Title
A Resolution authorizing the dissolution of the Lexington-Fayette Urban County Government Public Library Corporation; and taking other related action. [Dept. of Finance, Hensley]
Summary
Authorization to dissolve the Lexington-Fayette Urban County Government Public Library Corporation originally created to assist with the bond financing of the Lexington Public Library. Budgeted funds in the amount of $615,000 will transfer to the Lexington Public Library to allow for the dissolution of the Public Library Corporation. (L0429-24) (Hensley)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes, Completed by David Barberie, April 15, 2024
Risk Management: N/A
Fully Budgeted: BA in process
Account Number: 1181-900605-0001-81599
This Fiscal Year Impact: Up to $615,000.00
Annual Impact: Up to $615,000.00
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, the Lexington-Fayette Urban County Government authorized the creation of the Lexington-Fayette Urban County Government Public Library Corporation (the "Library Corporation") pursuant to Resolution No. 52-85 in order to assist with the financing and construction of certain public library facilities;
WHEREAS, the Library Corporation has not been active for a number of years and many of its former duties are currently being performed by the Lexington-Fayette Urban County Library Board of Trustees (the "Library Board");
WHEREAS, the Lexington-Fayette Urban County Government has been in the process of auditing funds residing in an account designated to the Library Corporation in order to determine whether such funds belong the Urban County Government or the Library Board, and has taken or is taking action transferring such funds to the appropriate party;
WHEREAS, once the above transfers are completed the Library Corporation will no longer have any substantial assets other than a parcel of real property adjoining Phoenix Park located at 130 East Main Street, which should be tr...
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