Police Commissioners are hereby designated as requisitioning authority for Account No. KCPDU AL-3433-217008; and the Director of City Planning and Development is designated as requisitioning authority for Account Nos. AL-3435-648404 and AL‑3434‑648047.

 

Section 28. Closing Project Accounts. The Director of Finance is hereby authorized to close project accounts upon applicable project completion and return the unspent portion of the appropriation to the Fund Balance from which it came.

 

Section 29. Declaration of Intent. That the City hereby declares its official intent to reimburse itself for certain expenditures made within sixty (60) days prior to or on and after the date of this ordinance with respect to the North Patrol Furniture Project and the Downtown Arena Project (“Projects”) with the proceeds of bonds expected to be issued by the City. The maximum principal of amount of bonds expected to be issued for the Projects is not to exceed $7,294,101.00. The City also declares its official intent to reimburse itself for any expenditures made on any Taxable City Project, to the extent that the Director of Finance hereafter determines that any such project should be financed with proceeds of Tax-Exempt Bonds, with a maximum principal amount of $33,250,000.00 for such projects. This constitutes a declaration of official intent under Treasury Regulation Section 1.150-2.

 

Section 30. Further Authority. 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 31. Declaration of Accelerated Effective Date. This Ordinance is recognized as an ordinance with an accelerated effective date as provided by Section 503(a)(3)(C) of the City Charter in that it appropriates money, and shall take effect in accordance with that section.

 

_____________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

___________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Sarah Baxter

Assistant City Attorney


SCHEDULE I

 

Series 2016A Projects

 

Description of Project

 

Estimated Project Cost*

ADA Compliance Improvements to various City facilities

 

$24,709,787

Police Computer Aided Dispatch System

 

9,324,471

North Patrol Police Building Improvements and Furniture

 

4,500,000

Road and Bridge Improvements, including the following: **

 

18,192,000

Pleasant Valley Rd -Searcy Crk

3,000,000

 

MO Route 210 – I-435

2,000,000

 

Englewood Streets Upgrade

2,000,000

 

Northwood & 56th St study

1,000,000

 

NW Prairie View 62nd to 64th

750,000

 

NW 72nd Street from I-29 to Ov

800,000

 

22nd-23rd Corridor

2,237,000

 

Front Street I-435 to I-35

1,125,000

 

Gregory to Lees Summit City Li

200,000

 

135th Street - Phase II

1,500,000

 

Paseo Bridge over Brush Creek

600,000

 

Broadway Blvd Bridge over 30th

800,000

 

Kenneth Rd Bridge over Blue Ridge

680,000

 

US 169/ I70 Loop Study

850,000

 

Tiffany Springs Parkway Street Lighting Project

650,000

 

Blue River Trails Project **

 

5,000,000

Bartle Hall Lighting **

 

2,000,000

Park Department Dopson Administration Building Improvements

 

2,500,000

Budget System

 

634,470

Urban Youth Baseball Academy

 

2,000,000

TOTAL

 

$68,860,728

 

* Estimated Project costs represent the estimates of the City as of the date hereof and are included for informational purposes only. Nothing contained herein shall limit or prevent the City from expending Series 2016A proceeds or proceeds of another series of Series 2016 Bonds on any of the identified Series 2016A Projects in such amounts as the Director of Finance determines is necessary and appropriate.

 

** PIAC approved projects.

 

 


SCHEDULE II

 

Series 2016B Projects

 

Description of Project

 

Estimated Project Cost*

Linwood Property

 

$ 1,200,000

Two Light Downtown Residential Project

 

17,500,000

Parking System Equipment

 

1,850,000

Building Demolition

 

10,000,000

Paseo Gateway

 

2,700,000

 

 

 

TOTAL

 

$33,250,000


* Estimated Project costs represent the estimates of the City as of the date hereof and are included for informational purposes only. Nothing contained herein shall limit or prevent the City from expending Series 2016B proceeds or proceeds of another series of Series 2016 Bonds on any of the identified Series 2016B Projects in such amounts as the Director of Finance determines is necessary and appropriate.


EXHIBIT A-1
CERTIFICATE OF FINAL TERMS
SERIES 2016A BONDS

 

The undersigned Director of Finance of the City of Kansas City, Missouri (the “City”), in connection with the issuance of the City’s $_________ Special Obligation Bonds (Kansas City, Missouri Projects) Series 2016A (the “Series 2016A Bonds”), certifies pursuant to Section 1 of Ordinance No. ______ of the City (the “Ordinance”), as follows:

 

1. Original Principal Amount. The Series 2016A Bonds are issued in the original principal amount of $_________.

 

2. Maturity Schedule. The Series 2016A Bonds will mature on the dates and in the amounts and bear interest at the rates as set forth in the Trust Indenture dated as of April 1, 2016 (the “Indenture”) by and between the City and BOKF, N.A., as Trustee, and as summarized on Schedule __ to this Certificate.

 

3. True Interest Cost: The true interest cost of the Series 2016A Bonds is ______%, as shown on Schedule __ to this Certificate.

 

4. Purchase Price. The purchase price of the Series 2016A Bonds is $______, representing $_________ principal amount, plus net original issue premium of $______, less Underwriters’ discount of $______.

 

5. Optional Redemption. The Series 2016A Bonds are subject to optional redemption pursuant to the Indenture on the dates and in the amounts as set forth therein.

 

The terms set forth in this Certificate of Final Terms are within the limitations of Section 1 of the Ordinance.

 

Delivered this ____ day of April, 2016.

 

CITY OF KANSAS CITY, MISSOURI

 

 

By:______________________________

Randall J. Landes

Director of Finance


EXHIBIT A-2
CERTIFICATE OF FINAL TERMS
SERIES 2016B BONDS

 

The undersigned Director of Finance of the City of Kansas City, Missouri (the “City”), in connection with the issuance of the City’s $_________ Taxable Special Obligation Bonds (Kansas City, Missouri Projects) Series 2016B (the “Series 2016B Bonds”), certifies pursuant to Section 1 of Ordinance No. ______ of the City (the “Ordinance”), as follows:

 

1. Original Principal Amount. The Series 2016B Bonds are issued in the original principal amount of $_________.

 

2. Maturity Schedule. The Series 2016B Bonds will mature on the dates and in the amounts and bear interest at the rates as set forth in the Trust Indenture dated as of April 1, 2016 (the “Indenture”) by and between the City and BOKF, N.A., as Trustee, and as summarized on Schedule __ to this Certificate.

 

3. True Interest Cost: The true interest cost of the Series 2016B Bonds is ______%, as shown on Schedule __ to this Certificate.

 

4. Purchase Price. The purchase price of the Series 2016B Bonds is $______, representing $_________ principal amount, plus net original issue premium of $______, less Underwriters’ discount of $______.

 

5. Optional Redemption. The Series 2016B Bonds are subject to optional redemption pursuant to the Indenture on the dates and in the amounts as set forth therein.

 

The terms set forth in this Certificate of Final Terms are within the limitations of Section 1 of the Ordinance.

 

Delivered this ____ day of April, 2016.

 

CITY OF KANSAS CITY, MISSOURI

 

 

By:______________________________

Randall J. Landes

Director of Finance


EXHIBIT A-3
CERTIFICATE OF FINAL TERMS
SERIES 2016C BONDS

 

The undersigned Director of Finance of the City of Kansas City, Missouri (the “City”), in connection with the issuance of the City’s $_________ Special Obligation Bonds (Kansas City, Missouri Projects) Series 2016C (the “Series 2016C Bonds”), certifies pursuant to Section 1 of Ordinance No. ______ of the City (the “Ordinance”), as follows:

 

1. Original Principal Amount. The Series 2016C Bonds are issued in the original principal amount of $_________.

 

2. Maturity Schedule. The Series 2016C Bonds will mature on the dates and in the amounts and bear interest at the rates as set forth in the Trust Indenture dated as of April 1, 2016 (the “Indenture”) by and between the City and BOKF, N.A., as Trustee, and as summarized on Schedule __ to this Certificate.

 

3. True Interest Cost: The true interest cost of the Series 2016C Bonds is ______%, as shown on Schedule __ to this Certificate.

 

4. Purchase Price. The purchase price of the Series 2016C Bonds is $______, representing $_________ principal amount, plus net original issue premium of $______, less Underwriters’ discount of $______.

 

5. Optional Redemption. The Series 2016C Bonds are subject to optional redemption pursuant to the Indenture on the dates and in the amounts as set forth therein.

 

The terms set forth in this Certificate of Final Terms are within the limitations of Section 1 of the Ordinance.

 

Delivered this ____ day of April, 2016.

 

CITY OF KANSAS CITY, MISSOURI

 

 

 

By: ____________________________

Randall J. Landes

Director of Finance


EXHIBIT A-4
CERTIFICATE OF FINAL TERMS
SERIES 2016D BONDS

 

The undersigned Director of Finance of the City of Kansas City, Missouri (the “City”), in connection with the issuance of the City’s $_________ Special Obligation Refunding Bonds (East Village Project) Series 2016D (the “Series 2016D Bonds”), certifies pursuant to Section 1 of Ordinance No. ______ of the City (the “Ordinance”), as follows:

 

1. Original Principal Amount. The Series 2016D Bonds are issued in the original principal amount of $_________.

 

2. Maturity Schedule. The Series 2016D Bonds will mature on the dates and in the amounts and bear interest at the rates as set forth in the Second Supplemental Trust Indenture dated as of April 1, 2016 (the “Second Supplemental Indenture”) by and between the City and The Bank of New York Mellon Trust Company, N.A., as Trustee, and as summarized on Schedule __ to this Certificate.

 

3. True Interest Cost: The true interest cost of the Series 2016D Bonds is ______%, as shown on Schedule __ to this Certificate.

 

4. Purchase Price. The purchase price of the Series 2016D Bonds is $______, representing $_________ principal amount, plus net original issue premium of $______, less Underwriters’ discount of $______.

 

5. Optional Redemption. The Series 2016D Bonds are subject to optional redemption pursuant to the Indenture on the dates and in the amounts as set forth therein.

 

The terms set forth in this Certificate of Final Terms are within the limitations of Section 1 of the Ordinance.

 

Delivered this ____ day of April, 2016.

 

CITY OF KANSAS CITY, MISSOURI

 

 

 

By:___________________________

Randall J. Landes

Director of Finance

 


EXHIBIT A-5
CERTIFICATE OF FINAL TERMS
SERIES 2016E BONDS

 

The undersigned Director of Finance of the City of Kansas City, Missouri (the “City”), in connection with the issuance of the City’s $_________ Special Obligation Improvement and Refunding Bonds (Kansas City, Missouri Projects) Series 2016E (the “Series 2016E Bonds”), certifies pursuant to Section 1 of Ordinance No. ______ of the City (the “Ordinance”), as follows:

 

1. Original Principal Amount. The Series 2016E Bonds are issued in the original principal amount of $_________.

 

2. Maturity Schedule. The Series 2016E Bonds will mature on the dates and in the amounts and bear interest at the rates as set forth in the First Supplemental Trust Indenture dated as of April 1, 2016 (the “First Supplemental Indenture”) by and between the City and Commerce Bank, as Trustee, and as summarized on Schedule __ to this Certificate.

 

3. True Interest Cost: The true interest cost of the Series 2016E Bonds is ______%, as shown on Schedule __ to this Certificate.

 

4. Purchase Price. The purchase price of the Series 2016E Bonds is $______, representing $_________ principal amount, plus net original issue premium of $______, less Underwriters’ discount of $______.

 

5. Optional Redemption. The Series 2016E Bonds are subject to optional redemption pursuant to the Indenture on the dates and in the amounts as set forth therein.

 

The terms set forth in this Certificate of Final Terms are within the limitations of Section 1 of the Ordinance.

 

Delivered this ____ day of April, 2016.

 

CITY OF KANSAS CITY, MISSOURI

 

 

 

By:_____________________________

Randall J. Landes

Director of Finance