Wright City has been in the process of issuing $6.5 million in general obligation bonds since that no-tax increase measure was approved by the voters during the April 2 election.
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Wright City has been in the process of issuing $6.5 million in general obligation bonds since that no-tax increase measure was approved by the voters during the April 2 election.
The Wright City Board of Aldermen took two more steps towards issuing those bonds at their meeting on Sept. 12.
The board considered two measures at the meeting related to the bonds, the first of which was naming signers for a checking account that will store funds from the bond issue.
The creation of that checking account with American Bank was approved by the board at a previous meeting and the board simply needed to approve the signers for the account.
“A couple meetings ago, you guys approved us opening a checking account to put the 2024 GO (General Obligation) bonds for the Roelker Road project, and we need to have it in the minutes who the signers are going to be for that checking account,” said City Clerk Abbie Ogborn.
The board had a limited attendance as Alderman Kim Arbuthnot and Mayor Michelle Heiliger were unable to attend. Board President Ramiz Hakim led the meeting in Heiliger’s absence.
They named Hakim and Heiliger as the signers for the account through a motion that was passed unanimously by Hakim as well as Aldermen Don Andrews and Karey Owens.
They also approved a resolution accepting a proposal for underwriting on those bonds through UMB Bank.
That resolution also included the acknowledgement of disclosures under the Municipal Securities Rulemaking Board, a necessary step in the bond process.
The measure specifically referenced MSRB rule G-17 which states “In the conduct of its municipal securities or municipal advisory activities, each broker, dealer, municipal securities dealer, and municipal advisor shall deal fairly with all persons and shall not engage in any deceptive, dishonest, or unfair practice.”
The $6.5 million in general obligation bonds are to be dedicated to improvements to Roelker Road, where the Wright City R-II School District’s new high school is being constructed.
While they are obligated to Roelker Road in the bond language, there are provisions that any left over funds upon completion of that project can be used for other road improvements in the city.
