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4 "
ORDINANCE NO. OF THE CITY OF JEFFERSON, MISSOURI
3
INDEX 7
PAGE
Recitals ---------------------------------------- 1 t
Section 1. Definitions ---------------------------- 2
Section 2. Authorization of and Security for the
Bonds ------------------------------- 4 3
Section 3. Sale and Delivery of the Bonds---------- 5
Section 4. Description and Details of the Bonds;
Designation of Paying Agent and
Bond Registrar ---------------------- 5
Section 5. Method and Place of Payment of
U
Principal of and Interest on the
Bonds; Interest Rights Preserved ---- 6
Section 6. Execution and Authentication
of the Bonds ------------------------ 7 u
Section 7. Registration, Transfer and Exchange
of Bonds
Section 8. Persons Deemed Owners of Bonds --------- 9
Section 9. Mutilated, Lost, Stolen or 1
Destroyed Bonds --------------------- 9
Section 10. Cancellation and Destruction of
Bonds Upon Payment ------------------ 10 -:
Section 11. Redemption of Bonds Prior to Stated
` Maturity -------------------- 10
Section 12. Form of Bonds----------------- ~ 13
Section 13. Disposition of Bond Proceeds,
Construction Fund ------------------- 20
Section 14. Parking System Revenue Fund ------------ 21
` Section 15. Creation of Funds and Accounts --------- 21
Section 16. Application of Moneys in Funds
and Accounts ------------------------ 21
Section 17. Deficiency of Payments into Funds
F or Accounts ------------------------- 25
Section 18. Transfer of Funds to Paying
Agent and Bond Registrar ------------ 25
Section 19. Investments of Moneys in Funds and
Accounts ---------------------------- 26
Section 20. Tax Matters ----------------------------- 26
Section 21. Particular Covenants of the City ------- 28
Section 22. Additional Bonds ------------------------ 31 .
Section 23. Acceleration of Maturity in Event of
Default ----------------------------- 34
Section 24. Amendments ----------------------------- 34
Section 25. Remedies ------------------------------- 35
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BILL NO. ORDINANCE NO. z
ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE, SALE AND $
DELIVERY OF $4, 435, 000 PRINCIPAL AMOUNT OF PARKING SYSTEM REVENUE
BONDS, SERIES 1990, OF THE CITY OF JEFFERSON, MISSOURI , FOR THE ;
t
PURPOSE OF CONSTRUCTING IMPROVEMENTS TO THE EXISTING PARKING
GARAGE AND ACQUIRING, CONSTRUCTING AND IMPROVING OTHER PARKING
FACILITIES AND RELATED EQUIPMENT, INCLUDING THE ACQUISITION OF
ANY NECESSARY LAND; PRESCRIBING THE FORM AND DETAIL OF SAID _}t ,,
REVENUE BONDS AND THE COVENANTS AND AGREEMENTS MADE BY THE CITY ,''tM°"
TO FACILITATE AND PROTECT THE PAYMENT THEREOF; PROVIDING FOR THE
COLLECTION, SEGREGATION AND APPLICATION OF THE REVENUES OF THE
PARKING FACILITIES OF THE CITY FOR THE PURPOSE OF PAYING THE' COST
t OF OPERATION AND MAINTENANCE OF SAID FACILITIES, PAYING THE
PRINCIPAL OF AND INTEREST ON SAID REVENUE BONDS, AND PROVIDING "M
REASONABLE AND ADEQUATE RESERVE FUNDS; AND APPROVING THE FORMS OF
A BOND PURCHASE AGREEMENT AND A PRELIMINARY AND FINAL OFFICIAL '
�• STATEMENT RELATING TO SAID REVENUE BONDS.
WHEREAS, the City of Jefferson, Missouri, a municipal
corporation duly created, organized and existing under the laws
of the State of Missouri (the "City" ) , now owns and operates
revenue producing parking facilities (the "System, " as :
hereinafter more fully defined) serving the City and its .k
inhabitants; and "r
WHEREAS, the City is authorized under the provisions of
Section 71. 360, RSMo 1986 , to issue and sell revenue bonds for
} the purpose of paying all or part of the cost of the planning,
designing, acquisition, construction, equipment and improvement F'
rx. of property for parking motor vehicles, provided that the
principal of and interest on such revenue bonds shall be
p payable �
solely from the revenues derived by the City from the operation `.
of the System; and a
WHEREAS, a special election was ordered to be held on April t`
3, 1990, for the purpose of submitting to the qualified electors
of the City the proposition to issue the parking system revenue `
bonds of the City in the amount of $6,500,000 for the purpose of
r constructing improvements to the existing parking garage and
acquiring, constructing and improving other parking facilities ,
and related equipment, including the acquisition of any necessary
land ( the "Project" ) , the cost of operation and maintenance of
said parking system and the principal of and interest on said
revenue bonds to be payable solely from the revenues derived by
I,r the City from the operation of its parking system, including all
i
future improvements and extensions thereto; and
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WHEREAS, said special election was duly held in accordance
with the constitution and laws of the State of Missouri , and it
was found and determined that a majority of the qualified '
s electors of the City voting on the proposition had voted in favor
of the issuance of said bonds; and
WHEREAS, none of the bonds so authorized by the voters have r:
heretofore been issued, and it is hereby found and determined
that it is necessary to issue and deliver forthwith parking
system revenue bonds in the principal amount of $4, 435 ,000 for
"• the purpose of paying the cost of the Project; and
4s
WHEREAS, the City does not have outstanding any other bonds
` or obligations payable from the revenues derived by the City from . :°:
the operation of the System:
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE CITY OF tTm,Kfi. ,
''. JEFFERSON, MISSOURI :
7,;Y•. M�x1µ
Section 1 . Definitions. In addition to the words and terms 0,11M.
otherwise defined herein, unless the context shall clearly indi-
cate some other meaning, the words and terms defined in this
Section shall for all purposes of this Ordinance have the res- � !
pective meanings specified in this Section, to wit:
"Bondholder" and "Holder" mean a Person in whose name a Bond
is registered in the Bond Register .
' "Bond Register" means the register and all accompanying
records kept by the Bond Registrar evidencing the registration, n
transfer and exchange of Bonds .
"Bond Registrar" means the bank or trust company named in . ,
Section 4 to act as registrar and transfer agent for the
registration, transfer and exchange of Bonds, and any successors
{` thereto.
' "Bonds" and 111990 Bonds" mean the Parking System Revenue
t+ 3
Bonds, Series 1990 , of the City herein authorized. ¢z
" t"k
"City" means the City of Jefferson, Missouri .
"Debt Service Reserve Requirement" means the sum of
$443,500.
"Fiscal year" or "operating year" means Che City' s fiscal
year or operating year then in effect.
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ti i'f.i t t t iY�i �.xP't; L b!`ft..,p r 4 i :: .;/{ :f:. t.. i .. _ .. i• ,. r� .�'
� p r' t [c 4 i ���r r! v g.. 47 � i 1 �r ° .'..1 { ,{�,y�p•r,�y,+1`�{ ��yyp�lFp,y.,�'� �'.�.��t���fJ'%�,,�� `i. .fe,�;�'��a�� L ._.. .•
71 1 . ,i .o�k�K`;:[.Y'�4:K+31 Ac++�lti'fi'li:ti•2`it"+S..-�tiL�XJ
"Governing Body" means the Council of the City. k ,
"Interest Payment Date" means the Stated Maturity of an
-`'- installment of interest on the Bonds
"Maturity" with respect to any Bond means the date on which
;t
the principal of such Bond becomes due and payable as therein or
herein provided, whether at the Stated Maturity of such Bond or 3��; ` -�:Y•:.
4s. t
by declaration of acceleration, call for redemption or otherwise. sPr N` r
"Net Revenues" means the Revenues less that portion of the
il:r re
`''r• Revenues experided for operating and maintaining the SystemJ,yra ?;�
�.. .,:. �3Cwti ,
i'
(excluding depreciation, amortization, interest payable on the 1+.•I. i.;:;
' 1990 Bonds and other similar payments or charges) pursuant to
k'Pdt;^jr
Section 16 of the Ordinance.
•S .ilj l.�j'.
11 " " "hereto11 „1;:r!?t'i:,•4•.
f, "Ordinance, " "this Ordinance, " "hereof, herein,
and similar terms shall refer to this Ordinance of the City
rct(��`•t`
yF'Sai4x :�
authorizing the Bonds, as originally executed or as it may a
supplemented or amended from time to time. CaG
"Outstanding" when used with respect to Bonds means, as of Ax ''
executed, a a,
the date of determination, all Bonds theretofore
' authenticated and delivered under this Ordinance, except s???Yjjj, ° wy
1 •t` 12 f
Bonds theretofore cancelled by the Bond "�4
Registrar or delivered to the Bond Registrar for
cancellation; r.
( ii) Bonds that have been defeased by the deposit ' .
of funds or qualified securities with the Paying Agent s
+r or other qualified party in compliance with this
Ordinance and
( iii ) Bonds in exchange for or in lieu of which
3' other Bonds have been authenticated and delivered
pursuant to this Ordinance.
;s
<E'>' "Paying Agent" means the bank or trust company named in ;5
payment of the principal a
• :>.: .;
Section 4 to act as paying agent for the pay
of, premium, if any, and interest on the Bonds and any successors
thereto.
+• artnershi ,
"Person" means any individual, corporation, p P
joint venture, association, joint-stock company, trust,
,..
. unincorporated organization or government or any agency or ,
political subdivision thereof.
} "Project" means constructing improvements to the existing
parking garage and acquiring, constructing and improving other
CID
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parking facilities and related equipment, including the
>z acquisition of any necessary land, as approved by the voters of ,
the City at the election held on April 3, 1990.
"Redemption Date" when used with respect to any Bond to be
k' redeemed means the date fixed for redemption p pursuant to this
z Ordinance.
s "Redemption Price" when used with respect to any Bond to be redeemed means the price at which it is to be redeemed pursuant
to this Ordinance. : � >>
"Registration Date" means the effective date of registration
of a Bond as evidenced by the Bond Registrar in the Certificate
of Authentication appearing on the Bond.
g r i n
Regular Record Date for the interest on an
a able
Interest Payment Date means the 15th day y y ` `` Y
y (whether or not a
business day) of the calendar month next recedin such Interests `�s°;'
,v Payment Date,
p g '' } ,»: '
� "Revenues" means all income and revenues accrued by the City
from the ownership or operation of the System, including without f _
3 limitation interest received on moneys or securities held a
pursuant to the Ordinance that is paid and credited to the
Parking System Revenue Fund and income and revenues from leased
s. facilities .
"Special Record Date" for the payment of any Defaulted
r• Interest, as defined in Section 5, means a date fixed by the Bond
Registrar pursuant to Section 5. t
' "Skated Maturity" when used with respect to any Bond or any ;.
installment of interest thereon means the date specified in
Section. 4 of this Ordinance as the fixed date on which the
principal of such Bond or such installment of interest is due and ,
payable.
"System" means the City' s parking system ( including
leasehold interests) , including all improvements, extensions and
enlargements thereto hereafter constructed or acquired.
r
Section 2. Authorization of and Security for the Bonds.
The Governing Body of the City hereby authorizes and directs the
issuance of the Parking System Revenue Bonds, Series 1990, of the
City of Jefferson, Missouri, in the principal amount of
j $4, 435,000, for the purpose of providing funds for the Project .
The Bonds shall be special obligations of the City payable
xt
solely from, and secured as to payment of principal and interest
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of
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r :�';t�5�.i3.'.t.:r' t •1s.Nt91a'Y$�3'�'t�6'6 ��ixTs>'GX�v'r.1��i�' ,r'�� ,r���:�;�r'YY '.n551;`�Nf.'.4'�f�`,#�''�?!A.asc7i��,ii�4' 'Ic.4*Ar?f�SF. -,.,
:0 i. t
` by a pledge of, the Net Revenues, and the taxing power of the
p . City is not pledged to the payment of the Bonds either as to
principal or interest. The Bonds shall not be or constitute a ;
.4
^, general obligation of the City, nor shall they constitute an
indebtedness of the City within the meaning of any constitu-
tional, statutory or charter provision, limitation or
restriction. SYs
Section 3. Sale and Delivery of the Bonds. The Mayor and
City Clerk are hereby authorized and directed to prepare and
execute the Bonds in the manner hereinbefore specified, and when
the Bonds have been duly registered with the Bond Registrar , to W
. .;..
°A deliver the Bonds to Edward D. Jones & Co. , representing the �• ���r +�•�`,
"on g final purchasers of the Bonds, upon receipt of the purchase '
5 : price of 97.75% of the principal amount of the Bonds.
The Council of the City of Jefferson, Missouri , finds and
determines that the private sale of the Bonds is justified for ,:••�F �,. ,,
the reasons that the rates of interest and other terms of the
r
R Bonds are deemed desirable by and advantageous to the City and aa. ;':.; crarc. ,
public sale of the Bonds would further delay he Project, cause
unnecessary expense and jeopardize arrangements for the Project.
-r Section 4. Description and Details of the Bonds;
Paying Designation of Agent and Bond Registrar . The Bonds shall '
Y> 91_9
consist of fully registered Bonds, without coupons, transferable f.
to subsequent owners only in the Bond Register maintained by they
Bond Registrar as hereinafter provided. Each Bond shall be in i
the denomination of $5,000 or any integral multiple thereof not .;
exceeding the principal amount of Bonds maturing in the
g year in
' . which such Bond becomes due, as specified by the Holder of such
Bond. The Bonds shall be numbered in a manner determined by the
' Bond Registrar. The Bonds shall be dated the date of the
f�
original issuance thereof, shall have the Stated Maturities and
�•: shall bear interest at the rates per annum, as follows:
STATED
' MATURITY PRINCIPAL ANNUAL RATE
AUGUST 1 AMOUNT OF INTEREST 'r
5a
1993 $ 135,000 6 . 40% '{r!
1994 $ 140,000 6. 50% .y
i, . 1995 $ 150,000 6. 55%
;t 1996 $ 160,000 6.60%
r
1997 $ 170,000 6. 65%
#
1998 $ 185,000 6.70%
6i 1999 $ 195,000 6.75%
2000 $ 210,000 6.80%
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STATED '
MATURITY PRINCIPAL ANNUAL RATE
" AUGUST 1 AMOUNT OF INTEREST '<"` "
2005 $1, 285,000 7 .00%
2010 $1,805,000 7. 20 '
1 4,ti
The Bonds shall bear interest from the most recent Interest
a Payment Date to which interest has been paid in full or, if no
interest has been paid, from ':heir date. Interest on the Bonds x '"
r shall be payable semiannually on February 1 and August 1 of each
ear , beginning on February l 1991 the "Interest Payment
Dates" ) . Mark Twain Bank, St . Louis, Missouri. , is hereby
designated as the Paying Agent and as the Bond Registrar for thera.;4j :;�
Bonds.
Section 5. Method and Place of Payment of Principal of and
Interest on the Bonds; Interest Rights Preserved. The principal
of, redemption premium, if any, and interest (computed on the ,:r:. ,ds;:,
basis of a 360-day year of twelve 30-day months) on the Bonds
shall be payable in such coin or currency of the United States of
America as at the time of payment is legal tender for the paymentVIH;
of public and private debts. Payment of the interest on each
Bond shall be made by the Paying Agent on each Interest PaymentT � x;:'
Date to the Person appearing as the Holder thereof in the Bond ; {� , ;`''.I
Register at the close of business on the Regular Record Date next s �
Aft;.1., preceding said Interest Payment Date, mailed to the Holder 's , '
address as it appears in the Bond Register . The principal of and -}
redemption premium, if any, for each Bond shall be payable to or
� .
for the account of the Holder thereof upon the presentation and
surrender of such Bond at its Maturity at the principal office of
the Paying Agent. If the date for making any payment of a .. .}�
principal of or redemption premium or interest on a Bond occurs
on a Saturday, Sunday or legal holiday, then such payment may be
made on the next succeeding business day with the same force and
effect.
i ,.4l
:a Payment of the principal of, redemption premium, if any, and ;r
interest on a Bond may be made by such other method of transfer- t�
ring funds -as may be requested by a Holder of not less than
a.
$50,000 principal amount of Bonds, provided that the Paying Agent
shall first receive a written request from such Holder (i) }
specifying the method and route for transferring funds and ( ii)
` providing for the Paying Agent to be reimbursed by such Holder
for all expenses incurred in connection with such fund transfers .
Notwithstanding any of the foregoing provisions of this h.
' Section to the contrary, any interest on the Bonds which is
payable, but is not punctually paid on any Interest Payment Date
(herein called "Defaulted Interest" ) , shall be payable to the
' Persons in whose names the Bonds are registered at the close of
business on a Special Record Date. The Special Record Date shall
be fixed in the following manner: ( 1) the City shall notify the ,
ti °rXiS
4 Bond Registrar in writing of the amount of Defaulted Interest
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proposed to be paid on the Bonds and the date of the proposed
payment,• which proposed payment date shall be at least 30 days
after receipt by the Bond Registrar of such notice from the City;
( 2) at the same time the City shall deposit with the Paying Agent
an amount of money equal to the aggregate amount to be paid in
respect of such Defaulted Interest or shall make arrangements ,�`-;
satisfactory to the Paying Agent for such deposit prior to the
date of the proposed payment; and (3) thereupon, the Bond
Registrar shall fix a Special Record Date for the payment of such
Defaulted Interest which shall not be more than 15 nor less than
10 days prior to the date of the proposed payment. `' '
:., n
The Bond Registrar shall promptly notify the City of such
Special Record Date and, in the name and at the expense of the
City, shall cause notice of the proposed payment of such
9j Y
Defaulted Interest and the Special Record Date therefor to be
mailed, first class postage prepaid, to the Holder of each Bond yr
at such Holder ' s address as it appears in the Bond Register , not
less than 10 days prior to such Special Record Date. Notice of : t
IF= the proposed payment of such Defaulted Interest and the Special
Record Date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names
the Bonds are registered at the close of business on such Special
Record Date.
Subject to the foregoing provisions of this Section, each
Bond delivered under this Ordinance upon transfer of or in ;h, �`;�,
G' h
exchange for or in lieu of any other Bond shall carry the rights
to interest accrued and unpaid, and to accrue, which were carried _ : ;,
by such other Bond.
Section 6. Execution and Authentication of the Bonds. The
Bonds shall be executed on behalf of the City by the manual or . .r}
• facsimile signature of its Mayor and attested by the manual or };Y
facsimile signature of its City Clerk , and shall have the seal of V
the City affixed thereto or imprinted thereon. In the event any
officer whose signature or facsimile thereof appears on any Bond 7
shall cease to be such officer before the delivery of such Bond, r,'; •:_ ;�
such signature or facsimile thereof shall nevertheless be valid
and sufficient for all purposes , the same as if such person had
r remained in office until delivery. Any Bond may be executed by '
such persons as at the actual time of the execution of such Bond
shall be the proper officers to sign such Bond although at the
original date of such Bond such persons may not have been such :
officers.
The Bonds shall have endorsed thereon a Certificate of r
Authentication substantially in the form hereinafter set forth
which shall have the Registration Date inserted and shall be
manually executed by the Bond Registrar .
`V
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No Bond shall be entitled to any security or benefit underr
this Ordinance or shall be valid or obligatory for any purpose :�;�t',•-,x��"
unless and until such Certificate of Authentication shall have � '{?
been duly executed by the Bond Registrar by manual signature. ,"` 4
Such executed Certificate of Authentication upon any Bond shall
be conclusive evidence that such Bond has been duly authenticated o,
and delivered under this Ordinance and that such Bondholder has
been entered on record in the Bond Register kept by the Bond !;',! };":._'
Registrar . The Certificate of Authentication shall be deemed to
have been duly executed if the Registration Date has been
inserted and if it has been signed and dated by any authorized
officer or employee of the Bond Registrar , but it shall not be
necessary that the same officer or employee sign the Certificate
of Authentication on all of the Bonds that may be issued
hereunder at any one time. "t
Section 7 . Registration, Transfer and Exchange of Bonds.
So long as any of the Bonds remain Outstanding, the City shall
cause the Bond Register to be kept at the principal office of the
Bond Registrar and all, of the Bonds and transfers and exchanges
thereof shall be fully registered in the names of the Holders as
to both principal and interest in the Bond Register.
It t
AVON Bonds may be transferred in the Bond Register only upon ., ,-
surrender thereof to the Bond Registrar duly endorsed for
transfer or accompanied by a written instrument of transfer dul •'F � f
executed by Y
the Holder thereof or his attorney or legal
representative in such form as shall be satisfactory to the Bond
Registrar . Upon any such transfer, the City shall execute and
the Bond Registrar shall authenticate and deliver in exchange for '`'' r'� .`..•
such Bond a new Bond or Bonds, registered in the name of the
transferee, of any denomination or denominations authorized b
this Ordinance in an aggregate p q Y
lc.•..M
principal amount equal to the
principal amount of such Bond, of the same Stated Maturity and
bearing interest at the same rate.
Any Bond, upon surrender thereof at the principal office of
the Bond Registrar, together with an assignment duly executed by
the Holder thereof or his attorney or legal representative in
such form as shall be satisfactory to the Bond Registrar , may, at
the option of the Holder thereof, be exchanged for an equal ?'
aggregate principal amount of Bonds of the same Stated Maturity,
of any denomination or denominations authorized by this
Ordinance, and bearing interest at the same rate . ' = w� '
In all cases in which Bonds shall be exchanged or
transferred hereunder, the City shall execute and the Bond
Registrar shall authenticate and deliver at the earliest
practicable time Bonds in accordance with the provisions of this
Ordinance. All Bonds surrendered in any such exchange or
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transfer shall forthwith be cancelled by the Bond Registrar . No
service charge shall be made to any Bondholder for registration,
transfer or exchange of Bonds, but the City or the Bond Registrar
may make a charge for every transfer or exchange of Bonds ,u ;t
sufficient to reimburse it or them for an tax or other
governmental charge required to be paid with respect to such r '
transfer or exchange, and such charges shall be
g g paid before any
such transfer or exchange shall be completed. ? .-
r:r��,if
The City and the Bond Registrar shall not be required ( i) to
issue, transfer or exchange any Bond during a period beginning at
k e�tyay
the opening of business 15 days preceding the date of mailing of
a notice of redemption for Bonds selected for redemption under
Section 11 and ending at the close of business on the day of such
mailing; ( ii ) to transfer or exchange any Bond so selected for
redemption in whole or in part ; or ( iii) to issue, transfer or
exchange any Bond during a period beginning at the opening of
business on the day after receiving written notice from the City
of its intent to pay Defaulted Interest and ending at the close
of business on the date fixed for the payment of Defaulted
' Interest pursuant to Section 5 of this Ordinance.
Section 8. Persons Deemed Owners of Bonds. The Person in
whose name any Bond shall be registered small be deemed and ` °'``
regarded b y the ,.°'.�.
g � e City, the Bond Registrar and the Paying Agent as
the absolute owner thereof, whether such Bond shall be overdue or
not, for the purpose of receiving payment therefor or on account
thereof and for all purposes, and neither the City, the Bond
Registrar nor the Paying Agent shall be affected b notice to the 2lyrs;
g Y 9 9 y .� �;'•
contrary. Payment of or on account of the
Y• y principal of, premium,
if any, and interest on any Bond shall be made only to or upon
the order of the Holder thereof or his legal representative. All
such payments shall be valid and effectual to satisfy ands=yr;4- :'_
discharge the liability upon such Bond, including the interest �W;;_<,_
t .r•yr.Y.
thereon, to the extent of the sum or sums so paid. r'°f•a.'y:
Section 9 . Mutilated, Lost, Stolen or Destroyed Bonds . In
the event any Bond shall become mutilated, or be lost, stolen or
destroyed, the City shall execute and the Bond Registrar shall
authenticate and shall deliver a new Bond of like date and tenor ;`'
as the Bond mutilated, lost, stolen or destroyed; provided that, ;
t in the case of any mutilated Bond, such mutilated Bond shall :" ;.�
first be surrendered to the Bond Registrar , and in the case ofk?•
any lost, stolen or destroyed Bond, there shall be first
furnished to the City and the Bond Registrar evidence of such
loss, theft or destruction satisfactory to the City and the Bond
Registrar, together with indemnity satisfactory to them to save
each of them harmless, and provided further that any applicable
` statutory requirements pertaining to mutilated, lost, stolen or
destroyed Bonds are met . In the event any such Bond shall have
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h5'Y ,y y a alh} 1 .r ,a i + ct! .. r;isrfri t. (xtfr ry!'rit Ji�•Y?r.
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L e tEA ctw ar ' d !�a "'N4t r1
-id'�`�i;!h;R}fix r,..1,.
matured, instead of issuing a substitute Bond the City may pay or
authorize the payment of the same without surrender thereof . N° ' °'k```
Upon the issuance of any substitute Bond, the City and the Bond ;=s
Registrar may require the payment of an amount sufficient to fs`
reimburse the City and the Bond Registrar for any tax or other ;`,
i
governmental charge that may be imposed in relation thereto and
9 9 Y P
any other reasonable fees and expenses incurred in connection
therewith. The provisions of this Section are exclusive and ' .t�':
shall preclude (to the extent lawful ) all other rights and
remedies with respect to the replacement or payment of mutilated, A'{ ? C `
lost, stolen or destroyed Bonds .
�'' ,.,,r.x•�rrr„^r^.iii,:.,
Section 10. Cancellation and Destruction of Bonds Upon
Payment. All Bonds surrendered for payment, redemption, transfer
or exchange shall be delivered to the Bond Registrar and, if not
' already cancelled, the Bond Registrar shall cancel such Bonds and
record such cancellation in the Bond Register . Thereafter, such
cancelled Bonds shall be delivered to the City or, at the request
1 of the City, destroyed by the Bond Registrar provided that the
Bond Registrar shall file a certificate describing the Bonds so
destroyed with the City. ;
Section 11. Redemption of Bonds Prior to Stated Maturity.
The Bonds shall be subject to redemption and payment prior to• aawt t
Stated Maturity as follows: ry�A,`,�; ,:
(a) Mandatory Redempt ion. g , 7 "+,
The Bonds maturing on August 1
2005, shall be subject to mandatory redemption and payment prior
to their Stated Maturity pursuant to the mandatory redemption •,''` � 4r
requirements of this Section on August 1, 2001, and on each
August 1 thereafter to and including August 1, 2004, at thet ?
`a
principal amount thereof plus accrued interest to the Redemption
Date, without premium, in the following principal amounts :
Redemption Principal
P P
Dates Amounts :
{- August 1 , 2001. $225,0007 z<i
August 1, 2002 $240,000
August 1 , 2003 $255,000 b
August 1 , 2004 $275,0001°;
, :. The remaining $290,000 principal amount of Bonds maturing on 4
t August 1 , 2005, shall be paid at their Stated Maturity. 7
The Bond Registrar shall each year in which Bonds maturing :
on August 1, 2005, are to be redeemed pursuant to this subsection ;P
make timely selection of such Bonds or portions of such Bonds to
s be so redeemed and shall give notice thereof as hereinafter
provided. Upon instructions duly given by the City, moneys
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deposited in the 1990 Principal and Interest Account may be used
at any time after August 1, 2000, to purchase Bonds maturing onz«
August 1, 2005, in the open market at a � ;,`+
9 P price not in excess of
their principal amount, and moneys deposited in the 1990 .:
` Principal and Interest Account may be used for the purpose oft° '
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paying interest on the Bonds so purchased at the rate specified }
r; thereon to the date of purchase. Each Bond so purchased shall be "`•
credited at 100% of the principal amount thereof on the
obligation of the City to redeem Bonds of the same StatedMt'
Maturity on the next mandatory redemption date applicable to
Bonds of such Stated Maturity, and the principal amount of Bonds sf'•r:Ls'�'"•
t{yi
' of such Stated Maturity to be redeemed by operation of the :: ;;� •, t'
preceding paragraph shall be reduced accordingly.
(d.
The Bonds maturing on August 1., 2010, shall be subject to
mandator redemption and
y p payment prior to their Stated Maturity ,�+�t,•',;.J
t pursuant to the mandatory redemption requirements of this Section
on August 1, 2006, and on each August 1 thereafter to and `
r' including August 1, 2009, at the principal amount thereof plus
accrued interest to the Redemption Date, without premium, in the ;' a?;`
following principal amounts:
Redemption Principal . „ u
"> Dates Amounts
u. August 1, 2006 $310 ,000
�.
August 1, 2007 $335 ,000 .r
4.
August 1, 2008 $360 ,000
August 1, 200 $385,000
The remaining $415, 000 principal. amount of Bonds maturing on �•
August 1, 2010 , shall be paid at their Stated Maturity. ,;
The Bond Registrar shall each year in which Bonds maturinga
on August 1, 2010, are to be redeemed pursuant to this subsection
make timely selection of such Bonds or portions of such Bonds to
be so redeemed and shall give notice thereof as hereinafter
provided. Upon instructions duly given by the City, moneys ;
deposited in the 1990 Principal and Interest Account may be used
,t. at any time after August 1, 2005, to purchase Bonds maturing on
August 1, 2010 , in the open market at a price not in excess of
their principal amount, and moneys deposited in the 1990
Principal and Interest Account may be used for the purpose of
paying interest on the Bonds so purchased at the rate specified .'
thereon to the date of purchase. Each Bond so purchased shall be
credited at 100% of the principal amount thereof on the *
obligation of the City to redeem Bonds of the same Stated !,
Maturity on the next mandatory redemption date applicable to
Bonds of such Stated Maturity, and the principal amount of Bonds
+
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q: `� rivYli irtl }r{.�, c (r'it a i' >1i �•r y}. it 7 tt j,xp F i I'r .:L'
.y{J'•Yf.� ,} 9Rlyy� ik;} •
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of such Stated Maturity to be redeemed by operation of the
a ccordingly.
preceding paragraph shall be reduced a
ra,k
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(b) Optional Redemption. The Bonds maturing in the year
1998 and thereafter shall be subject to redemption and paymentL;
prior to their Stated Maturity at the option of the City on and
after August 1, 1997 , as a whole at any time or in part on any
Interest Payment Date in inverse order of Stated Maturity, at the
respective Redemption Prices (expressed as percentages ofAj
principal amount) set out below, plus accrued interest thereon to
p
the Redemption Date. 'kr,%`=�,
Redemption
Redemption `"
Dates Prices` `G
August 1, 1997 through July 31 , 1998
h Jul y 31 , 1999 102
August 1, 1998 throu
,
August 1, 1999 through July 31 , 2000 101%
2000 and thereafter
.: August 1, ;.y :a'.r�••<?>;:.
The Bond Registrar
(c) Redemption Terms and Procedures.
shall call Bonds for redemption and payment as herein provided �t/tjjiyyy'1� �
7r� '°'>
:»'n
upon receipt by the Bond Registrar at least 45 days prior to they
Redemption Date of a written request of the City; provided,
however, that no such request shall be required for the mandatory � .
.
of Bonds. Such re uest shall specify the principal 'wtsa: �t
redemption q
amount of Bonds to be called for redemption and their Stated
Maturities, the Redemption Price or Prices and the Redemption AR,
.
Date ;,,".
Bonds shall be redeemed in the principal amount of $5,000 or ;Yi.
any integral multiple thereof . In the case of a partial r� ..
redemption of Bonds of the same Stated Maturity, the Bonds to be
redeemed shall be selected by the Bond Registrar from theta^,
Outstanding Bonds of that Stated Maturity by such method as the Vic;
Bond Registrar shall deem fair and appropriate and which may
provide for the selection for redemption of portions of the
}F'
K principal of Outstanding Bonds of that Stated Maturity that havetf
been issued in a denomination larger than $5 ,000. The portions ,;
of the principal of Outstanding Bonds so selected for partial •`
redemption shall be equal to $5, 000 or integral multiples :•
' thereof. Any Bond which is to be redeemed only in part shall be
submitted to the Paying Agent and delivered to the Bond t
A Registrar , who shall authenticate and deliver to the Holder of
such Bond, without service charge, a new Bond or Bands, of any
authorized denomination as requested by such Holder in aggregate
principal amount equal to and in exchange for the unredeemed
portion of the principal of the Bond so surrendered. If the
Holder of any such Bond of a denomination greater than $5, 000 P1
shall fail to present such Bond to the Paying Agent for payment
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,=i.,.+.¢4 ,7j�za�l.{•.F F+t ..3eV is ��l §ti d ti n F( ..� �y 1��
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I,.•. 5 `.,..;.:..,..3..ti.I.ar.w+:i ',�Jt !}a�,7wr�� $�ip�i �i�ei.."�.1. �,. �I i' 1$i1.S 'feArn
r �
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and exchange as aforesaid, such Bond shall, nevertheless , becomewr :
n=om •�;.
due and payable on the Redemption Date to the extent of the
r principal amount of such Bond called for redemption (and to that
{ extent only) . f;
.,;t:✓ is
r' The Bond Registrar shall give written notice in the name of
the City of its intention to redeem and pay Bonds at the office
E , of the Paying Agent . Notice of redemption shall be given by
first class mail, postage prepaid, mailed not less than 30 days
prior to the Redemption Date, to each Holder of Bonds to be � Y `r
redeemed, at his address appearing in the Bond Re
pp g Register . A11 �.
notices of redemption shall state: ; ^
(a) The Redemption Date;
(b) Whether the redemption is optional or mandatory,,
°a(i���t`•��;
(c) The Redemption Price
d I f less than all
( ) Outstanding Bonds are to be
' redeemed, the identification (and, in the case of a g°..
partial redemption, the respective principal
amounts) of the Bonds to be redeemed;
Y: (e) That on the Redemption Date, the Redemption Price
will become due and payable upon each such Bond, :t
and that interest thereon shall cease to accrue
r from and after said date; and
° 1 (f) The place where such Bonds are to be surrendered
for payment of the Redemption Price (which shall
: . be the office of the Paying Agent) .
' a
' The failure of the Holder of any Bond to be redeemed to
*., receive written notice mailed pursuant hereto shall not affect or K
invalidate the redemption of said Bond. If any Bond is called
for redemption and payment as aforesaid, all interest on such ,
..t Bond shall cease from and after the date for which such call is
made, provided funds are made available to the Paying Agent for
its payment on . the Redemption Date at the Redemption Price.
' The Bond Registrar is also directed to comply with any
mandatory or voluntary standards then in effect for processing vy
f redemptions of municipal securities established by the Securities
and Exchange Commission. Failure to comply with such standards
#" shall not affect or invalidate the redemption of any Bond to be
redeemed.
Section 12. Form of Bonds. The Bonds and the Bond
Registrar ' s Certificate of Authentication to be endorsed thereon $
4;
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T ,��,, -d1s { �r�fj E�� }��1�'44'f f•ar r !�r :' R 'r r r r.r t .rti J� S i, } <f:� t I�i_..z ! tiZl�nPlrir$a� � ,il
r.. ,r.
..r
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ti
Ar
shall be in substantially the form set forth in this Section.
The Bonds may have endorsed thereon such legends or text as may
be necessary or appropriate to conform to any applicable rules
and regulations of any governmental authority or any custom,
usage or requirement of law with respect thereto. + '
d dt
F, REGISTERED REGISTERED
Y" NUMBER R- $
UNITED STATES OF AMERICA
fry STATE OF MISSOURI
CITY OF JEFFERSON
r
PARKING SYSTEM REVENUE BOND
SERIES 1990
` Interest Maturity . '
Rate Date Bond Date CUSIP '
' % August , 1990
REGISTERED HOLDER:
PRINCIPAL AMOUNT: DOLLARS
N. THE CITY OF JEFFERSON, MISSOURI the "City" ) ,( y ) , for value '
received, promises to pay, but only from the sources and in the
�i manner hereinafter described, to the Registered Holder identified
above, or registered assigns, on the Maturity Date identified
9 9 Y
above, unless called for redemption prior to maturity, the
Principal Amount identified above and to pay interest thereon ,
:.. from said sources at the Interest Rate per annum specified above
from the most recent interest payment date to which interest has
been paid in full or, if no interest has been paid, from the date
' of original issuance and delivery, said interest being payable
semiannually on February 1 and August 1 of each year , commencing
? on February 1, 1991 ( the "Interest Payment Dates" ) . The
' Principal Amount, redemption premium, if any, and interest
'r
.(computed on the basis of a 360-day year of twelve 30-day months)
on this Bond are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for
F' the payment of p paid
p y public and private debts. Interest will be
# by check or draft to the person in- whose name this Bond (or one
or more predecessor Bonds) is registered in the Bond Register
maintained by the Bond Registrar at the close of business on the
-14-
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•+''. '., }.'f' ,r} yaM 5:..:,r" �,^+J)451Y1 rah Ci:d,4 j>:t rs, er-S{r< t xY ,:A,
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6
r
s
otqii,��;4,�=,..
'X '�..�t�, ',:.°� r7t t1•. '''t 1',",fi sf. f"i x.'� ,l :�C 1 rs:\; i i;,' 1TbWAff3' i !., t tS,f. t
fs�
�5
°= fifteenth day of the month next preceding each interest payment
< , date ( the "Regular Record Date" ) . Interest not punctually paid
aid be
will as otherwise
A provided in the Ordinance. The
Principal Amount and redemption premium, if any, are payable by
check or draft to the Registered Holder upon presentation and
d'{ surrender hereof at the principal office of Mark Twain Bank , St.
Louis, Missouri ( the "Paying Agent" ) .
iI
REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET
FORTH ON THE REVERSE HEREOF. SUCH PROVISIONS SHALL FOR ALL
"{ PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE. '
THIS BOND shall not be valid or become obligatory for any 'f
' purpose or be entitled to any security or benefit under the
Ordinance until the Certificate of Authentication hereon shall '' ;
Q
have been dated and executed by the Bond Registrar .
IT IS HEREBY CERTIFIED AND DECLARED that all acts, ' '
conditions and things required to exist, ha
,. g q happen and be performed
precedent to and in the issuance of the Bonds have existed,
i h
happened and been performed in due time, form and manner as
required by law.
IN WITNESS WHEREOF, the City of Jefferson, Missouri, has
executed this Bond by causing it to be signed by the manual or
facsimile signature of its Mayor and attested by the manual or
0 facsimile signature of its City Clerk, has caused its corporate
seal to be affixed hereto or printed hereon, and has caused this
Bond to be dated as set forth above.
CITY OF JEFFERSON, MISSOURI ti
t
y
By
ATTEST: Mayor
4�
City Clerk
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Ck4'�Y,rtsS47X.yid' xu s 1Y ist F i35t ryt.� S Jr a }s h� AM,
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?: CERTIFICATE OF AUTHENTICATION
,± This Bond is one of the Bonds described in the within
L
mentioned Ordinance.
s REGISTRATION DATE: ,5s
t;•
MARK TWAIN BANK,
Bond Registrar and Paying Agent ;
r'
By _<
'. Authorized Signature
(' - -----------------------------------------------------
[ON REVERSE SIDE] `
' FURTHER PROVISIONS ,F
THIS BOND is one of a duly authorized issue of fully
registered bonds of the City designated "Parking System Revenue "?
Bonds, Series 1990, " aggregating the principal amount of
$4,435,000 ( the "Bonds" ) , issued for the purpose of constructing
t
. improvements to the existing parking garage and acquiring,
constructing and improving other parking facilities and related
't equipment, including the acquisition of any necessary land (the
f' "Project" ) under the authority of and in full compliance with the �k
t~ constitution and laws of the State of Missouri, including
y` particularly Section 71.360, RSMo 1986, and pursuant to an
election duly held by the City on April 3, 1990, at which a
' majority of the qualified voters of the City voting on the
'i question voted in favor of the issuance of the Bonds, and ;
pursuant to an ordinance duly adopted by the governing body of
` the City authorizing the issuance and deliver of the Bonds the
��- Y 9 Y
"Ordinance"
I ` THE BONDS are special obligations of the City payable solely
from, and secured as to the payment of principal and interest by
a pledge of, the Net Revenues accrued by the City from the
ownership and operation of its parking facilities (the "System" ) ,
I as further described in the Ordinance. The taxing power of the '
City is not pledged to the payment of the Bonds either as to
principal or interest, and the Bonds shall not be or constitute a
�. general obligation of the City, nor shall they constitute an
indebtedness of the City within the meaning of any constitutional
or statutory provision, limitation or restriction. As of the
Bond Date, the Bonds constitute the only obligations of the City
,r ® payable from the Net Revenues of the System. Under the
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tx �� t! t��,�^ r5ir��[•�:����r ir�f� � �irtrrNfl�J��4�+t��n3 Mfr' t r i i �. � �t� ') rr r f\Y� t� ! tt1 ft 'yYk S�� �����' �,.
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aY ;,r I i.:'�.* '' n' i .1 ; .r s'c i r r' .rr ',r ,. � 'srtG�t •.sC ,
At i :' fa Ia�.irt,{ I.k�A�f��'4ty�j"iFAt,�rtY+! r 5 ' 3 1 t f r t: ', S t: f r 1 if rz}� oro2 •k�,,., [� ,,�.
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conditions set forth in the Ordinance, the City has the right to
issue additional bonds payable from and secured by the Neta :.
Revenues and standing on a parity with the Bonds; provided, '' _ "
however, that such additional parity bonds may be so issued only
i_ in accordance with and subject to the covenants, conditions and '
restrictions relating thereto set forth in the Ordinance. ['
THE BONDS maturing on August 1, 2005, are subject to "
redemption and payment prior to maturity in the following '
r• principal amounts pursuant to the mandatory redemption
• requirements of the Ordinance on August 1, 2001, and on each
J• tis;s..
,� August 1 thereafter to and including August 1, 2004, at the
principal amount thereof plus accrued interest to the redemption
date, without premium:
Redemption Principal
' Dates Amount
August 1, 2001 $225,000f';
'.
August 1, 2002}AY
;1 9 $240,000
August 1, 2003 $255,000
s= August 1, 2004 $275,000
`''' The remaining $290,000 principal amount of Bonds maturing on
r: August 1, 2005, will be paid at their scheduled maturity date. y:E
THE BONDS maturing on August 1, 2010, are subject to
redemption and payment prior to maturity in the following
; . principal amounts pursuant to the mandatory redemption
requirements of the Ordinance on August 1, 2006, and on each
August 1 thereafter to and including August 1, 2009, at the
principal amount thereof plus accrued interest to the redemption
date, without premium: r..
Redemption Principal '
Dates Amount .
;.. w
a'
August 1, 2006 $310,000
;i August 1, 2007 $335,000
August 1, 2008 $360,000
August 1, 2009 $385,000
' The remaining $415,000 principal amount of Bonds maturing one
August 1, 2010, will be paid at their scheduled maturity date.
' THE BONDS maturing in the year 1998 and thereafter are
subject to redemption and payment prior to maturity at the option
-'' of the City on and after August 1, 1997, as a whole at any time
or in part on any Interest Payment Date at the respective
redemption prices (expressed as percentages of principal amount)
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y.rt> aP �i- s11�6h h!� i r � �( :..a t Y }�a+` i � y ry�S'C3` , �k aA•
3 �� ` ° �+ra.�''�{�Y�.� :t Frti fihL xr . .} E J, � f:r r t i .,�i ttr�jr .�(( 2 �![•N
.M I arp C ,t:. u .rt. .. ��• f irY r ri .3 4 A. : ,y
�y i.E+d':�i�ai.l7t#wiu:•:....,.;� t' 3..+.`.r�.aii4,%M'.M'u1'K!1'.��f7H:.t23:.�1.'FtY4r t�„trt,�rx6�1��5`�"}ih��.l '.l�,�u Lw.7'+,�.'�, i.�r.�.:��,r�.9fN`�'����{. :iii: 3ukti,�'t'�{v�.`3++�.�w,'”f,�l..+��i3:..?;,'eL�, �� '.}s��i... � �,
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set out below,
plus accrued interest thereon to the Redemption
Date: >3
Redemption
Redemption
Dates ices
Pr
" August 1, 1997 through July 31 , 1998 103$
August 1, 1998 through July 31 , 1999 102%August 1, 1999 through July 31 , 2000 101
August 1, 2000 and thereafter «±�r'
10 0%
Bonds to be redeemed and paid pursuant to the provisions
fF 1
described above shall be redeemed in inverse order of maturity, ;' t. ,;,r4€ s•
Bonds of less than a full maturity to be selected by the Bond
Registrar in such manner as it shall deem fair and appropriate.
f ' WHEN BONDS are called for redemption as aforesaid, written
� notice thereof will be given by first class mail mailed not less
than 30 days prior to the redemption date to each Registered
Holder of Bonds to be redeemed. All Bonds so called for
redemption will cease to bear interest
a est on the specified
redemption date provided funds or certain securities in which
' such funds are invested for their redemption are on deposit with
the Paying Agent on such redemption date, and will no longer bewr
secured by the Ordinance and will not be deemed to be outstanding
L under the provisions of the Ordinance. The failure of the g
Registered Holder of any Bond called for redemption to receive
written notice mailed pursuant to the above provisions or any
defect in such notice will not invalidate or affect the
redemption of such Bond .
THE CITY hereby covenants with the Registered Holder of this
Bond to keep nd
p perform all covenants and agreements contained
in the Ordinance, and the City will fix, establish, maintain and
collect such rates, fees and charges for the use and services
furnished b or through the rti4
Y g parking system of the City, including
all extensions and improvements thereto hereafter constructed or
`s acquired by the City, as will produce Revenues sufficient to
operate and maintain the System, to
y pay the principal of and ,� •�,$�'
interest on the Bonds as and when the same become due, whether at
µ maturity, on redemption or otherwise, and to provide reasonable
and adequate reserves therefor as provided in the Ordinance.
Reference is made to the Ordinance for a description of the
covenants and agreements made by the City with respect to the
collection, segregation and application of the Revenues of the System, the nature and extent of the security for the Bonds, the
rights, duties and obligations of the City with respect thereto, ►
and the rights of the Registered Holders thereof . +.
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F i fit.
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THIS BOND is transferable as provided in the Ordinance, `%''
only in the Bond Register of the City kept for that purpose atr? "' '
the office of the Bond Registrar upon surrender of this Bond duly '1'' 4
endorsed or accompanied by a written instrument of transfer
satisfactory to the Bond Registrar duly executed by the
Registered Holder hereof or his duly authorized attorney or legal
representative, and thereupon a new Bond or Bonds in the same
aggregate principal amount shall be issued to the transferee in ''6'vY�'1L
exchange therefor subject to the conditions ''''
g provided in the ,;;,,;}yl.F$_;�
Ordinance. The Bonds for each maturity are issuable only in the
form of fully registered Bonds without coupons in the
denomination of $5 ,000 or any integral multiple thereof. Thesi?;::
Registered Holder of any Bond or Bonds may surrender the same in
exchange for an equal aggregate principal amount of Bonds of any ''`'f` `' `-
authorized denomination in the manner and subject to the
conditions provided in the Ordinance. No service charge will be
, k
made for any such transfer or exchange, but the Bond Registrar or
City may require payment of any tax or governmental charge in
connection therewith. The City, the Bond Registrar and the
Paying Agent may deem and treat the person in whose name this
Bond is registered as the absolute owner hereof for the purpose
•:: 1 w'..
of receiving payment of, or on account of, the Principal Amount �'��} 'f:`r;�l�:•:
or redemption price hereof and interest due hereon and for all
other purposes. If the date for making any payment of interest , :}
or redem redemption }: SN .•,'
principal p premium, if applicable, occurs on a
Saturday, Sunday or legal. holiday, then such payment may be made
' on the next succeeding business day with the same force and
effect .
----.-------------------------------------------------.--.--------- '�'�`'•}�i�3.n�.�:
�e t
ASSIGNMENT
S :3 �4C'IA Fyn:
FOR VALUE RECEIVED the undersigned hereby sell (s) , assigns) ';.
and transfer (s) unto - -
( Social- Security or other identifying number of transferee)
(Please Print or Typewrite Name and Address of Transferee) y tYll ,'
v"3
the within bond and all rights thereunder , and hereby irrevocably
constitutes and appoints
Attorney to '��
transfer the within Bond on the Bond Register kept by the Bond f
Registrar with full power of substitution in the premises. .t
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�} ,+ti�n���tt�4 :;1��(�"�'eG.i.rSASF�'�^k;'� S i.t. �, lryj• 1�` � t ' � �, ��Y ?s ?F4 '� � ��ty1���
:`�1 a,e��:" .iF° �,. ..¢�" f, t .�' { ! a{ t. k, 1 } ./,,� L` t\ Y t. f , ;.9'� q, } �%',5.�y{�`''�ts.;��•. :�+,,'-a '3
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;`">�A Y x lY4r Y t t.,, r� r{k 1 �t y 1S S�'i.F+r�4S¢�a� rr��� `�•�. _
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fr •i V ., fJt
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�s ryry
DATED:
NOTICE: The signature to this
assignment must correspond with
the name as it appears upon the '
face of the within Bond in every {'
particular, without alteration or
enlargement or any change what
ever .
Signature Guaranteed:
(Bank, Trust Company or Firm) i t3gall(�
By
Authorized Officer ''
Section 13. Disposition of Bond Proceeds, Construction
€ Fund. There shall first be deposited in the 1990 Bond Reserve N '
Account hereinafter created by Section 15 of this Ordinance the
amount of $136,500 from the proceeds received from the sale of
the 1990 Bonds and $307 ,000 from moneys on hand and available
3 for such purpose.
{
{ '" The remainder of the proceeds received from the sale of
the Bonds shall be deposited in a separate fund hereby created
in the treasury of the City to be known as the "Parking System1
Construction .Fund of 1990" (herein called the "Construction
Fund" ) and shall be used by the City for the sole purpose of
paying the cost of the Project in accordance with the plans and
specifications therefor prepared by the City' s consulting
engineers heretofore approved by the Council and on file in the
office of the City Clerk, including any alterations in or
amendments, to said plans and specifications deemed advisable by
the City's consulting engineers and approved by the Council . "}
Withdrawals from the Construction Fund shall be made only
on duly authorized and executed warrant or check therefor
accompanied by a certificate executed by the City' s consulting
engineers that such payment is being made for a purpose within
the scope of this Ordinance and that the amount of such payment
' represents only the contract price of the property, equipment, ;t!
labor, materials or service being paid for, or if such payment
is not being made pursuant to an express contract, that such
k payment is not in excess of the reasonable value thereof; '
provided that a certificate from the City's consulting
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�,';r.,, r f e��,qf�. �k. ^�Q 4r:�.�A� I t '� � 1 ,t }, tr' �t r � `! !`f 7a, .!. t��fr '�• k � ��� Y
fxy �, r.• r .'}�t. �:W,�. r :�t i 'i. J it .i a s s r .t`Ft e t{s+1 '4� '� F���t�F S#���t{
{ �!, t n `
Spr; t��'�rfK}J�p�`•�f"�t�^",�'�. o,
it, �; ft 1s1F 'i. t, Y. •t ')'• }.1 'tJj.. �y
"�„rs 1t
• irS, .l1 �! .. t` s,�ja .�' "I'-�r1.� } ;.>,6bs�� �`yCn 1� `
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engineers shall not be required for payment out of the
Construction Fund for costs and expenses incident to the
issuance of the Bonds '
Upon completion of the Project as hereinbefore provided, �`` ` `
surplus Y•
any pus remaining in the Construction Fund shall be
r° deposited in the 1990 Principal and Interest Account created by :`��'��" •�.;,
Section 15 of this Ordinance. a .A ..;
Section 14. Parking System Revenue Fund.
The City
covenants and agrees that from and after the delivery of the
• Bonds, and continuing so long as any of the Bonds remain
tj{;; b�sy .r.{: r
Outstanding and unpaid, all of the Revenues will be paid and ���;�x�`
;. , tk: '
deposited into a separate fund hereby created in the treasury
` of the City and to be known and hereinafter referred to as the
"Parking System Revenue Fund, " and that the Revenues shall be r '
segregated and kept separate and apart from all other moneys, `
revenues, funds and accounts of the City and shall not be
mingled with any other moneys, revenues, funds or accounts of
the City. g
The Parkin System stem Revenue Fund shall be
administered and applied solely for the purposes and in the ° i� ;;�•u.a;;,;;:;
hereinafter provided in this O
manner her •fir �r��.:-,";;,
rdi�ance•
Section 15 . Creation of Funds and Accounts. There are
hereby created and ordered to be established in the treasury of
r•;�k "lt5r,t
the City four separate accounts to be known respectively as
the• ,
n
(a) Parking System Operation and Maintenance
Account" (herein called the "Operation and
Maintenance Account" ) ; Lu
(b) "Principal and Interest Account for Parking
System Revenue Bonds, Series 1990" (herein called „
the "1990 Principal and Interest Account") ;
(c) "Reserve Account for Parking System Revenue
Bonds, Series 1990" (herein called the "1990 Bond f
Reserve Account" ) ; and
(d) "Parking System Surplus Account" (herein called
the "Surplus Account" ) .
=r
Said accounts shall be maintained and administered by the City as
hereinafter provided so long as any of the Bonds remain t ;,
Outstanding.
Section 16. _Application of Moneys in Funds and Accounts.
The City covenants and agrees that from and after the delivery of
the Bonds, and continuing so long as any of the Bonds shall '
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�} _..._.:r•}...3w {t t �x��R1A 5c���ti,t� .s�'�':�v 1+'/diki4�:t'u + �l m SHi t .. .ks�:Y:'�� r �yy,
ia� s•'
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remain outstanding and unpaid, the City will, on the first day off,
each month, administer and allocate all of the moneys then held
in the Parking System Revenue Fund as follows: tY
a There shall first be paid and credited to the Operation
t and Maintenance Account an amount sufficient to pay the estimated
Ip` cost of operating and maintaining the System during the ensuing :
W#" month•
All amounts paid and credited to the Operation and
A Maintenance Account shall be expended and used by the City solelyr� A;;;..
{. for the purpose of paying the reasonable and proper expenses of
"< operating and maintaining the System and keeping the System in
good repair and working order, including, without limiting the
generality of the foregoing, salaries, wages, costs of materials
t' and supplies, annual audits, periodic consulting engineers
reports and insurance. � sn ,
iw
- (b) There shall next be paid and credited to the 1990
rf.
Principal and Interest Account, to the extent necessary to meet
d ,
at the Stated Maturity thereof, the payment of all interest onr,h''
and principal of the Bonds the following sums : a, i"
;. P P o 9
h.
i Beginning with the first of said monthly
deposits and continuing on the first day of each month ;k`
thereafter to and including January 1, 1991, an equal
G'- pro rata portion of the amount of interest becoming
r due on the Bonds on February 1, 1991; and thereafter ,
rt
beginning on February 1, 1991 , and continuing on the
first day of each month thereafter so long as any of '�
the Bonds shall remain outstanding and unpaid, an
amount not less than 1/6 of the amount of interest
<: that will become due on the Bonds on the next
succeeding Interest Payment Date; '
( ii ) Beginning on August 1, 1992, and continuing
' on the first day of each month thereafter so long as
any of the Bonds shall remain outstanding and unpaid,
;t an amount not less than 1/12 of the amount of
principal of Bonds that will become due on the next
succeeding August 1; and
,a ( iii ) On the first day of each month preceding a
Yt: month in which fees of the Bond Registrar and Paying
va
k.°. Agent are scheduled to become due, such amounts as may
be required to pay such fees of the Bond Registrar and °.
the Paying Agent. ,
All amounts paid and credited to the 1990 Principal and
Interest Account shall be expended and used by the City for the
}L -22-
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j n `y(yr•y F5• q{f Sf t. rti t 1 .t 5 t C✓ �; r HA 1 v d 'l`N'
t55`t KS tl 7 �i,.11 S- £
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t*dp� >r�5„ua. .
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r,.R {t y ,� '#�'�is r+ .{t� 44f p z.'ty�,f't y t{ e` t . ;µ�t}z 7. t 1 i 2 .: t F �. t;, i'.t 4 t� 1 f. 1 ti *f"s s; ✓y 4 t�yTr�Y�,� y�. .o-V�.
?'}`. t'Tt13 i'N`Y rtir r 4 1r 5 f t r
',},, ,C�t t Yr .t,j u 3 / •tA(1 rr p -r r } f !.. t j �`
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5 r, ? t I!• r {It r � {(,,,'a�{� '1 S.i^y�!A afrF� ?
I
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i+, G v .. � ., •.= .. ., .. +. 1 }t.�V Y`}� ?��.tt LV;"it� s�e , '"iY r 7db��F
lit,
sole t'
r
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rkc g i
+
sole purpose of paying the interest on and principal of the Bonds
as and when the same become due and the fees of the Bond
Registrar and the Paying Agent for acting as bond registrar and
paying agent
�4rx zk �t krA
at any time
icienthtommakesinnfull Parking
shall
the time required to be made by the City to the principal and
interest accounts established by the City to pay the principal offi 'i �` .
and interest on the outstanding parking system revenue bonds of ;j; f`xkt
the City, including only the Bonds and any other parking system
revenue bonds of the City hereafter issued and standing on a gat
parity with the Bonds, the available moneys in the Parking System
Revenue Fund shall be divided among such principal and interest f: r
accounts in proportion to the respective principal amounts of
said series of parking system revenue bonds of the City at the ; }'= ' '
time outstanding which are payable from the moneys in said
principal and interest accounts.
(c) Prior to or concurrently with the issuance and delivery
of the Bonds, the City shall pay and credit to the 1990 Bond
Reserve Account, from the proceeds derived from the sale of the
1990 Bonds and from other moneys on hand and available for such ;' • �,�f'; :
Y"•l.at.St u'�.
purpose, an amount equal to the Debt Service Reserve Requirement.
Except as hereinafter provided in this Section, all amounts -4 .
paid and credited to the 1990 Bond Reserve Account shall be �A"£
expended and used b the City solely to prevent an default in �*ky�
Y Y Y P Y
the payment of interest on or principal of the Bonds if the
moneys in the 1990 Principal and Interest Account are .,�r�d•��;:�.,,;�.
insufficient to pay the interest on or principal of the Bonds as nyn3 '2::
they become due. No further payments into said Account shall be
3j
required unless the City shall ever be required to expend and use
a part of the moneys in said Account for the purpose herein s
authorized and such expenditure shall reduce the amount of saidt :xy
Account below the Debt Service Reserve Requirement, in which case
the City shall begin and continue to pay and credit on the first
day of each month, after all payments and credits required to be #�
made by the City under the provisions of paragraphs (a) and (b) Y
of this Section have been made, from the Parking System Revenue t
Fund to the 1990 Bond Reserve Account an amount equal to 1/12 of
the greatest amount of such deficiency until said account shall
aggregate the Debt Service Reserve Requirement.
At no time shall the balance of monies on hand in the 1990 !
Bond Reserve Account elceed an amount equal to the Debt Service
Reserve Requirement . 4 4 3 5cr�)
Moneys in the 1990 Bond Reserve Account may be used to call i
the Bonds for redemption and payment or to purchase the Bonds in
CD
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+}G's1 r it§�t'3 i•4r � f. .'j � � :1 a ! 1 ,{ } ' �r'+��t��rv}t.�•�i �"�,�id
l�. i:•.:`f i]t.r�',it 1'9' � y 1.f.. f t � � .:7't is .Y•k,� l4 5r fl,.tr� •SR's;'. xi f, ���•.•';
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t �
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1'.
the market, prior to their ultimate maturity provided all of the ,.rit,,• •^, ,
1+ l
Bonds at the time Outstanding are called for payment or purchased
and sufficient funds are available therefor . Moneys in the 1990
Bond Reserve Account shall be used to pay and retire the last
_>
Outstanding Bonds unless such Bonds and all interest thereon be
otherwise paid.
ifr'fpt + E'Fdl
If at any time the moneys in the Parking System Revenue Fund4±€:;?
shall be insufficient to make in full the payments and credits at
the time required to be made by the City to the bond reserve
accounts established by the City to protect the payment of the ;r:#'a•;;s:; .
t outstanding parking system revenue bonds of the City, including i�f�`'•<rr� �; -
` only the Bonds and other parking system revenue bonds of the City
hereafter issued and standing n a
available moneys in the Parking System Revenue Fund shall be "~
divided among such bond reserve accounts in proportion to the "',°',;:,,.;•:
s
respective
P principal amounts of said series of parking system
revenue bonds of the City at the time outstanding which are
payable from the moneys in such bond reserve accounts.
(d) After all payments and credits required
at the time to
be made by the City under the
provisions of paragraphs (a) , (b)
and (c) of this Section have been made, all moneys remaining
the Parking System Revenue Fund shall ber , •>> '.
aid and d 9 in
P ,
credited o the
Sur plus Account. Moneys in the Surplus Account may be expended `� `'
and used for the following � t .rxy.
g purposes as determined by the �,����'rt;`,ui;���r i•
governing body of the City:
,tiff �4�
( i ) paying the cost of the operation, maintenance �;.�"�������-t;.•
and repair of the System if no other funds are available
therefor ' ' A
i)
( i preventing
P g certain defaults as hereinafter .,,>�:n;t,.. •
described in Section 17; x • ;
( iii) paying the cost of extending, enlarging or
improving the System; f
( iv) preventing default in, anticipating
into or increasing the amounts in the other accounts
referred to in this Section, or establishing or �
increasing the amount of any principal and interest
account or bond reserve account created by the City for
the payment of any parking system revenue bonds of the
City hereafter issued under the conditions hereinafter r'='
specified and standing on a parity with the Bonds; or j {r"
3t
(v) calling, redeeming and paying prior to
maturity, or, at the option of the City, purchasing in
the open market at the best price obtainable not a'
i
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ry 4,.7ut*i z(t`.ru.1y r7t=k :y`ti f � i { ' 't .! . 'j�.e,; .,4 .r l t f�..��W X fi Y .. s�, ;Vti �Q)•y.�'1:}
:.c`�fy.,t,fy�'. .i{ .�� r /t c� r t" .fit. .rt�.',i:r i•���J}�{� �s�, ':x �' h
rs yi t�F;�{7,IY f :i"l 3.4, � r+ { -;� ,,;,7 y.�..��ti'��� IA.: ��'.,�� ���t •y` �t`
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it.J�..,r.? �44.r '14 v i�_3 'r .: .s: 1 i`t ,f�'"N<L+�yv{i r�i'• •�z1�4�"t i tst'i. d. •,;.,� � .rt
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,ti t .r ,.,,,;e.•wiri+liro!'9X�{#+Yht3!,'Y"-•'fit"'k�.xfi's`1?iAxFf 3:?'�Yl.�<�t: 2.?'T:;`+Ji'L4'#.�[J,fella:an•;•vtnr...>..trmvrr!�ra+;>asrt.5;.dr,ily(;: .Y�.,R'.'i.�".N.f 19.z�?.::�<?t. `1�! k ���u�5���
tts{
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At
exceeding the call price ( if any Bonds are callable) ,
the Bonds or any other parking system revenue bonds of
the City hereafter issued under the conditions
hereinafter specified and standing on a parity with the , t
P 9 P Y
t'2''•?raz't`$" ti
Bonds, including principal, interest and premium, if
any; o r 5r
(vi) any governmental or municipal purpose ; • ;
permitted by law.
Section 17. Deficiency of Payments into Funds or Accounts .
If at any time the Revenues shall be insufficient to make any
payment on the date or dates hereinbefore specified, the City
will make good the amount of such deficiency by making additional s + `
payments or credits out of the first available Revenues
thereafter received by the City, such payments and credits being rsQaS,
made and applied in the order hereinbefore specified in Section
16 of this Ordinance
If at any time the moneys in the 1990 Principal and Interest
Account and in the 1990 Bond Reserve Account are not sufficient
to pay the principal of and interest on the Bonds and any
additional parking system revenue bonds of the City hereafter
issued and standing on a parity with the Bonds as and when they=,(��17.';
same become due, then moneys in the Surplus Account may and shall �• ¢�„� �'�.;�;
be used by the City to prevent any default in the payment of the ='t�- •
principal of and interest on the Bonds and any additional parking
system revenue bonds of the City hereafter issued and standing on
a parity with the Bonds.
Section 18. Transfer of Funds to Paying Agent and Bond
Registrar . r ' '”
` The Treasurer of the City is hereby authorized and ``,
r4*J��'�fx.-+ .
directed to withdraw from the 1990 Principal and Interest �ra
+. ; Account, and, to the extent necessary to prevent a default in the � i;
payment of either principal of or interest on the Bonds, from the' ' �f;
1990 Bond Reserve Account and the Surplus Account sums sufficient All
to a both principal of and interest on the Bonds as and when
pay P P
the same become due and to pay the charges for services rendered :>'�;�,t
by the Bond Registrar and Paying Agent in acting as bond 'r
registrar and paying agent for the Bonds and to forward such sums
to the Paying Agent in immediately available funds no less than t
one business day before the date when such principal, interest
:i and fees will become due. The amounts necessary to pay the z,
charges of the Bond Registrar and Paying Agent shall be forwarded
x, to the Paying Agent over and above the amount of the principal of +
and interest on the Bonds. K
The amounts held by the raying Agent for the payment of the
+' interest or principal due on any date with respect to particular R
Bonds shall, on and after such date and pending such payment, be
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df rx q7 t7 ., r 4 1
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'1.a. .t ,Pvt'ti�lS r!}f1LF 3l�. ,+' if.1r f .' / e zi «t�'at�y,-jt+r�'�}'-k,4i �t. - 'Yypy3..'�•..
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ti�R„(r c9`ttF y(lit .•,1 ,5 J. - '7 � , t } I J �', 1 tt'4 e� �a. srJt• .13a7 � �S r�� ".�"'"
ti:, n , r ¢ .4' s ,I'�J(�.•r�t :%iY•y,{A'�tq ' '!. �i,.
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;, i ylS4'stn...,...w.._:.._...,._. 'F r� :: ,., '` i.. iiv .:t,; rttt.. • .��1`�. ;ty tyFr>x
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set aside on its books and held in trust by it for the Holders of
the Bonds entitled thereto.
Any moneys held by the Paying Agent in trust for the payment
and discharge of any of the Bonds which remain unclaimed for six
f-wa.
years after the date when such Bonds have become due and payable,
if such moneys were held b the Pa
Y y Paying Agent at such date, or for
six years after the date of deposit of such moneys if deposited
with the Paying Agent after the said date when such Bonds become
due and payable, shall, at the written request of the City, `>`� `. 's
repaid by the Paying Agent to the as it be sr!
City s absolute property �''````
and free from trust, and the Paying Agent shall thereupon be
,r.
released and discharged with respect thereto and the Bondholders
shall look only to the City for the payment of
such Bonds .
Section 19. Investments of Moneys in Funds and Accounts .
Cash moneys in each of the funds and accounts created by and
referred to in this Ordinance shall be deposited in a bank or
Vk
banks located in the State of Missouri which are members of the
Federal Deposit Insurance Corporation, and all such bank deposits
shall be continuously and adequately secured by the banks holding
such deposits as provided by the laws of the State of Missouri.
Moneys held in said funds and accounts may be invested by the
City in direct obligations of, or obligations the
g principal of
and interest on which are unconditionally guaranteed by, the
United States of America, or in other obligations . in which public ,:'
funds are permitted to be invested under Missouri law; provided,
qw
however, that no such investment shall be made for a period ° '• '.'::;
extending longer than to the date when the moneys invested may be
needed for the purpose for which such fund or account was > ;;• s
created. All interest on any investments held in any fund or
account shall accrue to and become a part of the Parking System ; ' )
Revenue Fund, except that
p (a) if and when the amount held in the
1990 Bond Reserve Account shall be less than the Debt Servicex; s
Reserve Requirement, then at all such times the interest earned ta5t '
on investments of moneys held in the 1990 Bond Reserve Account +• u�;�°°.:_`
shall be deposited in the 1990 Bond Reserve Account, and3£rh, ,g,�.,;3
(b) prior to the completion of the Project, the interest earned ` r` -'I
on investments of moneys held in the Construction Fund shall be
deposited in the Construction Fund. Any expenses incident to the
investment of moneys held in any fund or account shall be charged nr '4
to and paid from such fund or account . In determining the amount
held in an fund or account under an of the f ,.r
' Y Y provisions of this
Ordinance, obligations in which moneys have been invested shall7'
be valued at the principal amount or the market value thereof '
whichever is lower. ' `
Section 20. Tax Matters. The City will comply with all
applicable provisions of the Internal Revenue Code of 1986, as
amended ( the "Code" ) , including Sections 103 and 148 thereof, and
J'
-26-
1 it f V r� 1 hi�l�raxi�*rYw+�dn''Di� ..f�4.xLr.s••,.�.,.--,.--_-_ ..+.rnsxutw,FlACd."HR'�gnr��'e
aW111 , .y v :3 I ., '__._... .'• � }.., �'s tt�'ek��4; �
' 1
w ,Y c`^{7 A i'c1r s^, \'t Ne I•fl 4.o(
it �'�,J�'�4}4bt'kFfikru.L.:r.W..tw.a..uwa,e4iN.WI?{L�i1+,8a.'fv.��.i{[A'',f�•W A�... 1....is:.tli..-��It,Ft...�.%,1. ..... c .5k.�, it t41,�.:.�YY'.. ., .a�� ...fi.� �'.7... :U'.n.l:Y.�.1�H�:4..F'1J1/..��`X+�SiuT.�lsvnr�' �OL7� �'
f%
{�ry.
the regulations of the Treasury Department thereunder , from time
to time proposed or in effect, in order to maintain the exclusion =nR3a
from gross income for purposes of federal income taxation of the Of 4
interest on the Bonds . • ;<.�;;�:. �:<:
�S
The City covenants and agrees that it will use the proceeds ,��s,�a• �,
of the Bonds as soon as practicable and with all reasonable
{ dispatch for the purpose for which the Bonds are issued as
hereinbefore set forth, and that no art of the proceeds of the ''
F P rte ;!i�P
Bonds shall be invested in any securities, obligations or other
investments except for the temporary period pending such use nor
used, at any time, directly or indirectly, in a manner which, if •.;r;.;,':<. :-i
such use had been reasonably anticipated on the date of issuance
of the Bonds would have caused any of the Bonds to be or become �.• . r,
"arbitrage bonds" within the meaning of Section 103 (b) ( 2) or
Section 148 of the Code and the regulations of the Treasury
Department thereunder proposed or in effect at the time of such r
use and applicable to obligations issued on the date of issuance
of the Bonds .
{
The City represents and warrants that ( i ) it is a ': •.,s;. ., ;;;.•
governmental unit under Missouri law with general taxing � ,::•,:-
'
( ii) none of the Bond g 9 powers,
( ) s is a private activity as defined
' vity bond
Section 141 of the Co ned in r ,'„.F,,`;,•;,p; .
'ti's •.if:i
de, ( iii) 95� or more of the net proceeds of
the Bonds will be used for local governmental activities of the '•�'ir`'�'q�r:=:r��<
f
City and ( iv) the a ggregate face amount of all tax-exempt bonds
��w`;t�r�• 4�`�4
(other than private activity bonds) issued by the City (and all °�tt,,�•:Y�':y:;°F�•Y.,z��F4°°;°.~..
subordinate entities thereof) during the calendar year 1990 is
not reasonably expected to exceed $5 , 000,000 . The City hereby
covenants that the City and all its subordinate entities will not • 't�.,,,�� p���
issue in excess of 5,
$ 000, 000 of tax-exempt bonds ( including the ?:� ��x,,w�y�s''•
Bonds but excluding private activity bonds during the calendar :�� `; ',z, A,.•
year 1990 without first obtaining an opinion of nationally
;f recognized counsel in the area of municipal finance that the ��i ?��•,,;� �s�
excludability of the interest on the Bonds from gross income for :*+
federal tax purposes will not be adversely affected.
The City hereby designates the Bonds as "qualified tax- �'''°`� "' •
i exempt obligations” as defined in Section 265( b) (3) ( B) of the
Code. The aggregate face amount of all tax-exempt obligations
(excluding private activity bonds other than qualified 501 c 3 `
bonds ) issued or to be issued by the City (and all subordinate 5 >
entities thereof) during the calendar year 1990 is not reasonably
expected to exceed $10, 000 ,000 . The City hereby covenants that
the City and all its subordinate entities will not issue in
excess of $10 ,000,000 of qualified tax-exempt obligations `
(including the Bonds but excluding private activity bonds other '
than qualified 501(c) ( 3 ) bonds) during the calendar y ear 1990
without first obtaining an opinion of nationally recognized
counsel in the area of municipal finance that the designation of T
>T„fi
,1
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#) l� A+:A•r+.....i..l...::x...,..`...'..,..w...'i»rtY SR"4Y4'6t1NV-tiL0r2*B3k`fdtM,'4 Nk*n'1.k;fU�!t`A4:1+:;"r.''Fill;l�f".'..raY.:t.1Sk....:`.at:S:;/r+ra!!'?1.a ... .Rr•i7,`'.".w ='1+';r^' `'i:f`?Br.�..,, .,}qtr s�Qlut"r?.,..7't'rt 't1d'�3tkt`_'rA }'t.�5`�,r'3ft`Ai•' iSf 7d
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the Bonds as qualified tax-exempt obligations" will not be
adversely affected. sY.
: .fit'•^„�;'���' ,
Section 21. Particular Covenants of the Cif. The City
covenants and agrees with each of the Holders of any of the
Bonds, that so long as any of the Bonds remain Outstanding: :?
,�{;•Y r,) 1.
K; (a) The City will faithfully perform at all times any and
all covenants , agreements, undertakings and provisions contained
' in this Ordinance and in the Bonds .
(b) The City will continuously own and will operate the
System in an efficient and economical manner and will keep nd
maintain the same in good repair and working order . p
(c) The City will fix, establish, maintain and collect such
rates, fees and charges for the use of and services furnished by -''• :''� ''`
or through the System as will produce Revenues sufficient to ( i )
a pay the cost of the operation and maintenance of the System; ( ii.)
a the
pay principal of and interest on the Bonds and any additional
parking system revenue bonds of the City hereafter issued and
g parity with the Bonds as and when the same become
standing on a �" � `��'•' "_
due; and ( iii) provide reasonable and adequate reserves for the
'
payment of the Bonds and the interest thereon and for the
` protection and benefit of the System as
y provided in this
Ordinance. The City further covenants and agrees that it will at
F all times fix, maintain and collect rates, fees and charges for
' such use and services sufficient to provide in each fiscal year
Net Revenues in an amount not less than 120% of the amount
required to be �A
' q paid in the current fiscal year on account of
principal of and interest on all obligations 9 payable from the
F
Revenues of the System at the time outstanding. The City will •� �..°�^ ;�':”
require the prompt payment of accounts for the use of and
i; services provided by the System and will promptly take whatever
action is legally L ,
g y permissibly to enforce and collect delinquent
charges. As soon as possible after the end of each fiscal ear
the annual audit and report made for such year by the City' s „-; . ¢�
auditors pursuant to the provisions of paragraph (g) of this ¢ "h`
Section shall be presented to and considered by the Council, and •' t
if it shall appear that an increase in the existing rates, fees
or charges for the use and services of the System is necessary in
order to satisfy the obligations of the City under the provisions
of this Ordinance, said Council shall promptly make such increase
and shall cause the same to be effective within 90 days
' thereafter. If, prior to the end of any fiscal year, the monthly
operating statements of the System shall indicate that an
increase in the existing rates, fees or charges is necessary in , .
order to satisfy the obligations of the City under the provisions
of this Ordinance, said Council shall promptly make such increase
-28- }
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F4� (3 td. {1 , t r. tt� r i r SIr ``}.t,fl � .Irhf t ,j,.�+•+'•4t}{,'tt,'', tk ,
+y
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.ie(�+..,*+a?'.�a++.....__....,»...._.......,.w..,w+.viur uYi.`;t.'d�'ffr`,'` ,'�Cr.l"1;,?••?'{r.r::E.•R',..�A1x`;";•. �f)'.'r:_�,¢::.. "�:{Y•�•.. `,,. ts:'.`k:;:t`�'LLC:'i" s. �id�,.: .�'t.... 3� ti.c� t 3r{' i 1 �.t 4 tt t�� ,�':
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and shall cause the same to be effective within 90 days ,..K,
thereafter .
(d) None of the facilities or services afforded by the _,;'; ,.s ,:.
System will be furnished to an
y user (excepting the City itself)
without a reasonable charge being made therefor . In the event .' ' ,
that the Revenues shall at any time be insufficient to p a the
reasonable expenses of operation and maintenance of the System
and also to pay all interest on and principal of the Bonds as and w•.,ura t
r when the same become due, then the City will thereafter pay into
the Parking System Revenue Fund a fair and reasonable payment for }••-`'}`�'��
all service or ocher facilities furnished to the City or any of
its departments by the System, and such payments will continue so
long as the same may be necessary in order to prevent or reduce
t .
the amount of any default in the payment of the interest on or
principal of the Bonds.
(e) 1he City will not mortgage, pledge or otherwise 1'
encumber the System or any part thereof, nor will it sell, lease
or otherwise dispose of the System or any material part thereof,
except pursuant to leases in effect on the date of the original
issuance of the 1990 Bonds; provided, however, the City may sell
any portion of such property
y which shall have been replaced 7"{ �' `'•l
other similar property of at least equal value or utiity,by
y, o r
which shall cease to be necessary for the efficient operation of
the System. The proceeds of any such sale or sales, if not
applied to the acquisition of similar property for replacement, s^xtr 'y.
shall be paid and deposited into the Parking System Revenue Fund. ' `� w
The City may cease to operate, abandon or otherwise dispose oft # ;.
any property which has become obsolete, nonproductive or
otherwise unusable to the adv
antage of the City.
(f) The City will carry and maintain a reasonable amount of
insurance upon all of the properties forming
g a part of the System s,
insofar as the same are of an insurable nature, such insurance to �� a° `'''
be of the character and coverage and in an amount as would
normally be carried by a city operating imilar ,
g a parking system
in Missouri.
uri. In the event of loss or damage, the City will use
the proceeds of such insurance in reconstructing and replacing
the property damaged or destroyed, or, if such reconstruction or
replacement be unnecessary, then in improving, extending or
enlarging the System or redeeming and purchasing in the open
market the outstanding Bonds of the City and any additional
parking system bonds of the City at the time outstanding and on a
parity with the Bonds. The City in operating the System will 't
carry and maintain public liability and workers ' compensation '
insurance in such amounts as would normally be maintained by a i
city operating a similar parking system in Missouri, and the
proceeds derived from such insurance shall be used in paying thea`.
claims on account of which such proceeds were received. The cost
E.•
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n ,
.ir} '+'tr
f tS¢.fe.,tfiiw:,...,,,,.,a..w' ..;u...,:: .,WwriYe�fe�ra2tM�.VftlNltthl'st2: 9,�1;"'�:rt`d;..���.�'1.�'�?' r£.}�."�f�S.S"i"l.�.F�'.C9,t!3t ' ✓ 'Y; 5 +1.z
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of all insurance obtained pursuant to the requirements of this
subsection shall be paid as an operating cost out of the Revenues
!
of the System. Y °"
The
(g) City will install and maintain proper books, ' "
records and accounts "
(entirely separate from all other records
and accounts of the City) in which complete and correct entries
will be made of all dealings and transactions of or in relation !` •t •.
to the System. Such accounts shall show the amount of Revenues
received from the System, the application of such Revenues, and ,gx '` "!`
all financial transactions in connection therewith, Said books
the City shall be kept by
y according to standard accounting ,;;pry% •
practices as applicable to the operation of such utilities by ``lFx4,rk5{;..
municipalities. Annually, promptly after the end of the fiscal
year, the City will cause an audit to be made of the operation oft`ta"'ttr"
the System for the preceding fiscal year by a firm of independent ;;
certified public accountants to be employed for that purpose and
!- paid from the Revenues of the System. Said annual audit shall
include the following information:
(i ) A classified statement of the gross revenues ;w +
received, of the expenditures for operation and
R maintenance, of the net operating revenues, and of the rrH„
t�J+•i I�riJ�it�Y.
amount of any capital expenditures made in connection
with the System during the previous fiscal year;
�I
A balance sheet as of the end of each fiscal
year, with the amount on hand at the end of such yearY. `p�
in each of the funds and accounts created by and ,;+t
referred to in Sections 14, 15 and 16 of this
Ordinance; •
( iii) A statement showing the profit or loss for
such fiscal year ;
( iv) A statement of all ,
parking system revenue ;
bonds called, purchased, matured or paid during the
Preceding fiscal year, and a statement of all interest
paid during such year on all parking system revenue
bonds of the City; ?+;
(v) The opinion of the auditors as to whether or
not the City is meeting the requirements of paragraph
(c) of this Section by maintaining and collecting
adequate rates, fees and charges for the use and k
services furnished by or through the System; and
(vi ) Such remarks and recommendations regarding
the City's method of operating the System and its
t�•
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r
accounting practices as said auditors may deem
appropriate �'`
yet;,,-..r.F„�a�•:.;•
Within 30 days after the completion of each such audit, a t �,,•��. • �
copy thereof shall be filed in the office of the City Clerk, and
a duplicate copy of said audit shall be mailed to the original
purchaser of the Bonds . Such audits shall at all times during Y
the usual business hours be open to the examination and '""s `
r Mt t
inspection by any t; :payer, any user of the services of the
System, any Holder of any of the Bonds, or by anyone acting for
or on behalf of such taxpayer, user or Bondholder .
If an y audit shall disclose that proper provision has not '���l.;S:v,{„„a•'*�,:r
been made for all of the requirements of the law under which thew=4' `- '��:
Bonds are issued, and of this Ordinance, the City covenants and
agrees that it will
g promptly cure such deficiency and that it -•����;��r�y�;i.
will promptly proceed to cause rates to be charged for the use
and services furnished by the System which will adequately provid e for such requirements. 'v;,{� ��'"q�i
(h) The Holder or Holders of any of the Bonds shall have
the right at all reasonable times to inspect the System and all
records, accounts and data relating thereto, and any such Holder rr�°� �!. ;�•
shall be furnished all such information concerning the System and
the operation thereof which he may reasonably request; provided,
however, that neither this nor any other provision or section ofn ,
this Ordinance shall relate in any way to any information ` '
relating to the ownership, registration, transfer or exchange of
Bonds, and no such information or any related information ti yq!
provided to the City by the Bond Registrar shall be provided to a
Holder or any other person unless otherwise provided by law or '.
court order.
( i) The City will faithfully and punctually perform all P �`
duties and obligations with respect to the operation of the '
System now or hereafter imposed upon the City by the Constitution
and laws of the State of Missouri and by the provisions of this
Ordinance. .
Section 22. Additional Bonds . The City hereby covenants
and agrees that so long as any of the Bonds remain Outstanding
and unpaid, the City will not issue any additional. bonds or other
obligations payable out of the Net Revenues which are superior in ?
lien, security or otherwise to the Bonds .
P,
The City further covenants and agrees that so long as any of
the Bonds remain Outstanding and unpaid, the City will not issue $
any additional bonds or other obligations
Revenues which stand on a parity or equalityywith the Bonds
e Net
unless all of the following conditions are met:
-31-
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Ing 1501
}a 3 sr y x"yza43 r° ,
} t ra,F,'ub, ''a. ,ltti�i4'✓�C1F?8i'aprR� ��� i'��k+3 fn°Y,ir•... YY�r•:, ,a.�ClDra�drrf"'.'CY+.'t�.��,.
(a) The City shall not be in default in the payment of
s principal of or interest on the Bonds, in making any payment at
>. . the time required to be made into the respective funds and
accounts created by and referred to in this Ordinance or in the
performance of any covenant herein contained; and
(b) Either .
E (i ) the average annual Net Revenues for the
three fiscal years next preceding the issuance of
additional bonds shall have been not less than 120% of
rr° the average amount required to be paid in all '•.r
succeeding fiscal years on account of both principal � ^
,n
Vii , . ,,' •..
and interest becoming due with respect to all �.��T,,, ,fi:>�?;•
obligations payable from the Net Revenues, including
the additional bonds proposed to be issued; or
( ii ) if the City shall have made changes in itsj :� "
±,. . _ t•
rates, fees and charges for the use and services
furnished by the System, which changes shall not have +�y� "1
been in effect for all of the three fiscal years next
preceding the issuance of additional bonds, the City
shall obtain an investigation and report from a 3.
registered engineer or a certified public accountant
or other professional consultant .regularly employed in
'•; a similar business as to the amount of average annual
E Net Revenues which the City would have received from
the operation of the System during said three
preceding 'fiscal years if such increased rates had
been in effect during all of said period, which ;
investigation and report shall certify that, in the
opinion of said consultant, the requirements of
` ;. subparagraph ( i ) above would have been met if the
increased rates had been in effect during all of such
period; or ;<
j ( iii) the City shall obtain an investigation and
report from a registered engineer or a certified
! .» public accountant or other professional. consultant
regularly employed in a similar business incorporating
" projections which indicate that the Net Revenues for
!
the three years immediately following the month in
which the improvements for which the additional bonds
` i are being issued are placed in commercial operation
(as estimated by the engineers for such improvements)
will be equal to at least 120% of the average amount
required to be paid in all succeeding fiscal years on
account of principal and interest becoming due with
respect to all obligations payable from the Net
Revenues, including the additional bonds proposed to
T� r
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a
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be issued. If the City shall have made any increase
;J in the rates, fees and charges for the use and
services of the System which is not in effect at the
` time such report is issued but which shall be in
h effect during the period covered by an investigation
4., and report made pursuant to this subparagraph ( iii ) ,
then the report of said consultant shall certify that
such increased rates are economically feasible and
� t
reasonably necessary for the projected operation of
the System. :t ,
An investigation and report made pursuant to subparagraph
( ii) or subparagraph ( iii) above shall be considered final and
conclusive and shall govern in determining the right of the City
to issue additional parity bonds under the provisions contained
therein. Such report shall be filed in the office of the City
Clerk and a duplicate copy thereof shall be sent to the original �R•,a: z1r?',
purchaser of the Bonds . L
Additional revenue bonds of the City issued under the
conditions hereinbefore in this .Section set forth shall stand on �.;r�'�r ;��;.• ,
a parity with the Bonds and shall enjoy complete equality of lien ''' '`
on and claim against the Net Revenues with the Bonds, and the
City may make equal provision for paying said bonds and the ,
interest thereon out of the Parking System Revenue Fund and may
t ® likewise provide for the creation of reasonable principal andrry
interest accounts and bond reserve accounts for the payment of
such additional bonds and the interest thereon out of moneys in rk
the Parking System Revenue Funds;"
1
ry Nothing in this Section contained shall prohibit or restrict �a,1
the right of the City to issue additional parking system revenue
bonds or other revenue obligations for the purpose of extending,
improving, enlarging, repairing or altering the System and to
L N:
provide that the principal of and interest on said revenue bonds '
or obligations shall be payable out of the Net Revenues, provided
at the time of the issuance of such additional revenue bonds or
obligations the City shall not be in default in the performance 4
of any covenant or agreement contained in this Ordinance, and r ,
provided further that such additional revenue bonds or
obligations shall be junior and subordinate to the Bonds so that
if at an time the City shall be in default in g
y y paying either �{
interest on or principal of the Bonds, or if the City shall be in
default in making any payments required to be made by it under
the provisions of paragraphs (a) , (b) and (c) of Section 16 of
this Ordinance, the City shall make no payments of either
principal of or interest on said junior and subordinate revenue
bonds or obligations until said default or defaults be cured. In
C• •{3
the event of the issuance of any such junior and subordinate
revenue bonds or obligations, the City, subject to the provisions
5.
� v
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,.;¢ {y,L '%y��j,,t�� ,4 dw�F.y i�4,sa�:•/'4� t .t Ni: ..t,) .:5 ) `'. r! ;� r dl Yt!q.,sw. `i`. « '.
,:.% tY4 ,,�)y.,, � 4 J' :i .. .�g 1•. � E Y '{' ; 7 .SI , 1 N , 4?Fk.�SYY 5,;�. �F '` 1,1
} `.�-;'`y7r {��lr''�5�1'J},rr;l,�.ctx .t���' .ft \. •`a6.2 d4.'r � t - a f.. r '.�' ,�t r` :� t. r�,'r��,.y�..•,.itrwjy;i•.,',R 1� k
' 1v yi7F'�7� y t�! ti1.r. .2$ S' .l{t 1 •s t.l � #`' � '�:�+ 't. r. r r r t �., ��."c7r,r' .�.. � <
. '.. f ..�.'t� �{'9 `� s ,.r i..1, 11t 1�' .t' .' r ! > �t,. r , . �= it' �V.{,lr S"4.�'�.✓J,n�'N•t�� , '�p'e
a
>4 S xy{ir•,s A 11J,J'�'`.'t�f���'dS,��u;#4"ji��FNrY s,s,�,�?�A��r� �•` ,
'• .. ','. �. F.$.. r+%r tcur�-. .•tii t$ ' '•?p".;r�F7"',�,;r 3i t,.}'y,,.,Jt.,x,..:r!:'':�-.li:•:;'( .,5. .f.F+� :I
{'$�i.r,'sdTtb.Wtae.:.:.W... � ..�.......rr�.it'3'p9i'A.�YiF�:,'.f't'.17'wl`P4 a'„3^u'''rs: .:«-Ri�i�'rs, t 1..:4.,..'x. r•6vS4,, ,
aforesaid, may make provision for paying the principal of and r .
interest on said revenue bonds or obligations out of the Net ;kn,i
Revenues.
Section 23 . Acceleration of Maturitv in Event of Default . r'j �' x
The City ovenants and agrees that i i shall default in the
y
payment of the principal of or interest on any of the Bonds as
the same shall become due, and such default shall continue for a
of or an
body i
or if the City or its governing oy y
period of 30 days,
the officers , agents or employees thereof shall fail or refuse to
comply with any of the provisions of the Constitution or statutes
of the State of Missouri , or of this Ordinance, then, at any time
thereafter and while such default shall continue, the Holders ofj ,;
25% in principal amount of the Bonds then Outstanding may, by
h written notice to the City filed in the office of the City Clerk
or delivered in person to said City Clerk, declare the principal
of all Bonds then Outstanding to be due and payable immediately,
and upon any such declaration given as aforesaid, all of saidir { '
Bonds shall. become and be immediately due and payable, anything
in this Ordinance or in the Bonds contained to the contrary
notwithstanding. This provision, however, is subject to the
condition that if at any time after the principal of said
Outstanding Bonds shall have been so declared to be due and
r payable, all arrears of interest upon all of said Bonds , exceptr ;4>
:. interest accrued but not yet due on such Bonds, and all arrears 'ttr� r;
of principal upon all of said Bonds shall have been paid in full, ;
and all other defaults, if any, by the City under the provisions
of this Ordinance and under the provisi ons of the statutes of the :t,;yl.<
State of Missouri shall have been cured, then and in every such r4a ;Sgtt
` case the holders of a majority in principal amount of the Bonds � F"• '. �;.
then Outstanding, by written notice to the City given as
hereinbefore specified, may rescind and annul such declaration
'
i and its consequences, but no such rescission or annulment shall
extend to or affect any subsequent default or impair any rights
consequent thereon. sy
t the consent h
i
Amendments. The City may, without
� Section 24 .
of the Holders of the Bonds, amend or supplement the provisions ;�'M��•,ri
of this Ordinance ( i) to cure any ambiguity herein or to correct
< ; or supplement any provision herein which may be inconsistent with
any other provision herein or to correct errors , provided such
action shall not materially adversely affect the interests of the ,Y " rfs
Holders of the Bonds, or ( ii) to grant or confer upon the Holders py :i
.'. of the Bonds any additional rights, remedies, powers or security.
`
The rights and duties of the City and the Bondholders, and
the terms and provisions of the Bonds or of this Ordinance, may
n:
be amended or modified at any time in any respect by ordinance of
the City with the written consent of the holders of not less than
-34-
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j :,�:' ,ty7c isyp��'1�;� Y�'11:�L lr rk J: , t}'$ r 'j� ,},'1''.( 5 1. i -( S r=1rEt ¢''`��yl���.� .�•
:� .a>Y �t��fiil''�.s,•'1C�r�.Jrr rs t. f r r t t^,. r t t� 4 . 1 �;.a tis�st r,+;: { ',f ;nE
;•£ , '4s`?�`?{i�. 71i 1 ft.t t� s ,� .r 1, t z ,iS,} t,ii'�+t+:£.�.��..}� PP tt-�t(��' ,.
.tom• "3,•Z� �"Js 1P,!-, Cr'J'r , .{: , l {y t r i G t ', r t:•.l '�.Y �!S ;�i,?a fit^t,' Y'}T•sT 3
r.'�. •yt x4F..;a�,�`"�1� y �l,�i�[`�+,N:St£ ','t.!' + #' ! (. 1 ,4 �1 S r�,. .t.r3.t Y:*�'����'�}tt„ �`d'''.y{p. .�ya .''S o.
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;} .r str:ti t" 1`z � f + :�. r +, ,. � r .�t�"t.trn�r�T•�d%` .
:�"(:,.�1<f��,r,+,frpP 7G,iS;�:�ya �t..� t } .yi i,l,a'.. t�/ t t+ I'�� � "r ' �}{ r!{1s{r �,r�. a�';. �tr,�•.•
.�' l'•.{r,rn3,.,;,5.� �ric .r� 2):,.J.. S ,,�t .4 r :r• t', ,,rr .,� r.rabk.+p:r.'.i?• {��""•F, rx. '�'�
•r, r.7�ttt�'Sf�����it3t Xf.J� t �. ,J�t.r,+t .,J } r ti. � i �5 n$7�t�..r�.�.;�• 'r�`jkp�'4q( fx;' "�,tj
7. r
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J.,r .r s�r �, r 'i .,<t .,.. t. ,�'. [ In P7{ 4f 3. ��• i ny t.
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r ., T Ft(x�31 � r tlr��.,�. ��+ �>.dt 4,.'� 1 qqq�
,. •.. .. c ,'t G !�•it�v' + a" G�Zd''ltJ�irr'1
i 3t
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66 2/3% in principal amount of the Bonds then Qutstandingp but no
such modification or alteration shall :
(a) extend the maturity of any payment of principal or
interest due upon any Bond;
(b) effect a reduction in the amount which the City is
required to pay by way of principal of or interest on
any Bond;
(c) permit the creation of a lien on the Net Revenues of
the System prior or equal to the lien of the Bonds or
additional bonds hereafter issued on a parity with the
r." Bonds except as hereinbefore provided;
(d) permit preference or priority of any Bonds over any
other Bonds; or
(e) reduce the percentage in principal amount of Bonds
required for the written consent to any modification or
alteration of the provisions of this Ordinance.
Any provision of the Bonds or of this Ordinancd may, however, be
amended or modified at any time in any respect with the written
consent of the Holders of all of the Bonds at the time
Outstanding.
The fact of ownership of Bonds registered otherwise than to
bearer and the amount or amounts, numbers and other
identification of such Bonds and the date of holding the same
shall be proved by the Bond Register maintained by the Bond
Registrar . Any and all modifications made in the manner
hereinabove provided shall not become effective until there has
been filed with the City Clerk a copy of the ordinance of the
City hereinabove provided for , duly certified, as well as proof
of consent to such modification by the Holders of not less than
66 2/3% in principal amount of the Bonds then Outstanding. It
shall not be necessary to note on any of the Outstanding Bonds
any reference to such amendment or modification.
Section 25.. Remedies,. The provisions of this Ordinance,
including the covenants and agreements herein contained, shall
constitute a contract between the City and the Holders of the
i,Yl Bonds, and the Holder or Holders of not less than 10% in
principal amount of the Bonds at the time Outstanding shall have
the right, for the equal benefit and protection of all Holders of
Bonds similarly situated:
(a) By mandamus or other suit, action or proceedings at law
or in equity to enforce his or their rights against the City and
-35-
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'�: . `Y•t.vi.i rw+o..:.u.,_,_..-.r..,+.-.;a...db.itxt�.at:tfi'Y.�t:�...•.i sit.G'Yf�k�tv�i`f�:�:is"x�r'1%1'"i•..�'.tr/r:::t't.:;".'S",';.�E. t.s ,at , r a e a .. ! t .'�'i'.:- •! :�.r
t:
�'•;;f.;y� .' _ ..Pct';,
its officers, agents and employees, and to require and compel the
City and its officers, agents and employees to erfor
p mall duties g,> .r..., ,
and obligations required by the provisions of this Ordinance or
by the Constitution and laws of the State of Missouri ; 3 `
(b) By suit, action or other proceedings in equity or at P' t � •.
law to require the City; its officers, agents and employees to
account as if they were the trustees of an express trust ; and
(c) By suit, action or other proceedings in equity or at {�E "
law to enjoin any acts or things which may be unlawful or in
violation of the rights of the Holder of the Bonds.
Nothing in this Ordinance or in the Bonds shall affect or
impair the obligation of the City to pay at the respective dates ~` ""t' ``:''•
r of maturity the principal of and interest on the Bonds, and ''`'` '
premium, if any, to the respective Holders thereof or affect or
impair the right of action of any Holder to enforce the payment
of the Bonds held by him, or to reduce to judgment his claim
against the City for the payment of the principal, interest and
premium, if any, on the Bonds, without reference to or consent of
any other Bondholder .
Nothing contained in this Ordinance, however, shall be qtr
construed as imposing on the City any duty or obligation to levy
any taxes either to meet any obligation incurred herein or to pay
the principal of or interest on the Bonds .
Section 26 . Limitation on Actions by Bondholders,
Remedies
Cumulative, Delay or Omission Not Waiver . No one or more
Bondholders secured hereby shall have any right in any manner
whatever by his or their action to affect, disturb or prejudice
the security granted and provided for herein, or to enforce any
right hereunder, except in the manner herein provided, and all ? "
proceedings at law or in equity shall be instituted, had and £*,!3
maintained for the equal benefit of all Holders of such �" a '`7`,
,. ; Outstanding Bonds. No remedy conferred herein upon the ;3�fLfay;::1
Bondholders is intended to be exclusive of any other remedy, but
v
- each such remedy shall be cumulative and in addition to every
other remedy given hereunder or now or hereafter existing at law fkY;r
or in equity or by statute, and may be exercised without
exhausting and without regard to any other remedy however given. #
No waiver of any default or breach of duty or contract by the r
Holder of any Bond shall extend to or affect any subsequent ,
a' default or breach of duty or contract or shall impair any rights U
or remedies consequent thereon. No delay or omission of any
Bondholder to exercise any right or power accruing upon any '.
default shall impair any such right or power or shall be
construed to be a waiver of any such default or acquiescence " .
therein. Every substantive right and every remedy conferred upon L
Y• � R
r"
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+ �i'�� r w� ,6tj t �p Krr+'r'. { is r + ':i ..i, c7' i; . {iea ^. "i°+.•
��-. €x..•4•t.Y;3� ";. ;r V! ,1.+. .1{ .'f , i' t. ' , tt�'t, 1 "` J t `.1 rs���;��1[A{":)5�•��,�}'i,�}' �" ,
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:rf 'T+r � :.lQ. � ,f: t. .. r .' ,".y ..-`` ilaa��tr}`f E �4��t'��. icy.7,�..'.! t+�•')',r �'�
is Y3�f
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�i•61er...,,, t'aas 'r +1RSKiHl il�d'.�7.d}�.�.'�.�Sa�h3�1,�tiY�:;` �.��ld4a��:�"�'°s'��`�tt�i��idr"�e"�S'�.Y`y(rc`:Y'1i:k'z:it;�;,wnw.S�''�+`'4r11,U<5:.+"f7:rh�,71 �'�a'otr *'���4G1�'� ..
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the Holders of the Bonds by this Ordinance mr--, be enforced and
exercised from time to time and as often as may be deemed
expedient. In case any suit, action or proceedings taken by anyx'
Bondholder on account of any default or to enforce any right or
exercise any remedy shall have been discontinued or abandoned for
any reason, or shall have been determined adversely to such
Bondholder, then, and in every such case, the City and the
Holders of the Bonds shall be restored to their former positions
and rights hereunder, respectively, and all rights, remedies , :'
powers and duties of the Bondholders shall continue as if no such .
Y
suit , action or other proceedings had been brought or taken.
Section 2 .f =:
i
` u„•,
t' 7 . Consents and Other Instruments From
�-. Bondholders . Any consent, request, direction, approval,
objection or other instrument required by this Ordinance to be
signed and executed by the Bondholders may be in any number of
SF. concurrent writings of similar tenor and may be signed or
( executed by such Bondholders in person or by agent appointed in
writing. Proof of the execution of an such consent, request,
g Y q
direction, approval, objection or other instrument or of the
•.t
writing appointing any such agent and of the ownership of Bonds. ,”
if made in the followin manner , shall be sufficient for an of
g F Y ; .
the purposes of this Ordinance, and shall be conclusive in favor
of the City, the Bond Registrar and the Paying Agent with regardd ; '� '-r.
to any action taken under such request or other instrument,
.,;
namely:
rk (a) The fact and date of the execution by any ;5
Person of any such writing may be proved by theA `
certificate of any officer in any jurisdiction who by
law has power to take acknowledgments within such ? ,;F�.
jurisdiction that the person signing such writing Y1 ,
acknowledged before him the execution thereof, or by
F ` affidavit of any witness to such execution.
f�.
(b) The fact of ownership of Bonds and the
amount or amounts, numbers and other identification of
such Bonds, and the date of holding the same shall be
proved by the Bond Register for the Bonds maintained
by the Bond Registrar. ,
` Section 28. Defeasance. When all of the Bonds shall have
i, been paid and discharged, then the requirements contained in this
Ordinance and the pledge of revenues made hereunder and all other
rights granted hereby shall terminate. Bonds shall be deemed to
¢' have been paid and discharged within the meaning of this
E. Ordinance if there shall have been deposited with the Paying
Agent, or other bank located in the State of Missouri and having .
I`- full trust powers, at or prior to the Stated Maturity or
; o Redemption Date of said Bonds , in trust for and irrevocably
_3y_
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'`S .r1",J3\.Naph.......wwi:......,,.....:»nxmn..esrt"rn'^•Kt`Ji'Yk;.va9'+'.*4,+tI.tA.S$!.a41'eX.•;1'33x1;?;},"«�wS,Fes. 4yt3teit:t+i`..rtlft'•?;i'A`':'txw,s+,rrae.:ctrrinnrt:±h#4lnF1' ls`z„M1YsSSb'.x"*a.:.S,�i4}dV'�kr'"n�.ri.wh?�s`iYr'Ft�rir,F,'.1W'J+ st 3'
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'7
appropriated thereto, moneys and/or direct obligations of, or
obligations the principal of and interest on which are ` .> ' ''
g p p guaranteed
by, the United States of America which, together with the '.• . '� I;
interest to be earned on any such obligations, will be sufficientk
for the payment of the principal of said Bonds, the redemption °h
premium thereon, if any, and interest accrued to the Stated
Maturity or Redemption Date, as the case may be, or if default in
` such payment shall have occurred on such date, then to the date t
F_,4.°
of the tender of such payments, provided always that if any such
Bonds shall be redeemed prior to the Stated Maturity thereof, the
City shall have elected to redeem such Bonds and notice of such
redemption shall have been given. Any moneys and obligations
which at any time shall be deposited with said Paying Agent or
other bank by or on behalf of the City, for the purpose of paying -=
and discharging any of the Bonds, shall be and are hereby
" assigned, transferred and set over to such Paying Agent or other
bank in trust for the respective Holders of the Bonds, and such
�A moneys shall be and are hereby irrevocably appropriated to the
payment and discharge thereof . All moneys deposited with said
Paying Agent or other bank shall be deemed to be deposited in
,�..; accordance with and subject to all of the provisions contained in
a this Ordinance.
Section 29 . Approval of Bond Purchase Agreement. The Bond
Purchase Agreement between Edward D. Jones & Co. ,
` representing ;tisX;l.W .".
the original purchasers of the 1990 Bonds, and the City relating '
l
to the sale of the 1990 Bonds is hereby approved in substantiallyr` ? ,
' the form attached hereto, with such changes therein as shall be
approved by the officer of the City executing said Bond Purchase ��w,; ,;;
r. .
Agreement on behalf of the City, said officer ' s execution thereof ������M�,•:<r
to be conclusive evidence of said officer ' s approval thereof.
•` The Mayor of the City is hereby authorized and directed to ,
execute and deliver said Bond Purchase Agreement on behalf of and
as the act and deed of the City. The City Cleric or any deputy `},.
City Clerk, to the extent necessary or appropriate, is hereby '' x
authorized to affix the City ' s seal thereto and to attest said 3 i
` seal.
Section 30. Approval of Preliminary Official Statement and
�s Final Official Statement. The Preliminary Official Statement, a
' co of which is attached hereto, and the
copy public distribution of
' the same by the purchasers of the 1990 Bonds are hereby ratified ;
''' • and approved. The final Official Statement, in substantially the
1.
form of the Preliminary Official Statement, and the public
?` distribution of the same by the purchasers of the 1990 Bonds are
hereby approved. The Mayor of the City is hereby authorized and
r. directed to execute and deliver said final Official Statement on
behalf of the City, with such changes therein or amendments or
supplements thereto as shall be approved by said officer, said
-38-
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4•4�ti f3ir, yi r t 7,t 1 r' / `'t rfl S yt dl 7 aR r}'k`i� Y�I"'{t, r ,
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lr,: �:. �'.}'�M.i�e}K'•h?�[# t /�9'. .'..i'i�Ti _ ��OSAiPA�tAT�i.S�'�r�l�J�, V..
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officer ' s execution thereof to be conclusive evidence of said
n officer ' s approval thereof.
Section 31. Further Authority. The City shall, and the
° officers and agents of the City are each hereby authorized and
directed to, take such action, expend such funds and execute and
deliver such other documents, certificates and instruments as may
be necessary or desirable to carry out and comply with the intent a,
of this Ordinance and to carry out, give effect to and consummate
the transactions contemplated by this Ordinance.
Section 32. Sever ability. If any section or other part of }
i' 7
this Ordinance, whether large or small, shall for any reason be
held invalid, the invalidity thereof shall not affect the F'
validity of the other provisions of this Ordinance.
Section 33 . Effective Date.
effect and be in full force from andhafterditsnce shall take
passage by the
Council and approval by the Mayor of the City.
PASSED by the Council of the City of Jefferson, Missouri,
this 7th day of August, 1990.
or
J,SEAL]
t
ATTEST:
City Clerk
APPROVED by the Mayor of the City of Jefferson, Missouri,
this 7th day of August, 1990.
M r
(SEAL]
ATTEST:
City Clerk '
-39- i
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$4, 435 ,000
CITY OF JEFFERSON, .MISSOURI
Parking System Revenue. Bonds
Series 1990
fir•
August 7 , 1990
' BOND PURCHASE AGREEMENT
The City Council of the
City of Jefferson, Missouri
Y 320 E. McCarty Street
Jefferson City, Missouri 65101
Ladies and Gentlemen: '
;± On the basis of the representations, warranties and
Am covenants and upon the terms and conditions contained in this
Bond Purchase Agreement, the undersigned, Edward D. Jones & Co.
: and B. C. Christopher Securities Co. ( the "Underwriters") , hereby
r offer to purchase from the City of Jefferson, Missouri (the
"City" ) , $4,435,000 aggregate principal amount of Parking System
Revenue Bonds, Series 1990 ( the "Bonds" ) , to be issued by the
City, acting through the City Council of the City (the "City
Council" ) , under and pursuant to an ordinance passed by the City
Council on the date hereof ( the "Ordinance" ) .
SECTION 1. ISSUER'S REPRESENTATIONS, WARRANTIES AND AGREEMENTS
By its acceptance hereof the City hereby represents and
warrants to, and agrees with, the Underwriters that:
l
`r (a) The City is a municipal corporation duly organized
and validly existing under the Constitution and laws of the
State of Missouri . The City is authorized, pursuant to
Section 71.360 of the Revised Statutes of Missouri, 1986, as .
amended ( the "Statute" ) , to issue the Bonds for the purpose
of constructing improvements to the existing parking garage
and. acquiring, constructing and improving other parking
facilities and related equipment, including the acquisition
of any necessary land (the "Project" ) .
(b) The Bonds constitute special obligations of the
t City and are payable solely from, and secured as• to payment
i
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'•; {. y+bMr,' , 3'lfc�!r11.7vzr."'_ l' 'C?°dt '?'.• �4$ 5r r
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h ' t { } F;Y�tt iir fsjj'"{�41 }fx 1} Y � t ':�• .y s�+yW .:.,•{.� t£+ ..y;i \(g,,'. y1 ,[} �g $.{ }yY' ', }. 1 t f,•' �f*x4 i. ,� kt
f j } +'.�$R 7 �..Lt�i� f s��,Y� 4��Vr13R.'^v;Ct (,KLU' `N 'if`A�J+�tr/S'fi> '�i Tl7.�•t�7F'i� ��d�7dti5.:Lj` n'fffi�ikt�.[S'" R:, Atl." t $ f
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of principal and interest by a pledge of, the net revenues "
derived by the City from the operation of the City' s parking '
system, including all improvements, extensions and ` £-,p
r, enlargements thereto hereafter constructed or acquired, as b
more fully described in the Ordinance.
(c) The City will not take 'or omit to take any action
which will in any way result in the proceeds from the saleI
• of the Bonds being applied in a manner inconsistent with the
provisions of the Ordinance or the Statute.
(d) The City has complied with all provisions of the
sot Constitution and the laws of the State of Missouri , s;� a R"A
¢J including the Statute, and has full power and authority toa�.:
enter into the transactions contemplated by this Bond
Purchase Agreement, the Ordinance and any and all other
agreements relating thereto and to carry out its obligations ;. ,.'
hereunder and thereunder .
(e) The City has duly authorized all necessary action � y •Y
to be taken b the City for
' y y ( i ) the issuance and sale of the
Bonds upon the terms set forth herein and in the Ordinance
and the Preliminary Official Statement relating to the
Bonds; (ii ) the passage of the Ordinance g
:. P 9 providing for the
issuance of and security for the Bonds and a
sx, Y appointment of ,.
the paying agent and bond registrar; ( iii) the approval of
g the Preliminary Official Statement, the approval of a final 1,
Official Statement (the "Official Statement" ) , and the it
' signing of the Official Statement by its authorized
)representative; ( iv) the financing of the Project; (v) the
P
execution, delivery or receipt, as appropriate, of this Bond
Purchase Agreement, the Bonds and any and all such other
agreements and documents as may be required to be executed, f
delivered or received by the City in order to carry out,
give effect to and consummate the transactions contemplated
hereby or by the Official Statement; and (vi ) the carrying
h; out, giving effect to and consummation of the transaction
r'
contemplated hereby or by the Official Statement .
3g3
(f) This Bond Purchase Agreement , when executed and
delivered by the City, and the Ordinance, when y >`
passed the
b
City Council, will be the legal, valid and binding
j obligations of the City enforceable in accordance with their
respective terms, except to the extent that enforcement
thereof may be limited by any applicable bankruptcy, is
reorganization, insolvency, moratorium or other law or laws
affecting the enforcement of creditors ' rights generally or
against entities such as the City and further subject to the
availability of equitable remedies .
(g) There is no action, suit, proceeding, inquiry or
investigation at law or in equity or before or by any court,
2
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' f `'�'.a4r�tt uS{{t 5x7+t7S'�iti yr 4 ✓�;,/ �f '.Sy > } ., ` t4 :i 5�,y ! .tvlSy4-i<s •vlt'rYt
,}^ iii' u�?f�•', Y` r 'di),d`'1 r,J , 3 r r ! > It J7 �� 't � �',� 1 yy�56!�y,;
.•+;�. µ�i¢r4,•s ay,.��! I.{t�'���r+yf,v 717':ir. 1..5 } 9 t F15ti � 1f j��i, rF.j�t'r. � ��h�A t�� 's t�
�.r {t P` ;.}'h,�r '�`�`�y"t ''gypp t w7 Y7>'vy:}j.'tV .L' J t r, t:i ♦' ' ,_f y } �}� i{{ 4}.+.}' x,ti +, $f''�,5t �t. i �.+.� yG +�'. r
} ',}`'. {} � '��v�.r;ice`:�yt��i�,�1>rnt.i}�:yVfl•�S A(.Er r i�yit it ,. v .i I 'V{ F1�"+ 'S''+j I Y. }4 l +'h'�Ws'ir•}
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t t .3r��t (fit ss.f�-�3 sl1 1 ' j r t ^. I.. .,yr y I r- a i }t t�yF !�ry�rr t•..}t'3'r 7r" '�°v' S
h t g N(. �6,v f 7 f f t � f .. "1 r .r t?, t 1 .r• � "'4. s�an�•41'.'�ifa� 7 tT' +
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' r public board or body pending or , to the City ' s knowledge, ' ':.`
threatened against or affecting the City (or, to the City' s '
knowledge, any basis therefor ) wherein an unfavorable
decision, ruling or finding would have a material adverse -,
effect on the transactions contemplated hereby or by the
Official Statement- or the validity or enforceability of the
Bonds, the Ordinance, this Bond Purchase Agreement or any
' �kifi
<E, agreement or document which is used or contemplated for use ;�''�sxi<'����>;
in the consummation of the transactions contemplated hereby ;,,.}a,„ 4}fi''
or by the Official Statement. Yp -v7t�,
existing law, not in breach under any
g g judgment,
' decree or order or any agreement, indenture, mortgage,
lease, note or other obligation or instrument to which the
City is subject or by which the City or its property is or
may be bound, and no event has occurred and is continuing
which, with the passage of time or the giving of notice or fd
., both, would constitute such a breach or default. ,trr
i All approvals, consents authorizations
certifications and other orders of any governmental
authority, board, agency or commission having jurisdiction,
and all filings with any such entities, which would � '4;i
constitute a condition precedent to or would materiallysf� _ ty
adversely affect the performance by the City of its
obligations hereunder or under the Ordinance or the
t consummation of the transactions contemplated herein or
therein or in the Official Statement have been duly obtained
except for such approvals , consents and orders as may be
required under the Blue Sky or securities laws of any state
in connection with the offering and sale of the Bonds.
,tt M1
( j ) The City will furnish such information, execute b'
such instruments and take such other action in cooperation tt
with the Underwriters as the Underwriters may reasonably r
request to qualify the Bonds for offer and sale under the
Blue Sky or other securities laws and regulations of such
states and other jurisdictions of the United States as the
Underwriters may designate; provided, however , the City
shall not be required to register as a dealer or broker in a`
any such state or jurisdiction.
(k) The execution and delivery of the Ordinance, the
Official Statement, this Bond Purchase Agreement , the Bonds
and the other agreements and documents contemplated hereby
or by the Official Statement , and the performance by the
City of its obligations under the aforementioned, do not and
will not violate any existing law, court or administrative
regulation, judgment, decree or order or any agreement,
` J indenture, mortgage, lease, note or other obligation or
3
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'.•tt ;� yR�};j,+{�'yy'�P�]',''fi�))jSur_ M,F< ,{1�!t :4 A r >,t r r r r + 1C3 .F a fa + 'J!7"�ivy c'�r����•
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d7I. y; ,! } �•. Y tr 1 j4, F' t ✓fit ' 1 r 1 , 7 '..>- � +i t d ' t tJrt) tH t� t � }�`j} r
✓.ftr ..at3.Yn..f �T#�I7tt'� i i�rr ;f: + r.,c..F r� y .t. i q wa6.1�t 't 1� ,.1�c .rJ'c�n , "d"c (. � '
( y i t•; >• t 'r. r 1 , t + s. "4 .i: 3 + ;(r +x�t 3;+r,�.i�,:Flytl,cP. ,1tr ,� f
tr r )4 ,.`.' '�i+t�'r:�� �.t '•��.�. ti
tiitt r+SA3t y (c. 1{ try 7 ttt { #;a.�r vN� t yY,, f' ( yr7l f
t fritl,?,yti t yjf+� jI. ,� aM1 �,. ` i tt#,,'r4' jt ,ttL :' d
t.. Y �'v`: e 7.... t.
.i F .i . e t 3 r 3 � ,i` ' SV yiy,•.. �T..
tR yY,' 3(itt i sa. y
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'2. Xyv j.,�•��31�4St�"2 r,Sik'�� �r 7}y tt Kyi. f r ,( ,.� �.'1i �'.�. `.'�.� i ,
i::ly a 9{p,C`.1}:..>�`1;w-. ..i.c�. }�4�➢CL7[..,
ter
t instrument to which the City is subject or by which it or
its property is or may be bound.
A
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(1) The City has not been notified of any listing or
T
proposed listing by the Internal. Revenue Service to the
effect that the City is a bond issuer whose arbitrage
.` , certifications may not be relied upon.
The Bonds when issued, delivered and paid for as
and in the Ordinance will have been duly
f provided for herein a Y ,
authorized and issued and will constitute valid and binding ,
obligations of the City enforceable in accordance with their
terms and entitled to the benefits and security of the '.
Ordinance. }� (
•�,F
(n) Any certificate signed by an authorized official
of the City and delivered to the Underwriters shall be
deemed a representation and warranty by the City to the $ ' `
Underwriters as to the statements made therein.
o The City will deliver or cause to be delivered all
}' opinions, certificates and other documents, as provided
herein, including, but not limited to, an opinion of its
counsel dated as of the Closing Date (hereinafter defined)
-' = covering, among other things, the due authorization,
execution and delivery by the City of the Bonds and this
Bond Purchase Agreement.
SECTION 2. PURCHASE, SALE AND DELIVERY OF THE BONDS
'y
On the basis of the representations, warranties and
covenants contained herein and in the other agreements referred
to herein, and subject to the terms and conditions herein set
forth, at the Closing Time (hereinafter defined) the Underwriters
agree to purchase from the City and the City agrees to sell to
the Underwriters the Bonds at a purchase price of 97.75% of the
principal amount thereof. The Bonds shall be issued under and
secured as provided in the Ordinance. The Bonds shall mature and
4 •
be subject to mandatory redemption in such amounts and shall bear
interest at such rates as are set forth in Schedule 1 hereto.
41
. s� The Underwriters may offer and sell the Bonds to certain dealers
c= ( including dealers depositing the Bonds into investment trusts)
at prices lower than the public offering prices .
`r Payment for the Bonds shall be made by Federal wire transfer
or certified or official bank check or draft in immediately
available Federal funds payable to the order of the City, at the
IQ
offices offices of the City, 320 E. McCarty Street, Jefferson City,
Y Y Y
Missouri, by 10: 00 A.M. , local time, on August 15 , 1990 , or such
A other place, time or date as shall be mutually agreed upon by the
City and the Underwriters . The date of such delivery and payment
' is herein called the "Closing Date, " and the hour and date of
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:'�3Yf�,,,c..�..�....:.�..�:.,�.t:>re �a� fiti?'a' �b�� �:Ff .:,�..F.��?�4 .t.c.lr3t-�.,?t�as;nrr�,�a:..1, �. �:? 4•.
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such delivery and payment is herein called the "Closing Time. " ;�
The delivery of the Bonds shall be made in temporary or
definitive form, bearing CUSIP numbers (provided neither the
, .r
printing of a wrong CUSIP number on any Bond nor the failure to
print a CUSIP number thereon shall constitute cause to refuse a `
delivery of any Bond) as fully registered bonds ( in such
denominations as the Underwriters shall specify in writing at
rt` least 48 hours prior to the Closing Time) . If delivered in r �.?
t . definitive form, the Bonds shall be available for examination and
packaging by the Underwriters at least 24 hours prior to the
Closing Time.
SECTION 3 . CONDITIONS TO THE UNDERWRITERS ' OBLIGATIONS
The Underwriters ' obligations hereunder shall be subject to . ��k' '.
,. the due performance by the City of its obligations hereunder and
to the accuracy of and compliance with the City' s representations 'F•
and warranties contained herein, as of the date hereof and as of
the Closing Time, and are also b ' ;!-'°
� 9 su 3ect to the following ;y,•. ��-;.:
' conditions: ,•.v ex �
(a) Within seven business days after the date of this
Bond Purchase Agreement or within sufficient time toy
accompany any confirmation that requests payment from any
customer of the Underwriters, whichever is earlier, the i axA
4.^
Am
Underwriters shall receive a sufficient quantity of copies r ,
of the Official Statement in order to comply with Rule
71 11 15c2-12 of the Securities and Exchange Commission ( "Rule :
15c2-12" ) and Rule G-32 of the Municipal Securities
Rulemaking Board. r'
. t
4
(b) At the Closing Time,
The Bonds, the Ordinance and the Official M1;k
Statement shall have been duly authorized, executed and
' delivered in the form heretofore a y
r ._. approved b the
'.:. Underwriters with only such changes therein as shall be
mutually agreed upon by the City and the Underwriters;
�r
( ii ) The proceeds of the sale of the Bonds
shall have been deposited and applied as described in 4
kthe Ordinance; r'
`>
( iii ) The City shall have duly passed and there
shall be in full force and effect the Ordinance and
T such other ordinances and resolutions as, in the
opinion of Bond Counsel, shall be necessary in {
connection with the transactions contemplated hereby;
and
( iv) The Project description and scope shall be
as described in the Official Statement.
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x.. �akWv,:WL..a....>.,..........se`irb�L5l1 �iJ�t�lf #��. t �� tl� aie�� e. ..6. t�S�.. ,-•.ar e a ,.ta �,a .. . 'Sew `` ty'
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f" (c) At the Closing Time, the Underwriters shall
receive: f ;
• ( i) The opinion in form and substance
satisfactory to the Underwriters, dated as of the s .A
�. Closing Date, of Stinson, Mag & Fizzell, Kansas City, to
,'. Missouri, Bond Counsel, relating to the valid
t;
authorization and issuance of the Bonds, the exclusion ;,
of interest on the Bonds from gross income for Federal
income tax purposes and certain other matters;
( ii) The opinion in form and substance
satisfactory to the Underwriters, dated as of the k•, ;.i5{ `� .
Closing Date, of Fallen Garner, City Counselor, to the
effect that :
(A) the City is a municipal corporation
duly organized and existing under the Constitution and
laws of the State of Missouri; (B) the City is 'hT^'"kt�:,`
P
authorized pursuant to the Statute to issue the Bonds
for the purpose of providing funds to pay a portion of ;, �`'
the costs of the Project; (C) the Bonds, the Ordinance
and this Bond Purchase Agreement have been duly ,[ }r:
authorized, executed and delivered by and for 3•,.`
'A.. or an on
t:> behalf of the City and constitute valid and binding ' 3
agreements of the City enforceable in accordance with
their respective terms; (D) the Official Statement has
been duly authorized, executed and delivered by the
C'
ee
, p
,
City; (E) there is no action suit, inquiry �1, F •��'
or investigation at law or in equity or before or by
any court, public board or- body, pending or, to such
( counsel ' s knowledge, threatened against or affecting
the City (or , to such counsel ' s knowledge, any basis '
s.: therefor ) , wherein an unfavorable decision, ruling or
finding would adversely affect the transactions
contemplated hereby or by the Official Statement or the
validity or enforceability of the Bonds, the Ordinance
or this Bond Purchase Agreement; and (F) to such
! counsel ' s knowledge, the execution and delivery by the
City of the Ordinance, the Official Statement, this
Bond Purchase Agreement, the Bonds and the other
agreements and documents contemplated hereby or by the
Official Statement, and the performance by the City of
its obligations under the aforementioned, do not and
will not violate any existing law, court or
`x
. administrative regulation, decree or order or any s
4 agreement, indenture, mortgage, lease, note or other
obligation or instrument to which the City is subject
or by which it or its property is or may be bound;
S
( iii) A certificate, satisfactory to the
Underwriters, of the Mayor of the City or of an other
official satisfactory to the Underwriters, dated as of
the Closing Date, to the effect that : (A) the City has
6 -
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}�, '"S ..��.f.:J,, '•;:j { � ��y't F�4Rtl.r7 It rr). �A ql�.r�^,•L,y�>]7'."'TP"i�. 1.,u r.5[rTilt'"7Z. n{;,rtt,r _
!s F;�~t/'f''�.S�rM? 4:t i sj��>t�n,irrf �i�t fil. (/ s t Y .r'� w...�L rfrT �t r �'�'�'�t�`r'' 'a S�r�r•q
t { 2 tr t�rF *e >t ( f 3;trop t fie,, `<t•� � � r t > 't h4;>rE rt.: [ 5
tr ��"kr t, � {•�� rw�, 1}! t`'.h torte <� fjt uue 1�•«t!!s>S. ya t^�hai't}thy
y {r. �• ii +�1 l 7 h r ..1 (. LS S'7 •b
�[ J 5•x S.
i t �N( ltit Mika-' s•
/,} p ��,{t}�) I �����+tii�'��T'$`�� G-
ll. f r +! �t•iggpp:lr` ' ���' � �� pt1JS��jc^,q �J�a� �Jfr fit+"Y. ' �yS�t esPI'�f�0'* i,-`,' '' ,
f :{"• F } s f{ r a `', c s� i t ° s , S t' t 3K t tf,c f fStr 1 yyyy t �3{r st`
n}
,I.. .
.. . . t .n;�4;-"'y. f {•t r Y �a
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• .. jt.�.r' .}.Exro a .. ....° . . '. .. .r' ., �ir'c;},I,yd„'�r��,t,t` �
8a,., t ,,t
�3 ' s'.s r t�.s wa:�rfcii +8i5�0tSY1,9�tiraiiisF �lstiwi � � r SfT t's'i,i'f,i c=>dD" x� .
duly performed all of its obligations to be performed
at or prior to the Closing Date and that each of the
City' s representations and warranties contained herein `P
is true as of the Closing Date; (B) the City has
authorized, by all necessary action, the execution,
delivery, receipt and due performance of the Bonds, the
Ordinance, this Bond Purchase Agreement and any and all
such other agreements. and documents as may be required
to be executed, delivered or received by the City in
'✓ order to carry out, give effect to and consummate the
transactions contemplated hereby and by the Official
Statement; (C) there is no action, suit, proceeding, r
inquiry or investigation at law or in equity or before '
r' or by any court, public board or body pending or, to
such officer 's knowledge, threatened against or
affecting City ti.
-y (or, to such officer 's knowledge,
t s ”
any basis therefor) wherein an unfavorable decision, t ,"•�
ruling or finding would adversely affect the zj;{fy;
transactions contemplated hereby or by the Official ' x'S: .
., .
v• . Statement or the validity or enforceability of the
Bonds, the Ordinance, this Bond Purchase Agreement or
`} any agreement or document which is used or contemplated
for use in the consummation of the transactions;" �{>}"A'
contemplated hereby or by the Official Statement;
(D) since the date of the Official Statement there has
not been any material adverse change in the business,
properties, financial position or results of operations
of the City, whether or not arising from transactions � a
in the ordinary course of business, from that set forth
in the Official Statement, and except in the ordinary
course of business, the City has not incurred any Y`
material liability,y, except as set forth in the Official
,j. Statement ; (E) to such officer 's knowledge, the
information contained in the Official Statement (other
than the information contained under the headings "Tax
Exemption" and "Underwriting, " as to which the City
•"
makes no representation) is true in all material Y
respects and does not contain any untrue statement of a
' material fact and does not omit to state a material
fact necessary in order to make the statements made
' therein, in light of the circumstances under which they
were made, not misleading; and (F) to such officer 's
knowledge, the representations and warranties of the
City in this Bond Purchase Agreement, the Ordinance and
s the Official Statement were and are true and correct in
` all material respects as of the date made and as of the f,
Closing Time;
( iv) The Official Statement executed and
rz approved on behalf of the City by duly authorized
officials thereof;
7
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711 1011
(V) The Ordinance of the City authorizing the
execution and delivery of the Official Statement, this
Bond Purchase Agreement and the Bonds, together with
certificates dated the Closing Date to the effect that
the Ordinance has not been modified, amended or
repealed;
(vi) A certificate of the City dated the
Closing Date in form and substance satisfactory to Bond
Counsel. (A) setting forth the assumptions, facts,
estimates and circumstances in existence on the Closing
Date which establish that it is not expected that the
proceeds of the Bonds will be used in a manner that
would cause the Bonds to be "arbitrage bonds" within
the meaning of the Internal Revenue Code of 1986, as
amended (the "Code" ) , and any Regulations, Temporary
Treasury Regulations or Proposed Treasury Regulations
issued pursuant to the Code, and (B) certifying that to
the best of the knowledge and belief of the signing
officer there are no facts, estimates or circumstances
that would materially change the conclusions,
representations and expectations contained in such
A certificate; and
(vii) Such additional certificates, opinions and
documents as the Underwriters may reasonably request to
evidence performance or compliance with the provisions
M
hereof and the transactions contemplated hereby and by
the Official Statement, including any certificates or
representations required in order for Bond Counsel to
render its opinion, all such certificates, opinions and
documents to be satisfactory in form and substance to
the Underwriters .
SECTION 4. CONDITIONS TO THE CITY' S OBLIGATIONS •
The obligations of the City hereunder are subject to the
performance of the obligations of the Underwriters hereunder.
SECTION 5. THE UNDERWRITERS ' RIGHT TO CANCEL
The Underwriters shall have the right to cancel their
obligations hereunder to purchase the Bonds (which cancellation
shall not constitute a default for purposes of Section 7 hereof)
by notifying the City in writing or by telegram of their election
to make such cancellation prior to the Closing Time, if at any
time between the date of this Bond Purchase Agreement and the
Closing Time:
(a) A committee of the House of Representatives or the
Senate of the Congress of the United States shall begin
active consideration of legislation, or a tentative decision
8
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r�>',r{r;r.' t'rr .�5 r�3, ..45•�i't rrt'f �r if�s al,t r J l eG '• I ( :. i `t .Ir;:S.,.'est-a (�1N2"i�,s}�.`�.�r��P.:a �.
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with respect to legislation shall be reached by such a
committee, or legislation shall be favorably reported by
such a committee or be introduced, by amendment or
otherwise, in or be passed by the House of Representatives
or the Senate, or be recommended to the Congress of the
United States for passage by the President of the United
States, or be enacted by the Congress of the United States,
which would have the purpose or effect of imposing Federal
' income taxation upon revenues or other income of the general '
character to be derived by the City or by any similar body
x' or upon interest received on the Bonds or on obligations of
the general character of the Bonds, which, in the r,
{ Underwriters ' opinion, materially adversely affects the
Y" market price of the Bonds;
r Y ;
r: (b) A decision by a court established under Article
III of the Constitution of the United States or the Tax
Court of the United States shall be rendered, or a ruling,
regulation or order of the Treasury Department of the United ,:
States or the Internal Revenue Service shall be made or
eo. proposed, or any other event shall have occurred, which has
the purpose or effect of imposing Federal income taxation r: d
upon revenues or other income of the general character to be Y .
derived by the City or by any similar body or upon interest
received on the Bonds or on obligations of the general
character of the Bonds which, in the Underwriters' opinion,
materially adversely affects the market price of the Bonds;
F h.�
("c) Any legislation, ordinance, rule or regulation
;t shall be introduced in or be enacted by the General Assembly
of the State of Missouri or by any other governmental body,
t department or agency of the State of Missouri, or a decision 4s'.
by any court of competent jurisdiction within the State of tf�.
Missouri shall be rendered which, in the Underwriters '
opinion, materially adversely affects the market price of
the Bonds, or litigation challenging the Statute under which '
the Bonds are to be issued shall be filed in any court in
11 141, the State of Missouri ;
(d) A stop order , ruling, regulation or official
statement by, or on behalf of, . the Securities and Exchange '
Commission or any other governmental agency having
td jurisdiction of the subject matter shall be issued or made
?f to the effect that the issuance, offering or sale of
obligations of the general character of the Bonds, or the
n ' issuance, offering or sale of the Bonds, including all
underlying obligations , as contemplated hereby or by the
Official Statement , is in violation or would be in violation
of any provision of the Federal securities laws, the
Securities Act of 1933 , as amended and as then in effect, or
the registration provisions of the Securities Exchange Act
® of 1934, as amended and as then in effect, or the
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; . qualification provisions of the Trust Indenture Act of 1939,
.4i •.: as amended and as then in effect;
(e) Legislation shall be enacted by the Congress of
N the United States of America, or a decision by a court of
' the United States of America shall be rendered, to the
effect that obligations of the general character of the
Bonds, or the Bonds, including all the underlying
obligations, are not exempt from registration under or from
Ya•::
other requirements of the Securities Act of 1933, as amended
r: r and as then in effect , or the Securities Exchange Act of
!.” 1934, as amended and as then in effect; x
9c (f) Additional material restrictions not in force as s '
of the date hereof shall have been imposed upon trading in
securities generally by any governmental authority or by any
t national securities exchange; ;' "
(g) The New York Stock Exchange or any other national
securities exchange, or any governmental authority, shall
t y ,
impose, as to the Bonds or obligations of the general
character of the Bonds, any ,material restrictions not now in
force, or increase materially those now in force, with
respect to the extension of credit by, or the charge to the
net capital requirements of, the Underwriters; '✓
(h) Any general banking moratorium shall have been
established by Federal, New York or Missouri authorities;
'a
(i) A material default has occurred with respect to
the obligations of, or proceedings have been instituted
' under the Federal bankruptcy laws or any similar state laws
by or against, any state of the United States or any city
located in the United States having a population in excess
of one million persons or any entity issuing obligations on
behalf of such a city or state which, in the Underwriters '
opinion, materially adversely affects the market price of
the Bonds;
Any rating of any class of security of the City
shall have been downgraded or withdrawn by a national rating
} service, which in the Underwriters ' opinion materially
adversely affects the market
y price of the Bonds; or trading 4
wU in any securities of the City shall have been suspended on
any national securities exchange; or any proceeding shall be
pending or threatened by the Securities and Exchange
'y= Commission against the City;
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(k) Any event shall have occurred, or information
` become known, which, in the Underwriters' opinion, makes
untrue in any material respect any statement or information
contained in the Preliminary Official Statement or the
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ti�, '4 � i S , j r"`•, h . , d �2 i 7 x .t l' �{ bcs? e
fit"f�' p +�' �i� a`jt'hf�' r=?'Q} ,aae ei�+, .� �,=17 i he.t?'iY A"r f v�^. { .'.. . { t✓'• a.'S r. t }f t t!
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Official Statement as originally circulated, or has the
effect that the Preliminary Official Statement or the
Official Statement as originally circulated contains an
untrue statement of a material fact or omits to state a 5.
material fact necessary in order to make the statements made
therein, in the light of the circumstances under which they
were made, not misleading;
(1) A war involving the United States shall have beetn
declared, or any conflict involving the armed forces of the
United States shall have escalated, or any other national
emergency relating to the effective operation of government
or the financial community shall have occurred, which, in
the Underwriters ' opinion, materially adversely affects the
market price of the Bonds;
(m) There shall have occurred any change,, or any
development involving a prospective change in, or
affecting particularly the economy of the area of the
City generally which, in the Underwriters' opinion
materially impairs the investment quality of the Bonds
or the ability of the Underwriters to market the Bonds; Mf
(n) Any litigation shall be instituted, pending or
threatened to restrain or enjoin the issuance or sale of
the Bonds or in any way contesting or affecting any
authority for or the validity of the Bonds, or the
existence or powers of the City; or
(o) Any proceeding shall be pending or threatened
by the Securities and Exchange Commission against the
City.
If the Underwriters terminate their obligation to purchase
the Bonds because of any of the conditions specified in this
Section or because any of the conditions specified in Section 3
shall have not been fulfilled at or before the Closing Time, such
termination shall not result in any liability on the part of the
Underwriters.
SECTION 6. REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE
DELIVERY
All of the representations, warranties and agreements
contained herein shall remain operative and in full force and
effect and shall survive delivery of the Bonds to the
Underwriters, regardless of any investigations made by the
Underwriters.
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SECTION 7 . PAYMENT OF EXPENSES
Whether or not the Bonds are solid by the City to the
=t. Underwriters (unless such sale is prevented at the Closing Time ;..
' -. by the Underwriters ' default) , the Underwriters shall be under no
` obligation to pay any expenses incident to the performance of the
City's obligations hereunder. If the Bonds are sold by the City `
to the Underwriters, all expenses and costs to effect the
authorization, preparation, issuance, delivery and sale of the
Bonds ( including, without limitation, the fees and disbursements
of Stinson, Mag & Fizzell, as Bond Counsel and as counsel to ;r
Edward D. Jones & Co. , the fees and disbursements of the
Underwriters in connection with the offering and sale of the
' Bonds and the expenses and costs for the preparation, printing, ,.
;• execution and deliver of the Bonds, the ordinance,
r=,
photocopying, Y - �
the Preliminary Official Statement, the Official Statement, this �T•-y ti;,;
1 Bond Purchase Agreement and all other agreements and documents ' `
f
contemplated hereby) shall be
p y) paid by the City out of the
A:
proceeds of the Bonds or other funds available to the City. ' ' :•'':r {
SECTION 8. USE OF OFFICIAL STATEMENT {;
,�. The City hereby authorizes the use of, and the City will ���.• � •�
E* make available, the Official Statement for the use by the
Underwriters in connection with the sale of the Bonds. ttyy
`, . SECTION 9. AGREEMENT TO NOTIFY UNDERWRITERS OF NEED TO }"?
.;; SUPPLEMENT OR AMEND OFFICIAL STATEMENT
•:; If between the date of this Bond Purchase Agreement and 30
days following the Closing Date, or such later date to which
,i either Underwriter is obligated by Rule 15c2-12 to deliver final
Official. Statements to potential customers , any event shall occur
. which might or would cause the Official Statement to contain any
untrue statement of a material fact or to omit to state any
material fact necessary o make the statements therein, in the
r light of the circumstances under which they were made, not
misleading, the City shall notify the Underwriters and if, in the
opinion of the Underwriters, such event requires the preparation
and publication of a supplement or amendment to the Official
Statement, the City will supplement or amend the Official ?
Statement in a form and in a manner approved by the Underwriters .
If the Official Statement is so supplemented or amended prior to
} the Closing Time, such approval by the Underwriters of a
supplement or amendment to the Official Statement shall not
preclude the Underwriters from thereafter terminating this Bond
Purchase Agreement, and if the Official Statement is so amended
or supplemented subsequent to the date hereof and prior to the
Nt' Closing Time, the Underwriters may terminate this Bond Purchase
G ' Agreement by notification to the City at any time prior to the
Closing Time if, in the opinion of the Underwriters, such
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` effect on the marketability of the Bonds.
SECTION 10 . NOTICES
Any notice or other communication to be given to the City or
the Underwriters under this Bond Purchase Agreement may be given
by mailing or delivering the same in writing to such parties at
the following addresses:
(a) To the City:
City of Jefferson, Missouri
320 E. McCarty Street
Jefferson City, Missouri 65101
d (314) 634-6300
Attention: Allen Garner
(b) To the Underwriters:
Edward D. Jones, & Co.
201 Progress Parkway
Maryland Heights, Missouri 63043
( 314) 851-2760
Attention: Bob Beck, Municipal
Trading Department
B. C. Christopher Securities Co.
4717 Grand Avenue
Kansas City, Missouri 64112
(816) 932-7000
Attention: John Wornall
SECTION 11. APPLICABLE LAW; NONASSIGNABILITY
This Bond Purchase Agreement shall be governed by the laws
of the State of Missouri. This Bond Purchase Agreement shall not
r be assigned by the City or the Underwriters .
SECTION 12. EXECUTION OF COUNTERPARTS
This Bond Purchase Agreement may be executed in several
counterparts, each of which shall be regarded as an original and
s
. all of which shall constitute one and the same document.
SECTION 13. RIGHTS HEREUNDER
This Bond Purchase Agreement is made for the benefit of the
City and the Underwriters, and no other person, including any
Other purchaser of the Bonds, shall acquire or have. any rights
hereunder or by virtue hereof .
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SCHEDULE 1
TERMS OF THE BONDS
5 SERIAL BONDS
'? Maturity Principal Annual Rate
August 1 Amount of Interest
1993 $ 135r000 6. 40%
1994 140,000 6 . 50
1995 150,000 6. 55
1996 160,000 6. 60
k; 1997 170,000 6 . 65
1998 185,000 6 .70
1999 195,000 6 .75
2000 210,000 6 .80
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TERM BONDS
.t:
Maturity Principal Annual Rate
August 1 Amount of Interest
k
2005 $ 1,285,000 7.00%
2010 1,805,000 7. 20
The Bonds maturing on August 1, _ 2005, shall be subject to
°# mandatory redemption and payment prior to their stated maturity
pursuant to the mandatory redemption requirements of the
` t Ordinance on August 1, 2001, and on each August 1 thereafter to
and including August 1, 2004, at the principal amount thereof
plus accrued interest to the redemption date, without premium, in
w.: the following principal amounts:
Redemption Principal
t
�r. Dates Amounts
F ` August 1, 2001 $225, 000
August 1, 2002 $240 , 000
August 1, . 2003 $255, 000
August 1, 2004 $275,000
The remaining $290,000 principal amount of Bonds maturing on
August 1, 2005, shall be paid at their stated maturity.
The Bonds maturing on .August 1, 2010, shall be subject to
mandatory redemption and payment prior to their stated maturity
pursuant to the mandatory redemption requirements of the
Ordinance on August 1, 2006, and on each August 1 thereafter to
t and including August 1, 2009, at the- principal amount thereof
' plus accrued interest to the redemption date, without premium, in
the following principal amounts:
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PRELIMINARY OFFICIAL STATEMENT DATED JULY 26, 1990
NEW ISSUE NON-RATED
t3 BANK QUALIFIED 'R;
g In the opinion of Stinson, Mag & Fizzell, Bond Counsel, under existing statutes, regulations, rulings and court
It w
decisions, interest on the Bonds is not includable in gross income for federal income tax purposes and is exempt from income
IV
taxation by the State of Missouri, except as otherwise provided herein. See "TAX EXEMPTION" herein. ",
Sfca
OFFICIAL STATEMENT
2
o
Q $4,4459000* a .
rs
r=
it,.=Le City of Jefferson, Missouri
E
Cr Parking System Revenue Bonds, Series 1990
Dated: Date of Original Issuance Due: August 1,as shown below
W 0
The Bonds are issuable only as fully registered Qonds in the denomination of$5,000 or integral multiples of$5,000 for
each maturity. Interest on the Bonds will be payable semiannually on February I and August I in each year, commencing
February 1, 1991. Principal on each Bond will be payable at the principal office of Mark Twain Bank, St. Louis, Missouri,
the Bond Registrar and Paying Agent. rr. rd
CJ Co SERIAL BONDS*
co E
Q-3 '.1
Maturity Principal Interest Yield or Maturity Principal Interest Yield or
August I Amount Rate Price August I Amount Rate Price
a)
1993 ....... $135,000 1997 ....... $170,000
ie 1994 ....... 140,000 1998 ....... 185,000 4
rah Z as C=
E
1995 ....... 150,000 1999 ....... 195,000
1996 ....... 160,000 200,0 ....... 210,000
E
E
PERM BON�DS*
MA 49
Maturity Principal Interest Yield or
August I Amount Rate Price
2005 ....... $1,290,000
CD 2010 ....... 1,810,1,810,000
The Bonds are subject to redemption and payment prior to maturity as provided herein. See "THE SERIES 1990
23 BONDS—Redemption" herein.
cc o THE BONDS ARE SUBJECT TO CERTAIN RISKS. SEE THE HEADING "BONDHOLDERS' RISKS" HEREIN.
W 0 The Bonds and the interest thereon will be special obligations of the City of Jefferson, Missouri (the "City"), payable
flsolely from, and secured as to payment of principal and interest b y a pledge of, the Net Revenues(as defined herein)derived
by the City from the operation of its parking system, including all improvements, extensions and enlargements thereto
o
hereafter constructed or acquired, and the taxing power of the City is not pledged to the payment of the Bonds either as to
M
principal or interest. The Bonds will not be or constitute a general obligation of the City, nor will they constitute an
indebtedness of the City within the meaning of any constitutional, statutory or charter provision, limitation or restriction.
cc
e The Bonds have been designated as "qualified tax-exempt obligations"under Section 265 of the Internal Revenue Code
C2
C.,
of 1986, as amended.
CL,
The City has deemed this Preliminary Official Statement final as of its date for purposes of paragraph (b)(1) of Rule
cc W_ 115c2-12 of the Securities and Exchange Commission, subject to completion of certain items as permitted by said Rule.
EC,g V R The Bonds are offered when, as and if issued by the City and accepted by the Underwriters and subject to the approval
!9 ,
W C4 "= of their legality by Stinson, Mag & Fizzell, Kansas City, Missouri, Bond Counsel, and certain other conditions. It is
%
expected that the Bonds will be available for delivery in St. Louis, Missouri, on or about August 15, 1990.
Edward D. Jones & Co.
E M 51
V
B. C. Christopher Securities Co.
The date of this Official Statement is July 1990.
*Preliminary, subject to change.
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IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVERALLOT OR
EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS
AT A LEVEL ABO VE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH
STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE B ONDS HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
I�P:
This official Statement does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of the Bonds by
any pe rson in any jurisdiction in which it is unlawful for such person to make
such offer, solicitation or sale. No dealer, broker, salesman or other person
has been authorized to give any information or to make any representation with
respect to the Bonds other t and, if given or made,
than those contained herein
such other information or rep resentation must not be relied upon as having
been authorized by the City or the Underwriters. The information contained
herein has been obtained from the City and from other sources which are
believed to be reliable. Such information from other sources is not
to be relied upon as
guaranteed as to accuracy or completeness by, and is not A
-Ay e City or the Underwriters.
ttion by, t
or construed as a promise or representation
No representation, warranty or guarantee is made by the Underwriters as to the
accuracy or completeness of any information in this official Statement, and
nothing contained in this official Statement is or shall be relied upon as a
promise or representation by the Underwriters. The information contained
herein is subject to change without notice, and neither the delivery of this
Official Statement nor the sale of any Bonds implies that there has been no
change in the matters described herein since the date hereof.
TABLE OF CONTENTS
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The Series 1990
Bonds . . . . . . . . . . . . . . . . . . . . .
Bondholders' Risks . . . . . . . . . . . ... . . . . . . . . . 5
The City . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
rn, The Parking System . . . . . . . . . . . . . . . . . . . . . . . . 9
Parking Information for Downtown Area . . . . . 14
fiR. 15
The Project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Estimated Sources and Uses of Funds . . . . . . . 17
Rate Str ucture . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
. . . . .
Debt Service Requirements 18
. . . . . . . . . . . .
Summary of Certain Covenants and
Provisions Contained in the Bond
19
Ordinance . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
Tax Exemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
No Rating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Appendix A Excerpt from Annual
Financial- Report for the Fiscal Year
Ended October 31, 1989, with Report of
Certified Public Accountant
3
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OFFICIAL STATEMENT
$4,445,000
CITY OF JEFFERSON, MISSOURI
PARKING SYSTEM REVENUE BONDS
SERIES 1990
INTRODUCTION
This Official Statement is furnished in connection with the offering of
$4,445,000* principal amount of Parking System Revenue Bonds, Series 1990 (the
"Bonds" or the "Series 1990 Bonds") , of the City of Jefferson, Missouri (the
11city")
THE SERIES 1990 BONDS
Description of the Bonds
The Series 1990 Bonds will be issued in the principal amount of
$4,445,000*, will be dated the date of the original . issuance thereof, and will
mature on August 1 in the years and in the principal amounts and bear interest
at the rates per annum set forth on the cover page of this Official Statement.
The Bonds will bear interest from the most recent interest payment date to
which interest has been paid in full, or, if no interest has been paid, from
their date. The Bonds will be issuable in fully registered form in the
denomination of $5,000 or integral multiples of $5,000 for each maturity.
Bonds may be transferred or exchanged in the manner and subject to the terms
and conditions set forth in the ordinance authorizing the issuance of the
Bonds (the "Ordinance") .
Principal of the Bonds will be payable to the registered holders at
maturity upon presentation to the Paying Agent named on the cover page of this
Official Statement. Interest on the Bonds (computed on the basis of a 360-day
year of twelve 30-day months) will be mailed by the Paying Agent on February 1
and August 1 of each year, beginning February 1, 1991, to the registered
holders of the Bonds as shown on the records of the Bond Registrar named on
the cover page of this Official Statement at the close of business on the 15th
day of the calendar month next preceding each interest payment date. Payment
of the principal of and interest on a Bond may be made by such other method of
transferring funds as may be requested by a registered owner of not less than
$50,000 principal amount of Bonds, provided that the Paying Agent shall first
receive a written request from such registered owner (i ) specifying the method
and route for transferring funds and (ii) providing for the Paying Agent to be
reimbursed by such registered owner for all expenses incurred in connection
with such fund transfers.
The person in whose name any Bond is registered shall be deemed and
regarded by the City, the Bond Registrar and the Paying Agent as the absolute
owner thereof, whether such Bond shall be overdue or not, for the purpose of
receiving payment therefor or on account thereof and for all purposes, and
neither the City, the Bond Registrar nor the Paying Agent shall be affected by
notice to the contrary.
Preliminary, subject to change.
V -W-W
qi
Rpriempt ion
The Bonds maturing on August 11 2005, shall be subjec t to mandatory
redemption and payment prior to their stated maturity pursuant to the
mandatory redemp tion requirements of the ordinance on August 1, 2001, and on
each August 1 thereafter to and including Augu st 1, 2004, at the principal
amount thereof plus accrued interest to the redemption date, witho ut premium,
in the following principal amounts: it
Redemption Principal
Amounts
August 1, 2001 $225,000
Augu
August 1, 2002 $240,000
August 1, 2003 $255,000
August 1 2004 $275,000
The remaining $295,000* principal amount of Bonds maturing on A ugust 1,
2005, shall be paid at their stated maturity.
Upon instructions duly given by the City, moneys deposited in the 1990
m
Principal and Interest Account may be used at any time after August 1, 2000,
to purchase Bonds maturing on August 1, 2005, in the open market at a price
P. not in excess of their principal amount, and moneys deposited in the 1990
Principal and Interest Account may be used for the purpose of paying interest
on the Bonds so purchased at the rate specified thereon to the date of
purchase. Bach h Bond so purchased shall be credited at 100% of the principal
amount thereof on the obligation of the City to redeem Bonds of the same •
44— stated maturity on the next mandatory redemption date appli cable to Bonds of
such stated maturity, and the principal amount of Bon ds of such stated
oaf
maturity to be redeemed as described in the preceding paragraph shall be
reduced accordingly.
The Bonds maturing on August 1, 2010, shall be subject to mandatory
redemption and payment prior to their stated maturity pursuant to the
mandatory redemption requirements of the Ordinance on August 1, 2006, and on
eac h August 1 thereafter to and including August 1, 2009, at the principal
amount thereof plus accrued interest to the redemption date, without premium,
in the following principal amounts:
Redemption Principal
D,at pc% Amounts*
August 1, 2006 $315,000
August 1, 2007 $335,000
August 1, 2008 $360,000
August 1, 2009 $385,000
The remaining -.S, 415,0.00* principal amount of Bonds maturing on August 1,
2010, shall be paid at their stated maturity.
Preliminary, subject to change.
i'iii
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V
Upon instructions duly given by the City, moneys deposited in the 1990
Principal and Interest Account may be used at any time after August 1, 2005,
to purchase Bonds maturing on August 1, 2010, in the open market at a price
not in excess of their principal amount, and moneys deposited in the 1990
Principal and Interest Account may be used for the purpose of paying interest
on the Bonds so purchased at the rate specified thereon to the date of
purchase. Each Bond so purchased shall be credited at 100% of the principal
amount thereof on the obligation of the City to redeem Bonds of the same
stated maturity on the next mandatory redemption date applicable to Bonds of
such stated maturity, and the principal amount of Bonds of such stated
t . maturity to be redeemed as described in the preceding paragraph shall be
reduced accordingly.
YJ
The Bonds maturing in the year 1998 and thereafter will be subject to
optional redemption and payment prior to their stated maturities at the option
of the City on and after August 1, 1997, as a whole at any time or in part on
any interest payment date, in inverse order of stated maturity, at the
respective redemp:- ,on prices (expressed as percentages of principal amount)
set out below, plus accrued interest thereon to the redemption date:
Redemption Redemption
Dates Prices
August 1, 1997 through July 31, 1998 103%
August 1, 1998 through July 31, 1999 102%
AM August 1, 1999 through July 31, 2000 101%
August 1, 2000 and thereafter 100%
Bonds shall be redeemed in the principal amount of $5,000 or any
integral multiple thereof. . In the case of a partial redemption of Bonds of
the same stated maturity, the Bonds to be redeemed shall be selected by the
Bond Registrar from the outstanding Bonds of that stated maturity by such
method as the Bond Registrar shall deem fair and appropriate and which may
provide for the selection for redemption of portions of the principal of
outstanding Bonds of that stated maturity that have been issued in a
denomination larger than $5,000.
The Bond Registrar shall give written notice in the name of the City of
its intention to redeem and pay Bonds at the office of the Paying Agent.
Notice of redemption shall be given by first class mail, postage prepaid,
mailed not less than 30 days prior to the redemption date, to each registered
owner of Bonds to be redeemed, at his address appearing in the bond register.
The failure of the registered owner of any Bond to be redeemed to receive
written notice mailed pursuant to the Ordinance shall not affect or invalidate
the redemption of said Bond. If any Bond is called for redemption and payment
as aforesaid, all interest on such Bond shall cease from and after the date
for which such call is made, provided funds are made available to the Paying
Agent for its payment on the redemption date at the applicable redemption
price.
Ask
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{d 3sG3 652 _{}��•,���s #i'(�Ytt r i,i. c� t �+�`'r,a +? �.; z r:. t t .. ; {I ., ., :• , S .,' r ti �� �,. ,;r�.. s v :.,�t, .Y. :�.,r�
r''�fry.a�,L.+:....f..r:4.,n.s.:!,.,.s...::..o.a:�::�+316ttiMi:%Y�Y3'9'1A:+k1iSMtMnfa9w.:wr.,.....,.W..� ..—..°.•a:wwrbkrwiwnw+:iu4:wi[9wfktiUdfl��+P .
3i
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The Bonds will be special obligations of the City, payable solely from
and secured as to payment of principal and interest by a pledge o.f, the Net
Revenues. "Net Revenues" means the Revenues less that portion of the Revenues
expended for operating and maintaining the System (excluding depreciation,
amortization, interest payable on the Bonds and other similar payments or
charges) pursuant to the Ordinance. "Revenues" means all income and revenues ;}
accrued by the City from the ownership or operation of the System, including ; rr.Y
without limitation interest received on moneys or securities held pursuant to
the Ordinance that is paid and credited to the Parking System Revenue Fund . ,,, `'' ::
established by the Ordinance and income and revenues from leased facilities. .
J Y�1 H.E A
"System" means the City' s parking system (including leasehold interests) ,
including all improvements, extensions and enlargements thereto hereafter
constructed or acquired. The taxing power of the City is not pledged to the
of the Bonds either as to principal or interest. The Bonds will not `i,-9v �
d, F
payment P P ,�?1�f
be or constitute a general obligation of the City, nor will the constitute an 'r �MJtjQ
9 9 Y Y
indebtedness of the City within the meaning of any constitutional, statutory ` . #"�
or charter provision, limitation or restriction.
In the Ordinance, the City will covenant to fix, establish, maintain and
collect such rates, fees and charges for the use of and services furnished by
or through the System as will produce Revenues sufficient to pay the cost of
the operation and maintenance of the System, to pay the, principal of and
interest on the Bonds as and when the same become due and to provide
reasonable and adequate reserves for the payment of the Bonds and the interest
thereon and for the protection and benefit of the System as provided in the
A,
Ordinance. The City will further covenant that it will at all times fix,
maintain and collect rates, fees and charges for such use and services
sufficient to provide in each fiscal year Net Revenues in an amount not less
than 120% of the amount required to be paid in the current fiscal year on vk
account of principal of and interest on all obligations payable from the
Revenues of the System at the time outstanding. (See, "SUMMARY OF CERTAIN T
COVENANTS AND PROVISIONS CONTAINED IN THE BOND ORDINANCE - Rate Covenant.")
The City does not now have outstanding any other bonds or obligations
payable from the Revenues of the System. Under the Ordinance, the City may
issue additional parking system revenue bonds standing on a parity with the
Bonds, or junior and subordinate to the Bonds, provided certain conditions are
satisfied. (See "SUMMARY OF CERTAIN COVENANTS AND PROVISIONS CONTAINED IN THE 4,f.
BOND ORDINANCE - Additional Bonds.")
The Ordinance provides for the establishment of a 1990 Bond Reserve
Account, which will be funded at the time of the issuance of the Bonds in the
amount of $444,500* (the "Debt Service Reserve Requirement") from Bond 3
proceeds or other available funds, or from a combination of such sources.
(See "ESTIMATED SOURCES AND USES OF FUNDS" and "SUMMARY OF CERTAIN COVENANTS
AND PROVISIONS CONTAINED IN THE BOND ORDINANCE - Allocation of Revenues.")
Preliminary, subject to change.
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Authority and PUZZ=e
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The Bonds are being issued pursuant to and in full compliance with the2T
` constitution and statutes of the State of Missouri, including 1'
x. g particularly •� -.:.
, Section 71.360 of the Revised Statutes of Missouri, 1986, as amended, for the
_ purpose of constructing improvements to hhe City's existing parking garage and
acquiring, constructing and improving other parking facilities and related
equipment, including the acquisition of any necessary land (the "Project") . A
total of $6,500,000 principal amount of parking system revenue bonds were
approved at an election held in the City on April 3, 1990. See "PARKING
( INFORMATION FOR DOWNTOWN AREA - Future Plans of the City" for a discussion of
` the possibility of the future issuance of the remainder of the voted bonds.
4.
r
BONDHOLDERS' LU
The Bonds are special obligations of the City payable solely from the
`. Net Revenues derived from the operation of the System. Future revenues and
expenses of the City with respect to the System are subject to conditions :'
which may change in the future to an extent that cannot be determined at this i•'
time. Future events may occur that upset the assumptions upon which the
projections of expenses and revenues are based, or those assumptions may failr'e
' ,;..
to materialize. Because no assurance can be made that actual events will
correspond to such assumptions, no assurances can be made that the projected
revenues will be realized in amounts sufficient to pay the debt service on the
Bonds, and those' differences may be material.
Several factors no within the control of the City
ct not h
Y could affect the
City's ability to generate sufficient revenues from the operation of the
System to pay the debt service on the Bonds. These factors include inflation
and general economic conditions, increases in operation and maintenance costs,
decreases in the demand for the services of the System, the ability of the
City to supply the services demanded, competition from other entities in the
furnishing of parking services, the ability of the City to construct the
Project for the estimated costs thereof and construction delays. fir.
If and when a Bondholder wishes to sell a Bond prior to its maturity,
there can be no assurance that a market will exist for the purchase and sale
�a. of Bonds subsequent to their issuance.
The interest rates on the Bonds are intended to compensate the investor
for the assumption of the risks involved in an investment in the Bonds. Each
prospective investor should carefully examine this Official Statement and his
own financial condition in order to make a judgment as to whether the Bonds
are an appropriate and suitable investment for him.
THE CTTY
General
The City was incorporated in 1825 and is the Missouri state capital.
The City is located in Cole and Callaway Counties on the Missouri River,
approximately halfway between Kansas City and St. Louis, Missouri. The
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t�"ran
governing body of the City is a City Council, which operates under a home rule ;
charter. The chief administrative officer of the City is the City
Administrator. The City's general governmental departments are the
departments of Administration, Finance, Public Works, Fire, Police,
Transportation, Municipal Court and Planning, Code and Health. Although the
state government has historically been the largest employer in the City,
industrial development has increased in recent y ears. The City also serves as
the state headquarters for more than 80 trade and professional organizations.
Population f
The following table sets forth the population trend of the City since
,,.
1970:
-} Year Population
f:.
1970 32,407
4 1980 33,619
'`. 1988 (estimated) 34,175
2000 (projected) 37,100
Source: United States Census for the
. ( years 1970 and 1980) ; 1988 Special U.S.
Census (for the year 1988) ; Comprehensive Plan of the City of Jefferson, Table
III, 1986 (for the year 2000) .
V Labor Stat-Lqtics q)
*F .:The following table shows population and employment statistics for the
labor market area of Cole County and the adjoining counties of Boone,
Callaway, Miller, Moniteau and Osage:
SA
Number Percent
Area Population Labor Force , Unemployed Unemployed
Labor Market Area 249,600 138,268 5,731 4.1
' r Cole/Osage Counties 75,900 40,187 1,796 4.5 •
Boone County 107,200 66,912 1,850 2.8
Callaway County 32,600 16,228 848 5,2.
Miller County 21,200 8,967 870 9,7
Moniteau County 12,700 5,974 367 6.1
a,
Source: Missouri Division of Employment Security, 1988 Averages.
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err !1b>n.•�ti i '{t,'i�fTkS vs.a tiY�"? ;a}.r�J�°j^N$�r �•`ar' P. MIN
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The
following table shows nonagricultural wage and salary employment
,.
_. " statistics for Cole/Osage Counties and the entire labor market area:
Cole/Osage Labor
Counties - Market Area
Manufacturing 3,167 11,741
Nonmanufacturing
Mining 66 295
1- Contract construction 2,282 6,080
Transportation, communication and
public utilities 1,141 4,569
Wholesale and retail trade 8,664 21,671
Finance, insurance and real estate 1,559 5,535
Services 6,637 16,508
Government 15,346 39,902
Total nonagricultural wage and salary
employment 38,862 106,530
Source: Missouri Division of Employment Security, 1988 Averages.
Major Ems]o" ver_
ow The following table lists some of the largest employers in the City:
Number of
Employer Employees
r
State Government 13,500
ABB Power T & D Company 1,180
Jefferson City Public Schools 725
Chesebrough-Pond's, Inc. 700
t Charles E. Still Osteopathic Hospital 675
' St. Mary's Health Center 615
Scholastic, Inc. (Distribution Center) 580
Lincoln University 453
Memorial Community Hospital 425
Local Catholic Schools 400
Wal-Mart Shopping Center 390
Von Hoffmann Press, Inc. 357
City Government 300
Central Bank 249
Footwear Distribution Center
Missouri Farm Bureau Services, Inc. 234
Johnson Controls (Automobile Seats) 210
® Source: Jefferson City Area Chamber of Commerce, 1990.
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Maior Taxpayers
The following table lists the ten largest taxpayers of the City,
according to the amount of property tax paid to the City during 1989:
Taxpayer Assessed Valuation
Capita). Mall $5,369,280
, t . ABB Power T&D Company $3,884,330
Broadmoor Apartments $1,946,880
Maytag $1,655,680
r.`•� Hoover $1,426,560
Modine Manufacturing Co. $1,209,160
Ramada Inn $1,115,200
�;. Capital City Water $1,036,260
a.: Rt St. Mary' s Hospital $ 992,000
K-Mart $ 795,200
Assessed Valuation and Taxes
The City's property tax is levied by the Counties of Cole and Callaway
each September 1, based on assessed values as of the previous January 1, for
all real and personal property located in the City. Assessed values are
established by the County Assessors.
. . The following table shows the assessed valuation of property in the City
for the past five years, along with the tax rate for such years per $100
�# assessed valuation of real estate and personal property:
Total k
, • Tax Real Personal Railroad Assessed Tax
Year E,5tate property & Utilities Valuation Rag
• _ .. 1985 $187,001,574 $ 46,774,503 $ 13,010,953 $246,787,030 $0.95
.:. 1986 193,479,455 50,143,488 14,709,752 258,332,695 0.95 '
1987 201,416,074 52,950,533 15,051,840 269,418,447 0.95
t i
1988 208,006,257 58,965,015 14,600,534 281,571,806 0.95
1989 217,710,519 66,056,976 14,799,427 298,566,922 0.95
Debt Structure_ Enterprise Notes and Equipment Leases
The only revenue bonds of the City outstanding are various series of
water and sewer revenue bonds. The City has issued an enterprise note to
provide funds for the acquisition of a sewer system, which note is subject to
a nonappropriation clause. The City has entered into several equipment
r subject leases, all of which are ect to none ro riation clauses, for the
� pp p purchase
of equipment including computers, fire equipment and street equipment. (N
The following table sets forth the annual requirements (including
o+ principal and interest) to amortize all of the obligations described above to
ire
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r R, s �. r +, rt t9, h � r� ",e5t Pr -E:�,�' �r �'n S`��,.r ylifij z C a�!�r 1.t�p 4�.• !r f�.^ .
}y �,',,�.f @ s .µy}.(} � . 'T i.., t 3�c 1 L. 1 s•9 s `k s s i,rt t ,
� ; a"I J „ "*• ,i. 4: Yr v '�' §$p s'.I�¢„�jr. .J�� aLt9„� dt ' �:
r
�t•".i.t'
t f .. I .. ! •c rq
n
^ i• •� � Y�ta//!��v. �f �x�ii+t�li*t tti'" 7 w r �.#al 1 r {{ e^rXj' r ipprzh.� ,yyeL�..
.v rt:7"° �tra�,t'��;sY.Pmi I z.�i d �� i' ,S•c.}: 2.+,,.
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be outstanding as of August 1, 1990 (which requirements are estimated in the
case of floating rate obligations) :
Fiscal Equipment Enterprise Sewer/Water ,.
Year Ending Leases Notes Revenue
nr_tobg•3_ Payable able Payabl a Bonds Total
1990 $ 286,253 $ 140,604 $ 434,493 $ 861,350
1991 376,718 140,604 422,470 939,792
r 1992 332,495 140,604 424,899 897,998
1993 304,420 140,604 419,411 864,435
1994 231,218 140,604 414,923 786,745 t
1995-2014 70,010 492,114
alh 4
$1.601.114 $ 41. 4 $�•68SL,137 $L376.385 ;
The City has no general obligation bonds outstanding. As of October 31, ,
r
1989, the total general obligation debt limit for the City was $53,394,254.
Accounting Practices and Financial Statements
For financial reporting purposes, the City of Jefferson includes all
funds, account groups, agencies, commissions and boards that are controlled by
or are dependent on the Mayor or the City Council, including the System. The
accounts of the City are organized on the basis of generic fund types and
account groups, each of which is considered a separate entity with self-
balancing accounts that comprise its assets, liabilities, retained earnings or
fund balance, revenues and expenditures or expenses.
The City's annual budgets are prepared under the modified accrual basis
of accounting and are adopted in October prior to the beginning of each fiscal
year for all revenues and expenditures of the General Fund of the City. Any
remaining unencumbered appropriations lapse at the end of the fiscal year.
Project budgets prepared under the modified accrual basis of accounting are rs
adopted for the Capital Projects Funds. All projects remain programmed and
funded until completed or until the City Council decides to eliminate the
r: project. The Debt Service Fund is controlled by related bond ordinances.
Included in this Official Statement as Appendix A is a portion of the
Annual Financial Report of the City for the fiscal year ended October 1, 1989,
including the Independent Auditor's Report of Williams-Keepers, Jefferson
City, Missouri, certified public accountants for the City, the general purpose
financial statements of the City, including the notes thereto, and certain
accompanying information included in such Annual Financial Report.
THE PARKING, SYSTEM
Department of Transportation and Parking Division
The City, through the. Parking Division of the City's Department of
Transportation, is responsible for the overall operation of the System.
-9-
a
e z t�, 7, ��.r+ a 'a t r4 t � u r its f'°: '� �• ,"E ,st' t �'°'t
•�'.. r t{''`'l � i�y'iw,45"3 `•e•?,t.y,,` t � � ,� ,r!.5 "� scf' rt � k' �-„ �5
� Ci.fi r I��'!},1�'+ �d s �e 4prl1�'° : y; eT� 1,.��e'r
Ipj� ..� •� �sx�•.+6v+YA"'1.yF �+�/'?�i}�t��K� `F i�7��}���%�� {�Yt i4•��`t Ci:Na�•�yp�7y�'lr r�;x + !�r a§ sups,{ ?4
;k� 5 !: . G"iCi �t rJ*-i`rL'.}.�fUeRY i�h�tt'/q.n}`�${.l�fv�t+����'yr�+i'' �yya}r ,�,��. "C(t;3"r�r,�r;#`1�, `,�,r•t:'��',� �yt�i�'?��`S
71� �$ n' .tl+r s.✓+ii. ?vv} Y.r t }�. a i. 5.t
t i' •x s ,�;`�'�t<<r�!,� ��f��t�"tfr''.S`j�'t{t,L,-�A�?.} �j�f'ti., , 0,,�
�, ;,� � ,� ..� �I i �•;�'��;^ yi��. ''�n�. � '� f: t` � , �tj .� .'a < �qf.,f a.r' d�`th g., it :�'
',Ii '. �+f'^ x:ay.t-.t y�..�',.,' .. "1 t `t*tt 'rrif {' ! � •Y,rt. ��.fit, ,.w. +hh.� ,p a•.,
I
'''��e yn+.�,+ r yap is t,r�r ujJ!r�t{ �,y , .,. ,. - ` _. . . _ `'•; .,, . ,s. , C .t.:ilY � {,!'..d ' 4'rri.�+,r„�Ajt4� r';id v. 9_.
ii.:._ ItLLw....�M1W"r•rf} `rte �iik�k5. z.
a5bit�. .rjV`t.
The head of the Department of Transportation is the Director of =„ r, $
Transportation, who is appointed by the Mayor upon the recommendation of the b' s'
City Administrator with the advice and consent of the City Council. The
Director of Transportation is responsible for the management of the System and
is directly responsible to the City Administrator. Martin A. Brose has beenv '.:
the Director of Transportation for the
• :4 :', P past nine years. Prior to becoming the
Director of Transportation, Mr. Brose was the Assistant Director of Public
Works for the City. He also worked for the Bridge Division of the Missouri.
Highway and Transportation Department for seven years. He is a licensed
,� Professional Engineer with degrees in Civil Engineering and Engineering
t
Management from the University of Missouri at Rolla,
The head of the Parking Division is the Parkin Supervisor, who is
r'•;�, 9 P
selected by the Director of Transportation and approved by the Cityb+ ,, ;;
Administrator. The Parking Supervisor reports to the Director ofk. .
f'
Transportation and is responsible for the day to day administration of the ;
!; N' System, which includes the parkin .
g garage, parking lots, on-street meter i
operation, maintenance and enforcement activities. The Parking Division has
r�
; •:; seven employees, including the Parking Supervisor. Anthony . Johnson has
Y =+rk s
held the position of Parking Supervisor since February of 1989. Mr. Johnson
i ;0 k� s
has been employed by the Parking Division since 1981 and served as the Senior
Parkin Enforcement Officer for four ears prior to his appointment Y P as Parking
Supervisor. ` s ”t
r•„t '♦L d �ti7
The City Council is responsible for setting the rates of the System •(see
"RATE STRUCTURE" herein) and approves the annual operating budget of the
System and all contracts and ordinances relating to the System. The City
Council is advised by the Transportation Commission, which is a citizen board
appcinted by the Mayor and the City Council.
Existing qty Parking Facilities
H
The City currently owns and operates a municipal p parking garage located
at the corner of Capitol Avenue and Madison Street. The garage contains 130
x monthly permit spaces, 270 daily rate spaces and 53 two-hour metered spaces, ,
for a total of 453 spaces.
s�
y:M1, The west portion of the garage was built in 1961 and had six parking
levels with 274 parking spaces. Access to the west garage is from Madison
`p Street. The structure of the west garage is a structural steel frame with
concrete slabs on metal deck form. In 1974, the capacity of the west
two parking
o
parking spaces with the addition f t
garage was increased to 353 ,
' levels. Approximately 13,000 square feet of the entrance level concrete floor
• slab was removed and rebuilt to match the original floor slab in 1979. The
east addition to the garage was constructed in 1982 and has two parking
t : levels. Access to the east garage lower level is from Capitol Avenue on the
north, and access to the east ara e g g upper level is from the Commercial Alley
on the south. The east garage is a post-tensioned concrete beam and slab
structure.
;v The City also operates approximately 850 on-street parking meters and six metered parking lots containing a total of approximately 175 metered
{; spaces.
AM
-10-
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'�'r. h+•,_V t�#'} `fix ! !r',!. , ,.,. a t i r'.i s„.u.yct li t'�/4>
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.
�
' rK' ti �' ,737.S�ut��. �,�t*���'�t� i+^� ��r`�7•l'�'a1 �� k'{S�f�'3'r fr�,��JP�t!«....� }{,7 ti�
Y ,'� }„' YK,( ' �N,,.SS}ylS?t'1 -y,•t t G r iff f= L ..t. ,rt"�' 6'1
+ f f!
r', r� r •�`��,, ,`�'3 CJ 4..,� d7n ;'� ;;,ii'x :fl+`z a t5' kett u55`tx^` t i� }•xa t.�'� � r -4-�A,• t
� r f"ra�t'�tiJ r>wv"gfrw, :' x♦lt4A 4 y1,�q ,+ �� c�r ;tai ��'J•.�t ' 9 'tr7i"• t
3
*�,,
i�`-�`yt,. 3 F��'�k+'Y��'� �♦'��{ y Itr �lr� 4u.� �'"l�t.� .sr t s lFa b���'t ti?`i`��t'�!,.a'�'r�s�3'�`'�' t,,.
} t
,♦,.ilrltF ¢"":��', 37` r #
,l` .�' "ra�F''' {r^ +u'i.�,.:iltl „�i,� Y t >r.,.t.,1:'•. .4J. .sr �r.'z }.,. �'♦ 4 ' ♦
•,r �4 ,,f w 7 �' =w' �:.:`��, 1�3>.. � r U f. ♦;�;r, { k, �,°;r'ti �,
.zj;`i.,. ��' X' 'u,+,`„r7 �F�'.;ir,;:'t�t,♦,".�F;d f t 4 y+ 4 R � S ♦ �ts.i. .,ry f` n .7a t ,i.i�. 2:,,..3� :✓t �e
55x�' ♦� t i'� ikt7, y(.'!,.s 1i {7:� ' .. � rY r tR"., tr, r r...i¢xt. t 1 rt. i.f,�., t'� t w9,�"1* , , ^.k
T�
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t} ,rR-T^n-'nit— ,+ h Tti1 -r t. 1-r-_• _�'� r/-Tl ; T T _ +f y4:
..x;r+fd�A,RlV
4,
r,
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The City also operates 679 spaces in fourteen monthly permit surface
lots at the following locations: =�
Z. Number trie
r=,
Lot No. Location Of Spaces ,
1 200 Jefferson Street 58
' t,
5 400 East Capitol Avenue 33 r
6 400 East High Street 65 .
12 309 Monroe Street 97
13 300 East High Street 21
14 300 Adams Street 33 ;
15 300 Adams Street 60
16 400 East High Street 62 a
18 100 Adams Street 23
22 100 East McCarty f
Y Street 31
24 Corner of McCarty & Adams Sts. 55
�s
i. 25 500 Jefferson Street 27
i. 26 400 Broadway Street 82
. ` 31 Corner of Madison & Ashley _U a
679 V
The parking lot spaces described above do not include parking spaces which are
provided to City employees free of charge.
All of the parking spaces operated by the City are located in or
adjacent to the downtown central business district and are free to the public
on Saturdays, Sundays and holidays. The garage and surface lot monthly permit
,,.. fees are collected quarterly, and the City may cancel monthly parking permits
` on 30 days' notice.
,r The City owns the municipal parking garage and all of the metered and
" + monthly permit parking lots described above, except for a portion of Lot 'y
No. 1, which is leased to the City from a trust for a term (including t
extensions at the City's option) ending in 2007, and Lot No. 26, which is
' leased to the City from the Housing Authority under a lease terminable by
either party upon 90 days ' notice.
t' The City expects to have the use of an additional 50 monthly permit
,k parking spaces to be located in the new State of Missouri parking facility,
which is anticipated to be completed later this year. See "PARKING
INFORMATION FOR DOWNTOWN AREA - New State Garage."
Accounting Practicel
The operation of the System is accounted for through the Parking Fund,
which is one of the City's Enterprise Funds and a proprietary fund.
Proprietary fund revenues and expenses are recognized on the accrual basis of
accounting, under which revenues are recognized in the accounting period in
which they are earned, and expenses are recognized in the period incurred.
F}flYat �c�t; �i' {"�{�J'i7
t�ssY5�at�����t ti j��� i bra
� IN,�}
'Pt' �1' E7,} j'�'f '�Xr'ils+• r�' ,v: n r ;rx �Y�,3�er j !}yv,.�4: �`� �{°t''f�"P �i : /�ri�t'�t S ,t�y� ,aj[t� ..i1.. .,�+' i
. A.t 1 �x SwJ � � t7 � �������'ii�d�� KtLJ,�•y�t•'17\ ��;) f y�.d4 3�'y{ d /'1 t 5 Y�,M1fi�yl k'�I FJ• M1'� � i 'F� ( \.
;*!, rN i
I� i I li
: d• •4 , I tk.yt 4.•tC.' l^js v.' ry t.�u, '15'ri' .;•x: 1t.;...'� ^1}.., i,r '..r " d'� 'fir ..v 5 A. :..:n ., r�Jk.Y!•yrll �...1.., .
�¢�',' a ? 51 tYR 1 ,bbe {j .. } .. t (�f,•: t ..1 ... I , '� R.
Y•''� Jr � <n.�p}r.�"�I r ;,,t �t- r. y 1 b r '. :!f,. �•'ru"(
4 i
:, d}Lr �.`
i
3J
sfl
},
,G++mmary of Q��erationa _ Rarki g_�_ynsl
...,
The following table sets forth a summary of the statement of revenues,
expenses and changes in retained earnings for the Parking, Fund £or the fiscalpw ;
fr �
years ended October 31, 1989► 1988, 1987► 1986 and 1985. This summary wasA.z= .
derived from the annual audited financial statements of the City for such
fiscal years and reflects the accrual basis of accounting.
Fiscal Year Ended Octor,ar
r•.,c
r
19118. 1987 194fa �` »
OPERATING REVENUES
469,512 3Si`s.Z4Z L-372,914 t'
Charges for services � 485.983 � E--�`�'
Total operating 372.414 305.155 T. ►'98981
revenues 485.983 469,512 465,207
f rift' 3".
M1
OPERATING EXPENSES
403 157,360 155,758
Personal Services 173 536 181,
"r
1 158 163,
Contractual Services 24,846 20,249 21,905 27,083 24,128
Material and Supplies 9,972 6,888 6,700 5,042 4,236
Repairs and Maintenance 11,153 23,201 27,667 16,330 100,363
}
i' Utilities 34,364 24,616
25,810 19,654 14,906 \ l}t
Gasoline and Oil 1,155 2,920 801 906 1,500 r:
,? Depreciation 42,430 40,943 40,942 37,830 32,941'
Miscellaneous 4,858 1.291 2.195_ 4.493 ULM
4'.
> •'ri54 c
Total operating
268.698 348.118 '
c•'?r., expenses 302.314 301,266 _2$9.428 c
(42'9F31 t
Operating income (loss) 183.669 168.246 175.784 _ 103.716
Y ' NON-OPERATING REVENUES (EXPENSES)
3,171 12,149 3,171 14,252 34,557
#.r Interest Income.
Interest Expense and Fees -0- -j1721 -0' -0-
Total non-operating? -; revenues (expenses) 32-312 il. 7�7 3.171 14.252 34.557
1 ,,:•�
t Income (loss) before
(,y
'. y operating transfers 215,981 180,223 178,955 117,968 (8,396)
Operating Transfers In (Out) -0- -0- (142.3521 (120.0001 (110,0010)
,
rt 1 •
Net income (loss) 215,981 180,223 36,603 (2,032) (118,396)
J
I�
Retained earnings,
beginning of year 2,125.549 1. 45.326 1,908.723 1.910.755 2.029.151 :.
r Retained earnings,
tk: end of year
C.+tir
1'
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't Rfi
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L7�S ��
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}• y ,• F,.�. �'�i tw� 1.��z,}� S�v¢y �i i n ;� d�� tE r SI x�,��Lf gad �`l*� �i��nz
1`trx f >i• rt,ti y �y �i�ff}}1'"''t^.�'xT �. F�I .',�c�. �.r�t,t.:s 55 }"r, .•i�'S. i 4 �.�}. F .t 1,i 1 p�1,��I�., ,i.y `+hY k/,r�'� '3 .b J S:,G F' L
'.�L }v",t�k� Pkb��.j{�.:r '�_•St�f: x, rs:' ! V v A i.. .A,r ::yr'' v j,v ,,•ir .', i� t,,, �4rS t t '{. � �h' tlt�F�§� �, .1�nyriY� ',,1¢y'(,,.
t
a .. 4<,t c .t�tl° i.., f ,n �' (/ F R
S t S 3. evt .7.�.�• rp_ 1J 4" r c .t �9 t � , rs^t r i ^a ,t :! 4 r yr..�{tt r' r5 .t>w t .+13•�Lr�L+ ',
t,
r�l
t,}
Hal'3nre Sheet - Parking Fund
The following table sets forth a summary of the balance sheet for the
Parking Fund for the fiscal years ended October 31, 1989, 1988, 1987, 1986 and
1985. This summary was derived from the annual audited financial statements
of the City for such fiscal years and reflects the accrual basis of
accounting.
Fiscal Year Ended October 31 s4
1,9.fl2 1988 1.9� 1986 12£15.
t ASSETS
r
f Cash and cash investments 516,984 298,850 $ 79,059 E (4,757) $ 320,366
Receivables: ,.
Accounts 2,894 30 36 15 5,248
Loans 300,000 300,000 300,000 300,000 -0- .
Accrued interest 99,624 68,885 37,825 9,558 3,825 ,,' !
Due from other funds -0- -0- -0- 450 -0- ;q
Prepaid expenses -0- -0- 6,646 6,402 19,851
ry .
Property, plant and equip-
ment (net of accumulated '
depreciation) 1.564.425 1-577,937 1.607.937 1,647,268 1,609.101
Total assets $2,483,92Z 12^2454= jL2aj,5U 11,9958,936 $1,=.�
t,
LIABILITIES
Accounts payable $ 4,741 $ 10,246 $ 7,806 $ 3,263 $ 8,940
Accrued expenses and other
payables 8,516 10,017 7,731 5,560. 5,858
Deferred revenues 96,325 67,075 37,825 8,575 -0-
Due to other funds -0- -0- -0- -0- 23
Total liabilities 109.582 87.338 53.362 17.398 14.821
FUND EQUITY
U
Contributed capital 32,815 32,815 32,815 32,815 32,815
't
Retained earnings -
unreserved 2.341.532 2.125.549 1,945,326 1.908.723 1.910.755
Total fund equity. 2.374.345 2.158.364 1.978.141 1.941.538 1.943.570
Total liabilities
and fund equity2-4827 �i2.203]�503 ��9 11-958.391
-13-
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t `f,4 �' �°.x�v� ..tti'�'S�� ;gvtP�'�':�d. tY`� �s Y�•J��,,17,T..+,,y r
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i r �4�'r€€€Ft"' �Y4.{!!�ro.�iiyyfftt e ",°t• K "����
t '1 1 j .� �'��+'f71 eY7�•v „w;. a � .� � Y
$ ' Y V+l�k� •�4 �0 i �4Y t�! 1`_4'-yy��� f t wf S
>< ,tgg� j9 Y �t�;�.�,�k a} �fr ti�k dHe.,<r i{x to .)�r tr,�+tf�tr".<.u•�Ps�'•��sat �i'�Pur�.A� i��+'.
���.�,P'
R,�t �
Vih j V.Y,Y'"N s;�f���.f7 4 "{•.
.• t 1 � k
o f y,f.,.S k r 141 t N �5�•S d `'n r!5 t ya !c t".astl'• tl k'v +
i�•� i �^ ; r t e�;r';}",da �rf ^r ° #�r lnt� �. f�}�t"1. r�'im'a�x���z¢��'S$ P �'.�t� �i5 �!�1 P";�
�{• "�r ! iv y t„��4 r t�. krvF;,'�SC v.f,`r ete'�Jwa.F. ;��t}�'ffi,1n..�hS�4 �,j'J�6�Fr `Y�."} •i f2 •i'�'�•! A ! y At, �a ,yC r �:,.
JeT, t 1 tt;4"c , .� �t.Y•, 4 s'�!;-°� y �' s ' ` ,t� 1 f,; , � 3r.4S 4'>3 h�•.S �.L �,'rr ��,' if S�;�:v��:
,�"� Ai^ �� 1� �! r< vyY i$ .,�" ',� J, r�� .r'`3 n 'Y It Ft 3 � .rrk .t r• {y t . '' i s 4 ivl,� UtrS I' ,ti
y�t z A � Wt � :i" �'�4 �� a 1 h t �t�' '!l,.rh' ��J �'� f t'I�.�4,� 7 �7. 1 y71.;1.s� s�r',.`,:syt.,•. uf't"s'F4`�.b
l�lr Y"� Any .P4.o Jti ,,-r k�i; �t,.���,'; t,. t � r ,fisP:l :,�1 j -. r •. f ..� � ,,i`7 c ..�f'.•t L'�.M1•; ,
.ejju� ,pa ,�� ;1 �. 5 _ t f i �tr i '/. I:i r .'e •St''.z%}' ',��. i �!'i.
yJ
441 111�",
X
PARKING INFORMATION__E DOWNTOWN AREA
The City operates app roximately 358 of all off-street parking spaces
located in the downtown central business district bounded roughly by Stater
Jackson, Miller and Jefferson Streets, including the spaces to be located in
the new State parking garage d escribed below. The City also controls all on-•
street parking, which is metered exce pt in some of the fringe areas. The
City's parking rates are comparable to those charged by private enterprises in
the downtown area.
Past and Current Demand
The demand for parking in the downtown area is cyclical, rising in the
fall and peaking in the winter with the return of the State Legislature. The
legislative session generally affects the daily garage demand and the short-
term and long-term meter demand, but not the monthly permit parking demand.
The downtown central business district has experienced a parking shortage
for the past five years, due in part to the construction of the Truman Building
and the reconstruction of the Jefferson State Office Building. The City's
garage and surface lot monthly permit spaces are sold on an unassigned basis.
During the past five years, the City's monthly permit sales have been at or
over 1008 of the total number of available monthly spaces, and such sales are
Abaft
currently running at approximately 1138 of the total number of available
f .
monthly spaces.
New State rgarage
The State of Missouri is in the process of completing construction of a
w . 622 space parking garage located at the corner of Monroe and State Streets,
approximately one block from the City's municipal parking garage. Completion
of the State garage is expected later this year. The State garage is being
constructed on land donated to the State by the City. The State and the City
have entered into a long-term lease providing for the lease to the City of 50
parking spaces in the State garage, which spaces the City plans to operate as
monthly permit parking spaces. The remaining spaces in the State garage are rig
expected to serve State employees in the Highway Building, the Jefferson
Building and the Capitol Building free of charge, and to satisfy a majority,
A"T but not all, of the current State employees' parking demand.
Future Demand for City Faciljt-,
Demand for parking in the City's facilities is expected to drop initially
upon the opening of the State garage and then to remain steady and eventually
rise over the next eight to ten years. A survey by the Jefferson City
Betterment Association indicates that more than 170,000 square feet of
unoccupied retail and commercial space, a majority of which is in the Hotel
Governor, exists in the two block area around the City's municipal parking
garage. One reason that redevelopment has not occurred has been the shortage
of parking.
-14-
XP*TVNP.R WL,,'Tr,.
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�t e4 'A
21 M
ViR V
V
m
lei
V
N
`s
OWN
Future Plans of the City
n '
The City expects that most of the current demand for parking in the �� .�• �,,�.;
downtown area will be satisfied upon the completion of the facilities to be
' financed with the proceeds of the Bonds see "THE PROJECT" If the demand for
r:. parking continues to remain unsatisfied, or if significant downtown retail or '
commercial development is undertaken, the City may consider the construction of
a third municipal parking garage. If construction of a third garage were to be
p p 9 9 g g
° undertaken, it would most likely be financed in large part with the proceeds of
s= additional parking system revenue bonds of the City (see "THE SERIES 1990 BONDS '.
Authority and Purpose" and "SUMMARY OF CERTAIN COVENANTS AND PROVISIONS
,rm CONTAINED IN THE BOND ORDINANCE - Additional Bonds" = d 4..;,.r 'r'�'
r4 THE PROJECT
%a+l• ,
Facilities and Improvements to be Financed
tit .•r ir.., e
The parking improvement plan is expected to be completed in two phases,
as follows:
r The first p hase consists of rehabilitation of the existing municipal {€ '?,,,.
parking garage and expansion of the garage by 153 net spaces. The ��• ,„ ,�„,:.t�°
rf rehabilitation work will include removal and replacement of the 29-year-old
" concrete floors, addition of an elevator and two stairwells, installation of
�
'.. new lighting, signs and an automated parking control system and construction ofG �. ' ;,
a new exterior facade. An additional split level of approximately 100 monthly y
permit spaces will be added to the top of the west portion of the garage, and =:1
two more floors containing a total of approximately 100 monthly permit spacest.
will be added to the east portion of the garage. The rehabilitation work will
result in the loss of some existing parking spaces, for a net number of new
4" spaces of 153. The municipal parking garage, as renovated and expanded, will
continue to serve as public parking for downtown businesses, the Jefferson
State Office Building, the Highway Building, the State Capitol, the Governor' s :
s. Mansion and the County Courthouse, all of which are located within two blocks
of the existing garage. The work on the existing garage is expected to be {
completed in 1990.
v�, yFf`•a�Y
' The second phase consists of construction of a new 120-space, two level
parking garage on the City's existing monthly parking Lot No. 1, on Jefferson
Street next to the Jefferson State Office Building, approximately one block E„
from the City's existing parking garage. The lower level is expected to
consist of 58 monthly permit spaces which will take the place of the existing
Y, parking spaces on Lot No. 1. The upper level is expected to consist of 62 ;?
short-term parking spaces which will primarily serve the 100 block of East High
business area and short-term visitors to the Jefferson State Office Building.
' The City expects to construct the Jefferson Street garage with a cast-in-place '
concrete system, according to the preliminary design. The final design is
expected to be developed later this year, for bidding in the spring of 1991 and
:r.
completion of construction by the end of 1991.
A.
-15_
:C
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� i J. _., � �"��'�W ;:.i��Ri J� iut�'{,��?'fnil�jt"t�iz (gip 3�'�`4�s�r'�it�ft t:,:, ri " 'i r. +. CJ's. �J a.}J t5, �to�yV;a '.��14°JJ.ts}ri .!i�i�'�.1t�d�•"'sY.'?�,t,,y're'�+iyl', '�
V�i`• ,lNi .,j��S l'L',�A�� fjc�rf}�`i�n2' tia S��„�} ,C��t.iJ�lt� ri 1 1, ' i J �..� .i� �{S 4t} 71.It�tY .tai y � 1,
SS j '�"y 'J: .•rgtlq i i't �i.ii.: 1 yl G .� ?.5 t t t of t 7 ) $(' itl'ity 1�J J �iYtyw x t }Y. ¢
ty:•,Yx9�i Y �l�i�l ,' l��f �,�. :ti�7 i��1a3 t�Et}�ayt iJ A?j ,$(t` J �[:�� SF ,.1.5 :, .i`' a .y.t rJ�.r �,, tts ¢ ,tJ it YI ll;,;Y�3'f�,*'�y`�� y„
-1M
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v
to p .i'1J4 k6,M. �
f
�^
.., � `,5•+} ?�3.v Git ,ySt y a'/`b 3�tf,y t t .. �
i'
'r axe- Art
The total cost for the renovation and expansion of the existing garage 'T
(exclusive of financing costs) is expected to be as follows, based on the
existing construction and design contracts therefor:
Construction costa $3,216,980
arFrr Architectural and engineering services 21
Total 3 4
The total cost for the construction of the Jefferson Street garage
(exclusive of financing costs) is estimated by the City to be as follows:
Construction costs $ 800,000 z, d
Architectural and engineering services
k} Total
Cnnau }ants for Existing Garage Proiect
atY;%skr: In October of 1989P the City engaged the firm of Boyd Brown Stude & �
Cambern, Kansas City, Missouri (the "Consultant") , to provide professional
engineering and architectural services for the renovation and expansion of the •�. -,.
existing garage. The City's contract with the Consultant, as amended to date,
specifies a total consulting fee of $212,365 and includes schematic evaluation
work, development of the renovation and expansion plan, preparation of design
and construction documents, drawings and plans and specifications, assistance
in the bidding process and construction administration and supervision. In ;
addition to its own staff, the Consultant has utilized the firm of The
Architects Alliance, Inc. for consulting architectural services and the firm of
Smith & Boucher, Inc. for mechanical and electrical engineering consulting
services. cr
C
Construction Contract for Existing Garag e Proiect
'1.r }it>Is'vt
In June of 1990, the City received four bids for the work of renovating
and expanding the existing garage. The City engaged the firm of J.C.
• �t�,;t� Industries, Inc. , Jefferson City, Missouri (the "Contractor") , to perform such
work. The total construction contract price is broken down as follows: q
f5
Base Lump Sum Price (includes most demo-
vastr lition and reconstruction work, slab
i '�•�, patching, crack sealing and repairs, tree
replacement and sign allowance) $3,084,855 `
�:.4:
Automated Central Pay Parking Control System 232,125
Deduction for elimination of
F construction phasing requirements
'- in the west portion of the garage X100.000)
:. Total $x,216,980
-16-
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tt.�;f i{'•,s.�j.."r'''�• '9k .;r„`t'e;J�,y�i; i.u5`tY`,c .�£i%'�}�"tt/r �'�;°�?''tA'�4 y,
'• ¢ '� � ).•` CY;';�,. 4`i�r�'����'��`l"Zivx' t�k�t g�z is �t�!fc7��ei,pP�� ��` '�r�"'�ry 1��`,�ti•�*,ci 1 :yFp
.� q! x F n 4a,xSa!{�,4y txl+ Svir4,i A r�`:Lr b ti(y9 i>f� 1 j„x °i5�'�i i,.r E S � >�•{ #k .
,7 'il , `�SP,'SY 1'�)"N"t�r�F�.{Ik��Y��p� �l i�� � ?,�'".t` i'{�,�.iF•��t t:f.�{P '�a}5{t��fr�fY' 'y
{ , f; is ;�' #d;��f 4,h,rna P,{j U3f,}�Y, _.i4.,;4.'Fi.+{rr. rt" .��. •'h;,xt:.0 st.y::ii...lut$ ��Yi'-xi fl�ti 1"
� 11 qtr,
S j, }' j Y >.Fn+i`1r+'tl lY's'rr ire $ { t pF t1� ! J' i A. .t�' •7. fi..- j
I 1til }ai!V .ii'C r f ✓< �` 4r' 'r{F `�xf, d:f^ di�i tl z +s'• I
� dr
"p $,k, lxt'%vlr7�,f� '.�,�rtl+y�2 j .�fr ts jit tf '! .� .t;r t } hr t� '�+ tF{-. rrz+ 4 u����`"y •s
Y
}jr �S' }H} r f•� t� .i °�,t,•y i Ft , .t .}tih F 1 1. :1 ! i_r 4 fix it 2'Y:�� tvl i�},�
.+� 'd" r+Ira �,?,.d'sA F`a rl�',4 t+ �i tlttt{kgi�•c ^.t5 r.1} t� .,1 aF.:t 1. S}r .t t t'+, r}r x ry F' 7/
� .t>. ,t•'d t�i t� .'iia 2. R)�'�i iS ;,r," 1 � Ci r. i t`��2' y x�, t c. �:� t �
.t
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R y
,. rt ut ,t t'• �
,lrt wr
it
I
x \
�+wtt4.d "i7 a"` .� y ¢r.+.3p r+r' T .",5t t. t `' r. ., i; I r Sirvi'Y��.�,ir.j•,pN,,p.v r� r
t
U
�e
H�
The construction contract provides for additional per foot prices for ;y
slab patching and crack sealing and repairs in excess of specified quantities.
' A The Contractor began work on June 25, 1990, and the demolition portion of
r., {
the contract work is more than half completed. The contract work is currently
on schedule for completion by November 16, 1990, which is the completion date
specified in the construction contract.
!w'r FSTTMATED SOURCES AND USES OF' FUNDS t7
.�.
(ia
The total costs estimated to be incurred in connection with the
fr completion of the Project and the issuance of the Bonds, and the anticipated ;
+I;,, sources of funds to pay such costs, are as follows: `F
K•"Yy r
F Sources Qf Funds �r.r
Bond proceeds $ 4,445,000 r '
r. ; 448.
City contribution 858
�.
M *I
Total
6r�
jises of Funds
.?st Renovation and expansion
of existing garage $ 3,429,345 q
Construction of Jefferson
Street garage 880,000
'.: Bond Reserve Account 444,500
Underwriters' discount 100,013 !
Costs of issuance 40,000 ;
t' 4,893,85
Total
l $ 4
..k
. RATE STRUC'j'ME ;s
K�
The City Council is responsible for setting the parking rates for the
System. The current parking rates for the System set forth below have been in
effect for the last ten years, except that the 10-hour meter rate was increased �
from $0.05 per hour to $0.10 per hour in 1986.
On July 16, 1990, the City Council approved the increased rates set forth
below, with the monthly rates to become effective on October 1, 1990, and the
`
remaining rates to become effective on September 1, 1990. It is anticipated
rema 9
that the City Council will adopt rates for the City's 50 spaces in the new
State garage and for the spaces in the Jefferson Street garage comparable to
such increased rates prior to the utilization of such spaces.
w�
r
9r!�
,r`f r+ P
"1� +Ti
{. v Y {f i N�. x;;11"• ax,(��.?yai °}C.; 9t '�P+ u,r,
3 .Zr y '7 1.F.i�*r �.dfSiy;.,•.f`'a.��. ..:ai. :j t��`' r ��., t '}y�y. a
�: r• p 'fit, +�'' ��:.4 t `d�',�":�t,A,w.�,,��v��� ;r�t�r',�; F';�Y i����n�'c1' r��,t��rr��J'
r "" '�• '�P,' ,? rik1r�z+ar•Yd Yr �'t�i: SI fl t•.l.t�j,/+• r ,�45d�,2- ' �,'I�,3��Y'X'
$1y,�t
e(r i fir.
y a " .�,i k � r}E�`.�t!'•`4'�t E. � r tr. F{'3� ( #s'� Psl t s {� +�kr t .`1 l r�t f�,tY ��t w 3� t'�L4�y^'� +�' \
a 1• ri�'� ii i f �(, �yv r� �r"L F'y wr Ft`+q '� d JyS.Y <tr k� )t. p L � �Pf i'.�rs�r >"� a r '�`= iyt Tt
y:4 ...i<¢d� w ! �, �) 3 tyrr f�i�G{`T ,lua ��<,� it �r;.I:.";r'Yr,iX t' .tS(y':'t,'Y i:''.�•7f-`�`d.
.�rt!a�n y/ d. r '�'9;t3}�r'f4 t�t� •i,•>`p ° i iJ .Y)'t���g}��"j�f��s�{ "j�'h�!S 4 y)� � c t,rh'tt.;T i`t,� r. s2f°S tl , ts. �, i l° k 4-irt Sl}'ff�fi�
/'� s� $.'stn.C ��.i .i {,'� ,y,y.1,. rs{`£°r �-j3 2 H Y a"" ti �SI?. t �4 �'� X.• i;� C ' ��+.r.
• 1 4.Q< A �� iy[tc ?$�1 3'�7t 'fSY' r, A)r�iR M 1 %" .U>1. 1 R i'Y i Y" <s� !4ry nk tyW„M^ .L� f, 4
r � .,{� .YS��`�t �*r1.r,y,.�tgf..J.x�w{°','•�ry�.,r�,_i„ ;:a.h F,i t �
x' f
r'
, n Rate I -
;,. New Rate
` Meters $ 0.10 per hour $ 0.25 per hour
t
Surface Lots No.
$10.00 per month $15.00 e
p r month
5, 6, 15, 16, 18,
'4 r
24, 25, 26, 31
aY:
Surface Lots No. $12.00 per month $18.00 per month
At
12, 14, 22
Surface Lot No. 13 $18.00 per month
$27.00 per month
Surface Lot No. 1 $20.00 per month $30.00 per month
Garage (Monthly) $30.00 per month $50.00 per month
i i:4.ut'
Garage
(Daily) $0.10/hr 1st 2 hours $0.25
/hr 1st 2 hours
y,t $0.20/hr thereafter $0.50/hr thereafter
{Pri.
$2.00 maximum per day $4.00 maximum per day
{}:; DEBT RFRVTC'F RFf1iTTAT. ENTS f
The following schedule shows the annual 'a)
principal and interest
•,xy r
requirements for the Series 1990 Bonds (including mandatory sinking fund ,
' qtr
requirements) :
'-� Fiscal Year
Ending o -tnhPr 7
9 Principal Tn r
1991
_ 1992
r 1993
1994
.a 1995
1996
1997
1998
R a. 1999
2000
2001
2002
'it5x
2003
2004
2005
2006
2007
't 2008
2009
2010
-18-
i; ' ,��'�•'✓ l�'i j'•���ti i�fg}�#{v�rY�1�'�#' '�t+ Chu � ti
,a .�� Q. 1.:,": � .� '�u x>•r} .. ���rt. Fl S.�ni 4 a.�t�) o fy Cs,,+i t'��" #Wff�„s�� �”
1 ' ..t'( � J.�:.P`Sa }$jtkr k�: �t !Y'}r:,,h� +�^L;.. ` f^ t�i �r rKYd .�{"-8[T111�+ .ar�� F.�tP ���+f':• t/) �j4rM r r t ', ,. ,,i �,: {
��4 ,�yj�7.�'��t •r�3f ?fir yt s�sr � t r,.. '. 4r. y. c }t.• cY'"4�}�% �r,..-ea_., �„,-a •.•, �`�.>• p;t
Y ,�i..r4➢:.•, �t+Y 3rft�i SrS;7 a,.�.r�}t i f t ..tl s r , ' t s r .. i 1 .f �t!' �.
r r
t ,
..Y:t• i
�y dx
N;tK
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SUMMARY OF CERTAIN COVENANTS AND . .' r
���1T4TONS coN'i'Ar,�tr� TN '�hE BOND ORDINANCP " •�:.a
The following is a summary of certain provisions and covenants contained _:: :
in the Ordinance. Such summary does not purport to be complete and is :°,`:,;
qualified in its entirety by reference to the Ordinance. 1 4n
i'..
Application of Bond Proceeds and Other Fundy, t
` `` On the closing date, the proceeds received from the sale of the Bonds
t
and other available funds will be disbursed as follows:
An amount equal to the Debt Service Reserve Requirement, from proceeds �� , r;A!.
`t of the sale of the Bonds or other available funds, or from a combination of
such sources, will be deposited in the 1990 Bond Reserve Account hereinafter ;' `` '-
{, �Z .•f��aS'4�`t.��?."�`
described. '
z r`rr:
n'. .
i. The remainder of the proceeds received from the sale of the Bonds will
i be deposited in a separate fund in the treasury of the City to be known as the
"Parking System Construction Fund of 1990" (the "Construction Fund") , and willsCr"�
;1 be used by the City for the sole purpose of paying the cost of the Project in rt
accordance with the plans and specifications therefor prepared by the City's � y
consulting engineers.
Upon completion of the Project, any surplus remaining in the
Construction Fund will be deposited in the 1990 Principal and Interest
,
Account.
g �+
.t
Fundfi and Accounts
' From and after the delivery of the Bonds, and continuing so long as any s
of the Bonds remain outstanding and unpaid, all of the Revenues will be paid
and deposited into a separate fund in the treasury of the City to be known as x
i. : the Parking System Revenue Fund (the "Revenue Fund" ) , and said Revenues will
° be segregated and kept separate and apart from all other moneys, revenues,
funds and accounts of the City and will not be mingled with any other moneys, "
revenues, funds or accounts of the City.
r.
�';J• In addition, the City will maintain and administer the following 1
.�{• separate accounts in the treasury of the City:
Parking System Operation and Maintenance Account (the "Operation and
Maintenance Account") ; s
Principal and Interest Account for Parking System Revenue Bonds, Series
1990 (the 111990 Principal and Interest Account") ;
t;. Reserve Account for Parking System Revenue Bonds, Series 1990 (the "1990
ii
Bond Reserve Account") ; and
= Parking System Surplus Account (the "Surplus Account") .
x,•
a
;r -19
Tai
T Ahi r.V 4 1 , 1•.,• 't 1. ,7 I"l` i..^!T."'•T7"''^^' 7 i•'+.j 7,,i
nr> 'pS7, } I�
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r< t"y�1C8r., t ♦1? la 4c c.}d „ `r,rrl , r a { ,I ! ti r•
. j kg1t t a h r fix? �.,� fl t,' 4ii4t dS,f st krck
F ” <'2rJ 4tti�litt� �.� n t 4 x t;tt� }i�i�t}'� �1s-�4r6 i't1�Y Yh.t t`�1�t, a�4. �l.+�yy�
r `44 �i ?
�. �' (, , t t cA nr nG rryI 4 lJ .t;ti.W `13y,4`i tY 11 „ 1h'"�c:y
rw:yyf7� `,YY" �t 1 Iilf l Y✓+ 4}•4j;`)I�ti'4. alksk f5,`trr 7fi �` } ',�'J.'
� htiV'rS
�}, wi i$'4h� h 3 h t • tt r �L n r c irljSrr� Yc..�,��7 ^�"aft'^^� i tr s r@r ky
k +, x sF•. t zi �, apt. C't .N.: , ti s i ,�r i � .Jr rte r e'=t � 4
^r,• }�, µl�!kt",r.4��i�4t���``�`'h"tt�J�'�� 7r111i��st ii(. s �.,t c rx . v Itl ht iu�i�. + � � '�..;t1i1 �`�'tf:441.C'4 � ;��'tf
u,.:d r t t 5 •('" :�.S a t t S .1. t 1 e?' s� ..rs 1nyt{ , 1t b!!t�xLeY..� ,
j �ti, ,.}�'� •���,,,s�5�?ks* ]...t H r .,�,{.fir� i t s c c > ( ,' ^( l a r to `�zJ vS, n 1L t�t� a a t
•.,� a� ,4/x.�f f 4'6it��1l rn'C:1�7{P� A'{"t �3�1 tl ��:J. 'tot � i t i 1�6 i � i rl J tt i t, �t i Sf..� GP F r }fn� n�� �
:1, '1� y�/ ,tij�'4 <d 4 •(..° �a it, xq ss)ti r5 , t t t ,(, t .Y i '�; k�-k}`�y�t(�ir����m„�.{`k'(`�,
i,t•{ .3i �c�� �i ��s't.i P y�Ra �k?3 d 'Fi! � i l 1 �. l Z ��.4 i`r�� .ltr' t ��i�';�y,L�n t� ..
trlv4 'k A x(•/,t�� 2..r(..ti If ,4Pfi 5. r�' .r i -t f %b !r. t 1 7. �t� r L.Sts.ryt,�efiy�r�N,�n, �ji• r
r;�, �.YS }.-0\ .ri` ) 7•. �� {. ft 4` !' � ti'b �)e�., t ,:ra a.,r i } { R:.. il. �Y S?':},d 'w, v.i 1"�
is .�S^i� �e` �rXx'L. �.y`d��� i��i�h•rbi�Ist� �wtt�..��r�i i � t :,�i. ' + << � trx€t ),� { :11 <t -'L..y'i 4�.:j,. l.•.�G.. :.4itF; �,c.,t ftr Jx.nki'S�{� e ,y t. � .F
itJr. ,�.,..,i„.,r�p i, µ�..� %iA;N'r's!1�,s,;tlf•,..;,i f �f t' ,�� I 7 � .1.'!.. t r.�r t r'i..f' ..�., ..Jz:1 S' �r i i.11i�`:cfi.Y �'tiY Xt yy:�,��',i- ��n r
l t
1
i
7777—t •. � >, 1 x 1 •
,�, f� ♦fit; .{ S{ �t�,�k � rY k .t 1 � ` f. J. } t f 1 .�>Jt .(f trr yr s§t'Un }. ,',%! M
.'« + +lc...0.s. I,.tLYw.,/........a:...:Fi,�f,._e.t:�n'�.,�.�wawiw.rw+.ir+l...�._.....,.��•...w�r.r.r..+r+tNNnfW :.
xis
'r ,wed
A. u °'f jQn of Revenues, x v�
From and after the delivery of the Bonds, and continuing so long as anyIry=,.
of the Bonds remain outstanding and unpaid, the City will, on the first day of
each month, administer and allocate all of the moneys then held in the Revenue
Fund as follows:
(a) There will first be paid and credited to the Operation andt ' J' .
Maintenance Account an amount sufficient to pay the estimated cost of ,j;$+',
operating and maintaining the System during the ensuing month.
All amountsttr_.
paid and credited to the Operation and Maintenance Account
will be expended and used by the City solely for the purpose of paying the � .
r"< reasonable and proper expenses of operating and maintaining the System and �,sz
keeping the System in good repair and working order, including, without ;;x�>x'��;,:�y'•�•
limiting the generality of the foregoing, salaries, wages, costs of materials
and supplies, annual audits, periodic consulting engineers' reports and
{
insurance.
paid and credited to the 1990 Principal and
'
(bj There will next be
;k Interest Account, to the extent necessary to meet at the stated maturity
" thereof the payment of all interest on and principal of the Bonds, the
3'
following sums
a,.
^= (i) Beginning with the first of said monthly deposits
' and continuing on the first day of each month to and including
January 1, 1991, an equal pro rata portion of the amount of
interest becoming due on the Bonds on February 1, 1991; and
thereafter, beginning on February 1, 1991, and continuing on
the first day of each month thereafter so long as any of the
Bonds remain outstanding and unpaid, an amount not less than s
116 of the amount of interest that will become due on the Bonds { ?'
on the next succeeding interest payment date;
Beginning with August 1, 1992, and continuing on
the first day of each month thereafter so long as any of the
Bonds remain outstanding and unpaid, an amount not less than f
1112 of the amount of principal that will become due on the
fir;•,.
Bonds on the next succeeding August 1; and
On the first day of each month preceding a month
.3
Registrar in which fees of the Bond Re and g' Paying Agent are
scheduled to become due, such amounts as may be required to pay
�e
9' Paying Agent.
such fees of the Bond Registrar and the Pa '
` All amounts paid and credited to the 1990 Principal rind Interest Account
' will be expended and used by the City for the sole purpose of paying the
interest on and principal of the Bonds as and when the same become due and the
fees of the Bond Registrar and Paying Agent for services performed.
_20_ ,
11511 11!
TP
Will
,ti•P',a R �'"� 4(4!/Ab ( .i{t t" 1 �t +ti r{1 .{> ?S' rt'.rr t7 A f. bt h.y F�';'4Fe•1 ;'r'F"
40
,91 .��r•,':+ r'! alk4'� ;Yx drr`��rt`:�i.S,+Ti r�#, .1�fifYt r,Kff hdtL�; rtt`,'i
t' c t ,��� •yt 4 ro p l,S, t, ";i � c �" }_ 7t, q i s h rNF Y?fy t)�rd'�i•�.�n,'Y'� �1'er C
V.'. Adk�",!rn�i +. fA'n 1tr"`�./kJS�, ?{r.
}mss + tJ{ H r+ �' B ti t YtG;i' 7��h ": r'4f'C}�)i+d?, .w)�t,`& '{j•�'" r .tsgj 'w{
��r���'� rU{ }1�6x +�"U�'?, �� �se x .3 a� � it �4 t r f &ri �•�.t�� f'ti3�}�tt �eY��f
�!k'}31m?iUt„S.•07yli,jk ti F� �Y�� rls i”�fi fA Zvi
Lti } r� !Se✓'s�."'FyKd p:f 2 S,� y +) �F F"'i � .N t 4 f3 'f !!`4' ; 1s G `'t t t �.y �� $�j'7 r. �� f
.. ' 0�. 77,�r'C{yr n�� r1 ,.'��. Q.+'hNt;xur 'rd r r �} { 6 's y s Ir f'}i t ii iSyl 14 4 .t'j ✓ Jr,�1�� t45ti'
. 15x19° 1
.�
+t 'Mir",
i'•'•i�C 'Y +r•N� ;rrk,;y'{ ��tv;t''"v{���< ,'�r.t)t� ��,} SI, 'f. Jtti t1 .i) t 5 .H+� t r t(��. tl`(i{pp{t �'�,,,u:,t * s
,r�� rt. "� �„+ i..� A yr!t } :�f��ilf�Yio.!'.':t>,f� .A' � S.Lj, 1) .F r, t 1r ..,rt+;.,nt /n•.75'�;syS).tfC�tp�,hf 4g 'r$
:i 5 � � ,,�r M �y} � �,Tdfu,re�4.!''`f'p J��^i•:t7:..t' r 's1 7 < 1 t 7 of r 'L ,,J�•; � � tC� (.
4 t�,p! �' " � }n i:+,d;{. i � SI-"j'r'••..� ,'l1f .�,;i '� 1 ( .i .,1 �1.fr �` } .�;^.I�� ♦,1 nt
;,�if.1� .� ,�4+'j p'6rS:�f:�,i� l� �i�}:.r�i .5 � vr` f �? ,�� ..i,i � ,p. 1 t � � t., r t,syr,[ z L.e it "t• �1{�i. t f� ?x.r��,�e rr.i.12E a '!; to
f yet. fi. .. ) .. � •:Y �i-•v v ,t "L't�.:„�it..
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t' v lt�`.,y) 4�: ✓ ; t r .. ) �. •� r.. f }� r7r 3: ?Yr
k �•,'. 5° t I�f 'i"r t ' f' x .,
�}
��S� :A4r �:1 .,.;'�..e.^•S f 1 `�s..v...H �'..x .3 � +�,}���
431x=
I£ at any time the moneys in the Revenue Fund are insufficient to make?
;. in full the payments and credits at the time required to be made by the City :; =µv.�#-
to the principal and interest accounts established by the City to pay the
principal of and interest on the outstandin arkin s stem revenue bonds of
9 P 9 Y
the City, including only the Bonds and any other parking system revenue bonds '� �u,,
of the City hereafter issued and standing on a parity with the Bonds, the
available moneys in the Revenue Fund will be divided among such principal and V;'
interest accounts in proportion to the respective principal amounts of said > 4� bla.,
u series of parking system revenue bonds of the City at the time outstanding
x . .�a
which are payable from the moneys in said principal and interest accounts. r 'ni
(c) Prior to or concurrently with the issuance and delivery of the
r
Bonds, the City will a and credit to the 1990 Bond Reserve Account an amount
y"fug`#''.;;`.'
equal to the Debt Service Reserve Requirement.
Except as otherwise provided in the Ordinance, all amounts paid andr �
~ credited to the 1990 Bond Reserve Account will be expended and used by the
,` ...`t City solely to prevent any default in the payment of interest on or principal txel �u � .
of the Bonds if the moneys in the 1990 Principal and Interest Account are F{ :r
insufficient to pay the interest on or principal of the Bonds as they become
' due. At no time will the balance of moneys on hand in the 1990 Bond Reserve
�.
Account exceed the Debt Service Reserve Requirement. La
?� If the City is ever required to use a part of the moneys in the 1990
i
Bond Reserve Account for a purpose authorized in the Ordinance and such ,
i expenditure reduces the amount of the 1990 Bond Reserve Account below the Debt
Service Reserve Requirement, the City will begin and continue to pay and
' J credit on the first day of each month, after all payments required to be madek ;,','
by the City as described in (a) and (b) above have been made, from the Revenue
Fund to the 1990 Bond Reserve Account an amount equal to 1/12 of the greatest
amount of such deficiency until said Account aggregates the Debt Service '`
Reserve Requirement.
` `.. Moneys in the 1990 Bond Reserve Account may be used to call the Bonds �•
for redemption and payment or to purchase the Bonds in the market, prior to
J. their ultimate maturity, provided all of the Bonds at the time outstanding are
. ` called for payment or purchased and sufficient funds are available therefor. ")
Moneys in the 1990 Bond Reserve Account will be used to pay and retire the
last outstanding Bonds unless such Bonds and all interest thereon be otherwise w
et,
paid.
If at any time the moneys in the Revenue Fund are insufficient to make
in full the payments and credits at the time required to be made by the City
G
to the bond reserve accounts established by the City to protect the payment of
the outstanding parking system revenue bonds of the City, including only the
Bonds and any other parking system revenue bonds of the City hereafter issued
and standing on a parity with the Bonds, the available moneys in the Revenue
Fund will be divided among such bond reserve accounts in proportion to the
3i respective principal amounts of said series of parking system revenue bonds of j
the City at the time outstanding which are payable from the moneys in such
bond reserve accounts.
-21- ,
"Hi.
'ON,
r ' !/ J� ,<��5 r��f r} r a�' a,�n{� �� t` �} F tf•' L r, ✓~ i r 7.i { r !r nip,. °n{,!� � t�f p
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s• r 4f X.�,f!ii yr/ry�c.d r� t r. :r f:r} x {t,�E r r f 4} tS > '.r .t U 1'r t. 7 gPt e'y x�5.",ire+
A; � Y r� r h •l t
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>':.:^ + � o{,k '!1�E�: a .•t 1 +` n a 'b ��F t t•. t i, ( 7 J��r . .......
.� {i k+(�?I�rkna} �#1 •�t.1.4i�r .7 r r/ t .r +t y s f. + t, r 7 r .,i K i s.!l•�wbY e�4 d� .iK
:'e: r;?4. a{ �t'4 .1��•tt.�F:'f,.�, .1,�};'!� t:,d �1 : .A>� ! � tk t r f,r ! r ..t f ,;3 t `{ v✓. t i r.ti t�fir{ �fC 1�,f,v`ka`��C f�t�'l� r� i. t •k'�
�• t usti�=A r ;�.rr: .s61:+ �fr ... - :,}a � f' !� t f �{{ r j �� t�°r,y4� �My��' r s t
1titr}��'..^ !t' D'<Vf)� •. Y
'Mill
� L
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r t
u
��✓t•�7 ...�.. c 6 j ,°u' i :S.zfi�t iFF,,f t i }} f .t at a .•; 1 v..,1 4 ,y`t" t:31. i<�•.
)y "' lB�tttirwri..��'.L.. r,A�,..:Y.-,s.utdr_rd_r�{,1.':..,..✓.c ..._r,.'r... f =... 1 + '....., t.. .-.__..,.... \ ..'�,•
t�Zia'iF:k
(d) After all payments and credits required at the time to be made by
?: the City under the provisions described in (
a) , (b) and (c) above have been '
"t made, all moneys remaining in the Revenue Fund will, be paid and credited to
the Surplus Account. Moneys in the Surplus Account may be expended and used
for the following purposes as determined by the governing body of the City: •
is
(i) . paying the cost of the operation, maintenance and
repair of the System if no other funds are available therefor; "
preventing certain defaults as described under the
heading "Deficiency of Payments into Funds or Accounts" below
paying the cost of extending, enlarging or
9 r g 9 �• ��,,
f." improving the System; ';'�i ?Kp�v:R
( iv) preventing default in, anticipating payments into
or increasing the amounts in the other accounts referred to
3 -.n fiWa
above, or establishing or increasing the amount of any
.... .
principal and interest account or bond reserve account created
by the City for the payment of an
y parking system revenue bonds
of the City hereafter issued under the conditions hereinafterrs >, r"•,
` • described and standing on a parity with the Bonds; s4.;
(v) calling, redeeming and paying prior to maturity, or, '. a
ff at the option of the City, purchasing in the open market at the
best price obtainable not exceeding the call T
>er .,;,,• g price (i f any
Bonds are callable) , the Bonds or any other parking system
revenue bonds of the City hereafter issued and standing on a
parity with the Bonds, including principal, interest and
premium, if any; or •-
U (vi) any governmental or municipal p purpose permitted by
' law.
;• i, -Deficiency o Payments
into Funds Or Accounts
If at any time the Revenues are insufficient to make any payment on the date or dates described above, the City will make good the amount of such
M3,
deficiency by making additional
payments or credits out of the first available
7. .:
Revenues thereafter received by the City, such payments and credits being made
and applied in the order described above.
If at any time the moneys in the 1990 Principal and Interest Account and
the 1990 Bond Reserve Account are not sufficient to
•�;; pay the principal of and
interest on the Bonds and any other parking system revenue bonds of the City
hereafter issued and standing on a parity with the Bonds as and when the same
become due, then moneys in the Surplus Account will be used by the City to
prevent any default in the payment of the principal of and interest on the
Bonds and any additional parking system revenue bonds of the City hereafter
issued and standing on a parity with the Bonds.
,a
.'
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t`','` g y'Z{,dbrss.2l�y.y'*'� t r `1`S.t S � r•Y 1 1 t fi} i �' 4;`4d:.-,:•.�•`:.
i7 rl 7ir 135 1,�j�y l d r y{ f it r t� (7 jt tax } a�'a'Y k t,y,,.§4�, �'1 t �lt`'i•
'���� 3 51}et r.,q - t 1 �� .1 r i( t 7 ..�1 t w 4 '�i"' ,al�>S,�•i �tt
.
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SJ't�r�•fit J'a ,,� "ytuSJy„ 4 ho- t i Y' .) ,r :'Z .Y r�,l•(r i 1: is h 4 �i n t� if,,y T'•S.` JS,
S j�{{. 4.r '�}'��%1r tK 7t; + rf i pr {7 4�• .ri 4! {!'i r >Y Rta.n 3 5}�Fk�m+, ;
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.� p5, a;3 •,}°,}tis
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?,tt� ?�S-: :{Jt� 1' ,. t•;1i t� � 7 4 .{�t + S, t�.riLri� °h 11� .n aid}�dc�S � �•��.,'{�'�
(}/ ia;, ti., y✓: + ,., t 5 f t I } �.,:,, Nt Y r r aS
yt i,. i i,jr t i�t. � ,t� a :i. t. ,- .,` �•'�t��"�it }..
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2. S *t ih t-S .gV4. r,. ` •i`•' 11 u: .r: 4 c ffY . i EON-!y�Z•+,t+ .
1
..r24,it or dd, .. ......I......ral..rrmw•+..o-,^.amtvr.k''i.§=`�"'. .Y.P:",1..t{".rl=.,r:-,tf..,,.,t.�. .{;{. Yi.t1t.. . .;. :",}tgn'rr.`t i..'t..r lit rk•' !^•;3'rYS,Mr.;,.,�1�7;v�y
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,'� Znv�.�f.I1Len a �:�s;;�•,V� r
Cash moneys in each of the funds and accounts created by and referred tos ' •- >
in the Ordinance must be deposited in a bank or banks located in the State of
Missouri which are members of the Federal Deposit Insurance Corporation, and
all such deposits will be continuously and adequately secured by the banks ` ;
holding such deposits as provided by the laws of the State of Missouri.
Moneys held in said funds and accounts may be invested by the City in direct
obligations of, or obligations the principal of and interest on which are s�. .
unconditionally guaranteed by, the United States of America, or in other ' '. g?t
obligations in which public funds may be invested under Missouri
law; ` '`,�
r provided, however, that no such investment may be made for a period extendingiyuxaas
longer than to the date when the moneys invested may be needed for the purpose ,f+
for which such fund or account was created.
s All interest on any investments held in an fund or account will. accrue p-,.a •,
to and become a part of the Revenue Fund, except that (a) if and when the '''`' =
?�6,ar, rr.r
amount held in the 1990 Bond Reserve Account is less than the Debt Service
j. Reserve Requirement, then at all such times the interest earned on investments
of moneys held in the 1990 Bond Reserve Account will be deposited in the 1990
Bond Reserve Account, and (b) prior to the completion of the Project, the
interest earned on investments of moneys held in the Construction Fund shall
4..•S` be deposited in the Construction Fund. Any expenses incident to the ` ?
investment of moneys held in any fund or account will be charged to and paid :;.•.,:<<
from such fund or account.
Rate Covenant
The City has covenanted that it will fix, establish, maintain and 3a .
collect such rates, fees and charges for the use of and services furnished by 7,<;;.,�;� ;;, •
or through the System as will produce Revenues sufficient to ( i ) pay the cost
of the operation and maintenance of the System, (ii ) pay the principal of and
i interest on the Bonds and any additional parking system revenue bonds of the
City hereafter issued and standing on a parity with the Bonds as and when the
same become due and ( III) provide reasonable and adequate reserves for the
payment of the Bonds and the interest thereon and for the protection and
benefit of the System as provided in the Ordinance. The City has further
. "z covenanted that it will at all times fix, maintain and collect rates, fees and4ti< :fi;,;.?;
charges for such use and services sufficient to provide in each fiscal year �`r, ?}`;.
Net Revenues in an amount not less than 120% of the amount required to be paid tL . '•
? in the current fiscal year on account of principal of and interest on all
obligations payable from the Revenues of the System at the time outstanding.
The City ill require the prompt payment of accounts for the use of and t'$ .
y q P P P Y
services provided by the System and will promptly take whatever action is ;
legally permissible to enforce and collect delinquent charges.
None of the facilities or services afforded by the System will be
furnished to any user (excepting the City itself) without a reasonable charge
being made therefor. In the event that the Revenues shall at any time be
insufficient to pay the reasonable expenses of operation and maintenance of
the System and also to pay all interest on and principal of the Bonds as and
when the same become due, then the City will thereafter pay into the Revenue
-23- +
1
F .,t��r p�!#F`'�'.-.1 .'.'.."K•°wsvi.*tix,{k1�rC+ttSrlf+i,R:adT:2+:K%trelic:razuv,,,rn+>..._„—....,_.. .. _, �� .t+
t r t .f, iltr ..•` rir +,7fh Ltt l+r�i
it t. nrX. 5$} ..i,tt`rtrg�Q'W •f
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p �:Jyu`,%'�s,a-;F"Lf�tk• '��ti��,�r 1�'! !d..t`tl,t rz.,{rf rrr( i t t ` � 5 i 4.t�,�'!t�ki�).�f.Y` Q+y r•
.�':i'��' ' ''.�"•� �, t;���xLs�ly,.1'" ;{yf ,�,r.}ti 3.#i \li{ 'r,�� Ir t:. t �t r t� {' }7'�1°$i,,..r F„�i .'�•'.�,{. #,4
if7tr .Jill: 'r rr .�;t. at';�yu�t, t;n°,q,,L ,±t• ye y,
.4,.�' ,f;; `�i��I�',�«k�. F{•�i �+i' .,;��' •.5, S i ii ;s;i�'r�a �...1{,�,�}�j. ,� ,,r,'
r"2. .x.�r"`�iy=.�tk r'ir.`,1 ;;S �•.n A� i r ,r� �1 .t, �..�uY�,.,1}�'fa�,.i'•.1 `�;�
f' ,.*iviarj� Y-c,,t7= �itS�f�'ta •.Si"�Y� f� 7' i ,'. ;,di} 1.'. ,, .{ rt .l..�.f t. f;;rl ;.;,'�{r,�'jt�Sg4� >i�r•ii,.
t' i ,•�, .'., 1:' .. t, �r r;�'t.��t��i�'�t crt> �.i�••�;}'E
77 7
• f
:[' �,.:a,i ein.+.F..,...s. .:..:............oi.,..:..:_,:�.. :,_,.._......_:....._.,..,..�...o....w..yew.,W.,,w..,.,...:..,........_.._.:..:!•.,......«»....«.» w,.:a.. x.bew•'.,V'
a
Fund a fair and reasonable payment for all service or other. facilities '_ f +
P Y
furnished to the City or any of its departments by the System, and such �tt"
payments will continue so long as the same may be necessary in order to ,=r ;.,,; ,
prevent or reduce the amount of an default in the
P y payment of the interest on � �'.f' � •
or principal of the Bonds.
Insurance KrM.
The City will carry and maintain a reasonable amount of insurance upon
k�+
"> all of the properties forming a part of the System insofar as the same are of ;+
an insurable nature, such insurance to be of the character and coverage and in
an amount as would normally be carried b a city operating a similar g t•,?'r ' * ' z
'• Y Y Y P 9 Parkin
system in Missouri. In the event of loss or damage, the City will use the
, ; ' "
V 4 ,
P 9 replacing property
x
proceeds of such insurance in reconstructing and re lacin the y
damaged or destroyed, or, if such reconstruction or replacement be
unnecessary, then in improving, extending or enlarging the System or redeeming
and purchasing in the open market the outstanding Bonds and any additional
parking system revenue bonds of the City at the time outstanding and on a
parity with the Bonds. The City in operating the System will carry and
f maintain public liability and workers' compensation insurance in such amounts
as would normally be maintained by a city operating a similar parking system
in Missouri, and the proceeds derived from such insurance shall be used in
paying the claims on account of which such proceeds were received. The cost }r'rjra "
r
of all insurance described in this paragraph shall be paid as an operating
,,
cost out of the Revenues of the System.
Books and Audits
M The City will install and maintain proper books, records and accounts '` '
(entirely separate from all other records and accounts of the City) in which
complete and correct entries will be made of all dealings and transactions of
Y. , or in relation to the System. Annually, promptly after the end of the fiscal
ear, the City will cause an audit to be made of the operation of the System ' > ,
for the preceding fiscal year by a firm of independent certified public "A
accountants employed for that Y, . purpose and paid from the Revenues of the
.
System
•.
�.
a_ Maintenance of System
y f
' L1W
t;. The City will operate the System in an efficient and economical manner
and will keep and maintain the same in good repair and working order. .i
Sale or Encumbrance of System
The City will not mortgage, pledge or otherwise encumber the System or
any part thereof, nor will it sell, lease or otherwise dispose of the System
r or any material part thereof, except pursuant to leases in effect on the date >
of the original issuance of the Bonds; provided, however, the City may sell �
Y y
any portion of such property which has been replaced by other similar property :+
,. of at least equal value or utility, or which has ceased to be necessary for the efficient operation of the System. The proceeds of any such sale or
sales, if not applied to the acquisition of similar property for replacement
�Y -24- x
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� ''�L t -'+�r �";'�,N'x,w'tk� +c'�l:�l�� y , }�t �. ', s'`. ,s?:t 1� },(4+r`; •k .$. r ' r,r� � � s �r t,+_t .,r.,l. rjf tC jr ss.,oA�r;��t�$., �lnpp � 'S
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A
� f� r,.b�r�(alrr+;i •� t
, + i r. t )
� 'r5 Y
'r ,µ'.���y;* 3}'�t�M'�+i}�v"tf'h�Y e;! } i�. r�,.�'"�,F7r,Fi'1}'aSP r r
.t f 17C1rnl ' `r
f:: '.5���k„�,��q''•.¢�.>'.�?>y"'k,} irr t.,y.A:,t�,fir, ..5 ,4• i}tf. 7 ,.rSf �,. , �r r �,t. ! iFS'}{fri2�i.h.,Y'�Yalf�'i~`�,�T��, t, '�
�Y a?� s ti r r ? �r.�' !• 1 }r `? s t ',!f ,' t"� (s n ��tc'���-$�'�, r
r' � _) v r ..,; .�.� I + ea• '!j. +}t� l� 'N S.! fib+ r•} r '� i
:mot;•. ... .s�•7 ..J�4,,�� � .�.sT.Sf
r}frr
i
tti
t,9
purposes, shall be deposited in the Revenue Fund. The City may cease to '
t operate, abandon or otherwise dispose of any property which has become r
f.
obsolete, nonproductive or otherwise unusable to the advantage of the City. . -.
InspeCtions +
The holder or holders of any of the Bonds will have the right at all
reasonable times to inspect the System and all records, accounts and data
s, relating thereto, and any such holder shall be furnished all such information
yea r«
concerning the System and the operation thereof which such holder may reason-
ably request.
>:,�,
Additional BondsY ,4
vj
' The City covenants and agrees that so long as any of the Bonds remainrY;k `a;
`
w�VU
y outstanding and unpaid, the City will not issue any additional bonds or other
;d..Tlt.Lf'
,,. S'F,iw r
+`
obligations payable out of the Net Revenues which are superior in lien, 1
JF::+
securit y or otherwise to the Bonds. "�3'fitt`
The City also covenants that so long as any of the Bonds remains€{ ^'�,
t.
outstanding and unpaid, the City will not issue any additional bonds or other „y;{
obligations payable out of the Net Revenues which stand on a parity or
equality with the Bonds unless all of the following conditions are met: � '`-;'
(a) The City is not in default in the payment of principal of or
interest on the Bonds, in making any payment at the time required to be made
into the respective funds and accounts created by and referred to in the
Ordinance or in the performance of any covenant therein contained; and
•y E F
F:
(b) Either:
"•,`' (i) The average annual Net Revenues for the three fiscal 1 :,
years next preceding the issuance of additional bonds was not
less than 1208 of the average amount required to be paid in all $S
t succeeding fiscal years on account of both principal and
t.. interest becoming due with respect to all obligations payable
from the Net Revenues, including the additional bonds proposed xt
to be issued; or ?`
(ii) if the City has made changes in its rates, fees and
charges for the use and services furnished by the System, which
t^ changes were not in effect for all of the three fiscal years
next preceding the issuance of additional bonds, the City will
obtain an investigation and report from a registered engineer
or a certified public accountant or other professional
b.. consultant regularly employed in a similar business as to the
amount of average annual Net Revenues which the City would have
.�a
received from the operation of the System during said three ,
preceding fiscal years if such increased rates had been in
"'`y effect during all of said period, which investigation and
;,. report shall certify that, in the opinion of said consultant, t
the requirements described in subparagraph (i) above would have
-25-
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� �• .-r r"^ft. ..--.1
ysi�lr�+art`A�.
4� r}t rt , ,,� T 1 .t;,f ,+rrE i✓ 4 r r u'^^T--+ { .+t r l r,?�s ti r `,, {rr. �,.. r �f)"
a s r 1 .f Z r r.' D 1 } b'W"',
r'�',pi.�',yi �-x r ft11 ,rtY s' `tJ r iSr r r tt, ✓ E�, e } �.�;d�$ .t�� '
+�f . f,' }Y 1 F 47.��f 4 r ft t 1{s'fu}:�t � rf•1 �, J ✓ ! :l r i r. i } r t ,# t � ✓ d<r t S-j� st 55C �1{d�,,,SiM r.
I �'��'l ��•� f• z r irr.a� it v r r r ' `.t 'i � 1 t ..'t z a. to rtt;rP rp�^a�,,;ti"j'I jll+� r f
})�• t � .�^� h y ��{!S" �t�' )I'!;:1 3 i tl ti�� '.rt K.x � :-S' 'r jl i l! �: f +t .P jf S i..J,t`i�i't� jj ,;. r' t,. .r
;••F,.YS yRT>F �4�.; !. ../.
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"�}�rrlfiiYt'�f'ft yr �i T'Y f' t ,3 y S/F •.t .4� i .b s r ;�. 'J�"AR,U
;Y•= �. f cry,r bT. 'i to 1
1
rc, ` tr f�:•:, .a , ,fir �$ ,�t3i� 2' i' 't 'fix r
OW
s., .. ` try �f+` 4 4 .:. s { r t�°'+. �{ t' _ t.' '�.•
h Kati At
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been met if the increased rates had been in effect during ll
of such period; or g y
,- (iii) the City will obtain an investigation and report
from a registered engineer or a certified public accountant or
other professional consultant regularly employed in a similar �;_;�'•+��ry
business incorporating projections which indicate that the Net � 'I.
Revenues for the three years immediately following -the month in rr ,fit„
which the improvements for which the additional bonds are being
issued are placed in commercial operation (as estimated by they{ . f� "'.
engineers for such improvements) will be equal to at least 120$ x; °'rrt' '-`g'
of the average amount required to be '
9 q paid in all succeeding r�..=��,t:� '••a.;, '
fiscal years on account of principal and interest becoming due
with respect to all. obligations payable from the Net Revenues,
including the additional bonds proposed to be issued. If the ::::sr: ,' :;
City shall have made any increase in the rates fees and
charges for the use and services of the System which is not in CazV_ fir
c effect at the time- such report is issued but which shall be in
effect during he
made pursuant to thislsubparagraph y(iii),lv then gthe oreportrofort
said consultant will certify that such increased rates are
economically feasible and reasonably necessary for to operation the /(f,,.t= :5`�:;
projected p on of the System.
o ���;�',��...�
•_�
An investigation and report made as described in subparagraph ( ii) or
subparagraph (iii) above will be considered final and conclusive and willa ..{
govern in determining the right of the City to issue additional parity bonds
under the provisions described therein. Such report will be filed in the
_7
office of the City lerk and a duplicate co thereof shall be sent to the
Y P PY ,�'
original purchaser of the Bonds. k. k
ra
Additional revenue bonds of the City issued under the conditions
F
described above will stand on a parity with the Bonds and will enjoy complete ) y.
equality of lien on and claim against the Net Revenues with the Bonds, and the
City may make equal provision for paying said bonds and the interest thereon t'
out of the Revenue Fund and may likewise provide for the creation of #
reasonable principal and interest accounts and bond reserve accounts for the };a'
payment of such additional bonds and the interest thereon out of moneys in the
Revenue Fund.
1 v
None of the provisions described above shall prohibit or restrict the A
right of the City to issue additional parking system revenue bonds or other
revenue obligations for the purpose of extending, improving, enlarging,
repairing or altering the System and to provide that the principal of and
interest on said revenue bonds or obligations shall be payable out of the Net
Revenues, provided at the time of the issuance of such additional revenue Jx
bonds or obligations the City is not in default in the performance of any
K:.. covenant or agreement contained in the Ordinance, and provided further that
such additional revenue bonds or obligations will be junior and subordinate to
N the Bonds so that if at any time the City is in default in paying either
interest on or principal of the Bonds, or if the City is in default in making
any payments required to be made by it as described in (a) , (b) or (c) under
-26-
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• ' tr.tl.f^ ``r,�,'� }'1p y' �,.
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t � ?fit �,I`T.t- t!'t1 �kk..7�fgyy t !f+ _ .•�1�11 t , 9t r:.t <j ;/ .�f ji � ) +fL zt NGksj��Y� N�%� d�t �`� , n,'
` ' rt f.��,17' .. Sf v'.rar � .•t r �iSi t,tir.,.f t t rt = ,is rzt.S.. i, + '., lYL'i t s �+'-`'rtV, `
':E= ky ,r.,.y i,..J '�+S a �t •r`��t at. ti.:r a 'g , }. v. .., t s r�
�"� �y -3;t:=S4e i� a:..,�z1^�,r ?• r � k r I } r tf t rr
?rt�`
+"tk' .t�`�����F,,";ar'x'?. ,'�''�`.rf�+:,4 tt;`"tr;;11'.i�..,}!� t,.�r rlfti 1 t�,}u r.;:�;�t1 'Y'�, =/�3 �)' !,j � t 1 r,. ��• °c �f�,{�l J �C�'ij?i•''
i ^,,:11?2ts s• 't Ifvt•tS y�4S�.tiiv;,i �: 5 . Ir. i' i. � e{ _� iy.:},f;, 1 t•'t , ..It�l i`, .1 Y %•.1 � � I •ja l�!paz �'�� � 't 1
•�l.L,r,,.. 4 . ,
. F*'.�+'�F� � t ��;''? =l' ✓`,z , . � '; n. "{:t ` � },zh�`� �z��+�J�:�,�Y#i`r++"trrt�af��yyI��`, ( :r
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5�� •.,t r.a.r..s"'fr r('n'�i�"., .r i yv!<, 4',t r S,.t 2 , '.ztit s et i'.1 7'J t, J>7r=:P��1, ;S'7;.A�1t,..r.�t. � 't '�1.
4,.•.... x -�i+ 4rf ��{`..i�,fZFl 4.. rr rr'c F '` `. ? v , t ?. t r f a� ruy''iaK rt 1'JY., �'ht^(ii'k�R� f
IC
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7
,.�!'� s �•� ,.�'_.......,... ..,�,..ou..�+•srnrrfei$tlC.`4�t;�e4..?;�ffatt:4'�?er:67.�,rYr S;.R'..r,Y�`5t~•;t;sr.t.'resa:^t.�+>vaYcaz.•.wtc.,,.....:...'�..�..1,.,.._: .._...............:....:s+...ti.+oL�rLiriWEv
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tiff.i ;
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.� f, -
the heading "Allocation of Revenues" above, the City will make no payments of �ar°`
� s jsr ti';t
either principal of or interest on said junior and subordinate revenue bonds
or obligations until said default or defaults be cured. In the event of the �ti1 , ,.
issuance of any such junior and subordinate revenue bonds or obligations, the
City, subject to the provisions aforesaid, may make provision for paying the
principal of and interest on said revenue bonds or obligations out of the Net fit;
Revenues. �►, ��+�.;
Accelarat;on of Maturity in Event of Default
If the City defaults in the payment of the principal of or interest on +
any of the Bonds as the same become due, and such default continues for a
period of 30 days, or if the City or its governing body or any of the �f"i +`x1► `'�
5 officers, agents or employees thereof fail or refuse to comply with any of the
K.:
provisions of the constitution or statutes of the State of Missouri, or of the `C�; ; }
f s
Ordinance, then, at any time thereafter and while much default continues, the
holders of 252 in principal amount of the Bonds then outstanding may b `C 's _'E.'+:.,•'
Y Y ,}
written notice to the City filed in the office of the City Clerk or delivered
in person to said City Clerk declare the principal of all Bonds then
outstanding to be due and payable immediately and upon any such declaration
given as aforesaid, all of said Bonds shall become and be immediately due and
payable, anything in the Ordinance or in the Bonds contained to the contrary
notwithstanding.
-x°"j•��� ate;:.
The provisions described in the preceding paragraph are, however, 4
subject to the condition that if at any time after the principal of said ' r4ti;;
outstanding Bonds has been so declared to be due and payable, all. arrears of
interest upon all of said Bonds, except interest accrued but not yet due on
such Bonds, and all arrears of principal upon all of said Bonds have been paid
in full, and all other defaults, if any, by the City under the provisions of
the Ordinance and under the provisions of the statutes of the State of ;>
Missouri have been cured, then and in every such case the holders of a
majority in principal amount of the Bonds then outstanding, by written notice ;
i to the City given as described above, may rescind and annul such declaration y`
and its consequences, but no such rescission or annulment will extend to or =+ ;#
affect any subsequent default or impair any rights consequent thereon. tray
•f
f, Amendments '
".l
The City may, without the consent of the holders of the Bonds, amend or
supplement the provisions of the Ordinance (i) to cure any ambiguity therein
or to correct or supplement any provision therein which may be inconsistent7`
't.
' with any other provision therein or to correct errors, provided such action
^t does not materially adversely affect the interests of the holders of the "
i." Bonds, or ( ii) to grant or confer upon the holders of the Bonds any additional
.° rights, remedies, powers or security.
The rights and duties of the City and the Bondholders, and the terms and
`. provisions of the Bonds or of the Ordinance, may be amended or modified at any
N
time in any respect by ordinance of the City with the written consent of the
holders of not less than 66 2/32 in principal amount of the Bonds then
V., Adm& outstanding, but no such modification or alteration shall: °
—27— y�'r
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d It
ai�1;:r',fi�}13d'1.}�'�,•t'1�� fjt'+!� ,t�ftr t• .;� g i '� i.Z , � j ,1 a. Sl fr ti, ,i t 7Lt. ,�;(.l l !+�?•rS+^�.rl M: fii� r�.,!`�i7:1�i. .t.., :+t P
71
.i1'u. §��rth�t54�����t�lkf jt+t�h• :tr s� + l,.r, t r : ' y , r c � ttr}1q rt s-�,.,�� c". 4
-' � �t�-�"�.1� �a ,i,�)s!i�, f'r T "t°.c 1i aft 'r: f 't, ) S•, !rr t r�4i7�2�`i ;1}'d�: !+�,,
tty:•. Syy,t6''st A; t�r rt
- ` .L" i p x f .$'x (At, t >..
tt :`§i r F�dY +utp. t
•;r.•.•,.fib �' t¢{;'de t•,�y i Ai .; l•
,;+• 4 ti 'y /t+'4��..'1+?'�f
f.: fir, 'g'�- •�
i f�.n� ,tF;rr r4 t t ;t 77 t ;..;�'� v t 1 vJ f . 7•. 4 y r.r� t•�' VS tt„„g�� �Z. Y•
1��FCC� , J.
sie•7 ►4r �r �i.•
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(a) extend the maturity t.r
y of payment of principal or interest due upon
any Bond;
(b) effect a reduction in the amount which the City is required to pay
by way of principal of or interest on any Bond; .
(c) permit the creation of a lien on the Net Revenues of the System ,:
i prior or equal to the lien of the Bonds or additional bonds
hereafter issued on a parity with the Bonds except as hereinbefore
described;
(d) permit preference or priority of any Bonds over any other Bonds; or
TIt
(e) reduce the percentage in principal amount of Bonds required for the
written consent to an modification or alteration of the
Y provisions
of the Ordinance.
Any provision of the Bonds or of the Ordinance may, however, be amended or t�,,t,3 `.r'
modified at any time in any respect with the written consent of the holders of
all of the Bonds at the time outstanding. hs{ 'il< '
ReMe i Aa
f; The provisions of the Ordinance, including the covenants and agreements
therein contained, will constitute a contract between the City and the holders '
of the Bonds, and the holder or holders of not less than 108 in principal
amount of the Bonds at the time outstanding will have the right, for the equal >
F ` benefit and protection of all holders of Bonds similarly situated:
(a) By mandamus or other suit, action or proceedings at law or in
equity to enforce his or their rights against the City and its officers,
t` r. agents and employees, and to require and compel the City and its officers,
agents and employees to perform all duties and obligations required by the
provisions of the Ordinance or by the Constitution and laws of the State of
Missouri;
(b) By suit, action or other proceedings in equity or at law to require c
the City, its officers, agents and employees to account as if they were the }
trustees of an express trust; and
(c) By suit, action or other proceedings in equity or at law to enjoin x
any acts or things which may be unlawful or in violation of the rights of the
holder of the Bonds. ,
,w Nothing in the Ordinance or in the Bonds will affect or impair the ,
;< obligation of the City to pay at the respective dates of maturity the
principal of and interest on the Bonds to the respective holders thereof or
t affect or impair the right of action of any holder to enforce the payment of
the Bonds held by him, or to reduce to judgment his claim against the City for
�Ef the payment of the principal and interest on the Bonds, without reference to
'+ or consent of any other Bondholder.
-28- z f
IMP
t r,.'Y � .�.; �•�7r. ?!t ti t` 5 v r„t `c �.".";'^L..t r..'t ^z t�l ' ti'7.'', tt,2 � A.�!t.titt"7f �r '.
� : .t �' Ef { .s7 Js� �` Prr .fin th i Ei It 74 rJ� 1r r t l � `}t t k♦ . t b �� ,ti � iA'�"t'vr l �j'^,
•�: � .!•t it'rt��5ftv"'t�1�h�y�,�Q7=I`tt•^�'�1 t� � r lrr i e t t,tt JY ' yt t � t r ,� }. t. `nt " a& � ) � �����,�f
! � �'' �'• s�'��� t. ,�r' q�MsM N �f i r�1! � t 77 � r f ` i I i�r � •,�.: it 4 t f t ` ?Y r.�,,f
t...(1� �^•J''�r t�,.T,'�#t� �'"�.S �ii�,,zt K{IF k A i;�iYP r• i% �i t '7 firitt .�j �1. t�.: }�C t i Y' �i 5� '� f� ir'z�� rt 47 Y *��,
/ :r��K x xF,I�)°� ,��a�7''{.t'i����I r��, h r r r 7` 1` �,,,c r s�i i✓` r.
J Y" M.ft(• $ :} n�i�ir � 't'�j
t !,= 1'i ,,�� .r¢ i.�`i: 4 1;. . t } •?$ / VU �t ti^, s r t�t �`�' Yz
R, i .r .i ? ..r.: b r Jr t r�• J PAS' �}t � N`'�.`
01 1�, �lr :f j t .,� .tr. . . .\. . :4l=. a. S1 oraT"r} i�t+4 �• t
t •x
r
' � J..+�.f,'t :k, ��4+{Y;`<'�' _.....,.o•.....,,a .tr4 .... .. ...... .?." ., ""�. ',r"- f. �..r.,'',". . :.. ,°.._S'� .J...11"'t'.,n,".�'��:2i�aa����h'�2a .�,a���,Y �d r � •�,
r t `
t }
Nothing contained in the Ordinance, however, will be construed as
imposing on the City any duty or obligation to levy any taxes either to meet
any obligation incurred therein or to pay the principal of or interest on the ^,
Bonds.
Limitation on Actions by Bondholders, Remedies Cumulative. Delay or Omission � .
^f
Not Waiver
t�3��i Lira
Ordi nance will have any right
No one or more Bondholders secured by the
in any manner whatever by his or their action to affect, disturb or prejudice
the security ranted and provided for therein, or to enforce an right
Y p Y 9
f> thereunder, except in the manner therein provided,
and all proceedings at law
p p
or in equity must be instituted, had and maintained for the equal benefit of
all holders of such outstanding Bonds. No remedy conferred in the Ordinance
upon the Bondholders is intended to be exclusive of any other remedy, but each
such remedy will be cumulative and in addition to every other remedy given
thereunder or now or hereafter existing at law or in equity or by statute, and
may be exercised without exhausting and without regard to any other remedy
however given. No waiver of any default or breach of duty or contract by the
holder of any Bond will extend to or affect any subsequent default or breach
of duty or contract or will impair any rights or remedies consequent thereon. § '
No delay or omission of any holder of a Bond to exercise any right or power
accruing upon any default will impair any such right or power or will be
construed to be a waiver of any such default or acquiescence therein. Every
substantive right and every remedy conferred upon the holders of the Bonds by
the Ordinance may be enforced and exercised from time to time and as often as
may be deemed expedient. In case any suit, action or proceedings taken by any
holder of a Bond on account of any default or to enforce any right or exercise
r is determined
any remedy is discontinued or abandoned for any reason, o
adversely to such Bondholder, then, and in every such case, the City and the
'!. holders of the Bonds will be restored to their former positions and rights
under the Ordinance, respectively, and all rights, remedies, powers and duties
of the Bondholders will continue as if no such suit, action or other r '°EAU;z
proceedings had been brought or taken.
Defeasance
when all of the Bonds have been paid and discharged, then the
requirements contained in the Ordinance and the pledge of revenues made ryf
thereunder and all other rights granted to the holders of the Bonds therebyi'� `'� i^
' will terminate. Bonds will be deemed to have been paid and discharged within
,^ the meaning of the Ordinance if there have been deposited with the Paying
Agent, or other bank located in the State of Missouri and having full trust
powers, at or prior to the stated maturity or redemption date of said Bonds, '
i7
in trust for and irrevocably appropriated thereto, moneys and/or direct
obligations of, or obligations the principal of and interest on which are
guaranteed by, the United States of America which, together with the interest
to be earned on any such obligations, will be sufficient for the payment of
.,•'a the principal of said Bonds, the redemption premium thereon, if any, and ¢ '
interest accrued to the stated maturity or redemption date, as the case may r
be, or if default in such payment has occurred on such date, then to the date r'
4.: yt of the tender of such payments, provided always that if any such Bonds shall
f
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't1
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i
+ -.,, T ..,.�- -.-�v-,w-•-..----.-------'---�- �-•-n••--��•.r•.�T..-"-"r-----.-.-��-...-..--Ts..rT°w•e'4r�7- q e .
� ���' r+YmkMYHMfnsrdtcY,wKJ,k.wwwr..—+........f i... .«�.a.w...w«.a....w..�+w+Mxl.,r..,aw,.,wnn.n++...+.....:....._.... ., .. `•� :... j �" Y V'.�
f'
I�
be redeemed prior to the stated maturity thereof, the City has elected to
redeem such Bonds and notice of such redemption has been given. Any moneys
and obligations which at any time shall be deposited with said Paying Agent or � r1
other bank by or on behalf of the City, for the of.
ose ur �
P P paying and
discharging any of the Bonds, will be assigned, transferred and set over to ',? ' '''
such Paying Agent or other bank in trust for the respective holders of the
Bonds, and such moneys will be irrevocably appropriated '
discharge thereof. All moneys deposited with saidPayngoAgentpormothernbank f44.
will be deemed to be deposited in accordance with and subS'ect to a] 1 of the "' t":
" ���•...
. ? 'Y=i s`°•'",
provisions contained in the Ordinance. �ti�--
TAX F,XF.MPTIONc"r`;ziyk ;y',
In the opinion of Bond Counsel, under existing statutes, regulations,
rulings and court decisions, including the Internal Revenue Code of 1986, as
amended (the "Code"), interest on the Bonds is not includable in gross income
j for purposes of federal and Missouri income taxation, except as otherwise
described below. Interest on the Bonds is not an item of tax preference for
li f"
purposes of the individual or corporate alternative minimum tax, except that
interest on the Bonds may be subject indirectly to a corporate alternative 'i,' e:E:'„a;'N,•
minimum tax as pretax book income in taxable ears be
adjusted earnings and Y ginning before 1990 or as "'i'���''--�Ys;<'"�'{�}a•;
9 profits for taxable years beginning after 1989.
Interest on the Bonds also may be subject to a tax based on the modified
alternative minimum taxable income of a corporation under the Su p erfunci rr' ar '
Amendments and Reauthorization Act of 1986. In addition, interest on the
Bonds may be subject to the branch profits tax under the Code. The City has
designated the Bonds as "qualified tax-exempt obligations" under '(
Section 265
of the Code relating to interest deductions for banks and thrift institutions. �t, o
4"a°{
;. In rendering opinion,
pinion, Bond Counsel has assumed the City's
continuing compliance with covenants in the proceedings of the and aurL '+14
authorizing
g the issuance of the Bonds and other documents.
The Code includes interest on tax-exempt obligations such
in the adjusted net book income of certain corporations for taxable yearsonds, ?;
beginning before 1990 and includes, in the calculation of alternative minimum
taxable income, 50% of the excess of a corporation's adjusted net book income`
(75% of its adjusted earnings and
g profits for taxable years beginning after � K
;r. 1989) over its alternative minimum taxable income (determined without regard °"�
to this adjustment and prior to a reduction for certain net operating losses) .$
The Code imposes an alternative minimum tax rate of 208 for corporations. ' '
Furthermore, property and casualty insurance companies are required under the g,
Code to reduce the amount of their deductible underwriting losses by a
r . T
percentage of the amount of tax-exempt interest received or accrued on
obligations acquired after August 7, 1986.
a
r•: .1
Y
The Code imposes a tax equal to 30% of certain earnings and profits of a
$ foreign corporation which are attributable to income which is effectively
connected to the conduct of a trade or business within the United States 4
"branch profits" tax). Such earnings and profits (the k.
interest on tax-exempt obligations such astheBondsll generally include
{
-30- '�
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i$l..Jtk �• Y' i (/ t, Y'r { s i i 1r �',
( .. } '• ,w"`f#fir .�}(r tE cy " a"i , :+ \ ! tf j i• ;' :r r `.r �i�r�xpr ,#
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rF.:c.?i�y2F'rC, '�'i:;�nY'it SS'.+.t�`7i ttl� +.;,�i1 i.. !k i 1 rl .i t; t ♦, ,.i(i�� z,�lt�',`(��1;�.kk'y:
.i71�72��1i' ,��sr 7�Jt r . ,zj �.'�� t F ..��� � ' S M1 � .'!'. Yt'.:1 (f• j�, y17!t�F2�ie�l�w�/ � ,
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"�',
The Superfund Amendments and Reauthorization Act of 1986 includes among ` 1
Fe.
its provisions the imposition of an environmental tax. Calculation of the tax
is based generally on a percent of the corporate modified alternative minimum
taxable income, which includes interest on tax-exempt obligations such as the ,,.,, ,,
Bonds. The amount of tax is equal to 0.12% of the excess of a corporation's
i P .:r•,
modified alternative minimum taxable income (without regard to net operating
losses and the deduction for the environmental tax) over $2,000,000. yg-
LFGAb MATT 211
s p;a
Bgp�Oya7 of the Bonds
< Legal matters incident to the authorization and issuance of the BondsyJ . ?,:`
and with respect to the tax-exempt status of the interest on the Bonds aret,bY,.•yy,��;` ;
11• (� .tt.: ,3'f.J4�iru j{�t
subject to the approval of Stinson, Mag & Fizzell, Kansas City, Missouri, Bondz7 +^ :�
l Counsel, whose opinion will be available at the time of the delivery of the
Bonds. Certain legal matters will be passed upon for the City by Allen
City Counselor. Certain legal matters will be passed upon for Garner,
r{•;_1
Edward D. Jones & Co. by Stinson, Mag & Fizzell.
Bond Counsel has assisted in the preparation of this Official Statement,
Y but the factual and financial information appearing herein has been supplied q4' i
or reviewed by certain officials of the City and other sources referred to
herein. Band Counsel expresses no opinion as to the accuracy, completeness or
sufficiency of this Official Statement exce t for the matters a appearing in the
P PP 9 sdt.t.
sections herein entitled "THE SERIES 1990 BONDS," "SUMMARY OF CERTAIN
COVENANTS AND PROVISIONS CONTAINED IN THE BOND ORDINANCE," "TAX EXEMPTION" and
"LEGAL MATTERS--Approval of the Bonds" .
' Liti9a 'on +;
There is no litigation pending seeking to restrain or enjoin the
9 P 9 9 J �� n �•
issuance or delivery of the Bonds or questioning or affecting the legality of
the Bonds or the proceedings and authority under which the Bonds are to bear;,
issued. There is no litigation pending which in any manner questions the {
t, rights of the City to construct or finance the Project.
UNDERWRITING ,§ k '
Edward D. Jones & Co. and B.C. Christopher Securities Co. (the
"Underwriters") have agreed to purchase the Bonds from the City, subject to yf
certain conditions set forth in the bond purchase agreement, for a purchase '
price of $ The obligation of the Underwriters is such that they
,•.x must purchase and pay for all of the Bonds if any are purchased. The Bonds
are being offered for sale at the initial prices stated on the cover of this
Official Statement. After the initial offering, the offering price and other
selling terms may be changed. The Underwriters reserve the right to offer any ,
r�
of the Bonds to one or more purchasers on such terms and conditions and at '
such price or prices as the Underwriters, in their discretion, shall
determine. ;.
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::J{13A u e t3i'ri�` '} ,. tkt ..yt t.: Y h ',y i• � 1. 5 ,., +'r! .1 r�'t4 itv�{�'; �r� �f ' � 't. r6;e.
..��f! �, Ya.-,Js'})�. t: r .t V ! !, Y' � ,t' }.' � �. .r "�( i`.,j k�''t� 4 tt�• �\ � r ,' ,tt
� ! ,di�. i t.1 t �,r,.. �7 . .,t ':1: � f 1 t`r Y :�� +it �����, y ( i'•q
L„ �'�rU `, t,' t". ,..i:;' t: �..a+:'� ��`xa Ff��} �li�t;;'(s.•4a���`�, $rFr'��it{1H ��� -may ��; ,� b�.
/
r
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k k'.
l
F �l:
NOTING
Neither Standard & Poor's Corporation nor Moody's Investors Service,
4t Inc. nor any other similar rating service has issued or was applied. to for a `s
rating on the Bonds.
MISCELLANEOUS
All information contained in this Official Statement is subject in all
respects to the complete body of information contained in the original sources
thereof. Any statements made in this Official Statement involving matters of >,.
,,r<! opinion, estimates or projections, whether or not so expressly stated, are set
: F.k,G7 forth as such and not as representations of fact, and no representation is
made that any of the estimates or projections will be realized. The agreement ..
of the City with the holders of the Bonds is fully set forth in the Ordinance, .,
and neither any advertisement of the Bonds nor this Official Statement is to '
be construed as constituting an agreement with the g g purchasers of the Bonds. t
7
This Official Statement has been duly approved, executed and delivered
=i by the City.
{4�
CITY OF JEFFERSON, MISSOURI }
By /s/ Louise Gardner 3
Mayor
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W115
APPENDIX A
EXCERPT FROM
ANNUAL FINANCIAL REPORT FOR THE
FISCAL YEAR ENDED OCTOBER 31, 1989,
WITH REPORT OF CERTIFIED PUBLIC ACCOUNTANT
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CITY of JEFFERSON
REPOPT OF
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WILLIAMS- KEEPER
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
Offices In Columbia,Jefferson City,and Me}dco
t
c 107{.dams Street
Jefferson City,MiMourl 65101
(314)635-6196
Ni".:.i:tf` 3ME2E'rMFaTF1.' AUMrAW REPORT
To the Honorable Mayor and Members
t;z
of the City Council `
i
We have audited the accompanYr;Ig general purpose financial statements . '
{ "
of the City of Jefferson, Jefferson City, Missouri, as of and for the year
/ able of contents. These general ��=J
ended October 31 1989 as listed in the tfinancial statements
are the responsibility of the City's management. ' ' k
N. Cj
purpose financial statan*nts based .
Our responsibility is to express an opinion on these
n
on our au
dit. rt ,
' We conducted our audit in accordance with generally accepted auditing
that we lan and perform the audit to >,k t
standards. Those standards require P
obtain reasonable assurance about whether the financial statements are free of =r :
:k
examining, basis, evidence
material misstatement. An audit includes ning, on a
supporting the amounts and disclosures in the .financial statements. An audit «
' also includes assessing the amounting principles used and significant rf
estimates made by management, as well as evaluating the overall financial
l .;,�;•,, statement presentation. We believe that our audit provides a reasonable basis
t>Fsz` for our opinion.
In our opinion the general purpose financial statements referred to #,
' above present fairly, in all material respects, the financial position of the
of October 31 1989 and the
City of Jefferson, Jefferson City, Missouri as
yz
results of its operations and the cash flows of its proprietary fund types for t;
account
the year then ended in conformity with generally accepted accounting
principles.
' A_ ; '
t'•1 ::,.;r. financial
„ a} As more fully discussed in Nate 1 to the general purpose
statements, the financial statements include a statement of cash flows for the
rie funds in place of the statement of changes in financial position r
Prof �Y
; ,. prepared in earlier years.
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ML 91
CITY of JEFFERSON
r;7. 00MBINFED BALANCE SHEE - ALL FUND TYPES AND ACCOUNT GROUPS
Ended
Year October 31, 1989
- - - Goverrmmtal Fund `lVpes - - -
" Special Capital
General. Revenues Projects �
Assets
Cash and Cash Investments (Note 8) $2,990,849 $ 19,860 $ -0-
. `fi ROMivables: (net, where applicable,
Aid of allawance for uncollectible
a00rnmts of $37,526)
Taxes and Franchise Fees (Note 2) 602r356 60,713 18r159
20,636 -0- 126,425 ;
xpY Notes (Note 7) 14,000 -0- -0-
;': Loans Note 7) -0- -0- -0-
+ Accrued Interest 18,932 166 -0-
Due Fram Other Funds (Note 6) -0- -0- 122,234
Due Frm Other Governments (Note 3) (5,779) 85,984 360,987
Inventory -0- -0- -0-
` Prepaid Expenses Note 11
( ) 60,577 -0- -0-
t a4 Restricted Assets:
,k,,E• �
Cash and Cash Investments (Notes 5 & 8) 2,000 -0- -0-
, c Property, Plant and Equipment (net
Of Accumulated Depreciation)
`tA Amount Under (Over) Provided for
4) -0- -0- -p-
�irr Retirement of General Long-Term Debt -0- -0- -0-
:; :
Total assets
$3,703,571 $ 166,723 $ 627,805
The Notes to Financial Statements are an in
tegral part of these statements. }
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CITY of JEFFERSON
Fiduciary
Funid Type
` - - - - Account Groups - - - -
Prcprietary Fund Types Trust General General Totals
Internal and Fixed long-Term
Enterprise Service (Memorandum Only)
Agency Assets Debt 1989 1988
$ 2,807,200 $ 6,438 $1,691,479
$ -0- $ -0- $ 7,515,826 $ 6,644,205
-0- -0- 154,767 -0- -0- 835,995 776,149
226,265 2,656 43,174 -0- -0- 419,156 350,488
! , -0- -0- 255,774 -0- -0- 269,774 130,252
300,000 -0-
-0- -0- -0- 300,000 300,000
121,114 40 10,302 -0- -0- 150,554 112,130
-0- -0- -0- -0- -0- 122,234 102,833 +
,
107,706 -0- -0- -0- -0- 548,898 487,178 V
64 05 58,893
s; r. , 8 -0- -U- -0- 122,951 127,307
,.,
825 6,297 -0- -0- -0-
67,699 7,122
'
1,082,660 -0- 696,699 -0- -0- 1,781,359 1 538 124
t t 22,357,136 387,114 -0- 17,768,839 -0- 40,513,089 38,419,235 }
k; -0- -0- -0- -0- 322,601 322.601 434.816
$27,066,964 $461,438 $2,852,195 $17,768,839 $322,601 $52,970,136 $49,429,839
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CITY of JEFFERSM'
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COMBINED - ALL RIND -ACC GROUPS
us 4t^. BALANCE SHEET TYPES AND
October 31, 1989
Year Ended
- - - Govemmmtal Fund Types - - -
Special Capital
General Revenues Proj eats
Liabilities
Bank Overdraft $ -0- $ -0- $ -0-
Accounts Payable 216,490 141,921 485,922
Contracts Payable, including retention -0- -0- 141,883
F
Accrued Expenses and other Payables 288,047 41 288 -0-
Due to other Funds (Note 6) 122,234 -0- -0-
I V, Due to Other Goverrments -0- -0- -0-
-0- -0- -0-
Deferred Revenues
Payable frm Restricted Assets:
•,° '`:
Payable Accrued interest Pc a -0- -0- -0-
Deferred CozqDensation Plan (Note 9) -0- -0- -0-
I.
Current Installments of Revenue
Bonds and Notes Payable (Note 5) -0- -0- -0-
Notes Payable (Note 5) 3,706 -0- -0-
Bonds Payable (Note 5) -0- -0- -0-
Capital leases payable (Note 11) -0- -0- -0-
,WA4,
U, Total liabilities 630,477 183,209 627,805
Fund Equity AMK
Contributed Capital -0- -0- -0-
"Y!.
-, 1.
Investment In General Fixed Assets -0- -0- -0-
Retained Earnings:
Reserved for Revenue Bond
Retirement (Note 5) -0- -0- -0-
' '.
Unreserved (deficit) -0- -0- -0-
Fund Balance-,-:
Reserved for:
Prepaid Expenses 60,577 -0- -0-
Long-term Notes Receivable 12,000 -0- -0-
Specific Projects -0- -0-
Encumbrances 78,484 145,924 -0-
Endowments -0- 66,786 -0-
Employee Benefit Programs -0- -0- -0-
Unreserved:
Undesignated (deficit) 2,922,033 (229,196) -0-
1
Total fund equity 3,073,094 (16,486) -0- 3
Total liabilities and
fund equity $3,703,571 166,723 627,805
4" Con uitments and Contingent Liabilities (Note 9)
10
-1be Notes to Financial statements are an integral part of these statements.
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CITY of JEFFERSON ----°�-�
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--- Fiduciary '
Fund Ty-- Account Groups - -• ° - � '��"`�� �
Proprietary Fund
Types Trust General General Totals
Internal and Fixed Long-Term (Memorandum Only)
rub' Enterprise Servi--e Agency Assets Debt 1989 1988
$ -�- $ -0- $ -0- $ -0- $ -0- $ -0- $ 89,226
+: 109 432 12 Q28 125,247 -0- -0- 1,091,040 671,941
-0- -0- -0- -0- -0- 141,883 345,684
77,432 8,376 -0- -0- -0- 415,143 434,563
:c _0 _p_ -0- 122,234 102,833
-0- 38,938 -0- -0- 38,938 30,888
6 325 96,325
9 , -0- -0- -0 -0- 67,075 �;,r���.jN;,.���• �
33,824 -0- -0- -0- -0- 33,824 33,824 43;„� ;ax;,
sf -0- -0- 696,699 -0- -0- 696 699 554 435 $' ;��' N
as.
Nfi Cat�x �4c tr::f
`t 303,071 --0- -0- 303,071 215,000
780,847 -0- -0- -0- 784 553 7 580
j
3,215,021 -0- -0- -0- -0- 3,215,021 3,225,000
a:
_0_ -0' -0- 322,601 322,601 431,026 '
4,615,952 20,404 860,884 -0- 322,601 7,261,332 6,209,075
ARM
$+ 4
22,863,121 418,839 -0- -0- -0- 23,281,960 22,778,197
-0- -0- -0- 17,768,839 -0- 17,768,839 17,026,448 ks
r
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1,082,660 -0- -0- -0- -0- 1,082,660 981,689 F .
(1,494,769) 22„195 -0- -0- --0- (1,472,574) (2,401,331)
-0- -0- -0- -0- -0- 60,577 29,540
;,. -0- -0- -0- -0- -0- 12,000 14,000
-0- -0- 334,384 -0- -0- 334,384 141,702 ';43
_0- -Q- -0- -0- 224,408 208,914
-0- -0- -0- -0- -0- 66,786 66,552
-0- -0- 15,477 -0- -0- 15,477 5,041 S.
�7.
a� . .. ' -0- -0- 1,641,450 -0- -0- 4,334,287 4,370,012
;.t 22,451,013 441,034 1,991,31 17,768,839 -0- 45,708,804 43.220,764
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$27,066,964 $461 438 $2,852,195 $17 768 839 $322 601 $52,970,136 $49,429,839
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CITY of J EFFERSOi� �-
j' - a _
NDITURES AND CHANGE znr FD BALANCES
STATEMU OF � LE BUST FUNDS g t'
ALL GpgF;�ML3JTAL FUND T`1PFS AND
October 31, 1989
Year Ended
'' x+
- - - - - - - Gov ernmental � .• - p...
special
Revenues
General
ReveTlu e. $10,459,984 $ 6470007
yr;
Taxes and Franchise Fees 305,941 -0'
Licenses,
Permits and Fees 46,761 14,915 .•
intergovernmental (Note 3) 63,520 532,762
Charges for Services 229,035 6,618
Fines and Forfeits _p_ 77,738°
Concession Sales 304,983 7,254 >s �k
218 £v
Interest and Penalties 109,094 20,
12,908 ? . F�"
Miscellaneous -0- �. N
contributions ;
8
31 1 319.
11.519 _ 420-
Total revmiues
Expenditures: 1,307,9
80 109,620
7 669 " 7
General Government 5,669,945 , V
Public Safety 2,499,118 -0-
Street and Engineering 789,608 -0-
Code and health _p- 1,552,955 ,
Planning,
Culture and Recreation _p_ -0-
k ;,{? -0- 533,471
other Capital Outlay
10.266,651 2,203,715
[" .�
f71..
expenditures
�{�itl.lies
':4
tal
over
x" Excess (deficiency) of revenues 1,252,667 (884,295)
..... . ,
`e expenditures zk
(Uses) : (Note ) 334 849,178
`l +{ Other Financing Sources 6 172,
fers operating Trans (1,648,664)
In -0-
operating Transfers Out -0- -0-
capital lease 127,262 -0-
ca
p ipality (Note 12)
Merger wi th other munic
of venues and ,y
Excess (deficiency) re and
itures
'' ai other sources elver (35,117)
' (96,401)
other uses
3 169.495 18.631
e.1t; 33 �,y' glance, beginning of year
# ir+++�.a $ 3,073,094 $ (16,486) ,
` FUnd Balance (deficit) , end of year —
of these statements.
The Notes to Financial Statements are an integral Part
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CITY of JEFFERSON
Fiduciary
' d T
Funype h
Totals ,z
^ " Capital Expendable (Memorandum Only)
~a
Projects Trusts 1989 1988
'tlry�i��• �'
-0- $2,511,885 $13,618,876 $12,939,694
296 976
;;;;f:;; -0- -0- 305,941
' ,
r.;
221,191 -0- 282,867 1,363,713
,,,:•..: _p_ -p- 596,282 492,469
,
:f
-0- -0- 235,653 185,568
-0- -0- 77,738 86,142 - <;
267 114,059 426,563 321,013
r'
15,140 -0- 144,452 232,034
',• 76,656 706,656 796,220 635,311
313,254 254 3,332.600 16,484,592 16,552,920
Ao a >:
-0- -0- 1,417,600 959,139 l"
-0- -0- 5,677,614 5,287,271
-0- -0- 2,499,118 2,590,775 ,
-0- -0- 789,608 674,474
..4, -0- -0- 1,552,955 1,567,711
' -0- 969,898 969,898 886,779
2,635,317 -0� 3,168,788 3,805,703
2,635,317 969,898 16,075,581 15,771,852
(2,322,063) 2,362,702 409,011 781,068
2,322,063 -0- 3,343,575 3,183,59341
-0- (2,210,477) (3,859,141) (3,565,664)
-0- -0- -0- 431,026 a
-0- -0- 127,262 -0-
l r -0- 152,225 20,707 830,023 Y
�h
rwfM -0- 1,512,615 4,700,741 3,870.718
�^ $
w - -0- $1,664,840 $ 4,721,448 $ 4,700,741
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CITY of JEFFERSON
d• Mw 1 1% �
?= t
COINED INED STAT&MENT OF REVENUES, EXPENDITURES AND aMN S IN FUND �
COMPARED WITH BUDGET GENERAL, SPECIAL r
AND CAPITAL PPDT-CZ5 FUND TYPES
Year Ended October 31, 1989 '
Y
- - - - - - - GeneralFund - - - - - - -
k'` variance
Favorable-
`''b Budget Actual Unfavorable :!
Revenue: `
, Gild Franchise j FMS $10,566,500 $10,459,984 $ (106,516)Taxes
' 288 010 305,941 17,931 ,
Licenses, Permits and Fees ,
3 46,000 46, 761
761
IntergavenjWztal (Note ) 31,020
32 500 63,520
Charges for Service
Fines and Forfeits 199,450 229,035 29,585x'
k
' Concession Sales -0- -0_ -0
Interest and penalties 185,000 304,983 119,983
Miscellaneous 225,000 109,094 (115,906) sk5:.
COntrlbUtl°riS - -0- -0- �'"
f .1 �S
A Total revenues 11,542,460 11,519,318 (23,142)
,
Xr kiky-pro.
Rw
1,456,918 1,307,980 148,938
General Goverrnrent r
5,581,542 5 669 945 (88,403) +._"" '�..
a.rt Public Safety , ,
79,662
Street and Engineering 2,578,780 2,499,118
planning, Code and Health
759,167 789,608 (30,441) ;
�• :{
Culture and Recreation -0- -o-
capital Outlay -o- -0- -0-
,
�.
Total expenditures 10,376,407 3.0,266,651 109,756 ;
"r.
Excess (deficiency)
of revenues
`'t<
over itures 1,166,053 1,252,667 86,614 t`
}Y
f Other Financing Sources (Uses) : (Note 6)
Operating Transfers In 172,334 172,334 -0-
` Operating Transfers Out (2,772,794) (11648,664) 1,124,130
t='
Merger with other municipality -0- 127.262 127.262
(deficiency)Excess ( ency) of revenues
aver
and other sources
e�nditures and other uses $(1,434,407) (96,401) $1,388,006
t.
Fund Balance, beginning of year 3,169,495
_� Fs Fund Balance, end of year $ 31073,094
The Notes to Financial Statements are an integral part of these statements.
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CITY of JEFFERSON ----°
t;4
Special Revenue FUnd Z)pes - - - - - - Capital Project Fund Types - - -
is Variance Variance a.
Favorable- Favorable-
•'=n,, Budget Actual Unfavorable Budget Actual Unfavorable
' $ 500,500 $ 647,007 $146,507 $ -0- $ -0- $ -0-
-0- 14,915 14,915 444,000 221,191 (222,809)
467,550 532,762 65,212 -0- -0- -0-
xf 7,480 6,618 (862) -0- -0- -0-
30,000 77,738 47,738 -0- -0- -0-
. s,;,
3,000 7,254 4,254 -0- 267 267
10,572 20,218 9,646 -0- 15,140 15,140
5,200 12,908 7,708 52,665 76.656 23,991
-- '
1,024,302 1,319,420 295,118 496,665 313,254 (183,411) ;
i
-0- 109,620 (109,620) -0- -0- -0-
''<: 7,000 7,669 (669) -0- -0- -0-
X1•ft!i0.
-0-
-0- -0- -0- -0- -0-
Nt :if{:ik -0- -0- -V- -0- -0- -0- 't
s' 1,636,700 1,552,955 83,745 -0- -0- -0- i
922,255 533.471 388,784 3,943,330 2,635,317 1,308,013
2,565,955 2203,715 362.240 3,943,330 2.635,317 1,308,013
Kt :T`;µ.3 .i a •�4ir
(1,541,653) (884,295) 657,358 3,446,665 (2 322 063) 1,124,602
1 556 824 849,178 (707 646) 3,446,665 2 322 063 (1,124,602)
/ r / r r r 1.
k;. -0- -0- -0- -0- -0- -0-
15,171 (35,117) $(50,288) $ -0- -0- $ -0-
-0- ,
18.631
Al.
(16,486) $ -0-
4110
-Ill m! 1101
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r 'r 1.1,1 °
?° CITY of JEFFERSON
QUMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUNDS
year Ended October 31, 1989
•t
Airport Water
Y" • �V• Fund Fund Rand
OPERATING REVENUE'S
12.887
Charges for services $ 485,983 $ 46,783 $_
IV
Total operating revenues 485.983 46.783 12.887s�
fi
OPERATING EXPENSES
persona]. Services 173,536 207,459 -0-
24 846 60,060 1,048
���'�'���•�'�' Contractual Services �
Material and Supplies 9,972 10,559 313 ':
Repairs and Maintenance 11,153 17,997 -0- 5f
34,364 22,541 922
Utilities
k ' Gasoline and Oil 1,155 924 -0-
Depreciation 42,430 112,564 -0-
Miscellaneous 4,858 3,222 -0-
�,.
Total operating expenses, 302,314 435,326 2,283
¢ r'
operating income (loss) 183,669 (388,543) 10,604
� ..t��
NON-OPERATING REVENUES (EXPENSES)
Operating Grants (Note 3) -0- 45,815 -0-
.F Interest Income 32,312 4,654 1,701
es' Interest Expense and Fees -0- -0- -0-
Total non-operating revenues
'?+ri'•} 1
32,312 50,469 1,70
(expenses)
(e
Inccmre (loss) before operating '
transfers 215,981 (338,074) 12,305
H' 1'a1iS::
Operating Transfers In (Out) -0- 272,715 -0-
; ' i' Net income (loss) 215,981 (65,359) 12,305
Retained s (deficit) ,
earning (
beginning of year 2,125,549 668,75 -0-
Retained earnings (deficit) ,
' '. $2,341,530 603 398 $ 12 305
end of year $ � ,
The Notes to Financial Statements are an integral part of these statements.
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C IT Y of JEFFERSON
Internal ,
service- Totals w
Memorandum Only)
` Central (
Trans sewer Total Maintenance
Y 1989 1988 .
, rWR��d
'
� _A�4,750 >t
$ 147 08' $ 3 041,162 $ 33 733,896 $554:513 $ 4 2---�8=4Q9 $ '_`y_
3,9�0
� 3 733,896 554,513 4,288,
409 •
147 X081 3 041,162 _3
1,540,572
' 1,366,841 220,984 1,587,825
377,076 608,770 321,208
164,543 282,976 7,269 290,245 ;
32,479 7,366
130 298
186 587 193,953
17 795 147,948 r
177295 436 499 134,706 ,
571 205x,, -,
230,054 310 734 :;'r?: k. '
, ► 294,592
592
l 2,013 238,850 298,690 12,Q44
83 197 151,690 234,887 233,119
66,907
14,211 873 390 862,282 lAr`�c �Qt
F 104,135 599,010 858,139 15,251
340 43,370 ___28.732
____8 732 ;ttfr;+v`wy� z
r" ` 34.382 _
568 43,030 --- tiFt,- ; ;5?> t t
-------
4 105,60g 4,009,667
812,082 2,003.954 3,5J 9 549,650 - xrti st�f f
,r
4,863 (94,917n,�
65 _001) 1,0_ 37.208 177.937 1--- 82` -_ )
(6 -
_0_ 274,559 213,000
' +! t
223 500 5,244 274,559 283,728 149,395
9,174 235,042 282,883 845 ' .
(226,925) -0- (2 5) (186 1428)
-0- (226,925) <rry.
845 331,362 175,967
232,674 13,361 330'X17 -------- 4, =rr
508 454 5,708 514,162 81,050
(432,327) 1,050,569
_0_ 515 566 548. 35
-0 5 6 -
242,851 - a,
1,024,020
5,708
1,029,728 629,885
(189,476) 1,050,569
16.487 (1,42) _2,049,_527)
(319.580) (3,955) (1,436,129)
fi<
.
389,914) $(1,419,642
$ 22,195
$(509,056) $(2,860,286) (412,109) V?
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.tS1+ * 3?a—i w+:...... C'
CITY of JEFFERSON
r r t 4 t
OF CASH FLOWS
-
�or4gzN�TS j*�r
PROPRIETARY
FUNDS
year Ended October 31, 1989
1 ,tsar �1
Parking Airport Water
Fund bIu)d Fund s. ;
CASH FLC)WS FROM OPERATING ACTIVITIES 65 12 305
$215,981 $ ( ,359) $ , ,.,
loss
Net income ( ) -0- �
Depreciation 42,430 112,564 .
Y* y 1s ,i' (Increases) decreases inert assets: (33 603) (44,525) (448) '
<'t Accounts and other receivables -0-
-0_ ? i
Inventories -0-
(decreases) in Current
II1G1"E'.asE'S ,
liabilities:
� 7 116
(5 505) , 719 s. :�� '�
Accounts payable r 79 400 3,1Q1
Accruals and deferred revenues 27aF5`�
u- Cash rovided (used) by Operating
p 247.052 10.196 , 15.677
activities
h
k. CASH FIAWS FROM
INVESTING
setTIES (28,918) (53,329) (95,706)
Acquisitions of fixed as _0_ _p_ 12 186)
w Increase in restricted assets
` Cash provided (used) by investing rJ
28 918) (53,329) (107,8
activities
CASH FLOWS FROM FINANCING ACTIVITIES -0- 34,000 T
Proceeds from borrowing -0
_Q_ -0- "
•r ��if yt f
)r
Repayment of debt
� -U- -0- -0-
Capital contributed from gran
tF'k merger With Cedar
_; . $ Capital contributed from _p_ 116,291 i
-0- u
City
(used) by financing
; y Cash provided _0_ 150,291
activities
� (decrease)
in cash 218,134 (43,133) 58,076
Net increase
,nrb � 1.
Cash at beginning of year
298,850 6� 0.615) -0-
Gash at end of year
$516,984 $(103,748) $ 58,076
SUPPI ITAL DISCLOSURES OF CASH ACTIVITY:
k.
' .f. -0- $ -0- $ -0-
Interest paid - cash basis
The Notes to Financial Statements are an integral part of these statements.
` -14-
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� �f��'�y x{!da4"F Y.Fly � xi�^��I.. trrif b 'a.. !�', t1, i Cr,�' .t �. 1 . .tr+f :s✓.t4 � � �•,��1 F� jk,'.�f ���:Fti y r ?t�''i ry,.
t1
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44b�� ,`, \p•
CITY of JEFF
ERSOf11
r
•� r i
z �
service '�11
Transit Sewer Memorandtml ., Central M error Memorandum
ndu
Fund Fund Total Maintenance Total
(189,476) $1,050,569 ;
� $ 5,708 $1,029,728
•":ft,:�
104,135 599,010
858,139
15,251
873,390 ,.
• ,•��.,'•.. 49 201
, 683 (28,692) (2,289)
qi
7,398 -0- (30,981) ,
7,398 (3,042) 4,356
p.
` r 28,637 (47,960)
-(16,,993) (19,540)1,004 (36,533)23(8,370 884 (3,403) 20.481
€i
899
1.59 ,3932 -1,867,756 ___L7_,315
) 1,860,441
r' rryU
(3,202) (2,043,697)
(2,224,852) -0- (2,224,852) ' 1
--4 _p_ 785) _(100.971) -0- (100
.971)
_ l3,202) (2,132,482) ..
(2,325,823) -0- (2,325,823)
-p- 1,073,010 ;
1 107 010 1,107,010
-0- (248 07 � , -p-
, 1) (248,071) -0-
x , -p- (248,U71)
t. 'a 22,000 22,000 t.
-0- 22,000 s
5.
__365,472 481,763 -0- 481,763
22,000 1,190,411 1,362,702
-p_ 1,362,702
19,697 651,861 904 635
n4�, , (7,315) 897,320
69,711 1,594,619 1,902,565
13,753 1,916,318
89,408 $2,246,480
r'•" $2,807 200
, $ 6,438 $2,813,638
yyes=. -
:4l4y�y:t.,4'�2
thi'i}
,a t�
-0-
$ 226,925 $ _p_
ra
-15-
�T, �"tH`f 9�'�S�ai fia�i�tat t i rrfi stet `+!➢ti�� " " uS } f x} +'t/ '+;�7sp ' >.-777
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i
CITY of JEFFERSON
NOTES To FINANCIAL STATEMEN'T'S
City) incorporated in 1825, and is a
t, The City of Jefferson, Missouri (the ty) was
Hcntte Rule Charter City located in Cole and Callaway Counties. It is the
seventh largest city in the state in terms of area and is the site of the S. .
}:
City a population estimated at 34,000. TheMt max;
Missouri State Capitol. The Ci has � M
City Administrator is the Chief Administrative Officer of the City. The City's
organization consists of the general governmental departments of ,
Lion, Finance, Public Works, Fire, Police, Transportation, Municipal
Administra
Court, and Planning, Code and Health. r
of Significant Accounting Policies
NOTE 1. Summary of ti
ac
±" The following summary of significant accounting policies employed in the
is a � {{>, s
preparation
of the financial statements:
.+' A. Financial Reporting Entity
' For financial reporting purposes the City of Jefferson includes all funds,
V that are controlled by or are t.� t=`;f�V4
account groups, agencies, commissions, and boards
�,.
dependent on the Mayor or the council. Control by or dependence on the City r ?
was determined on the basis of budget adoption, taxing authority, outstanding
debt secured by revenues or general obligations of the City, obligation of the
or receipt of significant subsidies
City to finance deficits that may occur, P �t
from the City.
zations are included in
Based on the foreuoinq criteria the followings orctani
the City's Annual Report:
i CITY y;�:j? �fir';•,
OF �TEFFERSON SEWER SYSTEM
1fts 's rate increases• The City is
The City Council approves the System
bond indebtedness of the system in the
contingently liable for the outstandingz,�7
stem's debt service
event user charges are inadequate to fulfill the Sy o.t+t �r•= ;
ti•
requirements.
PARKING SYSTEM
s^
CITY OF JEFFERSON
t'.�,r, �� s Y ff��,•�
The City Council approves the System's rates. The City is responsible for
overall operation of the System.
' { CITY OF JEFFERSON AIRPORT
The City Council approves the Ai.rport's rates. The City is responsible for ,
M�, overall operation of the Airport.
OF JET TRANSIT SYSTEM GITY
Ar"
Ni {4t The City Council approves the System's rates. The City is responsible for
sr sry ,
overall operation of the System. The City is also responsible for deficits
Department of Trans nation. f
above the receipts of grant from the De Po {
,A
„„nppnty�"4Yt `
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z �r4 p.. ri �':♦ c a !!! jn �, JI •,t' f z�'i���i Y�w�.s�.V� �i"h��'�r R4 � �'.r4�
rk��sn ti
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'} CITY of JEFFERSON ;
t ,
A NOTES To FINANCIAL STATEMENTS
CITY OF JEFFERSON WATER SYSTEM
The City, since merging with Cedar City (Note 12) , has continued to provide the
water system utility to the existing residents of Cedar City. The City Council
.. approves water rates and is responsible for the overall operation of the
System-
•` 'VpyM�u7R•
crry OF JEFFERSON PARK BOARD "
from the
The Park Board is financed by property taxes, user fees, and a subsidy . s,
Citys General. Fund for its operations-
. t
4
,,�t6Fr+tit} � �•,
The follawinq_oraanizations are not part of the Ci+-y of Jefferson aril thus are
excluded from the aggamp ying financial statements:
CITY OF JEFFERSON HOUSING AUTHORITY
The Authority's operating and capital expenditures, including debt service, are
financed entirely from federal grants and rentals. The City has no involvement
in determination of the Authority's's bud et and rental rates nor any obligation
for the Authority's outstanding debt.
CI'T'Y OF JEFFERSON
,. LIBRARY BOARD
The Boated' and capital expenditures are financed entirely from
1 s operating
property taxes and state grants. The City has no involvement in the Library's = '±
operations, outside of the appointment of the Board. Financial transactions
between the City and the Library Board as reported in the accompanying Y.
financial statements are on an agency basis only for the collection of they
3. taxes and disbursements to the Library Board. "'.
t CI'T'Y OF JEFFERSON FIREMEN S REJ. UMT SYSTEM
The System is governed by a separate board under 87.025, RSMO. The City is
only responsible for the remittance of contributions to the System. Financial
transactions between the City and the System as reported in the accanPanying
financial statements are on an expendable trust basis only for the collection A`
, i of the taxes and disbursements to the System. «�
B. Fund Accounting
Y{s The accounts of the City are organized on the basis of generic fund types and „
account groups, each of which is considered a separate entity with self-
"'`"'t` balancing accounts that comprise its assets, liabilities, retained earnings or
fund balance revenues and expenditures or expenses. The following fund types
and account groups are used by the City:
k y31 e
t.
fit} -18- Y,a
y
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• � �,.= r V' k�` '� ;A't�.f r } � t ' �t 't i�r t t t . tr yt}y t 't �.r,.
r ? �'i. "'fix f, rla H t T.ri„ f�� ✓ A 1;' i J.Zi�' t""'^i 'i D .t � 1� !i 2 �Lk'� / .yt`
vr,4i� .:Jr?y' „f .S f t j A�a.. ftii � f �.(l { ; Y c>.''71: ?oa � {1 t 4' tiNx s r �}�w<.J '! tr sts'r Jt^.`} •r.`v a �r.� i{
i .1 -' •tR�Ml. 't� /1a t,.
tit .f �7 t t' {k :}. .rfAC a ,art {i. '�C tf}y 5'f +' r?t yt.7 y1 ll'Fi 1.t��.i •t.,i'xah?tiY'� 1r�SFY'Y"yi�:. i
1'?{t.: f •qr
. 4. .+.a{1,i t1 ±�,�` ,{n >''';ii i� �Itff?rt i} fir L' t s}.�.c#' Irfil�tt'r :c ' ti yt {tt•Et !xr 'Tr A''� S"q}tnr
e,w\1 7C''i j,F•FiY a`.a ,{ i ..i1-{r 7. i .i.. 4 / / rt#..i}r<t=i✓i s,,;t' ff; St t�
.:fv Y+�'
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\ar carry U
CITY of JEFFERSON y
NOTES TO FINANCIAL STAMENTS 3
Governmental
{ fund types are used to account for operations supplying basic
services of a general governmental nature. Capital expenditures and debt
d
service of a
,# general governmental nature are also included. The governmental
funds used by the City are the General Fund, Special Revenue Funds Debt
Service Funds and Capital Project Funds.
Proprietary fund types are used to account for operations which are similar to
activities of commercial enterprises.
The proprietary funds used by the City44 ({j,,
are the Enterprise FLtnds and the Internal Service Fund.
4 ;its is1 4
Fiduciary fund types are used to account for assets held in mist or as an
agent by the City for others. These include Mqp, ndable Trust NonaVendable
Funds. None accounted for 31-1
Trust, and Agency le Trust Funds are account
essentially the same manner as governmental funds. Agency Fltrx3s are custodial '
in nature (assets equal liabilities) and do not involve measurement of results ';'•.'
of operations.
Outstanding long-term indebtedness backed by the full faith and credit of the }?
City is recorded and accounted for in the General Long-Term Debt Group of
Accounts. All fixed assets of the City not recorded in Enterprise Funds
t.xl,
Internal Sery ice Funds and certain Trust and Agency g Funds are recorded and
Fti ;,.• t.
accounted for eral Fixed Assets
in the Gen sets Group of Accounts.
of Account ;t'rxrt-i`r.,
C. Basis Accounting �Y_�: �'�,.a�x•;,,,
Governmental fund revenues and expenditures are recognized on the modified
�
accrual basis. Revenues are recognized in the accounting period in which the
become available and measurable. Expenditures are recognized in the accounting
Period in which the fund liability is incurred, if measurable, except that in
the General Fund vacation pay is recognized when paid and in the Debt Service
;. Fund interest on general long-term debt is recognized when due. Within the
governmental funds, the more significant revenues which are not accrued are
utility axes, licenses and permits, fees and service charges.
� r
tY fines
Proprietary fund revenues and expenses are recognized on the accrual basis. r� y �f ;,q
Under this method of accounting, revenues are recognized in the accounting `
period in which they are earned, and expenses are recognized in the period
Agency fund revenues and expenses or expenditures (as appropriate) are
recognized on the basis consistent with the fund's accounting measurement
objective. NonP.xpEndable Trust Funds are accounted for on the accrual basis;
Expendable Trust Fluids are accounted for on a modified accrual basis; Agency
Fluid assets and liabilities are accounted for on the modified accrual basis.
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CITY of JEFFERSON
{?:
a t
WMES TO FINANCIAL STATIIEM'S Y �
a
D. Budgets
Annual budgets are prepared under the modified accrual basis of accounting anda ".
are adopted in October prior to the beginning of each fiscal y
ear for all
revenues and expenditures of the General Fund of the City. The primary basis
of budgetary control is at the departmental level. Departments may not legally
exceed their appropriations without Council approval. suppletteental F ' ��.''}'
appropriations for unplanned expenditures are approved by the City Council by
r
ordinance. Any remaining unencumbered appropriations lapse at the fiscal
1 �.
year's end.
Project budgets prepared under the modified accrual basis of accounting are
�'... Y k ct�.•s'•fl.y't �"
adopted for the Capital Projects Funds. All projects remain program and
funded until ccapleted or until the City Council decides to eliminate the
project. The Debt Service Fund is controlled by related bond ordinances.
E. Encumbrances xz `'
Encumbrance accounting, under which purchase orders, contracts and other34rt! pq;
cort utments for the expenditure of funds are recorded in order to reserve that
<<. portion of the applicable appropriation, is utilized in the governmental fund
„ types- Encumbrances outstanding at year end are reported as reservations of
h �„
fund balances because the do not constitute expenditures or liabilities. "''L }` 4Fk=°;
F. Pooled Cash:_
Cash of individual funds are combined to form a pool of cash and
investments which is managed by the City Finance Director. Investments in the
cash pool consist of certificates of deposits and repurchase agreements and are
carried at cost which approximates market value. Interest earned as a resultf
of pooling is distributed to the appropriate funds based upon month-end
balances of cash and marketable securities of each fund.
G. Contributions and Grants i zzf �
Contributions and grants received by Enterprise, Internal Service and certain �.
Trust and Agency Funds are accounted for as follows: Contributions of (or for)
capital assets, including those received from other City funds as well as y
grants and assistance received frown other governmental units for they
.," acquisition of capital assets, are credited directly to contributed capital. ;1
Contributions and grants received for operating purposes are included in
revenues.
Contributions and grants received by all other funds are accounted for as a
follows: Contributions and grants for both capital and operating purposes are }
included in revenues. Grant revenues are accrued as eligible expenditures or
commitments are incurred, as appropriate for the fund type involved. ry kA
Pik
-20-
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P t '!rt{•.,,,,,t�"`,-rW: yi U I..S,x:':t'f
t s •ri. J'sr s} ,. 1 11 } .A j.. i 7.. .i\ � t7i ,F'`!k+': :,1
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,ft7� ,'Y�4"'f�"..'�. "s,�k,'s r,t,)is r"�,.rr�� �Sr7n��� q '; I•.7 s: fS !} sif yt. �,r1� a r .�ht.r71.'!#' �c•�.i�t"��'r'•y' E t
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t 4• � ` t i' u4:tzi f Sa 2 yX s 'rt 5 , S. ,.'r r't 't.'.1 + .. }i t r
C �lY }ps•,�r k 33 ,ate 6-o `iti
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a0 (c
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{ •,S°5� �"131 a'4�
Y Y
♦ •! 91,
CITY of JEFFERSON
Nam m FINANCIAL =Taffms
! �r
H. Inventory
Y Inventory is valued at cost using the first-in, first-out method. zrYVentories ',
' consist of vehicle parts and accessories for the transit system and City 5
vehicles.
I. Property, Plant and Equipw.nt
Enterprise, internal Service and certain Trust and Agency Funds:
i2rr
tY. Plant and equipment are recorded at cost except for certain
.F
. contributed assets in the Enterprise Funds which are carried at estimated
.., iaarket value at the date of contribution. Some assets are recorded at
` z estimated values because actual historical costs were not available.
Depreciation is provided on the straight-line basis over the estimated useful
lives as follows:
Buildings 10-50 years
Improvements other than buildings 7-10 years
v4• Sewer plant and system 40-50 years
;t Machinery and equipment 3-15 years !
Furniture and fixtures 5-10 years
Motor vehicles 2-15 years
' The costs of normal maintenance and repairs are charged to operations as K
incurred. Renewals and betterment are capitalized over the remaining useful.
E
lives of the related properties.
P
General Fixed Assets Group of Accounts:
General fixed assets are recorded as expenditures in the goveniTiental funds and
are capitalized in the General Fixed Assets Group of Accounts.
Ali•
*. General fixed assets are normally recorded at cost or estimated cost if
original cost is not available. Public domain fixed assets such as roads,
bridges, streets and sidewalks are not capitalized. No depreciation is
4-A provided on general fixed assets.
F ;. J. Vacation and Sick Leave
f The cost of vacation and sick leave are recorded when disbursed. At
October 31, 1989, enployees of the City had accumulated earned vacation
aggregating approximately $612,000 for which no accrual has been made.
However, utilization of accumulated vacation and sick leave by employees in
future years is not expected to have a material impact on City expenditures in
any one year-
-21-
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`k
CITY of- JEFFERSON
NOTES TO MWCIAL STATE ME91'S.
K. Memorandum Total Column on Combined Statements
>' The memorandum total column on the Combined Statements are captioned '*
` 'memorandum Only" to indicate that they are presented only to facilitate 4 .
Ji..
financial analysis. Data in these columns do not present financial position, },
a;
results of operations, or changes in cash flows in conformity with generally
accepted accounting principles. Neither is such data comparable to a
'Y consolidation. Interfvnd eliminations have not been made in the aggregation of
this data.
{° L. Change in Presentation and Determination of Cash C
N '2�Y
•7.
y,.
• The financial statements include a statement of cash flows showing the changes
in cash and cash equivalents from operating, financing and invest' J activities
as required by Statement of Governmental Accounting Standards No. 9 in place of
a statement of changes in financial position, showing changes in working {'
rr
capital, as presented in prior years. ' }i
For the purposes of defining cash and cash equivalents, the City considers all
r
,; non-restricted cash and savings accounts to be cash. "
NOTE 2: Taxes 1
The City's property tax is levied by the Counties of Cole and Callaway each
September 1, based on the assessed value as of the previous January 1, for all
`.� real and personal property located in the City. Assessed values are #
established by the County Assessors. G{
L«•.
Property taxes are billed in total by November 1 following 'the levy date and
{ considered delinquent after January 1.
+ The assessed value for property (excluding railroad and utility properties of
$14,600,534) located in the City as of January 1, 1988, upon which the fiscal
1989 levy was based, was $266,971,272.
The City is permitted by the Missouri State Constitution to levy taxes up to
$1.00 per $100 of assessed valuation for general governmental services (General
. >; Fund) other than the payment of principal and interest on long-term debt and in
unlimited amounts for the t of principal and interest on long-term debt.
�'• PaY� P P� n9-
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.1 two '= CITY of JEFFERSON ;F
NMS M FDMCIAL STAMUMS
..4>
t at October 31,
summary�:- A sary of proprietary fund type prcperty► Plant and equipmen
1985 was as follows:
5' Internal
Service
- - - - - - - - - - Enterprise - - - - - - - - - - Central.
Parking Mainte-
s Authority Airport Water Transit Sewer Total nonce
Gg.
Land $ 785,028 $ 531,349 $ -0- $ 149,511 $ 138,257 $ 1 1604,145 $ 97,287
Buildiinngs 778,834 200,796 -0- 978,499 31022,369 4,980,498 343,334
Improve—
rents
Other
than
buildings 101,807 21006,357 -0- -0- -0- 21108,164 -0-
x� c�>? Water and
t
Sewer
plants
ystems -0-
•:;.a -0- 189,669 -0- 20,622,523 20,812,192 -0-
Machinery
1
equip-
ment 208,515 405,896 -0- 1.151.846 3.252.149 5.018.406 51,563
1,874,184 3,144,398 189,669 2,279,856 27,035,298 34,523,405 492,184
less accu-
mulated
mulcted
deprecia-
tion 309.759 312.340 93.963 894.416 10.994.864 12,605,342 105,07
F 1,564,425 2,832,058 95,706 1,385,440 16,040,434 21,918,063 387,114 ”.
Construc-
tion, in
progress -0- 296.639 -0- -0- 142.434 439.073 -0- A'
$1,564,425 $3,128,697 $ 95,706 $1,385,440 $16,182,868 $22,357,136 $387,114
.�S
t' •.
r'
NOTE 5: Notes and Bonds Payable
The following is a s1mrary of bond debt transactions of the City for the year
ended October 31, 1989:
Sewer1e
Q���e))AAn •')
Bonds
Bonds payable at 10/31/88 $3,440,000
Bonds payable from Cedar City Merger 224,667 c
Bonds retired (215.000)
Bonds payable at 10/31/89 $3,449,667
-24-
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ah."•.r2,,� ljly y,,:'.{w"�.�r.?�a�F�',+c}'.}''4��t�( .S 'S'1�j[�r t �. tr+'{? F 'S �. .j�( ft c r,f? !sw. .kY��j� 1 ti 7„ ;.
�� Y r sa�� ����z�;{ to� F, a § s �t�'1 � e; {{ x tr4 ;.a,, � r. ,°,tt 4 t x , '�t•t r ?� �',
CITY of JEFFERSON
1YarES O 1:i1YMC.LAL rJ.LL'1.1L"14MM •�r;l
7,
Bonds payable at October 31, 1989 are comprised of the following individual a~'
issues:
` ; t' Revenue Bonds:
$1,000,000-1964 Sewer serial bonds due in annual installments of
$35,000 to $75,000 through March, 1, . 1999; interest at 3.4% to 3.6% $ 545,000 ;
$1,000,000-1965 Sewer serial bonds due in annual installments of
$25,000 to $75,000 through March 1, 2000; interest at 3.75% to 3.8% 585,000
$1,000,000-1967 Sewer serial bonds due in annual installments of r .e
$30,000 to $45,000 through March 1, 2000; interest at 4.5% to 4.6% 440,000 '. Y
$1,500,000-1968 Sewer serial bonds due in annual installments of
$55,000 to $95,000 through March 1, 2000; interest at 5.25% to 5.6% 850,000
?t..K $500,000-1970 Sewer serial bonds due in annual installments of
$20,000 to $35,000 through March 1, 2000; interest at 6.75% to 7% 305,000 '
$600,000-1984 Sewer serial bonds due in annual installments of fi
. }; $20,000 to $65,000 through March 1, 2000; interest at 10.2% to 11% 500,000
,. $217,000-1979 Sewer revenue bonds payable in annual installments of
$9,048, including interest; interest rate is 5% and the maturity
date of the bond issue is June 21, 2014 190,667
? , $80,000-1962 Water revenue bonds payable in annual installments of
' $4,305, including interest; interest rate is 3.625% and the maturity .;
date of the bond issue is February 15, 1998 34,000
Total bonded indebtedness in enterprise funds $3,449 667
The general t note with a remain balance of $3,706 is able in
t� 5 equipment remaining pay .
§ monthly installments of $432, including interest, through July 1990 with
interest at 9.75%. The note is collateralized by the equipment.
The City is obligated to a local bank on an installment note dated March 31,
1989. The note is payable in monthly installments of $11,717, including
interest at 8.5%. The outstanding balance of the note at October 31, 1989 was
Y " $849,262. The note is unsecured. Proceeds from the note were used to purchase
a sewer system. The note is included in enterprise fund indebtedness.
iF;Cn
uFi
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MIT
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>S,$r'� .vy �t� A :�T,.w t� s�.{7 r ����i<. t e.,,t < �+ ;;4x f1 ;t � eta':` • S trt P;,��.,f�t t { �t'f`i`41f 1"°§°�,�'��j t 4 'St 'll e
H
t
;
N wq
Wk
CITY of JEFFERSON
f� NOTES TO FI ANCIAL sTATavRZM r
_ The annual requirements to amortize all debt outstanding as of October 31
'
1989, including interest payments of $262,821 on notes payable and $1,227,460 �•�`��' _
on sewer/water revenue bonds-, are as follows: } "�r
y ,
Year Ending General Enterprise Sewer/water �t ,:'
t= ,
Y Notes Notes Revenue
`r October 31, Payable Payable Bonds Total
..�;; ,•as��$ 1990 3,888
'• ;;?U:;<, $ $ $ 578 985
1991 $ 434,493 ,
-0- 140,604
422,470 563,074
1992 -0-
140,604 424,899 565,503
1993 -0- 604 { `
1994 140, 419,411 560,015
—0- 549,485 414,923 964,408
- `
1995-2014
0-
-0- 2.563.941 2.563.941
11,901
$4,680,137 $5,795,926
,680 137 =p
{
The legal debt margin at October 31 1989 � '
, was computed as follows:
- - - General Obligation Bonds - - -
''`}= Ordinary (1) Additional (2) Total ; f
'` i'{ti Constitutional debt lunit
$26,697,127 ,697 127
$26 r $53,394,254
t„ t,iai
Notes payable
$ 3,888 $ -0-
.;r Less Debt Service Funds $ 3 888
Available ;
Under-funded $ -0- -0- -0- €;
(3,888) $ -0- $ (3,888)
(1) Article VI, Section 26(b) and (c) , Missouri Constitution provides, with a
,. try vote of four-sevenths qualified electors voti
ng, a city may incur an
indebtedness not to exceed
in aggregate, 10 percent of the value of taxable _
tangible property of the city, for any purposes authorized in the charter of
-`? the city or by any general law of the State of Missouri.
x.
(2) Article VI, Section 26(d) and (e) , Missouri Constitution, provides, with a
��.
vote of four-sevenths qualified electors voting, a city may become indebted an
additional 10
percent of the value of taxable tangible property of the city for
n the purpose of acquiring right of way; construction extending and improving '
k streets and/or sanitary or storm sewer systems; and purchasing or constructing p
waterworks, electric or other light plants, provided that the total
general
obligation indebt=edness of the city does not exceed 20 percent of the value of
s the taxable tangible property of the city.
,E
There are a number of limitations and restrictions contained in the various +
bond indentures. The City is in liance
comp with all significant li V
>� and restrictions. mitations
-26-
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i"Rt4,J• , ..
CITY of JEFFERSON
d�# NOTES To FINANCIAL STAMMENTS
that the Sewer Fund be accounted for
}. The sewer revenue bond ozdinan�=e requires that after sufficient current
>4 in a separate enterprise fund. It also requires
asses a operate the system, all
t have been set aside to remaining monies held in
and rnstri.cted in separate accounts. Assets of t
the Sewer Fund be segregated r
y these special reserves and accounts consist of cash and cash investments and
*
are reported in the acompanying balance sheet as restricted assets and
reserved retained earnings as follows:
pond over t`
Balance Ordinance (Under) r:}
10/31/89 Requirements Reserved
Accounts
Revenue bond t $ 215,599 $ 183,974
PaYl $ 31,625 a "
Depreciation
315 500 315,500
-0- k,r
113,500 113,500 '
Contingent
Revenue bond reserve 414,675 414,675 -0- '
Other bond reserves - Cedar City 23,38 23,386
Total $1,051,035 $ 31,625 '
The sewer revenue bond ordinances require the City to establish utility rates
sufficient to pay the costs of operating the sewer system, retire outstanding ;
`., bonded debt and maintain the various bond reserves. n
6: Operating Transfers, Capital Transfers and 7nterfund Balances
OT
NE M�
During the fiscal year ended October 31, 1989, the City transferred $849,178
laris to continue to
a,. • t::=
from the General Fund to the park Board Fund. The City p
subsidize the Park Board Transit and Airport operations in future years.
,4K�aY Additional transfers of $799,486 from the General Fund to the Street Capital
Proj ects Ftmd and the Storm Drainage Capital Project Fund were also made by the
r` City in the amounts of $545,089 and $254,397,
respectively. '
TrrJ? nation Sales Tax r
`
The City authorized $2,210,477 of transfers from the Transpo
r:•;. '
Fund to the following funds: $172,334 to the General Fund, $242,851 to e
Transit Fund, $272,715 to the Airport Fund, and $1,522,577 to the Street
K�n Department Capital. Project Fund.
consist of the following:
In'terful'1d balances ,
Due To
' Capital
z Due E=: Projects
..,
General Fund $122.234
i
'a Tota $122,234
-27-
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-' CITY of JEFFERSON
N01W M F'rWcI.AL STATENIII�17.�u
¢. y
a V
Y "F collateral pledged for pool deposits to be held in the City's
Statutes require bank; however,
name by the trust department nt of a bank other than the pledging -;
` dur• the year the City often permitted collateral on the pool's deposits to
be held in the City's name by the pledging bank's trust department.
'`�-``"•:
Investments Statutes authorize the City to invest in obligations of the U.
Treasury, agencies, and instrumentalities, conm�ercial paper rated A-1 by
. 's CX�cmx�cial Paper Record,
' Standard & Poor's Corporation or P-1 by Moody
and the state treasurer'
bankers, a repurchase agreements, • r
tion mast is invested in mutual funds
investment pcaol. The deferred c�
f` with several caipanies and are primarily invested in U.S. Government and
- '" corporate bonds.
�tl
The City's investments are categorized to give an indication of the level ofRJ
t ' };f risk assumed by the entity at year end. Category 1 includes investments that
,,.::i:�%t,'. are insured or registered or for which the securities are held by the. City or �.. ,
? � Category 2 includes uninsured and unregistk�-red
U `:"+'r
its agent in the city's mane. teg rY
investments for which the securities are held by the broker's or dealer's trust
department or agent in the City's name: Category 3 includes uninsured a i
by the brokP..r or
< f„r unregistered investments for which the securities are held
dealer, or by its trust department or agent but not in the City°s name.
ry y Category 1 Category 2 Category 3
$ -0- $ -0- ;
$8,279,830
k, •,:
Repurchase agreements 696.699 -0- Y
'r,Cf it Mutual funds -0-
N $8,279,830
Total $8,279,830 $ 696,699 $ -0-
The carrying amount and market value of the investments is the same in the case
of the mutual funds.
The carrying amount of the repurchase agreements is
$8,250,000.
Due to significantly higher cash flows at certain times during. the year, the
t', r ggrements for which the underlying
x City's investment in overnight re a
securities were held by the dealer increased significantly. As a result, the
amounts that were in category 3 at those times may have been substantially
}�}qq�il.Y•y .t }
`xr,e higher than at year end.
'S >
F
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`��((,'r',1�,' :2 7"• ::.•v._....� --•-f.Lw....::e'..«:c+lti`r�P' S, �l�i��,�a��rs�'' l a;�y},�1•Phatt.�..�i"+4���U��ke�1:i9•s:o 4 v-�... .e ,. . y
pr nrq
CITY of JEFFERSON;
NXES M FINANCIAL STATF3RV'I5 '!
r
NOTE 9s Commitments and Contingent Liabilities
SELF-INSURED-EMPLOYEE BENEFIT TRUST FUND ;
1 1981, ad
... On January the City opted a limited self-insurance plan covering
employee medical. benefits. On December 14, 1983, the City entered into an
agreement with E�tployee Benefit Administrators, Inc. (the Administrators) in �� •- • ,_
. Ya
which the City is responsible for the payment of claims over $700 not to exceed MO ,
$25,000 per individual.. Amounts in excess of $25,000 are paid by a reinsurance
company. The contractual limit of liability for the self-insurance coverage
for 1989 was $519,786. The reserve (deficit) for employee benefits as ofr ".
tr October 31, 1989, was $(4,540) .
PENDING LITIGATION •�•• ��;A
Several suits are pending against the City. The majority are fully covered by
Some claims/suits, are either not covered or include deductible amounts. The
total uninsured liability of these claims would be less than $50,000.
DEFERRED COMPENSATION PLAN r
is hr f
Employees of the City of Jefferson may participate in a deferred compensation
;:':;,,• plan adopted under the provisions of Internal Revenue Code Section 457
i'
(Deferred Compensation Plans With Respect to Service For State and In, cal
Governments)
The deferred
•,�_ compensation plan is available to all employees of the City.
Under the lam 1 y portion of their salaries and r
avoid plan, employees may to defer a ,
;,,,. • paying taxes on the deferred portion until the withdrawal date. The
deferred cxpensa t
ion amount is not available for withdrawal by employees until
termination retirement death or unforeseeable emergency.
� r �
AK The deferred compensation plan is administered by an unrelated third party
administrator. Under the terms of an IRC Section 457 deferred compensation
plan, all compensation and income attributable to the investment of the
deferred conpensation amounts held by the administrator, until paid or made
available to the employees or beneficiaries, are the property of the City
subject only to claims of the City's general creditors. In addition, the
participants in the plan have rights equal to those of the general creditors of }
Yr'•n'
+'r the City, and each participant's rights are equal to his or her share of the
fair market value of the plan assets. The City believes that it is unlikely
;:• that plan assets will be needed to satisfy claims of general creditors that;. might arise.
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CITY of JEFFERSON
Y .§
?,< NOTES To FnWCIA., STATEMENTS C
due care in k .1
As part of its fiduciary role, the City has an obligation h ;
opinion ls legal ;
selecting the think partly administrator. IT1 theis not liable for losses`
counsel, the City has acted in a prudent manner
d>> administration of the plan. k
that may arise frown the admini
pOIlKENTS
UQNTRACIUAL .
prior to
The Ci s conuni contracts signed p ,tares
h^ ,. tment for amounts re7nairy M under
ted 700 000. Funding of the future P�endi
" October 31, 1989 approxiana $ rtation
to be received
from federal and state grants, the transpo .g
J is e
x4F sales tax, and general operations.
CONTRAC'TM AGENCY rd
contracted wmounts on a
' claims for extra costs over the contra
The City received two due to delays
Meted construction contract. The claim presented casts - ;_
caused by changes to the design of the project as stated by the contractors '
n to of an agreeable
court dates. No estimate
.% The cases are presently P
possible settlemlent has been made at the date of these financial
amount or posy for a total of $535,,676 of
statements. The plaintiffs in both cases are asking
p ` additional contract cost-.s.
a Disclosures
Nt71'E 10: Individual Rand
rise Funds had deficits in
1 ,} Zhe Transit Fund and Sower Fund of the Enterprise
x , 5091�sult because 286, respecteleecl-tecl an 31,
retained earnings of $ ' the Cr cover
1989. These deficits
user charges in prior years.
depreciation
et
"i had deficits in fund balances
The Park Ftiu�d and the Employee Benefit Tru:-•t Ftiu�d
'• ,j
of $33,618 and $4,540, respectively at Octoter 31, 1989• Y
nations for the year ended
' Expenditures and other uses exceeded approp
' . October 31, 1989 in the following categories by fund:
Appropriations Expenditures Variance
General Fund:
t $2,568,572 $2,811,362 $ 242,790
Fire
175,653 208,576 32,923 tr
�•�� , Animal Shelter
_ Public building maintenance 192,185 221,827 29,642
j ' Special Revenue:
Park '
$ 69,328 $ 163,886 $ 94,558 Y
Ice arena 245,200 297,250 52,050
Golf course
61,565 75,801 14,236
.� Memorial Pool
Ellis Porter Pool 64,455 68,615 4,160
Recreation programs 370,498 393,368 22,870
.'i
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,� t 4 Yr .,4�rx .;'ff, Y4 s. c R,eta Pfs;+r yl �h 'Lr v 1of k�, fiGg+ '��7rl„•}�d,'K.ye�.Ar''{t"7r $C"'C{r`c.f E srfg'tjt��,�,t({Ft����t�•7'+k� 'u t
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00 '; : C (TY of JEFFERSON
a t4
It _
NOTES TO F'aMCIAL STAI'IIKIIJM
AML
s
NOT 11: Leases
t' is under the
K The following is a schedule of future minimamt lease Payments
capitalized leases together with the present value of the net minimum lease
payments as of October 31, 1989:
s
I
q;. Year ending October 310,
1990 $119,243
113,342
1992 77,350
1993 63,533
373
Total minirmrm lease payments 468,
Less amount representing interest 50.867
Present value of net minimum
mi
' lease payments $322,601
,;. The City entered into a capital lease on November 8, 1989. The total to be
paid for the leased equipment is $712,955. The City made a prepayment on the
lease of $60,577.
f; NOTE 12: Merger With Cedar City
The citizens of the City of Jefferson and Cedar City approved a consolidation
plan to become effective as of July 1, 1989. As of that date the City of Cedar
4• 'Y City became a part of the City of Jefferson with all. of Cedar City's assets and
liabilities becoming assets and liabilities of the City of Jefferson. The
merger is sL mnarized as follows:
Cash and investments $243,315
,: Fixed assets 622,138
Less bonded indebtedness (224.677)
Less
Net assets acquired $640,776
{{YL
www NOM 13: Employees' Retirement Systems
The City participates in the Ma.ssouri Local Goverm-ent Employees' Retirement
System (LAGERS) which is a multi-Moyer, state-wide plan covering
substantially all of its employees other than employees of the Fire Department,
who participate in a separate Firemen's Pension Plan.
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s, fell,
`- CITY of JEFFERSON
� • l�Y s Fitt
N=S M FINANCIAL STAZ•ENI= '
A. Plan Description (LAGERS) '
The City of Jeffer.,on contributes to the Missouri Iocal Government Employees
Retirement System (IAGERS) , an agent multiple-employer public employee '
retirement system that acts as a cammon investment and administrative agent for
local government entities in Missouri. LAGERS was created and is governed by k
state statute. As such, it is the system's responsibility N+
�tem's nsibili to administer the
law in accordance with the expressed intent of the Gene-a] Assembly. The plan '
is qualified under the Internal Revenue Code Section 401a and it is tax exempt. i :} Ai
dY,4•V,SJt K{j1,},'F�,,f- .'r.
All full-time employees are eligible to participate in LAGERS. Benefits vest { 3rfit ..
�P oY g P�'t� I�
after five years of credited service. Employees who retire on or after age 60
(55 for police and fire) with 5 or more years of service are entitled to an
allowance for life based upon the benefit program then in effect. The
allowance is equal to a benefit factor multiplied by the final average salary
multiplied by the nu Tber of years of service. LAGERS also provides early ";::; 3 V'(t,.:
y.
retirement, death and disability benefits. If the political subdivision . A�} .`
participates under the contributory plan, each member contributes 4% of gross
salary. The employer is required by statute to contribute the remaining ( ,})"!i
f amounts necessary to finance the coverage of its employees using the actuarial
lti,{
basis specified by state statute•
,
Funding Progress �>
`` `'
;i B. Status and
i The amount shown below as the "pension benefit obligation" is a standardized "
pens ga
disclosure measure of the present value of pension benefits, adjusted for the
effects of projected salary increases, estimated to be payable in the future as
a result of employee service to date. The measure is the actuarial present
value of credited projected benefits and is intended to (1) help users assess
the plan's funding status on a going-concern basis, (2) assess progress being
made in accumulating sufficient assets to pay benefits when due, and (3) allow
for comparisons among public employee retirement plans. The measure is
independent of the actuarial funding method used to determine contributions to
the plan.
k
The pension benefit obligation was determined as part of an actuarial valuation
of the plan as of February 29, 1989. Significant actuarial assumptions used in
determining he ion benefit obligation include a a rate of return on the
g Pew ga ( )
investment of resent and future assets of 7.0$
P per Year ccupounded annually,
(b) projected salary increases of 4.0% per year ccmpounded annually,
xj:<ix F; attributable to inflation (c) additional projected salary increases ranging
from 0.0% to 4.0% per year, depending on age, attributable to seniority/merit
t,:
k' .; ``, and (d) the assumption that benefits will increase 3% per year after
retirement. '
V
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'F �t nlf' v.��##rri•. t yb�w p h 'f f J 'G t., s }, .h t � t t fkt r a k •• F)`y.
Y F�,��ih"�K;"�� tftt'}` ,� d r�F,f}$.. c,.ttd fJ' .J' . d �•: .�i t:7 f. r i,� {c.��,,',•,'��^,(.+p�� '� s
�ry''}r,�4ti: niJ(�v It,52 `
,T i sv
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�i
'�il}rj7 .. r•, t 4 Jt 3t. 4 , ` • 1 .', k'�' Fr�T�sd{, f"t'f�ge"q
} a s t ya^E'r"c�,+'ir .r�.j'• �}r i `j d � 7f} � t._ i 15, �d 't .r #a
Jrd WiV ,N7
J i
:••tY f1$. U� � i••t .G {.Y ?'���` t?,� �o1r' wfSl r .Y i4�-1�y.��"' . ,,t. 1 it,t,• M o r:., { .>Y 1 r,a t S' ' a'&`3'�'�tC7Y �fr 7iF!!lK�i�1 �. "'.�"'
U � t + � � 41 r #���i'' tt�k" c�!f �k��ryiw!tg.�,��ycjhj�} i Y�`� t 1�5< .+ { :+"i� ��i C{�i;� h �•,z,i�� =s: vt, �
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CITY of JEFFERSON
N= TO FIIW= STATII+=
ti
At Feb 29 1989 the unfunded ion benefit obligation was 773 310
wary �� 5a $ ► ,
determined as follows:
Pension benefit obligation:
Terminated employees not yet receiving benefits $ 88,464
GAy Current employees:
Accmmulated employee contributions including allocated
k investment i lxxme 124
' Moyer financed - vested 4,403,360 r Employer financed - non-vested 914.807
k
Total pension benefit obligation $5,406,755
;?±.0 Net assets available for benefits; at cost 4.633,445
Unfunded pension benefit obligation $ 773,310
C. Funding Policy
The political subdivision is obligated by state statute to make all required
c�
' contributions to the plan. The required contributions are actuarially
determined using the individual entry-age actuarial cost method. The prior
service costs are amortized over an initial amortization period of 40 years,
; ,ry= and the amount of the additional unfunded obligations created due to increases
in plan benefits over a period of 30 years. Any refunds of member
contributions as elected by the subdivision are amortized .over a 15 year
L.t period.
k4�
? The significant actuarial assumptions used to determine the actuarially
determined employer contribution requirements are the same as those used to
ccup to the pension benefit obligation.
The political subdivision's contribution for 1989 of $485,514 was made in
accordance ,with actuarially dete��ined contribution requirements determined
through an actuarial valuation. This amount consisted of normal cost and
amortization of prior service oasts.
The value of vested benefits was not determined in connection with the
actuarial valuation of the plan. At February 29, 1989, (the date of the most
recent actuarial valuation) the total unfunded liability for benefits accrued
was $2,340,254.. A copy of the actuarial valuation is forwarded to the
political subdivision on an annual basis.
t.
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6
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. .. - �A,f i •'' �fl �';r.' t �,,4 .t ^r^.5,,,ti.:j . k v ,, ,.rn� jt •4 ,naa�as 'r�r' !t •{ '�I� '^
i� P
f t, r�����'
7ks, rwR'. i �' t'�'�`fq'`}r��`�W�f�Pc'S 1k�S/r '� 'l7'f➢1 j r�,.;t .r clr? t t'{. re '3 r . �.s nr' i'f �•, �}!t{ �£it'��("
�_��. y�A•:� 1'!�i'2y;�t���i� f �t 71 tr��;9",�,F�+ .i ;'t t :. ... r ¢� �vd '�t,�xt '�f�l ���� i�.Yn k
CITY of JEFFERSON
NOTES TO FIIWCIALt STATElEM
yg ��
D. Trend information
Historical information about the City's participation in the Missouri Local
Employees System is presented herewith as required
Government 1 ees Retirement
Ia` lemen information. This '
supp tart' information is intended to help users assess
b the retirement plan's funding status on a going-concern basis, assess progress
being made in a=mulata
ng assets to pay benefits when due, and allow for
'
comparisons with other emp oy systems ( )
acmpa public, 1 ee benefit retirement
,. (6)
s
Unfunded
y. 1 2
Net Assets Pension (3) (4) (5) Percent of `
Available Benefit Percent Unfunded Annual. Covered
? • Valuation For Obligation Funded PBO Covered Payroll
Date Benefits (PBD) (1)/(2) (2) - (1) payroll (4)/(5)
2/28/87 $5,162,806 $4,601,382 112% $(561,424) $4,357,493
2/29/88 5 187 602 5,423,937 96 236,335 41516,590 5
2/28/89 4,633,445 5,406,755 86 773,310 41898,249 16
f�
Notes: The above assets and pension benefit obligation do not include the
assets and present value of benefits associated with the Benefit
}k
:. Reserve Fund and the Casualty Reserve FW-d.
t
Analysis of the dollar amounts of net assets available for benefits
, pension
benefit obligation, and unfunded pension benefit obligation in isolation can be
misleading. EXpressing the net assets available for benefits as a percentage
of the pension benefit obligation provides one indication of the plan's funded
: '
_„ . status on a going-concern basis. Analysis of the percentage over time
?; indicates whether the system is beooming financially stzvrxger or weaker.
Generally, the greater this percentage, the stronger the plan. The unfunded ;7
P�� ga payroll are both affected by bh
ion benefit obli. tion and annual covered
rk - inflation. Expressing the unfunded ga percentage
Epp ing pension benefit obli tion as a ;
of annual covered payroll approximately adjusts for the effects of inflation
.1 , and aids analysis of the progress being made in accumulating sufficient assets
' to pay beneefits when due. Generally, the smaller this percentage, the stranger
,r the plan.
Revenues by Source - - - - - - - - -
Fiscal Menter Employer Investment
' Year Contributions Contributions Inocme Total
4” 6/30/87 $ 41758 $451,551 $764,163$764,163 $l,220,472
6/30/88 5,565 472,798 400,553 878,916
'+ 6/30/89 -0- 496,545 430,779 927,324 ..
x a
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gt1•''�,t S;°�•:, C"„yy�
t;Tt� A IY"r},�d� 54,'kid.��ii� ^,�k'.,t�10111 1111 JF YYf'
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4Y 1 � iC4 a�, !r t
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I yvS S d! ', j,., 1w W a is i` St Si''
Rd t�.i,'�t /' ;,{; F � } a r 1 rAk-�rd���,�tt ,•, .
CITY of JEFFERSON
'f NMS TO FINANC]CAL STATIIK= �•
- - - - - - - - - - - - Expenses by Type- - - - - - - - - - - -
r.iscza
Year Benefits Refunds Total
t• :� tom• r i`4 t
6/30/87 $202,999 $ 7,179 $210,178
6/30/88 253,921 687,214 941,045
6/30/89 281,974 3,354 285,328 ,S
E. Plan Description - Firemen's Pension -"
•L.
The Firemen's Pension Plan is a defined benefit plan and the City's
contributions for fiscal year 1989 consisted of revenues generated by ei gh t
' cent property tax levy, which were approximately $265,604, and payments frarni;'
the General Fund of $75,528. The latest valuation date of this plan was
June 30, 1989 at which time the unfunded pension benefit obligation was
$303,152. The pension benefit obligation was determined as part of an
actuarial valuation of the plan as of June 30, 1989. Significant actuarial
assumptions used in determining the pension benefit obligation include (a) a `
rate of return on the investment of present and future assets of 7.5 percent
` per year compounded annually, (b) projected salary increases of 5.5 percent per
year compounded annually, attributable to inflation, (c) additional projected
salary increases ranging from Oro to 3% per year, depending on age, attributable
to seniority/merit, and (d) the assumption that benefits will not increase
.'' after retirement. .''
At June 30, 1989, the unfunded pension benefit obligation was determined as `
follows: _'
Pension Benefit Obligation: '
Retirees and beneficiaries currently receiving benefits :Nd
" and terminated employees not yet receiving benefits $1,569,267
Current employees
A -
=mulated employee contributions including allocated ,
yk+ investment income $ -o-
'. ,
Employer financed - vested 1,113,493
tt:
Employer financed - nonvested 2,905.918 :tr
Total pension benefit obligation 5,588,678
�i ijYl r��j
Y,.•,i1
Net assets available for benefits at cost (malt
t value was not reported) 5,285.526
Unfunded pension benefit obligation $ 303,152
During the year ended June 30, 1989 the plan experienced a net decrease of
; f. $32,555 in the pension benefit obligation. The net decrease consisted of a
' decrease of $216,818 due to changes in the assumptions and an increase of
$184,263 due to experience.
r
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CITY of JEFFERSON
C C?wMnC NG STATa= OF REv Num, E,7CPEMI7:URES AND
C MNGES IN FUND allMC M - ALL SPECIAL REVENUE FUNQS
Year Ended October 31, 1989 '
f With CCUparative Totals for Year Ended October 31, ...)88
+ + Lodging Police 4i
Tax Training Park ° - - Totals - - -
:a
,,y5;N`A,y Fund Fund Fund 1989 1988
REVEN[JE
Taxes and franchise fees $115,778 $ -0- $ 531,229 $ 647,007 $ 469,288
D*argavenmiental (Note 3) -0- -0- 14,915 14,915 51,966
Charges for services -0- -0- 532,762 532,762 450,1661
.i
Fines and forfeits -0- 61618 r -0- 6,618 61346 ,+
;y concession sales -0- -0- 77,738 77,738 86,142
.r; Interest 733 991 5,530 7,254 5,203v`.
Miscellaneous -0- -0- 20,218 20,218 14,776
Contributions _0_ -0- 12.908 12,908 -0- x
300 1,319,420 1 083 887
Total revenues 116.51 7,609 1,195, -•
K
ENDITURES
!{V` Gen�_ral. gavermnent 109,620 -0- -0- 109,620 °0-
Public safety -0- 7,669 -0- 7,669 4,914 ?{�
Culture and recreation -0- -0- 1,552,955 1,552,955 1,443,183
fi; tt4 Capital, outlay 533,471 533,471 647,774
Total expenditures 109,620 7,669 2,086,426 2,203,715 2,095,871 a'
Excess (deficiency) s
of revenues aver
-ter expenditures 6,891 (60) (891,126) (884,295) (1,011,984)
other Financing Sources
(Uses) • (Note 6)
.a'1# Operating transfers in -0- -0- 849.178 849,178 952,435
Excess (deficiency)
�►r' .
of revenues and
other sources over
expenditures and
other uses 6,891 (60) (41,948) (35,117) (59,549) }
Fund balance, beginning of
Y` year -0- 10,301 8,330 18,631 78,180
+,
Find balance (deficit) ,
end of year $ 6,891 $ 10,241 $ (33,618) $ (16,486) $ 18,631
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CITY of JEFFERSON
a.
Col
,MINING BMMCE SP= AM EgrEMMISE FUN1B
0. year Ended October 31, 1989
With Caqoamtive Totals for October 31, 1988
Water
Airport
Paeking
Fnd Fund Fund
AASSETS u
U
516,984 (103,748) 58,076
Cash and cash investments
jifol Receivables:
21894 683 -0-
Accounts
300,000 -0- -0-
x Loans 448
99,624 (658)
Accrued ie egovern -0-Due from otr ments (Note 3) -0- 72,636
-0- -0- -0-
yi
Inventory
-0- -0- -0-
Prepaid expenses
(Note 5)
Restricted Assets:
0- -0- 12,186
Cash and cash investments
equipment (net
4, Property, plant and 1
of accmmlated depreciation) (Note 4) 1,564,425 —3,41�28697 95,706
$2,483,927 $3,097,610 166,416
LTABILTTIES
Accounts payable $ 4,741 11,358 $ -719
-0-
Contracts payable, including retention -0- -0
Accrued expenses and other payables 8,516 9,121 3,101
Deferred revenues
96,325 -0- -0-
Payable from Restticted Assets:
-0- -0- -0-
-j
Accrued interest payable
Current installments of revenue bonds
-0- 4,656
and notes payable (Note 5) -0-
(Note 5) -0- 29,344
Bonds and notes payable
109,582 20,479 37,820
Total liabilities
FUND BQL=
32,815 -2,-4-7-3,7-33 116,291
Contributed capital
RETAINED EARNINGS
Reserved for revenue bond retirement
-0- -0- 12,186
(Note- 5)
Unreserved (deficit) 2,341,530 603.398 119
12,30
2,341,53 603;398
Total retained earnings
Vf Total fund equity 2,374,345 3,077,131 128,59
$2,483,927 $3,097,610 166,416
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CITY of JEFFERSON
ix
Transpor-
tation Ldbrary MOMG Eq:)loyeP-
Sales Tax Boaxd Grant Defer. Ccmp - - - - Totals - - - -
Fund Fund Fbnd Fund 1989 1988
$1,535,299 $ 777 $ 70,249 $ -0- $1,691,479 $1,474,007
-0- -0- -0- -0- 43,174 85,755
96,355 38,938 -0- -0- 154,767 143,197
-0- -0- 255,774 -0- 255,774 114,252
9,796 5 448 -0- 10,302 6,424
-0- -0- -0- 696,699 696,699 554,435
$1,641,450 $ 39,720 $ 326,471 $ 696,699 $2,852,195 $2,378,070
-0- $ 782 -0- $ -0- $ 125,247 $ 145,112
r.
-0- 38,938 -0- -0- 38,938 30,888
-0- -0- -0- 696,699 696,699 554,4
aj
-0- 38,7 -0- 696,699 860,884 730,435
-0- -0- 326,471 -0- 334,384 141,702
-0- -0- -0- -0- 15,477 5,041
1,641.45 -0- -0- -0- 1,641,450 1,500,892
1,641,450 -0- 326.47 -0- 1,991,311 1,647,635
$1,641,450 39,720 326,471 696,1699 $2,852,195 $2,378,070
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$4 ,435 ,000 f;:±
CITY OF JEFFERSON, MISSOURI
kk Parking System Revenue Bonds 3;
Series 1990
August 7, 1990
S.
u
` ,
BOND PURCHASE AGREEMENT
The City Council of the
City of Jefferson, Missouri {;r!
320 E. McCarty Streets
Jefferson City, Missouri 65101
"~ Ladies and Gentlemen:
:tx On the basis of the representations, warranties and
r'. ✓- covenants and upon the terms and conditions contained in this
Bond Purchase Agreement, the undersigned, Edward D. Jones & Co.o.
and B. C. Christopher Securities Co. (the "Underwriters" ) , hereby
t , offer to purchase from the City of Jefferson, Missouri ( the
P
"City" ) , $4, 435,000 aggregate principal amounts of Parking System
^7N'. Revenue Bonds, Series 1990 (the "Bonds" ) , to be issued by the
City, acting through the City Council of the City (the "City
Council" ) , under and pursuant to an ordinance passed by the City
Council on the date hereof (the "Ordinance" ) .
Q
SECTION 1. ISSUER' S REPRESENTATIONS, WARRANTIES AND AGREEMENTS
`
' , By its acceptance hereof the City hereby represents and
warrants to, ,and agrees with, the Underwriters that:
'-� (a.) The City is a municipal corporation duly organized
' ,.
and validly existing under the Constitution and laws of the
f � d y 9
- _ State of Missouri. The City is authorized, pursuant to
Section 71.360 of the Revised Statutes of Missouri, 1986, as
amended ( the "Statute" ) , to issue the Bonds for the purpose
I`[T
f of constructing improvements to the existing parking garage ;
' and acquiring, constructing and improving other parking
° facilities and related equipment, including the acquisition
of any necessary land (the "Project" ) .
(b) The Bonds constitute special obligations of the
City and are payable solely from, and secured as to payment '
tisti,
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of principal and interest by a pledge of, the net revenues
i b {p7X ';1
derived by the City from the operation of the City' s parking
system, including all improvements, extensions and
enlargements thereto hereafter constructed or acquired, as
more fully described in the Ordinance. 1. ti,kn :
(c) The City will not take or omit to take any action
which will in any way result in the proceeds from the sale ' <"'°' ' '
of the Bonds being applied in a manner inconsistent with the
provisions of the Ordinance or the Statute. d �'.°' `
(d) The City has complied with all provisions of the
Constitution and the laws of the State of Missouri •; r : `rfi ='.�
including the Statute, and has full power and authority to
enter into the transactions contemplated by this Bond ` ;z:7z�s;: e: ;
Purchase Agreement, the Ordinance and any and all other
agreements relating thereto and to carry out its obligations
hereunder and thereunder.
(e) The City has duly authorized all necessary action
to be taken b the City for
Y y ( i ) the issuance and sale of the
Bonds upon the terms set forth herein and in the Ordinance
and the Preliminary Official Statement relating to the " =4, •.
Bonds; ( ii ) the passage of the Ordinance providing for the z .f'. ,,.,. f :+.
issuance of and security for the Bonds and appointment offi '.
the paying agent and bond registrar; ( iii ) the approval of
s * }.
the Preliminary Official Statement , the approval of a final si�;�•�i•. Y,;i,�::;
Official Statement (the "Official Statement”
and the
signing of the Official Statement by its authorized "
representative; ( iv) the financin g of the Project;J (v) the
execution, delivery or receipt, as appropriate, of this Bond
Purchase Agreement, the Bonds and any and all such otherA,"
agreements and documents as may be required to be executed,
delivered or received by the City in order to carry out, .',4x
give effect to and consummate the transactions contemplated
hereby or by the Official Statement; and
(vi ) the carrying
out, giving effect to and consummation of the transactionsi
contemplated hereby or by the Official Statement.
njr?'y
(f) This Bond Purchase Agreement, when executed and
delivered by the City, and the Ordinance, when passed by the
City Council, will be the legal, valid and binding
obligations of the City enforceable in accordance with their
respective terms, except to the extent that enforcement
thereof may be limited by any applicable bankruptcy,
reorganization, insolvency, moratorium or other law or laws
affecting the enforcement of creditors ' rights ''
against entities such as the City and further subject to the
availability of equitable remedies. ;
(g) There is no action, suit, proceeding, inquiry or ;
investigation at law or in equity or before or by any court,
d
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4.
public board or body pending or, to the City' s knowledge,
=` threatened against or affecting the City (or, to the City' s
knowledge, any basis therefor ) wherein an unfavorable
decision, ruling or finding would have a material adverse
effect on the transactions contemplated hereby or by the
Official Statement or the validity or enforceability of they "
Bonds, the Ordinance, this Bond Purchase Agreement or any
agreement or document which is used or contemplated for use
- > in the consummation of the transactions contemplated hereby4;" y
or by the Official Statement.
(h) The City is not in breach of or default under any ,> i:'.
existing law, court or administrative regulation, judgment, r'` f•{j` .
..
decree or order or any agreement, indenture, mortgage,
lease, note or other obligation or instrument to which the
City is subject or by which the City or its property is or
may be bound, and no event has occurred and is continuing
which, with the passage of time or the giving of notice or
both, would constitute such a breach or default.
( i ) All approvals, consents, authorizations,
'= certifications and other orders of any governmental
:ti`?:;•
authority, board, agency or commission having jurisdiction,
and all filings with any such entities, which would
constitute a condition precedent to or would materially
<: adversely affect the performance by the City of its
obligations hereunder or under the Ordinance or the ;
AOL
consummation of the transactions contemplated herein or
therein or in the Official Statement have been duly obtained
except for such approvals , consents and orders as may be
required under the Blue Sky or securities laws of any state � a} 3,';
in connection with the offering and sale of the Bonds. ;
( j ) The City will furnish such information, execute
such instruments and take such other action in cooperation "g` I
with the Underwriters as the Underwriters may reasonablyg'
request to qualify the Bonds for offer and sale under the :u
-`s Blue Sky or other securities laws and regulations of such 'k ,
states and other jurisdictions of the United States as the
' F. . Underwriters may designate; provided, however, the City
shall not be required to register as a dealer or broker in >
any such state or jurisdiction.
(k) The execution and delivery of the Ordinance, the
Official Statement, this Bond Purchase Agreement, the Bonds
. '.; and the other agreements and documents contemplated hereby
<< or by the Official Statement, and the performance by the µ
City of its obligations under the aforementioned, do not and
will not violate any existing law, court or administrative .
regulation, judgment, decree or order or any agreement, .
indenture, mortgage, lease, note or other obligation or
.�t
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:��'; G�4��1+'XJ Jq�ff�' ,7} .,�� ! ti`.? '{/ .•f J V 4 '"tt.: t . C ' j 7t`'1�f5C 1}��r � °aid., �;!
e`�t'/`�y�itde Wit', r.� C 7 ] (.rr , ,'.. „ i. g S�f •t
.i �°�• 'itp l���i`�;a�°'1. � i�k2,,.,�.r.' ;'cll 't✓. • ..- ` t r, �tt k-�n;,t,�i r l�r,
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instrument to which the City is subject or by which it or
its property is or may be bound. �.
( 1) The City has not been notified of any listing ors"> F :
proposed listing by the Internal Revenue Service to the
effect that the City is a bond issuer whose arbitrage
certifications may not be relied upon. :
(m) The Bonds when issued, delivered and paid for as ;' ��, ','
provided for herein and in the Ordinance will have been duly
authorized and issued and will constitute valid and binding `< :; r�;=�
obligations of the City enforceable in accordance with their � j %`
terms and entitled to the benefits and security of the
Ordinance. < ; f�
(n) Any certificate signed by an authorized official
of the City and delivered to the Underwriters shall be
deemed a representation and warranty by the City to the
Underwriters as to the statements made therein. ���.;:•,,,•.�;..;,,;:,., r
(o) The City will deliver or cause to be delivered all
opinions, certificates and other documents, as provided
herein, including, but not limited to, an opinion of its
counsel dated as of the Closing Date hereinafter defined k'<; # :'r#`'
covering, among other things, the due authorization,
execution and delivery by the City of the Bonds and this
Bond Purchase Agreement.
SECTION 2 . PURCHASE, SALE AND DELIVERY OF THE BONDS ' '
On the basis of the representations, warranties and is Q, {
covenants contained herein and in the other agreements referred
to herein, and subject to the terms and conditions herein set
forth, at the Closing Time (hereinafter defined) the Underwriters '
agree to purchase from the City and the City agrees to sell to
the Underwriters the Bonds at a purchase price of 97.75% of the
principal amount thereof. The Bonds shall be issued under and
secured as provided in the Ordinance. The Bonds shall mature and
be subject to mandatory redemption in such amounts and shall bear
V r
interest at such rates as are set forth in Schedule 1 hereto.
The Underwriters may offer and sell the Bonds to certain dealers ?,
( including dealers depositing the Bonds into investment trusts)
at prices lower than the public offering prices .
Payment for the Bonds shall be made by Federal wire transfer }C•°
or certified or official bank check or draft in immediately
available Federal funds payable to the order of the City, at the
offices of the City, 320 E. McCarty Street, Jefferson City,
Missouri, by 10: 00 A.M. , local time, on August 15 , 1990, or such ;f
other place, time or date as shall be mutually agreed upon by the
City and the Underwriters . The date of such delivery and payment
is herein called the "Closing Date, " and the hour and date of
ri•
P.'y.
4
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i .,}{�., `�.��+ �'.f'u:,✓q}>ti. + f .� :� 't i ;i r � ii::G '.!d �.�..�a.?,44u'i' .��^�i'e,.�•"' '�` �ra
v ,{r..P� .4y,y7.e: ,;u :{ a. � a y,r' S {•tttu�� ,o4�.a � .c.:
i 11 F�� {. � ,r h i .: t,�J �+v1 S' t{u•;4�t�Ft��£4 � aaY.,�':,:
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i 'ZPy�` � . Yt .. , :1 1 ., i '.fi5 r >t�ii+�'+t" t4,1� .`•4i s(w'���;,
.x Y tfatat.+ie ,i.5. `s?Y. w:fY}•at .: 2rtiY++- !u;Fy`Fe >,}-f .'l.fiF ' i ''a y sii.'
..._ ....,__..:,...c.,.._._., �.«:�a, wtithxt39t.Y,+k'aNtFN,# �1s,urn:v
t +
r, such delivery and payment is herein called the "Closing Time. " , .
The delivery of the Bonds shall be made in temporary or
definitive form, bearing CUSIP numbers (provided neither the
printing of a wrong CUSIP number on any Bond nor the failure to
print a CUSIP number thereon shall constitute cause to refuse ',
delivery of any Bond) as fully registered bonds '°
( in such ry,.
denominations as the Underwriters shall specify in writing at
least 48 hours prior to the Closing Time) . If delivered in
definitive form, the Bonds shall be available for examination andn% '',
� +
packaging by the Underwriters at least 24 hours prior to the °�;; �{s�,•�, .
` Closing Time.
�PU^'P�} �k7Gf
N�3i�i'3`
SECTION 3. CONDITIONS TO THE UNDERWRITERS ' OBLIGATIONSj '
The Underwriters ' obligations hereunder shall be subject to
the due performance by the City of its obligations hereunder and
to the accuracy of and compliance with the City 's representations
and warranties contained herein, as of the date hereof and as of
the Closing Time, and are also subject to the following �;•,r,, x:,r.
;.:
conditions :
(a) Within seven business days` after the date of this
Bond Purchase Agreement or within sufficient time to
accompany an y confirmation that requests payment from any
.s,.
customer of the Underwriters, whichever is earlier, the
Underwriters shall receive a sufficient quantity of copies `�
of the Official Statement in order to comply with Rule
15c2-12 of the Securities and Exchange Commission ( "Rule
15c2-12" ) and Rule G-32 of the Municipal Securities '
w
Rulemaking Board. ::
b At the Closing Time,
( i) The Bonds, the Ordinance and the Official
'? Statement shall have been duly authorized, executed and
delivered in the form heretofore approved by the {
Underwriters with only such changes therein as shall be
mutually agreed upon by the City and the Underwriters;
., ( ii) The proceeds of the sale of the Bonds
' shall have been deposited and applied as described in
the Ordinance; s
` (iii) The City shall have duly y
shall be in full force and effect the Ordinancedandere
such other ordinances and resolutions as, in the
opinion of Bond Counsel, shall be necessary in
r connection with the transactions contemplated hereby;
and ...;
' ( iv) The Project description and scope shall be 4,
as described in the Official Statement .
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1�
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NOW
w'.t
+ Z� �� � S. ft t n'��•,���'W�j�7'f x �Yfi!�����'c+v��,}.sltr��y,!g.S` i G� ..,}!,.
.`.,...'�.,. t, .. ... .. ,�-` :, i,+f. ?��!�!, v ty�I�" S➢�?.�';S��t�{. �ti°yY`��'�r�_ tsr� ,r
wtlrbL �, + r r �{� � A` �� Mast , Yr,��R,i'•
s' ti rYxt �' L
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't, t :R `,WnW...:. .:...":. .w.=•v...v,s.w,.....,m+rw:.i.w..,ene+k tale;wa�kXS:iZK:dYFith},8•:.:.r:ktf;�'.'i'2t 3,1<tva+,±}'t+••;'!'!�;y. ih'e, }'o,. .�`� s
c At the Closing Time, the Underwriters shall
A receive:
Yti
( i) The opinion in form and substance
satisfactory to the Underwriters, dated as of the
Closing Date, of Stinson, Mag & Fizzell, Kansas City,
Missouri , Bond Counsel , relating to the valid
authorization and issuance of the Bonds, the exclusion � � ':
of interest on the Bonds from gross income for Federal
iih
income tax purposes and certain other matters; st , }
Y<°
( ii) The opinion in form and substance
satisfactory to the Underwriters dated as of the `}'''r'`" '`
Closing Date, of Allen Garner , City Counselor , to the
effect that : (A) the City is a municipal corporation
duly organized and existing under the Constitution and
laws of the State of Missouri; (B) the City is
authorized pursuant to the Statute to issue the Bonds
for the purpose of providing funds to pay a portion of
' the costs of the Project; (C) the Bonds, the Ordinance f �°
t and this Bond Purchase Agreement have been duly
authorized, executed and delivered by and for and on
behalf of the City and constitute valid and binding
agreements of the City enforceable in accordance with '$<,,,;r , .
their respective terms; (D) the Official Statement has
t,.1;ICY •
been duly authorized, executed and delivered by they "z
Cit • (E) there is no action, suit, proceeding, inquiry
AJ
or investigation at law or in equity or before or by _ k ;.
any court, public board or body, pending or, to such
counsel ' s knowledge, threatened against or affecting
the City (or, to such counsel ' s knowledge, any basis
therefor ) , wherein an unfavorable decision, ruling or
5 j f
`k finding would adversely affect the transactions
3 d hereby or b the Official Statement or the :,a''if';
contemplate y y ,�,��•
Y validity or enforceability of the Bonds, the Ordinance
or this Bond Purchase Agreement; and (F) to such _..,`.
counsel ' s knowledge, the execution and delivery by the 1 ,•.'}.'
;t City of the Ordinance, the Official Statement, this �Yy,`'
' Bond Purchase Agreement, the Bonds and the other
agreements and documents contemplated hereby or by the }i
Official Statement, and the performance by the City of
its obligations under the aforementioned, do not and
will not violate any existing law, court or '
`x administrative regulation, decree or order or any
agreement, indenture, mortgage, lease, note or other
obligation or instrument to which the City is subject
or by which it or its property is or may be bound;
( iii) A certificate, satisfactory to the
Underwriters, of the Mayor of the City or of any other �>
official satisfactory to the Underwriters, dated as of
u
h ;. the Closing Date, to the effect that: (A) the City has rtr
t•'�tr�� •4+:fir
+:
6
1ty �F f! �+ '
,};tt, }.7Tri•�,t},}r`�a �•{•�`.`;L;'S,�ixs,.lirtr xtt� 1'+�..�.�{ .t t r ,tx .V„`,t4 lrw i�»~.�,;t�n,�� 7t 0 T d,.
'I� x�Y�;. 'M..,tr�.:jr..+trf{• t �' b 5`f ir, 4y�>a# At 1' t a t ,1 'f. i� r '+11'•,a'p''t,� ^'�j�{ � .,ir +
,`f�zxt<'�:14"t7�4�'�'S.plrr��i.�f}kt, 5. t; �t�;r.<•F`� .ait rtr .t x' '7 ;it. t���y t3tit �.'`�, .,�a' 1�
2 } Yt 4t rt+xc..t .� v. - ..t Grl • c i r. t7 ".y ( YS�
,It „ �,�,L v.
a+"ttr .r 1t t r'f.:f 1 s.. I`t+, t st ..1 mti• t 5 ` r ,,
•�'t' ,t�.'fu ,a l:.Yt.st. �. ra {. �.: { r ;, �� { •ra,-t,l�1}r'Y'! ='!45+.°k`fi� ,ii�
L
•d 3• "R;t+ +4 S i:rli.'A:.;ya, .,.t .4 +� f'u t '� Vii; s 1 i¢1P'
;:fF`dd"r �,i:,w1;r�4. t, t ,��h' t tar ✓� ; ••1. ,t,+ } Y.av `` t r'.,:x '.it.:irri r) '•'MYr £t Fd!�• L.:r:#.. T_
yr�r`� siJ 'V. v '?: .n Ia'<”! '���"'; �»♦♦c�� �
/
t;, r r f :.t.' fY+ri?t7J rvt �.� Yt ?7'-a .,t);a. 1 f 7
t. ,q.�,„.t,.; t r } t +'i.. � ' sti h ,•,•,1;A;3S�yyq.:4.i�r;'���tt Its”
.s s .. t�i. ``r •� }'��LfDi 4J kk:,£•t �' r✓ /},�����,,,�.`
�a,�,"#?4
t rtp xis y,,
`MIf.I e 'Mt
,kJ� .... .. rt .� -,.:....:.e:;r..ec+n�aaxta4_d#��=!?tYr'.�::�irY ,<Pkn.L'd3rx.•u �' 'ih
Do
duly performed all of its obligations to be performed 4
Y p 9 P =�' �•���ax
at or prior to the Closing Date and that each of the
City' s representations and warranties contained herein ` ., 't'
is true as of the Closing Date; (B) the City has
authorized, by all necessary action, the execution,
delivery, receipt and due performance of the Bonds, the
Ordinance, this Bond Purchase Agreement and any and all r,
such other agreements and documents as may be required
to be Executed, delivered or received by the City in �' ,.
order to carry out, give effect to and consummate the
transactions contemplated hereby and by the Official z:?3iYct? •
Statement ; (C) there is no action, suit, proceeding,
inquiry or investigation at law or in equity or before
or by any court, public board or body pending or, to
. such officer ' s knowledge, threatened against or
affecting the City (or, to such officer 's knowledge
any basis therefor) wherein an unfavorable decision,
ruling or finding would adversely affect the
transactions contemplated hereby or by the Official
' Statement or the validity or enforceability of the
f�
Bonds, the Ordinance, this Bond Purchase Agreement or ,;, ; .;?Y ;
any agreement or document which is used or contemplated
for use in the consummation of the transactionsa
contemplated hereby or by the Official Statement
D since the date of the Official Statement there has
not been any material adverse change in the business , fa: �'
yea„ ':!`tv fa;a;�{"s3`55� .`.,-•
properties, financial position or results of operations
k of the City, whether or not arising from transactions
in the ordinary course of business , from that set forth fr.
in the Official Statement, and except in the ordinary
course of business, the City has not incurred any
c,?
It:.. wu�s,
'r material liability, except as set forth in the Official
Statement ; (E) to such officer • s knowledge, the4 ,t
information contained in the Official Statement (other
than the information contained under the headings Tax
Exemption" and "Underwriting, " as to which the City ' ,
makes no representation) is true in all material -►.
respects and does not contain any untrue statement of a
material fact and does not omit to state a material t
fact necessary in order to make the statements made
a therein, in light of the circumstances under which they
were made, not misleading; and (E) to such officer ' s
knowledge, the representations and warranties of the
City in this Bond Purchase Agreement, the Ordinance and
r.,
the Official Statement were and are true and correct in
all material respects as of the date made and as of the s
` Closing Time;
( iv) The Official Statement executed and
`mF approved on behalf of the City by duly authorized
officials thereof; �
E ,;
'.;
j�
'
1�»
',, �.¢fi. t ,1'FV+i'•='L T${���t t �l�.; 1 , 1�., r�.. at�P{�.''`�':i��`���� 1�
� �• Iyy$`• �S ' �wd' iV .h(,r r ,r x r i a 'r 5 ! j, I!'tdi'" 'a 41r� r'�ra»u
rlt ��fi•�3a 1 t 1*t;.,�s ll,��`* .r/y.7j rt, .f^F� i G r�q
r a, a •�'ti.st r 4 +• 1 .4�t { / aJ } r�. r 1 i , !.'.�(�
�W�, {!K i:t'i t`t'' z J,PtL ,�/r sr �r' r. :i• rf ,�(,.. tr., f "'ri;{Y <fi F '{�,,`R,p, } .t
� f., 1,.5 ill (,';r { 1.1' , r7 ti i •..4`3..i.1:., ��1 r'jriz,.a rsk s
yy ayl �t.. tyy:S •4 tl� f ))( #! ' 1 ( ,i t P is�" 1 Y ks,,.l., ,k
�'�D�t r= �.1;. i ( il.�'� �C tiS�'•t I r, 1 a , f k ! IW�¢t r 5.'a� !t �,
..t4 �4�NA 1. �I.1+I) ,l:i { ,) 1. � .�I t .'YI S l , r F tiit:.: !,�1,sl�t"t •'4 �, �`+f
rl `sl , ( :, 1 c i'•,i{rr� ++ S 5 +4e..� 1,/�t;~ 5 '4 Z�, p '�+ ����.
1 110 iii
I Mill
a, `'+4 r w '�}'' 'r,d'r,` f h k •t'?`T l fr�Y Y �.'{ 51.4 Y.
..,
g ,
(v) The Ordinance of the City authorizing the
execution and deliver, of the Official Statement, this a &_
a..; ..
Bond Purchase Agreement and the Bonds, together with �o�; :�.�� �-�•
certificates dated the Closing Date to the effect that
' the Ordinance has not been modified, amended or
repealed;
A '
,r (vi ) A certificate of the City dated the '+r ,
Closing Date in form and substance satisfactory to Bond
r'
;td
Counsel (A) setting forth the assumptions, facts,
tw estimates and circumstances in existence on the ClosingFy.
Date which establish that it is not expected that the ? ,
proceeds of the Bonds will be used in a manner that
would cause the Bonds to be arbitrage bonds within
the meaning of the Internal Revenue Code of 1986, as
amended ( the "Code" ) , and any Re g ulations, Temporary
<;;'r�=���•:"�'r�w°
Treasury Regulations or Proposed Treasury Regulations
�. issued pursuant to the Code, and (B) certifying that to
r� the best of the knowledge and belief of the signing
officer there are no facts, estimates or circumstances
fly that would materially
y change the conclusions,
y representations and expectations contained in such
' certificate; andrgu5rd *`•I'
(vii) Such additional certificates, opinions and
r�,+ •
documents as the Underwriters may reasonably request to '� r .,r
evidence performance or compliance with the provisions
hereof and the transactions contemplated hereby and by
.• y
the Official Statement , including any certificates or
representations required in order for Bond Counsel to ,� h•���}.'�,. ,
render its opinion, all such certificates, opinions and
•,,,' r+,c r+r�` ' .,;gym
documents to be satisfactory in form and substance to
the Underwriters.
k':x
SECTION 4. CONDITIONS TO THE CITY'S OBLIGATIONS
r
The obligations of the City hereunder are subject to •the $
performance of the obligations of the Underwriters hereunder.
SECTION 5. • THE UNDERWRITERS ' RIGHT TO CANCEL
The Underwriters shall have the right to cancel their
obligations hereunder to purchase the Bonds (which cancellation
shall not constitute a default for p ) x,
� purposes of Section 7 hereof
by notifying the City in writing or by telegram of their election
to make such cancellation prior to the Closing Time, if at any 'j
time between the date of this Bond Purchase Agreement and the K
E Closing Time:
h (a) A committee of the House of Representatives or the
Senate of the Congress of the United States shall begin
active consideration of legislation, or a tentative decision
Y
8
�r% 1
:1
' "yr�i/,`•F 11''! t Y { t ! 41/ ".x: n'r' i ,~ J
rF `�,�f.�,�{7 S.+w �"t'i13;�5 '"� il•t 4 a"n�a r '� I r !r � ..I t '�', t.i, rta jYS F`{C§d' �1 7� ` +F
r++ . V."�,^G( J�,..`Y � � k i t •`l . T S I L 1 't d �y +i ,�'r,
.ua.yy �� J�•••Y§�i fY l�Se � I'.t.i,; t 5 i �.. (d f:�f � ) c l i i c c.1:.j r. r. }}f�'1 rrrt f .�ti r1�'ti'�1 t ir�t}��• S' !
r'.4. C+'S.,e:�'fR {71tl.(>tfY ld ll.�� 1 r Y�•k { 1 Akf..r ..1. ( 1 f' 1 I ' �'y F�1 � '
.,jt^f Lt't";>1f�j�'`:.,,..�,.P1 •{t-.i•r fl J :4t,kr '{�.•�.1�.•.i \., !..I ,f,: x. ', r'. t t It � }tyt^:iri'a�,.�3Y�j. �
::�' •.ir''r^?.Jt r'`ai...,� ,;,�;,J .�?4 1 ';fir". si !/ ✓ .'•ti ' t f,C;.
1—o
nril�'La;^Pi• ,;.
1';'•.
f 11
Y.+t.%IyY jlyJ;?i.Y{i++e'*`� U'I f}�.�5 � 1 L fi i�SI 1 Sy 1 1't• � f '(. I { y..t}s.\'il�tq.{.t'11i r.JFi��41�J�1.`�}i
fill VV�d X739'n.A r t�r�' ,r :t '� r 1'"e .i t f ..'(• f tl •rt I a .,�r � r�'Y r
t• z c�,,�a�r r ;r. r r ,- r t'; }r�t 1 t s'{ , r Jt.,�t�t � yy ,; -w,
i I,;,t A r. r �tr.l '•t t �•�,• I r t Jlti `, r`tt f v �3 �t'r�'tp @�y :J1f�q xri
t ^} rr t f .';I•r t frj 1 ir'' +,i.t 7Jl�r�i"�
X "'r r 1 'r r t 1 ratr Z •7s+ I
r�.
Willi
a ;tz
d .. f.14 AS 3 e 3 h +f
{
<E '. . A�+�fi•+,�p3 '���``4"�3�'A" {v'�'4�,A'° 6 }'v:�.� �, wr.t:.-:�•ks,''ka3s; ;3 i'..
., i 4, ,+tls" r.,..w•, �''d ;� t,'tf;. dY:4.,,. r.•.> `1.7, �;
with respect to legislation shall be reached by such a
committee, or legislation shall be favorably reported by
such a committee or be introduced, by amendment or
otherwise, in or be passed by the House of Representatives
�t or the Senate, or be recommended to the Congress of the '` ':'`'"�
}•i'a i.tn.4.
United States for passage by the President of the Unite
y States, or be enacted by the Congress of the United States,
which would. have the purpose or effect of imposing Federal
income taxation upon revenues or other income of the general
character to be derived by the City or by any similar body rX< ;
t`
or upon interest received on the Bonds or on obligations of.
` the general character of the Bonds, which, in the tr7t i
Underwriters ' opinion, materially adversely affects the
{
market price of the Bonds ; ; t ::.
(b) A decision by a court established under Article
'x ITI of the Constitution of the United States or the Tax
Court of the United States shall be rendered, or a ruling, i .
regulation or order of the Treasury Department of the United .
States or the Internal Revenue Service shall be made or .;;:;,;:;�:::
proposed, or any other event shall have occurred, which has .
the purpose or effect of imposing Federal income taxation
r,..,.....
upon revenues or other income of the general character to bea.1 .;.,
derived by the City or by any similar body or upon interest
received on the Bonds or on obligations of the general
character of the Bonds which, in the Underwriters' opinion, ; .; ,
; materially adversely affects the market price of the Bonds;
L
(c) Any legislation, ordinance, rule or regulation
shall be introduced in or be enacted by the General Assembly _
of the State of Missouri or by any other governmental body, kftz
department or agency of the State of Missouri, or a decision
by any court of competent jurisdiction within the State of
r.;
Missouri shall be rendered which, in the Underwriters ' r ;
inion, materially adversely affects the market price of
o }
P
the Bonds, or litigation challenging the Statute under which ,.::;
the Bonds are to be issued shall be filed in any court in - -tF
".} the State of Missouri "
ifi♦
< {d) A stop order, ruling, regulation or official
x
statement by, or on behalf of, the Securities and Exchange
Commission or any other governmental agency having
jurisdiction of the subject matter shall be issued or made R
.` to the effect that the issuance, offering or sale of
obligations of the general character of the Bonds, or the
issuance, offering or sale of the Bonds, including all
" r underlying obligations, as contemplated hereby or by the +
Official Statement, is in violation or would be in violation '
of any provision of the Federal securities laws, the
fix•.
s¢#
Securities Act of 1933, as amended and as then in effect, or ;
the registration provisions of the Securities Exchange Act
of 1934, as amended and as then in effect, or the ¢;
AWL
fi
9 `
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:� >,,"y .4�"�r.` t} �, •t 3 t{{ i'4 t` �. � .r 1 .t, ,, Z r t .{:Y r 3 �.r
. t, +�, # d'f5t }fit*t� fi'tf 5 ,l s °��3 t r ,. r ..ay t 'S .tl� +� t� y"`''1„ n •t :.L�t p � '�1
ii.t`?j�F• }IP�11�'J,�i..0 .�)'� t.. tFl S t 1, '� l'. l `' .:7 i �,t:�t fF `'1:i. J.v.t' f':'.r ��'Y' t!I !t 4 !".
't 3 �; �'•1} ,. I i 7r .i•yt
,`?:• a!''s't�•kyw'�'���' /t,}7 rt5. Its ti '' ..r. ,. t t.i �';,:i,3;-, ,r-0 �r �•:
•;t� .'S•�r,.,t•i.f��:.5: . � .:` ,`, .. I ,• llbr �!f �s�
st7 )r �� ` C:•.,• :£� it+ .f. Si
(�Srb
t �'3 71 .. T +`( w,k � '•t aF Y k f i y 1�{
t t t; f} s,'C` t �� , .rU t7 di«'•I .n d 'A
.. .. ,. _ .. ... '
i. `t.�h.= f A :,,�.i}k'34-EHI•' `�9?kiy
;. �S,
� ,ut �yy t 1y;`;.�6fs
3 F�%W!4,��"t.'(''.k?'t
yiSY}, i. spay
P; ' C ,.w..vxaxrarevei':SC: R'zfi+':'!3 a`X!:EffiFt37`.+..:•S,whFh'me;?tyxmrv,..auwwrvr!-nt +':'n.e,•7,rwr'.�",'.r,,...J'fi''S.r sY•_ i. il._.lo..x ..a 53 ,c• . i r ,
( f
{l with respect to legislation shall be reached by such a
t 4�
Y'. committee, or legislation shall be favorably reported by t
such a committee or be introduced, by amendment or
otherwise, in or be passed by the House of Representatives
or the Senate, or be recommended to the Congress of the
ra
United States for passage by the President of the United i jEref `
States, or be enacted by the Congress of the United States,
{1i
which would have the purpose or effect of imposing Federal
.` income taxation upon revenues or other income of the general
character to be derived by the City or by any similar body
or upon interest received on the Bonds or on obligations of
the general character of the Bonds, which, in the
Underwriters ' opinion, materially adversely affects the z4E
market price of the Bonds;
' (b) A decision by a court established under Article
IIT of the Constitution of the United States or the Tax
Court of the United States shall be rendered, or a ruling,
k t,
regulation or order of the Treasury Department of the United rh`
States or the Internal Revenue Service shall be made or
proposed, or any other event shall have occurred, which has
the purpose or effect of imposing Federal income taxation sLa,
t i r4 'tit'
upon revenues or other income of the general character to be
s. derived by the City or by any similar body or upon interest rhj .� N44,'
received on the Bonds or on obligations of the generals, ,
character of the Bonds which, in the Underwriters opinion,
materially adversely affects the market price of the Bonds; ;: ;,,.',
(c) Any legislation, ordinance, rule or regulation ;,
y `; r
shall be introduced in or be enacted b the General Assembly rZf > `
of the State of Missouri or by any other governmental body,
department or agency of the State of Missouri, or a decision
} by any court of competent jurisdiction within the State of =kr,
Missouri shall be rendered which, in the Underwriters '
opinion, materially adversely affects the market price of "g
the Bonds, or litigation challenging the Statute under which
Pfi' *yF3
the Bonds are to be issued shall be filed in any court in
the State of Missouri;
(d) A stop order , ruling, regulation or official
statement by, or on behalf of, the Securities and Exchange
Y Commission or any other governmental agency having t'
R
jurisdiction of the subject matter shall be issued or made
to the effect that the issuance, offering or sale of
Vi
obligations of the general character of the Bonds, or the
issuance, offering or sale of the Bonds, including all
underlying obligations, as contemplated hereby or by the .�
.r�
official Statement, is in violation or would be in violation. 1
of any provision of the Federal securities laws, the
Securities Act of 1933, as amended and as then in effect, or
„j the registration provisions of the Securities Exchange Act
of 1934, as amended and as then in effect, or the h
.,3
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- tl •'y,<, t' ll'tt #.,ist:."',rf'I.;;�;Y.� '3�al4f'!'•„ atT t�}�p',��iw 'y�;y".�yp'9' rti���f.
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ti ci a_t,
qualification provisions of the Trust Indenture Act of 1939, 1
as amended and as then in effect;
Y ;
Congress of
ion shall be the Cong
(e) Legislation enacted by
the United States of America, or a decision by a court of
United States f America shall be rendered, to the ;;N; dith
the U tes o the
effect that obligations of the general character ofw°r ;i•, r,,,
Bonds, or the Bonds, including all the underlying
p from registration under or from w{s, • '
obligations, are not exempt ��°���•��_ °°�''�
other requirements of the Securities Act of 1933, as amended
and as then in effect, or the Securities Exchange Act o
1934 as amended and as then in effect;
"'. 10-. 4!4. •`..'
(f) Additional material restrictions not in force as
of the date hereof shall have been imposed upon trading in
overnmental authority or y any
securities generally by any g ::�;, .,,,:,�s;;,•,.;.; •
national securities exchange,
(g) The New York Stock Exchange or any other national
securities exchange, or any governmental authorit , shall
y ' ;,
impose, as to the Bonds or Obligations of the general
character of the Bonds, any material restrictions not now in4 ;`: ,
force, or increase materially hose now in force, with
y
y g <�;?i
respect to the extension of credit b , or the charge to the
�s•�.��i �'_ t
net capital requirements of , the Underwriters;
(h) Any general banking moratorium shall have been ;:; ;:
New York or Missouri authorities; f
esta blished by Federal,
(i) A material default has occurred with respect to
the obligations of, or proceedings have been instituted
under the Federal bankruptcy laws or any similar state laws
'gyp, by or against, any state of the United States or any city
4 !.
nited States having a population in excess
located in the U
located
million persons or any entity issuing obligations on
behalf of such a city or state which, in the Underwriters' it
M: opinion, materially adversely affects the market price of
the Bonds;
,ftic ( j) Any rating of any class of security of the City
f shall have been downgraded or withdrawn by a national rating
service, which in the Underwriters' opinion materially
adversely affects the market price of the Bonds; or trading
in any securities of the City shall have been suspended on
r an national securities exchange; or any proceeding shall be
u' y
pending or threatened by the Securities and Exchange
Commission against the City;
(k) Any event shall have occurred, or information
become known, which,
in the Underwriters' opinion, makes r
t. untrue in any material respect any statement or information
contained in the Preliminary official Statement or the
ti
' - 10
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iFX?t�A{�p<..r�f:t �1��� 5tr fi' :.'( i ; / 5 ! i r {' ?K, `�h(N.I C r:+f¢7ai>t �'�S}'La'b,.• .k 4 t
tkv..l:f'k.'.lU. 1 t, ¢ thr � TY3k:f'rta.7:
1.. 1r +.9t, 71v /5•,;. . t�s4�+. -��' yat�
11 S ,,G' !'}d4•.�.r �'-r
r .} ;5r.• dd 75. s a' $��. r .i.:;+;';rFr'+'.a4riT,t'i F:,1cy,�` ��'Y�
+.,. 51 N-11.+. •. !).�,lj•.�.Y+
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' 1'. e.),• \'�rq,`T/ `\"`pf'}i'„}qty S�t
i ..y�.rr�•+•�� r ��.� .r � Lit r �k'�t��%n�1N �k N' e
•S r ��z
ay
Official Statement as originally circulated, or has the
effect that the Preliminary Official Statement or the n1
• Official Statement as originally circulated contains an
untrue statement of a material fact or omits to state a s
material fact necessary in order to make the statements made
therein, in the light of the circumstances under which they mf.
were made, not misleading;
(1) A war involving the United States shall have been
* � .• L
declared, or any conflict involving the armed forces of the
United States shall have escalated, or any other national _, `
r—
emergency relating to the effective operation of government
or the financial community shall have occurred, which, in
�'.yf4 •::Sri,;��i
the Underwriters ' opinion, materially adversely affects the
price of the Bonds
market p r i
m There shall have occurred any change, or an
development involving a prospective change in, or
affecting particularly the economy of the area of the
City generally which, in the Underwriters' opinionF;�,<•.� .
materially impairs the investment qualit y
of the Bonds .�`w�:• �.����f-„t ;
or the ability of the Underwriters to market the Bonds
(n) Any litigation shall be instituted, pending or + '
threatened to restrain or enjoin the issuance or sale of
the Bonds or in any way contesting or affecting any
authority for or the validity of the Bonds, or the
existence or powers of the City; or i ' ;'` •r`
�.f
(o) Any proceeding shall be pending or threatened � �,.ex}
by the Securities and Exchange Commission against the
City. ` , .
If the Underwriters terminate their obligation to purchase
the Bonds because of any of the conditions specified in this
Section or because any of the conditions specified in Section 3
shall have not been fulfilled at or before the Closing Time, such
termination shall not result in any liability on the part of the
Underwriters .
td�ll
S ;
SECTION 6 . REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE
DELIVERY
All of the representations, warranties and agreements
contained herein shall remain operative and in full force and
effect and shall survive delivery of the Bonds to the
Underwriters, regardless of any investigations made by the
Underwriters . �.
T
t'.
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'•v...}ta 4.y •�.r,:¢���*r D`�j?��i{'.c'P iV,�,A f'�F"6e[��V 2 i},�1N�!��+-,�',t ss. A eD crI.i'��Sj�'!(�1'�'Y.t,t r•c�i*1 t x 4 1 t i��('h v'i f!�S�If4,t t tr?i 11'y�S t�+Z }.` r � s x` tt '.{,. a t :,j.fi '1 f Gr. �f, ;:t+� }f4 t,a{R F M C F.sj�Jy�"�.k4 tyRq i X}A f'1�lk N�L'lAfV�.�7�p 'tif 'N.•• •4 YR.
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1
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-'Wms...... .Y.......,,.........,.✓u.`tctiY.7 . t'. r6..:s*Mr+"`w..ry ,u,;c a....d. �.. ,..'�. �r..4, �.
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SECTION 7. PAYMENT OF EXPENSES n€ s`
eSat
Whether or not the Bonds are sold by the City to the
Underwriters (unless such sale is prevented at the Closing Time
by the Underwriters ' default) , the Underwriters shall be under no
obligation to pay any expenses incident to the performance of the
City's obligations hereunder. If the Bonds are sold by the City
to the Underwriters, all expenses and costs to effect the ,`• c;'
$�; zt•.
authorization, preparation, issuance, delivery and sale of the
Bonds ( including, without limitation, the fees and disbursements
• of Stinson, Mag & Fizzell, as Bond Counsel and as counsel to
Edward D. Jones & Co. , the fees and disbursements of the ,;.�'�tx,^>.; '�r�z,•�'
Underwriters in connection with the offering and sale of the
Bonds and the expenses and costs for the
P preparation, printing,
photocopying, execution and delivery of the Bonds, the Ordinance,
the Preliminary Official Statement , the Official Statement, this
Bond Purchase Agreement and all other agreements and documents
contemplated hereby) shall be paid by the City out of the
proceeds of the Bonds or other funds available to the City.
SECTION 8. USE OF OFFICIAL STATEMENT
The City hereby authorizes the use of, and the City will
make available, the Official Statement for the use by the
Underwriters in connection with the sale of the Bonds.
SECTION 9 . AGREEMENT TO NOTIFY UNDERWRITERS OF NEED TO
SUPPLEMENT OR AMEND OFFICIAL STATEMENTCrwz,?� j�'_
nj-i{�P,t nwr 4.
If between the date of this Bond Purchase Agreement and 30
days following the Closing Date, or such later date to which
either Underwriter is obligated by Rule 15c2-12 to deliver final
Official Statements to potential customers, any event shall occur :`$ ;`'`
which might or would cause the Official Statement to contain any
untrue statement of a material fact or to omit to state any
material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not
misleading, the City shall notify the Underwriters and if, in the
opinion of the Underwriters, such event requires the preparation
and publication of a supplement or amendment to the Official
r ¢,
Statement, the City will supplement or amend the Official
Statement in a form and in a manner approved by the Underwriters .
If the Official Statement is so supplemented or amended prior to
:.
the Closing Time, such approval by the Underwriters of a
supplement or amendment to the Official Statement shall not
preclude the Underwriters from thereafter terminating this Bond
Purchase Agreement, and if the Official Statement is so amended '
or supplemented subsequent to the date hereof and prior to the r=t
Closing Time, the Underwriters may terminate this Bond Purchase
Agreement by notification to the City at any time prior to the
mitt
Closing Time if, in the opinion of the Underwriters, such
I
r;
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i,,,r. ,¢.'rt=t; f •{tFsrs ;�f �S,ft,?.�i �; rR;� t / s, .t+'�•t.. `'•t�} },
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amendment or supplement has or will have a material adverse
effect on the marketability of the Bonds.
SECTION 10 . NOTICES
r'.+!
Any notice or other communication to be given to the City or
the Underwriters under this Bond Purchase Agreement may be given
by mailing or delivering the same in writing to such parties at �r
the following addresses: `i
(a) To the City:
s.�
City of Jefferson, Missouri t {`
320 E. McCarty Street
Jefferson City, Missouri 65101 W • j
( 314 ) 634-6300 � +
Attention: Allen Garner '.' ' t;!
(b) To the Underwriters: 'i_
Edward D. Jones & Cok
201 Progress Parkway ;, ; r�
Maryland Heights, Missouri 63043
( 314) 851-2760 ' w
Attention: Bob Beck , Municipal {
Trading Department ;
B. C. Christopher Securities Co.
4717 Grand Avenue
Kansas City, Missouri 64112
(816) 532-7000 t�
a
Attention: John Wornall
SECTION 11. APPLICABLE LAW; NONASSIGNABILITY
This Bond Purchase Agreement shall be governed by the laws
of the State of Missouri. This Bond Purchase Agreement shall not
be assigned by the City or the Underwriters .
SECTION 12. EXECUTION OF COUNTERPARTS
This Bond Purchase Agreement may be executed in several
counterparts, each of which shall be regarded as an original and ;)
all of which shall constitute one and the same document.
;1.
SECTION 13. RIGHTS HEREUNDER
This Bond Purchase Agreement is made for the benefit of the
City and the Underwriters, and no other person, including any
other purchaser of the Bonds , shall acquire or have any rights
hereunder or by virtue hereof.
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SECTION 14. EFFECTIVE DATE
This Bond Purchase Agreement shall become effective upon
acceptance hereof by the City.
f?
IN WITNESS WHEREOF, the parties hereto have executed this
Bond Purchase Agreement, all as of the day and year first above
mentioned.
Very truly yours, 4�
EDWARD D. JONES & CO. and
B. C. CHRISTOPHER SECURITIES CO.
By EDWARD D. JONES & CO. , as
Representative of the
Underwriters
n.�
By
Name 4, 6, kqL }7
Title: 1
® ACCEPTED AND AGREED TO AS OF '
t THE DATE FIRST ABOVE WRITTEN:
[SEAL] a
CITY OF JEFFERSON, MISSOURI
ATTEST:
B
Brenda M. Cirtin, Lod4sq Gar , Mayor
City Clerk
T
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SCHEDULE 1
TERMS OF THE BONDS
Ift SERIAL BONDS t
Y�t
Maturity Principal Annual Rate y.
August 1 Amount of Interest ;
W, _>
1993 $ 135, 000 6. 40%
1994 140,000 6. 50.
1995 150,000 6 . 55
1996 160, 000 6. 60
`x
l 1997 170, 000 6. 65 :3
1998 185,000 6. 70 '
1999 195,000 6 .75 7
2000 210,000 6 .80
TERM BONDS
Maturity Principal Annual Rate
1 .r.t August 1 Amount of Interest
,ioO 2005 $ 1, 285,000 7.00%
2010 1,805,000 7.20
The Bonds maturing on August 1, 2005, shall be subject to
mandatory redemption and payment prior to their stated maturity
pursuant to the mandatory redemption requirements of the �a
4u Ordinance on August 1, 2001, and on each August 1 thereafter to
and including August 1, 2004, at the principal amount thereof
plus accrued interest to the redemption date, without premium, in
the following principal amounts:
Redemption Principal
-, Dates Amounts
t August 1, 2001 $225,000
August 1, 2002 $240,000
f
)°} August 1, 2003 $255,000
:r
" August 1, 2004 $275,000
h;t.0 The remaining $290, 000 principal amount of Bonds maturing on
!X
N August 1, 2005, shall be paid at their stated maturity.
The Bonds maturing on August 1 , 2010, shall be subject to ?
mandatory redemption and payment prior to their stated maturity
pursuant to the mandatory redemption requirements of the
Ordinance on August 1, 2006, and on each August 1 thereafter to
!,k and including August 1, 2009, at the principal amount thereof
plus accrued interest to the redemption date, without premium, in
- ` the following principal amounts:
.7fi•t::'r}�ry l'i� :t (:y3t vt,�t p?`��}Zr 1.h�'T,i/T�' ��; ,,�.
,s. ,i ''S'`Y'- rr i c� t•r�7.+ )M� 1v b'Y 1' T
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", 1 t4� ,}"i?�YS"�+�"�'F��m t �;r.,�,F`t,SC�.•f'��t�-•�C��F}+t t�' �.iJ. �*w 'tt�,, ,✓R,� "�t��.r�,.'L�r L r , �' �
,n � .kY �� 1�it�:'t71r?.,�tl1��.it�sr'�t,'�,,��,`�,y"'�:tuff.�'S3�1L'f��"�, .�V j�#f i�.r•�'R+� t y�, t
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