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Legislation #: 970478 Introduction Date: 4/10/1997
Type: Ordinance Effective Date: none
Sponsor: None
Title: Fixing certain terms of $22,235,000.00 principal amount of Sewerage System Revenue Bonds (State Revolving Fund Program) Series 1997A of the City of Kansas City, Missouri, authorized by Ordinance No. 970285, passed March 27, 1997; authorizing the sale and delivery of the 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. 970478

 

Fixing certain terms of $22,235,000.00 principal amount of Sewerage System Revenue Bonds (State Revolving Fund Program) Series 1997A of the City of Kansas City, Missouri, authorized by Ordinance No. 970285, passed March 27, 1997; authorizing the sale and delivery of the 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 $22,235,000.00 principal amount of Sewerage System Revenue 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 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 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 $ 630,000.00 3.950% 2008 $1,120,000.00 5.250% 1999 975,000.00 4.300 2009 1,140,000.00 5.375 2000 985,000.00 4.625 2010 1,165,000.00 5.400 2001 1,000,000.00 4.700 2011 1,185,000.00 5.500 2002 1,010,000.00 4.800 2012 1,215,000.00 5.500 2003 1,025,000.00 4.875 2013 1,240,000.00 5.625 2004 1,040,000.00 5.000 2014 1,270,000.00 5.625 2005 1,060,000.00 5.000 2015 1,300,000.00 5.750 2006 1,080,000.00 5.100 2016 1,330,000.00 5.750 2007 1,100,000.00 5.200 2017 1,365,000.00 5.750

 

Section 2. There are no Term Bonds within the meaning of Ordinance No. 970285.

 

Section 3. The Bonds will be duly prepared and executed in accordance with the provisions of Ordinance No. 970285 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 4. 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