City of Colorado Springs - File #: 19-314

• File #: 19-314
• Version: 2
• Type: Ordinance
• Status: Mayor's Office
• File created: 5/31/2019
• In control: City Council
• On agenda: 8/13/2019
• Final action: 8/13/2019
• Title: Ordinance No. 19-52 of the City of Colorado Springs, Colorado approving and authorizing the execution and delivery of the Standby Bond Purchase Agreement among the City of Colorado Springs, Colorado, Wells Fargo Bank, National Association, as Tender Agent, and Bank of America, N.A., the Fee Agreement between the City of Colorado Springs, Colorado and such Banking Organization, and the Official Statement for the Utilities System Revenue Bonds previously issued by the City to which the agreement relates; ratifying certain action heretofore taken. Presenter: Tamela Monroe, Chief Planning and Financial Officer Aram Benyamin, Chief Executive Officer

Date	Ver.	Action By	Action	Result
8/13/2019	1	City Council	finally passed	Pass
7/23/2019	1	City Council	approved on first reading	Pass

Title
Ordinance No. 19-52 of the City of Colorado Springs, Colorado approving and authorizing the execution and delivery of the Standby Bond Purchase Agreement among the City of Colorado Springs, Colorado, Wells Fargo Bank, National Association, as Tender Agent, and Bank of America, N.A., the Fee Agreement between the City of Colorado Springs, Colorado and such Banking Organization, and the Official Statement for the Utilities System Revenue Bonds previously issued by the City to which the agreement relates; ratifying certain action heretofore taken.

Presenter:
Tamela Monroe, Chief Planning and Financial Officer
Aram Benyamin, Chief Executive Officer

Body
Summary:
The attached Ordinance addresses issuance of a Standby Bond Purchase Agreement ("SBPA") for Variable Rate Demand Utilities System Subordinate Lien Improvement Revenue Bonds, Series 2005A ("the 2005A Bonds"). The current SBPA for the 2005A Bonds is provided by Mizuho Bank, Ltd. with a stated expiration date of September 13, 2019. The City has elected to replace Mizuho Bank, Ltd. with Bank of America, N.A. for a new term of five years. The new counterparty was selected through a competitive RFP process conducted by the City earlier in 2019.


Previous Council Action:
City Council approved the following Ordinance authorizing the 2005A bonds and the corresponding Standby Bond Purchase Agreement. Subsequent Amending Ordinances approved by City Council for the 2005A Bonds are also listed.



Bond Authorizing
Issue Ordinance Amending Ordinance


2005A 05-111 09-103 13-51
(08/23/2005) (08/25/2009) (08-27/2018)


Background:
The Bond Ordinance for the City's 2005A Bonds requires that the City "maintain a Liquidity Facility in full force and effect at all times when the bond...