Title
A Resolution of the Council of the Lexington-Fayette Urban County Government authorizing and approving the execution and delivery of a Lease Agreement between Lexington Center Corporation, as lessor, and the Lexington-Fayette Urban County Government, as lessee, for the purposes of financing and refinancing the costs of the expansion and renovation of arena and convention facilities. [Dept. of Finance, O'Mara]
Summary
Authorization for the Lexington Center Corporation and Lexington-Fayette Urban County Government to enter into a Lease Agreement in order to further secure the Bonds and any Parity Obligations related to the expansion and renovation of the Lexington Center Corporations arena and convention facilities. In order to further secure the Bonds and any Parity Obligations (as defined in the Loan Agreement) issued under the Loan Agreement, it is necessary and desirable for the Corporation and Lexington-Fayette Urban County Government to enter into a Lease Agreement dated as of even date with the Indenture, whereby the Lexington-Fayette Urban County Government will lease the Project and the Refinanced Projects from the Corporation on an annually renewable basis during the term the Bonds are outstanding under the Indenture or any Parity Obligations are outstanding under the Loan Agreement. This has no budgetary impact unless the Lexington Center Corporation fails to make its debt payments after exhausting the debt service reserve. (0728-18)(O'Mara)
Budgetary Implications [select]: /NO
Advance Document Review:
Law: { Yes, Completed by [Attorney Barberie, Date]}
Fully Budgeted [select]: N/A
Account Number:
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, certain public agencies in the Commonwealth, including Lexington-Fayette Urban County Government, have formed the Kentucky Bond Development Corporation (the "Issuer") to act as a constituted authority of public agencies under t...
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