Title
A Resolution of the Lexington-Fayette Urban County Government authorizing the Kentucky Bond Development Corporation to issue bonds payable from Transient Room Tax and separately bonds payable from facilities revenues to pay costs of development of the Lexington Center Corporation Project. [Dept. of Finance, O'Mara]
Summary
Authorization for the Kentucky Bond Development Corporation to issue bonds payable from the Transient Room Tax to pay costs of development of the Lexington Center Corporation Project. Lexington Center Corporation, a nonprofit corporation organized and existing under the laws of the Commonwealth of Kentucky pursuant to KRS 273.161 through 273.390, inclusive, and KRS 58.180 (the "Corporation") has evidenced a desire to have the costs of the expansion and renovation of the Corporation's arena and convention facilities and the costs of refunding certain outstanding bonds originally issued to finance improvements to the Corporation's arena and convention facilities. This resolution has no budgetary impact. (0726-18)(O'Mara)
Budgetary Implications [select]: /NO
Advance Document Review:
Law: { Yes, Completed by [Attorney Barberie, Date]}
Fully Budgeted [select]: N/A
Account Number:
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, public agencies in the Commonwealth of Kentucky have experienced and are continuing to experience difficulty in economically funding or financing various governmental purposes at reasonable costs; and
WHEREAS, public agencies, including Lexington-Fayette Urban County Government, have entered into an Interlocal Cooperation Agreement dated September 19, 2014, as authorized under Sections 65.210 through Section 65.300 (the "Interlocal Agreement"), inclusive, of the Kentucky Revised Statutes, as amended, which authorizes public agencies to cooperate and act jointly in exercising any and all powers, privileges and authority capable of exer...
Click here for full text