ORDINANCE NO. 250214
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Sponsor: Director of Finance Department
Authorizing the issuance of General Obligation Bonds, Series 2025A, of the City of Kansas City, Missouri, in a principal amount not to exceed $61,000,000.00; prescribing the form and details of said bonds; providing for the levy and collection of an annual tax for the purpose of paying the principal of and interest on said bonds as they become due; and authorizing certain other documents and actions in connection therewith, estimating and appropriating bond proceeds in various funds to record premium on sale of bonds; declaring the intent of the City to reimburse itself from the bond proceeds for certain expenditures; authorizing the Director of Finance to take certain actions in connection with the bonds; and recognizing this ordinance as having an accelerated effective date.
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WHEREAS, the City of Kansas City, Missouri (the "City"), is authorized under the provisions of Article VI, Section 26 of the Constitution of Missouri, 1945, as amended, and its charter (the "General Obligation Bond Law") to incur indebtedness and issue and sell general obligation bonds of the City to evidence such indebtedness for lawful purposes, upon obtaining the approval of the required majority of the qualified electors of the City voting on the question to incur such indebtedness; and
WHEREAS, pursuant to General Obligation Bond Law, a special election was duly held in the City on Tuesday, April 4, 2017 (the "2017 Election"): (1) on the question of whether to issue general obligation bonds of the City in an amount not to exceed $600,000,000.00 for the purpose of paying for the construction and reconstruction of streets, bridges and sidewalks (the "Street, Sidewalk & Bridge Question"); (2) on the question of whether to issue general obligation bonds of the City in an amount not to exceed $150,000,000.00 for the purpose of paying for the acquisition, construction, equipping and reconstruction of flood c...
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