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Legislation #: 021441 Introduction Date: 11/26/2002
Type: Ordinance Effective Date: 12/6/2002
Sponsor: COUNCILMEMBER ASJES
Title: Fixing the interest rate on $50,000,000.00 maximum principal amount of a Taxable Industrial Revenue Bond (Liberty Mutual Insurance Company Project), Series 2002E of the City of Kansas City, Missouri, authorized by Ordinance No. 021338, passed November14, 2002, authorizing the sale and delivery of said Bond to the purchaser, and declaring an emergency.

Legislation History
DateMinutesDescription
11/26/2002

Waive Charter Requirements City Council

11/26/2002

Waive Charter Requirements City Council

11/26/2002

Passed


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021441.pdf Other 292K Authenticated and Additional Documents

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ORDINANCE NO. 021441

 

Fixing the interest rate on $50,000,000.00 maximum principal amount of a Taxable Industrial Revenue Bond (Liberty Mutual Insurance Company Project), Series 2002E of the City of Kansas City, Missouri, authorized by Ordinance No. 021338, passed November14, 2002, authorizing the sale and delivery of said Bond to the purchaser, and declaring an emergency.

 

WHEREAS, the Director of Finance advertised for bids for the purchase of $50,000,000.00 maximum principal amount of Taxable Industrial Revenue Bond (Liberty Mutual Insurance Company Project), Series 2002E, said bids were received at 10 o'clock a.m., Central Time, on November 25, 2002; 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 2002E Bond was that of Liberty Mutual Insurance Company, 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 2002E Bond in order that 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 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 2002E Bond shall bear interest at the rate of 4.92% per annum, which is the Long-Term Applicable Federal Rate (AFR) for purposes of Section 1274(d) of the Internal Revenue Code as published periodically in the Federal Register.

 

Section 2. That the Series 2002E Bond shall be duly prepared and executed in accordance with the provisions of Ordinance No. 021338, passed November 14, 2002, and the Series 2002E Bond when duly prepared and executed shall be sold and delivered by the Director of Finance to Liberty Mutual Insurance Company, 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