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BILL NO. 8161
<br />
<br />INTRODUCED BY MAYOR MAJERUS
<br />
<br />ORDINANCE NO. 5945
<br />
<br />AN ORDINANCE CALLING A BOND ELECTION IN THE CITY OF
<br />UNIVERSITY CITY, MISSOURI, ON THE QUESTION OF
<br />WHETHER TO ISSUE GENERAL OBLIGATION BONDS OF THE
<br />CITY OF UNIVERSITY CITY, MISSOURI; DESIGNATING THE
<br />TIME OF HOLDING SAID ELECTION; AND AUTHORIZING AND
<br />DIRECTING THE CITY CLERK TO GIVE NOTICE OF SAID
<br />ELECTION.
<br />
<br /> WHEREAS, upon due and deliberate consideration, this City Council has determined that it would
<br />be in the best interest of the City of University City, Missouri (the "City") and its citizens for the City
<br />to borrow a total of $4,804,870 for the purposes of (I) constructing and improving streets and alleys in
<br />the City; (2) acquiring, constructing, expanding, repairing, improving and equipping parks in the City;
<br />(3) acquiring, constructing and improving properties in Delmar Loop East Business District, including
<br />parking facilities and building rehabilitation, for the purpose of promoting economic development; (4)
<br />completing the restoration and improvement of public properties in the Civic Plaza Historic District; and
<br />(5) enclosing, renovating, repairing, improving and equipping the Heman Park recreation facility and
<br />installing lighting for sports fields at Heman Park; and to evidence such borrowings by the issuance of
<br />general obligation bonds of the City in the aggregate principal amount of $4,804,870.
<br />
<br /> BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI,
<br />AS FOLLOWS:
<br />
<br /> Section 1. The City Council finds it necessary and hereby declares its intent to: (a) borrow
<br />$1,801,870 for the purpose of constructing and improving streets and alleys in the City; (b) borrow
<br />$810,000 for the purpose of acquiring, constructing, expanding, repairing, improving and equipping parks
<br />in the City; (c) borrow $760,000 for the purpose of acquiring, constructing and improving properties in
<br />Delmar Loop East Business District, including parking facilities and building rehabilitation, for the
<br />purpose of promoting economic development; (d) borrow $500,000 for the purpose of completing the
<br />restoration and improvement of public properties in the Civic Plaza Historic District; and (e) borrow
<br />$933,000 for the purpose of enclosing, renovating, repairing, improving and equipping the Heman Park
<br />recreation facility and installing lighting for sports fields at Heman Park; and to evidence such borrowings
<br />by the issuance of general obligation bonds of the City in the aggregate principal amount of $4,804,870.
<br />
<br /> Section 2. An election is hereby ordered to be held in the City of University City, Missouri, on
<br />Tuesday, April 5, 1994, on the following propositions:
<br />
<br />PROPOSITION B
<br />
<br /> Shall the City of University City, Missouri, issue its general obligation bonds in the amount of
<br />$1,801,870 for the purpose of constructing and improving streets and alleys in the City?
<br />
<br />YES [ ]
<br />NO []
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