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Legislation #: 011734 Introduction Date: 12/13/2001
Type: Resolution Effective Date: 1/10/2002
Sponsor: None
Title: Authorizing the Director of Finance 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 $10,705,000.00; 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
12/13/2001

Prepare to Introduce

12/13/2001

Referred Finance and Audit Committee

12/19/2001

Be Adopted

12/20/2001

Assigned to Third Read Calendar

1/10/2002

Adopted


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RESOLUTION NO. 011734

 

Authorizing the Director of Finance 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 $10,705,000.00; 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, pursuant to Ordinance No. 000752, the City has previously issued delivered $59,295,000.00 principal amount of General Obligation Bonds; and

 

WHEREAS, the City has determined that the third series of General Obligation Bonds shall be issued in an amount not to exceed $10,705,000.00; 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 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 third series of tax-exempt General Obligation Bonds in an approximate principal amount not to exceed $10,705,000.00.

 

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 $10,705,000.00. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.

 

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