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Legislation #: 011775 Introduction Date: 12/20/2001
Type: Ordinance Effective Date: 12/30/2001
Sponsor: COUNCILMEMBER ASJES
Title: Fixing the interest rate on $15,000,000.00 maximum principal amount of a Taxable Industrial Revenue Bond (Harley-Davidson Motor Company Group, Inc. Project), Series 2001 of the City of Kansas City, Missouri, authorizing the sale and delivery of said bond to the purchaser, and declaring an emergency.

Legislation History
DateMinutesDescription
12/20/2001

Waive Charter Requirements City Council

12/20/2001

Passed


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ORDINANCE NO. 011775

 

Fixing the interest rate on $15,000,000.00 maximum principal amount of a Taxable Industrial Revenue Bond (Harley-Davidson Motor Company Group, Inc. Project), Series 2001 of the City of Kansas City, Missouri, authorizing the sale and delivery of said bond to the purchaser, and declaring an emergency.

 

WHEREAS, the City approved the issuance of $15,000,000.00 maximum principal amount of a taxable industrial revenue bond pursuant to Chapter 100, RSMo, by passage of Ordinance No. 011682, on December 13, 2001; and

 

WHEREAS, the Director of Finance advertised for bids for the purchase of $15,000,000.00 maximum principal amount of Taxable Industrial Revenue Bond (Harley Davidson Motor Group Inc. Project), Series 2001, and said bids were received at 10 o'clock a.m., Central Time, on December 20, 2001; and

 

WHEREAS, said sale was held at said time in the Office of the Director of Finance, and bids received pursuant to said Ordinance, the sole and best bid received for the Series 2001 Bond was that of Harley-Davidson Motor Company Group, Inc., and the Council, pursuant to the recommendation of the Director of Finance and an Assistant City Attorney, has determined that the bid aforesaid should be accepted and has authorized the Director of Finance to accept said bid; and

 

WHEREAS, it is necessary that the Council, by ordinance, immediately fix the interest rate to be borne by the Series 2001 Bond in order that the such bond 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 in order to preserve and enhance the economic investment in this project, that this ordinance take effect as an emergency measure; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Series 2001 Bond shall bear interest at the rate of 3.00%.

 

Section 2. That the Series 2001 Bond shall be duly prepared and executed in accordance with the provisions of Ordinance No. 011682, passed December 13, 2001, and the Series 2001 Bond when duly prepared and executed shall be sold and delivered by the Director of Finance to Harley-Davidson Motor Company Group, Inc., the purchaser thereof, upon payment of the purchase price thereof.

 

Section 3. This ordinance is declared to be an emergency measure within the provisions of Section 15, Article III of the Charter and shall take effect immediately upon its passage.

 

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Approved as to form and legality:

 

 

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Assistant City Attorney