City of Colorado Springs - File #: 17-1148

• File #: 17-1148
• Version: 2
• Type: Ordinance
• Status: Mayor's Office
• File created: 6/30/2017
• In control: City Council
• On agenda: 8/22/2017
• Final action: 8/22/2017
• Title: Ordinance No. 17-70 of the City of Colorado Springs, Colorado providing for the refunding of certain outstanding Utilities System Revenue Bonds of the City and escrow therefor; providing for the refunding of certain outstanding Commercial Paper Notes of the City; providing for the issuance and sale of the City of Colorado Springs, Colorado, Utilities System Refunding Revenue Bonds, Series 2017A-1 in an aggregate principal amount not to exceed $140,000,000, Series 2017A-2 in an aggregate principal amount not to exceed $110,000,000 and Series 2017A-3 in an aggregate principal amount not to exceed $95,000,000 Presenter: Bob Lesher, Manager, Treasury and Finance Jerry Forte, P.E., CEO, Colorado Springs Utilities

Date	Ver.	Action By	Action	Result
8/22/2017	1	City Council	finally passed	Pass
8/8/2017	1	City Council	approved on first reading	Pass

Title
Ordinance No. 17-70 of the City of Colorado Springs, Colorado providing for the refunding of certain outstanding Utilities System Revenue Bonds of the City and escrow therefor; providing for the refunding of certain outstanding Commercial Paper Notes of the City; providing for the issuance and sale of the City of Colorado Springs, Colorado, Utilities System Refunding Revenue Bonds, Series 2017A-1 in an aggregate principal amount not to exceed $140,000,000, Series 2017A-2 in an aggregate principal amount not to exceed $110,000,000 and Series 2017A-3 in an aggregate principal amount not to exceed $95,000,000

Presenter:
Bob Lesher, Manager, Treasury and Finance
Jerry Forte, P.E., CEO, Colorado Springs Utilities

Body
Summary:
The attached Ordinance addresses the issuance of the Utilities System Refunding Revenue Bonds, Series 2017A in an aggregate principal amount not to exceed $345,000,000 that will be used to refund the following:

? Certain outstanding Commercial Paper notes of the City

? Certain maturities of
- Utilities System Refunding Revenue Bonds, Series 2007C
- Utilities System Improvement Revenue Bonds, Series 2008C
- Utilities System Refunding Revenue Bonds, Series 2009A
- Utilities System Revenue Bonds, Series 2010A-1
- Utilities System Revenue Bonds, Series 2010D-1
- Utilities System Refunding Revenue Bonds, Series 2011A
- Utilities System Revenue Bonds, Series 2012C-2
(The maturities selected must meet or exceed present value savings guidelines established by Utilities' Financial Risk Management Policy)

? Outstanding principal balance of the Variable Rate Demand Utilities System
Subordinate Lien Refunding Revenue Bonds, Series 2004A

Previous Council Action:
City Council approves a similar Ordinance for each new bond issue, whether for capital addition, capital improvement projects or refunding of a prior bond issue.

Background:
Utilities Commercial Paper program ("CP") was established in 2015. When the balance o...