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INTRODUCED: Councilmember Jennings DATE: January 12,2015 BILL NO. 9250 ORDINANCE NO. 6979 AN ORDINANCE CALLING A GENERAL OBLIGATION BOND ELECTION IN THE CITY OF UNIVERSITY CITY, MISSOURI FOR STREET, SIDEWALKS AND ALLEY IMPROVEMENTS AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI, AS FOLLOWS: Section 1. The City Council of the City of University City, Missouri (the "City") finds it necessary and hereby declares its intent to borrow $20,000,000 for the purpose of constructing, reconstructing, resurfacing and improving streets, sidewalks and alleys (the "Project"), and to evidence such borrowing by the issuance of general obligation bonds of the City in the amount of$20,000,000. Section 2. An election is hereby ordered to be held in the City on Tuesday, April 7, 2015, on the following proposition: PROPOSITION S Shall the City of University City, Missouri, issue its general obligation bonds in the amount of Twenty Million Dollars ($20,000,000) for the purpose of constructing, reconstructing, resurfacing,paving and improving streets,sidewalks and alleys? The authorization of the bonds will authorize the levy and collection of an annual tax in addition to the other taxes provided for by law on all taxable tangible property in the City sufficient to pay the interest and principal of the bonds as they fall due and to retire the same within twenty years from the date thereof. Section 3. The form of the Notice of Bond Election for the election, a copy of which is attached hereto as Exhibit A and made a part hereof, is hereby approved. Section 4. A Debt Statement, a copy of which is attached hereto as Exhibit B and made a part hereof, setting forth the information required by Section 43 of the City's Charter, is hereby approved. Section 5. The City Clerk is hereby authorized and directed to notify the Board of Election Commissioners of St. Louis County,Missouri of the adoption of this Ordinance no later than 5:00 p.m. on January 27, 2015, and to include in said notification all of the terms and provisions required by Chapter 115 of the Revised Statutes of Missouri, as amended, and the City's Charter. Section 6. The City expects to make expenditures on and after the date of adoption 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$20,000,000.