Title
A RESOLUTION AUTHORIZING AND DIRECTING THE ISSUANCE, SALE AND DELIVERY OF GENERAL OBLIGATION BONDS, SERIES A, 2011, AND GENERAL OBLIGATION REFUNDING BONDS, SERIES B, 2011, 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, CFO.
RECOMMENDED ACTION: Award the sale of each series of the Bonds to the best bidder and adopt the resolution.
Body
Pursuant to Resolution No. 170-2011, the Board of County Commissioners authorized the Chief Financial Officer to solicit bids for the Series A, 2011 and Series B, 2011 Bonds (collectively, the "Bonds"). Bids will be received at 10:00 a.m. on September 21, 2011. The Bonds will be dated October 1, 2011 and are scheduled to close on October 13, 2011. The principal amounts of the Bonds are subject to change based on bids received, currently estimated to be: Series A, 2011 - $8,025,000 and Series B, 2011 - $6,505,000.
The Series A, 2011 Bonds are scheduled to mature August 1, 2012 through August 1, 2031 and will provide funds to permanently finance a portion of the costs of the following special assessment improvements:
Project Description Res. No. Authority Amount
Street Improvements - 62-2010 K.S.A. 68-728 et seq./ $198,515.24
Cedar Hills Estates Ch. Res. No. 61
and the following capital projects (plus costs of issuance):
Project Description Res. No. Authority Amount
Road Improvements - 28-2011 K.S.A. 68-5, 103 $4,000,000
98.75 miles of reconstruction
Courthouse Improvements 118-2011 K.S.A. 19-1500/
Ch. Res. 56 $3,718,732
Total $7,718,732
1 Net of available Issuer Sales Tax Funds ($4,000,000)
2 Net of reallocated amounts to Series A, 2009 Bonds ($1,211,419)
The Series B, 2011 Bonds will be issued to refin...
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