Title
A RESOLUTION AUTHORIZING THE MAKING OF CERTAIN IMPROVEMENTS TO THE SEDGWICK COUNTY COURTHOUSE COMPLEX; AND PROVIDING FOR THE PAYMENT OF THE COSTS THEREOF.
Presented by: Lindsay Poe Rousseau, Chief Financial Officer, Division of Finance.
RECOMMENDED ACTION: Adopt the Resolution.
Body
Background: The Resolution declares an intent to construct improvements to the Courthouse Complex, specifically including the County's Adult Detention Facility, and to provide for the payment of costs thereof by the issuance of general obligation bonds of the County.
Project Description
Cost Estimate
Remodel and Expansion
$5,497,094
Roofs
887,597
Generators
330,750
Total
$6,715,441
Analysis: This resolution authorizes the issuance of general obligation bonds of the County (the "Bonds") in an amount necessary to pay the costs of the Project and related costs of issuance of the Bonds, which is estimated to be an aggregate amount of $6,820,000. The Bonds shall be issued by the County at a later date and may be combined with financing for any one or more other improvement projects of the County as may be determined by the Board to be in the best interests of the County. The Bonds authorized and issued pursuant to this Resolution may be used to reimburse Project expenditures made on or after the date which is 60 days before the date of this Resolution, pursuant to Treasury Regulation 1.150-2.
The Bonds authorized in this resolution are scheduled to be sold in 2019.
Alternatives: This Project could be funded by imposing a limited extraordinary property tax to provide cash for the expansion; however such a property tax could be subject to the provisions of the tax lid in K.S.A. 79-2925c. To accumulate adequate cash to cover the costs of the expansion over five years, an estimated additional 0.300 mills per year would be necessary.
Financial Considerations: As general obligation debt, the Bonds will be secured by a pledge of the County's full faith and credit, meaning bondholde...
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