CITY COMMISSION AGENDA ITEM

Department:

Finance

Commission Meeting Date: March 7, 2017

Staff Contact:

Bryan Kidney, Director

Recommendations/Options/Action Requested:

Adopt Resolution No. 7196 authorizing the offering for sale of General Obligation Temporary Notes and General Obligation Bonds of the City of Lawrence, Kansas.

Executive Summary:

The City has identified projects that are at a stage where it is necessary to issue debt for funding. These projects have been previously discussed with the governing body and have been authorized by resolution.

The purpose of this item is to authorize the offering for sale four financings. The Temporary Notes and General Obligation Bonds Series, 2017-A and 2017-B will be offered by competitive sale on May 2, 2017. The Resolution further authorizes the sale to Neighborly Corporation General Obligation Bond, Series 2017-C through a negotiated Sale on or after May 2, 2017.

Proposed General Obligation Temporary Note, Series 2017-I

Project	Authorized Amount	Proposed Financing
Fire Medical Facility and Douglas County Resource Center Improvements	$6,287,000	$6,000,000

Proposed General Obligation Bond, Series 2017-A

Project	Authorized Amount	Proposed Financing*
707 Vermont Parking Garage*	$834,806	$870,000
Mesa Way – Pioneer Ridge Center	83,000	12,900
Mesa Way – Pioneer Ridge	35,000	26,500
Corpus Christi Benefit District	250,000	220,000
Maple Street Pump Station	2,000,000	2,000,000
Cost of issue and rounding (less cash on hand)		30,600
Estimated Bond Size, Series 2017-A		$3,160,000

*Proposed financing amount is within authorized amount per resolution which allows certain increases and excludes financing costs.

Proposed General Obligation Bond, Series 2017-B (Green Bonds)

Project	Authorized Amount	Proposed Financing*
Facility Conservation Improvement Program Projects	$11,033,159*	$11,033,159
Cost of issue, capitalized interest and rounding		341,841
Estimated Bond Size, Series 2017-B (Green Bonds)		$11,375,000

*Proposed financing amount is within authorized amount per resolution which allows certain increases and excludes financing costs.

Proposed General Obligation Bond, Series 2017-C (Neighborly)

Project	Authorized Amount	Proposed Financing*
Fire Truck	$736,000	$641,600
Cost of issue, capitalized interest and rounding		13,000
Estimated Bond Size, Series 2017-C (Neighborly Bonds)		$654,000

*Proposed financing amount is within authorized amount per resolution which allows certain increases and excludes financing costs.

Strategic Goal Area:

Public Safety and Sustainability

Fiscal Impact (Amount/Source):

All projects to be financed were included in the 2017-2021 Capital Improvement Program.  The debt service for the cost of improvements will be included in the debt service fund beginning with the 2018 operating budget. The estimated debt service will be included in the 2018 City Manager’s recommended budget.

Attachments:

Resolution No. 7196

Reviewed By: (for CMO use only)

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