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Legislation #: 970477 Introduction Date: 4/10/1997
Type: Ordinance Effective Date: none
Sponsor: None
Title: Fixing certain terms of $5,730,000.00 principal amount of General Obligation Refunding Bonds (State Revolving Fund Program) Series 1997A of the City of Kansas City, Missouri, authorized by Committee Substitute for Ordinance No. 970284, passed March 27, 1997; authorizing the sale and delivery of said bonds to the purchaser; and declaring an emergency.

Legislation History
DateMinutesDescription
4/10/1997

Waive Charter Requirements City Council

4/10/1997

Introduce an Ordinance

4/10/1997

Passed


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ORDINANCE NO. 970477

 

Fixing certain terms of $5,730,000.00 principal amount of General Obligation Refunding Bonds (State Revolving Fund Program) Series 1997A of the City of Kansas City, Missouri, authorized by Committee Substitute for Ordinance No. 970284, passed March 27, 1997; authorizing the sale and delivery of said bonds to the purchaser; and declaring an emergency.

 

WHEREAS, the Director of Finance of the City of Kansas City, Missouri (the "City") advertised for bids for the purchase of not to exceed $5,732,000.00 principal amount of General Obligation Refunding Bonds (State Revolving Fund Program) Series 1997A (the "Bonds") of the City to be dated their date of issuance, said bids received at 11:00 a.m., Central Time, on April 10, 1997 pursuant to the terms of the Notice of Bond Sale dated March 27, 1997; and

 

WHEREAS, the sale was held at the specified time in the Office of the Director of Finance, and one bid received pursuant to the Ordinance. The sole and best bid received for the Bonds was that of the State Environmental Improvement and Energy Resources Authority; and

 

WHEREAS, the Council, pursuant to the recommendations of its Director of Finance, the City Manager and an Assistant City Attorney, has determined that the bid of the State Environmental Improvement and Energy Resources Authority should be accepted and has authorized the Director of Finance to accept the bid; and

 

WHEREAS, it is necessary that the Council, by ordinance, immediately fix the principal maturities and optional and sinking fund redemption provisions with respect to the Bonds and the interest rates to be borne by the Bonds in order that the Bonds 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. The Bonds will be in the aggregate principal amount of $5,730,000.00 and will mature on January 1 in the years and in the principal amounts and will bear interest at the annual interest rates as follows:

 

Maturity Date Principal Interest Maturity Date Principal Interest January 1 Amount Rate January 1 Amount Rate

 

1998 $ 30,000.00 3.950% 2006 $420,000.00 5.100% 1999 35,000.00 4.300 2007 10,000.00 5.200 2000 35,000.00 4.625 2008 615,000.00 6.250 2001 35,000.00 4.700 2009 635,000.00 6.750 2002 500,000.00 4.800 2010 655,000.00 6.750 2003 480,000.00 4.875 2011 680,000.00 6.750 2004 460,000.00 5.000 2012 700,000.00 6.750 2005 440,000.00 5.000

 

Section 2. There are no Term Bonds within the meaning of Committee Substitute for Ordinance No. 970284.

 

Section 3. There will be deposited simultaneously with the delivery of the Bonds, into the Public Works Project Account of the Construction Loan Fund, from the Sewer Improvement Fund, Series 1996A created by the Series 1996 Ordinance, the amount of unspent proceeds of the Series 1996A Bonds relating to the projects being refunded, as established in a closing certificate of the City.

 

Section 4. The Bonds will be duly prepared and executed in accordance with the provisions of Committee Substitute for Ordinance No. 970284 and this Ordinance, and the Bonds, when duly prepared and executed, will be sold and delivered by the Director of Finance to the State Environmental Improvement and Energy Resources Authority, the purchaser, upon payment of the purchase price set forth in the bid.

 

Section 5. This ordinance is declared to be an emergency measure within the provisions of Section 15, Article II of the Charter and takes effect immediately upon its passage.

 

__________________________________________________________________

 

Approved as to form and legality:

 

 

____________________________

Assistant City Attorney