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.          R 13-05          

A RESOLUTION

consenting to the issuance of Transportation Sales Tax Revenue Bonds by the Shoppes at Stadium Transportation Development District; and clarifying certain provisions of the Intergovernmental Cooperation Agreement among the City, the District and TKG Biscayne, L.L.C.

    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 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 Sales Tax Revenue Bonds, Series 2005 (the “Bonds”) in 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 Bonds.

    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.