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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: | Temp Notes 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, authorizing and directing the issuance of Temporary Notes, Series 2015-A (General Improvements) of the City of Topeka, Kansas, in the aggregate principal amount of $51,170,000 for the purpose of providing funds to pay the cost of (i) renewing a portion of the Series 2014-A Temporary Notes of said City, dated September 25, 2015, and (ii) pay a portion of the cost of certain improvement of said City.
(Approval would fund special assessment projects, fire station improvements, bridge improvements, street improvement projects and utility projects.) | | POLICY ISSUE: | | The proceeds from the sales of the temporary notes will be used to provide interim financing for City-at-large projects, improvement district projects and public improvement projects during the construction phase. | | STAFF RECOMMENDATION: | | Staff recommends the Governing Body move to approve the resolution. | | BACKGROUND: | The temporary note would fund special assessment projects, fire station improvements, bridge improvements, street improvement projects and utility projects. | | BUDGETARY IMPACT: | | The notes are not subject to optional redemption and will mature on October 1, 2016. The notes would be retired using cash, the proceeds of permanent financing bonds and/or renewal notes issued at the time or from other sources. There would not be an immediate budgetary impact for the note. However, once construction is completed the recommendation would be to roll the notes into permanent bonds. | | SOURCE OF FUNDING: | | The temporary notes would not have a source of funding; however, when the temporary notes are refinanced into permanent bonds they will be paid through property taxes or utility revenues. |
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