Memorandum

City of Lawrence

Finance Department

TO:	Dave Corliss, City Manager
FROM:	Ed Mullins, Finance Director
Date:	September 11, 2008
RE:	Ordinance 8325 Resolution 6802

The City Commission is requested to approve Ordinance 8325 and Resolution 6802 to complete the sale of $4,270.000 of the Series 2008 water and sewer revenue bonds.  The bond sale will occur on September 16^th and a bid tabulation will be provided to the City Commission that evening. 

Project Descriptions   There are two projects that will be funded with the Series 2008 revenue bonds, the Stoneridge Water Tower in the amount of $2.7 million and the design of the Southeast area water transmission main in the amount of $1.137 million.  Both of the projects were previously authorized by Resolution 6743.  The additional amount of the bond will cover issuance costs and a 10% debt service reserve requirement.  

Project Status   The Stoneridge Water Tower project is nearing completion.  A contract has been signed with Burns & McDonnell for the design of the water main project. 

Action Requested   Adopt Resolution No. 6802 authorizing the issuance of water and sewer revenue bonds and adopt on first reading Ordinance No. 8325.