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Home My WebLink About79-4-1712160 ORDINANCE NO. 79-4-1712 AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, AUTHORIZING THE ISSUANCE OF "CITY OF PADUCAH SCHOOL BUILDING REVENUE BONDS, S-ERIES OF JUNE 1, 1979", IN ACCORDANCE WITH A REQUEST OF THE BOARD OF EDUCATION -OF PADUCAH, KENTUCKY; AND IN ACCORDANCE WITH A RESOLUTION PREVIOUSLY ADOPTED BY THE CITY'S BOARD OF COMMISSIONERS IN CONNECTION THEREWITH; DETERMINING THE PRINCIPAL AMOUNT OF SAID BOND ISSUE, THE SCHEDULE OF PRINCIPAL MATURITIES , AND THE, SCHEDULE- OF RENTALS TO BE PAID TO THE CITY BY THE BOARD OF EDUCATION OF PADUCAH, - KENTUCKY, IN CONNECTION- THEREWITH; ;INCORPORATING BY REFERENCE ALL OF THE TERMS AND, PROVISIONS OF SAID IDENTIFIED RESOLUTION HERETOFORE ADOPTED BY THE BOARD OF COMMISSIONERS IN CONNECTION THEREWITH; AND PROVIDING FOR THE SALE OF SAID BONDS AT AN ADVERTISED PUBLIC COMPETITIVE SALE WHEREAS, the Board of Education of Paducah, Kentucky (the "Board of Education") , according to a Resolution shown to have been adopted at a meeting held on April 9, 1979, has heretofore requested that the City of Paducah cooperate with it in the authorization and issuance of certain "City of Paducah School Building Revenue Bonds, Series of June 1, 197911, to be dated June 1, 1979 (hereinafter, sometimes, the "June 1, 1979 Revenue Bonds") , according to authority of KRS 162.120 to 162.290, inclusive; and it was caused to appear that it was the intent of the Board of Education that the purposes to be accomplished by the aforesaid June 1, 1979 Revenue Bonds should encompass and include the financing of a school building program for the construction of new school buildings, and for the recon- struction of and additions to existing school buildings upon the sites of (a) Jackson Elementary School and (b) Cooper, Elementary School; and WHEREAS, in that connection the ..City's _Board of Commissioners at a regular meeting held on April 10, 1979, officially adopted and caused to be recorded in the office of the City Clerk a certain Resolution which is identified by its title or caption, as follows: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, ACKNOWLEDGING AS A MATTER OF OFFICIAL RECORD AN AGREEMENT OF THE CITY OF PADUCAH AND THIS BOARD OF COMMISSIONERS TO COOPERATE WITH THE BOARD OF EDUCATION OF PADUCAH, KENTUCKY, IN THE ISSUANCE OF "CITY OF PADUCAH SCHOOL BUILDING REVENUE BONDS, SERIES OF JUNE 1, 1979", IN AN AGGREGATE PRINCIPAL AMOUNT WHICH WILL BE DETERMINED WHEN CONSTRUCTION BIDS HAVE BEEN PUBLICLY RE- CEIVED AND COMPARED, AND SAID BOARD OF EDUCATION SHALL HAVE MADE ITS NEEDS KNOWN TO THE CITY; IDENTIFYING AND DESCRIBING THE SITES TO BE CONVEYED BY THE BOARD OF EDUCATION TO THE CITY PURSUANT TO KRS 162.120 AND AGREEING TO ACCEPT ONE OR MORE DEEDS OF CONVEYANCE THEREOF WHEN TENDERED; AGREEING TO EXECUTE WITH SAID BOARD OF EDUCATION A "CONTRACT OF LEASE AND RENT" CONFORMING TO 161 THE REQUIREMENTS OF KRS 162.140 IN ORDER TO PRODUCE TO THE CITY RENTAL REVENUES FROM WHICH THE PRINCIPAL OF AND INTEREST ON THE BONDS WILL BE PAID; DESCRIBING IN GENERAL TERMS THE SCHOOL BUILD-ING PROJECTS TO BE CONSTRUCTED AND RECONSTRUCTED UPON THE RESPECTIVE SITES AND FINANCED THROUGH THE ISSUANCE OF SUCH BONDS; PRESCRIBING THE FORMS OF THE BONDS AND INTEREST COUPONS; NAMING THE BANK WHERE PRINCIPAL AND INTEREST WILL BE PAYABLE; PRO- VIDING FOR THE RECEIPT OF -RENTALS PURSUANT TO THE "CONTRACT OF LEASE AND RENT" AND THE CUSTODY AND DISPOSITION THEREOF; PRESCRIBING THE COVENANTS TO BE MADE WITH THE HOLDERS OF THE BONDS AND COUPONS-, AND ARBITRAGE COVENANTS TO COMPLY WITH ' REGULATIONS OF THE INTERNAL REVENUE- SERVICE; PROVIDING FOR CUSTODY, -SAFEKEEPING AND DISBURSEMENT OF THE -PROCEEDS ' OF THE BONDS; AUTHORI ING ADVERTISEMENT OF- THE BONDS, WHEN AUTHORIZED BY ORDINANCE , AT AN PUBLIC COMPETITIVE -SALE IN ACCORDANCE WITH THE REQUIREMENTSOF KRS CHAPTER 42 ALL TOr THE END THAT THE SUBSTANCE AND DETAILS OF THIS, RESOLUTION MAY BE IN- CORPORATED BY REFERENCE IN THE ORDINANCE, TO BE ADOPTED LATER, AUTHORIZING THE ISSUANCE OF SAID BONDS, . IN ' ORDER TO ENABLE THE CITY • TO SELL AND DELIVER SUCH .-BONDS WITHIN THE -VERY LIMITED PERIOD OF 'TIME WHICH WILL BE AVAILABLE; AND- RECITING THE LEGAL AUTHORITY FOR PROCEEDING IN THE'ANNOUNCED AND -IN- TENDED MANNER NOW , THEREFORE, THE BOARD OF COMMISSIONERS OF' THE CITY 'OF: PADUCAH , KENTUCKY, DOES -HEREBY ORDAIN, AS-' FOLLOWS: SECTION 1.' There shall be issued; and there are hereby authorized to be issued by the City of Paducah, Kentucky, its "City of Paducah School Building Revenue .Bonds, Series of June, 1, .1979"; to be dated June` 1, 1979, in the principal amount- of One Million Seven Hundred Ninety Thousand Dollars ($1,790, 000) SECTION 2. There is hereby incorporated into this Ordinance by reference; and hereby -made ,a part of this Ordinance, the entire- text of the Resolution which was adopted by the Board -of Commissioners- on April 10, 1979, and which -is , identified: by quotation of its ,title or caption in -the preamble hereof; andin accordance therewith the, heroin.' authorized $1,790,000 "City of Paducah- School- Building-, Revenue Bonds,, i Series of June 1, 1979", :shall comprise -bonds in the 'denomination of Five Thousand Dollars ($5, 000) , shall be numbered consecutively- from 1 to :358 inclusive, -in orders of+ maturity, and such bonds shall mature as to principal on June 1 in each of the respective years, as follows: $30,000 1980; $35, 000 - in 1981 and 1982; : $40, 000:, in: 1983=85, inclusive; $45 000 in 1986; $50, 000 in 1987 -and -1988;' $55,000 in 1989 and 1990; $60,000 in 1991; $65,000- in 1992; $70,000 in 1993; $75-,000 in -1994; $80,000 in 1995;- $85,000 in 1.996; $90000 -in �1997;�. '$95,000 in 1998;:'$100, in 1999; $105,-000 in, 2000; $110; 000- in 2001 $120.;.000- in 2002 $12-5.,000 in 2003; and $135, in 2004.: 162 SECTION 3. The rentals to be paid by the Board of Education to the City under the terms and conditions of the "Contract of Lease and Rent", the form of which has hereto- fore been approved, shall'be as follows: For 11 the initial period ending the last day of May, 1980 (partly from accrued interest received from the purchaser, the balance from Rentals) $140,980; and thereafter the following amounts, from rentals, in each of the fiscal years ending May 31: $144,120 for the year ending May 31, 1981; $141,950 for the year ending May -31, 1982; $144,780_16r the year ending May 31,'1983; $142,300 for the year ending May 31, 1984;' $139,820 for the year ending May 31, 1985; $142,340 for the year ending May 31, 1986; $144,550 for the year ending May 31, 1987; $141,450 for the year ending May 31, 1988; $143,350 -for the year ending May 31, 1989; $139,940 for the year ending May 31, 1990; $ 141,530"for the year ending May 319 1991; $142,810 for the year ending 'Ma y 31, 1992; $ 143, 778'0 for year the . ending May 31, 1993; $144,440 for the year ending May 31, 1994; $144,790 for the year ending May 31, 1995; $144,830 for the year ending May 31, 1996; $144,560 for the year ending May 31, 1991; $143,980 for the year ending May 31, 1998; $143,090 for the year ending May 31, 1999; $141,890 for the year ending May 31, 2000; $140`,380 for the year ending May 31, 2001; $143,560 for the year ending May 31, 2002; $138,640 for the year ending May 31, 2003; and $143,370 for the year ending May 31, 2004; provided-, however, as set forth in the aforesaid Resolution of April 10, 1979, said annual rentals are based upon the assumption that when the aforesaid "City of Paducah School Building Revenue Bonds, Series 'of -June 1, 197911, are awarded at public sale a single uniform coupon rate of 6.2% will be established and made applicable thereto; but -such -annual rentals shall automatically be adjusted, without further action on the part of the Board of Commissioners, to such amounts as may actually be required to meet the annual principal and interest requirements of said bonds,. based upon the interest coupon rates which may be actually established and made applicable thereto when the same are awarded at public sale. SECTION 4.-- -As requested by -the Board of Education, and as contemplated in the text -of Section 17 of- the aforesaid Resolution which was adopted by the Board of Com- missioners on April 10, " 1979, the proceeds of the sale of the bonds shall be deposited in Citizens Bank and Trust Company of Paducah, Paducah, Kentucky (the "Depository Bank") , in a separate account designated "City of `Paducah School Building Revenue Bonds, Series of June 1, 1979 Construction Fund", and disbursements therefrom shall be made as pro- vided in said Resolution. As contemplated in the text_ of Section 17 of said Resolution, the Board of Com- missioners of the City -of Paducah hereby determines that the amount of the bond proceeds will, from time to time, exceed the amount required to be disbursed in payment of the costs of the school building construction, reconstruction and additions for which the bonds are authorized and issued; and accordingly the Depository Bank is hereby directed to in- vest all balances in said Construction Fund from time to time in short-term Bills of the U. S. Treasury, or otherwise as provided in the Resolution, in order that said funds shall not lie idle and unproductive of interest income. Whenever and 'to' whatever extent may be necessary, the Depository Bank is authorized 'and directed to convert such investments into cash; and if there be any expenses or' losses resultling therefrom,' the same shall be charg to the Construction Fund; and if there be any gain resulting therefrom, the same shall be credited to the Construction Fund. SECTION 5. The Board of ducation and its Fiscal Agent having submitted sug- gested forms 'of, the ' "Notice of" Sale ' of Bonds", "Statement of Terms 'and Conditions of Bond Sale", and" "Official Bid Form" and the same liaving been examined, the said forms are hereby approved and may be used in connection "with the'public offering of the bonds as otherwise provided in the aforesaid Resolution SECTION 6. This Ordinance shall''be in full force and effect from and after its adoption, approval, publication and the passage of time as provided in KRS 89.590. INTRODUCED AND GIVEN ' FIRST READING "APPROVAL `at a regular meeting 'of the Board of Commissioners of the City of Paducah, -Kentucky, `held on April 10,'''197 9 and ordered held over' in the office of the City Clerk for public - inspection. GIVEN SECOND READING AND FINALLY ADOPTED by- the `Board of Commissioners of the City of Paducah,' Kentucky, at a regular meeting held on April 24, 1979, on the same occasion signed in open session by the Mayor, and ordered to be recorded and published. SIGNED: - i (SEAL) Mayor City of Paducah, Kentucky ATTEST: City Clerk CERTIFICATION The undersigned, City Clerk of the City of Paducah, Kentucky, hereby certifies that the foregoing is a true and complete copy of a certain Ordinance of said City, finally adopted on second reading by the Board of Commissioners at a properly convened meeting held on April 24, 1979, signed by the Mayor, recorded in my office, and duly delivered for publication as provided by law. WITNESS my signature and the seal of said City, this day of April, 1979. City Clerk City of Paducah, Kentucky (SEAL) 163