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Legislation #: 080277 Introduction Date: 3/13/2008
Type: Resolution Effective Date: 3/13/2008
Sponsor: COUNCILMEMBER JOHNSON
Title: Supporting the City’s efforts to stabilize the City’s credit rating.

Legislation History
DateMinutesDescription
3/13/2008 Filed by the Clerk's office
3/13/2008 Immediate Adoption
3/13/2008 Adopted

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080277.pdf Authenticated 35K Authenticated

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RESOLUTION NO. 080277

 

Supporting the Citys efforts to stabilize the Citys credit rating.

 

WHEREAS, on March 10, 2008, Moodys affirmed the City of Kansas Citys credit rating at Aa3, but changed the City of Kansas Citys credit outlook from stable to negative; and

 

WHEREAS, the normal path for credit rating upgrades and downgrades is to have a change in outlook and then a rating action; and

 

WHEREAS, the City of Kansas City has $550 million of variable rate debt; and

 

WHEREAS, the City of Kansas City has less than 180 days to solve the credit and budget related issues that are affecting these bonds and to stabilize the Citys financial fundamentals; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

That the Mayor and Council recognize the serious nature of the change in the Citys credit outlook and support the Citys efforts to stabilize its credit rating.

 

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