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Legislation #: 001712 Introduction Date: 12/14/2000
Type: Ordinance Effective Date: 12/24/2000
Sponsor: None
Title: Fixing the interest rate on the $1,275,000.00 principal amount of 2000 loan financing pursuant to a Loan Agreement with the Missouri Department of Natural Resources; and declaring an emergency.

Legislation History
DateMinutesDescription
12/14/2000

Waive Charter Requirements City Council

12/14/2000

Passed


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ORDINANCE NO. 001712

 

Fixing the interest rate on the $1,275,000.00 principal amount of 2000 loan financing pursuant to a Loan Agreement with the Missouri Department of Natural Resources; and declaring an emergency.

 

WHEREAS, the Director of Finance of the City of Kansas City, Missouri (the City), has negotiated the financial terms of the Loan Agreement between the City and the Missouri Department of Natural Resources ("MDNR"), acting on behalf of the State of Missouri (the "State"), for 2000 loan financing in the amount of $1,275,000.00 (the "Loan") to provide matching funds for a grant to finance a portion of the costs of a stormwater project of the City, and pursuant to such negotiations the interest rate on the Loan is to be established as thirty percent (30%) of the weekly Bond Buyer 25 Revenue Bond Index at the time of closing; and

 

WHEREAS, such interest rate has been computed by MDNR to be one and seven-tenths percent (1.70%), and the Council, pursuant to the recommendation of its Director of Finance, the City Treasurer, the City Manager, the Assistant City Attorney and the Citys Co-Loan Counsel, has determined that the interest rate aforesaid should be accepted and has authorized the Director of Finance to accept said interest rate; and

 

WHEREAS, it is necessary that the Council, by ordinance, immediately fix the interest rate to be borne by the Loan in order that the Loan transaction may be consummated in accordance with the Loan Agreement, 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. That the Loan shall bear interest at the interest rate of one and seven-tenths percent (1.70%).

 

Section 2. This Ordinance is declared to be an emergency measure within the provisions of Section 15, Article III of the Charter and shall take effect in accordance with that section.

 

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Approved as to form and legality:

 

 

 

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Assistant City Attorney