IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
AN ORDINANCE authorizing the issuance of not to exceed $170,000,000.00 principal amount of special obligation bonds for University Health and authorizing certain other documents and actions in connection therewith.
Intro
ORDINANCE NO. 6135, September 14, 2026
INTRODUCED BY Donna Peyton, County Legislator
Body
WHEREAS, Jackson County, Missouri (the “County”), operates pursuant to a County Charter and is a political subdivision of the State of Missouri, duly created, organized and existing under and by virtue of the Constitution and laws of the State of Missouri; and,
WHEREAS, the County desires to finance the costs of certain capital improvements described on Exhibit C to this Ordinance (the “Project”); and,
WHEREAS, the County is authorized under the provisions of the Constitution of Missouri and its Charter to issue and sell special obligation bonds and desires to issue its Special Obligation Bonds (Truman Medical Center d/b/a University Health Project), Series 2026A (the “Bonds”) for the purposes of providing funds, together with other available funds, to finance the Project and to pay costs of issuing the Bonds and capitalized interest; and,
WHEREAS, it is hereby found and determined that it is necessary and advisable and in the best interest of the County and of its inhabitants that the Bonds be issued and secured in the form and manner as hereinafter provided to provide funds for such purposes and to provide that the principal of and interest on such special obligations bonds shall be payable solely from amounts appropriated on an annual basis by the County Legislature; now therefore,
BE IT ORDAINED by the County Legislature of Jackson County, Missouri, as follows:
Section 1. Authorization of Bonds. There shall be issued and hereby are authorized and directed to be issued the Special Obligation Bonds (Truman Medical Center d/b/a University Health Project), Series 2026A of the County in a principal amount not to exceed $170,000,000.00 (the “Bonds”), for the purpose of (1) financing the costs of the Project, (2) paying costs related to the issuance of the Bonds, and (3) capitalizing a portion of the interest on the Bonds through June 1, 2027.
Section 2. Description of Bonds. The Bonds shall consist of fully registered bonds without coupons, numbered from R-1 upward in order of issuance, and shall be issued in denominations of $5,000.00 or any integral multiple thereof. The Bonds shall be substantially in the form set forth in Exhibit B attached hereto, and shall be subject to registration, transfer and exchange as provided in Section 205 of Exhibit A.
All of the Bonds shall be dated their date of delivery, shall become due on December 1 in the years and in the amounts on the Stated Maturities, subject to redemption and payment prior to their Stated Maturities as provided in Article III of Exhibit A, and shall bear interest at the respective rates per annum, as set forth in the Certificate of Final Terms; provided that (1) the principal amount of the Bonds shall not exceed $170,000,000.00, (2) the Bonds shall have a final maturity not later than 2056, (3) the Bonds shall have a weighted average maturity of not less than 17 years and not more than 21 years, (4) the Bonds shall bear interest at various interest rates not to exceed a true interest cost of 6.50% per annum, and (5) the Bonds shall be subject to optional redemption prior to maturity no later than 2036. The final terms of the Bonds shall be specified in the Certificate of Final Terms upon the execution thereof, and the signatures of the officers of the County executing the Certificate of Final Terms shall constitute conclusive evidence of their approval and the County’s approval thereof.
The Bonds shall bear interest at the above-specified rates (computed on the basis of a 360-day year of twelve 30-day months) from the date thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for, payable semiannually on June 1 and December 1 in each year, beginning on June 1, 2027.
Section 3. Preliminary and Final Official Statement. The proper officials of the County are hereby authorized to work with Bond Counsel and the County’s other consultants to prepare a Preliminary Official Statement and final Official Statement (by supplementing, amending and completing the Preliminary Official Statement) to describe the transaction to investors. The County Executive is hereby authorized to execute the final Official Statement as so supplemented, amended and completed, and the use and public distribution of the final Official Statement by the Purchaser in connection with the reoffering of the Bonds is hereby authorized. The proper officials of the County are hereby authorized to execute and deliver a certificate pertaining to such Official Statement as prescribed therein, dated as of the date of payment for and delivery of the Bonds.
For the purpose of enabling the Purchaser to comply with the requirements of Rule 15c2-12(b)(1) of the Securities and Exchange Commission, the appropriate officers of the County are hereby authorized to provide the Purchaser a letter or certification to the effect that the information regarding the County contained in the Preliminary Official Statement is deemed to be “final” as of its date, except for the omission of such information as is permitted by Rule 15c2-12(b)(1) and to take such other actions or execute such other documents as such officers in their reasonable judgment deem necessary to enable the Purchaser to comply with the requirements of such Rule.
The County agrees to provide to the Purchaser within seven business days of the date of the sale of Bonds sufficient copies of the final Official Statement to enable the Purchaser to comply with the requirements of Rule 15c2-12(b)(4) of the Securities and Exchange Commission and with the requirements of Rule G-32 of the Municipal Securities Rulemaking Board.
Section 4. Notice of Sale and the Sale of the Bonds. The County Executive and the County Clerk are hereby authorized to execute a Notice of Sale and the use and public distribution of the Notice of Sale in connection with the offering for public sale of the Bonds is hereby authorized. The Bonds shall be sold at public sale to the Purchaser whose bid is in compliance with Section 2 hereof and the Notice of Sale circulated for the sale of the Bonds, is not otherwise rejected by the County in accordance with the provisions of the Notice of Sale, and will result in the lowest “true interest cost” as provided in the Notice of Sale. The Bonds shall be sold to the Purchaser at the Purchase Price set forth in the winning bid, as such Purchase Price may be adjusted in connection with issue sizing adjustments made in accordance with the terms of the Notice of Sale. The County Executive is authorized to accept the Purchaser’s winning bid and to execute a Certificate of Final Terms for and on behalf of and as the act and deed of the County, such officer’s signature thereon being conclusive evidence of such official’s and the County’s approval thereof. Delivery of the Bonds shall be made to the Purchaser as soon as practicable after the adoption of this Ordinance and the acceptance of the Purchaser’s bid, upon payment therefor in accordance with the terms of sale.
Section 5. Additional Terms. The Bonds shall be subject to additional terms and provisions as provided in Exhibit A attached hereto.
Enacted and Approved
Effective Date: This Ordinance shall be effective immediately upon its signature by the County Executive.
APPROVED AS TO FORM:
______________________________
County Counselor
I hereby certify that the attached ordinance, Ordinance No. 6135 introduced on September 14, 2026, was duly passed on__________________, 2026 by the Jackson County Legislature. The votes thereon were as follows:
Yeas _______________ Nays ______________
Abstaining ___________ Absent _____________
This Ordinance is hereby transmitted to the County Executive for his signature.
____________________ ________________________________
Date Mary Jo Spino, Clerk of Legislature
I hereby approve the attached Ordinance No. 6135.
____________________ ________________________________
Date Phil LeVota, County Executive