92-4485 Bond IntentKunn-Gox Priming —Salina. Kansas
RESOLUTION NUMBER 92-4485
A RESOLUTION ESTABLISHING THE AUTHORIZED COSTS FOR THE
SCHILLING/I-135 INTERCHANGE PROJECT, STATING THE METHOD OF
FINANCING AND STATUTORY AUTHORITY THEREFORE, 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, in cooperation with the Kansas
Department of Transportation, the Salina Airport Authority and Saline County,
desires to improve the 1-135 interchange at Schilling Road, Schilling Road from
Ninth Street to 200 feet west of Virginia Drive and Ninth Street 200 feet north
and 200 feet south of Schilling Road, (the "Project"); and
WHEREAS, statutory authority exists under K.S.A. 12-685 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, the Governing Body previously established the project
authorization for the Project at $2,940,000 on November 19, 1990; and
WHEREAS, certain actions will be necessary on the part of city staff
to proceed with the Project, SO NOW, THEREFORE
BE IT RESOLVED by the Governing Body of the City of Salina,
Kansas:
Section 1. That the Schilling/I-135 interchange project be
improved.
Section 2. That the Project be completed under authority provided
by K.S.A. 12-685.
Section 3. That the project authorization for the Project be set
at $2,940,000.
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 $900,000 (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
$900,000, the anticipated local 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 Ctiy
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
Kuhn-Gox Pnnliny —Salina. Kansas
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
27th day of July, 1992. r
Carol E. Beggs, Mayor
(SEAL)
ATTEST:
Jacqueline Shiever, CMC
City Clerk