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Legislation #: 970205 Introduction Date: 2/20/1997
Type: Resolution Effective Date: 3/16/1997
Sponsor: None
Title: Authorizing the development of financing for various improvements to the sewer system through the issuance of two series of tax-exempt bonds by the City in the approximate principal amounts of $22,000,000.00 and $8,000,000.00, respectively, and authorizing certain other actions pursuant thereto.

Legislation History
DateMinutesDescription
2/20/1997

Prepare to Introduce

2/20/1997

Referred Finance & Administration Committee

2/24/1997

Be Adopted as a Committee Substitute

2/24/1997

Assigned to Third Read Calendar

3/6/1997

Adopted as Substituted


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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 970205

 

Authorizing the development of financing for various improvements to the sewer system through the issuance of two series of tax-exempt bonds by the City in the approximate principal amounts of $22,000,000.00 and $8,000,000.00, respectively, and authorizing certain other actions pursuant thereto.

 

WHEREAS, an ordinance was duly passed by the City Council of the City of Kansas City, Missouri (the "City"), whereby a special election (the "Election") was ordered to be held on March 8, 1988, at which election a majority of the qualified voters voted in favor of issuing $66,000,000.00 of revenue bonds for the purpose of paying the cost of extending and improving the sewer system of the City; and

 

WHEREAS, pursuant to Committee Substitute for Ordinance No. 911537, Committee Substitute for Ordinance No. 920635, Committee Substitute for Ordinance No. 950353 and Committee Substitute for Ordinance No. 960253, the City has heretofore issued and delivered $500,000.00, $1,265,000.00, $18,000,000.00 and $24,000,000.00 principal amount of sewer system revenue bonds authorized by the voters at the Election; and

 

WHEREAS, it is now necessary that the City proceed with the development of financing in the approximate principal amount of $22,000,000.00 (the "Bonds") to pay the costs of extending and improving the City's sewer system as aforesaid, the Bonds being a part of the $66,000,000.00 principal amount of sewer revenue bonds authorized by the voters of the City at the Election; and

 

WHEREAS, the City has heretofore issued its Various Purpose General Obligation Bonds, Series 1991 (the "Series 1991 Bonds") and its Special Assessment Bonds, Series 1996 (the "Series 1996 Bonds"), a portion of the proceeds of which were used for improvements to the City's sewerage system; and

 

WHEREAS, the City has determined that it is in the interest of the City to refund a portion of the Series 1991 Bonds and the Series 1996 Bonds; and

 

WHEREAS, it is now necessary that the City proceed with the refunding of a portion of the Series 1991 Bonds and the Series 1996 Bonds; and

 

WHEREAS, the City has selected the Hardwick Law Firm to serve as bond counsel in connection with the issuance of the Bonds; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Council does hereby express its intention to provide for the financing of the improvements to the sewer system, and directs that funding therefor be effected and the City will issue its tax-exempt revenue bonds in an approximate principal amount of $22,000,000.00 to provide funds to pay the cost of the improvements and its tax-exempt general obligation refunding bonds in an amount not to exceed $8,000,000.00 to refund a portion of the Series 1991 Bonds and the Series 1996 Bonds.

 

Section 2. That the City 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 City 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 Director of Finance for presentation to and approval by the City Council.

 

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