Kansas City Closes $27.8 Million Special Obligation Bond Issuance Amid COVID-19 TurbulenceNews | April 27, 2020
The City of Kansas City, Missouri, has issued $27.785 million in special obligation bonds to fund various capital improvement projects. The Series 2020 bonds were sold April 8 in three series and closed April 22, 2020.
The Series 2020A taxable bonds and Series 2020B tax-exempt bonds were issued to fund $11.38 million and $7.305 million, respectively, in various infrastructure improvements, including repairs to City Hall, the Liberty Memorial, parking garages and street reconstruction. The short-term Series 2020C tax-exempt bonds were issued to fund approximately $9.1 million in start-up costs associated with the extension of the downtown streetcar line.
In a press release by the City, Mayor Quinton Lucas said he was pleased with the results of the bond deal and those who participated. He stated that the sale allows the City “to continue doing the public’s business in the wake of the current pandemic, protecting the financial interests of all of the City’s residents now and in the future.”
Kutak Rock and Hardwick Law Firm, LLC, a certified Minority Business Enterprise (MBE) and Disadvantaged Business Enterprise (DBE), served as co-bond counsel and co-disclosure counsel.