A letter dated July 19, 2018, notifying of the Departments of Finance’s intent to enter into a certificates of participation lease purchase transaction in a par amount not to exceed $129,000,000, the proceeds of which will be used to fund the Colorado Convention Center Expansion Project.
Thanks, Brian. Appreciate it. All right. We are concluding with that portion of the presentation. We do have two communications from the Department of Finance. Madam Secretary, please read them. Dear Counsel. President, in keeping with the provisions of Section 20, Dash 93 of the Denver revised Mr. Code, the DRC, I'm hereby notifying you of the Department of Finance and Intent to enter into a certificates of participation lease purchase transaction, an apartment not to exceed 129 million, the proceeds of which will be used to fund the Colorado Convention Center Expansion Project. Under the financing structure, the city will enter into a lease purchase agreement with the leasing trust and lease into the Trust a portion of the Colorado Convention Center, which will lease back and continue to occupy without interruption. The trustee on behalf of the leasing trust will execute and deliver Series 28 certificates of participation in a par amount not to exceed 129 million. The requirement that the city pay the annual rental lease payments for the 2018 certificates does not constitute an obligation of the city for which it was levy, taxes or apply as general resources beyond the current fiscal year. The 2018 certificates do not constitute general obligation indebtedness of the city and are not multi-year financial obligations of the city. The requirement that the city make the lease payments constitutes a currently budgeted expenditure of the city, payable only if funds are appropriated by the city council each year. Company attachment contains a more detailed description of the financing as required by section 2093 and B of the DRC. Sincerely, Brendan J. Hanlon, Manager of Finance. Dear Council President. In keeping with the provisions of Section 20, Dash 93 of the Denver Revised Mexico DRC, I'm hereby notifying you of the Department of Finances Intent to issue City and