Title
A Resolution authorizing the offering for sale of General Obligation Bonds for a total bond issuance not to exceed $50,000,000, for the benefit of the City of Lee's Summit, Missouri.
Body
Issue/Request:
The City received voter approval in the General Municipal Election on April 4, 2023 approved the issuance of general obligation bonds for the purposes of the following: $74,000,000 for Public Safety & Emergency Preparedness purposes acquiring land, acquiring, constructing, furnishing and equipping buildings and facilities, making certain renovations and improvements to existing facilities and acquiring equipment and network/technology improvements for public safety and emergency preparedness purposes (“Question 1”); $98,000,000 for Transportation purposes including without limitation, acquiring land and rights of way, and acquiring, constructing, reconstructing, repairing and improving streets, roads, bridges and sidewalks throughout the city and acquiring, constructing, renovating, and improving the airport (“Question 2”); and $14,000,000 for General Municipal purposes of acquiring, constructing, renovating, improving and equipping municipal buildings, facilities and network/technology infrastructure and systems including renovations and improvements to city hall and maintenance facilities (“Question 3”).
In March 2024, the City has previously issued $11,650,000 for Question 1, $10,200,000 for Question 2, and $2,835,000 for Question 3.
This second debt offering of up to $50 million could potentially include the property, acquisition, design, preconstruction, equipment and project cost for the following:
Public Safety/Emergency Preparedness (Question 1) $37,650,000
Facility Reinvestment: Emergency Preparedness
Fire Station 1 Remodel
Joint Operation Facility Building
Public Safety Technology
Police/Court Building Renovation Phase II
Police South Substation
IT Network Infrastructure Improvements
Public Roadway and Infrastructure Safety
Transportation (Question 2) $7,360,000
Hangar 2
Douglas Street- Blue Parkway to 4th Street
Lakewood Way- Woods Chapel to Bowlin Road
Scherer Road Reconstruction- Ward to M291
Sidewalk Improvements
General Municipal (Question 3) $4,990,000
Facility Reinvestment: City Facilities
ERP Replacement
TOTAL $50,000,000
These bonds will be structured with a maturity schedule designed to maintain the City's debt tax levy at its current level of $ .3697 per $100.00 assessed valuation.
The Resolution also gives the City the option to issue the bonds through either a competitive public sale or private placement. This enables the City to get the best price and terms when it sells the bonds.
Proposed Motion:
I move for the adoption of a Resolution authorizing the offering for sale of General Obligation bonds up to $50 million for the benefit of the City of Lee's Summit, Missouri.
Presenter
Briana Burrichter, Director of Finance