City of Colorado Springs - File #: 16-466

• File #: 16-466
• Version: 2
• Type: Ordinance
• Status: Mayor's Office
• File created: 6/29/2016
• In control: City Council
• On agenda: 7/26/2016
• Final action: 7/26/2016
• Title: Ordinance No. 16-74 of the City of Colorado Springs, Colorado Approving and Authorizing the Execution and Delivery of the First Amendment to Standby Bond Purchase Agreement by and Among the City of Colorado Springs, Colorado and Wells Fargo Bank, National Association, as Tender Agent and Paying Agent and Bank of America, N.A., as Credit Facility Bank and the First Amendment to Fee Agreement Between the City of Colorado Springs, Colorado and Bank of America, N.A.; and Providing Other Matters Relating Thereto Presenter: Bill Cherrier, Chief Planning and Finance Officer Jerry Forte, P.E., Chief Executive Officer, Colorado Springs Utilities

Date	Ver.	Action By	Action	Result
7/26/2016	2	City Council	finally passed	Pass
7/12/2016	1	City Council	approved on first reading	Pass

Title
Ordinance No. 16-74 of the City of Colorado Springs, Colorado Approving and Authorizing the Execution and Delivery of the First Amendment to Standby Bond Purchase Agreement by and Among the City of Colorado Springs, Colorado and Wells Fargo Bank, National Association, as Tender Agent and Paying Agent and Bank of America, N.A., as Credit Facility Bank and the First Amendment to Fee Agreement Between the City of Colorado Springs, Colorado and Bank of America, N.A.; and Providing Other Matters Relating Thereto

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

Body
Summary:
The attached Ordinance addresses renewal of a Standby Bond Purchase Agreement ("SBPA") for the Variable Rate Demand Utilities System Subordinate Lien Refunding Revenue Bonds, Series 2004A ("the 2004A Bonds").

The current SBPA for the 2004A Bonds is provided by Bank of America, N.A. with a stated expiration date of August 01, 2016. The City has elected to renew with Bank of America, N.A. for a term of three years. The decision to renew with our current counterparty was determined through a competitive RFP process conducted by Utilities earlier in 2016.

Previous Council Action:
City Council approved the following Ordinance authorizing the 2004A variable rate bond issue and the corresponding Standby Bond Purchase Agreement. Subsequent Amending Ordinances approved by City Council for the bond issue are also listed.


Authorizing Ordinance Amending Ordinances
04-164 04-183 09-103 13-51
(07/27/2004) (08/24/2004) (08/25/2009) (08/27/2013)


Background:
The Bond Ordinances for the City's variable rate bond issues require that the City "maintain a Liquidity Facility in full force and effect at all times when the bonds are bea...