CITY COMMISSION AGENDA ITEM

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Department:

Finance

Commission Meeting Date: August 1, 2017

Staff Contact:

Bryan Kidney, Director

Recommendations/Options/Action Requested:

 

Adopt Resolution No. 7219 Authorizing the Offering For Sale of 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 has been authorized by resolution/ordinance.

 

The purpose of this item is to authorize the offering for sale Obligation Bonds Series 2017-D by competitive sale on September 12, 2017.

 

Proposed General Obligation Bond, Series 2017-D

 

 

Project

Authorized Debt Amount

Proposed Financing*

Community Health Building Stabilization

45,000

$     22,750

Fire-Medical Roof Drainage Maintenance

90,000

90,000

6th St & Champion Lane Benefit District

150,000

77,258

Traffic Calming

400,000

200,000

31st - Haskell to O'Connell – Final Costs

4,600,000

792,170

23rd and Iowa - Final Costs

1,500,000

37,601

Kasold 6th to BBP

1,575,000

1,575,000

23rd to Ohsdahl Stormwater

2,455,000

2,455,000

Farmland Street Improvement

8,732,427

7,997,970

Farmland Sanitary Sewer Improvements

798,065

723,597

BBP, Kasold to Wakarusa

600,000

631,528

Yankee Tank Estates Phase 1 Street & SW

632,896

621,197

Cost of issue and rounding

260,059

Estimated Premium and cash on hand

(184,130)

Estimated Bond Size, Series 2017-D

$15,300,000

 

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

 

 

Strategic Goal Area:

Commitment to Core Services

Sound Fiscal Stewardship

Economic Growth and Security

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 is included in the debt service fund beginning with the 2018 operating budget.

Attachments:

Resolution No. 7219

 

 

Reviewed By:

(for CMO use only)

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