COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 220663
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Calling an election on November 8, 2022, for the purpose of authorizing the issuance of an amount not to exceed $175,000,000.00 in General Obligation Bonds to finance various public improvements across two ballot questions; directing the City Clerk to provide notice of the election; declaring the City's intention to reimburse itself from bond proceeds for bond related expenditures; directing the City Clerk to notify the responsible election authorities of this election; recognizing this ordinance as having an accelerated effective date; and establishing an effective date for the voter authorization.
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WHEREAS, the City has significant deferred maintenance needs related to public buildings, parks, recreation and entertainment facilities and affordable housing; and
WHEREAS, this measure is designed as a "no tax increase" initiative since the authorization will be used over a five year period to match the roll off of existing general obligation debt; NOW, THEREFORE;
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. The City Council finds it necessary and hereby declares its intent to borrow an amount not to exceed $175,000,000.00 for the purpose of paying for capital infrastructure and to evidence such borrowing by the issuance of general obligation bonds of the City of Kansas City, Missouri (the "City"), in a maximum principal amount of $175,000,000.00.
Section 2. A special election is ordered to be held in the City on Tuesday, November 8, 2022, on the following question:
QUESTION NO. 1
Shall the City of Kansas City, Missouri issue its general obligation bonds in an amount not to exceed $125,000,000.00 for the purpose of paying for the acquisition, construction, renovation, improvement, equipping, and furnishing of City parks, recreation, and entertainment facilities?
The authorization of the bonds will authorize the City to maintain tangible property tax rates suf...
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