Title
Repeal of Ordinance No. 34-2020 which authorized the issuance of Lexington-Fayette Urban County Government General Obligation Pension Funding Refunding Bonds, Series 2020A (federally taxable), in one or more subseries in an aggregate principal amount of $17,775,000 for the purpose of refunding all or a portion of the outstanding principal amount of Lexington-Fayette Urban County Government Taxable General Obligation Pension Funding Bonds, Series 2012A and authorizing other matters with respect thereto. [Div. of Finance, O'Mara]
Body
WHEREAS, on March 19, 2020, the Urban County Council (as defined below) enacted Ordinance No. 34-2020, (the "Bond Legislation") which authorized the issuance of General Obligation Pension Funding Refunding Bonds, Series 2020A (Federally Taxable) (the “Series 2020A Bonds”) in the principal amount of $17,775,000 in order to refund all or a portion of the $31,000,000 Taxable General Obligation Pension Funding Bonds, Series 2012A, (the “Prior Bonds,”); and
WHEREAS, the Bond Legislation did not authorize the refunding of additional prior bonds which may result in debt service savings for the Lexington-Fayette Urban County Government; and
WHEREAS, this Urban County Council has determined to repeal the Bond Legislation and replace with a revised ordinance which would authorize the refunding of additional prior bonds of the Lexington-Fayette Urban County Government, to accomplish debt service savings;
NOW, THEREFORE, BE IT ORDAINED by the Council of the Lexington-Fayette Urban County Government (the “Urban County Council”), as follows:
SECTION 1. That Ordinance No. 34-2020 is hereby repealed in its entirety.
SECTION 2. All meetings of the Urban County Council and of its committees and any other public bodies, at which the formal actions were taken, or at which deliberations that resulted in such formal actions were held, were open meetings, and such formal actions were taken and any such deliberations took place while such meetings, after proper notice, were open to the public, in compliance with all legal requirements including KRS Sections 61.810, 61.815, 61.820 and 61.825.
SECTION 3. All prior ordinances, resolutions or parts thereof inconsistent herewith are hereby repealed.
SECTION 4. This Bond Ordinance shall become effective immediately upon adoption and publication of a summary thereof, as provided by law.