8.2a Issue Bonds City Of Salina
Request for Commission Action Date Time
5/06/96 4:00PM
INAGENDA SECTION: ORIGINATING DEPARTMENT: AppROVED FOR
O. 8 Finance ~,GENDA:
ITEM BY: Rodney Franz 3Y: .,~ .
NO:
2 and 2a
ITEM: A. First Reading of Ordinance 96-9737 authorizing the issuance, safe and delivery of $1,847,000 in
General Obligation Internal Improvement Bonds for the purpose of providing funds to pay the cost of certain street
and utility improvements in the City.
B. Consideration of Resolution 96-5007 prescribing the form and details of and authorizing the delivery of
$1,847,000 in General Obligation Improvement Bonds authorized by Ordinance 96-9737
BACKGROUND:
The Director of Finance and Administration will provide a report on the bids to be received at 2:00 PM, May 6,
1996.
Ordinance 96-9737 provides for permanent financing of improvements to the Ninth and Broadway Corridor, as
well as the following subdivision improvements: Twin Oaks street and Utility Improvements, Nord and Wallerius
Street Improvements, and Holiday Resort Improvements. The Ordinance: 1. Authorizes the Sale and Delivery of the bonds;
2. Provides for the annual collection of Taxes and Special Assessments to pay for the bonds; and
3. Provides certain tax covenants and designates the bonds as qualified tax exempt obligations.
Resolution 96-5007 provides for the form and details of the bonds, which includes such items as definitions of
terms, maturities and rates, designates the paying agent and bond registrar, provides for the redemption and call
features, etc.
RECOMMENDATION:
1. Award the contract to the lowest and best bidder
2. Introduce Ordinance No, 96-9737 for first reading
3. Adopt Resolution No. 96-5007