Title
A RESOLUTION DESIGNATING THE USE OF A PORTION OF THE SPECIAL AD VALOREM TAX LEVY MADE PURSUANT TO THE AUTHORITY OF K.S.A. 19-101a, Home Rule Resolution No. 221-1987 of the County, and K.S.A. 12-1758, as amended by Charter Resolution No. 48 of the County REGARDING THE ISSUANCE OF REVENUE BONDS BY THE SEDGWICK COUNTY PUBLIC BUILDING COMMISSION TO FINANCE CERTAIN LAND AND BUILDINGS TO BE LEASED TO THE BOARD OF TRUSTEES OF WICHITA STATE UNIVERSITY; MAKING CERTAIN FINDINGS REGARDING OFFERING DOCUMENTS RELATED THERETO; AND AUTHORIZING CERTAIN DOCUMENTS AND ACTIONS RELATING THERETO.
Presented by: Chris Chronis, Chief Financial Officer.
RECOMMENDED ACTION: Approve the Resolution.
Body
Since 1987, pursuant to an Interlocal Agreement executed by the County and Wichita, the County has levied a special 1.5 mill ad valorem tax for Wichita State University. WSU has requested that the BOCC authorize the use of this revenue as security for bonds the University intends to have issued to finance part of the proposed Innovation Campus.
The WSU Board of Trustees has adopted a resolution requesting, provided certain conditions are satisfied, the issuance of up to $72-million of bonds to finance:
1. the construction of an addition to the Woodman Alumni Center that is estimated to cost $1,000,000;
2. demolition of Wheatshocker Apartments and construction on that site of a building to house the University's technology transfer and experiential learning programs, at an estimated cost of $47,000,000;
3. the construction of a portion of a building to house additional facilities for the experiential learning programs, at an estimated cost of $10,000,000;
4. improvements to the University's perimeter road and parking lots at an estimated cost of $2,000,000; and
5. capitalized interest, reserves and transaction costs at an estimated cost of up to $12,000,000.
In the WSU resolution the Board of Trustees asks the Sedgwick County Public Building Commission to issue the b...
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