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City of Topeka
Council Action Form
Council Chambers
214 SE 8th Street
Topeka, Kansas 66603
www.topeka.org |
| | | August 18, 2015 |
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| | | | | | | | | DATE: | August 18, 2015 | | | | CONTACT PERSON: | Brandon Kauffman, Chief Fiscal Officer | DOCUMENT #: | | | SECOND PARTY/SUBJECT: | GO Bonds 2015A | PROJECT #: | | | CATEGORY/SUBCATEGORY | 014 Ordinances – Non-Codified / 012 Bond Ordinances | | CIP PROJECT: | No | | | | ACTION OF COUNCIL: | | JOURNAL #: | | | | PAGE #: | |
| DOCUMENT DESCRIPTION: |
AN ORDINANCE introduced by City Manager Jim Colson, authorizing the issuance of $56,340,000 aggregate principal amount of General Obligation Bonds, Series 2015-A of the City of Topeka, Kansas, under the authority of K.S.A. 10-101 to 125, inclusive, K.S.A. 12-6a01 et seq., and Charter Ordinance No. 89 of the City, all as amended.
(Approval would allow the City to convert capital improvement projects from temporary note status to permanent financing through General Obligation Bonds and partially refinance Series 2009-B, 2010-A, and 2010-B for an estimated savings of $1,403,000, or 3.83%, which would be spread evenly over the remaining life of the bonds.) | | POLICY ISSUE: | | Approval allows the City to convert capital improvement projects from temporary note status to permanent financing through General Obligation Bonds and partially refinances Series 2009-B, 2010-A, and 2010-B for an estimated savings of $1,403,000, or 3.83%, which would be spread evenly over the remaining life of the bonds. | | STAFF RECOMMENDATION: | | Staff is recommending the Governing Body move to adopt the ordinance. | | BACKGROUND: | The bond would fund four special assessment projects, one bikeway plan, nine street improvement projects, and one zoo project and partially refinance Series 2009-B, 2010-A and 2010-B. | | BUDGETARY IMPACT: | | Debt service will mature serially over 15 years for general obligation projects directly funded by the City and special assessment projects would be spread over 20 years. The 2016 adopted budget included the issuance of new bonds for projects, plus the costs of issuance and interest costs.
Budgetary savings for the partial refundings of Series 2009-B, 2010-A and 2010-B will be spread over the remaining life of the bonds. | | SOURCE OF FUNDING: | | Debt service is paid through the debt service fund and is
funded by a property tax levy and special assessments. |
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