Title
RESOLUTION REQUESTING THE SEDGWICK COUNTY PUBLIC BUILDING COMMISSION TO PROCEED WITH THE ISSUANCE OF REFUNDING REVENUE BONDS, SERIES 2012-1 (JUVENILE JUSTICE COMPLEX); RATIFYING THE EXISTING BASE LEASE AND LEASE RELATING TO SUCH TRANSACTION; AND AUTHORIZING THE EXECUTION OF CERTAIN RELATED DOCUMENTS.
Presented by: Chris Chronis, Chief Financial Officer.
RECOMMENDED ACTION: Adopt the resolution.
Body
The Board of County Commissioners (the "Board") has 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. 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 Countys Juvenile Justice Complex (the 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 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, whereby the County leased certain land where the 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 "Lease") wherein the County agreed to make rental payments to provide funds sufficient to meet the debt service requirements of the Series 2003-1 Bonds; in conjunction with the issuance of the Series 2007-1 Bonds, the PBC and the County entered into a Supplemental Base Lease and Supplemental Lease, both dated as of January 1, 2007 (the "Supplemental Leases"), wherein the Co...
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