Title
A Resolution of the Lexington-Fayette Urban County Government authorizing the advertisement for bids and the distribution of a preliminary official statement for the purchase of the principal amount of its (i) $31,000,000 Taxable General Obligation Pension Funding Bonds, Series 2012A (which amount may be increased or decreased by an amount of up to ten percent (10%)); and (ii) various purpose General Obligation Refunding Bonds, series 2012B in a principal amount not to exceed $10,000,000. [Dept. of Finance, Driskell]
Summary
Authorization to advertise for bids for the purchase of Series 2012A taxable General Obligation Pension Bonds and Series 2012B General Obligation Refunding Bonds. (L495-12) (Driskell)
This is a request to advertise for bids for the purchase of Series 2012A taxable General Obligation Pension Bonds for $31,000,000 and Series 2012B General Obligation Refunding Bonds for $10,000,000, which amounts may be increased or decreased by an amount 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: Various
Project:
Activity:
Budget Reference:
Current Balance: $1,400,000.00
Body
WHEREAS, pursuant to actuarial reports the Lexington-Fayette Urban County Government has previously determined that unfunded liabilities to the Policemen's and Firefighters' Retirement Fund of the Lexington-Fayette Urban-County Government (the "Pension Fund") exist and that there is a need to fund such unfunded liabilities (the "Series 2012 Project"); and
WHEREAS, the Lexington-Fayette Urban County Government has determined to proceed with the advertisement of bids for the purchase of its Taxable General Obligation Pension Funding Bonds, Series 2012A (the "Series 2012A Bonds") in the principal amount of $31,000,000 (which amount may be increased or decreased by an amount of up to ten percent (10%)), in order to provide funds...
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