IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
A RESOLUTION authorizing the County Executive to execute an Addendum to the Investment Banking Services Agreement with Oppenheimer & Co., Inc., of Kansas City, MO, in connection with the sale of Missouri State Tax Credits for use on the Harry S Truman Sports Complex Improvement Project.
Intro
RESOLUTION #16424, October 15, 2007
INTRODUCED BY Dennis Waits, County Legislator
Body
WHEREAS, in connection with the Harry S Truman Sports Complex Improvement Project, the State of Missouri has made available $50 million in tax credits, the proceeds from the sale of which can be used to partially fund the costs of the project; and,
WHEREAS, the County is required to engage the service of an investment firm to manage and facilitate this sale, which is to take place in increments in the years 2007, 2008, and 2009; and,
WHEREAS, pursuant to an Investment Banking Services Agreement dated December 22, 2004, Oppenheimer & Co., Inc., of Kansas City, MO, provided essential investment banking services in connection with the issuance of the special obligation bonds, the proceeds of which are being used to fund the greatest portion of the project; and,
WHEREAS, that agreement provided that it could be extended, by mutual agreement, if the project financing plan is still in process; and,
WHEREAS, the sale of the state tax credits is an integral part of the project financing plan that remains to be accomplished; and,
WHEREAS, due to its experience with the sport complex project, Oppenheimer & Co. is uniquely qualified to provide investment banking services in connection with the sale of the tax credits; and,
WHEREAS, the estimated fee payable to Oppenheimer for its services for the credits scheduled to be sold in calendar year 2007 is $71,250, due out of the proceeds of the sale and not from County funds; and,
WHEREAS, the attached engagement letter sets out the rights and obligations of the parties with regard to this transaction; now therefore,
BE IT RESOLVED by the County Legislature of Jackson County, Missouri, that the County Executive be and hereby is authorized to execute an Addendum to the Investment Banking Services Agreement with Oppenheimer & Co., Inc., of Kansas City, MO, in a form to be approved by the County Counselor consistent with the attached engagement letter.
Enacted and Approved
Effective Date: This Resolution shall be effective immediately upon its passage by a majority of the Legislature.
APPROVED AS TO FORM:
____________________________ ______________________________
Chief Deputy County Counselor County Counselor
Certificate of Passage
I hereby certify that the attached resolution, Resolution #16424 of October 15, 2007 was duly passed on October 29, 2007 by the Jackson County Legislature. The votes thereon were as follows:
Yeas ______8_________ Nays ______0________
Abstaining ____0_____ Absent _____1_______
________________________ ____________________________
Date Mary Jo Spino, Clerk of Legislature