Section 105-674; Ord. 18357; Amending Ordinance No. 016875 in connection with certain outstanding bonds of the City; prescribing related matters


Ordinance No.           18357                       Council Bill No.            B 422-04           


AN ORDINANCE

amending Ordinance No. 016875 in connection with certain outstanding bonds of the City; prescribing related matters; and fixing the time when this ordinance shall become effective.

BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS FOLLOWS:

    WHEREAS, the City of Columbia, Missouri (the “City”) is a municipal corporation and constitutional charter city operating under a home rule form of government, organized and existing under the Constitution and laws of the State of Missouri; and

    WHEREAS, the City operates a revenue producing sewerage system serving the City and its inhabitants (the “System”); and

    WHEREAS, the City is authorized under the provisions of Chapter 250 of the Revised Statutes of Missouri (the “Act”), to issue and sell revenue bonds for the purpose of paying all or part of the cost of extending and improving the revenue producing sewerage system serving the City and its inhabitants (the “System”); and

    WHEREAS, in order to provide for the most cost effective financing of certain extensions and improvements to the System the City has participated in the Missouri Leveraged State Water Pollution Control Revolving Fund Program (the "SRF Program") of the Department of Natural Resources ("DNR") and the State Environmental Improvement and Energy Resources Authority (the "Authority") pursuant to the Act by the issuance of the City's Sewerage System Revenue Bonds (State Revolving Fund Program) Series 1992B, dated June 1, 1992, in the original principal amount of $870,000 (the "Bonds"), authorized by Ordinance No. 013351 passed and approved on June 8, 1992 (the "Original Bond Ordinance"), as amended by Amending Ordinance No. 16875 passed and approved on April 20, 2001 (the “Amending Bond Ordinance”); and

    WHEREAS, pursuant to the SRF Program the Authority has purchased the Bonds with a portion of the proceeds of the Authority's $48,295,000 aggregate principal amount of Water Pollution Control Revenue Bonds (State Revolving Fund Program - Multiple Participant Series) Series 1992A (the "Authority Bonds"); and

    WHEREAS, by adoption of the Amending Bond Ordinance, the Council of the City has previously found and determined that it was in the best interests of the City to obtain the benefit of the net interest savings relating to the refunding of certain Authority Bonds allocable to the City and provided for the credit of net interest savings resulting from the refunding of the Authority Bonds to the City’s payments on the Bonds; and

    WHEREAS, by Section 1(b) of the Amending Ordinance the City irrevocably and unconditionally waived its right to optionally redeem certain Bonds (the “Non-Refundable Bonds”), an initial schedule of which Non-Refundable Bonds was set forth in Exhibit B to the Amending Ordinance; and

    WHEREAS, Section 1(b) of the Amending Ordinance authorized the Mayor to approve a final schedule of Non-Refundable Bonds, which approval was reflected in the Final Schedule of Non-Refundable Bonds attached as Exhibit B to the City’s Closing Certificate dated June 26, 2001 (the “City’s Closing Certificate”); and

    WHEREAS, the Council of the City has been informed that the Final Schedule of Non-Refundable Bonds as approved was incorrect; and

    WHEREAS, the Council of the City finds and determines that it is in the best interests of the City to amend the Amending Bond Ordinance in order to rectify the incorrect Final Schedule of Non-Refundable Bonds.

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

    SECTION 1. Final Schedule of Non-Refundable Bonds. The Amending Bond Ordinance is amended by deleting the Exhibit B as approved by the Mayor in the City’s Closing Certificate and inserting in lieu thereof Exhibit B in the form attached to this Ordinance.

    SECTION 2.   Further Authority.  The City shall, and the Mayor, the City Clerk and the City Manager 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.

    SECTION 3.  This ordinance shall be in full force and effect from and after its passage.

    PASSED this 20th day of December, 2004.