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Legislation #: 980343 Introduction Date: 4/2/1998
Type: Resolution Effective Date: 4/26/1998
Sponsor: None
Title: Authorizing the development of financing for the refunding of a portion of the City of Kansas City, MissouriĀ“s Various Purpose General Obligation Bonds, Series 1991 and Zoo Improvement General Obligation Bonds, Series 1992 issued for various projects, in an approximate principal amount not to exceed $55,000,000.00, and authorizing certain other actions pursuant thereto.

Legislation History
DateMinutesDescription
4/2/1998

Prepare to Introduce

4/2/1998

Referred Finance & Administration Committee

4/8/1998

Be Adopted

4/9/1998

Assigned to Third Read Calendar

4/16/1998

Adopted


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RESOLUTION NO. 980343

 

Authorizing the development of financing for the refunding of a portion of the City of Kansas City, Missouris Various Purpose General Obligation Bonds, Series 1991 and Zoo Improvement General Obligation Bonds, Series 1992 issued for various projects, in an approximate principal amount not to exceed $55,000,000.00, and authorizing certain other actions pursuant thereto.

 

WHEREAS, various public safety, zoo, and sewer improvements of the City have been funded through the issuance of general obligation bonds, Series 1991 and Series 1992 (the Bonds); and

 

WHEREAS, the City has previously issued certain refunding bonds, Series 1997A Bonds, which were authorized under Committee Substitute for Ordinance No. 970284 to refund portions of the Series 1991 and Series 1996A Bonds; and

 

WHEREAS, the City has determined that it is in the best interests of the City to refund an additional portion of the Bonds; and

 

WHEREAS, the City Council (the Council) supports the development of financing to achieve the refunding of the Bonds (hereafter the Project); and

 

WHEREAS, the City has selected the firms of Fahnestock & Co. and The Chapman Co. to act as financial advisors in connection with the issuance of bonds to finance the Project; and

 

WHEREAS, the City has selected the firms of Gilmore & Bell and Viveros & Barrera to act as co-bond counsel in connection with the issuance of bonds to finance the Project; and

 

WHEREAS, it is the desire and intent of the Council to authorize the Director of Finance and City Attorney to proceed with such selection and those actions necessary to provide for such financing through the issuance of tax-exempt general obligation bonds; NOW, THEREFORE,

 

BE IT RESOLED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council authorizes the development of financing of the Project, and directs that funding therefore be effected by the issuance of tax-exempt general obligation bonds by the City in an approximate principal sum not to exceed $55,000,000.00.

 

Section 2. That the Council does hereby authorize and direct that the financing arrangements referred to in this resolution including the negotiation of the financial terms and other provisions be developed by the Director of Finance and City Attorney for approval by the Council.

 

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