City of Rock Hill - File #: 10-0164

• File #: 10-0164
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 8/19/2010
• In control: City Council
• On agenda: 9/13/2010
• Final action: 9/13/2010
• Title: An Ordinance authorizing the issuance and sale of not exceeding $10,700,000 General Obligation Bonds, of the City of Rock Hill, South Carolina in one or more series; fixing the form and details of the bonds; authorizing the Mayor and City Manager to determine certain matters relating to the bonds; providing for the payment of the bonds and the disposition of the proceeds thereof; and other matters relating thereto.

Date	Ver.	Action By	Action	Result
9/13/2010	1	City Council
8/23/2010	1	City Council

Title

An Ordinance authorizing the issuance and sale of not exceeding $10,700,000 General Obligation Bonds, of the City of Rock Hill, South Carolina in one or more series; fixing the form and details of the bonds; authorizing the Mayor and City Manager to determine certain matters relating to the bonds; providing for the payment of the bonds and the disposition of the proceeds thereof; and other matters relating thereto. 

Body

This general obligation financing in the amount of $10.7 million will fund the General Government Operations portion (Public Works, Warehouse, and Fleet operations) of the Operations Center Construction on Anderson Road.  This financing is in accordance with the Capital Improvement Plan reviewed in budget work sessions.  The bond will be issued in February 2011 based on the latest construction cash flow estimates.  Annual payments are estimated to be approximately $810,000; however only $270,000 will be required in additional revenue due to payoff of existing debt in FY 2011-2012.  The first annual payment on this bond will be due in Fiscal Year 2012-2013  and will require a 4.0% Sanitation Rate increase.