Title
An Ordinance of Lexington-Fayette Urban County Government authorizing the issuance of Lexington-Fayette Urban County Government Various Purpose General Obligation Refunding Bonds, in one or more subseries, for the purpose of refunding all or a portion of certain outstanding General Obligation Bonds of the Lexington-Fayette Urban County Government including, but not limited to, the outstanding General Obligation Bonds listed on Exhibit A hereto; 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 refunding obligations; authorizing an Escrow Trust Agreement; and repealing inconsistent Ordinances. [Div. of Finance, O'Mara]
Summary
Authorization of the Ordinance for the Sale and Issuance of the Lexington-Fayette Urban County Government Various Purpose Taxable General Obligation Refunding Bonds in one or multiple series and repealing and replacing Ordinance 034-2020. An Ordinance was previously approved to authorize the sale of bonds through a public offering for one issue. This Ordinance would allow for the sale of multiple bonds through either a public or limited public offering allowing LFUCG to realize the greatest savings through refunding in uncertain markets. There is no current FY Budget impact. There May be Budget savings in future fiscal years. (0394-20)(O'Mara)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { Select Yes Completed by [Attorney Barberie, 04/14/2020]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes
Account Number: 1101-141401-1867-78401
This Fiscal Year Impact: $none
Annual Impact: $ : $1,666,311
Project:
Activity:
Budget Reference:
Current Balance:
Body
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