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File #: 230742    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 8/24/2023 In control: Council
On agenda: 11/30/2023 Final action: 11/30/2023
Title: Sponsor: Mayor Quinton Lucas Amending Chapter 2, Code of Ordinances of Kansas City, Missouri, Article XIV, Budgetary and Financial Policies, Division 1, Financial Planning Policies, by repealing Section 2-1957, Capital asset rating system, and enacting a new Section 2-1957 in lieu thereof relating to the Capital Asset Rating System and City-wide Funding of Infrastructure Projects.
Sponsors: Quinton Lucas
Attachments: 1. 230742com, 2. 230742 Docket Memo hb.pdf, 3. Asset Rating System FINANCE COMMITTEE 9-13-23 FINAL, 4. 230742 Asset Rating System FINANCE COMMITTEE 11.8.23, 5. Authenticated Ordinances 230742
ORDINANCE NO. 230742

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Sponsor: Mayor Quinton Lucas

Amending Chapter 2, Code of Ordinances of Kansas City, Missouri, Article XIV, Budgetary and Financial Policies, Division 1, Financial Planning Policies, by repealing Section 2-1957, Capital asset rating system, and enacting a new Section 2-1957 in lieu thereof relating to the Capital Asset Rating System and City-wide Funding of Infrastructure Projects.

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WHEREAS, Committee Substitute for Resolution No. 160951 stated the City Council's intention regarding the use of up to $800 million in general obligation bond proceeds and directed the City Manager to annually include in the City's five-year business plan a recommendation on the amount of bonds to issue each year and specific projects to be funded; and

WHEREAS, in a Special Election called on April 4, 2017, the voters of the City of Kansas City, Missouri approved the issuance of general obligation bonds for Question 1 to be used for funding Streets, Bridges, and Sidewalks, Question 2 to be used for Flood Control and Question 3 to be used for Public Buildings in a total amount up to $800 million to be issued over the course of 20 years; and

WHEREAS, in order to extend the life of the bond program, it is essential to level out spending over the next fifteen years; and

WHEREAS, capital infrastructure can have a significant effect or improvement on the quality of life of the City's neighborhoods by providing fair, transparent, and equitable services; and

WHEREAS, without world class infrastructure the City's economic prosperity, sustainability, equity and community health is at risk; and

WHEREAS, the City Council has a desire to ensure citywide-funded capital improvement projects are fairly assessed through a rating system to evaluate the impact such projects will have, NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That Chapter 2, Code of Ordinances of the City of Kansas City, Missouri, Article XI...

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