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File #: 18-0232    Version: 1 Name:
Type: Ordinance Status: Mayor's Office
File created: 5/9/2018 In control: City Council
On agenda: 6/12/2018 Final action: 6/12/2018
Title: An Ordinance of the City of Colorado Springs, Colorado providing for the refunding of certain outstanding Utilities System Revenue Bonds: Series 2018A-1 Presenter: Bob Lesher, Manager, Treasury and Finance Eric Tharp, Acting CEO, Colorado Springs Utilities
Attachments: 1. 2018 Plan of Finance_5-22-2018.pdf, 2. 1 Bond Ordinance - 2018A - ARIAL 11 (v.4) - City Council (48431293v1).pdf, 3. 2 Ordinance Summary (First Publication) - 2018A (48427607v1).pdf, 4. 3 BPA - 2018A-1, A-2, A-4 Rev Bonds - DRAFT 4.26.18 (48377396v2) (2).pdf, 5. 4 BPA - 2018A-3 Rev Bonds - DRAFT 5-7-18 (48422406v1) (2).pdf, 6. 5 Paying Agent Agreement - 2018A (48373766v1) (2).pdf, 7. 6 Escrow Agreement - 2018A-3 (48373694v1) (2).pdf, 8. 7 DOCSOC-#1878533-v6-CSU_2018A_POS.pdf, 9. 8 DOCSOC-#1888774-v1-Continuing_Disclosure_Certificate.pdf, 10. Signed Ordinance 18-57


Title
An Ordinance of the City of Colorado Springs, Colorado providing for the refunding of certain outstanding Utilities System Revenue Bonds: Series 2018A-1

Presenter:
Bob Lesher, Manager, Treasury and Finance
Eric Tharp, Acting CEO, Colorado Springs Utilities

Body
Summary:
The attached Ordinance addresses the issuance of the Utilities System Refunding Revenue Bonds (Series 2018A-1, Series 2018A-2 and Series 2018A-3) and the issuance of Utilities System Improvement Revenue Bonds (Series 2018A-4), collectively the 2018A bonds, in an aggregate principal amount not to exceed $281,000,000 that will be used to for the following:

? Series 2018A-1: Refund the City's outstanding Variable Rate Demand Utilities System Subordinate Lien Improvement and Refunding Revenue Bonds, Series 2006A. Refund the City's outstanding Variable Rate Demand Utilities System Improvement and Refunding Revenue Bonds, Series 2007B
? Series 2018A-2: Refund the City's outstanding Utilities System Commercial Paper Notes, Series A and Series B
? Series 2018A-3: Refund the City's outstanding Utilities System Refunding Revenue Bonds, Series 2008B
? Series 2018A-4: Finance a portion of the costs of a number of general capital projects to the utility system
? Pay for the associated Surety Premium and certain costs of issuing the Series 2018A-1, Series 2018A-2, Series 2018A-1 and Series 2018A-4 bonds

Previous Council Action:
City Council approves a similar Ordinance for each new bond issue, whether for capital additions, capital improvement projects or refunding of a prior bond issue or issues.

Background:
Series 2018A-1: The Swap Termination Ordinance, also presented on May 23, 2018, provides for the termination of Interest Rate Exchange Agreements associated with the City's outstanding variable rate interest bonds. It has been determined that the cost of refunding the Variable Rate Demand Utilities System Subordinate Lien Improvement and Refunding Revenue Bonds, Series 2006A...

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