Series 106 2005 ORDINANCES/RESOLUTIONS
Section 106-047; Res. 13-05; Consenting to the issuance of Transportation Sales Tax Revenue Bonds by the Shoppes at Stadium TDD; clarifying certain provisions of the Intergovernmental Cooperation Agreement among the City, the District and TKG Biscayne
Council Bill No.
consenting to the issuance of Transportation Sales Tax Revenue Bonds by the Shoppes
Stadium Transportation Development District; and clarifying certain provisions of the
Intergovernmental Cooperation Agreement among the City, the District and TKG Biscayne,
WHEREAS, the City of Columbia, Missouri (the City),
the Shoppes at Stadium
Transportation Development District (the District) and TKG Biscayne, L.L.C. (The
Developer) have entered into an Intergovernmental Cooperation Agreement dated as of
October 15, 2004 (the Agreement); and
WHEREAS, the District desires to issue TDD Bonds (as defined
in the Agreement) to fund
Transportation Project Costs (as defined in the Agreement).
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
COLUMBIA, MISSOURI, AS FOLLOWS:
SECTION 1. Consent to Issuance of Bonds. The City
Council hereby consents to the
Districts issuance of its Transportation Sales Tax Revenue Bonds, Series 2005 (the Bonds)
a maximum aggregate principal amount not to exceed $3,000,000.00, to (1) fund Transportation
Project Costs, (2) fund a debt service reserve fund, and (3) pay the costs of issuance of the
SECTION 2. Clarification of Agreement. The City
Council agrees that the intent of Section
9.3 of the Agreement is to permit the Agreement to be terminated if (1) a Master TDD (as
defined in the Agreement) is formed, (2) the Master TDD assumes all obligations of the District,
including the Bonds, and (3) provision is made for collection of a sales tax (imposed by either the
Master TDD or the District) to pay for the Bonds; otherwise, the Agreement cannot be
terminated under Section 9.3 of the Agreement.
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 18th day of January, 2005.