ORDINANCE NO. 231010
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Sponsor: Director of the Finance Department
Authorizing the issuance, sale and delivery of not to exceed $120,000,000.00 Sanitary Sewer System Improvement Revenue Bonds, Series 2024A of the City of Kansas City, Missouri, for the purpose of rehabilitating, expanding and improving the City's sanitary sewer system, prescribing the form and details of said bonds and the covenants and agreements made by the City to facilitate and protect the payment thereof; prescribing other matters relating thereto and estimating and appropriating $6,402,000.00 in the Sewer Revenue Bond Fund Series 2024A; and recognizing this ordinance as having an accelerated effective date.
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WHEREAS, the City of Kansas City, Missouri (the "City"), is a constitutional charter city, organized and existing under the constitution and laws of the State of Missouri; and
WHEREAS, the City now 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 rehabilitate, expand 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, the City is authorized under the provisions of Chapter 250 of the Revised Statutes of Missouri, as amended (the "Act") to issue and sell revenue bonds for the purpose of paying all or part of the cost of rehabilitating, expanding and improving the Sanitary Sewer System, with the cost of operation and maintenance of the Sanitary Sewer System and the principal of and interest on revenue bonds payable solely fr...
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