ORDINANCE NO. 100401

Calling an election on August 3, 2010, for the purpose of authorizing the issuance of General Obligation Bonds in an amount not to exceed $100,000,000.00 for capital improvements; directing the City Clerk to provide notice of the election; declaring the City’s intention to reimburse itself from bond proceeds for bond related expenditures and recognizing an emergency.

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY: 

Section 1. The City Council finds it necessary and hereby declares its intent to borrow an amount not to exceed $100,000,000.00 for the purpose of funding public improvements and to evidence such borrowing by the issuance of general obligation bonds of the City of Kansas City, Missouri, in a maximum principal amount of $100,000,000.00. 

Section 2. A special election is ordered to be held in the City of Kansas City, Missouri, on Tuesday, August 3, 2010, on the following question: 

QUESTION NO. __

Shall the City of Kansas City, Missouri, issue its general obligation bonds in an amount not to exceed $100,000,000.00 for the purpose of constructing, replacing, improving and repairing infrastructure around public and private schools located within Kansas City, as approved by the City in consultation with the Public Improvements Advisory Committee?

The authorization of the bonds will authorize the City to maintain tangible property tax rates sufficient to pay the interest and principal on the bonds until fully paid. 

Section 3. The form of the Notice of Bond Election for said election will read as follows: 

NOTICE OF BOND ELECTION

CITY OF KANSAS CITY, MISSOURI 

Notice is given to the qualified voters of the City of Kansas City, Missouri, that the City Council of the City has called a special election to be held in the City on August 3, 2010, commencing at 6:00 A.M. and closing at 7:00 P.M., C.D.T., on the question contained in the following sample ballot:

OFFICIAL BALLOT

SPECIAL BOND ELECTION

CITY OF KANSAS CITY, MISSOURI

AUGUST 3, 2010

QUESTION NO. __ 

Shall the City of Kansas City, Missouri, issue its general obligation bonds in an amount not to exceed $100,000,000.00 for the purpose of constructing, replacing, improving and repairing infrastructure around public and private schools located within Kansas City, as approved by the City in consultation with the Public Improvements Advisory Committee?

The authorization of the bonds will authorize the City to maintain tangible property tax rates sufficient to pay the interest and principal on the bonds until fully paid.  

YES [ ] NO [ ] 

Instructions to voters will be supplied by the election authorities.

_____________________________________________________________

  A complete copy of Ordinance No. 100____, submitting this question to the electorate is on file in the Office of the City Clerk of Kansas City, Missouri, and is open for inspection and copying. 

The election will be held at the following polling places in the City of Kansas City, Missouri: [insert list in last publication only]

______________________________________________________________

  I certify that the foregoing is the legal notice to be published pursuant to Section 115.127, R.S.Mo., as amended.

  Given under my hand and the official seal of the City of Kansas City, Missouri, _________, 2010.

(SEAL) _________________________________

VICKIE THOMPSON

City Clerk of Kansas City, Missouri

Before me a notary public personally appeared Vickie Thompson, to me known to be the City Clerk of Kansas City, Missouri, and the person who acknowledged to me that she executed the same for the purposes therein stated.

____________________________________

Notary Public

My Commission Expires: ______________________

Section 4. Upon passage of this ordinance the Clerk shall immediately deliver certified copies of this ordinance and notice of election to the Board of Election Commissioners of Kansas City, Missouri, the Board of Election Commissioners of Platte and Clay Counties, Missouri, and to the Clerk of the County Commission of Cass County, Missouri.

Section 5. That the City expects to make capital expenditures in connection with the projects to be financed and hereby declares its official intent to reimburse itself for certain expenditures made within 60 days prior to or on and after the date of this ordinance with the proceeds of the bonds. The maximum principal amount of obligations expected to be financed for the projects is $100,000,000.00. This constitutes a declaration of official intent under Treasury Regulation 1.150-2.

Section 6. This Ordinance providing for the submission of a question to the people of Kansas City, Missouri is recognized to be an emergency measure within the meaning of Section 15, Article II of the Charter, and takes in accordance with that section.

________________________________________________

  Approved as to form and legality:

_________________________________

Heather A. Brown

Senior Associate City Attorney