ORDINANCE introduced by Interim City Manager Richard U. Nienstedt authorizing and providing for the issuance of $5,575,000 aggregate principal amount of General Obligation Bonds, Series 2023-A, of the City of Topeka, Kansas; providing for the levy and collection of an annual tax for the purpose of paying the principal of and interest on said bonds as they become due; authorizing certain other documents and actions in connection therewith; and making certain covenants with respect thereto.  

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

(Approval allows the City to fund capital improvement projects with permanent financing through General Obligation Bonds.)

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

Approval allows the City to fund capital improvement projects with permanent financing through General Obligation Bonds.

Staff recommends the Governing Body move to adopt the ordinance.

Debt service would mature serially over 15 years for general obligation projects and 20 years for special assessment projects directly funded by the City.  The 2024 proposed budget included the issuance of new bonds for projects, plus the costs of issuance and interest costs, while maintaining a projected flat debt service fund mill levy. 

Debt service is paid through the debt service fund and is funded by a property tax levy.