Title
Ordinance No. 17-67 of the City of Colorado Springs, Colorado approving and authorizing the execution and delivery of Amendments to Standby Bond Purchase Agreements
Presenter:
Bob Lesher, Manager, Treasury and Finance
Jerry Forte, P.E., CEO, Colorado Springs Utilities
Body
Summary:
The attached Ordinance addresses renewal of Standby Bond Purchase Agreements ("SBPA") for Variable Rate Demand Utilities System Subordinate Lien Improvement and Refunding Revenue Bonds, Series 2006A ("the 2006A Bonds"), Variable Rate Demand Utilities System Improvement Revenue Bonds, Series 2007A ("the 2007A Bonds") and Variable Rate Demand Utilities System Improvement Revenue Bonds, Series 2008A ("the 2008A Bonds").
The current SBPA for the 2006A Bonds is provided by JPMorgan Chase Bank, N.A. with a stated expiration date of September 15, 2017. The current SBPA for the 2007A Bonds is provided by Wells Fargo Bank, N.A. with a stated expiration date of September 22, 2017. The current SBPA for the 2008A Bonds is provided by U.S. Bank, N.A. with a stated expiration date of September 1, 2017.
The City elected to renew these Agreements through a competitive RFP process conducted earlier in 2016 for the following term; JPMorgan Chase Bank, N.A. (2006A Bonds) for 1 year; Wells Fargo Bank, N.A. (2007A Bonds) for 3 years; and U.S. Bank, N.A. (2008A Bonds) for 3 years
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.
Bond Authorizing
Issue Ordinance Amending Ordinances
2006B 06-137 09-103 13-51
(08/08/2006) (08/25/2009) (08/27/2013)
2007A 07-125 09-103 13-51
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