Section 107-609; Res. 205-06; Consenting to the issuance of Transportation Sales Tax Revenue Bonds by the Grindstone Plaza Transportation Development District


Council Bill No. R 205-06

     A RESOLUTION

consenting to the issuance of Transportation Sales Tax Revenue Bonds by the Grindstone Plaza Transportation Development District.

    WHEREAS, the City of Columbia, Missouri (the “City”), the Grindstone Plaza Transportation Development District (the “District”) and THF Grindstone Plaza Development, L.L.C. and THF Red Oak Development, L.L.C. (collectively, the “Developer”) have entered into an Intergovernmental Cooperation Agreement dated as of May 15, 2006 (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 (the “Bonds”), in a maximum aggregate principal amount not to exceed $12,285,000, to (1) fund Transportation Project Costs, (2) fund a debt service reserve fund, (3) fund capitalized interest on the Bonds, and (4) pay the costs of issuance of the Bonds.
    
    SECTION 2.    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 September, 2006.