City of Rock Hill - File #: 11-0170

• File #: 11-0170
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/4/2011
• In control: City Council
• On agenda: 11/28/2011
• Final action: 11/28/2011
• Title: An ordinance providing for the issuance and sale of City of Rock Hill, South Carolina, Combined Utility System Revenue Bond Anticipation Notes, Series 2011, in the aggregate principal amount of not exceeding $13,100,000; 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. Strategic Goal: Quality Public Services: Complete all planned electric, water, and sewer infrastructure improvements and Provide for the orderly development and expansion of other facilities and infrastructure.

Date	Ver.	Action By	Action	Result
11/28/2011	1	City Council
11/14/2011	1	City Council

Title

An ordinance providing for the issuance and sale of City of Rock Hill, South Carolina, Combined Utility System Revenue Bond Anticipation Notes, Series 2011, in the aggregate principal amount of not exceeding $13,100,000; 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.

Strategic Goal:  Quality Public Services: Complete all planned electric, water, and sewer infrastructure improvements and Provide for the orderly development and expansion of other facilities and infrastructure.

Body

This item authorizes the refinancing of a 2010 $13 Million Bond Anticipation Note maturing December 18, 2011 until December 2012.  The proceeds from the original issue were used primarily for the construction of the Operations Center Facility, plus other improvements in the Capital Improvement Plan.   This one year renewal will allow us to roll this bond into a larger refinancing planned for the Fall of 2012.  Combining these bonds into one long term issue will be more efficient by lowering the closing costs associated with long term financing.    Staff recommends approval of this ordinance.