Title
An Ordinance of Lexington-Fayette Urban County Government authorizing the issuance of Lexington-Fayette Urban County Government Various Purpose General Obligation Refunding Bonds, in one or more subseries, for the purpose of refunding all or a portion of certain outstanding General Obligation Bonds of the Lexington-Fayette Urban County Government including, but not limited to, the outstanding General Obligation Bonds listed on Exhibit A hereto; approving a form of bond; authorizing designated Officers to execute and deliver the bonds; authorizing the Lexington-Fayette Urban County Government to provide for the defeasance of certain outstanding prior bonds with monies available for such purpose; 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 refunding obligations; authorizing an Escrow Trust Agreement; 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 Refunding Bonds, Series 2023B in an aggregate principal amount not to exceed $75,000,000, for the purpose of refunding all or a portion of certain outstanding General Obligation Bonds. Funds are Budgeted. (L0659-23) (Hensley)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes, Completed by David Barberie, June 14, 2023
Risk Management: No
Fully Budgeted: Yes
Account Number: 1101-141401-1680-78401
This Fiscal Year Impact: $0
Annual Impact: $4,450,000
Project:
Activity:
Budget Reference:
Current Balance:
Body
the United States or a ruling shall have been made or a regulation shall have been proposed or adopted by the Treasury Department or the Internal Revenue Service of the United States with respect to federal taxation of interest received on obligations of the general character of the Bonds which in the Purchaser’s reasonable opinion make untrue or incorrect in any material respect any statement or information contained in the documents relating to the issuance of the Bonds or causes such documents or information contained therein to be misleading in any material respect; or (II) trading in securities generally on the New York Stock Exchange shall have been suspended or minimal prices shall have been established on such Exchange by the Securities and Exchange Commission or by such Exchange; or (III) a general banking moratorium shall have been declared by federal or state authorities; and
(d) The conditions of the bid submitted by the Purchaser shall have been met by the Lexington-Fayette Urban County Government to the satisfaction of the Purchaser.
6. The Lexington-Fayette Urban County Government will furnish, or cause to be furnished, to the Purchaser not later than nine months immediately following the end of each fiscal year of the Lexington-Fayette Urban County Government, beginning with the fiscal year ending June 30, 2021, the Lexington-Fayette Urban County Government’s audited financial statements for the fiscal year ending the immediately preceding June 30th.
7. If the Lexington-Fayette Urban County Government shall be unable to satisfy the conditions precedent to Closing in Section 5 hereof, the Purchaser May elect to terminate this Agreement and thereafter neither the Purchaser nor the Lexington-Fayette Urban County Government shall have any further obligations hereunder.
[Signature page to follow]
SIGNATURE PAGE TO BOND PURCHASE AGREEMENT
IN WITNESS WHEREOF, the Lexington-Fayette Urban County Government and the Purchaser have caused this Bond Purchase Agreement to be executed in their respective corporate names by their duly authorized Officers, all as of the date first written above.
[Purchaser Name]
By:
Title:
Accepted this [Award Date].
LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT
By:
Linda Gorton
Mayor