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 General Obligation Pension Funding Refunding Bonds, Series 2020A (federally taxable) in an aggregate principal amount of $17,775,000 (which amount may be increased by an amount of up to ten percent (10%)). [Council Office, Maynard]
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WHEREAS, the Lexington-Fayette Urban County Government has heretofore issued its $31,000,000 Taxable General Obligation Pension Funding Bonds, Series 2012A, currently outstanding in the principal amount of $22,175,000 (the "Prior Bonds,") the proceeds of which were used for the purpose of funding certain unfunded liabilities to the Policemen's and Firefighters' Retirement Fund of the Lexington-Fayette Urban County Government (the "Series 2012A Project"), based on computations set forth in actuarial reports dated July 1, 2011, as supplemented, prepared by Cavanaugh Macdonald Consulting LLC (the "Actuaries"); and
WHEREAS, the Lexington-Fayette Urban County Government has determined that due to the present conditions of the municipal market it is advantageous and in the best interests of the Lexington-Fayette Urban County Government for the purpose of realizing interest cost savings (as determined by the Commissioner of Finance) to proceed with the advertisement of bids for the purchase of its General Obligation Pension Funding Refunding Bonds, Series 2020A (Federally Taxable) (the "Series 2020A Bonds") in one or more subseries, in a principal amount of $17,775,000 (which amount may be increased by an amount of up to ten percent (10%)), in order to provide funds to (i) refund all or a portion of the Prior Bonds and (ii) pay the costs of issuing the Series 2020A Bonds;
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT (THE "URBAN COUNTY COUNCIL"):
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