Title
A Resolution of the Lexington-Fayette Urban County Government approving (1) the execution and delivery by the County of Clark, Ky. of its County of Clark, Ky. Educational Development Revenue Bonds (the Lexington School Project), series 2018A, in an amount not to exceed $10,000,000, and (2) the execution and delivery by the City of Midway, Ky. of its City of Midway, Ky. Educational Development Revenue Bonds (the Lexington School Project), series 2018B, in an amount not to exceed $5,000,000. Public Hearing on August 30, 2018 at 6:00 p.m. [Council Office, Maynard]
Summary
Body
WHEREAS, the County of Clark, Kentucky ("Clark County"), pursuant to the provisions of Section 103.200 to 103.285, inclusive, of the Kentucky Revised Statutes, as amended (the "Act"), proposes to execute and deliver, together with The Lexington School, Inc. (the "Borrower"), a non-stock, non-profit borrower organized and existing under the laws of the Commonwealth of Kentucky and exempt from federal income taxes as an organization described and designated by the Internal Revenue Service under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), its County of Clark, Kentucky Educational Development Revenue Bonds (The Lexington School Project), Series 2018A, in an amount not to exceed $10,000,000 (the "Clark County Bonds");
WHEREAS, Clark County, pursuant to the Act, proposes to loan the proceeds of the Clark County Bonds to the Borrower, to be used to finance the costs to acquire, construct, renovate, and equip a "building" project to consist of acquiring, constructing, renovating, and equipping various educational facilities to be located on its campus at 1050 Lane Allen Road in Lexington, Kentucky, and improvements to its athletic facilities located at 2092 Lansill Road in Lexington, Kentucky (the "Project"), which will be owned and operated by the Borrower;
WHEREAS, the City of Midway, Kentucky ("Midway"), pursuant to the Act, proposes to exe...
Click here for full text