IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
AN ORDINANCE approving the issuance of not to exceed $21,000,000.00 principal amount of Jackson County, Missouri, Public Building Corporation Leasehold Refunding and Improvement Revenue Bonds (Jackson County, Missouri, Capital Improvements Project) Series 2006A, authorizing and approving certain documents in connection with the issuance of said bonds; and authorizing certain other actions in connection with the issuance of said bonds.
Intro
ORDINANCE # 3762, April 24, 2006
INTRODUCED BY Scott Burnett, County Legislator
Body
WHEREAS, Jackson County, Missouri (the "County"), is authorized pursuant to the County's Constitutional Home Rule Charter (the "Charter") to contract and cooperate with any private person, firm, association, corporation or foundation for the planning, development, construction, acquisition, or operation of any public improvement or facility and to rent or lease County properties upon such terms and conditions and for such periods of time as the legislature may provide; and,
WHEREAS, the Jackson County, Missouri, Public Building Corporation (the "Issuer"), is a nonprofit corporation to be organized under the Missouri Nonprofit Corporation Act, Chapter 355 of the Revised Statutes of Missouri, as amended, for the purpose of benefiting and carrying out the purposes of the County, by providing for the acquisition, construction, improvement, extension, repair, remodeling, renovation and financing of public sites, buildings, facilities, furnishings and equipment for the use of the County; and,
WHEREAS, pursuant to its home rule powers in its Charter, the County Legislature adopted an ordinance authorizing the County, and the Issuer adopted a resolution authorizing the Issuer, to (i) enter into a Site Lease dated as of December 1, 1996 (the "Original Site Lease") between the Issuer and the County pursuant to which the County leased to the Issuer certain real estate and existing improvements thereon within the geographic boundaries of the County (the "Project Site"), and (ii) enter into a Lease Agreement (the "Original Lease") between the County and the Issuer, pursuant to which (a) the Issuer issued its Jackson County, Missouri, Public Building Corporation Leasehold Revenue Bonds (Jackson County, Missouri, Capital Improvements Project), Series 1996, in the principal amount of $9,900,000 (the "Series 1996 Bonds"), for the purpose of financing the costs of acquiring, constructing, reconstructing, renovating, furnishing and equipping additional facilit ies on the Project Site (the "Series 1996 Project," such Series 1996 Project, any Project Additions and the Project Site being collectively referred to herein as the "Facilities"), (b) the Issuer leased the Facilities to the County, and (c) the County will make lease payments ("Rental Payments") to the Issuer, which Rental Payments will be sufficient, during any term of the Lease, to enable the Issuer to pay principal of, redemption premium, if any, and interest on the Series 1996 Bonds as the same become due; and,
WHEREAS, pursuant to its home rule powers in its Charter, the County Legislature adopted an ordinance authorizing the County, and the Issuer adopted a resolution authorizing the Issuer, to (i) enter into a First Supplemental Site Lease dated as of March 1, 1997 (the "First Supplemental Site Lease") between the Issuer and the County pursuant to which the County leased to the Project Site, and (ii) enter into a Lease Agreement (the "First Supplemental Lease Agreement") between the County and the Issuer, pursuant to which (a) the Issuer issued its Jackson County, Missouri, Public Building Corporation Leasehold Revenue Bonds (Jackson County, Missouri, Capital Improvements Project), Series 1997, in the principal amount of $7,750,000 (the "Series 1997 Bonds"), for the purpose of financing the costs of acquiring, constructing, reconstructing, renovating, furnishing and equipping additional facilities on the Project Site (the "Series 1997 Project"), (b) the Issuer leased the Facilities to the County, and (c) the County will make lease payments ("Rental Payments") to the Issuer, which Rental Payments will be sufficient, during any term of the Lease, to enable the Issuer to pay principal of, redemption premium, if any, and interest on the Series 1996 Bonds and the Series 1997 Bonds as the same become due; and,
WHEREAS, pursuant to its home rule powers in its Charter, the County Legislature adopted an ordinance authorizing the County, and the Issuer adopted a resolution authorizing the Issuer, to (i) enter into a Site Lease dated as of November 1, 2000 (the "2000A Site Lease") the between the Issuer and the County pursuant to which the County leased to the Issuer certain real estate and existing improvements thereon within the geographic boundaries of the County (the "2000A Project Site"), and (ii) enter into a Lease Agreement (the "2000A Lease") between the County and the Issuer, pursuant to which (a) the Issuer issued its Jackson County, Missouri, Public Building Corporation Leasehold Revenue Bonds (Jackson County, Missouri), Series 2000A, in the principal amount of $6,300,000 (the "Series 2000A Bonds"), for the purpose of financing the costs of acquiring, constructing, reconstructing, renovating, furnishing and equipping additional facilities on the 2000A Project Site (the "Series 2000A Project," (b) the Issuer leased the Facilities (as defined in the 2000A Indenture) to the County, and (c) the County will make lease payments ("Rental Payments") to the Issuer, which Rental Payments will be sufficient, during any term of the Lease, to enable the Issuer to pay principal of, redemption premium, if any, and interest on the Series 2000A Bonds as the same become due; and,
WHEREAS, pursuant to such Ordinances the County has approved the issuance of the Series 1996 Bonds, the Series 1997 Bonds and the Series 2000A Bonds by the Issuer on behalf of the County; and,
WHEREAS, pursuant to a resolution adopted by the Board of Directors of the Issuer, the Issuer authorized (i) the execution and delivery of a Trust Indenture (the "Original Indenture," and with all amendments and supplements thereto, including the Second Supplemental Trust Indenture, being the "Indenture") for the purpose of issuing and securing the Series 2006 Bonds, as hereinafter defined, and any Additional Bonds (collectively, the "Bonds"), and (ii) the execution and delivery of the Second Supplemental Site Lease and the Second Supplemental Lease; and,
WHEREAS, the County has requested the Issuer to authorize and issue a series of Additional Bonds for the purpose of the purpose of (a) providing funds to refund in advance of their maturities the outstanding Series 1996 Bonds, the outstanding Series 1997 Bonds and the outstanding Series 2000A Bonds, (b) financing the costs to acquire certain equipment for the Truman Medical Center located on the "Project Site," as defined herein, and elsewhere within the County and (c) paying costs of issuance associated with the Series 2006 Bonds, including any premium for bond insurance or a reserve fund surety (collectively the "2006 Project"); and,
WHEREAS, the County finds and determines that it is necessary and desirable for the Issuer to authorize not to exceed $21,000,000 principal amount of Leasehold Refunding and Improvement Revenue Bonds (Jackson County, Missouri, Capital Improvements Project) Series 2006A (the "Series 2006 Bonds"), under the Original Indenture, as amended and supplemented by the Second Supplemental Trust Indenture, for the purpose of providing funds to financing the 2006 Project and (c) pay certain costs related to the issuance of the Series 2006 Bonds, including any premium for bond insurance or a reserve fund surety; and,
WHEREAS, the County Legislature of the County further finds and determines that it is necessary and desirable in connection with the issuance of the Series 2006 Bonds that the County enter into certain documents, and that the County take certain other actions and approve the execution of certain other documents as herein provided; now therefore,
BE IT ORDAINED by the County Legislature of Jackson County, Missouri, as follows:
Section 1. Approval of Issuance of the Series 2006 Bonds by the Issuer. The County hereby approves the issuance and sale by the Issuer of the Series 2006 Bonds in the aggregate principal amount of not to exceed $21,000,000, for the purpose of providing funds to finance the 2006 Project. The Series 2006 Bonds shall be issued and secured pursuant to the Indenture. The final terms of the Series 2006 Bonds shall be specified in the Indenture upon the execution thereof, and the signatures of the officers of the County executing the Second Supplemental Lease shall constitute conclusive evidence of their approval and the County's approval thereof; provided, however, in no event shall (a) the principal amount of the Series 2006 Bonds exceed $21,000,000, (b) the net interest cost of the Series 2006 Bonds be greater than 6%, (c) the final maturity be later than the year 2020, or (d) the principal amount of the Series 2006 Bonds payable in any year (whether at maturity or by mandatory redemption) vary by more than 25% from the following schedule:
|
Year |
Principal Amount |
Year |
Principal Amount |
|
2006 2007 |
$1,040,000 1,505,000 |
2013 2014 |
$1,540,000 1,600,000 |
|
2008 2009 |
1,670,000 1,905,000 |
2015 2016 |
1,660,000 1,735,000 |
|
2010 2011 |
1,975,000 1,430,000 |
2017 2018 |
990,000 420,000 |
|
2012 |
1,490,000 |
2019 2020 |
440,000 1,090,000 |
The Series 2006 Bonds shall be in such forms, shall be subject to redemption prior to maturity, shall have such other terms and provisions, and shall be issued, executed and delivered in such manner subject to such other provisions, covenants and agreements, as are set forth in the Indenture.
Section 2. Limited Obligations. The Bonds and the interest thereon shall be limited obligations payable solely out of the rents, revenues and receipts received by the Issuer from the County pursuant to the herein authorized Lease. The Bonds and the interest thereon shall not constitute a debt or liability of the County, the State of Missouri or of any political subdivision thereof, and the Bonds shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.
Section 3. Authorization of Documents. The County is hereby authorized to enter into the following documents (the "County Documents"), in substantially the forms presented to and reviewed by the County Legislature of the County (copies of which documents shall be filed in the records of the County), with such changes therein as shall be approved by the officers of the County executing such documents, such officers' signatures thereon being conclusive evidence of their approval thereof:
(a) Second Supplemental Site Lease (collectively with the Original Site Lease and the First Supplemental Site Lease, the "Site Lease") between the Issuer and the County.
(b) Second Supplemental Lease Agreement (collectively with the Original Lease, the First Supplemental Lease Agreement the "Lease") between the Issuer and the County.
(c) Bond Purchase Agreement among the Issuer, the County and Oppenheimer & Co. Inc. (the "Purchaser"), under which the Issuer agrees to sell the Series 2006 Bonds to the Purchaser.
(d) Tax Compliance Agreement among the County, the Corporation and the Trustee.
Section 4. Approval of Documents. The County hereby approves the Second Supplemental Trust Indenture (the "Second Supplemental Indenture") between the Issuer and the Trustee, pursuant to which the Series 2006 Bonds shall be issued in substantially the form presented to and reviewed by the County Legislature of the County (copies of which document shall be filed with the records of the County).
Section 5. Official Statement. The Preliminary Official Statement, in the form presented to and reviewed by the County Legislature of the County, is hereby ratified and approved, and the final Official Statement is hereby adopted by supplementing, completing and amending the Preliminary Official Statement. The County Executive of the County is hereby authorized to execute the Official Statement and the Purchaser is hereby authorized to use the Preliminary Official Statement and the final Official Statement in connection with the sale of the Series 2006 Bonds.
Section 6. Execution of Documents. The County is hereby authorized to enter into and the County Executive of the County is hereby authorized and directed to execute and deliver, for and on behalf of and as the act and deed of the County, the County Documents and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance. The Clerk of the County Legislature is hereby authorized to attest to such documents and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance.
Section 7. Further Authority. The officers, agents and employees of the County, including the County Executive and the Clerk of the County Legislature, shall be, and they hereby are, authorized and directed to execute all documents and take such actions as they may deem necessary or advisable in order to carry out and perform the purposes of this Ordinance, and to carry out, comply with and perform the duties of the County with respect to the County Documents and the Bonds, to make alterations, changes or additions in the foregoing agreements, statements, instruments and other documents herein approved, authorized and confirmed which they may approve, and the execution or taking of such action shall be conclusive evidence of such necessity or advisability.
.Enacted and Approved
Effective Date. This Ordinance shall be effective immediately upon its signature by the County Executive.
Approved as to form:
______________________________ ____________________________
Deputy Chief County Counselor County Counselor
I hereby certify that the attached Ordinance, Ordinance # 3762 introduced on April 24, 2006, was duly passed on ______May 1__________,2006, by the Jackson County Legislature. The votes thereon were as follows:
Yeas ______9________ Nays ______0________
Abstaining ____0_____ Absents _____0_______
This Ordinance is hereby transmitted to the County Executive for her signature.
___________________________ _______________________________
Date Mary Jo Spino, Clerk of the County Legislature
I hereby approve the attached Ordinance # 3762.
_____________________________ ________________________________
Date Katheryn J. Shields, County Executive