Title
Resolution - Approval of Authorization for Long-Term Debt Financing for the Cooperative - R Kruger
Other Info
Submitted By: Robyn Miller on behalf Randy Kruger
Department: Chief Financial Officer
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session.
Discussion
The Cooperative has various existing long-term and short-term debt (secured and unsecured) to finance the operations and expenses of the Cooperative.
To continue to fund its capital improvement budget and operating budget, the Cooperative is assessing its ongoing financial structure and options available in consideration of the financial health of the Cooperative and in the best interests of the Cooperative.
The Cooperative has obtained or expects to issue or incur additional long-term debt in an amount necessary to defease all or any portion of the Cooperative's outstanding Series 2002 Bonds but not to exceed an aggregate principal amount up to $400,000,000, which debt will be secured under the Indenture by the assets of the Cooperative.
Body
WHEREAS, to continue to fund its capital improvement budget and operating budget in the next five-years and in the best interests of the Cooperative, the Cooperative requires commitments for long-term debt financings; and
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE, that the Cooperative authorizes the issuance or incurrence of long-term debt in the aggregate principal amount up to $400,000,000, which debt may be secured under the Indenture by substantially all the assets of the Cooperative; and
BE IT FURTHER RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE, that the long-term debt authorized herein may include the issuance of bonds, notes or other obligations in one or more series or tranches on behalf the Cooperative (the issuance of which bonds, notes or other obligations is hereby approved), with the delivery of offering memoranda by the Cooperative to be offered through limited of...
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