Section 105-451; Res. 176-04; Consenting to the issuance of Transportation Development Revenue Bonds by the CenterState Transportation Development District


Council Bill No.          R 176-04          


A RESOLUTION

consenting to the issuance of Transportation Development Revenue Bonds by the CenterState Transportation Development District.

    WHEREAS, under the First Amended and Restated Intergovernmental Cooperation Agreement between the City and the CenterState Transportation Development District dated September 1, 2003, the District has issued the Series A TDD Note to CenterState Properties, L.L.C. in an aggregate principal amount of $1,120,000; and

    WHEREAS, the District has also issued Series B TDD Notes to CenterState Properties in an aggregate principal amount of $2,621,000 and to the City in an aggregate principal amount of $5,003,000; and

    WHEREAS, on August 31, 2004, the District adopted a resolution declaring its intent to issue its Transportation Development Revenue Bonds (CenterState Project), Series 2004 for the purpose of (a) refunding the Districts outstanding Series A TDD Note, (b) funding a debt service reserve fund, if any, and (c) paying the costs of issuance of the Bonds; and

    WHEREAS, pursuant to the Cooperation Agreement, the City is required to consent to the issuance of the Bonds.  

    WHEREAS, the City Council finds that it is in the best interest of the City to consent to the District’s issuance and delivery of the Bonds.

    NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS FOLLOWS:

    SECTION 1.  Consent to Issuance of Bonds.  The City Council hereby consents to the District’s issuance of its Transportation Development Revenue Bonds (CenterState Project), Series 2004 (the “Bonds”) pursuant to the TDD Act in a maximum aggregate principal amount not to exceed $1,485,000.00, but to be finally determined by subsequent resolution of the District, to provide funds to (i) refund the Series A TDD Note, (ii) fund a debt service reserve fund, if any, and (iii) pay the costs of issuance of the bonds.  

    SECTION 2.  Consent to District’s Resolution.  The City Council hereby consents to the District’s adoption of the Bond Resolution in substantially the form of Exhibit A, attached hereto and incorporated herein by reference.  
    SECTION 3.  Further Authority and Direction.  The City Manager or his designee is authorized to take such further action and execute such other documents, certificates and instruments as may be necessary to carry out the intent of this Resolution.

    ADOPTED this 7th day of September, 2004.