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 6, 2013
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RE: |
General Obligation Note and Bond Sale |
Background
The City of Lawrence has a note maturing on October 1, 2013 in the amount of $24,215,000. 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 adopt Ordinance No. 8895, authorizing the sale of general obligation notes and bonds on September 10, 2013.
Projects
The tables below list the projects that are proposed to be financed with notes and bonds. The amount financed includes issuance costs. The bonds will include $1,700,000 in new financing for the fire truck and the county radio system upgrade.
Bonds
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Project Description |
Amount |
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Facility improvements-Garage |
449,466 |
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Facility improvements-Delaware |
245,214 |
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23rd & O'Connell |
848,494 |
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Farmland master plan |
149,761 |
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Delaware 19th to 22nd Terrace |
5,025 |
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Incubator Expansion |
1,005,000 |
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County Radio |
1,005,000 |
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Fire Truck |
726,138 |
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23rd Street ITS |
90,902 |
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Total |
$4,525,000 |
Notes
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Project Description |
Amount |
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9th & Tennessee |
124,801 |
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Library Expansion |
18,107,676 |
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6th and Iowa |
909,023 |
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2013 KLINK |
203,010 |
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Iowa St 15th to Yale |
808,020 |
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23rd Street (K10 Hwy) and Iowa |
502,567 |
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Rock Chalk Park |
10,250,000 |
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Farmland Streets |
7,336,000 |
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Farmland Sewer |
904,500 |
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2014 KLINK |
326,625 |
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Wakarusa Clinton to 6th |
1,005,000 |
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Recycling Equipment |
2,244,178 |
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G. Williams & 15th Signal |
276,375 |
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6th and G. Williams Signal |
276,375 |
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2014 ITS |
402,000 |
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Land Purchase for Police Station |
1,507,500 |
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Art Center, Health Dept., Carnegie |
201,000 |
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9th and Kentucky Signal |
20,100 |
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Emory to Michigan turn lane |
50,250 |
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Total |
$45,455,000 |
Action Requested The City Commission is requested to adopt on first reading, Ordinance No. 8895, authorizing the sale of general obligation notes and bonds on September 10, 2013.