AN ORDINANCE CALLING A BOND ELECTION IN THE CITY OF RICH HILL, MISSOURI, AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH.
BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF RICH HILL, MISSOURI, AS FOLLOWS:
Section 1. The Board of Aldermen of the City of Rich Hill, Missouri (the “City”) finds it necessary and hereby declares its intent to borrow $3,000,000 for the purpose of acquiring, constructing, furnishing, equipping, extending and improving the City’s combined waterworks and sewerage system (the “Project”) and to evidence such borrowing by the issuance of combined waterworks and sewerage system revenue bonds of the City in the amount of $3,000,000.
Section 2. A special bond election is hereby ordered to be held in the City on Tuesday, April 2, 2024, on the following question:
QUESTION
Shall the City of Rich Hill, Missouri, issue its combined waterworks and sewerage system revenue bonds in the amount of $3,000,000 for the purpose of acquiring, constructing, furnishing, equipping, extending and improving the City’s combined waterworks and sewerage system, the cost of operation and maintenance of said system and the principal of and interest on said revenue bonds to be payable solely from the revenues derived by the City from the operation of its combined waterworks and sewerage system, including all future extensions and improvements thereto?
The authorization of the bonds will authorize the City to fix, establish, maintain and collect rates and charges for the services provided by the City through its combined waterworks and sewerage system, including all extensions and improvements thereto hereafter constructed or acquired by the City, in addition to the other rates and charges for such services provided by law, as will produce income and revenues sufficient to provide funds to pay the costs of operation and maintenance of said combined waterworks and sewerage system and the principal of and interest on the bonds as they become due and to retire the same within thirty-five years from the date thereof, and to provide for the establishment of reasonable reserves therefor.
Section 3. The form of the Notice of Bond Election for the special election, a copy of which is attached hereto and made a part hereof, is hereby approved.
Section 4. The City Clerk is hereby authorized and directed to notify the Clerk of the County Commission of Bates County, Missouri, of the passage of this Ordinance no later than 5:00 p.m. on January 23, 2024, and to include in said notification all of the terms and provisions required by Chapter 115 of the Revised Statutes of Missouri.
Section 5. The City expects to make expenditures on and after the date of passage of this Ordinance in connection with the Project, and the City intends to reimburse itself for such expenditures with the proceeds of the bonds. The maximum principal amount of bonds expected to be issued for the Project is $3,000,000.
Section 6. The Mayor, the City Clerk and other officers and representatives of the City are hereby authorized and directed to take such other action as may be necessary to carry out the purpose and intent of this Ordinance.
Section 7. If any clause, word, paragraph, section or other part or portion of this Ordinance is held to be invalid, illegal or unconstitutional for any reason, the Board of Aldermen hereby declares it would nevertheless have enacted the remaining portions thereof and such remaining portions shall remain in full force and effect.
Section 8. This Ordinance shall be in full force and effect immediately upon passage and approval by the Board of Aldermen and approval by the President of the Board.
PASSED by the Board of Aldermen and APPROVED by the President of the Board of the City of Rich Hill, Missouri, this 17th day of January, 2024.
Terry Bonham, President of the Board
ATTEST:
Casey Crews, City Clerk
Ayes: Entrikin, Tourtillott, Simon, Bonham
Nayes: None
Absent: None