Title
A RESOLUTION DECLARING IT NECESSARY TO BUILD OR REPAIR EXISTING BRIDGES IN THE COUNTY UNDER THE AUTHORITY OF K.S.A. 68-1103; AND PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS TO PAY THE COSTS THEREOF (2019 BRIDGE PROJECTS).
Presented by: Lindsay Poe Rousseau, Chief Financial Officer, Division of Finance.
RECOMMENDED ACTION: Adopt the Resolution.
Body
Background: The Resolution declares an intent to build or repair certain bridges in the County and authorizes the issuance of general obligation bonds to pay the costs thereof and associated bond issuance costs. The bridges to be built or repaired are as follows:
CIP
Project
Cost
No.
Description
Estimate
B-473
Bridge on Broadway between 117th St. N. and 125th St. N.
$1,400,000
B-482
Bridge on Hydraulic between 69th St. N. and 77th St. N.
800,000
B-484
Bridge on 95th St. S. between Broadway & KTA (Cowskin Creek)
1,200,000
B-488
Bridge on 215th St. W. between 13th St. N. and 21st St. N.
600,000
Total
$4,000,000
Analysis: This resolution establishes the County's right to fund expenditures for certain projects with available cash and then reimburse the cash accounts with the proceeds of a subsequent bond issue. It also authorizes the sale of bonds to provide permanent financing for those projects. Thus, it provides a mechanism through which the projects can be expedited and the permanent financing of the projects can be delayed until an optimal future time.
These projects are included in the adopted Capital Improvement Program, and are programmed to be funded with bond proceeds.
The bonds authorized in this resolution are scheduled to be sold in 2019. The resolution will permit reimbursement of expenditures incurred up to 18 months prior to the date of the bond sale or completion of the projects, whichever is first.
Alternatives: This project could be funded with the portion of sales tax dedicated to road and bridge construction projects. However, as the anticipated amount of this funding has...
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