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Council authorizes issuance of special-obligation revenue bonds for Greyhawk project
Summary
Ordinance 9-50, authorizing issuance of special-obligation improvement district revenue bonds (series 2025) for Greyhawk at Prairie Gardens 4th and 5th plat, passed 5-0. Council heard from bond counsel that bonds will fund a share of the developer's project costs.
The Basehor City Council voted to authorize issuance of special-obligation improvement district revenue bonds for the Greyhawk at Prairie Gardens project by adopting Ordinance 9-50.
Council member (speaker 7) moved to adopt the ordinance authorizing issuance of the series 2025 bonds; after a second (speaker 6) the motion passed by a unanimous roll call vote. Bond counsel Mitch Walter (Gilmore & Bell) had described the business terms as "substantially similar to the previous issues" and said the bonds would be used to pay a portion of the developer's project costs while the developer would cover the remaining balance out-of-pocket.
Staff noted property-owner waivers were on file that allowed the city to proceed with the bond authorization and related documents. If the city executes the documents, staff said it would proceed with the necessary indenture and closing certificates to complete the issuance.
