HomeMy WebLinkAbout79-9-1791369
ORDINANCE NO. 79-9-1791
AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, AUTHORIZING THE
ISSUANCE OF "CITY OF PADUCAH SCHOOL BUILDING REVENUE BONDS, SERIES OF
OCTOBER 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 September 6, 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 October 1,
197911, to be dated October 1, 1979 (hereinafter, sometimes, the "October 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 October 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
reconstruction of and additions to existing school buildings upon the sites of (a) Paducah
Tilghman Senior High School and (b) Brazelton Elementary School (to be converted into a
Middle School); and
WHEREAS, in that connection the City's Board of Commissioners at a regular meet-
ing -held on September 11, 1979, officially adopted and caused to be recorded in the office
of the City Clerk a certain Resoltuion 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
OCTOBER 1, 1979", IN AN AGGREGATE PRINCIPAL AMOUNT WHICH WILL BE DETER-
MINED WHEN CONSTRUCTION BIDS HAVE BEEN PUBLICLY RECEIVED 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
OF EDUCATION TO THE CITY PURSUANT TO KRS 162.120 AND AGREEING TO ACCEPT
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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 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 BUILDING PRO-
JECTS 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; PROVIDING 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 THE CUSTODY, SAFEKEEPING
AND DISBURSEMENT OF THE PROCEEDS OF THE BONDS; AUTHORIZING ADVERTISE-
MENT OF THE BONDS, WHEN AUTHORIZED BY ORDINANCE, AT AN ADVERTISED
PUBLIC COMPETITIVE SALE
IN ACCORDANCE
WITH THE REQUIREMENTS
OF
KRS
CHAPTER 424; ALL TO THE
END THAT THE
SUBSTANCE AND DETAILS
OF
THIS
RESOLUTION MAY BE INCORPORATED BY REFERENCE IN THE ORDINANCE, TO BE
ADOPTED LATER, AUTHORIZING THE ISSUANCE OF SAID BONDS, IN ORDER TO EN-
ABLE 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 INTENDED MANNER.
NOW, THEREFORE, THE BOARD OF COMMISSIONERS
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 October 1, 197911, to be
dated October 1, 1979, in the principal amount
of Three Million Three Hundred Thousand Dollars ($3,300,000).
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 September 11, 1979, and which is identified
by quotation of its title or caption in the preamble hereof; and in accordance therewith
the herein authorized
$3,300,000
"City of Paducah
School Building Revenue Bonds,
Series of October 1,
197911, shall
comprise bonds
in the denomination of Five Thousand
Dollars ($5,000), shall be numbered consecutively from 1 to 660, inclusive, in order of
maturity, and such bonds shall mature as to principal on October 1 in each of the
respective years, as follows: $70,000 in 1980; $75,000 in 1981; $80,000 in 1982; $85,000
in 1983; $90,000 in 1984; $95,000 in 1985; $100,000 in 1986; $110,000 in 1987; $115,000
OF THE CITY
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in 1988; $125,000 in 1989; $130,000 in 1990; $140,000 in 1991; $150,000 in 1992; $160,000
in 1993; $170,000 in 1994; $180,000 in 1995; $195,000 in 1996; $75,000 in 1997; $80,000
in 1998; $85,000 in 1999; $90,000 in 2000; $95,000 in 2001; $100,000 in 2002; $110,000
in 2003; $130,000 in 2004; $240,000 in 2005; and $225,000 in 2006.
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 heretofore been approved, shall be, as follows: For the initial period ending the last
day of September, 1980 (partly from accrued interest received from the purchaser, the
balance from rentals) $291,100;
and thereafter the following amounts
from
rentals, in
each of the fiscal years ending
September 30: $291,410 for the year
ending
September
30, 1981; $291,385 for the year ending September 30, 1982; $291,025 for the year end-
ing September 30, 1983; $290,330 for the year ending September 30, 1984; $289,300
for the year ending September 30, 1985; $287,935 for the year ending September 30,
1986; $291,235 for the year ending September 30, 1987; $288,865 for the year ending
September 30, 1988; $291,160 for the year ending September 30, 1989; $287,785 for the
year ending September 30, 1990; $289,075 for the year ending September 30, 1991;
$289,695 for the year ending September 30, 1992; $289,645 for the year ending
September 30, 1993; $288,925 for the year ending September 30, 1994; $287,535 for the
year ending September 30, 1995; $290,475 for the year ending September 30, 1996;
$157,410 for the year ending September 30, 1997; $157,385 for the year ending
September 1, 1998; $157,025 for the year ending September 30, 1999; $156,330 for the
year ending September 30, 2000; $155,300 for the year ending September 30, 2001;
$153,935 for the year ending September 30, 2002; $157,235 for the year ending
September 30, 2003; $169,865 for the year ending September 30, 2004; $271,155 for the
year ending September 30, 2005; and $240,075 for the year ending September 30, 2006;
provided, however, as set forth in the aforesaid Resolution, said annual rentals are
based upon the assumption that when the aforesaid "City of Paducah School Building
Revenue Bonds, Series of October 1, 197911, are awarded at public sale a single uniform
coupon rate of 6.7% 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
Commissioners on September 11, 1979, the proceeds of the sale of the bonds shall be
deposited in The Peoples First National Bank & Trust Company, Paducah, Kentucky (the
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"Depository Bank") , in a separate account designated "City of Paducah School Building
Revenue Bonds, Series of October 1, 1979, Construction Fund", and disbursements
therefrom shall be made as provided in said Resolution.
As contemplated in the text of Section 17 of said Resolution, the Board of
Commissioners 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 pay-
ment 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
invest 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 what-
ever
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 resulting therefrom,
the same shall be charged 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 Education and its Fiscal Agent having submitted
suggested forms of the "Notice of Sale of Bonds", "Statement of Terms and Conditions
of Bond Sale", and "Official Bid Form" and the same having been examined, the said
forms are hereby approved and use thereof in connection with the public offering of the
bonds as otherwise provided in the aforesaid Resolution is hereby authorized, ratified
and confirmed.
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 September 11, 1979,
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 special meeting held on September 18, 1979,
signed thereafter by the Mayor, and ordered to be recorded and published.
SIGNED:
(SEAL)_
Mayor
ATTEST:
P
City Clerk
City of Paducah, Kentucky
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 September 18, 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 19th day of Sept-
ember, 1979.
City Clerk
(SEAL)
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