Lexington-Fayette Urban County Government - File #: 0870-17

• File #: 0870-17
• Version: 1
• Name: 2017A Bond Issue
• Type: Ordinance
• Status: Approved
• File created: 8/7/2017
• In control: Urban County Council
• On agenda: 8/31/2017
• Final action: 8/31/2017
• Enactment date: 8/31/2017
• Enactment #: O-133-2017
• Title: An Ordinance of the Lexington-Fayette Urban County Government authorizing the issuance of its Various Purpose General Obligation Bonds, Series 2017A, in one or more subseries, in an aggregate principal amount of $34,790,000 (which amount may be increased by an amount of up to ten percent (10%)); approving a form of Series 2017A bonds; authorizing designated officers to execute and deliver the Series 2017A bonds; authorizing and directing the filing of notice with the state local debt officer; providing for the payment and security of the Series 2017 bonds; creating a sinking fund; creating a bond payment fund for the Series 2017A bonds; authorizing acceptance of the bid(s) of the bond purchaser of the Series 2017A bonds; and repealing inconsistent ordinances. [Dept. of Finance, O'Mara]

Date	Ver.	Action By	Action	Result
8/31/2017	1	Urban County Council	Approved	Pass
8/17/2017	1	Urban County Council	Received First Reading
8/15/2017	1	Urban County Council Work Session	Approved and Referred to Docket	Pass

Title
An Ordinance of the Lexington-Fayette Urban County Government authorizing the issuance of its Various Purpose General Obligation Bonds, Series 2017A, in one or more subseries, in an aggregate principal amount of $34,790,000 (which amount may be increased by an amount of up to ten percent (10%)); approving a form of Series 2017A bonds; authorizing designated officers to execute and deliver the Series 2017A bonds; authorizing and directing the filing of notice with the state local debt officer; providing for the payment and security of the Series 2017 bonds; creating a sinking fund; creating a bond payment fund for the Series 2017A bonds; authorizing acceptance of the bid(s) of the bond purchaser of the Series 2017A bonds; and repealing inconsistent ordinances. [Dept. of Finance, O'Mara]
Summary
Authorization to execute the Ordinance for the Sale and Issuance of the Lexington-Fayette Urban County Government Various Purpose General Obligation, series 2017A in an aggregate Principle amount not to exceed $34,790,000(which May be increased by 10%). This Ordinance will permit the sale of the 2017A Various Purpose Bonds of which the bond proceeds will fund the bond projects in the FY 2018 Budget. The funds are Budgeted. The impact for FY 2018 will be $661,740. The annual impact will be $2,234,000 yearly for 20 years. (L0870-17)(O'Mara)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { Select Yes, Completed by [Attorney Barberie, Date]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes
Account Number: 1101-141401-1895-78401
This Fiscal Year Impact: $661,740
Annual Impact: $2,234,000 yearly for 20 years
Project:
Activity:
Budget Reference:
Current Balance: $1,750,000 in anticipated debt service
Body
WHEREAS, the Lexington-Fayette Urban County Government has previously determined the necessity of financing the acquisition of various projects for Dept.s within the Lexington-Fayette Urban Coun...