HomeMy WebLinkAbout2003-092 - Advancement of $1.75 Million to the Riverside Quindaro Bend Levee DistrictBILL N0.2003-92 ORDINANCE NO. 2003-92
AN ORDINANCE APPROVING THE CITY ADVANCING AN ADDITIONAL $1.75
MILLION TO THE RIVERSIDE QUINDARO BEND LEVEE DISTRICT OF PLATTE COUNTY,
MISSOURI FOR THE LEVEE PROJECT
WHEREAS, the City has approved the L-385 Levec Redevelopment Plan and the
construction of the Levee Project, Redevelopment Project [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 notes to
finance the remaining local costs of the Project ("Notes"); and
WHEREAS, the City has previously approved a reimbursement resolution stating the City's
intent to make certain expenditures relating to the Levee Project and reimburse itself from the
proceeds of the Notes; and
WHEREAS, the City has previously advanced to the District $13 million; and
WHEREAS, in order to qualify for possible receipt of additional federal funds for the federal
fiscal year ending September 30, 2003, the Corps has requested that the District provide immediately
available additional local share funds in the amount of $1.75 million ("Additional Funds"); and
WHEREAS, since the Notes have not yet been sold, the City desires to advance the
Additional 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 additional payment of $1.75 million to the District and the City
Finance Officer is authorized and directed to prepare the Additional Funds for immediate transfer
and the Mayor, City Clerk and Finance Officer are authorized and directed to cause the Additional
Funds to be transferred to the District as soon as reasonably possible without further action of this
Board.
2. The City states its intent to be reimbursed for the Additional Funds from the proceeds
of the Notes.
P SED AND ADOPTED by the Board of Aldermen of the City of Riverside, Missouri
this<,~~ay of September, 2003.
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Mayor
ATTEST:
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y Clerk