8.4 Issue Sale T-Notes City Of Salina
Request for Commission Action
Date Time
6/02/97 4:00 PM
AGENDA SECTION: ORIGINATING DEPARTMENT APPROVED
FOR AGENDA
~NO. 8 FINANCE
!ITEM NO,
4
BY: Rodney Franz BY: ~
ITEM: Resolution Number 97-5161 Authorizing and Directing the issuance, Sale, and Delivery of
$310,000 in temporary notes for the making improvements to the Salina Public Library
BACKGROUND:
Staff was authorized to proceed with obtaining bids for financing on these projects at the May 19, 1997 City
Commission Meeting. The Request for Commission Action and supporting material from that meeting are
attached.
Bids will be opened at 2:00 PM on June 2nd. The results will be available at the City Commission Meeting.
This note issue is structured somewhat differently than our routine note issues. This note is not intended
to ever be rolled to a long term bond issue. It will be paid direct from Library property tax proceeds, with
principal amounts due as follows:
1998:$110,000
1999: 100,000
2000 100,000
REQUESTED ACTION:
Adopt Resolution # 97-5161 authorizing the sale of the notes to the lowest and best bidder.
COMMISSION ACTION
MOTION BY: SECOND BY:
THAT:
City Of Salina
Request for Commission Action
Date Time
5/19/97 4:00 PM
AGENDA SECTION: ORIGINATING DEPARTMENT APPROVED
NO. FOR AGENDA
FINANCE
ITEM NO,
BY: Rodney Franz BY:
ITEM: Resolution Authorizing the Finance director and city clerk to obtain bids for Temporary Notes to
finance Improvements to the Salina Public Library.
BACKGROUND: The Public Library is currently engaged in an expansion and rehabilitation of their
facilities. The roots of this project extend to 1992. I have enclosed a "Project History" that was done in
mid-1995 on this project. Since that time, the City and Library have entered into an interlocal agreement
providing for financing in an amount up to $750,000 and for the repayment of that amount from Library
resources. A copy of that agreement and the "Request for Commission Action" that accompanied it are
also enclosed.
Current estimates project that the Library will need about $310,000 in early to mid-June in order to finish
the project. They wish to pay that back over a three year period. The temporary notes that we will be
taking bids on will be structured to mature over the 3 year period, with $110,000 due in 1998 and $100,000
due in 1999 and 2000.
The resolution enclosed simply authorizes the staff to proceed with the process of advertising for and
collecting bids. Bids will be opened on June 2 with an anticipated closing date of June 17.
REQUESTED ACTION:
I Adopt Resolution Number 97-5158
COMMISSION ACTION
MOTION BY: SECOND BY:
THAT: