Ordinance 21-42

This ordinance authorizes the City of Bloomington to issue its General Revenue Annual Appropriation Refunding Bonds of 2021, in one or more series, in the aggregate principal amount not to exceed $13,100,000. The 2021 bonds will be issued to refinance the City’s obligations under the Equipment Lease-Purchase Agreement, dated November 30, 2017, between Bank of America Public Capital Corp., as lessor, and the City, as lessee, related to the purchase, installation and financing of certain solar panel systems and related work, all for the purpose of obtaining lower interest costs and a reduction of debt service payments on such outstanding lease payments, thereby achieving significant savings for the City. Note: At the November 17, 2021 Regular Session, the Council adopted Amendment 01, which revised Ordinance 21-42 to remove language regarding appropriating the refunding bond proceeds as an appropriation proposal for the bond proceeds has been included as part of Appropriation Ordinance 21-05.