Title
Resolution Approving and Authorizing the Sale and Issuance of Limited Obligation Bonds and the Execution and Delivery of a Fourth Supplemental Trust Agreement and Related Documents in Connection with the Financing and Refinancing of Various Improvements to the City's Coliseum Complex
Body
Department: Financial & Administrative Services
Council District: 1
Public Hearing: August 21, 2018
Advertising Date/By: August 10, 2018
Contact 1 and Phone: Richard L. Lusk, Finance Director 373-2077
Contact 2 and Phone: Thomas D. Carruthers, City Attorney 373-2320
PURPOSE: To hold a public hearing to authorize the issuance and sale of up to $56 million limited obligation bonds on October 24, 2018 to finance $28.8 million capital improvements to the Greensboro War Memorial Coliseum Complex, refinance the Coliseum Project Series 2010A certifications of participations (COPs) with a remaining balance of $5.335 million, to refinance a portion of the Coliseum Project Series 2014 outstanding limited obligation bonds (LOBs) of $22.62 million, and related financing costs, including capitalized interest during construction. The par amount of the bonds on the sale date is not expected to exceed $56 million. Issuance of limited obligation bonds to finance the improvements and refinancing is subject to a public hearing and approval by City Council and the Local Government Commission.
BACKGROUND: This proposed financing will fund Coliseum Complex improvements of $56 million, including the refinancing of bonds issued in 2010 and 2014 and a $20 million limited obligation note issued May 2016. City Council has authorized additional projects including additional funding for a new pool at the Greensboro Aquatic Center on July 17, 2018, and is requested to authorize replacement of seating at the Special Events Center, A/C cooling towers, and ice chiller plants as well as parking lot improvements, on August 21, 2018.
The Coliseum Project Series 2010A COPs were issued in September ...
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