Title
Ordinance No. 14-50 of the City of Colorado Springs, Colorado Approving and Authorizing the Execution and Delivery of the Standby Bond Purchase Agreements Among the City of Colorado Springs, Colorado, Wells Fargo Bank, National Association, as Tender Agent, and Certain Banking Organizations, 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
Body
From:
Jerry Forte, P.E., CEO, Colorado Springs Utilities
Summary:
The attached Ordinance addresses issuance of Standby Bond Purchase Agreements ("SBPA") for Variable Rate Demand Utilities System Subordinate Lien Refunding Revenue Bonds, Series 2004A ("the 2004A Bonds") and Variable Rate Demand Utilities System Improvement Revenue Bonds, Series 2008A ("the 2008A Bonds").
The current SBPA for the 2004A Bonds is provided by CitiBank, N.A. with a stated termination date of August 2, 2014. Through a competitive RFP process the City has elected to replace CitiBank, N.A. with Bank of America, N.A. The current SBPA for the 2008A Bonds is provided by Bank of America, N.A. with a stated termination date of August 31, 2014. Through the same competitive RFP process U.S. Bank, N.A. will replace Bank of America, N.A.
Previous Council Action:
City Council approved the following Ordinances authorizing variable rate bond issues and their corresponding Standby Bond Purchase Agreements. Subsequent Amending Ordinances approved by City Council for each bond issue are also listed.
Amending
Ordinances Bond Issue Authorizing Ordinance
2004A 04-164 (7/27/2004) 04-183 (8/24/2004) 13-51 (8/27/2013)
2008A 08-121 (8/12/2008) 09-103 (8/25/2009) 13-51 (8/27/2013)
Background:
The respective Bond Ordinances for the City's variable rate bond i...
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