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Legislation #: 041028 Introduction Date: 9/9/2004
Type: Resolution Effective Date: none
Sponsor: None
Title: Authorizing the development of financing for refinancing certain extensions and improvements to the City sanitary sewer system through the issuance of sanitary sewer system revenue bonds by the City in the principal amount not to exceed $26,050,000.00; authorizing certain other actions pursuant thereto; and declaring the City´s official intent to reimburse from bond proceeds.

Legislation History
DateMinutesDescription
9/16/2004

Waive Charter Requirements City Council

9/9/2004

Prepare to Introduce

9/9/2004

Referred Finance Committee

9/15/2004

Be Adopted as a Committee Substitute

9/16/2004

Assigned Third Read Calendar as Substituted

9/23/2004

Adopted as Substituted


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041028.pdf Authenticated 108K 041028

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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 041028

 

Authorizing the development of financing for refinancing certain extensions and improvements to the Citys sanitary sewer system through the issuance of sanitary sewer system revenue bonds by the City in the principal amount not to exceed $26,050,000.00; authorizing certain other actions pursuant thereto; and declaring the City's official intent to reimburse from bond proceeds.

 

WHEREAS, a special election was held on November 4, 1997 at which a majority of the qualified voters voted in favor of issuing $125,000,000.00 in wastewater revenue bonds for the purpose of paying the cost of extending and improving the sewerage system of the City; and

 

WHEREAS, $98,950,000.00 of the bonds so authorized have been issued (the Series 1998A Bonds, the Series 1999A Bonds, the Series 2000A Bonds, the Series 2001A Bonds, the Series 2002D-1 Bonds, the Series 2002D-2 Bonds, the Series 2002J Bonds and the Series 2004A Bonds); and

 

WHEREAS, it is now necessary that the City proceed with the development of financing in the approximate principal amount of $10,500,000.00 to refinance a revolving fund direct loan from the Missouri Department of Natural Resources (MDNR) in the principal amount of $10,000,000 and to pay issuance costs in connection therewith, such sanitary sewer system revenue bonds, being a part of the $125,000,00.00 principal amount of the sanitary sewer system revenue bonds authorized by the voters of the City on November 4, 1997; and

 

WHEREAS, MDNR has currently only approved a state revolving fund financing for the City of $10,000,000.00 to refinance the revolving direct loan and the City will request an increase in such approval to a principal amount not to exceed $10,500,000.00; and

 

WHEREAS, it is now necessary that the City proceed with the development of financing in the approximate principal amount of $15,550,000.00 of sanitary sewer system revenue bonds to finance improvements to the sanitary system of the City, being a part of the $125,000,000.00 principal amount of the sanitary sewer system revenue bonds authorized by the voters of the City on November 4, 1997; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council expresses its intention to provide for the financing of the sanitary sewer system improvement projects and to issue sanitary sewer system revenue bonds in an approximate principal amount not to exceed $26,050,000.00 to provide funds to pay the cost of the sanitary sewer system improvement projects.

 

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

 

Section 3. That the Council authorizes and directs 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 Acting Director of Finance for presentation to and approval by the Council.

 

Section 4. That the City declares its intent to reimburse itself for certain expenditures made within 60 days prior to or on and after the date of this resolution with respect to improvements made to the City's sanitary sewerage system (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 $26,050,000.00. This constitutes a declaration of official intent under Treasury Regulation 1.150-2.

 

Section 5. The City hereby appoints Gilmore & Bell, P.C. and The Martinez Law Firm, LLC as co-bond counsel for the financing.

 

Section 6. This Resolution shall take effect and be in full force and effect from and after its adoption.

 

______________________________________________________

 

Approved as to form and legality

 

 

____________________________

Heather A. Brown

Assistant City Attorney