COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 991196
Authorizing
the development of financing for the refunding of the Kansas City Municipal
Assistance Corporation Leasehold Revenue Capital Improvement Bonds, Series
1990A, Series 1991C and Series 1991D in a principal amount not to exceed
$34,000,000.00; authorizing certain other actions pursuant thereto and
authorizing the Director of Finance to execute a cooperative agreement with the
Jazz District Redevelopment Corporation for certain transactions related to the
Jazz District Redevelopment Plan.
WHEREAS,
the costs of certain improvements in the City have been funded through the
issuance of the Kansas City Municipal Assistance Corporation Leasehold Revenue
Capital Improvement Bonds, Series 1990A, Series 1991C and Series 1991D
("the Prior Bonds"); and
WHEREAS,
the Council passed Committee Substitute for Ordinance No. 980609 on June 4,
1998, which, among other things, approved the development plan submitted by
the Jazz District Redevelopment Corporation and consented to the acquisition of
certain City-owned property by the Jazz District Redevelopment Corporation (the
Property); and
WHEREAS,
the Council approved the First Amendment to the development plan submitted by
the Jazz District Redevelopment Corporation by passage of Ordinance No. 990399,
on March 25, 1999; and
WHEREAS,
because a portion of the Property was purchased with proceeds from the Prior
Bonds, the Property may not be sold until the Prior Bonds are deemed paid; and
WHEREAS,
the City Council supports the development of financing to achieve the refunding
of the Prior Bonds (the "Project"); and
WHEREAS,
the City has selected the firms of Fahnestock & Co. and The Chapman Company
to act as financial advisors in connection with the issuance of bonds or notes
to finance the Project; and
WHEREAS,
the City has selected the firms of Gilmore & Bell and the Hardwick Law Firm
to act as legal counsel in connection with the issuance of bonds or notes to
finance the Project; and
WHEREAS,
it is the desire of the Council to proceed with those actions necessary to
provide for such financing through the issuance of bonds or notes; NOW,
THEREFORE,
BE
IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section
1. That the Council does express its intention to provide for financing of the
Project, and directs that funding therefor be effected by the issuance of bonds
or notes by the City or Kansas City Municipal Assistance Corporation in a
principal amount not to exceed $34,000,000.00.
Section
2. That the Council states that the Project is for the benefit of the public
health, safety and welfare and constitutes a public purpose.
Section
3. That the Council does hereby authorize and direct that the financing
arrangements referred to in this ordinance including the negotiation of the
financial terms and other provisions be developed by the Director of Finance
for approval by the Council.
Section
4. That the Director of Finance is authorized to execute a contract for financial
advisory services in connection with the financing with firms of Fahnestock
& Co. and The Chapman Company in an amount not to exceed $35,000.00 plus
reasonable expenses to be paid from bond proceeds and contingent upon closing.
Section
5. That the City Attorney is authorized to execute a contract for legal
services for the
project
in an amount not to exceed $34,000.00 plus reasonable expenses, to be paid from
bond proceeds and contingent upon closing, with the firms of Gilmore & Bell
and the Hardwick Law Firm.