COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 020297

Stating the Councils intention to submit to the voters at the August 6, 2002 election, a proposition to issue general obligation bonds in the approximate par amount of $35 million to be used for the Citys capital improvement program.

WHEREAS, the issuance of $35 million in general obligation bonds is not anticipated to require an increase in the property tax levy for general debt service of 14 cents per $100 assessed valuation; and

WHEREAS, the Council has studied many options for additional funding for capital improvements and, having considered a number of factors, including the favorable bond market, believes that a proposal should be submitted to the voters for their approval as soon as possible; and

WHEREAS, the Council intends to continue the role of the Public Improvements Advisory Committee in the recommendation of the capital improvements and deferred maintenance to be funded with proceeds from general obligation bonds, should the voters approve the proposition at the August 6, 2002, election; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Council hereby states its intention to submit to the voters for their approval at the August 6, 2002 election, a proposition to issue general obligation bonds in the approximate par amount of $35 million to be used for the Citys capital improvement program consistent with the Community Infrastructure Committee recommendations and further states its intention to continue the role of the Public Improvements Advisory Committee in the recommendation of capital improvements and deferred maintenance to be funded with the bond proceeds.

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