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BILL NO.
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<br />INTRODUCED BY COUNCILMEMBER MUNKEL
<br />
<br />ORDINANCE NO. 6097
<br />
<br />AN ORDINANCE APPROVING THE DELIVERY OF NOT TO EXCEED $1,425,000
<br />PRINCIPAL AMOUNT OF CERTIFICATES OF PARTICIPATION ( CITY OF
<br />UNIVERSITY CITY, MISSOURI, PARKING FACHATY PROJECT), SERIES 1997, OF
<br />THE CITY OF UNIVERSITY CITY, MISSOURI, FOR THE PURPOSE OF PROVIDING
<br />FUNDS TO PAY THE COSTS OF A PROJECT FOR THE CITY; AUTHORIZING AND
<br />APPROVING CERTAIN DOCUMENTS IN CONNECTION WITH THE DELIVERY OF
<br />THE CERTIFICATES; AND AUTHORIZING CERTAIN OTHER ACTIONS IN
<br />CONNECTION WITH THE DELIVERY OF THE CERTIFICATES.
<br />
<br /> WHEREAS, the City Council finds and determines that it is advanta$oous and in the best interests of the City
<br />that the City enter into certain tranza~ons with Magna Trust Company, as trustee (the "Trustee") relating to the delivery
<br />of not to exceed $1,425,000 principal amount of Certificates of Participation (City of University City, Missouri, Parking
<br />Facility Project), Series 1997 (the "Certificates"), for the purpose of (a) providing funds to pay a portion of the cost of
<br />the construction and equipping of a three-story, 120-space parking facility on a City-owned lot located in the area of the
<br />City known as the "Loop Business District," which facility will contain approximately 6,000 square feet of retail space
<br />on the ground floor (the "Project"), (b) funding a debt service reserve fund with respect to the Certificates and (c) paying
<br />the costs of issuing the Certificates; and
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<br /> WHEREAS, in connection with the delivery of the Certificates, the City Council authorizes the execution of:
<br />(a) a Ground Lease dated as of February 1, 1997 (the "Ground Lease"), between the City and the Trustee, pursuant to
<br />which the City will lease certain real property in the City (the "Project Site") to the Trustee for rent including the deposit
<br />of the funds specified therein to pay the costs of the Project; and Co) a Lease/Purchase Agreement dated as of February 1,
<br />1997 (the "Lease"), pursuant to which the Trustee will lease the Project Site and the City will make rental payments to
<br />the Trustee that will be sufficient, during any term of the Lease, to pay the principal of, premium, if any, and interest
<br />distributable with respect to the Certificates as the same become due;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
<br />UNIVERSITY CITY, MISSOURI, AS FOLLOWS:
<br />
<br /> Section 1. Approval of Delivery of the Certificates. The City hereby approves the delivery of not to exceed
<br />$1,425,000 principal amount of Certificates of Participation (City of University City, Missouri, Parking Facility Project),
<br />Series 1997 (the "Certificates"), for the purpose of(a) providing funds to pay a portion of the costs of the Project, Co)
<br />funding a debt service reserve fund with respect to the Certificates and (c) paying the costs of issuing the Certificates.
<br />The Certificates shall be issued and secured pursuant to the herein approved Indenture. The Certificates shall be dated
<br />February 1, 1997, shall become due on February I in the years and in the respective amounts and shall bear interest form
<br />the date thereof payable semiannually ofFebmary 1 and August 1, beginning August 1, 1997, in each year at the
<br />respective rates per annum, as shown in Section 2.02 of the Indenture.
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