HomeMy WebLinkAbout82-10-2314441
ORDINANCE N0.-82-10-2314
AN ORDINANCE OF -THE CITY OF-PADUCAH, KENTUC.KY,_APPROVING AND
AUTHORIZING, THE-EXECUTION,OF AN ESCROW AGREEMENT.W.ITH :CITIZENS BANK & TRUST
COMPANY, PADUCAH, KENTUCKY,,PROVIDING FOR THE ESCROW OF FUNDS SUFFICIENT.,.WHEN .
INVESTED AS PROVIDED IN SAID AGREEMENT, TO DEFEASE THE OUTSTANDING CITY OF
PADUCAH PARKING FACILITIES REFUNDING AND IMPROVEMENT REVENUE BONDS, DATED
NOVEMBER 1, 1971.
WHEREAS, the City_of Paducah, Kentucky, owns certain.existing
on -street and. -off-street parking facilities (the,"Project ") in the City, and
in that connection has heretofore issued $.320,000 of City of.Paducah 4.10%,
4.30%, 4-%%, 4-3/4%, 5%, and 5.30% -Parking Facilities Refunding.and
Improvement Revenue Bonds, dated November 1, 1971 (the "Bonds"), secured by a
pledge of the revenues of said Project, and
WHEREAS, $135,000 of said.Bonds have now matured and have been paid
in full, leaving a balance of $185,000 of Bonds maturing on November 1, in
each of the respective years, -1982 through 1989, inclusive, and
WHEREAS, there has been presented to this Board of Commissioners a.
form of Escrow Agreement between the City and Citizens Bank & Trust Co.,
Paducah, Kentucky, providing for the deposit into escrow of an amount, derived
from sums currently on deposit in certain Funds created in the Ordinance of-
the
fthe City authorizing the Bonds enacted by the City on October 12, 1971, which
amount shall be sufficient, when invested as set out in said Agreement, to pay
the principal.of and interest on -the Bonds.as same fall due until final
maturity thereof on November 1, 1989, thereby-defe.asing.said Bonds and re--
leasing the. revenue pledge securing -same, and
WHEREAS, it is_deemed..desirable and in the best interest of -the -City
that such Escrow Agreement,be,executed andthat such defeasement and release
be accomplished,
FOLLOWS
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY, AS
SECTION.1— _ That the Escrow Agreement -referred _to .in -.the preamble
hereto, as.presented to this Board of.Commissioners,_is hereby approved, and
the Mayor and.the City Clerk are hereby authorized and -directed to execute
such Agreement on behalf of the City, a copy of which Agreement is attached
hereto and made a part hereof as if copied in full herein.
SECTION 2. That the City Clerk is authorized to publish an_
appropriate notice informing the holders of any of said Bonds that such Escrow
Agreement has been executed,..that such deposit and investments have been
effected, that the Bonds are now secured by a pledge of such deposits and
investments, and that accordingly the lien against and pledge of the revenues
of the parking Project has been released.
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SECTION 3. That the Mayor and all other City officials are hereby
authorized to take all further action and execute all additional documents
deemed by them to be necessary and appropriate to accomplish such defeasement.
SECTION 4. That if any clause, provision, paragraph, or section of
this Ordinance be ruled void or unenforceable by any court of competent
jurisdiction,�the remainder thereof is intended to be enacted and shall be in
full force and effect notwithstanding.
SECTION 5. That all City ordinances, orders, resolutions, motions,
or parts thereof', insofar as same may -Ie in conflict herewith, are repealed,
and this Ordinance shail-take effect from and after its enactment, approval,
and publication- as' provided -by law.
Given first reading on -September 28, 1982
Tabled on -October 12,-1982
Given second reading and enacted on October 26, 1982:
CITY OF PADUCAH, KENTUCKY
(Seal of City)
ATTEST:
/s/ Louise McKinney
City Clerk
JOHN K. Penrod
Mayor
CERTIFICATE OF CITY CLERK
I, LOUISE-McKINNEY, hereby certify that I am the duly qualified and
acting City Clerk of the City of Paducah, -Kentucky, that the foregoing
Ordinance is a true copy of an Ordinance given its first reading'by the Board
of Commissioners of said City at a meeting field on September 28, 1982, that
said Ordinance has been ordered to be published as required by law, and that
said Ordinance appears as a matter of public record in the City Ordinance
Book.
I further certify that said meetings were duly held in accordance
with all applicable requirements of Kentucky law, including KRS 61.810,
61.815, 61.820 and 61.825, that a quorum was present at each of said meetings,
that said Ordinance has not been modified, amended, revoked, or repealed, and
that same is now in full force and effect.
IN WITNESS WHEREOF,_ I have hereto set my hand as City -Clerk and the
official Seal of the City on this October 13 1982.
/s/ Louise McKinney
City Clerk
(Seal of City) -