KCMO Issues $28M in Infrastructure Improvement Bonds

Kansas City has issued just under $27.79 million in improvement bonds  that would make infrastructure repairs to City Hall, Liberty Memorial, street reconstruction in the City Market area and parking garages. A $9.1-million portion would also be used to fund the Downtown Steetcar line extension.

“I am very pleased with the results,” said Mayor Quinton Lucas, in a press release. “Our staff and the finance professionals who assist them have worked diligently during these turbulent times to ensure that the needs of our residents are served and protected. This 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.”

The bonds were issued in three series. There will be bonds of $11.38 million and $7.305 million, to fund the City Hall, Liberty Memorial, parking lot and street improvements. Another bond of approximately $9.1 million would fund costs associated with the extension of the Streetcar.

UMB Bank is serving as senior manager, along with Valdes and Moreno as co-manager.