A RESOLUTION PROVIDING FOR THE REALLOCATION OF PROCEEDS OF THE CITY OF LAWRENCE, KANSAS GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2011-A.
WHEREAS, on September 13, 2011, the City of Lawrence, Kansas (the “Issuer”), adopted Ordinance No. 8669 and Resolution No. 6946 (collectively, the “Bond Resolution”) authorizing the issuance of the Issuer’s General Obligation Improvement Bonds, Series 2011-A in the original principal amount of $3,895,000 (the “Bonds”); and
WHEREAS, the Bond Resolution provided that the proceeds of the Bonds would finance the cost of certain Improvements, as provided therein; and
WHEREAS, the Bonds were issued on September 28, 2011; and
WHEREAS, Section 504(b) of Resolution 6946 provides that the Issuer may reallocate expenditure of Bond proceeds among all Improvements financed by the Bonds provided certain conditions are met; and
WHEREAS, there are moneys remaining in the Improvement Fund after the completion of certain of the Improvements and the Issuer hereby finds it necessary and desirable to authorize the reallocation of the proceeds of the Bonds to pay certain costs of the Improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF LAWRENCE, KANSAS, AS FOLLOWS:
Section 1. The Governing Body hereby authorizes the reallocation of the proceeds of the Bonds as follows:
|
Project |
Resolution No. |
Initial Allocation of Series 2011-A Principal Amount |
New Allocation of Series 2011-A Principal Amount |
Reallocated Amount |
|
Airport sewer line |
6855 |
$409,963.21 |
$409,963.21 |
$0.00 |
|
6th Street ITS |
6778 |
243,408.32 |
243,408.32 |
0.00 |
|
2010 KLINK |
6824 |
410,419.50 |
410,419.50 |
0.00 |
|
W. 6th Widening |
6892 |
884,260.10 |
884,260.10 |
0.00 |
|
Iowa, Yale to 15th (design) |
6889 |
414,982.38 |
414,982.38 |
0.00 |
|
Bob Billings |
6891 |
691,434.61 |
629,434.61 |
(62,000.00) |
|
6th Street, Massachusetts to Folks Road |
6892 |
648,409.97 |
710,409.97 |
62,000.00 |
|
Downtown Concrete Repair |
6923 |
192,121.91 |
192,121.91 |
0.00 |
|
|
TOTAL |
$3,895,000.00 |
$3,895,000.00 |
$0.00 |
Section 2. The officers and officials of the Issuer, including the Mayor and Clerk, are hereby authorized and directed to execute all documents and take such other actions as they may deem necessary or advisable in order to carry out and perform the purposes of this Resolution and to make ministerial 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 3. This Resolution shall take effect and be in full force immediately after its adoption by the governing body.
ADOPTED by the governing body of the Issuer this _______ day of November, 2011.
________________________________
Mayor
(SEAL)
ATTEST:
_______________________________________
Clerk