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City of Kansas City, Missouri

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City of Kansas City, Missouri Supplement dated April 6, 2016 to Preliminary Official Statement dated March 29, 2016 $332,860,000* CITY OF KANSAS CITY, MISSOURI SPECIAL OBLIGATION BONDS consisting of: $60,510,000* $33,695,000* Special Obligation Bonds Taxable Special Obligation Bonds (Kansas City, Missouri Projects) (Kansas City, Missouri Projects) Series 2016A Series 2016B $31,335,000* $25,160,000* $182,160,000* Special Obligation Refunding Special Obligation Refunding Special Obligation Improvement Bonds Bonds and Refunding Bonds (Kansas City, Missouri Projects) (East Village Project) (Downtown Arena Project) Series 2016C Series 2016D Series 2016E The Preliminary Official Statement dated March 29, 2016 (the “Preliminary Official Statement”) relating to the above-referenced Series 2016 Bonds is hereby supplemented to delete the second paragraph under the caption “BONDOWNERS’ RISKS – Limitation on Imposition of Earnings Tax” and to replace such paragraph with the following: “At an election held on April 5, 2011, voters approved continuation of the City’s one percent earnings tax through 2016 with 78% of voters in favor. At an election held on April 5, 2016, voters approved continuation of the City’s one percent earnings tax through 2021 with an estimated 77% of voters in favor. The City will hold an election every five years thereafter to affirm the retention of the City earnings tax. The City cannot predict whether City voters will elect to retain the earnings tax at any future five-year election or if future legislation may affect the City’s ability to collect the earnings tax. The next election will be held in 2021.” This Supplement should be read in conjunction with the original Preliminary Official Statement. Terms used in this Supplement have the meanings set forth in the Preliminary Official Statement. * Preliminary, subject to change. PRELIMINARY OFFICIAL STATEMENT DATED MARCH 29, 2016 NEW ISSUE Ratings: Moody’s Investors Service Inc.: A1 BOOK-ENTRY-ONLY Standard & Poor’s Ratings Services: AA- See “BOND RATINGS” herein In the opinion of Kutak Rock LLP, Kansas City, Missouri and the Hardwick Law Firm, LLC, Kansas City, Missouri, Co-Bond Counsel, under existing laws, regulations, rulings and judicial decisions and assuming continuing compliance with certain covenants, interest on the Series 2016A Bonds, Series 2016C Bonds, Series 2016D Bonds and Series 2016E Bonds (including any original issue discount) is excludable from gross income for federal and Missouri income tax purposes and is not a specific preference item for purposes of the federal alternative minimum tax. Also, in the opinion of Co-Bond Counsel, the interest on the Series 2016B Bonds is included in gross income for federal and Missouri income tax purposes. See “TAX MATTERS” herein and the form of Opinion of Co-Bond Counsel attached hereto as Appendix D. $332,860,000* CITY OF KANSAS CITY, MISSOURI SPECIAL OBLIGATION BONDS consisting of: $60,510,000* $33,695,000* Special Obligation Bonds Taxable Special Obligation Bonds (Kansas City, Missouri Projects) (Kansas City, Missouri Projects) Series 2016A Series 2016B $31,335,000* $25,160,000* $182,160,000* Special Obligation Refunding Bonds Special Obligation Refunding Bonds Special Obligation Improvement (Kansas City, Missouri Projects) (East Village Project) and Refunding Bonds Series 2016C Series 2016D (Downtown Arena Project) Series 2016E Dated: Date of Delivery Maturities, Principal Amounts, Interest Rates, Prices, Yields and CUSIP Numbers are shown on the Inside Cover Pages The Special Obligation Bonds (Kansas City, Missouri Projects), Series 2016A (the “Series 2016A Bonds”), the Taxable Special Obligation Bonds (Kansas City, Missouri Projects), Series 2016B (the “Series 2016B Bonds”), the Special Obligation Refunding Bonds (Kansas City, Missouri Projects), Series 2016C (the “Series 2016C Bonds”), the Special Obligation Refunding Bonds (East Village Project), Series 2016D (the “Series 2016D Bonds”) and the Special Obligation Improvement and Refunding Bonds (Downtown Arena Project), Series 2016E (the “Series 2016E Bonds” and together with the Series 2016A Bonds, the Series 2016B Bonds, the Series 2016C Bonds and the Series 2016D Bonds, the “Series 2016 Bonds”) are being issued by the City of Kansas City, Missouri (the “City” or the “Issuer”) for the purposes of (i) providing funds to finance, refinance and refund certain project costs; and (ii) paying certain costs related to the issuance of the Bonds. The Series 2016A Bonds, the Series 2016B Bonds and the Series 2016C Bonds will be issued under a Trust Indenture dated as of April 1, 2016, between the City and BOKF, N.A., as Trustee (the “Series 2016A, B and C Trustee”). The Series 2016D Bonds will be issued under a Second Supplemental Trust Indenture dated as of April 1, 2016, between the City and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Series 2016D Trustee”). The Series 2016E Bonds will be issued under a First Supplemental Trust Indenture dated as of April 1, 2016, between the City and Commerce Bank, as Trustee (the “2016E Trustee”). THE BONDS OF EACH SERIES AND THE INTEREST THEREON SHALL BE SPECIAL, LIMITED OBLIGATIONS OF THE CITY PAYABLE OUT OF CERTAIN FUNDS APPROPRIATED BY THE CITY, CERTAIN INCREMENTAL TAX REVENUES AS DEFINED HEREIN (ONLY WITH RESPECT TO THE SERIES 2016D BONDS), CERTAIN PLEDGED LICENSE FEES AS DEFINED HEREIN (ONLY WITH RESPECT TO THE SERIES 2016E BONDS) AND MONEYS IN THE FUNDS AND ACCOUNTS HELD BY THE TRUSTEE UNDER THE INDENTURE FOR SUCH SERIES AND ARE SECURED BY A TRANSFER, PLEDGE AND ASSIGNMENT OF AND A GRANT OF A SECURITY INTEREST IN THE TRUST ESTATE TO THE TRUSTEE AND IN FAVOR OF THE OWNERS OF THE BONDS, AS PROVIDED IN THE INDENTURE FOR SUCH SERIES OF BONDS. THE BONDS AND INTEREST THEREON SHALL NOT BE DEEMED TO CONSTITUTE A DEBT OR LIABILITY OF THE CITY WITHIN THE MEANING OF ANY CONSTITUTIONAL, STATUTORY OR CHARTER LIMITATION OR PROVISION, AND SHALL NOT CONSTITUTE A PLEDGE OF THE FULL FAITH AND CREDIT OF THE CITY, BUT SHALL BE PAYABLE SOLELY FROM THE FUNDS PROVIDED FOR IN THE INDENTURE FOR SUCH BONDS. 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. NO BREACH BY THE CITY OF ANY SUCH PLEDGE, MORTGAGE, OBLIGATION OR AGREEMENT MAY IMPOSE ANY LIABILITY, PECUNIARY OR OTHERWISE, UPON THE STATE OF MISSOURI OR ANY CHARGE UPON ITS GENERAL CREDIT OR ITS TAXING POWER. The Series 2016 Bonds will be issued as fully registered bonds without coupons, and, when issued, will be registered in the name of Cede & Co., as Bondowner and nominee for the Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository for the Series 2016 Bonds. Purchases of the Series 2016 Bonds will be made in book-entry only form, in denominations of $5,000 or integral multiples thereof. Purchasers will not receive certificates representing their interests in Series 2016 Bonds purchased. So long as Cede & Co., as nominee of DTC, is the Bondowner, references herein to the Bondowners or Registered Owners shall mean Cede & Co., as aforesaid, and shall not mean the Beneficial Owners (as defined in this Official Statement) of the Series 2016 Bonds. See “Book-Entry System” in Appendix F. Principal of the Series 2016 Bonds will be paid on the dates and in the years in which the Series 2016 Bonds mature as set forth on the inside cover pages hereof. Interest on the Series 2016A Bonds, Series 2016B Bonds, Series 2016C Bonds and Series 2016E Bonds will accrue from the date of issuance and be payable semi-annually on each April 1 and October 1, commencing October 1, 2016. Interest on the Series 2016D Bonds will accrue from the date of issuance and be payable semi-annually on each April 15 and October 15, commencing October 15, 2016. The Series 2016 Bonds are subject to redemption prior to maturity as more fully described under the caption “THE SERIES 2016 BONDS – Redemption” in this Official Statement. The Series 2016 Bonds are offered when, as and if issued by the City, subject to the approval of legality by Kutak Rock LLP, Kansas City, Missouri, and Hardwick Law Firm, LLC, Kansas City, Missouri, Co-Bond Counsel. Certain legal matters will be passed upon for the City by the Office of the City Attorney, and for the Underwriters listed on this cover page (the “Underwriters”) by Bryan Cave LLP, Kansas City, Missouri. Certain disclosure matters will be passed upon for the City by its co-disclosure counsel, Kutak Rock LLP, Kansas City, Missouri and Hardwick Law Firm, LLC, Kansas City, Missouri. It is expected that the Series 2016 Bonds will be available for delivery at DTC on or about April 21, 2016. CITIGROUP Valdés & Moreno, Inc. Stifel, Nicolaus & Company, Incorporated D.A. Davidson & Company Stern Brothers & Co. Ameritas Investment Corp. This Official Statement is dated April ___, 2016 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the Official Statement is delivered in final in prior be accepted buy delivered is Statement Official time the the to to offers may nor sold be not securities These may This Preliminary amendment. or completion subject to are herein contained information the and Statement Official would solicitation or sale sale of these securities jurisdictionbuy nor shall there be any in any in which such offer, to Under no circumstances shall this Preliminary to sell
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