Title
A Resolution of the Lexington-Fayette Urban County Government authorizing and acknowledging the execution and delivery of (1) a Third Amendment to Bond Purchase and Loan Agreement among the Lexington-Fayette Urban County Government, Central Bank & Trust Co., a Ky. Banking Corp., and the Lexington Christian Academy, Inc. and (2) any and all other related documents necessary thereto. [Mayor’s Office, Atkins]
Summary
Authorization to adopt a resolution allowing an amendment to Lexington Christian Academy’s (LCA) Industrial Revenue Bond (IRB) based upon it obtaining a more favorable interest rate on the loan. (L569-12) (Atkins)
This is a request to adopt a resolution allowing an amendment to LCA’s IRB based upon it obtaining a more favorable interest rate on the loan. LFUCG will incur no expenses related to this action and all risk or repayment of the loan and IRB bond is borne by LCA.
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:
Current Balance: N/A
Body
Recitals
A. The Lexington-Fayette Urban County Government, an urban county government of the Commonwealth of Kentucky pursuant to Chapter 67A of the Kentucky Revised Statutes (the “Urban County Government” or the “Issuer”), is authorized by the Industrial Buildings for Cities and Counties Act, as amended, Sections 103.200 to 103.285 of the Kentucky Revised Statutes (the “Act”), to issue industrial building revenue bonds and to loan the proceeds thereof to any person to finance the cost of any “industrial building” (as defined in the Act), including specifically land, buildings, improvements, equipment, machinery, and other facilities suitable for any nonprofit educational institution in any manner related to or in furtherance of the educational purposes of such institution, including but not limited to classroom, laboratory, housing, administra...
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