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Legislation #: 000458 Introduction Date: 4/6/2000
Type: Resolution Effective Date: 4/20/2000
Sponsor: None
Title: Providing authorization to proceed with the development of financing for the continuation of the Streetlight Project through the issuance of General Obligation Bonds in an amount not to exceed $62,000,000.00; authorizing certain other actions pursuant thereto; and declaring the intent of the City to reimburse itself from bond proceeds for certain expenditures.

Legislation History
DateMinutesDescription
4/6/2000

Prepare to Introduce

4/6/2000

Referred Finance and Audit Committee

4/12/2000

Be Adopted

4/13/2000

Assigned to Third Read Calendar

4/20/2000

Adopted


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RESOLUTION NO. 000458

 

Providing authorization to proceed with the development of financing for the continuation of the Streetlight Project through the issuance of General Obligation Bonds in an amount not to exceed $62,000,000.00; authorizing certain other actions pursuant thereto; and declaring the intent of the City to reimburse itself from bond proceeds for certain expenditures.

 

WHEREAS, on April 1, 1997, the electorate of Kansas City approved the issuance of General Obligation Bonds in the amount of $110,000,000.00 to finance the Streetlight Project (the "Project"); and

 

WHEREAS, pursuant to Ordinance No. 970873, the City has previously issued and delivered $40,000,000.00 principal amount of General Obligation Bonds; and

 

WHEREAS, the City has determined that the second series of General Obligation Bonds shall be issued in an amount not to exceed $62,000,000.00; and

 

WHEREAS, the City has selected the firms of Fahnestock & Co. Inc. 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 and Bell, P.C. and Hardwick Law Firm, P.C. to act as 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 Acting Director of Finance is hereby authorized to proceed with the development of financing for the continuation of the Streetlight Project through the issuance of the second series of tax-exempt General Obligation Bonds in an approximate principal amount not to exceed $62,000,000.00.

 

Section 2. 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 the Project with the proceeds of General Obligation 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 $62,000,000.00. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.

 

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