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Legislation #: 050594 Introduction Date: 5/19/2005
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the City Manager to proceed with the development of financing for various improvements to the waterworks system through the issuance of tax-exempt revenue bonds by the City in an approximate principal amount not to exceed $30,000,000.00; authorizing certain other actions pursuant thereto; and making a declaration of official intent to reimburse.

Legislation History
DateMinutesDescription
5/19/2005 Filed by the Clerk's office
5/19/2005 Referred to Finance Committee
5/25/2005 Advance and Do Pass, Debate
5/26/2005 Passed

View Attachments
FileTypeSizeDescription
050594.pdf Authenticated 97K Authenticated
2005f Resolution Water Fact Sheet(2).xls Advertise Notice 37K fact sheet
fiscal notes-Water 2005F v1(2).xls Advertise Notice 39K Fiscal Note
2005f Resolution project list.xls Other 17K 2005F Project List

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ORDINANCE NO. 050594

 

Authorizing the City Manager to proceed with the development of financing for various improvements to the waterworks system through the issuance of tax-exempt revenue bonds by the City in an approximate principal amount not to exceed $30,000,000.00; authorizing certain other actions pursuant thereto; and making a declaration of official intent to reimburse.

 

WHEREAS, an ordinance was duly passed by the Council of the City of Kansas City, Missouri (the City), whereby a special election (the Election) was duly held on August 6, 1996, at which the voters authorized the issuance of the Citys water revenue bonds in the aggregate principal amount of $150,000,000.00 for the purpose of extending and improving the waterworks system of the City (the Waterworks System); and

 

WHEREAS, pursuant to Ordinance Number 961462, the City has issued and delivered a principal amount of $28,000,000.00 in water revenue bonds authorized by the voters at the Election; and

 

WHEREAS, pursuant to Committee Substitute for Ordinance Number 980296, as amended, the City has issued and delivered a principal amount of $14,410,000.00 in water revenue bonds authorized by the voters at the Election; and

 

WHEREAS, pursuant to Ordinance Number 000037, as amended, the City has issued and delivered a principal amount of $25,000,000.00 in water revenue bonds authorized by the voters at the Election; and

 

WHEREAS, pursuant to Committee Substitute for Ordinance Number 020325, as amended, the City has issued and delivered a principal amount of $17,500,000.00 in water revenue bonds authorized by the voters at the Election; and

 

WHEREAS, pursuant to Ordinance Number 040693, the City has issued and delivered a principal amount of $25,000,000.00 in water revenue bonds authorized by the voters at the Election; and

 

WHEREAS, the City finds and determines that it is necessary and desirable that the City issue its Water Revenue Bonds, Series 2005F (the Bonds), in the approximate principal amount not to exceed $30,000,000.00 to provide funds to pay the cost of extending and improving the Waterworks System; NOW THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1.  That the Council does hereby express its intention to provide for the financing of the improvements to the Waterworks System, and directs that funding therefore be effected through the issuance of Citys tax-exempt revenue bonds in an approximate principal amount not to exceed $30,000,000.00 to provide funds to pay the cost of the improvements.

 

Section 2.  That the Council states that such improvements are for the benefit of the public health, safety and welfare and constitute a public purpose.

 

Section 3. That the Council does hereby authorize and direct that the financing arrangements referred to in this resolution and the negotiation of the financial terms and other provisions of such arrangements be developed by the Director of Finance and City Attorney for presentation to and approval by the Council.

 

Section 4. That the City declares its intent to reimburse itself for certain expenditures made within sixty (60) days prior to or on and after the date of this resolution with respect to the Project with the proceeds of bonds expected to be issued by the City. The maximum principal amount of bonds expected to be issued for the Project is not to exceed $30,000,000. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.

______________________________________________

 

Approved as to form and legality:

 

 

 

________________________________

Heather A. Brown

Assistant City Attorney