Title
A RESOLUTION DECLARING IT NECESSARY TO BUILD OR REPAIR EXISTING BRIDGES IN THE COUNTY UNDER THE AUTHORITY OF K.S.A. 68-1103; PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS TO PAY THE COSTS THEREOF; AND PROVIDING FOR PUBLICATION OF THIS RESOLUTION AS REQUIRED BY LAW (2013 BRIDGE PROJECTS).
Presented by: Chris Chronis, Chief Financial Officer.
RECOMMENDED ACTION: Adopt the resolution.
Body
The Resolution declares an intent to make improvements to bridges and authorizes the issuance of general obligation bonds in an amount not to exceed $710,500 to pay the County's share of the costs thereof and associated bond issuance costs. The bridges to be improved are as follows:
CIP No. Project Description Cost Estimate
B-447 Bridge on 55th St. South between Meridian and West St. $300,0001
B-448 Bridge on 103rd St. South between Hoover and Ridge 150,0002
B-449 Bridge on 107th St. South between 231st St. West and 247th St. West 200,0003
B-451 Bridge on 239th St. West between K-42 and 103rd St. South 50,0004
Total $700,000
1 $300,000 in GO bonds; and $350,000 in available sales tax funds
2 $150,000 in GO bonds; and $243,894 in available sales tax funds
3 $200,000 in GO bonds; and $700,000 in available sales tax funds
4 $50,000 in GO bonds; $200,000 in FHWA funds and $100,000 in available sales tax funds
This resolution establishes the county’s right to fund expenditures for certain projects with available cash and then reimburse the cash accounts with the proceeds of a subsequent bond issue. It also authorizes the sale of bonds to provide permanent financing for those projects. Thus, it provides a mechanism through which the projects can be expedited and the permanent financing of the projects can be delayed until an optimal future time.
These projects are included in the adopted Capital Improvement Program, and are programmed to be funded in part with bond proceeds and in part with sales tax and federal grant revenue.
The bo...
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