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Legislation #: 030917 Introduction Date: 8/14/2003
Type: Resolution Effective Date: none
Sponsor: None
Title: Authorizing the development of financing for various improvements to the sanitary sewer system through the issuance of tax-exempt sanitary sewer revenue bonds by the City in an approximate principal amount not to exceed $30 million, and authorizing certain other actions pursuant thereto.

Legislation History
DateMinutesDescription
8/13/2003

Prepare to Introduce

8/14/2003

Referred Finance Committee

8/27/2003

Immediate Adoption as a Committee Substitute

8/28/2003

Adopted as Substituted


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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 030917

 

Authorizing the development of financing for various improvements to the sanitary sewer system through the issuance of tax-exempt sanitary sewer revenue bonds by the City in an approximate principal amount not to exceed $30 million, 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 million 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, 011446 as amended, Committee Substitute for Ordinance 020418, and Ordinance No. 021206, the City has heretofore issued and delivered $9.2 million, $6 million, $13 million, $11.75 million, $17 million, $12 million, and $10 million, respectively, principal amounts of sanitary 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 an approximate principal amount not to exceed $30 million, Series 2003G (the Bonds), to pay the costs of extending and improving the Citys sanitary sewer system (Projects), the Bonds being a part of the $125 million 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 sanitary sewer system, and states its intention to issue its tax-exempt sewer revenue bonds in approximate principal amounts not to exceed $30 million 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 Projects) with the proceeds of bonds expected to be issued by the City. The maximum principal amount of sanitary sewer revenue bonds expected to be issued for the Projects will not exceed $30 million. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.

 

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