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Legislation #: 050685 Introduction Date: 6/2/2005
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER EDDY
Title: Amending Second Committee Substitute for Resolution No. 040143 by repealing Section 3 and enacting a new section, expanding the scope of the work of the Bond Financial Advisory Committee.

Legislation History
DateMinutesDescription
6/2/2005 Filed by the Clerk's office
6/2/2005 Adopted

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050685.pdf Authenticated 78K Authenticated

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RESOLUTION NO. 050685

Amending Second Committee Substitute for Resolution No. 040143 by repealing Section 3 and enacting a new section, expanding the scope of the work of the Bond Financial Advisory Committee.

WHEREAS, the Council established the Bond Financial Advisory Committee by adoption of Resolution No. 040143, in connection with the passage of Committee Substitute for Ordinance No. 031411 which submitted a proposal to issue up to $250 million in general obligation bonds for consideration of the voters of Kansas City on April 6, 2004; and

WHEREAS, the voters approved the general obligation bonds and the Bond Financial Advisory Committee performed its tasks commendably; and

WHEREAS, in connection with the submission of the waterworks and wastewater revenue bonds to the voters at the August 2, 2005 election, as provided in Committee Substitute for Ordinance Nos. 050553 and 050554, as amended, respectively, the Council also desires to utilize the expertise of the Bond Financial Advisory Committee; and

WHEREAS, the purpose of this resolution is to make clear that the Bond Financial Advisory Committee is charged, not only with advising the Council on general obligation bonds, but also on revenue bonds and other types of municipal debt as determined by the Council; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCL OF KANSAS CITY:

Section 1. That Second Committee Substitute for Resolution No. 040143 is hereby amended by repealing Section 3 and enacting a new section, expanding the scope of the work of the Bond Financial Advisory Committee, to read as follows:

Section 3. That the Council hereby establishes a 5 member Bond Financial Advisory Committee, to be appointed by the Mayor, to advise the Mayor and Council on matters relating to the following: timing of bond issuance, debt capacity, prevailing interest rates, municipal budget considerations, and compliance with bond authorization ballot language for general obligation bond issues, waterworks and wastewater revenue bond issues and other types of municipal debt as determined by the Council.

Regarding general obligation bonds, after the Council authorizes the issuance of bonds upon the recommendations of the Bond Financial Advisory Committee, the Public Improvements Advisory Committee shall make its recommendations to the Council on the projects to be funded in each bond issue. Because there are needs throughout Kansas City, use of bond proceeds should be fairly distributed city-wide.

Regarding waterworks and wastewater revenue bonds, the Bond Financial Advisory Committee will also consider the appropriateness of any proposed rate increases.

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