Memorandum
City of Lawrence
Finance Department
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TO: |
Dave Corliss, City Manager
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FROM: |
Ed Mullins, Finance Director
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Date: |
August 2, 2012 – updated 08/06/12
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RE: |
Resolution 6986 - General Obligation Note and Bond Sale |
Background
The City of Lawrence has a note maturing on October 1, 2012 in the amount of $14,375, 000. The projects funded by the note must be refinanced with either a bond or another note. The table below provides a breakdown of the projects by proposed funding source. The Finance Department typically finances a project with a one year note and then refinances the project with a general obligation bond when the project is complete. The projects that are being bonded have been previously approved by the City Commission through the passage of resolutions. The City Commission is requested to approve Resolution No. 6986, authorizing the sale of general obligation notes and bonds on September 11, 2012.
Projects
The tables below list the projects that are proposed to be financed with notes and bonds. The amount financed includes issuance costs. The bond issue will include $2.28 million in benefit district projects are being bonded. The bonds will include $5,900,000 in new financing and $2,140,000 to refund two previous bond issues (Series 2002-B and Series 2003-A). In addition, a second bond issue in the amount of $3,595,000 will refund a previous bond issue (Series 2003-B) that is funded by sales tax revenue.
Bonds
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Project Description |
Amount |
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Fairfield East sanitary sewer (BD) |
$397,931 |
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Fairfield East streets (BD) |
1,370,677 |
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Oregon Trail Stormwater (BD) |
511,984 |
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Facility improvements-Roof |
180,156 |
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Facility improvements-Pool |
100,087 |
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Facility improvements-Deerfield |
150,130 |
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Facility improvements-Skate |
125,108 |
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23rd St Access |
12,506 |
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2012 KLINK 6th Iowa to Monterrey |
976,069 |
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23rd St Bridge |
104,525 |
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Delaware 8th to 9th |
531,223 |
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Fire Truck |
351,597 |
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2011 KLINK |
40,484 |
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6th Mass to Folks |
25,303 |
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2nd and 6th ITS |
10,120 |
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County Radio System |
1,012,100 |
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Total |
$5,900,000 |
BD indicates benefit district project
Notes
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Project Description |
Amount |
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Facility improvements-Garage |
$447,230 |
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Facility improvements-Delaware |
243,994 |
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23rd & O'Connell |
844,423 |
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Farmland master plan |
149,016 |
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9th & Tennessee |
124,180 |
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Wakarusa Clinton to 6th |
993,188 |
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Delaware 19th to 22nd Terr. |
198,657 |
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Incubator Expansion |
999,219 |
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Library Expansion |
18,020,076 |
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23rd Street ITS |
90,450 |
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6th and Iowa |
904,500 |
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2013 KLINK |
402,000 |
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Iowa St 15th to Yale |
804,000 |
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23rd Street (K10 Hwy) and Iowa |
179,067 |
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Total |
$24,400,000 |
Action Requested The City Commission is requested to approve Resolution No. 6986 (revised 08/06/12) authorizing the sale of general obligation bonds and notes to finance the projects listed above.