RESOLUTION NO. 6784
WHEREAS, the City of Lawrence Kansas (the “Issuer”), is proceeding with certain internal improvements described as follows (the “Series 2008-I Note Projects”):
|
Project |
Ordinance/ Resolution No. |
Authority |
Approximate Allocable Principal Amount of Notes |
|
Stone Ridge South |
6701 |
K.S.A. 12-6a01 et seq. |
$501,633 |
|
2008 KLINK |
6763 |
K.S.A. 12-685 et seq. |
225,788 |
|
23rd & Harper Geometric Improvements |
6609 |
K.S.A. 12-685 et seq. |
103,165 |
|
Carnegie Rehab - SAT grant |
6675 |
Charter Ordinance 32 |
606,322 |
|
Stone Ridge North |
6702 |
K.S.A. 12-6a01 et seq. |
1,565,190 |
|
Overland Dr |
6655 |
K.S.A. 12-6a01 et seq. |
1,239,891 |
|
Oregon Trail Stormwater |
6707 |
K.S.A. 12-6a01 et seq. |
727,678 |
|
George Williams Way |
6665 |
K.S.A. 12-6a01 et seq. |
989,326 |
|
George Williams Way North of Overland |
6661 |
K.S.A. 12-6a01 et seq. |
1,732,091 |
|
25th Terrace |
6708 |
K.S.A. 12-6a01 et seq. |
1,692,171 |
|
19th & Louisiana |
6571 |
K.S.A. 12-685 et seq. |
451,575 |
|
Burroughs Creek Right-of-Way |
_____ |
Charter Ordinance 27 |
339,183 |
|
Tennis Center Relocation |
_____ |
Charter Ordinance 27 |
301,050 |
|
6th & Congressional Signals |
6755 |
K.S.A. 12-6a01 et seq. |
17,060 |
|
Delaware Commons Sewer |
6637 |
K.S.A. 12-6a01 et seq. |
192,002 |
|
6th Street ITS |
6778 |
K.S.A. 12-685 et seq. |
250,875 |
|
|
|
Total: |
$10,935,000 |
WHEREAS, the City of Lawrence Kansas (the “Issuer”), is proceeding with certain internal improvements described as follows (the “Series 2008-II Note Projects,” collectively referred to with the Series 2008-I Note Projects as the “Note Projects”):
|
Project |
Ordinance No. |
Authority |
Approximate Allocable Principal Amount of Notes |
|
Economic Development Grant – E. Hills Business Park |
_______ |
Article 12, Section V of Kansas Constitution |
$1,005,000 |
|
|
|
Total: |
$1,005,000 |
WHEREAS, the governing body of the Issuer is authorized by law to issue general obligation bonds to pay a portion of the costs of the Note Projects; and
WHEREAS, it is necessary for the Issuer to provide cash funds (from time to time) to meet its obligations incurred in constructing the Note Projects prior to the completion thereof and the issuance of the Issuer’s general obligation bonds, and it is desirable and in the interest of the Issuer that such funds be raised by the issuance of temporary notes of the Issuer; and
WHEREAS, the Issuer has heretofore authorized certain internal improvements described as follows (the “Bond Projects,” collectively referred to with the Note Projects as the “Improvements”):
|
Project |
Resolution No. |
Authority |
Expected Allocable Principal Amount of Bonds |
|
O'Connell Road, West-bound left turn |
6585 |
K.S.A. 12-6a01 et seq. |
$197,253 |
|
2007 KLINK |
6716 |
K.S.A. 12-685 et seq. |
282,092 |
|
New Hampshire 6th-9th |
6681 |
K.S.A. 12-685 et seq. |
40,285 |
|
K-10 and O'Connell Right Turn |
6686 |
K.S.A. 12-6a01 et seq. |
247,141 |
|
19th & Louisiana |
6571 |
K.S.A. 12-685 et seq. |
80,569 |
|
Riverridge |
6053 |
K.S.A. 68-580 et seq. |
29,203 |
|
Sidewalks |
6728 |
K.S.A. 12-685 et seq. |
251,878 |
|
Kasold 15th to Clinton |
6647 |
K.S.A. 12-685 et seq. |
317,441 |
|
Fire Equipment |
6775 |
K.S.A. 12-110c |
2,294,138 |
|
|
|
Total: |
$ 3,740,000 |
WHEREAS, the Issuer desires to issue its general obligation bonds in order to permanently finance the costs of the Bond Projects and to retire a portion of the Issuer’s General Obligation Temporary Notes, Series 2007-I, which were issued to temporarily finance a portion of the costs of the Bond Projects; and
WHEREAS, the Issuer has heretofore issued and has outstanding certain general obligation bonds; and
WHEREAS, due to the current interest rate environment, the Issuer has the opportunity to issue one or more series of its general obligation refunding bonds (the “Refunding Bonds”) in order to achieve an interest cost savings on the debt represented by such general obligation bonds described as follows (collectively, the “Refunded Bonds”):
|
Series |
Dated Date |
Years |
Amount |
Redemption Date |
|
2000-D |
December 1, 2000 |
2009 through 2020 |
$ 1,960,000 |
September 1, 2010 |
|
2000-F |
December 1, 2000 |
2009 through 2020 |
$ 5,960,000 |
September 1, 2010 |
;and
WHEREAS, the Issuer, hereby selects the firm of Springsted, Incorporated, Saint Paul, Minnestoa (“Financial Advisor”), as financial advisor for one or more series of general obligation refunding bonds of the Issuer to be issued in order in order to provide funds to refund the Refunded Bonds; and
WHEREAS, the Issuer desires to authorize the Financial Advisor, in conjunction with the Clerk, Finance Director, and other officers and representatives of the Issuer to proceed with the offering for sale of said general obligation temporary notes, general obligation bonds, and general obligation refunding bonds and related activities; and
WHEREAS, one of the duties and responsibilities of the Issuer is to prepare and distribute a preliminary official statement relating to said general obligation temporary notes, general obligation bonds and general obligation refunding bonds; and
WHEREAS, the Issuer desires to authorize the Financial Advisor, in conjunction with the Clerk, Finance Director, and other officers and representatives of the Issuer to proceed with the preparation and distribution of a preliminary official statement and notice of bond sale and to authorize the distribution thereof and all other preliminary action necessary to sell said general obligation temporary notes, general obligation bonds and general obligation refunding bonds.
BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF LAWRENCE, KANSAS, AS FOLLOWS:
Section 1. The Issuer is hereby authorized to offer at competitive public sale approximately $10,935,000 principal amount of General Obligation Temporary Notes, Series 2008-I (the “Series 2008-I Notes”), approximately $1,005,000 principal amount of Taxable General Obligation Temporary Notes, Series 2008-II (the “Series 2008-II Notes, collectively referred to with the Series 2008-I Notes as the “Notes”), approximately $3,740,000 principal amount of General Obligation Bonds, Series 2008-A (the “Series 2008-A Bonds”) and one or more series of Refunding Bonds (which refundings may be combined in a single series of bonds that also finance the Bond Improvements) (the Refunding Bonds and the Series 2008-A Bonds herein collectively referred to as the “Bonds”), all as described a Notice of Sale to be prepared by the Finance Director, in conjunction with the Financial Advisor, Gilmore & Bell, P.C., Kansas City (“Bond Counsel”), the Clerk and other appropriate officers of the Issuer.
Section 2. The Mayor, Finance Director and Clerk, in conjunction with Bond Counsel and the Financial Advisor, are hereby authorized to cause to be prepared a Preliminary Official Statement, and such officials and other representatives of the Issuer are hereby authorized to use such document in connection with the public sale of the Notes and the Bonds.
Section 3. If required by law, the Finance Director, in conjunction with Gilmore & Bell, P.C., Kansas City (“Bond Counsel”), is hereby authorized and directed to give notice of said bond sale by publishing a summary of the Notice of Sale not less than 6 days before the date of the bond sale in a newspaper of general circulation in Douglas County, Kansas, and the Kansas Register and by distributing copies of the Notice of Sale and Preliminary Official Statement to prospective purchasers of the Notes and Bonds. Bids for the purchase of the Notes and Bonds shall be submitted upon the terms and conditions set forth in said Notice of Sale, and shall be delivered to the governing body at its meeting to be held on the date of such sale, at which meeting the governing body shall review such bids and shall award the sale of the Notes and Bonds or reject all bids for a particular series of the Notes or Bonds.
Section 4. For the purpose of enabling the purchaser of the Notes and the purchaser of the Notes and the Bonds (collectively, the “Purchasers”) to comply with the requirements of Rule 15c2-12 of the Securities Exchange Commission (the “Rule”), the appropriate officers of the Issuer are hereby authorized: (a) to approve the form of said Preliminary Official Statement, and to execute the “Certificate Deeming Preliminary Official Statement Final”, in substantially the form attached hereto as Exhibit A, as approval of the Preliminary Official Statement, such official’s signature thereon being conclusive evidence of such official’s and the Issuer’s approval thereof; (b) covenant to provide continuous secondary market disclosure by annually transmitting certain financial information and operating data and other information necessary to comply with the Rule to certain national repositories and the Municipal Securities Rulemaking Board, as applicable; and (c) take such other actions or execute such other documents as such officers in their reasonable judgment deem necessary; to enable the Purchasers to comply with the requirement of the Rule.
Section 5. The Issuer agrees to provide to the Purchasers within seven business days of the date of the sale of Notes and Bonds or within sufficient time to accompany any confirmation that requests payment from any customer of the Purchasers, whichever is earlier, sufficient copies of the final Official Statement to enable the Purchasers to comply with the requirements of Rule 15c2-12(3) and (4) of the Securities and Exchange Commission and with the requirements of Rule G-32 of the Municipal Securities Rulemaking Board.
Section 6. The officers and representatives of the Issuer are hereby authorized and directed to take such action as may be necessary, after consultation with the Financial Advisor and Bond Counsel, to subscribe for the United States Treasury Securities to be purchased and deposited in the escrow for the Refunded Bonds and to provide for notice of possible advance refunding of the Refunded Bonds in substantially the form attached hereto as Exhibit B.
Section 7. The Mayor, Clerk, Finance Director, and the other officers and representatives of the Issuer, and Bond Counsel are hereby authorized and directed to take such other action as may be necessary to carry out the public sale of the Bonds. Such officials are also directed and authorized to make provision for payment of the following described temporary notes of the Issuer, at their maturity, from proceeds of the Bonds and other available funds:
|
Series |
Dated Date |
Maturity Date |
Original Amount |
Outstanding Amount |
Redemption Amount |
|
2007-I |
September 15, 2007 |
October 1, 2008 |
$10,225,000 |
$10,225,000, plus interest thereon to maturity |
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
Section 7. This Resolution shall be in full force and effect from and after its adoption.
ADOPTED by the governing body on August 12, 2008.
(SEAL)
Mayor
ATTEST:
Clerk