8.4 Issue Temporary Notes 1994-C , CITY OF SALINA
REQUEST FOR COMMISSION ACTION DATE TIME
4:00 P.M.
R / 1.R/.c4 ..........
AGENDA SECTION: ORIGINATING DEPARTMENT: APPROVED FOR
NO. 8 AGENDA:
Finance
ITEM:
NO.
4
Robert K. Biles ~
BY: BY: -
Item
Resolution Number 94-4750, authorizing and directing the issuance of temporary
notes of the City of Salina, Kansas, in an aggregate principal amount not to
exceed $460,000, for the purpose of providing funds to pay the cost of street
and utility improvements, Engineering Project 94-898, setting the authorization
amount for the project at $522,920.50.
Background
This resolution provides for the temporary financing of the 1994 subdivision
street and utility improvements. The proper legal language is included to set
the authorization for the project and comply with IRS regulatiOns regarding
reimbursement of expenditures previously incurred from debt issues.
Three bids were received on Wednesday, June 8, 1994. The low bidder was
UMB National Bank of America, with an interest rate of 4.13%.
Recommendation
Adopt Resolution Number 94-4750.
COMMISSION ACTION
MOTION BY SECOND BY
THAT: ~