Lexington-Fayette Urban County Government - File #: 0917-16

• File #: 0917-16
• Version: 1
• Name: FY 2017 GO 2016C Various Project Bond
• Type: Ordinance
• Status: Approved
• File created: 8/9/2016
• In control: Urban County Council
• On agenda: 8/30/2016
• Final action: 8/30/2016
• Enactment date: 8/30/2016
• Enactment #: O-148-2016
• Title: An Ordinance of the Lexington-Fayette Urban County Government authorizing the issuance of its Various Purpose General Obligation Bonds, Series 2016C, in one or more subseries, in an aggregate principal amount of $40,085,000 (which amount may be increased or decreased by an amount of up to ten percent (10%)); approving a form of Series 2016C Bonds; authorizing designated officers to execute and deliver the Series 2016C Bonds; authorizing and directing the filing of notice with the state local debt officer; providing for the payment and security of the Series 2016C Bonds; creating a sinking fund; creating a bond payment fund for the Series 2016C Bonds; authorizing acceptance of the bid(s) of the bond purchaser of the Series 2016C Bonds; and repealing inconsistent Ordinances. [Dept. of Finance, O'Mara]

Date	Ver.	Action By	Action	Result
8/30/2016	1	Urban County Council	Approved	Pass
8/18/2016	1	Urban County Council	Received First Reading
8/16/2016	1	Urban County Council Work Session

Title
An Ordinance of the Lexington-Fayette Urban County Government authorizing the issuance of its Various Purpose General Obligation Bonds, Series 2016C, in one or more subseries, in an aggregate principal amount of $40,085,000 (which amount may be increased or decreased by an amount of up to ten percent (10%)); approving a form of Series 2016C Bonds; authorizing designated officers to execute and deliver the Series 2016C Bonds; authorizing and directing the filing of notice with the state local debt officer; providing for the payment and security of the Series 2016C Bonds; creating a sinking fund; creating a bond payment fund for the Series 2016C Bonds; authorizing acceptance of the bid(s) of the bond purchaser of the Series 2016C Bonds; and repealing inconsistent Ordinances. [Dept. of Finance, O'Mara]
Summary
Authorize the Ordinance for the Sale and Issuance of the Lexington-Fayette Urban County Government Various Purpose General Obligation, series 2016C in an aggregate Principle amount not to exceed $40,085,000 (which may be increased or decreased by 10%). This Ordinance will permit the sale of the 2016C Various Purpose Bonds of which the bond proceeds will fund various projects authorized in the FY 2017 Budget. The cost for FY 2017 will be $574,430. The annual impact will be $2,600,000 annually for 20 years. (L0917-16)(O'Mara)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes, Completed by Bond Counsel
Risk Management:
Fully Budgeted: Yes
Account Number: 1101-141401-1892-78401

This Fiscal Year Impact: $574,430
Annual Impact: $2,600,000.00 (for 20 years)
Project:
Activity:
Budget Reference:
Current Balance: $1,700,000 for anticipated FY 17 Debt
Body
WHEREAS, the Lexington-Fayette Urban County Government has previously determined the necessity of financing the acquisition of various projects for departments within the Lexington-Fayette Urban County Government, including, but not limited to, (i) the construction, installation and ...