City of Colorado Springs - File #: 22-468

• File #: 22-468
• Version: 2
• Type: Ordinance
• Status: Mayor's Office
• File created: 7/5/2022
• In control: City Council
• On agenda: 8/9/2022
• Final action: 8/9/2022
• Title: Ordinance No. 22-45 of the City of Colorado Springs, Colorado Approving and Authorizing the Execution and Delivery of a Third Amendment to Standby Bond Purchase Agreement by and Among the City of Colorado Springs, Colorado, U.S. Bank National Association, and Computershare Trust Company, N.A., as Agent for Wells Fargo Bank, N.A., as Tender Agent and Paying Agent and a Second Amended and Restated Fee Agreement by and Among the City of Colorado Springs, Colorado, U.S. Bank National Association, and Computershare Trust Company, N.A., as Agent Wells Fargo Bank, National Association, as Tender Agent and Paying Agent, Relating to the City of Colorado Springs, Colorado, Variable Rate Demand Utilities System Improvement Revenue Bonds, Series 2012A; and Providing Other Matters Relating Thereto. Presenter: Tristan Gearhart, Chief Planning and Financial Officer, Colorado Springs Utilities. Aram Benyamin, Chief Executive Officer, Colorado Springs Utilities.

Date	Ver.	Action By	Action	Result
8/9/2022	1	City Council	finally passed	Pass
7/26/2022	1	City Council	approved on first reading	Pass

Title
Ordinance No. 22-45 of the City of Colorado Springs, Colorado Approving and Authorizing the Execution and Delivery of a Third Amendment to Standby Bond Purchase Agreement by and Among the City of Colorado Springs, Colorado, U.S. Bank National Association, and Computershare Trust Company, N.A., as Agent for Wells Fargo Bank, N.A., as Tender Agent and Paying Agent and a Second Amended and Restated Fee Agreement by and Among the City of Colorado Springs, Colorado, U.S. Bank National Association, and Computershare Trust Company, N.A., as Agent Wells Fargo Bank, National Association, as Tender Agent and Paying Agent, Relating to the City of Colorado Springs, Colorado, Variable Rate Demand Utilities System Improvement Revenue Bonds, Series 2012A; and Providing Other Matters Relating Thereto.

Presenter:
Tristan Gearhart, Chief Planning and Financial Officer, Colorado Springs Utilities.
Aram Benyamin, Chief Executive Officer, Colorado Springs Utilities.

Summary:
The Ordinance addresses approval of an extension to a Standby Purchase Agreement ("SBPA") for the Variable Rate Demand Utilities System Improvement Revenue Bonds, Series 2012A. The current SBPA for the Bonds is set to routinely expire this fall. Utilities has elected to renew the existing 2012A SBPA agreement with U.S. Bank National Association for a term of five years.

Background:
The Bond Ordinance for the City's 2012A Bonds require that the City "maintain a Liquidity Facility in full force and effect at all times when the bonds are bearing interest at a Variable Rate other than Auction Mode Rate, except as otherwise provided in Section 1212 of the Bond Ordinance". A Standby Bond Purchase Agreement is one of the acceptable financial instruments to provide liquidity for the City's variable rate bond issues.

Previous Council Action:
City Council approved the Ordinance authorizing the 2012A bonds as well as all corresponding past Standby Bond Purchase Agreements and amendments associated w...