Title
A Resolution of the Lexington-Fayette Urban County Government authorizing and approving Lexington Center Corporation entering into a $2.75 million line of credit facility with Central Bank and Trust Company. [Dept. of Finance, O'Mara]
Summary
Authorization to execute a Resolution of the Lexington-Fayette Urban County Government authorizing and approving Lexington Center Corporation entering into a $2.75 million line of credit facility with Central Bank and Trust Company. [L0653-20] [O’Mara]
Budgetary Implications: No for LFUCG
Advance Document Review:
Law: Yes, Completed by Dave Barberie, June 24, 2020
Risk Management: N/A
Fully Budgeted: N/A
Account Number: N/A
This Fiscal Year Impact: $0 for LFUCG
Annual Impact: $0 for LFUCG
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, the Lexington Center Corporation (“LCC”), which owns and operates Central Bank Center (Lexington Convention Center and Rupp Arena) and the Lexington Opera House, has experienced a significant reduction in revenues due to the COVID-19 pandemic and related actions taken by state and local government, which actions have resulted in many major events which were scheduled at the Central Bank Center and Lexington Opera House being canceled, postponed or rescheduled; and
WHEREAS, at a special board meeting of the LCC Board held on Friday, June 12, 2020, the LCC Board adopted resolutions approving the terms of a short term unsecured line of credit in the amount of $2,750,000 from Central Bank and Trust Company, which line of credit will provide a source of funds to enable LCC to pay operating expenses during the time period when LCC revenues remain depressed; and
WHEREAS, the Articles of Incorporation of LCC requires that any notes or other indebtedness contracted by LCC shall, prior to the issuance or incurrence thereof, be specifically approved by the Lexington-Fayette Urban County Government, acting by and through its Urban County Council; and
WHEREAS, the Board of Directors of LCC has determined that it is in the best interest of LCC to enter into the line of credit facility with Central Bank and Trust Company, in accordance with the terms and conditions of the Commitment Letter attached hereto as Exhibit A and requests the Urban County Council’s approval of same.
NOW, THEREFORE, be it resolved by the Urban County Council of the Lexington-Fayette Urban County Government, as follows:
That Lexington Center Corporation is authorized to enter into a $2,750,000 unsecured line of credit with Central Bank and Trust Company in accordance with the terms of the Commitment Letter attached hereto as Exhibit A.
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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 July, 2020, 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.
LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT
By:
ATTEST:
By:
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Abigail Allan 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 July ____, 2020, 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 ______________, 2020.
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Urban County Council Clerk |
[SEAL]
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.
______________________________
By:
EXHIBIT A