Title
RESOLUTION REQUESTING THE SEDGWICK COUNTY PUBLIC BUILDING COMMISSION TO PROCEED WITH THE SALE OF REVENUE BONDS FOR THE PURPOSE OF ACQUIRING A PUBLIC BUILDING FROM THE BOARD OF TRUSTEES OF WICHITA STATE UNIVERSITY; DECLARING AN INTENT TO ENTER INTO A LEASE WITH THE SEDGWICK COUNTY PUBLIC BUILDING COMMISSION AND A SUBLEASE WITH THE WICHITA STATE UNIVERSITY BOARD OF TRUSTEES RELATING TO SAID REVENUE BONDS; AND MAKING CERTAIN FINDINGS REGARDING OFFERING DOCUMENTS RELATED THERETO.
Presented by: Chris Chronis, Chief Financial Officer.
RECOMMENDED ACTION: Adopt the resolution.
Body
The Resolution deems it advisable to acquire the Woodman Alumni Center (the "Project"), a public building owned by the Board of Trustees of Wichita State University (the "Trustees") and requests the Sedgwick County Public Building Commission (the "PBC") to sell up to $6,100,000 of PBC revenue bonds (the "PBC Bonds") to pay the costs of the Project and related reserves and financing costs. In order to facilitate the financing of the Project, Sedgwick County, Kansas (the "County") will need to enter into the following leases: (a) a Lease Agreement with the PBC (the "Lease") whereby the PBC agrees to acquire the Project and lease the same to the County for rentals sufficient to repay the PBC Bonds and upon such other terms and conditions set forth in the Lease; and (b) a Sublease Agreement with the Trustees (the "Sublease") whereby the County agrees to sublease the Project to the Trustees for the use and operation of the Project for rentals sufficient to pay the County's rental payments under the Lease and upon such other terms and conditions set forth in the Sublease. The Resolution authorizes the County to enter into the Lease and the Sublease provided that the sale of the PBC Bonds meets the following parameters: (a) the debt service requirements on the PBC Bonds are substantially equal in each year; and (b) the true interest cost of the PBC Bonds shall not exceed 2.00%. Addi...
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