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Legislation #: 050783 Introduction Date: 6/23/2005
Type: Resolution Effective Date: none
Sponsor: None
Title: Authorizing the development of financing for the current refunding of the City’s General Improvement Airport Revenue Bonds, Series 1995 (the “Bonds”) issued in the original principal amount of $41,020,000.00 for the purpose of providing funds to advance refund $37,980,000.00 of principal amount of the then outstanding Airport Revenue Bonds of the City, and authorizing certain other actions pursuant thereto.

Legislation History
DateMinutesDescription
6/23/2005 Filed by the Clerk's office
6/23/2005 Referred to Finance Committee
7/6/2005 Immediate Adoption
7/7/2005 Adopted

View Attachments
FileTypeSizeDescription
050783.pdf Authenticated 82K authenticated
fiscal notes-GARB 95 resolution v1.xls Fiscal Note 38K Fiscal Note
2005h Resolution Airport Refunding Fact Sheet (2).xls Fact Sheet 36K Fact Sheet

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RESOLUTION NO. 050783

 

Authorizing the development of financing for the current refunding of the Citys General Improvement Airport Revenue Bonds, Series 1995 (the Bonds) issued in the original principal amount of $41,020,000.00 for the purpose of providing funds to advance refund $37,980,000.00 of principal amount of the then outstanding Airport Revenue Bonds of the City, and authorizing certain other actions pursuant thereto.

 

WHEREAS, the City has determined that it is in the best interests of the City to refund the outstanding principal of the Bonds; and

WHEREAS, the City Council (the Council) supports the development of financing to achieve the refunding of the Bonds (hereafter the Project); and

WHEREAS, the City has selected the firms of Oppenheimer & Co. and Valdes & Moreno to act as co-financial advisors in connection with the issuance of bonds to finance the Project; and

WHEREAS, the City has selected Kutak Rock LLP and the Hardwick Law Firm to act as the co-bond counsel in connection with the issuance of bonds to finance the Project; and

WHEREAS, it is the desire and intent of the Council to authorize the Acting Director of Finance and City Attorney to proceed with such selection and those actions necessary to provide for such financing through the issuance of tax-exempt Airport Revenue Refunding Bonds; NOW THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

Section 1.  That the Council authorized the development of financing of the Project, and directs that funding therefor be effected by the issuance of tax-exempt General Airport Refunding Revenue Bonds, Series 2005H by the City in an approximate principal sum not to exceed $24,000,000.00.

Section 2.  That the Council does hereby authorize and direct that the financing arrangements referred to in this resolution including the negotiation of the financial terms and other provisions be developed by the Acting Director of Finance and City Attorney for approval by the Council.

Section 3. That the City expects to incur capital expenditures on and after the date of adoption of this Resolution (the Expenditures), and intends to reimburse itself for such Expenditures solely from the proceeds of the Bonds. The funds to be advanced to pay Expenditures are or will be available only for a temporary period and it is necessary to reimburse the City for such Expenditures made on and after the date hereof. This Resolution constitutes a declaration of official intent under Treasury Regulation Section 1.150-2 issued under the Internal Revenue Code of 1986, as amended.

 

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