NOTICE OF ENACTMENT AND SUMMARY OF BOND RESOLUTION
I. TITLE.
A RESOLUTION OF THE
CITY OF RICHMOND, KENTUCKY, AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF THE CITY OF RICHMOND, KENTUCKY ECONOMIC DEVELOPMENT REFUNDING AND IMPROVEMENT REVENUE BONDS (TELFORD YMCA PROJECT), SERIES 2018.
I, Christian L. Juckett, hereby certify that I am an attorney licensed in the Commonwealth of Kentucky and that I prepared the following Summary of a Resolution, the title of which is set forth above. (Signed) Christian L. Juckett.
II. SUMMARY.
As required by KRS 103.210, I hereby certify that a resolution, the title of which is the foregoing, was enacted by the City Commission of the City of Richmond, Kentucky, at a regular meeting on October 23, 2018, and that the following is a summary of the provisions of said resolution. The resolution:
A. Authorizes and approves the issuance of the City of Richmond, Kentucky Economic Development Refunding and Improvement Revenue Bonds (Telford YMCA Project), Series 2018, in the maximum principal amount of $1,400,000 (the “Bonds”) to assist Telford Community Center Young Men’s Christian Association, Incorporated, a Kentucky non-profit corporation (the “Borrower”) in the construction, demolition, renovation and equipping of its recreation facility and community center at 1100 East Main Street (the “Project”)_
B. Authorizes and approves the execution of a loan agreement (the “Loan Agreement"), whereby the proceeds of the Bonds will be lent by the City to the Borrower, and whereby the Bonds will be retired from the proceeds of loan payments to be received from the Borrower; and a trust indenture from the City to Cumberland Valley National Bank & Trust Company, as purchaser of the Bonds (the “Bank"), which includes an assignment by the City to the Bank of all rights of the City in and to the Loan Agreement.
C. Authorizes the Mayor and other City officials to take any other necessary action, including executing the appropriate arbitrage certifications, to effect the issuance and delivery of the Bonds.
D. Provides that the Bonds will not be a general obligation of the City, but will be payable solely out of the revenues and proceeds of the Borrower, including loan payments received under the Loan Agreements.
E. Provides that the Resolution shall be effective upon the publication of this Notice of Enactment and Summary of Bond Resolution.