ORDINANCE NO. 990750
Fixing
certain terms of $6,000,000.00 principal amount of Sanitary Sewer System
Revenue Bonds (State Revolving Fund Program) Series 1999A of the City of Kansas
City, Missouri, authorized by Ordinance No. 990589, passed May 6, 1999;
authorizing the sale and delivery of the bonds to the purchaser; and declaring
an emergency.
WHEREAS,
the Director of Finance of the City of Kansas City, Missouri (the City)
advertised for bids for the purchase of not to exceed $6,000,000.00 principal
amount of Sanitary Sewer System Revenue Bonds, Series 1999A of the City to be
dated June 1, 1999, said bids received at 11:00 a.m., Central Time, on May 20,
1999 pursuant to the terms of the Notice of Bond Sale dated May 6, 1999; and
WHEREAS,
the sale was held at the specified time in the Office of the Director of
Finance, and one bid was received pursuant to the Ordinance. The sole and best
bid received for the bonds was that of the State Environmental Improvement and
Energy Resources Authority. The Council, pursuant to the recommendations of
its Director of Finance, the City Manager and an Assistant City Attorney, has
determined that the bid of the State Environmental Improvement and Energy
Resources Authority should be accepted and has authorized the Director of
Finance to accept the bid; and
WHEREAS,
it is necessary that the Council, by ordinance, immediately fix the principal
maturities, sinking fund redemption provisions and optional redemption provisions
with respect to the bonds and the interest rates to be borne by the bonds in
order that the 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. The bonds are designated Sanitary Sewer System Revenue Bonds (State
Revolving Fund Program) Series 1999A (the Bonds), will be in the aggregate
principal amount of $6,000,000.00 (the Original Principal Amount) and will
mature on January 1 in the years and in the principal amounts and will bear
interest at the annual interest rates as follows:
Maturity
Date Principal Interest Maturity Date Principal Interest
January 1 Amount Rate January
1 Amount Rate
2000 $110,000 4.000% 2009 $260,000 4.400%
2001
190,000 3.625 2010 275,000 4.600
2002
200,000 3.750 2011 285,000 5.250
2003
205,000 3.800 2012 300,000 4.750
2004
215,000 4.000 2013 315,000 5.250
2005
220,000 4.100 2014 330,000 5.250
2006
230,000 4.200 2015 350,000 5.250
2007
240,000 4.300 2016 365,000 5.250
2008
250,000 4.400 2018 790,000 5.000
2020
870,000 5.000
Section
2. The Bond maturing on January 1, 2018 and January 1, 2020 will be redeemed
in part on the dates and in the principal amounts set forth below at a
redemption price equal to 100% of the principal amount redeemed plus accrued
interest to the redemption date:
January
1, 2018 Term Bonds
Principal
January
1
Amount
2017 $385,000
2018
(maturity) $405,000
January 1, 2020 Term Bonds
Principal
January 1
Amount
2019 $425,000
2020
(maturity) $445,000
Section
3. At the option of the City, Bonds maturing on and after January 1, 2010 may
be called for redemption and payment prior to maturity in whole or in part on
any date with the consent of the Bondowner, or on each June 1 and December 1,
commencing June 1, 2009, at the redemption prices set forth below (expressed as
percentages of principal amount) plus accrued interest to the redemption date:
Redemption Dates (Inclusive) Redemption
Price
June
1, 2009 to May 31, 2010 101.0%
June
1, 2010 to May 31, 2011 100.5
June
1, 2011 and thereafter 100.0
Section
4. The Bonds will be duly prepared and executed in accordance with the
provisions of Ordinance No. 990589 and this Ordinance, and the Bonds, when duly
prepared and executed, will be sold and delivered by the Director of Finance to
the State Environmental Improvement and Energy Resources Authority, the
purchaser, upon payment of the purchase price set forth in the bid.
Section 5. This ordinance is declared to
be an emergency measure within the provisions of Section 15, Article II of the
Charter and shall take effect immediately upon its passage.
__________________________________________________________________
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.
____________________________________
Director
of Finance
Approved
as to form and legality:
___________________________________
Assistant
City Attorney