Title
An Emergency 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 2017, in an Aggregate Principal Amount of Not To Exceed $30,000,000; Ratifying Action Previously Taken Concerning Such Matters; Providing for Other Matters Related Thereto; And Declaring an Emergency and Providing the Effective Date of this Ordinance
Presenter:
Charae McDaniel, Chief Financial Officer
Tom Florczak, Deputy City Attorney
Body
Summary:
Attached is an Emergency version of 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.
This Ordinance is being brought forward as an Emergency Ordinance based on present and future uncertainties that exist related to the imminent passage of federal tax laws affecting the municipal bond markets and the City's ability to sell the Certificates on a tax-exempt basis, and that such ability to sell the Certificates on a tax-exempt basis may be lost in the event of delay in the effectiveness of this Ordinance. The Council is requested to proceed immediately with this issue for the needs of the City.
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.
On November 27, 2017, City Council receiv...
Click here for full text