RESOLUTION NO. 7281

 

            RESOLUTION AUTHORIZING THE OFFERING FOR SALE OF GENERAL OBLIGATION TEMPORARY NOTES AND GENERAL OBLIGATION BONDS OF THE CITY OF LAWRENCE, KANSAS.

 

           

            WHEREAS, pursuant to the provisions of the laws of the State of Kansas applicable thereto, by proceedings duly had, the governing body of the City of Lawrence, Kansas (the “Issuer”) has previously authorized certain internal improvements described as follows (collectively, the “Improvements”):

 

Improvements to be Funded with General Obligation Bonds

 

Project	Resolution/ Ordinance No.	Authority	Estimated Improvement Fund Deposit
Downtown Canopy	Ordinance No. 9428	Charter Ordinance No. 28	$350,000
Humane Society	Ordinance No. 9516	Article 12, Section 5 of the Constitution of the State of Kansas	2,500,000
One Stop Shop	Resolution No. 7264	Charter Ordinance No. 40	180,000
Parks & Recreation Facilities Projects (2018)	Resolution No. 7241	Charter Ordinance No. 40	306,462
Public Building Projects (2018)	Resolution No. 7247	Charter Ordinance No. 40	319,862
Traffic Calming (2018)	Resolution Nos. 7205, 7256 and 7280	K.S.A. 12-685 et seq.; Charter Ordinance No. 46	235,342
		Total:	$3,891,666

 

Improvements to be Funded with General Obligation Temporary Notes

 

Project	Resolution No.	Authority	Estimated Improvement Fund Deposit
19th Street Reconstruction – Harper to O’Connell	Resolution No. 7280	Charter Ordinance No. 46	$250,000
East 9th Street Improvements	Resolution No. 7220	K.S.A. 12-685 et seq.; Charter Ordinance No. 46	2,500,000
Fire Medical Pavement Replacement	Resolution Nos. 7273 and 7280	Charter Ordinance No. 40	368,820
Fire Training Tower	Resolution Nos. 7243 and 7280	Charter Ordinance No. 40	1,097,680
ITC Exterior Repairs and HVAC	Resolution No. 7280	Charter Ordinance No. 46	250,000
Parks & Recreation Facilities Projects (2018)	Resolution No. 7241	Charter Ordinance No. 40	212,500
Parks & Recreation Facilities Projects (2019)	Resolution No. 7280	Charter Ordinance No. 46	810,000
Police Facility	Resolution Nos. 7222 and 7280	Charter Ordinance No. 40; Charter Ordinance No. 46	18,840,000
Public Parking Improvements	Resolution No. 7280	Charter Ordinance No. 46	800,000
Riverbank Stabilization	Resolution No. 7280	Charter Ordinance No. 46	1,000,000
Sidewalk, Bike, Pedestrian Improvements, ADA Ramps	Resolution Nos. 7254 and 7280	K.S.A. 12-685 et seq.; Charter Ordinance No. 46	500,000
Street Maintenance 2019	Resolution No. 7280	Charter Ordinance No. 46	821,000
Street Projects (2018)	Resolution No. 7246	K.S.A. 12-685 et seq.; Charter Ordinance No. 46	950,000
Traffic Calming (2019)	Resolution Nos. 7205, 7256 and 7280	K.S.A. 12-685 et seq.; Charter Ordinance No. 46	200,000
		Total:	$28,600,000

WHEREAS, it is necessary for the Issuer to provide cash funds to meet its obligations incurred in constructing the Improvements prior to the completion thereof and the issuance of the Issuer’s general obligation bonds, and it is desirable and in the interest of the Issuer that such funds be raised by the issuance of temporary notes of the Issuer; and

 

            WHEREAS, the Issuer desires to issue its general obligation bonds in order to permanently finance a portion of the costs of the Improvements; and

 

            WHEREAS, the Issuer hereby selects the firm of Springsted Incorporated, Saint Paul, Minnesota (“Municipal Advisor”), as Municipal Advisor for general obligation temporary notes and general obligation bonds of the Issuer, to be issued in order to provide funds to pay the costs of the Improvements; and

           

            WHEREAS, the Issuer desires to authorize the City Clerk, Finance Director, Municipal Advisor, Gilmore & Bell, P.C., Kansas City, Missouri (“Bond Counsel”) and other officers and representatives of the Issuer to proceed with the offering for sale of said general obligation temporary notes and general obligation bonds, and related activities; and

 

            WHEREAS, one of the duties and responsibilities of the Issuer is to prepare and distribute a preliminary official statement relating to said general obligation temporary notes and general obligation bonds; and

 

            WHEREAS, the Issuer desires to authorize the Municipal Advisor and Bond Counsel, in conjunction with the City Clerk, Finance Director, and other officers and representatives of the Issuer to proceed with the preparation and distribution of a preliminary official statement and notice of bond sale and to authorize the distribution thereof and all other preliminary action necessary to sell said general obligation temporary notes and general obligation bonds.

 

            BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF LAWRENCE, KANSAS, AS FOLLOWS:

 

            Section 1.  The Issuer is hereby authorized to offer at competitive public sale municipal temporary notes and general obligation bonds to fund total project costs of approximately $32,491,666.00 plus interest and costs of issuance (collectively, the “Obligations”) as described in the Notice of Sale to be prepared by officials and representatives of the Issuer, as authorized below.

 

            Section 2.   The Municipal Advisor, in conjunction with Bond Counsel and appropriate officers and representatives of the Issuer, is hereby authorized to cause to be prepared a Preliminary Official Statement, and such officials and other representatives of the Issuer are hereby authorized to use such document in connection with the public sale of the Obligations.

 

            Section 3.   The Finance Director, in conjunction with the Municipal Advisor and Bond Counsel and appropriate officers and representatives of the Issuer, is hereby authorized and directed to give notice of said bond sale by publishing a summary of the Notice of Sale not less than 6 days before the date of the bond sale in a newspaper of general circulation in Douglas County, Kansas, and the Kansas Register and is hereby authorized to distribute copies of the Notice of Sale and Preliminary Official Statement relating to the Obligations to prospective purchasers of the Obligations. 

 

            Bids for the purchase of the Obligations shall be submitted upon the terms and conditions set forth in said Notice of Sale, and shall be delivered to the governing body at its meeting to be held on the date of such sale, at which meeting the governing body shall review such bids and shall award the sale of the Obligations or reject all bids for a particular series of the Obligations.

 

            Section 4.  For the purpose of enabling the purchaser(s) of the Obligations (collectively, the “Purchasers”) to comply with the requirements of Rule 15c2-12 of the Securities Exchange Commission (the “Rule”), the appropriate officers of the Issuer are hereby authorized:  (a) to approve the form of said Preliminary Official Statement, and to execute the “Certificate Deeming Preliminary Official Statement Final” in substantially the form attached hereto as Exhibit A, as approval of the Preliminary Official Statement, such official’s signature thereon being conclusive evidence of such official’s and the Issuer’s approval thereof; (b) covenant to provide continuous secondary market disclosure by annually transmitting certain financial information and operating data and other information necessary to comply with the Rule to certain national repositories and the Municipal Securities Rulemaking Board, as applicable; and (c) take such other actions or execute such other documents as such officers in their reasonable judgment deem necessary; to enable the Purchasers to comply with the requirement of the Rule.

 

            Section 5.  The Issuer agrees to provide to the Purchasers within seven business days of the date of the sale of Obligations or within sufficient time to accompany any confirmation that requests payment from any customer of the Purchasers, whichever is earlier, sufficient copies of the final Official Statement to enable the Purchasers to comply with the requirements of Rule 15c2-12(3) and (4) of the Securities and Exchange Commission and with the requirements of Rule G-32 of the Municipal Securities Rulemaking Board.

 

            Section 6.  The Mayor, City Clerk, Finance Director, and the other officers and representatives of the Issuer, the Municipal Advisor, and Bond Counsel are hereby authorized and directed to take such other action as may be necessary to carry out the public sale of the Obligations. 

 

            Section 7.   This Resolution shall be in full force and effect from and after its adoption.

 

           

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ADOPTED by the governing body on February 5, 2019 and APPROVED AND SIGNED by the Mayor.

 

 

 

(SEAL)                                                                                                                                               

                                                                                                Mayor

ATTEST:

 

 

 

                                                                       

            City Clerk

 

 

 

EXHIBIT A

 

CERTIFICATE DEEMING

PRELIMINARY OFFICIAL STATEMENT FINAL

 

February 5, 2019

 

To:       _____________________                    

            __________, ___________

 

            _____________________                    

            __________, ___________

 

 

 

            Re:       General Obligation Improvement Bonds, Series 2019-A; General Obligation Temporary Notes, Series 2019-I

 

Ladies and Gentlemen:

 

            The undersigned is the duly acting Finance Director of the City of Lawrence, Kansas (the “Issuer”), and is authorized to deliver this Certificate to the addressee(s) (the “Purchaser(s)”) on behalf of the Issuer.  The Issuer has caused to be delivered to the Purchasers copies of the Preliminary Official Statement (the “Preliminary Official Statement”), relating to the above-referenced notes (the “Notes”) and bonds (the “Bonds”).

 

            For the purpose of enabling the Purchasers to comply with the requirements of Rule 15c2-12(b)(1) of the Securities and Exchange Commission (the “Rule”), the Issuer hereby deems the information regarding the Issuer contained in the Preliminary Official Statement to be final as of its date, except for the omission of such information as is permitted by the Rule, such as offering prices, interest rates, selling compensation, aggregate principal amount, principal per maturity, delivery dates, ratings, identity of the underwriters and other terms of the Notes and Bonds depending on such matters.

 

 

                                                                        CITY OF LAWRENCE, KANSAS

 

 

                                                                        By:                                                      

                                                                        Title:    Finance Director