Memorandum

City of Lawrence

Finance Department

TO:	Dave Corliss, City Manager
FROM:	Ed Mullins, Finance Director
Date:	August 26, 2009
RE:	General Obligation Note and Bond Issue

Background 

The City of Lawrence has a note maturing on October 1, 2009 in the amount of $10,635,000.  The projects funded by the note must be refinanced with either a bond or another note.  The City Commission previously approved Resolution 6858 authorizing the sale of general obligation notes and bonds on September 1, 2009.  The city will be receiving bids on that date for the sale of $3,250,000 in general obligation bonds and $14,120,000 in temporary notes.

Projects

The table below lists the projects that are proposed to be financed with notes and bonds.  The table shows the amount of debt to be paid by special benefit districts.   However, if the assessments are not paid by the property owners within the district, the debt must be paid by other property owners within the city.  The amount financed includes issuance costs.

Notes

Project Description	Total Amount	Benefit District Amount
Stone Ridge South	$527,256	$474,530
Fairfield East sanitary sewer	452,250	452,250
Fairfield East streets	1,675,533	1,675,533
Carnegie rehabilitation	609,353
Stoneridge North	1,423,272	1,280,944
Overland Drive	1,146,593	1,146,593
Oregon Trail stormwater	741,417	741,417
George Williams Way N of 6th	1,740,752	1,591,978
George Williams Way N of Overland	994,273	994,273
Stoneridge/Kelly turn lane	32,160	32,160
Bauer Farm	462,300	462,300
Bowersock Dam	1,407,442
2009 KLINK	226,125
9^th and Vermont Traffic Signal	150,750
Airport water line	1,005,000
Airport sewer line	1,005,000
6^th & Congressional Traffic Signal	268,395	268,395
6^th Street ITS	252,129
Total	$14,120,000	$9,120,373

Bonds

Project Description	Amount	Benefit District Amount
2008 KLINK	$228,045
23^rd & Harper intersection	124,196
25^th Terrace	1,864,172	1,864,172
19^th & Louisiana intersection	506,091
Burroughs Creek ROW	342,575
Delaware Commons sewer	96,651	96,651
Delaware Commons streets	88,270	88,270
Total	$3,250,000	$2,049,093

Action Requested:

The City Commission is requested to approve Resolution 6861 and Ordinance 8452 authorizing the sale of the general obligation bonds.  In addition, the City Commission is requested to declare an emergency and pass the Ordinance on first and second reading in order to expedite the sale of the bonds.  The City Commission is also requested to approve Resolution 6862 authorizing the sale of the temporary notes.