Title
A Resolution of the Lexington-Fayette Urban County Government authorizing the advertisement for bids and the distribution of a Preliminary Official Statement for the purchase of the principal amount of its Various Purpose General Obligation Bonds, Series 2015B in a principal amount not to exceed $33,000,000. [Office of the Chief Administrative Officer, Hamilton]
Summary
Authorization to advertise for Bids for the FY2016 GO 2015B CIP Bond Issue and to distribute a Preliminary Official Statement for the purchase of the principal amount of its Various Purpose General Obligation Bonds, series 2015B in an mount not to exceed $33,000,000. This is a required component of the FY 2016 GO2015B CIP Bonds. The cost for this item is included in the Issuance of the Bonds per the ordinance authorizing the sale. There is no budgetary impact. (L1031-15)(Hamilton)
Budgetary Implications [select]: NO
Advance Document Review:
Law: { Select Yes, Completed by [Attorney Name, Date]}
Risk Management: {Select No}
Fully Budgeted [select]: Yes [Cost is included in the Issuance of the Bonds per the Ordinance allowing the sale of the bonds
Account Number: 1101-141401-1680-78401
This Fiscal Year Impact: $ 0
Annual Impact: $ 0
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) software system upgrades, safety operations center and other safety related projects, road resurfacing, road maintenance, road upgrades and street scapes, renovations, repairs and upgrades related to public buildings, renovations, repairs and upgrades related to park projects, and providing financial assistance to Bluegrass Community and Technical College for the construction of a new facility to be owned by Bluegrass Community and Technical College; (ii) providing funding for a program to preserve and manage agricultural, rural and natural lands, including the purchase of conservation easements or development rights, (collectively, the “Series 2015B Project”); and
WHEREAS, the Lexington-Fayette Urban County Government has determined to proceed with the advertisement of bids for the purchase of its Various Purpose General Obligation Bonds, Series 2015B (the "Series 2015B Bonds") in the principal amount not to exceed $33,000,000, in order to (i) provide funds to finance the Series 2015B Project, and (ii) pay the costs of issuing the Series 2015B Bonds; and
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT (THE "URBAN COUNTY COUNCIL"):
SECTION 1. The Lexington-Fayette Urban County Government, an urban county government and political subdivision of the Commonwealth of Kentucky, shall issue its Series 2015B Bonds in one or more subseries in the principal amount not to exceed $33,000,000, in order to provide financing the acquisition of various projects for departments within the Lexington-Fayette Urban County Government, including, but not limited to, (i) software system upgrades, safety operations center and other safety related projects, road resurfacing, road maintenance, road upgrades and street scapes, renovations, repairs and upgrades related to public buildings, renovations, repairs and upgrades related to park projects, and providing financial assistance to Bluegrass Community and Technical College for the construction of a new facility to be owned by Bluegrass Community and Technical College; (ii) providing funding for a program to preserve and manage agricultural, rural and natural lands, including the purchase of conservation easements or development rights, (collectively, the “Series 2015B Project”); and (iii) pay the costs of issuing the Series 2015B Bonds.
SECTION 2. The Lexington-Fayette Urban County Government shall comply with the requirements of KRS Chapter 66 by advertising for bids for the purchase of the Series 2015B Bonds. The Mayor, the Clerk of the Urban County Council, the Commissioner of Finance and/or Chief Administrative Officer are hereby authorized to prepare such instruments and to distribute such information as shall be necessary to accomplish the foregoing, including preparation of a Preliminary Official Statement (the "Preliminary Official Statement") which Preliminary Official Statement is to be deemed final in accordance with Rule 15c2-12 of the Securities and Exchange Commission (the "Rule"). In order to enable prospective purchasers to submit bids for the purchase of the Series 2015B Bonds, the Lexington-Fayette Urban County Government hereby covenants and agrees that it will execute, comply with and carry out all of the provisions of a continuing disclosure certificate (the "Continuing Disclosure Certificate") in connection with the issuance of the Series 2015B Bonds. Failure to comply with any such provisions of the Continuing Disclosure Certificate shall not constitute a default on the Series 2015B Bonds; however, any holder of the Series 2015B Bonds, including the beneficial owners of the Series 2015B Bonds, may take such action as may be necessary and appropriate, including seeking specific performance, to cause the Lexington-Fayette Urban County Government to comply with its obligations under the Continuing Disclosure Certificate. Further, the Mayor is hereby authorized and directed on behalf of the Lexington-Fayette Urban County Government to execute all such instruments as shall be necessary to accomplish all of the foregoing.
SECTION 3. Such proposals shall be received and reviewed by the Commissioner of Finance and/or Chief Administrative Officer, and shall be acted upon by the Mayor on that same day in accordance with the terms of the bond ordinance with respect to the Series 2015B Bonds. The Lexington-Fayette Urban County Government hereby approves the "Notice of Bond Sale," substantially in the form attached hereto to be published as required by law.
SECTION 4. The Mayor shall, in a certificate of award accepting the successful bid for the Series 2015B Bonds (the "Certificate of Award"), determine the exact principal amount of Series 2015B Bonds to be issued, the subseries designations of the Series 2015B Bonds, the rate or rates of interest which said Series 2015B Bonds shall bear, redemption provisions and the interest rate or rates on said Series 2015B Bonds shall be automatically fixed at the rate or rates set out in the successful bid accepted by said Certificate of Award. The proceeds of the sale of the Series 2015B Bonds shall be applied to the costs of the Series 2015B Project and paying the costs of issuance of the Series 2015B Bonds, and shall be expended as provided in the bond ordinance authorizing the Series 2015B Bonds.
SECTION 5. In the event that no bid shall be accepted for the purchase of the Series 2015B Bonds, bids may again be solicited for the purchase of the Series 2015B Bonds at a future date and hour at the discretion of the Mayor and the Commissioner of Finance and/or Chief Administrative Officer, without the necessity of further authorization by the Urban County Council of the Lexington-Fayette Urban County Government.
SECTION 6. All resolutions or orders or parts thereof, if any, in conflict with the provisions of this Resolution, are to the extent of such conflict, hereby repealed.
SECTION 7. This Resolution shall become effective upon the date of its passage.
INTRODUCED AND GIVEN FIRST READING AND SECOND READING AND ADOPTED at a duly convened meeting of Urban County Council of the Lexington-Fayette Urban County Government held on the _____ day of _________, 2015, signed by the Mayor, attested under seal by the Clerk of Urban County Council, and ordered to be published, filed and indexed as provided by law.
ATTEST:
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Name: Urban County Council Clerk |
CERTIFICATE
I, the undersigned, Urban County Council Clerk of the Lexington-Fayette Urban County Government, do hereby certify that the foregoing Resolution is a true and complete copy of a certain Resolution duly adopted by the Urban County Council of said Lexington-Fayette Urban County Government at a lawfully convened meeting of the Urban County Council of the Lexington-Fayette Urban County Government held on ______________, 2015, signed by the Mayor and now in full force and effect, all as appears from the official records of the Lexington-Fayette Urban County Government in my possession and under my control.
I do hereby further certify that said Resolution has not been amended, modified, superseded or repealed and that same remains in full force and effect as of the date of this Certificate.
WITNESS my hand as of this ____ day of ________________, 2015.
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Name: Urban County Council Clerk |
CERTIFICATE
I do hereby certify that the title to this enactment contains an accurate synopsis of the contents thereof and may be used to satisfy the reading and publication requirements of law.
PECK, SHAFFER & WILLIAMS, A DIVISION OF DINSMORE & SHOHL LLP
EXHIBIT A
FORM OF NOTICE OF BOND SALE
Notice is hereby given that electronic bids will be received by the the Commissioner of Finance and/or Chief Administrative Officer of the Lexington-Fayette Urban County Government until 11:00 A.M., E.D.T., on Tuesday, September 15_, 2015 (or at such later time and date announced at least forty-eight hours in advance via the BiDCOMP™/PARITY™ system) for the purchase of its approximately $33,000,000 of Various Purpose General Obligation Bonds, Series 2015B (the "Series 2015B Bonds"). The Series 2015B Bonds will be dated their date of initial delivery, being fully registered bonds in denominations in multiples of $5,000 (within the same maturity). The Series 2015B Bonds mature as to principal in varying amounts on October 1 in varying amounts in each of the years 2016 through 2035. Electronic bids may be submitted via BiDCOMP™/PARITY™, in the manner described below.
Bids must be on the Official Bid Form contained in the Preliminary Official Statement, available from the undersigned, at www.idealprospectus.com, or from the Financial Advisor: J.J.B. Hilliard, W.L. Lyons, LLC, 500 West Jefferson Street, Louisville, Kentucky 40202, Attention Mr. Greg Phillips (502) 588-8462. The Preliminary Official Statement has been deemed "final" by the Corporation within the meaning of Securities and Exchange Commission Rule 15c2-12. For further information regarding PARITY®, potential bidders may contact PARITY®, telephone (800) 850-7422. In order to assist bidders in complying with the continuing disclosure requirements of the Rule, the Lexington-Fayette Urban County Government will undertake in a Continuing Disclosure Certificate to be delivered at closing, to provide to the applicable repositories annual reports and notices of certain material events with respect to the Series 2015B Bonds. Reference is made to the Official Terms and Conditions of Bond Sale contained in the Preliminary Official Statement for further details and bidding conditions.
Sale of the Series 2015B Bonds subject to the approving legal opinion of Peck, Shaffer & Williams, a division of Dinsmore & Shohl LLP, Bond Counsel, Lexington, Kentucky. The Series 2015B Bonds have not been designated as "qualified tax-exempt obligations" within the meaning of §265(b)(3) of the Internal Revenue Code of 1986, as amended.
The Lexington-Fayette Urban County Government reserves the right to reject any and all bids or to waive informality.
LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT
By: /s/ Jim Gray