Title
An Ordinance Authorizing and Approving The Lease-Purchase Of Certain Property and the Execution of Documents Related Thereto by the City of Colorado Springs, Colorado, in Connection With the Issuance of Refunding Certificates of Participation, Series 2018, in an Aggregate Principal Amount of Not To Exceed $30,000,000; Ratifying Action Previously Taken Concerning Such Matters; And Providing For Other Matters Related Thereto.
Presenter:
Charae McDaniel, Chief Financial Officer
Tom Florczak, Deputy City Attorney
Body
Summary:
Attached is a USOC Lease Refinance Ordinance to authorize the issuance of refunding Certificates of Participation, Series 2018, in an aggregate principal amount not to exceed $30,000,000, in order to execute the purchase option under the City of Colorado Springs Public Facilities Authority (the "Authority") Certificates of Participation, Series 2009 (the "Series 2009 Certificates") and pay cost of issuance of the 2018 Certificates.
Previous Council Action:
On August 28th, 2009, City Council approved Ordinance No. 09-106 authorizing and approving the lease-purchase of certain property and documents in connection with issuance by the Colorado Springs Public Facilities Authority of Certificates of Participation in an aggregate principal amount of not to exceed $38,000,000.
Background:
The Series 2009 Certificates were issued in the aggregate principal amount of $31,470,000 and are currently outstanding in the aggregate principal amount of $29,815,000. The 2009 Certificates will mature on November 1, 2039, and are subject to redemption prior to maturity beginning November 1, 2019.
Pursuant to the Lease Purchase Agreement dated October 1, 2009, between the Authority, as lessor, and the City, as lessee, the City leased certain property owned by the Authority consisting of the City's Police Operations Center, including the related parking garage, and Fire Station 8.
By executing the new agreement and issuing the Series 20...
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