Title
A RESOLUTION REQUESTING THE SEDGWICK COUNTY PUBLIC BUILDING COMMISSION TO PROCEED WITH THE SALE OF REFUNDING REVENUE BONDS FOR THE PURPOSE OF REFUNDING THE PBC’S OUTSTANDING REFUNDING REVENUE BONDS (EXPLORATION PLACE PROJECT), SERIES 2003-2; DECLARING AN INTENT TO ENTER INTO A SUPPLEMENTAL LEASE WITH THE PBC RELATING TO SAID REFUNDING REVENUE BONDS; AND MAKING CERTAIN FINDINGS REGARDING OFFERING DOCUMENTS RELATED THERETO.
Presented by: Chris Chronis, Chief Financial Officer.
RECOMMENDED ACTION: Adopt the Resolution and authorize the Chairman to sign.
Body
The Board of County Commissioners (the “Board”) of Sedgwick County, Kansas (the “County”) has heretofore created The Sedgwick County Public Building Commission, a municipal corporation of the State of Kansas (the “PBC”) under the authority of K.S.A. 12-1757 et seq., as amended by Charter Resolution No. 48 of the County (the “Act”).
The PBC has issued the following revenue bonds: (a) Revenue Bonds, Series A, 1997 (Exploration Place Project), dated August 1, 1997, in the original principal amount of $16,700,000 (the “Series A, 1997 Bonds”), the proceeds of which were used to fund a portion of the costs of developing, constructing and equipping a children's museum and science center known as Exploration Place, consisting of a 90,000 square foot structure, attendant parking, landscaping and related appurtenances thereto (the “Facility”) located upon certain real property (the “Land,” and collectively with the Improvements, the “Project”) owned by the City of Wichita, Kansas (the “City”); and (b) Refunding Revenue Bonds (Exploration Place Project), Series 2003-2, in the original principal amount of $14,940,000 (the “Series 2003 Bonds”), the proceeds of which were used to refund certain maturities of the Series A, 1997 Bonds. The City has leased the Land to the PBC pursuant to a base lease, dated as of May 9, 1995 (the “Base Lease”), upon the terms and conditions set forth therein, for a term commencing J...
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