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City of Topeka
Council Action Form
Council Chambers
214 SE 8th Street
Topeka, Kansas 66603
www.topeka.org |
| | | June 13, 2023 |
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| | | | | | | | | DATE: | June 13, 2023 | | | | CONTACT PERSON: | Freddy Mawyin, Chief Financial Officer | DOCUMENT #: | | | SECOND PARTY/SUBJECT: | Revenue Bonds 2023 | PROJECT #: | | | CATEGORY/SUBCATEGORY | 020 Resolutions / 005 Miscellaneous | | CIP PROJECT: | No | | | | ACTION OF COUNCIL: | | JOURNAL #: | | | | PAGE #: | |
| DOCUMENT DESCRIPTION: |
RESOLUTION introduced by Acting City Manager Richard U. Nienstedt, declaring the necessity to repair, alter, reconstruct, enlarge or improve the City's water, water pollution, and/or stormwater utility system through improvement projects authorized by Resolution and providing Notice of Intention authorizing the issuance of revenue bonds in the manner required by K.S.A. 10-1201, et seq.
Voting Requirement: Action requires at least (7) seven votes of the Governing Body.
(Approval would authorize the issuance of revenue bonds in an amount no to exceed $29,139,539 for the water/water pollution/stormwater projects identified in the CIB and direct the City Clerk to publish the notice in the Topeka Metro News of the City's intent to issue revenue bonds.)
| | VOTING REQUIREMENTS: | Action requires at least seven (7) votes of the Governing Body. | | POLICY ISSUE: | Whether to authorize the issuance of revenue bonds for the Enterprise-funded projects identified in the resolution. | | STAFF RECOMMENDATION: | Staff recommends the Governing Body move to approve the resolution and notice of intent. | | BACKGROUND: | As part of the Capital Improvement Plan and Capital Improvement Budget process, the Governing Body will consider the project budgets for improvements to the waterworks/sanitary sewer/stormwater sewer systems for 2024-2026. Assuming the Governing Body approves the project budgets, the next step will be to determine whether to use revenue bonds to finance the costs. If the Governing Body approves the issuance of revenue bonds to pay the costs, state law requires that the Governing Body approve issuance and provide notice of intention to do so, thus giving citizens the ability to protest the use of the bonds.
| | BUDGETARY IMPACT: | | Amount not to exceed $29,139,539 | | SOURCE OF FUNDING: | | Revenue Bonds |
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