Legislation Details

File #: 10-0057    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 4/21/2010 In control: City Council
On agenda: 5/24/2010 Final action: 5/24/2010
Title: A First Supplemental Ordinance authorizing the issuance and sale of not exceeding $6,500,000 tax increment bonds (Textile Corridor Redevelopment Projects) of the City of Rock Hill, South Carolina, in one or more series; prescribing the form and details of such bonds; authorizing the mayor and the city manager of the city to determine certain matters relating to the bonds; providing for the pledge of combined utility system revenues for the payment of the bonds; providing for the payment of the bonds and the disposition of the proceeds thereof; and other matters relating thereto.

Title

A First Supplemental Ordinance authorizing the issuance and sale of not exceeding $6,500,000 tax increment bonds (Textile Corridor Redevelopment Projects) of the City of Rock Hill, South Carolina, in one or more series; prescribing the form and details of such bonds; authorizing the mayor and the city manager of the city to determine certain matters relating to the bonds; providing for the pledge of combined utility system revenues for the payment of the bonds; providing for the payment of the bonds and the disposition of the proceeds thereof; and other matters relating thereto.

 

 

Body

This ordinance is the First Supplemental Bond Ordinance, which is specific to this particular financing.  It provides for financing up to $6.5 million, which includes $2.75 million to refinance a 2008 Textile Corridor bond and a new project fund up to $2.75 million for the Bleachery demolition and abatement, issuance costs, and one year debt payment for a debt service reserve.  This ordinance authorizes the Mayor and City Manager to determine the financing structure that is in the best interest of the City within these parameters and to award the bid for interest rate on the bonds.