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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 Series 2015A | PROJECT #: | | | CATEGORY/SUBCATEGORY | 020 Resolutions / 005 Miscellaneous | | CIP PROJECT: | No | | | | ACTION OF COUNCIL: | | JOURNAL #: | | | | PAGE #: | |
| DOCUMENT DESCRIPTION: |
RESOLUTION introduced by City Manager Jim Colson, prescribing the form and details of General Obligation Bonds, Series 2015-A of the City of Topeka, Kansas, in the aggregate principal amount of $56,340,000 the issuance of which were authorized by the City pursuant to its ordinance adopted and approved August 18, 2015; and authorizing certain other documents and action in connection with the issuance of the bonds.
(Approval would detail the procedures to issue the 2015-A 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% spread evenly over the remaining life of the bonds.) | | POLICY ISSUE: | | Approval of bonds will convert capital improvement projects from temporary note status to permanent financing through general obligation bonds. This would include city projects and special assessment projects the City has completed. | | STAFF RECOMMENDATION: | | Staff recommends the Governing Body move to approve the resolution. | | BACKGROUND: | The bond would fund four special assessment projects, one bikeway plan, nine street improvement projects and one zoo project. | | 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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