Title
A RESOLUTION REQUESTING THE SEDGWICK COUNTY PUBLIC BUILDING COMMISSION (PBC) TO PROCEED WITH THE SALE OF REFUNDING REVENUE BONDS FOR THE PURPOSE OF REFUNDING THE PBC'S OUTSTANDING REVENUE BONDS, SERIES 2007-1 (JUVENILE JUSTICE COMPLEX) AND SERIES 2008-1 (TECHNICAL EDUCATION COMPLEX); DECLARING AN INTENT TO ENTER INTO SUPPLEMENTAL LEASES WITH THE PBC RELATING TO SAID REFUNDING REVENUE BONDS; AND MAKING CERTAIN FINDINGS REGARDING OFFERING DOCUMENTS RELATED THERETO.
Presented by: Chris Chronis, Chief Financial Officer.
RECOMMENDED ACTION: Adopt the resolution.
Body
The Board of County Commissioners (the "Board") of Sedgwick County, Kansas (the "County") has heretofore created The Sedgwick County Public Building Commission, a municipal corporation of the State of Kansas (the "PBC") under the authority of K.S.A. 12-1757 et seq., as amended by Charter Resolution Nos. 45 and 48 of the County (jointly the "Act").
The PBC has issued the following revenue bonds: (a) Sedgwick County Public Building Commission Revenue Bonds, Series 2003-1 (Juvenile Justice Complex), dated December 1, 2003, in the original principal amount of $21,400,000 (the "Series 2003-1 Bonds") to provide financing for the County's Juvenile Justice Complex (the "Juvenile Justice Complex"), and (b) Sedgwick County Public Building Commission Revenue Bonds, Series 2007-1 (Juvenile Justice Complex), dated January 1, 2007, in the original principal amount of $15,445,000 (the "Series 2007-1 Bonds") to provide additional funding for the Juvenile Justice Complex. In conjunction with the issuance of the Series 2003-1 Bonds, the County, as Lessor, and the PBC, as Lessee, entered into a Base Lease dated as of December 1, 2003 (the "Juvenile Justice Base Lease"), whereby the County leased certain land where the Juvenile Justice Complex is located to the PBC, and the PBC, as Issuer, and the County, as Tenant, entered into a Lease dated as of December 1, 2003 (the "Juvenile Justice Lease") wherein t...
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