Title
An Ordinance of Lexington-Fayette Urban County Government authorizing the issuance of Lexington-Fayette Urban County Government Various Purpose General Obligation Refunding Bonds, Series 2016D, in one or more subseries, in an aggregate principal amount of $30,265,000, (which amount may be increased or decreased by an amount of up to ten percent (10%)) for the purpose of refunding all of the outstanding principal amount of Lexington-Fayette Urban County Government General Obligation Bonds Public Projects Refunding Bonds, Series 2006D; approving a form of bond; authorizing designated officers to execute and deliver the bonds; providing for the payment and security of the bonds; creating a bond payment fund and escrow funds; maintaining the heretofore established sinking fund; authorizing a certificate of award for the acceptance of the bid of the bond purchaser for the purchase of the Series 2016D Bonds; authorizing an Escrow Trust Agreement; 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 Refunding Bonds, Series 2016D for the purpose of refunding the entire outstanding principal amount of the General Obligation Bonds Public Project Refunding Bonds, Series 2006D (Detention Center). Lexington-Fayette Urban County Government Department of Finance has determined that the present conditions of the municipal market are much more favorable than at the time the Prior Bonds were issued and that it is therefore advantageous and in the best interests of the Lexington-Fayette Urban County Government to proceed with the issuance of its Various Purpose General Obligation Refunding Bonds, Series 2016D to realize interest savings in the issuance of the new bonds. There will be no cost for this fiscal year. The cost for future fiscal years will be $3,175,000. (L0918-16)(O'Mara)
Budgetary Implications: Yes
Law: Yes, ...
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