Title
Resolution Authorizing The City of Greensboro, North Carolina to Apply Certain Moneys To The Prepayment Of The Remaining Installment Payments Relating To The City of Greensboro, North Carolina Taxable Refunding Certificates of Participation (Greensboro Coliseum Complex), Series 1999B, The Execution And Delivery Of Certain Documents Relating Thereto And Other Actions In Connection Therewith
Body
Department: Finance & Legal
Council District: 1
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Richard Lusk, Finance Director, 373-2077
Contact 2 and Phone: Tom Carruthers, Interim City Attorney, 373-2320
PURPOSE:
To authorize prepayment of the remaining $2.85 million installment payments due on Coliseum Complex Certificates of Participation, Series 1999B and establish appropriations in the FY14-15 Hotel Motel Tax Fund Budget of $1.47 million for the prepayment, in order to perfect the security interest required by the $25.65 million Limited Obligation Bond issue scheduled for September 24, 2014.
BACKGROUND:
The City's bond counsel has advised that the City will need to prepay the $2.85 million outstanding Coliseum Complex Certificates of Participation, Series 1999B in order to secure its obligations under the $25.65 million Limited Obligation Bonds to be sold on September 24, 2014 which were authorized by City Council on August 19, 2014. A new deed of trust is required to replace the existing deed and will grant a first priority lien on the City's interests in the Coliseum Complex, other than the site of the City's aquatics center which is secured by a separate deed of trust.
Of the outstanding $2.85 million Series 1999B Coliseum Complex Certificates of Participation, $1.38 million is due on December 1, 2014 and that payment is included in the current year's budget. The final installment payment of $1.47 million is due on December 1, 2015 and additional budget appropriations are needed to fund its prepayment.
BUDGET ...
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