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Council briefed on intergovernmental agreements, property transfer ahead of KBA revenue bond vote Oct. 16
Summary
Staff outlined documents needed for the Kenton Building Authority revenue bond Series 2025, including transferring ownership of the fire station from the DDA to the KBA and approving assignment/assumption, custodial and payment agreements; council will see final documents and numbers at the Oct. 16 meeting.
City staff briefed council Oct. 2 on an intergovernmental contract and related documents tied to the Kenton Building Authority (KBA) revenue bond Series 2025. No action was requested at the meeting; staff said council will be asked to approve the resolution and related agreements at the Oct. 16 meeting once financing details are complete.
Staff recapped that council previously authorized issuance of a revenue bond and that subsequent steps include transferring ownership and liabilities for a fire station from the Downtown Development Authority (DDA) to the KBA, and executing an assignment and assumption of contracts, a custodial agreement and a payment agreement. The DDA is scheduled to consider the assignment/assumption documents Oct. 8 and the county commission will consider related items Oct. 7; staff said the city will need to approve its portion Oct. 16.
Staff also noted financial-advisor RFP responses are due Oct. 9 and that bond amounts and lender details will be provided to council before the Oct. 16 meeting; some document fields are presently blank pending those financial responses. City and DDA staff will seek to complete the conveyance (warranty deed) and the assignment/assumption documents so all parties can consider approval on their respective schedules. Staff said a CBA (KBA) special meeting will be called before Oct. 16 so the authority can consider its portion of the agreements.
