ORDINANCE NO. ___, SERIES 2019
TITLE
AN ORDINANCE OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT AUTHORIZING THE CHIEF FINANCIAL OFFICER TO ENTER INTO A LINE OF CREDIT NOT TO EXCEED $50,000,000 TO PROVIDE INTERIM FINANCING FOR CAPITAL PROJECTS APPROVED IN THE CAPITAL BUDGET AND PROVIDING FOR THE PAYMENT AND SECURITY OF SAID LINE OF CREDIT.
BODY
SPONSORED BY: COUNCIL MEMBER HOLLANDER
WHEREAS, the Legislative Council of the Louisville/Jefferson County Metro Government (the "Council") enacted Ordinance No. 109, Series 2018, which approved the funding of various capital projects to be undertaken by the Louisville/Jefferson County Metro Government ("Metro Government" or the "Issuer") throughout its jurisdiction;
WHEREAS, the Council plans on enacting future capital projects budgets to fund capital improvements and additions throughout Metro Government;
WHEREAS, to fund these capital projects, Metro Government has determined that it is necessary, desirable and in the public interest to finance the costs of these public projects, including costs of the acquisition, construction and equipping of various public projects described in 2018-19 Capital Project Budget set forth in Ordinance No. 109, Series 2018, through the incurrence of indebtedness by the sale and issuance of the general obligation bonds and notes, the payment of the principal thereof and interest thereon is secured by the full faith, credit and resources of Metro Government;
WHEREAS, to take advantage of financial market timing and matrices, including interest rate fluctuations, yet not delay the commencement of construction or installations of projects, Metro Government has determined that it is necessary, desirable and in the public interest to enter into agreement with a financial institution for a line of credit to fund capital improvements on a short-term, interim basis;
WHEREAS, Chapter 280 of the Acts of the General Assembly of the Commonwealth, 1996 Regular Session, enacted legisla...
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