ORDINANCE NO. 250479
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Sponsor: City Manager's Office
Approving an Industrial Development Plan for Progress Rail Services Corporation, an Alabama Corporation (together with its successors and assigns, the "Company") for the purpose of acquiring and constructing a project for industrial development consisting of the purchase and installation of machinery and equipment to be located 5600 Stilwell Street in Kansas City, Missouri; authorizing and approving various agreements for the purpose of setting forth covenants, agreements and obligations of the City and the Company; authorizing the issuance of taxable industrial revenue bonds in a maximum aggregate principal amount not to exceed $38,000,000.00; authorizing and approving certain other documents; and authorizing certain other actions in connection with the issuance of said bonds.
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WHEREAS, the City of Kansas City, Missouri, a constitutional charter city and municipal corporation of the State of Missouri (the "City") is authorized pursuant to the provisions of Article VI, Section 27(b) of the Missouri Constitution, as amended, and Sections 100.010 to 100.200, inclusive, of the Revised Statutes of Missouri, as amended, and the City of Kansas City Charter (collectively, the "Act"), to issue its revenue bonds for the purpose of carrying out a project or projects under the Act, such revenue bonds to be paid solely from revenue received from such project, and to enter into a lease of certain property associated with the Project to be financed with the proceeds of such revenue bonds with any person, firm or corporation; and
WHEREAS, the City desires to approve an Industrial Development Plan (the "Plan") for the purpose of carrying out a development project (the "Project") for the Company; and
WHEREAS, the City intends to issue its Taxable Industrial Revenue Bonds (Progress Rails Services Corporation Project), in one or more series (the "Bonds"), for the purpose of furthering the Project...
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