HomeMy Public PortalAboutORD14611 BILL NO. 2009-103
SPONSORED BY COUNCILMAN) Koon
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ORDINANCE NO. *& t
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AUTHORIZING THE CITY OF
JEFFERSON,MISSOURI,TO ISSUETAXABLE INDUSTRIAL DEVELOPMENT REVENUE BONDS
(COMMAND WEB OFFSET COMPANY, INC. PROJECT), SERIES 2009, IN A PRINCIPAL
AMOUNT NOTTO EXCEED$22,500,000 TO PAYTHE COSTS OFA PROJECT FOR COMMAND
WEB OFFSET COMPANY, INC., A MISSOURI CORPORATION, CONSISTING OF THE
CONSTRUCTING, FURNISHING AND EQUIPPING OF A 45,000 SQUARE FOOT ADDITION TO
THE COMPANY'S EXISTING PRINTING FACILITY;AUTHORIZING AND APPROVING CERTAIN
DOCUMENTS; AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION WITH THE
ISSUANCE OF THE BONDS.
WHEREAS, the City of Jefferson, Missouri (the "City'), is authorized under the provisions of
Article VI, Section 27 of the Missouri Constitution, as amended, and Sections
100.010 to 100.200, inclusive, of the Revised Statutes of Missouri, as amended
(collectively,the "Act"),to purchase,construct, extend and improve certain projects
(as defined in the Act) for the purposes set forth in the Act and to issue industrial
development revenue bonds for the purpose of providing funds to pay a portion of
the costs of such projects and to lease or otherwise dispose of such projects to
private persons or corporations for manufacturing, commercial, warehousing and
industrial development purposes upon such terms and conditions as the City shall
deem advisable; and
WHEREAS, the Council of the City adopted Resolution RS2008-40 on March 2,2009,expressing
the official intent of the City to issue industrial development revenue bonds underthe
Act in an aggregate principal amount not to exceed $22,500,000 (the "Bonds") to
finance a project for Command Web Offset Company, Inc., a Missouri corporation
(the "Company'), consisting of constructing, furnishing and equipping of a 45,000
square foot addition to the Company's existing printing facility located in the City(the
"Project'), contingent upon preparation and approval of a plan for industrial
development with respect to the Project(the "Plan")as required by Section 100.050
of the Act; and
WHEREAS, following notice to affected taxing jurisdictions in accordance with Section 100.059.1
of the Act,the Council of the City passed Ordinance No. 14590 on October 5, 2009,
approved by the Mayor on October 12, 2009, approving a plan for industrial
development for the Project; and
WHEREAS, the City has heretofore and does hereby find and determine that it is desirable for
the economic development of the City and within the public purposes of the Act that
the City proceed with the issuance of the Bonds for the purpose described above;
and
WHEREAS, the City further finds and determines that it is necessary and desirable in connection
with the issuance of the Bonds that the City enter into certain documents, and that
the City take certain other actions and approve the execution of certain other
documents as herein provided;
NOW,THEREFORE,BE IT ENACTED BY THE COUNCIL OFTHE CITY OF JEFFERSON,
MISSOURI, AS FOLLOWS:
Section 1. Authorization and Sale of the Bonds. The City is hereby authorized to
issue and sell its Taxable Industrial Development Revenue Bonds (Command Web Offset
Company, Inc. Project), Series 2009, in an aggregate principal amount not to exceed$22,500,000,
for the purpose of providing funds to pay the costs of the Project. The Bonds shall be issued and
secured pursuant to the herein authorized Trust Indenture and shall bear such date, shall mature
at such time, shall be in such denominations, shall bear interest at such rate, shall be in such form,
shall be subject to redemption, shall have such other terms and provisions, shall be issued,
executed and delivered in such manner and shall be subject to such provisions, covenants and
agreements as are specified in the Trust Indenture upon the execution thereof, and the signatures
of the officers of the City executing the Trust Indenture shall constitute conclusive evidence of their
approval and the City's approval thereof.
Section 2. Limited Obligations. The Bonds and the interest thereon shall be limited
obligations of the City payable solely out of the payments, revenues and receipts derived by the City
from the herein authorized Lease Agreement, and such payments, revenues and receipts shall be
pledged and assigned to the Trustee as security for the payment of the Bonds as provided in the
Trust Indenture. The Bonds and interest thereon shall not be deemed to constitute a debt or liability
of the City within the meaning of any constitutional provision, statutory limitation or City Charter
provision and shall not constitute a pledge of the full faith and credit of the City. The issuance of
the Bonds shall not, directly, indirectly or contingently, obligate the City to levy any form of taxation
therefor or to make any appropriation for their payment.
Section 3. Approval and Authorization of Documents.The following documents (the
"City Documents") are hereby approved in substantially the forms presented to the Council at this
meeting (copies of which documents shall be filed in the records of the City), and the City is hereby
authorized to execute and deliver the City Documents with such changes therein as shall be
approved by the officials of the City executing such documents, such officials' signatures thereon
being conclusive evidence of their approval thereof:
(a) Trust Indenture between the City and LIMB Bank, n.a. (the "Trustee"),
pursuant to which the Bonds shall be issued and the City shall pledge and
assign the payments, revenues and receipts received pursuant to the Lease
Agreement to the Trustee for the benefit and security of the owners of the
Bonds upon the terms and conditions as set forth in the Trust Indenture.
(b) Lease Agreement between the City and the Company, under which the City
will provide funds for the purchase and installation of the Project and lease
the Project to the Company pursuant to the terms and conditions in the
Lease Agreement, in consideration of rental payments by the Company
which will be sufficient to pay the principal of, premium, if any, and interest
on the Bonds.
(c) Bond Purchase Agreement between the City and the Company, pursuant to
which the Company agrees to purchase the Bonds.
(d) Performance Agreement between the City and the Company, pursuant to
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which the City has granted the Company certain rights with respect to the
abatement of ad valorem personal property taxes on the Project in
consideration for the Company's expectation to maintain a certain level of
employment at the Project site.
Section 4. Execution of Documents. The Mayor is hereby authorized and directed to
execute the Bonds and to deliver the Bonds to the Trustee for authentication for and on behalf of
and as the act and deed of the City in the manner provided in the Indenture. The Mayor is hereby
authorized and directed to execute the City Documents and such other documents, certificates and
instruments as may be necessary or desirable to carry out and comply with the intent of this
Ordinance, for and on behalf of and as the act and deed of the City. The City Clerk is hereby
authorized and directed to attest to and affix the seal of the City to the Bonds and the City
Documents and such other documents, certificates and instruments as may be necessary or
desirable to carry out and comply with the intent of this Ordinance.
Section 5. Further Authority. The City shall, and the officials, agents and employees
of the City are hereby authorized and directed to, take such further action, and execute such other
documents, certificates and instruments as may be necessary or desirable to carry out and comply
with the intent of this Ordinance and to carry out,comply with and perform the duties of the City with
respect to the Bonds and the City Documents.
Section 6. Effective Date.This Ordinance shall take effect and be in full force and effect
from and after its passage by the City Council and approval by the Mayor.
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Passed: b .L��Gi:.? �'� cL� / Ly Approved,t�7ri�
Presiding Officer / Mayor
ATTEST: APPRO ED AS TO FORM:
�iC ty Clerk City ounselor
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