Memorandum

City of Lawrence

Legal Services Department

TO:	David Corliss,  City Manager Toni Ramirez Wheeler, Director of Legal  Services
FROM:	John Jay Miller, Staff Attorney
CC:	Frank Reeb, Director Administrative Services Ed Mullins, Director of Finance
Date:	September 25, 2007,
RE:	Resolution Establishing Maximum Annual Bond Amount for Public Improvements.

Charter Ordinance No. 27 requires the City to establish annually a maximum amount of bonds that that may be issued by the City for the purpose of paying for the costs of public improvements authorized pursuant to Charter Ordinance No. 27. 

The attached resolution satisfies the Charter Ordinance requirements and establishes the 2007 maximum annual bonding amount as $600,000 plus costs of issuance and interest on any temporary financing. The Resolution does not authorize any new projects but it allows the City to issue bonds for projects that have already been authorized.  The Resolution was prepared and reviewed by the City’s bond counsel, Gilmore and Bell. 

Staff is recommending that the City Commission adopt Resolution 6741.