Title
An Ordinance providing for the issuance and sale of City of Rock Hill, South Carolina, Combined Utility System Revenue Bond Anticipation Notes, in one or more series, in the aggregate principal amount of not exceeding $13,000,000; authorizing the Mayor and City Manager to determine certain matters relating to the bond anticipation notes; prescribing the form and details of the bond anticipation notes; limiting the payment of the bond anticipation notes from the revenues derived from the operation of the system and pledging the revenues to such payment; establishing certain funds and accounts; and other matters relating thereto.
Body
This ordinance authorizes the issuance and sale of Utility System Bond Anticipation Note (BAN) financing in the amount of $13.0 million for the following projects:
South Cherry Road Widening Electric Project $ 395,000
Downtown Electric Feeders Electric Project $ 1,331,000
Mt. Gallant Road Electric Project $ 806,000
Albright Road Widening Electric Project $ 400,000
Church Neely Rd. Water Extension $ 2,068,000
Operations Center $ 8,000,000
Total $13,000,000
This BAN financing is in accordance with the Capital Improvement Plan and related Funding Plan reviewed in budget work sessions. These BANs will be refinanced as a Utility System revenue bond in the future.