Title
An Ordinance of the Lexington-Fayette Urban County Government authorizing the issuance of its Various Purpose General Obligation Bonds, Series 2024B, in one or more subseries, in an aggregate principal amount of $46,250,000 (which amount may be increased by an amount of up to ten percent (10%) or decreased by an unlimited amount); approving a form of Series 2024B Bonds; authorizing designated officers to execute and deliver the Series 2024B Bonds; authorizing and directing the filing of notice with the State Local Debt Officer; providing for the payment and security of the Series 2024B Bonds; maintaining a Sinking Fund; creating a Bond Payment Fund for the Series 2024B Bonds; authorizing acceptance of the bid(s) of the bond purchaser of the Series 2024B Bonds; and repealing inconsistent ordinances. [Dept. of Finance, Hensley]
Summary
Authorization to approve the Sale and Issuance of the Lexington-Fayette Urban County Government Various Purpose General Obligation Bonds, Series 2024B in an aggregate principal amount of $46,250,000 (which may be increased by 10%). The anticipated debt service cost for FY 2025 is $2,450,603.00 and payments will be required for 20 years. Funds are budgeted. (L0951-24) (Hensley)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes, Completed by David Barberie, September 17, 2024
Risk Management: No
Fully Budgeted: Yes
Account Number: 1101-141401-1680-78402
This Fiscal Year Impact: $2,450,603.00
Annual Impact: $2,700,000 annually for 20 years.
Project:
Activity:
Budget Reference:
Current Balance: $2,450,603
Body
WHEREAS, the Lexington-Fayette Urban County Government has previously determined the necessity of financing the acquisition of various projects for departments within the Lexington-Fayette Urban County Government, including, but not limited to (i) a new senior and therapeutic center, Jacobson Park trail improvements, paving data collection, radar trailers, new police cars, road construction and improve...
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