Title
A RESOLUTION AUTHORIZING AND DIRECTING THE ISSUANCE, SALE AND DELIVERY OF GENERAL OBLIGATION BONDS, SERIES B, 2018, 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: Lindsay Poe Rousseau, Chief Financial Officer.
RECOMMENDED ACTION: Award the sale of the Bonds to the best bidder and adopt the Resolution.
Body
Background: Pursuant to Resolution No. 129-2018, the Board of County Commissioners (the "Board") authorized the Chief Financial Officer to solicit bids for the Series B, 2018 Bonds (the "Bonds"). Bids will be received at 1:00 p.m. on October 23, 2018. The Bonds will be dated November 15, 2018 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 $9,660,000.
The Bonds will provide funds to permanently finance the costs of the following internal improvements previously authorized by the Board (collectively the "Projects") plus costs of issuance:
Project Description
Res. No.
Authority
Amount
(K.S.A.)
Road Improvements - Redmond
70-2016
68-728 et seq./
$438,287.99
Estates
Charter Res. 61
Bridge Improvements - 53rd St. N.
027-2018
68-1103
700,000.00
between 231st St. W. and 247th St.
W.
Bridge Improvements - 295th St. W.
027-2018
68-1103
550,000.00
between 45th St. N. and 53rd St. N.
Bridge Improvements - Pawnee
027-2018
68-1103
800,000.00
between 127th St. E. and 143rd St.
E.
Bridge Improvements - Pawnee
027-2018
68-1103
800,000.00
between 143rd St. E. and 159th St.
E.
Economic Development Grant -
069-2018
19-101 et seq.
7,000,000.00
Project Eclipse
Total:
$10,288,287.99
Alternatives: The proceeds of the B...
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