RESOLUTION NO. 6858

 

            RESOLUTION AUTHORIZING THE OFFERING FOR SALE OF GENERAL OBLIGATION TEMPORARY NOTES, SERIES 2009-I AND GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2009-A, ALL OF THE CITY OF LAWRENCE, KANSAS.

 

            WHEREAS, the City of Lawrence Kansas (the “Issuer”), is proceeding with certain internal improvements described as follows (the “Note Projects”):

 

 Project

Ordinance/ Resolution No.

 Authority

Approximate Allocable Principal Amount  of Notes

Stone Ridge South

6701

K.S.A. 12-6a01 et seq.

$ 527,256

Fairfield East sanitary sewer

6843

K.S.A. 12-6a01 et seq.

452,250

Fairfield East streets

6842

K.S.A. 12-6a01 et seq.

1,675,534

Carnegie Rehab - SAT grant

6675

Charter Ordinance 32

609,353

Stone Ridge North

6702

K.S.A. 12-6a01 et seq.

1,423,272

Overland Dr

6655

K.S.A. 12-6a01 et seq.

1,146,593

Oregon Trail Stormwater

6707

K.S.A. 12-6a01 et seq.

741,417

George Williams Way North of 6th

6665

K.S.A. 12-6a01 et seq.

1,740,752

George Williams Way North of Overland

6661

K.S.A. 12-6a01 et seq.

994,273

Stoneridge/Kelly turn lane

6803

K.S.A. 12-6a01 et seq.

32,160

Bauer Farm

6806

K.S.A. 12-6a01 et seq.

462,300

Bowersock Dam

______

Charter Ordinance 27

1,407,442

2009 KLINK

______

K.S.A. 12-685 et seq.

226,125

Traffic Signals

6715

K.S.A. 12-685 et seq.

150,750

Airport water and sewer lines

______

Charter Ordinance 27

2,010,000

6th & Congressional Signal

6755

K.S.A. 12-6a01 et seq.

268,395

6th Street ITS

6778

K.S.A. 12-685 et seq.

         252,128

    

 

 Total:

$ 14,120,000

 

            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, a portion of the proceeds of the Series 2009-I Notes will be used to retire a portion of the Issuer’s General Obligation Temporary Notes, Series 2008-I (the “Refunded Notes”); 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

2008 KLINK

6763

K.S.A. 12-685 et seq.

$ 228,045

23rd & Harper Geometric Imps

6609

K.S.A. 12-685 et seq.

124,196

25th Terrace

6708

K.S.A. 12-6a01 et seq.

1,864,171

19th & Louisiana

6571 6762

K.S.A. 12-685 et seq.

506,091

Purchase Burroughs Creek ROW

6741

Charter Ordinance 27

342,575

Delaware Commons

6637

K.S.A. 12-6a01 et seq.

         184,922

   

 

  Total:

 $ 3,250,000

 

            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 Refunded Notes, which were issued to temporarily finance a portion of the costs of the Bond Projects; and

 

            WHEREAS, the Issuer desires to authorize 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 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 $14,120,000 principal amount of General Obligation Temporary Notes, Series 2009-I (the “Notes”) and approximately $3,250,000 principal amount of General Obligation Bonds, Series 2009-A (the “Bonds”), all as described a Notice of Sale to be prepared by the Finance Director, in conjunction with 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, 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 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 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 Notes and 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

2008-I

September 15, 2008

October 1, 2009

$10,635,000

$10,635,000

$10,635,000, plus interest thereon to maturity

 

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            Section 7.  This Resolution shall be in full force and effect from and after its adoption.

 

            ADOPTED by the governing body on August 4, 2009.

 

 

(SEAL)                                                                                                                                               

                                                                                                            Mayor

ATTEST:

 

                                                           

                        Clerk