Title
A RESOLUTION DECLARING IT NECESSARY TO CONSTRUCT IMPROVEMENTS TO EXISTING ROADS IN SEDGWICK COUNTY, KANSAS, UNDER THE AUTHORITY OF K.S.A. 68-5, 103; PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS TO PAY THE COSTS THEREOF; AND PROVIDING FOR PUBLICATION OF THIS RESOLUTION AS REQUIRED BY LAW (2013 ROADS).
Presented by: Chris Chronis, Chief Financial Officer.
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:
Road No. Project Location
R259 135th St. West from K-42 to 71st St. South.
This project is included in the adopted CIP, payable in the aggregate from County general obligation bonds ($3,349,500); and County sales tax revenues ($400,000).
This resolution authorizes the sale of County general obligation bonds to provide permanent financing for a portion of the costs of the Projects 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 projects or three years after the original expenditure is made, whichever is later. This provides a mechanism through which the projects can be expedited and the permanent financing of the projects can be delayed until an optimal future time.
The bonds authorized in this resolution are scheduled to be sold in 2013.
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 funding for these projects.
Financial Considerations:
Issuance of these bonds is contemplated in the County’s finan...
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