Title
An Ordinance Calling an Election to Authorize the Issuance of General Obligation Bonds for the City of Lee's Summit, Missouri, Related to Curb Replacements and Improvements.
Body
Issue/Request:
An Ordinance Calling an Election to Authorize the Issuance of General Obligation Bonds for the City of Lee's Summit, Missouri, Related to Curb Replacements and Improvements.
Key Issues:
City staff has prepared the proposed ordinance and ballot language for the proposed curb replacement and improvement "No Tax Increase" bond initiative in the amount of $450,000 as identified by the Mayor and City Council for the August 6, 2019 special election
Proposed City Council Motion:
An Ordinance Calling an Election to Authorize the Issuance of General Obligation Bonds for the City of Lee's Summit, Missouri, Related to Curb Replacements and Improvements - I move for second reading.
Background:
On January 15, 2019 City staff provided the Mayor and City Council with a presentation regarding the City's debt issuance capacity. The Mayor and City Council directed City staff prepare a listing of potential No Tax Increase (NTI) bond projects that could be considered for an August 2019 NTI bond election to maintain the City's current tax levy. The Mayor and City Council directed staff to work with the Community and Economic Development Committee (CEDC) to develop a recommendation(s) to present to the Mayor and City Council for an August NTI election. City staff presented proposed projects & initiatives to the CEDC on March 13th and to the Mayor and Council at the April 9, 2019 Work Session.
The Mayor and City Council identified initiatives for staff to prepare ordinance(s) and ballot question(s) which are being presented for consideration.
The City has strived to maintain a consistent tax levy for debt service since the late 1990s. The City's tax levy is currently $0.4697 per $100.00 assessed valuation. The residents and the City benefit from the level maintenance of the tax ...
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