Quick look at a nearly secret ordinance that's taking on quite a bit of City Hall debt restructuring.
Check it:
#150305 - Authorizing the issuance of General Obligation Refunding Bonds, Series 2015A, of the City of Kansas City, Missouri, in a principal amount not to exceed $93,500,000.00; prescribing the form and details of said bonds; providing for the levy and collection of an annual tax for the purpose of paying the principal of and interest on said bonds as they become due; and authorizing certain other documents and actions in connection therewith.
This is a big deal if only because it shows Kansas City basically borrowing against the future and in order finance so many current misplaced priorities.
Developing . . .
Have to pay for the big toy train party
ReplyDelete5th worst run city in the country. We may be moving up a few notches this year.
ReplyDeleteIf we try, we can get to second worst run city. No doubt about it.
DeleteThey just did this last November! WTH? How come voters have to approve $500M bonds to pay for water infrastructure but the council can approve more debt on a whim?
ReplyDeleteCooperate on this. We want to be the second worst run city.
DeleteRefunding bonds are like refinancing your mortgage. They're a way of benefitting from lower interest rates. They don't involve new expenditures.
ReplyDeleteFuck your facts, renter kale mensa boy!!!!!!!!!!!!!!!!!!
ReplyDeleteThis is about the TOY TRAIN, not civics you gaywad renter kale!!!!!
Don't worry the millennials will ultimately get stuck with the bill in the long run.
ReplyDeleteGood luck kids
Scary, and I don't frighten easily.
ReplyDeleteDon't worry about debt that can't ever be repaid. We are going to be a smart city. Slick kiosks downtown, and a techy guy said we won't even need police on the streets because an app will tell you where all the crime is happening.
ReplyDelete@9:08am
ReplyDeleteThe millenials won't be stuck with KCMO's massive debt.
They will all have discovered that they really like cars after all and will have moved with their new families to the fenced yards, excellent schools, and safe neighborhoods of Prairie Village.
Good luck (and good bye) KCMO old people and small businesses.
Horrible.
ReplyDeleteMoneyshot:
"The Bonds constitute general obligations of the City payable as to both principal and interest from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. The full faith, credit and resources of the City are irrevocably pledged for the prompt payment of the principal of and interest on the Bonds as the same become due."
"...which may be levied without limitation..."
Welcome to Democratic implosion.
Facts are good 906, and it is a refinancing.
ReplyDeleteBTW, your language is a reflection of your upbringing.
It is a fact that this refinancing just shows that our debt is sky rocketing. There is no interest rate reduction, we are just prolonging payments. City Hall can't even be honest in the way that they are fleecing our taxpayers.
ReplyDeleteAnd how are they going to pay these back? PIAC money which you can vote to stop soon!!
ReplyDeleteIt seems Joe Reardon and his bond boys have given King James the gift that goes on giving. Tax increases, more pet project and broken water pipes are on the way.
ReplyDeleteI hate debt and overspending, but the keyword here is "refunding". It means that there is no new debt added to the city. What is happening is that interest rates have declined, and the city has decided to replace their existing debt with new debt and pay off the old bonds. It is like refinancing your house and not drawing out any additional funds.
ReplyDeleteThe city will replace the higher interest rate debt with lower debt. Instead of paying off the original lenders, the city will invest the proceeds in US Government bonds that match the maturity of the original debt. I am a pro-life right wing crazy, but even I think that this is a good thing.