Title
An Ordinance of the Lexington-Fayette Urban County Government authorizing the issuance of its Industrial Building Revenue Bonds, Series 2012 (Transylvania University Project) in an aggregate principal amount not to exceed $10,350,000, and the loan of the proceeds thereof to Transylvania University for the purpose of financing various additions and improvements to the campus of the University; authorizing the execution and delivery on behalf of the Urban County Government of (1) a Trust Indenture pursuant to which the Bonds will be issued, (2) a Loan Agreement between the Urban County Government, as Lender, and Transylvania University, as Borrower, providing for loan repayments sufficient to pay the principal of and interest on the Bonds as the same become due, (3) a Bond Purchase Agreement providing for the sale of the Bonds on a negotiated basis, and (4) an Official Statement relating to the Bonds; and taking other related action. [Mayor’s Office, Atkins] PUBLIC HEARING
Summary
Authorization to issue Industrial Revenue Bonds to Transylvania University to finance additions and improvements to its campus. (L554-12) (Atkins)
This is a request to issue approximately $10,350,000 in Industrial Revenue Bonds to Transylvania University to finance additions and improvements to its campus and authorizing the execution of the necessary related documents. The issuance does not constitute a debt of the Urban County Government.
Budgetary Implications: Yes/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
Recitals
A. The Lexington-Fayette Urban County Government, an urban county government of the Commonwealth of Kentucky (the “Commonwealth”) pursuant to Chapter 67A of the Kentucky Revised Statutes (the “Urban County Government”), is authorized under the Industrial Buildings for Cities and Counties Act, as amended, Sections 103.2...
Click here for full text