Item Coversheet

City of Topeka
Council Action Form
 Council Chambers
214 SE 8th Street
Topeka, Kansas 66603
www.topeka.org
August 8, 2023
DATE:August 8, 2023
CONTACT PERSON:Freddy Mawyin - Chief Financial OfficerDOCUMENT #:
SECOND PARTY/SUBJECT:Temporary Notes, Series 2023-BPROJECT #:
CATEGORY/SUBCATEGORY 020 Resolutions / 005 Miscellaneous
CIP PROJECT:No
ACTION OF COUNCIL:JOURNAL #:
PAGE #:
DOCUMENT DESCRIPTION:

 

ORDINANCE introduced by Interim City Manager Richard U. Nienstedt authorizing and directing the issuance, sale and delivery of Taxable General Obligation Temporary Notes, Series 2023-B, of the City of Topeka, Kansas; providing for the levy and collection of an annual tax, if necessary, for the purpose of paying the principal of and interest on said notes as they become due; making certain covenants and agreements to provide for the payment and security thereof; and authorizing certain other documents and actions connected therewith.

 

Voting Requirement: At least six (6) votes of the Governing Body is required.

 

(Approval would temporarily fund the purchase and closing costs related to Hotel Topeka in an amount not to exceed $8,125,000.)

 

VOTING REQUIREMENTS:

At least six (6) votes of the Governing Body is required.

POLICY ISSUE:

The proceeds from the sales of the temporary notes will be used to to provide temporary financing to acquire a hotel facility generally located at the southwest corner of 17th Street and Topeka Boulevard .

STAFF RECOMMENDATION:

Staff recommends the Governing Body move to approve the resolution.

BACKGROUND:

The temporary note would provide temporary funding for the purchase of Hotel Topeka.

BUDGETARY IMPACT:
The notes are not subject to optional redemption and will mature on October 1, 2024. 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. 
SOURCE OF FUNDING:
The temporary notes would not have a source of funding. A funding source will be determined at such a time the Governing Body makes a decision related to the disposition of Hotel Topeka. 
ATTACHMENTS:
Description
Ordinance