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HomeMy WebLinkAbout2015-10-8312433 ORDINANCE NO. 2015-10-8312 AN ORDINANCE AUTHORIZING THE SUBSTITUTION OF CAPITAL PROJECTS FOR A CERTAIN PROJECTS AUTHORIZED TO BE FINANCED WITH THE PROCEEDS OF CITY OF PADUCAH, KENTUCKY TAXABLE GENERAL OBLIGATION BONDS, SERIES 2013B WHEREAS, on September 17, 2013 the City of Paducah, Kentucky (the "City") adopted Ordinance No. 2013-9-8074 authorizing the issuance of its Taxable General Obligation Bonds, Series 2013B (the "2013B Bonds") and the use of a portion of the proceeds thereof to pay the costs of the construction of improvements to an industrial/distribution facility located within the City to be leased to a Kentucky subsidiary of Macco Organiques Incorporated, a Canadian corporation, for use in furtherance of economic development within the City (the Macco Project"); and WHEREAS, developments subsequent to the date of issuance of the 2013B Bonds, events have resulted in a determination by the City that it is now necessary and desirable that the City authorize the use of the proceeds of the 2013B Bonds originally contemplated for the Macco Project for alternative capital and/or economic development projects (the "Alternative Projects") as may be set forth from time to time on the City's Capital Improvement Project listing (the "CIP List") or other ordinances. NOW THEREFORE BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. Authorized Use of Proceeds of 2013B Bonds. The City hereby declares that it is desirable and necessary to authorize, and the City hereby authorizes and directs, the use of remaining, unexpended proceeds of the 2013B Bonds for the Macco Project for capital and/or economic development projects (the "Alternative Projects") as may be set forth from time to time on the City's CIP List or other ordinances and as may be further directed by this Board of Commissioners or the City Manager. SECTION 2. Inconsistent Actions. All prior ordinances, resolutions, orders or parts thereof inconsistent herewith are hereby repealed. SECTION 3. Open Meetings Compliance. All meetings of the City Commission and of its committees and any other public bodies, at which the, formal actions in connection with the issuance of the Bonds were taken, or at which deliberations that resulted in such formal actions were held, were open meetings, and such formal actions were taken and any such deliberations took place while such meetings, after proper notice, were open to the public, in compliance with all legal requirements including KRS Sections 61.805 through 61.850. SECTION 4. Effective Date. This Bond Ordinance shall become effective immediately upon adoption and publication of a summary thereof, as provided by law. 434 Attest: �dl/YY11Y�2Gi1{A� TAMMARA S. SANDERSON, CITY CLERK CITY OF PADUCAH, KENTUCKY Introduced by the Board of Commissioners, October 13, 2015 Adopted by the Board of Commissioners, October 20, 2015 Recorded by Tammara S. Sanderson, City Clerk, October 20, 2015 Published by The Paducah Sun, October 23, 2015 \ord\finance\bond-2013B (Macco)