Title
A Resolution of the Lexington-Fayette Urban County Government approving the execution and delivery by the City of Midway, Ky. of its City of Midway, Ky., Educational Facilities Refunding Revenue Bond, Series 2016 (Providence Montessori School, Inc. Project) in an amount not to exceed $1,800,000, and the use of the proceeds thereof (a) to refinance the outstanding City of Midway, Ky., Educational Facilities Refunding Revenue Bond, Series 2012 (Providence Montessori School, Inc. Project), (b) to refinance an outstanding taxable bank loan between the borrower and Fifth Third Bank, Lexington, Ky., previously incurred to finance the acquisition of the borrower's facilities located at 519 West Fourth Street, Lexington, Ky. 40508, (c) to refinance an outstanding taxable bank loan between the borrower and Fifth Third Bank, Lexington, Ky., previously incurred to finance the acquisition of the borrower's real properties located at 1203 and 1207 Texaco Rd., Lexington, Ky. 40508, and (d) to pay costs of issuance of the Series 2016 Bond. [Mayor's Office, Atkins] Public Hearing on Sept. 29, 2016 at 6 p.m.
Summary
Authorization to execute a resolution to support tax-exempt bond refunding of Providence Montessori School 2012 Bonds to be issued by the City of Midway. LFUCG is required to issue a resolution of support for tax-exempt bond projects that are located in Lexington-Fayette County, even if it is not the issuer for those bonds. There is no budgetary impact. (L1023-16)(Atkins)
Budgetary Implications: No
Advance Document Review:
Law: Yes, Completed by Attorney Barberie
Fully Budgeted:
Account Number:
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, the City of Midway, Kentucky (the "Issuer"), pursuant to the provisions of Sections 103.200 to 103.285, inclusive, of the Kentucky Revised Statutes, as amended (the "Act"), proposes to execute and deliver, for the benefit of Providence Montessor...
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