92-4538 Auth & Bond IntentRESOLUTION NUMBER 92-4538
A RESOLUTION 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.
WHEREAS, the City of Salina desires to improve the storm sewer
under Prescott Street from Ninth Street east to the Smoky Hill River (the
"Project") ; and
WHEREAS, statutory authority exists under K.S.A. 12-618 to finance
the Project by issuance of general obligation bonds of the City; and
WHEREAS, it is the intent of the City to reimburse itself from the
proceeds of a borrowing for expenses incurred prior to the issuance of such
bonds; and
WHEREAS, it is necessary for the Governing Body to establish project
authorization for the Project; and
WHEREAS, certain actions will be necessary on the part of city staff
to proceed with the Project, SO NOW, THEREFORE,
Kansas:
BE IT RESOLVED by the Governing Body of the City of Salina,
Section 1. That the storm sewer under Prescott Street from Ninth
Street east to the Smoky Hill River be improved.
Section 2. That the Project be completed under authority provided
by K.S.A. 12-618.
Section 3. That the project authorization for the Project be set
at one hundred twenty-five thousand dollars ($125,000) .
Section 4. The City expects to incur capital expenditures on and
after the
date
of
adoption
of this Resolution
(the "Expenditures")
in
connection
with
the
Project,
and intends to
reimburse itself for
such
Expenditures with the proceeds of the general obligation bonds of the City in
the maximum principal amount of one hundred twenty-five thousand dollars
($125,000) (and, pending the issuance of the bonds, by the issuance of the
City's temporary notes) in an amount which, depending on the date of issuance
of said debt, may aggregate a maximum of one hundred twenty-five thousand
dollars ($125,000), the anticipated cost of the Project. The Governing Body
has determined that the funds to be advanced to pay Expenditures are or will
be available only for a temporary period and it is necessary to reimburse the
City for Expenditures made on and after the date hereof. As of the date
hereof, there are no funds from sources other than said debt that are, or are
reasonably expected to be, reserved, allocated on a long-term basis, or
otherwise set aside by the City to pay the Expenditures. This Resolution
constitutes a declaration of official intent under Treasury Regulation Section
1.103-18 issued under the Internal Revenue Code of 1986, as amended, and the
adoption of this Resolution is consistent with the budgetary and financial
circumstances of the City.
Section 5. This Resolution shall be made available for public
inspection during normal business hours at the main administrative office of
the City or the customary location of the City's records that are available to
the general public, beginning within 30 days after its adoption and continuing
until the aforesaid debt is issued.
Section 6. That city staff is hereby authorized to take all
necessary actions to proceed with the Project.
Adopted by the Board of Commissioners and signed by the Mayor this
21st day of December, 1992.
i
LIZ
Carol E. Beggs, Mayor
( SEAL)
ATTEST:
J S. Welk -4
Jacq�leline Shiever, CMC
City Clerk
PRESCOTT STORM SEWER
Computation of Estimated Project Authorization
Engineering
Construction Cost
Temporary Note Interest
($110,000 x 57o x 1 year)
Contingency (Not to exceed 107o of construction)
Note and Bond issuance costs
Amount
$ 5,500
105,000
5,500
5,500
3.500
Total Estimated Project Cost $125,000