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Legislation #: 951350 Introduction Date: 9/28/1995
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER ZCLEAVER(OLD)
Title: Authorizing the City of Kansas City, Missouri to amend certain documents executed in connection with the issuance of its Taxable Revenue Bonds (GS Technologies Project), Series 1994 (the "Bonds"), and approving certain other documents and authorizing the City to take certain other actions with respect to such amendments.

Legislation History
DateMinutesDescription
9/28/1995

Waive Charter Requirements City Council

9/28/1995

Passed

9/28/1995

Passed


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ORDINANCE NO. 951350

 

Authorizing the City of Kansas City, Missouri to amend certain documents executed in connection with the issuance of its Taxable Revenue Bonds (GS Technologies Project), Series 1994 (the "Bonds"), and approving certain other documents and authorizing the City to take certain other actions with respect to such amendments.

 

WHEREAS, on November 30, 1994 the City issued the Bonds in the principal amount of $5,000,000.00 and in connection therewith entered into a Trust Indenture, dated as of November 1, 1994 (the "Indenture") between the City and Commerce Bank, N.A., Kansas City, Missouri, as Trustee, and into a Lease Agreement, dated as of November 1, 1994 (the "Lease"), between the City and GS Technologies Operating Co., Inc. ("the Company") as Lessee; and

 

WHEREAS, the Indenture and the Lease referred to a certain Loan Agreement dated as of August 30, 1994 between the Company and General Electric Capital Corporation ("GE Capital") as Agent for the lenders named therein; and

 

WHEREAS, the Company will enter into a new loan agreement (the "New Loan Agreement") with GE Capital as Agent for a new group of lenders and it is therefore necessary to amend the Indenture and Lease to reflect such New Loan Agreement and to acknowledge the Company's assignment of its interest as Lessee under the Lease to GE Capital in such capacity; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The City shall, as issuer of the Bonds, and the officers, agents and employees of the City are authorized and directed to, take all such actions and to execute such supplemental indentures, supplemental leases, documents, certificates, and instruments as may be necessary or appropriate to amend the Indenture and the Lease to reflect the New Loan Agreement and to acknowledge the effects thereof, including without limitation, the acknowledgment of the Company's collateral assignment of its interest as Lessee under the Lease to GE Capital as Agent under the New Loan Agreement.

 

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Approved as to form and legality:

 

 

 

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Assistant City Attorney