Title
An Ordinance authorizing the issuance, sale and delivery of not to exceed $27,500,000 principal amount of General Obligation bonds, Series 2024A of The City of Lee’s Summit, Missouri, and authorizing certain other documents and actions by the City.
(First read by Council on February 13, 2024. Passed by unanimous vote.)
Body
Issue/Request:
An Ordinance authorizing the issuance, sale and delivery of not to exceed $27,500,000 principal amount of General Obligation bonds, Series 2024A of The City of Lee’s Summit, Missouri, and authorizing certain other documents and actions by the City.
Key Issues:
Authorize the issuance of up to $27,500,000 of General Obligation Bonds to pay a portion of the costs of Public Safety & Emergency Preparedness, Transportation and General Municipal projects.
Proposed Council Motion:
I move for adoption of an Ordinance authorizing the issuance, sale and delivery of not to exceed $27,500,000 principal amount of General Obligation bonds, Series 2024A of The City of Lee’s Summit, Missouri, and authorizing certain other documents and actions by the City.
Background:
The City received voter approval in the General Municipal Election on April 4, 2023 approving the issuance of general obligation bonds for the following purposes: $74,000,000 for Public Safety & Emergency Preparedness for purposes of 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 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...
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