EXCERPT OF MINUTES OF A MEETING

OF THE GOVERNING BODY OF

THE CITY OF LAWRENCE, KANSAS

HELD ON AUGUST 22, 2006

The governing body met in regular session at the usual meeting place in the City, at 6:35 p.m., the following members being present and participating, to-wit:

Absent:

The Mayor declared that a quorum was present and called the meeting to order.

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(Other Proceedings)

The matter of providing for the offering for sale of approximately $15,440,000 General Obligation Temporary Notes, Series 2006-I, and $17,260,000 principal amount of General Obligation Bonds, Series 2006-A, came on for consideration and was discussed.

City ________________ presented and moved the adoption of a Resolution entitled:

RESOLUTION AUTHORIZING THE OFFERING FOR SALE OF GENERAL OBLIGATION TEMPORARY NOTES, SERIES 2006-I AND GENERAL OBLIGATION BONDS, SERIES 2006-A, OF THE CITY OF LAWRENCE, KANSAS.

City ________________ seconded the motion to adopt the Resolution. Thereupon, the Resolution was read and considered, and, the question being put to a roll call vote, the vote thereon was as follows:

Aye: ________________________________________________________________________.

Nay: ________________________________________________________________________.

The Mayor declared the Resolution duly adopted; the Clerk designating the same Resolution No. ______.

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(Other Proceedings)

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CERTIFICATE

I hereby certify that the foregoing Excerpt of Minutes is a true and correct excerpt of the proceedings of the governing body of the City of Lawrence, Kansas, held on the date stated therein, and that the official minutes of such proceedings are on file in my office.

(SEAL)

Clerk

RESOLUTION NO. 6674

RESOLUTION AUTHORIZING THE OFFERING FOR SALE OF GENERAL OBLIGATION TEMPORARY NOTES, SERIES 2006-I AND GENERAL OBLIGATION BONDS, SERIES 2006-A, OF THE CITY OF LAWRENCE, KANSAS.

WHEREAS, the City of Lawrence Kansas (the "Issuer"), has heretofore authorized certain internal improvements described as follows (the "Note Projects"):

Project	Resolution No.	Authority	Amount
Monterey Way, Stetson Dr	6502	K.S.A. _____	$ 2,168,576
Monterey Way, Peter to GV	6518	K.S.A. _____	$ 1,478,919
23rd St Access Management	6568	K.S.A. _____	$ 154,623
Peterson, Kasold to Monterey Way	6519	K.S.A. _____	$ 2,499,591
Kasold & Peterson Rd Intersection	6520	K.S.A. _____	$ 147,149
O'Connell Road, WB left turn	6585	K.S.A. _____	$ 329,294
Kasold, Peterson to KTA	6566	K.S.A. _____	$ 279,230
KTA Sidewalks	6670	K.S.A. _____	$ 200,700
Fire Station #4 2121 Wakarusa	6546/6606	K.S.A. _____	$ 2,759,914
KLINK Iowa and 23rd St	6646	K.S.A. _____	$ 351,225
23rd & Harper Geometric Imps	6609	K.S.A. _____	$ 401,400
Wakarusa Service Center		K.S.A. _____	$ 43,245
Carnegie Rehab - SAT grant		K.S.A. _____	$ 602,100
Delaware Commons	6637	K.S.A. _____	$ 190,665
Stone Ridge North	6639	K.S.A. _____	$ 1,605,600
Overland Dr	6655	K.S.A. _____	$ 2,227,770
*Total:*			$ 15,440,000

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, the Issuer has not issued any general obligation bonds or temporary notes heretofore authorized to pay any costs related to 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 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 has heretofore authorized certain internal improvements described as follows (the "Bond Projects," collectively referred to with the Note Projects as the “Improvements”):

Project	Resolution No.	Authority	Amount
KU Fire Station, 23rd & Iowa, STA 5	6547	K.S.A. _____	$ 5,415,827
Kasold, 15th to Clinton Parkway	6647	K.S.A. _____	$ 5,123,701
3rd St, Alabama to Illinois	6555	K.S.A. _____	$ 86,424
Lake Pointe, Clinton Parkway to 22nd	6557	K.S.A. _____	$ 799,269
Harvard Rd, East of GWW	6503	K.S.A. _____	$ 443,165
George Williams Way, 6th to Harvard	6449	K.S.A. _____	$ 1,712,013
Bob Billings & Wakarusa	6572	K.S.A. _____	$ 106,798
Folks Rd, 6th to Harvard	6512	K.S.A. _____	$ 1,100,794
Haskell Basin Stormwater	6399	K.S.A. _____	$ 209,766
2005 Fire Truck Purchase	6605	K.S.A. _____	$ 697,404
2006 Overlay, Phase II	6643	K.S.A. _____	$ 702,150
Hanscom Tappan, 2nd Plat	6597	K.S.A. _____	$ 120,420
N. 2nd & Locust Geometric	6620	K.S.A. _____	$ 240,840
2005 Traffic Signal Renovation	6612	K.S.A. _____	$ 301,050
City Hall HVAC 2nd Floor	6619	K.S.A. _____	$ 200,379
*Total:*			$ 17,260,000

WHEREAS, the Issuer desires to issue its general obligation bonds in order to permanently finance the costs of the Bond Projects and to retire the Issuer's General Obligation Temporary Notes, Series 2006-I, which were issued to temporarily finance a portion of the costs of the Bond Projects; and

WHEREAS, the Issuer desires to approve a preliminary official statement and notice of 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 $15,440,000 principal amount of General Obligation Temporary Notes, Series 2006-I (the "Notes") and $17,260,000 principal amount of General Obligation Bonds, Series 2006-A (the "Bonds") as described in the Notice of Sale, which is hereby approved in substantially the form presented to the governing body this date.

Section 2. The Preliminary Official Statement, dated August 22, 2006, is hereby approved in substantially the form presented to the governing body this date, with such changes or additions as the Mayor and Clerk shall deem necessary and appropriate, 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 Bonds.

Section 3. The Finance Director, in conjunction with Gilmore & Bell, P.C., Kansas City ("Bond Counsel"), is hereby authorized and directed to give notice of said note and 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 such date, at which meeting the governing body shall review such bids and shall award the sale of the Notes and Bonds or reject all bids.

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 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, 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 Bonds. Such officials are also directed and authorized to make provision for payment of the following described temporary notes of the Issuer from proceeds of the Bonds and other available funds:

Series

Dated

Date

Maturity

Date

Original

Amount

Outstanding

Amount