City of Colorado Springs - File #: 15-00532

• File #: 15-00532
• Version: 2
• Type: Ordinance
• Status: Mayor's Office
• File created: 8/14/2015
• In control: City Council
• On agenda: 9/8/2015
• Final action: 9/8/2015
• Title: Ordinance No. 15-60 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

Date	Ver.	Action By	Action	Result
9/8/2015	2	City Council	finally passed	Pass
8/25/2015	1	City Council	approved on first reading	Pass

Title
Ordinance No. 15-60 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., Chief Executive Officer Colorado Springs Utilities

Summary:
The attached Ordinance addresses issuance of Standby Bond Purchase Agreements ("SBPA") for Variable Rate Demand Utilities System Subordinate Lien Revenue Bonds, Series 2000A ("the 2000A Bonds"), Taxable Variable Rate Demand Utilities System Subordinate Lien Revenue Bonds, Series 2002C ("the 2002C Bonds") and the Variable Rate Demand Utilities System Subordinate Lien Improvement Revenue Bonds, Series 2005A ("the 2005A Bonds").

The current SBPA for the 2000A Bonds is provided by Bayerische Landesbank with a stated expiration date of November 30, 2015. 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 2002C Bonds is provided by Bank of New York Mellon with a stated expiration date of September 14, 2015. The City has elected to replace Bank of New York Mellon with Mizuho Bank, Ltd. for a term of four years. The current SBPA for the 2005A Bonds is provided by Bank of Montreal with a stated expiration date of September 15, 2015. The City has elected to replace Bank of Montreal with Mizuho Bank, Ltd. for a term of four years. The new counterparties were selected through a competitive RFP process conducted by Utilities earlier in 2015.

Previous Council Action:
City Council app...