ORDINANCE NO. ____, SERIES 2016
Title
AN ORDINANCE APPROVING THE ISSUANCE BY THE LOUISVILLE AND JEFFERSON COUNTY VISITORS AND CONVENTION COMMISSION OF THE COMMISSION'S DEDICATED TAX REVENUE BONDS IN ONE OR MORE SERIES FOR THE PURPOSE OF FINANCING THE RENOVATION AND EXPANSION OF THE KENTUCKY INTERNATIONAL CONVENTION CENTER AND REFUNDING OUTSTANDING BONDS OF THE COMMISSION, SUCH BONDS TO BE PAYABLE FROM THE PROCEEDS OF DEDICATED TAXES AUTHORIZED BY CHAPTER 91A OF THE KENTUCKY REVISED STATUTES; APPROVING THE EXECUTION AND DELIVERY BY THE COMMISSION OF ONE OR MORE SUPPLEMENTAL TRUST INDENTURES NECESSARY TO EFFECT THE ISSUANCE OF SUCH BONDS; AND TAKING OTHER RELATED ACTION.
Body
SPONSORED BY: Councilwoman Marianne Butler
WHEREAS, the Louisville and Jefferson County Visitors and Convention Commission, doing business as the Louisville Convention and Visitors Bureau (the "Commission") is a body corporate and politic and a political subdivision of the Commonwealth of Kentucky (the "Commonwealth") created pursuant to KRS 91A.350;
WHEREAS, the General Assembly of the Commonwealth enacted the 2014-16 Executive Branch budget bill, House Bill 235, authorizing the expansion and renovation of the Kentucky International Convention Center (the "Project");
WHEREAS, the Commission has determined that it would be in the best interests of the Commission, the Kentucky State Fair Board, the Commonwealth of Kentucky and the Louisville/Jefferson County Metro Government ("Metro Government") to finance the Commission's contribution to the Project through the issuance of one or more series of the Commission's Dedicated Tax Revenue Bonds, Series 2016 (the "New Money Bonds");
WHEREAS, the Commission has determined that it may be in the best interests of the Commission that the Commission's outstanding Dedicated Tax Revenue Refunding Bonds (Kentucky International Convention Center Expansion Project) Variable Rate Series 2004B (the "Prior Bonds") be refund...
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