Title
A RESOLUTION AUTHORIZING THE OFFERING FOR SALE OF GENERAL OBLIGATION BONDS, SERIES B, 2018, OF SEDGWICK COUNTY, KANSAS.
Presented by: Lindsay Poe Rousseau, Chief Financial Officer, Division of Finance.
RECOMMENDED ACTION: Adopt the Resolution.
Body
The Resolution authorizes the competitive sale of general obligation bonds of the County to be held on October 16, 2018, 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.
The Bonds will provide funds to permanently finance the costs of the following public improvements previously authorized by the Board, plus costs of issuance:
Project Description
Res. No.
Authority (K.S.A.)
Amount*
Road Improvements - Redmond
70-2016
68-728 et seq./
$438,287.99
Estates
Charter Res. 61
Bridge Improvements - 53rd St. N.
027-2018
68-1103
700,000.00
between 231st St W & 247th St W
Bridge Improvements - 295th St. W.
027-2018
68-1103
550,000.00
between 45th St. N. & 53rd St. N.
Bridge Improvements - Pawnee
027-2018
68-1103
800,000.00
between 127th St. E. & 143rd St. E
Bridge Improvements - Pawnee
027-2018
68-1103
800,000.00
between 143rd St. E. & 159th St. E
Economic Development Grant -
069-2018
19-101 et seq.
7,000,000.00
Project Eclipse
Total:
$10,288,287.99
* Amounts do not include Bond financing costs
Alternatives:
The Commission could decline to authorize the sale. This would cause several adverse effects. The proceeds from the bond sale are to be used to reimburse County cash accounts that were used to expedite a portion of the projects. Failure to proceed with the bond sale will permanently reduce cash reserves.
Financial Considerations:
After taking into account adjustments and financin...
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