Ordinance 24-362 - Revenue Obligations - Water Projects - Repeal and
Replace
For the purpose of repealing and replacing Ordinance 24-362 due to clerical
error; maintaining the City’s authorization to issue revenue obligations within
the maximum aggregate principal amount of the revenue obligations that may
be outstanding authorized and calculated, as of June 30 of each year by the City
to finance or refinance water facilities and, in that connection, amending and
restating Ordinance 02-331, as amended by Ordinances 04-687, 7-420, 11-429,
and 14-292; authorizing the Board of Finance to specify, prescribe, determine,
provide for, approve, and amend the form, terms, provisions, manner or method
of issuing and selling, the time or times of issuance, and all other details of the
revenue obligations and any other matters necessary or desirable in connection
with the authorization, issuance, sale, and payment of these revenue obligations;
providing for a special effective date; and generally relating to the issuance and
payment of revenue obligations.
Sponsors:
City Council President (Administration)
ORDINANCE
At the request of: Department of Legislative Reference
WAYS AND MEANS COMMITTEE
City-Wide Affordable Housing Bond Issuance
For the purpose of authorizing the issuance of special obligation bonds and the
pledge, subject to appropriation, of Tax Increment Revenues (as such term is
defined herein) to the payment of debt service thereon; providing that such
bonds may be issued from time to time and in one or more issues or series in an
aggregate principal amount not exceeding $65,000,000 (to support, subject to
additional Mayor and City Council approval, a borrowing program in the
aggregate principal amount of $150,000,000) for the purpose of financing costs
associated with the rehabilitation of vacant units and the development of
affordable housing, certain public infrastructure improvements, and other
related costs, including, without limitation, the Project (defined herein), and
other necessary improvements to, from, or within the development district, and
certain other improvements permitted by the Tax Increment Act (defined
herein); providing for the method and sources of payment for such special
obligation bonds; authorizing the Board of Finance to specify, prescribe,
determine, provide for and approve the details, forms, documents or procedures
in connection with such special obligation bonds and any other matters
necessary or desirable in connection with the authorization, issuance, sale, and
payment of such special obligation bonds; authorizing the Board of Finance to
specify, prescribe, determine, provide for, and approve the method and sources
of such pledge, the details, forms, documents, or procedures in connection with
such pledge, and any other matters necessary or desirable in connection with
such pledge; providing for a special effective date; providing that the City, in
each fiscal year in which any such bonds are outstanding, use its best efforts to
obtain the appropriation of the Tax Increment Revenues in the amounts and at
the times specified in a trust agreement or agreements between the City and a
bank or trust company appointed as trustee thereunder; and generally relating to
the issuance and payment of special obligation bonds.
Sponsors:
City Council President (Administration)
ORDINANCE
At the request of: Department of Housing and Community Development
COMMITTEE OF THE WHOLE
