Do the sentences have the same meaning?

It is expounded in the Parable of the Phantom City chapter, "there was a Buddha, most honoured of two-legged beings, and named Great Universal Wisdom Excellence".

2. As (is) expounded in the Parable of the Phantom City chapter, "there was a Buddha, most honoured of two-legged beings, and named Great Universal Wisdom Excellence".

1. Do the sentences have the same meaning?
2. Is the "is" in the second sentence needed?
3. Should the "there" in each of the sentences be capitalised?

Thanks.