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HomeMy WebLinkAbout82-10-2322452 ORDINANCE NO. 82-10- 2322 AN ORDINANCE AUTHORIZING THE CITY OF PADUCAH TO ENTER INTO AN AGREEMENT WITH THE CENTRAL BUSINESS DISTRICT FOR PAYMENTS TO THE CITY OF PADUCAH A SUM OF MONEY TO DEFRAY THE'COST OF-DEFEASING THE CITY OF PADUCAH, KENTUCKY PARKING FACILITIES REFUNDING AND IMPROVEMENT BONDS, DATED NOV- EMBER 1, 1971, AND AUTHORIZING THE CITY TREASURER TO RETIRE BONDS NUMBERED 44 AND 45 OF THE CITY OF PADUCAH, PARKING FACILITIES REFUNDING AND IMPROVEMENT BONDS, DATED NOVEMBER 1, 1971 IN THE AMOUNT OF $5,000.00 EACH,- WHICH BONDS ARE DUE AND PAYABLE ON THE FIRST DAY OF NOVEMBER, 1986, AND AUTHORIZING THE CITY MANAGER TO REMOVE ALL PARKING METERS WITHIN THE CITY OF PADUCAH., AND REPEALING SECTIONS 20-142 THROUGH 2O-15S`(ARTICLE VII - PARKING METERS) OF THE CODE OF ORDINANCES OF THE CITY OF PADUCAH WHEREAS, by ordinance passed by the Board of Commissioners, the City of Paducah issued City of Paducah, Kentucky Parking Facilities Refunding and Improvement Bonds, dated November 1, 1971, in the amount of $320,000.00, (hereinafter referred to as Bonds) and WHEREAS, the City of Paducah, by said Bond ordinance created a Public Parking Facilities Project, Bond and Interest Redemption Fund of 1971 (herein- after called "Sinking Fund") and additionally, created a City of Paducah Public Parking Facilities Project Revenue Fund of 1971 (hereinafter referred to as "Revenue Fund"), and WHEREAS, the City of Paducah by said ordinance created a City of Paducah Public Parking Facilities Project Operation and Maintenance Fund of 1971, all of which have funds which may be used for retirement of said Bonds, and WHEREAS, the City of Paducah committed the revenue from on -street or curb -line parking meters and the revenue from all off-street parking meters for the retirement of said Bonds, and WHEREAS, the City of Paducah in said bond ordinance committed itself to maintain all on -street or curb -line parking meters existing at the time the bond ordinance was passed, and WHEREAS, the economic development within the City of Paducah has created an atmosphere where the parking meters are creating a burden upon the merchants located in the central business district of the City of Paducah, and WHEREAS, the bond counsel of the City of Paducah has advised the City that if sufficient Direct Obligations of the United States Government are purchased to guarantee the payment of the City of Paducah, Kentucky Parking Facilities Refunding and Improvement Bonds, dated November 1, 1971, of said obligation of the City to collect revenue from the parking meters and to maintain all on -street parking meters will be sufficiently met so that said parking meters may be removed, and 453 WHEREAS, the Downtown Business District merchants have agreed to contribute with the City to the removal of said parking meters, and NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY AS FOLLOWS: SECTION 1. The City Treasurer is authorized to purchase_from the Reserve Fund, Sinking Fund, Depreciation Fund, Operation and Maintenance Fund, and Acquisition Fund of the Parking Facilities Funds, Direct Obligations of the United States Government reflected on schedule A so that sufficient money is available to guarantee payment of all outstanding City of Paducah Parking Facilities Refunding and Improvement Bonds, dated November 1, 1972, hereinafter referred to as "Bonds", when they become due. SECTION 2. The City Treasurer is hereby authorized to retire bonds numbered 44 and 45, which are owned by the City of Paducah, in the face value of $5,000.00 each, dated for payment on November 1, 1986 and bearing interest at the rate of 5.30 percent. SECTION 3. The Mayor is hereby authorized to enter into a contract with the Downtown Development Association, which is attached hereto as Exhibit "C" and made a part hereof as if set out in full. Said agreement calls for reimbursement by the Downtown Development Association to the City of Paducah, in the amount of $15,000.00 on or before September 1, 1983 to aid the City in defraying the cost of retiring the bonds and removing of the parking meters in the central business district. SECTION 4. The City Manager is hereby authorized to remove all parking meters within the central business district as of October 1, 1982. SECTION S. The City Treasurer is hereby authorized to pay to Hilliard & Lyons, Inc., the sum of $1,000.00 for their work in securing the necessary financing for the defeasance of the Bonds. The City Treausrer is hereby authorized to pay Rubin & Hayes their attorney's fee for legal advice and preparation of necessary ordinances.' SECTION 6. Section 20-142 through 20-155 (Article VII - Parking Meters) of the Code of Ordinances of the City of Paducah, are hereby repealed as of October 1, 1982. SECTION 7. This ordinance shall be read on two separate days and will be effective upon publication of title and a certified summary thereof. JOHN K. PENROD Mayor Introduced by the Board of Commissioners September 28, 1982 Tabled by the Board of Commissioners October 12, 1982 Passed by the Board of Commissioners October 26, 1982 Recorded by Louise McKinney, City Clerk, October 26, 1982 Published .by The Paducah Sun November 1, 1982.