Title
A Resolution of the Lexington-Fayette Urban County Government authorizing the Lexington Center Corp. to enter into a Loan Agreement with the Ky. Bond Development Corp. for the purpose of borrowing an amount not to exceed $15,000,000 to pay costs of various capital improvements and authorizing the Ky. Bond Development Corp. to issue bonds payable from payments to be made by the Lexington Center Corp. under the Loan Agreement. [Council Office, Maynard]
Body
WHEREAS, Lexington Center Corporation (the "Corporation") is organized and operated as an agency and instrumentality of the Lexington-Fayette Urban County Government in the acquisition, financing and refinancing of public projects and has, pursuant to KRS Chapters 58 and 65, on the authorization and direction of, and on behalf of Lexington-Fayette Urban County Government, issued and there are currently outstanding its Mortgage Revenue Refunding Bonds, Series 2008A (the "2008A Bonds") under a Mortgage and Trust Indenture dated as of May 22, 1996, as supplemented and amended (the "Indenture"), which were issued to refinance bonds previously issued by the Corporation to finance the acquisition, construction and renovation of one or more public projects leased to Lexington-Fayette Urban County Government pursuant to a Lease, as defined in the Indenture, for rentals sufficient to pay the principal of, interest, and premium, if any, on such bonds; and
WHEREAS, the Corporation has evidenced a desire to have the costs of certain capital improvements to the arena and convention facilities (the "Project") that are subject to the Indenture and the Lease, including costs incident to the financing of the Project, paid with the proceeds of bonds, notes or other obligations issued under another indenture, in accordance with Section 6.9 of the Indenture; and
WHEREAS, public agencies, including Lexington-Fayette Urban County Government, have entered and will enter into an Interlocal Cooperation Agr...
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