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Legislation #: 990320 Introduction Date: 3/4/1999
Type: Ordinance Effective Date: 3/14/1999
Sponsor: None
Title: Fixing the interest rate on $32,000,000.00 maximum principal amount of Taxable Industrial Development Revenue Bond (NationsBank, N.A. Project), Series 1999 of the City of Kansas City, Missouri, authorized by Ordinance No. 990092, passed February 11, 1999, authorizing the sale and delivery of said bond to the purchaser; and declaring an emergency.

Legislation History
DateMinutesDescription
3/4/1999

Waive Charter Requirements City Council

3/4/1999

Passed

3/4/1999

Passed


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ORDINANCE NO. 990320

 

Fixing the interest rate on $32,000,000.00 maximum principal amount of Taxable Industrial Development Revenue Bond (NationsBank, N.A. Project), Series 1999 of the City of Kansas City, Missouri, authorized by Ordinance No. 990092, passed February 11, 1999, authorizing the sale and delivery of said bond to the purchaser; and declaring an emergency.

 

WHEREAS, the Director of Finance of the City of Kansas City, Missouri, advertised for Bids for the purchase of $32,000,000.00 maximum principal amount of Taxable Industrial Development Revenue Bond (NationsBank, N.A. Project), Series 1999, said bids were received at 10 o'clock a.m., Central Time, on February 25, 1999; and

 

WHEREAS, said sale was held at said time in the Office of the Director of Finance, and bids received pursuant to said Ordinance, the highest and best bid received for the Series 1999 Bond was that of BankAmerica Corporation, and the Council, pursuant to the recommendation of its Finance Committee, the Director of Finance, an Assistant City Manager and an Assistant City Attorney, has determined that the bid aforesaid should be accepted and has authorized the Director of Finance to accept said bid; and

 

WHEREAS, it is necessary that the Council, by ordinance, immediately fix the interest rate to be borne by the Series 1999 Bond in order that the such bonds may be prepared, executed and delivered to the purchasers thereof in accordance with the notice of bond sale and the bid of said purchasers, 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. That the Series 1999 Bond shall bear interest at the rate of 8.25%.

Section 2. That the Series 1999 Bond shall be duly prepared and executed in accordance with the provisions of Ordinance No. 990092, passed February 11, 1999, and the Series 1999 Bond when duly prepared and executed shall be sold and delivered by the Director of Finance to BankAmerica Corporation the purchaser thereof, upon payment of the purchase price thereof to the City Treasurer or to the Director of Finance.

 

Section 3. This ordinance is declared to be an emergency measure within the provisions of Section 15, Article III of the Charter and shall take effect immediately upon its passage.

 

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Approved as to form and legality:

 

 

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Assistant City Attorney