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Legislation #: 020068 Introduction Date: 1/17/2002
Type: Resolution Effective Date: 1/31/2002
Sponsor: None
Title: Authorizing the development of financing for various improvements to the sewer system through the issuance of tax-exempt revenue bonds by the City in an approximate principal amount not to exceed $12,000,000.00 and authorizing certain other actions pursuant thereto.

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. 020068

 

Authorizing the development of financing for various improvements to the sewer system through the issuance of tax-exempt revenue bonds by the City in an approximate principal amount not to exceed $12,000,000.00 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 November 4, 1997, at which election a majority of the qualified voters voted in favor of issuing $125,000,000.00 of revenue bonds for the purpose of paying the cost of extending and improving the sanitary sewer system of the City; and

 

WHEREAS, pursuant to Ordinance Nos. 980253, 990589, 000309, 001386, and 011446, the City has heretofore issued and delivered $9,200,000.00, $6,000,000.00, $13,000,000.00, $11,750,000.00, and $17,000,000.00 respectively, principal amount of Sanitary Sewer System Revenue Bonds (State Revolving Fund Program), authorized by the voters at the Election; and

 

WHEREAS, it is now necessary to proceed with the development of financing in an approximate principal amount of $12,000,000.00, Series 2002D (the Bonds), to pay the costs of extending and improving the Citys sanitary sewer system, the Bonds being a part of the $125,000,000.00 principal amount of sewer revenue bonds authorized by the voters of the City at the Election; 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 improvements to the sewer system, and states its intention to issue its tax-exempt revenue bonds in an approximate principal amount not to exceed $12,000,000.00 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 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 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 sanitary sewer 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 $12,000,000.00.

 

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