8.1 Auth Precott Improvements CITY OF SALINA
REQUEST FOR COMMISSION ACTION DATE TIME
12/21/92 q:O0 P.M.
AGENDA SECTION: Administration ORIGINATING DEPARTMENT: APPROVED FOR
NO. 8 AGENDA:
Finance
BY
~Qbert K. Biles ~ BY:
:
Resolution Number 92-4538, establishing the authorized costs for the Prescott
Storm Sewer project, stating the method of financing and statutory authority
therefor, authorizing the city staff to take all necessary actions to proceed
with the project and stating the City's intent to reimburse itself from bond
proceeds.
In order to provide clear authority for bonded projects, our Bond Counsel,
Randy Irey of Gilmore and Bell, has recommended the City Commission adopt a
resolution making certain statements for each project. As you will recall,
these statements are now required under the Federal Income Tax Regulations.
Resolution Number 92-4538 sets the authorization for the Prescott Storm Sewer
at $125,000 and cites the statutory authority of K.S.A. 12-618 for the project.
Recommended Action
Adopt Resolution Number 92-4538.
COMMISSION ACTION
MOTION BY SECOND BY
TO:
PRESCOTT STORM SEWER
Computation of Estimated Project Authorization
Amount
Engineering $ 5,500
Construction Cost 105,000
Temporary Note Interest
($110,000 x 5% x 1 year) 5,500
Contingency (Not to exceed 10~ of construction) 5,500
Note and Bond issuance costs 3~500
Total Estimated Project Cost $125,000