RESOLUTION NO. 7084

 

            RESOLUTION AUTHORIZING THE OFFERING FOR SALE OF GENERAL OBLIGATION TEMPORARY NOTES, SERIES 2014-III GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2014-A, AND GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2014-B, OF THE CITY OF LAWRENCE, KANSAS.

 

           

            WHEREAS, the City of Lawrence Kansas (the “Issuer”), is proceeding with certain internal improvements described as follows (the “Note Projects”):

 

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

 

            WHEREAS, it is necessary for the Issuer to provide cash funds (from time to time) to meet its obligations incurred in constructing the Note Projects 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, a portion of the proceeds of the Series 2014-III Notes will be used to retire a portion of the Issuer’s General Obligation Temporary Notes, Series 2013-III; and

 

            WHEREAS, the Issuer has heretofore authorized certain internal improvements described as follows (the “Bond Projects,” collectively referred to with the Note Projects as the “Improvements”):

 

SERIES 2014-A BOND PROJECTS

 

SERIES 2014-B BOND PROJECTS

 

 

            WHEREAS, a portion of the proceeds of the Series 2014-A Bonds and the Series 2014-B Bonds will be used to retire a portion of the Issuer’s General Obligation Temporary Notes, Series 2013-II and General Obligation Temporary Notes, Series 2013-III (collectively, the “Refunded Notes”); and

 

            WHEREAS, the Issuer desires to issue its general obligation bonds in order to permanently finance the costs of the Bond Projects and to retire a portion of the Refunded Notes, which were issued to temporarily finance a portion of the costs of the Bond Projects; and

 

            WHEREAS, the Issuer desires to authorize the Clerk, Finance Director, 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 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 ORDAINED 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 the Issuer’s General Obligation Temporary Notes, Series 2014-III (the “Notes”) and General Obligation Improvement Bonds, Series 2014-A and General Obligation Improvement Bonds, Series 2014-B (the “Bonds”), all as described in a Notice of Sale to be prepared by the Finance Director, in conjunction with Gilmore & Bell, P.C., Kansas City (“Bond Counsel”), the Clerk and other appropriate officers of the Issuer.

 

            Section 2.  The Mayor, Finance Director and Clerk, in conjunction with Bond Counsel are 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 Notes and the Bonds.

 

            Section 3.  The Finance Director, in conjunction with Bond Counsel, 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 by distributing copies of the Notice of Sale and Preliminary Official Statement to prospective purchasers of the Notes and Bonds.  Bids for the purchase of the Notes and Bonds 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 Notes and Bonds or reject all bids for a particular series of the Notes or Bonds.

 

            Section 4.  For the purpose of enabling the purchaser of the Notes and the purchaser of the Bonds (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 Notes and Bonds 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 Issuer, 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 and Bonds. 

 

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

 

            PASSED by the governing body on August 5, 2014 and APPROVED AND SIGNED by the Mayor.

 

 

(SEAL)                                                                                                                                               

                                                                                                            Mayor

ATTEST:

 

                                                           

                        Clerk

 

 

 

EXHIBIT A

 

CERTIFICATE DEEMING

PRELIMINARY OFFICIAL STATEMENT FINAL

 

August 14, 2014

 

To:       _____________________                 

            __________, ___________

 

            _____________________                 

            __________, ___________

 

            _____________________                 

            __________, ___________

 

            Re:       Approximately $13,060,000 principal amount of General Obligation Temporary Notes, Series 2014-III, approximately $27,795,000 principal amount of General Obligation Improvement Bonds, Series 2014-A and $19,595,000 principal amount of General Obligation Improvement Bonds, Series 2014-B

 

Ladies and Gentlemen:

 

            The undersigned are the duly acting Mayor and Clerk of the City of Lawrence, Kansas (the “Issuer”), and are authorized to deliver this Certificate to the addressee(s) (the “Purchaser(s)”) on behalf of the Issuer.  The Issuer has heretofore 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.

 

                                                                        Very truly yours,

 

                                                                        CITY OF LAWR ENCE, KANSAS

 

 

                                                                        By:                                                      

                                                                        Title:    Mayor

 

 

                                                                        By:                                                      

                                                                        Title:    Clerk