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HomeMy WebLinkAbout06/04/91z^_...:— n.ia-1.,­­L — —z. =Ujj -. L __ . _. .. _1.1 ILJ, _ .: a .. r.. . i i _.I r)nT T /l TT T At a Called Meeting of the Board of Commissioners held in the Commission Chambers at City Hall at 7:00 p.m., Tuesday, June 4, 1991, Mayor Montgomery presided, and upon call of the roll by the City Clerk, the following answered to their names: Commissioners Coleman, Taylor and Mayor Montgomery (4). Commissioner Grumley arrived late (1). Commissioner Hornsby was absent (1). NOTICES OF CALLED MEETING Commissioner Coleman offered motion, seconded by Commissioner Taylor, that the executed copies of the Notice of Called Meeting to be held at 7:00 p.m., Tuesday, June 4, 1991, be received and filed. Adopted oncall of the roll, yeas, Commissioners Coleman, Taylor and Mayor Montgomery (3). MUNICIPAL ORDERS DOWNTOWN REDEVELOPMENT GRANT FOR $5,000,000 V Commissioner Coleman offered motion, seconded by Commissioner Grumley, that a Municipal Order entitled, "A MUNICIPAL ORDER AUTHORIZING AND DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT BETWEEN THE STATE PROPERTY & BUILDING COMMISSION, THE CABINET FOR ECONOMIC DEVELOPMENT, I�D AND THE CITY OF PADUCAH FOR A GRANT IN THE AMOUNT OF $5,000,000.00 FROM THE CABINET FOR ECONOMIC DEVELOPMENT FOR DOWNTOWN REDEVELOPMENT PROJECT, AND ANY AND ALL DOCUMENTS RELATING TO SAME", be adopted. Adopted on call of the roll, yeas, Commissioners Coleman, Grumley, Taylor and Mayor Montgomery (4). RIVER HERITAGE CENTER GRANT FOR $50,000 Commissioner Taylor offered motion, seconded by Commissioner Grumley, that a Municipal Order entitled, "A MUNICIPAL ORDER AUTHORIZING AND DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT BETWEEN THE STATE PROPERTY & BUILDING COMMISSION, THE CABINET FOR ECONOMIC DEVELOPMENT, THE CITY OF PADUCAH AND RIVER HERITAGE CENTER, INC. FOR A GRANT IN THE AMOUNT OF $50,000.00 FROM THE CABINET FOR ECONOMIC DEVELOPMENT FOR DEVELOPMENT OF RIVER HERITAGE CENTER, INC, AND ANY AND ALL DOCUMENTS RELATING TO SAME", be adopted. Adopted on call of the roll, yeas, Commissioners Coleman, Grumley, Taylor and Mayor Montgomery (4). ORDINANCE - ADOPTION $5,000,000 LOAN THROUGH KENTUCKY MUNICIPAL LEAGUE POOLED LEASE FINANCING PROGRAM Commissioner Taylor offered the following motion: "I move that the Board of Commissioners adopt an ordinance entitled, "AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, AUTHORIZING [i] THE PARTICIPATION OF THE CITY IN THE KENTUCKY MUNICIPAL LEAGUE POOLED LEASE FINANCING PROGRAM, [ii] THE FINANCING BY THE CITY THROUGH THE PROGRAM OF CERTAIN PROJECTS AND [iii] THE EXECUTION AND DELIVERY OF A LEASE PURCHASE AGREEMENT BETWEEN THE KENTUCKY MUNICIPAL FINANCE CORPORATION, AS LESSOR, AND THE CITY, AS LESSEE, UNDER WHICH THE CITY, HAVING CONVEYED ITS INTEREST IN CERTAIN PROPERTY TO THE CORPORATION, WILL LEASE FROM THE CORPORATION THE PROPERTY THEREIN DESCRIBED, AND TAKING OTHER RELATED ACTION". This ordinance is summarized as follows: Authorizing the participation of the City of Paducah in the Kentucky Municipal League Pooled Lease Financing Program and the financing by the City through the Program of certain projects, authorizing the execution and delivery of a Lease Purchase Agreement between the Kentucky Municipal Finance Corporation as Lessor and the City of Paducah as Lessee, under which the City, having conveyed its interest in certain property to the Corporation, will lease from the Corporation the property therein described, authorizing and directing the Mayor and the City Clerk and other appropriate officers of the City to proceed with the Corporation in structuring the City's participation in the Program, and authorizing the Mayor and City Clerk to execute, acknowledge and deliver on behalf of the Lessee any and all documents, and to do and cause to be done, any and all other acts necessary or proper for implementing and effectuating the actions and transactions authorized by this Ordinance, provided that neither the Lessee nor any of its elected officials, officers, employees or agents shall incur any general liability thereby. TABLE ORDINANCE r Commissioner Grumley offered motion, seconded by Commissioner Coleman that the Board of Commissioners table an ordinance entitled, "AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, AUTHORIZING [i] THE PARTICIPATION OF THE CITY IN THE KENTUCKY MUNICIPAL LEAGUE POOLED LEASE FINANCING PROGRAM, [ii] THE FINANCING BY THE CITY THROUGH THE PROGRAM FMA OF CERTAIN PROJECTS AND [iii] THE EXECUTION AND DELIVERY OF A LEASE PURCHASE AGREEMENT BETWEEN THE KENTUCKY MUNICIPAL FINANCE CORPORATION, AS LESSOR, AND THE CITY, AS LESSEE, UNDER WHICH THE CITY, HAVING CONVEYED ITS INTEREST IN CERTAIN PROPERTY TO THE CORPORATION, WILL LEASE FROM THE CORPORATION THE PROPERTY THEREIN DESCRIBED, AND TAKING OTHER RELATED ACTION". Adopted on call of the roll, yeas, Commissioners Coleman, Grumley, Taylor and Mayor Montgomery (4). Upon motion the meeting adjourned. Adopted: June 11, 1991 Cit Clerk - -�w/, ,.