Title
AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE, SALE AND DELIVERY OF $14,575,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES 2017A OF THE CITY OF LEE’S SUMMIT, MISSOURI, AND AUTHORIZING CERTAIN OTHER DOCUMENTS AND ACTIONS IN CONNECTION THEREWITH.
(NOTE: City Council, First Reading - July 27, 2017.)
Body
Issue/Request:
AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE, SALE AND DELIVERY OF $14,575,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES 2017A OF THE CITY OF LEE’S SUMMIT, MISSOURI, AND AUTHORIZING CERTAIN OTHER DOCUMENTS AND ACTIONS IN CONNECTION THEREWITH.
Key Issues:
Authorize the issuance of $14,575,000 of General Obligation Bonds to pay a portion of the costs of Public Safety Improvements
Proposed Council Motion:
I move for adoption of AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE, SALE AND DELIVERY OF $14,575,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES 2017A OF THE CITY OF LEE’S SUMMIT, MISSOURI, AND AUTHORIZING CERTAIN OTHER DOCUMENTS AND ACTIONS IN CONNECTION THEREWITH.
Background:
The voters authorized $4,415,000 of general obligation bonds on November 5, 2002, for Public Safety Improvements. $4,340,000 of the bonds authorized have previously been issued, leaving $75,000 of authorized but unissued bonds.
The voters authorized $14,500,000 of general obligation bonds on November 8, 2016, for Public Safety Improvements. None of the bonds authorized at the November 8, 2016 election have been issued, leaving $14,500,000 of authorized but unissued bonds.
The Preliminary Official Statement is attached as is the Recommendations for Issuance of Bonds.
The City will receive bids on Thursday, August 10th for the sale of $14,575,000 in General Obligation Bonds. The ultimate purchaser and interest rates will not be known until that day.
Impact/Analysis:
The City has been making improvements to its Public Safety infrastructure and equipment through the use of General Obligation Bond financing. I...
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