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Legislation #: 991196 Introduction Date: 9/9/1999
Type: Ordinance Effective Date: 9/26/1999
Sponsor: None
Title: 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.

Legislation History
DateMinutesDescription
9/9/1999

Prepare to Introduce

9/9/1999

Referred Finance and Audit Committee

9/15/1999

Advance and Do Pass as a Committee Substitute

9/16/1999

Passed as Substituted


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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.

 


Section 6. That the Director of the Finance is authorized to execute, on behalf of the City, a cooperative agreement with Jazz District Redevelopment Corporation providing for the certain transactions related to the Jazz District Redevelopment Plan. The cooperative agreement is approved in substantial form as that attached to the original of this ordinance.

 

__________________________________________________________________

 

Approved as to form and legality:

 

 

 

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Assistant City Attorney