Title
An Ordinance of Lexington-Fayette Urban County Government authorizing the issuance of Lexington-Fayette Urban County Government General Obligation Pension Funding Refunding Bonds, Series 2020A (federally taxable), in one or more subseries, in an aggregate principal amount of $17,775,000 (which amount may be increased by an amount of up to ten percent (10%)) for the purpose of refunding all or a portion of the outstanding principal amount of Lexington-Fayette Urban County Government Taxable General Obligation Pension Funding Bonds, Series 2012A; approving a form of bond; authorizing designated officers to execute and deliver the bonds; providing for the payment and security of the bonds; creating a Bond Payment Fund and Escrow Funds; maintaining the heretofore established Sinking Fund; authorizing a Certificate of Award for the acceptance of the bid of the bond purchaser for the purchase of the Series 2020A Bonds; authorizing an Escrow Trust Agreement; and repealing inconsistent ordinances. [Council Office, Maynard]
Body
WHEREAS, the Lexington-Fayette Urban County Government, 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 the present conditions of the municipal market are much more favorable than at the time the Prior Bonds were issued and that it is therefore advantageous and in the best interests of the Lexington-Fayette Urban County Government to proceed with the i...
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