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Legislation #: 020069 Introduction Date: 1/17/2002
Type: Resolution Effective Date: 1/31/2002
Sponsor: None
Title: Providing authorization 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 $17,500,000.00; authorizing certain other actions pursuant thereto; and making a declaration of official intent to reimburse.

Legislation History
DateMinutesDescription
1/17/2002

Prepare to Introduce

1/17/2002

Referred Finance and Audit Committee

1/23/2002

Be Adopted

1/24/2002

Assigned to Third Read Calendar

1/31/2002

Adopted


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RESOLUTION NO. 020069

 

Providing authorization 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 $17,500,000.00; 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 No. 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 No. 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 No. 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, the City finds and determines that it is necessary and desirable that the City issue its Water Revenue Bonds, Series 2002C (the Bonds), in the approximate principal amount not to exceed $17,500,000.00 to provide funds to pay the cost of extending and improving the Waterworks System; and

 

WHEREAS, the City has selected Bryan Cave LLP and Fields & Brown to act as the co-bond counsel in connection with the issuance of bonds to finance the Project; NOW, THEREFORE,

 

BE IT RESOLVED 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 $17,500,000.00 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 improvements made to the waterworks 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 $17,500,000.00. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.

 

Section 5. That the amount of $2,575,435.00 referred to in Committee Substitute for Ordinance No. 011292, passed on September 20, 2001, as the maximum principal amount of bonds expected to be issued for the Project, is included in the amount of $17,500,000.00 referred to in Section 4 of this resolution.

 

Section 6. That the amount of $596,000.00 referred to in Committee Substitute for Ordinance No. 011319, passed on October 4, 2001, as the maximum principal amount of bonds expected to be issued for the Project, is included in the amount of $17,500,000.00 referred to in Section 4 of this resolution.

 

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