Title
Ordinance No. 17-68 of the City of Colorado Springs, Colorado approving and authorizing the execution and delivery of the Standby Bond Purchase Agreement - Series 2009C ("the 2009C Bonds") and Variable Rate Demand Utilities System Improvement Revenue Bonds, Series 2010C ("the 2010C Bonds").
Presenter:
Bob Lesher, Manager, Treasury and Finance
Jerry Forte, P.E., CEO, Colorado Springs Utilities
Body
Summary:
The attached Ordinance addresses issuance of Standby Bond Purchase Agreements ("SBPA") for Variable Rate Demand Utilities System Refunding Revenue Bonds, Series 2009C ("the 2009C Bonds") and Variable Rate Demand Utilities System Improvement Revenue Bonds, Series 2010C ("the 2010C Bonds").
The current SBPA for the 2009C Bonds is provided by Royal Bank of Canada with a stated expiration date of September 18, 2017. The City has elected to replace Royal Bank of Canada with Sumitomo Mitsui Banking Corporation for a term of five years. The current SBPA for the 2010C Bonds is provided by JPMorgan Chase Bank, N.A. with a stated expiration date of October 25, 2017. The City has elected to replace JPMorgan Chase Bank, N.A. with Barclays Bank PLC for a term of four years. The new counterparties were selected through a competitive RFP process conducted by the City earlier in 2017.
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 Ordinance
2009C 09-108 13-51
(09/08/2009) (08/27/2013)
2010C 10-78 13-51
(10/12/2010) (08/27/2013)
Background:
The respective Bond Ordinances for the City's variable rate bond issues require that the City "maintain a Li...
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