(Published in the Lawrence Journal-World  on December ___, 2009)

ORDINANCE NO. 8480

A HOME RULE ORDINANCE OF THE CITY OF LAWRENCE, KANSAS, AUTHORIZING THE FINANCING AND REFINANCING OF CERTAIN REAL PROPERTY AND IMPROVEMENTS THEREON FOR ECONOMIC DEVELOPMENT PURPOSES; AND AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE CITY TO PAY THE COSTS THEREOF.

WHEREAS, the governing body of the City of Lawrence, Kansas (the “City”) has considered the needs of the City for the stimulation of expansion and retention of business and commercial activities within the environs of the City in order to enhance and provide for the general and economic development and welfare of the City and its citizens; and

WHEREAS, the City is authorized by Article 12, Section 5 of the Constitution of the State of Kansas (the “Home Rule Amendment”) to determine its local affairs and government, and provides that such power and authority granted thereby to cities shall be liberally construed for the purpose of giving to cities the largest measure of self-government; and

            WHEREAS, there is no enactment of the Kansas Legislature which prohibits the City for paying of the costs of acquiring, constructing, and improving certain real property and payment of other costs related thereto, and the leasing of such property, all for economic development purposes, and the issuance of general obligation bonds or notes to finance the costs thereof; and

WHEREAS, the governing body of the City hereby finds that pursuant to and in furtherance of the purposes of the Home Rule Amendment, it is in the interest of the public health, safety and welfare of the City to authorize the issuance of general obligation temporary notes and/or bonds (the “Obligations”) for the purpose of financing the cost of acquiring a joint ownership interest with Douglas County, Kansas (the “County”), in a laboratory facility located at 4950 Research Parkway and making certain improvements thereto (the “Project”), and leasing the Project to the Lawrence-Douglas County Bioscience Authority (the “LDCBA”), all for economic development purposes.

NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF LAWRENCE, KANSAS:

Section 1.        Project Authorization.  It is hereby authorized, ordered and directed that the City proceed with the acquisition of the Project, the leasing of the Project, and the financing the Project at a cost not to exceed $2,900,000.00 plus costs of issuance and interest on any temporary financing.

Section 2.        Financing Authorization.  The costs of the Project may be paid, in whole or in part, from the proceeds of general obligation temporary notes and/or bonds of the City (the “Obligations”), which are hereby authorized to be issued for such purposes pursuant to the authority of the Home Rule Amendment in an amount of not to exceed $2,900,000.00 plus costs of issuance and interest on any temporary financing.

Section 3.        Further Authority.  The City shall, and the officers, employees and agents of the City are hereby authorized and directed to, take such action, expend such funds and execute such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance and to carry out, comply with and perform the duties of the City with respect to the Project and the Bonds, including the execution of a Cooperation Agreement with the County regarding their respective rights and obligations with respect to the Project, and the execution of a Lease Agreement among the City, the County and the LDCBA whereby the City and the County will lease the Project to the LDCBA.  Such Cooperation Agreement and Lease Agreement shall be in substantially the forms presented to the governing body at this meeting.

Section 4.        Effective Date.  This Home Rule Ordinance shall be effective from and after final passage by the governing body, approval by the Mayor and publication once in the official City newspaper.

PASSED by the Governing Body of the City of Lawrence, Kansas on December ___, 2009.

                                                                                                                                                                                                                                                                                                                                                                                    ______________________________

                                                                                                Mayor

(SEAL)

ATTEST:

______________________________________

            City Clerk