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HomeMy WebLinkAbout04/05/04356 APRIL 5, 2004 At a Called Meeting of the Board of Commissioners and the McCracken County Fiscal Court, held on Monday, April 5, 2004, at 5:00 p.m., in McCracken County Courthouse — Courtroom D, Mayor Paxton presided, and upon call of the roll by the City Clerk, the following answered to their names: Commissioners Coleman, Guess, Montgomery, and Mayor Paxton (4). Commissioner Smith was absent (1). For the McCracken County Fiscal Court Judge Orazine presided and upon call of the roll by the County Clerk, the following answered to their names: Commissioners Freeman, Grimm, Renfro and Judge Orazine (4). Also, present for the Fiscal Court was County Administrator, Steve Doolittle and County Attorney, Dan Boaz. R & F CALLED MEETING NOTICES Commissioner Coleman offered motion, seconded by Commissioner Guess, that the Notices of Called Meeting for 5:00 p.m., Monday, April 5, 2004, be received and filed. Adopted on call of the roll, yeas, Commissioners Coleman, Guess, Montgomery, and Mayor Paxton (4). ORDINANCES — EMERGENCY AMEND INFINITI MEDIA INCENTIVES Commissioner Guess offered motion, seconded by Commissioner Montgomery, that the Board of Commissioners introduce and adopt an ordinance entitled, "AN ORDINANCE AMENDING ORDINANCE 2004-1-6748 GRANTING CERTAIN ECONOMIC INCENTIVES TO INFINITI PLASTIC TECHNOLOGIES, INC." This ordinance is summarized as follows: This ordinance amends Ordinance No. 2004-1-6748 to more accurate reflect the economic incentives to be provided by the City of Paducah (the �. "City") under the various documents relating to a certain public project. The City participating equally with the County of McCracken, Kentucky (the "County"), will provide Infiniti Plastic Technologies, Inc., with various economic incentives in exchange for its commitment to establish a manufacturing facility within the corporate boundaries of the City. Adopted on call of the roll, yeas, Commissioners Coleman, Guess, Montgomery, and Mayor Paxton (4). ORD. NO. 2004-4-6783; BK 30; PG McCracken County Fiscal Court adopted county ordinance. AUTHORIZE THE MAYOR AND JUDGE TO EXECUTE IDAANFINITI MEDIA LEASE Commissioner Montgomery offered motion, seconded by Commissioner Guess, that the Board of Commissioners introduce and adopt an ordinance entitled, "AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY APPROVING A CAPITAL SUBLEASE AGREEMENT AMONG THE PADUCAH MCCRACKEN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY, AS LESSOR, AND INFINITI PLASTIC TECHNOLOGIES, INC., AS LESSEE, WITH RESPECT TO A PUBLIC PROJECT, AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS RELATED TO SUCH CAPITAL SUBLEASE AGREEMENT." This ordinance is summarized as follows: This ordinance authorizes the execution of a Capital Sublease Agreement 4 among the Paducah -McCracken County Industrial Development Authority, as lessor, (the "Authority") and Infiniti Plastic Technologies, Inc., as lessee, (the "Lessee"), whereby the City of Paducah (the "City") and the County of McCracken (the "County") consent and approve the Authority's sublease of an approximately 100,000 square foot facility (the "Project") to Infiniti Plastic Technologies, Inc., for a period of approximately 20 years. The Ordinance approves the form of the Capital Sublease Agreement presented to the Board of Commissioners of the City, with such changes therein as shall not be adverse to the City and may be approved by the Mayor. w.: 357 APRIL 5, 2004 Adopted on call of the roll, yeas, Commissioners Coleman, Guess, Montgomery, and Mayor Paxton (4). ORD. NO. 2004-4-6784; BK 30; PG McCracken County Fiscal Court adopted county ordinance. ACCEPT TRANSFER OF PROPERTY FROM IDA TO CITY & COUNTY Commissioner Coleman offered motion, seconded by Commissioner Montgomery, that the Board of Commissioners introduce and adopt an ordinance entitled, "AN ORDINANCE AUTHORIZING AND APPROVING THE ACCEPTANCE OF THE ., TRANSFER OF TRACTS "D" AND "E" IN THE INDUSTRIAL PARK WEST BY DEED FROM THE PADUCAH-MCCRACKEN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY, FOR NOMINAL CONSIDERATION, TO THE CITY OF PADUCAH, KENTUCKY, AND THE COUNTY OF MCCRACKEN, KENTUCKY, WITH RESPECT TO A PUBLIC PROJECT, AND AUTHORIZING THE EXECUTION OF THE DEED OF CONVEYANCE." This ordinance is summarized as follows: This Ordinance authorizes the execution of a Deed of Conveyance from the Authority to the City and the County (the "Deed'), for nominal consideration, in substantially the form attached to the Ordinance and made part thereof. The real property acquired jointly by the City and the County will be utilized for the construction and installation of an approximately 100,000 square foot facility (the "Project"), which Project is to be jointly owned by the City and the County and is to be financed in part on an interim basis through the issuance of the City's General Obligation Bond. The Ordinance approves the form of the Deed presented to the Board of Commissioners of the City, with such changes therein as shall not be adverse to the City and may be approved by the Mayor. Adopted on call of the roll, yeas, Commissioners Coleman, Guess, Montgomery, and Mayor Paxton (4). ORD. NO. 2004-4-6785; BK 30; PG ACCEPT ASSIGNMENT OF CONSTRUCTION CONTRACT WITH A&K CONSTRUCTION FROM IDA TO CITY & COUNTY Commissioner Guess offered motion, seconded by Commissioner Coleman, that the Board of Commissioners introduce and adopt an ordinance entitled, "AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY APPROVING AN ASSIGNMENT OF A CONSTRUCTION CONTRACT AMONG THE CITY OF PADUCAH, KENTUCKY, THE COUNTY OF MCCRACKEN, KENTUCKY AND THE PADUCAH MCCRACKEN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY WITH RESPECT TO A PUBLIC PROJECT, AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS RELATED TO SUCH ASSIGNMENT." This ordinance is summarized as follows: This ordinance authorizes the execution of an Assignment of a Construction Contract (the "Assignment") among the City of Paducah, Kentucky, (the "City"), the County of McCracken, Kentucky (the "County") and the Paducah - McCracken County Industrial Development Authority (the "Authority"), whereby the City and County will assume all obligations of the Authority under the Construction Agreement dated March 31, 2004, with A&K Construction, Inc., as contractor, (the "Construction Agreement") relating to the construction of the approximately 100,000 square foot facility (the "Project"). The Ordinance approves the form of the Assignment presented to the Board of Commissioners of the City, with such changes therein as shall not be adverse to the City and may be approved by the Mayor. Adopted on call of the roll, yeas, Commissioners Coleman, Guess, Montgomery, and Mayor Paxton (4). ORD. NO. 2004-4-6786; BK 30; PG McCracken County Fiscal Court adopted county ordinance. HIRE BOND ATTORNEY Commissioner Montgomery offered motion, seconded by Commissioner Guess, that the Board of Commissioners introduce and adopt an ordinance entitled, "AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR TO EXECUTE AN ENGAGEMENT LETTER WITH PECK, SHAFFER & WILLIAMS LLP, FOR SERVICES TO THE CITY OF PADUCAH AS BOND COUNSEL FOR 2004 GENERAL OBLIGATION BOND ISSUE." This ordinance is summarized as follows: 358 APRIL 5, 2004 That the Mayor is hereby authorized and directed to execute an Engagement Letter between the City of Paducah and Peck, Shaffer & Willliams, LLP., for providing services to the City as Bond Counsel for 2004 General Obligation Bond Issue. Adopted on call of the roll, yeas, Commissioners Coleman, Guess, Montgomery, and Mayor Paxton (4). ORD. NO. 2004-4-6787; BK 30; PG AUTHORIZE LETTER OF INTENT TO LEASE BETWEEN CITY, COUNTY & IDA Commissioner Coleman offered motion, seconded by Commissioner Montgomery, that the Board of Commissioners introduce and adopt an ordinance entitled, "AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY APPROVING A LETTER OF INTENT TO LEASE AMONG THE CITY OF PADUCAH, KENTUCKY, THE COUNTY OF MCCRACKEN, KENTUCKY AND THE PADUCAH MCCRACKEN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY WITH RESPECT TO A PUBLIC PROJECT, AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS RELATED TO SUCH LETTER OF INTENT TO LEASE." This ordinance is summarized as follows: This ordinance authorizes the execution of a Letter of Intent to Lease among the City of Paducah, Kentucky (the "City"), the County of McCracken, Kentucky (the "County"), and the Paducah -McCracken County Industrial Development Authority (the "Authority"), whereby the City and County will lease an approximately 100,000 square foot facility (the "Project") to the Authority for a period of approximately 20 years. The Ordinance approves the form of the Letter of Intent to Lease presented to the Board of Commissioners of the City, with such changes therein as shall not be adverse to the City and may be approved by the Mayor. Adopted on call of the roll, yeas, Commissioners Coleman, Guess, Montgomery, and Mayor Paxton (4). ORD. NO. 2004-4-6788; BK 30; PG ORDINANCES — ADOPTION HIRE FINANCIAL ADVISOR, 2004 BOND ISSUE Commissioner Guess offered motion, seconded by Commissioner Montgomery, that the Board of Commissioners adopt an ordinance entitled, "AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR TO EXECUTE AN AGREEMENT WITH J.J.B. HILLIARD, W.L. LYONS, INC., FOR SERVICES TO THE CITY OF PADUCAH AS FINANCIAL ADVISOR FOR ISSUANCE OF GENERAL OBLIGATION BONDS." This ordinance is summarized as follows: That the Mayor is hereby authorized and directed to execute a an agreement between the City of Paducah and J.J.B. Hilliard, W.L. Lyons, Inc., for providing services to the City as Financial Advisor for issuance of General Obligation Bonds in the approximate amount of $5,000,000. Adopted on call of the roll, yeas, Commissioners Coleman, Guess, Montgomery, and Mayor Paxton (4). ORD. NO. 2004-4-6789; BK 30; PG ORDINANCES — INTRODUCTION LEASE OF BUILDING & PROPERTY IDA Commissioner Montgomery offered motion, seconded by Commissioner Guess, that the Board of Commissioners introduce an ordinance entitled, "AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF PADUCAH, KENTUCKY APPROVING A LEASE AMONG THE CITY OF PADUCAH, KENTUCKY, THE COUNTY OF MCCRACKEN, KENTUCKY AND THE PADUCAH MCCRACKEN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY WITH RESPECT TO A PUBLIC PROJECT, AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS RELATED TO SUCH LEASE. " This Ordinance authorizes the City of Paducah, Kentucky (the "City") to execute a Contract, Lease & Option (the "Lease") with the County of McCracken, Kentucky (the "County") and the Paducah McCracken County Industrial Development Authority (the "Authority"), whereby the City and County will lease an approximately 100,000 square foot facility (the "Project") to the Authority for a period of approximately 20 years. The 359 APRIL 5, 2004 Ordinance approves the form of the Lease presented to the Board of Commissioners of the City, with such changes therein as shall not be adverse to the City and may be approved by the Mayor and City Clerk. ORDINANCE AUTHORIZING INTERIM FINANCING Commissioner Coleman offered motion, seconded by Commissioner Montgomery, that the Board of Commissioners introduce an ordinance entitled, "AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY AUTHORIZING THE ISSUANCE IN ONE OR MORE SERIES OF CITY OF PADUCAH, KENTUCKY GENERAL OBLIGATION BOND ANTICIPATION NOTES, „ SERIES 2004 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $3,000,000; APPROVING A FORM OF NOTE; AUTHORIZING DESIGNATED OFFICERS TO EXECUTE AND DELIVER THE NOTES; AUTHORIZING AND DIRECTING THE FILING OF NOTICE WITH THE STATE LOCAL DEBT OFFICER; PROVIDING FOR THE PAYMENT AND SECURITY OF THE NOTES; CREATING A NOTE PAYMENT FUND; MAINTAINING THE HERETOFORE ESTABLISHED SINKING FUND; AUTHORIZING ACCEPTANCE OF THE PROPOSAL OF THE PURCHASER OF THE NOTES; AND REPEALING INCONSISTENT ORDINANCES." This Ordinance authorizes the issuance of general obligation bond anticipation notes in one or more series in an aggregate principal amount not to exceed $3,000,000 (the "Notes") by the City of Paducah, Kentucky (the "City") for the purpose of financing on an interim basis a portion of the costs of an approximately 100,000 square foot facility (the "Project") to be subsequently leased to the Paducah McCracken County Industrial Development Authority. Provisions are made for the authorization and issuance of general obligation bonds to retire the notes at maturity by September 1, 2004; for the application of the proceeds of the notes; for the establishment of a Note Payment Fund and Construction Fund; for the maintenance of the heretofore established Sinking Fund; and for certain covenants of the City with respect to the notes. The Notes are to be sold on a private' negotiated basis to the bidder providing the City with the lowest interest rate. The Notes. are to bear interest, payable at maturity on September 1, 2004, at the interest rate to be set forth in a resolution of the City awarding the Notes to the successful purchaser. As required by KRS 83A.060, the following Section 8 of the Ordinance is set forth in its entirety: "Section 8 -- General Obligation; Maintenance of Sinking Fund. The Notes shall be full general obligations of the City and, for the payment of said Notes and the interest thereon, the full faith, credit and revenue of the City are hereby pledged for the prompt payment thereof. During the period the Notes are outstanding, there shall be and there hereby is levied on all the taxable property in the City, in addition to all other taxes, without limitation as to rate, a direct tax annually in an amount sufficient to pay the principal of and interest on the Notes when and as due, it being hereby found and determined that current tax rates are within all applicable limitations. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof provided, however, that in each year to the extent that the other lawfully available funds of the City are available for the payment of the Notes and are appropriated for such purpose, the amount of such direct tax upon all of the taxable property in the City shall be reduced by the amount of such other funds so available and appropriated. l Pursuant to Ordinance No. 2001-5-6353 adopted by the City (the "2001 General Obligation Ordinance"), there has heretofore been established a sinking fund (the "Sinking Fund"), which is hereby ordered to be continued and maintained as long as the Notes shall remain outstanding. The funds derived from said tax levy hereby required or other lawfully available funds shall be placed in the Sinking Fund and, together with interest collected on the same, are irrevocably pledged for the payment of the interest on and principal of all bonds issued under the Act and Tax -Supported Leases, as defined in the Act, APRIL 5, 2004 when and as the same fall due. Amounts shall be transferred from the Sinking Fund to the Note Payment Fund at the times and in the amounts required by Section 7 hereof." Upon motion the meeting adjourned. ADOPTED: April /3, 2004 Jmw~ &&� City Clerk 360