Summary:
On June 18, 2014 GOAA adopted a resolution (GOAA Revolving Credit Resolution) which:
A) approved certain amendments to a 2009 revolving credit agreement relating to the $100,000,000 GOAAA Series 2009 Revolving Credit Note and the $100,000,000 Taxable Series 2009 Revolving Credit Note to increase the principal from $100,000,000 to $250,000,000, extend the maturity date from February 28, 2015 to June 30, 2015, and modify the interest rate to provide lower overall borrowing costs,
B) approved an amendment to a 2013 revolving credit agreement relating to the $150,000,000 GOAA Series 2013 Revolving Credit Note and the $150,000,000 Taxable Series 2013 Revolving Credit Note to increase the principal from $150,000,000 to $200,000,000 and modify the interest rate to provide lower overall borrowing costs,
C) delegated authority to the GOAA Chairman, Vice-Chairman, Executive Director or other Authorized Officer to execute certain documents, and
D) provided for approval of other related documents and details with respect to the transaction.
A copy of the GOAA Revolving Credit Resolution is attached as Exhibit A to the City Authorizing Resolution. Chapter 16, Section 10 of the City Charter requires City Council approval of the modifications to the Series 2009 Revolving Credit Notes and the Series 2013 Revolving Credit Notes. The City Authorizing Resolution approves the GOAA Revolving Credit Resolution and modifications set forth therein.
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