HomeMy WebLinkAbout2003-082 - Advancement of $1.3 Million to the Riverside Quindaro Bend Levee DistrictBILL NO. 2003-82
oRDINANCE No. 2 0 0 3- s 2
AN ORDINANCE APPROVING THE CITY' ADVANCING $1.3 MILLION TO THE
RIVERSIDE QUINDARO BEND LEVEE DISTRICT OF PLATTE COUNTY, MISSOURJ
FOR THE LEVEE PROJEC'T'
WHEREAS, the City has approved the L-385 Levee Redevelopment Plan and the
construction of the Levee Project, Redevelopment Project I thereunder ("Project"); and
WHEREAS, the City, in conjunction with the Riverside Quindaro Bend Levee District of
Platte County, Missouri ("District"), is pursuing the construction of the Project; and
WHEREAS, the City is in the process of pursuing the issuance of special revenues bonds
to finance the remaining local costs of the Project ("Bonds"): and
WHEREAS, in order to move forward with the Project, the District is in immediate need
of approximately $1.3 million (the "Funds") by September 3, 2003; and
WHEREAS, since the Bonds have not yet been sold, the City desires to advance the
Funds to the District.
NOW THEREFORE, BE IT ORDAINED by the Board of Aldermen of the City of
Riverside, Missouri, as follows:
1. The City approves the payment of $1.3 million to the District and the City Fnance
Officer is authorized and directed io prepare the Funds for immediate transfer and the Mayor,
City Clerk and Finance Officer are authorized and directed to cause the Funds to be transferred
to the District as soon as reasonably possible without further action of this Board.
2. The City expects to be reimbursed for the Funds from the proceeds of the Bonds.
PtjnSSED AND ADAPTED by the Board of Aldermen of the City of Riverside, Missouri
thi~ y of September, 2003.
ATTEST:
[seal]
Ci Clerk
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Mayor t