COMMITTEE SUBSTITUTE
FOR RESOLUTION NO. 050064
Authorizing
the development of financing for improvements to the Kansas City International Airport for a consolidated rental car facility through the issuance of
subordinated taxable airport revenue bonds by the City in an approximate
principal amount not to exceed $60,000,000.00; authorizing certain other
actions pursuant thereto; and declaring the City's official intent to reimburse
from bond proceeds.
WHEREAS, pursuant to Ordinance No. 000653, a special
election was ordered to be held on August 8, 2000, at which a majority of the
qualified voters voted in favor of issuing $395,000,000.00 in airport revenue
bonds for the purpose of paying the cost of improving the airports of the City;
and
WHEREAS, pursuant to Ordinance No. 000767 the City
authorized a Customer Facility Charge to pay for the consolidated rental car
facility at KCI (the Project); and
WHEREAS,
the City has previously approved Resolution No. 001136 expressing its intent to
finance the Project; and
WHEREAS, the City has previously issued and delivered
$10,000,000.00 in subordinated taxable airport revenue bonds (Consolidated
Airport Rental Car Facility Project) Series 2000 (the Series 2000 Bonds) to
finance a portion of the Project, which Series 2000 Bonds are payable from the
customer facility charges; and
WHEREAS, the City deems it advisable and necessary to issue
$60,000,000.00 in subordinated taxable airport revenue bonds to refund the
Series 2000 Bonds and to provide the financing for the Project; and
WHEREAS, it is now necessary that the City proceed with the
development of financing in the approximate principal amount of $60,000,000.00,
such Bonds being a part of the $395,000,000.00 principal amount of the airport
revenue bonds authorized by the voters of the City on August 8, 2000; NOW,
THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:
Section 1. That the Council expresses its intention to
provide for the financing of the Project and to issue subordinated taxable
airport revenue bonds in an approximate principal amount not to exceed
$60,000,000.00 to provide funds to pay the cost of the Project.
Section 2. That the Council states that the Project is for
a public purpose.
Section 3. That the Council authorizes and directs that the
financing arrangements referred to in this resolution and the negotiation of
the financial terms and other provisions of such arrangements be developed by
the Acting Director of Finance for presentation to and approval by the Council.
Section 4. That the City declares its intent to reimburse itself for
certain expenditures made within 60 days prior to or on and after the date of
this resolution with respect to the consolidated rental car facility at KCI
with the proceeds of bonds expected to be issued by the City. The maximum
principal amount of bonds expected to be issued for the Project is not to
exceed $60,000,000.00. This constitutes a declaration of official intent under
Treasury Regulation 1-150-2.
____________________________________________