CUSIP 362848RR6
- ISIN: US362848RR67
- Entity Name: City of Gainesville, Florida
- Sector: Municipal
- Announcement Date: 09-Jun-2017
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Oct-2042
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Replace Liquidity Facility
- News: This STANDBY LETTER OF CREDIT AND REIMBURSEMENT AGREEMENT, dated as of January 1, 2015, between the CITY OF GAINESVILLE, FLORIDA, a municipal corporation duly organized and existing under the laws of the State of Florida and established under its Charter, Chapter 90-394, Laws of Florida, as amended (the Act) (including its successors and assigns, the City), and SUMITOMO MITSUI BANKING CORPORATION, ACTING THROUGH ITS NEW YORK BRANCH (including any successors and assigns, the Bank). WHEREAS, the City is authorized pursuant to the Act to own, manage and operate the System (as defined in the Bond Resolution referred to in Section 1.1(b) hereof); and WHEREAS, pursuant to the provisions of the Supplemental Resolution (as hereinafter defined in Section 1.1(b) hereof), the City issued its Variable Rate Utilities System Revenue Bonds, 2012 Series B in an aggregate principal amount of $100,470,000 (the Bonds), all of which Bonds remain Outstanding (as defined in the Bond Resolution), in order to provide funds to refund certain of the Citys Outstanding Utilities System Revenue Bonds; and WHEREAS, to provide continued support for the payment of the Purchase Price of the Bonds, the Bank has agreed to replace the liquidity facility entered into by the City and JPMorgan Chase Bank, N.A. (the Prior Liquidity Facility) with a standby letter of credit (as amended and extended from time to time, the Letter of Credit) issued for the credit of the City in favor of the Tender Agent (as hereinafter defined in Section 1.1(b) hereof) for the benefit of the holders of the Bonds; and WHEREAS, in reliance upon the provisions thereof and hereof, the Bank and the City are willing to enter into this Agreement and, subject to the terms hereof, the Bank will deliver its Letter of Credit.
- Description: Municipal Name: City of Gainesville, Florida CUSIP: 362848RR6 Currency: USD City of Gainesville, Florida announced today that it has agreed replace existing liquidity facility with a standby letter of credit for Series 2012B Variable Rate Utilities System Revenue Bonds.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US362848RR67
