Title
An Ordinance authorizing the issuance of up to $3,850,000 of Cultural and Recreational Revenue Bonds, Series 2012 (Anchor Baptist Church, Inc. Project) of the Lexington-Fayette Urban County Government, the proceeds of which shall be loaned to Anchor Baptist Church, Inc. to refinance the commercial loan dated November 26, 2012 between Anchor Baptist Church, Inc. and Fifth Third Bank in which loan refinanced the Lexington-Fayette Urban County Government Cultural and Recreational Revenue Bonds, Series 2009 (Anchor Baptist Church, Inc. Project) which refinanced the Lexington-Fayette Urban County Government Adjustable Rate Demand Industrial Building Revenue Bonds, Series 2007, including penalties and/or premium, the proceeds of which were used to construct, install, acquire, renovate, and equip certain capital improvements to the facilities of Anchor Baptist Church, Inc., providing for the pledge of revenues for the payment of such Bonds, authorizing a Bond Purchase and Loan Agreement appropriate for the protection and disposition of such revenues and to further secure such Bonds; recognizing the Bonds as qualified tax exempt obligations under I.R.C. Section 265(b)(3)(g) (i) and (ii); and authorizing other actions in connection with the issuance of such Bonds. [Mayor’s Office, Atkins] PUBLIC HEARING
Summary
Authorization to issue Industrial Revenue Bonds to Anchor Baptist Church to refinance their commercial note. (L1280-12) (Atkins)
This is a request to issue approximately $3,850,000 in Industrial Revenue Bonds to Anchor Baptist Church to refinance their commercial note. This issuance does not constitute a debt of the Urban County Government.
PUBLIC HEARING TO BE HELD DECEMBER 11, 2012, 6:00 PM, PER MOTION AT 11-27-2012 WORK SESSION
Budgetary Implications: NO
Advance Document Review: Law
Fully Budgeted: Yes/No/Partial
Account Number:
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Body
WHEREAS, the Lexington-Fayette...
Click here for full text