City of Colorado Springs - File #: 16-492

• File #: 16-492
• Version: 2
• Type: Ordinance
• Status: Mayor's Office
• File created: 7/19/2016
• In control: City Council
• On agenda: 8/23/2016
• Final action: 8/23/2016
• Title: Ordinance No. 16-82 of the City of Colorado Springs, Colorado approving and authorizing the execution and delivery of the Standby Bond Purchase Agreement among the City of Colorado Springs, Colorado, Wells Fargo Bank, National Association, as Tender Agent, and Landesbank Hassen-Thuringen Girozentrale, the Standby Letter of Credit and Reimbursement Agreement between the City of Colorado Springs, Colorado and Sumitomo Mitsui Banking Corporation, the Fee Agreements between the City of Colorado Springs, Colorado and such banking organizations, and the Official Statements for the Utilities System Revenue Bonds previously issued by the City to which the agreements relate; ratifying certain action heretofore taken Presenter: Bill Cherrier, Chief Planning and Finance Officer, Colorado Springs Utilities Jerry Forte, P.E., Chief Executive Officer, Colorado Springs Utilities

Date	Ver.	Action By	Action	Result
8/23/2016	1	City Council	finally passed	Pass
8/9/2016	1	City Council	approved on first reading	Pass

Title
Ordinance No. 16-82 of the City of Colorado Springs, Colorado approving and authorizing the execution and delivery of the Standby Bond Purchase Agreement among the City of Colorado Springs, Colorado, Wells Fargo Bank, National Association, as Tender Agent, and Landesbank Hassen-Thuringen Girozentrale, the Standby Letter of Credit and Reimbursement Agreement between the City of Colorado Springs, Colorado and Sumitomo Mitsui Banking Corporation, the Fee Agreements between the City of Colorado Springs, Colorado and such banking organizations, and the Official Statements for the Utilities System Revenue Bonds previously issued by the City to which the agreements relate; ratifying certain action heretofore taken

Presenter:
Bill Cherrier, Chief Planning and Finance Officer, Colorado Springs Utilities
Jerry Forte, P.E., Chief Executive Officer, Colorado Springs Utilities

Body
Summary:
The attached Ordinance addresses issuance of Standby Bond Purchase Agreements ("SBPA") for Variable Rate Demand Utilities System Subordinate Lien Improvement Revenue Bonds, Series 2006B ("the 2006B Bonds") and Variable Rate Demand Utilities System Improvement and Refunding Revenue Bonds, Series 2007B ("the 2007B Bonds").

The current SBPA for the 2006B Bonds is provided by Bayerische Landesbank with a stated expiration date of September 14, 2016. The City has elected to replace Bayerische Landesbank with Landesbank Hessen Thuringen Girozentrale ("Helaba") for a term of five years. The current SBPA for the 2007B Bonds is provided by Barclays Bank PLC with a stated expiration date of September 15, 2016. The City has elected to replace Barclays Bank PLC with Sumitomo Mitsui Banking Corporation ("SMBC") for a term of five years. The new counterparties were selected through a competitive RFP process conducted by Utilities earlier in 2016.

Previous Council Action:
City Council approved the following Ordinances authorizing variable rate bond issues and their correspondin...