Title
A RESOLUTION AUTHORIZING AND DIRECTING THE ISSUANCE, SALE AND DELIVERY OF GENERAL OBLIGATION BONDS, SERIES A, 2012, OF SEDGWICK COUNTY, KANSAS; PROVIDING FOR THE LEVY AND COLLECTION OF AN ANNUAL TAX FOR THE PURPOSE OF PAYING THE PRINCIPAL OF AND INTEREST ON SAID BONDS AS THEY BECOME DUE; MAKING CERTAIN COVENANTS AND AGREEMENTS TO PROVIDE FOR THE PAYMENT AND SECURITY THEREOF; AND AUTHORIZING CERTAIN OTHER DOCUMENTS AND ACTIONS CONNECTED THEREWITH.
Presented By: Chris Chronis, Chief Financial Officer.
RECOMMENDED ACTION: Award the sale of each series of the bonds to the best bidder and adopt the resolution.
Body
Pursuant to Resolution No. 106-2012, the Board of County Commissioners (the "Board") authorized the Chief Financial Officer to solicit bids for the Series A, 2012 Bonds. Bids will be received at 10:00 a.m. on July 25, 2012. The Bonds will be dated August 15, 2012, and are scheduled to close on the same date. The principal amounts of the Bonds are subject to change based on bids received, currently estimated to be$10,175,000.
The Bonds will provide funds to: (a) permanently finance the costs of the following internal improvements previously authorized by the Board (the Project), plus costs of issuance:
Project Description Res No. Authority (K.S.A.) Amount
Reconstruct 71st St S from 135th St W to K-42 and 35-2012 68-5,103 / 68-1103 $4,000,000
183rd St W from 71st St S to K-42
; and (b) refinance the following County bonds (the Refunded Bonds), in order to achieve a present value interest cost savings:
Description Series Dated Date Years Amount
General Obligation Bonds A, 2005 June 1, 2005 2016 to 2025 $5,785,000
The portion of the Bonds issued to finance the Project are scheduled to mature August 1, 2013 through August 1, 2032. The portion of the Bonds issued to refinance the Refunded Bonds will mature over the same period of the Refunded Bonds (2016-2025).
Alternatives:
The Board could decline to award the sale of the bonds. Doing so could...
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