ORDINANCE NO. 230371

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Sponsor: Mayor Quinton Lucas

Establishing Fund No. 3924, the Taxable General Obligation Bond Series 2024B Q2-22 Projects Fund in the records of the City of Kansas City; estimating revenues in the amount of $13,500,000.00 in Fund No. 3924, the Taxable General Obligation Bond Series 2024B Q2-22 Projects Fund and appropriating the same to fund costs of issuance of bonds and transfer the proceeds to Fund No. 2490, the Housing Trust Fund, designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon completion.

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WHEREAS, pursuant to General Obligation Bond Law, a special election was also duly held in the City on Tuesday, November 8, 2022 (the "2022 Election"), on the question of whether to issue general obligation bonds of the City in an amount not to exceed $50,000,000.00 for the purpose of affordable housing through the rehabilitation, renovation, and construction of houses and buildings, including blight removal, to provide affordable housing for very low-to moderate-income households; and

WHEREAS, the votes cast at the 2022 Election were duly canvassed as provided by law, and it was found and declared that not less than four-sevenths of the qualified voters of the City voting at the 2022 Election on said Affordable Housing Question voted in favor of the issuance of said bonds, the vote on said Affordable Housing Question having been 103,596 votes for the issuance of said bonds and 42,293 votes against the issuance of said bonds; and

WHEREAS, the City Council adopted Resolution No. 220902 on October 13, 2022, expressing its intent that any sums from the General Obligation Bonds Question No. 2 would be appropriated from the bond fund into the Housing Trust Fund; and

WHEREAS, the cost of the projects will be funded with the issuance of general obligation bonds in Spring 2024 and the payment of scheduled debt service payments on the bonds will be m...

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