Title
RESOLUTION AUTHORIZING THE OFFERING FOR SALE OF GENERAL OBLIGATION BONDS OF SEDGWICK COUNTY, KANSAS.
Presented by: Lindsay Poe Rousseau, CFO.
RECOMMENDED ACTION: Adopt the resolution.
Body
The Resolution authorizes the competitive sale of general obligation bonds of the County, approves the form of the Notice of Bond Sale and Preliminary Official Statement and authorizes the Chief Financial Officer in conjunction with Springsted Incorporated, Municipal Advisor, and Gilmore & Bell, P.C., Bond Counsel, to cause to be prepared such other documents and take such further action as may be necessary to accomplish the sale of the Bonds to fund the Ronald Reagan Building.
The Board of County Commissioners, pursuant to K.S.A. 19-1510, as amended by Charter Resolution No. 56, has previously adopted Resolution No. 167-2014 which authorized the acquisition of an additional building (the Ronald Reagan Building) for the Courthouse Complex at an estimated acquisition, remodeling and equipping cost of $15,755,000 and authorized the issuance of general obligation bonds to finance the costs of the project and associated issuance costs. After that resolution was approved, the Commission authorized the sale of general obligation bonds for the purchase price of the building of $5,324,817.50 only, plus associated costs of issuance. The remainder of the project costs to renovate the building are just less than $3.6 million and were funded with transfers of cash from the County General Fund. By taking this action, the proceeds of the bond sale would reimburse the County for costs already incurred and the proceeds could be used to fund other County programs or projects as directed by the Board.
Section 1 of this resolution further permits the Chairman to authorize the sale of bonds or reject all proposals, but places the following restrictions: “the principal amount of the Bonds shall not exceed $3,700,000 and the true interest cost of the Bonds shall not exceed 2.75%. “ ...
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