Lexington-Fayette Urban County Government - File #: 0787-12

• File #: 0787-12
• Version: 1
• Name: Midway, KY - Providence Montesori School
• Type: Resolution
• Status: Approved
• File created: 7/26/2012
• In control: Urban County Council
• On agenda: 8/16/2012
• Final action: 8/16/2012
• Enactment date: 8/16/2012
• Enactment #: R-432-2012
• Title: A Resolution of the Lexington-Fayette Urban County Government approving the execution and delivery by the City of Midway, Ky., of its City of Midway, Ky., Educational Facilities Refunding Revenue Bonds, Series 2012 (Providence Montessori School, Inc. Project) in an amount not to exceed $1,250,000, and the use of the proceeds thereof to (A) refund the city of Versailles, Ky., Educational Facilities Revenue Note (Providence Montessori School, Inc. Project), Series 2005, the proceeds of which were used to finance and refinance the costs of the acquisition, construction and equipping of educational facilities (including classrooms, an art room, an assembly room and other facilities and improvements) on the school’s campus located at 1209 Texaco Road in Lexington, Ky.; and (B) pay costs of issuance of the Bonds. [Mayor’s Office, Atkins] PUBLIC HEARING

Date	Ver.	Action By	Action	Result
8/16/2012	1	Urban County Council	Received First Reading
8/16/2012	1	Urban County Council	Suspended Rules for Second Reading	Pass
8/16/2012	1	Urban County Council	Approved	Pass
8/14/2012	1	Urban County Council Work Session	Approved and Referred to Docket	Pass

Title
A Resolution of the Lexington-Fayette Urban County Government approving the execution and delivery by the City of Midway, Ky., of its City of Midway, Ky., Educational Facilities Refunding Revenue Bonds, Series 2012 (Providence Montessori School, Inc. Project) in an amount not to exceed $1,250,000, and the use of the proceeds thereof to (A) refund the city of Versailles, Ky., Educational Facilities Revenue Note (Providence Montessori School, Inc. Project), Series 2005, the proceeds of which were used to finance and refinance the costs of the acquisition, construction and equipping of educational facilities (including classrooms, an art room, an assembly room and other facilities and improvements) on the school’s campus located at 1209 Texaco Road in Lexington, Ky.; and (B) pay costs of issuance of the Bonds. [Mayor’s Office, Atkins] PUBLIC HEARING
Summary
Authorization to approve a resolution allowing Providence Montessori School’s Industrial Revenue Bond (IRB) to allow for the refinancing of their current tax-exempt loan outstanding with the City of Midway serving as the issuer of their Educational Facilities Refunding Bonds. (787-12) (Atkins)
This is a request to approve a resolution allowing Providence Montessori School’s IRB to allow for the refinancing of their current tax-exempt loan outstanding. The City of Midway will serve as the issuer so the school can obtain a bank qualified interest rate for the Educational Facilities Refunding Bonds in an amount not to exceed $1,250,000.

Budgetary Implications: NO

Advance Document Review: Law/Risk Management

Fully Budgeted: Yes/No/Partial

Account Number:
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Body
WHEREAS, the City of Midway, Kentucky (the “City of Midway”), pursuant to the provisions of Sections 103.200 to 103.285, inclusive, of the Kentucky Revised Statutes, as amended (the “Act”), proposes to execute and deliver, for the benefit of Providence Montessor...