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BILL NO. 8696
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<br />ORDINANCE NO.
<br />
<br />AN ORDINANCE APPROVING Tl:lE DELIVERY OF $6,345,000
<br />PRINCIPAL AMOUNT OF CERTIFICATES OF
<br />PARTICIPATION (CITY OF UNIVERSITY CITY, MISSOURI,
<br />LESSEE), SERIES 2003, FOR THE PURPOSE OF PROVIDING
<br />FUNDS TO PAY THE COSTS OF A PROJECT TO BE LOCATED
<br />IN HEMAN PARK AND REFUNDING CERTAIN
<br />OUTSTANDING LEASE OBLIGATIONS OF ~ CITY;
<br />AUTHORIZING AND APPROVING CERTAIN DOCUMENTS IN
<br />CONNECTION WITH TltE~ DELIVERY OF THE
<br />CERTIFICATES; AND AUTHORIZING CERTAIN OTHER
<br />ACTIONS IN CONNECTION WITH THE DELIVERY OF THE
<br />CERTIFICATES.
<br />
<br /> WHEREAS, the City Council finds and determines that it is advantageous and in the best
<br />interests of the City of University City, Missouri (the "City") that the City enter into certain transactions
<br />with BNY Trust Company of Missouri, as trustee (the "Trustee"), relating to the delivery of $6,345,000
<br />principal amount of Certificates of Participation (City of University City, Missouri, Lessee), Series 2003
<br />(the "Certificates"), for the purpose of (1) refunding the Certificates of Participation (City of University
<br />City, Missouri, Parking Facility Project) Series 1997 (the "Series 1997 Certificates"); (2) constructing,
<br />renovating and improving recreational facilities in Heman Park (collectively, the "Project"); (3) funding a
<br />debt service reserve fund for the Certificates; and (4) paying the costs of delivering the Certificates; and
<br />
<br /> WHEREAS, in connection with the delivery of the Certificates, the City Council finds it
<br />necessary to authorize the execution of (1) a Base Lease dated as of November 1, 2003 (thc "Base
<br />Lease"), between thc City and thc Trustee, pursuant to which thc City will lease certain real property (the
<br />"Leased Property") to the Trustee for rent including thc deposit of the funds specified therein to pay thc
<br />costs of the Project; and (2) a Lease/Purchase Agreement dated as of November 1, 2003 (the "Lease"),
<br />pursuant to which thc Trustee will lease the Leased Property back to thc City on an annually renewable
<br />basis and thc City will make payments of Base Rentals to thc Trustee that will be sufficient, during any
<br />term of thc Lease, to pay the principal of, premium, if any, and interest distributable with respect to the
<br />Certificates as the same become duc;
<br />
<br /> NOW, TI:I'EREFORE, BE IT ORDAINED BY THE 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
<br />$6,345,000 principal amount of Certificates of Participation (City of University City, Missouri, Lessee),
<br />Series 2003 (thc "Certificates"), for thc purpose of providing funds to (a) refund thc Series 1997
<br />Certificates, Co) pay thc costs of the Project, (c) fund a debt service reserve fund with respect to the
<br />Certificates, and (d) pay the costs of delivering the Certificates. The Certificates shall bc delivered and
<br />secured pursuant to the herein approved Indenture. Thc Certificates shall bc dated November 1, 2003,
<br />shall become due on February 1 in thc years and in thc respective amounts and shall bear interest from thc
<br />date thereof payable semiannually on February 1 and August 1, beginning February 1, 2004, at rates per
<br />annum as follows:
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