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HomeMy WebLinkAbout2004-061 - First supplemental Indenture Relating to $16,300,000 in Tax Increment Revenue Bondsi~ 1 <~ BILL N0.2004-61 ORDINANCE N0.2004-61 An Ordinance Approving the First Supplemental Indenture relating to 16,300,000 City of Riverside, Missouri L-385 Levee Redevelopment Plan Tax Increment Revenue Bond Anticipation Notes (L-385 Levee Project) Series 2003 (the "Notes' issued to Finance Certain Redevelopment Project Costs Relating to the L-385 Levee Redevelopment Plan and Redevelopment Project I Thereunder; Authorizing and Directing the Officers of the City to Execute and Deliver a First Supplemental Indenture, First Supplement to Tag Compliance Agreement and Continuing Disclosure Agreement, Amended and Supplemented Official Statement; and Authorizing and Directing the Taldng of Other Actions and Approval and Execution of Other Documents as Necessary or Desirable to Carry Ont and Comply with the Intent Hereof. WHEREAS, the City is authorized and empowered under the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865, inclusive, of the Revised Statutes of Missouri, as amended (the "I'IF Act"), to issue notes and bonds for the purpose of providing funds to finance the costs of certain redevelopment projects and to pay certain costs related to the issuance of such notes and bonds; and WHEREAS, a plan for redevelopment titled "L-385 Levee Redevelopment Plan" designating approximately 1,800 acres within the City as the redevelopment area (the "Redevelopment Area") was approved by the City after recommendation of the Tax Increment Financing Commission of Riverside, Missouri (as amended and supplemented, the "Redevelopment Plan"); and WHEREAS, Redevelopment Project I under the Redevelopment Plan is the construction of the L-385 Levee Project ("Levee Project'; and WHEREAS, the Riverside-Quindazo Bend Levee District of Platte County, Missouri (the "District") and the City have been working towards the completion of the Levee Project together with the U.S. Army Corps of Engineers; and WHEREAS, the City issued its L-385 Levee Redevelopment Plan Tax Increment Revenue Bond Anticipation Notes (L-385 Levee Project) Series 2003 (the 'Notes"), pursuant to a Note Trust Indenture dated October 1, 2003 (the "Original Indenture"), between the City and UMB Bank, N.A., as Trustee (the "Trustee") and the TIF Act to pay for a portion of the costs of the Levee Project; and WHEREAS, the Levee Project has not yet been completed and Boazd of Aldermen of the City hereby finds it is advisable, necessary and in the best interests of the City to extent the maturity date of the Notes, adjust the interest rate and make such other changes as set forth in the documents referenced below, conditioned upon the consent of the owners of the Notes. NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF RIVERSIDE, MISSOURI AS FOLLOWS: Section 1. Definitions. All capitalized terms not elsewhere defined herein shall have the meanings set forth in Section 101 of the Original Indenture, as amended by the First Supplemental Indenture (together with the Original Indenture, the "Indenture"). Section 2. Findings and Determinations. The Board of Aldermen hereby fmds and determines that it is necessary and in the best interests of the City: a. to extent the maturity date of the Notes issued, pursuant to the TIF Act and the Redevelopment Plan, to pay Redevelopment Project Costs of the Levee Project and certain issuance costs up to January 1, 2005; and b. in consideration for such extension, adjust the interest rate on the Notes from July 1, 2004 to the principal Payment Date to 1.75% per annum. Section 3. Authorization and Direction to Amend Notes. The City, conditioned upon the consent of the owners of the Notes, hereby authorizes and directs the amendment of certain terms of its L- 385 Levee Redevelopment Plan Tax Increment Revenue Bond Anticipation Notes (L-385 Levee Project) Series 2003, in an aggregate principal amount of $16,300,000 (the "Notes") as follows and the City hereby ratifies and confirms all prior actions taken in connection with the Notes: (i) the Notes' maturity date shall be extended up to January 1, 2005, (ii) the Notes shall accrue interest for the period July 1, 2004 to the principal Payment Date at the rate of 1.75% per annum as set forth in the Indenture; and (iii) the Notes shall be callable at 100% on the optional redemption of October 1, 2004 or any date thereafter. The terms and provisions of the Notes shall be as provided in the Indenture. Section 4. Limited Obligations. The Notes, the interest thereon and the City's obligations to make Note payments and additional payments described in the Indenture shall be limited, special obligations of the City payable (except to the extent paid out of Note proceeds or the income from the temporary investment thereof) solely from, and secured by, a pledge of, subject to annual appropriation by the Citv. all general fund revenues of the City, as provided in the Indenture..The taxing power of the City is not pledged to the payment of the Notes either as to principal or interest. The Notes and interest thereon shall not be deemed to constitute a debt or liability of the City, within the meaning of any state constitutional provision or statutory limitation, and shall not constitute a pledge of the full faith and credit of the City but shall be payable solely from the funds provided for in this Indenture. The obligation of the City to make payments under the Indenture is subject to annual appropriation as provided therein. The terms and provisions of the Notes shall be as provided for in the Indenture. Section 5. Authority and Direction to Ezecute and Delivery City Documents. The following documents are hereby approved, conditioned upon the consent of the owners of the Notes, in substantially the forms presented with this Ordinance (copies of which documents are on file with the City Clerk), and the City is hereby authorized to enter into, execute and deliver each of such documents (collectively, 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. the First Supplemental Indenture between the City and the Trustce, b. the First Supplement to the Continuing Disclosure Agreement and the Tax Compliance Agreement between the City, the District and the Trustee, and c. the Amended and Supplemented Official Statement. The Mayor, City Clerk, City Administrator and such other officers of the City as are appropriate are hereby authorized and directed to execute, seal, attest and deliver, for and on behalf of and as the act and deed of the City, the City Documents and such other documents, certificates and instruments as maybe necessary or desirable to facilitate the transactions contemplated by the City Documents and to carry out 2 ,~ .r T ~ n r . , 1. 1.1 T ~„ and comply with the intent of this Ordinance and the City Documents, with such documents being in such form as shall be approved by the appropriate officers of the City executing such documents, such officers' signatures thereon being conclusive evidence of their approval thereof. Section 6. Approval of Amended and Supplemented Official Statements. The City hereby approves the Amended and Supplemented Official Statement in connection with the Notes and the Official Statement dated October 22, 2003, in substantially the form presented with this Ordinance, and the public distribution of the same by the Dissemination Agent and the Original Purchaser is hereby approved for use in connection with the Notes. The appropriate officers of the City are hereby authorized to take such other actions or execute such other documents as such officers in their reasonable judgment deem necessary to enable the Original Purchaser to comply with the requirements of the Rule. Section 7. Further Authority. The City and the Mayor, the City Administrator, the Finance Officer and other appropriate officers and agents of the City are hereby authorized to take such further actions and execute such other documents 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. Section 8. Reimbursable Project Costs. The costs relating to the First Supplemental Indenture, the City Documents and the transactions contemplated therein are hereby designated as Redevelopment Project Costs and Revnbursable Project Costs of Redevelopment Project I. To the extent funds are available in the Special Allocation Fund, Standard & Poor's fee of $1,000 and Oppenheimer & Co. Inc.'s fee of $8,150 shall be paid from tax increment fmancing revenues held in the Special Allocation Fund and UIVIB Bank, N.A., is hereby authorized and duetted to made such payments upon presentation of invoices therefor. Section 9. Severability. It is hereby declared to be the intent of the Board of Aldermen that each and every part, section and subsection of this Ordinance shall be separate and severable from each and every other part, section and subsection hereof and that the Board of Aldermen intends to adopt each said part, section and subsection separately and independently of any other part, section and subsection. In the event that any part, section or subsection of this Ordinance shall be determined to be or to have been unlawful or unconstitutional, the remaining parts, sections and subsections shall be and remain in full force and effect, unless the court making such finding shall determine that the valid portions standing alone are incomplete and are incapable of being executed in accord with the legislative intent. Section 10. Effective Date. This Ordinance shall take effect and be in full force immediately upon its passage by the City. • • y PASSED AND APPROVED THIS ~~AY OF JUNE, 2004. 1~` '-~~ Betty Biu Mayor ATTEST: 4 .~._.~. .. , i 1 n L .. ~ ~ .j 7 fir.