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RESOLUTION NO. 20-05
A RESOLUTION AUTHORIZING AND PROVIDING FOR IMPROVEMENTS INCLUDED IN THE MULTI-YEAR CAPITAL IMPROVEMENT PLAN FOR THE CITY OF MCPHERSON, KANSAS; AND PROVIDING FOR THE PAYMENT OF THE COSTS THEREOF.
WHEREAS, KS.A. 14-570 et seq., as amended by Charter Ordinance No. 46 (the "Act") of the City of McPherson, Kansas (the "City"), provides that the City Administrator, the chief financial officer of the City, or such other person designated by the City Administrator, may file with the governing body of the City (the "Governing Body") a master capital improvements plan (the "Plan") for the physical development of the City within the boundaries of the City, including public improvements, the acquisition of land necessary, therefore, the acquisition of equipment, vehicles or other personal property to be used in relation thereto, and may provide for assumption and payment of benefit district indebtedness heretofore created for public improvements, and which Plan may require a number of years to execute; and
WHEREAS, upon approval of the Plan by the Governing Body, the City is authorized to issue its general obligation bonds in an amount sufficient to carry out such Plan and associated costs, and by resolution shall specify the amount and purpose of the general obligation bonds to be issued; and
WHEREAS, such a Plan, as may be amended, has been prepared and filed with the Governing Body, and the Governing Body desires to authorize the issuance of general obligation bonds to finance all or a portion of such Plan, as set forth below.
THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF MCPHERSON, KANSAS:
Section1. Plan Approval. The Governing Body hereby accepts and approves the Plan, including the inclusion of the Improvements described below. including the inclusion of the Improvements described below.
Section 2. Bond Authorization. The Governing Body hereby authorizes the issuance of general obligation bonds (the "Bonds") for the following described project included in the Plan (the "Improvements"):
Description - Wastewater Treatment Plant improvement #C20 1474 01
Amount - $5,766,022
The City passed an ordinance authorizing the execution of Loan Agreement No. C20 1474 01, as amended ( collectively the "Loan"), effective as of October 6, 2007, with the Kansas Department of Health and Environment to provide initial financing for the Improvements, with the final principal amount of the loan of $11,346,393.
All or a portion of the costs of the Improvements, interest on interim financing (including the Loan) and associated financing costs shall be payable from the proceeds of the Bonds issued under the authority of the Act.
Section 3. Reimbursement. The Bonds may be issued to reimburse expenditures made on or after the date which is 60 days before the date of adoption of this Resolution, pursuant to Treasury REgulations 1.150-2.
Section 4. Effective Date. This Resolution shall take effect and be in full force from and after its adoption by the Governing Body.