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Legislation #: 990750 Introduction Date: 5/20/1999
Type: Ordinance Effective Date: 5/30/1999
Sponsor: COUNCILMEMBER ASJES
Title: 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.

Legislation History
DateMinutesDescription
5/20/1999

Waive Charter Requirements City Council

5/20/1999

Passed

5/20/1999

Passed


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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