HomeMy WebLinkAbout2015-03-8225191
ORDINANCE NO. 2015-3-8225
AN ORDINANCE AUTHORIZING THE MAYOR TO EXECUTE A
COMMERCIAL GUARANTY LOAN INSTRUMENT WITH REGIONS BANK FOR THE
BENEFIT OF THE GREATER PADUCAH ECONOMIC DEVELOPMENT COUNCIL
(GPEDC)
WHEREAS, in 2003, the Kentucky Economic Development Finance Authority
(Authority) agreed to re -issue a loan previously provided to the Greater Paducah Economic
Development council for five years at a rate reduced from eight to three per cent; and
WHEREAS, as a condition of the new terms, the Authority agreed to allow
GPEDC to make an immediate payment of $443,751.28; and
WHEREAS, that amount was reduced to $341,437.97; and
WHEREAS, Regions Bank agreed to loan GPEDC this amount, subject to a
guaranty by the City of Paducah and McCracken County; and
WHEREAS, the City adopted Ordinance No. 2013-11-8100 on November 26,
2013, authorizing the Mayor to execute a Commercial Guaranty Loan Instrument with Regions
Bank in the amount of $341,437.97; and
WHEREAS, it is time to renew the Loan Guaranty for the current outstanding
balance of $321,437.97.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Mayor of the City of Paducah, Kentucky is hereby
authorized to execute a 2 -year Commercial Guaranty Loan Instrument with Regions Bank in the
amount of $321,437.97 for a loan re -issued to Greater Paducah Economic Development Council
for the construction of the Information Age Park.
SECTION 2. The County of McCracken must agree to be equally obligated with
the City of Paducah.
SECTION 3. This ordinance shall be read on two separate days and will become
effective upon summary publication pursuant to KRS Chapter 424.
Mayor
ATTEST:
Tammara S. Sanderson, City Clerk
Introduced by the Board of Commissioners, March 24, 2015
Adopted by the Board of Commissioners, March 31, 2015
I,
Recorded by Tammara S. Sanderson, City Clerk, March 31, 2015
Published by The Paducah Sun, Agri l 5, 2015
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