8.9 Authorize GO Refunding Bonds, Series 2010-BCITY OF SALINA
REQUEST FOR CITY COMMISSION ACTION DATE TIME
10/4/2010 4:00 P.M.
AGENDA SECTION ORIGINATING DEPARTMENT: APPROVED FOR
8
AGENDA:
NO:
FINANCE AND ADMINISTRATION
ITEM
NO:9
BY: Rod Franz BY:
Page 1
ITEM:Ordinance No. 10-10575
An ordinance authorizing and provid ing for the issuance of General Obligation Refunding Bonds,
Series 2010-B of the City of Salina, Kansas; providing for the levy and collection of an annual tax for
the purpose of paying the principal of and interest on said bonds as they become due; authorizing
certain other documents and actions in connection t herewith, and making certain covenants with
respect thereto.
BACKGROUND:
Ordinance No. 10-10575 authorizes the sale of bonds in the amount of $8,060,000 refunding City of
Salina Internal Improvement Bonds Series 2002-B and 2001-A, as well as both outstanding Public
Water Supply Loans issued through the Kansas Development Financing Authority. The refinancing
projections indicate that the City will realize a savings of approximately $480,000 from 2011 through
2023. The bulk of this savings ($372,000) will be in the Water and Wastewater funds, with the
balance of savings in the Bond and Interest Fund.
The bond sale, second reading of this ordinance and consideration of the bond resolution are
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scheduled for October 18. An updated savings report will also be presented at that time.
FISCAL NOTE:
This action will ultimately result in modest sa vings for the Water and Wastewater and Bond and
Interest Funds
RECOMMENDED ACTION:
Pass Ordinance No. 10-10575 on first reading.