Title
An Ordinance of the Lexington-Fayette Urban County Government authorizing the issuance of Taxable General Obligation Pension Funding Bonds, Series 2012A in the aggregate principal amount of $31,000,000 (which amount may be increased or decreased by an amount of up to ten percent (10%)) for the purpose of financing the costs of funding unfunded liabilities of the Lexington-Fayette Urban County Government; approving the form of the Series 2012A Bonds; authorizing designated officers to execute and deliver the Series 2012A Bonds; authorizing and directing the filing of notice with the State Local Debt Officer; providing for the payment and security of the Series 2012A Bonds; creating bond payment 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 Series 2012A Bonds; and repealing inconsistent Ordinances. [Dept. of Finance, Driskell]
Summary
Authorization to approve the issuance of taxable general obligation pension funding bonds, series 2012A in the principal amount of $31,000,000. (L491-12) (Driskell)
This is a request to approve the issuance of taxable general obligation pension funding bonds, series 2012A in the principal amount of $31,000,000, which amount may be increased or decreased by an amount of up to ten percent (10%).
Budgetary Implications: Yes
Advance Document Review: Law
Fully Budgeted: Yes
Account Number: 1101-141401-1680-78401
This Fiscal Year Impact: $1.4 million
Annual Impact: $1.7 million
Project:
Activity:
Budget Reference:
Current Balance: $1,400,000.00
Body
WHEREAS, the Lexington-Fayette Urban County Government (the "Lexington-Fayette Urban County Government"), pursuant to actuarial reports prepared for the Lexington-Fayette Urban County Government, has previously determined that there exist unfunded liabilities to the Policemen's and Firefighters' Retirement Fund of the Lexington-Fayette Urban-County Governme...
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