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HomeMy WebLinkAboutSchool Bldg Revenue Bonds (3)A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, RECEIVING AND APPROVING THE TENDERED "JOINT REPORT OF THE CITY `CLERK AND FISCAL AGENT REPORTING TABULATION OF THE PURCHASE BIDS RECEIVED AND THE RECOMMENDATIONS OF THE FISCAL AGENT WITH REGARD THERETO" , AND ORDERING THAT THE SAME " BE FILED IN THE OFFICE OF THE CITY CLERK AS A ~PER;MANENT RECORD RELATING TO THE PUBLIC SALE OF $1, 790 , 000 "CITY OF PADUCAH SCHOOL BUILDING REVENUE BONDS , SERIES OF JUNE 1, 1979"; CONCURRING IN THE RECOMMENDATION OF THE FISCAL AGENT THAT THE BEST BID BE ACCEPTED; ACCEPTING THE BEST BID; AWARDING THE BONDS TO THE PURCHASE BIDDER; AND .ESTABLISHING THE INTEREST COUPON RATES TO BE MADE APPLICABLE THERETO. THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, DOES HEREBY ~ R,ESOLVE , AS FOLLOWS: : _ - SECTION 1. It is hereby ackndw~led~ed that the City Clerk and fihe -Fiscal Agent have tendered to the -Board of Commissioners their written "Joint Report of the City Clerk and Fiscal Agent Reporting Tabulation of the Purchase Bids Received and the Recommendations of the Fiscal Agent With .Regard. Thereto" , relating- to the public sale of $1,790,000 "City of. Paducah School Building Revenue Bonds, Series of June 1, 1979" . Said Joint Report is accepted, is hereby approved, 'and shall be filed in the office of the City Clerk where it shall be preserved as a permanent record of 'the City, without copying the same in the minutes of this meeting. SECTION 2. The Board of Commissioners hereby approves the Fiscal Agent's tabulation of purchase bids received and its finding and recommendation that the best bid conforms to the terms and conditions of the public offering• and is advantageous. in thebest-interest of `the "City; and; accordingly, the City hereby accepts the bid ~of J.. J .- B . Hilliard , W . L . Lyons , Inc . and Associates offering to- purchase the entire $1:, 790, 000 of : "C-ity of -Paducah • School Building. Revenue Bonds, -Series :of :June 1„ 1979", at the; offered price. of $1; 758,6.75:00 (plus ~acerued interest :at the stipulated- interest: coupon rates :from. June 1, . X1979 , . to- the date.. of i 171 ~~ delivery -and- payment),, and- stipulating that: -interest coupon rates, :be made appli- cable to said bonds. as shown in the following' schedule: - - - - 172 YEAR PRINCIPAL AMOUNT RATE OF INTEREST 1980 30,OD0 ~ 5.40% 1981 35,000 5.400 1982 35,000 5:50$ 1983 40,000 5.500 1984 40,0.00 --_ 5.50$ 1985 40,000 5.550 '19"86 - 45,000 ~ 5.60 0- 1987 50,000 5.65$ 19.88 50,000 5.700 1989 55,000 5.750 -1990'" 55;000_ 5.80% 1991 60,000 5.850 "° 1992 65,000 ~ 5.90 0 1993 70,000 6.00% 1994 75,000 ~ 6.100 1995 80,000 6.20% 1996 85,U00 6.250 1997 90,000 6.300 1998 95,000 6.400 ~ •- 1999 100,000 6.400 2000 105,000 6.500 2001 110,000 6.50% 2002 120,000 = 6.600 2003 125,000 6.60% 2004 135,OOU 6.600 SECTION 3. The Mayor is authorized to endorse on a copy of the accepted bid the fact bf acceptance thereof and the City Clerk is authorized to attest the same and affix the City's 'seal thereto; whereupon the Mayor is authorized to deliver such endorsed copy to the purchaser together with a copy of this Resolution as evidence of the sale and' purchase of the bonds.. SECTION 4. The good faith cheek of the purchaser iii the sum of $35, 800 submitted with the accepted bid shall be delivered fo the-'City Treasurer who shall hold the same , uncashed , -until the occasion of delivery of the bonds ,and payment therefor; at ..which time the purchaser may at its `option either obtain the return of said good faith check upon -,payment. of the full purchase price with accrued interest to delivery , or take credit for the amount thereof (without interest thereon] , in which event the City Treasurer shall be authorized to deposit said check and credit the proceeds thereof'to the "City of Paducah School Building Revenue Bonds, Series of June 1, 1979, °Constructiori Fund", except 'to the extent of the amount representing accrued interest from the date of the bonds to 'the date of delivery , which amount ~~ shall be deposited in the ".City- of Paducah ScYiool Building Revenue Bond-and Interest Redemption Fund -Series of June 1; 1979", created and established in and' by the bond authorizing proceedings, as therein provided. The checks accompanying all other bids shall be returned to the bidders. SECTION 5. The "Official Statement" prepared by the Fiscal Agent, copies of which have been tendered and examined by the Board of Commissioners, is found to 173 be acceptable and is hereby approved . The Mayor is authorized to sign one or more copies thereof and one copy , signed by the Mayor , shall be preserved by the City Clerk, together with Affidavits showing proper publication of the "Notice of Sale of Bonds" as constituting permanent records of the City in connection with the sale of said bonds. SECTION 6. This Resolution shall be in full force and effect from and after its adoption and signature as provided by law , no publication being required . ADOPTED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, at a properly convened meeting held on the 8th day of May, 1979. APPROVED: (SEAL) _, _ _ • . - Mayor .. ~ _ ATTEST: City of Paducah, Kentucky 1; ~ the undersigned , City Clerk Hof the City of Paducah , Kentucky , do hereby certify that the foregoing is a true and complete copy of a Resolution 'adopted by the Board of Commissioners- of~ said City at a properly convened meeting, held on the 8th clay of May, 1979, on thesame occasion signed in open session by the Mayor as evidence of his approval ; attested under' seal by me' as City Clerk ; declared by the Mayor to be ,in full force and effect andordered to be r-ecorded~. ~WITNES~S~~rny signature and. the' seal of said" City, this' 8th day of May, 1979. _ . - ~~ _~ (SEAN) ~ . City Clerk City of Paducah-, Kentucky