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HomeMy WebLinkAbout76-3-12408 3~ ORDINANCE NO. 76-3- :~ ~•- ~`` AN ORDINANCE ACCEPTING THE PROPOSAL OF J . J . B . HILLIARD , W . L . LYONS , INC . TO ACT AS FISCAL AGEN'T'S FOR THE CITY- OF PADUCAH , KENTUCKY , IN CONNECTION WITH THE ISSUANCE OF CITY OF PADUCAH SPECIAL ASSESSMENT BONDS BE IT ORDAINED "BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH , KENTUCKY:'" SECTION 1. That the proposal of J . J . B . Hilliard , W . L . Lyons , Inc . to act as Fiscal Agents of the City of Paducah, Kentucky, in connection with the issuance of City of Paducah Special Assessment Bonds be accepted, such proposal being in words and figures as follows: "February 17, 1976 Hon . Mayor and City Commissioners Attn: Mr . William Howerton, City Mgr . Paducah, Ky. 42001 Gentlemen: - - - - Through discussion with you concerning.'the .proposed~Town. L-i~t Project; :we" understood that the City of Paducah wishes to issue City of Paducah Special Assessment Bonds to finance such portion of the cost of major sidewalk and other improvements not covered by other funds or agency of the City. Because of various factors the exact amount of bonds is not yet possible to determine , but it is the desire of the City to proceed with the assistance of experienced fiscal advisors. With this in mind, we submit the following proposal: (a) We would consult with Messr . Rubin, Hays , 'etc . recognized municipal bond attorneys of Louisville, Ky, and together cooperate with you in developing the plans for financing the Project-in the manner most-favorable to the City . (b) We would assist and advise you as to bond maturities, redemption pro- visions , bidding terms , timing of sale , and all other bond features , submitting such conclusions to Bond Counsel for their preparation of the Bond ordinance and other instruments required for the City to create and offer the Bonds for sale . (c) We would have the Notice of Sale published in the Sun-Democrat, Louisville Courier Journal , and New York Bond Buyer as required by statute at our own expense . We will assist at the official sale in opening and determining the best bid received by the City , after which we will cause engraved bond forms to be printed and furnished to the "City .at'our "own expense : We will> provide guidance and help in properly executing the bond forms and other closing papers required and provided by Bond Counsel for delivering the bonds to and collecting the proceeds from the purchaser . The printing of the bond ordinance and any other related expenses including fees of bond counsel as covered under their attached proposal to the City , will be paid by the City either from the proceeds of the bonds sold or other available funds of the City . We would reserve the right, but not be required, to bid on the bond issue at public sale . In consideration of the services rendered as well as our time and expenses furnished, we will receive out of the proceeds of the 'bond sale or other available resources of 84 the City a fee based upon the par amount of bonds actually issued equal to 1% or two thousand five hundred dollars whichever is greater. If for any reason the project is abandoned and not completed by the City you will owe us nothing . If this proposal is acceptable and our services are desired, please so indicate by appropriate acknowledgement as indicated below and return two copies for our records . Respectfully awaiting your further advice. Yours very truly, J .J .B . HILLIARD , W . L . LYONS , INC . George H . Sullivan , V . Pres . GHS: rd The foregoing proposal was accepted by Ordinance adopted by the Board of Commissioners of the City of Paducah,. Kentucky on the 23rd day of March, 1976. Mayor ATTEST: City Clerk (SEAL) " SECTION 2. That the Mayor and City Clerk be, and they are hereby,' authorized 'to 'accept the proposal set out iri Section 1 on behalf of the City of Paducah, and are further authorized to execute-all documents necessary to carry out the purposes and intent of said proposal . SECTION 3. An emergency is declared to exist and this ordinance shall therefore be introduced and remain on file for at least one week for public inspection in the completed form in which it shall be put upon its final passage, and if adopted shall be in full force and effect immediately thereafter . t .~ ," ~~,~,_..e ~i O~Gevc- Mayor Introduced by the Board of Commissioners March _<<, 1976 Passed by the Board of Commissioners March 23 , 1.976 .