Title
An Ordinance of the Lexington-Fayette Urban County Government authorizing the issuance of its Various Purpose General Obligation Bonds, Series 2024A, in one or more subseries, in an aggregate principal amount of $38,060,000 (which amount may be increased by an amount of up to ten percent (10%) or decreased by an unlimited amount); approving a form of Series 2024A Bonds; authorizing designated officers to execute and deliver the Series 2024A Bonds; authorizing and directing the filing of notice with the State Local Debt Officer; providing for the payment and security of the Series 2024A Bonds; maintaining a sinking fund; creating a bond payment fund for the Series 2024A Bonds; authorizing acceptance of the bid(s) of the bond purchaser of the Series 2024A Bonds; and repealing inconsistent ordinances. [Dept. of Finance, Hensley]
Summary
Authorization to approve the Sale and Issuance of the Lexington-Fayette Urban County Government Various Purpose General Obligation, Series 2024A in an aggregate principal amount not to exceed $38,060,000 (which may be increased by 10%). The annual debt service cost is $4,664,000. Funds are budgeted. (L0215-24) (Hensley)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes, Completed by David Barberie, February 12, 2024
Risk Management: No
Fully Budgeted: Yes
Account Number: 1101-141401-1680-78402
This Fiscal Year Impact: $4,664,000
Annual Impact: $3,200,000 annually for 10 years
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, the Lexington-Fayette Urban County Government has previously determined the necessity of financing the acquisition of various projects for departments within the Lexington-Fayette Urban County Government, including, but not limited to (i) Phoenix Park development, radio replacement, new firetrucks and other fire safety related projects, new police cars, road construction and improvements, road resurfacing, road maintenance, road upgrades, streetscapes and si...
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