City issues $57.29 million in General Obligation Bonds
Issuance is second in series of $800 million General Obligation authorization
FOR IMMEDIATE RELEASE: March 21, 2019
The City of Kansas City, Missouri, just issued slightly more than $57 million in general obligation bonds to fund repairs for streets, bridges and sidewalks, as well as public buildings and flood control projects.
Here’s a breakdown of how the proceeds will be distributed:
- $34 million for street, bridge and sidewalk projects
- $15.5 million for public buildings and ADA projects
- $11 million for flood control
Bank of America Merrill Lynch emerged from a group of 11 bidders to purchase the bonds with a true interest rate of 2.837 percent. The bonds are rated AA and Aa2 by Standard & Poor’s and Moody’s Investors Service, respectively.
Kansas City voters approved $800 million in bonds in April 2017 to fund a capital improvements program, for streets, sidewalks, flood control and other infrastructure needs over the next 20 years. The program is now known as GO KC.
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.
Media inquiries and requests for information can be addressed to Doug Buehler, City Treasurer, Finance Department at 816-513-1024.