Title
A RESOLUTION DECLARING IT NECESSARY TO AUTHORIZE THE PAYMENT OF THE COSTS OF IMPROVEMENTS TO EXISTING BRIDGES IN SEDGWICK COUNTY, KANSAS, AND PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS TO PAY THE COSTS THEREOF (KDOT BRIDGE REFINANCING).
Presented by: Chris Chronis, Chief Financial Officer.
Recommended Action: Adopt the resolution.
Body
Background: In 2003, the Board authorized improvements to be made to a bridge located on 167th Street West between K-96 and 85th Street North within the county and authorized the execution of a Transportation Revolving Fund Loan Agreement with the Kansas Department of Transportation to provide financing for the improvement. The county subsequently executed TRF Loan #0018 on January 5, 2005 in the amount of $3,412,564.23 to pay the costs of this and several other projects, and $2,187,976.79 of the loan will remain outstanding after the next scheduled payment.
In 2007, the Board authorized improvements to be made to a bridge located on 61st Street North between Broadway and Seneca within the county and authorized the execution of a TRF Loan Agreement with the KDOT to provide financing for the improvement. The county subsequently executed TRF Loan #0116 on July 15, 2009 in the amount of $748,076.04 to pay these project costs, and $636,496.29 of the loan will remain outstanding after the next scheduled payment.
Also in 2007, the Board authorized improvements to be made to a bridge located on Ridge Road between 61st Street North and 69th Street North within the county and authorized the execution of a TRF Loan Agreement with the KDOT to provide financing for the improvement. The county subsequently executed TRF Loan #0117 on July 15, 2009 in the amount of $353,698.80 to pay these project costs, and $300,942.54 of the loan will remain outstanding after the next scheduled payment.
In several other years the county also executed TRF loan agreements to finance road and bridge projects, including several whi...
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