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Finance director outlines steps to offer general obligation bonds for Tallgrass and Exit 161 projects
Summary
Kim Rupp, director of finance, told the commission staff recommends issuing general obligation bonds and/or temporary notes to fund Tallgrass Phase 4 and Exit 161 infrastructure work; preparatory steps and a Sale Resolution are planned for approval at the July 9 meeting.
Kim Rupp, director of Finance for the City of Hays, told the commission staff recommend issuing general obligation bonds and/or temporary notes to fund Tallgrass Phase 4 infrastructure improvements and to permanently finance Exit 161 infrastructure improvements.
Rupp explained that state law and capital-market practices require preparatory actions before securities may be offered for sale, including publication requirements and drafting offering documents so bids can be received. She said approval of a Sale Resolution at the July 9 Commission meeting would authorize staff to take necessary actions to offer the City—s general obligation bonds and/or temporary notes for sale for the purposes stated.
No authorization or sale occurred during the work session; the Sale Resolution and related finance steps will be on the July 9 Commission meeting agenda for formal action.
