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City issues $43.36 million in GO Bonds
Issuance is 3rd in series of $800 million GO authorization
FOR IMMEDIATE RELEASE: April 15, 2020
The City of Kansas City, Missouri, has successfully issued a total of $43.36 million in general obligation bonds to continue moving forward with capital improvements that voters approved in 2017.
The proceeds of the bonds bonds will be used to fund $21.815 million in street, bridge and sidewalk projects, $11.04 million for flood control, and $10.505 million for public building and ADA projects. Three years ago, voters approved a bond proposal that included $600 million for streets, bridges and sidewalks, $150 million for flood control, and $50 million for public buildings and ADA projects. The April 14 sale marks the third installment of these bonds.
“Tuesday’s sale allows the City to continue moving forward with the projects authorized by voters in 2017 and, importantly, allows the City to help protect the financial interests of all Kansas City residents — now and into the future,” Mayor Quinton Lucas said.
The interest rate for the Series A bonds is 2.42%. The bonds are rated AA and Aa2 by Standard & Poor’s and Moody’s Investors Service, respectively.
The City used the negotiated method of sale for the Series A bonds, with Barclays serving as the senior manager, along with Baird, Stifel Nicolaus and Valdes & Moreno as co-managers. Hilltop Securities, Inc. and Moody Reid Financial Advisors served the City on the transaction as co-financial advisors. Gilmore & Bell, P.C. and Clayborn & Associates LLC served as both co-bond counsel and co-disclosure counsel on the transaction. The Hardwick Law Firm served as counsel to the underwriters.
Progress reports on the GO KC program are available at kcmo.gov/gokc.
Media inquiries and requests for information can be addressed to City Treasurer Doug Buehler at 816-513-1024.