Title
A Resolution of the Lexington-Fayette Urban County Government authorizing and approving Lexington Center Corporation entering into a $2.75 million line of credit facility with Central Bank and Trust Company. [Dept. of Finance, O'Mara]
Summary
Authorization to execute a Resolution of the Lexington-Fayette Urban County Government authorizing and approving Lexington Center Corporation entering into a $2.75 million line of credit facility with Central Bank and Trust Company. [L0653-20] [O'Mara]
Budgetary Implications: No for LFUCG
Advance Document Review:
Law: Yes, Completed by Dave Barberie, June 24, 2020
Risk Management: N/A
Fully Budgeted: N/A
Account Number: N/A
This Fiscal Year Impact: $0 for LFUCG
Annual Impact: $0 for LFUCG
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, the Lexington Center Corporation ("LCC"), which owns and operates Central Bank Center (Lexington Convention Center and Rupp Arena) and the Lexington Opera House, has experienced a significant reduction in revenues due to the COVID-19 pandemic and related actions taken by state and local government, which actions have resulted in many major events which were scheduled at the Central Bank Center and Lexington Opera House being canceled, postponed or rescheduled; and
WHEREAS, at a special board meeting of the LCC Board held on Friday, June 12, 2020, the LCC Board adopted resolutions approving the terms of a short term unsecured line of credit in the amount of $2,750,000 from Central Bank and Trust Company, which line of credit will provide a source of funds to enable LCC to pay operating expenses during the time period when LCC revenues remain depressed; and
WHEREAS, the Articles of Incorporation of LCC requires that any notes or other indebtedness contracted by LCC shall, prior to the issuance or incurrence thereof, be specifically approved by the Lexington-Fayette Urban County Government, acting by and through its Urban County Council; and
WHEREAS, ...
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