RESOLUTION NO. 7063

 

RESOLUTION AUTHORIZING THE OFFERING FOR SALE OF GENERAL OBLIGATION TEMPORARY NOTES, SERIES 2014-I AND GENERAL OBLIGATION TEMPORARY NOTES, SERIES 2014-II OF THE CITY OF LAWRENCE, KANSAS.

 

            WHEREAS, the City of Lawrence, Kansas (the “City”), is proceeding with certain water and sewer system improvements described as follows (the “Series 2014-I Improvements”):

 

 

            WHEREAS, the City is proceeding with certain general municipal improvements described as follows (the “Series 2014-II Improvements”):

 

 

WHEREAS, the governing body of the City is authorized by law to issue general obligation bonds to pay a portion of the costs of the Improvements; and

 

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

 

            WHEREAS, the following temporary notes have previously been issued by the City to finance a portion of the costs of the Series 2014-I Improvements, and such temporary notes will be refunded with a portion of the proceeds of the Series 2014-I Notes:

 

Series	Maturity Date	Amount
2013-I	5/1/14	$36,000,000

 

            WHEREAS, no temporary notes have previously been issued by the City to finance any portion of the Series 2014-II Improvements, and the City proposes to issue its temporary notes to pay a portion of the costs of the Series 2014-II Improvements; and

 

            WHEREAS, the City desires to authorize the Clerk, Finance Director, and other officers and representatives of the City to proceed with the offering for sale of said general obligation temporary notes and related activities; and

 

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

 

            WHEREAS, the City desires to authorize the Clerk, Finance Director, and other officers and representatives of the City to proceed with the preparation and distribution of a preliminary official statement and notice of note sale and to authorize the distribution thereof and all other preliminary action necessary to sell said general obligation temporary notes.

 

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

 

            Section 1.  The City is hereby authorized to offer at competitive public sale approximately $62,835,000 General Obligation Temporary Notes, Series 2014-I (the “Series 2014-I Notes”) for the purpose of financing costs of the Series 2014-I Improvements and approximately $5,695,000 General Obligation Notes, Series 2014-II (the “Series 2014-II Notes” and collectively with the Series 2014-I Notes, the “Notes”) for the purpose of financing costs associated with the Series 2014-II Improvements as described in the Notice of Note Sale, which is hereby approved in substantially the form presented to the governing body on this date.

 

            Section 2.  The Mayor, Finance Director and Clerk, in conjunction with Bond Counsel and the Financial Advisor, are hereby authorized to cause to be prepared a Preliminary Official Statement, and such officials and other representatives of the City are hereby authorized to use such document in connection with the sale of the Notes.

 

            Section 3.  The Mayor, Finance Director and Clerk, in conjunction with Bond Counsel, is hereby authorized and directed to give notice of said note sale by distributing copies of the Notice of Note Sale and Preliminary Official Statement to prospective purchasers of the Notes.  Proposals for the purchase of the Notes shall be submitted upon the terms and conditions set forth in said Notice of Note Sale, and shall be delivered to the governing body at its meeting to be held on such date, at which meeting the governing body shall review such bids and shall award the sale of the Notes or reject all proposals.

 

            Section 4.  For the purpose of enabling the purchaser of the Notes (the “Purchaser”) to comply with the requirements of Rule 15c2-12 of the Securities Exchange Commission (the “Rule”), the Mayor and Clerk or appropriate officers of the City 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 City’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 Purchaser to comply with the requirement of the Rule.

 

            Section 5.  The City agrees to provide to the Purchaser within seven business days of the date of the sale of Notes 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 the Rule and with the requirements of Rule G-32 of the Municipal Securities Rulemaking Board.

 

           

Section 6.  The Mayor, Clerk, Finance Director and the other officers and representatives of the City, 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 Notes.

 

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

 

            ADOPTED by the governing body on March 4, 2014.

 

 

 

(SEAL)                                                                                                                                                           

                                                                                                            Mayor

ATTEST:

 

 

 

                                                           

                        Clerk

 

 

EXHIBIT A

 

CERTIFICATE DEEMING

PRELIMINARY OFFICIAL STATEMENT FINAL

 

 

 

 

To:       ____________________

            _________, _________

 

            ____________________

            _________, _________

 

            Re:       Approximately $62,835,000 principal amount of General Obligation Temporary Notes, Series 2014-I and approximately $5,695,000 principal amount of General Obligation Temporary Notes, Series 2014-II

 

Ladies and Gentlemen:

 

            The undersigneds are the duly acting Mayor and Clerk of the City of Lawrence, Kansas (the “City”), and are authorized to deliver this Certificate to the addressee(s) (the “Purchaser(s)”) on behalf of the City.  The City has heretofore caused to be delivered to the Purchaser(s) copies of the Preliminary Official Statement (the “Preliminary Official Statement”) relating to the above-referenced notes (the “Notes”).

 

            For the purpose of enabling the Purchaser(s) to comply with the requirements of Rule 15c2-12(b)(1) of the Securities and Exchange Commission (the “Rule”), the City hereby deems the information regarding the City 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, delivery dates, ratings, identity of the underwriters and other terms of the Notes depending on such matters.

 

                                                                        Very truly yours,

 

                                                                        CITY OF LAWRENCE, KANSAS

 

 

 

                                                                        By:                                                                  

                                                                        Title:  Mayor

 

 

 

                                                                        By:                                                                  

                                                                        Title:  Clerk