Title
An Ordinance authorizing and directing the issuance of $5,000,000 principal amount of General Obligation Bonds, Series 2021A, and authorizing certain other documents and actions by the City.
(Note: First reading by City Council on January 5, 2021. Passed by unanimous vote.)
Body
The voters of the City of Lee's Summit on August 6, 2019, approved the issuance of $19,475,000 of general obligation bonds for the purpose of acquiring land, making certain improvements and acquiring equipment for public safety purposes including (a) the acquisition, construction, furnishing and equipping of a new fire station and the purchase of associated apparatus to replace Fire Station No. 4, (b) the acquisition, construction, furnishing and equipping of a new fire station to replace Fire Station No. 5, (c) the acquisition and installation of new police automobile video systems and police body-worn camera systems, (d) renovations and improvements to enhance facility security, public access, customer service and operational efficiency in the Police and Courts Municipal Building and (e) purchasing and installing new infrastructure to renovate, improve and upgrade the City’s wireless and fiber optic communications network among City Hall and other City facilities.
The City issued $9,055,000 of those general obligation bonds on January 22, 2020 at a rate of 1.89% to finance a portion of the costs of the improvements leaving a balance of $10,760,000 of authorized but unissued bonds for future use. The City now plans to issue an additional $5 million of the previously authorized bonds to cover additional costs of the improvements. This issuance will leave a balance of $5,760,000 of authorized but unissued bonds for future use. For this issuance (as in 2020), a private placement method has been selected based on the research and advice of the City's financial advisor, Columbia Capital Management. The interest rate on the bonds has been locked in at a fixed annual tax-exempt r...
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