ORDINANCE NO. 230925
title
Sponsor: Director of the Finance Department
Establishing Fund No. 8194, the Sewer Revenue Bond Series 2024A Projects Fund, in the records of the City of Kansas City; estimating revenues in the amount of $107,198,000.00 in Fund No. 8194, the Sewer Revenue Bond Series 2024A Projects Fund, and appropriating the same; declaring the intent of the City to reimburse itself from the bond proceeds for certain expenditures; authorizing the Director of Finance to close project accounts upon completion; and recognizing an accelerated effective date.
body
WHEREAS, the City owns and operates a revenue producing sewerage system, consisting of sanitary sewers and combined sewers, serving the City, its inhabitants and others within its service area, including connected and related appurtenances and facilities and extensions, improvements, additions and enlargements made or acquired by the City after the date of this Ordinance (the "Sanitary Sewer System" or "System"); and
WHEREAS, the City desires to extend and improve the Sanitary Sewer System (as defined herein) and desires to finance the proposed extensions and improvements to the Sanitary Sewer System, in whole or in part, from the proceeds of revenue bonds; and
WHEREAS, a special bond election was duly held in the City on April 5, 2022 (the "2022 Election") on the following question:
QUESTION NO. 1
Shall the City of Kansas City, Missouri, issue sanitary system revenue bonds in the principal amount of $750,000,000.00 for the purpose of rehabilitating, expanding and improving of the City's sanitary sewer system, including acquiring necessary land and rights of way, in order to provide for its continuing operation and to maintain compliance with federal, state and judicial requirements, with the principal of and interest on said revenue bonds to be payable solely from the revenues derived by the City from the operation of its sanitary sewer system, including all future reha...
Click here for full text