Title
Ordinance of the Council of the Lexington-Fayette Urban County Government authorizing and approving the execution of a 2020 Amendment to the Sixth Supplemental Lease Agreement between the Lexington-Fayette Urban County Airport Board as the lessor and the Lexington-Fayette Urban County Government as the lessee in connection with the 2020 Amendments to the 2018 Amended Credit Facility, by and between the Lexington-Fayette Urban County Airport Board and Trust Bank (formerly Branch Banking and Trust Company), which will be entered into to (1) expand the scope of purposes for which Credit Facility Advances thereunder may be made to include current expenses of the board and (2) add certain provisions regarding the determination of the interest rate applicable to Credit Facility Advances thereunder. [Dept. of Finance, O'Mara]
Summary
Authorization to approve the Ordinance amending the 2018 Credit Facility between the Lexington-Fayette Urban County Airport Board and Trust Bank to expand the scope of purposes for which the Credit Facility advances may be made, to include current expenses paid or incurred in connection with or related to the Blue Grass Airport. No budgetary impact. (L0742-20) (O'Mara)
Budgetary Implications: No, Payments are financed with Airport Revenues.
Advance Document Review:
Law: Yes, Completed by Evan Thompson, 08/03/20.
Risk Management: No
Fully Budgeted: N/A
Account Number: N/A
This Fiscal Year Impact: $0
Annual Impact: $0
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, the Lexington-Fayette Urban County Airport Board (the "Board") previously entered into the 2014 Credit Facility which provided for the 2014 Loan, in the form of Credit Facility Advances by the Credit Support Provider to the Board, from time to time, under a revolving line of credit in a maximum aggregate principal amount not to exceed $10,000,000, in order to provide interim financing for the 2014 Project; and
WHEREAS, the Board p...
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