ORDINANCE NO. ______________, SERIES 2014
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AN ORDINANCE AMENDING AND RESTATING ORDINANCE NO. 87, SERIES 2012, AUTHORIZING THE ISSUANCE OF UP TO $7,000,000 PRINCIPAL AMOUNT OF AN INDUSTRIAL BUILDING SOLID WASTE DISPOSAL REVENUE NOTE (RECAST ENERGY LOUISVILLE, LLC PROJECT), SERIES 2014, FOR THE PURPOSE OF FINANCING CERTAIN COSTS RELATING TO CAPITAL IMPROVEMENTS AND EQUIPPING OF FACILITIES LOCATED AT 4200 BELLS LANE, LOUISVILLE, JEFFERSON COUNTY, KENTUCKY; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT AMONG THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, RECAST ENERGY LOUISVILLE, LLC AND PRESIDENTIAL BANK, FSB AND RELATED DOCUMENTS; AUTHORIZING THE NEGOTIATED SALE OF THE NOTE; AND TAKING OTHER RELATED ACTION.
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Sponsored by: Councilman David Tandy
WHEREAS, the Louisville/Jefferson County Metro Government (the "Issuer"), pursuant to the provisions of Sections 103.200 to 103.285, inclusive, of the Kentucky Revised Statutes, as amended (the "Act"), is authorized to issue its revenue bonds and notes, and loan the proceeds thereof to a corporation for the purpose of defraying the cost of acquiring, constructing, equipping and rehabilitating any pollution control, and/or solid waste disposal facility; and
WHEREAS, Recast Energy Louisville, LLC, a Virginia limited liability company (the "Borrower"), proposes that the Issuer, pursuant to the Act, assist the Borrower by issuing the Note (as hereinafter defined) for the purpose of (i) financing, or reimbursing the Borrower for, certain costs relating to capital improvements and equipping of facilities located at 4200 Bells Lane, Louisville, Jefferson County, Kentucky (the "Project"), which Project is more particularly described in the Loan Agreement hereinafter identified and approved and qualifies for financing as an "industrial building" within the meaning of the Act; (ii) funding a debt service reserve fund for the Note, and (iii) paying certain costs of issua...
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