Title
An ordinance authorizing the issuance and sale of City of Rock Hill, South Carolina, Combined Utility System Revenue Bonds, consisting of one or more Series 2009 Bonds, in the aggregate principal amount of $50,000,000; delegating the authority to the Mayor and City Manager to determine certain matters with respect to the bonds; prescribing the form and details of the bonds; limiting the payment of the bonds 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 of Utility System Revenue Bonds not to exceed $50,000,000, The anticipated issue amount is $44,540,000 and has three components:
The first component (Series 2009A) will include a par amount of $14,185,000 to pay-off the $14,000,000 Bond Anticipation Note (BAN) issued in August 2008. You will recall that this BAN was discussed in previous Budget Workshops since May 2007 and provided interim financing for various Utility System projects. The BAN was authorized by Council in August 2008 with the understanding that it would be refunded (or refinanced) as a Utility System Revenue Bond in the future. In today’s market conditions, it is favorable to refund and ‘fix’ these BANs now and include the refunding in the proposed 2009 underwritten bond issue.
The second component (Series 2009B) will represent the ‘new money’ portion of this bond issue. It will provide interim financing for a number of additional utility projects to include the next phase of the new Operations Center ($10.6 million), Raw Water Pump Station upgrades ($3,000,000), and CelRiver Road improvements ($1,900,000). The Operations Center component is the same that has been reviewed in various workshops since May 2007, although the amount has changed to reflect the current project phasing. The Raw Water Pump Station and CelRiver Road Utility work address immediately ne...
Click here for full text