Title
An Ordinance of Lexington-Fayette Urban County Government authorizing the issuance of Lexington-Fayette Urban County Government Taxable General Obligation Pension Funding Refunding Bonds, Series 2017B, in one or more subseries, in an aggregate principal amount of $22,560,000, (which amount may be increased by an amount of up to ten percent (10%)) for the purpose of refunding all or a portion of the outstanding principal amount of Lexington-Fayette Urban County Government Taxable General Obligation Pension Funding Bonds, Series 2010D; 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 2017B 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 Taxable General Obligation Pension Funding Refunding Bonds, Series 2017B2017A in an aggregate Principle amount not to exceed $22,560,000(which May be increased by 10%). for the purpose of refunding all or a portion of the outstanding principal amount of the General Obligation Bonds Taxable Pension Funding Bonds, Series 2010D. This Ordinance will permit the sale of the Taxable General Obligation Pension Funding Refunding Bonds, Series 2017B which the 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 Taxable General Obligation Pension Funding Refunding Bond...
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