RESOLUTION NO. 6902
A RESOLUTION REGARDING THE IMPROVEMENTS TO BE FINANCED WITH THE PROCEEDS OF $19,800,000 PRINCIPAL AMOUNT OF WATER AND SEWAGE SYSTEM IMPROVEMENT REVENUE BONDS, SERIES 2007, OF THE CITY OF LAWRENCE, KANSAS, AUTHORIZED BY ORDINANCE NO. 8119 AND RESOLUTION NO. 6725, AS AMENDED BY RESOLUTION NO. 6805; AND FURTHER AMENDING CERTAIN PROVISIONS OF RESOLUTION NO. 6725 AS PROVIDED HEREIN; AND REPEALING RESOLUTION NO. 6805.
WHEREAS, the City of Lawrence, Kansas (the “City” or the “Issuer”) has previously issued $19,800,000 principal amount of Water and Sewage System Improvement Revenue Bonds, Series 2007 (the “Series 2007 Bonds”) pursuant to Ordinance No. 8119 (the “Bond Ordinance”) and Resolution No. 6725 (the “Bond Resolution”) of the City, adopted on June 5, 2007; and
WHEREAS, Section 1501 of the Bond Resolution authorizes the Issuer to amend or supplement the Bond Resolution without notice to or consent of any Owners to more precisely identify the Projects and make any other change which is not materially adverse to the interest of the Owners; and
WHEREAS, pursuant to the Bond Ordinance and the Bond Resolution, the City previously allocated $4,500,000 of the authority granted by Resolution No. 6586, as amended by Resolution No. 6704 to pay the costs of Project A, and $15,300,000 of the authority granted by Resolution No. 6717 to pay the costs of Project B, all by the issuance of the Series 2007 Bonds; and
WHEREAS, on September 23, 2008, the governing body of the City determined that it was necessary to more precisely identify the Projects, and re-allocate bond proceeds to such Projects as set forth in Resolution 6805, as described therein; and
WHEREAS, the governing body of the City hereby determines that is necessary to more precisely identify the Projects, and further reallocate bond proceeds to such Projects as set forth herein; and
WHEREAS, the governing body of the City has, pursuant to the following resolutions, declared its intention under the Act to make certain improvements to the System as more fully described therein at an estimated cost set forth below and to issue Water and Sewage System Revenue Bonds in amounts of not to exceed the amounts set forth below; notice of such intention was published one time in the official newspaper of the City and no sufficient written protest thereto was filed with the Clerk within fifteen (15) days after said publication date, all as set forth in the Act:
|
Project Designation |
Resolution No. |
Maximum Project Cost |
Maximum Bond Principal Amount |
|
Project A |
6586/6704 |
$27,900,000 |
$28,100,000 |
|
Project B |
6717 |
88,000,000 |
90,000,000 |
|
Project C |
6766 |
4,905,000 |
5,880,000 |
|
Project D |
6776 |
5,070,000 |
5,620,000 |
|
Project E |
______ |
________ |
________ |
; and
WHEREAS, the governing body desires to further reallocate the proceeds of the Series 2007 Bonds as follows:
|
Project Name |
Initial Allocation of Series 2007 Principal Amount |
2008 Reallocation of Series 2007 Principal Amount |
CURRENT Reallocation of Series 2007 Principal Amount |
Reallocated Amount* |
|
Project A |
$4,500,000.00 |
$4,189,353.73 |
$3,838,321.48 |
$(351,032.25) |
|
Project B |
15,300,000.00 |
6,703,097.41 |
4,761,353.32 |
(1,941,744.09) |
|
Project C |
0.00 |
3,544,353.07 |
3,084,913.30 |
(459,439.77) |
|
Project D |
0.00 |
5,363,195.79 |
5,620,000.00 |
256,804.21 |
|
Project E |
0.00 |
0.00 |
2,495,411.90 |
2,495,411.90 |
|
TOTAL |
$19,800,000.00 |
$19,800,000.00 |
$19,800,000.00 |
$0.00 |
_____________________
*Reallocated Amount equals the difference between the Current reallocation and the 2008 reallocation.
WHEREAS, the governing body of the City hereby finds and determines that such reallocation, when considered together with all other bonds issued for the Projects, is permissible and within the maximum amount of bonds authorized to be issued for each such Project; and
WHEREAS, the governing body of the City has caused plans and specifications for the Projects and an estimate of the cost thereof to be made which have previously been accepted and approved and shall be placed on file in the office of the Clerk.
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF LAWRENCE, KANSAS, AS FOLLOWS:
Section 1. Definitions of Words and Terms. In addition to words and terms defined elsewhere herein, the following words and terms as used in this Resolution and the Bond Resolution shall have the meanings hereinafter set forth. Unless the context shall otherwise indicate, words importing the singular number shall include the plural and vice versa, and words importing persons shall include firms, associations and corporations, including public bodies, as well as natural persons.
Section 2. Amendment of Certain Definitions in Section 1 of the Bond Resolution. The following definitions contained in Section 1 of the Bond Resolution are hereby amended as follows:
“Project” Project A, Project B, Project C, Project D and Project E.
“Project C” means the acquisition, construction, reconstruction, alterations, repair, improvements, extensions or enlargements of the System described in Resolution No. 6766 of the City, and referred to in the Preamble to this Resolution.
“Project D” means the acquisition, construction, reconstruction, alterations, repair, improvements, extensions or enlargements of the System described in Resolution No. 6776 of the City, and referred to in the Preamble to this Resolution.
“Project E” means the acquisition, construction, reconstruction, alterations, repair, improvements, extensions or enlargements of the System described in Resolution No. ______ of the City, and referred to in the Preamble to this Resolution.
Section 3. Further Authority. The Mayor, Clerk and other City officials are hereby further authorized and directed to execute any and all documents and take such actions as they may deem necessary or advisable in order to carry out and perform the purposes of the Ordinance to make alterations, changes or additions in the foregoing agreements, statements, instruments and other documents herein approved, authorized and confirmed which they may approve and the execution or taking of such action shall be conclusive evidence of such necessity or advisability.
Section 4. Repeal of Resolution 6805. Resolution 6805 is hereby repealed.
Section 5. Effective Date. This resolution shall become effective immediately upon adoption.
ADOPTED by the governing body of the Issuer on ____________ ___, 2010.
(SEAL)
Mayor
ATTEST:
Clerk