CITY COMMISSION AGENDA ITEM |
Department: |
Finance |
Commission Meeting Date: September 18, 2018 |
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Staff Contact: |
Danielle Buschkoetter, Interim Finance Director |
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Recommendations/Options/Action Requested: |
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Adopting Resolution No. 7265, declaring it necessary to improve the water and sewage system of the City of Lawrence, Kansas; to authorize the issuance of water and sewage system revenue bonds for the purpose of paying the costs thereof and related bond reserves and financing costs; and providing for the giving of notice of said intention |
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Executive Summary: |
The 2019-2023 Capital Improvement Plan, adopted by the City Commission on August 14, 2018, includes several improvements to the water and sewer system as outlined below.
1. General improvements to Clinton and Kaw water treatment facilities and to raw water systems 2. General improvements to water storage, pumping stations and automated metering infrastructure 3. Watermain assessment, relocation, rehabilitation, replacement and extension 4. Field operations facilities 5. General improvements to Kansas River and Wakarusa River wastewater treatment facilities 6. General improvements to wastewater containment and pumping stations 7. Rapid inflow/infiltration reduction program 8. Sanitary sewer/manhole assessment, cured in place piping (CIPP), relocation, rehabilitation, replacement and extension
In order to use tax exempt utility system revenue financing for the projects listed above, the City must adopt a resolution and publish notice of the City’s intent is to issue tax exempt utility system revenue bonds to pay for the improvements.
The purpose of Resolution No. 7265 is to set $23,000,000 as the maximum principal amount of utility system revenue bonds the City would issue to pay the project costs, in an amount not to exceed $21,200,000. While this resolution does authorize the project, the individual approval of contracts for improvements will follow the City’s purchasing policy. The notice of intent attached to the proposed resolution must be published and a 15-day protest period must expire prior to the execution of any construction agreements to begin the projects.
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Strategic Plan Critical Success Factor |
Effective Governance and Professional Administration Sound Fiscal Stewardship Commitment to Core Services |
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Fiscal Impact (Amount/Source): |
Repayment of bonds are included in the 2019-2023 Capital Improvement Program and 2019 Budget. The repayments are included within the balanced rate model. |
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Attachments: |
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Reviewed By: (for CMO use only) |
☐TM ☐DS ☒CT ☐BM |