HomeMy WebLinkAbout2006-085 - Cooperation AgreementBILL NO.2006-85
ORDINANCE NO.2006-85
AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF A
COOPERATION AGREEMENT AMONG THE CITY, RIVERSIDE-QUINDARO
BEND LEVEE DISTRICT OF PLATTE COUNTY, MISSOURI, UMB BANK, N.A.,
AS TRUSTEE, AND PLATTE COUNTY, MISSOURI; A CONTINUING
DISCLOSURE AGREEMENT AMONG THE CITY, SAID LEVEE DISTRICT
AND UMB BANK, N.A., AS DISSEMINATION AGENT; AND AUTHORIZING
RELATED ACTIONS.
WHEREAS, pursuant to Chapter 245 of the Revised Statutes of Missouri (the "Levee District
Act"), a Plan of Reclamation filed in the Circuit Court of Platte County on August 9, 1976, as amended
and supplemented by the Supplement to Plan of Reclamation dated March, 1999, and by the Supplement
to Plan of Reclamation dated April 17, 2000, all showing the works and improvements (the "Levee
Project") proposed for Riverside-Quindaro Bend Levee District of Platte County, Missouri (the "Levee
District"), has been heretofore adopted by the Board of Supervisors of the Levee District and approved by
the Circuit Court of the County (the "Plan of Reclamation"); and
WHEREAS, the Levee District issued its Levee District Improvement Bonds, (L-385 Project)
Series 2001 ("Series 2001 Bonds"), to pay for a portion of the costs of the Levee Project ("Levee Project
Costs"); and
WHEREAS, the Levee District intends to issue its Levee District Improvement Refunding
Revenue Bonds, (L-385 Project) Series 2006 (the "Levee District Bonds"), to refund its Series 2001
Bonds; and
WHEREAS, the City has heretofore approved the L-385 Levee Redevelopment Plan (the "TIP
Redevelopment Plan"), a Redevelopment Area (the "Redevelopment Area") and Redevelopment Project I
Area and phases thereof collectively, the "Redevelopment Project Phase I Area") and may approve
additional redevelopment project areas (collectively, "Redevelopment Project Areas") under the TIF
Redevelopment Plan, all pursuant to the Real Property Tax Increment Financing Allocation
Redevelopment Act of the Revised Statutes of Missouri (the "TIP Act"); and
WHEREAS, the Levee Project Costs qualify as Redevelopment Project Costs related to the
Levee Project (as those terms are defined in the TIF Redevelopment Plan) under the TIF Redevelopment
Plan; and
WHEREAS, in connection with the TIF Redevelopment Plan, certain payments in lieu of taxes,
economic activity taxes and new state revenues derived from the Redevelopment Project Areas within the
Redevelopment Area ("TIP Revenues") are required under the TIF Act to be deposited in a special
allocation fund established by the City (the "Special Allocation Fund"); and
WHEREAS, TIF Revenues derived from the Redevelopment Project I Area will be used to pay a
portion of the Levee Project Costs and other costs related to the TIF Redevelopment Plan, including
infrastructure and development costs; and
WHEREAS, in order to pay a portion of the Levee Project Costs, the City intends to contribute,
subject to annual appropriation, certain TIF Revenues derived from the Redevelopment Project I Area and
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other moneys of the City to pay a portion of the debt service on the Levee District Bonds and to the
replenishment, if required, of the Debt Service Reserve Fund for the Levee District Bonds; and
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE
CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS:
Section 1. Authorization and Approval of Documents. The following documents are
hereby approved in substantially the forms attached to this Ordinance (copies of which documents shall
be filed in the records of the City), and the City is hereby authorized to execute and deliver each of such
documents (the "City Documents") with such changes therein as shall be approved by the officials of the
City executing such documents, such officials' signatures thereon being conclusive evidence of their
approval and the City's approval thereof:
(a) Cooperation Agreement among the City, the Levee District, UMB Bank, N.A., as
Trustee, and Platte County, Missouri.
(b) Continuing Disclosure Agreement among the City, the Levee District and UMB Bank,
N.A., as Dissemination Agent.
Section 2. Execution of City Documents. The Mayor is hereby authorized and directed to
execute and deliver the City Documents and such other documents, certificates and instruments as maybe
necessary or desirable to carry out and comply with the intent of this Ordinance for and on behalf of and
as the act and deed of the City. The City Clerk is hereby authorized and directed to attest to any City
Documents requiring such attestation and to such other documents, certificates and instruments as may be
necessary or desirable to carry out and comply with the intent of this Ordinance.
Sectiou 3. Further Authority. The City shall, and the officials, agents and employees of
the City are hereby authorized and directed to, take such further action, and execute such other
documents, certificates and instruments as may be necessary or desirable to carry out and comply with the
intent of this Ordinance, and to carry out, comply with and perform the duties of the City with respect to
the City Documents and the transactions contemplated thereby.
Section 4. Effective Date. This Ordinance shall be in full force and effect from and after its
passage and approval.
PASSED by the Board of Aldermen and APPROVED by the Mayor this~!~ day of June, 2006.
(SEAL)
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Mayor Kathleen L. Rose
ATTEST:
Ci Clerk
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