Title
A RESOLUTION DECLARING IT NECESSARY TO CONSTRUCT IMPROVEMENTS TO EXISTING ROADS IN SEDGWICK COUNTY, KANSAS, PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS TO PAY THE COSTS THEREOF; AND PROVIDING FOR PUBLICATION OF THIS RESOLUTION AS REQUIRED BY LAW. (2012 ROADS).
Presented by: Chris Chronis, CFO.
RECOMMENDED ACTION: Adopt the resolution.
Body
The Resolution declares an intent to make road improvements, provides for the issuance of general obligation bonds of the County to pay the costs thereof and authorizes the required publications, as follows:
Reconstruct 71st Street South from 135th Street West to West K-42 Highway and 183rd Street West from 71st Street S. to K-42 Highway, by reconditioning the roadbed and constructing to two-lane rural standards, in accordance with plans and specifications developed or approved by Sedgwick County Public Works.
This project is included in the adopted CIP, payable in the aggregate from County general obligation bonds ($4,000,000).
This resolution authorizes the sale of County general obligation bonds to provide permanent financing for the costs of the Project and also establishes the County’s right to fund project expenditures with available cash and then reimburse the cash accounts with the proceeds of a subsequent bond issue. The expense reimbursement period is 18 months after completion of the project or three years after the original expenditure is made, whichever is later. This provides a mechanism through which the project can be expedited and the permanent financing of the project can be delayed until an optimal future time.
The bonds authorized in this resolution are scheduled to be sold in 2012.
Alternatives:
This project could be funded in whole with the portion of sales tax dedicated to road construction projects. However, as the anticipated amount of this funding has been fully allocated to other road projects and reserves for future projects, doing so would require the elimination of fund...
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